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Torrent Pharma Q4 Results 2022: Net loss at Rs.118 crores for Q4FY22
Last Updated: 8th August 2022 - 06:52 pm
On 25th May 2022, Torrent Pharma announced its quarterly results for the last quarter of FY2022.
Key Highlights:
Q4FY22:
- Torrent Pharma reported a loss before tax of Rs.87 crores for Q4FY22 from a profit before tax of Rs.383 crores in Q4FY21, a decline of 122.71%
- The company's revenue from operations rose 10.01% to Rs.2131 crores in the quarter under review from Rs.1937 crores in the same quarter last fiscal.
- The company's total income rose 10.67% to Rs.2187 crores in the quarter under review from Rs.1976 crores in the same quarter last fiscal
- Torrent Pharma reported a net loss of Rs.118 crores from a profit of Rs.324 crores in Q4FY21, a decline by 136.42%
FY2022:
- Torrent Pharma reported a profit before tax of Rs.777 crores for FY22 from Rs.1252 crores in FY21, a decline of 37.9%
- The company's revenue from operations rose 6.28% to Rs.8508 crores in FY22 from Rs.8005 crores in FY21.
- The company's total income rose 7.97% to Rs.8705 crores in FY22 from Rs.8062 crores in FY21
- Torrent Pharma reported a net loss of Rs.118 crores from a profit of Rs.324 crores in Q4FY21, a decline by 136.42%
Geographical Highlights:
India:
- India's revenue at Rs.1,034 crores grew by 12%
- As per secondary market data (AIOCD), Torrent’s Q4 FY22 growth was 11% versus IPM growth of 4%
- Growth was aided by new launch momentum, robust performance of top brands and continued market outperformance across focus therapies.
- For FY22, revenue was Rs.4,286 crores
Brazil:
- Brazil's revenue at Rs.251 crores, was up by 33%.
- Constant currency revenue at Rs.172 million
- As per secondary market data, in Q4 Torrent’s growth was 15.4% as compared to a market growth of 10.1%.
- Strong growth and market outperformance were complemented by the performance of top brands and new launches.
- For FY22, revenue was Rs.742 crores.
United States:
- US revenue at Rs.282 crores, up by 5%.
- Constant currency revenue was $37 million.
- Revenue grew sequentially by 20% aided by the launch of Dapsone during the quarter.
- Basis an assessment of the financial viability of its liquid business in the US taking into account incremental investments required for bringing the pipeline products into the market and increased competition intensity, the Company has considered it to be prudent to discontinue the liquid facility operations.
- The operational cost of this facility was Rs.135 crores per annum.
- As of March 31, 2022, 57 ANDAs were pending approval with USFDA and 5 tentative approvals were received. During the quarter, 6 ANDAs were filed & 1 ANDA was approved.
- For FY22, revenue was Rs.1,067 crores.
Germany:
- Germany's revenue at Rs.218 crores, down by 18%.
- Constant currency revenue was Euro 26 million.
- Growth was adversely impacted by the loss of products in a recent tender.
- For FY22, revenue was Rs.966 crores.
Commenting on the Q4 results, Samir Mehta, Chairman, said: “We are pleased with the robust operational performance delivered during the quarter. The branded businesses contributed to 70% of total revenues in Q4 and grew by 15% with India and Brazil continuing on a strong footing. The US business registered sequential growth aided mainly by launch of a new product. While our EU business faced some headwinds, we remain optimistic that the cost efficiency measures being taken will bring us back to growth in this market in the coming quarters.
We have taken a difficult decision of discontinuing our liquids business in the US. We believe the incremental investments required will exceed the potential economic benefits in this segment due to changing market conditions, as economics and competitive intensity have turned unfavorable compared to the time of conceptualization.”
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