Torrent Pharma's Q3 net triples to Rs 483 cr

Revenues up 32% to Rs 1,539 cr; strong growth in US generics business, even as Brazil revenues decline

Ahmedabad-based pharma giant Torrent Pharmaceuticals Ltd reported a 189 per cent jump in its net profit for the quarter ended December 31, 2015 to Rs 483 crore, at a time when its revenues grew by 32 per cent on a year-on-year basis to Rs 1,539 crore.

The company's domestic formulation business recorded revenues of Rs 446 crore for Q3FY16, showing a seven per cent growth. As per All Indian Origin Chemists and Distributors Ltd (AIOCD), the domestic formulation business growth was at nine per cent, compared to the covered market growth of 14 per cent during the quarter. The company said that discontinuance of certain promotional schemes has impacted the business in the short term.

As for its Brazil business, the revenues went down by 25 per cent during the quarter to Rs 118 crore, compared with the corresponding figure for the same quarter a year ago. Torrent attributed the decline to currency movements and realignment of channel inventory.

US generics business, on the other hand, recorded a 226 per cent growth during the quarter. This is primarily on account of sales of Abilify generic, an antipsychotic drug, which has market size of $5 billion.

For the year-till-date (YTD), the company's revenues were at Rs 5,177 crore, up 48 per cent, while its PAT stood at Rs 1,500 crore, up 142 per cent.

For the YTD period, the domestic formulations business recorded a 14 per cent growth, while the Brazil business posted a 17 per cent decline in revenues. US generics business grew by 255 per cent with support from new launched like Esomeprazole and generic Detrol.