Torrent Pharmaceuticals, a Rs 1,300 crore major pharma from Ahmedabad, has achieved small growth in standalone profits during the third quarter ended December 2008. The net profit increased by 3.4 per cent to Rs 55.99 crore from Rs 54.16 crore in the corresponding period of last year. Its net sales moved up by 20.4 per cent to Rs 303.48 crore from Rs 252.06 crore. The earnings per share worked out to Rs 6.82 as against Rs 6.40 in the last period.

The consolidated net sales increased by 24 per cent to Rs 429 crore from Rs 346 crore in the same quarter of last year and its consolidated net profit went up by 36per cent to Rs 51 crore from Rs 37 crore. Tax expense in the current quarter was lower due to recognition of MAT credit entitlement of Rs 5.6 crore versus no such credit taken in the comparable quarter.

For the nine months period ended December 2008, Torrent's standalone sales increased by 15.6 per cent to Rs 865.23 crore from Rs 748.17 crore in the similar period of last year. Profit before interest, depreciation and taxation went up by 36 per cent to Rs 206 crore from s 151 crore.

Torrent filed 23 ANDAs and 11 DMFs with US FDA upto the end of December 2008 and received approvals for 6 ANDAs till date. Significant investment in product development is being made to support the build-up of US and European operations. Nine months revenue expenditure on R&D was 6.5 per cent of consolidated net sales and operating income.

During the quarter the key domestic formulation business recorded sales of Rs 160 crore, growing by 12 per cent. Its consolidated sales outside India jumped by 39 per cent to Rs 223 crore with healthy growth across all geographies. Its operations in Brazil registered quarterly sales growth of 16 per cent, with revenues growing from Rs 58 crore to Rs 67 crore. Germany-based Heumann operations clocked sales of Rs 79 crore with growth of 58 per cent. Europe (other than Heumann), Russia & CIS and Rest of the world operations grew by 33 per cent with sales of Rs 70 crore rising from Rs 52 crore in comparable quarter.

The company is planning to set up a new formulation unit in Sikkim to seek fiscal advantages offered by that location and expanding its bulk drug capacity at Chatral.