Torrent Pharmaceuticals recorded a 2.8% increase in consolidated net profit to Rs 330 crore on a 5.3% increase in net sales to Rs 2,120 crore in Q1 FY22 over Q1 FY21.
Consolidated profit before tax increased 20.4% to Rs 484 crore in the first quarter of FY 22 from Rs 402 crore reported in the first quarter of FY 21. Consolidated EBITDA grew 8% YoY to Rs 717 crore in the first quarter of fiscal 22. The EBITDA margin improved to 34% in the first quarter of fiscal 22 from 32% in the first quarter of fiscal 21.
The R&D spending of the pharmaceutical company stood at Rs 125 crore in the first quarter of fiscal year 22 compared to the Rs 108 crore published in the first quarter of fiscal year 21.
Torrent Pharma's business revenue in India grew 18% YoY to Rs 1,093 crore in the first quarter of FY22. Torrent said it launched baricitinib during the quarter and is currently conducting clinical trials for molnupiravir. The company confirmed that more partnerships are being evaluated to expand the covid portfolio.
The pharmaceutical company's revenue in the US amounted to Rs 266 crore in the first quarter of FY22, down 29% year-on-year. Constant currency sales were $ 36 million. Torrent Pharma said sales were lower due to price erosion at the base business and the lack of new approvals pending reinspection of the facilities.
Brazil's revenue stood at Rs 153 million, increasing 9% year-on-year. Sales in constant currency were R $ 108 million, 14% more than the 12% growth of the covered market. Growth was driven by growth momentum in both the brand and generic segments.
Germany's revenue grew 5% year-on-year to Rs 260 million in the first quarter of fiscal 22. Constant currency sales were โฌ 29 million with flat growth. The second wave of Covid and related lockdowns affected market growth during the quarter.
Torrent Pharma, with annual revenue of over Rs 8 billion, is the flagship company of the Torrent Group, with group revenue of over Rs 20 billion.
Torrent Pharmaceuticals shares fell 2.46% to Rs 2,930 on BSE.
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(This story has not been edited by Business Standard staff and is automatically generated from a syndicated feed.)
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