February 5, 2023
torrent pharma

Torrent Pharma announces Q1 FY23 results

Read Time:1 Minute, 36 Second

Revenues & profitability:

  • Revenue at Rs 2,347 crores up by 10%.
  • Gross margins: 72%; EBITDA margins: 32%.
  • EBITDA at Rs. 742 crores was up by 3%.
  • Net profit after tax at Rs. 354 crores was up by 7%.

Performance summary:

Results Q1 FY23 Q1 FY22 YoY%
Rs cr % Rs cr %
Revenues 2,347 2,134 10%
Gross profit 1,687 72% 1,546 72% 9%
EBITDA     742 32%     717 34% 3%
PAT     354 15%     330 15% 7%
R&D spend     122 5%     125 6% -2%

India:

  • India revenues at Rs 1,245 crores grew by 14%
  • As per secondary market data (AIOCD), Torrent’s Q1 FY23 growth was 17% versus IPM growth of 2%
  • Strong outperformance of top brands together with new launches continued to drive market share gains across focus therapies.
  • During the quarter, Torrent added 300 MRs bringing the total field force strength to 4,200

Brazil:

  • Brazil revenue at Rs 184 crores, were up by 20%.
  • Constant currency revenue at R$ 117 million was up by 8%. Adjusted for the discontinued tender business in the previous year, the growth is 10%.
  • As per secondary market data, Torrent’s Q1 growth of 10% was in line with market growth.
  • Growth was aided by strong growth in generic segment, performance of top brands and new launches.

United States:

  • US revenue at Rs 299 crores, were up by 13%.
  • Constant currency revenue at $39 million was up by 7%.
  • Revenue was complemented by performance of Dapsone launched in previous quarter.
  • As on June 30, 2022, 60 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed.

Germany:

  • Germany revenue at Rs 214 crores were down by 18%.
  • Constant currency revenue were Euro 26 million.
  • Growth was adversely impacted due increase in competition and loss of tenders in previous quarters. Torrent has already initiated measures to improve price competitiveness.
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