- 30 May 2023
- ICICIdirect Research
Torrent Pharmaceuticals Q4 Results 2023: Solid performance in line with estimates
Torrent Pharmaceuticals Ltd | CMP: 2826 | Market Cap: 95,637.79
Torrent Pharmaceuticals reported solid growth in Q4FY23 which were in line with I-Direct estimates. Performance was driven by the branded generic markets.
Q4FY23 Earnings Summary
Views: Torrent numbers were in-line with our estimates. Branded generics business India continues to perform well with focus on Curatio acquisition and focus on power brands besides consumer business foray. Brazil numbers were beat on our estimates driven by generic brands and CMS franchise. US continues to witness price erosion in high single digit, growth is due to low base and currency tailwinds. In Germany supplies for the tender has started, but it continues to witness price erosion in high single digit. We remain positive on the company’s branded generics business focus which is +70% of sales now. The management is looking for 60-100 bps margins improvement banking on branded generics business traction.
Impact: Positive