Torrent Pharma announces Q1 FY24 results, Revenue at Rs. 2,591 crores up by 10%
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.
About Torrent Pharmaceuticals Ltd:
Torrent Pharma, with annual revenue of more than Rs 9,600 crores, is the flagship Company of the Torrent Group, with group revenue of ~Rs. 37,000 crores. It is ranked 6th in the Indian Pharmaceuticals Market and is amongst the Top 5 in the therapeutics segments of Cardiovascular (CV), Gastro Intestinal (GI), Central Nervous System (CNS), Vitamins Minerals Nutritional (VMN) and Cosmo-Dermatology.
It is a specialty-focused company with ~75% of its revenue in India from chronic & sub chronic therapies. It has presence in 50+ countries and is ranked No. 1 amongst the Indian pharma Companies in Brazil, Germany and Philippines. Torrent has 8 manufacturing facilities, of which 5 are USFDA approved. With R&D as the backbone for its growth in domestic & overseas market, it has invested significantly in R&D capabilities with state of-the-art R&D infrastructure employing approximately 750+ scientists.
