Ind-Ra upgrades Torrent Pharma’s long-term rating to “Ind AA+/Stable”

Torrent Pharmaceuticals Limited has informed that India Ratings and Research Private Limited have raised the long-term credit rating of the company’s term loans and non-convertible debentures from ‘IND AA/Positive’ to ‘IND AA+/Stable’.

The total instruments reviewed by the rating agency are worth Rs 12.42 billion, which has been reduced from the existing Rs14.09 crore.

The agency continues to have a consolidated view of Torrent and its subsidiaries while arriving at the ratings, due to the strong legal, operational and strategic ties between them.

The upgrade reflects Torrent’s improved business mix towards higher return on capital employed (RoCE) in India, driven by above-industry average growth in key therapeutic areas.

The continued strong market growth of the Indian business coupled with an improvement in the size and profitability of the other businesses (Germany, Brazil, United States), on a sustained and consolidated basis, will lead to a rating action positive.

Torrent Pharma is currently trading at Rs2,797.30 up Rs13.05 or 0.47% from its previous close of Rs2,784.25 on BSE. The certificate opened at Rs2,783.30 and hit the intraday high and low of Rs2,828.35 and Rs2,767 respectively.

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