The total instruments reviewed by the rating agency are worth Rs12.42 billion, which has been reduced from the existing Rs14.09 crore.
The agency continues to take a consolidated view of Torrent and its subsidiaries while arriving at the ratings, because of the strong legal, operational, and strategic linkages between them.
The upgrade reflects Torrent’s improving business mix towards the higher return on capital employed (RoCE) India business, led by the above-average industry growth in key therapy areas.
Continued strong market growth in the India business coupled with an improvement in the scale and profitability of the other businesses (Germany, Brazil, US), on a sustained and consolidated basis, will lead to positive rating action.
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