Torrent Pharma Q1 PAT increases by 7% YoY to Rs 354 cr
On a consolidated basis, Torrent Pharmaceuticals‘ net profit increased by 7% to Rs 354 crore on a 10% increase in net operating income to Rs 2,347 crore in Q1 FY23 compared to Q1 FY22.
The drugmaker’s consolidated pre-tax profit added 9.9% to Rs 532 crore in the first quarter to Rs 484 crore in Q1 FY22.
Gross profit increased 9% to Rs 1,687 crore in the first quarter of FY23 from Rs 1,546 crore in the first quarter of FY22. EBITDA was Rs 742 crore rupees in the first quarter of FY23, up 3% from the 717 crore recorded in the first quarter of FY22. Meanwhile, the EBITDA margin fell to 32% in the first quarter of fiscal year 23, compared to 34% in the corresponding quarter of the previous year.
India’s revenue stood at Rs 1,245 crore in the first quarter of FY23, recording a 14% year-on-year (YoY) growth. According to Secondary Market Data (AIOCD), Torrent’s growth in the first quarter of FY23 was 17% against Indian Pharmaceutical Market (IPM) growth of 2%. The strong outperformance of major brands as well as new launches continued to generate market share gains in all targeted therapies. During the quarter, Torrent added 300 medical representatives (MRs), bringing the total strength of the field force to 4,200.
Brazil revenue jumped 20% year-on-year to Rs 184 million in the first quarter of FY23. Constant currency revenue was R$117 million, up 8%. Adjusted for the call for tenders activity abandoned the previous year, growth was 10%. According to secondary market data, Torrent’s 10% growth in the first quarter was in line with market growth. Growth was driven by strong growth in the generic segment, the performance of major brands and new launches.
US revenue was Rs 299 crore in the first quarter of FY23, up 13% year-on-year. Constant currency revenue was $39 million, up 7%. Revenue was supplemented by the performance of Dapsone launched in the previous quarter. As of June 30, 2022, 60 abbreviated new drug applications (ANDAs) were pending approval with the United States Food and Drug Administration (USFDA) and 3 interim approvals had been received. During the quarter, 1 ANDA was filed.
Revenue from Germany fell 18% year-on-year to 214,000,000 rupees in the first quarter of FY23. Constant currency revenue was 26 million. Growth was negatively affected due to increased competition and loss of tenders in previous quarters. The company said it has already taken steps to improve price competitiveness.
Torrent Pharma, with annual revenues of over Rs 8,500 crore, is the flagship company of Torrent Group. It is ranked 8th in the Indian pharmaceutical market and is in the top 5 in the cardiovascular (CV), gastrointestinal (GI), central nervous system (CNS) and vitamin mineral nutritional (VMN) therapeutic segments.
Shares of Torrent Pharma rose 1.75% to stand at Rs 1,528.80 on Friday, July 29, 2022.
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