Torrent Pharma profit dips 5%

Torrent Pharmaceuticals Ltd's net profit was down 5 per cent while its sales grew by 16 per cent in the financial year ended March 31, 2011, compared to the corresponding period last fiscal, the company said here. In the period under review, while sales were Rs 2,161 crore (Rs 1,867 crore), the profit after tax grew 17 per cent at Rs 270 crore (Rs 231 crore). The previous year's PAT included one-time MAT write off of Rs 53 crore. Adjusted to it, this year's PAT was down by 5 per cent. On Monday, the company's share price on the BSE closed 4.39 per cent down at Rs 586.15. The Q4 sales increased by 9 per cent at Rs 498 crore (Rs 456 crore) while PAT decreased 27 per cent to Rs 42.84 crore (Rs 59.14 crore). The board of directors has recommended a dividend of Rs 8 a share (normal dividend Rs 6 a share and a special dividend of Rs 2 a share) compared with Rs 6 a share in the previous fiscal, subject to the approval of shareholders at the ensuing annual general meeting.