Torrent Pharma Q4 net jumps 120% to Rs 244 crore

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Backed by robust revenue growth, Ahmedabad-based Torrent Pharma has reported 120% jump in net profit for the quarter ended March 31 to Rs 244 crore, as against Rs 111 crore in the year-ago period.

The company's revenue rose 41% during the January-March quarter to Rs 1,225 crore from Rs 871 crore in the same quarter of previous year.

For the 2013-14 fiscal, the pharmaceutical company reported net profit of Rs 664 crore, up 53%, from Rs 435 crore in the previous financial year.

Meanwhile, the company's revenue rose 30% to Rs 4,184 crore from Rs 3,212 crore during the year-ago period.

The board of the company has recommended a dividend of Rs 5 per share.

In the fourth quarter, the company's domestic formulation business grew 17% to Rs 256 crore, while its international revenue rose 69% to Rs 887 crore.

For the fiscal 2013-14, its domestic formulations business recorded revenue of Rs 1,161 crore, up 13%, while international revenue grew 44% to Rs 2,636 crore, the company said in a statement.

Further, the board of directors of the company decided to appoint Samir Mehta as the chairman of the company.

The incumbent chairman Sudhir Mehta has expressed his desire to relinquish his position from the conclusion of the forthcoming annual general meeting scheduled for July 30, 2014.

However, the board has requested him to accept the position of Chairman Emeritus at the company, it said.

Shares of Torrent Pharma closed at Rs 625.40 on Friday, down 1.44% from its previous close on the BSE.