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Torrent Pharma’s Q2 net profit jumps 84% at Rs. 48 crores

Torrent Pharmaceuticals Limited, the Ahmedabad-based pharma major, today released its unaudited financial results for second quarter (Q2) and half year (H1) ended September 30th, 2008.

24 Oct 2008 : Torrent Pharmaceuticals Limited, the Ahmedabad-based pharma major, today released its unaudited financial results for second quarter (Q2) and half year (H1) ended September 30th, 2008. The consolidated sales for the quarter stood at Rs. 400 crores up 18% from Rs. 340 crores registered in the comparable quarter. Consolidated international sales jumped by 45% to Rs. 205 crores largely attributable to robust performance in Brazil, Europe & Russian operations. During the quarter the domestic formulation business registered sales of Rs 157 crores representing a sales growth of 3%. Brazilian operations continued to post robust sales growth of 82% with sales of Rs. 85 crores up from Rs. 47 crores in comparable quarter. Europe operations (other than Heumann) registered a growth of 22% with sales at Rs. 21 crores. Heumann registered a sales growth of 15% with sales of Rs 56 crores compared to Rs. 49 crores in comparable quarter. PBDIT for Q2 was up by 43% to Rs. 67 crores from Rs. 47 crores in the corresponding Q2 last year mainly due to higher international sales coupled with improved margins. Improvement in margin was achieved from better realization supported by favourable exchange rates & improved product mix. During this period, the company posted a consolidated net profit of Rs. 48 crores, up by 84% from Rs. 26 crores during the same period last year. At the end of Q2, the company had filed 16 ANDAs and 10 DMFs with US FDA as part of its US operations. Approvals for 5 ANDAs have been received till date. Significant investment in product development is being made to support the build-up of US and European operations. The H1 revenue expenditure on R&D was 6.9% (previous H1 7.1%) of consolidated net sales and operating income. Consolidated H1 sales increased 17% to Rs. 788 crores compared with Rs. 671 crores for the corresponding H1 last year. Consolidated H1 international sales at Rs. 383 crores reflect growth of 42%. Consolidated operating profits (PBDIT) for the half year at Rs. 136 crores were 48% higher compared to Rs. 92 crores in the previous period. Improved profitability in international operations along with higher volumes was the key driver of this growth. Consolidated net profit for H1 stood at Rs. 98 crores against Rs. 53 crores during the previous period clocking a growth of 84%. About Torrent Pharma: Torrent Pharma, with an annual turnover of over Rs. 1300 crores, is the flagship company of Rs. 5000 crores Torrent Group. With many of its products ranking among the Top 200 brands, Torrent continues to be at the forefront of the Indian pharmaceutical industry through research, innovation and breakthrough discoveries in the therapeutics areas of Diabetology, Cardiovascular, Central Nervous System, Gastro-Intestinal, Anti-infective and Pain management. Its Research Centre employs over 600 scientists in the areas of drug discovery and development. Currently, Torrent has seven discovery projects in pipeline. It has filed 219 patents for NCE’s in all major markets worldwide, of which 123 patents have been granted so far. Torrent’s manufacturing plant at Chhatral has a capacity to manufacture approx. 3,000 million Tablets, capsules and vials and 15000 kgs of Bulk Drugs/API. The facility has already been approved by authorities from regulated markets like US, UK, Germany, Australia and South Africa. The manufacturing plant at Baddi has a capacity to manufacture 3600 million tablets, 150 million capsules, 10 million Oral Liquid bottles and 12 million sachets per annum.

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