Torrent Pharmaceuticals Ltd (NSE: TORNTPHARM) Q4 2025 Earnings Call dated May. 20, 2025
Corporate Participants:
Sudhir Menon — Chief Financial Officer; Director – Finance
Aman Mehta — Whole-time Director
Sanjay Gupta — Executive Director of International Business
Analysts:
Saion Mukherjee — Analyst
Damayanti Kerai — Analyst
Neha Manpuria — Analyst
Tushar Manudhane — Analyst
Bino Pathiparampil — Analyst
Unidentified Participant
Vivek Agarwal — Analyst
Dheeresh Pathak — Analyst
Srikanth P — Analyst
Rahul Jeewani — Analyst
Charul Agrawal — Analyst
Shyam Srinivasan — Analyst
Presentation:
Operator
Ladies and gentlemen, good day and welcome to Q4 FY25 Earnings Conference Call of Torrent Pharma. As a reminder, all participant lines will be in the listen-only mode and there will be an opportunity for you to ask questions after the presentation concludes. [Operator Instructions] Please note that this conference is being recorded.
I now hand the conference over to Mr. Sudhir Menon, Executive Director, Finance and CFO. Thank you and over to you sir.
Sudhir Menon — Chief Financial Officer; Director – Finance
Thank you. Good evening and welcome to the fourth quarter earnings call for FY25. We continue to see strong performance in our branded markets which accounted for 73% of the overall revenues this quarter. India business growth for quarter four is 12%. Brazil, our constant currency growth for the quarter is 5%. There was a channel restocking in quarter four due to an expectation of low price increase for ’25-26 which has impacted sales for quarter four. The Brazilian Real depreciation for the quarter was 11%. On the generic side, US business grew at 15% and Germany grew at 2%.
We continue to win incremental tenders in Germany which should help us deliver high single-digit growth for the future quarters. Financial highlights for quarter four revenues were INR2,959 crores up by 8%, year-on-year operating EBITDA was INR964 crores up by 9% YoY and operating EBITDA margin stands at 32.6%. There was a 1 time impact during quarter four of INR17 crores on gross margins. This was on account of inventory revaluation of an in licensed product which went off patent. Adjusted for the same the underlying operating EBITDA growth for the quarter is 11% with operating EBITDA margin at 33.1%. The overall leverage which is net debt to EBITDA now stands at INR0.62. The board has recommended a final dividend of INR6 for equity shares.
I now hand over the call to Aman for India business.
Aman Mehta — Whole-time Director
Thanks, Sudhir. India revenue at INR1,545 crores grew at 12% as per the AIOCD secondary market data. The IPM growth for the quarter was 8%. Torrent’s chronic business grew at 14% versus the IPM growth of 9% driven by outperformance in cardiac, diabetes, gastro, CNS and dermatology divisions. Cardiac which is our largest contributor has grown by 15% during the quarter versus a market growth rate of 10%. Due to the restructuring that was undertaken last year, along with divisional expansion, we continue to see positive traction in our consumer health business particularly in the Curatio brands. On a MAT basis, Torrent has 21 brands in the top 500 of the IPM with 14 brands, more than INR100 crores sales as of MAT March 2025.
Field Force Strength at the end of the quarter stands at 6,400 compared to 6,200 in the previous quarter. We are encouraged by the performance in the recently expanded divisions and headquarters. We believe the expansion will help us provide a platform for new launches and also increase our territorial reach and healthcare regional market share in previously untapped areas. In the upcoming financial year, we expect the India business to continue outperforming the market growth and our focus in the upcoming year will remain on improving market share in the expanded areas and headquarters and improving the new launch performance.
I’ll now hand over to Mr. Sanjay Gupta for the International business.
Sanjay Gupta — Executive Director of International Business
Thank you, Aman. We will start with our branded generics market of Brazil. Based on internal sales, Q4 constant currency revenue was BRL234 million registering a 5% year-on-year growth. As for IQVIA, market growth was 7% for Q4. Secondary sales for Torrent as by IQVIA also grew by 13%. We filed a lot of products during Q4 and as of today we have 63 molecules filed and waiting for ANVISA approval.
Moving on to Germany. Our German business has registered a constant currency revenue of EUR31 million up by 1% during the quarter we won incremental new tenders which will start delivering incremental sales from Q3 of ’25-26. For the last quarters in each quarter we have increased overall our value of wins in tenders.
In the US we have registered constant currency revenues of EUR35 million up by 10%. Growth is essentially coming from enhanced volume of purchases by customers under existing contracts.
I would like to conclude here and open the call up for questions.
Questions and Answers:
Operator
Thank you very much sir. We will now begin the question-and-answer session. [Operator Instrctions]. The first question is from the line of Saion Mukherjee from Nomura Securities. Please go ahead.
Saion Mukherjee
Yeah. Thank you and good evening. My first question is on the insulin business. So, if you can share the revenues, have you seen improvement in 4Q. And in the backdrop of Innovator deciding to discontinue sales, how should we think about the impact for fiscal ’26 both on top line and margins?
Sudhir Menon
Saion, quarter four we did INR75 crores of insulin business and what was your second question, Saion? If you could just repeat…
Saion Mukherjee
So, how this is going to shape up for next year?
Sudhir Menon
So, it should, more or less remain at the same level, which is a quarterly run rate of INR75 crores.
Saion Mukherjee
Okay. So, the Novo’s decision to discontinue doesn’t impact your business.
Sudhir Menon
So, it doesn’t impact. Because we manufacture vials for them and they’ve discontinued Pence. I would say.
Saion Mukherjee
Understood. And my second question was on Semaglutide. Have we made the filings in Brazil and do we expect to be there on the — on day one?
Aman Mehta
So, I prefer not commenting about individual product strategies. We think, we actually the approval for this product would not be so straightforward. So, it’s hard to predict as to when we would be on the market. So, I would refrain from making predictions about torrent and about our peers.
Saion Mukherjee
Understood. But what about India? Are we ready for day one launch in India?
Aman Mehta
Yes, India first wave is looking likely at the moment for both the injectable and the oral.
Saion Mukherjee
And overall also you expect to launch in March next year or it will be sometime later?
Aman Mehta
The exact date is not certain, but it would most likely be in the first wave of any generic launch.
Saion Mukherjee
Understood. Okay, thank you.
Operator
Thank you. The next question is from the line of Damayanti Kerai from HSBC. Please go ahead.
Damayanti Kerai
Hi. Thank you for the opportunity. My question is on Brazil segment. So, in view of this channel destocking, how should we look at the segment growth for FY26? And I think the currency issues remain. So, overall what kind of impact we can see on the overall EBITDA margins?
Aman Mehta
So, I’ll speak about the top line in local currency and maybe Sudhir will answer the question on the currency and EBITDA margin impact. So, on a like-to-like — on a constant currency basis we expect the business to grow in double digits. So, in the range of 10% to 12% in line,– a few percentage points higher in the market. So, last two years we’ve seen the market grow at about 9%. So, we expect to be higher than that by 2 percentage points to 3 percentage points. Sudhir?
Sudhir Menon
Yeah. Damayanti I think if you look at quarter four, the BRL has appreciated by 5%. So, quarter three the depreciation was 17%. Quarter four has come down to 11%. We should see some improvements happening for the next year. Having said that, Brazil contributing only 10% of my overall revenue, the impact is not that significant on the bottom line, there would be some impact but it’s not significant.
Damayanti Kerai
Okay, that’s good to hear. My second question on India business. So, again if you can bifurcate growth between volume, price and new launches and you have been maintaining obviously above market growth consistently but at current level do you have like more visibility on say more synergies from Curatio or what will be sustaining this above market growth for India in coming quarters? And just I think on the operating margin part should be assumed, 52% EBITDA margin is something which you will sustain in near term?
Aman Mehta
So, the breakup of India business, our reported growth is 12% and the reflection in AIOCD for the quarter is 14%. The breakup of that 14% is 4% volume against 0.2% of the market, 7.4 price versus 5.3% price growth of the market and 2.3% new products versus 2.3% of the market new products. In terms of Curatio, I think yes, the revenue growth has been quite accelerated I would say over the last couple of quarters this full year I think the Curatio portfolio has grown around 18% or 19%. It’s become I would say relatively sizable in the total India business now.
And we believe that upcoming year at least our ambition is that the growth should be potentially higher than the previous year as well. We’re seeing pretty good traction in all the investments that have been made and the territorial expansion where there was not enough presence before, they’re all giving us pretty good results and we continue to reinvest in those brands in those divisions. So, overall I think Curatio portfolio should continue accelerating the overall India business growth profile as well.
Sudhir Menon
And Damayanti on the margin story, I think we’ll wait for quarter one and then probably directionally we can guide you.
Damayanti Kerai
Okay. Just a clarification on Curatio, as Aman mentioned, see a lot of room to even expand from here on and that should be one of the key drivers in — divers for India business in coming quarters?
Aman Mehta
That’s right.
Damayanti Kerai
Okay, thank you. I’ll get back in the queue.
Operator
Thank you. [Operator Instructions] The next question is from the line of Neha Manpuria from Bank of America. Please go ahead.
Neha Manpuria
Yeah, thanks for taking my question. My first question is on the US Business. Sanjay, on the — you mentioned that the growth so far has come from volume growth in existing contracts. When should we start seeing traction in new launches, now that the facility is cleared and should we assume a step up in US in FY26?
Sanjay Gupta
I think it will be — We have launches from the product that we filed a few years ago. So, there will be, let’s say close to 5 to 10 launches each year. But the value of those launches is a little bit not so high because of the delay that we’ve had in getting approvals for these ANDAs. But as we ramp up launches of new ANDAs which were filed in the last two years, you will see that. So, I would expect not much impact this year, more impact next year and even higher impact in the year afterwards.
Neha Manpuria
Okay, so FY27 is probably when you see a better traction?
Aman Mehta
Correct.
Neha Manpuria
Understood. And in my second question, Sudhir, usually we mentioned that we should be able to grow margins by 75 basis points to 100 basis points historically. Any reason for reserving the guidance this time around given that US will improve talking about double digit growth in Brazil and India continues to do well?
Sudhir Menon
No, nothing of that sort. Neha, usually end of quarter four, I try and avoid giving any guidance and then quarter one, based on quarter one results it’s more clearer where we are heading for. But you’re right actually given the branded business contribution which we have and that two or three levers playing out every year for us, there needs to be an improvement coming in. The only additional thing I would like to guide you is that there’s some increase which we believe will happen on the R&D side, not significant, but against 5 maybe moving towards 5.4 kind of a number.
So, that’s something, that’s something additionally which will play out next year and therefore my comment that let’s wait for quarter one so that directionally I can tell you for the full year what kind of EBITDA margin improvement can happen.
Neha Manpuria
Thank you. Thank you so much.
Operator
Thank you. The next question is on the line of Tushar Manudhane from Motilal Oswal. Please go ahead.
Tushar Manudhane
Thanks for the opportunity. So, just with respect to this, some other business prospects would like to understand that in terms of like, many companies are gearing up for let’s say launching in first wave. From availability of a product perspective, from a manufacturing perspective, you think it’s a constraint or we got to tie up with a specific select companies or there are multiple suppliers available for this product?
Sanjay Gupta
So, as far as we are concerned, we have secured supply for the launch for the injectable, as mentioned, it’s a partnered product and the in house, I mean the oral product there will be in house developed where we have adequate capacity so, we don’t see any constraints.
Tushar Manudhane
And, even for selecting a partner like as far as Torrent’s tie up is concerned, just to understand where there are multiple suppliers or vendors available and so choosing a partner or the number of partners related to other products. Let’s say when you sort of think about launching an Indian market, this kind of limited number of suppliers?
Aman Mehta
So, the best way to judge this is by looking at how many companies are working on the clinical trial of the product which is publicly available information. Now judging by that number, it’s looking like there will be multiple players coming into the market for sure. It is the question of when their trial is completed and when their entry into the market is approved. So, depending on whoever is the first win, that could depend — I mean that could define a lot of the market share trajectory for most of the companies.
Tushar Manudhane
Understood, sir. And like for the addition of MRs in FY26, if you would guide for that number as well?
Sudhir Menon
Yeah. So, we closed this year at 6,400. Additional expansion is already underway. So, maybe by the end of Q1 maybe we should have 200 to 300 more. And potentially for the end of the year, we may be between 6,800 to 6,900.
Tushar Manudhane
Got you sir. Thanks. Thanks a lot for this.
Operator
Thank you. [Operator Instructions] The next question is from the line of Bino from Elara Capital. Please go ahead.
Bino Pathiparampil
Hi. Good evening. Sir, any product ESLICARBAZEPINE in the US, I believe you are a first file exclusivity holder shared and have a settlement with the innovator. One of your competitors have already launched the product. May I know if you have launched as well?
Sanjay Gupta
Yeah, we’ve launched the product and we have lots of 20% market share in this product, but the generic pricing on this is not a very attractive price.
Unidentified Participant
Got it. And did you launch it in Q4 or Q1 now?
Aman Mehta
We launched it on day one, which was in Q4.
Bino Pathiparampil
Okay, got it. And second, I saw that you have taken an enabling resolution for raise of funds. Is that anything particular in mind?
Aman Mehta
No, there’s nothing specific in mind. We do this every year and this is a practice which we’ve been continuing I think probably since last more than five years. I would say. It’s only an animalic resolution, nothing specific.
Bino Pathiparampil
Okay, thank you very much.
Operator
Thank you. The next question is from the line of Vivek Agarwal from Citigroup. Please go ahead.
Vivek Agarwal
Yeah, thanks for the opportunity. So, my question is related to Brazil. If you can help us understand sir, how many MRs or the Salesforce that we have at this point of time. Have you increased the number of people on ground in the last few years and how to look let’s say over the next two, three years as far as the number of people? Thank you.
Sanjay Gupta
Correct. So, we have about 330 MRs in Brazil and so, essentially we have added — we had two teams, one team in cardio and one team in CNS. And over the last two years we’ve added an additional team in CNS, so, now we have two teams doing that. Our plans for the future right now we don’t have any plans in the short run for this year and we’ll see how the business develops, how the new products perform and then we’ll take a call but we’ll give some guidance when it comes right so — in the future when we are ready to add.
Unlike India, we are not that mature to add people today. We don’t have plans. Understoos. Thank you. If you look at the. MR productivity, right? So, I don’t have any clarity how the — what kind of productivity that is there in Brazil. So, if you can help us understand basically how far you are from the normalized level of productivity in Brazil or is it for example the productivity is already optimized, how do you think from that perspective? Thank you.
Aman Mehta
At present because of the recent addition of these 120 people, our productivity is below where it was before. So, it’s roughly BRL2,200,000 per month.
Vivek Agarwal
Understood. And again actually the question is on MR but it’s from India, right? You are saying that this particular area you are expected to be at around 600 to 700 MR so, any particular segment where you are adding or is that going to be applicable?
Sanjay Gupta
No, it will be across a few divisions and maybe two different therapy areas. We looking at maybe 400 to 500 new addition — new MR additions this year.
Vivek Agarwal
That’s super helpful. And just sir, last question if I can squeeze in, as far the Curatio is concerned, right this year the growth was quite decent and within 19% kind of — So, how far at what level for the margins are for this particular business and do you still expect that the margins can improve from year on this bussiness?
Sanjay Gupta
Yes, because currently we are still reinvesting in that business and I would say a reasonable kind of margin is being reinvested in the platform. Maybe next one, two years that may be required and then over time it should start tapering down and that’s when the margin would further likely expand. It’s already come up quite a lot from the pre acquisition level but there is certainly scope to increase significantly from here as well.
Vivek Agarwal
Understood. Thank you. And sir, can you talk about 6,800 to 6,900 MR. Is that, does that increase your Curatio or is that…
Sudhir Menon
Yes, that includes about 600 to 650 MRs in Curatio as well.
Vivek Agarwal
Okay, sir. Thank you. That’s all from my side.
Operator
Thank you. The next question is from the line of Dheeresh Pathak from WhiteOak. Please go ahead.
Dheeresh Pathak
Yeah. Thank you very much. The comment that you made looks like R&D spend is going to be up like 20% or so this year. So, will any investing in R&D this year?
Aman Mehta
There’s a few territories which is seeing an increase, including India. India we’re adding complex products which require higher investments than the usual approvals that we have seen in the past. So, that’s one lever and a few products in Brazil and some of the other territories where Sanjay you can add as well.
Sanjay Gupta
So, we’ve started adding complex products to the US the kinds that need between $5 million to $10 million as against what we had before which were oral solids where the range is typically $2 million per product. So, there’s aspiration to go into more complex products in the US which are a little bit more expensive as they require clinical trials.
Dheeresh Pathak
Bulk of the increase is attributed to US in FY26?
Aman Mehta
Sure. So, it’s more branded segments versus US, I would say India, Brazil, mainly a large part of it actually.
Dheeresh Pathak
All right, thank you.
Operator
Thank you. [Operator Instructions] The next question is from the line of Srikanth from Nuama. Please go ahead.
Srikanth P
Hi, good evening. Thanks for the opportunity. Two questions. First, is on the domestic MR expansion, which specific therapies have we added these MRs in last year?
Aman Mehta
So, last year we shared that we had most of the expansion was done in the chronic therapies and sub chronic which would include gastro and the upcoming year expansion would be within chronic as well.
Srikanth P
Okay. And the second question is on semaglutide market in the Brazil. Sir, can you please elaborate more the market dynamics there in terms of the current market size and the kind of competition expect and the kind of volumes that are there?
Aman Mehta
Yeah. So, currently the product has been in short supply. So, the market — for reasons of — it’s kind of hard to turn down. It’d be north of $500 million, but the exact size is hard to gauge.
Srikanth P
Okay. And once the product goes off patent, what sort of competition do you think will enter there?
Aman Mehta
So, there would be — I would say between 5 filers to 10 filers, but then approvals are not straightforward. So, we’ve seen that the filers are there even in more advanced markets like the US, the approvals are much lesser.
Srikanth P
Okay. And how should we think about the price origin once it goes off patent?
Sudhir Menon
I will depend upon the number of competitors, honestly. So, I think we’ll wait for that comment.
Srikanth P
Okay, no problem. Thank you so much. All the best.
Operator
Thank you. The next question is from the line of Rahul Jeewani from IIFL Securities. Please go ahead.
Rahul Jeewani
Yeah, thanks for taking that question. Sudhir, you had earlier pointed out that the insulin CMO sales which we had logged in 2Q and 3Q would get recouped in fourth quarter, but that doesn’t seem to have played out. So, do you think that that business has got lost and hence you are pointing to this insulin CMO sales are standing only at the INR75 crores per quarter kind of a number going forward?
Sudhir Menon
No, I think the — was some amount of destocking which was done by the principal and therefore quarter four sales at INR75 crores. You’re right. I mean the sales should have been higher. Our expectation is some catch up would happen in quarter one and quarter two. What was not there in quarter four. But broadly I indicated yes. I mean the same run rate should minimum get maintained for the current year as well. But, there should be some catch up which is happening in quarters one, quarter four.
Rahul Jeewani
Yeah. We are guided to almost INR120 crores of sales getting recouped in quarter four. So, do you think that the same quantum will get recouped in Q1 and. Q2 or the number could be lower, now because of let’s say whatever dynamics are playing out in the insulin market?
Sudhir Menon
Rahul, I have actually not taken stock of what’s happening for quarter one. Maybe once we have quarter one I can give you directionally what kind of incremental sales will happen in insulin business.
Rahul Jeewani
Sure sir. That’s it from my side. Thank you.
Operator
Thank you. The next question is from the line of Charul Agrawal from Bank of America. Please go ahead.
Charul Agrawal
Hi, sir. Thank you for taking the question. I wanted to understand more about the consumer health segment. How are you thinking in terms of increasing the spend from there basis, the kind of traction that you’re seeing?
Sanjay Gupta
Yeah, so, we have maintained the same number of brands that are on the platform which right now it’s mainly four in a meaningful way. We continue to invest in these four brands. We’re seeing pretty good traction across all of them in relation to the spend at the being done, I would say out of the four maybe two brands are taking up say 50% to 60% of the spend or rather 60% to 70% actually and the other two are about 30%. So, overall relative to the investments being made and the size of the relative brands, they’re all seeing pretty good acceleration.
The two main arrowheads being Shelcal and Terry Bar.
Charul Agrawal
Okay, so, do we expect this spend to be at similar level or can it go up significantly from here?
Aman Mehta
From the previous year base? It would increase slightly, not anything major, but there will be a high single digit increase.
Charul Agrawal
Thank you very much.
Operator
Thank you. The next question is from the line of Shyam Srinivasan from Goldman Sachs. Please go ahead.
Shyam Srinivasan
Yeah, good evening. Thank you for taking my question. This is the first one on the US business, $150 million revenue annually, a much — if for it could finacially from the financial targets of the fiscal ’27 is going to see a much larger traction than ’26. So, I would say, I thought we have an imminent launch coming up for Entresto and many other products itself. So just curious to know why the traction comes next year, not this year?
Aman Mehta
So, Entresto has been interesting journey actually, no pun intended. So, basically we’ve seen that there has been kind of delay in the launch of generics on this product. We were anticipating the first journey of generic four, five months ago and at present we are anticipating a generic in the course of July, August time frame, and then we expect multiple entrants at the same time or in a short window. So, I don’t think the opportunity is as big for the generic industry as it was a few months ago. We have approvals on this product and now we would be launching as soon as possible and as soon as our settlement agreement allows us in line with the terms in that agreement.
So, but it’s not — it’s going to be a multiplayer opportunity whenever it happens.
Shyam Srinivasan
Yeah. The date is the 15th of July. That’s when feedback is exclusively?
Sudhir Menon
Correct.
Shyam Srinivasan
And you expect multiple players there?
Aman Mehta
You can see all the approvals on the FDA’s website.
Shyam Srinivasan
Fair enough. So, in the sense — we did 1% growth for us this year. So, in fiscal ’25, what’s the likely guidance for ’26?
Sanjay Gupta
So, it’s a — I mean my goal right now is to. So, I have a few opportunities to launch products. So, I would say in the coming year I do expect to launch what between say seven, eight products and some of them. So, we just launched that ST Carbamazepin, we just launched esomeprazole granules. So, we’ve launched another one which is Diclofenac Ashraya’s. So, we are launching, these are smaller products, but I think in the end if we have seven to eight launches, it would add up to a meaningful figure which will help us then compensate for the price erosion as well as other things that happen in the US market in terms of share loss or new competitors or things of that sort.
So, I would say that for the next 12 months, my goal would be some growth in the right direction without trying to quantify it.
Shyam Srinivasan
Understood. Helpful. If I were to look at the balance sheet, Sudhir, just I think you said INR0.06 net debt EBITDA just — sorry if I got the number wrong. So, what are the usages of cash as we look in fiscal ’26, what you generate?
Aman Mehta
So, I think the priority is to repay and bring down the debt, right? Which I think maybe by first half of FY27 or maybe quarter three of FY27 I should be able to prepay everything and should get into net cash. So, at least for FY26, the goal is to use whatever cash flows or excess cash which is available to prepay or repay the debt which I have on my balance sheet.
Shyam Srinivasan
Understood, sir. Helpful. Thank you, all the best.
Operator
The next question is from the line of Dheeresh Pathak from WhiteOak. Please go ahead.
Dheeresh Pathak
Yeah, thank you again. So, I missed that comment from Brazil that you are making. So Sema, you said the market is BRL500 million and do we have a filing and when do we expect market formation?
Aman Mehta
Let me clarify. So, the market was about BRL0.5 billion at the end of 2023. And then at the end of 2024. The — Novo Nordisk office launched Wegovy and the market was about BRL880 million. I’m talking Reals. Currently we expect the market, we don’t have data, analyzed data, but I would expect by the end of 2025 the market to be about BRL1 billion, that’s where I would expect it to be at the end of this year. Just extrapolating on the current size and the current trend that I’m seeing, we have access to the product in reserve.
So, we have signed up with a partner who has said okay, and we would be expecting an approval, but it’s highly uncertain. People who have filed long ago in the US or in Brazil have still not received approvals. So, I don’t know. It’s not a straightforward product which would get approval like on day one of patent inquiry. Hence our reluctance to make predictions on the timing of launch on the way it would go from.
Dheeresh Pathak
When is the market, market formation expected and are we expecting to be in wave one or subsequent?
Aman Mehta
So. My current expectation is wave one, the only thing which I cannot tell you is how wide is the wave. Like so, technically starts in 2026, right? And we would expect at least one. So, there is one company which is, I would expect one very large Brazilian company which has its own product so and which has also filed in the US. So, I would expect them to be close to the date of expiry but it’s up in the air as far as everybody else is concerned.
Dheeresh Pathak
And would you have a sense of the market in terms of volumes giving a value BRL1 billion, but we have put in volume like how many spend you think are there?
Aman Mehta
No, I don’t actually have that data with me. So, I’ve been monitoring the value growth and obviously the values correspond to it because the price is not — price has not evolved a whole lot in the last two, three years. But yeah, we can provide you with that data if you’re interested, our investor relations group will be happy to provide that.
Dheeresh Pathak
Okay, we will reach out to you. Thank you so much.
Operator
Thank you. As there are no further questions, I would now like to hand the conference over to Mr. Sanjay Gupta for his closing comments.
Sanjay Gupta
Thank you very much for your interest in Torrent. We conclude today’s call here and we hope to speak to you soon. Thank you. Bye, bye.
Operator
[Operator Closing Remarks].