Torrent Pharma shares tumble 15 percent on poor Q3 show

Written by Ruchika Sharma Published On 2022-01-29T09:45:04+05:30 | Updated On 29 Jan 2022 2:04 PM IST

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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.

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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.

Read also: Torrent pharma successfully completes USFDA inspection for Levittown facility

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Source : with agency inputs

Ruchika Sharma

Ruchika Sharma joined Medical Dialogue as an Correspondent for the Business Section in 2019. She covers all the updates in the Pharmaceutical field, Policy, Insurance, Business Healthcare, Medical News, Health News, Pharma News, Healthcare and Investment. She has completed her B.Com from Delhi University and then pursued postgraduation in M.Com. She can be contacted at editorial@medicaldialogues.in Contact no. 011-43720751