Buy Torrent Pharmaceuticals, target price Rs 1788: Sharekhan by BNP Paribas

Buy Torrent Pharmaceuticals, target price Rs 1788:  Sharekhan by BNP Paribas


BNP Paribas’ Sharekhan has a buy call on pharmaceuticals torrent with a price target of Rs 1788. The current market price of Torrent Pharmaceuticals is Rs 1547.7.

Torrent Pharmaceuticals, incorporated in the year 1972, is a large-cap company (with a market capitalization of Rs 52,381.20 crore) operating in the pharmaceutical sector.

Torrent Pharmaceuticals’ key products/revenue segments include pharmaceuticals, other operating income and export incentives for the year ending March 31, 2022.

For the quarter ended 31-12-2022, the company has reported a consolidated total revenue of Rs 2,481.00 crore, up 7.54% from the last quarter Total revenue of Rs 2,307.00 crore and up 15.07% more than the same quarter last year Total revenue of Rs 2156.00 crore. The company has reported a net profit after tax of Rs 283.00 crore in the latest quarter.

The senior management of the company includes Mr. Sudhir Mehta, Mr. Manish Mahendra Choksi, Mr. Jinesh Shah, Dr. Maurice Chagnaud, Ms. Nayantara Bali, Ms. Ameera Shah, Mr. Haigreve Khaitan, Mr. Shailesh Haribhakti, Mr. Samir Mehta, Mr. Aman Samir Mehta. The firm has BSR & Co. LLP as its auditors. As of 12-31-2022, the company has a total of 34 million shares outstanding.

Investment justification
The average growth of Torrent Pharma’s national sales during the months of January and February (13.5%) has been above the average growth of the market (Indian Pharma Market – IPM) (11.3%) during the same months, indicating the company’s run rate for Q4FY23E. On a total annual moving (MAT) basis, the company’s sales growth was 15.5% in February 2023 versus 8.2% for IPM. Sales growth outpacing that of IPM is likely to be driven by new product launches, the performance of its core brands, strong growth in the newly acquired Curatio portfolio, the recent expansion of its field force and increased of your productivity.

Promoter/FII Holdings
Promoters held a 71.25% stake in the company as of December 31, 2022, while FIIs owned 12.09% and DIIs 8.77%.

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