We attended conference call to understand Q1FY16 results and future outlook in key markets of Torrent Pharmaceutical (TRP IN) in greater details.

1.
Torrent Pharmaceuticals Ltd.
Q1FY16 Result/Concall Update July 29, 2015
IndiaNivesh Research IndiaNivesh Securities Private Limited|Research Analyst SEBI Registration No. INH000000511
601 & 602, Sukh Sagar, N. S. Patkar Marg, Girgaum Chowpatty, Mumbai 400 007. Tel: (022) 66188800
IndiaNivesh Research is also available on Bloomberg INNS, Thomson First Call, Reuters and Factiva INDNIV.
Efforts continue to enhance product pipeline in key US market
We attended conference call to understand Q1FY16 results and future outlook in
key markets of Torrent Pharmaceutical (TRP IN) in greater details. The financial
performance for the quarter was driven by niche opportunity (g‐Abilify) and low
base of past year in Domestic formulation (DF) segment. We expect business
opportunity from g‐Abilify to continue in near term as approval for other
companies is yet to kick in. TRP is in process of ramping its ANDA pipeline for US
market through in‐house R&D as well as through M&A route. We raise our EPS
estimates for FY16E and FY17E by 5.2% ad 4.6% to Rs74.1 and Rs79.7 to factor
increase in business from limited competition products and sustained
outperformance in DF segment. Accordingly, we revise our price target to Rs1,673
(from Rs1,599 earlier), based on 21x FY17E earnings. At CMP of Rs1,400, the stock
is trading at 18.9x FY16E EPS of Rs74.1 and 17.6x FY17E EPS of Rs79.7. We
maintain BUY rating on the stock.
Key highlights of conference call:
Outperformance in Torrent portfolio, addition of Elder portfolio and
improvement in productivity leads to 40% y‐y growth in DF sales:
 DF business grew by 40% y‐y to Rs4.93bn. Such sharp y‐y growth is mainly
due to better‐than‐industry growth of Torrent portfolio and low base of
past year on account of minimal sales from Elder portfolio in 1QFY15.
 The brands from Elder portfolio, mainly Shelcal and Chymoral, continue to
do well and formed 81% of Elder portfolio against 75% in Q1FY15.
 TRP is in process of MR rationalization and has reduced number of MRs
from 3300 at the end of 4QFY15 to 3100 at the end of 1QFY16. TRP has
guided for further reduction to 3000 by end of FY16. 50% of reduction is
from Elder sales force and 50% from Torrent sales force.
 In addition to reduction of MRs, focus is also shifted more towards
specialty doctors than General Physicians, enhancing productivity to Rs6L
PCPM.
Near term gain to continue; efforts continues to augment ANDA pipeline for
future growth:
 US sales grew sharply by 231% y‐y to Rs8.9bn (US$143mn). Strong y‐y
growth is mainly driven by launch of g‐Abilify (aripiprazole) in Q1FY16.
Despite genericization, innovator market share for aripiprazole is at 33%
due to lower inclination towards generic version by Doctors resulting in
lesser off‐take of generic version. Also, the branded version still gets re‐
imbursed in few states even now. The market share of TRP for this
product is about 10%. TRP expects market share to further increase in
near term.
Daljeet S. Kohli
Head of Research
Tel: +91 22 66188826
daljeet.kohli@indianivesh.in
Tushar Manudhane
Research Analyst
Tel: +91 22 66188835
tushar.manudhane@indianivesh.in
Current Previous
CMP : Rs.1,400
Rating : BUY Rating : BUY
Target : Rs.1,673 Target : Rs.1,599
STOCK INFO
BSE 500420
NSE TORNTPHARM
Index S&P BSE 200
Bloomberg TRP IN
Reuters TORP.BO
Sector Pharmaceutical
Face Value (Rs) 5
Equity Capital (Rs mn) 846
Mkt Cap (Rs mn) 235,276
52w H/L(Rs) 1,410 / 697
Avg Daily Vol (BSE+NSE) 272,193
SHAREHOLDING PATTERN %
(as on Jun. 2015)
Promoters 71.2
FIIs 12.3
DIIs 6.8
Public & Others 9.7
Source: BSE
STOCK PER. (%) 1m 3m 12m
TORRENT PHARMA 3.8 18.8 100.2
SENSEX (0.9) 1.4 5.5
Source: Capitaline, IndiaNivesh Research
TORRENT PHARMA v/s SENSEX
Source: Capitaline, IndiaNivesh Research
‐
50
100
150
200
250
TORRENT PHARMA SENSEX Index

2. Q1FY16 Result/Concall Update (contd...)
Torrent Pharmaceuticals Ltd. (contd...) July 29, 2015 | 2
 TRP has 19 ANDAs pending for approval and 44 products are under development. TRP
has guided for augmenting ANDA pipeline through in‐house R&D along with increasing
presence in new segments like Dermatology, Oncology & Ophthalmology.
 Medium term opportunities for TRP are generic version of Nexium and Detrol.
 TRP had successful USFDA audit at its Indrad as well as Dahej plant in April 2015.
Currency headwind adversely affects Europe and Brazil sales
 Due to currency headwinds, TRP had muted y‐y growth in Europe sales in INR terms.
However, it had 15% constant currency y‐y growth in Europe market for the quarter.
 Though Brazil sales declined by 7.4% y‐y to Rs1.38bn, TRP exhibited constant currency
growth of 20% y‐y in Brazil market for the quarter.
Other key highlights from the concall:
 TRP has guided for increase in R&D spent from 4.8% in FY15 to 6% in FY16 and expected
to inch up further for increased efforts towards complex generics.
 TRP has guided for capex of Rs1.5bn‐Rs2bn for FY16. The capex spent would be much
higher in FY17 for expansion at Sikkim and building manufacturing plant for Oncology
products.
 TRP expects commercial manufacturing in Dahej to start from December 2015, which
would reduce capacity constraint for US market.
Valuation:
We raise our EPS estimates for FY16E and FY17E by 5.2% ad 4.6% to Rs74.1 and Rs79.7 to
factor increased business from limited competition products and sustained outperformance
in DF segment. Accordingly, we revise our price target to Rs1,673 (from Rs1,599 earlier),
based on 21x FY17E earnings. We remain positive on the stock on the back of increased R&D
effort towards building robust ANDA pipeline for US market and sustained outperformance
in DF market. At CMP of Rs1,400, the stock is trading at 18.9x FY16E EPS of Rs74.1 and 17.6x
FY17E EPS of Rs79.7. We maintain BUY rating on the stock.
Key changes in estimates:
FY16E FY17E FY16E FY17E FY16E FY17E
Sales 64,250 70,224 66,110 71,999 2.9 2.5
EBITDA 17,146 18,529 17,926 19,283 4.6 4.1
PAT 11,929 12,887 12,545 13,483 5.2 4.6
EPS (Rs) 70.5 76.1 74.1 79.7 5.2 4.6
PT (Rs) 1,599 1,673
Rs mn
Old estimates New estimates Change (%)

3. Q1FY16 Result/Concall Update (contd...)
Torrent Pharmaceuticals Ltd. (contd...) July 29, 2015 | 3
Quarterly result summary
Rs mn Q1FY16 Q1FY15 Y‐y (%) Q4FY15 Q‐q (%) FY15 FY14 Y‐y (%)
Net Sales 18,860 10,920 72.7 11,340 66.3 45,850 40,360 13.6
Other operating income 610 220 177.3 200 205.0 680 1,480 (54.1)
Consumption of raw material 4,180 3,010 38.9 3,610 15.8 14,150 12,430 13.8
Employee Cost 2,100 1,840 14.1 2,350 (10.6) 8,420 7,410 13.6
Manufacturing & Other Expenditure 4,100 2,840 44.4 3,960 3.5 13,760 12,480 10.3
Operating Expenses 10,380 7,690 35.0 9,920 4.6 36,330 32,320 12.4
EBITDA 8,480 3,230 162.5 1,420 497.2 9,520 8,040 18.4
Other income 670 490 36.7 1,000 (33.0) 2,860 740 286.5
Depreciation and Amortization 590 210 181.0 600 (1.7) 1,910 870 119.5
EBIT 9,170 3,730 145.8 2,020 354.0 11,150 9,390 18.7
Net Interest Expenses 580 240 141.7 470 23.4 1,750 590 196.6
Profit Before Tax 8,590 3,490 146.1 1,550 454.2 9,400 8,800 6.8
Tax 4,100 930 340.9 250 1,540.0 1,890 1,800 5.0
Net Profit After Tax 4,490 2,560 75.4 1,300 245.4 7,510 7,000 7.3
Minority Interest ‐ ‐ NA ‐ NA ‐ ‐ NA
Adj. PAT 4,490 2,560 75.4 1,300 245.4 7,510 7,000 7.3
Adj. EPS (Rs) 26.5 15.1 75.4 7.7 245.4 44.4 41.4 7.3
EO items ‐ ‐ ‐ ‐ (360.0)
Reported PAT 4,490 2,560 75.4 1,300 245.4 7,510 6,640 13.1
Rep. EPS (Rs) 26.5 15.1 75.4 7.7 245.4 44.4 39.2 13.1
Key ratios
Ratios
Adj Gross Margins 77.8 72.4 540 68.2 967 69.1 69.2 (6)
Adj EBITDA margin 45.0 29.6 1,538 12.5 3,244 20.8 19.9 84
Net Margin 23.1 23.0 8 11.3 1,180 16.1 16.7 (59)
Material cost/Net Sales 22.2 27.6 (540) 31.8 (967) 30.9 30.8 6
Employee Cost/ Net Sales 11.1 16.8 (572) 20.7 (959) 18.4 18.4 0
Other Expenditure/ Net Slaes 21.7 26.0 (427) 34.9 (1,318) 30.0 30.9 (91)
Tax Rate 47.7 26.6 2,108 16.1 3,160 20.1 20.5 (35)
Source: Company Filings; IndiaNivesh Research
Niche opportunity drive US sales for the quarter
Outperformance in TRP portfolio and addition of
Elder business led robust y‐y growth in DF segment
EBITDA margins up 1,538bps y‐y and 3,244bps q‐q
Source: Company Filings; IndiaNivesh Research Source: Company Filings; IndiaNivesh Research Source: Company Filings; IndiaNivesh Research
43.0
24.5
73.1
334.8
138.0
45.2
16.0
‐45.0
231.2
‐100
‐50
0
50
100
150
200
250
300
350
400
‐
1.0
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
10.0
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
US sales (Rs bn) Y‐y growth (%)
3.2 3.0 3.0 2.6 3.6 4.4 4.2 4.0 4.9
12.8
8.3
13.6
16.4
12.7
48.8
42.0
54.7
38.5
0
10
20
30
40
50
60
‐
1.0
2.0
3.0
4.0
5.0
6.0
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
DF sales (Rs bn) Y‐y growth (%)
7.8
16.6 16.7
26.0 27.4
20.4
18.7
10.8
41.7
‐
5.0
10.0
15.0
20.0
25.0
30.0
35.0
40.0
45.0
Q1FY14
Q2FY14
Q3FY14
Q4FY14
Q1FY15
Q2FY15
Q3FY15
Q4FY15
Q1FY16
EBITDA margin (%)

4. Q1FY16 Result/Concall Update (contd...)
Torrent Pharmaceuticals Ltd. (contd...) July 29, 2015 | 4
Financial Summary
Source: Company Filings; IndiaNivesh Research
Profit & Loss
Y E March (Rs m) FY13 FY14 FY15 FY16E FY17E
Net sales 30,540 40,360 45,850 66,110 71,999
Growth % 17.7% 32.2% 13.6% 44.2% 8.9%
Other Operating Income 1,580 1,480 680 1,090 1,137
Total sales 32,120 41,840 46,530 67,200 73,136
Expenditure
Raw Material 9,260 12,430 14,150 20,990 21,600
Employee cost 6,230 7,410 8,420 10,716 12,014
Other expenses 9,700 12,480 13,760 17,568 20,239
EBITDA 6,930 9,520 10,200 17,926 19,283
Growth % 38.4% 37.4% 7.1% 75.7% 7.6%
EBITDA Margin % 17.5% 19.9% 20.8% 25.5% 25.2%
Depreciation 830 870 1,910 1,995 2,102
EBIT 6,100 8,650 8,290 15,930 17,182
EBIT Margin % 20.0% 21.4% 18.1% 24.1% 23.9%
Other Income 430 380 2,860 1,800 1,500
Interest 340 590 1,750 1,850 1,615
PBT 6,190 8,440 9,400 15,880 17,067
Tax 1,470 1,800 1,890 3,335 3,584
Effective tax rate % 23.7% 21.3% 20.1% 21.0% 21.0%
Extraordinary items (370) ‐ ‐ ‐ ‐
Minority Interest (20) ‐ ‐ ‐ ‐
Adjusted PAT 4,700 6,640 7,510 12,545 13,483
Growth% 34.5% 41.3% 13.1% 67.0% 7.5%
PAT margin % 15.4% 16.5% 16.4% 19.0% 18.7%
Reported PAT 4,330 6,640 7,510 12,545 13,483
Growth% 52.4% 53.3% 13.1% 67.0% 7.5%
Balance sheet
Y E March (Rs m) FY13 FY14 FY15 FY16E FY17E
Share Capital 423 846 846 846 846
Reserves & Surplus 13,796 18,178 24,060 34,102 44,792
Net Worth 14,219 19,024 24,906 34,948 45,639
Minority Interest 4 4 4 4 4
Secured Loans 5,474 8,890 30,376 28,376 26,376
Unsecured Loans 1,587 2,464 2,464 2,464 2,464
Total debt 7,061 11,354 32,840 30,840 28,840
Net defered tax liability 258 (182) 1,050 1,050 1,050
Total Liabilities 21,542 30,201 58,801 66,842 75,533
Gross Block 12,955 14,200 38,900 40,883 45,203
Less: Depreciation 4,757 5,447 7,357 9,352 11,454
Net Block 8,198 8,753 32,243 32,231 34,449
Capital Work in Progress 3,273 6,177 6,057 6,057 6,057
Investments 844 2,464 2,980 2,980 2,980
Current Assets
Inventories 9,239 10,060 10,670 19,018 20,712
Sundry Debtors 6,878 10,994 15,950 14,852 16,175
Cash & Bank Balance 6,270 7,694 5,671 16,184 21,952
Other Current Assets 1,859 2,590 4,730 4,730 4,730
Loans & advances 968 1,209 3,160 1,630 1,775
25,213 32,547 40,181 56,414 65,345
Current Liabilities & provisions
Current Liabilities 12,266 16,202 18,280 26,460 28,918
Provisions 3,720 3,538 4,380 4,380 4,380
15,986 19,740 22,660 30,840 33,298
Net Current Assets 9,227 12,807 17,521 25,574 32,047
Total assets 21,542 30,201 58,801 66,842 75,533
Cash Flow
Y E March (Rs m) FY13 FY14 FY15 FY16E FY17E
PBT 5,820 8,440 6,494 15,880 17,067
Depreciation 827 870 1,910 1,995 2,102
Interest ‐ 312 1,750 1,850 1,615
Other non cash charges 430 186 ‐ ‐ ‐
Changes in working capital (4,218) (1,197) (6,738) 2,460 (704)
Tax (1,325) (2,617) (1,249) (3,335) (3,584)
Cash flow fromoperations 1,535 5,994 2,167 18,851 16,495
Capital expenditure (2,929) (4,001) (25,400) (1,983) (4,320)
Free Cash Flow (1,394) 1,994 (23,232) 16,867 12,175
Other income 425 337 ‐ ‐ ‐
Investments 87 106 700 ‐ ‐
Cash flow from investments (2,417) (3,558) (24,700) (1,983) (4,320)
Equity capital raised ‐ ‐ ‐ ‐ ‐
Loans availed or (repaid) 1,343 4,149 21,486 (2,000) (2,000)
Interest paid (312) (610) (1,750) (1,850) (1,615)
Dividend paid (incl tax) (834) (2,674) (1,083) (2,504) (2,792)
Cash flow from Financing 197 865 18,653 (6,354) (6,407)
Net change in cash (685) 3,301 (3,880) 10,513 5,768
Cash at the beginning of the year 7,608 6,270 9,550 5,671 16,184
Foreign currency exchange impact (49) (624) ‐ ‐ ‐
Cash at the end of the year 6,270 7,694 5,671 16,184 21,952
Key ratios
Y E March FY13 FY14 FY15 FY16E FY17E
EPS (Rs) 25.6 39.2 44.4 74.1 79.7
Cash EPS (Rs) 30.5 44.4 55.7 85.9 92.1
DPS (Rs) 11.5 10.0 5.5 12.7 14.2
BVPS 84.0 112.4 147.2 206.5 269.7
ROCE 13.4% 16.9% 8.6% 16.3% 15.8%
ROE 30.5% 34.9% 30.2% 35.9% 29.5%
EBITDA Margin % 17.5% 19.9% 20.8% 25.5% 25.2%
Net Margin % 15.4% 16.5% 16.4% 19.0% 18.7%
PER (x) 54.7 35.7 31.5 18.9 17.6
P/BV (x) 16.7 12.5 9.5 6.8 5.2
P/CEPS (x) 45.9 31.5 25.2 16.3 15.2
EV/EBITDA (x) 34.30 25.27 25.89 14.04 1.03
Dividend Payout (%) 45.6 27.0 20.0 20.0 20.0
m cap/sales (x) 7.8 5.9 5.2 3.6 3.3
net debt/equity (x) 0.1 0.2 1.1 0.4 0.2
net debt/ebitda (x) 0.1 0.4 2.7 0.8 0.0

5. Q1FY16 Result/Concall Update (contd...)
Torrent Pharmaceuticals Ltd. (contd...) July 29, 2015 | 5
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recommendations or views expressed in this report: Daljeet S Kohli, Amar Maurya, Abhishek Jain, Yogesh Hotwani, Prerna Jhunjhunwala, Kaushal Patel, Rahul Koli, Tushar Manudhane, Aman Vij,
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