Torrent Pharma Q2 net down 59%

Ahmedabad-based pharma major Torrent Pharmaceuticals, on Wednesday, posted a 59.3 per cent drop in profit after tax (PAT) for the second quarter of the current financial year to Rs 207 crore as its revenues declined by 15.5 per cent on a year-on-year (yoy) basis for the quarter.

The company posted revenues of Rs 1429 crore for the quarter under review as against Rs 1693 crore in the corresponding quarter last financial year. The Ebitda for Q2 FY17 was at Rs 372 crore as against Rs 787 crore during the same period last year. The company clarified that the previous period included exceptional revenues and profits which was primarily on account of the launch of a new product launch in the US market that had limited competition.

The research and development spend during the quarter too was up by Rs 54 crore, from Rs 57 crore in the same period last year to Rs 111 crore this year in Q2.

The domestic formulations business recorded revenues of Rs 496 crore for Q2 FY17, a growth of 12 per cent on a yoy basis.

On the international front, the Brazilian business grew by 20 per cent posting revenues worth Rs 157 crore during the quarter. US business, however, has been a drag, considering the revenues and profits from the product launch in the corresponding quarter last year. Revenues from the US market fell from Rs 712 crore in Q2 FY16 to Rs 322 crore in Q2 FY17. Company's German business too clocked a 14 per cent growth.