Board of directors appoints Samir Mehta as new chairman

Ahmedabad–based Torrent Pharmaceuticals Ltd reported 119 per cent jump in the net profit for the fourth quarter ended March 2014 at Rs 244 crore from Rs 111 crore in the corresponding quarter previous year.

Company’s revenues increased by 41 per cent for the quarter at Rs 1,225 crore from Rs 871 crore in same period last year.

For the fiscal 2013-14, company’s net profit jumped by 53 per cent to Rs 664 crore from Rs 435 crore a year ago, on revenues of Rs 4,184 crore (up from Rs 3,212 crore), a company statement informed. The board of the directors of the company has recommended dividend of Rs 5 per share for the year 2013-14.

In the fourth quarter, company's domestic formulations business grew by 17 per cent to Rs 256 crore, while its international revenues grew by robust 69 per cent to Rs 887 crore.

For the fiscal year 2013-14, the domestic formulations business recorded revenues of Rs 1,161 crore, up by 13 per cent, while international revenues grew by 44 per cent to Rs 2,636 crore.

Further, the board of directors has decided to appoint Samir Mehta, the executive vice-chairman of the company as the chairman of the company. The incumbent chairman Sudhir Mehta has expressed his desire to relinquish his position from the conclusion of the forthcoming annual general meeting scheduled for July 30, 2014. However, the board has requested him to accept the position of Chairman Emeritus at the company.

Torrent Pharma shares ended negative on Friday at Rs 625.40 down by 1.44 per cent from its previous close on the Bombay Stock Exchange.

(This article was published on May 10, 2014)
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