Indian drugmaker Torrent Pharmaceuticals on Monday reported a nearly 24% jump in second-quarter profit, driven by the strong demand in the domestic market and in Brazil.
Consolidated net profit was Rs 386 crore for the quarter ended Sept. 30, compared with Rs 312 crore a year earlier.
Analysts, on average, estimated a profit of Rs 387 crore, as per LSEG data.
Revenue from operations rose 16.1% to Rs 2,660 core, as sales rose 18% in India and 36% in Brazil.
Margins on earnings before interest, taxes, depreciation and amortization (EBITDA) improved to 31% from 30% a year earlier.
Torrent, which sells drugs related to diabetes, pain management, cancer and infections, has been in talks with private equity funds including CVC Capital Partners and Bain Capital to raise up to $1.5 billion to bid for India’s No.3 drugmaker Cipla, Reuters reported last month.
If the deal works out, it would be the largest in the Indian pharma sector, analysts said.
Cipla and another competitor Dr Reddy’s Laboratories will report their second quarter earnings next week.
Torrent shares closed 0.8% lower ahead of the results, following a 1.3% decline in the Nifty Pharma index.
First Published: Oct 23 2023 | 6:45 PM IST
