Torrent Pharma on Friday posted Rs 312 crore net profit, a year-on-year (YoY) drop of 1% in the second quarter ended September. The company reported net profit of Rs 316 crore during the corresponding period of previous year.
Revenues rose 7% YoY to Rs 2,291 crore during Q2FY23, compared to Rs 2,137 crore in Q2FY22. The earnings before interest, tax, depreciation and amortisation (EBITDA) dropped 2% YoY to Rs 694 crore. The EBITDA margins contracted 300 basis points YoY to 30%.
The R&D spend declined 7% YoY to Rs 121 crore in the second quarter. India sales that constitute over half of Torrent’s revenues grew 13% YoY to Rs 1,224 crore in Q2FY23. As per AWACS, Torrent’s growth in Q2 was 19% versus the Indian pharmaceutical market growth of 13%.
The company said the growth was aided by new launches, performance of top brands and market outperformance across focus therapies.
The company said it has completed the acquisition of Curatio Healthcare on October 14, 2022. Torrent bought Curatio for Rs 2,000 crore on September 28.
US revenues rose 3% YoY to Rs 292 crore, while Germany sales dropped 12% YoY to Rs 220 crore. Torrent said Germany revenue was impacted due to tender losses in previous quarters. Torrent said it has already initiated measures to improve price competitiveness.
Brazil revenues improved 19% to Rs 185 crore. Torrent said in the Brazil generics market the company is growing at 14%, which is above the market growth of 10%.
Shares of Torrent Pharma dropped 0.99% to end at Rs 1,578 on the BSE on Friday, while the benchmark Sensex rose 0.18% to 59,307.15 points
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