Torrent Pharmaceuticals Ltd Investor Presentation Q2 FY 2011

Caveat This information may contain certain forward-looking statements/ details 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. Investors/shareholders/public are hence cautioned not to place undue reliance on these statements/ details, 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.

Contents Performance Highlights Financials Business Segments India International Facilities – Expansion Plan

Q2 10-11 Highlights Revenues at Rs. 5,815 Mn vs. Rs 4,796 Mn Revenue growth of 21% on the back of robust growth from India, Europe and US operations. International sales boosted by noticeable performance in Europe and US operations. PBT at Rs. 1012 Mn vs. Rs 1004 Mn Lower margins in Indian formulations business due to planned investments in new therapeutic areas and expansion of Field Force International margins effected due to adverse currency movements

Financials

Sales Progression Rs. Mn

P&L Rs. Mn Q2 FY 11 includes Rs. 100 Mn and Q2 FY 10 includes Rs. 150 Mn includes one time out-licensing income

Balance Sheet Rs. Mn

Business Segments India

Highlights & Growth Drivers India Highlights & Growth Drivers Rs. Mn Q2 FY Highlights Consistent sales gwth  09-10 Q2 15%; Q3 15%; Q4 20%; 10-11; Q1 13%; Q2 22% ORG MAT Aug 2010 gwth of 17% with volume gwth 17%, New Introductions 2%, Price de-gwth 2%. Lower margins on account of planned Therapeutic and Field force expansions Growth drivers Consolidate entry into newer geographies and therapeutic areas Brand building thru increased Specialty Coverage & Creeping Expansion in Customer Base New Product Introductions including filling of Portfolio Gaps

Business Segments International Operations

International Revenues International Operations – Expanding Share FY 10 - Turnover Growing share of International – up from 26% to 50% International Revenues Rs. Mn

Highlights & Growth Drivers Brazil Highlights & Growth Drivers Rs. Mn Q2 FY 11 Highlights Reai Volume growth 8%, New Introductions 7%, Price de-growth 1%. Torrent growing at 8% vs. Covered Market growth of 10% Improved margins on the back of lower R&D spend partially set off by increased marketing spend for the quarter Growth Drivers Existing Products & Introduction of new products (35-40 new launches by 2014-15) Increase in field force to support portfolio expansion Entry into Mexico Piggy-back on Brazil portfolio Launch of Branded Generic (BG) model in CNS with 6 products and field force of 35 people Entry into CV segment in 2011-12 Portfolio to grow to 30 products in 4 years with field force of 200 people

Highlights & Growth Drivers USA Highlights & Growth Drivers Rs. Mn Q2 FY 11 Highlights Improving market share in all commercialized molecules Citalopram ~ 28% (26%), Zolpidem ~ 21% (22%) as per WKH retail 24 ANDA's approved till date (9 actively marketed, 12 under patent) Planned launch of 4 products in H2 FY11 Growth Drivers 27 ANDA's pending for approval & 35 ANDA's under development Break-even likely by 2011-12

Highlights & Growth Drivers Germany - Heumann Highlights & Growth Drivers Rs. Mn Q2 FY 11 Highlights Approx 70% of the covered market under tenders Trend expected to continue with more insurance companies in the process of announcing tenders Euro sales growth of 38%, volume growth of 66%, price de-growth of 46% and New product 18% Adjusted for currency margins improve on the back of lower marketing spend partially offset by lower prices on tender sales. Growth Drivers Heumann successful in winning tenders New Products going off patent and Therapy coverage expansion Shift of manufacturing base to India to boost competitiveness in bidding

Highlights & Growth Drivers Europe (excl Heumann) Highlights & Growth Drivers Rs. Mn Q2 FY 11 Highlights Euro sales growth of 60% on the back of increased sales from major products. Improved margins on the back of lower R&D spend partially offset by higher marketing spend for new markets. Growth Drivers New Product Pipeline – 50 products till 2014-15 Increasing geographical reach through direct field force presence in Romania and UK in the immediate term

Highlights & Growth Drivers Rs. Mn Q2 FY11 Highlights Top line growth of 20% adjusted for currency movements top line grew by 27% Stable margins despite adverse currency movements Growth Drivers Entry into semi-regulated markets like Thailand (Market Size of over USD 2 bio) – Revenues expected to flow from FY12. Increased focus on existing territories with direct field force presence viz: Philippines, Sri Lanka, Vietnam & Myanmar Scale up of operations in regulated markets like Australia & semi-regulated markets like South Africa.

Facilities – Expansion Plan

Facilities – Expansion Plan Sikkim Nature: New Formulation Facility Project Cost: Rs. 135 crores Planned capacities: 3900 million tablets p.a. Timelines for completion: 2010 - 2011 Justification: IT and Excise exemption for 10 years With growing domestic market, Baddi plant is expected to achieve 100% capacity utilization in 2-3 years Chatral Nature: Formulation Capacity Enhancement Project Cost: Rs. 56 crores Planned capacities: 1800 million tablets / capsules p.a. Timelines for completion: 2010-11 Justification: With growing international sales capacity constraint in existing facility is anticipated in 2-3 years Chatral Nature: API Capacity Enhancement Project Cost: Rs. 113 crores Planned capacities: 60 TPA plus separate facility for exhibit batch manufacturing Timelines for completion: 2010-11 Justification: With growing volumes in US / EU, API capacity constraint is anticipated 2-3 years Greater control over API Costs Dahej SEZ Nature: Formulation & API Capacity Enhancement Project Cost: Rs. 771 crores Planned capacities:50 TPA plus 9200 million tablets / capsules p.a. Timelines for completion: 2013-14 Justification: With growing volumes in US / EU, API + Formulation capacity constraint is anticipated 2-3 years

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