New Delhi: On Thursday Torrent Pharma shares falls over 3 per cent subsequent to the Ahmedabad-based medicine maker accounted a 55 per cent decline in its first quarter net profit. Torrent Pharma accounted a net profit of Rs 292 crore in Q1 in comparison with a net profit of Rs 650 crore in the equivalent quarter of previous economic on the back of 50 per cent decrease in revenue from US. Torrent Pharma’s revenue drops 21 per cent to Rs 1,545 crore as sales from US, its major market, decrease 51 per cent to Rs 434 crore compared to Rs 888 crore in the equivalent quarter of previous fiscal.
Torrent Pharma conveyed to Bombay Stock Exchange that, preceding era US revenues counted exceptional revenues, chiefly on account of the commence of a new product which had limited competition. The corporation also further conveyed that, except US, all the other geographies recorded positive sales expansion. Sales from Torrent Pharma's India industry, the subsequent uppermost revenue contributor, increase 3 per cent to Rs 504 crore. As of 9.51 a.m., Torrent Pharma shares buying and selling 0.55 per cent inferior, recovering from its day's low at Rs 1,402, compared to 0.32 per cent increase in the Nifty.