Torrent Pharma Posts Net Profit Of Rs 287 Cr, Sales Up By 17% In Q4FY23

Ahmedabad-based Indian pharmaceutical major Torrent Pharmaceutical on Tuesday posted its financials for the fourth quarter and full year ending March 31, 2023. The company posted a net profit of Rs 287 crores in the January-March quarter against a net loss of Rs 188 crores recorded in Q4 last year. 

For FY23 the company reported a net profit of Rs 1,245 cores compared to Rs 777 crores for FY22 up by 60 per cent year on year. The company's board has recommended a 160 per cent final dividend of Rs 8 per equity share of Rs 5 each.

The pharma major's revenues for Q4FY23 clocked in at Rs 2,491 crores, registering a growth of 17 per cent over Q4 of last year where it recorded Rs 2,131 crores. While in FY23 the revenues registered a double-digit growth rate of 13 per cent YoY to be recorded at Rs 9,620 crores against Rs 8,508 crores in FY22. 

Operating Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) registered a 30 per cent rise YoY in the March quarter to be recorded at Rs 727 crores and for FY23 the company reported EBITDA at Rs 2,842 crores, up by 17 per cent over FY22.

Torrent's EBITDA margins improved in Q4FY23 to 29 per cent versus 26 per cent in Q4FY22. For FY23 the margins slightly dropped to 30 per cent versus 29 per cent in FY22.

The company's R&D expenses rose by 9 per cent YoY in the fourth quarter and stood at Rs 150 crores compared with Rs 137 crores in the same quarter last year. Whereas for the full year, the R&D expenses remained unchanged and stood at Rs 516 crores same as last year. The company's research spend amounted to 6 per cent of its total sales in FY23.

The drugmaker's sales in India grew by 22 per cent in FY23 to Rs 4,984 crores, aided by the strong performance of new launches in chronic therapies and the integration of Curatio. While the revenues in the Brazil market jumped by 26 per cent in FY23 to Rs 985 crores. 

Torrent's US business for the year also surged to Rs 1,162 crores, up by 9 per cent compared to last year, while in Q4FY23 the US sales were down by 1 per cent due to price erosion on base portfolio and lack of new launches and pending inspection of facilities. 

The pharma major's total expenses in the quarter also took a sharp rise of 15.5 per cent YoY to be registered at Rs 2,067 crores against Rs 1,789 crores in the same quarter of the previous year. In FY23 the expenses rose by 11 per cent YoY to be recorded at Rs 7,818 crores. 

The company's scrips closed 0.55 per cent higher on Tuesday at Rs 1714.80 per share on BSE.