Hikal Ltd. — Interim / Quarterly Report 2020

Feb 5, 2020

5th February, 2020

Dept. of Corporate Services Listing Department BSE Ltd. P J Towers, Dalal Street, Mumbai - 400 001.

National Stock Exchange oflndia Ltd. Exchange Plaza, Bandra Kurla Complex Bandra (East) Mumbai 400051.

BSE Scrip Code : 524735 NSE Symbol: HIKAL

Dear Sir,

Subject: Intimation pursuant to Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015

With reference to the above, we hereby submit/inform as under:

A. Unaudited Financial Results [Regulation33]

• 1. The Board of Directors at its meeting held on 5th February, 2020, which commenced at 11.30 am and concluded at 02.10 pm, has approved and taken on record Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter and nine months ended 3!51 December, 2019.
• 1. The Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter and nine months ended 31st December, 2019 along with Limited Review Report are enclosed herewith in terms of Regulation 33 of Securities and Exchange Board of India (Listing Obligation and Disclosure Requirements) Regulations, 2015.

B. Dividend, Record Date and Payment Date [Regulation 42 and 43]

1. The Board of Directors has declared an Interim Dividend for the financial year 2019-20 on Equity Share Capital@ 50% [Re.LOO per equity share {nominal value of Rs. 2/- each}] at their meeting held on 5th February, 2020.

Hikal Ltd.

Admin. Office: Great Eastern Chambers. 6th Floor. Sector 11. CBD Belapur. Navi Mumbai - 400 614. India. Tel_ : +91-22-3097 3100. Fax : +91-22-3097 3281 Regd. Office: 717/7l8. Maker Chambers_ v. 7th Floor, Nari man Point, Mumbai - 400 021. India, Tel : +91-22-6630 1801 / 2283 4587 Fax: +91-22-2283 3913 www.hikal.com info@hikal.com CIN: L24200MH1988PTC048028

: 2:

• 1. The Company has fixed Record Date as Tuesday, 18th February, 2020 to ascertain the shareholders of the Company entitled for the payment of Interim Dividend.
• 1. The Interim Dividend will be paid to the shareholder on Thursday, 27th February, 2020.

We request you to kindly take same on your record.

Thanking you,

Yours faithfully, for HIKAL LTD.,

J~~~ Sham Wahalekar

President Finance & Company Secretary

Hikal Ltd.

Admin. Office: Great Eastern Chambers. 6th Floor. Sector 11. CBD Belapur, Navi Mumbai - 400 614. India. Tel.: +91-22-3097 3100. Fax +91-22-30 97 3281 d' T I +91-22-6630 1801 / 2283 4587 Fax : +91 -22-2283 3913 Regd. Office: 71 7(718. Maker Chambers - V, 7th Floor. Nariman Point, Mumbai - 400 021. In 1a. e • www.hikal.com info@hikal.com CIN: L24200MH1988PTC048028

Extract of unaudited financial results for the quarter and nine months ended 31 December 2019

	c:ionsolldated
PartJcµtars	Q.uarter ended				Ntne months ended	Year ended
	31-Dec-19	30/Sep-19	31-Dec-18	31-Dec-19	31-Dec-18	31-Mar-19
	Unaudtted	Unaudtted	Unaudtted	Unaudtted	Unaudtted	Audited
Total income	4b,45J	32,187	41 ,220	1,1 3,024	1,13,432	1,59, 187
Net Profit for the period (before tax, Exceptional and/or Extraordinary item)	4,2l4	2, 509	4,196	10,425	10,094	14,907
Net Profit for the period before tax (after Exceptional and/ or Extraordinary item)	4,23~	969	4,196	8,885	10,094	14,907
Net Profit for the period after tax (after Exceptional and/or Extraordinary item)	2,836	637	2,938	5,996	6,975	10,306
Total Comprehensive Income for the period [Comprising profit for the period (aftertax) and Other Comprehensive income (after tax))	2,839	635	2,934	6,000	6,968	10,31 6
Equity share capttalOther equity	21,466	2,466	2,466	2,466	2,466	2,466
Earnings Per Share (Face Value of Rs 2/- each) (for continuing and discontinuedoperations)						73,155
• Basic	2.30	0.52	2.38	4.86	5.66	8.36
- Diluted	2.ilO	0.52	2.38	:/1.8,6	5.66	8. 36

Note :

1 In respect of the standalone results of the Company, the amounts are as follows

	Standalone
		Q.uarter ended		Nine months ended		Year ended
Particulars	31-Dec-19	30-Sep-19	31-Dec-18Unaudtted	31-Dec-19Unaudtted	31-Dec-18Unaudtted	31-Mar-19Audtted
	Unaudtted	Unaudtted
Total income	40,453	32,187	41 ,220	1, 13,024	1, 13,432	1,59,1 87
Net Profit for the period (before tax, Exceptional and/or Extraordinary item)	4,234	2,:>09	4,196	10,425	10,094	14,908
Net Profit for the period before tax (after Exceptional and/or Extraordina·ry item)	4,2'~1.	969	4,196	8~885	10,094	14,908
Net Profit for the period after tax (after Exceptional and / or Extraordinary item )	2,836	637	2,938	5, 996	6,975	10,307

1. The Board of Directors have declared interim dividend of 50%( Re 1 /-per share )(Previous year 30%) on equity shares.

2. The above is an extract of the detailed format of quarterly financial results filed with the stock exchanges under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the financial results are available on the stock exchange websites (www.bseindia.com and www.nseindia.com) and on Company's website (www.hikal.com).

3. The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

For HIKAL LTD

(, '. !I -- - Place: Mumbai Jai Hiremath Date : 5 February 2020 Chairman and Managing Director

DIN: 00062203

/ ,...,\

, .:~'.;.1/

HIKAL LTD '<' \ f _A__ l (

Regd. Office : 7171718, Maker Chamber V, Nariman Point, Mumbai · 400 021. Phone : +91-22-30973100 , Fax : +91 ·22-30973281 .. ( \o I CIN : L24200MH1988PTC048028, E Mail : info@hikal.com, Website: www.hikal.com ;-; J • . t<:::.~--- .I :,,; Just the rtght chemistry . __ ..___.,,,,,.,.

29 Senapati Bapat Marg Tel : +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Hikal Limited

• 1. We have reviewed the accompanying statement of unaudited standalone financial results of Hikal Limited (the "Company") for the quarter ended December 31, 2019 and year to date from April 01, 2019 to December 31, 2019 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
• 1. This Statement, which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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.
• 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 the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S R B C& CO LLP

Chartered Accountants Hikal Limited Page 2 of 2

1. The comparative financial information of the Company for the corresponding quarter and period ended December 31, 2018, included in the Statement, was reviewed by the predecessor auditor who expressed an unmodified conclusion thereon on February 1, 2019. The standalone Ind AS financial results of the Company for the year ended March 31, 2019, as included in the Statement, were audited by the predecessor auditor who expressed an unmodified opinion on those financial results on May 09, 2019.

For SR BC & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

UDIN: 2.0101.1~3AAAAAPg1-i2.

Place: Mumbai Date: February 05, 2020

Statement of unaudited standalone financial results for the quarter and nine months ended 31 December 2019

	Rs. In Lakhs (Except for per share data)l>tand~lone
		Q.uarter ended			Nine months ended	Year ended
Particulars	31-Dec-19	3.0-Sep-1 9	31-Dec-18	31-Dec-19	31-Dec-18	31-Mar-19
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Income
Revenue from operations
Sale of products	39,251	29,826	40,537	1,08,802	1,11,61 6	1,56,n4
Other operating revenue	1,155	2,279	630	4,025	1,595	2,187
Total revenue from operations	40,406	32,105	41,167	1,12,821,	1,13,211	1,58,961
Other Income	47	82	53	197	221	226
Total Income	40,~63	32, 187	41 , 220	1,13,024	1,13,432	1,59,187
Expenses
Cost of materials consumed	19,540	16,573	23, 598	59,645	60,31 8	86,880
Changes In Inventories of finished goods and work-in-progress	1,346	(2,076)	(1 ,296)	(1 ,435)	(963)	(1,498)
Employee benefits expense	4,188	4,376	3,932	12,780	11 ,41 4	15,037
Finance costs (Refer note 4)	1,309	1,35,8	1,336	3,872	4,579	5,843
Depreciation and amortisation expenses	2,069	2,051	2,352	6,152	6,965	9, 288
Other expenses	7,767	7,396	7,102	21 ,585	21 ,025	28,729
Total expenses	36,219	29,678	37,024	1,02,5,99	1,03,338	1,44,279
Profit before tax and exceptional item	4,234	2,509	4,196	10,425	10,094	14,908
Ex.ceptfonal Item (Refer note 6)		1,540		1,540
Profit before tax	4,234	969	4, 196	8,885	10,094	14,908
Tax expense:
-Current tax	1,319	94	1,306	2,590	3,338	4,550
-Deferred tax	79	238	(48)	299	(219)	51
Total tax expense	1,398	332	1,258	2,889	3,119	4,601
Profit for the period	2,836	637	2,938	$;996	6,975	10,307
Other comprehensive income (OCI)
Items to be reclassified to statement profit and loss
Income tax relating to items that will be reclassified to statement ofprofit and loss
Items that will not be reclassified to statement of profit and loss	5	(3)	(5)	6	(10)	16
Income tax relating to item that will not be reclassified to statement
of profit and loss	(2)	1	1	(2)	3	(6)
Total comprehensive income	2,839	635	2,934	6,000	6,968	10,317
Paid-up equity share capital (Face value of Rs 2/- each)		2,466	2,466	2,466	2,466	2,466
Other equity						73,1 56
Earnings per share (Face Value of Rs 2/- each)
- Basic	2.10	0.52	2.38	4.86	5.66	8.36
- Diluted	2. 30	0.52	2.38	4.86	5.66	8.36

Notes:

1. The Board of Directors have declared interim dividend of 50 %( Re 1 /- per share )(Previous year 30%) on equity shares.

2. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on 5 February 2020.

3. The standalone financial results for the quarter and nine months ended on 31 December 2019 have been subjected to a 'Limited Review' by the statutory auditors of the Company. The statutory auditors have expressed an unmodified opinion. The limited review report will be filed with the stock exchanges and wHl also be available on the Company's website, www.hikal.com.

4.Finance cost for the quarter ended 31 December 2019 includes exchange loss on foreign currency working capital/term loans of Rs. 50 lakhs.(Quarter ended 30 September 2019 • loss of Rs 92 lakhs, quarter ended 31 December 2018 • gain of Rs 78 lakhs, nine months ended 31 December 2019 - loss of Rs 142 lakhs, nine months ended 31 December 2018- loss of Rs 761 lakhs and year ended 31 March 2019 - loss of Rs 735 lakhs).

5.Effective 1 April 2019, the Company has adopted Ind AS 11 6 Leases using modified retrospective approach. This has resulted in recognising right of use assets and lease liability as on 1 April 2019. The adoption of the standard did not have any material impact to the financial results.

6.Exceptional item comprises customs duty Rs. 1,339 lakhs on past imports of raw materials at an Export Oriented Unit of the Company and interest of Rs. 201 lakhs thereon, paid during the quarter ended on 30 September 2019 on directions of the Customs authority pursuant to Notification no. 59/2017- Customs dated June 30, 2017 issued by the Department of Revenue.

1. The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

PlaceMumbai5 February 2020Date	SIGNED FOR IDENTIFICATION~BYSR BC & CO LLPMUMBAI	,,For HIKAL LTD§ __Jal HlremathChairman and Managing DirectorDIN: 0006
		HIKAL LTDRegd. Office : 717 /718, Maker Chamber V, Nariman Point, Mumbai - 400 021 .Phone: +91-22-30973100, Fax : +91-22-30973281CIN : L24200MH1988PTC048028, E Mail : info@hikal.com , Website : www.hikal.comJust the ~lght chemistry

Standalone segment wise revenue, results, assets and liabilities for the quarter and nine months ended 31 December 2019

	Stanc;!.~ lone
	Quarter ended			Nine months ended		Year ended
Particulars	31-Dec-19	30-Sep-19	31-Dec-18	31-Dec-19	31-Dec-18	31-Mar-19
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
1. Segment revenue
a) Pharmaceuticals	24,844	20,822	25,209	66,052	67,999	93,914
b) Crop protection	15,562	11,283	15,958	46 775	45,212	65,047
Total	40,406	32,105	41,167	1, 12,827	1,13,211	1,58,961
Less: Inter segment revenue	-
Revenue from operations	40,406	32,105	41,167	1,12,827	1,13,211	1,58,961
2. Segment results;,
a) Pharmaceuticals	4,098	2,498	3,335	9,438	9,018	12,930
b) Crop protection	2, 373	2,133	3,185	7,184	8,151	11, 165
Total	6,471	4,631	6,520	16,622	17,169	24,095
Less:
i) Finance cost	1,309	1,358	1,336	3,872	4,579	5,843
ii) Other un-allocable expenditure	974	842	1,041	2,515	2,641	3,543
Add :
i) Other un-allocable income	46	78	53	190	145	199
Profit before tax and exceptional Item	4,234	2,509	4, 196	10,425	10,094	14,908
3, Segment assets
a) Pharmaceuticals	1,05,727	1,03,310	1,03,413	1,05,727	1,03,413	1,03,395
b) Crop protection	57,842	52,341	57,217	57,842	57,217	54,753
c) Unallocable	12,380	12,030	13,018	12,380	13,018	10,403
Total assets	1,75,949	1,67,681	1,73,648	1,75,949	1,73,648	1,68,551
4. Segment liabilities
a) Pharmaceuticals	19,434	16,726	22,613	19,434	22,613	20,305
b) Crop protection	15,647	12,088	22,113	15,647	22, 113	17,622
c) Unallocable	60,161	60,995	55,752	60,161	55,752	55,002
Total liabilities	95,242,	89,809	1,00,478	95,242	1,00,478	92,929
SIGI\IEO FOR IDENTIFICATIONav~BC & CO LLPq'MUMBAIPlace : Mumbai		For HIKAL LTD,<'-:.JJai HiremathChairman and Managing Director	'---	-,~ ;--L__.::t: lI*1'v ~ ---.,, },8 t\ <br>.;;::	/'"o) .•))*/-
: 5 February 2020Date		DIN: 00062203

HIKAL LtD Regd. Office : 717 /718, Maker Chamber V, Nariman Point, Mumbai · 400 021. Phone: +91-22-30973100, Fax : +91-22-30973281 CIN : L24200MH1988PTC048028, E Mail: info@hikal.com, Website: www.hikal.com Just the right chemistry

29 Senapati Bapat Marg Tel : +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Hikal Limited

• 1. We have reviewed the accompanying Statement of Unaudited Consolidated Financial Results of Hikal Limited (the "Holding Company") and its subsidiary (the Holding Company and its subsidiary together referred to as "the Group") for the quarter ended December 31, 2019 and year to date from April 01, 2019 to December 31, 2019 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"). Attention is drawn to the fact that the consolidated figures for the corresponding quarter and nine months ended December 31, 2018, as reported in these unaudited consolidated financial results have been approved by the Holding Company's Board of Directors but have not been subjected to review.
• 1. This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to 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. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. 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 No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

1. The Statement includes the results of Hikal Limited (the Holding Company) and Acoris Research Limited, its Subsidiary Company.

S R B C & CO LLP

Chartered Accountants Hikal Limited Page 2 of 2

• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
• 1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of the Subsidiary Company, whose interim financial results reflect total revenues of Rs. NIL and Rs. NIL, total net loss after tax of Rs. 0.03 lakhs and Rs. 0.08 lakhs, and total comprehensive loss of Rs. 0.03 lakhs and Rs. 0.08 lakhs, for the quarter ended December 31, 2019 and for the period from April 01, 2019 to December 31, 2019, respectively, which have not been reviewed or audited by their auditor. These unaudited financial results and other unaudited financial information have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of the subsidiary company, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these unaudited interim financial results are not material to the Group.

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

1. The consolidated Ind AS financial results and other financial information of the Group for the year ended March 31, 2019 as included in the Statement were audited by the predecessor auditor who expressed an unmodified opinion thereon on May 09, 2019.

For SR BC & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

Place: Mumbai Date: February 05, 2020

Statement of unaudited consolidated financial results for the quarter and nine months ended 31 December 2019

	Rs. In Lakhs (Except for per share data)Consolld~ted
	Quarter ended				Nine months ended	Year ended
Particulars	31-Dec-19	30-Sep-19	31-Dec-18	31-Dec-19	31-Dec-18	31-Mar-19
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Income
Revenue from operations
Sale of products	39,251	29,826	40,537	1,08,802	1,11,616	1,56,774
Other operating revenue	1,155	2,279	630	4,025	1,595	2,187
Total revenue from operations	40,406	32,105	41,167	1,12,827	1,13,211	1,58,961
Other income	47	82	53	197	221	226
Total Income	40,453	32,187	41,220	1,13,024	1, 13,432	1,59,187
Expenses
Cost of materials consumed	19,540	16,573	23,598	59,645	60,318	86,880
Changes in inventories of finished goods and work-in-progress	I:1,346	(2,076)	(1,296)	,~,435)	(963)	(1,498)
Employee benefits expense	4,188	4,376	3,932	12,780	11,41 4
Finance costs (Refer note 4)	II1,309	1,358	1,336	3,8,2	4,579	15,037
Depreciation and amortisation expenses	2,069	2,051	2,352			5,843
Other expenses	7,767	7,396	7,102	6,1 5221 , 58§	6,965	9,288
Total expenses	36,219	29,678	37,024		21 ,025	28,730
Profit before tax and exceptional item	4,234	2,509	4,196	1,02,59910,425	1,03,33810,094	1,44,280
Exceptional item (Refer note 6)		1,540		1,540		14,907
Profit before tax		969	4,196	8,885	10,094	14,907
Tax expense:	1:1
-Current tax	1,319	94	1,306	2,590	3,338	4,550
-Deferred tax	79	238	(48)	299	(219)
Total tax expense	1,398	332	1,258	2,889	3,119	514,601
Profit for the period	2,836	637	2,938	5,996	6,975	10,306
Other comprehensive income (OCI)
Items to be reclassified to statement profit and loss
Income tax relating to items that will be reclassified to statement of
profit and loss
Items that will not be reclassified to statement of profit and loss	5	(3)	(5)	6	(10)	16
Income tax relating to item that will not be reclassified to statement
of profit and loss	C'Zl)	1	1	(2)	3	(6)
Total comprehensive income	2,839	635	2,934	6,000	6,968	10,316
Paid-up equity share capital (Face value of Rs 2/ · each)	,2,466	2,466	2,466	2,466	2,466	2,466
Other equity						73,155
Earnings per share (Face Value of Rs 2/- each)
. Basic	2.30	0.52	2.38	4.86	5.66	8. 36
• Diluted	2.30	0.52	2.38	4:86	5.66	8.36

Notes:

1. The Board of Directors have declared interim dividend of 50 %( Re 1 /- per share )(Previous year 30%) on equity shares.

2. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting on 5 February 2020.

3. The consolidated financial results for the quarter and nine months ended on 31 December 2019 have been subjected to a 'Limited Review· by the statutory auditors of the Company. The statutory auditors have expressed an unmodified opinion. The limited review report will be filed with the stock exchanges and will also be available on the Company's website, www.hikal.com.

4.Finance cost for the quarter ended 31 December 2019 includes exchange loss on foreign currency working capital/term loans of Rs . 50 lakhs.(Quarter ended 30 September 2019 - loss of Rs 92 lakhs, quarter ended 31 December 2018 • gain of Rs 78 lakhs, nine months ended 31 December 2019 • loss of Rs 142 lakhs, nine months ended 31 December 2018- loss of Rs 761 lakhs and year ended 31 March 2019 - loss of Rs 735 lakhs).

5.Effective 1 April 2019, the Company has adopted Ind AS 116 Leases using modified retrospective approach. This has resulted in recognising right of use assets and lease liability as on 1 April 2019. The adoption of the standard did not have any material impact to the financial results.

6.Exceptional item comprises customs duty Rs. 1,339 lakhs on past imports of raw materials at an Export Oriented Unit of the Company and interest of Rs. 201 lakhs thereon, paid during the quarter ended on 30 September 2019 on directions of the Customs authority pursuant to Notification no. 59/2017- Customs dated June 30, 2017 issued by the Department of Revenue.

7, Consolidated financial results for the quarter and nine months ended 31 December 2018 were not subjected to limited review by the statutory auditors of the Company and that have been prepared by the management.

1. The figures for the previous periods have been regrouped wherever necessary to conform to the current period's presentation.

	SIGNED FOR IDENTIFICATION	For HIKAL LTD
	~BY	Ii ':J -.,,-
PlaceMumbaiDate5 February 2020	SR BC & CO LLPMBMI	Jal HlremathChairman and Managing DirectorDIN: 00062203
	HIKAL LTDRegd. Office : 717 /718, Maker Chamber V, Nariman Point, Mumbai - 400 021 .Phone: +91-22-30973100 , Fax : +91-22-30973281CIN : L24200MH1988PTC048026, E Mail : info@hikal.com , Website : www.hikal.comJost the right chemistry

Consolidated segment wise revenue, results, assets and liabilities for the quarter and nine months ended 31 December 2019

		Consolidated
Particulars		Q.ua~ter ended		Nine months ended		Year ended
	31-Dec-19	30-Sep, 19	31-Dec-f.lJ	3'1-Dec-1,9	31-Dec-1 8	31-Mar-19
	Unaudited	Uil111Jdlted	Unaudited	t,rnaudl~~d	Unaudited	Audited
1. Segment revenue
a) Pharmaceuticals	24,844	20,822	25,209	66,052	67,999
b) Crop protection	15,562	11 ,283	15,958	46,ns	45,212	93,91 465,047
Total	40,406	32,105	41,167	1,1'2,827	1,1 3,211	1,58,961
Less: Inter segment revenue
Revenue from operations11	40,:.t06	32,105	41,167	1, 12,82,7	1,1 3,211	1,58,961
2. Segment results
a) Pharmaceuticals	-4,098	2,498	3,335	9,438	9,018	12,930
b) Crop protection	2,373	2, 133	3, 185	7,184	8,151	11 , 165
Total	6,471	4,631	6,520	16,622	17,169	24,095
Less:
i) Finance cost	1,309	1,358	1, 336	3,872	4, 579	5,843
ii) Other un-allocable expenditure	974	842	1,041	2,51 5	2,641	3,544
Add:
i) Other un-allocable income	46	78	53	190	145	199
Profit before tax and exceptional item	4,234	2,509	4,1 96	10,425	10,094	14,907
3. Segment assets
a) Pharmaceuticals	1,05,727	1,03,310	1,03,413	1,05,72,7	1,03,413	1,03,395
b) Crop protection	57,842	52,341	57,21 7	57,842	57,217	54,753
c) Unallocable	12,379	12,029	13,01 7	12,379	13,017	10,402
Total assets	1,75,9.48	1,67,680	1,73,647	1,1 5,948	1,73,647	1,68 ,650
4. Segment liabilities
a) Pharmaceuticals	19,434	16,n6	22,61 3	19,43'4	22,613	20, 305
b) Crop protection	15,647	12,088	22, 11 3	15,641	22,113	17,622
c) Unallocable	60,161	60,995	55,752	60,161	55,752	55,002
Total ltabllltles	95,242	89,809	1,00,478	95,242	1,00,478	92,929

Place : Mumbai Chairman and Managing Director

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