Torrent Pharmaceuticals, on Wednesday, declared the Q2 results for the FY17. The Ahmedabad-based pharma major posted a 59.3 per cent decline in profit after tax (PAT) for the second quarter of the current financial year to Rs 207 crore as its revenues slipped by 15.5 per cent on a year-on-year (yoy) basis for the quarter.
On the back of disappointing Q2 results Torrent Pharma share price decline over 11% in today’s trade.
The company reported revenues of Rs 1429 crore for the quarter under review as compared to Rs 1693 crore in the corresponding quarter last financial year. The Ebitda for Q2 FY17 stood at Rs 372 crore as compared to Rs 787 crore during the same period last year. The company explained that the previous period included exceptional revenues and profits which were mainly on account of the launch of a new product launch in the US market that had restricted competition.
The research and development expenditures during the quarter too was up by Rs 54 crore, from Rs 57 crore in the corresponding period last year to Rs 111 crore this year in Q2.
The domestic formulations business posted revenues of Rs 496 crore for Q2 FY17, a growth of 12 per cent on a year on year basis.
On the international front, the Brazilian business went up by 20 per cent posting revenues worth Rs 157 crore during the quarter. US business, however, has been slow, considering the revenues and profits from the product launch in the equivalent quarter last year. Revenues from the US market declined from Rs 712 crore in Q2 FY16 to Rs 322 crore in Q2 FY17. Company's German business too bagged a 14 per cent growth.
Torrent Pharma is the top 500 recommendation by Dynamic Levels for the quarter. For the resistance and support levels of the stock, visit Torrent Pharma share price forecast page of Dynamic Levels website.
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