Drug firm Torrent Pharmaceuticals today reported 75.39 per cent rise in consolidated net profit to Rs 449 crore for the first quarter ended June, mainly on account of a new product launch in the US.
The company had posted a net profit of Rs 256 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to the BSE.
The firm’s consolidated net income from operations also rose to Rs 1,947 crore for the quarter under review as against Rs 1,114 crore in the year-ago period.
“The exceptional growth in the revenues and profits for the quarter is primarily on account of launch of a new product in the US market, which currently has limited competition…,” Torrent Pharmaceuticals said.
For the quarter ended June 30, the company had total sales of Rs 601 crore in India as against Rs 372 crore in the same quarter a year ago, it added.
Total sales outside India also witnessed an upsurge to Rs 1,287 crore for the quarter ended June this year. It was Rs 722 crore for the corresponding period of the previous fiscal.
Torrent Pharmaceuticals shares closed 2.17 per cent up at Rs 1,397 apiece on the BSE.
Meanwhile, in a separate filing on BSE, Torrent Pharmaceuticals said its shareholders, at the Annual General Meeting held on July 27, 2015, have appointed Renu Challu as an independent director on the Board of the company to hold the office for a term of three consecutive years, effective July 27, 2015, not liable to retire by rotation.
The shareholders also gave nod to reappointment of Chaitanya Dutt as Director (Research & Development) with effect from January 1, 2015, for a period of 3 years.