Large-cap drug firm gained 2 percent after reporting a strong rise in its net profit and revenue for the second quarter of FY’24.
With a market capitalization of Rs. 63,431 cr, the shares of Torrent Pharmaceuticals Limited opened on a positive note at a level of Rs.1,909 and went on to hit an intraday high of Rs. 1,954 making a gain of around 2 percent and closed the trading session at the price of Rs. 2,918 apiece.
Such a positive move was seen after the company announced strong quarterly results. The company recorded a marginal increase in revenue from Rs. 2591 cr during Q1 FY24 to Rs. 2,660 cr in Q2 FY24, the revenue rose by 16 percent YoY from Rs 2,291 cr to Rs. 2,660 cr.
The company focused on specialty drugs and reported an 18 percent growth in India in its Indian operations increasing its revenues from Rs. 1,224 cr to Rs.1,444 cr YOY.
In addition to that, the pharma company’s consolidated net profit increased from Rs. 378 cr to Rs. 386 cr during the same period. The company’s consolidated net profit increased by 24 percent YoY from Rs. 312 cr during Q2 FY22-23 to Rs. 368 cr during Q2 FY23-24.
Coming into the important ratios of the company, Return on Equity (RoE) has increased from 13.18 percent during FY21-22 to 20.5 percent in FY22-23. Moreover, the company’s Return on Capital Employed (RoCE) increased from 14.35 percent to 20.32 percent.
According to the latest shareholding pattern, Promoters have 71.25 percent of the company’s shares, the pharma company has a high FIIs holding of 13.15 percent, the public has 7.6 percent of holdings and the remaining 8 percent is with DIIs.
Headquartered in Ahmedabad, a group of Torrent Ltd, Torrent Pharmaceuticals is an Indian multinational company. It was prompted by U.N Mehta, initially, the company was named as Trinity Laboratories and then changed its name to Torrent Pharmaceuticals Ltd.
Written by Vaibhav Patil
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