BSE SENSEX
33,686
S&P CNX
10,453
Torrent Pharmaceuticals
CMP: INR1,315
TP: INR1,400 (+6%)
Neutral
Entering big league through this acquisition
High interest cost a concern
5 November 2017
Update | Sector: Healthcare
Stock Info
Bloomberg
Equity Shares (m)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
M.Cap. (INR b)
M.Cap. (USD b)
Avg Val, INRm
Free float (%)
TRP IN
169
1,572/1,144
-1/-11/-23
222.6
3.4
360.7
28.8
Financials Snapshot (INR b)
2017 2018E 2019E
Y/E Mar
Net Sales
58.6
62.4
77.9
EBITDA
13.8
14.5
19.9
PAT
9.3
8.5
10.4
EPS (INR)
55.2
50.0
61.4
Gr. (%)
-7.7
-9.3
22.8
BV/Sh (INR)
257.1 289.0 328.2
RoE (%)
23.8
18.3
19.9
RoCE (%)
18.6
15.5
18.7
P/E (x)
23.8
26.3
21.4
P/BV (x)
5.1
4.6
4.0
Shareholding pattern (%)
As On
Sep-17 Jun-17 Sep-16
Promoter
71.3
71.3
71.3
DII
9.0
8.7
7.1
FII
9.6
9.2
11.0
Others
10.2
10.9
10.6
FII Includes depository receipts
Stock Performance (1-year)
Torrent Pharma.
Sensex - Rebased
1,700
1,550
1,400
1,250
1,100
Big leap- to become top-5 player:
Torrent has entered into a definitive
agreement with Unichem to acquire its branded business of India and Nepal for
INR36b on slump sale basis (transaction closure expected by 2017
end). Through this acquisition, Torrent will acquire >120 brands in India and
Nepal and manufacturing plant at Sikkim.
Building leadership position through strings of acquisitions:
This is the fifth
acquisition in India by Torrent pharma in last 4 years (Brands from Elder and
Novartis, manufacturing plants from Zyg Pharma and Glochem). According to
IMS, Torrent will be ranked 5th in terms of secondary sales in Indian Pharma
Market post this acquisition (According to AIOCD- Torrent’s Rank will move
from 13th to 8th). Torrent’s market share in IPM will move from 2.4% to 3.4%.
Complimentary therapy focus:
Cardiac, Neuro, GI & anti-infective accounts for
84% of domestic top-line for Unichem. Except anti-infective, all other three
therapy areas are also the top-3 therapies for Torrent. Torrent’s market share
in Cardio, CNS & GI will increase to 8.6% from 5.6%, 8.4% from 6.4% and 3.9%
from 3.1%, respectively. Top 50 brands for Unichem contribute ~80% of top-
line. Unichem’s Losar brand is >INR2b whereas 3 other brands including
Unienzyme, Ampoxin & Telsar are >INR500m brand.
Entry into OTC segment:
Torrent will also enter into OTC market through this
acquisition. Unienzyme is an established brand with sales of ~INR600m.
Strengthening on the ground presence:
Torrent will add 3,000 employees
through this acquisition. Also distribution reach will get extended by ~2,000
stockists.
Deal Valuations & financing:
Unichem generated top-line of ~INR8.4b from
branded formulations sales in India. We believe India business of Unichem
would be making EBITDA margins of ~25-30%. At transaction value of INR36b,
this deal was valued at 4.3x FY17 EV/ sales. The company plans to finance ~75%
of the deal through debt with interest cost between 8.25%-8.75%. The deal will
be cash accretive in 1
st
year and EPS accretive in 3 years.
2QFY18 results takeaways:
TRP reported sales of INR14.3b (+2% YoY; >10%
below est). Miss in top-line is attributed to decline in the US business and Brazil
business. India business grew by 22% YoY to INR6.1b (~28% growth adj. for
GST). EBITDA was flat at INR3.3b (-18% v/s est.), while margin stood at 23% (-
50bp YoY and +100bp QoQ). PAT declined by 30% YoY to INR2b (-15% v/s est.).
Deal to be EPS accretive in 3 years:
Due to high interest cost, Unichem deal
will take 3 years to become EPS accretive (additional interest cost burden of
IN2.5-2.7b). Although TRP remains one of the better plays on India’s growth
story (because of chronic heavy portfolio and one of the best margins), lack of
growth catalyst in near term will keep the stock range bound. Our TP is
INR1,400@20x 1H FY20E PER (v/s INR1,350 @ 20x FY19E EPS). We cut
FY18E/19E EPS by ~6% & 9% as we build in the impact of high interest cost due
to this deal.
Kumar Saurabh – Research analyst
(Kumar.Saurabh@MotilalOswal.com); +91 22 6129 1519
Ankeet Pandya – Research analyst
(Ankeet.Pandya@MotilalOswal.com)
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Investors are advised to refer through important disclosures made at the last page of the Research Report.

Torrent Pharmaceuticals
Torrent Pharma – Unichem Lab Deal
Amongst top ten players
Torrent Pharma on Friday announced its fifth acquisition in last four years to buy
Unichem Lab’s domestic business for INR36b. This acquisition will take Torrent’s
ranking from current 13
th
rank to top 10 companies in India at 8
th
position. It will
also increase the company’s market share to 3.2% in the Indian Pharmaceutical
Market (IPM) from previously 2.3%.
Exhibit 1: Increase in market share
8.5
6.2
4.6
53
4.3
49
3.7
42
Sales (INR b)
3.4
39
3.3
38
Market Share (%)
3.0
34
2.8
32
2.7
31
2.4
28
2.4
27
2.3
27
3.2
37
97
71
Source: Company, MOSL
Acquisition bodes well with Torrent’s therapeutic portfolio
The acquisition will boost company’s market share in key portfolio. Cardiac segment
which is Torrent’s top contributing segment and ranks 3
rd
in the IPM will move to
second position, while in Gastro segment which currently ranks 10, post-acquisition
will climb to 6
th
position. Apart from this, it will also boost company’s presence in
the Anti-Infectives segment which is the largest contributor to the IPM (13.9% of
IPM). Anti-Infectives currently contributes ~3% to sales, post-acquisition will
increase to ~6% to total sales.
Exhibit 2: Cardiac segment (INR b)
Rank
Sun Pharma
Lupin
Torrent Pharma
USV
Cipla
Glenmark Pharma
Ranbaxy
Zydus Cadila
Abbott Healthcare
Emcure Pharma
Unichem Labs
Torrent Pharma + Unichem Labs
1
2
3
4
5
6
7
8
9
10
15
2
MAT Sept 17 sales
12.3
9.3
7.7
7.1
6.6
6.3
6.2
6.2
5.6
4.8
4.2
12.0
Market sh (%)
8.7
6.5
5.5
5.0
4.7
4.4
4.4
4.4
3.9
3.4
3.0
8.5
CAGR (%)
13.0
12.3
11.7
17.5
10.6
16.2
15.2
6.8
6.0
5.6
5.1
9.1
Source: Company, MOSL
5 November 2017
2

Torrent Pharmaceuticals
Exhibit 3: Gastro segment (INR b)
Rank
Sun Pharma
Abbott Healthcare
Alkem
Zydus Cadila
Dr. Reddys
Aristo Pharma
Wockhardt
Mankind
Cadila
Torrent Pharma
Unichem Labs
Torrent Pharma + Unichem Labs
1
2
3
4
5
6
7
8
9
10
31
6
MAT Sept 17 sales
9.0
8.1
7.0
5.5
5.4
5.1
4.7
4.5
4.2
4.1
1.1
5.3
Market sh (%)
6.8
6.2
5.3
4.2
4.1
3.8
3.5
3.4
3.2
3.1
0.8
4.0
CAGR (%)
15.0
15.6
17.9
2.5
10.3
11.2
47.8
12.2
5.7
14.9
8.9
13.5
Source: Company, MOSL
Exhibit 4: Neuro / CNS segment (INR b)
Rank
Sun Pharma
Intas
Torrent Pharma
Abbott Healthcare
Abbott India
Pfizer
Micro Labs
cipla
Alkem
Sanofi
Unichem Labs
Torrent Pharma + Unichem Labs
1
2
3
4
5
6
7
8
9
10
12
3
MAT Sept 17 sales
16.9
9.7
4.5
3.3
3.0
2.0
2.0
2.0
1.9
1.9
1.5
6.0
Market sh (%)
24.5
14.0
6.5
4.7
4.3
3.0
2.9
2.8
2.7
2.7
2.1
8.6
CAGR (%)
14.2
14.2
14.6
0.9
3.6
9.7
7.8
17.9
13.5
6.7
13.1
14.2
Source: Company, MOSL
Torrent’s rank in terms of overall prescriptions currently stands at 14
th
which will
move to 7
th
after the acquisition. Company will also be amongst the top 10 players
in 15 out of the 20 specialties and amongst the top 5 in 7 key specialties, further
consolidating and improving its specialist focus. The deal will increase the
distribution reach Torrent Pharma with additional 2,000 stockists.
The acquisition will add a brand of INR2b and three brands of more than INR500m,
to its existing portfolio. The top brands include Losar, Unienzyme, Ampoxin, Telsar,
Vizylac.
With this acquisition Torrent Pharma can enter the OTC business with brand like
Unienzyme.
Increase in prescriptions and distribution reach
5 November 2017
3

Torrent Pharmaceuticals
Exhibit 5: Contribution from top brands (INR m)
COMPANY
TORRENT PHARMA
TOP BRANDS
Above 50 brands
Top 10 brands
11 to 25 brands
26 to 50 brands
UNICHEM LABORATORIES LTD
Top 10 brands
Above 50 brands
11 to 25 brands
26 to 50 brands
45.4%
20.5%
18.7%
15.5%
CONTRIBUTION
32.7%
32.1%
18.9%
16.3%
MAT VAL MAR 17
25,931
8,476
8,334
4,905
4,215
9,982
4,530
2,043
1,863
1,547
Source: AIOCD
Synergies in Chronic segment
Torrent Pharma and Unichem Labs both the companies have high contribution from
chronic segment. Chronic portfolio contributes ~53% of Torrents total sales while for
Unichem chronic contributes ~61%.
Exhibit 6: Torrent Pharma Acute/Chronic (INR m)
ACUTE/CHRONIC
Grand Total
Chronic
Sub Chronic
Acute
MAT Sept 13
17,369
8,190
4,706
4,473
MAT Sept 14
18,222
9,271
4,392
4,559
MAT Sept 15
22,184
11,192
5,563
5,430
MAT Sept 16
24,377
12,683
6,085
5,609
MAT Sept 17
26,722
14,061
6,706
5,954
CAGR
11%
14%
9%
7%
Source: AIOCD
Exhibit 7: Unichem Acute/Chronic (INR m)
ACUTE/CHRONIC
Grand Total
Acute
Chronic
Sub Chronic
MAT Sept 13
7,299
2,431
4,579
290
MAT Sept 14
7,858
2,861
4,624
373
MAT Sept 15
8,240
3,057
4,693
490
MAT Sept 16
9,408
3,360
5,481
567
MAT Sept 17
9,936
3,252
6,085
599
CAGR
8%
8%
7%
20%
Source: AIOCD
Exhibit 8: Torrent pharma NLEM/NON NLEM portfolio (INR m)
Total
NON NLEM
Growth (%)
% of sales
NLEM
Growth (%)
% of sales
MAT Sept 13
17,369
12,173
70.1
5,196
29.9
MAT Sept 14
18,222
12,552
3.1
68.9
5,670
9.1
31.1
MAT Sept 15
22,184
15,730
25.3
70.9
6,454
13.8
29.1
MAT Sept 16
24,377
17,733
12.7
72.7
6,644
2.9
27.3
MAT Sept 17
26,722
19,957
12.5
74.7
6,764
1.8
25.3
CAGR
11.4%
13.2%
6.8%
Source: AIOCD
5 November 2017
4

Torrent Pharmaceuticals
Exhibit 9: Torrent pharma FDC/NON FDC portfolio (INR m)
Total
PLAIN
Growth (%)
% of sales
Non FDC
Growth (%)
% of sales
FDC
Growth (%)
% of sales
MAT Sept 13
17,369
9,971
57.4
7,306
42.1
93
0.5
MAT Sept 14
18,222
10,801
8.3
59.3
7,327
0.3
40.2
94
1.6
0.5
MAT Sept 15
22,184
12,533
16.0
56.5
9,514
29.9
42.9
137
45.6
0.6
MAT Sept 16
24,377
13,200
5.3
54.2
11,071
16.4
45.4
106
-23.0
0.4
MAT Sept 17
26,722
14,047
6.4
52.6
12,626
14.1
47.3
48
-54.6
0.2
CAGR (%)
11.4
8.9
14.7
-15.2
Source: AIOCD
Exhibit 10: Unichem NLEM/NON NLEM portfolio (INR m)
NLEM/NON - NLEM MAT VAL SEP 13
Total
7,299
NON NLEM
6,287
Growth (%)
% of sales
86.1
NLEM
1,012
Growth (%)
% of sales
13.9
MAT VAL SEP 14
7,858
6,774
7.7
86.2
1,085
7.2
13.8
MAT VAL SEP 15
8,240
7,268
7.3
88.2
972
-10.4
11.8
MAT VAL SEP 16
9,408
8,278
13.9
88.0
1,130
16.3
12.0
MAT VAL SEP 17
9,936
8,826
6.6
88.8
1,111
-1.7
11.2
CAGR (%)
8.0
8.8
2.4
Source: AIOCD
Exhibit 11: Unichem FDC/NON FDC portfolio (INR m)
FDC/NON FDC
Total
Non FDC
Growth (%)
% of sales
PLAIN
Growth (%)
% of sales
FDC
Growth (%)
% of sales
MAT VAL SEP 13
7,299
3,879
53.1
3,285
45.0
135
1.9
MAT VAL SEP 14
7,858
4,340
11.9
55.2
3,376
2.8
43.0
142
5.1
1.8
MAT VAL SEP 15
8,240
4,597
5.9
55.8
3,461
2.5
42.0
181
27.6
2.2
MAT VAL SEP 16
9,408
5,159
12.2
54.8
4,090
18.2
43.5
159
-12.5
1.7
MAT VAL SEP 17
9,936
5,522
7.0
55.6
4,305
5.3
43.3
110
-30.8
1.1
CAGR (%)
8.0
9.2
7.0
-5.1
Source: AIOCD
5 November 2017
5

Torrent Pharmaceuticals
2Q FY18 results takeaways
Con-call takeaways
Torrent Pharma’s 2QFY18 sales increased marginally by ~2% YoY to INR14.3b (-
13.2% v/s est.) primarily due to decline in US business by ~21% YoY to INR2.6b
and Latin America by ~24% YoY to INR1.2b. Company’s domestic business
posted strong growth ~22% YoY to INR6.1b (~28% growth adjusting for GST).
EBITDA was flat at INR3.3b (-18% v/s est.), while margin stood at 23% (-50bp YoY
and +100bp QoQ). PAT declined by 30% YoY to INR2b. R&D expense for the
quarter was 7.5% of sales.
Decline in US business is primarily due to continued price erosion and channel
consolidation and higher revenues in 2QFY17 which included sales of Abilify
which had limited competition. Ex-Abilify US business growth was ~15%.
TRP Brazil business declined ~24% YoY mainly due to one-time expense related
to payment to distributors for near expiry inventory and additional discounts.
Company expects Unichem acquisition to be cash accretive by 1
st
year an EPS
accretive by 3
rd
year.
The acquisition will be funded by 75% debt (debt cost – 8.25-8.75%) and 25%
internal accruals.
Company has entered into a two year manufacturing agreement with Unichem
for the acquired products
In the anti-hypertensive segment (which contributes ~58% to the overall CVS
market), Torrent’s share will increase to 62% from current 49% post the deal
The combined portfolio will have 11-12% exposure to NLEM.
The deal will add 2100 stockists which will further help TRP widen its reach
TRP mentioned it may increase prices of Unichem’s products if there is scope
During the quarter company’s volume have gone up to 80-82cr tablets from
60cr tablets earlier.
Company plans to launch products with market size of USD50-100m
Currently US business run rate is USD35-40m quarterly, which the company
would like to stabilize at USD250m in medium term
Company plans 3-4 submissions in 1QFY19 from external partners in dosage
where the company was not previously present. Company also plans 3-4
submission in derma by FY18 end.
5 November 2017
6

Torrent Pharmaceuticals
Story in charts
Exhibit 12: Formulation biz to grow at 15% CAGR FY17-20E
Formulations (INR b)
CRAMS (INR b)
6
6
3
2
5
5
34.6 32.8 37.3
-5.1
7.2
-49.4
44
61
53
56
70
80
4
5
7
10
10
27
14
15
20
23
5.6
36.5
15.8
7
Exhibit 13: EBITDA to exhibit robust growth
EBITDA (INR b)
166.6
EBITDA growth (%)
2
19
3
24
3
28
38
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E
Source: Company, MOSL
FY11 FY12 FY13 FY14 FY15 FY16 FY17 FY18E FY19E FY20E
Source: Company, MOSL
Exhibit 14: Chronic segment to drive domestic revenues
Revenues (INR b)
38.5
15.5
24.0
8.5
12.7 13.5
13.4
8.3
13.0
YoY Growth (%)
37.0
Exhibit 15: US – New launches to spur growth FY19E
onwards
US revenues (USD m)
200
81
31
95
44
8
-51
-16
9
10
YoY Growth (%)
8
9
10
12
16
18
20
25
34
38
25
45
65
127
137
412
201
168
184
202
Source: Company, MOSL
Source: Company, MOSL
Exhibit 16: Brazil - Robust recovery ahead
Latam revenues (INR b)
32
20
5
6
13
-17
3.6
4.8
5.0
5.3
6.1
5.1
7.0
-13
6.1
7.6
8.8
38
24
17
Growth (%)
Exhibit 17: Europe business to grow at 13% CAGR FY17-20E
Europe (INR b)
43.1
21.1 20.7 19.9
-0.6
-16.3
4
5
7
9
9
8
8
9
10
12
4.9
7.7
16.5 14.7
Growth (%)
Source: Company, MOSL
Source: Company, MOSL
5 November 2017
7

Torrent Pharmaceuticals
Financials and Valuations
Income Statement
Y/E Mar
Net Sales
Change (%)
EBITDA
EBITDA Margin (%)
Depreciation
EBIT
Interest
Other Income
Extraordinary items
PBT
Tax
Tax Rate (%)
Min. Int. & Assoc. Share
Reported PAT
Adjusted PAT
Change (%)
2013
32,120
19.1
6,930
21.6
830
6,100
340
430
-370
5,820
1,470
25.3
20
4,330
4,705
43.1
2014
41,840
30.3
9,514
22.7
870
8,644
586
381
0
8,439
1,801
21.3
0
6,638
5,385
14.4
2015
46,530
11.2
10,202
21.9
1,907
8,295
1,752
2,856
0
9,398
1,888
20.1
0
7,510
5,650
4.9
2016
66,760
43.5
27,201
40.7
2,460
24,741
1,859
2,156
-1,400
23,639
5,601
23.7
0
18,038
10,109
78.9
2017
58,570
-12.3
13,774
23.5
3,070
10,704
2,060
2,230
0
10,874
1,540
14.2
0
9,334
9,334
-7.7
2018E
62,423
6.6
14,545
23.3
3,433
11,111
2,734
2,200
0
10,578
2,116
20.0
0
8,462
8,462
-9.3
2019E
77,883
24.8
19,860
25.5
3,894
15,966
(INR Million)
2020E
88,485
13.6
23,006
26.0
3,982
19,024
4,482
1,500
0
12,984
2,597
20.0
0
10,387
10,387
22.8
3,809
1,500
0
16,715
3,427
20.5
0
13,288
13,288
27.9
Balance Sheet
Y/E Mar
Share Capital
Reserves
Net Worth
Debt
Deferred Tax
Total Capital Employed
Gross Fixed Assets
Less: Acc Depreciation
Net Fixed Assets
Capital WIP
Investments
Current Assets
Inventory
Debtors
Cash & Bank
Loans & Adv, Others
Curr Liabs & Provns
Curr. Liabilities
Provisions
Net Current Assets
Total Assets
2013
423
13,796
14,219
7,030
257
21,510
12,785
4,587
8,198
2,853
605
25,872
9,239
6,878
6,270
3,485
16,017
12,297
3,720
9,855
21,510
2014
846
18,178
19,024
11,418
-182
30,264
14,200
5,447
8,753
5,341
1,857
34,091
10,061
10,994
7,694
5,342
19,777
16,239
3,538
14,314
30,265
2015
846
24,059
24,906
25,040
1,047
50,997
35,429
7,103
28,327
6,783
2,977
40,183
10,672
15,945
5,674
7,892
27,273
22,890
4,383
12,910
50,996
2016
846
34,095
34,941
18,534
-1,114
52,365
34,661
6,070
28,591
10,416
1
48,739
13,580
14,451
6,470
14,238
35,382
31,644
3,738
13,358
52,365
2017
846
42,655
43,501
22,408
-2,085
63,830
44,172
7,288
36,884
5,195
1
56,071
15,592
13,442
8,937
18,100
34,321
30,384
3,937
21,750
63,830
2018E
846
48,062
48,908
22,408
-2,085
69,236
49,401
10,721
38,680
5,195
1
59,782
14,218
14,357
13,748
17,458
34,422
28,278
6,144
25,360
69,236
2019E
846
54,698
55,545
22,408
-2,085
75,873
52,401
14,615
37,786
5,195
1
73,657
17,034
17,913
19,506
19,204
40,766
33,879
6,887
32,891
75,873
(INR Million)
2020E
846
63,189
64,035
22,408
-2,085
84,363
55,401
18,597
36,804
5,195
1
88,872
19,353
20,351
28,043
21,125
46,508
38,491
8,018
42,363
84,363
5 November 2017
8

Torrent Pharmaceuticals
Financials and Valuations
Ratios
Y/E Mar
Basic (INR)
EPS
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax.)
Valuation(x)
P/E
Cash P/E
Price / Book Value
EV/Sales
EV/EBITDA
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios (%)
Asset Turnover (x)
Debtors (No. of Days)
Inventory (No. of Days)
Leverage Ratios (%)
Net Debt/Equity (x)
2013
27.8
30.5
84.0
23.0
52.3
2014
31.8
44.4
112.4
10.0
29.8
2015
33.4
55.7
147.2
11.3
29.7
2016
59.7
121.1
206.5
35.0
39.5
22.0
10.9
6.4
3.5
8.6
2.7
36.0
25.6
44.5
1.6
78
105
0.1
32.4
27.5
50.1
1.6
96
88
0.2
25.7
22.2
26.0
1.1
125
84
0.8
33.8
40.4
54.1
1.3
79
74
0.3
2017
55.2
73.3
257.1
16.5
36.1
23.8
17.9
5.1
4.0
17.1
1.3
23.8
18.6
21.6
1.0
84
97
0.3
2018E
50.0
70.3
289.0
15.0
36.1
26.3
18.7
4.6
3.7
15.9
1.1
18.3
15.5
17.8
0.9
84
83
0.2
2019E
61.4
84.4
328.2
18.4
36.1
21.4
15.6
4.0
2.9
11.4
1.4
19.9
18.7
25.2
1.1
84
80
0.1
2020E
78.5
102.1
378.4
23.6
36.1
16.8
12.9
3.5
2.5
9.4
1.8
22.2
19.9
29.6
1.1
84
80
-0.1
Cash Flow Statement
Y/E Mar
Adjusted EBITDA
Non cash opr. exp (inc)
(Inc)/Dec in Wkg. Cap.
Tax Paid
Other operating activities
CF from Op. Activity
(Inc)/Dec in FA & CWIP
Free cash flows
(Pur)/Sale of Invt
Others
CF from Inv. Activity
Inc/(Dec) in Net Worth
Inc / (Dec) in Debt
Interest Paid
Divd Paid (incl Tax) & Others
CF from Fin. Activity
Inc/(Dec) in Cash
Add: Opening Balance
Closing Balance
2013
6,930
430
-2,449
-1,728
-370
2,813
-2,460
353
636
0
-1,825
0
1,212
-340
-2,334
-1,462
-473
6,743
6,270
2014
9,514
381
-3,034
-2,239
0
4,622
-3,904
718
-1,252
0
-5,156
423
4,388
-586
-2,266
1,959
1,425
6,270
7,694
2015
10,202
2,856
-617
-660
0
11,781
-22,923
-11,142
-1,120
0
-24,043
599
13,623
-1,752
-2,228
10,241
-2,021
7,694
5,673
2016
27,201
2,156
349
-7,763
-1,400
20,544
-6,357
14,187
2,976
0
-3,381
-874
-6,506
-1,859
-7,128
-16,366
797
5,674
6,471
2017
13,774
2,230
-5,925
-2,510
0
7,568
-6,143
1,426
0
0
-6,143
2,597
3,875
-2,060
-3,370
1,041
2,467
6,470
8,937
2018E
14,545
2,200
1,200
-2,116
0
15,830
-5,229
10,601
0
0
-5,229
0
0
-2,734
-3,055
-5,789
4,811
8,937
13,748
2019E
19,860
1,500
-1,773
-2,597
0
16,990
-3,000
13,990
0
0
-3,000
0
0
-4,482
-3,751
-8,232
5,758
13,748
19,506
(INR Million)
2020E
23,006
1,500
-935
-3,427
0
20,144
-3,000
17,144
0
0
-3,000
0
0
-3,809
-4,798
-8,608
8,537
19,506
28,043
5 November 2017
9

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Torrent Pharmaceuticals
Disclosure of Interest Statement
Analyst ownership of the stock
Torrent Pharmaceuticals
No
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5 November 2017
10