Torrent Pharma.

Torrent's India business grew at 12%, significantly ahead of the IPM's 8% growth. The chronic segment was the primary driver, growing at 14% vs. 10% for the market, led by the cardiac division which grew at 16%. This outperformance is attributed to the divisional restructuring and field force expansion undertaken last year, with the MR count now reaching 6,200.

The insulin CMO business reported nil revenue in Q3 due to facility downtime for maintenance. However, the facility was released in December and dispatches resumed in January 2025. Management expects a normalized quarterly run rate of ₹75-80 crores, with significant spillover revenue from Q3 expected to boost Q4 performance.

While Brazil saw a robust 10% constant currency growth, the reported numbers were heavily impacted by a 17% currency depreciation. Management is optimistic about a double-digit price increase from the Brazilian government in April 2025, which should act as a natural hedge against currency volatility in the coming fiscal year.

Torrent is preparing for a 'day one' launch of GLP-1 products in India and Brazil following patent expiries in March 2026. The strategy involves partnering for injectable versions while manufacturing oral formulations in-house. Clinical trials for these products are currently ongoing in India.

Operating EBITDA margins sustained at 32.5% despite revenue headwinds. Management highlighted several cost-saving factors, including ₹10 crores in manufacturing savings due to lower winter energy consumption and ₹6-7 crores in freight efficiencies. The company targets a 50-100 bps annual margin improvement driven by a higher mix of branded business.