Ahmedabad, Oct 30 (UNI) Torrent Pharmaceuticals has posted a consolidated net profit of Rs 26 crore, 15 per cent up from Rs 23 crore for the same period last year.
The Ahmedabad-based pharma major today released its unaudited financial results for second quarter (Q2) and half year (H1) ended September 30, 2007.
Consolidated sales of Q2 grew by 5 per cent to Rs 340 crore from Rs 323 crore in the corresponding Q2 last year. Consolidated international sales at Rs 142 crores for Q2 reflect a growth of 4 per cent. Modest sales growth for Q2 are largely attributable to flat sales in domestic market, Brazil and Heumann-Germany, which was partially contained by improved sales in the European operations.
PBDIT for Q2 was up by 27 per cent to Rs 47 crore from Rs 37 crore in the corresponding Q2 last year, due to improved margins.
Improvement in margins was achieved from containment of employee costs and marketing spend. During this period, the Company posted a consolidated net profit of Rs 26 crore, up by 15 per cent from Rs 23 crore during the same period last year.
At the end of Q2, the Company had filed 11 ANDAs and 5 DMFs with US FDA as part of its US operations. Approvals for 4 ANDAs have been received. Significant investments in product development are also being made to support the build-up of US and European operations.
The H1 revenue expenditure on R&D was 7.1 per cent (previous H1 5.3 per cent) of consolidated net sales and operating income.
Consolidated H1 sales increased by 8 per cent to Rs 671 crore as compared to Rs 621 crore for the corresponding H1 last year.
Consolidated H1 international sales at Rs 270 crore reflect growth of 4 per cent. Consolidated operating profits (PBDIT) for the half year at Rs 92 crore were 28 per cent higher as compared to Rs 72 crore in the previous period. Improved profitability in the domestic business and higher volumes in the European business were the key drivers of this growth. Consolidated net profit for H1 stood at Rs 53 crore as against Rs 39 crore during the previous period clocking a growth of 36 per cent.