Torrent Pharmaceuticals Q1 FY24 snapshot: 10% surge in revenue amid resilient Germany performance

Torrent Pharmaceuticals, a key player in the pharmaceutical landscape, has publicized its financial figures for Q1 FY24, showcasing a solid 10% revenue growth, touching Rs. 2,591 crores. Additionally, its Operational EBITDA has witnessed an 11% surge, amounting to Rs. 791 crores.

Financial Highlights of Q1 FY24

With an impressive gross margin standing at 74.9% and an Operational EBITDA margin of 30.5%, the financial metrics underline a robust performance. After excluding one-off incomes for both the specified periods, the Operational EBITDA marks a 16% growth. Meanwhile, the Profit After Tax settles at Rs. 378 crores.

India’s Performance: Revenue Climbs by 14.5%

India‘s contribution to Torrent Pharma’s revenue was significant, amounting to Rs 1,426 crores—a remarkable 14.5% increase. Torrent Pharma’s quarterly growth in India outpaced the Industry Pharmacy Market (IPM) growth, as evidenced by AIOCD data. Moreover, improvements in the Diabetes therapy rank and the Curatio portfolio’s thriving double-digit growth have been focal points.

Brazil and Germany: Positive Revenue Trajectories

In Brazil, revenues reached Rs 190 crores, marking a 3% increment. However, after adjusting for sales carryover, the actual growth stands at 17%. Germany, a notable market for Torrent Pharma, reported a 21% leap in revenue, reaching Rs 258 crores, with constant currency revenue jumping by 11%.

US Market Faces Slight Dip

The United States market presented a contrast, with a 2% decline in revenue to Rs 293 crores. With price erosions and a halt in new product launches due to facility inspections, growth was slightly hindered. Nonetheless, as of June 30, 2023, there were 45 ANDAs awaiting USFDA’s nod, and during the recent quarter, one ANDA received the green light.