Torrent Pharmaceuticals Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above results were reviewed by the Audit and Risk Management Committee and approved by the Board of Directors in their respective meetings held on 30-Jan-2019. The auditor have carried out an audit of the above said results. There is no qualification in the Auditors report on this statement of financial results.
2. The Company operates in a single segment i.e Generic Formulation Business.
3. The Company has acquired branded business of Unichem Laboratories Limited for India and Nepal on a going concern basis by way of slump sale on 14-Dec-2017. The quarter and nine months ended 31-Dec-2017 and year ended 31-Mar-2018 includes revenue and expenses (including amortisation and interest) of the acquired business from the date of acquisition.
4. Deferred tax expense during the quarter ended 30-Sep-2018 and nine months ended 31-Dec-2018 includes MAT credit of Rs. 73 crores pertaining to earlier periods.
5. (a) The listed Non Convertible Debentures of the company aggregating Rs. 2048 crores as on 31-Dec-2018 (previous year ended Rs. 1399 crores) are secured by way of first pari passu charge created through mortgage on certain specified immovable & movable assets and hypothecation of identified trademarks of the Company and the asset cover thereof exceeds hundred percent of the principal amount of the said debentures. (b) The listed Non Convertible Debentures of the company aggregating Rs. Nil as on 31-Dec-2018 (previous year ended Rs. moo crores) to be secured by way of first pari passu charge on certain specified immovable & movable assets and identified trademarks of the Company.
6. Effective 1 April 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers". The adoption of the standard did not have material. Impact on the financial results of the Company.
7. The Board of Directors in their meeting held on 30-Jan-2019, declared an interim equity dividend of Rs. 13.00 per equity share.
8. The figures for the corresponding previous period have been restated/regrouped Wherever necessary, to make them comparable.