Torrent Pharma Net profit Soars By 23.7% in Q2

Torrent Pharma, a Rs. 9,400 crore plus pharma company, reported a robust financial performance in the second quarter ending September 2023, despite decreasing revenues in the United States. Its consolidated net profit climbed by 23.7% to Rs. 386 crore from Rs. 312 crore in the same period previous year, while revenues increased by 16.1% to Rs. 2,660 crore from Rs. 22,91 crore. EBDIT increased by 22% to Rs. 825 crore from Rs. 679 crore. EPS came to Rs. 11.39, up from Rs. 9.22 in the previous period.Its branded business contributed to 73 per cent of the overall revenue and increased by 18 per cent. Its sales in India increased by 18 per cent to Rs. 1,444 crore during the second quarter from Rs. 1,224 crore in the similar period of last year. Sales in Germany went up by 21 per cent to Rs. 266 crore an that in Brazil moved up by 26 per cent to Rs. 252 crore. Germany with incremental tender wins over the last three quarters have helped in registering a constant currency high single digit growth, as per pharmabiz.Sales in the United States fell 15% to Rs. 248 crore from Rs. 292 crore. The decline was caused by the loss of low-margin contracts and certain short-term supply concerns. In the United States, the corporation has dropped lower margin products and simplified its back-end procedures. During the September 2023 quarter, the business financed the oral cancer facility and marketed one product in the United States.