Torrent Pharmaceuticals on Friday reported a nearly 57% jump in third-quarter profit, driven by the strong demand in the domestic market, Germany and in Brazil. The drugmaker's consolidated net profit was at ₹443 crore for the quarter ended December 31, compared with ₹283 crore a year earlier.
The profit figure was much higher than CNBC-TV18's poll of ₹363 crore.
Revenue from operations rose 9.7% to ₹2,732 crore, as sales rose 12% in India and 26% in Brazil. The same was ₹2,491 crore in the corresponding period of last year.
Margins on earnings before interest, taxes, depreciation and amortization (EBITDA) expanded 270 basis points to 31.8% from 29.1% a year earlier.
Region-wise, India revenues stood at ₹1,415 crore, up by 12%. As per AIOCD secondary market data, Indian pharma market (IPM) growth for the quarter was at 9%.
Torrent has outperformed the market across all focus therapies aided by strong new launch performance.
Brazil revenues stood at ₹312 crore, up by 26%. Constant currency revenues came in at R$ 185 million, up by 17%.
As per IQVIA, market growth for the quarter was at 6.5%. Growth was aided by our four launches in 2022 and three launches in 2023 as well as performance of top brands and growth in the generic business.
The Board of Torrent Pharmaceuticals has also declared an interim dividend of ₹22 (440%) per equity share of ₹5 fully paid up. The dividend is expected to be paid on February 23, 2024.
The company also said that Sudhir Mehta will step down from the board of company, effective April 1, 2024.
First Published: Feb 2, 2024 3:03 PM IST
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