Torrent Pharmaceuticals reported consolidated net profit of Rs 314 crore in Q4 March 2020 as against net loss of Rs 152 crore in Q4 March 2019.
Net sales rose 4.9% to Rs 1,912 crore in Q4 March 2020 over Q4 March 2019. Pre-tax profit stood at Rs 293 crore in Q4 March 2020 as against pre-tax loss of Rs 150 crore in Q4 March 2019. Current tax expenses fell 22.2% to Rs 49 crore in Q4 March 2020 compared with Rs 63 crore in Q4 March 2019. The Q4 result was announced after market hours yesterday, 26 May 2020.
The company reported exceptional loss of Rs 357 crore in the year ended 31 March 2019 due to impairment provision of certain intangible assets, intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm, Inc. and product recalls made during the year ended 31 March 2019.
EBITDA grew 26% to Rs 562 crore in Q4 FY20 from Rs 486 crore in Q4 FY19, driven by cost control and productive improvements. EBITDA margin stood at 29% during the quarter. The research & development (R&D) spend gained 7% to Rs 118 crore in Q4 March 2020 as against Rs 139 crore in Q4 March 2019.
In India, revenues soared 11% YoY (year-on-year) to Rs 840 crore in Q4 FY20 on comparison to Q4 FY19. Adjusted for COVID-19 related supply delays, the growth is 15% YoY during the quarter. US revenues at Rs 385 crore were up by 3%. Brazil revenues at Rs 196 crore were down by 5%. Germany revenues were at Rs 216 crore, down by 10%.
Speaking on the Q4 performance, Samir Mehta, the executive chairman of Torrent Pharmaceuticals, said, "During these unprecedented times of the pandemic, Torrent Pharma recognizes that it has an important role to play in the healthcare ecosystem and has proactively taken actions to ensure product availability and business continuity."
"Our Q4 margins continued to benefit largely from the synergies of the acquired Unichem portfolio, incremental productivity and cost control. Our focus continues to remain on India, US, Brazil and Germany as our core markets; For the US, remediation work at Dahej and Indrad has progressed as per plan and we expect Germany growth to revive in FY21," he added.
Torrent Pharmaceuticals manufactures bulk drugs and pharmaceutical formulations.
Shares of Torrent Pharmaceuticals skid 2.99% to Rs 2,504 on BSE. The scrip hovered in the range of Rs 2,480.85 to Rs 2,618 so far.
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