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Torrent Pharmaceuticals Ltd

BSE Code : 500420 | NSE Symbol : TORNTPHARM | ISIN:INE685A01028| SECTOR : Pharmaceuticals |

NSE BSE
 
SMC up arrow

1,531.20

12.60 (0.83%) Volume 87774

23-Mar-2023 EOD

Prev. Close

1,518.60

Open Price

1,518.60

Bid Price (QTY)

0.00(0)

Offer Price (QTY)

1,531.20(2)

 

Today’s High/Low 1,540.00 - 1,513.65

52 wk High/Low 1,750.00 - 1,242.08

Key Stats

MARKET CAP (RS CR) 51822.77
P/E 49.41
BOOK VALUE (RS) 191.3815923
DIV (%) 960
MARKET LOT 1
EPS (TTM) 30.99
PRICE/BOOK 8.00076946585212
DIV YIELD.(%) 1.57
FACE VALUE (RS) 5
DELIVERABLES (%) 42.95
4

News & Announcements

20-Mar-2023

Indices drift lower in early trade; Nifty below 16,950

20-Mar-2023

Torrent Pharma's Gujarat facility gets one USFDA observation

20-Mar-2023

Torrent Pharmaceuticals Ltd - Torrent Pharmaceuticals Limited - Updates

17-Mar-2023

Torrent Pharmaceuticals' oral-oncology unit undergoes USFDA audit

17-Mar-2023

Torrent Pharmaceuticals' oral-oncology unit undergoes USFDA audit

27-Jan-2023

Board of Torrent Pharmaceuticals recommends Interim Dividend

24-Jan-2023

USFDA classifies its inspection of Torrent's Indrad unit as Official Action Indicated

12-Jan-2023

Torrent Pharmaceuticals to announce Quarterly Result

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aarti Pharmalabs Ltd 543748 AARTIPHARM
Alembic Ltd 506235 ALEMBICLTD
Alembic Pharmaceuticals Ltd 533573 APLLTD
Alkem Laboratories Ltd 539523 ALKEM
ANG Lifesciences India Ltd 540694
Anglo-French Drugs & Industries Ltd 40169
Astron Drugs & Industries Ltd 524206
Aurobindo Pharma Ltd 524804 AUROPHARMA
Bajaj Healthcare Ltd 539872 BAJAJHCARE
Bal Pharma Ltd 524824 BALPHARMA
Biocon Ltd 532523 BIOCON
Bombay Drugs & Pharma Ltd (Merged) 524512
Brooks Laboratories Ltd 533543 BROOKS
Cebon India Ltd 524272
Celestial Biolabs Ltd 532871 CELESTIAL
Cepham Organics Ltd 507756
Cian Healthcare Ltd 542678
Cipla Ltd 500087 CIPLA
Claris Lifesciences Ltd 533288
Concord Drugs Ltd 538965
Dee-Pharma Ltd 507722 DEEPHARMA
Dishman Carbogen Amcis Ltd 540701 DCAL
Dr Reddys Laboratories Ltd 500124 DRREDDY
Dr Sabharwals Manufacturing Labs Ltd 507743
Dr.Datsons Labs Ltd 533412 DRDATSONS
Druid Pharma Ltd 40430
Earum Pharmaceuticals Ltd 542724
Eupharma Laboratories Ltd 530409 EUPHARMLAB
FDC Ltd 531599 FDC
Glenmark Life Sciences Ltd 543322 GLS
Glenmark Pharmaceuticals Ltd 532296 GLENMARK
Gufic BioSciences Ltd 509079 GUFICBIO
Hindustan Bio Sciences Ltd 532041
Hindustan Biotech Ltd 40162
Indoco Remedies Ltd 532612 INDOCO
Ind-Swift Laboratories Ltd 532305 INDSWFTLAB
IOL Chemicals & Pharmaceuticals Ltd 524164 IOLCP
Ipca Laboratories Ltd 524494 IPCALAB
J B Chemicals & Pharmaceuticals Ltd 506943 JBCHEPHARM
Jagsonpal Pharmaceuticals Ltd 507789 JAGSNPHARM
Jayant Vitamins Ltd 506518
Jupiter Bioscience Ltd 524826 JUPITER
KDL Biotech Ltd 532291 KOPDRUGS
Kopran Ltd 524280 KOPRAN
Kothari Phytochemicals & Industries Ltd 40136
Lasa Supergenerics Ltd 540702 LASA
Lupin Laboratories Ltd (Merged) 500258 LUPINLAB
Lyka Labs Ltd 500259 LYKALABS
Mangalam Drugs and Organics Ltd 532637 MANGALAM
Medico Remedies Ltd 540937 MEDICO
Mercury Phytochem Ltd 524498
Merind Ltd 506895 MARIND
Mesco Pharmaceuticals Ltd 500274 MESCOPHARM
Morepen Laboratories Ltd 500288 MOREPENLAB
Mylan Laboratories Ltd 524794 MATRIXLABS
Natco Pharma Ltd 524816 NATCOPHARM
Natural Capsules Ltd 524654
Natural Capsules Ltd Partly Paidup 890161
Oriental Remedies & Herbals Ltd 526989
Ortin Laboratories Ltd 539287 ORTINLAB
P C I Chemicals & Pharmaceuticals Ltd 524792
Pan Drugs Ltd 531440
Panacea Biotec Ltd 531349 PANACEABIO
Parnax Lab Ltd 506128
Phaarmasia Ltd 523620
Pharmaceutical Products of India Ltd 524113 PPIL
Piramal Pharma Ltd 543635 PPLPHARMA
Ranbaxy Laboratories Ltd (Merged) 500359 RANBAXY
RPG Life Sciences Ltd 532983 RPGLIFE
Saamya Biotech (India) Ltd 532905
Sakar Healthcare Ltd 538377 SAKAR
Sandoz (India) Ltd (Merged) 531990
Sharda Drugs & Industries Ltd 24206
Shree Ganesh Biotech India Ltd 539470
Shree Ganesh Remedies Ltd 540737
Shree Ganesh Remedies Ltd Partly Paidup 890181
Siddhartha Pharmachem Ltd 532122
SMS Lifesciences India Ltd 540679 SMSLIFE
Socrus Bio Sciences Ltd 524719
SOL Pharmaceuticals Ltd 500393 SOLPHARMA
Solara Active Pharma Sciences Ltd 541540 SOLARA
Source Natural Foods & Herbal Supplements Ltd 531398
Strides Pharma Science Ltd 532531 STAR
Sudarshan Pharma Industries Ltd 543828
Sumitra Pharmaceutical & Chemicals Ltd (Merged) 524133 SUMITRAPHA
Sun Pharmaceuticals Industries Ltd 524715 SUNPHARMA
Supriya Lifescience Ltd 543434 SUPRIYA
Supriya Pharmaceuticals Ltd 524784
Surya Pharmaceutical Ltd 532516 SURYAPHARM
Suven Pharmaceuticals Ltd 543064 SUVENPHAR
Syngene International Ltd 539268 SYNGENE
Syschem (India) Ltd 531173
Themis Medicare Ltd 530199 THEMISMED
Titan Biotech Ltd 524717
Tonira Pharma Ltd(merged) 530155
Trident Lifeline Ltd 543616
Triochem Products Ltd 512101
TTK Healthcare Ltd 507747 TTKHLTCARE
Unichem Laboratories Ltd 506690 UNICHEMLAB
Unicorn Pharmaceuticals (India) Ltd 524334
Valencia Nutrition Ltd 542910
Vardhaman Laboratories Ltd 524796
Vikram Thermo (India) Ltd 530477
Vineet Laboratories Ltd 543298 VINEETLAB
Vivimed Labs Ltd 532660 VIVIMEDLAB
Welcure Drugs & Pharmaceuticals Ltd 524661
Wintac Ltd 524758
Wockhardt Ltd 532300 WOCKPHARMA
Zillion Pharmachem Ltd 524476 ZILONPHARM
Zota Health Care Ltd 538426 ZOTA
Zydus Lifesciences Ltd 532321 ZYDUSLIFE

Share Holding

Category No. of shares Percentage
Total Foreign 41484916 12.26
Total Institutions 30005980 8.87
Total Govt Holding 7208 0.00
Total Non Promoter Corporate Holding 1224087 0.36
Total Promoters 241129440 71.25
Total Public & others 24593809 7.26
Total 338445440 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Torrent Pharmaceuticals Ltd

Torrent Pharmaceuticals Limited, the flagship Company of the Torrent Group, is one of the leading pharmaceutical companies having presence in Indian and global markets. The Company is a dominant player in the therapeutic areas of Cardiovascular (CV), Central Nervous System (CNS), Vitamins and Nutrients (VMN), Gastro-Intestinal (GI) and Anti-Diabetes (AD) therapies in India. It has a strong international presence across more than 40 countries with operations in regulated and emerging markets, such as the US, Europe, Brazil and Rest of the World. The Company operates through its wholly-owned subsidiaries spread across 12 countries with major setups in the US, Germany and Brazil. Apart from this, it has a modern and well-equipped state-of-the-art R&D Centre at Bhat near Ahmedabad, built with an investment of US $ 40 million. Torrent Pharmaceuticals Limited was founded in 1959 as Trinity Laboratories by Late Shri U. N. Mehta. Trinity was later renamed as Torrent Pharmaceuticals Limited and taken public in July 15th, 1972. In 1980, Company started their first manufacturing facility at Vatva and received first export order in year 1983. In year 1986, it started second manufacturing plant at Chhatral. In the year 1995, Torrent Gujarat Biotech Ltd plant was commissioned. In the year 1996, the company acquired the Pharma related investments and business of Torrent Exports Ltd and also commissioned the state-of-the-art R&D centre. In the year 1997, India Infusions Ltd was merged with the company. As a part of restructuring, the company formed three new divisions namely, Prima, Vista and Psycan in the year 1999. During the year 2001-02, the company launched 31 new products, out of which 8 were first time launches in India. The company completed the upgradation and modernization programme for the formulations plant at the total cost of Rs 48 crore. Also, they acquired a small pharmaceutical company, namely Fornex Industrial Farmaceutica Ltda, later renamed as Torrent Do Brasil Ltda, in Brazil for Rs 128 lakh. During the year, the company divested their entire 50% equity stake in Sanofi Torrent (India) Ltd to their joint venture partner Sanofi Synthelabo, France. Also, they transferred their entire equity holding of 1,95,04,691 shares in the sick industrial undertaking Torrent Gujarat Biotech Ltd to Torrent Pvt Ltd, a company belonging to the promoter group. During the year 2002-03, the company introduced 28 new products including the line extensions. The company completed the upgradation of bulk drug plant during the year, which was started during the financial year 2001-02. Also, the company incorporated Torrent Pharma GmbH as a wholly owned subsidiary company in Germany. During the year 2003-04, the company set up a wholly owned subsidiary company, namely Torrent Pharma Inc in USA with the objective of business development in the large, growing and highly profitable North America generic market. Also, they introduced 25 new products during the year. Torrent Pharma's presence in Germany started with the acquisition of Heumann Pharma from Pfizer in 2004-05. The Company entered into a License Agreement with Novartis granting global rights for further development and commercialization of its patented AGE Breaker Compound to Novartis. Also, they signed research collaboration agreement with AstraZeneca, another leading global pharmaceuticals company with the aim of discovering a novel drug candidate for the treatment of hypertension. The company incorporated Torrent Pharma Philippines Inc as a wholly owned subsidiary in the Philippines, with a view to tap the huge potential in Philippines. During the year 2005-06, the company successfully completed capacity expansion and consolidation of bulk drug plant at manufacturing unit in Indrad. The company entered into an agreement with Novo Nordisk India Pvt Ltd, a wholly owned subsidiary of Novo Nordisk A/S, Denmark to extend existing contract manufacturing arrangement for manufacture of Human Insulin formulations. During the year, the company introduced 43 new products in the market. Also, the company launched new divisions AXON and NEURON and expanded their field force in order to tap increasing business opportunities in CNS segment. In April 2006, they launched a new division 'PSYCAN AZUCA' to exclusively cater to the needs of the significant and growing diabetes population in the country. During the year, the company acquired Heumann Pharma GmbH & Co Generica KG (Heumann) of Germany for a cash consideration of euro 3.31 million (Rs.17.20 crores). Heumann, is engaged in the business of marketing generic medicines in Germany under the brand name 'Heumann'. In March 2006, the company incorporated Laboratorios Torrent SA de CV to seek registrations of their products in Mexico and subsequently launch a basket of products in the cardiovascular, central nervous system and oral anti-diabetes area. In April 2006, the company incorporated Torrent Pharma Japan Co Ltd as a wholly owned subsidiary in Japan, to cover the generic market in the country effectively for future business prospects. During the year 2006-07, the company launched 49 new products in the market. The manufacturing facilities at Chatral received approval from the US Food and Drug Administration for the API (active pharmaceutical ingredient) and oral solid dosage formulations facilities. The company initiated process of setting up of a new Greenfield manufacturing site in the state of Sikkim to support the growth in domestic market. Also, the company incorporated a subsidiary in Mexico, named Laboratorios Torrent SA de CV, as a first step for entry into the lucrative Mexican market. During the year 2007-08, the company launched 52 new products in the market. They successfully entered the highly competitive US market with launch of Citalopram. During the year, the company undertook capacity expansion of 30% in tablet formulations at Baddi plant and the project is nearing completion. They also completed development for nine molecules for the European Union market and nine molecules for United States market. During the year 2008-09, the company made an investment of Rs 2.05 crore in the equity shares of their wholly owned subsidiary Laboratories Torrent, SA De CV, in Mexico. In September 2008, the company received the US Food and Drug Administration approval for anti-hypertension drug amlodipine besylate tablets in multiple strengths and in November 2008, their generic, risperidone, in tablet forms of various strengths, also got the approval. In 2009, Torrent Pharmaceuticals commissioned a dedicated formulation and packaging unit for manufacturing insulin exclusively for Novo Nordisk. During the year under review, the company entered into license and supply agreement with AstraZeneca for marketing its products in international market.In 2010, Torrent Pharmaceuticals' Baddi plant received OHAS Audit 18001:2007certification. During the year under review, the Baddi facility was approved by the regulatory authority of Uganda. During the year under review, Torrent Pharmaceuticals forayed into the therapeutic areas of gynaecology and oncology. During the year under review, Torrent Pharmaceuticals commissioned a subsidiary in United Kingdom and Romania. During the year under review, Torrent Research Center developed Long Acting Injectables technology. In 2011, Torrent Pharmaceuticals' Sikkim plant commenced operation. During the year under review, Torrent Research Center developed indigenous Nasal Drug Delivery system. During the year under review, Torrent Pharmaceuticals set up Sparsh, a dedicated division to cater to Dermatology segment. In 2013, Torrent Pharmaceuticals entered into a licensing agreement with Reliance Life Sciences for three biosimilars - Rituximab, Adalimumab, and Cetuximab. In 2014, Torrent Pharmaceuticals acquired Elder Pharma's identified Indian branded formulation business in India and Nepal. During the year under review, the company launched Nephro, a dedicated division to cater to the Nephrology segment. During the year under review, Torrent Pharmaceuticals' Dahej plant commenced operations. In 2015, Torrent Pharmaceuticals acquired 100% stake of Zyg Pharma, a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions, solutions. In 2016, Torrent Pharmaceuticals' Dahej plant received USFDA approval. During the year under review, the company acquired API manufacturing unit of Hyderabad based Glochem Industries Limited. In 2017, Torrent Pharmaceuticals acquired Unichem's domestic and Nepal business and also its Sikkim manufacturing facility. During the year under review, the company acquired women healthcare brands from Novartis. In 2018, Torrent Pharmaceuticals acquired US based Bio-Pharm, Inc. (BPI) which includes US FDA registered manufacturing facility. This is Torrent's first overseas manufacturing unit. As of 31st March, 2019, the Company has 16 subsidiaries, out of which 4 are step down subsidiaries. Bio-Pharm Inc., a wholly owned subsidiary of Torrent Pharma Inc. USA ('TPI') merged with TPI with effect from 1st January, 2019. The merger aims at administrative convenience and to achieve higher operational efficiencies. As of 31st March, 2020, the Company has 15 subsidiaries, out of which 3 are step down subsidiaries. Aptil Pharma Limited, a wholly owned subsidiary of Torrent Pharma (UK) Limited., UK dissolved w.e.f. 15th October, 2019 and consequently, the business of Aptil was merged into Torrent Pharma (UK) Limited. During year 2021, Company launched Dapagliflozin & Rivaroxaban in the Cardiovascular therapy, Brivaracetam in the Central Nervous System therapy, Obeticholic Acid within the Gastro Intestinal therapy and NDDS Tapentadol Nasal spray in Pain Analgesic therapy. As of 31st March, 2021, the Company has 14 subsidiaries, out of which 2 are step down subsidiaries. Norispharm GmbH, a wholly owned subsidiary of Torrent Pharma GmbH was liquidated w.e.f. 16th March, 2021. During the year 2022, Company entered into Voluntary licensing agreements for Baricitinib and Molnupiravir and non-exclusive licensing agreement for manufacture and commercialisation of the generic version of 'PAXLOVID'. In 2021-22, it launched 4 products. As of 31st March, 2022, the Company has 14 subsidiaries, out of which 3 are step down subsidiaries. During the year 2021-22 , TPL (Malta) Limited, wholly owned subsidiary of the Company and Torrent Pharma (Malta) Limited wholly owned subsidiary of TPL (Malta) Limited were incorporated on 17th August, 2021. Further, Torrent Pharma SRL, Romania and Torrent Pharma France S.A.S, France, wholly owned subsidiaries of the Company were liquidated w.e.f 11th January, 2022 and 13th January, 2022 respectively.

Torrent Pharmaceuticals Ltd Chairman Speech

MESSAGE TO THE STAKEHOLDERS

Dear Stakeholders,

I am happy to present the 49th Integrated Annual Report of Torrent Pharma. This is a special and a noteworthy year for all of us as it marks the 50 years of incorporation of our Company. Over the last five decades, we have grown into a leading global pharmaceutical player serving more than 40 countries. We have been able to reach this stage as a result of consistent delivery of our teams, and by adhering to the core values that have been imbibed into our DNA by our founder, Late Shri U N Mehta. On behalf of the Board and management team, I would want to extend my deep appreciation to our shareholders and partners whose confidence, trust and belief have been essential to our success.

Economic Context

Our largest market, India, continues to be one of the fastest growing major economies in the world. The nation continued its strong recovery from the pandemic, albeit interrupted by a virulent second wave of infections and a relatively milder third wave. The Indian pharma market witnessed a parallel recovery along with GDP growth and we are optimistic about the prospects of long term growth owing to increasing accessibility and expanding health infrastructure across the country. Torrent Pharma has been privileged to play a role in providing access to Covid related treatments like Molnupiravir and has also contributed to strengthening our medical services infrastructure during the pandemic.

While global macro environment has been volatile, Torrent Pharma has remained relatively insulated in its markets of operation. Inflationary pressures and volatility continue to drive uncertainty on input costs. However, the learnings from Covid have built a resilient organization that has now geared up substantially to withstand any near term volatility or disruption with strong controls in place.

Performance

Branded Generic (BGx) markets continue to remain our core area of focus and receive highest priority for capital allocation. Market share gains through operational excellence, therapy expansion and investment in new products continue to be our pillars of progress particularly in India and Brazil. We believe inorganic growth will continue to be an integral part of our overall growth strategy as we deleverage further. Long term strategic fits to our core portfolio and bolt-on portfolio acquisitions have worked well for us in the past, and we continue to explore similar opportunities to further strengthen our offerings.

The underlying growth in our core BGx markets has been strong. The India business registered a growth of 15% and has outperformed the market in all major therapies. Our Brazil business registered a strong growth of 18% where we continue to be ranked No. 1 amongst Indian Companies. Our US performance was impacted due to lack of new approvals and pending reinspection of our facilities on account of covid.

During the year, we have taken a difficult decision of discontinuing our liquids business in the US, considering the incremental investments versus potential economic benefits due to changing market conditions. Our German business faced headwinds due to lower market growth recovery and increase in competition in the tender segment. With incremental cost efficiency measures already undertaken, we remain positive to deliver sustainable growth over medium to long term. Overall, we have achieved a revenue of Rs 8,508 crores in 2021-22. EBITDA margins were 30.8%, growth of 4% and had base year impact of lower expenses led by pandemic induced disruption. We continue to de-leverage our balance sheet, with a net EBITDA of 1.3x by the end of 202122 versus 1.6x in the previous year.

We also continued to enhance our shareholder value during the year. For 2021-22, the Board has recommended a total dividend of Rs 48 per equity share including special dividend of Rs 15 per equity share and bonus issue of 1:1 to commemorate 50 years of incorporation of our Company.

Accelerating Growth with Sustainability

At Torrent Pharma, we firmly believe that achieving long term business success is consistent with pursuing Environmental, Social and Governance (ESG) goals. Decarbonisation, a clean climate, green energy goals of the nation, social relationships and governance are imperative and integral necessities of building sustainable business and becoming a key differentiator to enhance relevancy and trust with the stakeholders both external and internal to the organisation, community and planet for years to come.

We continue to be driven by the fact that it is imperative for organisations to build long-term trust to holistically serve our stakeholders - investors, customers, employees, suppliers, regulatory authorities, communities and this is what continues to drive us. Over the years, Torrent Pharma has won and fortified stakeholders' value, supported by a strong brand equity and success in the marketplace where it matters most.

We have developed, refined and reorganized our integrated strategy framework to further bolster our commitment to operating responsibly. Driven by our vision and mission together with integrated strategy framework, we shall continue to enhance the stakeholders' value and contribute to the environment and society, as a responsible corporate citizen, aligned to national priorities of zero-carbon goals; and adhering to recognised global control frameworks, such as GRI, SASB and UN SDGs.

Our Risk Management system acts as strong support to the integrated strategy and mitigating risks. Furthermore, Torrent Pharma's robust governance structure, competently led by the top management and supported by our employees, vendors, investors and communities ensures adequate control, for implementing the strategy and monitoring it on a continual basis.

Commitment to CSR

We will continue to direct our efforts toward sustainable social development by investing in health and education. This is integral to Torrent Pharma's growth strategy and towards this end, we have forged strong community partnerships in the field of child health, women's health & Hygiene, strengthening awareness about child malnutrition; and healthcare facilities around our operational locations. We also provide technology-led education to children, to improve age-appropriate abilities at the primary school level.

Torrent undertakes several programs and initiatives aimed at empowering people and the vulnerable with a holistic bent of mind, that of ensuring healthy lifestyles and encouraging wellbeing and development for all.

Way Forward

We remain confident that the global pharmaceutical industry provides several opportunities, organic and inorganic, for us to continue our growth trajectory. We are committed to remain patient-centric, deliver best in class performance metrics, and drive portfolio innovation to deliver above market growth and continue to create sustainable value for all our stakeholders.

I would like to take this opportunity to place on record my immense gratitude to our employees who have risen to the challenges every time and help us deliver consistently. I also thank every stakeholder who has conferred their trust and faith in us and look forward to the continued patronage, guidance and long term association in our journey to achieve accelerated growth with sustainability.

With warm regards,
SAMIR MEHTA Executive Chairman

   

Torrent Pharmaceuticals Ltd Company History

Torrent Pharmaceuticals Limited, the flagship Company of the Torrent Group, is one of the leading pharmaceutical companies having presence in Indian and global markets. The Company is a dominant player in the therapeutic areas of Cardiovascular (CV), Central Nervous System (CNS), Vitamins and Nutrients (VMN), Gastro-Intestinal (GI) and Anti-Diabetes (AD) therapies in India. It has a strong international presence across more than 40 countries with operations in regulated and emerging markets, such as the US, Europe, Brazil and Rest of the World. The Company operates through its wholly-owned subsidiaries spread across 12 countries with major setups in the US, Germany and Brazil. Apart from this, it has a modern and well-equipped state-of-the-art R&D Centre at Bhat near Ahmedabad, built with an investment of US $ 40 million. Torrent Pharmaceuticals Limited was founded in 1959 as Trinity Laboratories by Late Shri U. N. Mehta. Trinity was later renamed as Torrent Pharmaceuticals Limited and taken public in July 15th, 1972. In 1980, Company started their first manufacturing facility at Vatva and received first export order in year 1983. In year 1986, it started second manufacturing plant at Chhatral. In the year 1995, Torrent Gujarat Biotech Ltd plant was commissioned. In the year 1996, the company acquired the Pharma related investments and business of Torrent Exports Ltd and also commissioned the state-of-the-art R&D centre. In the year 1997, India Infusions Ltd was merged with the company. As a part of restructuring, the company formed three new divisions namely, Prima, Vista and Psycan in the year 1999. During the year 2001-02, the company launched 31 new products, out of which 8 were first time launches in India. The company completed the upgradation and modernization programme for the formulations plant at the total cost of Rs 48 crore. Also, they acquired a small pharmaceutical company, namely Fornex Industrial Farmaceutica Ltda, later renamed as Torrent Do Brasil Ltda, in Brazil for Rs 128 lakh. During the year, the company divested their entire 50% equity stake in Sanofi Torrent (India) Ltd to their joint venture partner Sanofi Synthelabo, France. Also, they transferred their entire equity holding of 1,95,04,691 shares in the sick industrial undertaking Torrent Gujarat Biotech Ltd to Torrent Pvt Ltd, a company belonging to the promoter group. During the year 2002-03, the company introduced 28 new products including the line extensions. The company completed the upgradation of bulk drug plant during the year, which was started during the financial year 2001-02. Also, the company incorporated Torrent Pharma GmbH as a wholly owned subsidiary company in Germany. During the year 2003-04, the company set up a wholly owned subsidiary company, namely Torrent Pharma Inc in USA with the objective of business development in the large, growing and highly profitable North America generic market. Also, they introduced 25 new products during the year. Torrent Pharma's presence in Germany started with the acquisition of Heumann Pharma from Pfizer in 2004-05. The Company entered into a License Agreement with Novartis granting global rights for further development and commercialization of its patented AGE Breaker Compound to Novartis. Also, they signed research collaboration agreement with AstraZeneca, another leading global pharmaceuticals company with the aim of discovering a novel drug candidate for the treatment of hypertension. The company incorporated Torrent Pharma Philippines Inc as a wholly owned subsidiary in the Philippines, with a view to tap the huge potential in Philippines. During the year 2005-06, the company successfully completed capacity expansion and consolidation of bulk drug plant at manufacturing unit in Indrad. The company entered into an agreement with Novo Nordisk India Pvt Ltd, a wholly owned subsidiary of Novo Nordisk A/S, Denmark to extend existing contract manufacturing arrangement for manufacture of Human Insulin formulations. During the year, the company introduced 43 new products in the market. Also, the company launched new divisions AXON and NEURON and expanded their field force in order to tap increasing business opportunities in CNS segment. In April 2006, they launched a new division 'PSYCAN AZUCA' to exclusively cater to the needs of the significant and growing diabetes population in the country. During the year, the company acquired Heumann Pharma GmbH & Co Generica KG (Heumann) of Germany for a cash consideration of euro 3.31 million (Rs.17.20 crores). Heumann, is engaged in the business of marketing generic medicines in Germany under the brand name 'Heumann'. In March 2006, the company incorporated Laboratorios Torrent SA de CV to seek registrations of their products in Mexico and subsequently launch a basket of products in the cardiovascular, central nervous system and oral anti-diabetes area. In April 2006, the company incorporated Torrent Pharma Japan Co Ltd as a wholly owned subsidiary in Japan, to cover the generic market in the country effectively for future business prospects. During the year 2006-07, the company launched 49 new products in the market. The manufacturing facilities at Chatral received approval from the US Food and Drug Administration for the API (active pharmaceutical ingredient) and oral solid dosage formulations facilities. The company initiated process of setting up of a new Greenfield manufacturing site in the state of Sikkim to support the growth in domestic market. Also, the company incorporated a subsidiary in Mexico, named Laboratorios Torrent SA de CV, as a first step for entry into the lucrative Mexican market. During the year 2007-08, the company launched 52 new products in the market. They successfully entered the highly competitive US market with launch of Citalopram. During the year, the company undertook capacity expansion of 30% in tablet formulations at Baddi plant and the project is nearing completion. They also completed development for nine molecules for the European Union market and nine molecules for United States market. During the year 2008-09, the company made an investment of Rs 2.05 crore in the equity shares of their wholly owned subsidiary Laboratories Torrent, SA De CV, in Mexico. In September 2008, the company received the US Food and Drug Administration approval for anti-hypertension drug amlodipine besylate tablets in multiple strengths and in November 2008, their generic, risperidone, in tablet forms of various strengths, also got the approval. In 2009, Torrent Pharmaceuticals commissioned a dedicated formulation and packaging unit for manufacturing insulin exclusively for Novo Nordisk. During the year under review, the company entered into license and supply agreement with AstraZeneca for marketing its products in international market.In 2010, Torrent Pharmaceuticals' Baddi plant received OHAS Audit 18001:2007certification. During the year under review, the Baddi facility was approved by the regulatory authority of Uganda. During the year under review, Torrent Pharmaceuticals forayed into the therapeutic areas of gynaecology and oncology. During the year under review, Torrent Pharmaceuticals commissioned a subsidiary in United Kingdom and Romania. During the year under review, Torrent Research Center developed Long Acting Injectables technology. In 2011, Torrent Pharmaceuticals' Sikkim plant commenced operation. During the year under review, Torrent Research Center developed indigenous Nasal Drug Delivery system. During the year under review, Torrent Pharmaceuticals set up Sparsh, a dedicated division to cater to Dermatology segment. In 2013, Torrent Pharmaceuticals entered into a licensing agreement with Reliance Life Sciences for three biosimilars - Rituximab, Adalimumab, and Cetuximab. In 2014, Torrent Pharmaceuticals acquired Elder Pharma's identified Indian branded formulation business in India and Nepal. During the year under review, the company launched Nephro, a dedicated division to cater to the Nephrology segment. During the year under review, Torrent Pharmaceuticals' Dahej plant commenced operations. In 2015, Torrent Pharmaceuticals acquired 100% stake of Zyg Pharma, a company engaged in manufacturing various dermatological formulations like creams, ointments, gels, lotions, solutions. In 2016, Torrent Pharmaceuticals' Dahej plant received USFDA approval. During the year under review, the company acquired API manufacturing unit of Hyderabad based Glochem Industries Limited. In 2017, Torrent Pharmaceuticals acquired Unichem's domestic and Nepal business and also its Sikkim manufacturing facility. During the year under review, the company acquired women healthcare brands from Novartis. In 2018, Torrent Pharmaceuticals acquired US based Bio-Pharm, Inc. (BPI) which includes US FDA registered manufacturing facility. This is Torrent's first overseas manufacturing unit. As of 31st March, 2019, the Company has 16 subsidiaries, out of which 4 are step down subsidiaries. Bio-Pharm Inc., a wholly owned subsidiary of Torrent Pharma Inc. USA ('TPI') merged with TPI with effect from 1st January, 2019. The merger aims at administrative convenience and to achieve higher operational efficiencies. As of 31st March, 2020, the Company has 15 subsidiaries, out of which 3 are step down subsidiaries. Aptil Pharma Limited, a wholly owned subsidiary of Torrent Pharma (UK) Limited., UK dissolved w.e.f. 15th October, 2019 and consequently, the business of Aptil was merged into Torrent Pharma (UK) Limited. During year 2021, Company launched Dapagliflozin & Rivaroxaban in the Cardiovascular therapy, Brivaracetam in the Central Nervous System therapy, Obeticholic Acid within the Gastro Intestinal therapy and NDDS Tapentadol Nasal spray in Pain Analgesic therapy. As of 31st March, 2021, the Company has 14 subsidiaries, out of which 2 are step down subsidiaries. Norispharm GmbH, a wholly owned subsidiary of Torrent Pharma GmbH was liquidated w.e.f. 16th March, 2021. During the year 2022, Company entered into Voluntary licensing agreements for Baricitinib and Molnupiravir and non-exclusive licensing agreement for manufacture and commercialisation of the generic version of 'PAXLOVID'. In 2021-22, it launched 4 products. As of 31st March, 2022, the Company has 14 subsidiaries, out of which 3 are step down subsidiaries. During the year 2021-22 , TPL (Malta) Limited, wholly owned subsidiary of the Company and Torrent Pharma (Malta) Limited wholly owned subsidiary of TPL (Malta) Limited were incorporated on 17th August, 2021. Further, Torrent Pharma SRL, Romania and Torrent Pharma France S.A.S, France, wholly owned subsidiaries of the Company were liquidated w.e.f 11th January, 2022 and 13th January, 2022 respectively.

Torrent Pharmaceuticals Ltd Directors Reports

To,

The Shareholders

The Directors have the pleasure of presenting the Forty Ninth Annual Report of your Company together with the Audited Financial Statement for the year ended 31st March, 2022.

HIGHLIGHTS

1. 2021-22: Accelerating growth with Sustainability:

• While the financial year witnessed gradual recovery trends across the markets, the recovery trends were impacted intermittently by second and third wave of pandemic. Torrent's business in Branded generic markets [viz. India, Brazil and ROW] witnessed continued growth momentum backed by market recovery, performance of top brands and new launches. Our business in generic-generic focused markets mainly US and Germany witnessed de-growth during the year. While Germany performance was impacted mainly by market factors and competition intensity, US continues to be impacted due to lack of new product approvals which depends on the re-inspection of facilities and consequent clearance by USFDA.

• At Torrent, sustainability has been bedrock of doing business and has always been an integral part of growth and decision-making. During the year, the Company adopted a structured ESG [Environment, Social, and Governance] framework & strategy, based on international ESG standards and frameworks. The Company has designed multi-fold strategy, with four core ESG pillars that will enable it to navigate its growth in a manner that maximizes stakeholders' value, consistently and sustainably.

2. India business:

• After muted 2020-21, the Indian Pharmaceutical Market (‘IPM'), witnessed a steady recovery throughout the year with growth of 15% including COVID portfolio and 11% excluding COVID portfolio. The Company outperformed the market with growth of 17% complemented by top brands and new launches.

• During the year, The Company entered into collaborations on COVID Drugs:

- Voluntary licensing agreements for Baricitinib and Molnupiravir

- Non-exclusive licensing agreement to use the patents and know-how in relation to the compound nirmatrelvir with Medicine Patent Pool for manufacture and commercialisation of the generic version of PAXLOVID™

• As at the year end, field force productivity is Rs 9.2 lacs per month, an improvement of 10% over previous year. Field Force expansion during the year was around 20%.

• Torrent is ranked 8th in the IPM with 10 brands with sales of more than Rs 100 crores.

• Torrent will continue to strengthen in competitive position through focus on new launches, market expansion, field force productivity and brand building.

3. Brazil business:

• Torrent continues to be ranked the no. 1 Indian Pharmaceutical company in Brazil.

• For 2021-22, Brazil registered strong growth of 18% with strong recovery of the market, market outperformance, performance of top brands and strengthening of Brazilian currency. The market grew by 10.1% in 2021-22.

• With high chronicity of its portfolio, Torrent will continue to focus on brand building, in-clinic effectiveness, new launches and foraying into new therapies.

4. US business:

• US revenues continued to be impacted due to high price erosion on the base portfolio coupled with lack of new launches pending re-inspection of its facilities [at Dahej and Indrad]. Torrent has already completed its CAPAs and submitted the closure report and it continues to await guidance from the USFDA on re-inspection.

• In 2021-22, Torrent has filed 5 ANDAs (PY 11) and launched 4 products.

• Torrent is ranked amongst top 3 players in 26 molecules.

5. Germany business:

• Torrent is ranked the no. 5 generic company and no. 1 Indian Pharmaceutical company in Germany.

• Germany revenues were impacted due to muted market growth, normalization in channel inventory and increasing competition in some of the large volume tenders.

• Torrent has taken initiatives to strengthen its cost and price competitiveness. It shall continue to expand its market coverage through new launches, and expansion of its non-tender & OTC business.

6. Rest of the World:

• ROW markets registered strong growth.

• Torrent will continue its focus on key ROW markets to develop them as growth engines of the future.

7. The state-of-the-art Oral Oncology manufacturing facility in Gujarat, which will cater to both regulated and non-regulated markets, is on track.

8. Financial performance:

• During the year, Torrent registered EBITDA margins at 30.8% (PY 31.6%). While branded businesses for the Company continue to contribute positively to the overall margins for the Company, US business was negative due to high double digit pricing pressure and lack of new product launches pending the USFDA re-inspection of the manufacturing facilities. The Company has initiated cost optimization measures to counter the margin impact from US business.

• Leverage (Net Debt-to-EBITDA) reduced to 1.3x as of 31st March, 2022 compared to 1.6x as of 31st March, 2021.

FINANCIAL RESULTS

The summary of Standalone (Company) and Consolidated (Company and its subsidiaries) operating results for the year and appropriation of divisible profit is given below:

(Rs in crores except per share data)

Standalone Consolidated
2021-22 2020-21 2021-22 2020-21
Sales & Operating Income 6,742 6,451 8,508 8,005
Profit Before Depreciation, Net Finance Cost, Exceptional Items & Tax 2,301 2,306 2,621 2,532
Less: Depreciation & Amortization 602 610 662 658
Less: Net Finance Cost 233 330 248 348
Profit Before Exceptional Items & Tax 1,466 1,366 1,711 1,526
Less: Exceptional Items - - 485 -
Less: Tax Expense 475 228 449 274
Net Profit for the Year 991 1,138 777 1,252
Balance brought forward 2,900 2,093 2,807 1,893
Other Comprehensive income and other adjustments (1) 7 10 -
Balance available for appropriation 3,890 3,238 3,594 3,145
Appropriated as under:
Transfer to General Reserve - - - -
Dividend 677 338 677 338
Tax on Distributed Profits for Dividend - - - -
Balance Carried Forward 3,213 2,900 2,917 2,807
Earnings Per Share (' per share) 58.59 67.24 45.93 73.98

Consolidated Operating Results

The consolidated sales and operating income increased to Rs 8,508 crores from Rs 8,005 crores in the previous year showing a growth of 6%. The consolidated operating profit for the year was Rs 2,621 crores as against Rs 2,532 crores in the previous year registering growth of 4%. The consolidated net profit decreased to Rs 777 crores from Rs 1,252 crores in the previous year due to exceptional item of Rs 485 crores.

Exceptional Item

Basis assessment of the financial viability of liquid business of its wholly owned subsidiary in the US taking into account incremental investments required for bringing the pipeline products into the market and increased competition intensity, the Company has considered it to be prudent to discontinue the liquid facility operations. Based on best estimate assumptions of the recoverable value of the assets of liquid facility, the Company has recognized an impairment provision in aggregating to Rs 439 crores during the year ended 31st March, 2022. Further, management has considered provision for expenses of Rs 46 crores related to discontinuation of liquid facility. The impairment provision as well as the provision for expenses are presented as exceptional items.

Management Discussion and Analysis (MDA)

The details of operating performance of the Company for the year, the state of affairs and the key changes in the operating environment have been analysed in the Management Discussion and Analysis section which forms a part of the Annual Report.

APPROPRIATIONS

i) Dividend

The Company endeavours to distribute 40% of its annual consolidated net profit after tax without taking into account non-cash charges relating to the business acquisitions as dividend, in accordance with the dividend policy. The policy is available on the website http://www.torrentpharma.com/pdf/investors/Dividend Policy.pdf

During the year under review, an interim dividend of Rs 25/- per equity share of face value of Rs 5/- each (@ 500%) amounting to Rs 423 crores was paid to the shareholders. The Company is completing 50 years of its incorporation this year. To commemorate the same, the Board has, inter alia, recommended to the members, a final dividend of Rs 23/- per equity share of face value of Rs 5/- each (@ 460%) including the special dividend of Rs 15/- per equity share of face value of Rs 5/- each amounting to Rs 389 crores for approval of shareholders at the 49th Annual General Meeting (AGM) of the Company. Hence, the total dividend paid / payable with respect to the year under review was of Rs 48/- per equity share (@960%) amounting to Rs 812 crores.

ii) Transfer to Reserves

The Board of Directors of the Company has decided not to transfer any amount to the reserves for the year under review.

BONUS ISSUE

Along with the recommendation of special dividend, the Board has also recommended the issue of Bonus Shares in the proportion of 1:1 i.e. 1 (one) new fully paid-up Equity share of Rs 5/- each for every 1 (one) fully paid-up Equity share of Rs 5/- each, to the eligible shareholders of the Company as on the Record Date as may be fixed by the Board or a Committee thereof authorised for the purpose and increase in Authorised Share Capital and consequent amendment to Capital clause of the Memorandum of Association of the Company. Pursuant to Section 110 of the Companies Act, 2013 read with the rules thereunder, the Board seeks shareholder's approval through passing of necessary resolutions by Postal Ballot for the above.

HUMAN RESOURCES

Torrent values its employees and believes that the Company's success is a result of the collective efforts of all of its employees. The Human Resource Development team strives to create a positive work environment that influences employees' ability, motivation and creates opportunities for them to perform. Our work environment encourages high performance work culture with focus on employee health / safety, welfare, engagement, development, diversity, productivity, Cost and Quality. Comprehensive policies of the Company covers the entire spectrum of the life cycle of an employee from recruitment to retention. We are committed to hiring, nurturing and developing exceptionally talented human resources. Company's unique culture and robust People Practices & Policies, inspire and ensure that every employee aspires to grow in the organization.

The Company strongly believes in providing a safe and harassment free workplace through various interventions and practices. During the pandemic, the Organization's top priority was the health and safety of its employees. Safety awareness programs and counselling sessions were critical in spreading necessary knowledge and assisting employees in dealing with the challenges of working in the midst of the COVID pandemic. Efforts are also taken towards improving employee connect.

Through cadre and capability building interventions, we continue to focus on strengthening our talent processes and building the talent pipeline for the organization. Significant efforts were made to strengthen our leadership and hire the best available talent. These have aided in bringing a new perspective and renewed energy in the organization. Our Training & Development activities further gave fillip towards the development of talent as well as sharpening of new management skills of the employees. On-the-job training, meaningful interactions with senior leadership and development programs created an enabling culture in harnessing the necessary competencies in their work environment, whether technical, managerial, or behavioral. For holistic development of employees, periodic job rotation programs are implemented to allow every employee to understand the nuances of the function, preparing them to take on a larger role in the future. This empowers everyone in the organization, resulting in job enrichment and satisfaction. On the industrial front, the Company maintained positive Industrial Relations with its workforce throughout the year.

Various gender diversity initiatives, such as flexi-shift hours, have helped female workers balance work and other responsibilities. Special events that promote woman's personal and professional development are frequently planned, with an emphasis on fitness, well-being and a stress-free lifestyle.

The Company will continue to invest in employees' professional development and instill in them the importance of a responsible growth. As a result, they recognize that their success is dependent on the provision of innovative solutions to patient needs, community upliftment and environmental protection.

The Company has a diverse workforce of 12,910 employees as on 31st March, 2022 vis-a-vis 12,531 employees as on 31st March, 2021.

VIGIL MECHANISM

Over the years, the Company has built a reputation for doing business with honesty and integrity, and it has zero tolerance for any type of unethical behaviour or wrongdoing. The Organization has in place a stringent vigil system to report unethical behaviour in order to promote professionalism, fairness, dignity and ethical behaviour in its employees and stakeholders, the details of which are covered in the Corporate Governance Report.

The system also protects employees who use the vigil mechanism from victimisation and gives them direct access to the Audit Committee. Furthermore, the Company's Code of Business Conduct defines critical corporate ethical practices that underpin the Company's belief structure and business operations, as well as representing the Company's valued principles.

Whistle-blower Policy and Code of Business Conduct have been hosted on Company's website www.torrentpharma.com

In accordance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 and the Rules made thereunder, the Company has adopted a Policy on protection of women against sexual harassment at workplace. In this regard, the Company has organized a number of interactive awareness workshops for its employees. The Company has complied with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition, and Redressal) Act, 2013 relating to the formation of Internal Complaints Committee. During the year, no complaints were received under this policy.

CORPORATE SOCIAL RESPONSIBILITY

During the year, the Company was required to spend Rs 22.84 Crore (2% of the average net profit of the past three financial years and surplus arising at implementing agency level from temporary investment of funds for FY 2020-21). The Company contributed, directly or to implementing agency Rs 23.00 Crore during the year. The total amount spent during the year was Rs 13.08 Crore. Further, unspent amount at the end of the year at the implementing agency level was transferred to "Unspent CSR Account" of related ongoing project. The CSR Activities undertaken by the Company were under the thrust areas of Community Healthcare, Sanitation & Hygiene, Education & Knowledge Enhancement and Social Care & Concern. The brief details of the major CSR activities are described hereunder:

REACH: Driven by the belief of Chairman Emeritus, Sudhir Mehta 'Children are the future of our nation and this future must be well preserved', the flagship CSR program of the Group "REACH" - Reach EAch CHild was initiated in the year 2016 under the aegis of UNM Foundation (earlier known as Tornascent Care Institute), a Section 8 Company. REACH has three major pillars: (a) Grass Root Interventions (b) Green Field Actions and (c) Other Allied Activities. Salient achievements are:

• Grassroot Intervention Model: It targets to establish baseline health status of children in age group of 6 months to 6 years, through medical camps in communities and villages surrounding the industrial establishments of the Group. In pre-covid period, 71,387 children in 351 villages have been screened. Appropriate treatment regime resulted in benefiting more than ~74% Malnourished children and more than ~90% Anaemic children. About ~73% children having chronic illnesses were also provided appropriate treatment with encouraging outcomes.

During FY 2021-22, as second wave of COVID-19 ebbed, REACH program was extended to additional 649 villages starting from June, 2021, making total number of villages covered under REACH to 1,000. Anganwadi Model is followed in additional villages to identify and serve Malnourished children. 7,511 Malnourished Children have been provided with Mauji biscuits as special nutritional supplement. Till now 39% of children from additional villages have been treated out of malnourishment. Additionally, intensive Awareness activities about prevention of Malnourishment and Anemia is carried out including audio-visual film show in vernacular language.

• Greenfield Actions: Healthcare services are provided to children up to 18 years. There are three Primary Pediatric Health Centers (PPHCs) with basic laboratory and day care facility at Dahej, Balasinor and Indrad, while fourth major center near SUGEN Power Plant has a 150 bed pediatric hospital ‘Balsangam' which is part of ‘Rangtarang' hospital complex started in FY 2019-20. Till Date more than 3,25,000 patients have been treated under OPDs across all four centers since its inception in 2017. More than 40,000 OPD cases have been handled across all Locations in FY 2021-22.

Balsangam, a 150-bed state-of-the-art paediatric hospital is fully operational within the Rangtarang complex which also has Sumangal, a multi-disciplinary clinic for patients of all age groups. Activities at Balsangam, which were affected during covid period, have been scaled up post pandemic at a fast pace from June, 2021.

Additionally, two more multi purpose Satellite centers have been started at Waghai and Chhappi in Gujarat and three more would be started at Radhanpur, Naswadi and Dediapada, Gujarat. These multi purpose centers will be scaled up appropriately in future depending on feedback as well as demand of healthcare services from the respective local population.

• Other Allied Initiatives: Counseling and Support was provided to rural adolescent girls around SUGEN, Dahej & Indrad centers covering menstrual hygiene and sanitation, by providing free health and hygiene kits. This has resulted in reducing prevalent social taboos and ultimately increasing confidence and self-esteem amongst beneficiaries. Hygiene Kits were provided to total 14,000+ Adolescent girls from all camp villages, between 11-18 years of age on monthly basis under this programme. Biodegradable and Reusable Sanitary Napkins were provided as a pilot project to solve issue of disposal and Initial feedback from the beneficiaries was encouraging.

Shiksha Setu: Phase-III of Shiksha Setu i.e. the Teaching and Learning Support Programme, conducted through UNM Foundation, was initiated during FY 2021-22. The program covers 45 Government primary schools located near SUGEN power plant, Chhatral, Chhapi, Memadpur and Ahmedabad reaching out to 15,000+ students and 480+ teachers of 1st to 8th standard. Due to Covid, schools were closed for about two years which had adversely impacted student learning levels. Remedial classes for more than 4,000 Students from Grade for 3rd to 8th were organized to support students achieve basic reading and arithmetic skills. About 1,500 mothers were reached through Mothers' Engagement and School Readiness activities.

During the year "Second Chance" programme was initiated at Chhatral cluster in Mehsana District of Gujarat aiming to support School dropout Students for clearing Grade 10th examination and enhance percentage of Students going for Higher Education / Vocational Training. Total 112 Students were enrolled in the Programme out of which 104 Students were mobilized and provided coaching for preparation of Grade 10th examination. 93 Students appeared for Grade 10th examination through National Institute of Open School out of which more than 70% students passed.

During the year "Vocational Skills Development Programme" was initiated at Chhatral cluster in Mehsana District of Gujarat to enhance employable skills of Women and Youth. The Programme aims at enhancing employable skills of 300+ Women and Youth and providing them employment opportunities. Total 100 Women and Youth were mobilized and trained on various skills viz. Sewing machine operator, Data entry operator, General duty assistant etc.

Pratiti - Development of Public Parks: The Company along with one of India's best known landscape design firm developed an approach for development of urban public parks. In Ahmedabad, six small sized parks measuring approx. 33,000 sq. mt. have been fully developed and opened for public use during FY 2018-19, one small sized park admeasuring 740 sq. mt. was fully developed and opened for public use in FY 2020-21 and one large sized park measuring approx. 28,300 sq. mt. was fully developed and opened for public use in FY 2021-22. One more large sized park measuring approx. 36,700 sq. mt. is at advanced stage of completion and will be opened for public in FY 2022-23 in Ahmedabad.

In addition to above, the Company continued other social activities during the year, as described hereunder:

Community Healthcare: Post COVID-19, the day care clinic "Sumangal" which is a community health care clinic under the ‘Rangtarang' hospital complex, has also been scaled up and caters to the communities and villages around. The footfalls at "Sumangal" are now about ~150 patients per day. Services being provided include ENT, Dental Care, Physiotherapy, Pathology and Radiology facilities and special consultations in ophthalmology, dermatology, gynaecology etc.

The Report on CSR activities is annexed herewith as Annexure B.

ENVIRONMENT, HEALTH & SAFETY (HSE)

The Company is sensitizing, believing and committed in inculcating a proactive and well matured HSE culture across the group. Conservation of our natural capital and resources including Environment, ensuring the safety and well being of our colleagues and other communities at large are essential for Sustainable future.

The Company's HSE function is efficiently driven by well-established HSE Policy, which is commonly applied across the group. HSE Policy affirms by top management depicts the clear vision and reiterating commitment by top management in totality for adopting safe, secure and sustainable practices for its day to day operations.

Our constant and focused endeavors in HSE domain like adopting various digitalization in our prevailing HSE practices like Online portal for reporting Unsafe Act / Conditions and Incidents with Corrective and Preventive actions. Frequent Safety training and counselling on Technical and behavioral approach (BBS), Organizing various HSE Campaigns, Internal and External Safety Inspections and audits, Adopting various best in class new technologies, Process and System Improvements have helped us substantially to bring down incident rates and thus leading to sustainable, safe and healthy working environment for our work force and interested parties / stake holders at large.

We always remain deeply concerned about the cause of the environment protection and in this direction, the Company has undertaken initiatives, where, we have achieved measurable reduction in waste generation, Utilization of waste as an alternative fuel in cement industries, Conservation of energy (Saving of 7000 Tons of steam consumption per annum by installation of Heat pumps in place of conventional hot water system), Usage of renewable energy (Cumulatively generation of 2.20 Million KWH energy by installation of Solar Power panels of 1688 KW capacity at Indrad manufacturing facility, Bileshwarpura project site and R&D Centre). These activities have reduced our environmental impact /carbon footprint significantly.

We are constantly endeavoring to make our employees feel valued, respected, empowered and inspired to achieve our EHS goals. We truly believe in 4Rs of circular economy - Reuse, Reduce, Recover and Recycle. Our continuous ongoing efforts in environment sustainability have certainly reduced our water consumption, hazardous waste and energy consumption. Green building concepts are being introduced to maximize the usage of day light, 43% developed lust green area, rain water harvesting systems, usage of nonconventional energy sources like generation of solar power by installing roof top solar panels and captive usage of biogas are some unique concepts being implemented. The Company has also taken proactive steps to recycle water using state-of-art technologies to reduce fresh water dependency; Treated effluents are reused in cooling towers and horticulture activities. On account of these initiatives, most of our manufacturing facilities are now zero landfill and had achieved 53% reduction in landfill waste disposal compared to previous year. We have also targeted to dispose-off more than 90% of total such waste generation for co-processing in upcoming years.

Majority of Company's manufacturing facilities including few functions of our corporate office are accredited with ISO 14001:2015 (Environment Management Systems) and ISO 45001:2018 (Occupational Health & Safety Management system). This truly brings harmonization in HSE Systems and bringing more awareness amongst the working force at large.

Rainwater harvesting systems have been installed at manufacturing facilities with 57 state of art injection wells with large sunken catchment area of approx. 25,000 sq mt and 10 nos. of inverted umbrella system (Ulta Chhata).

Under the Plastic Waste Management Rules, 2016, the Company is registered as a Brand Owner with Central Pollution Control Board (CPCB). Pursuant to this, 1016 MT per annum equivalent quantity of plastic waste was collected from PAN India during the year under review and recycled and co-processed in cement industries. The Company has joined the hands with local and state government for promoting various programmes under Extended Producer Responsibility (EPR) under the state initiative of AZADI KA AMRIT MAHOTSAV. This includes the adoption of total 8 nearby villages (5 Villages near Indrad manufacturing facility and 3 villages near Dahej manufacturing facility) and the Company has extensively worked for more than 100 days to collect and safe dispose off the plastic waste and educated the community to bring awareness on sparingly usage of plastics and other natural resources. Under this initiative, the Company had managed to collect and safely dispose off 6.3 MT of Plastic waste.

During the year, the Company and its employees of all locations joined hand in facing and combating 2nd wave of COVID-19 by devising and implementing various strategies to curb this pandemic situation and thus ensures the safer plant operations as well as well-beings of all working force at large. Such strategies include, encouraging the employees work from home (Other than those front-line working force), Virtual Meetings to ascertain the social distances, spreading awareness on Do's & Don'ts in pandemic situation, developing and arming the COVID-19 task forces which in turn ensure the compliance of their respective area / departments. The Company has gone extra mile in ensuring that, all its work force have undergone required vaccination and various in-house initiatives were undertaken by management in depth. Frequent Health Surveillance programs were well executed as a proactive approach by the Company's medical staff.

In-house cross-functional teams, global customers, regulators and external third party auditors, which helps us in achieving benchmark / highest levels of compliance, are regularly auditing all the manufacturing facilities and R&D Centre. This also helps us to review our own system through third eye, which enables us to understand risk / opportunities / area of improvisation of our process / manufacturing facilities at large.

As a part of consultation and participation of contractors' workers in our day-to-day operation, they all have been well covered under various HSE Drives. It is essential for all contractors' workers to undergo HSE training and follow stipulated guidelines. All contractors' workers are encouraged to maintain safety standards by abiding Company's guidelines and procedures. Moreover, the Company has in place the "Conviction of Safety Policy" which provides for substantial compensation to the personnel (Employees as well as Contractors' workers) and their families, who are adversely affected by any accident.

Concisely, in order to achieve the organization goal as "Zero Harm, Zero Injury, Zero Accident", Company has brought in the unique concept of "Consequence Management System" as a decision-making policy for further fostering the safety culture amongst employees and contractors' workers at manufacturing facilities and R&D centre.

FINANCE

(a) Share Capital

As on 31st March, 2022 the Authorised Capital of the Company is Rs 150 crores, divided into 25 crores Equity Shares of Rs 5/- each and 25 lakhs Preference Shares of Rs 100/- each.

(b) Deposits and Loans, Guarantees and Investments

The Company has neither accepted nor renewed any deposits. None of the deposits earlier accepted by the Company remained outstanding, unpaid or unclaimed as on 31st March, 2022.

Details of Loans, Guarantees and Investments by Company under the provisions of Section 186 of the Companies Act, 2013, during the year, are provided in Note 10 and 11 to the Standalone Financial Statements.

(c) Debentures and other debt instruments

The outstanding amount of Non-Convertible Debentures issued by the Company is Rs 1241.42 crores as on 31st March, 2022.

(d) Contracts or Arrangements with Related Parties

All Related Party transactions are entered in compliance to the provisions of law, the Policy on Materiality of and dealing with Related Party Transactions ("Related Party Policy") and were entered with the approval of Audit Committee, Board and Shareholders if and as applicable. The particulars of material contracts and arrangements entered into with the related parties in accordance with the Related Party Policy of the Company and pursuant to the provisions of Section 188(1) of the Companies Act, 2013 and Rule 8(2) of the Companies (Accounts) Rules, 2014 are annexed herewith as Annexure A.

(e) Internal Financial Control System

The Company has a formal framework of Internal Financial Control ("IFC") in alignment with the requirement of Companies Act, 2013 and has also laid down specific responsibilities on the Board, Audit Committee, Independent Directors and Statutory Auditors with regard to IFC.

Accordingly, the Company has a well-placed, proper and adequate IFC system, which ensures:

• The orderly and efficient conduct of its business,

• Safeguarding of its assets,

• The prevention and detection of frauds and errors,

• The accuracy and completeness of the accounting records and

• The timely preparation of reliable financial information.

The Board reviews the effectiveness of controls documented as part of IFC framework, and take necessary corrective and preventive actions wherever weaknesses are identified as a result of such reviews. This review covers entity level controls, process level controls, fraud risk controls and Information Technology environment.

Based on this evaluation, no significant events had come to notice during the year that have materially affected, or are reasonably likely to materially affect, our IFC. The management has also come to a conclusion that the IFC and other financial reporting was effective during the year and is adequate considering the business operations of the Company. The Statutory Auditors of the Company has audited the IFC with reference to Financial Reporting and their Audit Report is annexed as Annexure B and Annexure A to the Independent Auditors' Report under Standalone Financial Statements and Consolidated Financial Statements respectively.

(f) Material changes affecting the Company

No material changes and commitments have occurred after the close of the year till the date of this Report which may affect the financial position of the Company.

INSURANCE

The Company's manufacturing facilities, properties, equipment and stocks are adequately insured against all major risks including loss on account of business interruption caused due to property damage. The Company has appropriate liability insurance covers particularly for product liability, clinical trials and cyber liability. The Company has also taken Directors' and Officers' Liability Policy to provide coverage against the liabilities arising on them.

BUSINESS RISK MANAGEMENT

Risk Management is an integral part of our strategy for stakeholders' value enhancement and is embedded in to governance & decisionmaking process across the Organisation. The Company has in place the Risk Management Policy to ensure effective responses to strategic, operational, financial and compliance risks faced by the Organisation.

As a part of this Policy, all the risks are discussed and deliberated with the concerned functional heads and business process owners to continually identify, assess, mitigate and monitor risks across the entity, its business functions and units. The Policy also encompasses identification, assessment and mitigation of ESG risks. The Risk Management Committee meets periodically to assess and deliberate on the key risks and adequacy of mitigation plan. It has formulated a comprehensive ‘Risk Register', which is continuously updated to capture new risks / threats augmenting from changes in internal / external environment. Inputs from risk assessment are also embedded into annual internal audit programme. Key risks and mitigation measures are summarised in Management Discussion and Analysis section of the Annual Report.

SUBSIDIARIES & JOINT VENTURES

As of 31st March, 2022, the Company has 14 subsidiaries, out of which 3 are step down subsidiaries.

During the year, TPL (Malta) Limited, wholly owned subsidiary of the Company and Torrent Pharma (Malta) Limited wholly owned subsidiary of TPL (Malta) Limited were incorporated on 17th August, 2021.

Further, Torrent Pharma SRL, Romania and Torrent Pharma France S.A.S, France, wholly owned subsidiaries of the Company were liquidated w.e.f 11th January, 2022 and 13th January, 2022 respectively.

The highlights of performance of major subsidiaries of the Company have been discussed and disclosed under the Management Discussion and Analysis section of the Annual Report. The contribution of each of the subsidiaries in terms of the revenue and profit is provided in Form AOC-1, which forms part of the Annual Report.

The details of UNM Foundation (earlier known as Tornacent Care Institute), associate company of the Company is also shown in the AOC-1. This associate company is Section 8 Company and primarily floated with another company of the Torrent group to carry out the CSR activities.

The annual accounts of the subsidiary companies will be made available to any Member of the Company seeking such information at any point of time and are also available for inspection by any Member of the Company at the Registered Office of the Company on any working day during business hours up to the date of the AGM. The annual accounts of the subsidiary companies are also available on the website of the Company at www.torrentpharma.com.

DIRECTORS AND KEY MANAGERIAL PERSONNEL

(a) Board of Directors

The Board of Directors of the Company is led by the Executive Chairman and comprises six other Directors as on 31st March, 2022, including one Whole Time Director, four Independent Directors which includes two Women Director and one Non-Executive Director (other than Independent Directors).

All the Independent Directors of the Company have furnished declarations that they meet the criteria of independence as prescribed under the Companies Act, 2013 and under SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations").

The Board had at its meeting dated 11th May, 2022 appointed Dr. Maurice Chagnaud (holding DIN: 09592878) as an Independent and Additional Director of the Company w.e.f 11th May, 2022 for a term of 3 (three) consecutive years subject to approval of shareholders, not liable to retire by rotation. The Board seeks the approval of shareholders through special resolution by Postal Ballot Notice dated 25th May, 2022 in relation to the above matter.

During the last AGM held on 27th July, 2021, the members approved:

• the re-appointment of Ameera Shah as an Independent Director of the Company for the second term of 5 (five) consecutive years effective from 2nd August, 2021;

• the re-appointment of Nayantara Bali as an Independent Director of the Company for the second term of 5 (five) consecutive years effective from 7th March, 2022;

In the opinion of the Board, the directors appointed / re-appointed during the year possess requisite expertise, integrity and experience (including proficiency) for appointment / reappointment as an Independent Directors of the Company.

As per the provisions of the Companies Act, 2013, Jinesh Shah, Director (Operations) (holding DIN 00406498), retires by rotation at the ensuing AGM and being eligible has offered himself for re-appointment.

The brief resume and other relevant information of the Director being re-appointed is given in the explanatory statement to the Notice convening the AGM, for your perusal.

(b) Meetings of Board of Directors

Regular meetings of the Board are held to review performance of the Company, to discuss and decide on various business strategies, policies and other issues. A calendar of Board / Committee meetings for the year is prepared and circulated to the Directors well in advance to enable them to plan their schedule for effective participation in the meetings. During the year, five meetings of the Board of Directors were convened and held on 7th May, 2021, 18th May, 2021,27th July, 2021,26th October, 2021 and 25th January, 2022. The intervening gap between two consecutive meetings was not more than one hundred and twenty days. Detailed information on the meetings of the Board is included in the Corporate Governance Report which forms part of the Annual Report.

(c) Audit Committee

The composition of the Audit Committee is in compliance with the provisions of Section 177 of the Companies Act, 2013 and Regulation 18 of the Listing Regulations. The composition of the Committee as on 31st March, 2022 is given below:

Name of Director Category of Directorship
Shailesh Haribhakti, Chairman Independent Director
Haigreve Khaitan Independent Director
Ameera Shah Independent Director
Nayantara Bali Independent Director

The Committee was expanded by the Board by appointing Dr. Maurice Chagnaud as its Member with effect from 11th May, 2022.

During the year, the Board has accepted all the recommendations made by the Audit Committee.

(d) Appointment of Directors

(i) Criteria for Appointment of Directors

The Board of Directors of the Company has identified following criteria for determining qualification, positive attributes and independence of Directors:

1) Proposed Director ("Person") shall meet all statutory requirements and should:

• possess the highest ethics, integrity and values;

• not have direct / indirect conflict with present or potential business / operations of the Company;

• have the balance and maturity of judgment;

• be willing to devote sufficient time and energy;

• have demonstrated high level of leadership and vision, and the ability to articulate a clear direction for an organization;

• have relevant experience (in exceptional circumstances, specialization / expertise in unrelated areas may also be considered);

• have appropriate comprehension to understand or be able to acquire that understanding

- Relating to Corporate Functioning

- Involved in scale, complexity of business and specific market and environment factors affecting the functioning of the Company.

2) The appointment shall be in compliance with the Board Diversity Policy of the Company.

The key qualifications, skills and attributes which the Board is collectively expected to have for the effective discharge of their duties are explained in Corporate Governance Report of the Company.

(ii) Process for Identification / Appointment of Directors

• Board members may (formally or informally) suggest any potential person to the Chairman of the Company meeting the above criteria. If the Chairman deems fit, necessary recommendation shall be made by him to the Nomination and Remuneration Committee (NRC).

• Chairman of the Company can himself also refer any potential person meeting the above criteria to the NRC.

• NRC delibrates the matter and recommends such proposal to the Board.

Board considers such proposal on merit and decide suitably.

(e) Familiarisation Programme of Independent Directors

The Independent Directors have been updated with their roles, rights and responsibilities in the Company by specifying them in their appointment letter along with necessary documents, reports and internal policies to enable them to familiarise with the Company's procedures and practices. The Company endeavours, through presentations at regular intervals, to familiarise the Independent Directors with the strategy, operations and functioning of the Company and also with changes in the regulatory environment having a significant impact on the operations of the Company and the pharmaceutical industry as a whole. Site visits to various plant locations and CSR sites get organized for the Directors to enable them to understand the operations of and CSR activities carried out by the Company. The Independent Directors also meet with senior management team of the Company in formal / informal gatherings.

The details of such familiarisation programmes for Independent Directors are posted on the website of the Company and can be accessed at http://www.torrentpharma.com/pdf/cms/Familiarization Programme 2021-22.pdf

(f) Board Evaluation

The Evaluation of Board, its Committees, Individual Directors (Independent and Non Independent Directors) and Chairperson was carried out as per the process and criteria laid down by the Board of Directors based on the recommendation of the NRC:

• Chairperson of meeting of Independent Directors briefed the Board that the Independent Directors have carried out the performance evaluation of the Board as a whole, its committees, the Non Independent Directors, Chairman and flow of information between the management and the Board.

• The evaluation of Chairperson was co-ordinated by the Chairperson of the Independent Directors meeting.

• Pursuant to above, the Board expressed the satisfaction on the functioning of the Board, the Committees and performance of Individual Directors.

• The Independent Directors met on 25th January, 2022 with respect to the above process.

(g) Key Managerial Personnel

There was no change in the Key Managerial Personnel during the year under review

(h) Directors' Responsibility Statement

In terms of Section134(3)(c) of the Companies Act, 2013, in relation to financial statements of the Company for the year ended 31st March, 2022, the Board of Directors state that:

i. the applicable Accounting Standards have been followed in preparation of the financial statements and there are no material departures from the said standards;

ii. reasonable and prudent accounting policies have been used in preparation of the financial statements and that they have been consistently applied and that reasonable and prudent judgments and estimates have been made in respect of items not concluded by the year end, so as to give a true and fair view of the state of affairs of the Company as at 31st March, 2022 and of the profit for the year ended on that date;

iii. proper and sufficient care has been taken for maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

iv. the financial statements have been prepared on a going concern basis;

v. proper internal financial controls were in place and were adequate and operating effectively; proper systems to ensure compliance with the provisions of applicable laws were in place and were adequate and operating effectively.

REMUNERATION

(a) Remuneration Policy

The Remuneration policy covers the remuneration for the Directors (Chairman, Managing Director, Whole-time Directors, Independent Directors and other non-executive Directors) and other employees (under senior management cadre and management cadre). The Policy has been formulated with the following key objectives:

• To ensure that employee remuneration is in alignment with business strategy & objectives, organisation values and long-term interests of the organisation.

• To ensure objectivity, fairness and transparency in determination of employees' remuneration.

• To ensure the level and composition of remuneration are reasonable and sufficient to attract, retain and motivate a high performance workforce and are in compliance with all applicable laws.

It covers various heads of remuneration including benefits for Directors and employees. It also covers the process followed with respect to annual performance reviews and variables considered for revision in the remuneration. The said Policy is available on the website of the Company www.torrentpharma.com.

(b) Criteria for Remuneration to Non-Executive Directors (NEDs):

1. The payment of commission to the Directors of the Company who are neither in the whole time employment nor Managing Director(s) (NEDs) is approved by the shareholders of the Company and is subject to the condition that total commission paid to the NEDs shall not exceed the percentage limits of the net profit of the Company as specified in the Companies Act, 2013 (presently 1% of the net profit), calculated in accordance with Section 197 read with Section 198 and any other applicable provisions of the Companies Act, 2013.

Further, as per the Regulation 17(6)(ca) of the Listing Regulations, approval of the shareholders by special resolution shall be required every year, in which the annual remuneration payable to a single NED exceeds fifty per cent of the total annual remuneration payable to all NEDs, giving details of the remuneration thereof.

2. The Board or its Committee specifically authorised for this purpose, determines the manner and extent upto which the commission is paid to the NEDs within the limit as approved by the shareholders. The commission is determined based on the participation of the Directors in the meetings of Board and / or Committees thereof, as well as on industry practice, performance of the Company and contribution by the Directors, etc.

3. Payment of Commission is made annually on determination of profit.

4. Sitting fees of Rs 1 lakh is paid to Independent Directors for each meeting of the Board or any Committee thereof attended by them.

5. Independent Directors are reimbursed for all the expenses incurred for attending any meeting of the Board or Committees thereof and which may arise from performance of any special assignments given by the Board.

(c) Remuneration to Managerial Personnel

The details of remuneration paid to the Managerial Personnel forms part of the Corporate Governance Report.

(d) Particulars of Employees and related disclosures

In terms of the provisions of Section 197(12) of the Companies Act, 2013 read with Rule 5 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, disclosures pertaining to remuneration and other details are provided in the Annexure C to this Report.

AUDITORS

(a) Statutory Auditors

B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), were appointed as the Statutory Auditors of the Company to hold office for five years from the conclusion of Forty Fourth AGM held with respect to the financial year 2016-17, up to the conclusion of the Forty Ninth AGM.

The Board of Directors of the Company at their meeting held on 25th May, 2022, based on the recommendation of the Audit Committee have made recommendation for re-appointment of B S R & Co. LLP as the Statutory Auditors of the Company by the Members at the Forty Ninth AGM of the Company for a second term of five years i.e. from the conclusion of Forty Ninth AGM till the conclusion of Fifty Forth AGM of the Company to be held with respect to the financial year 2026-27. Accordingly, a resolution, proposing to the aforesaid re-appointment of M/s. B S R & Co. LLP, as the Statutory Auditors of the Company forms part of the Notice of the Forty Ninth AGM of the Company. The Company has received their written consent and a certificate that they satisfy the criteria provided under Section 141 of the Companies Act, 2013 and that the appointment, if made, shall be in accordance with the applicable provisions of the Companies Act, 2013 and rules framed thereunder.

(b) Cost Auditors

In terms of the Section 148 of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014, the Company has prepared and maintained the cost accounts and records for the year 2021-22.

The Company has appointed M/s. Kirit Mehta & Co., Cost Accountants, Mumbai (Firm Registration No. 000353) as the Cost Auditors of the Company for audit of cost accounting records of its activities (Formulation & Bulk Drugs activities) for the financial year ended 31st March, 2022. The Cost Audit Report to the Central Government for the financial year ended 31st March, 2021 was filed on 10th August, 2021, within the statutory timeline. Further, the Board of Directors has appointed M/s. Kirit Mehta & Co. as the Cost Auditor of the Company for the financial year 2022-23 and fixed their remuneration, subject to ratification by the shareholders in the ensuing AGM of the Company.

(c) Secretarial Auditor

The Board, pursuant to Section 204 of the Companies Act, 2013 read with Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, had appointed M/s. M. C. Gupta & Co., Company Secretaries, as the Secretarial Auditors of the Company to conduct the Secretarial Audit as per the provisions of the Companies Act, 2013 for the year 2021-22.

M/s. M. C. Gupta & Co. have carried out the Secretarial Audit accordingly and their report in Form MR-3, is annexed with this Report as Annexure D. There were no qualification / observations in the report.

During the year 2021-22, the Company has complied with all the applicable Secretarial Standards issued by the Institute of Company Secretaries of India.

CORPORATE GOVERNANCE

As required by Regulation 34 read with Schedule V of the Listing Regulations, a separate Report on Corporate Governance forms part of the Annual Report. The Report on Corporate Governance also contains certain disclosures required under the Companies Act, 2013. A certificate from the Statutory Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause E of Schedule V of the Listing Regulations forms part of this Report as Annexure E.

ANNUAL RETURN

In terms of Section 92(3) of the Companies Act, 2013 and Rule 12 of the Companies (Management and Administration) Rules, 2014, the Annual Return of the Company is available on the website of the Company at the link https://torrentpharma.com/index.php/investors/annual return

CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, ETC.

A statement containing the necessary information on Conservation of energy, Technology absorption and Foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of the Companies (Accounts) Rules, 2014 is annexed to this Report as Annexure F.

APPRECIATION AND ACKNOWLEDGEMENTS

Your Directors appreciate the trust reposed by the medical fraternity and patients in the Company and look forward to their continued patronage. The Directors are also grateful and pleased to place on record their appreciation for the excellent support, guidance and cooperation extended by the Government of India and various State Governments specifically the Governments of Gujarat, Himachal Pradesh, Sikkim, Madhya Pradesh and Andhra Pradesh, Central and State Government Bodies and Authorities, Financial Institutions and Banks. The Board also expresses its appreciation of the understanding and support extended by the shareholders and the commitment shown by the employees of the Company.

For and on behalf of the Board of Directors
Ahmedabad Samir Mehta
25th May, 2022 Executive Chairman
DIN:00061903

   

Torrent Pharmaceuticals Ltd Company Background

Sudhir Mehta
Incorporation Year1972
Registered OfficeTorrent House,Off Ashram Road
Ahmedabad,Gujarat-380009
Telephone91-79-26599000,Managing Director
Fax91-79-26582100
Company SecretaryChintan Trivedi
AuditorB S R & Co LLP
Face Value5
Market Lot1
ListingBSE,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Torrent Pharmaceuticals Ltd Company Management

Director NameDirector DesignationYear
Sudhir Mehta Chairman Emeritus 2022
Samir Mehta Executive Chairman 2022
Shailesh Haribhakti Independent Director 2022
H Khaitan Independent Director 2022
Ameera Shah Independent Director 2022
Nayantara Bali Independent Director 2022
Jinesh Shah Director (Operation) 2022
Maurice Chagnaud Addtnl Independent Director 2022
Aman Mehta Whole Time Director 2022
Manish Choksi Independent Director 2022
Chintan Trivedi Company Sec. & Compli. Officer 2022

Torrent Pharmaceuticals Ltd Listing Information

Listing Information
BSE_500
BSE_HC
BSE_200
BSEDOLLEX
NIFTYJR
CNX500
BSEMID
CNXPHARMA
CNX100
CNX200
NFT100EQWT
BSEALLCAP
LMI250
BSELVI
BSE100LTMC
NFTYLM250
NFTYHEALTH
NF500M5025

Torrent Pharmaceuticals Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
SalesNA0006665.96
Other Operating IncomeNA00028.04
Export BenefitsNA00024.77
Compensation&Settlement IncomeNA00019.64
Government Grant IncomeNA0002.19
Income from Product Regst DossNA0001.72
OthersNA0000
Processing ChargesNA0000
Excise DutyNA0000
Bulk DrugsKg0000
CapsulesNo0000
InjectionsLtr0000
Liquid SuspensionLtr0000
OintmentKg0000
TabletsNo0000
VialsNo0000

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