AHMEDABAD:30 JULY 2009
Torrent Pharma, the Rs 1,600-crore pharma major, saw a 22% jump in sales for the first quarter ended June 30, 2009. The company, which
saw growth in its domestic and international formulations business, also announced it would expand its bulk drug and formulation manufacturing capacity in Chatral to meet the growing needs of regulated markets. Its new formulation production unit in Sikkim for the domestic market is in full swing and as per the plans.
The Ahmedabad-based pharma major has clocked Rs 474-crore sales during Q1, up from Rs 388 crore in the comparable quarter last year. The domestic formulation business surged by 15%, as the company recorded sales of Rs 198 crore. The sales outside India increased by 26% to Rs 225 crore.
The company suffered a 69% drop in net profit, which, it said, was mainly due to the hike in the minimum alternative tax (MAT). Excluding MAT credit entitlement adjustment in both the years, PAT grew by 55%. However, operating profit (PBDIT) for the quarter grew 41% at Rs 96 crore compared with Rs 68 crore in the corresponding quarter last year. Higher volumes, both in domestic and international markets, supported by expansion in gross margins, contributed to the growth in profits.
For its international operations, the company registered a 4% growth in revenue from Brazil, as the overall revenue grew from Rs 70 crore to Rs 73 crore. However, the company clarified that depreciation of Brazilian real affected the growth in that country.
Torrent Pharma’s German subsidiary Heumann was also able to clinch a 30% growth, as the sales touched Rs 68 crore. In Europe (other than Heumann), Russia & CIS countries and rest of the world, the operations grew 27% with sales of Rs 66 crore, up from Rs 58 CRORES.
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