Torrent Pharma posts Q4 net loss of Rs 152 cr

Chennai: Drug firm Torrent Pharmaceuticals has reported a consolidated net loss of Rs 152 crore for the quarter ended 31 March, mainly on account of exceptional items.

The company had posted a net profit of Rs 228 crore for the corresponding period of the previous fiscal, Torrent Pharmaceuticals said in a filing to the BSE.

The company’s consolidated revenue from operations stood at Rs 1,856 crore for the quarter under consideration. It was Rs 1,708 crore for the same period year ago. Net loss of Rs 152 crore for the fourth quarter is on account of exceptional items of Rs 357 crore and lower hedging gains, the company said.

Out of Rs 357 crore exceptional items, Rs 217 crore pertains to impairment provision of certain intangible assets under development and goodwill recognised with respect to the acquisition of Bio-Pharm Inc and Rs 140 crore is in relation to product recalls made during the current year, it added.

For the fiscal year ended March, the company posted a net profit of Rs 436 crore as against Rs 678 crore for the previous fiscal year.

NT Bureau