IN : Torrent Pharmaceuticals Ltd - Frothy valuations limit upside

4QFY21 revenue and EBITDA were in line, and earnings above our estimates due to lower-than-expected tax rate and higher-than-expected other income. Gross margins expanded by 150bp yoy and 260bp qoq to 74.4% due to a higher branded generics contribution and favourable product mix. We reiterate our Hold rating with lower TP of Rs2,790 at 16x FY23F EV/EBITDA.

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