Torrent Pharmaceuticals today reported 35.62 per cent decline in consolidated net profit at Rs 188 crore for the first quarter ended June 30, 2017 with its domestic business hit by stock reduction ahead of GST implementation.
The company had posted a consolidated net profit of Rs 292 crore in the same quarter previous fiscal, Torrent Pharmaceuticals Ltd said in a BSE filing.
Net sales during the period under review stood at Rs 1,348 crore as against Rs 1,513 crore in the year-ago quarter, down 10.9 per cent.
Domestic formulations business recorded revenue of Rs 464 crore during the first quarter as against Rs 510 crore in the same period last fiscal, down 9 per cent, it added.
"The Indian pharmaceuticals industry got impacted due to reduction in channel inventory during transition to Goods and Services Tax and consequently the India business performance also got impacted during the quarter," it said.
However, the company said its Brazilian business grew 8 per cent during the quarter at Rs 181 crore as compared to Rs 167 crore in the year-ago period.
In the US, it recorded revenue of Rs 272 crore. In the same period last year, Torrent Pharmaceuticals said it had recorded revenue of Rs 434 crore, which was primarily driven by launch of a new product.
German business recorded revenue of Rs 202 crore during the period under review as against Rs 187 crore in the same quarter last fiscal, up 8 per cent, it said.
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