Indoco Remedies Ltd. — Interim / Quarterly Report 2021

Feb 9, 2021

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February 09, 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 Quarter and Nine Months ended 3 ~~1~~ [st] December, 2020

It is hereby informed that, the Board of Directors at their meeting held on February 09, 2021 have approved and taken on record the Standalone & Consolidated Unaudited financial results of the Company for the Quarter and Nine Months ended 31[st] December, 2020

Enclosed is a copy of the said Standalone & Consolidated unaudited results as per Regulation 33 of SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015 along with the Limited Review Certificate issued by our Statutory Auditors M/s. Gokhale & Sathe, Chartered Accountants.

We are also enclosing a copy of the Press Release.

The meeting commenced at 11.00 a.m. and concluded at 12.00 Noon

Thanking you,

Yours faithfully, For Indoco Remedies Limited

Jayshankar Menon Company Secretary A11067

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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: compliance.officer@indoco.com Website:www.indoco.com CIN:L85190MH1947PLC005913

STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2020

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:

(Rs. In Lakhs) Quarter ended 31.12.2020 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Quarter ended 31.12.2019 (Unaudited) Nine months ended 31.12.2020 (Unaudited) Nine months ended 31.12.2019 (Unaudited) Year ended 31.03.2020 (Audited) 33,331 32,246 28,344 92,257 81,622 1,07,939 (137) 519 590 1,288 1,776 2,661 33,194 32,765 28,934 93,545 83,398 1,10,600 37 52 72 115 194 243 33,231 32,817 29,006 93,660 83,592 1,10,843 8,459 7,697 6,504 22,421 19,873 26,268 1,633 1,436 1,991 4,909 6,400 7,580 (657) (112) (214) (712) (472) (805) 7,253 7,486 6,790 21,295 19,240 25,532 1,736 1,566 1,291 4,328 3,567 4,970 8,774 8,674 9,061 24,404 25,790 34,721 603 589 693 1,767 1,842 2,625 1,688 1,857 1,758 5,458 5,261 7,081 29,489 29,193 27,874 83,870 81,501 1,07,972 3,742 3,624 1,132 9,790 2,091 2,871 1,170 1,634 225 3,957 416 386 58 (521) 184 (915) 1 446 - - (211) - (211) (386) 1,228 1,113 198 3,042 206 446 2,514 2,511 934 6,748 1,885 2,425 (15) (15) (15) (45) (45) (283) 6 5 6 16 16 99 - - - - - - (9) (10) (9) (29) (29) (184) 2,505 2,501 925 6,719 1,856 2,241 2,514 2,511 934 6,748 1,885 2,425 - - - - - - 2,514 2,511 934 6,748 1,885 2,425 (9) (10) (9) (29) (29) (184) - - - - - - (9) (10) (9) (29) (29) (184) 2,505 2,501 925 6,719 1,856 2,241 - - - - - - 2,505 2,501 925 6,719 1,856 2,241 1,843 1,843 1,843 1,843 1,843 1,843 66,173 2.73 2.72 1.01 7.32 2.05 2.63 2.73 2.72 1.01 7.32 2.05 2.63

1 The unaudited Standalone Results for the Quarter ended 31st December, 2020 have been reviewed by the Audit committee and approved by the Board of Director of the Company at its meeting held on 9th February, 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.

• 3 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:

	Net Sales and Income from Operations India Outside India Total	(Rs. In Lakhs) Quarter ended 31.12.2020 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Quarter ended 31.12.2019 (Unaudited) Nine months ended 31.12.2020 (Unaudited) Nine months ended 31.12.2019 (Unaudited) Year ended 31.03.2020 (Audited) 17,734 18,760 18,732 52,250 55,390 72,507 15,597 13,486 9,612 40,007 26,232 35,432 33,331 32,246 28,344 92,257 81,622 1,07,939

• 4 The statutory auditors of the company have carried out limited review of the financial results for the quarter ended 31st December, 2020.

5 The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations till now with appropriate safety precautions and without any significant impact on the business. The Company will closely monitor future economic conditions to ensure business continuity.

6 There are no Exceptional Items

Place : Mumbai Date : February 9, 2021

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By Order of the Board For Indoco Remedies Ltd Aditi Panandikar 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 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

• 1 We have reviewed the accompanying statement of unaudited standalone financial results (“the Statement”) of Indoco Remedies Limited (‘the Company’) for the quarter ended 31[st] December 2020 and year to date results for the period ended 1[st] April 2020 to 31[st] December 2020 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)

• 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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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: -21123215AAAAAY8567 Place: Mumbai Date: 9[th] February 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: compliance.officer@indoco.com Website:www.indoco.com CIN:L85190MH1947PLC005913

STATEMENT OF CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2020

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 :

(Rs. In Lakhs) Quarter ended 31.12.2020 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Quarter ended 31.12.2019 (Unaudited) Nine months ended 31.12.2020 (Unaudited) Nine months ended 31.12.2019 (Unaudited) Year ended 31.03.2020 (Audited) 33,366 32,305 28,345 92,351 81,684 1,07,998 (137) 519 590 1,288 1,776 2,661 33,229 32,824 28,935 93,639 83,460 1,10,659 36 52 72 114 194 244 33,265 32,876 29,007 93,753 83,654 1,10,903 8,459 7,697 6,504 22,421 19,873 26,268 1,633 1,436 1,991 4,909 6,400 7,580 (657) (112) (214) (712) (472) (805) 7,287 7,515 6,823 21,385 19,328 25,651 1,736 1,566 1,291 4,328 3,567 4,970 8,753 8,650 9,053 24,353 25,772 34,674 603 589 693 1,767 1,842 2,625 1,688 1,857 1,759 5,458 5,262 7,082 29,502 29,198 27,900 83,909 81,572 1,08,045 3,763 3,678 1,107 9,844 2,082 2,858 1,171 1,641 224 3,965 416 386 58 (521) 184 (917) 1 446 (2) (7) (211) (9) (211) (386) 1,227 1,113 197 3,039 206 446 2,536 2,565 910 6,805 1,876 2,412 (15) (15) (15) (45) (45) (282) 6 5 6 16 16 99 - - - - - - (9) (10) (9) (29) (29) (183) 2,527 2,555 901 6,776 1,847 2,229 2,536 2,565 910 6,805 1,876 2,412 - - - - - - 2,536 2,565 910 6,805 1,876 2,412 (9) (10) (9) (29) (29) (183) - - - - - - (9) (10) (9) (29) (29) (183) 2,527 2,555 901 6,776 1,847 2,229 - - - - - - 2,527 2,555 901 6,776 1,847 2,229 1,843 1,843 1,843 1,843 1,843 1,843 66,114 2.75 2.78 0.99 7.38 2.04 2.62 2.75 2.78 0.99 7.38 2.04 2.62

1 The unaudited Consolidated Results for the Quarter ended 31st December, 2020 have been reviewed by the Audit committee and approved by the Board of Director of the Company at its meeting held on 9th February, 2021. The Statutory Auditors have expressed an Unmodified Audit opinion on these audited 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:

5

Net Sales and Income from Operations Quarter ended 31.12.2020 (Unaudited) Quarter ended 30.09.2020 (Unaudited) Quarter ended 31.12.2019 (Unaudited) Nine months ended 31.12.2020 (Unaudited) Nine months ended 31.12.2019 (Unaudited) Year ended 31.03.2020 (Audited) India 17,769 18,819 18,733 52,344 55,452 72,566 Outside India 15,597 13,486 9,612 40,007 26,232 35,432 Total 33,366 32,305 28,345 92,351 81,684 1,07,998 Xtend Industrial Designers & Engineers Pvt. Ltd. 100.00 Subsidiary Indoco Remedies Czech S R O 100.00 Subsidiary (Rs. In Lakhs) The Consolidated Financial Results includes the Results of the following Companies % of Shareholding Name of the Company Consolidated as

6 The statutory auditors of the company have carried out limited review of the financial results for the quarter ended 31st December, 2020.

7 The Company continues to monitor the impact of Covid-19 and has been able to effectively manage its operations till now with appropriate safety precautions and without any significant impact on the business. The Company will closely monitor future economic conditions to ensure business continuity.

8 There are no exceptional items.

Place : Mumbai Date : February 9, 2021

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By Order of the Board For Indoco Remedies Ltd Aditi Panandikar Managing Director

gokhale & sathe (regd.) c har t ered a cco u nt 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

• 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 31[st] December 2020 and year to date results for the period 1[st] April 2020 to 31[st] December 2020, 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.

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)

• 4 This statement includes the standalone unaudited financial results of the following entities:

• a) Xtend Industrial Designers and Engineers Private Limited

• 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 7 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. 35.29 lakhs and Rs. 94.23 lakhs and total net profit after tax of Rs. 20.72 lakhs and Rs. 56.54 lakhs for the quarter ended 31[st] December 2020 and for the period 1[st] April 2020 to 31[st] December 2020, respectively 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 u nt 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 revenues of Rs. 0.21 lakhs and Rs. 0.21 lakhs and total net profit /(loss) loss after tax Rs. 0.14 lakhs and Rs. (0.14) lakhs for the quarter ended 31[st] December 2020 and for the period 1[st] April 2020 to 31[st] December 2020, respectively 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: 21123215AAAAAZ9235 Place: Mumbai Date: 9[th] February 2021

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PRESS RELEASE

EBIDTA Jumps 71 %, Revenue Growth @ 18% for Indoco in Q3FY21

Mumbai, 9[th] February, 2021: During the third quarter of FY 2020-21, Indoco Remedies revenue grew by 17.6 % at 333.3 crores, as against 283.4 crores, same quarter last year. EBIDTA to net sales for the quarter is 18.0 % at 60.0 crores, compared to 12.4 % at 35.1 crores, same quarter last year. For the quarter, the Profit After Tax to net sales is 7.5 % at 25.1 crores , compared to 3.3 % at 9.3 crores , same quarter last year.

For the 9-month period ended Dec’20, the Company’s revenue grew by 13.0 % at 922.6 crores, as against 816.2 crores for the same period last year. EBIDTA to net sales is 18.3 % at 169.0 crores, compared to 11.0 % at 90 crores, same period last year. The Profit After Tax to net sales is 7.3 % at 67.5 crores , compared to 2.3 % at 18.8 crores, same period last year.

Commenting on the 3rd quarter FY21 results, Aditi Panandikar, Managing Director, Indoco Remedies Ltd., said , “While the revenue from International business has registered a robust growth of 73%, we are yet to see revival in the Domestic business. Uptrend in EBIDTA has continued in the 3[rd] quarter at 18% of net sales, which is highly encouraging”.

For the quarter ended Dec’20, the financials are as under: ( in Crores)

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Particulars Oct’20 - Dec’20 Oct’19 - Dec’19 Gw %
Net Revenues 333.3 283.4 17.6
EBIDTA 60.0 35.1 70.8
Operating Profit 54.4 23.5 131.4
Profit After Tax 25.1 9.3 169.2
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EPS (Face value 2/ ) 2.73 1.01
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About Indoco Remedies Limited:

Indoco Remedies Ltd., headquartered in Mumbai, is a fully integrated, researchoriented pharma Company with presence in 55 countries. Indoco, a USD 145 million Company, employs over 5500 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 Respiratory, Anti-Infective, Dental Care, Pain Management, Gastro-intestinal, Ophthalmic, Cardiovascular, Anti-Diabetics, Anti-Obesity, etc. Top Indoco brands include Cyclopam, Febrex Plus, Sensodent-K, Oxipod, Cital, ATM, Cloben-G, Sensoform, Sensodent-KF, Karvol Plus, Glychek, Kidodent, Carmicide, Bactogard, 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