Torrent Pharmaceuticals Limited (Torrent Pharma) reported a strong set of numbers for Q2FY2020. Sales at Rs. 2,005 crore grew by 6% y-o-y and are marginally below estimates. Operating profit at Rs. 541 crore grew by 14% y-o-y and is broadly in line with estimates. Operating margin expanded by 200 BPS to 27%. PAT at Rs. 244 crore beat our estimates of Rs. 209.5 crore because of lower than expected tax. During the quarter, performance across geographies was subdued. Recently, Torrent's Indrad plant has received a warning...