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Dolat Capital Report
Torrent Pharmaceuticals Ltd.'s Q2 FY24 earnings were largely inline with our estimates.Revenue stood at Rs 26.6 billion (inline), grew by 16.1%/2.7% YoY/QoQ.
Torrent Pharma's Ebitda stood at Rs 8.3 billion (in line), grew by 21.5%/4.3% YoY/QoQ. Ebitda margin at 31.0% (+138 basis points/+49 bps YoY/QoQ).
Branded markets showed strong growth while U.S. growth declined impacted by loss of low margin business.
Valuation
We introduce FY26 earnings and expect Ebitda compound annual growth rate of 16% over FY23-26E led by-
Faster than anticipated turnaround on Curatio in domestic franchise,
steady branded business on track with product launch momentum and
improved U.S. outlook with launches to commence from H2 FY24.
We roll forward our valuation to FY26E and maintain our 'Accumulate' rating with a revised target price of Rs 2,226 at 17 times FY26E enterprise value/Ebitda.
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