2615.10 -0.60 (-0.02%)
NSENov 27, 2020 03:31 PM
The 22 reports from 8 analysts offering long term price targets for Torrent Pharmaceuticals Ltd. have an average target of 2855.57. The consensus estimate represents an upside of 9.20% from the last price of 2615.10.
|Summary||Date||Stock||Broker||Price at Reco.||Target||Price at reco|
Change since reco(%)
|2020-11-04||Torrent Pharmaceutic.. +||Motilal Oswal||2604.30||2604.30 (0.41%)||Strategy Note|
Torrent Pharma's FY20 Annual Report analysis highlights modest revenue growth of 3.5%, led by decline in the US (4.2%) and Germany (6.1%). However, businesses in India/ROW registered growth of 8.8%/12.8%. EBITDA margins expanded 150bp to 27.3% due to higher gross margins, lower R&D; spends (at 6.2% of revenue v/s 7.0% in FY19), containment of employee expenses (at 18.0% of revenues v/s 18.3% in FY19) with reduced manpower (by 750 people), and capitalization of part employee expenses during upgradation of the Levittown facility. PAT excluding...
|2020-10-29||Torrent Pharmaceutic.. +||Geojit BNP Paribas||2566.85||2982.00||2566.85 (1.88%)||14.03||Buy|
Geojit BNP Paribas
Torrent Pharmaceuticals Limited engages in the research, development, manufacturing, and marketing of generic pharmaceutical formulations in India, the United States, Germany, Brazil, and internationally. The company...
|2020-10-27||Torrent Pharmaceutic.. +||ICICI Securities Limited||2600.35||3135.00||2600.35 (0.57%)||19.88||Buy|
ICICI Securities Limited
Q2 revenues were in line with I-direct estimates whereas profitability was higher due to better-than-expected EBITDA margins, lower than expected interest expense and tax rate. Overhang pertaining to two US focused plants notwithstanding, Torrent continues to impress thanks to its robust margin profile that can be attributed to global portfolio that comprises ~65% branded generics. We expect a further improvement in this matrix, product rationalisation to further strengthen margins. The company's portfolio is finely balanced between India, Brazil, Germany and the US with India being...
|2020-10-26||Torrent Pharmaceutic.. +||Sharekhan||2545.80||2871.00||2545.80 (2.72%)||9.79||Hold|
Torrent reported a mixed performance for the quarter with results missing estimates. Revenues were flat YoY, while PAT grew 27% backed by OPM expansion. Outlook for the India business is healthy and Torrent looks to outperform the industry growth. Other markets such as US are under stress, while Europe performance is likely to improve, though over medium term. USFDA response on resolution for Dahej & Indrad is awaited. Rich valuation and recent run up in stock prices leaves limited upside. Torrent Pharmaceuticals Limited (Torrent) reported a mixed performance for Q2FY2021....
|2020-10-26||Torrent Pharmaceutic.. +||Yes Securities||2519.55||3200.00||2519.55 (3.79%)||22.37||Buy|
|2020-10-26||Torrent Pharmaceutic.. +||Dolat Capital||2519.55||2863.00||2519.55 (3.79%)||Target met||Sell|
In 2QFY21, Torrent reported muted performance in its key export markets US (20% YoY decline), Brazil (17% YoY decline, primarily due to currency depreciation) while India (7% YoY growth) aided in flattish revenues for the quarter, in-line with our estimates. However, EBITDA margin at 31.5% were marginally better than expectation led by...
|2020-10-26||Torrent Pharmaceutic.. +||Motilal Oswal||2600.35||2510.00||2600.35 (0.57%)||Target met||Neutral|
Torrent Pharma (TRP) delivered in-line 2QFY21 results. Revival in the Domestic Formulations (DF) / Germany businesses was offset by muted growth in the US and currency headwinds in Brazil. Reduced opex kept profitability elevated. With the outlook for India/Germany/Brazil improving, TRP is expected to outperform the industry on new launches / better traction in existing products. Growth in the US hinges on the Dahej/Indrad regulatory resolution. We raise our EPS estimate for FY21/FY22 by 4%/2% to factor in: a) the gradual normalization of opex on marketing in Branded Generics, b)...
|2020-08-04||Torrent Pharmaceutic.. +||Sharekhan||2828.70||2780.00||2828.70 (-7.55%)||Target met||Hold|
Torrent Pharmaceuticals Limited (Torrent) reported strong performance for Q1FY2021. Revenues at Rs. 2,056 crore increased by 1.7% y-o-y on account of 2% growth in India business, while other geographies reported a decline. The chronic heavy portfolio in the Indian markets led to revenue growth. Operating profit at Rs. 661 crore increased by 22% y-o-y and was better than estimates. Operating profit margin (OPM) at 32% expanded by 540 bps y-o-y, backed by expansion in gross margins and lower other expenses. Strong operating performance percolated to the bottom line as well. Consequently, PAT for the quarter stood at Rs. 321 crore, up impressively by 49% y-o-y and was ahead...
|2020-08-04||Torrent Pharmaceutic.. +||Geojit BNP Paribas||3010.80||2980.00||3010.80 (-13.14%)||Target met||Hold|
|2020-07-31||Torrent Pharmaceutic.. +||Motilal Oswal||2663.60||2565.00||2663.60 (-1.82%)||Target met||Neutral|
31 July 2020 Despite COVID-19-led industry-wide slowdown in Domestic Formulations (DF), Torrent Pharma (TRP) outperformed owing to its strong presence in the Chronic segment. The Germany business is expected to see revival 2HFY21 onwards. Growth in the US hinges on the Dahej/Indrad regulatory resolution. from COVID-19-led weakness in the India/Brazil business, b) the Germany business returning to normal, and c) reduced opex aiding better profitability. We value TRP at 24x 12M forward earnings and roll our TP to INR2,565. Maintain Neutral on limited upside from current levels. ROW sales grew 31% YoY to INR2.3b (11% of sales), driving overall growth in revenue. India sales grew 2% YoY (INR9.3b; 45% of sales). Brazil revenue (7% of sales) was down 20% YoY to INR1.4b. In constant currency, Brazil sales were steady on a YoY basis.
|2020-07-31||Torrent Pharmaceutic.. +||ICICI Securities Limited||2663.60||2865.00||2663.60 (-1.82%)||Target met||Buy|
ICICI Securities Limited
India growth steady; acquisitions to enhance coverage Domestic branded formulations including CRAMs comprise 50% of sales. Acquisition of Elder Pharma's branded portfolio has added new therapies like neutraceuticals, gynaecology and helped fill up portfolio gaps. The Unichem acquisition has added branded portfolio comprising some power brands besides achievement of long term synergy benefits. Despite a YoY decline in IPM in Q1FY21 (-6% as per AIOCD), Torrent's portfolio has shown resilience (up 1% as per AIOCD) due to higher chronic contribution. We...
|2020-07-02||Torrent Pharmaceutic.. +||Karvy||2350.95||2333.00||2350.95 (11.24%)||Target met||Sell|
|2020-05-27||Torrent Pharmaceutic.. +||Karvy||2362.55||2333.00||2362.55 (10.69%)||Target met||Sell|
|2020-05-27||Torrent Pharmaceutic.. +||ICICI Securities Limited||2402.55||2475.00||2402.55 (8.85%)||Target met||Hold|
ICICI Securities Limited
India growth steady; acquisitions to enhance coverage Domestic branded formulations including CRAMs constitute 50% of sales. The acquisition of Elder Pharma's branded portfolio has added new therapies like neutraceuticals, gynaecology and helped fill up portfolio gaps. The Unichem acquisition has added branded portfolio comprising some power brands besides achievement of long term synergy benefits. We...
|2020-05-26||Torrent Pharmaceutic.. +||Dolat Capital||2402.55||2170.00||2402.55 (8.85%)||17.02||Sell|
While India continue to lead growth (pre-buying in March aided growth, in-line), exports were a drag. Gross margin at 72.4% was a function of strong growth in India, leading to impressive EBITDA margin of 28.2% (our estimate: 25.4%). Though company remains confident of outperforming IPM growth, we remain wary of the exports (US 2 key facilities under WL and OAI, Brazil adverse currency and batch traceability regulations in Germany) given the weaker outlook....
|2020-04-20||Torrent Pharmaceutic.. +||ICICI Securities Limited||2350.55||2395.00||2350.55 (11.25%)||Target met||Hold|
ICICI Securities Limited
On the business front, despite the nationwide lockdown, domestic growth is expected to remain more or less stable. Exports growth, barring for one or two months due to congestion in all major ports globally, is also expected to remain strong due to 1) currency benefit, 2) slowdown in competition due to delay in new approvals that will be beneficial for existing players and 3) expected demand continuum across the world despite Covid-19. Some windfall is also expected in some critical productsa case in point is Hydroxychloroquine, a malaria drug that is likely to be repurposed as a prophylaxis for Covid-19 treatment in some cases....
|2020-02-17||Torrent Pharmaceutic.. +||Karvy||2238.95||2437.00||2238.95 (16.80%)||Target met||Buy|
Visible Growth in Revenues and MarginsTorrent Pharma s woes in various markets appears to be receding and is all set to show double digit topline growth in key markets which will give impetus to increase in margins.
|2020-02-03||Torrent Pharmaceutic.. +||Geojit BNP Paribas||2020.80||2026.00||2020.80 (29.41%)||Target met||Hold|
|2020-01-28||Torrent Pharmaceutic.. +||HDFC Securities||1916.40||2250.00||1916.40 (36.46%)||Target met||Buy|
Downside risks: delay in resolution of Dahej (OAI) and Indrad (WL), slower growth in India and launch delays in the US. We resume coverage on Torrent Pharma (TRP) with a Buy. Torrent has re-rated substantially in the past three years on the back of strong execution particularly in branded markets. Despite rich valuation, we recommend Buy as TRP offers a solid India franchise, robust earnings growth and superior return profile which justifies the premium over peers. TRP would generate Rs56bn of FCF over FY19-22E. Our TP of Rs 2,250 is based on 15x FY22 EV/EBIDTA implying a target PE of 28x.
|2020-01-28||Torrent Pharmaceutic.. +||ICICI Securities Limited||1937.50||2020.00||1937.50 (34.97%)||Target met||Hold|
ICICI Securities Limited
India growth steady; acquisitions to enhance coverage Domestic branded formulations including CRAMs constitute 48% of sales. The acquisition of Elder Pharma's branded portfolio has added new therapies like neutraceuticals, gynaecology and helped fill up portfolio gaps. The Unichem acquisition has added branded portfolio comprising some power brands besides achievement of long term synergy benefits. We...