Torrent Pharmaceuticals consolidated net profit surged 51.71% to Rs 443 crore in Q3 FY24 as compared with Rs 292 crore in Q3 FY23.
Revenue from operations rose 9.67% year on year (YoY) to Rs 2,732 crore in the quarter ended 31 December 2023.Operating EBITDA stood at Rs 869 crore in Q3 FY24, registering the growth of 32% as compared with Rs 724 crore posted in corresponding quarter last year.
The company's India revenue grew by 12% YoY to Rs 1,415 crore in Q3 FY24. As per AIOCD secondary market data, IPM growth for the quarter was 9%. Torrent has outperformed the market across all focus therapies aided by strong new launch performance.
Torrent Pharma's Brazil revenue grew 26% to Rs 312 crore and on constant currency terms revenues was up by 17%. As per IQVIA, market growth for the quarter was 6.5%. Growth was aided by four launches in 2022 and three launches in 2023 as well as performance of top brands and growth in the generic business.
The revenue from company's Germany division was at Rs 270 crore was up by 12%. Constant currency revenue at Euro 30 million was up by 6%. Growth momentum continued with incremental tender wins coupled with better conversion of existing tenders.
The company's US revenue stood at Rs 274 crore in Q3 FY24, down by 6%. Constant currency revenue at $33 million was down by 7%. Growth was impacted due to lack of new product launches. New product launches to start from Q1 of fiscal 2024-25.
As on 31 December 2023, 40 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 2 ANDA were approved & 1 ANDA was filed.
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Meanwhile, the board approved an interim dividend of Rs 22 per equity share. The dividend is expected to be paid or dispatched on or around 23 February 2024.
Torrent Pharmaceuticals is the flagship company of the Torrent Group. It is ranked 6th in the Indian Pharmaceuticals Market and is amongst the top five in the therapeutics segments of cardiovascular (CV), gastro intestinal (GI), central nervous system (CNS), vitamins minerals nutritional (VMN) and cosmo-dermatology.
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