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Despite Torrent Pharmaceutical Ltd.'s online revenue growth of 5% YoY, Ebitda margins of 32%, profit after tax was restricted to Rs 3,300 crore due to moving annual total credit recognition, which which caused a 20% loss compared to our profit estimate.
Slow sales continue to be driven by subdued export performance.
The United States with $ 36 million was the lowest quarterly sales in the last four years (29% YoY decrease), Brazil (9% YoY increase) and Europe (6% YoY increase) along with India (a 6% YoY increase). 18% YoY growth) led to revenue growth of 5%.
High single-digit price erosion in the US, lack of export incentives, and adverse product mix (high contribution from sharp sales) affected Torrent Pharma's gross margins by 160 basis points YoY in 72.3%.
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