Torrent Pharmaceuticals jumped 4.72% to Rs 654.90 at 9:40 IST on BSE after consolidated net profit surged 120% to Rs 244 crore on 41% growth in revenue to Rs 1225 crore in Q4 March 2014 over Q4 March 2013.
The Q4 result was announced after market hours on Friday, 9 May 2014.
Meanwhile, the BSE Sensex was up 293.08 points, or 1.27%, to 23,287.31.
On BSE, so far 47,000 shares were traded in the counter, compared with an average volume of 15,570 shares in the past one quarter.
The stock hit a high of Rs 688.70 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 654 so far during the day. The stock hit a 52-week low of Rs 347.50 on 11 May 2013.
The stock had outperformed the market over the past one month till 9 May 2014, rising 11.69% compared with 1.29% rise in the Sensex. The scrip had also outperformed the market in past one quarter, rising 15.72% as against Sensex's 12.85% rise.
The large-cap company has an equity capital of Rs 84.61 crore. Face value per share is Rs 5.
Torrent Pharmaceuticals' EBITDA (earnings before interest, taxation, depreciation, and amortization) surged 59% to Rs 350 crore in Q4 March 2014 over Q4 March 2013.
The company's consolidated net profit surged 53% to Rs 664 crore on 30% growth in revenue to Rs 4184 crore in the year ended 31 March 2014 (FY 2014) over the year ended 31 March 2013 (FY 2013). EBITDA surged 37% to Rs 952 crore in FY 2014 over FY 2013.
Torrent Pharmaceuticals said that Shri Sudhir Mehta, Chairman of Torrent Pharmaceuticals, expressed his desire to relinquish his position as Chairman of the Board of Directors and the company from the conclusion of the forthcoming Annual General Meeting of the Company scheduled on 30 July 2014. The board reluctantly acceded to his desire and has also requested him to accept the position of Chairman Emeritus and continue to benefit the company with his considerable wisdom and counsel on key business and strategic matters, Torrent Pharmaceuticals said.
The board thereafter also recommended appointment of Shri Samir Mehta, who is currently the Executive Vice Chairman of the company as Chairman of Torrent Pharmaceuticals from the conclusion of the forthcoming Annual General Meeting of the company scheduled on 30 July 2014. This appointment is subject to the approval of the shareholders in the said meeting.
Torrent Pharmaceuticals' board of directors at its meeting held on Friday, 9 May 2014, inter alia, has recommended a final dividend of Rs 5 per equity share for FY 2014.
Torrent Pharma is the flagship company of the Torrent Group. With many of its products ranking among the top 200 brands, Torrent continues to be at the forefront of the Indian pharmaceutical industry. Torrent has a full equipped Research Center, employing almost 600 scientists, to support the companies operations and product pipeline for both domestic and overseas markets. The Companies manufacturing plants located at Indrad, Baddi & Sikkim have facilities to produce Formulations and Bulk drugs. The plants are approved by authorities from various regulated and semi regulated markets like US, UK, Brazil, Germany, Australia and South Africa.
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