X

Sign up for Equitymaster's free daily newsletter, The 5 Minute WrapUp and get access to our latest Multibagger guide (2018 Edition) on picking money-making stocks.

This is an entirely free service. No payments are to be made.


Download Now Subscribe to our free daily e-letter, The 5 Minute WrapUp and get this complimentary report.
We hate spam as much as you do. Check out our Privacy Policy and Terms Of Use.
Torrent: US business drives growth - Views on News from Equitymaster
The India Letter
  • MyStocks

MEMBER'S LOGINX

     
Login Failure
   
     
   
     
 
 
 
(Please do not use this option on a public machine)
 
     
 
 
 
  Sign Up | Forgot Password?  

Torrent: US business drives growth
Dec 9, 2015

Torrent has announced its 2QFY16 results. The company has reported 37.6% YoY growth in sales and 186.9% YoY increase in net profits. Here is our analysis of the results.

Performance summary

  • Topline grows by 37.6% YoY during the quarter. Barring US, all the segments decline during the quarter.
  • Operating margins surge by 19.8% to 42.2% in 2QFY16 on the back of low competition drugs in the US portfolio. 'Abilify' continued to be an important driver for the second subsequent quarter.
  • Owing to strong operational performance, the bottomline too surges by 186.9% YoY.

Financial performance: A snapshot

(Rs m) 2QFY15 2QFY16 Change 1HFY15 1HFY16 Change
Net sales 12,030 16,550 37.6% 22,950 35,410 54.3%
Other operating income 140 360 157.1% 360 970 169.4%
Expenditure 9,440 9,770 3.5% 17,130 20,150 17.6%
Operating profit (EBDITA) 2,730 7,140 161.5% 6,180 16,230 162.6%
EBDITA margin (%) 22.4% 42.2%   26.5% 44.6%  
Other income 720 740 2.8% 1,210 1,410 16.5%
Interest (net) 540 480 -11.1% 780 1,060 35.9%
Depreciation 560 610 8.9% 770 1,200 55.8%
Profit before tax 2,350 6,790 188.9% 5,840 15,380 163.4%
Exceptional (loss) - 530   -    
Tax 370 1,640 343.2% 1,300 5,740 341.5%
Profit after tax/(loss) 1,980 5,680 186.9% 4,540 9,640 112.3%
Net profit margin (%) 16.5% 34.3%   19.8% 27.2%  
No. of shares (m)         170.0  
Adj Diluted earnings per share (Rs)         77.6  
Price to earnings ratio (x)*         20.0  

*based on trailing 12 months earnings

To Read the Full Story, Subscribe or Sign In



DISCLOSURES UNDER SEBI (RESEARCH ANALYSTS) REGULATIONS, 2014
INTRODUCTION:
Equitymaster Agora Research Private Limited (hereinafter referred to as "Equitymaster"/"Company") was incorporated on October 25, 2007. Equitymaster is a joint venture between Quantum Information Services Private Limited (QIS) and Agora group. Equitymaster is a SEBI registered Research Analyst under the SEBI (Research Analysts) Regulations, 2014 with registration number INH000000537.

BUSINESS ACTIVITY:
An independent research initiative, Equitymaster is committed to providing honest and unbiased views, opinions and recommendations on various investment opportunities across asset classes.

DISCIPLINARY HISTORY:
There are no outstanding litigations against the Company, it subsidiaries and its Directors.

GENERAL TERMS AND CONDITIONS FOR RESEARCH REPORT:
For the terms and conditions for research reports click here.

DETAILS OF ASSOCIATES:
Details of Associates are available here.

DISCLOSURE WITH REGARDS TO OWNERSHIP AND MATERIAL CONFLICTS OF INTEREST:
  1. 'subject company' is a company on which a buy/sell/hold view or target price is given/changed in this Research Report
  2. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any financial interest in the subject company.
  3. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have actual/beneficial ownership of one percent or more securities of the subject company at the end of the month immediately preceding the date of publication of the research report.
  4. Neither Equitymaster, it's Associates, Research Analyst or his/her relative have any other material conflict of interest at the time of publication of the research report.
DISCLOSURE WITH REGARDS TO RECEIPT OF COMPENSATION:
  1. Neither Equitymaster nor it's Associates have received any compensation from the subject company in the past twelve months.
  2. Neither Equitymaster nor it's Associates have managed or co-managed public offering of securities for the subject company in the past twelve months.
  3. Neither Equitymaster nor it's Associates have received any compensation for investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  4. Neither Equitymaster nor it's Associates have received any compensation for products or services other than investment banking or merchant banking or brokerage services from the subject company in the past twelve months.
  5. Neither Equitymaster nor it's Associates have received any compensation or other benefits from the subject company or third party in connection with the research report.
GENERAL DISCLOSURES:
  1. The Research Analyst has not served as an officer, director or employee of the subject company.
  2. Equitymaster or the Research Analyst has not been engaged in market making activity for the subject company.
Definitions of Terms Used:
  1. Buy recommendation: This means that the investor could consider buying the concerned stock at current market price keeping in mind the tenure and objective of the recommendation service.
  2. Hold recommendation: This means that the investor could consider holding on to the shares of the company until further update and not buy more of the stock at current market price.
  3. Buy at lower price: This means that the investor should wait for some correction in the market price so that the stock can be bought at more attractive valuations keeping in mind the tenure and the objective of the service.
  4. Sell recommendation: This means that the investor could consider selling the stock at current market price keeping in mind the objective of the recommendation service.
Feedback:
If you have any feedback or query or wish to report a matter, please do not hesitate to write to us.

Small Investments
BIG Returns

Zero To Millions Guide 2018
Get our special report, Zero To Millions
(2018 Edition) Now!
We will never sell or rent your email id.
Please read our Terms

TORRENT PHARMA SHARE PRICE


Dec 13, 2017 (Close)

TRACK TORRENT PHARMA

  • Track your investment in TORRENT PHARMA with Equitymaster's Portfolio Tracker. Set live price alerts, get research alerts and more. Get access now...
  • Add To MyStocks

MORE ON TORRENT PHARMA

TORRENT PHARMA 8-QTR ANALYSIS

COMPARE TORRENT PHARMA WITH

MARKET STATS