Torrent Pharmaceuticals slumped 12.97% to Rs 2750.70 after the company's consolidated net profit fell 16% to Rs 249 crore on 6% increase in revenue from operations to Rs 2,108 crore in Q3 December 2021 over Q3 December 2020.
On a consolidated basis, EBITDA fell 5% year-on-year to Rs 585 crore in Q3 December 2021 over Q3 December 2020. R&D spend rose 9% to Rs 123 crore during the period under review. Profit before tax was flat at YoY at Rs 357 crore in Q3 FY22.Samir Mehta, chairman, said: "Due to the prolonged delays in reinspection of our US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure, our US business has been adversely affected during this quarter. We remain hopeful of our prospects in the US market as soon as the facilities are reinspected. We have initiated cost optimisation measures which should help us get back on track with respect to margins in the upcoming quarters. Our India business continues to be on a strong footing delivering significantly higher than market growth during the quarter."
India revenues stood at Rs 1,072 crore, up 15% YoY, driven by robust performance of top brands in all our focus therapies.
Brazil revenues were at Rs 183 crore, up 5% YoY, aided by market growth together with performance of top brands and new launches.
US revenues were at Rs 235 crore, sliding 20% YoY, due to price erosion in the base business and lack of new approvals pending re-inspection of facilities. As on 31 December 2021, 51 ANDAs were pending approval with USFDA and 7 tentative approvals were received. 2 ANDA was approved during the quarter.
Germany revenues were at Rs 237 crore, sliding by 10%, due to muted market growth and increasing competition in Tender segment.
Torrent Pharma, with annual revenues of more than Rs 8,000 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).
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