FDC Ltd. — Interim / Quarterly Report 2021

Aug 12, 2021

MANUFACTURERS & EXPORTERS OF FOODS, DRUGS & CHEMICALS

Date:- August 12, 2021

To, BSELimited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai - 400 001

National Stock Exchange of India ltd. Exchange Plaza, Plot no. C/1, G Block, Bandra-Kurla Complex, Bandra (E), Mumbai - 400 051

Scrip Code: 531599 Symbol: FDC

Sub.: Outcome of the Board Meeting held on August 12, 2021

Dear Sir/Ma'am,

This is to inform that pursuant to Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, the Board of Directors of the Company, at its meeting held on August 12, 2021, has interalia, considered and approved the Unaudited Financial Results (Standalone and Consolidated) along with Limited Review Report as issued by the Statutory Auditors thereon for the quarter ended June 30, 2021, as enclosed herewith.

The Board Meeting commenced at 02.00 p.m. and concluded at 06:30 p.m.

The signed copies of the Unaudited Financial Results were received from the Statutory Auditors at 07:15 p.m.

You are requested to kindly take note of the same.

Thanking you,

ForFD

U

v. Company ~tre Secretary F-8948

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063

Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010

Limited Review Report on Unaudited Quarterly Standalone Financial Results of FDC Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements)Regulations, 2015

To the Board of Directors of FDC Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of FDC Limited ("the Company") for the quarter ended 30 June 2021 ("the Statement").
• 1. This Statement, which is the responsibility of the Company's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility isto issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requiresthat we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 including the manner in which it is to be disclosed, or that it contains anymaterial misstatement.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.101248W/W-100022

VIKAS RADHEYSHYA M KASAT Digitally signed by VIKAS RADHEYSHYAM KASAT Date: 2021.08.12 19:25:53 +05'30'

Vikas R Kasat Partner Mumbai Membership No. 105317 12 August 2021 UDIN: 21105317AAAAFR8897

Registered Office:

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

FDC Limited

Statement of Unaudited Standalone Financial Results for the quarter ended June 30, 2021

					(Rs. in lakhs)
		Quarter	Quarter	Quarter	Year
Sr.		Ended	Ended	Ended	Ended
No.	Particulars	30.06.2021	31.03.2021	30.06.2020	31.03.2021
		(Unaudited)	(Audited)	(Unaudited)	(Audited)
1	Revenue from operations	44,496.20	31,155.37	30,608.85	132,544.91
2	Other income	2,343.45	2,209.59	2,796.79	9,714.59
3	Total income (1+2)	46,839.65	33,364.96	33,405.64	142,259.50
4	Expenses
	a) Cost of materials consumed	12,039.65	9,126.68	7,445.61	34,664.70
	b) Purchases of stock-in-trade	5,899.77	(84.99)	2,025.84	9,090.29
	c) Changes in inventories of finished goods, work in progress and stock-in-trade d) Employee benefits expense	(3,294.06) 9,223.18	1,306.74 7,292.75	(1,113.85) 6,532.79	(2,549.95) 29,431.29
	e) Finance costs	79.99	104.71	74.93	340.22
	f) Depreciation and amortisation expense	949.55	948.04	941.36	3,762.33
	g) Other expenses	9,223.48	9,779.31	5,519.71	29,475.59
	Total expenses	34,121.56	28,473.24	21,426.39	104,214.47
5	Profit before tax (3-4)	12,718.09	4,891.72	11,979.25	38,045.03
6	Tax expense
	a) Current tax	3,110.00	770.00	3,050.00	8,450.00
	b) Deferred tax	(402.83)	(76.32)	(133.31)	144.49
	c) Tax adjustments - eariler year	-	1.58	-	1.58
7	Net profit after tax (5-6)	10,010.92	4,196.46	9,062.56	29,448.96
8	Other comprehensive income
	(i) Items that will not be reclassified subsequently to profit or loss	231.47	361.00	50.03	702.42
	(ii) Income tax relating to items that will not be reclassified to profit or loss	(30.50)	(10.50)	(12.59)	(96.43)
9	Total other comprehensive income (net of tax) Total comprehensive income for the period (7+8)	200.97 10,211.89	350.50 4,546.96	37.44 9,100.00	605.99 30,054.95
10	Paid-up equity share capital (Face Value Re.1 each) (Refer note 3)	1,688.10	1,688.10	1,709.73	1,688.10
11	Other equity				170,528.43
12	Basic and diluted earnings per share (Rs.) (Face Value Re.1 each)	5.93	2.49	5.30	17.32
		Not annualised	Not annualised	Not annualised	Annualised

See accompanying notes to the unaudited standalone financial results

Notes:

• 1. The above unaudited standalone financial results which are published in accordance with Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations') for the quarter ended June 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 12, 2021. The Statutory Auditors have carried out a limited review of the above results and have expressed an unmodified review opinion. The above standalone unaudited financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
• 1. Financial results for all the period presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Company's (Indian accounting standard) Rules, 2015 as amended from time to time.
• 1. The Company had completed the buyback of 21,63,000 equity shares having face value of Re. 1 each at a price of Rs. 450/- per share on October 15, 2020. The number of equity shares post buyback stands reduced to 16,88,10,084 shares having face value of Re. 1 each. Accordingly, the paid-up share capital also stands reduced to Rs. 16,88,10,084.
• 1. The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of the full financial year up to March 31, 2021 and the unaudited published year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the financial year which were subjected to limited review.
• 1. The Company has only one segment of activity namely "Pharmaceuticals".
• 1. The above results are also available on the website of the Company i.e. www.fdcindia.com and on the website of the Stock Exchanges i.e. www.nseindia.comand www.bseindia.com.

VIKAS RADHEYSH YAM KASAT Digitally signed by VIKAS RADHEYSHYAM KASAT Date: 2021.08.12 19:26:36 +05'30'

For and on behalf of the Board

MOHAN ANAND CHANDAVARKAR Digitally signed by MOHAN ANAND CHANDAVARKAR Date: 2021.08.12 19:15:50 +05'30'

Place: Mumbai Mohan A. Chandavarkar (DIN: 00043344)

Date: August 12, 2021 Managing Director

B S R & Co. LLP

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063

Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of FDC Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To Board of Directors of FDC Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of FDC Limited ("the Parent') and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the quarter ended 30 June 2021 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent'sBoard of Directors, has been prepared in accordancewith the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility isto express a conclusion on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

1. The Statement includes the results of the following entities:

Name of the Entity	Relationship
FDC International Limited	Wholly owned subsidiary
FDC Inc.	Wholly owned subsidiary
Fair Deal Corporation Pharmaceuticals SA (Pty) Ltd.	Subsidiary

1. Attention is drawn to the fact that the figures for the 3 months ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of previous financial year had only been reviewed and not subjected to audit.

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of FDC Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

FDC Limited

• 1. Based on our review conducted and procedures performed asstated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principlesgenerally accepted in India, hasnot disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including themanner in which it isto be disclosed, or that it contains anymaterial misstatement.
• 1. The Statement includes the interim financial information of three subsidiaries which have not been reviewed, whose interim financial information reflects total revenue of Rs. 591.70 lakhs, total net profit after tax of Rs. 65.09 lakhs and total comprehensive income of Rs. 65.09 lakhs for the quarter ended 30 June 2021, as considered in the Statement. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For B S R & Co. LLP Chartered Accountants Firm's Registration No.101248W/W-100022 VIKAS RADHEYSHY AM KASAT Digitally signed by VIKAS RADHEYSHYAM KASAT Date: 2021.08.12 19:26:57 +05'30'

Vikas R Kasat Partner Mumbai Membership No. 105317 12 August 2021 UDIN: 21105317AAAAFQ3843

FDC Limited

Statement of Unaudited Consolidated Financial Results for the quarter ended June 30, 2021

		(Rs. in lakhs)
Sr.	Particulars	Quarter	Quarter Ended	Quarter Ended	Year Ended
		Ended
No.		30.06.2021	31.03.2021	30.06.2020	31.03.2021
		(Unaudited)	(Audited)	(Unaudited)	(Audited)
1	Revenue from operations	44,746.92	31,339.90	30,817.97	133,320.34
2	Other income	2,320.23	1,497.54	2,796.79	9,702.56
3	Total income (1+2)	47,067.15	32,837.44	33,614.76	143,022.90
4	Expenses a) Cost of materials consumed	12,068.44	9,126.68	7,445.61	34,664.70
	b) Purchases of stock-in-trade	5,939.36	21.42	2,049.80	9,254.00
	c) Changes in inventories of finished goods, work in progress and stock-in-trade	(3,342.79)	1,240.03	(1,103.98)	(2,512.13)
	d) Employee benefits expense	9,285.18	7,347.03	6,567.76	29,628.54
	e) Finance costs	81.05	106.62	74.96	343.42
	f) Depreciation and amortisation expense	955.78	953.52	943.76	3,781.34
	g) Other expenses	9,250.12	8,444.29	5,500.62	28,879.54
	Total expenses	34,237.14	27,239.59	21,478.53	104,039.41
5	Profit before exceptional item and tax (3-4)	12,830.01	5,597.85	12,136.23	38,983.49
6	Exceptional item (Refer note 4)	-	212.80	-	212.80
7	Profit before tax (5-6)	12,830.01	5,385.05	12,136.23	38,770.69
8	Tax expense
	a) Current tax	3,135.16	783.86	3,077.10	8,506.61
	b) Deferred tax	(88.81)	(76.32)	(133.31)	144.49
	c) Tax adjustments - eariler year	-	1.58	-	1.58
9	Profit before share of profit/ (loss) of joint venture (7-8)	9,783.66	4,675.93	9,192.44	30,118.01
	10 Share of profit/ (loss) of joint venture (net of tax)	-	-	(20.41)	1.92
	11 Profit for the period (9+10)	9,783.66	4,675.93	9,172.03	30,119.93
	Profit/(loss) attributable to non-controlling interest	(3.34)	(8.72)	-	(14.63)
	Profit/(loss) attributable to owners of the parent	9,787.00	4,684.65	9,172.03	30,134.56
	12 Other comprehensive income
	A (i) Items that will not be reclassified subsequently to profit or loss	231.47	361.00	50.03	702.42
	(ii) Income tax relating to items that will not be reclassified to profit or loss	(30.50)	(10.50)	(12.59)	(96.43)
	B (i) Items that will be reclassified to profit or loss	(31.49)	77.41	(9.32)	(176.48)
	(ii) Income tax relating to items that will be reclassified to profit or loss	7.93	(19.48)	2.34	44.42
	Total other comprehensive income (net of tax)	177.41	408.43	30.46	473.93
	Other comprehensive income to non-controlling interest	(0.62)	10.15	-	(3.67)
	Other comprehensive income to owners of the parent	178.03	398.28	30.46	477.60
	13 Total comprehensive income for the period (11+12)	9,961.07	5,084.36	9,202.49	30,593.86
	Total comprehensive income to non-controlling interest	(3.96)	1.43	-	(18.30)
	Total comprehensive income to owners of the parent	9,965.03	5,082.93	9,202.49	30,612.16
	14 Paid-up equity share capital (Face Value Re.1 each) (Refer note 5)	1,688.10	1,688.10	1,709.73	1,688.10
	15 Other equity				171,725.39
	16 Basic and diluted earnings per share (Rs.) (Face Value Re.1 each)	5.80	2.77	5.36	17.72
		Not annualised	Not annualised	Not annualised	Annualised

See accompanying notes to the unaudited consolidated financial results

Notes:

• 1. The above unaudited consolidated financial results which are published in accordance with Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015 ('Listing Regulations') for the quarter ended June 30, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on August 12, 2021. The Statutory Auditors have carried out a limited review of the above results and have expressed an unmodified review opinion. The above consolidated unaudited financial results have been prepared in accordance with the recognition and measurement principles of Indian Accounting Standards (Ind AS) as prescribed under Section 133 of the Companies Act, 2013.
• 1. Financial results for all the period presented have been prepared in accordance with the recognition and measurement principles of Ind AS notified under the Company's (Indian accounting standard) Rules, 2015 as amended from time to time.
• 1. On 27 July 2020, FDC Limited, acquired further stake of 44% in Fair Deal Corporation pharmaceutical SA (PTY) Ltd ('FDC SA') by acquiring of 1,43,000 Equity Shares from Pharma Q Holdings PTY Ltd., one of the earlier joint venture partner and FDC SA became a 93% subsidiary of the FDC Limited.
• 1. Exceptional item includes impairment of goodwill resulting from the acquisition of FDC SA.
• 1. The Parent Company had completed the buyback of 21,63,000 equity shares having face value of Re. 1 each at a price of Rs. 450/- per share on October 15, 2020. The number of equity shares post buyback stands reduced to 16,88,10,084 shares having face value of Re. 1 each. Accordingly, the paid-up share capital also stands reduced to Rs. 16,88,10,084.
• 1. The figures for the quarter ended March 31, 2021 are the balancing figures between audited figures in respect of the full financial year up to March 31, 2021 and the unaudited published year-to-date figures up to December 31, 2020, being the date of the end of the third quarter of the financial year which were subjected to limited review.
• 1. The Group has only one segment of activity namely "Pharmaceuticals".
• 1. The above results are also available on the website of the Parent Company i.e. www.fdcindia.com and on the website of the Stock Exchanges i.e. www.nseindia.comand www.bseindia.com.

VIKAS RADHEYSH YAM KASAT Digitally signed by VIKAS RADHEYSHYAM KASAT Date: 2021.08.12 19:27:20 +05'30'

For and on behalf of the Board

MOHAN ANAND CHANDAVARKAR Digitally signed by MOHAN ANAND CHANDAVARKAR Date: 2021.08.12 19:16:51 +05'30'

Place: Mumbai Mohan A. Chandavarkar (DIN: 00043344)

Date: August 12, 2021 Managing Director