Torrent Pharma - Domestic business disappoints – Maintain Hold :Emkay,

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Torrent Pharma

Domestic business disappoints – Maintain Hold

HOLD

CMP: Rs 577                                       Target Price: Rs 618

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n     Q2’12 results were subdued - with Revenues at Rs6.6bn (up 19% YoY), EBITDA at Rs1.1bn (up 31%) & APAT at Rs793mn (up 15% YoY)

n     Growth in revenues were led by 32% growth in exports – 57% growth in US, 28% growth in Heumann (German subsidiary) and 34% growth in Brazil

n     Domestic business growth remained subdued at 7% on back of increased competition in gastro and anti-biotic segment

n     We maintain our earnings estimates and target price of Rs618 (14x FY13 earnings of Rs44). Maintain Hold