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ICICI Securities Report
Torrent Pharmaceuticals Ltd.'s Q1 FY22 performance was largely in line with our estimates.
Revenue grew 3.8% y-o-y to Rs 21.3 billion with international markets declining 9.8% offset by 18.2% growth in domestic market.
U.S. sales declined 2.7% q-o-q to $36 million versus estimated $38 million.
Better revenue mix and controlled selling, general and administrative expenses led to Ebitda margin improvement of 170 basis points q-o-q.
Adjusted profit after tax grew just 2.8% to Rs 3.3 billion due to increase in effective tax rate on account of deferred tax utilisation.
We are positive on Torrent Pharma's long-term outlook considering growth improvement in India business with chronic segment dominance, potential resolution of official action indicated/warning letter status at two facilities in FY22E, earning per share CAGR of 13.3% over FY21-FY23E and strengthening balance sheet with improving free cash flow generation.
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