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Friday, January 27, 2023

Business News | Torrent Pharma records 14% growth in third-quarter net profit

Ahmedabad (Gujarat) [India]Jan 26 (ANI) – Torrent Pharma has posted a 14 per cent growth in its net profit to Rs 283 crore for the quarter ended December, up from Rs 249 crore in the same period a year earlier.

Revenue rose 18 per cent to Rs 2,491 crore, up from Rs 2,108 crore in the corresponding quarter of the previous year. The gross profit of the pharmaceutical company increased by 20 per cent to Rs 1,761 crore from Rs 1,470 crore in the corresponding period of the last fiscal year.

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Operating earnings before interest, tax, depreciation and amortization (Ebitda) rose 35 percent to Rs 724 crore, according to a statement shared with the exchanges on Wednesday night.

Its revenue in India grew 17 per cent to Rs 1,259 crore, which included revenue from the integration of Curatio Healthcare.

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The company said revenue from Brazil rose 36 per cent to Rs 248 crore, while revenue from the Germany business was Rs 241 crore, an increase of 1 per cent. Its US revenue grew 24 per cent to Rs 291 crore.

Torrent Pharma, with annual revenue of more than Rs 8.5 billion, is the flagship company of Torrent Group, with group revenue of more than Rs 22.5 billion, the firm said.

It is a specialty-focused company with 75 percent of its revenue in India from chronic and subchronic therapies, according to the statement. The company statement says that it has a presence in 40 countries and ranks No. 1 among Indian pharmaceutical companies in Brazil, Germany and the Philippines. Torrent has seven manufacturing facilities, four of which are approved by the US Food and Drug Administration (FDA), the company said. (AND ME)

(This is an auto-generated, raw story from the syndicated news feed, the body of the content may not have been modified or edited by LatestLY staff)

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