NDTV Profit's special research section collates quality and in-depth equity and economy research reports from across India's top brokerages, asset managers and research agencies. These reports offer NDTV Profit's subscribers an opportunity to expand their understanding of companies, sectors and the economy.
ICICI Securities Report
Torrent Pharmaceuticals Ltd.'s Q1 FY25 result was driven by robust 14.7% YoY growth in India business. Price increases (6-8% annually) continue to be the driving factor for growth in India while efforts for boosting volume growth are underway as Torrent plans to add 300-400 MRs in India every year.
Floods in Rio Grande do Sul restricted growth in Brazil to 3% YoY else the performance would have been better; management expects 12-13% YoY constant currency growth in FY25.
In Germany, new tender wins are driving growth momentum while new launches may improve traction in U.S. ahead. We raise our FY25/26E Ebitda by ~2% each to factor in better margins.
As the stock has given a return of ~19% over the past three months, we lower our rating to Add; raise target price to Rs 3,360 on 25 times FY26E enterprise value/Ebitda.
Click on the attachment to read the full report:
DISCLAIMER
This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
Users have no license to copy, modify, or distribute the content without permission of the Original Owner.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
