ICICI Direct: Torrent Pharma - Q2 Revenues In-Line; Better-Than-Expected Ebitda Margins 

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ICICI Direct Report

Torrent Pharmaceuticals Ltd. Q2 revenues remained flattish, growing a mere 0.6% YoY to Rs 2,017 crore (our estimate Rs 2,086 crore) mainly due to 13.9% YoY decline in U.S. formulations to Rs 327 crore.

Domestic sales grew 7.1% YoY to Rs 963 crore. Brazil de-grew 17.3% YoY to Rs 129 crore. Germany business grew 4.4% YoY to Rs 261 crore.

Ebitda margins expanded 450 basis points YoY to 31.5% (our estimate 30.0%) mainly due to lower other expenses amid likely lower travel and promotional spends due to Covid-19.

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