Torrent Pharma is doing very well today morning, hitting a new 52-week high at Rs.538.40, with an almost 2 times surge in volumes. It has come off the highs but remains almost 9% up at Rs.517 levels.

The stock is up after the company yesterday declared its Q3FY14 numbers after market closure. It posted a 41% (YoY) rise in its consolidated net profit at Rs.158 core and this was on the back robust net sales at Rs.990 crore v/s Rs.768 crore in Q3FY13. Its branded formulations have shown a 15% (YoY) growth and Contract manufacture has risen 19%. Total sales in India rose 16% and exports went up 38%. In terms of break-up of the exports, US business reported growth of 61%, Europe (incl.Heumann) 59%, Brazil growth 26% and Rest of the World, including Russia, CIS, Mexico & Canada 9%. 

As per AIOCD Torrent grew at 12% during the quarter compared to covered market growth of 5% and Indian Pharmaceutical growth of 5%. For YTD December 2013, the revenues increased by 26% to Rs. 2,959 crores compared with Rs. 2,341 crores for the corresponding period last year. Profit before Taxes grew by 25% to Rs. 527 crores compared to Rs. 423 crores during the same period last year.  During the quarter company acquired Indian Branded Formulations Business of Elder for a consideration of Rs. 2004 crore. The transaction is subject to conditions precedent including shareholder approval and applicable regulatory approvals and is expected to close in the first half of 2014.