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Motilal Oswal Report
Torrent Pharmaceuticals Ltd. delivered in-line Q3 FY23 earnings, fueled by robust performance in the branded generics segment of domestic formulation/Latin America as well as the U.S. generics segment. Even the rest of world market witnessed strong growth during the quarter.
We raise our earnings per share estimates for Torrent Pharma by 1.0%/3.0%/3.7% for FY23/FY24/FY25 to factor in:
new launches as well as market share gains in existing launches in LatAm, and
better scope of price-led growth in DF.
We estimate 19%/26% Ebitda/earnings compound annual growth rate over FY23-25, respectively, led by superior execution in branded generics segment and gradual uptick in tender wins in Germany.
The return ratios remained suppressed due to regulatory hurdles at Indrad and Dahej for the U.S. market. Besides, the valuation adequately factors in earnings upside over FY23-25E.
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