Fwd: Torrent Pharma Q2FY12 Result Update; Domestic business disappoints - Maintain Hold; Target: Rs 618

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Deepak Vaishnav

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Oct 22, 2011, 4:09:01 AM10/22/11
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Torrent Pharma

Domestic business disappoints – Maintain Hold

 

HOLD

 

CMP: Rs 577                                       Target Price: Rs 618

n     Q2’12 results were subdued - with Revenues at Rs6.6bn (up 19% YoY), EBITDA at Rs1.1bn (up 31%) & APAT at Rs793mn (up 15% YoY)

n     Growth in revenues were led by 32% growth in exports – 57% growth in US, 28% growth in Heumann (German subsidiary) and 34% growth in Brazil

n     Domestic business growth remained subdued at 7% on back of increased competition in gastro and anti-biotic segment

n     We maintain our earnings estimates and target price of Rs618 (14x FY13 earnings of Rs44). Maintain Hold

 

Regards,

Deepak Malik

Senior Research Analyst | Emkay Global Financial Services Ltd. | www.emkayglobal.com | Email : deepak...@emkayglobal.com  

Board No. : +91-22-66121212 | Extn. : 257 | DID : 66121257 | Mob : +91 9769811227 |

 


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Torrent Pharma Q2FY12 Result Update.pdf
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