Torrent Pharma Q4FY24 results: Net profit up 57%, revenue rises 10%

Torrent Pharma reported a 57 per cent year-on-year (Y-o-Y) rise in consolidated net profit for the March quarter (Q4 FY24) to Rs 449 crore, up from Rs 287 crore reported for the same period last year.

The company’s revenue from operations rose to Rs 2,745 crore in Q4 FY24, a 10 per cent Y-o-Y growth from Rs 2,491 crore reported in Q4 FY23.

At an operational level, Torrent Pharma’s earnings before interest, tax, depreciation and amortisation (Ebitda) increased by 21 per cent to Rs 883 crore.

On a sequential basis, the company exhibited a 1.3 per cent growth in net profit, while its revenue grew by 0.47 per cent.

For the full year FY24, the company posted a 33 per cent Y-o-Y increase in consolidated net profit and a 12 per cent Y-o-Y increase in revenue, reaching Rs 1,656 crore and Rs 10,728 crore respectively.

The company reported that its India business witnessed a year-on-year growth of 10 per cent in the March quarter, with revenue reaching Rs 1,380 crore from Rs 1,257 crore reported in Q4 FY23.

Torrent’s chronic business grew at 14 per cent, compared to the Indian Pharma Market (IPM)’s growth of 12 per cent.

The company also reported a 6 per cent drop in the USA market, with revenue falling to Rs 262 crore from Rs 280 crore reported in Q4 FY23. “The drop in the US market was attributed to a lack of new product launches,” the company noted in its press release.

“As of March 31, 2024, 34 abbreviated new drug applications (ANDAs) were pending approval with the United States Food and Drug Administration (USFDA), while four tentative approvals were received by the company,” the company added.

In the Brazil market, Torrent Pharma reported a 17 per cent Y-o-Y rise in revenue to Rs 372 crore, while the company exhibited an 11 per cent Y-o-Y growth in the Germany market.

The company’s board also recommended to the members a final dividend of Rs 6 (120 per cent) per equity share of Rs 5 each. Earlier, an interim dividend of Rs 22 (440 per cent) per equity share was paid during the last quarter.

On Friday, Torrent Pharma’s stocks were down by 2.96 per cent, ending the day’s trade at Rs 2,612.05 apiece on the Bombay Stock Exchange (BSE).