Torrent Pharmaceuticals Q4FY24 PAT grows 57% to Rs 449 cr
Mumbai: Torrent Pharmaceuticals Ltd reported a 57 percent increase in its consolidated net profit for the March quarter, reaching Rs 449 crore compared to Rs 287 crore in the same period last year, media reported.
Revenue rose by 10 percent to Rs 2,745 crore, up from Rs 2,452 crore a year earlier.
The company's earnings before interest, tax, depreciation, and amortisation (EBITDA) grew by 21 percent to Rs 883 crore.
The Board has recommended issuing Equity Shares, including Convertible Bonds/Debentures, through Qualified Institutional Placement (QIP) or other methods, amounting to no more than Rs 5,000 crore, in the upcoming Annual General Meeting.
The Board proposed a final dividend of Rs 6 (120 percent) per equity share of Rs 5 each. Previously, an interim dividend of Rs 22 (440 percent) per equity share was paid during the last quarter.
India revenues for Torrent Pharmaceuticals Ltd reached Rs 1,380 crore, marking a 10 percent year-on-year increase. According to AIOCD secondary market data, the Indian Pharmaceutical Market (IPM) grew by 9 percent during the quarter, while Torrent’s chronic business grew by 14 percent, compared to the IPM growth of 12 percent.
Revenues from the US business were Rs 262 crore, a 6 percent decline year-on-year. In constant currency terms, revenues were $32 million, down by 7 percent.
The company attributed this decline to a lack of new product launches. As of March 31, 2024, 34 Abbreviated New Drug Applications (ANDAs) were pending approval with the USFDA, and 4 tentative approvals had been received. During the quarter, 6 ANDAs were approved and 1 ANDA was filed.
In the Brazilian market, revenues increased by 17 percent year-on-year to Rs 372 crore. For FY24, revenues stood at Rs 1,126 crore, a 20 percent increase, with constant currency revenues of R$ 671 million, up by 12 percent.
Germany revenues for Torrent Pharmaceuticals Ltd reached Rs 280 crore, reflecting an 11 percent year-on-year increase. In constant currency terms, revenues were €31 million, up by 8 percent. The company attributed this growth to incremental tender wins and better conversion rates of existing tenders.
Torrent Pharmaceuticals produces both branded and generic drugs, offering various dosage forms including tablets, capsules, and extended-release formulations. Major markets for the company include India, the US, Germany, and Brazil.
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