A day after the release of its quarter-four results, Torrent Pharma surges around six per cent to Rs 2891 per share on the BSE intraday on Wednesday. Meanwhile, the brokerage firms had shown a mixed reaction towards the drug makers' earnings of the last quarter of FY21. 

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The company’s consolidated net profit grew over three per cent year-on-year basis at Rs 324 crore for the March-ended quarter of the financial year 2020-2021 mainly amid continued India business recovery momentum, and cost control. 

Torrent Pharma, at 2:30 pm, has pared gains and trading almost half per cent at Rs 2735 per share on the BSE intraday on Wednesday. The previous close of the stock was at Rs 2723 apiece. 

Sharekhan Research has upgraded the rating on Torrent Pharma to Buy with a price target of Rs 3200 per share on the back of a healthy fourth quarter.  

In an encouraging commentary, the brokerage firm says, the company is bottoming out of US business and there is a gradual improvement ahead with a strong growth outlook. India, Brazil, and Europe markets are key growth drivers, it added. 

Torrent Pharma reported consolidated revenue from operations at Rs 1,937 crore in Q4 as compared to Rs 1,946 crore for the same period a year ago, the company said in an exchange filing. 

Meanwhile, Jefferies has maintained an Underperform stance on Torrent Pharma, downgrading the target to Rs 2416 per share. The estimate of FY21-23 EPS CAGR of 17.2 per cent for Torrent Pharma is driven by continued deleveraging, the brokerage firm says. 

It further adds, the FY22 growth will be driven by India's rebound in H1 (first half) and the company expects the US market to be stable with launches compensating for price erosion. 

Torrent Pharma has also recommended a final dividend of Rs 15 per equity share of Rs 5 each, it said in a statement. 

At 10:10 AM, the stock was trading 4.86 per cent higher at Rs 2,855.80 on the BSE, and around 10.66 lakh shares have changed on the BSE and NSE combined, so far.