Torrent Pharma Q4 PAT rises 3% to Rs 324 cr

On a consolidated basis, Torrent Pharmaceuticals' net profit rose 3.18% to Rs 324 crore on 0.15% increase in net sales to Rs 1,915 crore in Q4 March 2021 over Q4 March 2020.

There was a one time tax benefit of Rs 53 crore under the CARES Act enacted by US Government in March 2020 in response to Covid-19 Pandemic.

Operational EBITDA grew 6% to Rs 582 crore in Q4 March 2021 compared with Rs 548 crore in Q4 March 2020. Operational EBITDA margin improved to 30% in Q4 FY21 from 28% in Q4 FY20.

Research and Development (R&D) spend jumped 25% to Rs 148 crore in Q4 FY21 as against Rs 118 crore in Q4 FY20.

India revenues grew 10% to Rs 922 crore in Q4 March 2021 over Q4 March 2020. As per AIOCD data, Torrent Pharmaceuticals' Q4 FY21 growth stood at 6% Y-o-Y (year-on-year) while IPM growth was at 5% Y-o-Y. Growth was driven by continued recovery in chronic, sub-chronic and acute therapies, and aided by market share gains in high potential new launches. PCPM (per man per month productivity) for the quarter stood at Rs 8.5 lakh with a MR (medical representative) strength of 3,600.

US revenues stood at Rs 269 crore, falling 30% Y-o-Y in Q4 FY21 over Q4 FY20. Constant currency sales were $37 million. The sales were impacted by price erosion on base business and base impact of sartan portfolio discontinuation. As on 31 March 2021, 54 ANDAs were pending approval and 6 tentative approvals were received 8 ANDA was filed during the quarter.

Brazil revenues at Rs 189 crore, were down by 3%. Constant currency sales at R$ 141 million, was up by 19%.

Germany revenues at Rs 267 crore were up by 23%. Constant currency sales were Euro 30 million up by 14%.

The board has recommended a final dividend of Rs 15 per share.

The board also recommended issuing equity shares, including convertible bonds/debentures, through qualified institutional placement (QIP) and/or depository receipts or any other modes for an amount not exceeding Rs 5,000 crore.

Torrent Pharma is the flagship Company of the Torrent Group. It is a specialty-focused company with 76% of its revenue in India from chronic & sub-chronic therapies. It has presence in 40 countries.

Shares of Torrent Pharmaceuticals slipped 1.20% to close at Rs 2,731.45 on BSE. The stock hovered in the range of Rs 2,715.70 to Rs 2,800 so far.

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