Torrent Pharmaceuticals reported its consolidated net profit for the quarter ended September 2018 at Rs 179 crores, posting a 12.25 per cent drop, due to the one-time impact of a product recall in the US and rupee depreciation. The Drug firm had reported a net profit of Rs 204 crores for the corresponding period of the previous fiscal.
Torrent Pharmaceuticals said in a statement that its total revenue on a consolidated basis increased to Rs 1,894 crores for the quarter under review as against Rs 1,417 crores for the corresponding period last year.
Consolidated EBITDA (earnings before interest, tax, depreciation and amortisation) increased by 43.8 per cent Y.o.Y to Rs 473 crores and margin expanded 175 bps to 24.97 per cent in the same quarter.
Torrent Pharmaceuticals stated in the regulatory filing, “Profitability was hit by depreciation and amortisation (higher by Rs 68 crore on account of acquired business), the one-time impact of the product recall in US of Rs 25 crore and lower hedging gains due to rupee depreciation.”
As per the statement, the research and development (R&D) spend during the second quarter of the current fiscal was reported higher at Rs 136 crores versus Rs 107 crores in the same period preceding year.