Torrent Pharma Q2FY23 PAT flat at Rs312 crore on 12% fall in European revenues amidst tight price competition

26 Oct 2022 , 10:10 AM

Torrent Pharma Ltd reported 7.21% growth in total revenues for the September 2022 quarter on consolidated basis at Rs2,291cr.

Revenue fall was -2.39% in sequential terms. For the quarter overall, the India revenues were up 13% yoy at Rs1,224 crore while Brazil revenues were up 19%.

While US revenues were up 3%, the German revenues fell by 12% on tendering losses. There are 48 ANDA pending in the US with the FDA.

In terms of revenues, Torrent Pharma is ranked eighth in the Indian pharma industry and fifth in selected therapeutic segments like cardiovascular, CNS, gastro and vitamins.

Consolidated Profit after tax (PAT) for September 2022 quarter was down -1.27% at Rs312cr and it was -11.86% lower on sequential basis, largely led lower by Europe markets.

For the quarter, the gross margins stood at 72% and the EBITDA margins were at 30%. Overall EBITDA was lower by 2% at Rs694 crore while R&D spending was 7% lower yoy at Rs121 crore.

R&D accounts for 5% of total sales for Torrent Pharma. Net profit margins at 13.62% in Q2FY23 were lower compared to 14.79% in Q1FY22 and against 15.08% in Q1FY23.

Financial highlights for Sep-22 compared yoy and sequentially

	Torrent Pharma
Rs in Crore	Sep-22	Sep-21	YOY	Jun-22	QOQ
Total Income (Rs cr)	₹ 2,291.00	₹ 2,137.00	7.21%	₹ 2,347.00	-2.39%
Net Profit (Rs cr)	₹ 312.00	₹ 316.00	-1.27%	₹ 354.00	-11.86%
Diluted EPS (Rs)	₹ 9.22	₹ 9.32		₹ 10.45
Net Margins	13.62%	14.79%		15.08%