 "Torrent Pharma Q3 results: PAT up 14% at Rs 503 cr on strong India business")
Torrent Pharma on Friday reported a 14 per cent year-on-year (Y-o-Y) rise in profit after tax for the third quarter of the financial year 2024-25 (Q3FY25) to Rs 503 crore, riding on strong India business growth which contributes over 50 per cent to the pharmaceutical major’s consolidated turnover.
The revenue grew by 3 per cent Y-o-Y to Rs 2,809 crore as markets like Brazil and the US experienced decline.
Torrent Pharma said that adjusted for exceptional items, profit after tax (PAT) growth for Q3FY25 is 35 per cent.
The company released the results after market hours. The stock was down 0.71 per cent to Rs 3,243 apiece on BSE.
For the nine-month period ending December 31, 2024 the company’s revenues grew by 7 per cent Y-o-Y to Rs 8557 crore, while its PAT grew by 17 per cent to Rs 1413 crore.
Torrent’s Q3FY25 India revenues were up 12 per cent to Rs 1581 crore (or around 56 per cent of Q3 turnover) as the company’s chronic business grew at 14 per cent versus a domestic pharma market growth of 10 per cent during the quarter.
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The company has 20 brands in the top 500 brands in the India Pharma Market (IPM). Overall IPM growth in Q3 was around 8 per cent. For the year till date period the revenues from India business was up 13 per cent to Rs 4848 crore.
The strong India growth was, however, offset by a steep rise in Brazilian Real. As a result, Brazil revenues were down 7 per cent to Rs 291 crore. Constant currency revenues were up by 10 per cent. German revenues were up by 4 per cent to Rs 282 crore and the growth momentum in that market continued with incremental tender wins coupled with better conversion of existing tenders.
The US market revenues were down by 1 per cent to Rs 271 crore. During the quarter the USFDA has issued an establishment inspection report (EIR) with the voluntary action indicated (positive sign) for the Pithampur facility at Madhya Pradesh. As of December 31, 2024, 26 ANDAs were pending approval with USFDA and six tentative approvals were received.