Global Healthcare Analyst

Tina Banerjee

Equity Bottom-Up

Torrent Pharmaceuticals / Equity Bottom-Up

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<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.</li>
<li>Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.</li>
<li>The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported a 11% YoY increase in net profit to INR5B on an 8% YoY growth in revenue to INR28B in Q4FY25. Domestic business drove overall performance.
Revenue from domestic market increased 12% YoY to INR15.5B, led by outperformance in focus therapies, aided by strong new launch performance. Torrent continued to outperform IPM.
The company is expanding margins by 75–100bps historically. With improving traction in U.S., double-digit growth in Brazil, and continued strong performance in India, the trend is expected to continue.


Torrent Pharmaceuticals (TRP IN): India Business Drives 11% PAT Growth in Q4; Margin Levers at Work

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<li>
<a href="https://www.smartkarma.com/entities/torrent-pharmaceuticals-ltd" target="_blank" data-smartkarma-citation="entities:15762:1" rel="noopener">Torrent Pharmaceuticals (TRP IN)</a> reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.</li>
<li>Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.</li>
<li>Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.</li>
</ul>



Torrent Pharmaceuticals (TRP IN) reported 17% YoY increase in net profit to INR4.5B on  9% YoY growth in revenue to INR28.9B in Q2FY25. EBITDA margin expanded 150bps YoY to 32.5%.
Domestic market revenue increased 13% YoY to INR16B, led by outperformance in focus therapies aided by strong new launch performance. Torrent’s chronic business grew 14% versus IPM growth of 9%.
Torrent has been reporting improvement in EBITDA margin. Going ahead, the company expects 50–100bps annual margin improvement, driven by solid pricing power in the branded business and operating leverage.


Torrent Pharmaceuticals (TRP IN): Domestic Business Drives Q2 Result; Margin Expansion to Continue

Head of Research, IPOs & Placements, Aequitas Research

Sumeet Singh

Head of Research, IPOs & Placements

IPOs and Placements coverage across Asia Pacific

Aequitas Research

We cover all listing across the Asia Pacific along with follow-up placements. As of Dec 2020, our team had covered 539 IPOs with a hit rate of 73.5% and 685 placements with a hit rate of 66.8%.

We combine fundamental bottom-up views with our proprietary quantitative framework to provide a holistic coverage across new listings and placements. Our coverage includes pre-IPO notes before the deal is launched, follow-up analysis once the deal is live and post-listing trading analysis as well.

Event-Driven

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<li>A group of shareholders raised around US$530m in <a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a>(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will talk about the lock-up dynamics and recent updates.</li>
</ul>


A group of shareholders raised around US$530m in Mankind Pharma(MP) IPO in May 2023. The pre-IPO shareholders will be released from their lockup soon.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will talk about the lock-up dynamics and recent updates.


Mankind Pharma Lock-Up - A US$1.1bn+ Lockup Release

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<li>
<a href="https://www.smartkarma.com/entities/cipla-ltd" target="_blank" data-smartkarma-citation="entities:3918:1" rel="noopener">Cipla Ltd (CIPLA IN)</a> reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  </li>
<li>Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.</li>
<li>Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.</li>
</ul>



Cipla Ltd (CIPLA IN) reported better-than-expected Q1FY24 result, with revenue growing 18% YoY, driven by India and the U.S., both of which reported record high revenue.  
Stellar performance across all markets drove EBITDA to multi-quarter highs. EBITDA margin expanded 230 bps YoY and 310 bps QoQ to 23.6%. Net profit increased 45% YoY to INR10 billion.
Cipla expects the average revenue run rate of $210–215M from its U.S. business in the coming quarters. For FY24, management has raised EBITDA margin guidance to 23% from 22%.


2023 High Conviction Update: Cipla (CIPLA IN)- Stellar Q1FY24 Performance; Margin Guidance Raised

Equity Capital Markets

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<li>
<a href="https://www.smartkarma.com/entities/mankind-pharma-ltd" target="_blank" data-smartkarma-citation="entities:36389:1" rel="noopener">Mankind Pharma</a> is looking to raise about US$1bn in its upcoming India IPO.</li>
<li>MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.</li>
<li>In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.</li>
</ul>



Mankind Pharma is looking to raise about US$1bn in its upcoming India IPO.
MP is a pharmaceutical company engaged in developing, manufacturing and marketing a range of pharmaceutical formulations across various acute and chronic therapeutic areas, as well as several consumer healthcare products.
In this note, we will undertake a peer comparison with some of the India listed and domestically focussed pharmaceutical firms.


Mankind Pharma Pre-IPO - Peer Comparison - One of the Largest, with Better Growth and Margins

India

Torrent Pharmaceuticals Ltd. manufactures bulk drugs and pharmaceutical formulations. The Company's formulations include cardio-vascular, psychotropic and anti-biotic drugs while its bulk drugs include atenolol, ciprofloxacin and norfloxacin. Torrent Pharmaceuticals has wholly owned subsidiaries in several regulated and less regulated international markets.

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Torrent Pharmaceuticals (TRP IN)