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Business News/ Companies / Torrent Pharmaceuticals Q1 profit falls 55% to Rs292 crore
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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

Photo: BloombergPremium
Photo: Bloomberg

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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Published: 27 Jul 2016, 11:27 PM IST
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