Torrent Pharma reports Q4 net loss of Rs 152 crore, cites drug recall

Pharma company says it faced one-time impact of the recall hypertension drug in the US market.

Ahmedabad-based Torrent Pharmaceuticals Ltd. (TPL) reported on Monday a consolidated net loss of Rs 152 crore for the March quarter compared to a net profit of Rs 228 crore for the corresponding period last year. 
 

The company said its Q4 bottom line came down because of a impairment provision of Rs 217 crore on certain intangible assets and goodwill recognised as part of acquisition of Bio-Pharm Inc. in the US as well product recall charges of Rs 140 core in the US. 

Torrent recalled over 1.078 million bottles of Losartan Potassium, a hypertension treatment tablet, in the US and Puerto Rico,