| 15 May 2009
: Ahmedabad-based pharma major, Torrent Pharmaceuticals Limited, today released its financial results for the fourth quarter (Q4) and for the financial year 2008-09. The sales for the quarter stood at Rs. 400 crores up by 25% from Rs. 320 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 139 crores, growing 17%. Sales outside India jumped by 31% to Rs. 217 crores with healthy growth across all geographies. Operations in Brazil registered quarterly sales growth of 15%, with revenues growing from Rs. 53 crores to Rs 61 crores. Germany-based Heumann operations clocked sales of Rs. 70 crores with growth of 35%. Europe (other than Heumann), Russia & CIS and Rest of the world operations grew 25% with sales of Rs. 75 crores rising from Rs. 60 crores in comparable quarter. Operating profits (PBDIT) for the quarter, impacted by certain one-time charges, stood at Rs. 53 crores compared to Rs. 52 crores in the corresponding quarter last year,. Net profit (PAT) of Rs. 36 crores was down by 18% from Rs. 44 crores during the same period last year. Tax expense in the corresponding quarter of last year was lower by Rs 16 crores due to recognition of MAT credit entitlement for previous 3 quarters in Q4. Adjusted for one-off charges and tax impact the PAT was up by 59%. For the financial year, sales rose 21% to Rs. 1617 crores from Rs. 1336 crores in the previous year. Sales outside India for the year at Rs. 823 crores reflect growth of 38%. PBDIT for the financial year, at Rs. 259 crores was 28% higher compared to Rs. 203 crores in the previous year. Share of International sales increased to 51% of the total sales for the first time. During the year, the company recognised foreign exchange losses of Rs. 41 crores and did not exercise the option of capitalization or amortization of exchange differences on long term monetary items as provided by the notification issued by Ministry of Corporate Affairs on 31-Mar-09.. 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 the year stood at Rs. 184 crores against Rs. 135 crores during the previous period clocking a growth of 36%. The company filed 32 ANDAs and 15 DMFs with US FDA as part of its US operations, of which approvals for 11 ANDAs have been received till date. Significant investment in product development is being made to support the build-up of US, Brazil and European operations. The total revenue expenditure on R&D was 6.9% (previous year 7.2%) of consolidated net sales and operating income. Construction activity is in full swing at Sikkim where the Company is building a new formulation manufacturing unit. The Company will also expand its bulk drug and formulation manufacturing capacity at Chatral to meet the growing needs of regulated markets. About Torrent Pharma: Torrent Pharma, with an annual turnover of over Rs. 1600 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 336 patents for NCE’s in all major markets worldwide, of which 144 patents have been granted so far. Torrent’s manufacturing plant at Chatral 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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