MIRA INFORM REPORT

Report Date :

08.01.2011

IDENTIFICATION DETAILS

Name :	TORRENT PHARMACEUTICALS LIMITED

Registered Office :	Torrent House Off Ashram Road, Navarangpura 9, Ahmedabad - 380009, Gujarat

Country :	India

Financials as on :	31.03.2010

Date of Incorporation :	15.07.1972

Com. Reg. No.:	04 - 002126

CIN No.: [Company Identification No.]	L24230GJ1972PLC002126

Tan. No.:	AHMT00474F

Pan No.:	AAACT5456A

Legal Form :	Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges.

Line of Business :	Manufacturing and Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic Equipments.

RATING & COMMENTS

MIRA’s Rating :

Aa (78)

RATING		STATUS	PROPOSED CREDIT LINE
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large

Maximum Credit Limit :	USD 35234000

Status :	Good

Payment Behaviour :	Regular

Litigation :	Clear

Comments :	Subject is a well established and a reputed company. It is a part of Torrent group. Directors are reported to be experienced and respectable businessmen. Financial position of the businessmen. Financial position of the company appears to be sound. Trade relations are reported as fair. Business is active. Payments are regular and as per commitments. Fundamentals are strong and healthy. The company can be considered good for normal business dealings at usual trade terms and conditions. The company can be regarded as promising business partner in medium to long run.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – April 1, 2010

Country Name

Previous Rating

(31.12.2009)

Current Rating

(01.04.2010)

India

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

INFORMATION DECLINED BY

Name :	Mr. Navneet Choksey
Designation :	Accounts Department
Date :	07.01.2011

Name :	Mr. Bharat Parmar
Designation :	Finance Department
Date :	07.01.2011

LOCATIONS

Registered Office/ Corporate office :	Torrent House Off Ashram Road, Navarangpura 9, Ahmedabad – 380 009, Gujarat, India
Tel. No.:	91-79-26585090/26583060
Fax No.:	91-79-26582100
E-mail :	info@torrentpharma.com maheshagarwal@torrentpharma.com
Website :	http://www.torrentpharma.com

Factory 1 :	Indrad Plant: Village Indrad, Taluka Kadi, District Mehsana-382721, Gujarat, India
Tel. No.:	91-2764-233671-75, 233678-80
Fax No.:	91-2764-233676
E-Mail :	tplplant@icenet.net

Factory 2 :	Village Bhud and Makhnu Majra, Baddi, Tehsil Nalagarh, District: Solan, Himachal Pradesh
Tel. No.:	91-1795-246821
Fax No.:	91-1795-247159

Factory 3 :	Baddi Plant : Village Bhud, Makhnu Majra, Tehsil- Nalgarh, District- Solan, Himachal Pradesh, India
Tel. No.:	91-1795-246821
Fax No.:	91-1795-247159

Research and Development Facility :	Torrent Research Centre, Near Kanoria Hospital, Village Bhat, District Gandhinagar - 382428, Gujarat, India
Tel. No.:	91-79-23269124/23969100
Fax No.:	91-79-23269135/23969135/ 23969124-34
E-Mail :	trc@torrentpharma.com

Regional Offices:	Located at: New Delhi Mumbai Bangalore Kolkata Chennai Hyderabad

DIRECTORS

Name :	Mr. Sudhir Mehta
Designation :	Executive Chairman

Name :	Mr. Kiran Karnik
Designation :	Director

Name :	Mr. S. H. Bhojani
Designation :	Director

Name :	Dr. Prasanna Chandra
Designation :	Director

Name :	Mr. Mihir Thakore
Designation :	Non Executive and Independent Director (w.e.f. 23.10.2002)

Name :	Mr. Sanjay S. Lalbhai
Designation :	Director (w.e.f. 23.01.2003)

Name :	Mr. Markand Bhatt
Designation :	Director

Name :	Dr. C. Dutt
Designation :	Director (Research and Development)

Name :	Mr. Samir Mehta
Designation :	Managing Director

Name :	Prof. S Ramnarayan
Designation :	Director

Name :	Mr. Samir Mehta
Designation :	Managing Director

OTHER PERSONNEL:

Name :	Mr. Parthiv Parikh
Designation :	Company Secretary

Name :	Mr. Mahesh Agrawal
Designation :	GM (Legal) and Company Secretary

Audit Committee :	Dr. Prasanna Chandra, Chairman Mr. S. H. Bhojani Mr. Kiran Karnik Mr. Mihir Thakore

Securities Transfer and Investors Grievance Committee:	Mr. Sudhir Mehta, Chairman Mr. Markand Bhatt Mr. Samir Mehta

KEY EXECUTIVES

Name :	Mr. Mahesh Agarwal
Designation :	GM (Legal) and Company Secretary
Address :	Torrent House Off Ashram Road, Ahmedabad – 380 009, Gujarat, India
Tel No :	91-79-26585090
Fax No :	91-79-26582100
E-Mail :	maheshagarwal@torrentpharma.com

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2010

Names of Shareholders	No. of Shares	Percentage of Holding
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Individuals / Hindu Undivided Family	1,898,740	2.24
Bodies Corporate	43,057,736	50.89
Any Others (Specify)	15,545,384	18.37
Directors/Promoters & their Relatives & Friends	15,545,384	18.37
Sub Total	60,501,860	71.51
(2) Foreign
Total shareholding of Promoter and Promoter Group (A)	60,501,860	71.51
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	9,347,573	11.05
Financial Institutions / Banks	30,193	0.04
Insurance Companies	472,386	0.56
Foreign Institutional Investors	3,072,009	3.63
Sub Total	12,922,161	15.27
(2) Non-Institutions
Bodies Corporate	3,154,006	3.73
Individuals
Individual shareholders holding nominal share capital up to Rs.0.100 millions	4,141,166	4.89
Individual shareholders holding nominal share capital in excess of Rs.0.100 millions	812,471	0.96
Any Others (Specify)	3,079,696	3.64
Trusts	400	-
Directors & their Relatives & Friends	2,195,972	2.60
Non Resident Indians	123,050	0.15
Hindu Undivided Families	176,630	0.21
Clearing Members	583,644	0.69
Sub Total	11,187,339	13.22
Total Public shareholding (B)	24,109,500	28.49
Total (A)+(B)	84,611,360	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	-	-
Total (A)+(B)+(C)	84,611,360	100.00

BUSINESS DETAILS

Line of Business :

Manufacturing and Marketing of Pharmaceutical formulations viz. Tablets, Capsules, Liquids, Injections, Vials, Ointments, Bulk Drugs and others and Medical Electronic Equipments.

Products :

Generic Names of Three Principal Products of the company are as under:

Item Code No. (ITC Code)	300431.01
Product Description	Insulin

Item Code No. (ITC Code)	300490.89
Product Description	Alprazolam

Item Code No. (ITC Code)	300490.79
Product Description	Nebivolol

Item Code No. (ITC Code)	300490.89
Product Description	Diltiazem HCL

Item Code No. (ITC Code)	300490.81
Product Description	Lamotrigine

Item Code No. (ITC Code)	300490.49
Product Description	Domperidone

Imports :

Products :

Raw materials, consumables stores, capital goods and medical electronic equipments

Countries :

Europe and Far East

Terms :

Purchasing :

L/C, D/A and D/P

PRODUCTION STATUS (31.03.2010)

Particulars	Unit	Installed Capacity
Formulation
Tablets	Nos	9400 Million
Capsules	Nos	480 Million
Injection/Vials	--	26 Million
Suspension / Liquid [Ltr]	Ltr	1 Million
Bulk Drugs	Kg	18000 Kg

GENERAL INFORMATION

Suppliers :

Creative Printers Private Limited
Dot Graphics Private Limited
Faipack Private Limited
Gujarat Printpack Publications Limited
Kruti Print Packs
Maulik Plastic Industries
Non Stop Print N Pack
Parikh Engineering Private Limited
Patel Printing Press Private Limited
Patwa & Sons
Shree Rangam Packaging Private Limited
Swastic Offset
Unique Offsets
Vapi Engineering Aids Private Limited
Wellpack Papers and Containers Private Limited

Customers :

Amishi Drugs and Chemicals
Bharat Rubber Works
Creative Printers Private Limited
Dot Graphics Private Limited
Kruti Print Pack
Maulik Plastic Industries
Parikh Packaging Private Limited
Shree Rangam Packaging Private Limited
Shreenath Packaging Private Limited
Shree Kamlesh Art Printery
Unique Offset
Vishna Polypack
Vasu Containers

No. of Employees :

500 Approximately

Bankers :

Bank of Baroda, Ahmedabad, Gujarat
Corporation Bank, Ahmedabad, Gujarat
Canara Bank, Ahmedabad, Gujarat
State Bank of India, Ahmedabad, Gujarat
Oriental Bank of Commerce, Ahmedabad, Gujarat
Punjab National Bank, Ahmedabad, Gujarat
Axis Bank Limited, Ahmedabad, Gujarat

Facilities:

PARTICULARS

31.03.2010

Rs. in millions

31.03.2010

Rs. in millions

SECURED LOANS

Term Loan from Banks

2511.036

2331.230

Term Loan from Financial Institutions

368.000

601.500

Short Term Loans from Banks

767.380

250.000

TOTAL

3646.416

3182.730

Notes:

The Loans are secured by:

a) First equitable mortgage of immovable fixed assets and hypothecation of moveable fixed assets, present and future, located at formulation manufacturing facilities, village Indrad, research facilities, village Bhat, and corporate office, Ahmedabad, all in Gujarat, on pari passu basis.

b) First Equitable mortgage of immovable fixed assets ad hypothecation of moveable fixed assets, present and future, located at formulation manufacturing facilities in Baddi, Himachal Pradesh.

C) Hypothecation of inventories and book debts.

The future annual repayment obligations on principal amount, for the above long term loans are as under:

2010-11	Rs. 383.800 millions
2011-12	Rs. 1077.900 millions
2012-13	Rs. 474.300 millions
2013-14	Rs. 530.600 millions
2014-15	Rs. 150.000 millions
2015-16	Rs. 206.200 millions
2016-17	Rs. 56.200 millions
Total	Rs. 2879.000 millions

UNSECURED LOAN

31.03.2010

Rs. In Millions

31.03.2009

Rs. In Millions

Long Term Loan from Banks

979.263

1048.604

Long Term Loan from Department of Science and Technology

79.360

89.280

Long Term Loan from Department of Bio-Technology

31.406

0.000

Short Term Loan from Banks

487.512

0.000

From financial Institution

0.000

500.000

Total

1577.541

1637.884

Note:

The future annual repayment obligations on principal amount for the above long term loans are as under:

2010-11	Rs. 9.900 millions
2011-12	Rs. 13.100 millions
2012-13	Rs. 342.600 millions
2013-14	Rs. 342.600 millions
2014-15	Rs. 342.600 millions
2015-16	Rs. 16.200 millions
2016.17	Rs. 13.100 millions
2017-18	Rs. 9.900 millions
Total	Rs. 1090.000 millions


Banking Relations :	--

Auditors :	C. C. Chokshi and Company Chartered Accountants

Membership :	Confederation of Indian Industry

Subsidiaries and Step Down Subsidiaries:	Heumann Pharma GmbH and Company Generica KG, Torrent Do Brasil Ltda Zao Torrent Pharma, Torrent Pharma GmbH § Torrent Pharma Inc. Torrent Pharma Philippines Inc. Torrent Australasia Pty Limited Laboratorios Torrent, S.A. de C.V. Torrent Pharma Japan Company Ltd., Heunet Pharma GmbH Norispharm GmbH Torrent Pharma Canada Inc. Torrent Pharma (Thailand) Company Limited

Holding Company / Enterprises Controlled by the Holding Company :	Torrent Private Limited Torrent Financiers Torrent Power Limited Torrent Cables Limited, Gujarat Lease Financing Limited Torrent Power Services Private Limited Torrent Pipavav Generation Limited Torrent Energy Limited Torrent Power Grid Limited Torrent Power Bhiwandi Limited AEC Cements and Constructions Limited

CAPITAL STRUCTURE

As on (31.03.2010)

Authorised Capital :

No. of Shares	Type	Value	Amount
150000000	Equity Shares	Rs.5/- each	Rs.750.000 millions
2500000	Preference Shares	Rs.100/- each	Rs.250.000 millions
Total			Rs. 1000.000 millions

Issued & Subscribed :

No. of Shares	Type	Value	Amount
84625360	Equity Shares	Rs. 5/- each	Rs. 423.127 millions

Paid-up Capital :

No. of Shares	Type	Value	Amount
84611360	Equity Shares	Rs. 5/- each	Rs. 423.057 millions
	Add: Amount originally paid up on 14000 Equity Shares forfeited		Rs. 0.035 million
Total			Rs. 423.092 millions

Note:

1. 70,980,592 Equity Shares of Rs. 5 each were allotted as fully paid up bonus shares; out of which 42,305,680 shares were allotted by way of capitalization from Capital Redemption Reserve and 28,674,912 Equity Shares were allotted by way of capitalization from General Reserve.

2. 1,244,768 Equity Shares of Rs. 5 each were allotted without payment being received in cash pursuant to the scheme of amalgamation.

3. 43,057,736 Equity Shares of Rs.5 each are held by holding company Torrent Private Limited

FINANCIAL DATA

[all figures are in Rupees Millions]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS		31.03.2010	31.03.2009	31.03.2008
SHAREHOLDERS FUNDS
1] Share Capital		423.092	423.092	423.092
2] Share Application Money		0.000	0.000	0.000
3] Reserves & Surplus		8385.424	6903.732	5429.441
4] (Accumulated Losses)		0.000	0.000	0.000
NETWORTH		8808.516	7326.824	5852.533
LOAN FUNDS
1] Secured Loans		3646.416	3182.730	3366.460
2] Unsecured Loans		1577.541	1637.884	49.600
TOTAL BORROWING		5223.957	4820.614	3416.060
DEFERRED TAX LIABILITIES		620.709	683.312	694.692

TOTAL		14653.182	12830.750	9963.285

APPLICATION OF FUNDS

FIXED ASSETS [Net Block]		5256.277	4872.282	4475.142
Capital work-in-progress		746.055	418.074	549.624
Advance for capital expenditure		307.721	39.213	236.346

INVESTMENT		2314.759	2449.591	1580.474
DEFERREX TAX ASSETS		0.000	0.000	0.000

CURRENT ASSETS, LOANS & ADVANCES
	Inventories	2278.834	1918.438	1665.302
	Sundry Debtors	2597.845	2408.119	1984.772
	Cash & Bank Balances	3467.891	1833.061	976.714
	Other Current Assets	370.749	261.389	189.820
	Loans & Advances	1137.818	1950.501	701.377
Total Current Assets		9853.137	8371.508	5517.985
Less : CURRENT LIABILITIES & PROVISIONS
	Sundry Creditors	2616.609	2180.662	0.000
	Current Liabilities	382.632	563.885	1897.279
	Provisions	825.526	575.371	499.007
Total Current Liabilities		3824.767	3319.918	2396.286
Net Current Assets		6028.370	5051.590	3121.699

MISCELLANEOUS EXPENSES		0.000	0.000	0.000

TOTAL		14653.182	12830.750	9963.285

PROFIT & LOSS ACCOUNT

	PARTICULARS		31.03.2010	31.03.2009	31.03.2008
	SALES
		Income	14489.558	11848.918	9959.049
		Other Income	90.023	33.604	46.469
		TOTAL (A)	14579.581	11882.522	10005.518

Less	EXPENSES
		Cost of Materials	4689.707	4197.524	3561.551
		Manufacturing Expenses	2940.233	2729.375	2211.880
		Employees Remuneration	1638.668	1329.926	1148.232
		Research and Development Expenses	1090.688	1058.180	914.051
		Administrative Expenses	538.821	281.955	184.007
		TOTAL (B)	10898.117	9596.960	8019.721

Less	PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		3681.464	2285.562	1985.797

Less	FINANCIAL EXPENSES (D)		NA	NA	NA

	PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		3681.464	2285.562	1985.797

Less/ Add	DEPRECIATION/ AMORTISATION (F)		544.232	373.916	327.449

	PROFIT BEFORE TAX (E-F) (G)		3137.232	1911.646	1658.348

Less	TAX (H)		1063.555	44.391	103.162

	PROFIT AFTER TAX (G-H) (I)		2073.677	1867.255	1555.186

Add	PREVIOUS YEARS’ BALANCE BROUGHT FORWARD		860.165	838.874	NA

Less	APPROPRIATIONS
		Transfer to General Reserve	560.000	1450.000	NA
		Dividend	507.668	338.445	NA
		Tax on Dividend	84.317	57.519	NA
	BALANCE CARRIED TO THE B/S		1781.857	860.165	NA

	EARNINGS IN FOREIGN CURRENCY
		FOB value of exports	4420.027	3301.691	2221.753
		Interest	0.499	2.421	1.242
		Other Income [Product registration dossiers and others]	221.929	188.161	104.477
	TOTAL EARNINGS		4642.455	3492.273	2327.472

	IMPORTS
		Raw Materials	1674.886	1452.764	1383.685
		Stores & Spares	58.889	57.904	48.501
		Capital Goods	225.273	91.208	151.551
	TOTAL IMPORTS		1959.048	1601.876	1583.737

	Earnings Per Share (Rs.)		24.51	22.07	18.38

QUARTERLY RESULTS

PARTICULARS	30.06.2010	30.09.2010
	1^st Quarter	2^nd Quarter
Net Sales	4183.800	4817.900
Total Expenditure	3004.200	3462.200
PBIDT (Excl OI)	1179.600	1355.700
Other Income	22.300	24.600
Operating Profit	1201.900	1380.300
Interest	27.900	38.100
Exceptional Items	0.000	0.000
PBDT	1174.000	1342.200
Depreciation	133.800	140.200
Profit Before Tax	1040.200	1202.000
Tax	208.900	228.800
Provisions and contingencies	0.000	0.000
Profit After Tax	831.300	973.200
Extraordinary Items	0.000	0.000
Prior Period Expenses	0.000	0.000
Other Adjustments	0.000	0.000
Net Profit	831.300	973.200

KEY RATIOS

PARTICULARS		31.03.2010	31.03.2009	31.03.2008
PAT / Total Income	(%)	14.22	15.71	15.54

Net Profit Margin (PBT/Sales)	(%)	21.65	16.13	16.65

Return on Total Assets (PBT/Total Assets}	(%)	20.76	14.43	16.59

Return on Investment (ROI) (PBT/Networth)		0.36	0.26	0.28

Debt Equity Ratio (Total Liability/Networth)		1.09	1.14	0.41

Current Ratio (Current Asset/Current Liability)		2.57	2.52	2.52

LOCAL AGENCY FURTHER INFORMATION

SUNDRY CREDITORS DETAILS:

(Rs. In Millions)

Sundry Creditors	31.03.2010	31.03.2009	31.03.2008
Due To Micro, Small and Medium Enterprises	0.464	0.216	0.000
Other	2616.145	2180.446	0.000
Total	2616.609	2180.662	0.000

HISTORY:

Subject was incorporated on 15^th July, 1972 at Ahmedabad in Gujarat having Company Registration Number 2126.

It was originally incorporated as a private limited liability company by Mr. Rajnikant C. Patel and his family members. It was taken over by Mr. Uttamlal Mehta of the Torrent group in June 1982.

On 28^th June, 1989 the company became a deemed public company and by a special resolution passed on 25^th July, 1992 at the Annual General Meeting, the company became public limited company. Torrent Laboratories Limited was amalgamated with the Company with effect from 1st April 1992 by an Order of Honourable High Court of Gujarat, dated 22nd December 1992.

In February 1994, the company came out with a public issue to set up manufacturing units, a new R and D centre, modernisation of manufacturing facilities and to augment long-term working capital. The company manufactures formulations in diverse product groups including Cardio-Vascular, Psychotropic, Anti-Diabetic, etc. At present, it is one of the top five pharmaceutical companies in India. Bulk drugs manufactured by the company include Atenolol, Cirpofloxacin, Norfloxacin, ect. The company has alliances with Novo-Nordisk, Denmark, for the manufacture of Insulin, Elf Sanofi, France, for Cardio-Vascular Drugs, Sanofi Disgnostic, France, for HIV Kits, Hepatitis Test Kits and Elisa readers.

In 1988, Torrent Medi-Systems (TMSL) was amalgamated with the company and in 1992, another group company, Torrent Laboratories Limited (TLL) was amalgamated with it. In 1994-95, India infusion (IFF) was merged with company. During 1998-99, the company discontinued manufacturing activities at its Vatva and Rajpur plants.

Recently, the company made a debut in therapeutic area of diabetics by introducing Enselin (Rosiglitazone) and Eurepa (Repaglanide). In addition, Vasoprin (ISMN), Topcef (Cefexime), Slenfig (Sibutramine), Deplatt (Clopidogrel), Venlift (Venlafaxime) are some of the other notable new products introduced during the year.

In February, 2001, it has launched De Platt (Clopidogrel), the drug for treating heart attack and stroke. De Platt is the first brand of clopidogrel to be launched in India. De Platt is used for prevention of lethal blood clots in bloood vessels. Torrent Do Brasil Limited a as small pharmaceutical company which was acquired by the company in 2001-02, has become a wholly owned subsidiary of the company. During 2001-02, the company has introduced 31 new products. The company has upgraded its Bulk Drug Plant at a cost of Rs. 130.000 millions and the commercial operations is expected to start by June, 2003.

The company entered into European market by incorporating subsidiary viz. Torrent Pharma GmbH.

Consolidated Operating Results

The consolidated sales and operating income increased to Rs. 19160.400 millions from Rs.16306.600 millions in the previous year yielding a growth of 17.50%. The consolidated operating profit for the year increased to Rs. 4298.100 millions as against Rs. 2622.400 millions in the previous year registering a growth of 63.90%. The consolidated net profit increased to Rs. 2312.000 millions from Rs. 1843.700 millions in the previous year registering a growth of 25.40%. The Company has reviewed realisability of MAT credit entitlement, recognized in earlier years. Based on the review, such MAT credit entitlement, amounting to Rs. 528.600 millions, has been written off during the year. Adjusted for this, the growth in consolidated net profit is 54.00%.

Standalone Operating Results

The sales and operating income increased to Rs. 14489.600 millions from Rs. 11848.900 millions in the previous year yielding a growth of 22.29%. The operating profit for the year under review increased to Rs. 4220.300 millions as against Rs.2567.500 millions in the previous year registering a growth of 64.37%. The profits after tax for the year under review increased to Rs. 2073.700 millions as against Rs. 1867.300 millions in the previous year registering a growth of 11.05 %. Growth in net profit adjusted for MAT credit write off as stated above, is 39.00%.

MANAGEMENT DISCUSSION AND ANALYSIS

TO THE SHAREHOLDERS

CAVEAT

Shareholders are cautioned that certain data and information external to the Company is included in this section. Though these data and information are based on sources believed to be reliable, no representation is made on their accuracy or comprehensiveness. Further, though utmost care has been taken to ensure that the opinions expressed by the management herein contain their perceptions on most of the important trends having a material impact on the Company's operations, no representation is made that the following presents an exhaustive coverage on and of all issues related to the same. The opinions expressed by the management may contain certain forward-looking statements in the current scenario, which is extremely dynamic and increasingly fraught with risks and uncertainties. Actual results, performances, achievements or sequence of events may be materially different from the views expressed herein. Shareholders are hence cautioned not to place undue reliance on these statements, and are advised to conduct their own investigation and analysis of the information contained or referred to in this section before taking any action with regard to their own specific objectives. Further, the discussion following herein reflects the perceptions on major issues as on date and the opinions expressed here are subject to change without notice. The Company undertakes no obligation to publicly update or revise any of the opinions or forward-looking statements expressed in this section, consequent to new information, future events, or otherwise.

PERFORMANCE SNAPSHOT

Torrent is one of the leading pharmaceutical companies having presence in India and global markets. The Company's revenues are mainly from manufacture and sale of branded as well as unbranded generic pharmaceutical products. A further break down of the revenues can be done as India formulations (comprising branded pharmaceutical formulations sold in the Indian market), International operations (comprising sales outside India of branded and unbranded-generic pharmaceutical formulations) and Contract manufacturing. Company's current international operations are focused on five thrust areas: Brazil and Latin America, Europe, Russia and CIS countries, North America and Rest of the World comprising, inter alia, of less regulated markets of Africa and Asia.

During the financial year 2009-10, the Company reported revenues of Rs.19040 millions (excluding foreign exchange gains of Rs. 120 millions), a growth of 17% compared with Rs. 16310 millions in the previous financial year.

The break up of Revenues under key segments is under:

(Rs. in Millions)

Segment 2009-10 2008-09 Growth

Amount Share Amount Share %

India formulations (net

of excise duty) 7260 38% 6240 38% 16%

International Operations 9700 51% 8410 52% 15%

Contract Manufacturing 2050 11% 1640 10% 25%

Others 20 0% 20 0% 16%

Total 19040 100% 16310 100% 17%

The India formulations segment registered growth of 17% over the previous year on the back of improved performance from Oral Anti Diabetic and Anti Infective portfolios.

Revenues from International Operations grew 15% on the back of growth in Brazil (growing 18%) and ramp up of US sales. Generic business in Germany was affected by difficult market environment with large portion of the market moving to low margin tender based pricing and the revenues remained flat. Revenues from Europe and Rest of the World Markets registered a growth of 9% and 30% respectively benefiting from portfolio expansion and consolidation in existing geographical areas. Operations in Russia and CIS markets were affected by adverse economic conditions and dampened demand resulting in de-growth in revenues by 35%.

Contract manufacturing income includes license fee income of Rs. 160 millions from a multi-product/market out licensing contract signed during the financial year 2009-10.

A. INDIA FORMULATIONS

1. Indian Pharmaceutical Market:

The India formulations market valued at Rs. 417 billion has grown at CAGR of 14% (Source: ORG-IMS) over last 4 years. New product introductions contributed to 44% of the sales growth while volume growth contributed to 51% of the sales growth. Growing population, increasing reach of healthcare, rising income levels and increasing government spend on healthcare are driving the market growth.

Indian market is witnessing gradual transition from acute diseases to lifestyle diseases and chronic therapies like Cardiology, Neurology, Psychiatry and Diabetes. With current demographic profile and growth prospects of the economy, Indian Pharmaceutical market could see continuing trend of transition towards chronic and super specialty therapies, with acute therapies like Anti-Infective retaining their market size.

Over the coming years, patent laws will provide an impetus to the launch of patent protected products. The market for patented products is likely to be concentrated in therapeutic segments like Neuro-Psychiatry, Oncology, Anti-Infective, Gastro-Intestinal and Cardiovascular. Such products have the potential to capture 10% of the overall market in the coming years.

However, outlook for generic products looks positive due to several factors. The current pipeline of the generic products that are either undergoing new process development or have been recently launched is strong. In addition, domestic players have the opportunity to develop new combinations and formulations of the products that are already in the market. Generics players continue to have a wide range of options for new generic launches from the basket of pre 1995 products.

Currently, the prices of 75 drugs are controlled as per the mandate issued by the Drug Price Control Order, 1995 (DPCO). Currently 10% of Company's revenues are from products covered by DPCO.

Given the above developments, the critical success factors for the pharma companies would be differentiated product introductions, therapeutic expansion, expanding the geographical reach by expanded sales, marketing network and aggressive sales promotion.

2. Operating Highlights

India formulations segment registered a growth of 16% over the previous year. The revenue growth was mainly driven by Anti Diabetic and Anti-Infective portfolios. Top 10 brands contributed to 42% of the total India formulation sales as against 43% during previous year. Cardiology continues to remain the main therapeutic segment for the Company with a contribution of about 35% of the total sales. Neuro-Psychiatry and Gastroenterology are other key segments. The three therapeutic segments put together contribute to over 74% of the total sales.

Break up of the Net Sales under key therapeutic segments is as under:

The Company introduced 55 new products during financial year 2009-10 as compared to 15 products in financial year 2008-09.The growth in India Formulations revenues based on age of the portfolio is given below:

Growth

Portfolio 2009-10 2008-09

Existing Products (other than those mentioned below) 11% 5%

New Products introduced in the previous year 1% 1%

New Products introduced in the current year 4% 1%

Total 16% 7%

As a part of its growth strategy, the Company expanded its reach into the Tier II to VI cities and rural market through launch of a dedicated division. During the first phase of expansion, the Company launched its division in 5 states initially and gradually expanded to 3 more states during the financial year 2009-10. The Company plans to have pan India presence by end of financial year 2010-11.

The Company has moved to expand its therapeutic reach by entering into Gynecology segment having a market size of Rs. 24040 millions, growing at 18% (Source: ORG-IMS Mat Mar 10). Initially the Company will be mainly focusing on regular Obstetrics and Gynecology market and has plans to penetrate into infertility market. To begin with the Company has launched 8 products and plans to launch another 11 products by financial year 2010-11 in phased manner. With total 19 products in basket, the Company would cover 40% of the regular Obstetrics and Gynecology market.

3. Positioning of Torrent in Indian Pharmaceutical Market

Torrent is one of the leading players in Indian Pharmaceuticals industry maintaining leadership position in some of the key chronic therapies of Cardiovascular and Neuro-Psychiatry. The Company is ranked No. 2 in Cardiovascular segment and No. 3 in Neuro-Psychiatry therapies. The graph below sets forth the market share movement of the Company in the key therapeutic segments of Cardiovascular and Neuro-Psychiatry over a period of 5 years.

As per ORG-IMS data set for the financial year 2009-10, the Company registered a growth of 17% (previous year 7%) against a market growth of 18% (previous year 10%). The Company is ranked 16th by turnover in the domestic market, has 6 brands in top 300 brands and has 37 brands in leadership positions in their respective molecule segments.

4. Opportunities and Outlook

The Indian pharmaceutical industry is going through structural change with lesser number of products available for introduction due to patent regime effective from 2005 and increased focus of MNCs in Indian pharmaceutical Market on account of block buster products going off patent in developed markets. The business environment will continue to remain challenging characterized by intense competition, margin pressures and regulatory interventions. These changes pose many challenges and opportunities to companies operating in this environment. In this context, the Company has identified several growth initiatives, part of which has since been rolled out as detailed below:

Following are the areas where action has been initiated, the results of which are expected to flow in the foreseeable future:

* Geographical expansion to cover Tier II to VI cities

* Increasing sales force to expand doctor coverage in metros

* Consolidating recent entry in Gynecology

* Accelerate growth through increasing doctor coverage, product exposure to new medical specialties, increased product focus, territorial expansion, new product introductions, new therapeutic areas and building strong sales operations systems.

Further growth areas are:

* Emerging market segments like organized buyer groups, pharmacy chains and corporate hospitals.

* Leverage on the strong franchise, specialized sales force and distribution built in the domestic market by in-licensing of molecules.

* Product and assets acquisition opportunities.

* Use of information technology for efficient customer servicing and improved sales productivity.

B. INTERNATIONAL OPERATIONS

Global Generics Market continues to present a positive outlook and growth opportunities based on

i) increasing health cost burden in developed economies compelling governments to encourage genericisation

ii) approximately US$142 billion drugs to lose patent protections over next 5

years

iii) rising income levels and improving health care coverage in the emerging economies to provide significant growth opportunities.

Global Pharmaceutical Market grew 7% in 2009 to US$ 837 billion and is expected to grow at 5% to 8% over a period of 5 years. Global Generic Pharmaceutical Market is valued at approximately US$ 90 billion is expected to grow at a faster rate of 8-9% over next 5 years. U.S is the largest Generic Market which put together with Europe and Japan account for 60% of the total global Generic Pharmaceutical Market. The growth of generic in these markets is driven by patent expiries, increase in generic penetration and Government support to genericisation. Growth in emerging markets is even higher and is driven by increasing domestic consumptions on the back of high economic growth, strengthening of healthcare infrastructure and greater healthcare awareness. Emerging markets like Latin America, Eastern European countries, China, India and Russia are growing at double digit rates. These markets, predominantly in the nature of Branded Generic Formulations, offer attractive pricing whereas competition is less intensive. Indian companies have been increasingly focusing on global markets with a view to expand their geographical reach.

International generic opportunity continues to be a growth engine for the Company. The Company is well positioned to capitalize on these growth opportunities with strong development pipeline, low R&D and manufacturing cost and sound marketing reach and capabilities built over a period of time. Blockbuster drugs going off patent continue to offer significant opportunity.

RESEARCH AND DEVELOPMENT

Discovery Research

The Company is currently working on several in-house New Chemical Entities (NCE) projects within the areas of Diabetes and its related complications, metabolic and cardiovascular disorders, ischemic diseases and Neuropathic pain.  The Company has cumulatively filed 374 patents for NCEs  from  these and  earlier projects in all major markets of which 155 patents  have  been granted/accepted so far.

After successful completion of Phase-I clinical trial of Advanced Glycation End-Products  Breaker (AGE) program, the Company has now  initiated  multi-centered Phase-II trial in India and Europe for the indication of  diabetes associated  heart  failure. The Company believes that its AGE  Program  has attractive  development  potential  in the  poorly  served  diabetic  heart failure  segment  and certain long-term complications arising  out  of  AGE formation. The Company has published four research papers in peer reviewed international journals describing various findings of consequence to the AGE program.

During the financial year 2009-10, the Company has advanced its second  NCE to   Phase-I  clinical  trial  targeting  increased  cardiovascular   risks associated with metabolic syndrome. The Company believes that this  program is uniquely positioned to address the complications due to relative chronic over-nutrition which are assuming alarming proportions of health hazard  in India and in the developed countries.

Developmental Research

The Company continues to have a robust product pipeline for development for offerings in European, US and Brazil markets on their patent expiry. During the  financial  year  2009-10,  the Company  completed  development  for  8 products  for the EU market, 12 products for US market and 11 products  for Brazil  market. The Company also developed and filed DMF for 6 APIs  during the year in US & Europe.

Substantial  new product development is being done for other regulated  and semi-regulated  international  generic  markets and  also  for  the  Indian market.

Development  of  several  New  Drug  Delivery  Systems  (NDDS)  to   create differentiated products and market exclusivity in commodity generics market are also progressing well.

FIXED ASSETS:

Freehold Land
Leasehold Land
Buildings
Plant and Machineries
Electrical Installations
Furniture and Fixtures
Office and Factory Appliances
Vehicles
Computer Software

WEBSITE DETAILS :

Company Profile:

These words sum up the efforts of the Torrent group, which integrates people, processes and potential towards the betterment of mankind.

It all began with the toil of one enterprising individual, Shri. U N Mehta, when he ventured on his own to create history in the Indian pharmaceutical industry by implementing successfully the concept of niche marketing. His journey, characterised by ups and downs, reached a milestone in 1970, with the launch of Trinicalm Plus, an effective tranquilizer in the niche segment, central nervous system (CNS).

The foundations for Torrent were laid when 'Trinity Laboratories' began operations under the able guidance of Shri Mehta whose efforts are worthy of emulation.

'Trinity' was renamed 'Torrent' and with this not only did the company get a new name, it also focused on establishing its own manufacturing facilities in the early 80s. Torrent augmented its efforts with the expansion of its manufacturing capacity, emphasis on marketing and creating business opportunities through focus on exports. Torrent Pharmaceuticals Limited recorded a quantum leap in the year 1994. It has also been rated India's ninth best company among capital intensive companies in terms of ROCE in a study by ETIG-BCG in 2001.

In recognition of the consistent performance Torrent Pharmaceuticals Limited has been receiving accolades from various quarters, such as the President's award for highest pharmaceuticals exports of Rs. 1570 million in 1991-92. The Company that had a humble beginning has now grown to become one of the leading players in pharmaceuticals.

It has ambitious plans for the years ahead. The emphasis is on Post-2005 opportunities with greater focus on the international market, in particular the lucrative North American market.

Corporate Profile

The flagship company of Torrent group, Subject, is a dominant player in the therapeutic areas of cardiovascular (CV) and central nervous system (CNS) and has achieved significant presence in gastro-intestinal, diabetology, anti-infective and pain management segments.

To cater to new niche segments and sharpen its focus among customers, Torrent Pharma has six marketing divisions, each catering to defined therapeutic segment. A 2300 strong field force caters to around 2,00,000 doctors across the country, which makes it rank fifth in terms of market reach.

Torrent Pharma’s competitive advantage as a manufacturer stems from its world-class manufacturing facilities. Its manufacturing facilities at Indrad, Gujarat, comply with WHO, CGMP, MHRA and TGA norms and have received ISO 9001, ISO 14001 and OHSAS 18001 (Occupational Health and Safety Management System) and ISO/IEC- 17025 certifications.

With a view to cater to its growth requirements, Torrent Pharma commissioned a new formulations manufacturing facility at Baddi, Himachal Pradesh, in November 2005. The facility has a capacity to manufacture 3600 million tablets, 400 million capsules and 18 million Oral Liquid bottles, per annum and would cater to the domestic formulations requirement.

Torrent has a modern and well-equipped state-of-the-art R and D Centre, built with an investment of US $ 40 million. It is manned by more than 525 highly qualified scientists, with a combined experience of over 2500 scientific man-years in Drug Discovery and Development. Torrent Pharma has earmarked 9% of sales year-after-year for R and D advancement.

In the International operations arena, Torrent Pharma exports to more than 50 countries around the world with over 1000 product registrations. The international business has been broadly divided into five zones- USA, Latin America, Russia and CIS, Western Europe and CEE and Rest of the World (ROW). For its export excellence in International Business, Torrent Pharma has won several prestigious export awards.

Torrent Pharma is now gearing up to enter the advanced highly regulated international markets. Torrent Pharma has incorporated Zao Torrent Pharma in Russia, Torrent Do Brasil Limiteda in Brazil, Torrent Pharma GmbH in Germany, Torrent Pharma Inc. in USA and Torrent Pharma Philippines Inc. in Philippines. These wholly owned subsidiaries will become a springboard for entry into several regulated and less regulated international markets.

Message from Chairman:

"To embark on a journey of success one needs the tools of preparedness, foresight and strategy. These lead to the path of growth and high quality operation. It is imperative to combine these three forces in an industry, where every drop of medicine and every capsule acts like a pivot tilting the pan balance of life in favour of fitness and wellbeing.

Realising the responsibility on the shoulders of each member of Torrent Pharmaceuticals Limited, they endeavour to be one of the most competitive companies in the industry with emphasis on efficiency in operations, reliability for customers and thrust on discovery and development of New Chemical Entities.

As the human existence is challenged by incomprehensible diseases and ailments, they attempt to reach the core of scientific processes to unearth their remedy.

They are an organisation that combines scientific, financial, managerial and operational skills and resources to rejuvenate the life. As them research assets, business infrastructure and human capital integrates to flower a robust performance to provide an impetus to the Indian pharmaceutical industry as whole.

They are a company, which was cradled by the most arduous and sincere entrepreneur in the country, benefited with the support of the flourishing economy of the state and the presence of a diligent citizenry eager to attain success.

Gearing up for the future, they have the key success factors necessary to withstand the winds of change. The encouragement provided to build a highly skilled and creative research and development team, which is reinforced by the state-of-the-art infrastructure. Their well-recognised market presence with a strong product portfolio, which is being marked up with newer brands. Streamlined and efficient manufacturing capabilities, which boosts of technical prowess, high quality production and cost effectiveness. Also a well monitored marketing and distribution network, which is aimed at attaining brand equity among their wide-reaching customer base.

The success and eminence of Torrent Pharmaceuticals Limited began as the dream of one man extended to be transformed into the dream of many. They strive to accomplish their dreams and goals to bring greater effulgence in the future."

Board of Directors :

Mr. Sudhir Mehta - Chairman:

Born in the year 1954, Mr. Sudhir Mehta obtained his Bachelors' Degree in 1974. Soon after he took a plunge into the business arena to assist his father, the legendary U N Mehta. Known to possess a pro-active and aggressive approach to business, his gutsy nature and conviction have led to Torrent Pharma's success in the exports markets, particularly Russia. His drive to excel is deeply rooted in his commitment to investors.

As Chairman, Torrent Group, Sudhir Mehta has taken calculated risks that have, time and again, borne rewards for the Group. His other directorships include Torrent Private Limited, Torrent Power Limited, Arvind Mills Limited, Torrent Power Grid Limited, Torrent Pipavav Generation Limited, and Torrent Energy Limited

Mr. Markand Bhatt:

Born in the year 1946, Mr. Markand Bhatt, a PGDM from Indian Institute of Management, Ahmedabad, after a brief professional career with reputed organizations, practised as a Management Consultant for over two decades and was associated with various premier government organizations and private groups such as Torrent, Nirma, Raymond Woollen Mills, etc. What started as a client-consultant relationship with Torrent Group, culminated in his being associated full time with the Group from the early nineties.

As Managing Director of Gujarat Torrent Energy Corporation Limited (GTEC), Mr. Bhatt was instrumental in the successful implementation of the 655 MW dual fuel Combined Cycle Power Project, within budgeted costs and estimated time frames at a cost of Rs.22470.000 Millions. GTEC was divested in 1999 for strategic reasons under his leadership. Mr. Bhatt, who became the Group Chief Executive Officer of the Torrent Group in 1999, was actively involved in the consolidation phase (1999-2003) of the Torrent Group.

His other directorships include Torrent Power Limited, Torrent Pipavav Generation Limited, and Torrent Energy Limited

Mr. S. H. Bhojani:

Born in the year 1943, Mr. S.H. Bhojani obtained his Bachelors Degree in Science (B.Sc.) and Masters Degree in Law (L.L.M.) with specialization in International Law, Company Law, Labour Law and Banking Law. He has been associated with the Company since 2001. Mr. Bhojani started his career in 1969 with Bharat Bijli Limited as an Assistant Company Secretary. Over the last 3 decades, he has worked with renowned companies like Bombay Suburban Electric Supply Limited, now Reliance Energy Limited, Crompton Greaves Limited and finally with ICICI Limited, now ICICI Bank Limited His innings with ICICI spanned 28 years, starting as a legal officer and eventually rising to the rank of Deputy Managing Director. He has the distinction of being the first ever legal professional to become a director on the Board of any bank or financial institution. He retired from ICICI in April 2001 and is presently practicing as partner in the renowned legal firm M/s Amarchand and Mangaldas and Suresh A Shroff and Company

His other directorships include National Commodity and Derivatives Exchange Limited, and National Collateral Management Services Limited

Dr. Prasanna Chandra:

Born in the year 1946, Dr. Prasanna Chandra is an MBA and Ph.D. a Doctorate in Finance, with over three and half decades of teaching and training experience at various institutions in India and abroad. He has been associated with the Company since 2001 as Director. Dr. Chandra has authored several books, served on the boards of reputed organisations, and has been a consultant to many companies. He has received several honours, including the Best Teacher Award from the Association of Indian Management Schools.

Mr. Kiran Karnik:

Born in year 1947, Mr. Kiran Karnik holds a Bachelors' Degree (Hons.) in Physics. He obtained his Post-Graduate Diploma in Management from Indian Institute of Management, Ahmedabad. He has been associated with the Company since year 2001. He has worked with world-renowned institutions, beginning with Atomic Energy Commission and thereafter with ISRO and Consortium for Educational Communication and Discovery Communications. He has been a Consultant for the United Nations and its sister organizations. He has played a pioneering role in the area of educational and development communications, using advanced space-based technology to take education and development to remote and rural areas of India. He is currently serving as President of National Association of Software and Service Companies (NASSCOM), India.

His other directorships include Emaar MGF Land Limited

Mr. Sanjay Lalbhai:

Born in the year 1954, Mr. Sanjay Lalbhai holds a Bachelors' degree in science from Gujarat University and Master's degree in Management Studies from the University of Bombay. He is associated with the Company since 2003. He is one of those renowned entrepreneurs who have managed to put Ahmedabad on the global map in the context of its successful textile industry, as Managing Director of the Arvind Mills Limited, a large integrated textile mill.

His other directorships include Arvind Mills Limited, Arvind Spinning Limited, Mauritius, Amol Dicalite Limited, Arvind Worldwide Inc., USA, Arvind Worldwide (Mauritius) Inc., and Arvind Overseas Mauritius Limited

Mr. Mihir Thakore:

Born in the year 1955, Mr. Mihir Thakore is a leading practitioner of law in Ahmedabad and holds a Bachelors' degree in Commerce and Law. He has had a long standing association with the Company and the Group as its legal counsel and since year 2002 he has been associated with the Company as director. Mr. Thakore's career spans over a period of more than two and half decades. He was appointed as Senior Standing Counsel for the Income Tax Department in the year 1990. He was designated as Senior Advocate in the year 1995. He was also imparting his immense knowledge and experience to students in the post graduate centre of one of the leading law college in Ahmedabad.

Dr. Chaitanya Dutt:

Born in the year 1950, Dr. Chaitanya Dutt holds an MD in Medicine. He practiced as a consulting physician before joining the company in 1982. Since then he has been associated with the Company. His rich experience spans areas of Pharma R and D, clinical research, manufacturing, quality assurance, etc. He is one of the key professionals in the top management team of the Company. He has been instrumental in setting up the Torrent Research Centre (TRC), the research wing of the Company. Under his prudent guidance and leadership, TRC has achieved tremendous progress in the areas of discovery research as well as development work on formulations.

Mr. Samir Mehta - Managing Director:

Born in the year 1963, Mr. Samir Mehta, a commerce graduate, holds an MBA degree from the B.K. School of Business Management, Ahmedabad. He has been associated with the company since 1986 as director and since 1989 as Managing Director. His rich experience spans all areas of operations such as finance, human resources, manufacturing, marketing, etc. To a substantial degree, the sustained performance of the Company is a result of the exemplary leadership of Mr. Samir Mehta, who has been associated with the Company since its early days. He has ably tackled the external environment and has been responsible for setting the guiding policies and principles. His foresight has been significantly responsible for nurturing the Company from its childhood to a mature adult stage.

His other directorships include Torrent Private Limited, Torrent Power Limited, Torrent Pipavav Generations Limited, and Torrent Energy Limited

MILESTONES

2006	The API and formulations manufacturing facilities located at Indrad (Gujarat, India) got US FDA approval
2006	Entered into an in-licensing deal with Tasly of China to market its Cardiotonic pill in India
2006	Torrent Pharma Japan Company, Limited incorporated in Japan
2005	Torrent Australasia Pty Limited incorporated in Australia
2005	New manufacturing unit at Baddi, Himachal Pradesh, set up to cater to domestic formulations market. Torrent Pharma signed an agreement with Novo Nordisk India to establish a new, dedicated formulation and packaging facility for Insulin, exclusively for Novo Nordisk. Acquired Heumann Pharma GmbH and Co Generica KG, a Pfizer group company, in Germany. Two new marketing divisions- AXON and NEURON set up to cater to neuropsychiatry segment. Entered into a research collaboration with AstraZeneca for developing novel anti-hypertensive drug.
2004	Torrent Pharma Philippines Inc. set up. Torrent Pharma’s manufacturing facility at Indrad received MHRA (UK) and TGA (Australia) approvals Restructuring of marketing divisions and addition of new division, Delta.
2003	Brazilian Sanitary Surveillance Agency accredited Torrent’s R and D Centre with ANVISA, authorizing it to conduct Bioequivalance Studies. IDMA Quality Excellence Award Gold Trophy for its formulations and API facilities. Torrent Pharma Inc. set up in USA. GMP Certification received from European Union by Torrent Pharmaceuticals Manufacturing Plant MCC South Africa approval received by Torrent Pharmaceuticals manufacturing plant.
2002	Acquisition of a small Brazilian company, renamed "Torrent do Brasil Ltda." Discovered and patented AGE (Advanced Glycosylation End-products) molecule. Torrent Pharma’s manufacturing facilities certified with ISO 14001:1996. Torrent Pharma’s manufacturing facilities accredited with OHSAS 18001:1999. Torrent’s R and D Centre received ISO/IEC 17025:1999 for its facilities by National Accreditation Board for Testing and Calibration Laboratories (NABL). Addition of a new marketing division, MIND
2001	Torrent Pharma’s manufacturing facilities received ISO 9001:2000 Certificate. IDMA Quality Excellence Award Gold Trophy for its formulation facility. Torrent Pharma ranked in the top 10 Indian Companies in terms of Return on Capital Employed (ET - BCG Study Feb - 2001).
1999	Restructuring of Torrent Pharmaceuticals Limited through formation of three new divisions – Prima, Vista, Psycan.
1998	Torrent Exports renamed as Torrent Limited as part of restructuring and consolidation exercise.
1997	India Infusions Limited merged with Torrent Pharmaceuticals Limited.
1996	State-of-the-art R and D Centre commissioned. Torrent Pharmaceuticals Limited acquires pharma related investments and business of Torrent Exports Limited.
1995	Torrent Gujarat Biotech Limited plant commissioned.
1989	Second manufacturing plant of Torrent. Pharmaceuticals Limited at Chhatral.
1983	First Export Order
1980	First major manufacturing facility of Torrent Pharmaceuticals Limited at Vatva.
1971	Trinity Laboratories renamed as Torrent Pharmaceuticals Limited.
1959	Mr. U.N.Mehta started pharma operations.

AWARDS:

2002-03

Torrent Pharma bagged the Gold Trophy for IDMA Quality Excellence Award 2003 for both Formulations and API manufacturing facilities

2001-02

Torrent Pharmaceuticals bagged the 'Best Suppliers' award by the Sri Lankan State Pharmaceutical Corporation.

Torrent Pharma bagged the Gold Trophy for IDMA Quality Excellence Award for its Formulations facility and Silver Trophy for its API manufacturing facility

2000-01

Torrent Pharma bagged the Gold Trophy for IDMA Quality Excellence Award for its Formulations facility

1999-00

GCCI Export Appreciation Award.

Torrent Pharma bagged the Gold Trophy for IDMA Quality Excellence Award for its Formulations facility.

1996-97

Corporate Business Man of the year Award to Shri U.N.Mehta.

1992-93

Torrent Pharmaceuticals Limited received IDMA Quality Excellence Award.

1991-92

Torrent Exports Limited received Export Award from Govt. of Gujarat.

Torrent Exports Limited received National Export Award.

1990-91

Torrent Exports Limited received Export Award from Govt. of Gujarat.

Pride of Asia International award for excellence in Pharmaceuticals Products by international Friendship.

1989-90

Torrent Exports Limited received Chemexcil Trishul Award for highest Pharma Exports.

Torrent Pharmaceuticals Limited received IDMA Quality Excellence Award.

1988-89