US business, GST drag Torrent Pharma Q1 net down by 35% at Rs 188 cr

Revenue dipped by 11.4% to Rs 1,374 cr

Ahmedabad-based pharmaceuticals major, Torrent Pharmaceuticals Limited has posted a 35 per cent year-on-year (YoY) dip in net profits at Rs 188 crore for the quarter ended June 30 as its revenues too dipped by 11.4 per cent.

For the first quarter of the current fiscal, Torrent Pharmaceuticals posted revenues of Rs 1,374 crore as against Rs 1,551 crores during the same period last year. 
 

EBIDTA for Q1FY18 was at Rs 400 crore as against Rs 462 crore during the same period last year. Profit after tax (PAT)was Rs 292 crore during the same period last year.

The company said that the previous period includes exceptional revenues and profits which was primarily on account of the launch of a new product in US market, which had limited competition.

Research and development (R&D) spend during the Q1 FY 2017-18 was Rs 101 crore as against Rs 90 crore during the same period last year.

The domestic formulation business recorded revenues of Rs 464 crore for the quarter under review, as against Rs 510 crore for the corresponding quarter last year. "The Indian pharmaceuticals industry was impacted due to reduction in channel inventory during the transition to Goods and Services Act (GST) and consequently the performance of the Indian business," a company statement here said.

The Brazilian business recorded revenues of Rs 181 crore for Q1FY17-18 versus Rs 167 crore for the same period last year, showing 8 per cent growth. The German business too grew by 8 per cent to Rs 202 crore for the quarter.

The US business, however, dipped 37 per cent to Rs 272 crore. Only one ANDA was filed during the quarter. Three tentative approvals are received and 26 ANDAs are pending approval as on June 30, 2017.