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Torrent Pharmaceuticals Ltd. revenue growth remained strong in the third quarter of fiscal 23 and was marginally better than our estimates and consensus estimates, largely led by continued strong growth in the branded generic markets and the integration of the recently acquired Curatio portfolio.
However, net profit was lower than estimated due to a higher interest outlay to finance the Curatio acquisition and other negative income (largely due to the Rs 400 million foreign exchange loss).
Revenue grew 18.3% yoy to Rs 24.9bn vs our estimate of Rs 24bn, mainly driven by strong growth in Brazil. The domestic market grew ~17% year-over-year, helped by the Curatio acquisition. The Brazil market grew 35.5% YoY to ~Rs 2.5bn on the back of currency tailwinds, market share gain and growth in the generics segment (~14% of sales in Brazil) .
Additionally, the German business showed signs of recovery, registering a growth of 9.5% QoQ after the reactivation of the bidding business. However, US business continued to come under pressure, down 5.4% qoq to $35 million due to price pressure and a lack of new launches.
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