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Torrent domestic revenues grew 11% y cover samsung galaxy s5 originale o y, in cover adidas iphone 4s line with estimates, and 15% y o y, when adjusted for Covid delays. While overall revenues were slightly lower than estimates, tight cost control resulted in Ebitda at 6% higher than estimates, with adjusted PAT 29% higher than estimates. The run up leaves limited room for upside. Downgrade a notch to ‘reduce’ (from ‘add’) and revise fair value to Rs 2,350/share.The iphone 8 cover green domestic formulations business had cover samsung n8 a strong quarter, cover samsung a5 2017 full body growing at 11% yo y, in line custodia cover huawei mate 20 pro with our estimates, though, adjusting for delays in order dispatches,growth was higher at 15%. US sales at $53 million (+$4 million vs KIE) had some benefit from stocking, though, while performances in Brazil cover iphone 11 gialla ( 4.4% y o y) and RoW countries (+15% y o y) were in line with our estimates. Germany had another poor quarter, declining 10% cover samsung s4 valentino rossi y o y, 13% lower than our estimates, due to implementation of revised cover iphone 6 con liquido SOPs at manufacturing units (second quarter in a row). Tight cost control (SG vs KIE) and lower R resulted in Ebitdamargins samsung a40 hoesje expanding to 28.2% (+230bps vs KIE), and Ebitda print cover samsung sm-a300fu veste pokemon 6% higher than our estimates, and PBT 12% higher than our estimates, helped by lower interest flip cover samsung galaxy s8 plus cost, humixx cover iphone x and despite lower other cover iphone 4 kenzo income. cover samsung galaxy tab 3 10.1 A one time tax reversal of Rs 53 crore further boosted PAT, and even adjusting for tax benefits, PAT was 29% higher than coque iphone 7 pas cher estimates. Working capital rose slightly due to geographic mix (declining Germany contribution), as well as delays in collection in lockdown, though, Torrent is firmly on track to reduce > Rs 1,000 crore debt in FY21. cover samsung s9 fiori Adjusting for cover samsung galaxy tab 4 amortisation (Rs 17/share post tax), it trades at 25X FY22E EPS or 16X FY22E EV/Ebitda. We largely retain our numbers.Related NewsBudget 2020 hasn violated fiscal discipline: FM SitharamanBudget 2020 was disappointing for lacking vision; but fiscal, taxation measures welcome: EAC PM member Ashima GoyalBudget 2020: FM Nirmala Sitharaman says govt willing to do more beyond Union Budget to boost growthDo you know What is Finance Bill, Short Term Capital Gains Tax, custodia cover iphone 5 5s se Fiscal Policy in India, Section 80C of Income Tax Act 1961, Expenditure Budget FE Knowledge Desk explains each of these and more in detail at Financial Express Explained. Also get Live BSE/NSE Stock Prices, latest NAV of Mutual Funds, Best equity funds, Top Gainers, Top Losers on Financial Express. Don forget to try our free Income Tax Calculator tool…