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Indoco Remedies Ltd. — Interim / Quarterly Report 2022
Nov 2, 2021
62453_rns_2021-11-02_b9ce3556-3d9a-48dc-91b0-736d9db4efb2.pdf
Interim / Quarterly Report
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November 02, 2021
| To The Listing Department National Stock Exchange of India Limited Exchange Plaza, Bandra – Kurla Complex Bandra (East) Mumbai–400 051 Stock Code : INDOCO-EQ |
To The Listing Department Bombay Stock Exchange Limited Floor 25, P. J. Towers, Dalal Street, Mumbai–400 001 Stock Code : 532612 |
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Dear Sirs,
Sub: Submission of Standalone & Consolidated Unaudited Financial Results for the Quarter and Half year ended 30[th] September, 2021
The Board of Directors at their meeting held today, have approved and taken on record the Standalone & Consolidated Unaudited financial results of the Company for the Quarter and Half year ended 30[th] September, 2021.
Enclosed please find the following:
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Standalone & Consolidated unaudited financial results as per Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015
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Limited Review Certificate issued by our Statutory Auditors M/s. Gokhale & Sathe, Chartered Accountants.
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Press Release
The meeting commenced at 11.00 a.m. and concluded at 12 Noon.
Thanking you,
Yours faithfully, For Indoco Remedies Limited
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Jayshankar Menon Company Secretary & AVP (Legal)
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INDOCO REMEDIES LIMITED
Regd. Office : Indoco House, 166, CST Road, Kalina,Santacruz (E), Mumbai 400 098. Tel:+91-22-26541851/55 Fax:+91-22-26520787 Email: [email protected] Website:www.indoco.com CIN:L85190MH1947PLC005913
STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2021
| Sl. No. Particulars 1 Income from Operations (a) Revenue from Operations (b) Other Operating Income Total Income from Operations (Net) (a+b) 2 Other Income 3 Total Income (1+2) 4 Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee Benefits expense (e) Research & Development Expense (f) Other Expenses (g) Finance Costs (h) Depreciation and Amortization expense Total Expenses 5 Profit/(Loss) before Tax (3-4) 6 Tax Expenses- Current - Deferred - MAT Credit Adjustments Total Tax Expenses 7 Profit/(Loss) for the period (5-6) 8 Other Comprehensive Income a i) Items that will not be reclassified to profit and loss ii) Income tax on relating to this item b i) Items that may be reclassified to profit or loss Total Other Comprehensive Income 9 Total Comprehensive income for the year (7+8) Profit attributable to : Equity Shareholders of the Company Non-Controlling Interest Other comprehensive income is attributable to: Equity Shareholders of the Company Non-Controlling Interest Total comprehensive income is attributable to: Equity Shareholders of the Company Non-Controlling Interest 10 Paid up Equity Share Capital (Face value Rs. 2/- each) 11 Other Equity 12 Earnings per share (of Rs. 2/- each) (a) Basic- in Rs. (b) Diluted- in Rs. Notes: |
Quarter ended 30.09.2021 Quarter ended 30.06.2021 Quarter ended 30.09.2020 Half Year ended 30.09.2021 Half Year ended 30.09.2020 Year ended 31.03.2021 37,263 38,117 32,246 75,380 58,926 1,21,738 1,396 532 519 1,928 1,425 2,292 38,659 38,649 32,765 77,308 60,351 1,24,030 101 86 52 187 78 312 38,760 38,735 32,817 77,495 60,429 1,24,342 8,619 9,601 7,697 18,220 13,962 30,316 2,171 2,998 1,436 5,169 3,276 6,304 (158) (1,572) (112) (1,730) (55) (1,213) 7,385 7,467 7,486 14,852 14,042 27,288 2,132 1,654 1,566 3,786 2,592 5,970 9,878 9,820 8,674 19,698 15,630 33,008 306 423 589 729 1,164 2,222 1,946 2,223 1,857 4,169 3,770 7,312 32,279 32,614 29,193 64,893 54,381 1,11,207 6,481 6,121 3,624 12,602 6,048 13,135 2,632 2,736 1,634 5368 2787 3,847 (308) (576) (521) (884) (973) 49 - - - - - - 2,324 2,160 1,113 4,484 1,814 3,896 4,157 3,961 2,511 8,118 4,234 9,239 (30) (30) (15) (60) (30) (132) 11 10 5 21 10 46 - - - - - - (19) (20) (10) (39) (20) (86) 4,138 3,941 2,501 8,079 4,214 9,153 4,157 3,961 2,511 8,118 4,234 9,239 - - - - - - 4,157 3,961 2,511 8,118 4,234 9,239 (19) (20) (10) (39) (20) (86) - - - - - - (19) (20) (10) (39) (20) (86) 4,138 3,941 2,501 8,079 4,214 9,153 - - - - - - 4,138 3,941 2,501 8,079 4,214 9,153 1,843 1,843 1,843 1,843 1,843 1,843 75,050 4.51 4.30 2.72 8.81 4.59 10.03 4.51 4.30 2.72 8.81 4.59 10.03 (Rs. In Lakhs) |
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1 The unaudited Standalone Results for the Quarter and Half Year ended 30th September, 2021 have been reviewed by the Audit committee and approved by the Board of Directors of the Company at its meeting held on 2nd November, 2021. The Statutory Auditors have expressed an Unmodified Audit opinion on these unaudited Standalone Financial Results.
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2 The figures for corresponding previous periods have been restated / regrouped wherever necessary, to make them comparable.
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3 The company has only one primary reportable segment of activity, namely, Pharmaceuticals. 4 Net Sales and Income from Operations as per Secondary Segment (Geographical) is as follows:
| Net Sales and Income from Operations India Outside India Total |
Quarter ended 30.09.2021 (Unaudited) Quarter ended 30.06.2021 (Unaudited) Quarter ended 30.09.2020 (Unaudited ) Half Year ended 30.09.2021 (Unaudited ) Half Year ended 30.09.2020 (Unaudited) Year ended 31.03.2021 (Audited) 22,620 22,184 18,760 44,804 34,516 67,475 14,643 15,933 13,486 30,576 24,410 54,263 37,263 38,117 32,246 75,380 58,926 1,21,738 (Rs. In Lakhs) |
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5 The Statutory Auditors of the company have carried out Limited Review of the financial results for the quarter ended 30th September, 2021. 6 The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions and without any significant impact on the business. The Company will closely monitor future economic & other business environment parameters to ensure business continuity.
- 7 There are no Exceptional Items
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8 Statement of Assets and Liabilities (Rs. In Lakhs)
Sr. Particulars As at As at
No 30.09.2021 30.09.2020
A ASSETS
1 Non-Current Assets
(a) Property, Plant and Equipment 51,832 51,606
(b) Capital Work in Progress 2,817 1,249
(c) Intangible Assets 2,882 3,860
(d) Intangible Assets under Development 5,065 3,916
(e) Right to Use of Asset 1,211 702
(f) Financial Assets
(i) Investments 245 245
(ii) Loans 100 82
(iii) Other Financial Assets 653 597
(g) Deferred Tax Assets (Net) - 2,948
(h) Income Tax Assets (Net) - 347
(i) Other Non-Current Assets 3,543 2,471
Total - Non-Current Assets 68,348 68,023
2 Current Assets
(a) Inventories 26,571 24,609
(b) Financial Assets
(i) Trade Receivables 28,718 26,061
(ii) Cash and Cash Equivalents 827 1,771
(iii) Bank Balances Other Than ((i) & (ii) above 1,599 1,888
(iv) Loans 57 38
(v) Other Financial Assets 1,708 633
(c ) Other Current Assets 15,600 14,135
Total - Current Assets 75,080 69,135
Total - Assets 1,43,428 1,37,158
B Equity and Liabilities
1 Equity
(a) Equity Share Capital 1,843 1,843
(b) Other Equity 81,747 70,110
Total Equity 83,590 71,953
2 Liabilities
a) Non-Current Liabilities
(a) Financial Liabilities
(i) Borrowings 9,422 9,037
(ia) Lease Liabilities 1,179 728
(ii) Other Financial Liabilities 733 733
(b) Provisions 2,831 2,619
(c) Deferred Tax Liabilities (Net) 83 -
Total - Non-Current Liabilities 14,248 13,117
b) Current Liabilities
(a) Financial Liabilities
(i) Borrowings 15,583 17,625
(ia) Lease Liabilities 137 73
(ii) Trade Payables
(A) Total Outstanding Dues of Micro and Small Enterprises 2 4
(B) Total Outstanding Dues of Other than Micro and Small Enterprises 9,345 14,315
(iii) Other Financial Liabilities 11,934 11,789
(b) Provisions 4,146 5,040
(c) Income Tax Liability (net) 291 -
(d) Other Current Liabilities 4,152 3,242
Total - Current Liabilities 45,590 52,088
Total Liabilities 59,838 65,205
Total - Equity and Liabilities 1,43,428 1,37,158
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9 Cash Flow Statement (Rs. In Lakhs)
Sl. Particulars Period ended Period ended
No. 30.09.2021 30.09.2020
(A) Cash Flow from Operating Activities :
Net Profit / (Loss) before tax and extraordinary item 12,602 6,048
Adjustments for :
Depreciation and Amortization Expense 4,169 3,770
Profit on sale of Fixed Assets (1) (1)
Loss on sale of Fixed Assets 29 3
Sundry Balance written back (132) (0)
Provision for Doubtful Debts / Bad Debts 1,463 750
Interest Income (30) (44)
Dividend received on Investments (0) (0)
Unrealized Foreign Exchange (Gain) / Loss (1,261) 172
Finance Cost (Other than Unrealized Foreign Exchange (Gain) / Loss) 812 1,177
5,049 5,826
17,651 11,874
Operating Profit before Working Capital Change
Adjustments for:
Decrease / (Increase) in Trade Receivables (5,645) (6,078)
Decrease / (Increase) in Other Current Financial Assets (1,451) (262)
Decrease / (Increase) in Other Current Assets (2,263) (3,874)
Decrease / (Increase) in Inventories (2,790) (3,785)
Decrease / (Increase) in Other Non Current Financial Assets (73) 12
Decrease / (Increase) in Other Non Current Assets (28) (5)
Increase / (Decrease) in Trade Payables (2,023) (2,309)
Increase / (Decrease) in Non Current Financial Liabilities 531 212
Increase / (Decrease) in Non Current Provisions (2) 266
Increase / (Decrease) in Current Financial Liabilities 3,009 5,220
Increase / (Decrease) in Current Provisions (542) (115)
Increase / (Decrease) in Other Current Liabilities 3,396 2,065
(7,881) (8,653)
Cash generated from Operations 9,770 3,221
Income Tax Paid (Net of Refund) (1,448) (582)
Net Cash generated from Operating Activities (A) 8,322 2,639
(B) Cash Flow from Investing Activities
Payment towards Capital Expenditure (5,624) (1,972)
Sale of Fixed Assets 6 6
Bank Balance not considered as Cash & Cash Equivalents (1,107) (471)
Interest Received 24 41
Dividend received on Investments 0 -
Net Cash used in Investing Activities (B) (6,701) (2,396)
(C) Cash Flow from Financing Activities
Finance Cost (Other than Unrealized Foreign Exchange (Gain) / Loss) (835) (989)
Payment of Lease Liability (62) (33)
Dividend Paid (3) (4)
Proceeds from Long Term Borrowings 6,650 1,400
Repayment of Long Term Borrowings (7,509) (2,563)
Proceeds / (Repayment) from Short Term Borrowings 52 1,369
Net Cash inflow / (outflow) from Financing Activities ( C ) (1,707) (820)
Net Increase / (Decrease) in Cash or Cash Equivalents (A+B+C) (86) (577)
Cash and Cash Equivalents at the beginning of the Period 913 2,348
Cash and Cash Equivalents at the end of the Period 827 1,771
By Order of the Board
For Indoco Remedies Ltd
Place : Mumbai Aditi Panandikar
Date : November 2, 2021 Managing Director
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gokhale & sathe (regd.) c har t ered a cco unt an t s 30 8/3 09, Udy og Mandi r No. 1, 7 - C , Bh ago j i Ke er Marg , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok hal e s ath e. in
Independent Auditors’ Limited Review Report on quarterly and year-to-date unaudited standalone financial results of Indoco Remedies Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To The Board of Directors of Indoco Remedies Limited
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1 We have reviewed the accompanying statement of unaudited standalone financial results (“the Statement”) of Indoco Remedies Limited (‘the Company’) for the quarter ended 30[th] September 2021 and year to date results for the period ended 1[st] April 2021 to 30[th] September 2021 being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015 as amended (“Listing Regulations)
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2 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 (“the Act”) read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.
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3 We conducted our review in accordance with the Standard on Review Engagement (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 financial results are 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.
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gokhale & sathe (regd.) c har t ered a cco u nt an t s 30 8/3 09, Udy og Mandi r No. 1, 7 - C , Bh ago j i Ke er Marg , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok hal e s ath e. in
Independent Auditors’ Limited Review Report on quarterly and year-to-date unaudited standalone financial results of Indoco Remedies Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
- 4 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 Indian Accounting Standards specified under section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other recognised 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) Regulation, 2015 including the manner in which it is to be disclosed, or that it contains any material misstatement.
For Gokhale & Sathe, Chartered Accountants Firm Registration No.: 103264W
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Tejas Parikh Partner Membership Number - 123215 UDIN: -21123215AAAAHB8529
Place: Mumbai
Date: 2[nd] November 2021
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INDOCO REMEDIES LIMITED
Regd. Office : Indoco House, 166, CST Road, Kalina,Santacruz (E), Mumbai 400 098.
Tel:+91-22-26541851/55 Fax:+91-22-26520787 Email: [email protected] Website:www.indoco.com CIN:L85190MH1947PLC005913
STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2021
| Sl. No. Particulars 1 Income from Operations (a) Revenue from Operations (b) Other Operating Income Total Income from Operations (Net) (a+b) 2 Other Income 3 Total Income (1+2) 4 Expenses (a) Cost of materials consumed (b) Purchases of stock-in-trade (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (d) Employee Benefits expense (e) Research & Development Expense (f) Other Expenses (g) Finance Costs (h) Depreciation and Amortization expense Total Expenses 5 Profit/(Loss) before Tax (3-4) 6 Tax Expenses- Current - Deferred - MAT Credit Adjustments Total Tax Expenses 7 Profit/(Loss) for the period (5-6) 8 Other Comprehensive Income a i) Items that will not be reclassified to profit and loss ii) Income tax on relating to this item b i) Items that may be reclassified to profit or loss Total Other Comprehensive Income 9 Total Comprehensive income for the year (7+8) Profit attributable to : Equity Shareholders of the Company Non-Controlling Interest Other comprehensive income is attributable to: Equity Shareholders of the Company Non-Controlling Interest Total comprehensive income is attributable to: Equity Shareholders of the Company Non-Controlling Interest 10 Paid up Equity Share Capital (Face value Rs. 2/- each) 11 Other Equity 12 Earnings per share (of Rs. 2/- each) (a) Basic- in Rs. (b) Diluted- in Rs. Notes : |
Quarter ended 30.09.2021 (Unaudited) Quarter ended 30.06.2021 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Half Year ended 30.09.2021 (Unaudited) Half Year ended 30.09.2020 (Unaudited) Year ended 31.03.2021 (Audited) 37,292 38,143 32,305 75,435 58,985 1,21,861 1,395 532 519 1,927 1,425 2,292 38,687 38,675 32,824 77,362 60,410 1,24,153 101 86 52 187 78 312 38,788 38,761 32,876 77,549 60,488 1,24,465 8,618 9,605 7,697 18,223 13,962 30,320 2,172 2,998 1,436 5,170 3,276 6,304 (158) (1,572) (112) (1,730) (55) (1,213) 7,417 7,498 7,515 14,915 14,098 27,402 2,133 1,653 1,566 3,786 2,592 5,970 9,861 9,803 8,650 19,664 15,600 32,943 305 424 589 729 1,164 2,226 1,945 2,223 1,857 4,168 3,770 7,313 32,293 32,632 29,198 64,925 54,407 1,11,265 6,495 6,129 3,678 12,624 6,081 13,200 2,633 2,738 1,641 5371 2794 3,857 (309) (575) (521) (884) (975) 47 2 - (7) 2 (7) (9) 2,326 2,163 1,113 4,489 1,812 3,895 4,169 3,966 2,565 8,135 4,269 9,305 (30) (30) (15) (60) (30) (132) 11 10 5 21 10 46 - - - - - - (19) (20) (10) (39) (20) (86) 4,150 3,946 2,555 8,096 4,249 9,219 4,169 3,966 2,565 8,135 4,269 9,305 - - - - - - 4,169 3,966 2,565 8,135 4,269 9,305 (19) (20) (10) (39) (20) (86) - - - - - - (19) (20) (10) (39) (20) (86) 4,150 3,946 2,555 8,096 4,249 9,219 - - - - - - 4,150 3,946 2,555 8,096 4,249 9,219 1,843 1,843 1,843 1,843 1,843 1,843 75,056 4.52 4.30 2.78 8.83 4.63 10.10 4.52 4.30 2.78 8.83 4.63 10.10 (Rs. In Lakhs) |
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| 1 2 3 4 |
Net Sales and Income from Operations Quarter ended 30.09.2021 (Unaudited) Quarter ended 30.06.2021 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Half Year ended 30.09.2021 (Unaudited) Half Year ended 30.09.2020 (Unaudited) Year ended 31.03.2021 (Audited) India 22,649 22,210 18,819 44,859 34,575 67,597 Outside India 14,643 15,933 13,486 30,576 24,410 54,264 Total 37,292 38,143 32,305 75,435 58,985 1,21,861 The figures for corresponding previous periods have been restated / regrouped wherever necessary, to make them comparable. (Rs. In Lakhs) The unaudited Consolidated Results for the Quarter and Half year ended 30th September, 2021 have been reviewed by the Audit committee and approved by the Board of Director of the Company at its meeting held on 2nd November, 2021. The Statutory Auditors have expressed an Unmodified Audit opinion on these unaudited Consolidated Financial Results. The company has only one primary reportable segment of activity, namely, Pharmaceuticals. Net Sales and Income from Operations as per Secondary Segment (Geographical) is as follows: |
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- 5 The Consolidated Financial Results includes the Results of the following Companies
| Name of the Company | % of Shareholding |
Consolidated as |
|---|---|---|
| Xtend Industrial Designers & Engineers Pvt. Ltd. | 100 | Subsidiary |
| Indoco Remedies Czech S R O | 100 | Subsidiary |
The Statutory Auditors of the company have carried out Limited Review of the financial results for the quarter and half year ended 30th September, 6 2021.
| 7 | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions | The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations with appropriate safety precautions |
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| and without any significant impact on the business. The Company will closely monitor future economic & other business environment parameters to | |||||||
| 8 | There are no exceptional items. | ||||||
| 9 | Statement of Assets and Liabilities | (Rs. In | Lakhs) | ||||
| Sl. | Particulars | As at | As | at | |||
| No. | 30.09.2021 | 30.09.2020 | |||||
| A | ASSETS | ||||||
| 1 | Non-Current Assets | ||||||
| (a) Property, Plant and Equipment | 51,834 | 51,609 | |||||
| (b) Capital Work in Progress | 2,817 | 1,249 | |||||
| (c ) Goodwill on Consolidation | 9 | 9 | |||||
| (d) Intangible Assets | 2,882 | 3,860 | |||||
| (e) Intangible Assets under Development | 5,065 | 3,916 | |||||
| (f) Right to Use of Asset | 1,211 | 702 | |||||
| (g) Financial Assets | |||||||
| (i) Investments | 2 | 2 | |||||
| (ii) Loans | 100 | 82 | |||||
| (iii) Other Financial Assets | 653 | 598 | |||||
| (h) Deferred Tax Assets (Net) | - | 2,954 | |||||
| (i) Income Tax Assets (Net) | - | 349 | |||||
| (j) Other Non-Current Assets | 3,563 | 2,490 | |||||
| Total - Non-Current Assets | 68,136 | 67,820 | |||||
| 2 | Current Assets | ||||||
| (a) Inventories | 26,571 | 24,617 | |||||
| (b) Financial Assets | |||||||
| (i) Trade Receivables | 28,742 | 26,094 | |||||
| (ii) Cash and Cash Equivalents | 859 | 1,798 | |||||
| (iii) Bank Balances Other Than ((i) & (ii) above | 1,599 | 1,893 | |||||
| (iv) Loans | 57 | 39 | |||||
| (v) Other Financial Assets | 1,709 | 633 | |||||
| (c ) Other Current Assets | 15,601 | 14,137 | |||||
| Total - Current Assets | 75,138 | 69,211 | |||||
| Total - Assets | 1,43,274 | 1,37,031 | |||||
| B | Equity and Liabilities | ||||||
| 1 | Equity | ||||||
| (a) Equity Share Capital | 1,843 | 1,843 | |||||
| (b) Other Equity | 81,770 | 70,087 | |||||
| Total Equity | 83,613 | 71,930 | |||||
| 2 | Liabilities | ||||||
| a) | Non-Current Liabilities | ||||||
| (a) Financial Liabilities | |||||||
| (i) Borrowings | 9,422 | 9,037 | |||||
| (ia) Lease Liabilities | 1,179 | 728 | |||||
| (ii) Other Financial Liabilities | 734 | 733 | |||||
| (b) Provisions | 2,835 | 2,626 | |||||
| (c) Deferred Tax Liabilities (Net) | 77 | - | |||||
| Total - Non-Current Liabilities | 14,247 | 13,124 | |||||
| b) | Current Liabilities | ||||||
| (a) Financial Liabilities | |||||||
| (i) Borrowings | 15,583 | 17,625 | |||||
| (ia) Lease Liabilities | 137 | 73 | |||||
| (ii) Trade Payables | |||||||
| (A) Total Outstanding Dues of Micro and Small Enterprises | 2 | 4 | |||||
| (B) Total Outstanding Dues of Other than Micro nd Small Enterprises | 9,149 | 14,178 | |||||
| (iii) Other Financial Liabilities | 11,948 | 11,804 | |||||
| (b) Provisions | 4,148 | 5,042 | |||||
| (c) Income Tax Liabilities (Net) | 292 | - | |||||
| (d) Other Current Liabilities | 4,155 | 3,251 | |||||
| Total - Current Liabilities | 45,414 | 51,977 | |||||
| Total Liabilities | 59,661 | 65,101 | |||||
| Total - Equity and Liabilities | 1,43,274 | 1,37,031 |
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10 Cash Flow Statement (Rs. In Lakhs)
Sl. Particulars Period ended Period ended
No. 30.09.2021 30.09.2020
(A) Cash Flow from Operating Activities :
Net Profit / (Loss) before tax and extraordinary item 12,624 6,081
Adjustments for :
Depreciation and Amortisation Expense 4,169 3,770
Profit on sale of Fixed Assets (1) (1)
Loss on sale of Fixed Assets 29 3
Sundry Balance written back (132) (0)
Provision for Doubtful Debts / Bad Debts 1,463 750
Interest Income (30) (44)
Dividend received on Investments (0) (0)
Unrealised Foreign Exchange (Gain) / Loss (1,261) 172
Finance Cost (Other than Unrealised Foreign Exchange (Gain) / Loss) 812 1,177
5,049 5,826
Operating Profit before Working Capital Change 17,673 11,907
Adjustments for:
Decrease / (Increase) in Trade Receivables (5,646) (6,014)
Decrease / (Increase) in Other Current Financial Assets (1,451) (262)
Decrease / (Increase) in Other Current Assets (2,265) (3,877)
Decrease / (Increase) in Inventories (2,786) (3,785)
Decrease / (Increase) in Other Non Current Financial Assets (73) 12
Decrease / (Increase) in Other Non Current Assets (28) (5)
Increase / (Decrease) in Trade Payables (2,040) (2,378)
Increase / (Decrease) in Non Current Financial Liabilities 531 212
Increase / (Decrease) in Non Current Provisions (2) 268
Increase / (Decrease) in Current Financial Liabilities 3,013 5,203
Increase / (Decrease) in Current Provisions (543) (117)
Increase / (Decrease) in Other Current Liabilities 3,394 2,060
(7,896) (8,683)
Cash generated from Operations 9,777 3,224
Income Tax Paid (Net of Refund) (1,452) (582)
Net Cash generated from Operating Activities (A) 8,325 2,642
(B) Cash Flow from Investing Activities
Payment towards Capital Expenditure (5,624) (1,972)
Sale of Fixed Assets 6 6
Bank Balance not considered as Cash & Cash Equivalents (1,107) (471)
Interest Received 24 41
Dividend received on Investments 0 0
Net Cash used in Investing Activities (B) (6,701) (2,396)
(C) Cash Flow from Financing Activities
Finance Cost (Other than Unrealised Foreign Exchange (Gain) / Loss) (835) (989)
Payment of Lease Liability (62) (33)
Dividend Paid (3) (4)
Proceeds from Long Term Borrowings 6,650 1,400
Repayment of Long Term Borrowings (7,509) (2,563)
Proceeds / (Repayment) from Short Term Borrowings 52 1,369
Net Cash inflow / (outflow) from Financing Activities ( C ) (1,707) (820)
Net Increase / (Decrease) in Cash or Cash Equivalents (A+B+C) (83) (573)
Cash and Cash Equivalents at the beginning of the Period 942 2,376
Cash and Cash Equivalents at the end of the Period 859 1,803
By Order of the Board
For Indoco Remedies Ltd
Place : Mumbai Aditi Panandikar
Date : November 2, 2021 Managing Director
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gokhale & sathe (regd.) c har t ered a cco unt an t s 30 4/3 08/ 309, Ud yo g M and ir N o. 1 , 7 - C , Bh ago j i Ke er Marg , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok hal e s ath e. in
Independent Auditors’ Limited Review Report on quarterly and year-to-date unaudited consolidated financial results of Indoco Remedies Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015
To
The Board of Directors of Indoco Remedies Limited
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1 We have reviewed the accompanying statement of unaudited consolidated financial results of Indoco Remedies Limited (hereinafter referred to as the “Holding Company”) and its subsidiaries (the Holding Company and its subsidiaries together referred to as ‘ the Group’) for the quarter ended 30[th] September 2021 and year to date results for the period 1[st] April 2021 to 30[th] September 2021, 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.
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2 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 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to issue a report on the statement based on our review.
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3 We conducted our review in accordance with the Standard on Review Engagement (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 SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.
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gokhale & sathe (regd.) c har t ered a cco unt an t s 30 8/3 09, Udy og Mandi r No. 1, 7 - C , Bh ago j i Ke er Marg , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok hal e s ath e. in
Independent Auditors’ Limited Review Report on quarterly and year-to-date unaudited consolidated financial results of Indoco Remedies Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued)
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4 This statement includes the standalone unaudited financial results of the following entities:
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a) Xtend Industrial Designers and Engineers Private Limited b) Indoco Remedies Czech SRO
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5 Based on our review and procedures performed as stated in paragraph 3 above and based on consideration of the review reports of the auditors referred in paragraph no 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
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6 We did not review the interim financial statements of the subsidiary included in the statement of unaudited consolidated financial results, whose unaudited financial statements reflect total assets of Rs. 295.26 lakhs as at 30[th] September 2021 and total revenues of Rs. 27.60 lakhs and Rs. 54.10 lakhs and total net profit after tax of Rs. 11.70 lakhs and Rs. 17.68 lakhs for the quarter ended 30[th] September 2021 and for the period 1[st] April 2021 to 30[th] September 2021, respectively, and cash inflows (net) of Rs. 3.60 lakhs for the period from 1[st] April 2021 to 30[th] September 2021, as considered in the Statement. This financial information has been reviewed by other auditors whose reports has been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of this subsidiary is based solely on the report of other auditors and the procedures performed by us as stated in paragraph 3 above.
Our conclusion on the Statement is not modified in respect of such matter.
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gokhale & sathe (regd.) c har t ered a cco unt an t s 30 4/3 08/ 309, Ud yo g M and ir N o. 1 , 7 - C , Bh ago j i Ke er Marg , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok hal e s ath e. in
Independent Auditors’ Limited Review Report on quarterly and year- to-date unaudited consolidated financial results of Indoco Remedies Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ( Continued)
- 7 The unaudited consolidated financial results also include the financial information of foreign subsidiary, which have not been reviewed, whose financial information reflect total assets of Rs. 1.59 lakhs as at 30[th] September 2021 and total revenues of Rs. NIL lakhs and Rs. NIL lakhs and total net loss after tax Rs. 0.08 lakhs and Rs. 0.12 lakhs for the quarter ended 30[th] September 2021 and for the period 1[st] April 2021 to 30[th] September 2021, respectively, and cash outflows (net) of Rs. 0.06 lakhs for the period from 1[st] April 2021 to 30[th] September 2021, as considered in the Statement. According to the information and explanations given to us by the Management, these interim financial information/financial results are not material to the Group.
Our conclusion on the Statement is not modified in respect of such matter.
For Gokhale & Sathe, Chartered Accountants Firm Registration Number: 103264W
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Tejas Parikh Partner Membership Number : 123215 UDIN: 21123215AAAAHC5839 Place: Mumbai Date: 2[nd] November 2021
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PRESS RELEASE
Indoco’s EBIDTA jumps 43 % in Q2FY22
Mumbai, 2[nd] November, 2021: During the second quarter of FY 2021-22, revenues of Indoco Remedies grew by 15.6 % at Rs. 372.6 crores, as against Rs. 322.5 crores, same quarter last year. EBIDTA to net sales for the quarter is 23.2% at Rs. 86.3 crores, compared to 18.7% at Rs. 60.2 crores, same quarter last year. For the quarter, the Profit After Tax to net sales is 11.2 % at Rs. 41.6 crores, compared to 7.8 % at Rs. 25.1 crores, same quarter last year.
For the first half of the year FY 2021-22, the revenues grew by 27.9 % at Rs. 753.8 crores, as against Rs. 589.3 crores, same period last year. EBIDTA to net sales for the period is 22.9 % at Rs. 173.1 crores, compared to 18.5% at Rs. 109.0 crores, same period last year. For the period, the Profit After Tax to net sales is 10.8% at Rs. 81.2 crores, compared to 7.2% at Rs. 42.3 crores, same period last year.
Commenting on the second quarter FY22 results, Aditi Panandikar, Managing Director, Indoco Remedies Ltd., said ,
“Robust sales growth coupled with efficiency in operations has enabled us to deliver excellent financials this quarter”.
For the quarter ended Sept’21, the financials are as under: (Rs. in Crores):
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July’21- Apr’21- July’20-
Particulars YoY Gw %
Sept’21 June’21 Sept’20
Net Revenues 372.63 381.2 322.5 15.6
EBIDTA 86.3 86.8 60.2 43.4
Operating Profit 85.2 76.9 51.4 65.7
Profit After Tax 41.6 39.6 25.1 65.6
EPS (Face value Rs.) 4.51 4.30 2.72
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For the first half of the year FY 20-21, the financials are as under: (Rs. in Crores):
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Apt’21- April’20-
Particulars YoY Gw %
Sept’21 Sept’20
Net Revenues 753.8 589.3 27.9
EBIDTA 173.1 109.0 58.8
Operating Profit 162.0 85.6 89.2
Profit After Tax 81.2 42.3 91.7
EPS (Face value Rs.) 2/-) 8.81 4.59
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About Indoco Remedies Limited:
Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, research-oriented pharma Company with presence in 55 countries. Indoco, a USD 166 million Company, employs over 6000 people including more than 300 skilled scientists.
The Company has 9 manufacturing facilities, 6 of which are for FDFs and 3 for APIs, supported by a state-of-the-art R&D Centre and a CRO facility. The facilities have been approved by most of the Regulatory Authorities including USFDA and UK-MHRA. Indoco develops and manufactures a wide range of pharmaceutical products for the Indian and international markets. It generates more than 70 million prescriptions annually from over 3,00,000 doctors belonging to various specialties. Indoco has 9 domestic marketing divisions with a strong brand portfolio in various therapeutic segments including Gastrointestinal, Respiratory, Anti-Infective, Stomatologicals, Ophthalmic, Nutritionals, Cardiovascular, Anti-Diabetics, Pain Management, Gyneacology etc. Top Indoco brands include Cyclopam, Febrex Plus, Sensodent-K, Karvol Plus, ATM, Oxipod, Cital, Sensoform, Sensodent-KF, Cloben-G, Glychek, Kidodent, Carmicide, Rexidin, MCBM, Methycal, etc. On the international front, Indoco has tie-ups with large generic companies across the globe.
For more details on Indoco, you may visit www.indoco.com
For Media Inquiries Please Contact:
Vilas V. Nagare Mobile: 9820215745 E-mail: [email protected] / [email protected]