New Delhi: Drug firm Torrent Pharmaceuticals Ltd on Wednesday reported 55.07% fall in consolidated net profit at Rs.292 crore for the June quarter due to a dip in company’s US business.
The firm had posted a net profit of Rs.650 crore for the same period year ago, Torrent Pharmaceuticals said in a filing to BSE.
Consolidated total income from operations also declined to Rs.1,545 crore for the quarter under consideration as against Rs.1,947 crore for the corresponding period of the previous fiscal.
The company’s formulation business in India recorded revenues of Rs.504 crore for the first quarter of fiscal 2017 as against Rs.491 crore for the same period last fiscal.
The US business posted revenues of Rs.434 crore for the quarter under consideration. It was Rs.888 crore for the corresponding period previous fiscal.
“Previous period includes exceptional revenues and profits which was primarily on account of the launch of a new product in the US market, which had limited competition,” the company said.