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Torrent: Robust end to FY16 - Views on News from Equitymaster
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Torrent: Robust end to FY16
Jul 20, 2016

Torrent has announced its 4QFY16 results. The company has reported 29.9% YoY growth in sales and 174.6% YoY increase in net profits. For the full year, company's net sales were up by 42.4% and net profits surged by 160.1%. Here is our analysis of the results.

Performance summary
  • Topline grows by 29.9% YoY during the quarter. Both India and the US business witness good growth for the quarter.
  • Operating margins surge by 14% to 32.3% on the back of low competition drugs in the US portfolio.
  • Owing to strong operational performance, the bottomline too grows by an impressive 174.6% YoY.

    Financial Performance : A snapshot
    (Rs m) 4QFY15 4QFY16 Change FY15 FY16 Change
    Net sales 11,340 14,730 29.9% 45,850 65,290 42.4%
    Other operating income 200 260 680 1,470
    Expenditure 9,920 10,150 2.3% 36,330 35,780 -1.5%
    Operating profit (EBDITA) 1,620 4,840 198.8% 10,200 29,510 189.3%
    EBDITA margin (%) 14.0% 32.3% 21.9% 44.2%
    Other income 1,000 240 -76.0% 2,860 2,160 -24.5%
    Interest (net) 470 380 1,750 1,860 6.3%
    Depreciation 600 650 8.3% 1,910 2,460 28.8%
    Profit before tax 1,550 4,050 161.3% 9,400 27,350 191.0%
    Tax 250 480 92.0% 1,890 6,420 239.7%
    Exceptional losses 1,400
    Profit after tax/(loss) 1,300 3,570 174.6% 7,510 19,530 160.1%
    Net profit margin (%) 11.5% 24.2% 16.4% 29.9%
    No. of shares (m) 171
    Diluted earnings per share (Rs) 114
    Price to earnings ratio (x)* 12.13

    *based on trailing 12 months earnings

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