Q2 2026 Torrent Pharmaceuticals Ltd Earnings Call Transcript
Key Points
- Torrent Pharmaceuticals Ltd (BOM:500420) reported a 14% increase in revenues, reaching INR3,302 crores.
- The company's operating EBITDA grew by 15% to INR1,083 crores, with an EBITDA margin of 32.8%.
- India and Brazil, the two largest branded markets, showed strong double-digit growth, with India at 12% and Brazil at 21%.
- The U.S. business saw a significant growth of 26%, driven by new launches and increased purchase volumes.
- The company has a robust pipeline in Brazil with 65 molecules filed and awaiting approval from Anvisa.
- Germany's revenue declined by 5% in constant currency terms due to supply disruptions at a third-party supplier.
- The company experienced a ForEx loss of INR39 crores, impacting other income.
- There is uncertainty regarding the approval timeline for Semaglutide in Brazil, affecting market entry plans.
- The U.S. business has faced challenges in returning to profitability due to a prolonged period of no launches.
- Working capital saw some deterioration due to extended credit periods and accelerated insurance discounts.
Ladies and gentlemen, good day, and welcome to the Q2 FY26 earnings conference call of Torrent Pharma. (Operator Instructions) Please note that this conference is being recorded. I now hand the conference over to Mr. Sudhir Menon, Executive Director, Finance and CFO. Thank you, and over to you, sir.
Thank you, Sagar. Good evening, and welcome to second quarter earnings call for FY26. We continue to see robust performance in our branded markets, which accounted for 73% of the overall revenue this quarter. Our 2 largest branded markets, India and Brazil, each delivered healthy double-digit growth. India business grew at 12% and Brazil grew at 21%.
Constant currency growth in Brazil for the quarter was 13%. On the generic side, U.S. business grew at 26% and Germany grew at 5%. In constant currency terms, Germany revenue declined by 5%, mainly due to the continued supply disruption at the third-party supplier.
Revenues were INR3,302 crores, up by 14%
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