Torrent Pharma Q4FY23 turns around to Rs287 crore net profit due to exceptional loss in base quarter

Torrent Pharma reported 16.9% growth in net sales revenues for the March 2023 quarter on consolidated basis at Rs2,491 crore. Revenues were absolutely flat on sequential basis. For the quarter, the India revenues grew 22% at Rs1,257 crore. This includes the new launches of acquired company Curatio. The company also launched the consumer healthcare platform in the quarter. Full year FY23 revenues were up 16% yoy at Rs4,984 crore.

While the operating profits for the quarter were up 18.5% at Rs725 crore, the net profits turned around from a loss to profit. However, the loss in the year ago quarter was due to exceptional write-off of Rs485 crore on deferred tax liability of Curatio acquisition. Gross margins stood at 72% while the EBITDA margins stood at 29.2%. Operating EBITDA for the quarter was up 30% at Rs727 crore. R&D spend stood at 6% of sales for the quarter.

Financial highlights for Mar-23 compared yoy and sequentially

 Torrent Pharma    

Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income (Rs cr)

₹ 2,491

₹ 2,131

16.89%

₹ 2,491

0.00%

Operating Profit (Rs cr)

₹ 725

₹ 612

18.52%

₹ 712

1.75%

Net Profit (Rs cr)

₹ 287

₹ -118

N.A.

₹ 292

-1.71%

 

 

 

 

 

 

Diluted EPS (Rs)

₹ 8.48

₹ -3.49

 

₹ 8.63

 

OPM

29.10%

28.70%

 

28.60%

 

Net Margins

11.52%

-5.54%

 

11.72%

 

 

The operating margins have been stable in the last few quarters in the range of 28% to 29%. Net margins improved to 11.52% in the quarter on smart gross margins. The company recorded solid growth across key geographies like Brazil, Germany, and the US; apart from strong growth in Indian markets. The board has declared a final dividend of Rs8 per share subject to shareholder approval.

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