Torrent Pharma Q2 net up 27%, despite dip in US and Brazil revenues
Despite a dip in its US and Brazil revenues, Torrent Pharmaceuticals Ltd. has posted a 27 per cent growth in its consolidated profit after tax (PAT) for the second quarter ended September 30, 2020, for the current financial year 2020-21. The company registered a net profit of Rs 310 crore for Q2 of the fiscal year 2020-21 as compared to Rs 244 crore in the said quarter last year.
The company’s consolidated total revenue for the quarter ended September 30, 2020, however, fell marginally by 0.7 per cent to stand at Rs 2023 crore, as against Rs 2039 crore in Q2 of FY’2019-20.
In terms of geographies, Torrent Pharma’s India revenues grew marginally by seven per cent during the quarter to stand at Rs 963 crore as compared to one per cent growth clocked by the Indian Pharmaceutical Market (IPM), the company stated quoting AIOCD data. On the other hand, the company’s US and Brazil revenues fell by 14 per cent and 18 per cent to stand at Rs 327 crore and Rs 129 crore during the second quarter, respectively.
According to Torrent Pharma, the company’s sub-chronic and acute segments witnessed gradual recovery during the quarter while chronic momentum continued even as its field force productivity for the quarter was Rs 8 lakhs with an MR strength of 4,000.
In the US market, Torrent Pharma’s sales continued to be impacted by price erosion on-base portfolio and absence of new launches. As on September 30, 2020, the company had 47 abbreviated new drug applications (ANDAs) pending approval and six tentative approvals received with one ANDA being filed during the second quarter.
On the other hand, the company stated that with unlocking of the economy, Brazil pharma market also witnessed gradual recovery during the quarter with Torrent’s performance being aided by its chronic portfolio and market share gain.