Alembic Ltd — Annual Report 2021

May 11, 2021

Date: llth May, 2021

To I

The Manager,

Listing Department,

National Stock Exchange of India Ltd

Exchange Plaza, Bandra Kurla Complex,

Bandra (E), Mumbai

Dear Sir,

Sub: Outcome of Board Meeting

With reference to the captioned subject, the exchange is hereby informed that the Board of Directors of Alembic Limited at its meeting held today has inter alia:

1. Approved the Audited Financial Results of the Company for the financial year ended 31st March, 2021.

2. Recommended Dividend of Rs. 0.20/- (10%) per Equity Share having face value of Rs. 2 each for the year ended 31st March, 2021, subject to approval of Shareholders at the ensuing Annual General Meeting.

We enclose the following :

• A. (i) Consolidated Audited Financial Results for the quarter and financial year ended 31st March, 2021.

• (ii) Consolidated Statement of Assets and Liabilities as at 31st March, 2021

• (iii) Consolidated Cash Flow Statement for the financial year ended 31st March, 2021.

• B. (i) Standalone Audited Financial Results for the quarter and financial year ended 31st March, 2021.

• (ii) Standalone Statement of Assets and Liabilities as at 31st March, 2021

• (iii) Standalone Cash Flow Statement for the financial year ended 31st March, 2021.

• C. Auditor's Report on Consolidated and Standalone Financial Results.

==> picture [64 x 46] intentionally omitted <==

----- Start of picture text -----

A@#Lcr ~(;
la(%dOdara)E
----- End of picture text -----

ALEMBIC LIMITED

REGD. OFFICE : ALEMBIC ROAD, VADODARA - 390 003. • TEL : (0265) 2280550 • FAX : (0265) 2282506 website : www.alembiclimited.com • E.mail : alembic.investors@alembic.co.in • CIN : L26100GJ1907PLC000033 • PAN : AABCA7950P

,A

Touching Lives over

We hereby declare that the Statutory Auditors of the Company, M/s. CNK & Associates LLP, Chartered Accountants has issued audit report with unmodified opinion on the Consolidated and Standalone Audited Financial Results of the Company for the financial year ended 31st March, 2021. This declaration is given in compliance with Regulation 33(3)(d) of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

The time of commencement of the Board Meeting was 4:00 p.m. and the time of conclusion was 5: 15 p.m.

We request you to kindly take the same on record.

Thanking you.

==> picture [121 x 93] intentionally omitted <==

----- Start of picture text -----

Yours faithfully,
Company Secretary
----- End of picture text -----

Encl.: A/a

ALEMBIC LIMITED

REGD. OFFICE : ALEMBIC ROAD, VADODARA - 390 003. ' TEL : (0265) 2280550 • FAX : (0265) 2282506 website : www.alembiclimited.com • E-mail : alembic.investors@alembic.co.in • CIN : L26100GJ1907PLC000033 • PAN : AABCA7950P

ALEMBIC UMrrED

ciN:L26100G11907PLcmo033

/L r ! I?!!(III + Hil!!?b

Regd.Office: Alembic Road, Vadodara 390 (X)3 Ph:0265 2280550

www.alemblcllmited.com Email:alembic.investors@alembicco.in

Statement of ConsoIIdated AudIted FInancIal Results for the Quarter and Year ended 31st March, 2021

								Rs. In takhs	Rs. In takhs
Sr.		Quarter Ended		1 Year Ended 1--
Noe	PartIculars	31.03.2021 1 31.12.20201 31.03.2020			1 31.03.2021 1			31.03.2020
		;Audited) I(Una&dited)I (Audited)			I (Audited) I			(Audited:
1 IRevenue from Operations		2,889 1	1,448 1	1,148	1		7,352 1		7,393
2 lother Income		1771	3021	5,727	1		1,0271		9,340
O		7					8
4 IExpenses
	Cost of MaterIals Consumed	405	209	240			1,177		2,459
	Cost of ConstructIon	1,094	91	1			1,286		28
	Changes in Inventories of FinIshed Goods and WIP	CB9il	t136)	(94)	1		ta9il		684
	Employee Benefit Expenses	501	559	550			2,260		2,079
	Finance Costs	9	10	9			36		29
	DeprecIatIon and amortisation expense	103	102	90			394		323
	Other Expenses	733	335	517			1,761		1,815
			M	nBa			Egg@		M
r		es	580	U6			1,70+		U3
6ITaxExpenses
	Current Tax		94
	Deferred Tax		(1)	16
	Short / (Excess) Provision of earlier years
e			487	US
8	lshare of AssocIate's ProfIt	6,830	8.072	S,996			32,900		23,608
e		BEgg	a5	11,543			M		d2
10	lother ComprehensIve Income
	A (i) Items that wIll not be reclassified to Profit or Loss	27.164	(1.095)	(4,553) 1			38,992		(2,230)
	(ii) Income tax relating to items that will not be reclassified to
	Profit or Loss B (1) Items that wIll be reclassIfIed to ProfIt or Loss	13,124) 4	130 (18	547 1 l031			(4,452) 1 (75)1		284 225
To		2		8					M
12lPaid UP EquitY Share Capital (Face Value of Rs 2/- per share)		5.135.64 1	s,135.64	5,135.64 1		s,135.64			5,135.64
13	lother EquitY (excluding Revaluation Reserve)					1.80,277			1.26,948
14	1 Earnings per equity share (FV Rs. 2/- per share)	2.80	3.33	4.50			13.35		12.82
	Basic & Diluted (in Rs.)

$ ,d(Vadodarajo

==> picture [380 x 280] intentionally omitted <==

----- Start of picture text -----

Alemblc limIted
Revenue and Results Lakhs
Veal
31.12.2020 1 31.03.2020
Fr
Revenue front OperatIons
a. ActIve Pharmaceutlc•l InBredlents BusIness 716 564 580 2.849 5.109
b. Estate BusIness ,173 568 502
I Hm 7
Results (ProfIt by Loss (.) before T8xn nl
I
a. ActIve Pharmaceutica1 ln8redlents ISS
b. Real Estate BusIness 218
otal 373
Unalkxable Income and ExpendIture
(1) Interest Expense (29)
(ii) DIvidend Imome and Gain/(loss) on Fair Value Change or FInancIal Asset 8, 847
mt Tax aRE125
Asseu
a. Active PharmaceutIca l uredIents Buslness IS,445 14.947 20.414 IS,445 20.414
b. Real Estate BusIness 17,263 13.399 21,494 13,399
Ce 1,74, 2,03
FmI 2,4 ,705 47 HI
a. ActIve PharmaceutIcal InBredlents Businus 1,712 1,730 1,577
b. Real Estate BusIness 4,819 3,522 4,819 3,522
c. Unallnat 169
1 H:193 1 a2 5,268 268
Notes:
I The abow results have been audited by Statutory AudItors, recommended by AudIt Committee and #proved by the Board of Directors of the
Company.
2 The Board has recommended aMend on Equity Shara at Rs 0.20 per share (face value Rs. 2/. each) Le 10% fu tIe Year ended at 31st
March,2021 (Previous year Rs. 0.60 per share I.e30%)
----- End of picture text -----

• 3 DurIng the quarter ended 31st March 2021, due to re5urBence of CovlcF19, the Real Estate u8mmt was advwsety impacted with sjwqjown in construction actIvItIes, new raldential bookinp and rental actIvities. The API segment, beIng a part of essentIal servIces is largeIY unaffected.

• The Company's mana8ernent has made an internal assessment and bellwes that the Impact is likely to be short term in nature and does not foresee any medIum to long term risk in company's ability to continue as a going cutcnn.

• 4 The previous quarters / year's nBures have been re8rouped / rearranged wherever necessary to make it comparable wIth the current quarter / year

==> picture [61 x 17] intentionally omitted <==

----- Start of picture text -----

Place : Dubai
Date :llth May, 2021
----- End of picture text -----

==> picture [53 x 60] intentionally omitted <==

----- Start of picture text -----

For Alembl LImIted
&
Udlt Aintn
Dtlector
----- End of picture text -----*

==> picture [28 x 11] intentionally omitted <==

----- Start of picture text -----

rN K
----- End of picture text -----

==> picture [596 x 842] intentionally omitted <==

----- Start of picture text -----

Alemblc LImIted
Statement of ConsoIIdated Assets and IIabiIItIes Rs. In lakhs
As at 31st March, As at 31st March,
Particulars 2021 2020
IAudited; (Audited
ASsrrs
Non{urrent Assets
(a) Property, Plant and Equipments 13.369 13,063
(b) Capital Work-In-Progress 584 308
(c) Investment Property 13.124 9.440
(d) Goodwill 5 5
(e) Financial Assets
(i) Investrnents 49,279 10.252
(ii) Investments accounted using Equity Method 1,53,779 97.636
(iII) Loans 110 86
(Iv) Others 352
(f) Other Non.Current Assets 85
mm M
Current Assets
(a) Inventories 5,428 3.541
(b) Financial Assets
(i) Investments 1,659 5,371
(I1) Trade Receivables 1,381 898
(iII) Cash and Cash Equivalents 589 5.830
(iv) Bank Balances other than included in (II1) above 69 SS
(v) Loans 6 6
(vi) Others 74
{c) Other Current Assets 967 482
(d) Current Tax Assets (Net) M37 ME98
TOTAL . ASSFrs mm liZ4@6@
EQurrY AND UABIUTIES
EquIty
{a) Equity Share Capital 5,136 5.136
(b) Other Equity 2.24,567 1,36.669
EjEna aDam
liabiIItIes
Non£urrent LIabIIIties
(a) FInancial Uabilltles
(i) Other FInancial Liabilities 506
(b) Provisions 83
(c) Deferred Tax Liability (Net) 4,663
E5EgE4
Current LIabIlities
(a) FInancial Liabilities
(i) Borrowings 28
(ii) Trade Payables
a) total outstanding dues of MIcro and Small Enterprises 182 158
b) total outstandIng dues of creditors other than MIcro and Small Enterprises 1.599 1.140
(II1) Other FInancIal LIabiIItIes 386 438
(b) Other Current Liabilities 2.680 1,769
(c) Provisions 1,066 1,074
Baa EMs@I
TOTAL - EQUITY AND LIABILrrIES ,40,896 1,47,072
mblc LImited
\aT
Place : Dubai Udlt AmIn
Date : llth May, 2021 DIrector
( \N–
----- End of picture text -----

Alembic Lirnited

Consolidated Cash Flow Staternent for Year ended 3tst March, 2021

					Rs. in l8ktts
		I
Particulars			on 31st March, 2021	1 on 1	SIsi March. 2020
A	CASH FLOW FROM OPERATING ACTIVITIES:
	Net Profit before tax		1.704		9,317
	Add:
	Depredation		394		323
	Interut charged		36		29
	(Gain) / bus on sale ofPrqnrtV, Plant and Equipments		(24)		(51)
	Sundry balarues written back (Net) Other Non cash items		{4U 178)		{60)
	Less:
	Interest Income		(84)
	DIvIdend Income		:38]
	Cbenting Profit before change in working capital		1.869
	Wotktt8 eapit81 changes:
	Add / lbs) :
	(Inaeanl / Deaeose in Inventories		I1,887l1		(9)
	(Inaean) / Oeaease tn Trade Recetvablu		(483)1		452
	(Inaeaw) / Decrease in Other Asset		(485)1		(40)
	(Increase} / Decrease in Fin8nciaF Asset		(450)1		{70)
	Inaease / (Decrease) in Trade Parables		523		{1.176)
	Inaease / {Decrease) in Financial babilitns		17l1		134
	Inan5c / {Decrease) in Other UaUlnle5		911		1,as
	Inaease / {Decrease) in Pravtgorts		14		[526
	Cash generated from operations		5		806
	Add / {Less) :
	Direct taxes paid (Net of refunds)
	Net cash infkiw fran opereting activIties {A)
8	CASH FLOW FROM iNVESTING ACTIVITIES:
	Add:
	Proceeds from ute of Property, nant and Equipments		25		62
	Proceeds Ram sale / redemption of Investments Interut receIved		19,549 84		4,970 24
	D bIdencI received		38		8,788
	Less:		19,696		EBIaBI
	Punhase of PPE and !nvestrnent Praperty/inaean in C\VIP and Capital At%nca				2,235
	PurItan of investments (Net}				5935
					8,171
	Net cash inflow from Investing ect}vldes (B)				5.672
C	CASH FLOW FROM fINAFI(IFiG ACTlvfrIEs:
	Add:
	Net inae3n/{dxrwn) in working mpltal demand loans		28
	less:
	Dividends paid (inclUdIng dinnbution tax)
	Interest and othef finance costs
	Net cash inflow from Financing activities ©		WI		r641
I.	Net {decrease} / Increase in cash and cash equivalents {A+&+C)		ms
It.	Add: Cash and cash equivalents at the beginning of the period Other Bank Bahnccs
111.	Cash and e8sh equIvalents at the end of the period				5.830
	Other Bank Balances				SS
					5885
				FarJUembi€ 1Jrnited
		W-rn			Lb.
		<	Vadodara lb
	Place : Dubai				Udit Amin
	Date : lab May, 2021				Oirectw

Place : Dubai Date : lab May, 2021 bJ \L_

ALEMBIC LIMITED

I I IILi Ve!:I?V wIl!!!I$

CIN:L26100GJ1907PLC000033

R%d.Office: Alembic Road, Vadodara 3H) 003 Ph:0265 2280550

www.alembiclimited.com Email:alembic.investors@alembic.co.in

Statement of Standalone Audited Financial Results for the Quarter

and Year ended 31st March, 2021

Rs. In takhs

			t
Sr.
No.	PartIculars		31.03.2021 1 31.12.2020 1 31.03.2020 1 31.03.2021 1 31.03.2020 [AudIted)I(Unaudited)I(Audited)I{AudIted)I(Audited
1 IRevenuefrom OperatIons			2,8541	1,4181	1,1361	7,2301	7,369
2 lother Income			1721	2741	5,7291	9971	9,347
o			3	9	l=I
4 IExpenses
	Cost of Materials Consumed Cost of Construction		405 1,094	209 91	240 I	1,177 1,286	2,459 28
	Changes in Inventories of Finished Goods and WIP		(239)	(136)	(94)	(239)	684
	Employee Benefit Expenses		501	559	550	2,260	2,079
	Finance Costs		7	8	8	27	28
	Depreciation and amortlsatlon expense		100	102	90	391	323
	Other Expenses		705	317	508	1,673	1,748
	Total Expenses		2,573	a9	M	1##1	@
r			453	543	as	B6	M
6	ITax Expenses
	Current Tax			94
	Deferred Tax			(1)	16
	Short / (Excess) Provision of earlier years
e				450	Baa
8	lother ComprehensIve Income
	(i) Items that will not be reclassified to Profit or Loss		27,003	(1,112)1	(4,336)	39,035	(1,894)
	(iI) Income tax relating to Items that will not be reclassified to Profit or Loss		13,®6)	133	510	(4,458)	226
moo			E2%3®@	I!111IFIII	Ul	US	1.6BI
lolPald UP EquIty Share Capital (Face Value of Rs 2/. per share)			5,135.64	5, 135.64	5, 135.64	S,135.64	5,135.64
11	lother EquitY (excluding Revaluation	Reserve)				33,256	33,454
12IEarnlngs per equIty share (FV Rs. 2/. per share)			o.141	o.181	2.16	0.52	3.64
	Basic & Diluted (in Rs.)

==> picture [40 x 46] intentionally omitted <==

----- Start of picture text -----

cPK
7
C/
----- End of picture text -----

==> picture [11 x 3] intentionally omitted <==

----- Start of picture text -----

-
----- End of picture text -----

==> picture [391 x 243] intentionally omitted <==

----- Start of picture text -----

Alembic LImited
;ment wIse Standalone Revenue and Rullts Rs. In lakhs
St a
1 3 3 2
:UnaudIted)I (AudIted) I (AudIted) I (Audited:
1 e
Revenue from OperatIons
a. ActIve PharmaceutIcal IngredIents BusIness 716 2,849 5,109
b. Real Estate Business 2.138 4.381 ,260
Er a8 17)iIM mB
2 T©ment Results (ProfSt (+)/Loss (.)b
segment)
a. ActIve Pharmaceutical Ingredients Business C163t 82 €lol il t128) 155
b. Real Estate Buslnus 562 296 20 1,250 269
Total 399 378 (81) 1,122 424
Unallocable Income and Expenditure
(i) Interest Expense (7) (8) (8) (27)
(ii) Dividend Income and Gain/(loss) on Fair Value Change of Financiat Asset 5.607 115
[iii) Other Income / (Expense) 44 442
o 453 543 M m
3 [Bent Assets
a. Active Pharmaceutical Ingredients Business 15,445 14,947 20,414 15,445 20.414
b. Real Estate Business 20.284 16,651 13.288 20.284 13,288
c. Unallocated 57.917 34,825 19,725 57,917 19,725
mm 93,645 88488] BEE Eg;31@ EII
4
a. ActIve PharmaceutIcal Ingredients Business 1.712 1,730 1.577 1.712 1.S77
b. Real Estate Business 4.594 4.721 3.372 4.594 3,372
c. Unallocated 4,658 1,560 169 4.658 169
Total 10,963 8,011 5,118 10,963 5,118
----- End of picture text -----

Notes:

• 1 The above results have been audited by Statutory AudItors, recommended by Audit CommIttee and approved by the Board of Directors of the Company.

• 2 The Board has recommended Dlvtdend on EquItY Shares at Rs 0.20 per share (face value Rs. 2/- each) 1.e 10% for the year ended on 31st March,2021 (Previous year Rs. 0.A) per share i.e 3CD6)

• 3 During the quarter ended 31st March 2021, due to resurgence of Covid.19, the Real Estate segment was adversely Impacted wIth slow-down in construction activities, new residential bookings and rental activities. The API segment, beIng a part of essentIal services is largely unaffected.

• The Company's management has made an Internal assessment and beIIeves that the Impact is likely to be short term in nature and does not foresee any medIum to long term risk in company's abiIIty to continue as a goIng concern.

• 4 The previous quarter's / year's figures have been regrouped / rearranged wherever necessary to make it comparable with the current quarter / Year

==> picture [53 x 6] intentionally omitted <==

----- Start of picture text -----

For Alembic IImited
----- End of picture text -----

==> picture [126 x 98] intentionally omitted <==

----- Start of picture text -----

Place : DubaI
Date : llth May, 2021
aN>(
b
----- End of picture text -----

==> picture [596 x 842] intentionally omitted <==

----- Start of picture text -----

Alemblc LImIted
Statement of Standalone Assets and LIabilities Rs. in lakhs
As at 31st March, As at 3:Ist March,
Particulars 2021 2020
{Audited] [Audited
ASSETS
Non.Current Assets
(a) PropertY, Plant and Equipments 13,369 13,063
(b) Capital Work-in-Progress 584 308
(c) Investment Property 12,744 9,440
(d) FInancial Assets
{i) Investments 56,550 14,358
(ii) Others 352
(e) Other Non-Current Assets 85
Em M
Current Assets
(a) Inventories 5,428 3.541
(b) FInancIal Assets
(i) investments 1,568 5,371
(Ii) Trade Receivables 1,310 889
(II1) Cash and Cash Equivalents 578 5,730
(iv) Bank Balances other than Included in (iii) above 69 55
(V) Loans 6 106
(vi) Others 74
(c) Other Current Assets 925 471
(d) Current Tax Assets (Net) 5 94
aaa M
TOTAL . ASSETS W3 W3
EQUITY AND LIABILITIES
EquIty
(a) Equity Share Capital 5,136 5,136
(b) Other Equity 77,546 43,174
W2 a8
LiabIlities
Non-Current LIabIIItIes
(a) Financial Liabilities
(i) Other Financial Liabilities 384
(b) Provisions 83
(c) Deferred Tax Liability (Net) 4,658
5,125
Current LIabilities
(a) FInancIal Liabilities
(i) BorrowIngs 28
(ii) Trade Payables
a) total outstandIng dues of MIcro and Small EnterprIses 163 158
b) total outstanding dues of creditors other than Micro and Small Enterprises 1,571 1,140
(iii) Other Financial LIabilities 346 397
(b) Other Current Liabilities 2,665 1,761
(c) Provisions 1,066 1,074
BEa mIl
TOTAL . EQUITY AND LIABILITIES 93,645 aBU
For Alembic LImited
P§X9,,,p
Place : DubaI Udlt AmIn
(a( Va dodara) [;) DIrector
Date : llth May, 2021
,$$:'i :/
----- End of picture text -----

Alemblc LImIted

Standalone Cash Flow Statement for Year ended 31st March, 2021

==> picture [357 x 556] intentionally omitted <==

----- Start of picture text -----

Rs. In lakhs
For the Year For the Year
Particulars Ended on 31st Ended on 31st
March, 2021 March, 2020
Net Pro6t before tax 1.652 9,368
Add:
DeprecIatIon 391 323
Interest charged 27 28
(Gain) / Loss on sale of Property, Plant and EquIpments (24)1 (51)
Sundry balances written back (Net) (41)
Other Non cash items (77)1 (60)
Less:
Interest Income (83) (30)
OperatIng ProfIt before change in workIng capItalDivIdend Income M1381 (8.788]791
Working capItal changes:
Add / (Ias) :
(Increase) / Decrease in Inventories (lf887) (9)
(Increase) / Decrease in Trade Recelvables (421) 461
(Increase) / Decrease in Other Asset (454) (40)
(Increase) / Decrease in FInancial Asset (326) (84)
Increase / (Decrease) in Trade Payables 477 (1.176)
Increase / (Decrease) in FInancIal Uablllties (8)
Increase / (Decrease) in Other liabilities 904 1,287
Increase / (Decrease) in Provisions 14 (526)
Cash generated from operatIons 84 ImEI
Add / (Less) :
Direct taxes paid (Net of refunds) (195] (149)
Net cash Inflow from operatIng activities (A) :111: 548
B [CASH FLOW FROM iNVEsriNG AcrrviTiEs:]
Add:
Proceeds from sale of Property, Plant and Equipments 25 62
Proceeds from sale / redemption of Investments 19.474 4,970
Interest receIved 83 30
Dividend received 38 8,788
less: 19,620 EIBIiEb]
Purchase of PPE and Investment Property/Increase in CWIP and Capital Advances 4.363 2.235
Purchase of Investments (Net) 5.935
8,171
Net cash Inflow from InvestIng activItIes (B) E MEI
Ic CASH FLOW FROM FINANCING AcrlvmEs:
a1 d :
Net increasd'{decrease) in working capItal demand loans 28
Less:
Dividends paid (Including distribution tax) 1,528 612
Interest and other finance costs 27 28
640
Net cash Inflow from FInancIng actIvItIes.(C) LI 527 [=IIB- tRIll)
1. Net (deaease) / Increase in cash and ash equIvalents (A+B+C) E5Xll4%i S,587
II. Add: Cash and cash equIvalents at the begInnIng of the perIod
Other Bank Balances
111. Cash and cash equivalents at the end of the period
Other Bank Balances
For Alembic LimIted
a
Place : DubaI Udit Amin
DIrector
----- End of picture text -----

==> picture [114 x 112] intentionally omitted <==

----- Start of picture text -----

Place : DubaI
Date : lab May, 2021
/E’' (i':/T\
cptl
t%X'
q&
----- End of picture text -----

CNK & Associates LLP

Narain Chambers, 5th Floor, M. G. Road1 Vile Parle (E)1 Mumbai . 400 057 rd.: + 9] -22-62507600 Alj’t'y Bh,„,„, 3'd Fl..', Di„;h,„ V.'bha Rod, Church#te, >t„,.b,i- 4titl 02t) reI,: + 91 22 66230600

Chartered Accountantg

Independent Auditor's Report on the consolidated financial results of Alembic Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015 as amended.

TO THE BOARD OF DIRECTORS OF ALEMBIC LIMITED

Report on the Audit of Consolidated Financial Results

Opinion

We have audited the accompanying statement of consolidated financial results of Alembic Limited (hereinafter referred to as the 'Holding Company") and its subsidiary (Holding Company and its subsidiary together referred to as “the Group"), and its associate for the year ended 31’L March, 2021, attached hcrewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations’) .

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements /financial results/ financial information of the subsidiary and associdte, the aforesaid consolidated financial results:

• a. includes results of the following entities:

• (i) Alcmbic City Limited (Subsidiary)

• (ii) Alembic Pharmaceuticals Limited (Associate)

• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard;

• c. give a true and fair view in conformity with applicable accounting standards, and other accounting principles generally accepted in India, of the consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 't March, 2021

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended (“ Act“). Our responsibilities under those SAs are further described in the Auditor’s for the Audit of the Consolidated Financial Results section of our

report. We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter" paragraph below, is sufficient and appropriate to provide a basis for our oplruon.

Board of Directors' Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prcpdred on the basis of the consolidated financial statements. The Holding Company’s Board of Directors are responsible for the preparation and presentation of these consolidated financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group including its associate in accordance with applicable accounting Stand,nds prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring acLuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated financial results by the Directors of the Holding Company, as aforesaid

In preparing the consolidated financial results, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the guing concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no redlistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate are responsible for overseeing the financial reporting process of the Group and of its associate

==> picture [60 x 65] intentionally omitted <==

----- Start of picture text -----

emi
t MUMR.a' bel+
For -
----- End of picture text -----

Auditor’s Responsibilities for the Audit of the Consolidated Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated financial results as a whole are free from material rnisstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a go111g concern

• Evaluate the overall presentation, structure and content of the consolidated financial results, including the disclosures, and whether the consolidated financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the Group and its associate to express an opinion on Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entitIes included in the Consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them, We remain solely responsible for our audit opInIon.

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

We also provide those charged with governance with a statemen t hat we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

• I The accompanying consolidated financial results include audited Financial Statements of one subsidiary which reflect total assets of Rs. 3,121.91 Lakhs as at 31't March 2021, total revenues of Rs. 500.33 Lakhs, totdl loss after tax of Rs. 56.67 Ldkh5, total comprehensive loss of Rs. 55.69 Lakhs and net cash outflows of Rs. 88.50 Lakhs for the year then ended, which have been audited by other auditor whose financial statements, other financial information and auditor’s report have been furnished to us by the management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of such other auditor and the procedures performed by us are as stated in paragraph above,

• 2, The accompanying consolidated financial results include the Group’s share of Total Comprehensive Income (comprising of net profit after tax and other comprehensive income) of Rs. 32,788.20 Lakhs for the year ended on that date, in respect of 1 associate, which have been audited by other auditor, whose financial statements, other financial information and auditor’s report have been furnished to us by the management. Our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of this associate is based solely on the report of such other auditor and the procedures performed by us are as stated in paragraph above.

Our opinion on the Consolidated Financial Results is not modified in respect of the above matters with respec t o our reliance on the work done and the reports of the other auditors and the Financial Results/financial information certified by the Board of Directors.

1. The Consolidated Financial Results includes the results for the quarter ended 31=t March, 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For CNK & Associates LLP Chartered Accountants

Firm Registration No. 101961W/W-100036

==> picture [216 x 58] intentionally omitted <==

----- Start of picture text -----

4§W%
C)t MUMBAI el
Himanshu Kishnadwaia
Partner %.f#;
----- End of picture text -----*

Membership No,037391 Place: Mumbai

Date: 11th May, 2021 UDTN: 21037391AAAACB8849

CNIK & Associates LLP

Narain Chambers, 5th Floor, M. G. Road, Vile Parle (E), Mumbai - IOO 057. Tel,: + 91 -22-62507600

Chartered Accountants

listry Bhavan. 3rd Floor, Din,h,w V,,hh, R,d, Ch.„hg,t,, .\r„,„b,i- +t)O 020. Tel.: + 91 22 66230600

Independent Auditor’s Report on Audited standalone Quarterly Financial Results and Year to Date Results of the Alembic Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

TO THE BOARD OF DIRECTORS OF ALEMBIC LIMITED

Report on the audit of the Standalone Financial Results

Opinion

We have audited the accompanying statement of standalone financial results of Alembic Limited (the company) for quarter and year ended 31“ March, 2021 (the “Statement"), attached herewith, being submitted by the company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (SEBI) (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations" ).

In our opinion and to the best of our information and according to the explanations given to us, the statement:

• i. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

• give a true and fair view in conformity with the recof'nition and measurement principles laid down in the applicable Indian accounting standards and other accounting principles generally accepted in India of the net profit and other comprehensive income and other financial information for the quarter and year ended 31“ March, 2021.

Basis of Opinion

We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013, as amended ("the Act"). Our responsibilities under those SAs are further described in the “ Auditor’s Responsibilities for the Audit of the Standalone Financial Results" sectIon of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the standalone financial results under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion

Management’s Responsibilities for the Standalone Financial Results

The statement has been prepared on the basis of the standalone financial statements. The Company’s Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing RegulatIons. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error

In preparing the standalone financial results, the Board of Directors are responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the Company’s financial reporting process.

Auditor/s Responsibilities for the Audit of the Standalone Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstaLement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticisnr throughout the audit. We also:

• Identify and assess the risks of material misstatement of the standalone financial results, whether due to fraud or error, design and perform audit

procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropTiateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the standalone financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the standalone financial results, including the disclosures, and whether the standalone financial results represent the underlying transactIons and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit

We also provide those charged with governance with a stateme'nt that we have complied with relevant ethical requirements regarding independence. and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other matter

The Statement includes the results for the quarter ended 31st March, 2021 being the balancing figures between the audited figures in respect of full financial year ended 31=t march, 2021 and the published unaudited year to date figures up to the third quarter of the current financial year, which were subjected to a limited review by us, as required under the Listing Regulations.

For CNK & Associates LLP Chartered Accountants

Firm Registration No. 101961W/ W-100036

==> picture [206 x 50] intentionally omitted <==

----- Start of picture text -----

Himanshu Kishnadwala t MUMBAI 1<t
Partner
%a
Membership No.037391
Place: Mumbai
----- End of picture text -----

Date: lltl' May, 202-1 UDIN: 21037391AAAACA8633