Print   Close

Torrent Pharma stock falls 8% post Q3 earnings

BusinessToday.In     February 9, 2021

Torrent Pharma share fell 8% in trade today after the drug firm reported a 18.32 per cent rise in its Q3 consolidated net profit to Rs 297 crore against net profit of Rs 251 crore in the corresponding period of the previous fiscal. The pharma stock touched an intraday low of Rs 2,545, falling 7.73% on BSE. The stock has fallen after 5 days of consecutive gain.

Torrent Pharma share stands lower than 5 day, 20 day, 50 day, 100 day and 200 day moving averages. The share has gained 27.71% in one year and fallen 7.83% since the beginning of this year.

The share closed 6.41% or Rs 176.80 lower at Rs 2,581 on BSE. Market cap of firm fell to Rs 43,684 crore. Revenue of the company came flat in Q3 at Rs 1,995 crore against Rs 1,966 crore for the same period a year ago.

India revenues for the third quarter ended December 2020 was at Rs 930 crore, a growth of 7 per cent. Growth was driven by market recovery, continued momentum in chronic brands and strong recovery in sub-chronic brands, Torrent Pharma said.

However, US revenues fell 24% to Rs 292 crore. Sales were impacted by price erosion on base business and base impact of Sartan portfolio discontinuation, it added.

"Torrent Pharma's Q3 results were mostly in line with I-direct estimates (albeit skewed) on all fronts. While growth in India and Germany was mostly offset by decline in the US and Brazil, overall profitability was higher YoY amid lower on-ground activities and a lower tax rate. Overhang pertaining to two US focused plants notwithstanding, Torrent continues to impress thanks to its robust margin profile that can be attributed to global portfolio that comprises around 65 per cent branded generics," ICICI Securities said in a note.

URL for this article :
@ Copyright 2019 India Today Group.