![Torrent Pharma in focus](https://img.etimg.com/thumb/msid-110405525,width-210,height-158,imgsize-62026,resizemode-75/torrent-pharma-in-focus.jpg)
"Recommended to the members to obtain enabling approval for issuance of equity shares including convertible bonds or debentures through Qualified Institutional Placement (QIP) and or any other modes for an amount not exceeding ₹5,000 crore in the upcoming Annual General Meeting (AGM)," the company said in a statement to stock exchanges.
Torrent Pharma has been actively scouting for acquisitions. ET reported on Friday that Torrent Pharma are amongst the companies interested in acquiring Mumbai-based drug maker JB Pharma. The company was also in news for holding talks to acquire the stake of Cipla's promoters which didn't materialize.
Torrent Pharma board also recommended a final dividend of ₹6 per equity share. The company has earlier paid an interim dividend of ₹22 per share.
The company on Friday reported 57% year-on-year (YoY) jump in net profit Rs 449 crore in Q4FY24 led by sales momentum in India, Brazil and Germany.
The company reported net profit of Rs 287 crore during the corresponding period of previous year.
Revenues rose 10% YoY to Rs 2,745 crore during Q4FY24, compared to Rs 2,491 crore in Q4FY23.
The operating earnings before interest, tax, depreciation and amortisation (EBITDA) grew 21% YoY to Rs 883 crore.
The R&D spend dropped 7% YoY to Rs 139 crore in the fourth quarter.
For FY24, Torrent revenue grew 12% YoY to Rs 10,728 crore and net profit of 1656 crore.
India sales that constitute over half of Torrent's revenues grew 10% YoY to Rs 1380 crores in Q4FY24 led by strong new launch performance.
Torrent grew above the Indian pharmaceutical market (IPM) growth rate of 9% in Q4FY24.
.Torrent has 20 brands in the top 500 brands in IPM, with 17 brands earning more than 100 crores.
Brazil revenues were at Rs 372 crores, were up by 17% YoY, on a constant current basis revenues grew 11% aided by new product launches.
Torrent is the largest among Indian drug makers by sales in Brazil.
Germany revenues stood at Rs 280 crore, up by 11% YoY due to incremental tender wins coupled by better conversion of existing tenders.
US revenues dropped 6% YoY to Rs 262 crore due to lack of new launches. Torrent said it is gearing up for new generic product launches in Q1FY25. The company has 34 abbreviated new drug applications (ANDAs) pending for approval in the US.
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Subscribe to The Economic Times Prime and read the Economic Times ePaper Online.and Sensex Today.
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