Torrent Q1 net at Rs 74 crore | business | Hindustan Times
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Torrent Q1 net at Rs 74 crore

business Updated: Jul 30, 2010 20:54 IST

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Ahmedabad-based pharma firm Torrent Pharmaceuticals on Friday reported a net profit of Rs 74 crore in the first quarter ended June 30.

The company said its net profit in the same period a year ago was at Rs 15 crore, but it had written off Rs 53 crore related to earlier periods on account of review of realisability of minimum alternative tax (MAT) credit entitlement in the three months period.

Sales during the first three months of the fiscal stood at Rs 535 crore up by 13 per cent, from Rs 474 crore in an year-ago period, the company said in a statement.

Domestic formulation business recorded sales of Rs 225 crore, growing 13 per cent, it said.

Global sales jumped 18 per cent to Rs 265 crore, with operations in Brazil registering 31 per cent jump in revenues to Rs 95 crore.

The US operations registered robust performance with sales growing 42 per cent to Rs 27 crores, the company said, adding its Germany-based Heumann operations posted sales of Rs 69 crore, up 2 per cent from the same period last fiscal.

Sales from other global operations, including Russia grew 8 per cent at Rs 71 crore, from Rs 66 crore in comparable quarter last year, it said.

The company said it has filed 48 abbreviated new drug applications (ANDAs) and 19 drug master files (DMFs) with US FDA as part of its US operations, of which approvals for 20 ANDAs have been received till date.

"Significant investment in product development is being made to support the build-up of US, Brazil and European operations," it said, adding the total revenue expenditure on R&D was 5.8 per cent of consolidated net sales and operating income. In the previous year it was 7.7 per cent.