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Equity | News | Hot Pursuit
Hot Pursuit
Torrent Pharma gains after decent Q1 performance; Op. EBITDA margin at 30.5%
(09:48, 08 Aug 2023)

While gross margins rose by 15% YoY to Rs 1,941 crore during the quarter.

For Q1 FY24, operating EBITDA was Rs 791 crore (up 11% YoY) and operating EBITDA margin was 30.5%.

The company's India revenue grew by 14.5% YoY to Rs 1,426 crore in Q1 FY24. As per AIOCD secondary data, Torrent's growth for the quarter was 9% as compared with Indian Pharmaceutical Market (IPM) growth of 4%.

The rank of the firm's Diabetes therapy (OAD) has now improved to 6th (from 9th last year) due to new launch performance and field force expansion. Curatio portfolio continued to deliver high double digit growth along with PCPM (per capita per month) improvements.

Torrent Pharma's Brazil revenue rose by 3% to Rs 190 crore. Adjusted for sales spill over to Q2 due to delay in dispatch, the underlying growth is 17% (INR) and 12% (constant currency).

As per secondary data set, Torrent's growth is 15% versus BGx market growth of 11% for the quarter ended Jun'23. Growth was complemented by strong underlying market growth, new launches and growth of generic segment.

The revenue from the company's Germany division increased by 21% to Rs 258 crore in Q1 FY24. Constant currency revenue was Euro 29 million, up by 11%. Growth momentum continued with new tender win coupled with better conversion of existing tenders.

The company's US revenue came in at Rs 293 crore, down by 2%. Constant currency revenue at $36 million was down by 8%. Growth was impacted by price erosion on base portfolio and lack of new launches pending inspection of facilities.

As on 30 June 2023, 45 ANDAs were pending approval with US FDA and 3 tentative approvals were received. During the quarter, 1 ANDA was approved.

Separately, Torrent Pharmaceuticals informed that it has commenced commercial operations of its new Oral Oncology facility at Bileshwarpura close to Indrad, Gujarat.

The facility will cater to all our markets,? the drug maker said in a statement.

Torrent Pharmaceuticals is the flagship company of the Torrent Group. It is ranked 6th in the Indian Pharmaceuticals Market and is amongst the top five in the therapeutics segments of cardiovascular (CV), gastro intestinal (GI), central nervous system (CNS), vitamins minerals nutritional (VMN) and cosmo-dermatology.

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