Torrent Pharma Q3 results: Profit after tax up 51% at Rs 443 crore

Ahmedabad-based pharma company Torrent Pharmaceuticals posted a 51 per cent year-on-year (Y-o-Y) increase in consolidated Profit After Tax (PAT) during Q3FY24 at Rs 443 crore, while its revenues rose by 9.67 per cent to Rs 2,732 crore. PAT improved as the new products performed well.

In a letter to the board, Sudhir Mehta, Chairman Emeritus, announced his decision to step down effective April 1, 2024. He cited his desire to dedicate more time to his family and social causes as the reason for his departure. His brother, Samir Mehta, is the chairman of the company.

Torrent Pharmaceuticals' share price rose by 0.51 per cent, ending the day's trade at Rs 2,524 apiece on the Bombay Stock Exchange (BSE).

On a sequential basis, the company exhibited a 2.71 per cent increase in revenue along with PAT which rose 14.77 per cent.

Revenue for the Indian business reached Rs 1,415 crores, showing growth of 12 per cent Y-o-Y. In the United States, business revenues stood at Rs 274 crores, declining by 6 per cent Y-o-Y. Constant currency revenues at $33 million were down by 7 per cent. The impact on growth was primarily attributed to the absence of new product launches during the period. Torrent is scheduled to launch new products in Q1 of fiscal 2024-25. In Brazil, business revenues increased by 26 per cent, while Germany revenues reached Rs 270 crores, up by 12 per cent Y-o-Y.

This quarter, Torrent Pharmaceuticals completed the acquisition of Curatio Health Care.