Revenue from operations rose 10.2% year on year (YoY) to Rs 2,745 crore in the quarter ended 31 March 2024.

Profit before tax was at Rs 631 crore, up 45.73% from Rs 433 crore posted in Q4 FY23.

Operating EBITDA stood at Rs 883 crore in Q4 FY24, registering the growth of 21% as against Rs 727 crore reported in Q4 FY23. Operating EBITDA margin improved to 32% as compared to 29% registered in the same period a year ago.

The company's India revenue grew by 10% YoY to Rs 1,380 crore in Q4 FY24. As per All India Organization of Chemists & Druggists (AIOCD) secondary market data, IPM growth for the quarter was 9%. Torrent’s chronic business grew at 14% versus IPM growth of 12%.

Torrent Pharma's Brazil revenue increased by 17% to Rs 372 crore and on constant currency terms revenues was up by 11% at R$ 222 million. As per IQVIA, market growth for the quarter was 9%. Growth was aided by new product launches as well as performance of top brands.

The revenue from company's Germany division was at Rs 280 crore was up by 11%. Constant currency revenue at Euro 31 million was up by 6%. Growth momentum continued with incremental tender wins coupled with better conversion of existing tenders.

The company's US revenue stood at Rs 262 crore in Q4 FY24, down by 6%. Constant currency revenue was at $32 million, down by 7%. Growth was impacted due to lack of new product launches.

As on 31 March 2024, 34 ANDAs were pending approval with USFDA and 4 tentative approvals were received. During the quarter, 6 ANDA were approved & 1 ANDA was filed.

On full year basis, the company’s consolidated net profit jumped 33.01% to Rs 1,656 crore on 11.52% rise in revenue to Rs 10,728 crore in FY24 over FY23.

Meanwhile, the board has recommended a final dividend of Rs 6 per equity share. The dividend is proposed to be paid or dispatched on or around 31 July 2024.

Separately, the firm’s board approved fund raising through issuance of equity shares including convertible bonds / debentures through qualified institutional placement (QIP) and or any other modes for an amount not exceeding Rs 5,000 crore in the upcoming annual general meeting of the company.

Torrent Pharmaceuticals is the flagship company of the Torrent Group. It is ranked 6th in the Indian Pharmaceuticals Market and is amongst the top five in the therapeutics segments of cardiovascular (CV), gastro intestinal (GI), central nervous system (CNS), vitamins minerals nutritional (VMN) and cosmo-dermatology.

Shares of Torrent Pharmaceuticals slipped 2.96% to settle at Rs 2,612.05 on Friday 24 May 2024.