Torrent Pharmaceuticals jumped 8.78% to Rs 517.10 at 10:47 IST on BSE after consolidated net profit rose 41.1% to Rs 158 crore on 28.9% increase in net sales to Rs 990 crore in Q3 December 2013 over Q3 December 2012.
The company announced the results after trading hours on Tuesday, 21 January 2014.
Meanwhile, the BSE Sensex was up 33.56 points, or 0.16%, to 21,284.68.
On BSE, so far 1.94 lakh shares were traded in the counter, compared with an average volume of 52,242 shares in the past one quarter.
The stock hit a high of Rs 534.80 so far during the day, which is also a record high for the counter. The stock hit a low of Rs 496 so far during the day. The stock hit a 52-week low of Rs 328 on 15 March 2013.
The stock had underperformed the market over the past one month till 21 January 2014, sliding 1.07% compared with the Sensex's 0.81% rise. The scrip had, however, outperformed the market in past one quarter, rising 11.36% as against Sensex's 1.71% rise.
The mid-cap company has an equity capital of Rs 84.61 crore. Face value per share is Rs 5.
Torrent Pharmaceuticals said its domestic formulation business revenues grew 15% to Rs 297 crore in Q3 December 2013 over Q3 December 2012. As per AIOCD, Torrent grew at 12% during the quarter compared to covered market growth of 5% and Indian Pharmaceutical growth of 5%.
International revenues grew by 41% to 637 crore in Q3 December 2013 over Q3 December 2012. In the international operations, US business reported growth of 61%, Europe (incl.Heumann) 59%, Brazil growth 26% and Rest of the World, including Russia, CIS, Mexico & Canada 9%.
In Q3 December 2013, the company acquired Indian branded formulations business of Elder for a consideration of Rs 2004 crore. The transaction is subject to conditions precedent including shareholder approval and applicable regulatory approvals and is expected to close in the first half of 2014, Torrent Pharmaceuticals said in a statement.
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 company's operations and product pipeline for both domestic and overseas markets. The company's 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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