| Revenue & profitability:
∙ Revenue at Rs. 2,591 crores up by 10%. ∙ Gross margin: 74.9%; Op. EBITDA: 30.5% ∙ Op. EBITDA at Rs. 791 crores up by 11%. Adjusted for one off income in both periods, it is up by 16%. ∙ Profit after tax at Rs. 378 crores |
- Performance summary:
| Results | Q1 FY24 | Q1 FY23 | YoY% | ||
| Rs cr | % | Rs cr | % | ||
| Revenue | 2,591 | 2,347 | 10% | ||
| Gross Margins | 1,941 | 75% | 1,687 | 72% | 15% |
| Op EBITDA | 791 | 31% | 712 | 30% | 11% |
| PAT | 378 | 15% | 354 | 15% | 7% |
| R&D spend | 129 | 5% | 122 | 5% | 6% |
- India:
∙ India revenue at Rs 1,426 crores grew by 14.5%
∙ As per AIOCD secondary data, Torrent’s growth for the quarter was 9% vs IPM growth of 4%.
∙ Diabetes therapy (OAD) rank has now improved to 6th (from 9th last year) due to new launch performance and field force expansion
∙ Curatio portfolio continues to deliver high double digit growth along with PCPM improvements
- Brazil:
∙ Brazil revenue at Rs 190 crores, was up by 3%.
∙ Adjusted for sales spill over to Q2 due to delay in dispatch, the underlying growth is 17% (INR) and 12% (constant currency)
∙ As per secondary data set, Torrent’s growth is 15% versus BGx market growth of 11% for the quarter ended Jun’23.
∙ Growth was complemented by strong underlying market growth, new launches and growth of generic segment
- Germany:
∙ Germany revenue at Rs 258 crores was up by 21%.
∙ Constant currency revenue was Euro 29 million, up by 11%.
∙ Growth momentum continues with new tender win coupled with better conversion of existing tenders.
- United States:
∙ US revenue at Rs 293 crores, was down by 2%.
∙ Constant currency revenue at $36 million was down by 8%.
∙ Adjusted for one off income, constant currency growth at 1%
∙ Growth was impacted by price erosion on base portfolio and lack of new launches pending inspection of facilities.
∙ As on June 30, 2023, 45 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDA was approved.
