Indoco Remedies Ltd. — Interim / Quarterly Report 2022

Aug 11, 2021

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August 11, 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

Dear Sirs,

Sub: Submission of Standalone & Consolidated Unaudited Financial Results for the First

quarter ended 30[th] June, 2021

It is hereby informed that, the Board of Directors at their meeting have approved and taken on record the Unaudited Standalone & Consolidated Financial results of the Company for the Quarter ended 30.06.2021.

Enclosed please find the following:

• Unaudited Standalone & Consolidated Results as per Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015

• Limited Review Certificate issued by our Statutory Auditors M/s. Gokhale & Sathe, Chartered Accountants.

• Copy of the Press Release.

The meeting commenced at 11.00 a.m. and concluded at 12 Noon.

Thanking you,

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Yours faithfully, For Indoco Remedies Limited Jayshankar Menon Company Secretary

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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 Email: compliance.officer@indoco.com

Website:www.indoco.com CIN:L85190MH1947PLC005913

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 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 30.06.2021 (Unaudited) Quarter ended 31.03.2021 (Audited) Quarter ended 30.06.2020 (Unaudited) Year ended 31.03.2021 (Audited) 38,117 29,481 26,680 1,21,738 532 1,004 906 2,292 38,649 30,485 27,586 1,24,030 86 197 26 312 38,735 30,682 27,612 1,24,342 9,601 7,895 6,265 30,316 2,998 1,395 1,840 6,304 (1,572) (501) 57 (1,213) 7,467 5,993 6,556 27,288 1,654 1,642 1,026 5,970 9,820 8,604 6,956 33,008 423 455 575 2,222 2,223 1,854 1,913 7,312 32,614 27,337 25,188 1,11,207 6,121 3,345 2,424 13,135 2,736 (110) 1,153 3,847 (576) 964 (452) 49 - - - - 2,160 854 701 3,896 3,961 2,491 1,723 9,239 (30) (87) (15) (132) 10 31 5 46 - - - - (20) (56) (10) (86) 3,941 2,435 1,713 9,153 3,961 2,491 1,723 9,239 - - - - 3,961 2,491 1,723 9,239 (20) (56) (10) (86) - - - - (20) (56) (10) (86) 3,941 2,435 1,713 9,153 - - - - 3,941 2,435 1,713 9,153 1,843 1,843 1,843 1,843 75,050 4.30 2.70 1.87 10.03 4.30 2.70 1.87 10.03 (Rs. In Lakhs)

1 The unaudited Standalone Results for the Quarter ended 30th June, 2021 have been reviewed by the Audit committee and approved by the Board of Directors of the Company at its meeting held on 11th August, 2021. The Statutory Auditors have expressed an Unmodified Audit opinion on these UnAudited Standalone Financial Results

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	(Rs. In Lakhs) Quarter ended 30.06.2021 (Unaudited) Quarter ended 31.03.2021 (Audited) Quarter ended 30.06.2020 (Unaudited) Year ended 31.03.2021 (Audited) 22,184 15,225 15,756 67,475 15,933 14,256 10,924 54,263 38,117 29,481 26,680 1,21,738

• 5 The statutory auditors of the company have carried out limited review of the financial results for the quarter ended 30th June, 2021.

• 6 Figures for the quarter ended 31.3.2021 represents the difference between audited figures in respect of the full financial year and published figures for the period ended 31.12.2020 (limited reviewed).

• 7 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.

• 8 There are no Exceptional Items

By Order of the Board For Indoco Remedies Ltd Place : Mumbai Aditi Panandikar Date : August 11, 2021 Managing Director

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 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,

Indoco Remedies Limited

• 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 June 2021 being submitted by the Company pursuant to the requirement of Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements), Regulation 2015 as amended.

• 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.

• 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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• 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 Tejas Parikh Partner Membership Number - 123215 UDIN: - 21123215AAAAFH7483 Place: Mumbai Date: 11 August 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 Email: compliance.officer@indoco.com
Website:www.indoco.com CIN:L85190MH1947PLC005913
STATMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2021
(Rs. In Lakhs)
Sl. Particulars Quarter Quarter Quarter Year
No. ended ended ended ended
30.06.2021 31.03.2021 30.06.2020 31.03.2021
(Unaudited) (Audited) (Unaudited) (Audited)
1 Income from Operations
(a) Revenue from Operations 38,143 29,510 26,680 1,21,861
(b) Other Operating Income 532 1,004 906 2,292
Total Income from Operations (Net) (a+b) 38,675 30,514 27,586 1,24,153
2 Other Income 86 198 26 312
3 Total Income (1+2) 38,761 30,712 27,612 1,24,465
4 Expenses
(a) Cost of materials consumed 9,605 7,899 6,265 30,320
(b) Purchases of stock-in-trade 2,998 1,395 1,840 6,304
(c) Changes in inventories of finished goods, (1,572) (501) 57 (1,213)
work-in-progress and stock-in-trade
(d) Employee Benefits expense 7,498 6,017 6,583 27,402
(e) Research & Development Expense 1,653 1,642 1,026 5,970
(f) Other Expenses 9,803 8,590 6,950 32,943
(g) Finance Costs 424 459 575 2,226
(h) Depreciation and Amortization expense 2,223 1,855 1,913 7,313
Total Expenses 32,632 27,356 25,209 1,11,265
5 Profit/(Loss) before Tax (3-4) 6,129 3,356 2,403 13,200
6 Tax Expenses - Current 2,738 (108) 1,153 3,857
- Deferred (575) 964 (454) 47
- - -
- MAT Credit Adjustments (9)
Total Tax Expenses 2,163 856 699 3,895
7 Profit/(Loss) for the period (5-6) 3,966 2,500 1,704 9,305
8 Other Comprehensive Income
a i) Items that will not be reclassified to profit and loss (30) (87) (15) (132)
ii) Income tax on relating to this item 10 30 5 46
b i) Items that may be reclassified to profit or loss - - - -
Total Other Comprehensive Income (20) (57) (10) (86)
9 Total Comprehensive income for the year (7+8) 3,946 2,443 1,694 9,219
Profit attributable to :
Equity Shareholders of the Company 3,966 2,500 1,704 9,305
- - - -
Non-Controlling Interest
3,966 2,500 1,704 9,305
Other comprehensive income is attributable to:
Equity Shareholders of the Company (20) (57) (10) (86)
- - - -
Non-Controlling Interest
(20) (57) (10) (86)
Total comprehensive income is attributable to:
Equity Shareholders of the Company 3,946 2,443 1,694 9,219
- - - -
Non-Controlling Interest
3,946 2,443 1,694 9,219
10 Paid up Equity Share Capital (Face value Rs. 2/- each) 1,843 1,843 1,843 1,843
11 Other Equity 75,056
12 Earnings per share (of Rs. 2/- each)
(a) Basic- in Rs. 4.30 2.71 1.85 10.10
(b) Diluted- in Rs. 4.30 2.71 1.85 10.10
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Notes :
1 The unaudited Consolidated Results for the Quarter ended 30th June, 2021, have been reviewed by the Audit
committee and approved by the Board of Directors of the Company at its meeting held on 11th August, 2021. The
Statutory Auditors have expressed an Unmodified Audit opinion on these UnAudited Consolidated Financial
Results.
2 The figures for corresponding previous periods have been restated / regrouped wherever necessary, to make
them comparable.
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:
(Rs. In Lakhs)
Net Sales and Income from Operations Quarter Quarter Quarter Year
ended ended ended ended
30.06.2021 31.03.2021 30.06.2020 31.03.2021
(Unaudited) (Audited) (Unaudited) (Audited)
India 22,210 15,253 15,756 67,597
Outside India 15,933 14,257 10,924 54,264
Total 38,143 29,510 26,680 1,21,861
5 The Consolidated Financial Results includes the Results of the following Companies
% of Consolidate
Name of the Company
Shareholding d as
Xtend Industrial Designers & Engineers Pvt. Ltd. 100.00 Subsidiary
Indoco Remedies Czech S R O 100.00 Subsidiary
6 The statutory auditors of the company have carried out limited review of the financial results for the quarter
ended 30th June, 2021.
7 Figures for the quarter ended 31.3.2021 represents the difference between audited figures in respect of the full
financial year and published figures for the period ended 31.12.2020 (limited reviewed).
8 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.
9 There are no exceptional items.
By Order of the Board
For Indoco Remedies Ltd
Place : Mumbai Aditi Panandikar
Date : August 11, 2021 Managing Director
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gokhale & sathe (regd.) c har t ered a cc o u nt an t s 30 8/3 09, Ud y og Mandi r No. 1, 7 - C , Bh ago j i Ke er Mar g , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok h al e s ath e. in

Independent Auditors’ Limited Review Report on quarterly 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, Indoco Remedies Limited

• 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 June 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.

• 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.

• 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.

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gokhale & sathe (regd.) c har t ered a cc o u nt an t s 30 8/3 09, Ud y og Mandi r No. 1, 7 - C , Bh ago j i Ke er Mar g , M ah im , Mumb ai 400 016 T e l :91 2 2 434 84242 E ma i l – off ic e @gok h al e s ath e. in

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.

• 4 This statement includes the results of the following entities:

• a) Xtend Industrial Designers and Engineers Pvt. Ltd.

• b) Indoco Remedies Czech sro

• 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.

• 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 revenues of Rs. 26.5 Lakhs, and total net profit after tax of Rs. 5.97 Lakhs for the quarter ended 30 June 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 these subsidiaries 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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• 7 The unaudited consolidated financial results also include the financial information of foreign subsidiary, which have not been reviewed, whose financial information reflect total revenues of Rs. Nil Lakhs, and total net loss after tax of Rs. 0.08 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/financial results are not material to the Group.

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

For Gokhale & Sathe Chartered Accountants Firm Registration Number: 103264W

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Tejas Parikh Partner Membership Number: 123215 UDIN: 21123215AAAAFI3472 Place: Mumbai Date: 11 August 2021

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PRESS RELEASE

Indoco’s revenues grow at 43%, EBIDTA jumps 78 % in Q1FY22

Mumbai, 11[th] August, 2021: During the first quarter of FY 2021-22, revenues of Indoco Remedies grew by 42.9 % at Rs. 381.2 crores, as against Rs. 266.8 crores, same quarter last year. EBIDTA to net sales for the quarter is 22.8 % at Rs. 86.8 crores, compared to 18.3 % at Rs. 48.9 crores, same quarter last year. For the quarter, the Profit After Tax to net sales is 10.4 % at Rs. 39.6 crores, compared to 6.5 % at Rs.17.2 crores, same quarter last year.

Commenting on the first quarter FY22 results, Aditi Panandikar, Managing

Director, Indoco Remedies Ltd., said , “Our India & International Businesses have shown a robust growth this quarter. We have optimised the opportunities presented by this very dynamic business environment as well as effectively adapted to the challenges thus presented”.

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Apr’21- Jan’21- Apr’20-
Particulars YoY Gw %
Jun’21 Mar’21 Jun’20
Net Revenues 381.2 294.8 266.8 42.9
EBIDTA 86.8 54.6 48.9 77.7
Operating Profit 76.9 47.9 34.2 124.6
Profit After Tax 39.6 24.9 17.2 129.9
EPS (Face value Rs.) 4.30 2.70 1.87
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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: vilasn@indoco.com / corpcom@indoco.com