Torrent Pharma Q1 Results FY2023, PAT at Rs. 354 crores

On 29th July 2022, Torrent Pharma announced its quarterly results for the first quarter of FY2023.

Q1FY23 Key Highlights:

- The company reported its Revenue at Rs. 2,347 crores up by 10%.  

- The Gross margins were at 72% and EBITDA margins at 32%. 

- EBITDA stood at Rs. 742 crores and was up by 3%.  

- Net profit after tax at Rs. 354 crores was up by 7%. 

Geographical Highlights:

India:

- Indian market revenues were at Rs. 1,245 crores grew by 14%.

-  As per secondary market data (AIOCD), Torrent’s Q1 FY23 growth was 17% versus IPM growth of 2%

-  Strong outperformance of top brands together with new launches continued to drive market share gains across focus therapies.

-  During the quarter, Torrent added 300 MRs bringing the total field force strength to 4,200

Brazil:

- Brazil's revenue at Rs 184 crores, up by 20%.

- Constant currency revenue at R$ 117 million was up by 8%.

- Adjusted for the discontinued tender business in the previous year, the growth is 10%.

-  As per secondary market data, Torrent’s Q1 growth of 10% was in line with market growth. 

- Growth was aided by strong growth in the generic segment, the performance of top brands, and new launches.

United States:

- US revenue at Rs 299 crores, up by 13%. 

- Constant currency revenue at $39 million was up by 7%.

- Revenue was complemented by the performance of Dapsone launched in the previous quarter. 

- As of June 30, 2022, 60 ANDAs were pending approval with USFDA, and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed. 

Germany:

- Germany's revenue stood at Rs 214 crores, down by 18%. 

- Constant currency revenue were Euro 26 million. 

- Growth was adversely impacted due increase in competition and loss of tenders in previous quarters. 

- Torrent has already initiated measures to improve price competitiveness.