Torrent Pharma Q1 net profit falls 36% to Rs188 crore
Torrent Pharma had posted a consolidated net profit of Rs292 crore in the first quarter previous fiscal
New Delhi: Torrent Pharmaceuticals on Monday reported 35.62% decline in consolidated net profit at Rs188 crore for the first quarter ended 30 June 2017 with its domestic business hit by stock reduction ahead of GST implementation.
The company had posted a consolidated net profit of Rs292 crore in the same quarter previous fiscal, Torrent Pharmaceuticals Ltd said in a BSE filing.
Net sales during the period under review stood at Rs 1,348 crore as against Rs1,513 crore in the year-ago quarter, down 10.9%. Domestic formulations business recorded revenue of Rs464 crore during the first quarter as against Rs510 crore in the same period last fiscal, down 9%, it added.
"The Indian pharmaceuticals industry got impacted due to reduction in channel inventory during transition to Goods and Services Tax and consequently the India business performance also got impacted during the quarter," it said.
However, the company said its Brazilian business grew 8% during the quarter at Rs181 crore as compared to Rs 167 crore in the year-ago period.
In the US, it recorded revenue of Rs272 crore. In the same period last year, Torrent Pharmaceuticals said it had recorded revenue of Rs434 crore, which was primarily driven by launch of a new product.
German business recorded revenue of Rs202 crore during the period under review as against Rs187 crore in the same quarter last fiscal, up 8%, it said.
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