Torrent Pharma Q1 Review - Strong Play In Branded Markets: Dolat Capital


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Torrent Pharmaceuticals Ltd.’s revenue grew by 10% YoY in Q1 FY23 to Rs 23 billion (in line) mainly driven by higher growth in branded businesses.

Ebitda grew by 5% YoY to Rs 7.1 billion (in line), and Ebitda margin at 30% contracted by 140 basis points YoY on lower gross margin and higher freight cost, however expanded 400 bps on saving fixed cost due to Levittown facility closure, cost optimisation measures and price increases in branded markets as guided by management in Q4 FY22.

Torrent Pharma’s profit after tax of Rs 3.5 billion was in line up 7% YoY.

India revenue grew by 14% in Q1 FY23 above our estimate. Strong outperformance of top brands together with new launches continue to drive market share gains across therapies.

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