27th July, 2021

The Dy. General Manager (Listing Dept.) BSE Limited, Corporate Relationship Dept., I si Floor, New Trading Ring, P. J. Towers, Dalal Stree t, Fort, Mumbai - 400 00 I (BSE Scrip Code: 500420)

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

Dear Sir,

Sub.: Submission / 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 ended 30th June, 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 ended on 30¹ h June, 202 1. Both Standalone and Consolidated· Financial Results will be available at Company's website wWvv.torrentpharma.com

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

The Board meeting commenced at 03 :00 pm and concluded at 04: 35 pm.

The above is for your information and record.

Thanking you,

Yours sincerely,

Foa ~RENT PHARMACEUTICALS LIMITED

VP (LEGAL) ~ & COMPANY SECRETARY

Enc l : A/a

TORRENT PHARMACEUTICALS LIMITED

CIN: L24230GJ1972PLC002126

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

Chartered Accountants

Audit report on quarterly standalone financial results of Torrent Pharmaceuticals Limited under Regulation 33 of the Listing Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Independent Auditors' 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 June 2021, attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 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 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 June 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.

Audit report on quarterly standalone financial results of Torrent Pharmaceuticals Limited under Regulation 33 of the Listing Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

Torrent Pharmaceuticals Limited

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

These quarterly 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 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.

Audit report on quarterly standalone financial results of Torrent Pharmaceuticals Limited under Regulation 33 of the Listing Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

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.

Other Matters

Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year.

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

Jamil Khatri Partner Membership No: 102527 ICAI UDIN:21102527AAAAAZ2255

Mumbai 27 July 2021

PHRRmR TORRENT PHARMACEUTICALS LIMITED

Registered Office: Torrent House, Off Ashram Road, Ahmedabad - 380 009, Ph.: +91 79 26599000 Fax: + 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 ended 30-Jun-2021
Particulars		Quarter ended		Year ended
	30-Jun-2021	31-Mar-2021	30-Jun-2020	31-Mar-2021
Revenue
Net sales	1681	1443	1685	6333
Other operating income	14	25	42	118
Revenue from operations (net)	1695	1468	1727	6451
Other income	50	91	7	118
Total revenue	1745	1559	1734	6569
Expenses
Cost of materials consumed	404	343	353	1421
Purchases of stock-in-trade	97	96	109	399
Changes in inventories of finished goods, work-in
progress and stock-in-trade	{41)	{57)	(28)	(150)
Employee benefits expense	280	257	288	1097
Finance costs	66	69	97	339
Depreciation and amortisation expense	150	152	150	610
Other expenses	377	398	395	1487
Total expenses	1333	1258	1364	5203
Profit before tax	412	301	370	1366
Tax expense
Current tax	72	61	64	248
Deferred tax (Refer Note 5)	66	{39)	8	(20)
Total tax expense	138	22	72	228
Net profit for the period	274	279	298	1138
Other comprehensive income
Items that will not be reclassified subsequently to
profit or loss	(4)	14	(6)	11
Income tax relating to items that will not be
reclassified subsequently to profit or loss Items that will be reclassified subsequently to profit or	2	(5)	2	(4)
loss	{31)	21	37	158
Income tax relating to items that will be reclassified
subsequently to profit or loss	11	(7)	(13)	(55)
Total other comprehensive income	(22)	23	20	110
Total comprehensive income	252	302	318	1248
Paid-up equity share capital (Face value of Rs. 5 each)	84.62	84.62	84.62	84.62
Other equity excluding revaluation reserves				5945
Earnings per share (of Rs. 5/- each) (not annualised for
the quarter):
Basic	16.21	16.48	17.63	67.24
Diluted	16.21	16.48	17.63	67.24

Notes:

1 The above results were reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on 27-Jul-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 The figures for the quarter ended 31-Mar-2021 is the balancing figure between audited figures in respect of the full financial year and for the period upto the end of the third quarter of relevant financial year.
4 The listed non-convertible debentures of the company aggregating Rs. 1234 crores as at 30-Jun-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 of the Company and the asset cover thereof exceeds hundred percent ofthe principal amount of the said debentures.
S Deferred tax expense for the quarter ended 30-Jun-2021 includes Rs. 60 crores, relates to MAT credit utilisation.
6 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.
7 The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable.

For TORRENT PHARMACEUTICALS LIMITED

SAMIR Digitally signed by SAMIR UTTAMLAL UTIAMLAL MEHTA MEHTA Date: 2021.07.27 16:40:07 +05'30'

Place : Croatia Date : 27-Jul-2021

SAMIR MEHTA Executive Chairman

Chartered Accountants

Limited review report on unaudited quarterly consolidated financial results of Torrent Pharmaceuticals Limited under Regulation 33 of the Listing Regulations of the SEBI (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 June 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 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 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.

The Statement includes the results of the following entities:

	Name of the entity	Relationships
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

Torrent Pharmaceuticals Limited

	Name of the entity	Relationships
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

Of the 14 subsidiaries listed above, the interim financial results and financial infsormation 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.

1. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.
1. 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 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 Membership No: 102527 ICAI UDIN:21102527AAAABA1877

Mumbai 27 July 2021

Q;, PHRRffiR TORRENT PHARMACEUTICALS LIMITED

Registered Office: Torrent House, Off Ashram Road, Ahmedabad - 380 009, Ph.:+ 91 79 26599000 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 ended 30-Jun-2021
	Quarter ended			Year ended
Particulars	30-Jun-2021	31-Mar-2021	30-Jun-2020	31-Mar-2021
	(Unaudited)	(Audited)	(Unaudited)	(Audited)
		( Refer Note 4)
Revenue
Net sales	2120	1915	2014	7886
Other operating income	14	22	42	119
Revenue from operations (net)	2134	1937	2056	8005
Other income	40	39	4	57
Total revenue	2174	1976	2060	8062
Expenses
Cost of materials consumed	408	347	345	1421
Purchases of stock-in-trade	206	223	283	1005
Changes in inventories of finished goods, work-in-progress
and stock-in-trade	(26)	(74)	(93)	(279)
Employee benefits expense	385	341	373	1440
Finance costs Depreciation amortisation and impairment expense	68 165	73 165	102 161	358 658
Other expenses	484	518	487	1933

Total expenses	1690	1593	1658	6536
Profit before tax	484	383	402	1526
Tax expense Current tax	88	105	82	334
Deferred tax (Refer Note 5)	66	(39)	(1)	(53)
Short provision of earlier periods	-	(7)	-	(7)
Total tax expense	154	59	81	274
Net profit for the period	330	324	321	1252
Attributable to :
- Owners of the company	330	324	321	1252
- Non controlling Interest	-	-	-	-
Other comprehensive income
Items that will not be reclassified subsequently to profit or
loss	(4)	6	(6)	3
Income tax relating to items that will not be reclassified
subsequently to profit or loss	2	(4)	2	(3)
Items that will be reclassified subsequently to profit or loss	(45)	28	32	156
Income tax relating to items that will be reclassified
subsequently to profit or loss	11	(7)	(13)	(56)
Total other comprehensive income	(36)	23	15	100

Total comprehensive Income	294	347	336	1352
Attributable to : - Owners of the company	294	347		1352
- Non controlling Interest	-	-	336 -	-

Paid-up equity share capital (Face value of Rs. 5 each)	84.62	84.62	84.62	84.62
Other equity excluding revaluation reserves				5753
Earnings per share (of Rs. 5/- each) (not annualised for the
quarter):
Basic	19.53	19.16	18.98	73.98
Diluted	19.53	19.16	18.98	73.98

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 27-Jul-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 fourteen wholly owned subsidiaries.
3 The Group operates in a single segment i.e Generic Formulation Business.
4 The figures for the quarter ended 31-Mar-2021 is the balancing figures between audited figures in respect of the full financial year and for the period upto the end of the third quarter of financial year, which were subject to limited review.
S Deferred tax expense for the quarter ended 30-Jun-2021 includes Rs. 60 crores, relates to MAT credit utilisation.
6 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.
7 The figures for the corresponding previous period have been restated/regrouped wherever necessary, to make them comparable.

For TORRENT PHARMACEUTICALS LIMITED

SAMIR Digitally signed by SAMIR UTTAMLAL UTTAMLAL MEHTA Date: ²⁰²¹ .07.27 MEHTA 16:3s:s3 +os·30·

SAMIRMEHTA Executive Chairman

Place : Croatia Date : 27-Jul-2021

Torrent Pharma announces Q1 FY22 results

India growth momentum continues led by top brands and new launches

Revenues & profitability:

Revenue at Rs. 2,134 crores up by 4%
Gross margins : 72.4%; EBITDA margins : 34%
EBITDA at Rs. 717 crores was up by 8%
Profit before tax at Rs. 484 crores was up by 20%.
Net profit after tax at Rs. 330 crores was up 2.8%.

Performance summary:

Results	Q1 FY22		Q1 FY21
	Rs cr	%	Rs cr	%	YoY%
Revenues	2,134		2,056		4%
Gross profit	1,546	72%	1,521	74%	2%
EBITDA	717	34%	664	32%	8%
PAT	330	15%	321	16%	3%
R&D spend	125	6%	108	5%	16%

India:

India revenues at Rs 1,093 crores grew by 18%.
As per AIOCD data, Torrent's Q1 FY22 growth was 24% versus IPM growth of 37%. IPM growth during the quarter includes high contribution from Covid treatments and a low base last year
Covid drugs: Torrent has launched baricitinib during the quarter and is currently conducting clinical trials for molnupiravir; more partnerships under evaluation to widen covid portfolio
PCPM for the quarter was Rs 10 lakhs with an MR strength of 3,600
Torrent has launched its Trade Generics division during the quarter.

United States:

US revenues at Rs 266 crores, were down by 29%.

Constant currency sales were \$36 million.
Sales were lower due to price erosion in the base business and lack of new approvals pending re-inspection of facilities.
As on June 30, 2021, 54 ANDAs were pending for approval with USFDA and 7 tentative approvals were received, including 1 tentative approval received during the quarter.

Brazil:

Brazil revenues at Rs 153 crores, were up by 9%
Constant currency sales at R\$ 108 million, was up by 14% versus covered market growth of 12%
Growth was driven by growth momentum in both the branded and generic segment. New products have contributed to 3% growth.

Germany:

Germany revenues at Rs 260 crores were up by 5%
Constant currency sales were Euro 29 million with flat growth.
Second wave of Covid and related lockdowns impacted the market growth during the quarter.

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