On consolidated basis, Torrent Pharmaceuticals' net profit slipped 1.3% to Rs 312 crore on 7.2% increase in net revenue from operations to Rs 2,291 crore in Q2 FY23 over Q2 FY22.
The drug maker's consolidated profit before tax shed 1.9% to Rs 463 crore in the second quarter from Rs 472 crore in Q2 FY22.Gross profit rose 7% to Rs 1,650 crore in Q2 FY23 as against Rs 1,542 crore posted in Q2 FY22. EBITDA stood at Rs 694 crore in Q2 FY23, declining 2% from Rs 711 crore recorded in Q2 FY22. Meanwhile, EBITDA margin declined to 30% in Q2 FY23 as compared to 33% reported in the corresponding quarter previous year.
India revenue was at Rs 1,224 crore in Q2 FY23, recording a growth of 13% year on year (YoY). As per secondary market data (AIOCD), Torrent's Q2 FY23 growth was 19% versus Indian Pharmaceutical Market (IPM) growth of 13%. The growth was due to new launches, performance of top brands and market outperformance across focus therapies.
Brazil revenue jumped 19% YoY to Rs 185 crore in Q2 FY23. Constant currency revenue was at R$ 121 million, up by 10%. As per secondary market data, Torrent's Q2 growth is 14% versus BGx market growth of 10% for the quarter ended August 2022. The growth was aided by performance of new launches.
US revenue stood at Rs 292 crore in Q2 FY23, up by 3% YoY. Constant currency revenue was at $37 million was up by 7%. As on 30 September 2022, 48 abbreviated new drug applications (ANDAs) were pending approval with United States Food and Drug Administration (USFDA) and 3 tentative approvals were received.
Germany revenue dropped 12% YoY to Rs 220 crore in Q2 FY23. Constant currency revenue was Euro 27 million. Growth was impacted due to tender losses in previous quarters. Torrent has already initiated measures to improve price competitiveness.
Torrent Pharma, with annual revenues of more than Rs 8,500 crore, is the flagship company of the Torrent Group. It is ranked 8th in the Indian pharmaceuticals market and is amongst the top 5 in the therapeutics segments of Cardiovascular (CV), Gastro Intestinal (GI),Central Nervous System (CNS), and Vitamins Minerals Nutritionals (VMN).
Shares of Torrent Pharma rose 0.66% to Rs 1,578.95 on the BSE.
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