Revenues grew 7.2% YoY to Rs 2291 crore, mainly driven by high double digit growth in India and Brazil, the branded generics market for Torrent
EBITDA Margins witnessed a minimal decline of ~125 bps to 29.6%, due to change in revenue mix, higher revenues from US and Germany (comparatively low margin businesses). EBITDA increased 2.9% YoY to Rs 679 crore
PAT declined 1.3 % YoY to Rs312 Crore, declined 11.9% QoQ
India Business grew by 12.6% YoY to Rs1224 crore on the back ofnew launches, performance of top brands and market outperformance across focus therapies
Brazil Business grew by 18.6 % YoY to Rs 185 crore, growth was aided by performance of new launches
U.S Business grew by 2.8 % YoY Rs 292 crore, growth was mainly due to currency impact and volume growth
Germany Business de-grew 12% YoY to Rs 220 Crore, due to tender losses in previous quarters. Torrent has already initiated measures to improve price competitiveness
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Torrent numbers were in-line with our estimates on the sales front but the margin front was impacted due to change in product mix, branded generics business India and Brazil (High margin business) was lower than expected vs US and Germany which are lower margin business came higher than our estimates. We remain positive on the company’s growth story and expecting some headwinds from acquisition of Curatio Healthcare.
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