Torrent Pharma reports Rs 118 crore loss in Q4
While the EU business faced some headwinds, the drug maker remains optimistic that the cost efficiency measures being taken will bring it back to growth in this market in the coming quarters, he added.;
New Delhi: Torrent Pharma on Wednesday said its consolidated loss stood at Rs 118 crore for the fourth quarter ended March 2022 on account of impairment provision of Rs 425 crore related to discontinuation of liquids business in the US.
The company had reported a net profit of Rs 324 crore in the January-March period of 2020-21 fiscal. Revenue rose to Rs 2,131 crore during the period under review as against Rs 1,937 crore in the same period of FY21.
For the entire 2020-21 fiscal, the drug major posted a consolidated net profit of Rs 777 crore as compared with Rs 1,252 crore in the preceding fiscal. Revenues rose to Rs 8,508 crore last fiscal. The same stood at Rs 8,005 crore in FY21.
"The branded businesses contributed to 70 per cent of total revenues in Q4 and grew by 15 per cent with India and Brazil continuing on a strong footing. The US business registered sequential growth aided mainly by launch of a new product," Torrent Pharma Chairman Samir Mehta said in a statement.
Read also: Dr Reddys to sell Finast, Styptovit-E and 2 other brands to Torrent Pharma
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