Biocon Ltd. — Annual Report 2022

Apr 28, 2022

Biocon Limited 20th KM, Hosur Road Electronic City Bangalore 560 100, India T: 91 80 2808 2808 F: 91 80 2852 3423

CIN: L24234KA1978PLC003417

www.biocon.com

April 28, 2022

To,	To,
The Manager	The Manager
BSE Limited	National Stock Exchange of India Limited
Department of Corporate Services	Corporate Communication Department
Phiroze Jeejeebhoy Towers,	Exchange Plaza, Bandra Kurla Complex
Dalal Street, Mumbai – 400 001	Mumbai – 400 050
Scrip Code – 532523	Scrip Symbol – Biocon

Subject: Outcome of the Board Meeting

Dear Sir/Madam,

Pursuant to Regulation 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, ('SEBI Listing Regulations') we wish to inform you that the Board of Directors at its meeting held today, i.e. on Thursday, April 28, 2022, inter alia, has considered the following:

Financial results:

• Approved the audited financial results (standalone and consolidated) of the Company prepared as per Indian Accounting Standard (Ind-AS) along with Auditors' Report thereon for the quarter and financial year ended March 31, 2022. A copy of the audited financial results along with the Auditors' Report and a declaration under Regulation 33(3)(d) of SEBI Listing Regulations are enclosed herewith.

Recommendation of Final Dividend:

• Recommended a final dividend at the rate of 10% i.e. Re. 0.50/- per equity share of face value of Rs. 5/- each for the financial year ended March 31, 2022, subject to shareholders' approval at the ensuing Annual General Meeting ('AGM') and record date for payment of final dividend is July 1, 2022. The dividend will be paid within 30 (thirty) days from the date of shareholders' approval at the ensuing 44th AGM.

Annual General Meeting (AGM) and other matters:

• The 44 th Annual General Meeting (AGM) of the Members of the Company will be held on Friday, July 29, 2022. A copy of the Notice convening the said AGM will be sent in due course.

• Approved the appointment of Ms. Naina Lal Kidwai (DIN: 00017806) as an Additional Director (Category: Non-Executive and Independent Director) of the Company with effect from the conclusion of the Board Meeting i.e. April 28, 2022 till the conclusion of the ensuing 44th AGM of the Company.

Further, Ms. Naina Lal Kidwai is appointed as an Independent Director of the Company, not liable to retirement by rotation, with effect from the conclusion of the Board Meeting i.e. April 28, 2022 till the conclusion of the 47th AGM proposed to be held in the year 2025, subject to approval of shareholders of the Company.

In accordance with the circular dated June 20, 2018, issued by the Stock Exchanges, we hereby confirm that Ms. Naina Lal Kidwai is not debarred from holding the office of Director by virtue of any order of Securities and Exchange Board of India (SEBI) or any other such authority.

The details as required under Regulation 30 of the SEBI Listing Regulations read with SEBI Circular No. CIR/CFD/CMD/4/2015 dated September 09, 2015, is given as "Annexure I".

• Recommended the modification and termination of Biocon Limited Employee Stock Option Plan 2000 and modification to the Biocon Restricted Stock Unit Long Term Incentive Plan FY 2020-24, subject to the approval of the shareholders at the ensuing 44th AGM of the Company.

The above information will also be available on the website of the Company at www.biocon.com.

Further, the Board Meeting commenced at 4:45 p.m. and concluded at 8:35 p.m.

Kindly take the above information on record and acknowledge.

Thanking You,

Yours faithfully,

For Biocon Limited

_____________

Mayank Verma Company Secretary & Compliance Officer

Encl.as above

BIOCON LIMITED

CIN: L24234KA1978PLC003417 Website: www.blocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE· 560100

STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ANO YEAR BllOEO MARCH 31, 2022

						(Rs. in Million, except per equity share data)
SI. No.	Particulars	3 months ended 31.03.2022	3 months ended 31.12.2021	3 months ended 31.03.2021	Year ended 31.03.2022	Previous Year ended 31.03.2021
		(Audited) (Refer note 16)	(Unaudited)	(Audited) (Refer note 16)	(Audited)	(Audited)
$\mathbf{1}$	Income
	Revenue from operations	5,177	4,730	4,916	17,382	20,284
	Other income	608	367	449	1,872	1,502
	Total income	5,785	5,097	5,365	19,254	21,786
$\tilde{z}$	Expenses
	a) Cost of material consumed	2,579	2,771	1,785	9.123	7,607
	b) Purchases of stock-in-trade		8	$\overline{2}$	17
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	(32)	(614)	71	(1,058)	367
	d) Employee benefits expense	938	967	970	3,677	3,902
	e) Finance costs		1	1
	f) Depreciation and amortisation expenses	281	276	254	1,082	1,035
	g) Other expenses	1,427	1,255	1,432	5,012	5,287
		5,193	4,664	4,515	17,857	18,211
	Less: Recovery of cost from co-development partners (net)			(13)		(13)
	Total expenses	5,193	4,664	4,502	17,857	18,198
3	Profit before tax (1-2)	592	433	863	1,397	3,588
$\Lambda$	Tax expense #	211	178	185	536	783
5	Net profit for the period/year (3-4)	381	255	677	861	2,805
6	Other comprehensive income
	A (i) items that will not be reclassified to profit or loss	10	(15)	37	(13)	(11)
	(ii) Income tax relating to items that will not be reclassified to profit or loss	(10)	11	(10)	$\mathbf{1}$	6
	B (i) Items that will be reclassified to profit or loss	65	30	(21)	142	45
	(ii) Income tax relating to items that will be reclassified to profit or loss	(26)	(8)	7	(50)	(16)
	Other comprehensive income, net of taxes	39	18	13	80	24
$\overline{7}$	Total comprehensive income for the period/year (5+6)	420	273	690	941	2,829
$\bf{8}$ $\overline{9}$	Paid-up equity share capital (Face value of Rs. 5 each) Reserves i.e. Other equity	6,003	6,003	6,000	6,003 74,926	6,000 73,071
10	Earnings per share (of Rs. 5 each)	(not annualised)	(not annualised)	(not annualised)	(annualised)	(annualised)
	(a) Basic	0.32	0.21	0.57	0.72	2.36
	(b) Diluted	0.32	0.21	0.57	0.72	2.34
	# includes credit for reversal of tax provision for earlier years amounting to Rs.
	38 for the quarter ended March 31, 2021 and Rs. 278 for the year ended March 31, 2021
	See accompanying notes to the financial results

BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.blocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE · 560 100 STANDALONE BALANCE SHEET

(l\s, In Mllllon)

	Asat March 31, 2022 (Audited)	~' March 31, 2021 (Audited)
A ASSETS
1 Non-current assets
(a) Property, plant and equipment	7,466	6,691
(b) Capital work-in-progress	2,703	1,646
(c) Right-of-use asset	655	391
(d) Investment property	377	695
(e) Other intangible assets	204	204
(f) Intangible assets under development	146	146
(g) Financial assets
Investments	50,178	50,734
Loans	190
Other financial assets	331	704
(h) Income tax asset, net	887	887
(i) Deferred tax asset, net	1,200	1,464
(j) Other non-current assets	331	482
Total non-current assets	64,668	64,044
2 Current assets
(a) Inventories	5,415	4,309
(b) Financial assets
Investments	2,622	3,393
Trade receivables	7,006	6,054
Cash and cash equivalents	1,110	2,535
Other bank balances	5,783	3,477
Loans	223
Other financial assets	1,318	1,223
(c) Other current assets	545	702
rotal current assets	24,022	21,693
TOT Al- ASSETS	88,690	85,737
B EQUlfY AND LIABILITIES
1 Equity
(a) Equity share capital	6,003	6,000
(b) Other equity	74,926	73,071
Total Equfty	80,929	79,071
2 Non-c\Jrrent liabilities (a) Flnanclal liabilities
Borrowings	75.9
Lease liabilities	l	12
Other financial Jlabifiti~	141	144
(b) Provisions	256	263
(c) Other non-current liabilities	695	745
Total non-current liabilltles	1,852	1,164
3 Current !labilltles
(a) Financial liabilities
Borrowings		7
Lease liabllfties	9	12
li'ade payables
- Total outstanding dues of micro and small ente1prises	413	198
- Total outstanding dues of creditors other than micro and small enterprises	3,396	3,522
Other financial liabilities	683	448
(b) Provisions	248	255
(c) Current tax liabilities, net	909	872
(d) Other current liabilities	251	188
Total current llabilities	5,909	5,502
TOTAL· EQUITY AND LIABILITIES	88,690	85,737

BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE. 560 100 STANDALONE STATEMENT OF CASH FLOWS

			(Rs. in Million)
		Year ended	YParPnded
		March 31, 2022	March 31, 2021
		(Audited)	(Audited}
I	Cash flows from operating activities
	Profit for the year	861	2,805
	Adjustments to reconcile Qrofit for the ~ea r to net cash flows
	Depreciation and amortisation expense	1,082	1,035
	Unrealised foreign exchange (gain)/loss	(45)	106
	Share based compensation expense	295	388
	Provision/(reversal of provision} for doubtful debts, (net)	201
	Interest expense	4	4
	Interest income	(415)	(288)
	Net (gain)/ loss on financial instruments measured at fair value through profit or loss	(1)	(32)
	Profit on property, plant and equipment sold, (net)	(8)	(16)
	Net gain on sale of investments	(30)	(19)
	Tax expense	536	783
	Operating profit before changes in operating assets and liabilities	2,480	4,766
	Movement in operating assets and liabilities
	Decrease/(increase) in inventories	(1,106)	1,038
	Decrease/(increase) in trade receivables	(1,136)	{321)
	Decrease/(increase) in other assets	466	1,772
	lncrease/(decrease) in trade payable, other liabilities and provisions	56	(929)
	Cash generated from operations	760	6,326
	Income taxes paid (net of refunds)	(284)	(613)
	Net cash flow generated from operating activities	476	5,713
II	Cash flows from investing activities
	Purchase of Property, plant and equipment	(2,392)	(1.477)
	Purchase of other intangible assets	(75)	(151)
	Proceeds from sale of Property, plant and equipment	21
	Proceeds from sale of other intangible asset		96
	Loan given to subsidiaries	(960)	16 (5,750)
	Recovery of loans from subsidiaries	30	2,390
	Purchase of investments	(11,065)	(24,832)
	Proceeds from sale of current investments	12,332	24,039
	Proceeds from sale of investments in subsidiary	-
		(7,629)	5,000 (7,324)
	Investment in bank deposits and inter corporate deposits Redemption/maturity of bank deposits and inter corporate deposits	6,397	800
	Interest received
	Net cash flow used in investing activities	285 (3,056)	81 (7,112)
Ill	Cash flows from financing activities
	Purchase of Treasury shares	(3)	(93)
	Exercise of share options	428	399
	Proceeds from long-term borrowings	733	-
	Repayment of long-term borrowings	(7)	(7)
	Repayment of principal portion of lease liabilities	(17)	(21)
	Interest paid	(14)
	Net cash flow generated from financing activities	1,120	278
IV	Net increase/ (decrease) in cash and cash equivalents (I+ II+ Ill)	(1,460)	(1,121)
v	Effect of exchange differences on cash and cash equivalents held in foreign currency		(94)
		35
VI	Cash and cash equivalents at the beginning of the year	2,535	3,750
VII	Cash and cash equivalents at the end of the period/ year (IV+ V + VI)	1,110	2,535
	Reconciliation of cash and cash equivalents as per statement of cash flow
	Cash and cash equivalents
	Balances with banks - on current accounts	1,106	2,530
	- on unpaid dividend accounts	4	5
		1,110	2,S35
	Balance as per statement of cash flows	1,110	2,535

BIOCON LIMITED

CIN: L24234KA1978PLC003417 Website: www.biocon.com

Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE -560100

STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ANO YEAR ENDED MARCH 31, 2022

						(Rs. in Million, except per equity share data)
SI. No.	Particulars	3 months	3 months	3 months	Year	Previous Year
		ended	ended	ended	ended	ended 31.03.2021
		31.03.2022	31.12.2021	31.03.2021	31.03.2022
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
		(Refer note 16)		(Refer note 16)
1	Income
	Revenue from operations	24,088	21,742	18,421	81,840	71,431
	Other income	673	483	2,054	2,127	2,545
	Total income	24,761	22,225	20,475	83,967	73,976
2	Expenses
	a) Cost of material consumed	7,478	7,599	6,191	28,139	24,302
	b) Purchases of stock-in-trade	496	293	297	1,611	1,036
	c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	309	(763)	(699)	(2,566)	(2,901)
	d) Employee benefits expense	4,703	4,950	4,521	18,801	17,410
	e) Finance costs	105	147	339	676	577
	f) Depreciation and amortisation expenses	2,122	2,057	1,843	8,142	7,151
	g) Other expenses	6,885	6,132	4,742	20,917	18,563
		22,098	20,415	17,234	75,720	66,138
	less: Recovery of cost from co-development partners (net)	(1,702)	(l,351)	(988)	(4,764)	(3,507)
	Total expenses	20,396	19,064	16,246	70,956	62,631
3	Profit before share of profit of joint venture and associates, exceptional items and tax (1-2)	4,365	3,161	4,229	13,011	11,345
4	Share of profit I (loss) of joint venture and associates, net [refer note 4)	(530)	(472)	(697)	(2,069)	(794)
5	Profit before exceptional items and tax (3+4)	3,835	2,689	3,532	10,942	10,551
6	Exceptional items (net) (refer note 6, 8, 9, 11and14)	(410)	-	126	(1,111)	126
7	Profit before tax (5 + 6)	3,425	2,689	3,658	9,831	10,677
8	Tax expense (refer note 6, 8, 9, 11and14) #	586	493	694	2,115	2,215
9	Profit forthe period/year (7 - 8)	2,839	2,196	2,964	7,716	8,462
10	Other comprehensive income
	I A (i) Items that will not be reclassified to profit or loss	~-	1§-11)	320	(633)	711
	(ii) Income tax relating to items that will not be reclassified to profit or loss	3	so	(28)	75	(48)
	B (i) Items that will be reclassified to profit or loss (ii) Income tax relating to items that will be reclassified to profit or loss	786	579	751	2,127	1,842
	Other comprehensive income for the period/ year, net of taxes	(227)	(69)	(132)	(467)	(360)
		623	(11)	911	1,102	2,145
11	Total comprehensive income for the period I year (9 + 10}	3,462	2,185	3,875	8,818	10,607
	Profit attributable to:
	Shareholders of the Company	2,386	1,871	2,532	6,484	7,405
	Non·controllinl! interest	453	325	432	1,232	1,057
	Profit for the period/ year	2,839	2,196	2,964	7,716	8,462
	Other comprehensive income attributable to:
	Shareholders of the Company	s94	'{G7i	819	967	1,582
	Non-controlllnl! interest Other comprehensive income for the period/ year	29	56 (Uj	92	135	563
		623		911	1,l.02	Z,145
	Total comprehensive income attributable to:
	Shareholders of the Company	2,9SO	1,804	3,351	7,451	8,987
	Non-controlling Interest	482	381	524	1,367	1,620
	Total comprehensive Income for the oeriod/ vea r	3,462	2,l.85	3,875	8,818	10,607
12	Pald·up equity share capital (face value of Rs. 5 each)	6,003	6,003	6,000	6,003	6,000
13	Reserves i.e. Other equity				78,322	70,269
14	farnings per share (of Rs. 5 each)		(not annuali~ed) (not annualised/ (not annualised)		(annualised)	(annuallsed)
	(a) Basic	2.00	1.57	2.13	5.44	6.24
	(b) Diluted	1.99	1.56	2.12	5.42	6.19
	# Includes credit for reversal of tax provision for earlier years amounting to Rs. 38 for the quarter ended March 31, 2021 and Rs. 395 for the year ended March 31, 2021
	See accompanying notes to the financial results

SIOCON LIMITED

CIN: l24234KA1978PLC003417 Website: www.biocon.com Registered offfc": 20th KM HOSUR ROAD, ELECTRONIC CITY P.0.1 BANGALORE - 560100 CONSOLIDATED BALANCE SHEET

		(Rs. In Mlllionl
	MAt March 31,,2022	AU.t March 31, 20 21
	(Audited)	(Audited)
A ASSETS
1 Non-current assets
(a) Property, plant and equipment	56,767	55,573
(b) Capital work-in-progress	34,203	22,535
(c) Right-of-use assets	2,673	1,533
(d) Goodwill (e) Other Intangible assets	264 5,986	264 6,269
(f) Intangible assets under development	6,901	5,467
(g) Investment in associates and a joint venture	80	1,795
(h) Financial assets
Investments	3,622	5,637
Derivative assets	1,468	656
Other financial assets	454	2,009
(i) Income tax asset, net (j) Deferred tax asset, net	3,135 2,933	2,648 3,077
(k) Other non-current assets	1,631	1,756
Non-current assets	1,20,117	1,09,219
2 Current assets
(a) Inventories (b) Financial assets	22,982	18,666
Investments	12,177	12,087
Trade receivables	20,582	15,033
Cash and cash equivalents	6,630	9,531
Other bank balances	10,845	10,623
Derivative assets	1,223	833
Loans	671	5,071
Other financial assets (c) Other current assets	4,506 4,207	3,638
(d) Assets held for sale		522
Current assets	83,823	76,004
TOTAL - ASSETS	2,03,940	1,85,223
B EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital (b) Other equity	6,003 78,322	6,000 70,269
Equity attributable to owners of the Company	84,325	76,269
Non-controlling interests	10,375	8,807
Total Equity	94,700	85,076
2 Non-current liabilities
(a) Financial liabilities Borrowings	39,985	29,616
Lease liabilities	2,215	1,141
Derivative liabilities	136	618
Other financial liabilities	15,033	15,033
(b) Provisions	917	1,062
(c) Deferred tax liability, net	523	323
(d) Other non-current liabilities Non-current liabilities	12,151 70,960	10,253 58,046
3 Current liabilities
(a) Financial liabilities Borrowings	9,055	13,970
Lease liabilities	211	84
Trade payables
·total outstanding dues of micro and small enterprises	1,036	770
· total outstanding dues of creditors other than micro and small enterprises	15,049	14,369
Derivative liabilities	12.4	260
Other financial llabOitles (b) Provisions	3,632 1,305	3,816 1,094
(c) Current tax liabilities, net	1,618	1,524
(d) Other current lia bilitles	6,250	5,810
(e) Liabilities directly associated with assets held for sale		404
Current liabilities	38,280	42,101
TOTAL· EQUllY AND LIABILITIES	2,03,940	1,85,223

810CON UMrT£0 CIN: l24234KAl97llPLC003417 Website: www.biocon.com Registered office: 20ll\ KM HOSUR ROAD, ELECTRONIC CIN P ,0., BANGAlORE • 560 lQO CONSOLIDATED STATEMENT OF CASH FLOWS

(Rs. ln Mllllo~)

	Particulars	Year ended March 31, 2022	Year ended March 31, 2021
		(Audited)	(Audited)
	Cash flows from operating activities
	Profit for the year	7,716	8,462
	Adjustments to reconcile profit for the period/ year to net cash flows Depreciation and amortisation expense	3,142	7,151
	Tax expense	2,115	2,215
	Unrealised foreign exchange (gain)/loss	86	9
	Share-based compensation expense	1,257	1,060
	Provision/(reversal) of doubtful debts, net	240
	Bad debts written off Interest expense	$\overline{8}$ 676	17 577
	Interest income	(1, 121)	(770)
	Net loss/ (gain) on financial assets measured at fair value through profit or loss	286	(29)
	Net gain on sale of current investments	(133)	(84)
	Loss/(profit) on sale of property, plant and equipment (net) Gain on dilution of interest in a subsidiary	23 (299)	73 (1, 597)
	Share of loss of joint venture/ associates	2,069	794
	Proceeds from insurance company	105	245
	Exceptional items, net	1,111	(350)
	Operating profit before changes in operating assets and liabilities	22,281	17,773
	Movement in operating assets and liabilities
	Decrease/(increase) in inventories	(4, 140)	(4, 454)
	Decrease/(increase) in trade receivables	(4, 736)	(2,788)
	Decrease/(increase) in other assets Increase/(decrease) in trade payable, other liabilities and provisions	(637) 1,618	(98) 3,102
	Cash generated from operations	14,386	13,535
	Income taxes paid (net of refunds)	(2,620)	(1,938)
	Net cash flow generated from operating activities	11,766	11,597
ĭŀ	Cash flows from investing activities
	Purchase of property, plant and equipment	(16,978)	(15, 169)
	Purchase of intangible assets Proceeds from sale of property, plant and equipment	(2, 270)	(2, 294) 96
	Purchase of investments	21 (43, 020)	(68, 433)
	Proceeds from sale of current investments	46,456	52,763
	Investment in bank deposits and inter corporate deposits	(34, 916)	(28, 559)
	Redemption/ maturity of bank deposits and inter corporate deposits	33,794	15,717
	Decrease in cash arising from loss of control		(1,020)
	Loan given to associate Interest received	(674) 596	652
	Net cash flow used in investing activities	(16, 991)	(36, 247)
₩.	Cash flows from financing activities
	Purchase of treasury shares	(3)	(93)
	Proceeds from exercise of share options	428	407
	Proceeds from issuance of shares by subsidiary, net of expense		7,663
	Proceeds from issuance of non convertible debentures by subsidiary		2,000
	Proceeds from issuance of optionally convertible debentures by subsidiary Proceeds from long-term borrowings	10,701	11,016 13,553
	Repayment of long-term borrowings	(10, 949)	(7,336)
	Proceeds/ (Repayment) of short-term borrowings (net)	3,461	(345)
	Repayment of lease liabilities, net Interest paid	(121) (1,096)	(65)
	Net cash flow generated from financing activities	2,421	(1, 160) 25,640
IV	Net increase/ (decrease) in cash and cash equivalents (i + Ii + III)	(2, 804)	990
V	Effect of exchange differences on cash and cash equivalents held in foreign currency	33	71
٧I	Cash and cash equivalents at the beginning of the year	8,970	8,247
VII VIII	Cash and cash equivalents classified as held for sale Cash and cash equivalents at the end of the year (IV + V + VI+VII)	338 6,537	(338) 8,970
	Reconciliation of cash and cash equivalents as per statement of cash flows Cash and cash equivalents
	Balances with banks - on current accounts	6,326	9,372
	- on unpaid dividend accounts	4
	Deposits with original maturity of less than 3 months	300	154
		6,630	9,531
	Cash credits Balance as per statement of cash flows	(93) 6,537	(561) 8,970

BIOCON LIMITED

CIN: L24234KA1978PLC003417 Website: www.biocon.com

Registered office: 20TH KM HOSUR ROAD, ELECTRONIC CITY P.O .. BANGALORE - 560 100

SEGMENT DETAILS OF AUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2022

					(Rs. in Million)
Particulars	3 months ended 31.03.2022	3 months ended 31.12.2021	3 months ended 31.03.2021	Year ended 31.03.2022	Previous Year ended 31.03.2021
	(Audited) (Refer note 16)	(Unaudited)	{Audited) (Refer note 16)	(Audited)	(Audited)
Segment revenue
a. Generics	7,172	6,074	5,704	23,409	23,627
b. Bloslmilars	9,823	9,814	6,636	34,643	28,002
c. Novel 6iologtcs	123	156	105	510	105
d. Research services	7,581	6,414	6,586	26,042	21,843
Total	24,699	22,458	19,031	84,604	73,577
Less: Inter-segment revenue	(611)	(716)	(610)	(2,764)	(2,146)
Net sales /Income from coittinuing operations	24,088	21,742	18,421	81,840	71,431
Segment results
Profit before tax from each segment
a. Generics	1,157	666	724	2,614	2,915
b. Biosimilars	1,443	1,238	684	5,432	3,652
Novel Biologics (refer note 10) c.	(507)	(492)	814	(2,198)	(204}
d. Research services	l,791	l,284	1,572	5,151	4,342
Total	3,884	2,696	3,794	10,999 57	10,705
Otherun-atlocable expenditu(e I (inr.ome), ne\ Less:	49	7	262		154
Profit before tax and before exceptional items	3,835	2,689	3,532	10,942	10,551
Segment assets
a. Generics	52,849	Sl.,948	46,244	52,849	46,244
b. Biosimrlars	96,951	95,825	90,180	96,951	90,!80
c. Nover Biolog)cs	2,279	849	1,795	2,279	1,795
d. Research services	55,638	49,184	48,832	55,638	48,832
	2,07,717	l.,97,806	1,87,051	2,07,717	1,87,051
e. Unallocable	(3,777)	(2,875)	(l,828)	(3,7'77)	(1,828)
Total segment assets	2,03,940	1,94,931	1;85,223	2,03,940	1,85,223
Segment liabilities
a. Generics	13,357	12,714	8,973	13,357	8,973
b. Biosimilars	76,415	76,962	74,232	76,415	74,232
Novel Biologics c	1,375	388		1,375
Research services d.	22,662	17,790	20,618	22,662	20,618
	1,13,809	1,07,854	1,03,823	1,B,809	1,03,823
e. Unallocable Tota l segment liabilities	(4,569) 1,09,240	(3,864) 1,03,990	(3,676) 1,00,147	(4,569) 1,09,240	(3,676} 1,00,147
Capital employed
a. Generics	39,492	39,234	37,2.71	39,49Z	37,271
b. Biosimilars	20,536	18,863	15,948	20,536	15,948
Novel Biologics (refer note 10) c.	904	461	1,795	904	1,795
d. Research services	32,976	31,394	28,214 83,228	32,976 93,908	28,214 83,228
e. Unalloc;able	93,908 792	89,952 989	1,848	792	1,848
Total capital employed	94,700	90,941	85,076	94,700	85,076

Biocon limited

Audited financial results for the quarter and year ended March 31, 2022

Notes:

• L The audited standalone and consolidated financial results for the quarter and year ended March 31, 2022 in respect of Blocon limited ('the Company') have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their respective meetings held on April 28, 2022. The above results have been audited by the statutory auditors of the Company. The reports of the statutory auditors are unqualified.
• 1. These financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
• 1. The consolidated financial results include the financial results of the parent company Blocon Limited and the financial results of the following subsidiaries:
• i. Syngene International Limited ('Syngene')
• ii. Biocon Biologics Limited ("BBL") (formerly known as 'Biocon Biologics India Limited')
• iii. Biocon Pharma Limited
• iv. Biocon Academy
• v. Biocon SA
• vi. Biocon SON. BHD
• vii. Biocon FZ LLC
• viii. Biocon Biologics UK limited (formerly known as 'Biocon Biologics Limited')
• ix. Biocon Pharma Inc.
• x. Biocon Biologics Healthcare Malaysia SON. BHD (formerly known as 'Biocon Healthcare SON. BHD')
• xi. Bicara Therapeutics Inc. (Upto January 09, 2021)
• xii. Biocon Pharma Ireland Limited
• xiii. Biocon Pharma UK Limited
• xiv. Biocon Biosphere Limited
• xv. Biocon Biologics Inc.
• xvi. Biocon Biologics Do Brasil Ltda
• xvii. Biocon Biologics FZ-LLC
• xviii. Biocon Pharma Malta Limited
• xix. Biocon Pharma Malta I Limited
• xx. Biofusion Therapeutics Limited
• xxi. Syngene USA inc.

Biocon Limited and its subsidiaries are collectively referred to as 'the Group'. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene International Limited Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC ('JV') and share of Investment in the associates i.e. latrica Inc., Bicara Therapeutics Inc. ("Bicara"), under the equity method.

1. Pursuant to the approval of the Board of Directors on May 14, 2020, the Group was in process of disposing off its interest in the JV entity. Accordingly, in the previous year share of profit I (loss) from the JV and results of its related business were disclosed as discontinuing operations in the consolidated financial results.

During the quarter ended June 30, 2021, the Group decided to commercialise its generic formulation products which are being developed for US, EU and other markets in the UAE through its wholly owned subsidiary. The Group is taking steps to register the formulation manufacturing site and seeking approval of marketing authorization under Its own brand. Accordingly, the Group concluded that the UAE operations no longer meets the definition of a Discontinued operations. In accordance with Indian Accounting Standard,

Biocon Limited

Audited financial results for the quarter and year ended March 31, 2022

the Group has reclassified the above operations as continuing operations in the consolidated financial results. Accordingly, the results for the comparative quarters have also been reclassified to continuing operation.

• 1. Segment Reporting in Consolidated financial results: Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker ("CODM") evaluates the Group's performance based on an analysis of various performance indicators by business segments and geographic segments. Accordingly, information has been presented along these business segments. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments.
• 1. Pursuant to a fire incident on December 12, 2016, certain fixed assets, inventory and other contents in one of the buildings were damaged. Syngene had lodged an estimate of loss with the insurance company and the final assessment is currently pending. Syngene over the past few years have received an aggregate amount of Rs. 2,120 million as interim amounts which were presented net of losses incurred under exceptional items in the respective financial results. The amount for the year ended March 31, 2021 aggregated Rs. 350 million with a consequential tax of Rs. 122 million was included within tax expense in consolidated financial results for the year ended March 31, 2021. Further non-controlling interest of Rs 68 million is included within noncontrolllng interest in consolidated financial results for the year ended March 31, 2021.
• 1. During the quarter ended September 30, 2020, the Group had entered into an agreement with Tata Capital Growth Fund II ('Investor) whereby the Investor infused Rs 2,250 million against issuance of equity shares of a subsidiary company, Biocon Biologics Limited ('BBL'), which represents 0.85% shareholding of BBL. The consideration was received and equity shares were allotted on September 03, 2020.

During the quarter ended March 31, 2021, the Group had entered into an agreement with Beta Oryx Limited ('Investor) whereby the Investor infused Rs 5,550 million against issuance of equity shares of a subsidiary company, Biocon Biologics Limited ('BBL'), which represents 1.87% shareholding of BBL The consideration was received and equity shares were allotted on March 08, 2021.

As per the above agreements, the Group will be required to provide various options to enable the Investor to exit over a period of time. In the event, such exit events do not occur, the Investor may require the Parent Company (Biocon Limited), to buy them out at certain prices agreed under the arrangement. Such an obligation to provide exit to the Investors required the Group to record a financial liability towards gross obligation in the consolidated financial statements in accordance with the Indian Accounting Standards (Ind AS).

1. During the quarter ended December 31, 2020, BBL had entered into an agreement with Goldman Sachs India AIF Scheme-l('lnvestor') whereby the Investor had infused Rs.11,250 million against issuance of Optionally Convertible Debentures. The debentures were issued for a tenor of 61 month\$, were unsecured, redeemable at par and carry a conversion option at any time during the tenor at the option of the investor. It also bears a coupon rate of 5% (on USO basis, payable only on redemption). The consideration was received, and debentures were issued during the quarter ended December 31, 2020. The debentures were accounted in the consolidated financial statements as a compound financial instrument in line with Ind AS, given that it has both financial liability and equity feature. Accordingly, the consideration received was bifurcated into financial liability and equity in the consolidated financial statements.

An amendment to the agreement, was entered during the quarter ended September30, 2021 which resulted in modification of the compound financial instrument. Resulting gain/ loss on the modification was recorded within statement of profit and loss and reserves. The amount of Rs 274 million was charged in the statement of profit and loss and has been disclosed as an exceptional item during the year ended March 31, 2022. Consequential tax impact of Rs. 49 million is included within tax expense during the year ended March 31, 2022.

Biocon limited

Audited financial results for the quarter and year ended March 31, 2022

• 1. During the quarter and year ended March 31, 2021, Biosimilars business had incurred severance cost amounting to Rs. 224 million arising from exit of certain key personnel which is recorded as an exceptional item. Consequential tax impact of Rs. 27 million is included within tax expense.
• 1. Bicara Therapeutics Inc, (Bicara), U.S., is a clinical-stage biotechnology company developing dual-action biologics designed to spur a potent and durable immune response ln the tumor microenvironment. Bicara is actively engaged in advancing a robust pipeline of first-in-class bifunctional antibodies being developed by a global team.

During the quarter and year ended March 31, 2021, to enable Bicara to raise further funding to fund its research and development plans and to further access the innovation ecosystem in developed markets and to achieve business synergies and value accretion through investments, its prevailing shareholder arrangements including those in relation to its voting rights and composition of the Board of Directors of Bicara were amended. The Company has, with relevant legal advice, evaluated the implfcations thereof and determined that these changes have resulted in cessation of control over the subsidiary.

Accordingly, following the principles in Ind AS 110: Consolidated Financial Statements, the Company fair valued its retained investment in Bicara (based on an independent valuers report) on the date of loss of control which resulted in a dilution gain of Rs 1,597 million. Such gain has been disclosed as Other Income in the consolidated financial results for the quarter and year ended March 31, 2021. Effective the quarter ended March 31, 2021, the Group accounts for its investments in Bicara using the equity method as it continues to have significant influence over the investee.

During the quarter and year ended March 31, 2022, Bicara has raised additional fund from third parties resulting into dilution of shares held in associate. Accordingly, following the principles in Ind AS 28: Investments in Associates •md Joint Ventures, the Group has recorded a dilution gain of Rs. 299 million and disclosed the same as other income in the consolidated financial results for the quarter and year ended March 31, 2022.

• 1. The Ministry of Commerce and Industry, Government of India issued a Gazette notification number 29/2015· 2020dated 23 September 2021 on Service Exports from India Scheme (SEIS) for services rendered in financial year 2019 - 2020 with the totai entitlement capped at Rs. 50 million per exporter for the period. The Group during the year ended March 31, 2022 has reversed the SEIS claim receivables of Rs. 427 milllon for the financial year 2019-2020 and the same has been presented under exceptional items in the financial results for the year ended March 31, 2022. Consequential t ax impact of Rs. 75 million is included within tax expense for the year ended March 31, 2022. Further non--c:ontrolling interest of Rs 77 million is included within noncontrolling interest 1n consolidated financial results for the year ended March 31, 2022.
• 1. On January 03, 2022, the Board of Directors of Biocon Biologics Limited ("BBL") approved the scheme of Merger by Absorption ('the Scheme') of Covidshield Technologies Private limited ("CTPL" or the Transferor company), a wholly owned subsidiary of Serum Institute Life Sciences Private Limited ("SILS"), with and into BBL (the Transferee company), a materlal subsidiary of Biocon Limited wtth an appo[nted date of October 01, 2022. The Scheme is subject to the requisite statutory approvals including approval of National Company Law Tribunal (''NCLT") and/or such other competent authorities (including the Competition Commission of India), and the shareholders and creditors of the Transferor company and the Transferee company.
• 1. On February 27, 2022, BBL entered into a definitive agreement with its collaboration partner Viatris Inc. to acquire Viatrls' biosimilars busir10ss to create a unique fully integrated global biosimilars enterprise. Viatris will receive consideration of VP to USO 3.335 billion, Including cash up to USO 2.335 billion and Compulsorily Convertible Preference Shares (CCPS) in BBL, valued at USD 1 billion. This transaction is subject to necessary regulatory and other approvals. As at March 31, 2022, the closing conditions of the transaction are yet to be satisfied.
• 1. BBL has obtained services of professional experts (like advisory, legal counsel, valuation experts etc.) for the transactions referred in note 12 and 13. These services were availed during the financial year ended March

Biocon Limited

Audited financial results for the quarter and year ended March 31, 2022

31, 2022 and hence these amounts aggregating to Rs. 410 million have been recorded as an expense in the consolidated statement of profit and loss under the head 'Exceptional items'. Consequential tax impact of Rs. 169 million is included within tax expense.

1. In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Group has adopted measures to curb the spread of infection in order to protect the health of its employees and ensure business continuity with minimal disruption.

The Group has considered internal and external information while finalizing various estimates in relation to its financial results captions upto the date of approval of the financial results by the Board of Directors. The actual impact of the global health pandemic may be different from that which has been estimated, as the COVID -19 situation evolves in India and globally. The Group will continue to closely monitor any material changes to future economic conditions.

• 1. The figures for the quarters ended March 31, 2022 and March 31, 2021 are the balancing figures between audited figures in respect to full financial years and the published unaudited year to date figures upto the year end of the third quarter of the relevant financial year, which were subject to limited review.
• 1. Prior period/ year figures have been reclassified wherever required to conform to the classification of the current period/ year. Also refer note 4 above.

Kiran Mazumdar-Shaw Executive Chairperson

Bangalore, April 28, 2022

Chartered Accountants

Embassy Golf Links Business Park, Pebble Beach, B Block, 3rd Floor, No. 13/2, Off Intermediate Ring Road, Bengaluru-560 071 India

Telephone: + 91 80 4682 3000 Fax: + 91 80 4682 3999

Independent Auditor s Report '

To the Board of Directors of Biocon Limited

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Biocon Limited (hereinafter referred to as the "Company") for the year ended 31 March 2022, attached herewith, (in which are included financial statements of its Employee Welfare Trusts ("Trusts")) being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (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 aforesaid standalone annual financial results:

• a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• b. 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 year ended 31 March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Standalone Annual 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 financial statements 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 obtained by us, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

Management's and Board of Directors'/ Board of Trustees Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss 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 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the Company/Board of Trustees of the Trusts are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each Company/Trusts 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 standalone annual financial results that give a true and fair view and are free from material misstatement,

B S R & Co. LLP Independent Auditor's Report (Continued)

Biocon Limited

whether due to fraud or error.

In preparing the standalone annual financial results, the respective Management and the Board of Directors/Board of Trustees are responsible for assessing each Company/Trusts 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/Board of Trustees either intends to liquidate the Company/Trusts or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors/Board of Trustees are responsible for overseeing the financial reporting process of each Company/Trusts.

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual 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 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 annual 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 annual 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 financial statements on 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 in the standalone annual financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and 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 appropriateness of this assumption. 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 annual 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 annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance of the Company and such other entities included in standalone annual 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 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.

B S R & Co. LLP Independent Auditor's Report (Continued)

Biocon Limited

Other Matter(s)

a. The standalone annual financial results include the results for the quarter ended 31 March 2022 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 B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

Sampad Guha Thakurta

Partner

Bangalore Membership No.: 060573

28 April 2022 UDIN:22060573AIAMOK8170

Chartered Accountants

Embassy Golf Lin ks Business Park, Pebble Beach, B Block, 3"' Floor, No. 13/2, Off Intermediate Ring Road, Bengaluru-560 071 India

Telephone: + 91 80 4682 3000 Fax: + 91 80 4682 3999

Independent Auditor's Report

To the Board of Directors of Biocon Limited

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Biocon Limited (hereinafter referred to as the "Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associates and its joint venture for the year ended 31 March 2022, attached herewith, (in which are included financial statements of employee welfare trusts) being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (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 financial statements/financial information of a subsidiary and joint venture, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the following entities
• 1. Biocon Limited
• 1. Syngene International Limited
• 1. Biocon Biologics Limited (formerly known as 'Biocon Biologics India Limited')
• 1. Biocon Biologics UK Limited (formerly known as Biocon Biologics Limited)
• 1. Biocon Pharma Limited
• 1. Biocon Academy
• 1. Biocon SA
• 1. Biocon SON. BHD
• 1. Biocon FZ LLC
• 1. Biocon Pharma Inc.
• 1. Biocon Biologics Healthcare Malaysia SON. BHO (formerly knwon as 'Biocon Healthcare SON. BHO'
• 1. Syngene USA Inc.
• 1. Biocon Pharma UK Limited
• 1. Biocon Pharma Ireland Limited
• 1. Bicara Therapeutics Inc.
• 1. Biocon India Limited Employee Welfare Trust
• 1. Biocon Limited Employees Welfare Trust
• 1. Biocon Biologics Employees Welfare Trust
• 1. Syngene International Limited Employees Welfare Trust
• 1. Biocon Biosphere Limited
• 1. Biocon Biologics Inc.

Independent Auditor's Report (Continued) Biocon Limited

• 1. NeoBiocon FZ-LLC
• 1. latrica Inc.
• 1. Biocon Biologics Do Brasil L TDA
• 1. Biocon Biologics FZ-LLC
• 1. Biocon Pharma Malta Limited
• 1. Biocon Pharma Malta I Limited
• 1. Biofusion Therapeutics Limited
• b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
• c. 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 consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2022.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Aud;tor's Responsibif;ties for the Aud;t of the Consolidated Annual Financial Results section of our report. We are independent of the Group, its associates and its joint venture 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 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 obtained by us along with the consideration of reports of the other auditors referred to in sub paragraph no. (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual fin an ci al results that give a true and fair view of the consolidated net profiV loss and other comprehensive income and other financial information of the Group including its associates and joint venture in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and the respective Management and Board of Directors and of its associates and joint venture are responsible far ma i ntena nee of adequate accounting records in accordance with the prov is ions of the Act for safeguarding of the assets of each 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 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 annual 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 annual financial results by the Management and the Board of Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the respective Management and the Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for assessing the ability of each company 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 company or to cease operations, or has no realistic

Independent Auditor's Report (Continued) Biocon Limited

alternative but to do so.

The respective Board of Directors of the companies included in the Group and the respective Management and Board of Directors and of its associates and joint venture is responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual 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 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 annual 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 annual 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 far our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than far 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 financial statements on 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 in the consolidated annual financial results made by the Management and Board of Directors.
• Conclude on the appropriateness of the Management and 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 appropriateness of this assumption. 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 annual 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 associates and joint venture to cease to continue as a going concern.
• Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its associates and joint venture to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated annual financial results of which we are the independent auditors. For the other entities included in the consolidated annual 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. Our responsibilities in this regard are further described in sub paragraph no. of the "Other Matters" paragraph in this audit report.

Independent Auditor's Report (Continued)

Biocon Limited

We communicate with those charged with governance of the Holding Company and such other entities/entity included in the consolidated annual 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 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.

We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

Other Matter(s)

a. The consolidated annual financial results include the audited financial results of a subsidiary, whose financial statements/financial information reflect total assets (before consolidation adjustments) of Rs. 34,644 million as at 31 March 2022, total revenue (before consolidation adjustments) of Rs. 7,867 million and total net loss after tax (before consolidation adjustments) of Rs. 1,080 million and net cash inflows of Rs 106 million for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their independent auditors. The consolidated annual financial results also include the Group's share of total net loss after tax (before consolidation adjustments) of Rs. 39 million for the year ended 31 March 2022, as considered in the consolidated annual financial results, in respect of a joint venture, whose financial statements/ financial information have been audited by their independent auditors. The independent auditor's report on financial statements/ financial information of these entity have been furnished to us by the management.

Our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entity, is based solely on the reports of such auditors and the procedures performed by us are as stated in paragraph above.

This subsidiary and joint venture are located outside India whose financial statements/financial information have been prepared in accordance with accounting principles generally accepted in their respective countries and which have been audited by other auditors under generally accepted auditing standards applicable in their respective countries. The Holding Company's management has converted the financial statements/financial information of such subsidiary and joint venture located outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments made by the Holding Company's management. Our opinion in so far as it relates to the balances and affairs of such subsidiary and joint venture located outside India is based on the reports of other auditors and the conversion adjustments prepared by the management of the Holding Company and audited by us.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

Independent Auditor's Report (Continued) Biocon Limited

b. The consolidated annual financial results include the results far the quarter ended 31 March 2022 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 B S R & Co. LLP

Chartered Accountants

Firm's Registration No.:101248W/W-100022

Sam pad Digitally signed by sampad guhathaku guhathakurta Date: 2022.04.28 rta 20:14:29 +os·30·

Sampad Guha Thakurta

Partner

Membership No.: 060573

UDIN:22060573AIAMYU6378

Bangalore

28 April 2022

Biocon Limited

20th KM Hosur Road Electronics City Bangalore 560 100, India T 91 80 2808 2808 F 9 1 80 2852 3423 CIN : L24234KA 1978PLC00341 7

www.biocon.com

April 28, 2022

To,	To,
BSE Limited	National Stock Exchange of India Limited
Department of Corporate Services	Exchange Plaza, Bandra Kurla Complex
Phiroze Jeejeebhoy Towers,	Mumbai - 400 050
Dalal Street, Mumbai -400 001
Scrip Code - 532523	Scrip Code- Biocon

Dear Sir/Madam,

Sub: Declaration under Regulation 33(3}(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

DECLARATION

I, lndranil Sen, Chief Financial Officer of Biocon Limited (CIN: L24234KA1978PLC003417 having its registered office at 20th KM, Hosur Road, Electronic City, Bengaluru, 560 100, India, hereby declare that BS R & Co. LLP, Chartered Accountants (FRN-101248W/W100022), Statutory Auditors of our Company, have issued an Audit Report with unmodified opinion on the audited financial results of the Company (Standalone and Consolidated) for the year ended March 31, 2022.

This declaration is given in compliance with Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended by the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2016 and SEBI Circular No. CIR/CFD/CMD/56/2016 dated May 27, 2016.

Request to kindly take this declaration on record.

Thanking You,

For Biocon Limited

lndranil Sen Chief Financial Officer

ANNEXURE I

Details under Regulation 30 of the SEBI Listing Regulations read along with SEBI circular CIR/CFD/CMD/4/2015 dated September 09, 2015

Sl. No.	Particulars	Details
1.	Name	Ms. Naina Lal Kidwai
2.	Reason for change viz. appointment, resignation, removal, death or otherwise	Appointment
3.	Date of appointment/ cessation (as applicable) & term of appointment	April 28, 2022 Appointed as an Additional Director (Category: Non-Executive and Independent Director) w.e.f. conclusion of the Board Meeting i.e. April 28, 2022, to hold office upto the date of the ensuing 44th AGM of the Company. Further, Ms. Naina Lal Kidwai is appointed as an Independent Director of the Company w.e.f. conclusion of the Board Meeting i.e. April 28, 2022 till the conclusion of AGM proposed to be held in the year 2025, subject to approval of shareholders of the Company.
4.	Brief profile (in case of appointment)	Attached
5.	Disclosure of relationships between directors (in case of appointment of a director)	Ms. Naina Lal Kidwai is not related to any Director or Key Managerial Personnel (KMP) of the Company.

Brief Profile of Ms. Naina Lal Kidwai

Naina Lal Kidwai is an Additional Director and senior Advisor Rothschild India, senior Advisor Advent International and member of the Mission board of EQT Future Fund; a Non-Executive Director on the boards of Holcim, Max Financial Services, Nayara Energy, Gland Pharma, UPL and Past President of FICCI (Federation of Indian Chambers of Commerce & Industry). She retired on December 2015 as Executive Director on the board of HSBC Asia Pacific and Chairman HSBC India and in April 2018 from the global board of Nestle.

She chairs the Financial Services Working Group of the BRICs Business Council and is a member the INDO-ASEAN Business Council. She is also a member of the Army Group Insurance Fund's investment advisory committee, Harvard Business

School's South Asia Advisory Board, Standard Chartered Bank's International Advisory Council, The Mission board of EQT Future Fund, India Advisory Council of the U.S.-India Business Council (USIBC) and Trustee of Asia House in the UK.

An MBA from Harvard Business School, she is the recipient of several awards and honours including the Padma Shri for her contribution to Trade and industry. She is engaged with institutions in environment, water and sanitation and has authored 3 books including the bestsellers "30 women in Power: Their Voices, Their Stories" and "Survive Or Sink: An Action Agenda for Sanitation, Water, Pollution, and Green Finance".

Her interests in Water, Sanitation and the environment and empowerment of women are reflected in her engagements at Shakti Sustainable Energy Foundation, International Advisory Council of the Inquiry of United Nations Environment Program (UNEP), Commissioner for the Global Commission on Economy & Climate, Advisory Board Wildlife Conservation Trust, The Rockfeller Foundation Economic Council for Planetary Health, Chair of FICCI's Water Mission and founder and Chair of the India Sanitation Coalition.

She has been a member of the Government of India's Industry Task Force, the Prime Minister's Trade and Industry Council, the National Manufacturing Council, the National Trade Council, and on the Working Group on Banking, Financial Sector Legislative Reforms Commission and the National Institute of Bank Management.