Torrent Pharma reported a 33 per cent rise in net profit to Rs 1,656 crore for fiscal 2023-24 with revenue growth of over 12 per cent to Rs 10,728 crore.
Diversified Torrent Group surpassed $20 billion (Rs 1.68 lakh crore) in market capitalization on Friday, nearly doubling the market value on the back of strong growth in businesses spanning from pharmaceuticals to energy.
Torrent Group had a rolling capitalization of $10.8 billion (Rs 90.23 billion) as on June 6, 2023.
On Friday, two listed companies of the group, Torrent Pharmaceuticals Limited and Torrent Power Limited gained 2.22 percent and 2.59 percent respectively, setting a new milestone for the group's market capitalization of $20.2 billion at closing of the market, according to the stock market. exchange data.
Shares of the group's flagship Torrent Pharmaceuticals ended at Rs 2,838 each and its subsidiary Torrent Power closed at Rs 1,492.35 each on the NSE.
The steady growth in the group's market capitalization reflects strong financial performance, sustained growth trajectory and business expansions across all verticals.
At the center of its growth strategy is an acquisition-driven business model.
The group has already implemented a succession plan where the third generation of late founder ONU Mehta has taken over all prominent leadership positions in all the companies.
Torrent Pharma has been one of the first to make acquisitions when it acquired Elder Pharma in 2013, followed by a series of acquisitions, the last of which was Curatio in 2022 to foray into the dermatology segment. The company's big, bold bets are paying off a decade later.
Recently, the company signed a pact with Takeda Pharmaceuticals to market its new gastrointestinal drug Vonoprazan in India under Kabvie's Torrent brand for the treatment of acid-related disorders - gastroesophageal reflux disease (GERD).
Torrent Pharma reported a 33 per cent rise in net profit to Rs 1,656 crore for fiscal 2023-24 with revenue growth of over 12 per cent to Rs 10,728 crore.
The company earns about 50 percent of its revenue from the domestic market.
Over the past year, Torrent Pharma's business in India grew 10 per cent, while in terms of MAT (moving annual turnover), the company outperformed the market across all targeted therapies, helped by strong performance in new launches.
Torrent Pharma has 20 brands among the top 500 brands in the Indian Pharmaceutical Market (IPM), with 17 brands worth over Rs 100 crore.
Torrent, which is ranked fifth in the Indian pharmaceutical market, is among the top five in the therapeutic segments of cardiovascular (CV), gastrointestinal (GI), central nervous system (CNS), vitamins, minerals, nutritional (VMN). ) and cosmodermatology. The company has a presence in 50 countries.
Torrent Power, the group's power arm, reported a net profit of Rs 1,896 crore on revenue of Rs 27,183 crore for the financial year 2023-24.
The company has built 1,236 MW of renewable capacity and an additional 3,041 MW are under development.
It has already established a portfolio of projects in the renewable space.
The company is investing in pumped storage hydropower (PSH) plants and the first project is likely to be realized in the next five years.
The company has also set ambitious plans for green hydrogen projects. The first pilot project on green hydrogen is being developed in Uttar Pradesh with the blending of green hydrogen with gas in the gas distribution network of Gorakhpur city.
On the distribution front, Torrent Power distributes nearly 30 billion units to over 4.13 million customers across 12 cities.
(Only the title and image of this report may have been modified by Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
First published: June 7, 2024 | 22:36 IS
