Ahmedabad-based Torrent Pharmaceutical Ltd reported a 5% rise in its annual net profit , but suffered a net loss of Rs 1.65 crore for the fourth quarter ended 31 March, 2012.
The company says, domestic formulation business grew 10% in Q4, but the performance in the acute therapy segment was relatively lower.
International revenues grew by 47% supported by growth in Brazil and the US operations.
The company announced its fourth quarter results on Friday night wherein the Q4 net income grew by 32% to Rs 674 crore, from Rs 511 crore in the corresponding period of the previous year. The company declared a final dividend of Rs 2.50 per share.
The annual net income increased by 23%, while annual net profit only 5%. The net income stood at Rs 2,696 crore compared to Rs 2,198 crore for the corresponding period of previous year. Annual net profit stood at Rs 284.04 crore compared to Rs 270.17 crore of the previous year.
Torrent says investments in product development are being made to support the build-up in Brazil, Europe and US operations. It spends 5% on R&D of consolidated net sales and operating income.
Sun Pharma Q4 Net Sales Up 60% at Rs 2330 Cr
Drug maker Sun Pharma posted a spectacular 85% jump in March quarter net profit at Rs 820 crore, driven by strong sales of its Israeli unit Taro.
However, the company said the increase in Taro sales will not be sustainable going forward as these were largely a result of price increases on select products in the US market.
Net sales of the company for the quarter ended March 31, 2012 stood at Rs 2,330 crore, up nearly 60% from the corresponding period previous fiscal.
Dilip Shanghvi has stepped down from the chairmanship, while continuing to remain the managing director of the company.
According to the company press release, Israel Makov has been appointed as the chairman of the Sun Pharma at meeting of the Board of Directors of the company held on May 29, 2012. Makov also gets a seat on the board of directors of Sun Pharma.
Makov is the former President and CEO of Teva Pharmaceutical Industries (2002-2007), widely credited with Teva's emergence as a global company and a world leader in generic pharmaceuticals.
Torrent Pharma Annual Net Up, Q4 Suffers Loss