Drug firm Torrent Pharmaceuticals Ltd on Friday (October 25) reported a 17.4% year-on-year (YoY) increase in net profit at ₹453 crore for the second quarter that ended September 30, 2024. In the corresponding quarter of the previous fiscal, Torrent Pharmaceuticals posted a net profit of ₹386 crore, the company said in a regulatory filing.

Revenue from operations grew 8.6% to ₹2,889 crore against ₹2,660 crore in the corresponding period of the preceding fiscal.

At the operating level, EBITDA was up 13.8% to ₹939 crore in the second quarter of this fiscal over ₹825 crore in the year-ago period.

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The EBITDA margin stood at 32.5% in the reporting quarter compared to 31% in Q2 of the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation.

Torrent Pharma reported a gross margin of 76.5% and an operational EBITDA margin of 32.5% for Q2. Adjusted for one-time factors, the company recorded underlying revenue growth of 10% and a 16% increase in operating EBITDA.

Insulin revenues were affected by a scheduled facility shutdown in August for maintenance, with manufacturing expected to resume in December. The company anticipates recovery of the insulin revenue shortfall in Q4, ensuring minimal impact on annual results.

In India, Torrent Pharma’s revenue rose 13% YoY to ₹1,632 crore, driven by strong performance in focus therapeutic areas. According to AIOCD secondary market data, India’s pharmaceutical market (IPM) grew 8% in the quarter.

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Torrent’s chronic segment outpaced the market with 14% growth, compared to IPM’s 9% increase, supported by a revival in its cardiac division and traction in new launches within the anti-diabetes segment.

In Brazil, Torrent Pharma’s revenue grew 4% to ₹263 crore, with constant currency revenue increasing 17% to $174 million. As per IQVIA data for the quarter-to-date ending August 2024, Torrent’s growth rate in Brazil was in line with the market at 8%.

The German market posted revenue growth of 8% to ₹288 crore, with constant currency revenue rising by 6% to €31 million. Torrent reported continued momentum in Germany, attributed to incremental tender wins over the past five quarters.

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In the US, revenue was ₹268 crore, marking an 8% YoY increase, with constant currency revenue reaching $32 million, up 7% from the same period last year. Sales in the US remained steady on a sequential basis.

The results came after the close of the market hours. Shares of Torrent Pharmaceuticals Ltd ended at ₹3,418.80, up by ₹101.55, or 3.06%, on the BSE.