Torrent Pharmaceuticals net profit falls 1% on US, German markets

Ahmedabad-based Torrent Pharmaceuticals net profit for the second quarter of the fiscal was down 1 per cent year-on-year at Rs 312 crore dragged by the performances in US and German markets.

The consolidated revenues of Torrent Pharma were up 7 per cent Rs 2,291 crore. The earnings before interest, tax, depreciation and amortization (Ebitda) of Rs 694 crore was down by 2 per cent, with a resulting Ebitda margin of 30 per cent. Half yearly revenues grew 9 per cent to Rs 4,638 crore, with a PAT of Rs 666 crore, up 3 per cent.

The India-focussed company did well in the domestic market – the revenues grew 13 percent to Rs 1224 crore. According to AWACS, Torrent Pharma’s growth in Q2 was 19 percent versus the Indian Pharmaceutical Market growth of 13 percent.

“Growth was aided by new launches, performance of top brands and market outperformance across focus therapies,” the company claimed.

 For H1FY23, India revenues were Rs 2,468 crore, up by 13 percent. Acquisition of Curatio Healthcare was completed this month.

Brazil revenues for the quarter came in at Rs 185 crore, up by 19 percent. US revenues for the quarter were Rs 292 crore, up by 3 percent. Germany revenue was down 12 percent to Rs 220 crore. “Growth was impacted due to tender losses in previous quarters. Torrent has already initiated measures to improve price competitiveness,” Torrent said.