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Drugmaker Torrent Pharmaceutical Ltd's board, which met on Wednesday to announce the results for the third quarter ended December 2022 of the current fiscal (Q3 FY23), also declared an interim dividend of 14 (280 per cent) per share of 5 each. Shares of Torrent Pharma closed nearly 2% lower at 1,557 apiece on the BSE on Wednesday. 

“We would like to inform that the Board has at its meeting held today approved.. an interim dividend of 14/- (280 %) per equity share of~ 5/- fully paid up. The dividend is expected to be paid/ dispatched on or around 14th February, 2023," the company said in an exchange filing yesterday.

Torrent Pharma has declared an equity dividend amounting to 48 per share in the past 12 months, which, at the current share price results in a dividend yield of 3.03%, as per data by stock analytics platform Trendlyne.

Torrent Pharma's consolidated net profit increased by 14% to 283 crore in the third quarter ended December 31, 2022 as compared to 249 crore in the October-December period of previous fiscal. Meanwhile, its net sales increased to 2,459 crore in the quarter under review as against 2,092 crore in the year-ago period.

The company said that India revenues at 1,259 crore grew by 17% and included revenue from integration of Curatio Healthcare. Whereas, US revenue at 291 crore, were up by 24% and Brazil revenue at 248 crore, were up by 36%.

“As per AIOCD secondary data, Torrent’s growth for the quarter was 12% vs IPM growth of 12%. Field force has been further expanded and MR strength now stands at 5,300 including Curatio divisions," it said.

Torrent Pharma, with annual revenue of more than 8,500 crore, is the flagship Company of the Torrent Group. The Company is among the leaders in therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI) and women healthcare (WHC). Torrent, with a presence in 40 countries, has 7 manufacturing facilities, of which 4 are US FDA approved. The pharma stock is up about 15% in a year's period.

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