| 28 Jan 2009
: Torrent Pharmaceuticals Limited, the Ahmedabad-based pharma major, released its unaudited consolidated financial results for the third quarter (Q3) and nine months (YTD) ended December 31, 2008. The sales for the quarter at Rs. 429 crores is up 24% from Rs. 346 crores of the comparable quarter, on the back of healthy growth in domestic formulation business and continued buoyancy in international business. During the quarter the key domestic formulation business recorded sales of Rs 160 crores, growing 12%. Sales ouside India jumped by 39% to Rs. 223 crores with healthy growth across all geographies. Operations in Brazil registered quarterly sales growth of 16%, with revenues growing from Rs. 58 crores to Rs 67 crores. Germany-based Heumann operations clocked sales of Rs. 79 crores with growth of 58%. Europe (other than Heumann), Russia & CIS and Rest of the world operations grew 33% with sales of Rs. 70 crores rising from Rs. 52 crores in comparable quarter. Operating profits (PBDIT) for Q3 grew slower at 20% to Rs. 73 crores from Rs. 61 crores in the corresponding Q3 last year, affected mainly by forex loss of Rs 25 crores. Net profit (PAT) of Rs. 51 crores, was up 36% from Rs. 37 crores during the same period last year. Tax expense in the current quarter was lower due to recognition of MAT credit entitlement of Rs 5.6 crores versus no such credit taken in the comparable quarter. YTD sales rose 20% to Rs. 1217 crores from Rs. 1017 crores in the corresponding period last year. Sales outside India for nine months at Rs. 606 crores reflect growth of 41%. PBDIT for nine months at Rs. 206 crores were 36% higher compared to Rs. 151 crores in the previous period. Higher sales volumes both in Domestic & International business, supported by turnaround in Heumann operations were the prime factors contributing to growth in profits. PAT for nine months stood at Rs. 148 crores against Rs. 90 crores during the previous period clocking a growth of 64%. At the end of Q3, the company filed 23 ANDAs and 11 DMFs with US FDA as part of its US operations, of which approvals for 6 ANDAs have been received till date. Significant investment in product development is being made to support the build-up of US and European operations. Nine months revenue expenditure on R&D was 6.5% (previous nine months 6.90%) of consolidated net sales and operating income. Company plans to build a new formulation manufacturing unit in Sikkim to seek fiscal advantages offered by that location, whilst it Baddi formulation manufacturing unit obtained regulatory approval for european markets. The Company will also expand its bulk drug capacity at Chatral, to meeting the growing product pipeline for regulated markets. 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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