Biocon Ltd. — Interim / Quarterly Report 2021

Apr 28, 2021

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, 2021

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 Obligation and Disclosure Requirements) 2015, ('SEBI Listing Regulations') we wish to inform you that the Board of Directors at its meeting held today, has considered the following:

Financial results:

• Approved audited financial results (consolidated and standalone) as per Indian Accounting Standard (Ind-AS) along with Auditors' Report for the quarter and year ended March 31, 2021. 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;

Annual General Meeting and other matters:

• The 43rd AGM of the Members of the Company will be held on Friday, July 23, 2021, through video conferencing or other audio-visual means;
• Re-appointment of Mr. Bobby Kanubhai Parikh, as an Independent Director for a second and final term of five years, subject to shareholders' approval at the ensuing AGM;
• Re-appointment of B S R & Co. LLP, Chartered Accountants, as statutory auditors of the Company for second term of 5 years, subject to shareholders' approval at the ensuing AGM.

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

Further, the Board Meeting commenced at 7:30 pm and concluded at 11:30 pm.

Kindly take the above information on record and acknowledge.

Thanking You,

Yours faithfully,

For Biocon Limited

Mayank Verma Company Secretary and Compliance Officer

Enclosed:

• Audited financial results (consolidated and standalone);
• Auditors' report (consolidated and standalone);
• Declaration under regulation 33(3)(d) of SEBI Listing Regulations.

	BIOCON LIMITED
	CIN: l24234KA1978PLC0D3417 Website: www~bla,on.com
	Registered office: 20th KM HOSUR ROAD, ElfCTRONIC CITY P.O., BANGALORE •560 100 STAltMENTOF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
						(R,. In Million ucept per 11tQulty share data)
				3 months ended 3 months ended 3 manths ended	Year ended	Previous Vear
		31,03,2021	3L12.2020	31,03.2020	31.03.2021	ended
SI. No.	Particulars					31.03.2020
		(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
	Continuln& a~attons	(Reier note 16)		(Refer note 16)
1	Income Revenue from operations	4,916	4,561	4,824	20,284	19,884
	Other Income	449	337	672	1,502	2,017
	Total Income	5,365	4,898	5,495	21,786	21,901
2	E>Cpanses
	a) Cost of material coiuumed	1,785	1,886	1,780	7,607	8,582
	b) Purchases of stock-In-trade	2		1	9	9
	c) Changes In ln"Jentories of finished goods, work-ln-progreu and	71	(137)	355	367	(314)
	stock-ln-trade d) Employee benefits experue-		1,070		3,902
	e) Finance costs	970 1	1	899 2	4	3,448 12
	f) Depreciation and amortl51tion expenses	254	260	246	1,035	980
	g} Other expenses	1,432	1,360	1,355	5,287	5,328
		4,515	4,440	4,638	18,211	lll,045
	Less: Recovery of cost from co-development partner5 {net)	113)			(13)	(29)
	Total expenses	4,502	4,440	4,638	18,191	18,016
3	Profit btfore tax and exceptional Item (1-2:J	863	458	851	3,588	3,885
4	Exceptional lt'!ms [refer note 6, 7 and 10)			227		1,597
5	Profit before tax frDm continulnc operations (3 + 4)	863	458	1,085	3,588	5,482
6	Ta>C eXpense of contfnulna operations (refer note 6 and 71 # Profit for the period/year from continuing operations (5 • 6)	186	128	149	783	1,U9
7		677	330	936	2,805	.C,363
	Discontinued operations
8	Profit before tax for the period/year from d]SOlntinued operations frefer note 4(a)J					117
9	TillC expense of dlscontlnuad operations			(86)		71
10	Profit/ (loss) forthe period/year from discontinued operations (8-9)			16		46
11	Net profit for the petlod/year (7+101	fiT1	330	1,022	2,805	4,409
12	Other contpreheru(ft Into ma
	A (i) ltemsthatwtll not be reclass!fled to prof.tor loss	37	7	(18)	(11)	(70)
	{Ii) Income tax relatine: to Items that will not be redHslfled to profit or loss	(10)	(2)	2	6	40
	B (I) Items that will be reclassified to proflt or lens {li) Income tax relatlng to items that will be reclasslfled ta profit or loss	(21) 7	20 (7)	(56) 20	45 (16)	(73) 26
	Other cornprehenstw Income, nat of ta•es	13	18	(521	24	(71)
13	Total comorehanslve lnco,nefor the perlod/Vl!arfll+12)	690	348	970	2,829	4,332
14	Paid-up equlty 1hare c1pltal (Face value of Rs. 5 each)	6,000	6,000	6,000	6,000	6,000
15	Reserves I.e. Other equity				73,071	69,373
16	Earnings per share (of Rs. 5 each)
	From cont1nutng upen.llons			(not annualised) (not annualised) (not ;mnualisedl	(annuallsed)	{annualised)
	(a)Bas!c	0.57	0.28	0.79	2,36	3,68
	(b) Diluted	0.57	O.l~	0.79	2,34	3.67
	From dlscgntlnued Dperatfons
	(a) Basic (b) Diluted	-		0.07		0.04
				0.07		0.04
	From tohl operations
	(a)Baslc	0.57	0,28	0.86	2.36	3.72
	(b) Diluted	0.57	0.28	0,86	2.34	3.71
	# Includes credit for rever.sal of tax provtston for earlier years amounting to Rs. 38 for
	the quarter ended March 31, 2021 and Rs. 278 for the vear ended March 31, 2021
	See accompanying notes to the financial results

BIOCON LIMITED CIN: U4234KA1978PLC003417 Website: www.blocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 STANDALONE BALANCE SHEET

{Rs. In MIiiion)

	Asat Mar!il:J 31, 2021 (Audited)	Asat March 311 2020 (Audited)
A ASSETS 1 Non-current assets
(a) Property, plant and equipment	6,691	6,590
(b) Capital work-In-progress	1,646	1,519
(c) Right-of-use asset	391	396
(d) Investment property	695	725
(e) Other intangible assets	204	221
(f) Intangible assets under development	146
(g) Financial assets Investments	50,734	48,140
Loans		1,567
Other financial assets	704	193
(h) Income tax asset, net	887	712
(i) Deferred tax asset, net	1,464	1,795
(JI Other non-current assets	482	413
Total non-current assets	64,044	62,271
2 Current assets
(a) Inventories	4,309	5,347
(b) Financial assets
Investments	3,393	1,388
Trade receivables Cash and cash equivalents	5,880 2,535	5,732 3,750
Other bank balances	3,477	3
Loans		1,006
Other financial assets	1,397	2,640
(c) other current assets	702	971
Total current assets	21,693	20,837
TOT Al· ASSETS	85,737	\ 83,108
8 EQUITY AND LIABILITIES
1 Equity
(a) Equity share capital	6,000	6,000
(b) Other equity Total Equity	73,071 79,071	69,373 75-,373
Z Non-current liabilities
(a) Financial liabilities
Lease liabilities	12	26
Borrowings		7
Other financial liabilities	144	26
(bl Provisions	263	214
(c) Other non-current liabilities Total non-current liabilitles	745 1,164	182 455
3 Current liabilities
(a) Financial liabilities
Lease liabilities Trade payables	12	4
- Total outstanding dues of micro and small enterprises	198	75
- Total outstanding dues of creditors other than micro and small	3,522	5,137
enterprises
Other financial liabilities	455	720
(bl Provisions	255	244
(c) Current tax liabilities, net	872	848
(d) Other current liabilities	188	252
Total current llabilities TOTAL- EQUITY AND LIABIUTIES	5,502 85,737	7,280 B3,108

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

			!Rs. In MIiiion)
		Year ended	Year ended
		March 31,	March 31,
		2D21	2D20
I	cash flows from operating activities	(Audited)	(Audited)
	Profit for the year from continuing operations	2,805	4,363
	Profit for the year from discontinued operations		46
	Adjustments to reconcile l!roftt for tbg l£ear to net cash flows
	Depreciation and amortisation expense	1,035	1,030
	Unrealised foreign exchange (gain)/loss	106	(357)
	Share based compensation expense	388	273
	Provislon/(reversal of provision) for doubtful debts, (net)	-	(29)
	Interest expense	4	12
	Interest income	(288)	(262)
	Net (gain)/ loss on financlal Instruments measured at fair value through profit or loss	(32)	2
	Profit on property, plant and equipment sold, (net)	(16)	-
	Olvidend income from subsidiaries	-	(596)
	Net gain on sale of investments (including exceptional items)	{19)	(754)
	Tax expense Operating profit before changes In operating assets and liabilities	783	1,190
		4,766	4,918
	Movement in operating assets and liabilities
	Decrease/(increase) In Inventories	1,038	(1,449)
	Decrease/(increase) In trade receivables	(256)	1,844
	Decrease/(increase) In other assets lncrease/(decrease} in trade payable, other liabilities and provisions	1,707 (929)	(1,157) 622
	Cuh generated from operations	6,326	4,778
	Income taxes paid (net of refunds)	(613)	(907)
	Net c:ash flow generated from operating activities	5,713	3,871
II	cash flows from Investing activities Purchase of Property, plant and equipment	(1,477)	(1,953)
	Purchase of other Intangible assets	(151)	(36)
	Proceeds from sale of Property, plant and equipment	96	66
	Proceeds from sale of other intangible asset	16
	Loan given to subsidiaries	(5,750)	(2,606)
	Recovery of loans from subsidiaries	2,390	472
	Purchase of investments	(24,832)	(49,785)
	Proceeds from sale of current Investments	24,039	31,999
	Proceeds from sale of investments in subsidiary	5,000	11,070
	Investment in bank deposits and inter corporate deposits	(7,324}	(800)
	Redemption/maturity of bank deposits and inter corporate deposits	800 -	1,000
	Proceeds from sale of business Interest received	81	7,675 173
	Dividend received on investments In subsidiaries	-	596
	Net cash flow used in Investing activities	(7,112)	(2,129)
Ill	Cash flows from financing activities
	Purchase of Treasury shares Exercise of share options	(93) 399	(293) 318
	Repayment of long-term borrowings	(7)	(668)
	Dividend paid on equitv shares including tax thereon	-	(601)
	Payment for bonus issue expense	-	(13)
	Repayment of principal portion of lease liabilities	(21)	(25)
	Interest paid	-	(7)
	Net c:ash flow cenerated from/(used In) financing activities	278	(1,289)
IV	Net Increase In cash and c:ash equivalents (I+ II+ UI)	(1,121}	4S3
V	Effect of exchange differences on cash and cash equivalents neld in foreign currency	(94)	240
VI	Cash and cash equivalents at the beginning of the year	3,750	3,057
Vii	cash and cash equivalents at the end of the year (IV+ V + VI)	2,535	3,750
	Retoncillation of cash and cash equivalents as per statement of cash flow Cash and cash equivalents
	Balances with banks • on current accounts	2,530	3,142
	- on unpaid dividend accounts	5
	Deposits with original maturity of less than 3 months
		2,535
	Balance as per statement of cash flows	2,535

⁸© 600 3,750 Q;J . ,; 3,7SO * -; <9~nga\o\e.

						(Rs. In Million, exceot per equity share data)
SI.No.	Particulars	3months ended	.i months anded	3 months ended	Year ended	Pre'JI0U5 Year ended
		31.03.2021 !Audited)	31.12.2020	31.03.2020 (Audited)	31.03.2021	31.03.2020
		(Refer note 16)	(Unaudited)	(Refer note 161	(Audited)	(Audited)
	Continuing operations
1	Income Revenue from operations	18,387	18,510	15,575	71,058	63,005
	other Income [refer note 14)	2,054	279	631	2,545	1,614
	Total Income	20,441	18,789	16,206	73,603	64,619
2	Expenses
	a) Cost of material consumed b) Purthases of stock.-in-trade	6,191 264	6,608 115	5,192 219	24,302 684	21,049 854
	c) Changes In Inventories of finished good.s, work-In-progress and stock-In-trade	(699)	(1,124)	92	(2,901)	(2,008)
	d) Employee benefits expense	4,521	4,633	3,884	17,410	14,588
	e) Finance costs f} Oepreciat1on and amortisation expenses	339 1,843	48 1,863	168 1,524	577 7,151	649 5,522
	g) Other expenses	4,740	5,165	4,090	18,544	15,949
		17,199	17,308	15,169	65,767	56,603
	Less: Recovery of cost from co-development partners (net)	(988)	(8821	(1,088)	(3,5071	(3,458)
	Total expenses	16,211	16,426	14,0111	&2,260	53,145
3	Profit before share of profit of joint venture and associates, exceptional ttems and t (1-2)	4,230	2,363	2,U5	11,343	11,474
4	Share cf profit/ (loss) of joint venture and associates, net	(695)			(695)	-
s	Profit before exceptional Items and tax [3+4)	3,535	2,363	z,us	10,648	11,474
6 7	Exceptional Items (net) (refer note 8 and 13) Profit before tax from contfnulng aperatlan115 + &I	126 3,661	2,363	2,125	126 10,n4	675 12,149
8	Tax expense of contlnuln1 operations {refer note 4(1), 6, 7 and 81 #	694	489	450	2,215	3,151
9	Profit for the period/year from continuing opera dons (7 - 8)	2,967	1,874	1,675	8,559	8,998
10	Discontinuing operalloos [refer note 4 (bl) Share of loss 0f Joint venture and profit/ (loss) from discontinuing c,peration, net	(3)	(8)	(84)	(97)	(289)
11	l.OS.!11 for the perk,d/yur from cllsconUnulng operations	(3)	(8)	(14)	(971	(289}
12 13	Profit for the period/ year (9 + U) Other comprehenstve Income	2,964	1,866	1,591	8,462	8,709
	A (I) llems that wm not be reclassified to profit or loss (il) Income tax relating t(? items that wlll not be reclassttled to profit or loss	320 (28)	(70) 7	(119) 18	711 (48)	(992) 130
	B (I) Items that will be reclassified to proflt or lo.,s	751	504	(1,136)	1,842	(1,5191
	(HJ Income taX relildnc to ltems that will be rednsified to profit or foss	(132)	(lU)	367	(360)	497
	Other comprehensive income far the perfod / year, net of taxes	911	J29	(870)	2,145	(1,1184)
14	Total comprehensive Income for the a,erlod / year 110+ 111	3,875	2,195	721	10,607	6,825
	Profit al1rlbutable to:
	Shareholders of the CcJ111po1ny from continuing operations Shareholders of the Company from discontinuing operation	2,535	1,694	1,318 (84)	7,502 (97)	7,771
	Non~ontrolllne: Interest	(3) 432	(8) 180	357	1,057	(289J 1,227
	Profit for the period/ year	2,964	1,866	1,591	•• ~62	8,709
	Other comprehensive lncame attributable to:
	ShareholdeB of the Company	819	209	1471)	1,582	(1,314)
	Non--controlllng Interest Other comprehensive Income for the period/ year	92 911	120 329	(399) (870)	563 2,145	(5701 (1,884)
	Total comprehensive rncome attrlbut.ilble lo;
	Shaf"ll!!holders of the Compiny Non" <ontrollln1 interest<="" td="">	3,351 524	1,895 300	763 (42)	8,987 1,620	6,168 657	3,351 524	1,895 300	763 (42)	8,987 1,620	6,168 657
	Total comorehanslve lntome for the uerlod/ year	3,875	2,195	721	10,607	6,825
15 16	Paid-up equity share capital (Face value of Rs. 5 each) Reserves i.e. Otherequity	6,000	6,000	6,000	6,000 70,269	6,000 61,058
17	Eamlnp per share lof Rs. s each)			(not annualised) (not annualised) (not annuall,edJ	(annuaused)	(annualised)
	from conllnulng operation! l•JBasic	2.13	1.43	1.11	6.32	6.56
	(b) DIiuted	2.12	1.41	1.11	6.27	6.54
	From discontJnufng operations
	(a) Basic (bJ Ollutod	-	(0.01) (0.01)	(0.07) (0.07)	(0.08) (0.08)	(0.241 (0.24)
	From total operations
	(a) Basic	2.13	1.42	1.04	6.24	6.32
	(b) DIiuted	2-12	1.40	1.04	6.19	6.30
	# Includes credit for reversal of tax provision for earlier years amounting to Rs. 38					6~r\
	for the quarterende.d Miirth 31, 2021 ,met Rs. 395 fOf the year ended March 31. 2021

^~lb ~ ^Q ~lore ,tic

BIOCON LIMITED CIN: l24234KA1978PLC003417 Website: www.biocon.com Registered office: 20th KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE - 560 100 CONSOLIDATED BALANCE SHEET

	MM. March 31. 2021 (Audited)	Arn. M arch 31, 2020 (Audited)
A ASSETS
1 Non-current assets
{a) Property, plant and equipment	55,573	53,932
(bl Capital work-in-progress	22,535	15,765
(c) Right-of-use assets	1,533	1,283
(d) Goodwill	264	264
(el Other Intangible assets	6,269	4,232
(f) Intangible assets under development (g) Investment in associates and a joint venture	5,467 1,795	6,195
(hl Financial assets		142
Investments	5,637	943
Derivative assets	656	257
Other flnancial assets	2,009	564
(i) Income tax asset, net	2,648	2,417
U) Deferred tax asset, net	3,0n	3,680
(k) Other non-current assets	1,756	1,514
Non-(:urrent assets	1,09,219	91,188
Z Current assets
(al Inventories	18,666	14,359
(bl Financlal assets
Investments	12,087	B,576
Trade receivables	12,176	12,237
Cash and cash equivalents	9,531	9,101
Other bank balances	10,623	885
Derivative assets	833	194
Other financial assets	7,928	4,503
(cl Other current assets (d) Assets held for sale	3,638 522	3,395
current assets	76,004	53,250
TOTAL -ASSETS	1,85,223	1,4!1,438
8 EQUITY AND LIABILITIES
1 Equity
(a) Equity share capltal	6,000	6,000
(b) Other equity Equity attributable to owners of the Company	70,269 76,269	61,058 67,058
Non-controlling interests	8,807	6,773
Total Equity	85,076	73,831
2 Non-current liabllltles
(a) Financial liabilities
Borrowings	29,616	12,222
Lease liabilities	1,141	831
Derivative llabillties	618	1,461
Other financial liabilities	15,033	5,363
(b) Provisions	1,062	858
(cl Deferred tax liability, net	323	298
(d) Other non~urrent liabilities Non-current liabilities	10,253 58,046	9,494 30,527
3 Current liabilities
(al Financial liabilities
Borrowings	5,942	6,676
lease liabilities Trade payables	84	68
- total outstanding dues of micro and small enterprises	no	381
- total outstanding dues of creditors other than micro and small enterprises Derivative llabilitles	14,369 260	12,870 n1
Other financial llabllltles	11,844	12,079
(bl Provisions	1,094	1,030
(cl Current tax liabilities, net	1,524	1,279
(d) other wrrent liabilities	5,810	4,976
(el liabilities dlrectly associated with assets held for sale	404
Current llabilltles	42,101
TOTAL· EQUllY AND UABII.JTIES	1,85,223

(Rs. In Million)

BIOCON LIMITED CIN: L24234KA197BPLC0D3417 Website: www.biocon.com Registered office: 20TH KM HOSUR ROAD, ELECTRONIC CITY P.O., BANGALORE-S60100 SEGMENT DETAILS OF AUDITED CONSOLIDATED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

						(Rs. in Million}
		3 months	3 months	3 months	Year	Previous Year
	Particulars	ended	ended	ended	ended	ended
		31.03.2021	31.12.2020	31.03.2020	31.03.2021	31.03.2020
		(Audited)		(Audited}
		(Refer note 16)	(Unaudited}	(Refer note 16)	(Audited)	(Audited)
	Segment revenue	5,775	5,607	5,622	23,359
a.	Generics				28,002	22,070
b.	Biosimilars	6,636 -	7,689 -	4,332 -	-	23,151 -
c.	Novel Biologics (refer note 14)	6,586	5,845	6,073	21,843
d. Total	Research services	18,997	19,141	16,027	73,204	20,119 65,340
	Less: Inter-segment revenue	(610)	(631)	(452)	(2,146)	(2,335)
	Net sales / Income from continuing operations	18,:l87	18,510	15,575	71,058	63,005
	Segment results
	Profit before tax from each segment
a.	Generics	727	541	711	3,012	3,384
b.	Bloslmilars	684	1,106	(56)	3,652	4,278
c.	Novel Biologics (refer note 14)	814	(514)	(181)	(204)	(1,041}
d.	Research services	1,572	1,165	1,530	4,342	4,456
Total		3,797	2,298	2,004	10,802	11,077
Less:	Other un-allocable expenditure/ (income), net	262	(65)	(121}	154	(397)
	Profit before tax and before exceptional items	3,535	2,363	2,125	10,648	11,474
	Segment assets
a.	Generics	46,244	49,409	38,697	46,244	38,697
b.	Biosimilars	90,180	87,985	69,942	90,180	69,942
c.	Novel Biologics (refer note 14)	1,795	990	743	1,795	743
d.	Research services	48,832	45,102	41,612	48,832	41,612
		1,87,051	1,83,486	1,50,994	1,87,051	1,50,994
e.	Unallocable Total segment assets	(1,828) 1,85,223	(6,619) 1,76,867	(6,556) 1,44,438	(1,828) 1,85,223	(6,556} 1,44,438
	Segment llablllties
a.	Generics	8,973	9,803	10,341	-8,97~	10;341
b.	Biosimilars	74,232	72,227	46,000	74,232	46,000
c.	Novel Biologics (refer note 14)	-	2,643	1,477	-	1,477
d.	Research services	20,618	18,934	19,875	20,618	19,875
		1,03,823	1,03,607	77,693	1,03,823	77,693
e.	Unallocable	(3,676)	(7,781)	(7,086)	(3,676)	(7,086)
	Total segment liabilities	1,00,147	95,826	70,607	1,00,147	70,607
	Capital employed
a.	Generics	37,271	39,606	28,356	37,271	28,356
b.	Biosimilars	15,948	15,758	23,942	15,948	23,942
c.	Novel Biologics (refer note 14)	1,795	(1,653)	(734)	1,795	(734)
d.	Research services	28,214	26,168	21,737	28,214	21,737
		83,228	79,879	73,301	83,228	73,301
e.	Unallocable	1,848	1,162	530	1,848	530
	Total capital employed	85,076	81,041	73,831	85,076	73,831

BIOCON LIMITED CIN: L24234KA1978PLC003417 Website: www.bloton.com Registered office: 20111 KM HDSUR ROAD, ELECTRONIC CITY P.O., BANGALORE• 560 100 CDNSOUDATED STATEMENT OF CASH FLOWS

(Rs. In MIiiion)

	Year ended	Year ended
Particular>	Marth 31 2021	March 31, 2020
	(Audited)	(Audited)
I Cash flows from operating activities
Profit for the year from continuing operations	8,559	8,998
Proflt/ (loss) far the year from discontinuing operations	(97)	{289)
AcUustments to reconcile prgfrt for the year to net cash flows
Depredation and amortisation expense	7,151	S,522
Tax expense	2,215	3,151
Unrealised foreign exchange (galn)/loss	9	(445)
Share-based compensation expense	1,060	653
Provlslon/(reversal) of doubtful debts. net		(3)
Bad debts written off	17	1
Interest expense	577	649
Interest income	(770)	{824)
Net loss/ (gain) on financial assets measured at fair value through profit or loss	(29)	2 (87)
Net caln on sale of current investments Loss/(profit) on sale of property, plant and equipment (net)	(84) 73	u
Gain on dilution of Interest In a substdla,y	(1,597)
Share of loss of joint venture/ associates	794	289
Proceeds from Insurance company	245	970
Exceptional Items, net	(350)	(675)
Operating profit before changos In operating assets and liabinties	17,773	17,923
Movement in operating assets and Uabllltles
Decrease/(increase) in inventories	(4.454)	(3,806)
Decrease/Oncrease) in trade receivables	{724)	1,644
Oecrease/(increase) in other assets	(2,162)	{3,556)
lncrease/(decrease) in trade payable, other llabilltles and provisions cash generated tram aperations	3,102 13,535	4,067 16,272
Income taxes paid (net of rafunds)	(1,938)	13,441)
Net cash flow generated from aperatlng activities	11,597	12,831
II Cash flows from Investing activities
Purchase of property, plant and equipment	(15,169)	(16,042)
Purchase of Intangible assets	(2,294)	(2,323)
Proceeds from sale of property, plant and equipment Purchase of Investments	96 (68,433)	71 (57,078)
Investment in unsecured compulsorily convertible debentures		(100)
Proceeds from sale of current Investments	62,763	57,783
Investment in bank deposits and inter corporate deposits	(28,559)	(13,692)
Redemption/ maturity of bank deposits and Inter corporate deposits	15,717	14,831
Decrease In cash arising from loss of control	(1,020)
Interest received Net cash flow used in investing activities	652 {36,Z47)	961 (15,589]
Ill Cash flows from fln nclng 1ctlvltles
Purchase of treasury shares Proceeds from exercise of share options	(93) 407	(293) 318
		5,363
Proceeds from Issuance of shares by subsidiary, net of expense	7,663
Proceeds from issuance of non convertible debentures by subsidiary Proceeds from issuance of optionally convertible debentures by subslldary	2,000 11,016
Proceeds from long-term borrowings	13,553	2,667
Repayment of long-term borrowings	(7,336)	(6,196)
Proceeds/ (Repayment) of short-term borrowings (net)	(345)	3,715
DMdend paid on equity shares Including tax thereon		(701)
Payment for bonus Issue expenses		(25)
Repayment of lease nabHities, net	(65)	(60)
Interest paid	(1,160)	(912)
Net cash flow generated from flnancins activities	25,640	3,876
IV Net Increase/ (decrease) In cash and cash equivalents (I+ II+ Ill}	990	1,118
V Effect of exchanse differences on cash and cash equivalents held in foreign currency	71	536
Vi cash and cash equivalents at the beginning of the year	8,247	6,593
VII cash and cash equivalents classified as held for sale	(3381
VIII cash and cash equivalents at the end of the year (IV+ V + Vl+vtl)	8,970	8,247
Reconctllatlon of cash and cnh equivalents as per st,otoment of cash flows Cash and cash equivalents
Balances wlth banks • on current accounts	9,372	8,440
- on unpaid dMdend accounts	5	8
Deposits with otiginal maturity of le,s than 3 m ooths	154	653
	1------(""-56""1_ 1 ___ 9,531	9,101	=l~ _
cash credits		~(""';85-"'i4l	{\ Li- /
Balance as per statement of cash flows
	,,
			*Ll0

Audited financial results for the quarter and year ended March 31, 2021

Notes:

• 1. The audited standalone and consolidated financial results for the quarter and year ended March 31, 2021 in respect of Biocon 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, 2021. 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 Biocon Limited and the financial results of the following subsidiaries:
• i. Syngene International Limited ('Syngene')
• ii. Blocon Biologics Limited ("BBL") (formerly known as 'Biocon Biologics India Limited')
• iii. Biocon Pharma Limited
• Iv. Blocon Academy
• v. BloconSA
• vi. Blocon 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 SON. BHD (formerly known as 'Biocon Healthcare SON. BHD'}
• xi. Bicara Therapeutics Inc. (Upto January 09, 2021)
• xii. Blocon Pharma Ireland Limited
• xiii. Biocon Pharma UK Limited
• xiv. Biocon Biosphere Limited
• xv. Biocon Biologics Inc.
• xvi. Biocon Biologics Do Brasil Ltda
• xvii. Blocon Biologics FZ-LLC
• xviii. Biocon Pharma Malta Limited
• xix. Biocon Pharma Malta I Limited
• xx. Biofuslon 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 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"), if any under the equity method.

• 1. Discontinued/ Discontinuing operations:
• (a) Consequent to the approvals received from the Board of Directors on October 26, 2017 and from the shareholders on December 07, 2017, the Company has transferred the business undertaking related to manufacturing and commercialisation of Biosimilars, Insulins and drug substance manufactured In the GPP facility under the Biosimilars segment of the Group on a going concern basis by way of slump sale to BBL effective May 01, 2019 for a consideration of Rs 7,054 million.

Audited financial results for the quarter and year ended March 31, 2021

Also, consequent to the approval received from the Company's Board of Directors on June 17, 2019, the Company transferred Branded Formulations (BFI) business on a going concern basis by way of a slump sale to BBL effective August 01, 2019 for a consideration of Rs 621 million. Gain on disposal of assets / liabilities amounting to Rs 121 million which is exceptional in nature has been disclosed under the discontinued operations.

Consequential tax impact of Rs 44 million has been recorded for year ended March 31, 2020 in the standalone and consolidated financial results which is included within tax expense.

Accordingly, results of Biosimilars and BFI business for the year ended March 31, 2020 has been disclosed as discontinued operations in the standalone results.

The above slump sale of Biosimilars and BFI businesses to BBL did not have any material Impact on the consolidated financial results.

• (b) Pursuant to the approval of the Board of Directors on May 14, 2020, the Group is in process of disposing off its interest in the JV entity and related UAE operations. Accordingly, share of profit/ (loss) from the JV and results of its related business have been disclosed as discontinuing operations in the consolidated financial results.
• 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.

Effective April 01, 2020, the Group pursuant to Its internal restructuring process, implemented operational changes in how its CODM evaluates Its businesses, including resource allocation and performance assessment. As a result of these changes, the Group now has four operating segments, representing the individual businesses that are managed separately under the new structure. The Group's new reportable segment are as follows; Generics, Biosimilars, Novel Biologics ("Novels") and Research services ("Research"). The Group has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segments had no Impact on the Group's historical consolidated statements of profit and loss, balance sheets or statements of cash flows.

• 1. During the year ended March 31, 2020, pursuant to group entities restructuring the Company sold its Investment In the equity shares of Biocon Biologics UK Limited, United Kingdom (BUK), a wholly owned subsidiary to BBL for a consideration of Rs 10,810 million and received dividend of Rs 456 million from BUK. Gain arising from such sale of equity shares, including dividend income, amounting to Rs 820 million is recorded as an exceptional item In the standalone financial results. Consequential tax of Rs 166 million is Included within tax expense from continuing operations in standalone and consolidated financial results.
• 1. During the year ended March 31, 2020, the Company entered into a License Agreement with Bicara, a subsidiary, pursuant to which the Company has granted a license to develop, manufacture and commercialize fusion proteins. Gain on such licensing of Rs 550 milllon has been recorded as an exceptional income in the standalone financial results of the Company. Consequential tax impact of Rs 192 million has been recorded in the standalone and consolidated financial results which Is included within tax expense.
• 1. Pursuant to a fire incident on December 12, 2016 at Syngene, certain fixed assets, inventory and other contents in one of the buildings were damaged. Syngene lodged an estimate of loss with the insurance company and the survey is currently ongoing. Syngene had recorded a loss of Rs 1,057 million arising from such incident and also recognized a minimum insurance claim receivable for equivalent amounts in respective periods till March 31, 2020. Syngene has received the disbursement approval of Rs 2,120 ml Ilion from the insurance company against the loss till March 31, 2021. The aforementioned receivable and the

Audited financial results for the quarter and year ended March 31, 2021

disbursement approval from the Insurance claim has been presented on a net basis as Rs. 350 million and Rs. 713 million for the year ended March 31, 2021 and March 31, 2020 respectively under Exceptional items In these financial results. Consequential tax of Rs. 122 million and Rs. 254 million is included within tax expense in financial results for the year ended March 31, 2021 and March 31, 2020 respectively. Further non-controlling interest of Rs 68 million and Rs 137 million is included within non-controlling interest in consolidated financial results for the year ended March 31, 2021 and March 31, 2020 respectively.

As at March 31, 2021, Syngene has receivable of Rs. 105 million (March 31, 2020: Rs Nil) from the insurance company against the approved disbursements and the same has been recorded as amount recoverable from the insurance company.

In addition, Syngene is In the process of determining its final claim for loss of fixed assets and Business Interruption and has accordingly not recorded any further claim arising therefrom at this stage.

• 1. On April 01, 2019, the Board of Directors of the Company approved a scheme of Amalgamation ('the Scheme') of Biocon Research Limited ("BRL"), a wholly owned subsidiary, with Biocon Biologics Limited ("BBL"), a subsidiary, with an appointed date of April 01, 2019. During the quarter and year ended March 31, 2020, Bengaluru Bench of National Company Law Tribunal ("NCL T") has approved the scheme. The Company received 3,106 equity shares of Rs. 10 each of BBL for every 1 equity shares held in BRL resulting in the Issue of 155,300,000 equity shares of Rs. 10 each. The merger did not have any material impact on the standalone and consolidated financial results.
• 1. During the year ended March 31, 2020, Biocon Limited Employees Welfare Trust ("RSU Trust") sold 812,249 equity shares of Syngene in the open market. Pursuant to consolidation of the RSU trust with standalone financial results, such gain arising from sale of equity shares of Syngene amounting to Rs 259 mlllion has been recorded as exceptional item in the standalone financial results.
• 1. During the quarter ended September 30, 2020, the Group has entered into an agreement with Tata Capital Growth Fund II ('Investor) whereby the Investor has 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 has entered into an agreement with Beta Oryx Limited ('Investor) whereby the Investor has 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 llability towards gross obllgation in the consolidated financial statements in accordance with the Indian Accounting Standards (Ind AS).

1. During the quarter ended December 31, 2020, BBL has entered into an agreement with Goldman Sachs India AIF Scheme-l('lnvestor') whereby the Investor has infused Rs.11,250 million against issuance of Optionally Convertible Debentures. The debentures are issued for a tenor of 61 months, are 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 have been 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 has been bifurcated into financial liability and equity in the consolldated financial statements.

Audited financial results for the quarter and year ended March 31, 2021

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

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 implications thereof and determined that these changes have resulted in cessation of control over the subsidiary.

Accordingly, following the principles in lndAS 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 1,647 million. Such gain has been disclosed as Other Income in the consolidated financlal results for the quarter and year ended March 31, 2021. Effective the current quarter, the Group wlll account for its investments in Bicara using the equity method as it continues to have significant Influence over the Investee.

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, 2021 and March 31, 2020 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 and 5 above.

For and on behalf of the Board of Directors of Biocon Limited

Bangalore, April 28, 2021

KIRAN ~ii~~1 Z!:i~:o'ZR MAZUMDAR SHAW SHAW ~~::² ~~! Kiran Mazumdar-Shaw Executive Chairperson

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 ) for the year ended 31 March 2021 attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities 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 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ( SAs ) specified under Section the As are further described in 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 we have obtained, is sufficient and appropriate to provide a basis for our opinion on the standalone annual financial results.

Standalone Annual Financial Results

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

(continued)

Standalone Annual Financial Results (continued)

The 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. 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 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, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the 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 is responsible for overseeing the financial reporting process

Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are 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.

Standalone Annual Financial Results (continued)

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone 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 A 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 A 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 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 standalone annual financial results include the results for the quarter ended 31 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 B S R & Co. LLP Chartered Accountants umber: 101248W/W-100022

S Sethuraman

Partner Membership Number: 203491 UDIN: 21203491AAAACJ6795

Chennai 28 April 2021

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 associates and its joint venture for the year ended 31 March 2021, attached herewith, 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)

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 information of a subsidiary and joint venture, the aforesaid consolidated annual financial results:

• a. include the annual financial results of the following entities
• i. Biocon Limited
• ii. Syngene International Limited
• iii. (former Biocon Biologics India Limited
• iv. Biocon Biologics UK Limited (former Biocon Biologics Limited
• v. Biocon Pharma Limited
• vi. Biocon Academy
• vii. Biocon SA
• viii. Biocon SDN. BHD
• ix. Biocon FZ LLC
• x. Biocon Pharma Inc.
• xi. Biocon Biologics Healthcare SDN. BHD (formerly Biocon Healthcare SDN. BHD
• xii. Syngene USA Inc.
• xiii. Biocon Pharma UK Limited
• xiv. Biocon Pharma Ireland Limited
• xv. Bicara Therapeutics Inc.
• xvi. Biocon India Limited Employee Welfare Trust
• xvii. Biocon Limited Employees Welfare Trust
• xviii. Syngene International Limited Employees Welfare Trust
• xix. Biocon Biosphere Limited
• xx. Biocon Biologics Inc.
• xxi. NeoBiocon FZ LLC
• xxii. Iatrica Inc.
• xxiii. Biocon Biologics Do Brasil LTDA
• xxiv. Biocon Biologics FZ-LLC
• xxv. Biocon Pharma Malta Limited
• xxvi. Biocon Pharma Malta I Limited
• xxvii. Biofusion Therapeutics Limited

Opinion (continued)

• 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 2021.

Basis for Opinion

We conducted our audit in accordance with the S described in the section of our report. We are independent of the Group, its associates and its joint venture in accordance 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 obtained by us along with the consideration of audit reports of the other auditors referred to in sub for our opinion on the consolidated annual financial results.

Results

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

ement and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ 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 of its associates and joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions 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 Directors of the Holding Company, as aforesaid.

Results (continued)

In preparing the consolidated annual financial results, the Management and the respective 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 alternative but to do so.

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

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 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 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 consolidated 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 consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the or conditions may cause the Group and its associates and joint venture to cease to continue as a going concern.

Report (continued)

(continued)

• 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 results/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 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

We communicate with those charged with governance of the Holding Company and such other entities 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 SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

(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. 31,976 million as at 31 March 2021, total revenue (before consolidation adjustments) of Rs. 5,309 million and total net loss after tax (before consolidation adjustments) of Rs. 2,481 million and net cash inflows of Rs 172 million for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their independent auditor. The consolidated consolidation adjustments) of Rs. 99 million for the year ended 31 March 2021, as considered in the consolidated annual financial results, in respect of a joint venture, whose financial statements/ financial information have been audited by their respective independent auditor. The financial statements/ financial information of the subsidiary and joint venture both incorporated outside India 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 whose reports have been furnished to us by the statements/financial information of the subsidiary and a joint venture both incorporated outside India from accounting principles generally accepted in their respective countries to accounting principles generally accepted in India. We have audited these conversion adjustments, if any made Management. Our opinion in so far as it relates to the balances and affairs of such subsidiary and joint venture both incorporated outside India is based solely on the reports of other auditors and the conversion adjustments, if any prepared by the Management of the

Other Matters (continued)

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.

(b) The consolidated annual financial results include the results for the quarter ended 31 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 B S R & Co. LLP Chartered Accountants 101248W/W-100022

S Sethuraman Partner Membership Number: 203491

UDIN: 21203491AAAACK6924

Chennai 28 April 2021

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