Torrent Pharma - 3QFY2013 Result Review - Nirmal Bang

Net Sales stood at Rs8bn as against our expectation of Rs8.2bn and consensus estimate of Rs8bn.

Margins at 20.2% were lower than our expectation – we believe this is primarily on account of poor revenue mix (lower Brazilian and higher Germany business contribution).

PAT stood at Rs1.12bn, lower than our estimate of Rs1.21bn and higher than consensus estimate of Rs1.05bn.

Overall results were in-line with estimates with no major surprises. A concall is scheduled at 11am tomorrow. We will come up with a detailed note post the concall. Also, we would roll-over our numbers to FY15 and revise our target price upwards.

Source : Equity Bulls

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