Torrent Group's flagship Torrent Pharmaceuticals Limited posted a consolidated net profit of Rs 287 crore in the quarter ended 31 March 2023, up from a net loss of Rs 118 crore in the corresponding quarter a year ago.
Consolidated revenue from the company's operations stood at Rs 2,491 crore for the quarter (Rs 2,131 crore last year), up 17 per cent year-on-year.
For the fiscal year 2022-23, the company's net profit was Rs 1,245 crore, up 60% from Rs 777 crore last year. Annual revenue from operations stood at Rs 9,620 crore, up 13% from Rs 8,508 crore last year.
The board of directors has recommended a final dividend of โน8 (or 160 percent) per stock share of โน5 each. Previously, the company had paid an interim dividend of Rs 14 (or 280 percent) per share during the last quarter.
The company reported that its revenue in India grew by 16% to โน4,984 crore for FY2023, mainly driven by strong performance from new launches in chronic therapies and the integration of Curatio. During the quarter, revenue from India grew 22 percent to โน1,257 crore.
In international markets, Torrent Pharmaceuticals recorded 26% growth in the Brazil market with revenue reaching Rs 935 crore in the fiscal year. In the Germany market, the company posted revenue growth of 4% to Rs 928 million. US revenue increased 9% to โน1,162 crore for the fiscal year โ faced challenges due to price erosion in the base portfolio and lack of new launches pending facility inspection during the trimester.
In Brazil, growth was complemented by strong underlying market growth, new launches and growth in generic segments, and in Germany growth was driven by OTC segments and new tenders awarded.
The company's board of directors also approved the fundraising plans and recommended the company "obtain approval for the issuance of equity shares, including convertible bonds/debentures through qualified institutional placement (QIP) and/or receipts." deposit or otherwise in an amount not exceeding Rs 5,000 crore at the next Annual General Meeting of the Company.โ
Torrent Pharma shares finished marginally up at Rs 1714.80, up 0.55 per cent from the BSE Tuesday. ends..
