HSBC on Torrent Pharma ; Buy, TP Rs 5700

Base India sales (excl. JB Pharma) grew 20% y-o-y in 2Q; JB Pharma sales impacted by post-merger integration activities See scope for EBITDA margin expansion, driven by sustained growth in branded generics sales (mainly in India) Recovery in JB Pharma portfolio growth will be next key catalyst

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