Torrent Pharmaceuticals, a Rs. 4000 crore plus pharma giant from Ahmedabad, has posted impressive performance during the fourth quarter ended March 2014 and its consolidated net profit went up sharply by 120 per cent to Rs. 244 crore from Rs. 111 crore in the corresponding period of last year. Its consolidated net sales also moved up over 50 per cent to Rs. 1,207 crore from Rs. 803 crore.
The board of directors has recommended equity dividend of 100 per cent for the year 2013-14. Meanwhile, Sudhir Mehta has decided to relinquish his position as chairman of the board of directors from after annual general meeting (AGM) to be held on July 30, 2014. Samir Mehta, executive vice chairman, will take charge as chairman after conclusion of the forthcoming AGM.
Its domestic formulation business increased by 17 per cent to Rs. 256 crore and international revenue improved by 69 per cent to Rs. 887 crore. Its revenue from US operations registered a growth of 335 per cent. However, its revenue in Brazil declined by 4 per cent. European revenue went up by 19 per cent and that in Rest of the World improved by 16 per cent.
For the year ended March 2014, Torrent Pharma's consolidated net sales increased by 32.2 per cent to Rs. 4,036 crore from Rs. 3,054 crore in the previous year and its net profit jumped by 53.4 per cent to Rs. 664 crore from Rs. 433 crore. With sharp improvement in profits, its EPS touched to Rs. 39.23 as compared to Rs. 25.58 in the last year. Its reserves & surplus increased by 31.7 per cent to Rs. 1,818 crore from Rs. 1,380 crore.
Its domestic sales of branded formulations improved by 14 per cent to Rs. 1,176 crore despite implementation of new DPCO 2013 and distribution bottlenecks. The revenues from contract manufacturing improved by 21 per cent to Rs. 279 crore from Rs. 231 crore. Its international revenues moved up by 44 per cent to Rs. 2,636 crore. Its US sales registered strong growth of 95 per cent and that in Europe went up by 43 per cent. Its sales in Brazil improved by 6 per cent and that in Rest of the World including Russia and CIS recorded a growth of 17 per cent.
The company acquired Indian Branded formulation business of Elder Pharmaceuticals for a consideration of Rs. 2,004 crore and this transaction is expected to close in the first half of 2014.