External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<p>The company repaid debt of INR4.9bn in H1 and is on track to reduce it by ~INR10bn in FY22. We reduce our EBITDA estimates by 4-5% for FY22-23e and roll forward our TP, based on Sep'23e estimates. Our revised TP is INR3,240/sh, based on 16x Sep'23 EV/EBITDA. Maintain ADD. Torrents Q2 results were marginally below estimates due to subdued gross margin (~100bps impact), primarily on account of higher acute mix in India, inventory provisioning, and price erosion in the US. Barring Germany (-4% YoY, customer consolidation), most key markets such as India, Brazil and US reported healthy growth.</p><div class="content-highlight"><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></div>

The company repaid debt of INR4.9bn in H1 and is on track to reduce it by ~INR10bn in FY22. We reduce our EBITDA estimates by 4-5% for FY22-23e and roll forward our TP, based on Sep'23e estimates. Our revised TP is INR3,240/sh, based on 16x Sep'23 EV/EBITDA. Maintain ADD. Torrents Q2 results were marginally below estimates due to subdued gross margin (~100bps impact), primarily on account of higher acute mix in India, inventory provisioning, and price erosion in the US. Barring Germany (-4% YoY, customer consolidation), most key markets such as India, Brazil and US reported healthy growth.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma (Results Review Q2FY22): Tepid quarter; steady outlook. Maintain ADD