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This article is more than 2 year old.

Torrent Pharma shares jump 6% on strong Q1 results

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Shares of Torrent Pharma rose 6 percent after the company's net profit for the first quarter ended June 30, 2019, jumped 33 percent to Rs 216 crore on robust sales

Torrent Pharma shares jump 6% on strong Q1 results
Shares of Torrent Pharma rose 6 percent on Wednesday after the company's net profit for the first quarter ended June 30, 2019, jumped 33 percent to Rs 216 crore on robust sales. The profit in Q1FY19 stood at Rs 163 crore.
The stock gained as much as 6.1 percent intraday to Rs 1,558.45 per share on the BSE. At 10:40 AM, the stock was trading 4 percent higher at Rs 1,530 as compared to 0.45 percent (170 points) fall in the BSE Sensex at 37,812.
The consolidated revenue from operations rose 8 percent to Rs 2,022 crore in Q1 as compared to Rs 1,872 crore for the corresponding period a year ago. The firm's India business was up 9 percent YoY to Rs 907 crore for the quarter, while the US revenue stood at Rs 376 crore, up by 13 percent, the company said in a BSE filing.
Meanwhile, the revenue from Germany increased 4 percent to Rs 262 crore but the Brazil business saw its revenue decline by 3 percent to Rs 174 crore, it added.
Brokerages also remained bullish on the stock. Global brokerage firm Nomura maintained a 'buy' call on the stock and raised its target price to Rs 1,855 per share from the Rs 1,778 earlier. It expects the company to record a strong cash flow generation over the next three years.
CLSA has an 'outperform' rating on the stock but cut its target price to Rs 1,690 from the Rs 1,800 per share. Except for the US export, the market will remain strong, the brokerage said, adding that US outlook hinges on USFDA classification of the key plant Indrad.
 
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