On consolidated basis, Torrent Pharmaceuticals' net profit rose 13.7% to Rs 283 crore on 18.17% jump in net revenue from operations to Rs 2,491 crore in Q3 FY23 over Q3 FY22.
The drug maker's consolidated profit before tax grew 17.4% to Rs 419 crore in Q3 FY23 from Rs 357 crore reported in the same period last year.
Gross profit rose 20% year on year to Rs 1,761 crore in Q3 FY23. Operating EBITDA stood at Rs 724 crore in Q3 FY23, registering a growth of 35% from Rs 538 crore recorded in Q3 FY22. Meanwhile, EBITDA margin improved to 29% in Q3 FY23 as compared to 26% reported in the corresponding quarter previous year.
India revenues were at Rs 1,259 crore in Q3 FY23, rising 17%, it includes revenue from integration of Curatio Healthcare. As per AIOCD secondary data, Torrent's growth for the quarter was 12% versus Indian Pharmaceutical Market (IPM) growth of 12%. The field force has been further expanded and MR strength now stands at 5,300 including Curatio divisions, said the company.
Brazil revenue surged 36% YoY to Rs 248 crore in Q3 FY23. Constant currency revenue at R$ 159 million was up by 17%. As per secondary data set, Torrent's growth is 19% versus BGx market growth of 13% for the quarter ended November 2022. The pharma company said that the growth was aided by performance of top brands and market share gain and strong momentum in generic segment,.
During the quarter, US revenue stood at Rs 291 crores, up by 24%. Constant currency revenue was at $35 million, rising 13%. As on 31 December 2022, 48 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed & 1 ANDAs was approved.
Germany revenue was at Rs 241 crore in Q3 FY23, up by 1%. Constant currency revenue were Euro 29 million, up by 4%. Sequential recovery in Germany was complemented new tenders and growth of OTC segment.
Meanwhile, the company's board has approved an interim dividend of Rs 14 per equity share. The dividend is expected to be paid/ dispatched on or around 14 February 2023.
Torrent Pharmaceuticals is the flagship Company of the Torrent Group. It is ranked 7th 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 Pharmaceuticals declined 1.61% to Rs 1,532.40 on the BSE.
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