Torrent Pharma Q2 7% de-growth in Brazil, net profit up by 7%

Ahmedabad: Torrent Pharmaceuticals Ltd, net profit for the second quarter ended September 30, 2012, grew by 7.26% and revenue grew by 13%. Torrent registered 7% revenue de-growth in Brazil.

The Ahmedabad-headquartered drug company s Q2 consolidated net profit stood at Rs 107.25 crore compared to Rs 99.99 crore for the same period last year. The consolidated revenue stood at Rs 777 crore up from Rs 685 crore in the comparable quarter of last year.

As per the company s press statement, during Q2 the domestic formulation business recorded revenues of Rs 274 crore, growing by 15% and international revenue grew by 15% to Rs 417 crore. However, the company s operations in Brazil registered revenue de-growth of 7%. During the quarter, there was a strike by Brazilian regulatory organization (ANVISA), which effected clearance of the goods from the ports says Torrent s press statement.

Revenues from the US operations recorded growth of 80% while business from Europe (other than Heamann), Russia & CIS and Rest of the World recorded a growth of 17%. The total revenue expenditure on R&D was 5% of consolidated net sales and operating income.