Torrent Pharma (Torrent) reported an all-round improvement in Q1FY20 and exceed our earnings estimate by 11% (mainly due to 130bps beat on EBIDTA margin). It reported 8%/13.4%/32.5% YoY growth in revenue/EBIDTA/Adj. PAT to Rs20.22bn/Rs5.41/Rs2.16bn, respectively. Q1 revenue growth was added by resumption in supplies of Losaratan in US and improved pricing in India business. The management gave a cautious outlook for US, as new product approvals in US from its Dahej and Indrad facility will be withheld until the resolution of USFDA's Form -483s. We expect the overall performance to remain moderate in FY20 due to weaker traction in US, but will see a recovery in FY21 on normalization of...