Growth momentum continues in BGx markets led by robust India performance
Revenues & profitability:
- Revenue at Rs 2,347 crores up by 10%.
- Gross margins: 72%; EBITDA margins: 32%.
- EBITDA at Rs. 742 crores was up by 3%.
- Net profit after tax at Rs. 354 crores was up by 7%.
Performance summary:
| Results | Q1 FY23 | Q1 FY22 | YoY% | ||
| Rs cr | % | Rs cr | % | ||
| Revenues | 2,347 | 2,134 | 10% | ||
| Gross profit | 1,687 | 72% | 1,546 | 72% | 9% |
| EBITDA | 742 | 32% | 717 | 34% | 3% |
| PAT | 354 | 15% | 330 | 15% | 7% |
| R&D spend | 122 | 5% | 125 | 6% | -2% |
India:
- India revenues at Rs 1,245 crores grew by 14%
- As per secondary market data (AIOCD), Torrent’s Q1 FY23 growth was 17% versus IPM growth of 2%
- Strong outperformance of top brands together with new launches continued to drive market share gains across focus therapies.
- During the quarter, Torrent added 300 MRs bringing the total field force strength to 4,200
Brazil:
· Brazil revenue at Rs 184 crores, were up by 20%.
· Constant currency revenue at R$ 117 million was up by 8%. Adjusted for the discontinued tender business in the previous year, the growth is 10%.
· As per secondary market data, Torrent’s Q1 growth of 10% was in line with market growth.
· Growth was aided by strong growth in generic segment, performance of top brands and new launches.
United States:
- US revenue at Rs 299 crores, were up by 13%.
- Constant currency revenue at $39 million was up by 7%.
- Revenue was complemented by performance of Dapsone launched in previous quarter.
- As on June 30, 2022, 60 ANDAs were pending approval with USFDA and 3 tentative approvals were received. During the quarter, 1 ANDAs was filed.
Germany:
- Germany revenue at Rs 214 crores were down by 18%.
- Constant currency revenue were Euro 26 million.
- Growth was adversely impacted due increase in competition and loss of tenders in previous quarters. Torrent has already initiated measures to improve price competitiveness.
