Torrent Pharma announces Q2 FY25 results. Revenue at Rs. 2,889 crores grew by 9%, Gross Margin: 76.5%, Op. EBITDA margin at 32.5%. Op. EBITDA at Rs.939 crores, up by 14%. Net Profit after tax at Rs. 453 crores, up by 17%, Insulin revenues were impacted this quarter due to scheduled shutdown taken in the month of August for maintenance activities. The facility will be released for manufacturing in December. Shortfall is significantly planned to be recovered in Quarter 4 of this year and consequently there will not be any impact on a full year basis. Adjusted for the above, the underlying revenue growth for the quarter is 10% with Operating EBITDA growth at 16%.
Performance summary:
| Results | Q2 FY25 | Q2 FY24 | YoY% | H1 FY25 | H1 FY24 | YoY% | ||||
| Rs cr | % | Rs cr | % | Rs cr | % | Rs cr | % | |||
| Revenues | 2,889 | 2,660 | 9% | 5,748 | 5,251 | 9% | ||||
| Gross profit | 2,211 77% | 2,000 75% | 11% | 4,376 76% | 3,941 75% | 11% | ||||
| Op EBITDA | 939 | 33% | 825 31% | 14% | 1,843 32% | 1,616 31% | 14% | |||
| PAT | 453 | 16% | 386 15% | 17% | 910 16% | 764 15% | 19% | |||
| R&D spend | 145 | 5% | 132 | 5% | 10% | 280 | 5% | 262 | 5% | 7% |
India:
∙ India revenues at Rs 1,632 crores were up by 13% led by outperformance in focus therapies. ∙ As per AIOCD secondary market data, IPM growth for the quarter was 8%.
∙ Torrent’s chronic business grew at 14% vs IPM growth of 9%, driven by strong revival in cardiac
divisions and continued traction in anti-diabetes (OAD) new launches.
∙ On a MAT basis Torrent has outperformed the market across focused therapies aided by strong new launch performance. Torrent has 21 brands in the Top 500 brands in IPM, with 13 brands more than 100 crores.
∙ For H1 FY25, revenues were Rs 3,267 crores, up by 14%.
Brazil:
∙ Brazil revenues at Rs 263 crores, were up by 4%.
∙ Constant currency revenues at R$ 174 million, were up by 17%.
∙ As per IQVIA QTD Aug 24, Torrent growth at 8% vs market growth of 8%.
∙ Growth was aided by performance of top brands, new launches and growth in generic segment. ∙ Torrent has currently twenty one products under ANVISA review.
∙ For H1 FY25, revenues were Rs 459 crores, up by 4% (Constant currency revenue: R$ 297 million, up by 13%).
Germany:
∙ Germany revenues at Rs 288 crores, were up by 8%.
∙ Constant currency revenues at Euro 31 million, were up by 6%.
∙ Growth momentum continues with incremental tender wins since last five quarters. ∙ For H1 FY25, revenues were Rs 572 crores, up by 9% (Constant currency revenue: Euro 63 million, up by 8%).
United States:
∙ US business revenues at Rs 268 crores, were up by 8%.
∙ Constant currency revenues at $32 million, were up by 7% compared to same period in the previous year. Sequential quarter sales were at a similar level.
∙ For H1 FY25, revenues were Rs 527 crores, down by 3% (Constant currency revenue: $63 million down by 4%). Adjusted for one off income in H1 23-24, constant currency de growth at 2%.
