Expenditure includes

Increase in stock in Trade Rs 104.00 million
Consumption of Raw/Packing Material Rs 449.60 million
Staff Cost Rs 83.30 million
Manufacturing and Other Expenses Rs 124.40 million
Selling Expenses Rs 95.40 million
Research and Development Expenses Rs 59.10 million
Excise Duty and Sales Tax Rs 191.60 million


Tax includes Provision for Taxation - Current Rs 73.30 million
- Deferred Rs 1.90 million

EPS is Basic and Diluted.


1. The above results were reviewed by the Audit Committee and approved by the Board of Directors, in their respective meetings held on October 23, 2002. There is no qualification in the Auditors report on this statement of financial results.

2. (a) 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.

(b) Based on a review of potential future benefits, the Company wrote off the entire balance in Deferred Revenue Expenditure (comprising of Research and 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 include Rs 7.20 million and Rs 14.40 million 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 sale is given below:

Three months ended September 30, 2002

Domestic Formulations Rs 840.20 million
Exports Rs 132.30 million
Contract Manufacture Rs 121.30 million
Others Rs 44.40 million

Total Rs 1138.20 million

Three months ended September 30, 2001

Domestic Formulations Rs 835.60 million
Exports Rs 79.50 million
Contract Manufacture Rs 239.10 million
Others Rs 28.30 million

Total Rs 1182.50 million

Others includes inter unit transfer for captive consumption, current quarter Rs 22.60 million (comparative quarter Rs 16.80 million), current half year Rs 49.60 million (comparative half year Rs 39.70 million) and accounting year 2001-02 Rs 93.00 million.


5. Sales include excise duty and sales tax.

6 a) The Company made further investment during the quarter amounting to Rs 50.40 million in equity shares of Torrent Do Brasil Ltd its wholly owned subsidiary at Brazil.

(b) The Company made investment during the quarter amounting to Rs 1.20 million in equity share of Torrent Pharma GmbH, its newly formed wholly owned subsidiary at Germany.


Samir Mehta
Managing Director