Torrent Pharma posts Rs 354 cr net profit in Q1FY23, appoints Aman Mehta on the board

Torrent Pharma on Friday reported a 7% year-on-year (YoY) rise in net profit to Rs 354 crore during Q1FY23, led by a strong sales rebound in India and Brazil.
The company reported a net profit of Rs 330 crore in the corresponding period of the previous year.

Revenues rose 10% to Rs 2347 crore during Q1FY23, compared to Rs 2134 crore in Q1FY22.

The earnings before interest, tax, depreciation and amortization (EBITDA) rose 3% YoY to Rs 742 crore.

India revenues grew 14% YoY to Rs 1,245 crores in Q1FY23.

Torrent’s Q1FY23 growth was 17% versus India's pharmaceutical market growth of 2%.

"Strong outperformance of top brands together with new launches continued to drive market share gains across focus therapies," the company said.

During the quarter, Torrent added 300 marketing representatives (MRs) bringing the total field force strength to 4,200.

Brazil's revenue rose 20% YoY to Rs 184 crores, while on a constant currency basis the revenue was up by 8%. As per secondary market data, Torrent’s Q1 growth of 10% was in line with market growth.

The company said the growth was aided by strong growth in the generic segment, performance of top brands and new launches.

US revenue rose 13% YoY to Rs 299 crores during Q1FY23.

Torrent Pharma on Friday said it has appointed Aman Mehta as a director on the Board of the company from August 1, 2022.

Mehta, an MBA from Columbia University, New York, has been executive director at Torrent Pharma and heads the India business along with corporate HR.

"His marketing acumen coupled with analytical skills have strengthened Torrent’s India business performance and profitability in a highly competitive market," Torrent Pharma said in a statement.

The company added that Mehta's key achievement has been the successful integration of the Unichem acquisition, which has created significant value for the company.

"Further, he has led several organic growth initiatives that have started delivering market share gains, with a focus on new product launches. Aman is a key contributor in the evaluation of acquisition opportunities and driving the strategic direction of India business," the company said.

Mehta is the son of Samir Mehta, founder and CEO of Torrent Pharma.