Latest News | Torrent Pharma Q1 Net Profit Up 49 Pc to Rs 321 Cr

New Delhi, July 30 (PTI) Drug firm Torrent Pharmaceuticals on Thursday reported a 48.61 per cent rise in its consolidated net profit to Rs 321 crore for the quarter ended June 30, 2020, mainly on account of robust sales in the Indian market.

The company had posted a net profit of Rs 216 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a BSE filing.

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Consolidated revenue from operations of the company stood at Rs 2,056 crore for the quarter under consideration. It was Rs 2,022 crore for the same period a year ago, it added.

"Q1 continued to witness challenges posed by COVID-19, hampering industry growth in global markets. However, most of our focus markets have seen a steady recovery since June," Torrent Pharmaceuticals Executive Chairman Samir Mehta said.

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In India, despite a challenging market environment, Torrent was able to sustain its base revenue of the previous year with the chronic and subchronic portfolio gaining market share.

Expenses were lower during the quarter owing to lockdowns which aided margins, he added.

Shares of Torrent Pharmaceuticals closed at Rs 2,436.85 per scrip on the BSE, up 2.15 per cent from its previous close.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)