Torrent Pharmaceuticals Q2 net profit up 27%

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Torrent Pharma announces Q2 FY21 results

EBITDA grows by 12% driven by recovery in India and productivity gains

Revenues & profitability:

  • Revenues at Rs. 2,017 crores were up by 1%
  • Grossmargins were at 73% and EBITDA margins were at 32%
  • EBITDA at Rs. 641 crores was up 12%
  • Net profit at Rs. 310 crores was up 27%

Performance summary:

ResultsQ2 FY21Q2 FY20YoY%H1 FY21H1 FY20YoY%
Rs cr%Rs cr%Rs cr%Rs cr%
Revenues2,017 2,005 1%4,073 4,027 1%
Gross profit1,46373%1,46773%0%2,98473%2,93073%2%
EBITDA    64132%    57329%12%1,30432%1,13128%15%
PAT    31015%    24412%27%    63115%    46011%37%
R&D spend    1196%    1306%-8%    2276%    2667%-15%

India:

  • Indiarevenues at Rs 963 crores grew by 7% versus the IPM growth of 1% for the quarter as per AIOCD
  • Sub-chronic and acute segments witnessed gradual recovery during the quarter while chronic momentum continued
  • Field Force productivity (PCPM) for the quarter was Rs 8 lakhs with an MR strength of 4,000.
  • For H1 FY21, revenues were Rs 1,888 crores, up by 5%.

United States:

  • US revenues at Rs 327 crores were down by 14%.
  • Constant currency sales were $43 million. Sales continued to be impacted by price erosion on base portfolio and absence of new launches.
  • As on September 30, 2020, 47ANDAs were pending approval and 6 tentative approvals were received. 1 ANDA was filed during the quarter.
  • For H1 FY21, revenues were Rs 700 crores, down by 8% (Constant currency sales: $90 million).

Brazil:

  • Brazil revenues at Rs 129 crores were down by 18%.
  • Constant currency sales at R$ 91 million up by 5%. Adjusted for base impact of tender business (reduced focus), the growth is 10%.
  • As per IQVIA, Jun-Aug’20 branded generics market growth was 6% versus Torrent growth of 7.8%.
  • With unlocking of the economy, Brazil pharma market also witnessed gradual recovery during the quarter. Torrent’s performance was aided by its chronic portfolio and market share gain.
  • For H1 FY21, revenues were Rs 268 crores, down by 19% (Constant currency sales: R$ 187 million, up by 3%).

Germany:

  • Germany revenues at Rs 261 crores were up by 4%
  • Constant currency sales were Euro 30 million
  • Torrent has largely completed upgradation of its quality management systems
  • For H1 FY21, revenues were Rs 507 crores, down by 1% (Constant currency sales: Euro 59 million).

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