Margin should recover in the two quarters, driven by price hikes in India and Brazil adding that India outlook remains strong, which keeps us constructive on the stock, CLSA said
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Torrent Pharmaceuticals share price tumbled over 15 percent intraday on January 27, a day after the company reported a 16 percent drop in profit for the December quarter.
Torrent Pharmaceuticals on Tuesday said its consolidated net profit declined to Rs 249 crore for the third quarter ended December 2021 on account of muted performance in the US market. The drug maker had posted a net profit of Rs 297 crore in the October-December period of 2020-21 fiscal.
The company’s revenue from operations in the third quarter stood at Rs 2,108 crore as against Rs 1,995 crore a year back, Torrent Pharmaceuticals said in a statement.
The company said its US revenues during the period under review stood at Rs 235 crore, a year-on-year drop of 20 per cent.
The stock was trading at Rs 2,680.15, down Rs 480.40, or 15.20 percent at 12:32pm on the BSE. It has touched an intraday high of Rs 2,940 and an intraday low of Rs 2,642.05.
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The scrip was trading with volumes of 50,504 shares, compared to its five day average of 3,925 shares, an increase of 1,186.66 percent.
Global research and broking firm CLSA has downgraded the stock to outperform from ‘buy’ and has cut the target to Rs 3,350 from Rs 3,850 per share. It is of the view that the Q3 earnings were below estimates due to a sharp 5 ppts on-year margin decline. India sales growth of 15 percent YoY remained solid but the US and EU sales were below estimates, it said.
“The margin should recover in the two quarters, driven by price hikes in India and Brazil. India outlook remains strong, which keeps us constructive on the stock,” CLSA said.
On the other hand, Goldman Sachs has a ‘buy’ on the stock but has cut target to Rs 3,555 from Rs 3,630 per share. The brokerage firm believes that Q3 was a miss, US concerns offset solid India and Brazil performance. Topline momentum remained subdued in US business. We lower FY22-24 EPS estimates to factor in slower ramp-up in margin,” it said.
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