Torrent Pharma3
Financial snapshot(INR mn)Year to MarchQ3FY08Q3FY07
Growth (%)
Q2FY08
Growth (%)
FY07FY08EFY 09E
Total operating income 3,478 3,359
3.5
3,471
0.2
12,988 14,155 16,102Gross Sales 3,457 3,336
3.6
3,400
1.7
12,916 14,155 16,102Less: Excise duty 68 66
2.9
58
17.6
283
Net sales
3,389 3,270
3.6
3,343
1.4
12,633 14,155 16,102
Other operating income
89 89 128 355 - - Total expenses 2,869 2,960
(3.1)
3,012
(4.8)
11,431 12,119 13,765Cost of goods sold 1,192 1,244
(4.2)
1,208
(1.3)
4,485 4,459 5,040Materials cons. (with invent. adjust) 1,009 685
47.4
718
40.6
2,332 3,893 4,396Purchase of traded goods 182 559
(67.4)
490
(62.8)
2,153 566 644Gross profit 2,286 2,116
8.0
2,263
1.0
8,503 9,696 11,062Other expenses 1,677 1,716
(2.3)
1,804
(7.0)
5,328 5,688 6,520Salaries, wages, other payments 567 607
(6.6)
597
(5.0)
2,488 2,704 3,042R&D 227 188
20.8
267
(14.9)
770 708 918Other expenses 883 921
(4.2)
940
(6.1)
2,069 2,276 2,561EBITDA 609 400
52.5
459
32.7
1,557 2,036 2,336Other income 7 16
(57.9)
8 24 24 24PBDIT 616 416
48.2
467
31.9
1,581 2,059 2,360Depreciation and ammortization 89 87
2.8
91
(2.3)
329 377 434Interest 51 68
(25.3)
49
3.7
162 222 235PBT 476 261
82.4
327
45.6
1,090 1,460 1,690 Tax(including deferred tax) 104 5
2104.3
65
58.9
155 219 254PAT 373 257
45.3
262
42.3
935 1,241 1,437Net profit 373 257
45.3
262
42.3
935 1,241 1,437Equity capital (FV INR10)423.0423.0423.0423.1 423.1 423.1Dividend including dividend tax289.4 283.8 283.8Number of shares (mn)84.684.684.684.6 84.6 84.6EPS (INR)4.43.0
45.3
3.1
42.3
11.114.717.0 Annualized PE (x)14.7 11.1 9.6 Annualized EV/EBIDTA (x)10.17.76.7 Annualized M. cap / Revenues (x)1.11.00.9
as % of net revenues
COGS34.337.034.834.531.531.3
Other expenses48.251.152.041.040.240.5
Other income0.20.50.20.20.20.1
Total expenses82.588.186.888.085.685.5
Depreciation2.62.62.62.52.72.7
Gross profit65.763.065.265.568.568.7
EBITDA17.511.913.212.014.414.5
Net profit10.77.67.57.28.88.9
Dividend payout---27.120.417.7
Tax rate21.81.819.914.215.015.0
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