Torrent Pharma shares hit 52-week high on growth in June quarter net profit and revenue

Torrent Pharma shares hit 52-week high on growth in June quarter net profit and revenue

Torrent Pharmaceuticals Ltd shares registered a new 52-week high of Rs 2,089.85 per piece on the BSE on Tuesday after the company reported a rise in net profit and revenue for the quarter ending June 30, 2023.  

The pharmaceutical company reported its earnings figures for the June 2023 quarter on August 7.

Torrent Pharma consolidated results for Q1 FY24

Torrent Pharmaceuticals posted a decent 7 per cent rise in its profit after tax (PAT) at Rs 378 crore on a year-on-year (YoY) basis, slightly higher than the estimated bottomline of Rs 361 crore in the June ended quarter.

The company’s revenue increased 10 per cent YoY to Rs 2,591 crore in the June quarter as compared to Rs 2,347 crore in the same quarter last year. However, it was lower than the street estimates of Rs 2,639 crore.

The pharma company witnessed its earnings before interest, taxes, depreciation, and amortisation or EBITDA rising by 11 per cent to Rs 791 crore as opposed to Rs 712 crore in the corresponding quarter of last year, marginally lower than the estimated figure of Rs 806 crore for the period.

Further, Torrent Pharma’s margins for the quarter under review improved to 30.5 per cent from 30.3 per cent in the year-ago period, in line with the estimated 31 per cent margin. Its gross margins also increased in Q1FY24 to 75 per cent from 72 per cent in the same period of the previous fiscal.

Region-wise rvenue

Torrent Pharmaceuticals’ revenue from its India business increased 15 per cent to Rs 1,426 crore in the June quarter compared to Rs 1,245 crore last year.

Its German business’ revenue made a strong 21 per cent growth in Q1FY24 at Rs 258 crore from Rs 214 crore in the year-ago period, while the Brazil business’ revenues grew by 3 per cent on a YoY basis to Rs 190 crore.

However, the company’s revenue in the United States decreased by 2 per cent to Rs 293 crore in the June-ended quarter.

Shares of Torrent Pharma were trading 0.57 per cent lower at Rs 2039.85 apiece on BSE At 11:11 AM.

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