Torrent Pharma's (TRP) Q3FY22 performance was disappointing however we believe profitability/margins to normalize from FY23, aided by price hike in branded generic business and current cost escalation temporary. TRP's high exposure to branded generic business (~65-70% of total revenues) and chronic therapies provides comfort. The timely resolution of plants will pickup revenue growth in US and benefit operating leverage, going ahead. We expect 18% EPS CAGR over FY21-24E. We have cut our FY22E EPS by 6%...