The company reported net profit of Rs 354 crore during the corresponding period of previous year. Revenues rose 10% YoY to Rs 2,591 crore during Q1FY24, compared to Rs 2,347 crore in Q1FY23.
The earnings before interest, tax, depreciation and amortisation (EBITDA) 11% YoY to Rs 791 crore. The R&D spend rose 6% YoY to Rs 129 crore the second quarter.
India sales that constitute over half of Torrent’s revenues grew 14.5% YoY to Rs 1,426 crores in Q1FY24. As per AWACS, Torrent’s growth in Q1 was 9% versus the Indian pharmaceutical market growth of 13%.
Torrent said its rank has improved to 6th from 9th last year in oral anti-diabetes segment due to new launch performance and field force expansion. The Curatio portfolio, which it acquired in October last year continued to deliver high double digit growth along with Per Capita Per Month sale (PCPM) improvements.
US revenues dropped 2% YoY to Rs 293 crores due to price erosion and lack of new launches, while Germany sales rose 21% YoY to Rs 258 crores. Torrent said that Germany revenue growth was due to new tender win coupled with better conversion of existing tenders.
Brazil revenues improved 3% to Rs 190 crore. Torrent said in the Brazil generics market the company is growing at 15% which is above the market growth of 11%.
