Torrent Pharmaceuticals Ltd Investor Presentation Q3 FY 2011

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. Caveat

1.Performance Highlights 2.Financials 3.Business Segments –India –International 4.Facilities – Expansion Plan Contents

Q Highlights Revenues at Rs. 5,775 Mn vs. Rs 4,800 Mn Revenue growth of 20% on the back of robust growth from India, US and contract manufacturing operations. International sales boosted by noticeable performance in US, Europe and Heumann (Germany) operations. PBT at Rs. 972 Mn vs. Rs 966 Mn Lower margins in Indian formulations business due to investments in new therapeutic areas and Field Force expansion Adjusting for investments in new markets, international margins improved partially offset by adverse currency movements

Financials

Rs. Mn Sales Progression

P&L Rs. Mn

Balance Sheet Rs. Mn

Business Segments India

Highlights & Growth Drivers Rs. Mn India Q3 FY Highlights Consistent sales gwth  Q3 15%; Q4 20%; 10-11; Q1 13%; Q2 22%; Q3 16% MAT Nov 2010 gwth of 16%, vol gwth 17%, New Introductions 1%, Price de-gwth 2%. Lower margins on account of planned Therapeutic and Field force expansions Launched new division to improve focus on diabetic segment 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 Entry into new therapeutic area Respiratory

Business Segments International Operations

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

Rs. Mn Highlights & Growth Drivers Brazil Q2 FY 11 Highlights Reai Volume growth 13%, New Introductions 2%, Price de-growth 1%. Torrent growing at 11% vs. Covered Market growth of 10% Lower gross margins partially set off by lower R&D spend for the quarter Growth Drivers Existing Products & Introduction of new products (35-40 new launches by ) 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 Portfolio to grow to 30 products in 4 years with field force of 200 people

Q3 FY 11 Highlights Improving market share in all commercialized molecules Citalopram ~ 28% (28%), Zolpidem ~ 22% (22%) Higher sales leading to operating profits before R&D 25 ANDA's approved till date (11 actively marketed, 10 under patent) Growth Drivers 28 ANDA's pending for approval & 40 ANDA's under development Break-even likely by Highlights & Growth Drivers Rs. Mn USA

Rs. Mn Highlights & Growth Drivers Q3 FY 11 Highlights Euro sales growth of 33%, Approx 70% of the covered market under tenders Trend expected to continue with more insurance companies in the process of announcing tenders Adjusted for currency margins improve on the back of lower marketing and R&D 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 Germany - Heumann

Rs. Mn Highlights & Growth Drivers Europe (excl Heumann) Q3 FY 11 Highlights -Euro sales growth of 25% -Lower gross margins due to adverse product mix partially offset by lower R&D and marketing spend Growth Drivers - New Product Pipeline – 50 products till Increasing geographical through direct field force presence in Romania and UK in the immediate term.

Rs. Mn Highlights & Growth Drivers ROW Q3 FY11 Highlights Top line growth of 12% adjusted for currency movements top line grew by 15% Stable margins due increased spend for new geographies partially off set by favorable 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. Minimize development costs by leveraging on R&D costs incurred for developed markets

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 Dahej SEZ Nature: Formulation & API Capacity Enhancement Project Cost: Rs. 800 crores Planned capacities: 50 TPA plus 11,000 million tablets / capsules p.a. Timelines for completion: Phase I: Phase II: Justification: –With growing volumes in US / EU, API + Formulation capacity constraint is anticipated 2-3 years Facilities – Expansion Plan

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