Torrent Pharma share price rallies after Q1 profit jumps 48%
Consolidated revenue from operations of the company stood at Rs 2,056 crore for the June quarter.
July 31, 2020 / 09:51 AM IST
Torrent Pharma share price jumped over 7 percent in the morning trade on July 31, a day after the company came out with its June quarter numbers.
The pharmaceutical company reported a 48.61 percent rise in its consolidated net profit to Rs 321 crore for the quarter ended June 30, 2020, mainly on account of robust sales in the Indian market, the company said in a BSE filing. The company had posted a net profit of Rs 216 crore in the same period of the previous fiscal.
Consolidated revenue from operations stood at Rs 2,056 crore for the quarter. It was Rs 2,022 crore for the same period a year ago, it added.
"Q1 continued to witness challenges posed by COVID-19, hampering industry growth in global markets. However, most of our focus markets have seen a steady recovery since June," Torrent Pharmaceuticals Executive Chairman Samir Mehta said.
The stock, which has gained over 58 percent in the last one year, was trading at Rs 2,620.45, up Rs 183.60, or 7.53 percent at 0926 hours. It has touched an intraday high of Rs 2,626. It was also one of the most active stocks on NSE in terms of value with 8,05,682 shares being traded.
According to Moneycontrol SWOT Analysis powered by Trendlyne, the company has zero promoter pledge, with the stock showing strong momentum: price above short, medium and long term moving averages. It has also been effectively using its capital to generate profit, with RoCE improving in the past two years.
Moneycontrol technical rating is bullish, with moving averages and technical indicators being bullish.Disclaimer: The views and investment tips expressed by experts on moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.