Torrent Pharma posts 14% rise in Q3 net profit at 283 crore

Ahmedabad: Torrent Pharmaceuticals Limited, ranked 8th in the Indian pharmaceutical market, on Wednesday announced a 14% rise in its consolidated net profit for the third quarter of fiscal year 2022-23. The company posted Rs 283 crore of consolidated net profit during the quarter, up from Rs 249 crore during the corresponding quarter. The company’s gross revenues grew from Rs 2,108 crore to Rs 2,491 crore during the period, Torrent Pharma said in its regulatory filing.Torrent Pharma’s India revenues stood at Rs 1,259 crore and grew 17% after including revenue from integration of Curatio Healthcare. Revenues from other countries grew 18% with US (Rs 291 crore revenue during Q3) and Brazil (Rs 248 crore) businesses posting the highest 24% and 36% growth in revenues respectively.According to AIOCD’s secondary data, Torrent Pharma’s growth for the quarter was 12% which was in line with that of the Indian pharma market at 12%. Its stock price closed at Rs 1,557.50 per share as the markets closed on Wednesday, down 1.86% against the previous close. The pharma giant, which has expanded its field force too with a total of 5,300 medical representatives including Curatio Divisions.