Torrent Pharma Q3 Results Review - Strong Performance Across Branded Markets: Nirmal Bang

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..Nirmal Bang Report.Torrent Pharmaceuticals Ltd.'s Q3 FY24 results were largely in line with our estimate as well as consensus estimates, led by strong growth across major branded generic markets coupled with margin improvement aided by a better product mix and cost optimisation initiatives.The strong performance was driven by robust growth in India aided by the Curatio acquisition and new launches, while the Brazilian business continued to outperform the market. Germany business growth was led by the revival of the tender business.However, the U.S. generic business reported a decline due to pricing pressure and the lack of new launches.We are positive about Torrent Pharma mainly due to its strong Chronic-centric branded portfolio, industry-leading per contract per month in India and healthy margins and free cash flow, but the current valuations remain concerning hence we take a conservative approach.We downgrade from 'Buy' to 'Accumulate' with a target price of Rs 2,443, valuing it at 19 times December 25E enterprise value/Ebitda..Click on the attachment to read the full report:.SBI Q3 Results Review - Upside Risks To Core PPoP In FY25 Due To Lower Staff Cost: Prabhudas Lilladher.DISCLAIMERThis 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.

Torrent Pharma Q3 Results Review - Strong Performance Across Branded Markets: Nirmal Bang

Domestic revenue grew by 12% YoY to Rs 14.15 billion.

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