Alembic Ltd — Annual Report 2021

May 11, 2021

Touching Lives over

Date: llth May, 2021

ToI

The Manager, The BSE Limited

lst Floor, Phiroze Jeejeebhoy Towers, DalaI Street, Fort, Mumbai - 400 001

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. 4®

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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

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.

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Yours faithfully ,
©R
X(%dodara)S
Company Secretary U
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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 : AAB(-A7950p

ALEMBIC LIMrrED

4Fell#{8S

ciN:L26100a1907PLCOOO033

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

www.alembiclimited.com Email:alemblc.investors@alembicco.in

and Year ended 31st March, 2021

Statement of Consolidated AudIted FinancIal Results for the Quarter

						Rs. In Lakhs	Rs. In Lakhs
		u			Year Ended
Sr.
No.	PartIculars	31.03.2021 1 31.12.20201 31.03.2020 1 31.03.2021 1				31.03.2020
		:Audited) I(Unaudited)I (Audited) I (Audited) I				(AudIted,
1 IRevenue from Operations		2,88911.4481		1,14817,3521			7.393
2 IOther Income		1771	3021	5,72711,0271			9,340
O		I:i6-6T––-Bro 6			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	t239}	t136)	194il	(239)		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
	Total Expenses		no	M	EM		7,416
r		459	580	B6	no		U3
6	ITax Expenses
	Current Tax		94
I	I Deferred Tax		(1)	16
	Short / (Excess) ProvisIon of earlier
a			487	®421
8	lshare of AssocIate's Profit	6,830	8.072	5.996	32,900		23,608
e		HI!!gq	IEMg	11,543	34,284		BBEll
10 lother ComprehensIve Income
	A (t) Items that wIll not be reclassified to Profit or Loss	27,164	(1.095)	(4.553)	38.992		(2.230)
	(ii) Income tax relating to items that will not be reclassified to
	Profit or Loss	C3,124)	130	547	(4.452)		284
	B (1) Items that wIll be reclassIfIed to ProfIt or Loss	4	(18)	103	(75)		225
no od		31.238	M	BIg{81	m		M
12lPaid up Equity Share Capital (Face Value of Rs 2/- per share)		5,135.64	5.135.64 5,135.64		5,135.64		5.135.64
13lotherEquItY(excluding RevaluationReserve)					1,80,277		1.26.948
14IEarnings per equity share (FV Rs. 2/. per share)		2.80 1	3.33	4.50	13.35		12.82
	Basic & Diluted {In Rs.)

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Alemblc IImIted
Lakhs
inmFrii:brawlmbaEnded
HuRt=
a. ActIve Pturmaceutical Ingredients BusIness 716 564 580 2.849 5.109
b. Real Estate BusIness 884 568
nuts (PrOfIt (+)/ Loss (.) bebe Tun aId bUrnt hun Mdl
a. AcOv• Pharmacwtlcal IngredIents Business (101)
b. Real Estate BusIness 22
otU (79)
Unalkxabl• Income and Expenditure
(1) Interest Expense (9)
(ii) DIvidend Imome nd GaIn/(loss) on FaIr Value Change of FinancIal Asset 5.608
Income
Ot81 Before Tax
Segment Assets
a. Active PharmaceutIcal IrBredlents BusIness 15.445 14.947 20.414
b. Real Estate BusIness 21,494 17.263 13.399
Mr21.74 1.13.25
a. Active Pharm3ceutlca1 lnBredlents Business 1,712 1,730 1,577
b. Real Estate BusIness 4,819 4.951 3,522
169
68
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• Notes:

• 1 The above results have been audited by Statutory Audltus, recornmended by AudIt Committee and approved by the Board of Directors of the Company.

• 2 The Board has ruomrneMed Dlvl hnd m Equity Shares 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.GO per share I.e 3 tH)

• 3 DurIng the quarter ended 31st March 2021, due to resurBence of coatF19, the Real Estate se8mut was adversely Irnpacted with slcmqjawn in construction activItIes, new ra}dential booklnIF and rental actIvities. The API segment, beIng a part of essentIal servIces is largely 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 cutcern.

• 4 The preUous quarter's / year’s fIgures have been regrouped / rearranged wherever necessary to make tt comparable wIth the current quarter / year

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For Alembk LImIted
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plaoe : DubaI Date : Jah May, 2021

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Alemblc IImIted
Statement of ConsoIIdated Assets and Uabilitles Rs. In lakhs
As at 31st March, As at 31st March,
Particulars 2021 2020
Audited: (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) Investments 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 Asseb 85
MEn EmIl
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 S,830
(iv) Bank Balances other than included in (II1) above 69 55
(V) Loans 6 6
(vi) Others 74
(c) Other Current Assets 967 482
(d) Current Tax Assets (Net) 37 98
mI M
TOTAL . Assrrs M am
EQurrY AND UABIUTIES
EquIty
(a) Equity Share Capital 5.136 5.136
(b) Other EquItY 2,24.567 1,36,669
EmI mEn
liabiIItIes
Non{urrent LIabIlities
(a) FInancial LIabilities
(i) Other Financial Liabilities 506
(b) Provisions 83
(c) Deferred Tax Liability (Net) m4,663
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
(iiI) Other FInancIal LiabiIIties 386 438
(b) Other Current Liabilities 2,680 1,769
(c) Provisions 1,066 1.074
m Pm
TOTAL - EQurrY AND UABILrrIES
7;THaT–Tim
For Alembic LImIted
$
Place : Dubai Udtt AmIn
Date : llth May, 2021 DIrector
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Alembic Lirnited

Consolidated Cash Flow Stateinent for Year ended 31st March, 2021

									Rs. In talIIS
					o
Particulars						al3tst March, 2021		1 m 1	31st March, 2020
A	CASH FLOW FROM OPERATI riG ACTIVITiES:
	Net Profit before tax					1.704			9,317
	Add:
		Depredation					394		323
		Interut charged					36		29
		(Gain) / kISS on sale of Prqnrtv, Plant and Equipments					124)1		(51)
		Sundry balarRes written	back (Nct)				(41)1
		Other Non cash Items					178)1		{60)
	Less:
		Interut Income					(84)
		Dtwtlend Incwne					[381
	Operaing Profit before change in working capital					1.869
	Worktrg capital changes:
	Add	/ ILns) ;
		(Inaean) / Deaease in	Inventories			It,88711			(9)
		[lnuean)/Our£ase tn	Trade ReceFvablu			t483II			452
		{lnaean) / Deuean in	Other Asset			(485)1			(401
		[!naease) / Decrease in	Financial Asset			(450)1			(70)
		Increase / {Decrease) in	Track Pavabl€s				523		(1,176)
		Increase I {Decrease) in	Financial Uabllhics				all		134
		Irtaease / (0ecrez5e} in	Other Habitats				911		1.as
		Inaease /{Decnuc} in	Praagwts				14		(526:
	Cash generated from operations						5		806
	Add	/ {Less) :
	Direct axes paid €Na of refunds) Net cash inflow fran operating utivtties {A)					{223) @
B	CASH FLOW FROM iNVESTING ACTIVITIES:
	Add:
		Proceeds from nIe of Property, Plant and Equipments					25		62
		Proaeds from sale / redemption of Investments				19,549			4.970
		Ir\terat reatved					84		24
		DIvidend received					38		8,788
	Less:					19,696			H&
		Purtfuge of PPE and Investment Property/inaean		tn C\VIP and CapItal Advances					2,235
		PUIItan of Investnlents {Net)							5935
									8,171
	Net	cash inflow from Investing &aivities (B)							FM
C	CASH FLOW FROM FIlIAll( iNG ACTlvrrIES
	Add:
		Net inaeue/(duran)	in working capita[ demand	loans			28
	less:
		Dividends paid (inclUdIng dinnbution tax}
		Interest and other finance costs
	Net	cash inflow from Financing acthities ©				ml			r641
I,	Net	(decrease) /Increabe in	cash and ash equIvalents IA+M)			M			5.685
It.	Add: Cash and cash equivalents at the beginning of the			period
		Other B8nk Balances
111.		Cash and eash equivalents at the end of the period							5,830
		Other Bank Balances							SS
									5885
								For JUernbic tJrnited
					W-fri -J Vadodaraa <				La.
	Place : Dubai								Udit Anlin
	Date	: lhh May 2021							iXreeta

Place : Dubai Date : lhh May, 2021 (' tJ\C_ ~%

ALEMBIC LIMITED

!II IILre Vel:lI!!iI :{Eb

CIN:L26100GJ1907PLC000033

Regd.Office: Alembic Road, Vadodara 390 003 Ph:0265 2280550

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

Statement of St8nd8lone Audited FinancIal Results for the Quarterand Year ended 31st March, 2021

										RS. In lakhs	RS. In lakhs
Sr.		a						@]
No.	PartIculars	31.03.2021	1	31.12.2020 rlau		31.03.2020 (Audited)		131.03.20211 I(AudIted)I		31.03.2020 (Audited:
1	IRevenue from OperatIons	2,854			1,4181		1,136	1	7,2301		7,369
2	lother Incorne	172			274 1		5,729	1	997 1		9.347
o		M			9		EIEan
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
	M	,573			U9		M		mE		7,348
ir		453	b		543		as		a6		D3
6	ITax Expenses
	Current Tax				94				290
	Deferred Tax				(1)		16		31		28
e	Short / (Excess) Provision of earlier years				450		M		161 nBa		(15) EM
8	lother ComprehensIve lncome
	(i) Items that will not be reclassified to Profit or Loss	27,003			(1,112)		C4,336)		39,035		(1,894)
	(ii) Income tax relating to Items that will not be reclassified to
	Profit or Loss	(3,096)			133		510		(4,458)		226
O		W4			M		Ul	ElgagII			1,bBI
lo	IPald UP EquIty Share Capital (Face Value of Rs 2/- p„ share)	5,135.64		5,135.64			5,135.64	5.135.64			5,135.64
11	lother FqukV (excludIng Revaluation Reserve)								33,256		33,454
12	IEarntnBS per equitY share {FV Rs. 2/. per share)	o.14	1		o.181		2.16		0.52		3.64
	BasIc & Diluted (in Rs.)

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Alembic Llrnlted
Segment wIse Standalone Revenue and Ruults Rs. In lakhs
Sr. M@cF––T– -Bar Ended
1 2 2
Unaudhec&l (Audited) I (AudIted) I (Audited)
1 e
Revenue from OperatIons
a. ActIve PharmaceutIcal IngredIents BusIness 564 2,849 5.109
b. Real Estate Business 854 4.381 2.260
o U4 M BBl@1
2 MResults (ProSt (+)/ Loss (.) before Taxes and Interest from each
segment)
a. ActIve Pharmaceutical Ingredients Business (163) 82 €lOl> t128il ISS
b. Real Estate Business 562 296 20 1,250 269
1 Total 399 378 (81) 1,122 424
Unallocable Income and Expenditure
(i) Interest Expense (7) (8) (8) (27) (28)
(ii) DivIdend Income and Gain/(Loss) on Fair Value Change of FinancIal Asset (89) 61 5,607 115 8,847
:iii) Other Income / (Expense) 150 111 44 442 125
O 453 543 a5 1,652 BBI?81
3 MerIt As@
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
lbMol 93,645 66,423 53,428 93,645 ®la£2iiI
4 mlent Uabili®
a. ActIve PharmaceutIcal IngredIents BusIness 1,712 1,730 1.577 1,712 1,577
b. Real Estate Business 4.594 4,721 3,372 4.594 3,372
Mc. Unallocated 10,9634.658 1.5608,all 5,118169 F 10,9634.658 E 5,118169
Notes:
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• 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 DIvIdend on EquItY Shares at Rs 0.20 per share (face value Rs. 2/- each) i.e 10% for the year ended on 31st March,2021 (Previous year Rs. 0.A) per share i.e 30%)

• 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. TIle 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 ability to continue as a going concern.

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

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Place : DubaI
Date : lab May, 2021
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For Alembic LImited
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[#(Vadodara)g
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Alemblc LImIted
Statement of Standalone Assets and LIabIIItIes Rs. in takhs
As at 31st March, As at 3:Ist March,
PartIculars 2021 2020
[Audited} (Audited
ASSETS
Non£urrent 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
IEW
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) M5 a6 94
TOTAL . ASSETS 93,@ BEn
EQUITY AND LIABILITIES
EquIty
(a) Equity Share Capital 5.136
(b) Other Equity 43,174
14lgB:IE6]
LiabIIIties
Non.Current LIabIIItIes
(a) Financial Liabilities
(i) Other Financial Liabilities 384 349
(b) Provisions 70
(c) Deferred Tax Liability (Net) 169
588
Current LIabilities
(a) FInancIal Liabilities
(1) 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
(Hl) Other FInancIal LiabIIIties 346 397
(b) Other Current Liabilities 2,665 1.761
(c) Provisions 1.066 1,074
K8BBI W
TOTAL . EQUITY AND LIABILITIES 93,645 BEn
For Alembic IJmited
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Place : DubaI
"::':=!=
Date : lab May, 2021 ICal%'“’"9qJ
( VIC
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Alemblc LImIted

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

					Rs. In l3khs
		For the Year		Fmi ml
Particulars		Ended	on 31st	Ended on 31st
		March, 2021		March, 2020
a	O
	Net ProfIt before tax		1,652		9.368
	Add:
	DeprecIatIon		391		323
	Interest charged		27		28
	(Gain) / Lass on sale of Property, Plant and EqulpmenB		t24i		(51)
	Sundry balances written back (Net)		(41)
	Other Non cash items		(77)		(60)
	less:
	Interest Income DivIdend Income OperatIng ProfIt before change in workIng capItal		(83) 1381 m		(30) (81788) 791
	Working apital changes:
	Add / (less) :
	(Increase) / Decrease in Inventories		(1,887)		(9)
	(Increase) / Decrease in Trade Receivables		(421)	1	461
	(Increase) / Decrease in Other Asset		t454)1		(40)
	(Increase) / Decrease in Financial Asset		(326)		(84)
	Increase / (Decrease) in Trade Payables				(1,176)
	Increase / (Decrease) in FinancIal Uablllt les				(8)
	Increase / (Decrease) in Other liabilities				1,287
	Increase / (Decrease) in Provisions				(526)
	Cash generated from operatIons				m7
	Add / (Less) :
	Direct taxes paid (Net of refunds)				(149)
	Net cash inflow from operatIng activitIes (A)				548
8	CASH FLOW FROM iNVESnNG AcnvrlIEs:
	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 less:		38 m!!I		8,788 ElgXg961
	Purchase of PPE and Investment Property/Increase in CWIP and Capital Advances				2,235
	Purchase of Investments (Net)				5.935
					Dan
	Net cash Inflow from InvestIng activItIes (B)				a62gI
Lc	CASH FLOW FROM FINANCING AcrlVITIEs:
	n1 d :
	Net increasV(decrease) in working capItal demand loans		28
	less:
	Dividends paid (including distribution tax)
	Interest and other finance costs
1.	Net cash Inflow from FInancIng actIvItIes (C) Net (deaease} / Increase in cash and ash equIvalents (A+B+C)	b	an m	T	an S,587
II.	Add: Cash and cash equIvalents at the be81nnln8 of the perlod		5,730
	Other Bank Balances		55
			5,786		El!1=9
111.	Cash and cash equivalents at the end of the period
	Other Bank Balances

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Place : DubaI
Date : nth May, 2021
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For Alembic LimIted
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Udt Amin
DIrector
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CNK & Associates LLP

Chartered Accountants

Narain Chambers, 5th Floor, M. G. Roadp Vile Parle (E)1 Mumbai _ 400 057 -hI,: + 91 -22-62507600 M!’t'y Bh,„,„, 3-d FI..', Di„;h-„ V,-bha Rod, Churchgate, >1,„.b,i41)I1 020. FeI, i t 91 22 6623t)611tj

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 financidl 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't March, 2021, attdched 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, 2013, 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) Alembic 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 ’! 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 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 oplrLlorI.

Board of Directors’ Responsibilities for the Consolidated Financial Results

These consolidated financial results have been prepdred 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 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. 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 accuracy 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 Direl_tors 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 going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic 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

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 misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Redsonable 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 companv 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 con5ulidated financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusiolrs drc 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.

• e 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 oplnlon.

We communicate with those charged with governance of the Ho]ding 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“ March 2021, total revenues of Rs. 500.33 Lakhs, total loss after tax of Rs. 56.67 Lakhs, total comprehensive l058 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.

• 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

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Himanshu Kishnadwala t
Partner
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Membership No.037391 Place: Mumbai

Date: llth May, 2021

UDIN: 21037391AAAACB8849

C)\lK & Associates LLP

Narain Chambers, 5th Floor, M. G. Road, Vile BrIc (E), Mumbai - 400 057 Tel.: + 91 -22-62507600

Chartered Accountants

ti5try Bhavan, 3rd Floor, Dinshaw Vachha Rod, Churchgatc, )lumbai- 41)Ii 020. Tel.: + 91 22 6623t)6D(I

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:

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

• give a true and fair view in conformity with the recognition 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 accurddnce 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 ,Ind 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 reportlng 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 misstaternent, 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 standalone 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 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 appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Board of Directors.

• O 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 statement 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 315t March, 2021 being the balancing figures between the audited figures in respect of full financial year ended 31st 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 & Assuciates LLP

Chartered Accountants

Fhm Registration No. 101961W/ W-100036

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Himanshu Kishnadwala + MUMBAI t
Partner Var#
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Membership No.037391 Place: Mumbai

Date: 11111 May, 202-1 UDIN: 21037391AAAACA8633