Torrent Pharma Q3 result: PBT rises 16% to Rs 319 crore, revenue declines

US business down by 22% in third quarter, India revenues grow by 5%

Torrent Pharmaceuticals Ltd (TPL) saw its consolidated profit before tax (PBT) rise by 16 per cent on a year-on-year (YoY) basis to Rs 319 crore for the third quarter ended December 31, 2019, as per its BSE filing on Monday. 

In the corresponding Q3 of previous fiscal (2018-19), consolidated PBT for TPL stood at Rs 275 crore. The company saw its consolidated total revenue fall by 1.7 per cent on a YoY basis to Rs 2019 crore in Q3 of FY20 as against Rs 2054 crore recorded in Q3 of FY19.

Ranked eighth in Indian Pharmaceuticals Market (IPM) and amongst top five in the therapeutics segments of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI), and vitamins minerals nutritionals (VMN), TPL is a specialty-focused company with 73 per cent of its revenue from chronic & sub-chronic therapies. With presence in 40 countries, TPL is ranked number one amongst the Indian pharma companies in Brazil, Germany and Philippines. 

Region-wise, TPL's India business grew by five per cent YoY to Rs 871 crore in the third quarter ended December 31, 2019. After adjusting for one off item, the growth stood at 8.5 per cent, the company stated. TPL added that the one off pertained to integration of Torrent and Unichem stockist in Q3 FY19 and the base impact of products discontinued in the last year.

Its US revenues took a beating with a 22 per cent fall in Q3 of FY20 at Rs 381 crore even as three abbreviated new drug applications (ANDAs) were filed during the quarter, taking the tally to 45 ANDAs pending approval and six tentative approvals being received. 

TPL's Germany revenues too fell by 18 per cent on a YoY basis in Q3 of FY20 at Rs 219 crore while that for Brazil grew by 12 per cent YoY to Rs 189 crore. The company's research and development (R&D) spending stood at Rs 110 crore in Q3 FY20 against Rs 135 crore in Q3 FY19.

A Rs 7600 crore flagship company of Torrent Group, Torrent Pharmaceuticals Ltd. has eight manufacturing facilities, including seven in India and one in the US, of which five are USFDA approved.