Torrent Pharmaceuticals lost 8.79% to Rs 1,428.20 at 12:09 IST on BSE after consolidated net profit dropped 59.33% to Rs 207 crore on 16.55% fall in total income to Rs 1472 crore in Q2 September 2016 over Q2 September 2015.
The result was announced after market hours yesterday, 26 October 2016.Meanwhile, the S&P BSE Sensex was down 143.96 points or 0.52% at 27,692.55
On BSE, so far 49,800 shares were traded in the counter as against average daily volume of 18,533 shares in the past one quarter. The stock hit a high of Rs 1,494 and a low of Rs 1,400.20 so far during the day. The stock had hit a record high of Rs 1,767.80 on 25 August 2016. The stock had hit a 52-week low of Rs 1,190 on 12 February 2016. The stock had underperformed the market over the past 30 days till 26 October 2016, falling 5.4% compared with 1.37% decline in the Sensex. The scrip, however, outperformed the market in past one quarter, gaining 9.07% as against Sensex's 1.32% decline.
The large-cap company has equity capital of Rs 84.61 crore. Face value per share is Rs 5.
Torrent Pharmaceuticals' consolidated earnings before interest, taxation, depreciation and amortization (EBITDA) dropped 52.73% to Rs 372 crore in Q2 September 2016 over Q2 September 2015. The company said that Q2 September 2015 period included exceptional revenues and profits which was primarily on account of the launch of a new product launch in the US market which had limited competition. The research and development spend surged 94.74% to Rs 111 crore in Q2 September 2016 over Q2 September 2015.
Torrent Pharmaceuticals is the flagship company of the Torrent Group. The company is engaged in the manufacture of formulations and bulk drugs.
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