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A strong performance in the July-September quarter of 2023-24 (Q2FY24), an upward revision in the margin guidance and sustained momentum in US sales has helped the stock of pharmaceutical major Cipla gain about 2 per cent over the last two trading sessions.
The brokerages have upgraded the earnings estimates for this financial year (FY24) by 6-9 per cent to factor in the improved margin guidance and sales in the US market.
Led by the US market, which rose by 31 per cent, the company posted a 16 per cent growth in revenues.
Even as the broader markets were under pressure, the stock of Torrent Pharmaceuticals was down 1.05 per cent on October 26.
This was on expectation that steady sales growth momentum in core markets such as India and Brazil and recovery in the US market coupled with margin expansion will drive strong earnings growth over the next couple of years.
Brokerages are working with the net profit growth of 28-34 per cent annually over the FY23-25 period.