Drug firm Torrent Pharmaceuticals Ltd on Friday (May 24) reported a 56.5% year-on-year (YoY) jump in net profit at ₹449 crore for the fourth quarter that ended March 31, 2024.
In the corresponding quarter, Torrent Pharmaceuticals posted a net profit of ₹287 crore, the company said in a regulatory filing. The company’s revenue from operations increased 10.2% to ₹2,745 crore against ₹2,491 crore in the year-ago period.
At the operating level, EBITDA rose 21.5% to ₹883 crore in the fourth quarter of this fiscal over ₹727 crore in Q4 of FY23. The EBITDA margin stood at 32.2% in the reporting quarter compared to 29.2% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.
The India revenue was at ₹1,380 crore, up 10% while the same for Brazil was at ₹372 crore, registering a growth of 17%, and Germany was at ₹280 crore, up 11% in the quarter, the company said. On the other hand, US business revenue was at ₹262 crore, down 6%, it added.
Total expenses in the quarter under review were higher at ₹2,145 crore as compared to ₹2,067 crore in the same period a year ago. For the fiscal ended March 31, 2024, consolidated net profit was at ₹1,656 crore as compared to ₹1,245 crore in the previous year, the company said. Consolidated revenue from operations in FY24 stood at ₹10,728 crore as compared to ₹9,620 crore in FY23.
The board has recommended to the members a final dividend of ₹6 (120%) per equity share of ₹5 each. The final dividend amount, if declared by the shareholders, is proposed to be paid or dispatched on or around July 31, 2024. Earlier an interim dividend of ₹22 (440%) per equity share was paid during the last quarter.
Also, the board has recommended to the members to obtain enabling approval for the issuance of equity shares, including convertible bonds or debentures through qualified institutional placement (QIP) and or any other modes for an amount not exceeding ₹5,000 crore in the upcoming annual general meeting of the company.
The results came after the close of the market hours. Shares of Torrent Pharmaceuticals Ltd ended at ₹2,609.10, down by ₹82.70, or 3.07%, on the BSE.
