NOTES:

(1)	The above results were reviewed by the Audit Committee and approved by the Board of Directors, in their respective meetings held on 23 October 2002. There is no qualification in the Auditors report on this statement of financial results.
(2a)	This statement of financial results has been prepared by applying the same accounting policies as were applied in the most recent annual financial statements for the year 2001-02.
(2b)	Based on a review of potential future benefits, the Company wrote off the entire balance in Deferred Revenue Expenditure (comprising of Research & Development Expenses & Market Development Expenditure) in the annual financial statements for 2001-02. The expenditure for the second quarter and first half-year of the previous year includes Rs.72 lacs and Rs.144 lacs respectively, on account of amortisation of such Deferred Revenue Expenditure.
(3)	The figures for the previous year have been regrouped to render them comparable with the figures for the current year.
(4)	The Company operates in a solitary business segment viz. pharmaceuticals, comprising mainly manufacture of branded formulations. A further breakdown of pharmaceutical sales is given below.

Rs. Lacs

Particulars	Three Months Ended			Six Months Ended			Accounting year 2001-02
	30-Sep-02	30-Sep-01	Growth (%)	30-Sep-02	30-Sep-01	Growth (%)
Domestic Formulations	8402	8356	1%	16713	16068	4%	30224
Exports	1323	795	66%	2077	1518	37%	3652
Contract Manufacture	1213	2391	-49%	3074	4299	-28%	7861
Others *	444	283	57%	793	666	19%	1457
Total	11382	11825	-4%	22657	22551	-	43194

*includes inter-unit transfer for captive consumption, current quarter Rs.226 lacs (comparative quarter Rs.168 lacs), current half year Rs.496 lacs (comparative half year Rs.397 lacs) and accounting year 2001-02 Rs.930 lacs.

(5)	Sales include excise duty and sales tax.
(6a)	The Company made further investments during the quarter amounting to Rs 504 lacs in equity shares of Torrent Do Brasil Ltda , its wholly owned subsidiary at Brazil.
(6b)	The Company made investment during the quarter amounting to Rs 12 lacs in equity share of Torrent Pharma GmbH, its newly formed wholly owned subsidiary at Germany.

	For TORRENT PHARMACEUTICALS LIMITED Sd/-
Ahmedabad 23 October 2002.	Samir Metha Managing Director