Torrent Pharma Q1 net up 65 pc

Ahmedabad, July 31 (UNI) City-based pharma major Torrent Pharmaceuticals has reported a 65 per cent rise in consolidated net profit for the quarter ended June 30 at Rs 27 crore as against Rs 16 crore during the corresponding quarter last year.

Consolidated operating profits (PBDIT) for Q1 went up by 29 per cent to Rs 44 crore compared to Rs 34 crore in previous quarter, a company press release here said.

The company has reported an 11 per cent rise in consolidated sales at Rs 331 crore for the quarter ended June 30 compared to Rs 299 crore in the corresponding quarter of the last fiscal.

Consolidated international sales stood at Rs 129 crore, a 5 per cent rise over the corresponding period last fiscal, according to a company press release.

The domestic formulation business registered sales of Rs 172 crore as against Rs 148 crore during the corresponding quarter last year, registering a 16 per cent growth. Adjusting for the effect of sales spillover due to implementation of VAT in eight states in Q1 of previous year, the domestic formulation sales grew by 22 per cent during the quarter. This growth rate was largely due to buoyant performance in diabetology and cardiology divisions and increasing market share of new products introduced in the previous year, the release said.

Production for domestic market in the new facility in Himachal Pradesh continued to bolster margins for the quarter due to fiscal benefits by way of excise duty exemption and lower income tax, the release said.

During the quarter, Brazilian operations clocked a slower growth of 19 per cent with sales of Rs 37 crores, up from Rs 31 crore last quarter.

In the German market, which faces severe price erosions, Heumann grew by 5 per cent to Rs 59 crore compared to Rs 56 crore. Price erosions are expected to continue going forward which will be offset with a time-lag through reduced manufacturing costs by shifting manufacturing to India plants, restructuring of operations to reduce SGA and volume expansion, the release said.

UNI