Torrent Pharma posted a dismal set of numbers for Q2FY17. Total consolidated revenue for the quarter dropped 16% (YoY) at Rs.1429 crore and this was mainly on account of a whopping 55 drop in sales to USA. Net profit came in 59% down at Rs.207 crore.

EBITDA for the quarter was also on the decline – down 54% at Rs.330 crore while margin fall was more precipitous from 42.4% to 23.1%. There was a 13% rise in total costs. Tax outgo is down 73%, which to a large extent helped cull a further fall in bottomline.

The company has said that in previous Q2, there was exceptional jump in US revenue and profits which was primarily on account of the launch of a new product in US market, which had limited competition. Plus the company’s R&D spend during the quarter jumped up 95% to Rs.111 crore.

Its Indian domestic formulation business showed a 12 rise in revenue, Brazil rose 20% and Germany clocked a 14% growth.