Torrent Pharmaceuticals Limited posted its second quarter profit at Rs 386 crore, up 23.7 per cent as against Rs 312 crore during the corresponding quarter of last year, surpassing estimates. It posted revenue from operations at Rs 2660 crore, up 16.1 per cent in comparison to Rs 2291 crore during the second quarter of FY23. According to a CNBC TV18 poll, Torrent Pharma was expected to post Q2FY24 profit at Rs 378 crore and revenue at Rs 2662 crore. The company EBITDA stood at Rs 825 crore.
The company posted total income during the quarter ended September 2023 at Rs 2686 crore, up 16.4 per cent as against Rs 2307 crore during the same period last year. However, total expenses during the quarter in review stood at Rs 2127 crore, up 15.3 per cent in comparison to Rs 1844 crore during Q2FY23.
Torrent Pharmaceuticals Q2 performance across markets
Torrent Pharma posted its India operations revenue at Rs 1444 crore, up 18 per cent on-year from Rs 1224 crore the previous year. As per AIOCD secondary market data, IPM growth for the quarter was 4 per cent. The company said that the market outperformance was led by continued double digit growth in chronic therapies, revival in gastro demand, traction in consumer division, and new launches. Curatio portfolio grew by 17 per cent led by strong growth in top focus brands.
Its Brazil operations posted Q2 revenue at Rs 252 crore, up 36 per cent from Rs 185 crore during Q2FY23. Constant currency revenue, it said, stood at $ 149 million, up 23 per cent. Q2 revenues reflect the impact of sales spillover from Q1, it added. As per secondary data set, Torrent’s Q2 BGx growth is 13 per cent versus BGx market growth of 8 per cent. Growth was aided by performance of top brands, new launches and growth in generic segment.
Meanwhile, Germany revenue came in at Rs 266 crore, up 21 per cent in comparison to Rs 220 crore a year earlier. Growth momentum, the company said, continues with new tender wins coupled with better conversion of existing tenders.
Torrent Pharma posted US revenue at Rs 248 crore, down 15 per cent from Rs 292 crore during Q2FY23. Constant currency revenue was at $30 million, down by 18 per cent. Adjusted for one off income in the corresponding quarter previous year, the de-growth is 13 per cent (INR) and 16 per cent (constant currency). Growth, it said, was impacted by loss of low margin business and lack of new launches.
The pharmaceutical company further informed that the Dahej facility has received EIR which paves way for the new product approvals. As on September 30, 2023, 41 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDA was approved.
Torrent Pharma, with annual revenue of more than Rs 9600 crore, is the flagship company of the Torrent Group, with group revenue of more than ~Rs 37,000 crore. It is a specialty‐focused company with ~75 per cent of its revenue in India from chronic & sub‐ chronic therapies. It has a presence in 50+ countries. Torrent has 8 manufacturing facilities, of which 5 are USFDA approved.