Torrent Pharmaceuticals Ltd.| Q3FY15 Result/Concall Update | Though a muted quarter; outlook remains promising | Maintain HOLD rating with PT of Rs1,086 ::IndiaNivesh

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Torrent Pharmaceuticals - Steady Quarter; Result Update Q3FY15 ::Edelweiss

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Torrent Pharmaceuticals : Muted quarter but outlook unchanged… :: ICICI Securities

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Torrent Pharmaceuticals -- Brazil, Elder portfolio join growth bandwagon; maintain HOLD :: ICICI Securities, report link

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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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Technicals -Rolta, Essar Oil, SRF, Torrent Pharma, NMDC, HIL, IDFC :: Business Line

HSBC Research, Looking at mid-cap themes for 2014

 Mid-caps have underperformed largecaps in the last 6 years. With no easing
in sight we remain selective on them
 Three themes to play in 2014:
insulation from leverage-related stress;
rising utilisation; and strong earnings
momentum with reasonable valuations
 Analysts’ preferred plays: PTCIN, IPCA,
TRP, PEPL, BHFC, LICHF and ILFT

Torrent Pharma: BOOK PROFIT:: Business Line

Torrent Pharma, Brazil, key to recovery:: Business Line

Torrent Pharma, Mixed bag of performance.... IndiaNivesh Securities

Slow growth in International business linked with 3% decline in Brazilian
business, while domestic business was in-line with industry.
On the back of a) 44% y-o-y increase in US business, b) 14% y-o-y increase in Europe
(Excluding Heumann), CIS & ROW business and c) 15% y-o-y growth from Heumann
(Germany) & d) 3% y-o-y decline in Brazilian business linked with government
program for Losartan & Metformin, International business grew merely 16% y-o-y
to Rs 4.49 billion in Q3FY13. Domestic branded formulation business grew in-line
with the industry and reported 13% y-o-y growth to Rs 2.60 billion. CRAMs business
declined 4% y-o-y to Rs 587 million due to lower supply of Insulin to its customer.
Hence, overall business grew 14% y-o-y (2.9% q-o-q) to Rs 7.69 billion below our
estimates. ( V/s Rs 8.04 billion)

Torrent Pharmaceutical :: Prabhudas Lilladher MID-CAP top pick

Torrent pharma has a successful track record of consistently delivering
profitable growth: It is one of the better managed companies in the Indian
pharma space with high standard of corporate governance. Company’s
international formulation business is expected to lead the performance of
the company in the medium term.
It is a play on highly profitable and fast growing lifestyle segments in
domestic formulation business: Torrent derives its strength from being
leader in some of the lucrative and fastest growing chronic therapy
segments of CVS and CNS. It has consistently maintained its leadership in
these therapeutic segments with strong brands and new product launches.
It has one of the most profitable domestic formulation business among its
peers and even compared to larger counterparts. We believe that the
recent slowdown in domestic formulation business is transitory and the
management has taken corrective measures to address the slowdown.
Expect growth to come back on track from 2HFY13 onwards.
Torrent’s international business is on strong footing and expected to lead
the performance: The company’s investment in international business
have started paying off and we expect profit margins to expand as
operations scale-up. Healthy revenue growth expected in markets like US,
Europe and Brazil and entry into some of the largest branded generics
markets like Mexico, will drive revenue growth and increase profitability.
Next phase of growth will be led by regulated markets (ex-Germany).
Expect revenue from regulated markets (Ex-Germany) to grow at a CAGR
of 34% over FY12-14, led by US market.
Outlook and Valuation: We expect strong EPS CAGR of 24% over FY12-14
led by 24% CAGR in international business. The company has strong
balance sheet with lean working capital and zero net debt. Expect RoCE to
remain above 25% over next 2 years and free cash-flow generation of Rs6b
during the same period. The stock is trading at 14.1xFY13E and 11.9xFY14E
earnings which is at significant discount to large cap and some of the midcap
companies in the sector.

Torrent Pharmaceuticals - conference call transcript-24-Jul-12 :Edelweiss,

Dear Sir/Madam,

Please find enclosed the transcript of the conference call with Torrent Pharmaceuticals held on 24th July, 2012.

Torrent Pharmaceuticals - conference call transcript-24-Jul-12

Regards,

Torrent Pharmaceuticals- Performance In Line; Recovery In Margins A Positive ::Nirmal bang,

Performance In Line; Recovery In Margins A Positive
Torrent Pharmaceuticals’ (TPL) 1QFY13 earnings were in line with our as well as consensus estimates and reinforces our confidence on the stock’s re-rating as two of its most important drivers – recovery in domestic business (highest growth in the past six quarters) and improvement in margins – stand validated. We continue to differ from consensus estimates and believe TPL’s base business margins would improve over the next two years on improving profitability of its US business (which turned profitable in 1QFY13), higher capacity utilisation at its Sikkim facility and greater revenue contribution from India and Brazil (two of its most profitable markets). The stock’s valuation at 12x FY14E EPS of Rs51 is still at a steep discount to peers/historical average and does not fully capture the company’s robust growth profile and strong balance sheet as well as return ratios. We retain our FY13E/FY14E estimates, but following the recent surge in the stock, we downgrade our rating to Hold from Buy.

Torrent Pharma: Staging for a Comeback: Karvy

Staging for a Comeback
With the company addressing key concerns on the domestic formulations
front and better traction in US and Brazil, the company is all set to
achieve 18.9 % CAGR revenue growth for the period FY 12‐14E and an
earnings CAGR of 39 %, we upgrade our rating on the stock to BUY.
Domestic Formulations – Back on Track: The primary reason for the
underperformance can be attributed due to cluttering of brands in the antiinfective
and the pain management segment which led to inadequate
promotion of brands and hence the Company lost ground in these
segments. The company has recruited 200 additional MRs so as to impart
more focus. With the measures in place we believe the company would be
able to achieve the 12% and 14% growth factored by us for FY13E and
FY14E, respectively

Torrent Pharmaceuticals - conference call transcript-21-May-12 : Edelweiss, PDF link

Please find enclosed the transcript of the conference call with Torrent Pharmaceuticals held on 21st May, 2012.

Torrent Pharmaceuticals - conference call transcript-21-May-12

Regards,

Torrent Pharma (TRP IN) OW: Weak quarter, staying Overweight  HSBC Research

Torrent Pharma (TRP IN)
OW: Weak quarter, staying Overweight
 Reported net loss includes one-time provisional charge for
future sales return; excluding that, EBITDA is in-line with
estimate
 Indian sales continue to suffer from slow acute growth,
Brazil, US, and Germany in-line; exports outlook strong on
favorable INR and turnaround in markets
 Maintaining OW, dropping V-flag, rolling TP to Mar-13;
revised TP to INR715 (13x Mar-14 EPS) from INR680

Torrent Pharmaceuticals: Hold Target : | 606 :ICICI Securities, PDF link

Torrent Pharma :Target Price: ` 706 Accumulate: Dolat Capital

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Unplugging the Torrents!
Torrent pharma (TPL) has a unique hub-spoke business model wherein its expertise in chronic ailments - CVS
and CNS are centric to its growth mantra. It has successfully leveraged on its capabilities in these TAs and is
well penetrated in fast growing emerging markets (25% of FY11 sales). We anticipate sales from regulated
markets to register 25% growth over FY11-14E. The US generic market in particular is expected to see high
growth, aided by key generic launches (Zyprexa, Singulair ODT, Lexapro) and market share gains in existing
products. We anticipate domestic formulations to regain its lost ground and grow by 12% over FY11-14E. We
expect 19% earnings growth over the same period aided by non dilutive capex.

TORRENT PHARMACEUTICALS - Initiating Coverage - BUY ::Destimoney

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Faster exports to drive growth for Torrent

Established in 1994, Torrent Pharmaceuticals Ltd is a flagship company of Torrent group. While its 36 brands
lead in their respective molecule segments, six brands of the company appear in India’s top 300 pharma brands.
Torrent has successfully maintained its dominant position in domestic Cardiovascular (CVS) and Central Nervous
System (CNS) segment with new product launches. In line with industry trend, Torrent has maintained its tilt
towards chronic profile over acute.
By entering into regulated as well as emerging markets, Torrent has successfully increased its footprint in
International markets, which contribute ~51% to the total revenue of the company in FY11. With 27 successful
drug launches, Brazil contributes majorly (32%) to company’s international division. Torrent has been the largest
Faster exports to drive growth for Torrent
supplier of Citalopram and second largest supplier of Zolpidem for the US market.
In 9MFY12, Torrent recorded sluggish performance mainly in the acute therapy segment, due to increasing
competitive pressure. To get back the company on growth path, management has taken corrective action in
terms of addition and improvement in efficiency of field force.
Apart from regular 25-30 drug launches in domestic market every year, the company is planning to enter into
new therapy segments like oncology and infertility to widen its offerings. Similarly in its existing international
market, new launches in Brazil and U.S are expected to propel growth.
Therefore, we initiate coverage on Torrent Pharmaceuticals Ltd. with a BUY rating and a target price of
`660 per share.

Torrent Pharmaceuticals - conference call transcript:: Edelweiss pdf link

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Please find enclosed the transcript of the conference call with Torrent Pharmaceuticals, held on 25th January, 2012.

Torrent Pharmaceuticals - conference call transcript-25-Jan-12