26th October, 2021

The Dy. General Manager (Listing Dept.) BSE Limited, Corporate Relationship Dept., 1st Floor, New Trading Ring, P. J. Towers, Dalal Street, Fort, Mumbai - 400 001 (BSE Scrip Code: 500420)

The Manager~ Listing Dept., National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. C/1, G. Block, Bandra - Kurla Complex, Bandra (E), Mumbai-400 051 (NSE Scrip Code: TORNTPHARM)

Dear Sir,

Sub.: Submission I Intimation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations")

We would like to inform that the Board has at its meeting held today approved, inter-alia, the Audited Standalone Financial Results along with audit report thereon and Unaudited Consolidated Financial Results along with limited review report of the Company for the quarter and half year ended 30th September, 2021. The said financial results are enclosed herewith.

In terms of Regulation 47 of the Listing Regulations, the Company will publish an extract of Unaudited Consolidated Financial Results for the quarter and half year ended on 30th September, 2021. Both Standalone and Consolidated· Financial Results will be available at Company's website www.torrentpharma.com

A Press Release on Financial Results which is being submitted to the media is also enclosed herewhh.

The Board meeting commenced at 03:30 pm and concluded at ~',a O pm.

The above is for your information and record.

Thanking you,

Yours sincerely,

For TORRENT PHARMACEUTICALS LIMITED

(?-(~ MAHESH AGRA WAL (i; VP (LEGAL) & COMPANY SECRETARY

Encl: A/a

Reg.Office: Torrent House, Off Ashram Road, Ahmadabad - 380 009, India. Phone: +91 79 26599000, Fax: +91 79 26582100, www.torrentpharmt

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063

Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010

Audit report on quarterly standalone financial results and standalone year-todate results of Torrent Pharmaceuticals Limited under Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulation, 2015

Independent Auditor's Report

To Board of Directors of Torrent Pharmaceuticals Limited

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying standalone quarterly financial results of Torrent Pharmaceuticals Limited ("the Company") for the quarter ended 30 September 2021 and the year to date results for the period from 1 April 2021 to 30 September 2021, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 and Regulation

52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best of our information and according to the explanations given to us, these standalone financial results:

i. are presented in accordance with the requirements of Regulation 33 and Regulation 52 of the Listing Regulations in this regard; and
ii. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter ended 30 September 2021 as well as the year to date results for the period from 1 April 2021 to 30 September 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Results section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Registered Office:

Torrent Pharmaceuticals Limited

Management's and Board of Directors' Responsibilities for the Standalone Financial Results

These quarterly financial results as well as the year to date standalone financial results have been prepared on the basis of the interim financial statements. The Company's Management and Board of Directors are responsible for the preparation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Torrent Pharmaceuticals Limited

Auditor's Responsibilities for the Audit of the Standalone Financial Results (Continued)

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.
Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.101248W/W-100022

Jamil Khatri Partner Mumbai Membership No: 102527 26 October 2021 UDIN: 21102527AAAABL3368

PHRRmR TORRENT PHARMACEUTICALS LIMITED

Registered Office: Torrent House, Off Ashram Road, Ahmedabad - 380 009, Ph.: +91 79 26599000 Fa~:+ 91 79 26582100 CIN: L24230GJ1972PLC002126; Website:www.torrentpharma.com; Email: [email protected]

(Rs. in crores except per share data)
	Statement of Standalone Audited Financial Results for the Quarter and Half Year ended 30-Sep-2021
Particulars		Quarter ended		Half Year ended		Year ended
	30-Sep-2021	30-Jun-2021	30-Sep-2020	30-Sep~2021	30-Sep-2020	31-Mar-2021
Revenue
Net sales	1767	1681	1608	3448	3293	6333
Other operating income	32	14	32	46	74	118
Revenue from operations (net)	1799	1695	1640	3494	3367	6451
Other income	54	50	9	104	16	118
Total revenue	1853	1745	1649	3598	3383	6569
Expenses
Cost of materials consumed	368	404	363	772	716	1421
Purchases of stock-in-trade '	91	97	112	188	221	399
Changes in inventories of fin_ished goods, work-in
progress and stock-in-trade*	41	(41)	(38)	0	(66)	(150)
!employee benefits expense	283	280	274	563	562	1097
Finance costs	64	66	86	130	183	339
Depreciation and amortisation expense	153	150	153	303	303	610
Other expenses	399	377	343	776	738	1487
Total expenses	1399	1333	1293	2732	2657	5203
Profit before tax	454	412	356	866	726	1366

Tax expense
Current tax	79	72	63	151	127	248
Deferred tax (Refer Note 6)	49	66	10	115	18	(20)
Total tax expense	128	138	73	266	145	228
Net profit for the period	326	274	283	600	581	1138
Other comprehensive income
Items that will not be reclassified subsequently to
profit or loss	(3)	(4)	4	(7) I	(2)	11
Income tax relating to items that will not be
reclassified subsequently to profit or loss	1	2	(1)	3	1	(4)
Items that will be reclassified subsequently to profit
or loss	28	(31)	85	(3)	122	158
Income tax relating to items that will be reclassified
subsequently to profit or loss	(10)	11	(30)	1	(43)	(55)
Total other comprehensive income	16	(22)	58	(6)	78	110
Total comprehensive income	342	252	341	594	659	1248

Paid-up equity share capital (Face value of Rs. 5 each)	84.62	84.62	84.62	84.62	84.62	84.62
Other equity excluding revaluation reserves	6286	6197	5695	6286	5695	5945
Earnings per share (of Rs. 5/- each) (not annualised
for the quarter):
Basic	19.24	16.21	16.68	35.45	34.31	67,24
Diluted	19.24	16.21	16.68	35.45	34.31	67.24
Additional Disclosure as per regulation 52(4) and 54(3)
of Securities and Exchange Board of India (Listing
Obligations and Disclosure Requirements) Regulations,
2015
Paid up debt capital	1534	1534	2019	1534	2019	1559
Networth	6371	6282	5780	6371	5780	6030
Debenture redemption reserve	216	216	352	216	352	216
Debt equity ratio (in times) Debt service coverage ratio (in times)	0.56 2.40	0.60 2.03	0.84 1.89	0.56 2.20	0.84 1.70	0.66 1.18
Interest service coverage ratio (in times)	9.35	8.50	6.27	8.91	5.95	6.12
Current ratio (in times)	1.65	1.78	1.63	1.65	1.63	1.60
' Long term debt to working capital (in times)	1.24	1.33	1.58	1.24	1.58	1:53
Bad debts to Account receJvables ratio (in times)	0.00	0.01	0.01	0.00	0.01	0.01
Current liability ratio (in times)	0.49	0.44	0.43	0.49	0.43	0.45
Total debts to total assets (in times)	0.33	0.35	0.39	0.33	0.39	0.37
Debtors turnover (in times) (Annualised)	4.29	4.25	4.05	4.28	4.30	4.15
Inventory turnov~r (in tiry,es) (Annualised)	3.80	3.55	3.80	3.67	3.99	3.70
Operating margin (in%)	37.3%	37.0%	36.3%	37.2%	36.0%	35.1%
Net profit margin (in%)	18.1%	16.2%	17.3%	17.2%	17.3%	17.6%
Assets coverage ratio (in times)	2.07	2.04	2.40	2.07	2.40	1.98

* less than Rs. 1 crore

Ratios have been computed as follows :-

(a) Pebt equity ratio : Debt/ Net worth

Debt: Long term borrowings (incL current maturities of long term borrowings) Net worth: Equity share capital + Other equity
(b) Debt service coverage ratio : (Profit after tax+ Deferred tax+ Depreciation and amortisation + Interest on debt and lease) / (Interest on debt and lea·se + Principal repayments of long term debt including lease payment)
(c) Interest service coverage ratio: (Profit after tax + Deferred tax + Depreciation and amortisation + Interest on debt and lease) / Interest on debt and lease
(d) Current Ratio: Current assets/ Current liabilities
(e) Long term debt to working capital : Long term debt (incl. current maturities of borrowings)/ Net working capital Net Working capital: current assets - current liabilities (excl. current maturities of long term borrowings)
(f) Bad debts to Account receivables ratio: Allowances for cre_dit loss/ Gross trade receivables
(g) Current liability ratio : Current liabilities/ Total liabilities (excl. total equity)
(h) Total debts to total assets : Total borrowing/ Total assets
Total borrowing: long term borrowings+ current maturities of long term borrowings+ short term borrowings
(i) Debtors turnover: Net sales/ Average trade receivables
(j) Inventory turnover : Net sales/ Average Inventories
(k) Operating margin % : Revenue from operations (net) (cost of goods sold+ employee benefits+ other expenses)+ (other income interest income Dividend income)/ Revenue from operations (net)
(I) Net profit margin%: Profit after tax/ Revenue from operations (net)
(m) Assets Coverage Ratio : Total assets available for secured debt securities (secured by either pari passu or exclusive charge on ass_ets including assets given on 1st pari passu basis to term loan lenders)/ Total borrowing thorugh issue of secured Debt securities and other borrowings (secured by 1st pari passu charge on aforementioned assets) ·

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 26-0ct-2021. The auditor have carried out an audit of the above said results. There is no qualification in the auditor's report on this statement of financial results.
2 The Company operates in a single segment i.e Generic Formulation Business.

3 Standalone Balance Sheet

		(Rs. in crores)
Particulars		Audited
	As at	Asat
	30-Sep-2021	31-Mar-2021
ASSETS
Non-current assets
Property, plant and equipment	2707	2648
Capital work-in-progress	489	555
Right-of-use assets	87	97
Goodwill	244	244
Other intangible assets	3563	3752
Intangible assets under development	33	33
Financial assets
Investments	175	175
Loans	2	2
Other financial assets	27	21
	204	198
Income tax assets (net)	20	42
Deferred tax assets (net)	-	28
Other non-current assets	23	22
Sub-total - Nori-current assets	7370 7619
Current assets
Inventories	1847	1912
Financial assets
Investments	304	139
Tra,de receivables	1677	1544
Ca.sh and cash equivalents	66	62
Bank balances other than cash and cash
equivalents	5	5
Loans	3	3
Other financial assets	122	89
	2177	1842
Other current assets	289	388
Sub-total - Current assets	4313	4142
TOTAL - ASSETS	11683	11761

	(Rs. in crores)
Particulars		Audited
	Asat	As at
	30-Sep-2021	31-Mar-2021
EQUITY AND LIABILITIES
Equity
Equity share capital	85	85
Other equity	6286	5945
Sub-total - Equity	6371	6030
Non-current liabilities
Financial liabilities
Borrowings	2394	2941
Lease liabilities	2	4
Other financial liabilities	5	3
	2401	2948
Provisions	207	194
Deferred tax liabilities (net)	83	-
Other non-current liabilities	2	3
Sub-total - Non-current liabilities	2693	3145
Current liabilities
Financial liabilities
Borrowings	1498	1443
Lease liabilities	9	16
Trade payables
Total outstanding dues of micro
enterprises and small enterprises	15	20
TC>tal outstanding dues of creditors other
than micro enterprises and small
enterprises	651	629
Other financial liabilities	220	241
	2393	2349
Provisions	119	107
Other current liabilities	107	130
Sub-total - Current liabilities	2619	2586
TOTAL- EQUITY AND LIABILITIES	11683	11761

4 Standalone Statement of Cash Flows

		(Rs. in crores)
		Audited
Particulars	Half Year ended	Half Year ended
	30-Sep-2021	30-Sep-2020
CASH FLOWS FROM OPERATING ACTIVITIES
PROFIT BEFORE TAX	866	726
Adjustments for :
Depreciation and amortization expense	303	303
Allowance for credit loss (net)*	0	0
Impairment of investment in subsidiary	16	-
Unrealised foreign exchange (gail')) / loss (net)	(52)	62
Loss on sale/ discard/ write-off of property, plant & equipments*	0	0
Net gain on sale of investments	(S)	(6)
Finance costs	130	183
Interest income*	(Ci)	(1)
	1258	1267

		(Rs. in crores)
!		Audited
Particulars	Half Vear	Half Vear
	ended	ended
	30-Sep-2021	30-Sep-2020
Adjustments for changes in working capital :
Trade receivables, loans and other assets	(22)	{126)
Inventories	65	{283)
Trade payables, liabilities and provisions	{20)	143
CASH GENERATED FROM OPERATIONS	1281	1001
Direct taxes paid {net of refunds)	{129)	(55)
NET CASH FROM OPERATING ACTIVITIES	1152	946
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant and equipments
and intangible assets {including capital work-	{106)	(114)
in-progress and capital advances paid)
Proceeds from sale of property, plant &
equipments*	1	0
Payment for additional investment in
subsidiary	(16}	-
Investments in mutual funds {net)	{160)	(554)
Interest received*	0	1
NET CASH {USED IN) INVESTING ACTIVITIES	{281}	{667)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from long-term borrowings	-	795
Repayment of long-term borrowings	{383)	{448)
Repayment of short term borrowings (net)	{110)	(789)
Repayment of lease obligations	{10)	(9)
Dividend paid	(254)	-
Finance costs paid	{110)	{134)
NET CASH {USED IN} FINANCING ACTIVITIES	{867)	{585)
NET INCREASE/ {DECREASE) IN CASH AND CASH	4	{306)
EQUIVALENTS
CASH AND CASH EQUIVALENTS AT THE	62	387
BEGINNING OF PERIOD
CASH AND CASH EQUIVALENTS AT THE END OF	66	81
PERIOD

* Less than Rs. 1 crore

5 The listed non-convertible debentures of the company aggregating Rs. 1234 crores as at 30-Sep-2021 {previous year ended Rs. 1259 crores) are secured by way of first pari passu charge through mortgage on certain specified immovable & movable assets and hypothecation of identified trademarks ofthe Company and the asset cover thereof exceeds hundred percent of the principal amount of the said debentures.

6 Deferred tax expense for the period ended 30-Sep-2021 includes Rs. 118 crores relates, to MAT credit utilisation.

7 The Company has considered internal and external information while finalizing various estimates and recoverability of assets in relation to its financial statement captions upto the date of approval of the financial results by the Board of Directors. The impact of Covid-19 may be different from what is estimated as at such date of approval of the financial results and the Company will continue to monitor any material changes to future economic conditions.

8 The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable.

Place : Ahmedabad, Gujara~ Date : 26-0ct-2021 ,Executive Chairm

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400 063

Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010

Limited review report on unaudited quarterly consolidated financial results and consolidated year-to-date results of Torrent Pharmaceuticals Limited under Regulation 33 and Regulation 52 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of Torrent Pharmaceuticals Limited

1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Torrent Pharmaceuticals Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter ended 30 September 2021 and year to date results for the period from 1 April 2021 to 30 September 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 and Regulation 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 and Regulation 52 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our review.
1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the Listing Regulations, to the extent applicable.

Torrent Pharmaceuticals Limited

The Statement includes the results of the following entities:

	Name of the entity	Relationship
1	Zao Torrent Pharma	Wholly Owned Subsidiary
2	Torrent Do Brasil Ltda	Wholly Owned Subsidiary
3	Torrent Pharma Gmbh	Wholly Owned Subsidiary
4	Heumann Pharma Gmbh & Co. Generica KG	Wholly Owned Step down Subsidiary
5	Heunet Pharma Gmbh	Wholly Owned Step down Subsidiary
6	Torrent Pharma Inc.	Wholly Owned Subsidiary
7	Torrent Pharma Philippines Inc.	Wholly Owned Subsidiary
8	Laboratorios Torrent, S.A. de C.V	Wholly Owned Subsidiary
9	Torrent Austarlasia Pty Ltd	Wholly Owned Subsidiary
10	Torrent Pharma (Thailand) Co., Ltd.	Wholly Owned Subsidiary
11	Torrent Pharma S.R.L.	Wholly Owned Subsidiary
12	Torrent Pharma (UK) Ltd.	Wholly Owned Subsidiary
13	Laboratories Torrent (Malaysia) SDN.BHD.	Wholly Owned Subsidiary
14	Torrent Pharma France S.A.S	Wholly Owned Subsidiary
15	TPL (Malta) Limited (incorporated on 17 August 2021))	Wholly Owned Subsidiary
16	Torrent Pharma (Malta) Limited (incorporated on 17 August 2021)	Wholly Owned Step down Subsidiary

Of the 16 subsidiaries listed above, the interim financial results and financial information of subsidiaries which are located outside India have been prepared under the generally accepted accounting principles ('GAAPs') applicable in their respective countries. The Parent's management has converted these interim financial results from accounting principles generally accepted in their respective countries to Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013.

Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 and Regulation 52 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.101248W/W-100022

Jamil Khatri Partner Mumbai Membership No: 102527 26 October 2021 UDIN: 21102527AAAABM4485

· E3-torrent- PHARmA TORRENT PHARMACEUTICALS LIMITED

Registered Office: Torrent House, Off Ashram Road, Ahmedabad - 380 009, Ph.:+ 917926599000 Fax:+ 91 79 26582100

CIN: L24230GJ1972PLC002126; Website:www.torrentpharma.com; Email: [email protected] (Rs. in crores except per share data) Statement of Consolidated Financial.Results for the Quarter and Half Year ended 30-Sep-2021 Particulars Revenue Net sales Other operating income Revenue from operations (net) Other income Total revenue Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories offinished goods, work-in-progress and stock-in-trade Employee benefits expense Finance costs Depreciation amortisation and impairment expense Other expenses Total expenses Profit before tax Tax expense Current tax Deferred tax (Refer Note 6} Short provision of earlier periods Total talf expense Net profit for the period Attributable to : - Owners of the company - Non controlling Interest Other comprehensive income Items that will not be reclassified subsequently to profit or loss Income tax relating to items that will not be reclassified subsequently to profit or loss Items that will be, reclassified subsequently to profit or loss Income tax relating to items that will be reclassified subsequently to profit or loss Total other comprehensive income Total comprehensive Income Attributable to : -·owners of the company - Non controlling Interest Paid-up equity share capital {Face value of Rs. 5 each) Other equity excluding revaluation reserves Earnings per share (of Rs. 5/- each} (not annualised for the quarter): Basic Diluted Additional Disclosure as per regulation 52(4) of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 Paid up .debt capital Networth Debenture redemption reserve Debt equity ratio (in times) Debt service coverage ratio (in times) Interest service coverage ratio (in times) Current ratio {in times) · Long term debt to working capital {in times) Bad debts to Account receivables ratio (in times) Current liability ratio {in times) Total debts to total assets (in times) Debtors turnover (in times) (Annualised) Inventory turnover (in times) (Annualised) Operating margin (in %) Net profit margin {in %) Quarter ended (Unaudited) Half Year ended (Unaudited) Year ended (Audited) 30-Sep-2021 30-Jun-2021 30-5ep-2020 30-Sep-2021 30-Sep-2020 31-Mar-2021 2103 34 2137 51 2188 369 196 30 389 71 168 493 1716 472 96 44 16 156 316 316 (4) 1 38 (10) 25 341 341 84.62 6134 18.63 18.63 1534 6219 216 0.60 2.35 8.52 1.17 1.75 0.01 0.61 0.32 5.28 3.21 33.3% 14.8% 2120 14 2134 40 2174 408 206 (26) 385 68 165 484 1690 484 88 66 154 330 330 (4) 2 (45} 11 (36) 294 294 84.62 6046 19.53 19.53 1534 6131 216 0.64 2.24 9.26 1.21 1.89 0.01 0.59 0.32 5.39 3.19 33.6% 15.5% 1985 32 2017 6 2023 364 273 (83) 363 92 165 465 1639 384 72 2 74 310 310 4 (1) . 89 (30} 62 372 372 84.62 5446 18.32 18.32 2019 5531 352 0.91 1.94 6.23 1.17 2.28 0.01 0.55 0.37 5.09 3.28 31.8% 15.4% 4223 48 4271 91 4362 777 402 4 774 139 333 977 3406 956 184 110 16 310 646 646 (8) 3 (7) 1 (11) 635 635 84.62 6134 38.16 38.16 1534 6219 216 0.60 2.29 8.89 1.17 1.75 0.01 0.61 0.32 5.48 3.19 33.4% 15.1% 3999 74 4073 10 4083 709 556 (176} 736 194 326 952 3297 786 154 1 155 631 631 (2) 1 121 {43} 77 708 708 84.62 5446 37.30 37.30 2019 5531 352 0.91 1.75 5.96 1.17 2.28 0.01 0.55 0.37 4.99 3.41 32.0% 15.5% 7886 119 8005 57 8062 1421 1005 (279} 1440 358 658 1933 6536 1526 334 (53} (7) 274 1252 1252 3 {3} 156 (56} 100 1352 1352 84.62 5753 73.98 73.98 1559 5838 .. 216 0.71 1.23 6.20 1.13 2.28 0.01 0.59 0.34 4.97 3.27 31.7% 15.6%

Ratios have been computed as follows:-

(a) Debt equity ratio : Debt/ Net worth

. Debt: Long term borrowings (incl. current maturities of long term borrowings)
Net worth: Equity share capital+ Other equity
(b) Debt service coverage ratio : (Profit after tax+ Deferred tax + Depreciation and amortisation + Interest on debt and lease) / (Interest on debt and lease + Principal repayments of long term debt including lease payment)
(c) Interest service coverage ratio: (Profit after tax+ Deferred tax+ Depreciation and amortisation + Interest on debt and lease)/ Interest on debt and lease
(d) Current Ratio : Current assets/ Current liabilities
(e) Long term debt to working capital : Long term debt (incl. current maturities of borrowings)/ Net working capital Net Working capital : current assets - current liabilities (excl. current maturities of long term borrowings)
(f) Bad debts to Account receivables ratio : Allowances for credit loss/ Gross trade receivables
(g) Current liability ratio: Current liabilities/ Total liabilities (excl. total equity)
(h) Total debts to total assets : Total borrowing/ Total assets

Total borrowing: long term borrowings+ current maturities of long term borrowings+ short term borrowings

(i) Debtors turnover : Net sales/ Average trade receivables
(j) Inventory turnover: Net sales/ Average Inventories
(k) Operating margin % : Revenue from operations (net) - (cost of goods sold+ employee benefits+ other expenses)+ (other income - interest income - Dividend income)/ Revenue from operations (net)
(I) Net profit margin% : Profit after tax/ Revenue from operations (net)

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors of the Parent Company, in their respective meetings held on 26-0ct-2021. The auditor have carried out review of the above said results. There is no qualification in. the auditor's report on this statement of financial results.
2 The consolidated financial results include the financial results of sixteen wholly owned subsidiaries.
3 The Group operates in a single segment i.e Generic Formulation Business.
4 Consolidated Balance Sheet

		(Rs. in crores)
	Unaudited	Audited
Particulars	As at	.As at
	30-Sep-2021	31-Mar-2021
ASSETS
Non-current assets
Property, plant and equipment	2970	2758
Capital work-in-progress	532	744
Right-of-use assets	124	126
Goodwill	342	341
Other intangible assets	3650	3840
Intangible assets under development	145	145
Financial assets
Investments	42	42
Loans	2	2
Other financial assets	59	52
	103	96
Income tax assets (net)	33	56
Deferred tax assets (net)	402	421
Other non-current assets	23	24
Sub-total - Non-current assets	t-------+- 8324	8551
Current assets
Inventories	2612	2681
Financial assets
Investments	304	139
Trade receivables	1561	1523
Cash and cash equivalents	315	573
Bank balances other than cash and cash	.•, 30	31
equivalents
Loans	3	3
Other financial assets	175	121
	2388	2390
Other current assets	357	451
Sub-total - Current assets	i-------- 5357	5522
N on -current assets held for sale	2 5359	2 5524

TOTAL-ASSETS	13683	14075

		(Rs. in crores)
	Unaudited	Audited
~articulars	As at	As at
	30-Sep-2021	31-Mar-202-1
EQUITY AND LIABILITIES
Equity
Equity share capital	85	85
Other Equity	6134	5753
Sub-total - Equity	6219	5838
Non-current liabilities
Financial liabilities
Borrowings	2394	2941
Lease Liabilities	29	22
Other financial liabilities	10	8
	2433	2971
Provisions	377	370
Deferred tax liabilities (net)	83	-
Other non-current liabilities	4	5
Sub-total - Non-current liabilities	2897	3346
Current liabilities
Financial liabilities
Borrowings	1944	1884
Lease Liabilities	20	26
Trade payables
Total outstanding·dues of micro
enterprises and small enterprises	15	20
Total outstanding dues of creditors other
than micro enterprises and small
enterprises	1769	2047
Other financial liabilities	293 4041	301 4278

Provisions	391	431
Current tax liabilities (net) Other. current liabilities	47 88	54 128
Sub-total - Current liabilities	4567	4891

TOTAL - EQUITY AND LIABILITIES	13683	14075

5 Consolidated Statement of Cash Flows

		(Rs. in crores)
		Unaudited
Particulars	Half Year ended 30-Sep-2021	Half Year ended 30-Sep-2020
CASH FLOWS FROM OPERATING ACTIVITIES
PROFIT BEFORE TAX	956	786
Adjustments for:
Depreciation, amortization and impairment expense	333	326
Allowance for credit loss (net) *	1	0
Unrealised foreign exchange (gain)/ loss, (net)	(64)	51
Loss on sale/discard/write-off of property, plant & equipments*	0	0
Net gain on sale of current investments	(5)	(6)
Finance costs	139	194
Interest income	(1)	(2)
Adjustm~nts for changes in working capital :	1359	·1349
Trade receivables, loans and other assets	.44	8
Inventories	70	(393)
Trade payables, liabilities and provisions	(385)	217
CASH GENERATED FROM OPERATIONS	1088	1181
Direct taxes paid (net of refund)	(184)	(49)
NET CASH FROM OPERATING ACTIVITl~S	904	1132

		(Rs. in crores)
		Unaudited
I Particulars I	Half Year ended 30-Sep-2021	Half Year ended 30-Sep-2020
CASH FLOWS FROM INVESTING ACTIVITIES Purchase of property, plant and equipments and intangible assets (including capital work-in-progress and capital advances paid) Proceeds from sale of property, plant & equipments and intangible assets Investments in mutual funds (net) Investment in fixed deposits (net)* Interest received	(127) 1 (160) (O) 1	(181) 2 (554) - 2
NET CASH (USED IN) INVESTING ACTIVITIES CASH FLOWS FROM FINANCING ACTIVITIES Proceeds from long-term borrowings Repayment of long-term borrowings Repayment of short term borrowings (net) Repayment of lease obligations Dividend paid Finance costs paid	{285) - (383) (110) (14) (254) (118)	{731) 795 (448) (789) (16) - (144)
NET CASH {USED IN) FINANCING ACTIVITIES NET (DECREASE IN) CASH AND CASH EQUIVALENTS Effect of exchange rate changes on foreign currency cash and cash equivalents CASH AND CASH EQUIVALENTS AT THE BEGINNING OF PERIOD	{879) (260) 2 573	{602) {201) 6 662
CASH AND CASH EQUIVALENTS AT THE END OF PERIOD	315	467

* Less than Rs. 1 crore

6 Deferred tax expense for the period ended 30-Sep-2021 includes Rs. 118 crores relates to MAT credit utilisation.

7 The Group has considered internal and external information while finalizing various estimates and recoverability of assets in relation to its financial statement captions upto the.date of approval .of the financial results by the Board of Directors. The impact of Covid-19 may be different from what is estimated as at such date of approval of the financial results and the Group will continue to monitor any material changes to future economic conditions.

8 The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable.

Place : Ahmedabad, Gujarat Date : 26-0ct-2021

Torrent Pharma announces Q2 FY22 results

Strong momentum continues in Branded Generic markets

Revenues & profitability:

Revenue at Rs. 2,137 crores up by 6%
Gross margins: 72.2%; EBITDA margins: 33.2%
EBITDA at Rs. 711 crores was up by 11%.
Profit before tax at Rs. 472 crores was up by 23%.
Net profit after tax at Rs. 316 crores was up 2%.

Performance summary:

Results	Q2 FY22		Q2 FY21			H1 FY22		H1 FY21
	Rs cr	%	Rs cr	%	YoY%	Rs cr	%	Rs cr	%	YoY%
Revenues	2,137		2,017		6%	4,271		4,073		5%
Gross profit	1,542	72%	1,463	73%	5%	3,089	72%	2,984	73%	3%
EBITDA	711	33%	641	32%	11%	1,428	34%	1,304	32%	10%
PAT	316	15%	310	15%	2%	646	15%	631	15%	2%
R&D spend	130	6%	119	6%	9%	255	6%	227	6%	12%

India:

India revenues at Rs 1,087 crores grew by 13%
Underlying growth adjusted for dispatch related delays last year is at 16%
As per secondary market data (AIOCD), Torrent's Q2 FY22 growth was 19% versus IPM growth of 15%
Torrent has outperformed the market in all its key therapies during the quarter.
MR productivity for the quarter was Rs 9.9 lakhs with MR strength of 3,600
For H1 FY22, revenues were Rs 2,180 crores, up by 15%.

United States:

US revenues at Rs 284 crores, were down by 13%.
Constant currency sales were \$35 million.
Sales were lower due to price erosion in the base business and lack of new approvals pending re-inspection of facilities.

As on September 30, 2021, 53 ANDAs were pending approval with USFDA and 7 tentative approvals were received. 1 ANDA was approved during the quarter.
For H1 FY22, revenues were Rs 550 crores, down by 21% (Constant currency sales: \$71 million).

Brazil:

Brazil revenues at Rs 156 crores, were up by 21%
Constant currency sales at R\$ 109 million.
Brazil BGx market growth is at 10% during the quarter.
Growth was driven by momentum in the large brands combined with the strong launch of two new products.
For H1 FY22, revenues were Rs 309 crores, up by 15% (Constant currency sales: R\$ 218 million, up by 16%).

Germany:

Germany revenues at Rs 251 crores were down by 4%
Constant currency sales were Euro 29 million.
Growth during the quarter was mainly impacted due to covid induced supply delays and inventory normalization led by customer consolidation at market place.
Secondary sales trend was in-line with market growth.
For H1 FY22, revenues were Rs 510 crores, up by 1% (Constant currency sales: Euro 58 million).

About Torrent Pharmaceuticals Ltd:

Torrent Pharma, with annual revenues of more than Rs 8,000 crores, is the flagship Company of the Torrent Group, with group revenues of more than Rs 20,000 crores. It is ranked 8th in the Indian Pharmaceuticals Market and is amongst the Top 5 in the therapeutics segments of Cardiovascular (CV), Central Nervous System (CNS), and Vitamins Minerals Nutritionals (VMN).

It is a specialty-focused company with 75%+ of its revenue in India from chronic & subchronic therapies. It has presence in 40 countries and is ranked No. 1 amongst the Indian pharma Companies in Brazil, Germany and Philippines. Torrent has 8 manufacturing facilities (7 in India & 1 in US), of which 5 are USFDA approved. With R&D as the

backbone for its growth in domestic & overseas market, it has invested significantly in R&D capabilities with state-of-the-art R&D infrastructure employing around 750+ scientists.

AI assistant

Torrent Pharmaceuticals Ltd. Audit Report / Information 2021

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