Torrent Pharma on Friday reported a 7 percent increase in its consolidated net profit to Rs 354 crore for the June 2022 quarter. The drug firm had posted a net profit of Rs 330 crore in the April-June period of the last fiscal.
The net sales rose to Rs 2,292 crore in the first quarter against Rs 2,120 crore in the year-ago period, Torrent Pharma said in a statement. In India, revenues grew by 14 percent and stood at Rs 1,245 crores. As per secondary market data (AIOCD), Torrent’s Q1 FY23 growth was 17 percent versus IPM growth of 2 percent. During the quarter that ended on June 30th, 2022, Torrent added 300 MRs bringing the total field force strength to 4,200.
In the United States, revenue was up by 13 percent and stood at Rs 299 crores. The company also announced that as of June 30, 2022, 60 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed. Moreover, revenue was complemented by the performance of Dapsone launched in the previous quarter, the company stated.
In Germany, revenue was down by 18 percent and stood at Rs 214 crores. “Growth was adversely impacted due to an increase in competition and loss of tenders in previous quarters. Torrent has already initiated measures to improve price competitiveness,” the company stated.
The company said it has appointed Aman Mehta, son of Torrent Pharma Chairman Samir Mehta, as Director on the company’s board with effect from August 1, 2022. Shares of the company on Friday ended 1.75 percent up at Rs 1,528.80 apiece on the BSE.