Shares of Torrent Pharma hit an all-time high of Rs 1,851.15, up 8% on the BSE in intraday trade on Wednesday after the company reported an after-tax profit of Rs 287 crore for the March quarter (Q4FY23), supported by healthy operating performance. The drugmaker posted a net loss of Rs 118 crore in the quarter a year ago (Q4FY22).

The stock surpassed the previous high of Rs 1,722.70 on November 9, 2022. The stock was quoted 6% higher at Rs 1,813.75 at 9:48 am, while the S&P BSE Sensex fell 0.5%.

In Q4FY23, Torrent Pharma’s revenue rose 16.9% YoY to Rs 2,491 crore, mainly driven by growth in India, Germany and Brazil markets. EBITDA rose 29.6% year-on-year to Rs 727 crore. Ebitda’s margin increased by 286 basis points to 29.2% due to a change in revenue mix and higher revenue in different regions.

India revenue was Rs 1,257 crore, up 22% year-on-year. The company said that strong growth was driven by a strong performance from new chronic therapy products and the integration of Curatio. Revenue in Brazil rose 27% year-on-year to Rs 318 crore, driven by strong underlying market growth, new product launches and growth in the generics segment. Meanwhile, US revenue growth fell 1% year-on-year to Rs 280 crore, impacted by lower prices of the underlying product mix and lack of new products pending facility inspections.

Motilal Oswal Financial Services maintained its “Neutral” rating on the stock.