Despite a 24 per cent hit on its US business, Ahmedabad-based Torrent Pharmaceuticals Ltd (TPL) registered an over 18 per cent growth in its consolidated net profit for the third quarter ended December 31, 2020.
The company's consolidated net profit for the quarter was Rs 297 crore as against Rs 251 crore in the corresponding period last year.
Not only did Torrent Pharma's US revenues fall by 24 per cent to Rs 292 crore, its India revenues grew in single digits of seven per cent to stand at Rs 930 crore in the quarter. As a result, the company's consolidated total revenue from operations fell marginally by less than one per cent to close at Rs 2,003 crore in Q3 of FY 2020-21, as compared to Rs 2,019 crore in Q3 of FY 2019-20.
Its India business, which forms the largest pie, saw the growth on back of market recovery, continued momentum in chronic brands and strong recovery in sub-chronic brands during the quarter. The company had also undertaken portfolio restructuring, following which its MR strength now stands at 3,800 with a field force productivity of Rs 8.1 lakh per capita per month (pcpm) sales during the third quarter. The Indian Pharmaceutical Market (IPM) also saw a six per cent growth in the same quarter.
Torrent Pharma's US revenues fell by 24 per cent at Rs 292 crore during the quarter on account of price erosion on base business & base impact of Sartan portfolio discontinuation. However, the quarter saw Torrent Pharma file one abbreviated new drug application (ANDA) with 47 ANDAs pending approval and six tentative approvals being received as on December 31, 2020.
The other two major markets for Torrent Pharma being Germany and Brazil which saw revenues go up by 21 per cent to Rs 265 crore and down by eight per cent to Rs 173 crore, respectively in the quarter. The quarter saw Torrent Pharma complete upgradation of quality management systems for Germany.
A specialty-focused company with 75 per cent of its revenue in India coming from chronic and sub-chronic therapies, Torrent Pharma has presence in 40 countries and has eight manufacturing facilities including seven in India and one in US, of which five are US FDA approved.