Jefferies on Torrent Pharma ; Buy, TP Rs 5900

Q2 was in line with JEF est. India base biz. continued its strong growth momentum (+20% YoY); Brazil market rebounded with 21% cc growth. US growth was steady, driven by new launches. JB integration is ahead of schedule, with half of the total cost synergies already achieved; remainder should come in next year (ahead of schedule). Revenue synergies should drive strong growth in India next year.

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