Torrent Pharma's Q3 profit dips 7%

Ahmedabad based pharma major Torrent Pharmaceuticals Ltd has posted a 7 per cent dip in net profit for the quarter ended December 31, 2010 to Rs 77 crore from Rs 83 crore in the corresponding quarter last fiscal. 'Profits were affected due to planned expansions in domestic and international markets and adverse currency movements', the company said in a statement released to the Bombay Stock Exchange (BSE).

Operating profits for the quarter grew by 5 per cent to Rs 115 crore. The Q3 sales stood at Rs 565 crore, up 20 per cent from the same period last year on the back of robust growth in domestic formulation business and continued buoyancy in international business. During the quarter, domestic formulation business recorded sales of Rs 214 crore, up 17 per cent, while international sales were up 19 per cent to Rs 292 crore.

The company has recently entered Mexico and has plans to enter the UK and Romanian markets shortly. Consrtuction activities commenced at the Dahej SEZ where Torrent Pharma is setting up facilities for manufacturing API and formulations.