Torrent Pharma tumbles 14% on disappointing Q3 results

Shares of Torrent Pharmaceuticals were down 14 per cent to Rs 2,705 on the BSE in Thursday’s intraday trade after the company reported disappointing December quarter (Q3FY22) results on the margins front. Profit after tax (PAT) declined 16 per cent year on year (YoY) to Rs 249 crore.

In Q3FY22, earnings before interest tax and depreciation and amortization (EBITDA) margins declined 490 bps YoY to 25.5 per cent driven by price erosion in US. The management said due to the prolonged delays in reinspection of US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure,