Biocon Ltd. — Investor Presentation 2022

Nov 15, 2022

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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

November 15, 2022

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

Dear Sir/Madam,

Subject: Investor Presentation – Q2 FY23.

With reference to the captioned subject, please find enclosed the Investor Presentation under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”).

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

Kindly take the above said information on record.

Thanking You,

Yours faithfully,

For Biocon Limited

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Digitally signed
MAYA by MAYANK
VERMA
NK Date:
2022.11.15
VERMA 11:27:59
+05'30'
_______
Mayank Verma
Company Secretary & Compliance Officer
Membership No.: ACS 18776
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Enclosed: Investor Presentation

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Q2 FY23 Investor Presentation

November 2022

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Classified as Public

1

B I O C O N L I M I T E D

Safe Harbor Statement

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Certain statements in this release concerning our future growth prospects are forward-looking statements, which are subject to a number of risks, uncertainties and assumptions that could cause actual results to differ materially from those contemplated in such statements. factors that could cause actual results to differ from our forward-looking Important materially expectations include, amongst others general economic and business conditions in India, our ability to successfully implement our strategy, our research and development efforts, our growth and expansion plans and technological changes, changes in the value of the Rupee and other currencies, changes in the Indian and international interest rates, change in laws and regulations that apply to the Indian and global biotechnology and pharmaceuticals industries, increasing competition in and the conditions of the Indian biotechnology and pharmaceuticals industries, changes in political conditions in India and changes in the foreign exchange control in India. Neither the nor its directors and of the affiliates have to or regulations company, any any obligation update otherwise revise statements circumstances after this date or to reflect the occurrence of any reflecting arising underlying . events, even if the underlying assumptions do not come to fruition

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B I O C O N L I M I T E D

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The Biocon Manifesto

As a committed stakeholder of the global health agenda under the UN Sustainable Development Goals (SDGs), Biocon has drawn up a manifesto to deliver on its commitment to universal healthcare.

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accessibility

• Use our science, scale and expertise to enhance access to essential drugs for patients on the lowest rung of the economic ladder

• Uncover new medical insights aimed at expanding the scope of therapy to address unmet needs

availability

• Build strategic global and regional partnerships to make high-quality biopharmaceuticals available to the maximum number of people

• Create a robust portfolio of ‘blockbuster’ drugs with the potential to benefit a billion patients

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affordability

• Focus on the kind of innovation that adds the condition of affordability to accessibility

• Bring competition for expensive innovator medicines through our generics and biosimilars

assurance

• Demonstrate the highest levels of ethics, compliance and governance

• Assure continuous supply of high-quality products conforming to international regulatory standards

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B I O C O N L I M I T E D

The Biocon Value Creation Journey

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1978- 2000- 2005-
1999 2004 2009
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2000201020162019 & 1999 2004 2009 2015 2018 Beyond An Transforming Building the Base Strategic Global Commercialized Poised for Enzymes into a Business and Alliance with Mylan Biosimilars for Global Impact Company Biopharma Expertise in for Biosimilars Diabetes & with Company Biologics Expanded (2013) Cancer in Japan, Biosimilars U.S., EU Successful IPO, Enzymes Business Generic Global Partnership Investments in Biocon listed in Divested (2007) Formulations with Sandoz for complex India (2004) Business Unit set up Next-Gen Generic Global Development (2013) Biosimilars (2018) Formulations of Biosimilars in Partnership with IPO of Syngene Mylan (2009) (2015)

Unwavering focus through the years on research and innovation to create tangible differentiators for sustainable growth

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B I O C O N L I M I T E D

Biocon Today: Strategically poised for a strong global play

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Rs. 8,397 Cr | $1.1bn Revenue*

~15,000 Total Employees*

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~1,300 Patents*

50+ cGMP approvals from International regulatory agencies

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Ranked 5 Among Top 10 Global Biotech Employers by Science magazine

120+ Countries where our products are available

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* FY22

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B I O C O N L I M I T E D

TransformAction : Transforming Sustainability at Biocon through Action

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PEOPLE

SOCIAL

ENVIRONMENT

PATIENT

• 5.3M patients reached through biosimilars

• Top 5 among global pharma & biotech employer since 2012

• Published Human Rights Policy

   - 58% electricity came from green power
  

  • Rs. 11 Crore in CSR Spend

• Recognized by UN Women for efforts to promote diversity

• 13% revenue in gross

• 100% waste water recycled & reused

• R&D spend (Ex Syngene)

• 120+ students graduated from Biocon Academy

• 118K tCO2 GHG offset

• 13% increase in women in workforce

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Published 1[st] GRI aligned ESG & BRSR Report for FY22

Featured for 1[st] time Improved score in 2021 in Emerging of ‘B’ in 2021 in Markets Index with a Climate Change score of 45; among & Water Security top 15 in India

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STAKEHOLDER

• Board Committees, policies for global governance

• Published 1st Tax Policy & Transparency Report, Supplier Code of Conduct

Secured ‘Bronze’ place, improved score of 52 in 2021

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Click here to view our 1[st] ESG Report FY22

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B I O C O N L I M I T E D

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Business Segments

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B I O C O N L I M I T E D

Growth Verticals: Aligned With Shifting Paradigms

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From pipeline to production, from drug discovery to drug delivery, we bring differentiated, high-quality and affordable healthcare products & services globally.

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Ensuring Expanding Pushing Partnering to
access through access through scientific deliver
quality, innovative, boundaries to innovative
affordability, inclusive deliver scientific
reliability healthcare impactful solutions
solutions innovations
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B I O C O N L I M I T E D

Generics : API – the building blocks

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B U S I N E S S O V E R V I E W

Among world’s largest manufacturers of statin & immunosuppressant APIs; leadership in Fermentation based APIs

Expertise in fermentation technology, large scale chromatography & synthetic chemistry

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G R O W T H D R I V E R S A C R O S S S T R AT E G I C P R I O R I T I E S

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• Expanding beyond fermentation-based APIs (e.g. peptides, potent APIs)

• -

• Investing in R&D

• continuous manufacturing, bio transformation

• Expanding in select key markets

Balanced portfolio across cardiovascular, anti-diabetes, immunosuppressants, high potent API & few niche molecules for hospitals/institutions

Consistent quality compliance & regulatory approvals track record - U.S. FDA, EMA, TGA Australia, Health Canada, Cofepris Mexico

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• Augmenting capacities & capabilities:

• Immunosuppressants (Vishakhapatnam)

• Synthetic API (Hyderabad)

• Additional fermentation capacities (Bengaluru)

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• Large customer acquisitions

• • De-risking dependence for critical intermediates

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~$65b Global Generic API Market Size 2022E*

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40+

APIs

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700+ API customers

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75+

Countries served by API across US, Europe & large emerging markets

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5 Facilities in India

*Source: Global Industry Analysts Inc.’s ‘Active Pharmaceutical Ingredients (API) - Global Market Trajectory & Analytics’ Report, March 2022

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B I O C O N L I M I T E D

Generics : Forward integrating to Generic Formulations

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B U S I N E S S O V E R V I E W

G R O W T H D R I V E R S A C R O S S S T R AT E G I C P R I O R I T I E S

Leveraging in-house API expertise to forward integrate and move up the value chain

Portfolio across therapeutic segments – CVS, Metabolics, Oncology, Immunology & Auto-immune indications

Development pipeline includes oral solids (potent & nonpotent), topical, parenteral & device dependent products

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• Expanding portfolio through

• Vertical integration &

• In-licensing strategy

• Adding capabilities

• injectable facility in Bengaluru

Commercialised in the US; now expanding to select European & MoW markets; directly & through partners

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• Expanding beyond the US, either direct or through partners

• Launched in EU, MoW

• Direct Presence currently in select European markets & UAE

• Partnerships in place in Southeast Asia, Mexico, Brazil and MENA

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~$335b Global Generics Drugs Market Size 2021*

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11 Commercial US Formulations

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5 Approved/ tentatively approved ANDAs

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Ex US Approvals

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*Source: Research & Markets’ Report on ‘Global Generic Drugs Market Report 2021’, March 2021

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B I O C O N L I M I T E D

Generics: Q2 FY23 update

K E Y H I G H L I G H T S

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Q 2 F Y 2 3 Q 2 F Y 2 2

Strong YoY growth both in API & generic formulations

Sitagliptin and Vildagliptin API launches in EU

Generic Formulations - Approvals in EU & MoW markets to aid geographical expansion

Vizag immunosuppressant and Bangalore peptides facilities – Process validation batches are scheduled to commence in Q3 FY23

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Revenue
₹623Cr ₹530Cr +18%
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Profit Before Tax (PBT)
₹54Cr ₹50Cr +9%
9% of revenue 9% of revenue
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B I O C O N L I M I T E D

Biosimilars : Overview

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Leadership in biologics R&D, manufacturing and commercialization built over two decades

8 2 3 25+ Approved Research & Manufacturing sites cGMP approvals Products[1] Development sites (2 Bengaluru, 1 Malaysia) (incl. FDA & EMA)

Driven by high scientific acumen with analytical and clinical capabilities in a complex regulatory setting

B I O C O N B I O S I M I L A R S TA R G E T A D D R E S S A B L E M A R K E T

Expertise in large scale biologics manufacturing across diverse technology platforms

Product reach in over 75 countries including US, Europe, Canada, Japan and Australia

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3.3x
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Serve patients through commercial partners and direct sales force in India[2]

Reported Innovator + Biosimilar[3] Sales (2021)

1 Includes Adalimumab and Etanercept which have been in-licensed by Viatris and Biocon Biologics has economic interest. | 2 Branded Formulations India (BFI) is the commercial platform in India | 3 Only includes products where there has been company reported sales (Biosimilar sales only included for companies that report the numbers)

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B I O C O N L I M I T E D

Biosimilar strategy resulted in several ‘firsts’

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Achieved many firsts in the space despite the nascent biosimilars regulatory pathway, setting new benchmarks for the industry

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2004 2017 2018 2021
1 [st] company to 1 [st] company to 1 [st] company to 1 [st] company to receive
commercialize human receive approval receive approval interchangeability for a
insulin using proprietary for bTrastuzumab for bPegfilgrastim biosimilar (glargine) in the
P. pastoris platform in the US in the US US
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B I O C O N L I M I T E D

Growing participation in global biosimilars market

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PA R T N E R

B B L R O L E

B B L E C O N O M I C S

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( 2 0 0 9 )

Biosimilars co-developed and co-commercialized with R&D and manufacturing led by BBL

Acquisition* of Viatris’ biosimilar business to build a fullyintegrated global biosimilar enterprise

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Set of next-gen biosimilars being co-developed

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( 2 0 1 8 )

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( O N G O I N G )

Independently developing several biosimilar assets

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Collaboration with partners to build complementary capabilities, de-risking the journey in an uncharted territory

Note: * Transaction subject to regulatory approvals

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B I O C O N L I M I T E D

Acquisition of Viatris’ biosimilars business to add financial depth and global commercial capabilities…

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1 BBL to realize full revenue and profits Financial from all its collaboration programs 2 Commercialization, Supply Chain and Operational Regulatory capabilities in Developed Markets 3 New Growth Launch of collaboration products in the US Drivers along with a new in-licensed biosimilar asset

Revenue EBITDA $1.1b | $250m Viatris Biosimilars CY23 estimate[1]

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bBevacizumab bAspart bAdalimumab bAflibercept

Viatris to provide commercial and transition services for an expected two-year period, at cost plus $44m p.a.

Note: Transaction subject to regulatory approvals | 1 BBL estimates of Viatris’ business

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B I O C O N L I M I T E D

…transforming into a fully-integrated global biosimilars business

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CURRENT

POST ACQUISITION OF VIATRIS’ BIOSIMILARS BUSINESS

Emerging Markets Developed Markets

Global Markets

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Chain
Value
Biosimilar
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P R O D U C T D E V E L O P M E N T ✓ ✓ ✓ C L I N I C A L T R I A L S ✓ ✓ ✓ R E G U L AT O RY  ✓ ✓ M A N U FA C T U R I N G ✓ ✓ ✓ S U P P LY C H A I N ✓  ✓  C O M M E R C I A L I Z AT I O N ✓ ✓

Note: Transaction subject to regulatory approvals

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B I O C O N L I M I T E D

Funding the acquisition of Viatris’ biosimilar business

Acquisition of Viatris’ biosimilar business expected to close shortly

BBL has secured $1.2 bn in debt, balance amount to be funded through equity infusion.

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EQUITY INFUSION IN BBL

SILS Biocon Ltd Reserves Mezzanine Financing[$]

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$150m
$650m
$230m
$420m
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On closing of the Viatris and Serum transactions, Biocon’s stake in Biocon Biologics will be 68%

Note: Transaction subject to regulatory approvals

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$Biocon in the process of securing investments to retire the mezzanine finance, post deal closure.

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B I O C O N L I M I T E D

Entering adjacencies in communicable disease: infectious disease antibodies and vaccines

Key Commercial Products (COVID -19)

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50,000+ lives impacted

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Recent Collaborations

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Continued portfolio expansion

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B I O C O N L I M I T E D

Asset-light entry into vaccines through SILS alliance

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B B L R I G H T S
1
Access to 100m doses of
vaccines annually for ~15 years
2
Commercialization rights
of the SILS portfolio
for global markets
3
BBL to have committed
revenue stream and related
margins from H2 FY23
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Alliance to commercialize SILS COVID portfolio and other next generation vaccines

Note: Transaction subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL);

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B I O C O N L I M I T E D

Comprehensive portfolio of 20 biosimilars and vaccines…

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B I O S I M I L A R P R O D U C T S TAT U S

	B I O S I M I L A R P R O D U C T S TAT U S	B I O S I M I L A R P R O D U C T S TAT U S	B I O S I M I L A R P R O D U C T S TAT U S	B I O S I M I L A R P R O D U C T S TAT U S
Therapeutic Area	Molecule US Dev. Markets: ex-US MoW4
Oncology	Pegfilgrastim1		Europe, CANZ
	Trastuzumab1		Europe, CANZ
	Bevacizumab1		Europe, AU, CA
	Denosumab		Europe, CANZ, JP
	Pertuzumab1
Immunology	Adalimumab1,2		Europe, CA, JP
	Etanercept1,2		Europe
	Ustekinumab		UK, CANZ, JP
Diabetes	Glargine 100U1,3		Europe, CANZ, JP
	Glargine 300U1		Europe
	Aspart1		Europe, CA
	rHI
Bone Health	Denosumab		Europe, CANZ, JP
Undisclosed	7 Assets
Ophthalmology	Aflibercept5

Commentary

• bBevacizumab: Approved in EU, Canada and Australia; US approval awaiting site inspection

• bDenosumab: Ph-1 and Ph-3 clinical trial ongoing

• bAdalimumab: US launch expected in mid-2023

• bUstekinumab: Ph-1 and Ph-3 clinical trial ongoing

• rHI (US): BLA filing for various presentations

• bAflibercept: First-to-file in US

Early Dev./ Clinical Filed Approved Preclinical

Access to SILS vaccine portfolio (Covishield and Covovax) and other next generation vaccines (e.g., mosquito-borne disease vaccines)[6]

1 In partnership with Viatris; 2 Partner Viatris has in-licensed product (Biocon benefits from economic interest) | 3 Japan is outside of Viatris partnership | 4 MoW represents Most of the World markets. Chart represents the status of the country where the product is in most advanced stage. Every country has a different status | 5 Expected to be included in BBL portfolio post the completion of BBL’s acquisition of Viatris’ biosimilar business (Viatris has global rights to the program partnered with Momenta) | 6 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL)

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B I O C O N L I M I T E D

…set up to deliver sustainable growth trajectory

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B I O C O N B I O L O G I C S G R O W T H D R I V E R S

---

• Pegfilgrastim Bevacizumab (US) Aflibercept[2] Pertuzumab

• • • • • Trastuzumab Aspart (US) Ustekinumab Glargine 300 IU
• • • • • Bevacizumab (EU) Adalimumab (US) Denosumab Seven undisclosed
• • Glargine 100 IU - rH-Insulin (US) programs - Aspart (EU)
• • Adalimumab (EU) - Vaccines[1] (SILS - collaboration) Etanercept (EU)

1 Subject to completion of the acquisition of Covishield Technologies Private Limited (CTPL); 2 Expected to be included in BBL portfolio post the completion of BBL’s acquisition of Viatris’ biosimilar business (Viatris has global rights to the program partnered with Momenta)

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B I O C O N L I M I T E D

Biosimilars: Q2 FY23 Update

K E Y H I G H L I G H T S Year-on-year revenue growth of 34%, reflecting the growth of insulin Glargine in US

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Q 2 F Y 2 3 Q 2 F Y 2 2

Revenue

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₹997 Cr ₹743 Cr +34%
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Core EBITDA margin benefitted from rupee depreciation and accrual of Performance Linked Incentives (PLI) benefits

Core EBITDA*

Progressing R&D pipeline with bDenosumab and bUstekinumab in clinic; R&D expense up 142% YoY

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₹449 Cr ₹304 Cr +48%
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46% of revenue 42% of revenue
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Non-cash foreign currency translation loss of ₹35 Cr on GS OCD; ₹55 Cr gain in Q2 FY22 from mark-to-market movement on Adagio investment

Fulphila’s US market shares surpassed 10% and Ogivri has started recovering following a temporary dip in Q1

PBT before exceptions

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₹78 Cr
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₹174 Cr -55%

8% of revenue

23% of revenue

Submitted CAPA plan to US FDA for observations made in August site inspections

*Core EBITDA defined as EBITDA excluding R&D, forex, licensing income and mark-to-market movement on investments

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B I O C O N L I M I T E D

Biocon Biologics offers differentiated value proposition through its state-of-the-art platform

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1 Fully integrated global biosimilars company (lab to market)

2 Strong commercial presence in global markets

3 Comprehensive portfolio of insulins, mAbs and vaccines

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4 Global scale biologics manufacturing capacity

5 Experienced management team with strong execution capabilities

6 Strong business financials enabling long-term growth

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B I O C O N L I M I T E D

Novel Molecules: Pushing scientific boundaries to deliver impactful innovations

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Disease Area

Asset

Current Progress

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Graft-Versus-Host Disease (GVHD)

• Pivotal Phase III Study initiated in Mar ’22 for use in First-Line treatment of Acute GVHD; patient dosing initiated

• European Commission granted an ‘Orphan Medical Product’ designation for treatment of GVHD in Jul ‘21

Itolizumab*

• A novel humanized CD6 antibody

Systemic Lupus Erythematosus/Lupus Nephritis (SLE/LN) indication

• E ncouraging interim data from the Type B portion of the EQUALISE study evaluating Itolizumab in patients with LN • Study continues to enroll patients in the Type B portion, expects to share topline data in mid 2023

Ulcerative Colitis

Inflammation

• Application for Phase 2 clinical trials in India for the treatment of Ulcerative Colitis using Itolizumab, approved by the DCGI

• Phase I/II study initiated at leading US and Canadian cancer centers in Jul ‘20

BCA101 Phase I/II study initiated at leading US and Canadian cancer centers in Jul ‘20 • Under evaluation, both as a single agent & in combination with the checkpoint inhibitor , Pembrolizumab Formerly FmAb2 o Completed enrollment for dose finding part of Phase I trial & established highest dose with desired level of safety & tolerability. o In Feb ’22, initiated dose expansion cohorts in patients with head & neck squamous cell carcinoma (HNSCC), squamous cell carcinoma of First-in-class the anal canal (SCAC) and cutaneous squamous cell carcinoma (cSCC) EGFR / TGFβ- Immuno- o Primary results expected in 2H22 trap bifunctional oncology antibody • Securing external funding** to support clinical development

*partnered with Equillium Inc.

**part of Bicara Therapeutics Inc., a US based clinical-stage biotechnology company. In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS.

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B I O C O N L I M I T E D

Novels : Q2 FY23 Update

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K E Y H I G H L I G H T S

Itolizumab: Equillium announced encouraging interim data from EQUALISE study in Lupus Nephritis

Application to conduct Phase II Clinical Trial with Itolizumab for Ulcerative Colitis approved by DCGI

Bicara[# ] : Continued progress in BCA 101

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**Acute Graft-Versus-Host Disease

#In Q4FY21, Biocon ceded control over the Board of Directors and Operations of Bicara Therapeutics Inc. to enable it to operate independently under a US based leadership team and raise funds to advance its development programs. As a result of this change, Bicara was classified as an Associate from a Subsidiary under IND-AS.

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B I O C O N L I M I T E D

Research Services (Syngene) : Overview

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Offering integrated research, development & manufacturing services for small & large molecules, antibody-drug conjugates & oligonucleotides backed by best-in-class bioinformatic services

World-class R&D and manufacturing infrastructure spread over 2 million square feet

Audited successfully by US FDA, EMA, AAALAC and major life sciences partners

Talented scientific & techno-commercial teams, led by experienced management, moving beyond cost arbitrage to innovation; 5200+ talented team of scientists, incl. ~500 PhDs

• ~400+ active clients across multiple sectors

Strong track record of top-line growth with best-in-class EBITDA margins and Net Profit margin

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Listed in India on BSE and NSE in 2015

Classified as Public

All figures are as on March 31, 2022, unless otherwise specified.

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Research Services: Q2 FY23 Update

K E Y H I G H L I G H T S

Q 2 F Y 2 3

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Q 2 F Y 2 2

Positive performance across all divisions

Revenue from operations

₹768 Cr

₹610 Cr

+26%

Sustained growth in research divisions - Discovery Services, including Synvent[#] , and the Dedicated Centres

Growth in Development Services led by existing clients renewing contracts and setting up collaborations on additional projects

Profit Before Tax (PBT)

₹130 Cr

₹113 Cr

17% of revenue

19% of revenue

+15%

Continued to invest in new infrastructure and capability-building

*Part of Syngene’s novel cancer drug discovery strategy for clients

Classified as Public

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Financial Highlights

Classified as Public

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Financial Highlights: Q2 FY23 (1/2)

Q 2 F Y 2 3

Q 2 F Y 2 2

Revenue

+23% ₹2,384 Cr ₹1,945 Cr

Core EBITDA[*] +34% ₹816 Cr

₹609 Cr

% margin

33%

35%

EBITDA

-3%

₹551 Cr

₹535 Cr

% margin

28%

22%

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₹276 Cr
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Profit Before Tax -11% ₹246 Cr

(before exceptional charge)

% margin

14%

10%

Net Profit

₹188 Cr

-10% ₹168 Cr

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Biosimilars +34% | Research +26% | Generics +18%

Adjusted for:

Dilution gain in Bicara of ₹33 Cr in Q2 FY23 MTM gain on investments ₹55 Cr Q2 FY22

Gross R&D spend at ₹252 Cr, up ₹86 Cr R&D spend in P&L ₹242 Cr, up ₹96 Cr Forex Loss of ₹82 Cr vs gain of ₹20 Cr in Q2 FY22

(before exceptional charge)

% margin

7%

10%

* Core EBITDA defined as EBITDA before forex, dilution gain in Bicara, R&D, licensing income and mark to market gain on investments

Classified as Public

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Financial Highlights: Q2 FY23 (2/2)

Net Profit

₹168 Cr

(before exceptional charge)

Exceptional Items

₹122 Cr

Net Profit

₹47 Cr

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₹188 Cr
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₹50 Cr

₹138 Cr

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Exceptional items during Q2 FY23:

MAT credit balance charge of ₹107 Cr on adoption of new . tax regime of 25% This move helps Biocon reduce tax outflow and P&L charge on a go-forward basis.

Professional fees, net of tax of ₹14 Cr towards the Viatris deal

In Q2 FY22, exceptional items net of tax and minority were ₹50 Cr

(Reported)

Classified as Public

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Financial Highlights: FY22

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F Y 2 2 F Y 2 1 Biosimilars +24% | Research Services +19% | Generics -1% Revenue +14% ₹8,397 Cr ₹7,398 Cr Dilution Gain in Associates of ₹30 Cr vs ₹160 Cr in FY21 Core EBITDA[*] +18% ₹2,669 Cr ₹2,270 Cr Mark-to-market loss on investments of ₹28 Cr; Forex Gain of ₹58 Cr vs loss of ₹9 Cr in FY21 % margin 32% 31% EBITDA +14% ₹2,183 Cr ₹1,907 Cr Gross R&D spend at ₹711 Cr R&D spend in P&L ₹595 Cr % margin 26% 26% Profit Before Tax +4% ₹1,094 Cr ₹1,055 Cr Exceptional Loss at ₹111 Cr (Before Exceptional Items) % margin 13% 14% Net Profit ₹722 Cr ₹744 Cr Net Profit after exceptional items at ₹648 Cr ( Before Exceptional Items) % margin 9% 10%

*Core EBITDA defined as EBITDA before forex, R&D, mark-to-market loss on investments, licensing income and gain on dilution of stake in associates.

Classified as Public

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