India’s Torrent Pharmaceuticals reported a third-quarter profit that didn’t quite meet expectations. The company, famous for its calcium supplement Shelcal 500, showed a nearly 14% increase in consolidated net profit, reaching 5.03 billion rupees (about $58.3 million). However, this fell short of analyst predictions, which estimated profits of 5.13 billion rupees.
Revenue also ticked up by almost 3%, hitting 28.09 billion rupees. Yet again, analysts had forecasted higher numbers, estimating around 29.92 billion rupees.
Despite robust growth in many Indian drug companies, particularly in heart, gastrointestinal, and diabetes medications, Torrent faced challenges. A significant factor in this was the planned shut down of an insulin manufacturing facility in August. Additionally, the 17% drop in Brazil’s currency also impacted their performance.
In the same market, competitors like Granules India and Mankind Pharma reported struggles. Granules India saw a decline in profits due to pricing pressures in Europe, while Mankind Pharma’s profit fell short because of a sharp increase in expenses.
Looking ahead, Torrent’s valuation and growth prospects remain a topic of interest among analysts, who continue to track the company’s performance closely.
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Torrent Pharmaceuticals, third-quarter profit, insulin manufacturing facility, consolidated net profit, revenue growth
