To The Shareholders

Caveat :

This section of the Annual Report has been included in adherence to the spirit enunciated in the Code of Corporate Governance approved by the Securities and Exchange Board of India. Shareholders are cautioned that certain data and information external to the Company are 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.

Overview :

Torrent Pharmaceuticals Ltd. is one of the leading companies in the Indian Pharmaceutical market. The Company’s revenues are mainly from manufacture and sale of branded-generic and unbranded-generic pharmaceutical products. A further break down of pharmaceutical sales can be done as, Domestic formulations (comprising branded pharmaceuticals formulations sold in the domestic market), Contract manufacturing (comprising sourcing, manufacturing and supplying insulin formulations to Novo Nordisk (India) Ltd. under their brand name) and International operations (comprising exports of branded and generic pharmaceutical formulations).

The operating costs primarily comprise raw and packing materials, purchase of finished goods, staff cost (not including R&D staff), selling and marketing expenses, manufacturing overheads, Research & Development expenses (including cost of R&D staff) and general overheads.

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