Torrent pharma posts 38% decline in FY22 net profit

AHMEDABAD: At the backdrop of discontinuation of its liquids business in the US and headwinds faced by its EU business, Torrent Pharmaceuticals Limited posted 38% decline in its consolidated net profit, which closed at Rs 777 crore for financial year 2021-22 from Rs 1,252 crore in the previous fiscal year.
The company’s revenues grew 6% to Rs 8,508 crore during the fiscal year.
The company had to bear an exceptional item of Rs 485 crore on account of impairment provision and costs related to discontinuation of liquid business in the US.
“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,” said Samir Mehta, chairman, Torrent Pharmaceuticals Limited.