Torrent Pharma's consolidated net plunges by 69%

Torrent Pharma, a Gujarat based Rs 1500 crore plus pharma giant, has suffered setback on account of higher provision for taxation during the first quarter ended June 2009 and its consolidated net profit declined by 69.3 per cent to Rs 15.12 crore from Rs 49.30 crore in the similar period of last year. However, its EBDIT went up sharply by 42.9 per cent to Rs 98.43 crore from Rs 68.86 crore. The earning per share of Rs 5 face value worked out to Rs 1.79 as against Rs 5.83 in the lat period. 

The company reviewed MAT credit entitlement in view of changes proposed in the Finance Bill, 2009 and written down Rs 53 crore, recognized in earlier years, during the quarter, and incremental MAT credit entitlement for the quarter has not been recognized. Excluding MAT credit entitlement adjustment in both the years, profit after tax grew by 55 per cent. Its taxation provision stood at Rs 59.06 crore as against Rs 5.01 crore in the corresponding period of last year.