External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

<ul><li>The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.</li><li>We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.</li><li>Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty business</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma &amp; Healthcare sector is expected to maintain the growth momentum in Q1FY25E.We expect our coverage universe to see 11%/13% YoY sales/EBITDA growth.Our assumptions – (1) Pharma coverage to see 10% YoY sales growth, largely led by 12% YoY growth in India business and ~6% QoQ growth in the US business, which will be driven by moderate price erosion, steady traction in gRevlimid/gSpiriva, new launches (gMyrbetriq), and steady traction in specialty businessContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

<ul><li>The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)</li><li>However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19</li><li>We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growth</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The India Pharma Market (IPM) has maintained a steady ~10% CAGR from FY12 to FY23, despite various disruptions, driven mainly by volume expansion ranging between 5-10% during FY12-18, which subsequently tapered to 2-3% from FY19-23, primarily due to generic competition (FY22 growth was on a low base due to the COVID-19 pandemic)However, this deceleration in volume growth has been somewhat offset by 5-6% price growth annually, since FY19We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster growthContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pharmaceuticals: Domestic formulations sector: secular growth stories

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul><li>Torrent Pharma has entered into definitive agreements to acquire a controlling stake in JB</li><li>Chemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entities</li><li>The acquisition will be executed in two phases: (1) acquisition of ~46.39% equity stake through an SPA^ at a consideration of INR 119.17 bn (INR 1,600 per share, ~11% discount) and 2.8% from certain employees of JB Pharma, followed by an open offer to acquire up to 26% of JB Pharma shares from public shareholders at a price of INR 1,639/share, and (2) merger between Torrent and JB Pharma through a scheme of arrangement, whereby every shareholder holding 100 shares in JB Pharma shall receive 51 shares of Torrent</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma has entered into definitive agreements to acquire a controlling stake in JBChemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entitiesThe acquisition will be executed in two phases: (1) acquisition of ~46.39% equity stake through an SPA^ at a consideration of INR 119.17 bn (INR 1,600 per share, ~11% discount) and 2.8% from certain employees of JB Pharma, followed by an open offer to acquire up to 26% of JB Pharma shares from public shareholders at a price of INR 1,639/share, and (2) merger between Torrent and JB Pharma through a scheme of arrangement, whereby every shareholder holding 100 shares in JB Pharma shall receive 51 shares of TorrentContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma: J.B. Chemicals Acquisition a Strategic Fit. Maintain ADD

External broker reports(aggregated public sources), Motilal Oswal Financial Services Limited

Motilal Oswal

Motilal Oswal Financial Services Limited

Motilal Oswal Financial Services Limited is an Indian diversified financial services firm offering a range of financial products and services. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Torrent Pharma (TRP) delivered largely in line earnings in 3QFY25. The superior performance in domestic formulation (DF) was offset by currency headwinds in Brazil and zero insulin CMO sales.</li><li>TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.</li><li>The US business is yet to witness interesting approvals despite having regulatory compliance in place.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma (TRP) delivered largely in line earnings in 3QFY25. The superior performance in domestic formulation (DF) was offset by currency headwinds in Brazil and zero insulin CMO sales.TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.The US business is yet to witness interesting approvals despite having regulatory compliance in place.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma - DF, Lower Interest/Tax Drive Earnings

<ul><li>The recent ~9% stock price correction for Torrent Pharma (TRP) was due to a ~3% stake sale by the promoter group (Mehta Family)</li><li>The proceeds are intended for philanthropic purposes, as the promoter group pledged a donation of ~INR 50 bn over the next five years in Mar’24</li><li>We believe TRP is well-positioned for steady growth and its key drivers like strong branded franchise (new launches, consumer wellness, traction in Brazil with new launches and field force expansion in chronic segments) and a gradual turnaround in the generics business in the US (new launches) and Germany (tender wins) are intact</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

The recent ~9% stock price correction for Torrent Pharma (TRP) was due to a ~3% stake sale by the promoter group (Mehta Family)The proceeds are intended for philanthropic purposes, as the promoter group pledged a donation of ~INR 50 bn over the next five years in Mar’24We believe TRP is well-positioned for steady growth and its key drivers like strong branded franchise (new launches, consumer wellness, traction in Brazil with new launches and field force expansion in chronic segments) and a gradual turnaround in the generics business in the US (new launches) and Germany (tender wins) are intactContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Torrent Pharma: Steady Growth and Margin Visibility Outlook Intact. Maintain ADD

India

Torrent Pharmaceuticals is an Indian multinational pharmaceutical company specializing in the manufacturing, marketing, and distribution of branded generics and generic pharmaceutical products. The company focuses on therapeutic segments such as cardiovascular, central nervous system, gastrointestinal, diabetology, anti-infective, and pain management. It is headquartered in Ahmedabad, Gujarat, India, and was founded in 1959.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Torrent Pharmaceuticals (TRP IN)

Pharma and Healthcare (Q1FY25E Results Preview): Start the Year on a Strong Nod

The India Pharma & Healthcare sector is expected to maintain the growth momentum in Q1FY25E. We expect our coverage universe to see 11%/13% YoY...

HDFC Securities

Pharmaceuticals: Domestic formulations sector: secular growth stories

We expect IPM growth to remain steady at 8-10% over the next few years, with companies boasting strong franchises and brands likely to see faster...

HDFC Securities

Torrent Pharma: J.B. Chemicals Acquisition a Strategic Fit. Maintain ADD

Chemicals and Pharma (JB Pharma) from KKR at an equity valuation of INR 256.89 bn, followed by a merger of the two entities

HDFC Securities

Torrent Pharma - DF, Lower Interest/Tax Drive Earnings

TRP continues to strengthen its presence in DF market through the addition of MRs and enhancing its reach in the consumer health segment.

Motilal Oswal

Torrent Pharma: Steady Growth and Margin Visibility Outlook Intact. Maintain ADD

The recent ~9% stock price correction for Torrent Pharma (TRP) was due to a ~3% stake sale by the promoter group (Mehta Family)

HDFC Securities

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)