Torrent Pharma shares shed 15% on poor Q3 show; global brokerage downgrades stock

Torrent Pharma shares shed 15% on poor Q3 show; global brokerage downgrades stock

Margin should recover in the two quarters, driven by price hikes in India and Brazil adding that India outlook remains strong, which keeps us constructive on the stock, CLSA said





January 27, 2022 / 12:59 PM IST





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Torrent Pharmaceuticals share price tumbled over 15 percent intraday on January 27, a day after the company reported a 16 percent drop in profit for the December quarter.

Torrent Pharmaceuticals on Tuesday said its consolidated net profit declined to Rs 249 crore for the third quarter ended December 2021 on account of muted performance in the US market. The drug maker had posted a net profit of Rs 297 crore in the October-December period of 2020-21 fiscal.

The company’s revenue from operations in the third quarter stood at Rs 2,108 crore as against Rs 1,995 crore a year back, Torrent Pharmaceuticals said in a statement.

The company said its US revenues during the period under review stood at Rs 235 crore, a year-on-year drop of 20 per cent.

The stock was trading at Rs 2,680.15, down Rs 480.40, or 15.20 percent at 12:32pm on the BSE. It has touched an intraday high of Rs 2,940 and an intraday low of