On Tuesday (July 23), Torrent Pharmaceuticals Ltd reported a 20.1% YoY rise in net profit of ₹457 Crore for the first quarter ending June 30, 2024. Torrent Pharmaceuticals reported a quarterly net profit of ₹378 Crore in a regulatory filing.
The company’s revenue from operations increased by 10.3% to ₹2,859 Crore from ₹2,591 Crore in the same period last year.
EBITDA climbed 14.3% to ₹904 Crore in the first quarter of this fiscal year, up from ₹791 Crore in the previous year.
The EBITDA margin was 31.6% in the reporting quarter, up from 30.5% in the same period last fiscal year.
The company announced that its India business grew by 10% year on year in the June quarter, with sales rising to ₹1,635 Crore from ₹1,426 Crore in Q1 FY24, owing to outperformance in focused therapies.
The business also announced that it has signed a non-exclusive licensing agreement with Takeda Pharmaceuticals to commercialise its new potassium-competitive acid blocker (P-CAB) Vonoprazan in India during the June quarter of FY25.
It is used to treat GERD, an acid-related ailment.
Torrent’s chronic business rose by 14%, outpacing the Indian Pharma Market (IPM) growth of 8%. The growth was driven by a strong revival in cardiac divisions and continued traction in anti-diabetes new launches, according to the company’s statement.
Torrent Pharmaceuticals Ltd is an Indian global pharmaceutical firm that is part of the Torrent Group and has its headquarters in Ahmedabad. U. N. Mehta promoted Trinity Laboratories Ltd, which was eventually renamed Torrent Pharmaceuticals Ltd.
At around 12.32 PM, Torrent Pharmaceuticals was trading 3.17% lower at ₹3,039 per piece, against the previous close of ₹3,138.70 on NSE. The counter touched an intraday high and low of ₹3,161.95, and ₹3,002.55, respectively.
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