Ahmedabad-based pharmaceuticals major Torrent Pharmaceuticals’ financial results for the quarter ended 31-Dec-13 shows a 28.9 per cent rise in consolidated net sales to Rs 990 crores from Rs 768 crores while net profits jumps up by 41.07 per cent to Rs 158 crores from Rs 112 crores.
During the quarter under review, domestic formulation business grew up by 15 per cent and recorded Rs 297 crores. As per AIOCD data, Torrent Pharma grew up by 12 per cent in Q3 compared to covered market growth of five per cent and Indian pharma growth of five per cent.
The company’s international revenues moved up by 41 per cent to Rs 637 crores. Among international operations, the US business reported growth of 61 per cent, Europe (including Heumann) 59 per cent, Brazil 26 per cent and Rest of the World, including Russia, CIS, Mexico and Canada nine per cent.
Its profit before taxes for the quarter was Rs 188 crores compared to Rs. 143 crores during the same period last year.
For YTD December 2013, the revenues increased by 26 per cent to Rs. 2,959 crores compared with Rs 2,341 crores for the corresponding period last year. Profit before taxes grew by 25 per cent to Rs. 527 crores compared to Rs 423 crores during the same period last year.
On Dec 13, 2013 the company entered into a definitive binding agreement with Elder Pharmaceuticals to acquire its identified branded formulations business in India and Nepal for Rs 2004 crores. Both companies are in the process of receiving shareholder and regulatory approvals.
EP News Bureau- Mumbai