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Torrent Pharma scrips zooms to Rs. 2,880 on bonus share proposal

Our Bureau, Mumbai
Thursday, May 26, 2022, 14:40 Hrs  [IST]

Torrent Pharma, a Rs 8,500 crore pharma major, has announced liberal bonus share issue in the ratio of 1:1 on account of completion 50 years of successful operations. The company’s scrip of Rs. 5 each moved up by over Rs. 250 on BSE to Rs. 2,879 with full market capitalisation of Rs. 48,788 crore. The scrip touched to its yearly highest level at Rs. 3,304.55 on last day of the year 2021. However, the scrip was moving downward from January and touched to its yearly lowest level at Rs. 2,485 on May 12, 2022. The board of directors has declared final equity dividend of 460 per cent or Rs. 23 per share. The total equity dividend, including interim dividend of Rs. 25 per share (500 per cent), worked out to 960 per cent for the year 2021-22.

The company’s revenue increased by 10 per cent to Rs. 2,131 crore during the fourth quarter ended March 2022 from Rs. 1,937 crore in the corresponding period of last year. Due to exceptional items, it incurred a net loss of Rs. 118 crore as against a net profit of Rs. 324 crore in the last period. The company shown exceptional cost of Rs. 485 which related to discontinue of the liquid facility operations. Net profit before tax and exceptional items worked out to Rs. 398 crore as against Rs. 383 crore in the last period.

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 unfavourable compared to the time of conceptualization.”

For the full year ended March 2022, Torrent Pharma has registered revenues of Rs. 8,508 crore as compared to Rs. 8,005 crore in the previous year. However, its net profit declined to Rs. 777 crore from Rs. 1,252 crore basically due to exceptional cost of Rs. 485 crore. Its tax provision also increased significantly to Rs. 449 crore from Rs. 274 crore. As against the equity capital of Rs. 85 crore, its reserves & surplus increased to Rs 5868 crore from Rs. 5,753 crore in the previous year.


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