Torrent Pharmaceuticals shares tumble 15 pc after Q3 earnings

Shares of Torrent Pharmaceuticals on Thursday tumbled 15 percent after the company's consolidated net profit declined by 16 percent for the third quarter ended December 2021.

The stock tanked 17.69 percent to Rs 2,601.30 during the day on BSE. It settled at Rs 2,689.10, lower by 14.92 percent. On NSE, it tumbled 14.99 percent to close at Rs 2,686.95.

Torrent Pharmaceuticals on Tuesday said its consolidated net profit declined by 16 percent to Rs 249 crore for the third quarter ended December 2021, on account of muted performance in the US market.

The drugmaker had posted a net profit of Rs 297 crore in the October-December period of 2020-21 fiscal.

The company's revenue from operations in the third quarter stood at Rs 2,108 crore, as compared to Rs 1,995 crore in the same period of the previous fiscal, Torrent Pharmaceuticals said in a statement.

''Due to the prolonged delays in reinspection of our US facilities on account of the pandemic, coupled with higher than anticipated pricing pressure, our US business has been adversely affected during this quarter,'' Torrent Pharmaceuticals Chairman Samir Mehta noted.

Equity markets were closed on Wednesday on account of Republic Day.

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