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Torrent: US biz continues to drive growth - Views on News from Equitymaster
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Torrent: US biz continues to drive growth
Feb 25, 2016

Torrent has announced its 3QFY16 results. The company has reported 31.1% YoY growth in sales and 189.2% YoY increase in net profits. Here is our analysis of the results.

Performance summary

  • Topline grows by 31.1% YoY during the quarter. Both India and US business witnessed good growth for the quarter.
  • Operating margins surged by 19.3% to 39.8% on the back of low competition drugs in the US portfolio.
  • Owing strong operational performance, the bottom line too surged by 189.2% YoY.

Financial performance: A snapshot

(Rs m) 3QFY15 3QFY16 Change 9MFY15 9MFY16 Change
Net sales 11,560 15,150 31.1% 34,510 50,560 46.5%
Other operating income 120 240 100.0% 480 1,210 152.1%
Expenditure 9,280 9,260 -0.2% 26,410 29,410 11.4%
Operating profit (EBDITA) 2,400 6,130 155.4% 8,580 22,360 160.6%
EBDITA margin (%) 20.5% 39.8% 24.5% 43.2%
Other income 650 510 -21.5% 1,860 1,920 3.2%
Interest (net) 500 420 -16.0% 1,280 1,480 15.6%
Depreciation 540 610 13.0% 1,310 1,810 38.2%
Profit before tax 2,010 5,610 179.1% 7,850 20,990 167.4%
Exceptional (loss) - - - 530
Tax -340 -780 129.4% 1,640 6,520 297.6%
Profit after tax/(loss) 1,670 4,830 189.2% 6,210 15,000 141.5%
Net profit margin (%) 14.4% 31.9% 18.0% 29.7%
No. of shares (m) 170.0
Adj Diluted earnings per share (Rs) 96.3
Price to earnings ratio (x)* 13.1

*based on trailing 12 months earnings

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