Torrent Pharmaceuticals Ltd.|Q2FY15 Result Update | US, domestic formulation sales and higher other income drives y-y growth in earnings for the quarter :: IndiaNivesh

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US, domestic formulation sales and higher other income drives
y-y growth in earnings for the quarter
Sales of Torrent Pharmaceuticals (TRP IN) grew less than our estimate, while
adjusted PAT grew more than our estimate due to higher other income and lower
tax. We raise our FY15E and FY16E estimate by 14% and 4.7% to factor higher
other income. Accordingly we raise our price target to Rs1,010 (from Rs964 earlier)
based on 18x FY16 earnings. We remain positive on TRP’s execution capabilities
in both domestic as well as international market. However, we downgrade TRP to
HOLD based on valuation
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