Gujarat based Torrent Pharmaceuticals Ltd, considered to be one of the topmost global Indian pharmaceutical company has reported a consolidated net profit of ₹378 crore for the June quarter (Q1 FY24), up 7% year-on-year (YoY). Revenue rose to ₹2,591 crore during the quarter under review from ₹2,347 crore a year ago.
Earnings before interest, tax, depreciation, and amortisation (Ebitda) came in at ₹791 crore, with Ebitda margin at 31%. Net profit margin stood at 14.6%.
During the quarter Torrent Pharma spent ₹129 crore, up 6% YoY. Debt to equity ratio was up at 0.74x in the first quarter of the current fiscal year from 0.60x in the same quarter of the last fiscal year.
The specialty-focused company reported a growth of 15% in its Indian operations from ₹1,245 crore in Q1 FY23 to ₹1,426 crore in Q1 FY24. The company attributed this to the Curatio portfolio which delivered double-digit rise with diabetes therapy (OAD) and PCPM (per capita per month) also experiencing improvements.
At the same time, revenues from Brazil operations rose 3% from ₹184 crore in Q1 FY23 to ₹190 crore in the first quarter of FY24. The company attributed this to strong underlying market growth in the region, with new launches and the growth of the generic segment complementing the overall growth. Revenues in Germany increased 21% to ₹258 crore.
Revenues in the US market were, however, down 2% to ₹293 crore in the first quarter of the current fiscal year from ₹299 crore in the same quarter last fiscal year. “Growth in the region was impacted by price erosion on base portfolio and lack of new launches pending inspection of facilities. As on 30th June 2023, 45 ANDAs (abbreviated new drug applications) were pending approval with USFDA (United States Food and Drug Administration), and only 3 tentative approvals were received, while only one ANDA was approved during the quarter,” the company added.
In 2022, Torrent Pharma acquired Curatio Healthcare, strengthening its presence in the dermatology segment. It had also acquired four brands from Dr. Reddy’s Laboratories other than their recent announcement of a strategic alliance with Boehringer Ingelheim (BI India) for co-marketing of products.
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