Ahmedabad based pharmaceutical major Torrent Pharmaceuticals Ltd, recorded a 7.26 per cent rise in net profit for the quarter ended September 30 to Rs 107. 25 crore, over Rs 99.99 crore in the corresponding quarter last fiscal. Revenues during the second quarter of the fiscal stood at Rs 777 crore, up 13 per cent from Rs 685 crore in the comparable quarter of last year.
During the quarter, the domestic formulation business recorded revenues of Rs 274 crore, growing by 15 per cent. Revenues from international operations grew by 15 per cent to Rs 417 crore. However, operations in Brazil registered a revenue de-growth of 7 per cent, the company said in a statement. The company further added that there was strike by the Brazilian regulatory organisation (ANVISA), which affected clearance of the goods from the ports, thus, in turn, affecting the company's revenues.
US operations, on the other hand, recorded a growth of 80 per cent, while business from Europe (other than Heumann), Russia & Commonwealth of Independent States (CIS) nations as well as rest of the world recorded a growth of 17 per cent, Torrent said in a release here.
As for H1 or first half of the fiscal, the revenues increased by 16 per cent to Rs 1544 crore compared to Rs 1327 crore in the corresponding period last financial year.
During H1, the profit before taxes grew by 11 per cent to Rs 280 crore as against Rs 253 crore in the same period last fiscal.
Torrent informed that the total revenue expenditure on R&D was 5 per cent of consolidated net sales and operating income.
The company's research center employs over 640 scientists in the areas of drug discovery and development. At present, Torrent has filed 450 patents for new chemical entities (NCEs) in all major markets of the worldwide, and so far 211 patents have been granted.