Torrent Pharma:Hold,Gross margin surprise in 1QFY18
类型：投资策略 机构：香港上海汇丰银行有限公司 研究员：香港上海汇丰研究所 日期：2017-08-10
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Strong gross margins (GM) in 1QFY18 led to overall beat atEBITDA margin and PAT level
GMs are up 500bps qoq despite weak India quarter; Brazilalso lower than expectation; US beat marginal.
Dahej expansion has margin levers but we remain watchful.
Maintain Hold with revised TP of INR1,68 (from INR1,31)
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