Hikal Ltd. — Interim / Quarterly Report 2021

Aug 5, 2021

August 5, 2021

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

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

BSE Scrip Code : 524735

NSE Symbol : HIKAL

Dear Sir/ Madam,

Subject: Outcome of Board Meeting pursuant to Regulation 30 of the Securities and Exchange Board of India [Listing Obligations and Disclosure Requirements (LODR)] Regulations, 2015

With reference to the above, this is to inform you that, the Board of Directors of the Company at its meeting held today i.e., August 05, 2021, inter-alia approved:

A. Unaudited Financial Results

[Regulation 30 & 33 of SEBI (LODR) Regulations]

The Board of Directors approved and took on record the Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter ended June 30, 2021.

The Standalone and Consolidated Unaudited Financial Results of the Company for the Quarter ended June 30, 2021, along with the Limited Review Report of the Statutory Auditors thereon, are enclosed in terms of Regulation 33 ofSEBI (LODR) Regulations, 2015.

B. Trading Window Re-open

[Regulation 9 of SEBI (PIT) Regulations]

The trading window, for trading in securities of the Company by Designated Persons, which remained closed w.e.f. July 1, 2021, will re-open on Sunday, 8th August, 2021.

The meeting commenced at 11.30 a.m. and concluded at 01.20 p.m. We request you to kindly take above on your record.

Thank you,

Yours Sincerely, for IDKAL LIMITED, Rajasekhar Reddy Company Secretary and Comp

Enclosure: as above

Hikal Ltd.

Factory: A -18, MIDC Ind. Area, Mahad - 402 309, Dist Raigad, Maharashtra, India Tel : +91-2145-661234

Ad min. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Be lapur, Navi Mumbai - 400 614, India. Tel : +91-22-3097 3100 Fax : +91 -22-2757 4277 Regd. Office: 717, Maker Chamber - 5, Nariman Point, Mumbai - 400 021 , India. Tel. : +91-22-3926 7100, +91-22-6277 0477. Fax +91-22-2283 3913 ,, www.hikal.com info@hikal.com CIN : L24200MH1988PTC048028

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly 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 June 30, 2021 (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.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003 Digitally signed by Vinayak Shriram Pujare

DN: cn=Vinayak Shriram Pujare, c=IN, o=Personal, email=vinayak.pujare@srb.in Location: Mumbai Date: 2021.08.05 12:24:32 +05'30' Vinayak Shriram Pujare

per Vinayak Pujare Partner Membership No.: 101143

UDIN: 21101143AAAACV7530 Place: Mumbai Date: August 5, 2021

Statement of unaudited standalone financial results for the quarter ended 30 June 2021

Rs. In Lakhs (Except for per share data)

	Standalone
	Quarter endedYear ended
Particulars	30-Jun-21	31-Mar-21	30-Jun-20	31-Mar-21
	Unaudited	Audited (Refer	Unaudited	Audited
		note 3)
Income
Revenue from operations
Sale of products and services	45,450	53,157	34,713	1,70,706
Other operating revenue	228	89	564	1,338
Total revenue from operations	45,678	53,246	35,277	1,72,044
Other income	318	287	64	498
Total income	45,996	53,533	35,341	1,72,542
Expenses
Cost of materials consumed	23,074	27,363	18,758	90,671
Changes in inventories of finished goods and work-in-progress	(583)	611	575	167
Employee benefits expense	4,758	4,228	4,198	16,432
Finance costs	799	997	968	3,620
Depreciation and amortisation expenses	2,256	2,155	2,071	8,524
Other expenses	8,857	10,118	6,492	32,485
Total expenses	39,161	45,472	33,062	1,51,899
Profit before tax and exceptional item	6,835	8,061	2,279	20,643
Exceptional item	-	-	-	-
Profit before tax	6,835	8,061	2,279	20,643
Tax expense:
-Current tax	1,889	3,427	803	7,955
-Deferred tax	(104)	(458)	(24)	(627)
Total tax expense	1,785	2,969	779	7,328
Profit for the period	5,050	5,092	1,500	13,315
Other comprehensive income (OCI)
Items that will not be reclassified to statement of profit and loss	(48)	(204)	3	(194)
Income tax relating to item that will not be reclassified to statement of profit
and loss	12	53	(1)	50
Total comprehensive income	5,014	4,941	1,502	13,171
Paid-up equity share capital (Face value of Rs 2/- each)	2,466	2,466	2,466	2,466
Other equity				90,876
Earnings per share (Face Value of Rs 2/- each)
- Basic	4.10	4.13	1.22	10.80
- Diluted	4.10	4.13	1.22	10.80

Notes :

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 5 August 2021.

2. The standalone financial results for the quarter ended on 30 June 2021 have been subjected to a 'Limited Review' by the statutory auditors of the Company. The statutory auditors have expressed an unmodified review conclusion. The limited review report will be filed with the stock exchanges and will also be available on the Company's website, www.hikal.com.

3. The figures for the quarter ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year upto 31 March 2021 and the unaudited published year-to-date figures up to 31 December 2020, being the date of the end of the third quarter which were subjected to limited review.

4. The Company has considered the impact of COVID-19 pandemic on its business operations and financial results based on its review of current indicators of future economic conditions. However,the impact assessment of this pandemic is a continuing process given the uncertainties associated with its nature and duration, and accordingly, the Company will continue to monitor any material changes to future economic conditions.

5.The Code on Social Security, 2020 ('the Code') has been notified in the Official Gazette on September 29, 2020. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period in which the said Code becomes effective and the rules framed thereunder are published.

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

For HIKAL LTD JAI VISHWANAT Digitally signed by JAI VISHWANATH HIREMATH

Date: 2021.08.05

Place : Mumbai

Date : 5 August 2021

DIN: 00062203 Chairman and Managing Director Jai Hiremath H HIREMATH 11:59:27 +05'30'

HIKAL LTD

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

l:IIKLIL,,j, W.~•
Standalone segment wise revenue, results, assets and liabilities
for the quarter ended 30 June 2021
			(Rs. In Lakhs)
	StandaloneYear endedQuarter ended
Particulars	30-Jun-21	31-Mar-21	30-Jun-20	31-Mar-21
	Unaudited	Audited(Refer note 3)	Unaudited	Audited
1. Segment revenue
a) Pharmaceuticals	27,407	29,768	21,365	1,05,964
b) Crop protection	18,271	23,478	13,912	66,080
Total	45,678	53,246	35,277	1,72,044
Less: Inter segment revenue	-	-	-	-
Revenue from operations	45,678	53,246	35,277	1,72,044
2. Segment results
a) Pharmaceuticals	4,811	5,068	2,178	16,988
b) Crop protection	3,184	4,776	1,684	10,327
TotalLess :	7,995	9,844	3,862	27,315
i) Finance cost	799	997	968	3,620
ii) Other un-allocable expenditure	432	886	679	3,317
Add:i) Other un-allocable income	71	100	64	265
Profit before tax and exceptional item	6,835	8,061	2,279	20,643
3. Segment assets
a) Pharmaceuticals	1,16,353	1,13,145	1,05,382	1,13,145
b) Crop protection	65,549	65,607	55,545	65,607
c) Unallocable	12,708	12,571	13,018	12,571
Total assets4. Segment liabilities	1,94,610	1,91,323	1,73,945	1,91,323
a) Pharmaceuticals	16,327	17,448	25,196	17,448
b) Crop protection	13,233	11,618	13,566	11,618
c) Unallocable	66,694	68,915	52,026	68,915
Total liabilities	96,254	97,981	90,788	97,981
For HIKAL LTDDigitally signed byJAIJAI VISHWANATHVISHWANATHIREMATHDate: 2021.08.05H HIREMATH11:59:53 +05'30'Jai HiremathPlace : MumbaiChairman and Managing DirectorDate: 5 August 2021DIN: 00062203
	HIKAL LTD

Phone : +91-22-30973100 , Fax : +91-22-30973281 Regd. Office : 717/718, Maker Chamber V, Nariman Point, Mumbai - 400 021.

CIN : L24200MH1988PTC048028, E Mail : info@hikal.com , Website : www.hikal.com

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly 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 and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), for the quarter ended June 30, 2021 (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").
• 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/CMD1/44/2019 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 the following entities:
  • a. Hikal Limited, India, Holding Company
  • b. Acoris Research Limited, India, Subsidiary Company
  • c. Hikal, LLC, USA, Subsidiary Company
• 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.

Chartered Accountants

1. The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of the two Subsidiaries whose interim financial results and other financial information reflect total revenues of Rs. Nil, total net loss after tax of Rs. 54 Lakhs and total comprehensive loss of Rs. 54 Lakhs for the quarter ended June 30, 2021, which have not been reviewed or audited by their auditor. These unaudited financial results 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 subsidiaries, 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 with respect to the financial results certified by the Management.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

Digitally signed by Vinayak Shriram Pujare DN: cn=Vinayak Shriram Pujare, c=IN, o=Personal, email=vinayak.pujare@srb.in Location: Mumbai Date: 2021.08.05 12:32:50 +05'30' Vinayak Shriram Pujare

per Vinayak Pujare Partner Membership No.: 101143

UDIN: 21101143AAAACW3190

Place: Mumbai Date: August 5, 2021

Statement of unaudited consolidated financial results for the quarter ended 30 June 2021

Rs. In Lakhs (Except for per share data)

	Consolidated
		Quarter ended		Year ended
Particulars	30-Jun-21	31-Mar-21	30-Jun-20	31-Mar-21
	Unaudited	Audited	Unaudited	Audited
		(Refer note 3)
Income
Revenue from operations
Sale of products and services	45,450	53,157	34,713	1,70,706
Other operating revenue	228	89	564	1,338
Total revenue from operations	45,678	53,246	35,277	1,72,044
Other income	318	287	64	498
Total income	45,996	53,533	35,341	1,72,542
Expenses
Cost of materials consumed	23,074	27,363	18,758	90,671
Changes in inventories of finished goods and work-in-progress	(583)	611	575	167
Employee benefits expense	4,809	4,228	4,198	16,432
Finance costs	799	997	968	3,620
Depreciation and amortisation expenses	2,256	2,155	2,071	8,524
Other expenses	8,802	10,118	6,492	32,485
Total expenses	39,157	45,472	33,062	1,51,899
Profit before tax and exceptional item	6,839	8,061	2,279	20,643
Exceptional item	-	-	-	-
Profit before tax	6,839	8,061	2,279	20,643
Tax expense:
-Current tax	1,889	3,427	803	7,955
-Deferred tax	(104)	(458)	(24)	(627)
Total tax expense	1,785	2,969	779	7,328
Profit for the period	5,054	5,092	1,500	13,315
Other comprehensive income (OCI)
Items that will not be reclassified to statement of profit and loss	(48)	(204)	3	(194)
Income tax relating to item that will not be reclassified to statement of profit and
loss	12	53	(1)	50
Total comprehensive income	5,018	4,941	1,502	13,171
Paid-up equity share capital (Face value of Rs 2/- each)	2,466	2,466	2,466	2,466
Other equity				90,874
Earnings per share (Face Value of Rs 2/- each)
- Basic	4.10	4.13	1.22	10.80
- Diluted	4.10	4.13	1.22	10.80

Notes :

Place : Mumbai Date : 5 August 2021

1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 5 August 2021.

2. The consolidated financial results for the quarter ended on 30 June 2021 have been subjected to a 'Limited Review' by the statutory auditors of the Holding Company. The statutory auditors have expressed an unmodified review conclusion. The limited review report will be filed with the stock exchanges and will also be available on the Holding Company's website, www.hikal.com.

3. The figures for the quarter ended 31 March 2021 as reported in these financial results are the balancing figures between audited figures in respect of the full financial year upto 31 March 2021 and the unaudited published year-to-date figures up to 31 December 2020, being the date of the end of the third quarter which were subjected to limited review.

4. The Group has considered the impact of COVID-19 pandemic on its business operations and financial results based on its review of current indicators of future economic conditions. However,the impact assessment of this pandemic is a continuing process given the uncertainties associated with its nature and duration, and accordingly, the Group will continue to monitor any material changes to future economic conditions.

5.The Code on Social Security, 2020 ('the Code') has been notified in the Official Gazette on September 29, 2020. The effective date from which the changes are applicable is yet to be notified and the rules are yet to be framed. Impact, if any, of the change will be assessed and accounted in the period in which the said Code becomes effective and the rules framed thereunder are published.

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

For HIKAL LTD

JAI VISHWANAT H HIREMATH Digitally signed by JAI VISHWANATH HIREMATH Date: 2021.08.05 12:00:47 +05'30'

Jai Hiremath Chairman and Managing Director DIN: 00062203

HIKAL LTD

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

Consolidated segment wise revenue, results, assets and liabilities for the quarter ended 30 June 2021

		Consolidated
Particulars		Quarter ended			Year ended
		30-Jun-21	31-Mar-21	30-Jun-20	31-Mar-21
		Unaudited	Audited	Unaudited	Audited
			(Refer note 3)
1. Segment revenue
a) Pharmaceuticals		27,407	29,768	21,365	1,05,964
b) Crop protection		18,271	23,478	13,912	66,080
	Total	45,678	53,246	35,277	1,72,044
Less: Inter segment revenue		-	-	-	-
Revenue from operations		45,678	53,246	35,277	1,72,044
2. Segment results
a) Pharmaceuticals		4,811	5,068	2,178	16,988
b) Crop protection		3,184	4,776	1,684	10,327
	Total	7,995	9,844	3,862	27,315
Less :i) Finance cost		799	997	968	3,620
ii) Other un-allocable expenditure		428	886	679	3,317
Add:
i) Other un-allocable income		71	100	64	265
Profit before tax and exceptional item		6,839	8,061	2,279	20,643
3. Segment assets
a) Pharmaceuticals		1,16,353	1,13,145	1,05,382	1,13,145
b) Crop protection		65,549	65,607	55,545	65,607
c) Unallocable		12,710	12,570	13,017	12,570
	Total assets	1,94,612	1,91,322	1,73,944	1,91,322
4. Segment liabilities
a) Pharmaceuticals		16,327	17,448	25,196	17,448
b) Crop protection		13,233	11,618	13,566	11,618
c) Unallocable	Total liabilities	66,69596,255	68,91697,982	52,02690,788	68,91697,982
		For HIKAL LTDDigitally signed byJAIJAI VISHWANATHVISHWANATHIREMATHDate: 2021.08.05H HIREMATH12:01:08 +05'30'Jai Hiremath
Place : Mumbai				Chairman and Managing Director
Date: 5 August 2021		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

Extract of unaudited financial results for the quarter ended 30 June 2021

₹ in Lakhs (except for per share data)

Particulars		Consolidated
		Quarter ended
		31-Mar-21	30-Jun-20	31-Mar-21
	Unaudited	Audited	Unaudited	Audited
Total income	45,996	53,533	35,341	172,542
Net Profit for the period (before tax, Exceptional and/or Extraordinary item)	6,839	8,061	2,279	20,643
Net Profit for the period before tax (after Exceptional and/or Extraordinary item)	6,839	8,061	2,279	20,643
Net Profit for the period after tax (after Exceptional and/or Extraordinary item)	5,054	5,092	1,500	13,315
Total Comprehensive Income for the period [Comprising profit for the period (after tax)and Other Comprehensive income (after tax)]	5,018	4,941	1,502	13,171
Equity share capital	2,466	2,466	2,466	2,466
Other equity				90,874
Earnings Per Share (Face Value of ₹ 2/- each) (for continuing and discontinuedoperations)
- Basic	4.10	4.13	1.22	10.80
- Diluted	4.10	4.13	1.22	10.80

Note:

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

₹ in Lakhs (except for per share data)
	Standalone
Particulars	Quarter ended	Year ended
	30-Jun-21	31-Mar-21	30-Jun-20	31-Mar-21
	Unaudited	Audited	Unaudited	Audited
Total incomeNet Profit for the period (before tax, Exceptional and/or Extraordinary item)Net Profit for the period before tax (after Exceptional and/or Extraordinary item)Net Profit for the period after tax (after Exceptional and/or Extraordinary item)Earnings Per Share (Face Value of ₹ 2/- each) (for continuing and discontinuedoperations)	45,9966,8356,8355,050	53,5338,0618,0615,092	35,3412,2792,2791,500	172,54220,64320,64313,315
- Basic	4.10	4.13	1.22	10.80
- Diluted	4.10	4.13	1.22	10.80

1. 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).

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

Place: Mumbai Date: 5 August 2021 For HIKAL LTD

Jai Hiremath JAI VISHWANAT H HIREMATH Digitally signed by JAI VISHWANATH HIREMATH Date: 2021.08.05 12:04:58 +05'30'

Chairman and Managing Director DIN: 00062203

HIKAL LTD

Phone: +91-22-3926 7100; Fax: +91-22-2283 3913 Regd. Office: 717/718, 7th Floor, Maker Chamber V, Nariman Point, Mumbai - 400 021.

CIN: L24200MH1988PTC048028; E Mail: info@hikal.com; Website: www.hikal.com