The board of pharmaceutical company Torrent Pharmaceutical Ltd, which met on Wednesday to announce results for the third quarter ending December 2022 of the current fiscal year (Q3 FY23), also declared an interim dividend of $14 (280 percent) per share of $5 each Torrent Pharma shares closed nearly 2% lower in $1,557 each on the BSE on Wednesday.
"We inform you that the Board of Directors in its session today approved... an interim dividend of $14/- (280%) per share of ~5/- fully paid up stock. The dividend is expected to be paid/dispatched around February 14, 2023," the company said yesterday in an exchange filing.
Torrent Pharma has declared a dividend in shares for the amount of $48 per share in the last 12 months, which, at the current share price, results in a dividend yield of 3.03%, according to data from stock analysis platform Trendlyne.
Torrent Pharma's consolidated net profit increases by 14% to $Rs 283 crore in the third quarter ended 31 December 2022 compared to $Rs 249 crore in the period from October to December of the previous fiscal year. Meanwhile, its net sales increased to $Rs 2,459 crore in the quarter under review compared to $Rs 2,092 crore in the prior year period.
The company said that revenue from India in $Rs 1,259 crore grew by 17% and included revenue from the integration of Curatio Healthcare. While US income $291 million rupees, increased by 24% and revenue from Brazil in $248 crores, up 36%.
โBased on secondary data from AIOCD, torrent growth for the quarter was 12% vs. IPM growth of 12%. The field force has been further expanded and the MR force now stands at 5,300 including the Curatio divisions,โ he said.
Torrent Pharma, with an annual turnover of more than $8,500 crore, is the flagship company of the Torrent Group. The Company is among the leaders in the therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastrointestinal (GI) and women's (WHC) health. Torrent, with a presence in 40 countries, has 7 manufacturing plants, of which 4 are approved by the US FDA. He pharmaceutical stocks it's up 15% in the one-year period.
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