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| Torrent Pharma's net profit up by 36% for 2008-09 |
| BS Reporter / Mumbai/ Ahmedabad May 16, 2009, 00:35 IST |
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Ahmedabad-based pharma company, Torrent Pharmaceuticals Limited, has recorded a net profit at Rs 184 crores against Rs 135 crores during the previous year, clocking a growth of 36 per cent for the financial year 2008-09.
The company's sales for the last quarter of the year stood at Rs. 400 crores, up by 25 per cent from Rs. 320 crores of the comparable quarter. During the quarter the key domestic formulation business recorded sales of Rs 139 crores, growing 17 per cent. Sales outside India jumped by 31 per cent to Rs. 217 crores with healthy growth across all geographies.
Operations in Brazil registered quarterly sales growth of 15 per cent, with revenues growing from Rs. 53 crores to Rs 61 crores. Germany-based Heumann operations clocked sales of Rs. 70 crores with growth of 35 per cent. Europe (other than Heumann), Russia and CIS and rest of the world operations grew 25 per cent with sales of Rs. 75 crores rising from Rs. 60 crores in comparable quarter.
Torrent's operating profits (PBDIT) for the quarter, impacted by certain one-time charges, stood at Rs. 53 crores compared to Rs. 52 crores in the corresponding quarter last year. Net profit (PAT) of Rs. 36 crores was down by 18 per cent from Rs. 44 crores during the same period last year. Tax expense in the corresponding quarter of last year was lower by Rs 16 crores due to recognition of MAT credit entitlement for previous three quarters in Q4. Adjusted for one-off charges and tax impact the PAT was up by 59 per cent.
For the financial year, the company's sales rose 21 per cent to Rs. 1617 crores from Rs. 1336 crores in the previous year. Sales outside India for the year at Rs. 823 crores reflect growth of 38 per cent. PBDIT for the financial year, at Rs. 259 crores was 28 per cent higher compared to Rs. 203 crores in the previous year. Share of international sales increased to 51 per cent of the total sales for the first time.
During the year, the company recognised foreign exchange losses of Rs. 41 crores and did not exercise the option of capitalisation or amortisation of exchange differences on long term monetary items as provided by the notification issued by Ministry of Corporate Affairs on 31-Mar-09. Higher sales volumes both in domestic and international business, supported by turnaround in Heumann operations were the prime factors contributing to growth in profits.
The company filed 32 ANDAs and 15 DMFs with US FDA as part of its US operations, of which approvals for 11 ANDAs have been received till date. Significant investment in product development is being made to support the build-up of US, Brazil and European operations. The total revenue expenditure on R&D was 6.9 per cent (previous year 7.2 per cent) of consolidated net sales and operating income.
Construction activity is on at Sikkim where the company is building a new formulation manufacturing unit. The company will also expand its bulk drug and formulation manufacturing capacity at Chhatral to meet the growing needs of regulated markets.
Torrent Pharma, with an annual turnover of over Rs. 1600 crores, is the flagship company of Rs. 5000 crores Torrent Group. Currently, Torrent has seven discovery projects in pipeline. It has filed 336 patents for NCE's, of which 144 patents have been granted so far. Torrent's manufacturing plant at Chatral has a capacity to manufacture approx. 3,000 million tablets, capsules and vials and 15000 kgs of bulk drugs/API.
The facility has already been approved by authorities from regulated markets like US, UK, Germany, Australia and South Africa. The manufacturing plant at Baddi has a capacity to manufacture 3600 million tablets, 150 million capsules, 10 million oral liquid bottles and 12 million sachets per annum.
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