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BSE   18 Jul 18 | 12:00 AM

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Code: 500420
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Torrent Pharma slips on disappointing Q2 results

SI Reporter / Mumbai 27 Oct 16 | 11:36 AM

Torrent Pharmaceuticals has slipped 11% to Rs 1,400 on the BSE in an intra-day trade after the company reported a 59% year on year (YoY) drop in net profit at Rs 207 crore for the second quarter ended September 30, 2016 (Q2FY17), due to lower revenues. The drug maker had profit of Rs 509 crore in the same quarter year ago.

Total income from operations declined 15.6% to Rs 1,429 crore against Rs 1,693 crore in the corresponding quarter of previous fiscal.

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The company’s US business more than halved to Rs 322 crore in Q2FY17 from Rs 712 crore in Q2FY16.

Torrent Pharma clarified that the previous period included exceptional revenues and profit which was primarily on account of the launch of a new product launch in the US market that had limited competition.

EBITDA (earnings before interest, taxes, depreciation, and amortization) margin declined to 26% from 46.5%.

At 11:34 am, the stock was down 9% at Rs 1,424 on the BSE, against 0.47% decline in S&P BSE Sensex. A combined 699,123 shares changed hands on the counter on BSE and NSE.

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