Torrent Pharmaceuticals Q1 profit falls 55% to Rs292 crore
Consolidated total income from operations fell to Rs1,545 crore as against Rs1,947 crore for the corresponding period of the previous fiscal
New Delhi: Drug firm Torrent Pharmaceuticals Ltd on Wednesday reported 55.07% fall in consolidated net profit at ₹ 292 crore for the June quarter due to a dip in company’s US business.
The firm had posted a net profit of ₹ 650 crore for the same period year ago, Torrent Pharmaceuticals said in a filing to BSE.
Consolidated total income from operations also declined to ₹ 1,545 crore for the quarter under consideration as against ₹ 1,947 crore for the corresponding period of the previous fiscal.
The company’s formulation business in India recorded revenues of ₹ 504 crore for the first quarter of fiscal 2017 as against ₹ 491 crore for the same period last fiscal.
The US business posted revenues of ₹ 434 crore for the quarter under consideration. It was ₹ 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.
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