Drug firm Torrent Pharmaceuticals Ltd on Monday reported a 23.7% year-on-year (YoY) jump in net profit at ₹386 crore for the second quarter that ended September 30, 2023.

In the corresponding quarter last year, Torrent Pharmaceuticals posted a net profit of ₹312 crore, the company said in a regulatory filing. A CNBC-TV18 poll had predicted a profit of ₹377.9 crore for the quarter under review.

In the quarter, the total revenue stood at ₹2,660 crore, up 16.1% against ₹2,291 crore in the corresponding period of the preceding fiscal. The CNBC-TV18 poll had predicted a revenue of ₹2,662.2 crore.

At the operating level, EBITDA rose 36.2% to ₹825 crore, up from ₹679 crore in the corresponding period in the previous fiscal. The CNBC-TV18 poll had predicted an EBITDA of ₹809 crore.

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EBITDA margin stood at 31% in the reporting quarter as compared to 29.6% in the corresponding period in the previous fiscal. EBITDA is earnings before interest, tax, depreciation, and amortisation. The CNBC-TV18 poll had predicted a margin of 30.4% for the quarter under review.

In India, the company's revenue stood at ₹1,444 crore, representing a substantial 18% growth, attributed to the success of its Curatio portfolio, which expanded by 17% primarily driven by a strong performance in top-focus brands. For the first half of the fiscal, Torrent reported a revenue of ₹2,870 crore, marking a solid 16% increase.

In Brazil, the company's revenue reached ₹252 crore, reflecting a 36% surge. However, it's worth noting that the second-quarter revenues in Brazil were influenced by the sales spillover from the first quarter. For the first half of the fiscal, revenue in Brazil reached ₹442 crore.

Germany also showed positive results, with revenue at ₹266 crore, an increase of 21%. When considering constant currency revenue at 30 million euros, it recorded an 8% growth. For the first half of the fiscal, revenue in Germany reached ₹525 crore, up by 21% when considering constant currency revenue at 58 million euros, marking a 9% increase.

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On the other hand, the company reported a decline in the US market with a revenue of ₹248 crore, down 15%. When considering constant currency revenue at $30 million, it was down by 18%. This decline was attributed to the loss of low-margin business and a lack of new product launches.

However, there is a positive development as the Dahej facility received an Establishment Inspection Report (EIR), paving the way for new product approvals. As of September 30, 2023, the company had 41 Abbreviated New Drug Applications (ANDAs) pending approval with the US Food and Drug Administration (USFDA), with three tentative approvals received. During the quarter, one ANDA was approved.

For the first half of fiscal, revenue in the US amounted to ₹541 crore, representing an 8% decline. When adjusted for one-off income, the constant currency de-growth was 7%.

The results came after the close of the market hours. Shares of Torrent Pharmaceuticals Ltd ended at ₹1,876.95, down by ₹12.00, or 0.64%, on the BSE.