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Torrent Group’s flagship Torrent Pharmaceuticals Limited posted consolidated net profit of ₹287 crore for the quarter ended March 31, 2023, against the net loss of ₹118 crore in the corresponding quarter a year ago.
Company’s consolidated revenues from operations stood at ₹2,491 crore for the quarter (₹2,131 crore last year), up 17 per cent year-on-year.
For the fiscal 2022-23, the company’s net profit stood at ₹1,245 crore, up 60 per cent from ₹777 crore last year. Annual revenues from operations stood at ₹9,620 crore, up 13 per cent from ₹8,508 crore last year.
The board of directors has recommended a final dividend of ₹8 (or 160 per cent) per equity share of ₹5 each. Earlier, the company had paid an interim dividend of ₹14 (or 280 per cent) per equity share during the last quarter.
The company informed that its India revenues grew by 16 per cent to ₹4,984 crore for the fiscal 2023, primarily driven by strong performance of new launches in chronic therapies and integration of Curatio. During the quarter, India revenues grew by 22 per cent to ₹1,257 crore.
In the international markets, Torrent Pharmaceuticals recorded 26 per cent growth in the Brazil market with revenues reaching at ₹935 crore for the fiscal, in the Germany market, the company recorded revenue growth of 4 per cent to ₹928 crore. The US revenues grew by 9 per cent to ₹1,162 crore for the fiscal - facing challenges due to price erosion on base portfolio and lack of new launches pending inspection of facilities during the quarter.
In Brazil, the growth was complemented by strong underlying market growth, new launches and growth of generic segments, and in Germany the growth was driven by OTC segments and new tender win.
The board of directors of the company also approved the fundraising plans and recommended the company to “obtain enabling approval for issuance of Equity Shares including Convertible Bonds / Debentures through Qualified Institutional Placement (QIP) and/ or Depository Receipts or any other modes for an amount not exceeding Rs 5,000 crore in the upcoming Annual General Meeting of the Company.”
Torrent Pharma shares ended marginally up at Rs 1714.80, up 0.55 per cent on BSE Tuesday. Ends..
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