Torrent Pharma net profit up by 44 percent

Ahmedabad, May 6 (IANS) Torrent Pharmaceuticals Limited Tuesday announced a 44 percent increase in their consolidated net profit for 2007-08.

Announcing the audited results for the last fiscal, the company said the net profit amounted to Rs.1.35 billion, up from Rs.940 million during 2006-07.

The consolidated sales earnings recorded only a marginal rise of three percent at Rs.13.36 billion, compared to Rs.12.92 billion the previous year.

In a communication to the Bombay Stock Exchange, the company noted that sales growth was weighed down by a 'de-growth' of 22 percent in Heumann business (Germany) due to severe price erosion and shift of volumes to segments in which the company was not present. Excluding Heumann, consolidated revenues grew by 11 percent, the company noted.

The communication said domestic formulation business clocked sales of Rs.5.87 billion as against Rs.5.57 billion in 2006-07, a six percent growth.

As on March this year, the company's product portfolio comprised four approved abbreviated new drug applications (ANDAs), 11 ANDAs under approval and 35 ANDAs under development.

The company said the phase-I clinical trial in Britain and India of the Advanced Glycosylation End-Products (AGE) programme had been completed. According to the company, the AGE programme has attractive development potential in treating diabetic heart failure.