On consolidated basis, Torrent Pharmaceuticals' net profit rose 7% to Rs 354 crore on 10% increase in net revenue from operations to Rs 2,347 crore in Q1 FY23 over Q1 FY22.
The drug maker's consolidated profit before tax added 9.9% to Rs 532 crore in the first quarter to Rs 484 crore in Q1 FY22.
Gross profit rose 9% to Rs 1,687 crore in Q1 FY23 as against Rs 1,546 crore posted in Q1 FY22. EBITDA stood at Rs 742 crore in Q1 FY23, risisng 3% from Rs 717 crore recorded in Q1 FY22. Meanwhile, EBITDA margin declined to 32% in Q1 FY23 as compared to 34% reported in the corresponding quarter previous year.
India revenue was at Rs 1,245 crore in Q1 FY23, recording a growth of 14% year on year (YoY). As per secondary market data (AIOCD), Torrent's Q1 FY23 growth was 17% versus Indian Pharmaceutical Market (IPM) growth of 2%. Strong outperformance of top brands together with new launches continued to drive market share gains across focus therapies. During the quarter, Torrent added 300 medical representatives (MRs) bringing the total field force strength to 4,200.
Brazil revenue jumped 20% YoY to Rs 184 crore in Q1 FY23. Constant currency revenue was at R$ 117 million, up by 8%. Adjusted for the discontinued tender business in the previous year, the growth is 10%. As per secondary market data, Torrent's Q1 growth of 10% was in line with market growth. The growth was aided by strong growth in generic segment, performance of top brands and new launches.
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US revenue stood at Rs 299 crore in Q1 FY23, up by 13% YoY. Constant currency revenue was at $39 million was up by 7%. Revenue was complemented by performance of Dapsone launched in previous quarter. As on 30 June 2022, 60 abbreviated new drug applications (ANDAs) were pending approval with United States Food and Drug Administration (USFDA) and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed.
Germany revenue dropped 18% YoY to Rs 214 crore in Q1 FY23. Constant currency revenue was Euro 26 million. Growth was adversely impacted due increase in competition and loss of tenders in previous quarters. The company said that it has already initiated measures to improve price competitiveness.
Torrent Pharma, with annual revenues of more than Rs 8,500 crore, is the flagship company of the Torrent Group. It is ranked 8th in the Indian pharmaceuticals market and is amongst the top 5 in the therapeutics segments of Cardiovascular (CV), Gastro Intestinal (GI),Central Nervous System (CNS), and Vitamins Minerals Nutritionals (VMN).
Shares of Torrent Pharma rose 1.75% to settle at Rs 1,528.80 on Friday, 29 July 2022.
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