Torrent Pharma shares tumble 15 percent on poor Q3 show

Published On 2022-01-29 04:15 GMT   |   Update On 2022-01-29 08:34 GMT

New Delhi: Shares of Torrent Pharmaceuticals on Thursday tumbled 15 per cent after the company's consolidated net profit declined by 16 per cent for the third quarter ended December 2021. The stock tanked 17.69 per cent to Rs 2,601.30 during the day on BSE. It settled at Rs 2,689.10, lower by 14.92 per cent.

On NSE, it tumbled 14.99 per cent to close at Rs 2,686.95.
Torrent Pharmaceuticals on Tuesday said its consolidated net profit declined by 16 per cent to Rs 249 crore for the third quarter ended December 2021, on account of muted performance in the US market.
"The drug maker had posted a net profit of Rs 297 crore in the October-December period of 2020-21 fiscal," reports PTI.
The company's revenue from operations in the third quarter stood at Rs 2,108 crore, as compared to Rs 1,995 crore in the same period of previous fiscal, Torrent Pharmaceuticals said in a statement.
"Due to the prolonged delays in reinspection of our US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure, our US business has been adversely affected during this quarter," Torrent Pharmaceuticals Chairman Samir Mehta noted.
Equity markets were closed on Wednesday on account of Republic Day.

Torrent Pharmaceuticals Ltd is an Indian multinational pharmaceutical company headquartered in Ahmedabad. The Company is active in therapeutic segment of cardiovascular (CV), central nervous system (CNS), gastro-intestinal (GI) and women healthcare (WHC). The Company also has significant presence in diabetology, pain management, gynaecology, oncology and anti-infective segments.

Tags:    
Article Source : with agency inputs

Disclaimer: This website is primarily for healthcare professionals. The content here does not replace medical advice and should not be used as medical, diagnostic, endorsement, treatment, or prescription advice. Medical science evolves rapidly, and we strive to keep our information current. If you find any discrepancies, please contact us at corrections@medicaldialogues.in. Read our Correction Policy here. Nothing here should be used as a substitute for medical advice, diagnosis, or treatment. We do not endorse any healthcare advice that contradicts a physician's guidance. Use of this site is subject to our Terms of Use, Privacy Policy, and Advertisement Policy. For more details, read our Full Disclaimer here.

NOTE: Join us in combating medical misinformation. If you encounter a questionable health, medical, or medical education claim, email us at factcheck@medicaldialogues.in for evaluation.

Our comments section is governed by our Comments Policy . By posting comments at Medical Dialogues you automatically agree with our Comments Policy , Terms And Conditions and Privacy Policy .

Similar News