CompaniesTorrent Pharmaceuticals LtdFollowJ B Chemicals and Pharmaceuticals LtdFollowMankind Pharma LtdFollowShow more companiesNov 7 (Reuters) – Indian drugmaker Torrent Pharma (TORP.NS), opens new tab reported a 30.5% rise in its second-quarter profit on Friday, driven by strong domestic demand for its cardiovascular and anti-diabetic drugs.The company reported consolidated net profit of 5.91 billion rupees ($67.24 million) for the quarter ended September 30.
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Overall revenue rose 14.3% to 33.02 billion rupees.For further earnings highlights, click here.
KEY CONTEXT
The Indian pharmaceutical market grew 7.3% in value in September, driven by strong sales in cardiovascular, anti-diabetic, and anti-infectives therapies, according to data from PharmaRack.The demand boosted Torrent Pharma’s domestic revenue, which accounts for more than half of overall revenue, by 12% to 18.2 billion rupees.To further boost sales, Torrent Pharma launched new products and has diversified its portfolio by buying a majority stake in JB Chem and Pharma (JBCH.NS), opens new tab.PEER COMPARISON* Mean of analysts’ ratings standardised to a scale of Strong Buy, Buy, Hold, Sell, and Strong Sell
** Ratio of the stock’s last close to analysts’ mean price target; a ratio above 1 means the stock is trading above the PTJULY TO SEPTEMBER STOCK PERFORMANCE
Torrent Pharma’s stock performance in September quarter vs peers– All data from LSEG– $1 = XX Indian rupees($1 = 87.8950 Indian rupees)
Reporting by Kashish Tandon and Mridula Kumar in Bengaluru; Editing by Janane Venkatraman
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