Torrent Pharma board approves to raise Rs 5,000 crore
Torrent Pharma on Friday said its board has approved to raise funds up to Rs 5,000 crore for issuance of equity shares.
«Recommended to the members to obtain enabling approval for issuance of equity shares including convertible bonds or debentures through Qualified Institutional Placement (QIP) and or any other modes for an amount not exceeding ₹5,000 crore in the upcoming Annual General Meeting (AGM),» the company said in a statement to stock exchanges.
Torrent Pharma has been actively scouting for acquisitions. ET reported on Friday that Torrent Pharma are amongst the companies interested in acquiring Mumbai-based drug maker JB Pharma. The company was also in news for holding talks to acquire the stake of Cipla's promoters which didn't materialize.
Torrent Pharma board also recommended a final dividend of ₹6 per equity share. The company has earlier paid an interim dividend of ₹22 per share.
The company on Friday reported 57% year-on-year (YoY) jump in net profit Rs 449 crore in Q4FY24 led by sales momentum in India, Brazil and Germany.
The company reported net profit of Rs 287 crore during the corresponding period of previous year.
Revenues rose 10% YoY to Rs 2,745 crore during Q4FY24, compared to Rs 2,491 crore in Q4FY23.
The operating earnings before interest, tax, depreciation and amortisation (EBITDA) grew 21% YoY to Rs 883 crore.
The R&D spend dropped 7% YoY to Rs 139 crore in the fourth quarter.
For FY24, Torrent revenue grew 12% YoY to Rs 10,728 crore and net profit of 1656 crore.
India sales
