Business news, strategy, finance and company insights
Torrent Pharma, with an annual turnover of over ₹8,500 crore, is the flagship company of Torrent Group. It is ranked eighth in the Indian pharmaceutical market and is in the top 5 in the cardiovascular (CV), gastrointestinal (GI), central nervous system (CNS) and nutritional mineral vitamins (NMV) therapeutic segments.
For the January to March 2022 quarter, Torrent Pharma posted a net loss of ₹118 crore due to headwinds facing its EU business and the shutdown of its liquid business in the US. The company had posted a profit after tax of ₹324 crore in the corresponding quarter last year. Its revenue increased by 10% year-on-year to ₹2,131,000,000, supported by growth in branded generic markets.
The company’s board declared a final dividend of ₹23 (460%) per share of ₹5 each, including a special dividend of ₹15 per share. It also approved the issue of free shares in the proportion of 1:1 for each fully paid-up capital share held on the closing date set for this purpose. Following the issuance of bonuses, the total paid up share capital will be Rs. 169.22 crore of existing rupees. 84.62 crores.
In addition, the Board also gave a nod to the issuance of shares including convertible bonds/debentures through a Qualified Institutional Placement (QIP) and/or Certificates of Deposit or in any other mode for an amount up to ₹5,000 crore, subject to approval at the next Annual General Meeting. company meeting.