Torrent Pharma announces Q2 FY21 results
EBITDA grows by 12% driven by recovery in India and productivity gains
Revenues & profitability:
- Revenues at Rs. 2,017 crores were up by 1%
- Grossmargins were at 73% and EBITDA margins were at 32%
- EBITDA at Rs. 641 crores was up 12%
- Net profit at Rs. 310 crores was up 27%
Performance summary:
| Results | Q2 FY21 | Q2 FY20 | YoY% | H1 FY21 | H1 FY20 | YoY% | ||||
| Rs cr | % | Rs cr | % | Rs cr | % | Rs cr | % | |||
| Revenues | 2,017 | 2,005 | 1% | 4,073 | 4,027 | 1% | ||||
| Gross profit | 1,463 | 73% | 1,467 | 73% | 0% | 2,984 | 73% | 2,930 | 73% | 2% |
| EBITDA | 641 | 32% | 573 | 29% | 12% | 1,304 | 32% | 1,131 | 28% | 15% |
| PAT | 310 | 15% | 244 | 12% | 27% | 631 | 15% | 460 | 11% | 37% |
| R&D spend | 119 | 6% | 130 | 6% | -8% | 227 | 6% | 266 | 7% | -15% |
India:
- Indiarevenues at Rs 963 crores grew by 7% versus the IPM growth of 1% for the quarter as per AIOCD
- Sub-chronic and acute segments witnessed gradual recovery during the quarter while chronic momentum continued
- Field Force productivity (PCPM) for the quarter was Rs 8 lakhs with an MR strength of 4,000.
- For H1 FY21, revenues were Rs 1,888 crores, up by 5%.
United States:
- US revenues at Rs 327 crores were down by 14%.
- Constant currency sales were $43 million. Sales continued to be impacted by price erosion on base portfolio and absence of new launches.
- As on September 30, 2020, 47ANDAs were pending approval and 6 tentative approvals were received. 1 ANDA was filed during the quarter.
- For H1 FY21, revenues were Rs 700 crores, down by 8% (Constant currency sales: $90 million).
Brazil:
- Brazil revenues at Rs 129 crores were down by 18%.
- Constant currency sales at R$ 91 million up by 5%. Adjusted for base impact of tender business (reduced focus), the growth is 10%.
- As per IQVIA, Jun-Aug’20 branded generics market growth was 6% versus Torrent growth of 7.8%.
- With unlocking of the economy, Brazil pharma market also witnessed gradual recovery during the quarter. Torrent’s performance was aided by its chronic portfolio and market share gain.
- For H1 FY21, revenues were Rs 268 crores, down by 19% (Constant currency sales: R$ 187 million, up by 3%).
Germany:
- Germany revenues at Rs 261 crores were up by 4%
- Constant currency sales were Euro 30 million
- Torrent has largely completed upgradation of its quality management systems
- For H1 FY21, revenues were Rs 507 crores, down by 1% (Constant currency sales: Euro 59 million).
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