Torrent Pharma on Friday reported its third quarter earnings for the financial year 2023-24 with profit at Rs 443 crore, up 51.7 per cent in comparison to Rs 292 crore during the corresponding quarter of FY23, beating estimates. It posted revenue from operations at Rs 2732 crore, up 9.7 per cent as against Rs 2491 crore during the third quarter of FY23. The company EBITDA stood at Rs 869 crore, up 20 per cent on-year. According to a CNBC TV18 poll, Torrent Pharma was expected to report Q3FY24 profit at Rs 363 crore and revenue for the quarter in review was estimated at Rs 2783.7 crore. 

The company board also declared an interim dividend of Rs 22 (440 per cent) per equity share of Rs 5 fully paid up. The dividend, it said, is expected to be paid on or around 23rd February, 2024.

The Board of Directors also acceded to the desire of Sudhir Mehta to step down as the Director of the Company while continuing as Chairman Emeritus effective from 1 April 2024. The company board also informed that Shailesh Haribhakti and Haigreve Khaitan will be completing their term as Independent Directors of the Company on 31st March, 2024.

“The decision to step down is rooted in a deep desire to spend more quality time with my family and on social causes. At 70, I now feel the urge to follow my heart and delve into a very different kind of challenge. I have a strong desire to spend more time with my grandchildren and help them follow their dreams. I also want to carry on and complete the work that my father had started by giving back to society, which will require immense effort and commitment to bring the desired level of execution,” Sudhir Mehta said in his letter to the company.

“While I look forward to maintaining a supportive role and will remain connected with the Company as Chairman Emeritus, I would request the board to determine the date of relieving me of my duties from the board,” he added.

Also Read

Torrent Pharma’s Q3 performance across key markets

The company’s India revenue was at Rs 1415 crore, up 12 per cent. It said that the company has outperformed the market across all focus therapies aided by strong new launch performance. For YTD Dec FY24, revenue was at Rs 4286 crore, up 15 per cent.

Torrent Pharma’s Brazil revenue for the quarter was at Rs 312 crore, up 26 per cent. Growth, it added, was aided by four launches in 2022 and three launches in 2023 as well as performance of top brands and growth in the generic business. For YTD Dec FY24, revenue was at Rs 754 crore, up 22 per cent.

The Germany revenue, meanwhile, was at Rs 270 crore, reporting an increase of 12 per cent. Growth momentum, it added, continues with incremental tender wins coupled with better conversion of existing tenders. For YTD Dec FY24, revenue was at Rs 795 crore, up 18 per cent. 

The US business revenue was at Rs 274 crore, down by 6 per cent. Constant currency revenue was at $33 million, down 7 per cent. Growth, the company said, was impacted due to lack of new product launches. It stated that the new product launches will start from Q1 of fiscal 2024-25. As at December 31, 2023, 40 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 2 ANDA were approved and 1 ANDA was filed.