Torrent Pharma posts 24% jump in net profit to Rs 386 crore in Q2FY24
Torrent Pharma on Monday posted Rs 386 crore net profit, a year-on-year (YoY) rise of 24% in the second quarter ended September led by sales growth across its key markets of India, Brazil and Germany.
The company reported net profit of Rs 312 crore during the corresponding period of previous year.
Revenues rose 16% YoY to Rs 2,660 crore during Q2FY24, compared to Rs 2,291 crore in Q2FY23.
The earnings before interest, tax, depreciation and amortisation (EBITDA) rose 22% YoY to Rs 825 crore.
The R&D spend rose 9% YoY to Rs 132 crore in the second quarter.
India sales that constitute over half of Torrent's revenues grew 18% YoY to Rs 1,444 crores in Q2FY24. Torrent said the growth was led by continued double digit growth in chronic therapies, revival in gastro demand, traction in consumer division, and new launches.
Curatio portfolio grew by 17% led by strong growth in top focus brands.
Brazil revenue was up by 36% YoY to Rs 252 crore.
Torrent said the growth was due to the impact of sales spillover from Q1FY24.
Germany revenue at Rs 266 crores was up by 21%. Growth momentum continues with new tender wins coupled with better conversion
of existing tenders.
The US revenue declined 15% to 248 crore due to lack of new launches.
