India Ratings Upgrades Torrent Pharmaceuticals and its NCDs to 'IND AA+', Outlook Stable

India Ratings and Research (Ind-Ra) has upgraded Torrent Pharmaceuticals Limited's (Torrent) Long-Term Issuer Rating to 'IND AA+' from 'IND AA'. The Outlook is Stable.

The upgrade reflects Torrent's improving business mix towards the higher return on capital employed (RoCE) India business, led by the aboveaverage industry growth in key therapy areas. Healthy EBITDA generation during 9MFY22 and the successful amalgamation of previous acquisitions give further confidence on the execution capabilities. Torrent has been able to repay scheduled payments and consequently reduce its net leverage to around lx at FYE22. Ind-Ra believes any further debt-led acquisitions shall not lead to Torrent breaching the net leverage trigger of over 2x on a sustainable basis, over the near to medium term.

Shares of Torrent Pharmaceuticals Limited was last trading in BSE at Rs. 2784.25 as compared to the previous close of Rs. 2710.80. The total number of shares traded during the day was 1870 in over 347 trades.

The stock hit an intraday high of Rs. 2792.95 and intraday low of 2725.30. The net turnover during the day was Rs. 5176123.00.

Source : Equity Bulls

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