![]() ![]() Torrent continues to face prolonged delays in re-inspection of US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure in US business has adversely affected this quarter. Views: Torrent Pharma’s Q3FY22 revenues were in line with I-direct estimates while margin profile was below our expectations due to pricing pressure in US and one-off expenditures. Subsequently, net profit declined 16.2% YoY to Rs.249 crore EBITDA de-grew 11.4% YoY to Rs.538 crore. EBITDA margins declined 490 bps YoY to 25.5%, lower than I-direct estimate of 30.2% driven by price erosion in US and one-offs 1) higher freight expenditure impacted ~ 1%, 2) provisioning for one discontinued US product impacted ~ 1% and 3) higher overhead cost amid less than expected manufacturing in Q3FY22 impacted ~ 1%. Germany business de-grew 10.6% YoY to Rs.237 crore mainly impacted due to muted market growth and increasing competition in tender segment. This was largely offset by 19.5% YoY decline in US due to price erosion in the base business and lack of new approvals amid pending re-inspection of facilities. Domestic formulations grew 15.3% YoY to Rs.1072 crore driven by robust performance of top brands in all focus therapies, while 5.2% YoY growth to Rs.182 crore in Brazil was witnessed on account of performance of top brands and new launches. ![]() News: Revenues grew 5.7% YoY to Rs.2108 crore. ![]()
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