External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

External broker reports(aggregated public sources)

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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.

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

<ul><li>In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals: (1) improving market share in core markets (India, Brazil, Germany, and the US)</li><li>(2) investing in growth engines (capabilities in EMs)</li><li>3) operational excellence (cost competitiveness); (4) engaged and empowered stakeholders (productivity, innovation)</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.

In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals: (1) improving market share in core markets (India, Brazil, Germany, and the US)(2) investing in growth engines (capabilities in EMs)3) operational excellence (cost competitiveness); (4) engaged and empowered stakeholders (productivity, innovation)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: Focus on branded generics and profitability. 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) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.</li><li>While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.</li><li>We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.</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) is set to acquire Curatio Healthcare (Curatio) for enterprise value of INR19b.While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is expensive at 6.8x EV/ FY23 sales, 22.4x EV/FY23 EBITDA basis.We reduce our EPS estimate by 2% for FY24 to factor in the Curatio acquisition.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  - Curatio Acquisition Strengthens Derma Portfolio

External broker reports(aggregated public sources), ICICI Securities Ltd

ICICI Securities Limited

ICICI Securities Ltd

ICICI Securities Limited provides investment services. The Company provides corporate and investment banking, securities, wealth management, retail brokerage, initial public offerings, and advisory 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>The company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 crore</li><li>Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.</li><li>Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology space</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 company is set to acquire 100% of Curatio Healthcare for | 2000 crore. The consideration includes | 115 crore of cash and cash equivalents in the acquired business indicating an enterprise value of | 1,885 croreCuratio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.Top 10 brands of Curatio account for ~75% of total revenue. With this deal, Torrent Pharma will enter the league of top 10 players in the dermatology segment and will be the leader in the cosmetic dermatology spaceContent 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 Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengthen the growth outlook in the DF segment.<div class="content-highlight">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.</div>

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new approvals and a steep price erosion in the base business. Domestic Formulation (DF) remains in good stead, with healthy better-than-industry performance. The management intends to add medical representatives (MRs) to further strengthen the growth outlook in the DF segment.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.

US drags 3QFY22 earnings; inspections key to a revival

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.

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Torrent Pharmaceuticals (TRP IN)

Torrent Pharma: Focus on branded generics and profitability. Maintain ADD

In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals

HDFC Securities

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.

ICICI Securities Limited

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

US drags 3QFY22 earnings; inspections key to a revival

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...

Motilal Oswal

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52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Torrent Pharma: Focus on branded generics and profitability. Maintain ADD

In its FY24 annual report, Torrent Pharma (TRP) has highlighted strategic themes that align with its short, medium and long-term goals

HDFC Securities

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

Torrent Pharmaceuticals - Curatio Acquisition to Strengthen Branded Portfolio...

Curatio has a strong presence in the cosmetic dermatology segment with a portfolio of over 50 brands, marketed in India.

ICICI Securities Limited

Torrent Pharma - Curatio Acquisition Strengthens Derma Portfolio

While the acquisition will help with the company’s portfolio expansion and widen its reach to dermatologists/paediatricians, the deal valuation is...

Motilal Oswal

US drags 3QFY22 earnings; inspections key to a revival

TRP&#x27;s 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...

Motilal Oswal

TRP's 3QFY22 performance missed our estimate. The US Generics business remains the major drag on overall performance, with a lack of new...