Torrent Pharma Q1 standalone net up 34%

Our Bureau Ahmedabad | Updated on July 30, 2020

Torrent Pharmaceuticals Ltd posted standalone net profit for the quarter ended June 2020 at ₹298 crore, which is about 34 per cent higher than ₹223 crore reported for the same quarter in the previous year.

Its standalone net sales for the quarter stood at ₹1,685 crore (₹1,566 crore).

On consolidated basis, the company’s net profit stood at ₹321 crore, up 49 per cent from ₹216 crore in the corresponding quarter last year. While consolidated net sales for the quarter stood at ₹2,014 crore, as against ₹1,976 crore.

Torrent Pharma Executive Chairman Samir Mehta said, “First quarter continued to witness challenges posed by Covid-19, hampering industry growth in global markets. However, most of our focus markets have seen a steady recovery since June.”

“In India, despite a challenging market environment, Torrent was able to sustain its base revenue of the previous year with the chronic and sub-chronic portfolio gaining market share. Expenses were lower during the quarter owing to lockdowns which aided margins,” said Mehta expressing optimism about a gradual recovery in India, Brazil, the US and Germany markets in the coming quarters.

The company’s total consolidated expenditure, including finance cost, was recorded at ₹1,658 crore as against ₹1,763 crore a year ago.

Operating margins rose to 32.28 per cent for the period April-June from 27.47 per cent in a comparable quarter last year. The company’s finance cost, too, was lower at ₹102 crore (₹122 crore).

Geography-wise revenue

For India market, the company recorded marginal 2 per cent growth in revenues at ₹925 crore, which was aided by high chronicity of its portfolio.

The US revenues were down by 1 per cent at ₹373 crore, the constant currency sales were at $47 million. The sales were impacted by price erosion on base portfolio and absence of new launches, Torrent Pharma said in a statement after the results board meeting.

The revenues in Brazil and Germany were down by 20 per cent and 6 per cent, respectively at ₹104 crore and ₹246 crore.

Torrent Pharma shares ended 2.15 per cent higher from previous close at ₹2,436 on BSE on Thursday.

Published on July 30, 2020

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