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| Torrent Pharma?s operating profits for the quarter up by 41% at Rs. 96 crores | |||
| 30 Jul 2009
: Ahmedabad-based pharma major, Torrent Pharmaceuticals Limited, today released its financial results for the quarter (Q1) ended 30th June, 2009. The Q1 sales stood at Rs. 474 crores, up by 22% from Rs. 388 crores of the comparable quarter, on the back of healthy growth in domestic formulation business and continued buoyancy in international business. During Q1 domestic formulation business recorded sales of Rs 198 crores, growing 15%. Sales outside India jumped 26% to Rs. 225 crores. Operations in Brazil registered quarterly sales growth of 4%, with revenues growing from Rs. 70 crores to Rs 73 crores. Depreciation of Brazilian Real affected the growth. Germany-based Heumann operations clocked sales of Rs. 68 crores with growth of 30%. Europe (other than Heumann), Russia & CIS and Rest of the world operations grew 27% with sales of Rs. 66 crores rising from Rs. 52 crores in comparable quarter. US operations registered sales of Rs. 19 crores against Rs. 3 crores in the comparable quarter. Operating profits (PBDIT) for the quarter grew by 41% at Rs. 96 crores compared to Rs. 68 crores in the corresponding quarter last year. Higher sales volumes both in Domestic & International business, supported by expansion in gross margins, contributed to growth in profits. Net profit (PAT) of Rs. 15 crores was down by 69% from Rs. 49 crores during the same period last year. During the quarter, in view of changes proposed in the Finance Bill (No. 2), 2009 and other relevant factors the Company reviewed realisability of MAT credit entitlement, based on which, the MAT credit entitlement of Rs. 53 crores, recognized in earlier years, has been written off during the quarter and incremental MAT credit entitlement for the quarter has not been recognized. Excluding MAT credit entitlement adjustment in both the years, PAT grew by 55%. The company filed 33 ANDAs and 16 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 7.7% (previous year 6.8%) of consolidated net sales and operating income. Construction activity for a new formulation manufacturing unit at Sikkim for domestic market is underway, in line with the plans. 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. 6400 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 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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