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Torrent Pharma spurts after stellar Q1 result

Capital Market 

Torrent Pharmaceuticals jumped 5.46% to Rs 2,569.80 after the company reported a 48.6% jump in consolidated net profit to Rs 321 crore on 0.88% rise in total income to Rs 2,060 crore in Q1 June 2020 over Q1 June 2019.

The result was announced after market hours yesterday, 30 July 2020.

Consolidated profit before tax jumped 44% to Rs 402 crore in Q1 June 2020 over Q1 June 2019. Total tax expenses rose 28% year on year to Rs 81 crore.

Consolidated EBITDA was up 19% year on year to Rs 664 crore in Q1 June 2020 over Q1 June 2019. Torrent Pharma's R&D spends in Q1 June 2020 were at Rs 108 crore (5% of revenue from operations), declining 21% from Rs 136 crore (7% of revenue from operations) in Q1 June 2019.

Commenting on the Q1 results, Torrent Pharmaceuticals' Executive Chairman Samir Mehta said Q1 continued to witness challenges posed by Covid 19, hampering industry growth in global markets. However, most focus markets have seen a steady recovery since June. Expenses were lower during the quarter owing to lockdowns which aided margins.

Torrent Pharmaceuticals, is the flagship company of the Torrent Group. Torrent Pharma is amongst the top 5 in the therapeutics segments of Cardiovascular (CV), Central Nervous System (CNS), Gastro intestinal (GI), and Vitamins Minerals Nutritionals (VMN).

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Fri, July 31 2020. 09:19 IST
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