Torrent Pharma stock nosedives over 15% after Q3 PAT declines by 16% yoy to Rs249cr

27 Jan 2022 , 10:58 AM

Torrent Pharma Ltd. announced its financial performance for the quarter ending December 2021. The company reported a consolidated net profit of Rs 249 crore for Q3 FY’22 against Rs 297 crore for Q3 FY’21, down by 16% YoY. 

The shares of Torrent Pharma dipped 15.49% so far in today’s trade. It is currently trading at Rs 2,685.25 against the previous closing price of Rs 3,160.55, down by 15.04%.

The company reported revenue from operations in the third quarter at Rs 2,108 crore as compared to Rs 1,995 crore in the previous corresponding quarter, reflecting a marginal growth of 5.66%.

Torrent Pharma witnessed a 20% YoY downfall in its US revenues at Rs 235 crores during the quarter under review whilst its Indian revenue jumped by 15% to Rs 1072 crores.

Samir Mehta, Chairman, said, “Due to the prolonged delays in reinspection of our US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure, our US business has been adversely affected during this quarter. We remain hopeful of our prospects in the US market as soon as the facilities are reinspected. We have initiated cost optimisation measures which should help us get back on track with respect to margins in the upcoming quarters.”

“Our India business continues to be on a strong footing delivering significantly higher than market growth during the quarter,” the Chairman added.