Torrent Pharma, the Ahmedabad-based Rs 470-crore plus Pharma giant put up good show during the first quarter ended June 2005 with higher income and profitability. The net profit went up by 44.2 per cent to Rs 33.35 crore from Rs 23.12 crore in the corresponding period of last year. Its net sales increased by 52 per cent to Rs 187.99 crore from Rs 123.71 crore. The earning per share worked out to Rs 15.77 as against Rs 10.93 in the similar period of last year.
The company’s Research and Development expenditure increased to Rs 16.51 core from Rs 10.21 crore, registering a growth of 61.7 per cent. The staff cost also moved up by 22 per cent to Rs 17.36 crore from Rs 14.23 crore in the previous period.
The company’s wholly owned subsidiary in Germany Torrent Pharma GmbH has acquired Heumann Pharma GmbH & Co Generika KG (Heumann). This subsidiary is engaged in the marketing and distribution of generic pharmaceutical product in Germany and it has notched up sales of euro 50 million during the financial year ended November 2004.
Torrent Pharma borrowed secured long-term loan of Rs 56 crore during the quarter under review from banks & financial institutions mainly for upcoming formulation manufacturing facility at Himachal Pradesh and expansion of the existing bulk drug manufacturing facility at Gujarat. The company is also implementing expansion of its research facility at Gujarat.