THRU ONLINE FILING

May 28, 2021

BSE Ltd. Phiroze Jeejeebhoy Towers Dalai Street Mumbai 400 023 Scrip Code-524494

National Stock Exchange India Limited, Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra -(East). Mumbai-400051. Scrip Code.: IPCALAB

Dear Sir,

A. Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith the following which were taken on record at the Meeting of the Board of Directors of the Company held today at Mumbai:
Audited Financial Results (Standalone) for the 4,h quarter and financial year ended 31st March, 2021; (i)
Report of the Auditors on the Audited Financial Results (Standalone) for the 4th quarter and financial year ended 31st March, 2021; (ii)
Audited Financial Results (Consolidated) for the financial year ended 31s1 March, 2021;and (iii)
Report of the Auditors oh the Audited Financial Results (Consolidated) for the financial year ended 31st March, 2021. (iv)
B. We are also enclosing herewith a declaration stating that the Audit Reports on Standalone and Consolidated Financial Results for the financial year ended 31st March, 2021 are with unmodified opinion.
C. We are also enclosing herewith a press release issued by the Company in respect of its FY 2020-21 Audited Financial Results.

Kindly note that the Board meeting started at 12.00 noon and concluded at 1,30 p.m.

Thanking you

Yours faithfully Foripca Laboratori ^s imited

Harish Kamath * ¹ Corporate Counsel & Company Secretary

Ipca Laboratories Ltd. www.ipca.com

125, Kandivli Industrial Estate,CTS No.328, Kandivli (West), Mumbai400067(Maharashtra), India ^| T:+91 22 62105000 F:+91 22 62105005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067 (Maharashtra), India ^| T: +91 22 6647 4444 E: [email protected] CIN: L24239MH1949PLC007837

•*

May 28,2021

BSE Ltd. Phiroze Jeejeebhoy Towers Dalai Street Mumbai 400 023 Scrip Code - ⁵²⁴⁴⁹⁴

National Stock Exchange India Limited, Exchange Plaza, C-1, Block-G, Bandra Kurla Complex, Bandra-(East). Mumbai-400051. Scrip Code: IPCALAB

Corporate Counsel & Company Secretary

Dear Sirs

In compliance with the provisions of Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time and SEBI Circular* No. Cir/CFD/CMD/56/2016 dated May 27, 2016, we hereby declare that the M/s. G. M. Kapadia & Co., Statutory Auditors of the Company have issued Audit Reports with unmodified opinion on the Audited Financial Statements of the Company (both for Standalone & Consolidated) for the financial year ended 31st March, 2021.

Harish Kamath

Yours / faithfully

Ipca Laboratories Limited For Ipca Laboratories LimitedFor

A. K. Jain Joint Managing Director /CFO

Ipca Laboratories Ltd. www.ipca.com

125, Kandivli Industrial Estate,CIS No.328, Kandivli (West), Mumbai400067(Maharashtra), India ^| T:+91 22 62105000 F:+91 22 62105005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067 (Maharashtra), India ^| T: +91 22 6647 4444 E: [email protected] CIN: L24239MH1949PLC007837

Ipca Laboratories Limited

Regd. Office : 48, Kandivli Industrial Estate, Kandivli (W), Mumbai 400 067

CIN: L24239MH1949PLC007837

Tel:+91 22 6647 4444, E-mail: [email protected] Website : www.ipca.com

AUDITED STATEMENT OF STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

Sr. No. Particulars Quarter Ended Year Ended December 31, March 31,2021 March 31,2020 March 31,2021 March 31, 2020 2020 Audited Unaudited Audited Audited Audited Revenue from operations 1315.22 1040.92 1004.79 I 5139.16 Other Income 19.91 15.65 13.30 62.24 Total Income (HI) 1060.83 1330.87 1018.09 6201.40 IV Expenses a) Cost of materials consumed 409.30 371.06 377.72 1555.53 b) Purchases of stock-in-trade 69.93 61.60 50.85 197.68 (178.15) 28.08 (94.97) c) Changes in inventories of finished goods. (170.73) work-in-progress and stock-in-trade d) Employee benefits expense 237.80 230.03 227.88 948.84 e) Finance costs 2.31 1.56 3.47 8.14 0 Depreciation and amortisation expense 48.57 47.66 45.38 187.72 g) Other expenses 285.40 266.96 257.25 1094.26 Total Expenses (IV) 876.16; 1015.61 860.92 3821.44 3647.15 V Profit before exceptional Items and tax (IINV) 185.67 315.26 167.17 1379.96 784.97 VI Exceptional items Profit before tax (V-VI) VII 185.67 315.26 157.17 1379.96 784.97 Tax Expense VIII -Current tax 36.28 55.10 28.18 244.98 -Short / (Excess) provision of earlier years •Deferred tax liability / (asset) including MAT credit (2.09) 0.19 1.23 (5.79) IX Profit forthe period from continuing operations (VII-VIII) 151.48 259.97 127.76 1140.77			(T Crores)



			4367.43
			64.69
			4432.12

			1431.10
			204.65
			(155.05)
			870.79
			15.79
			178.69
			1101.18





			137.98

			(5.47)
			652.46
	X	Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss -
- Actuarial gain/(loss) 0.98 (264) 0.59 (0.19)			(7.21)
(ii) Income tax relating to items that will not be reclassified (0.18) (0.10) 0.45 0.03			1.25
to profit or loss
B (i) Items that will be reclassified to profit or loss
- Exchange difference in translating the financial statement offoreign (0.18) (0.19) (0.62) (0.36) operation			(0.60)
- Gain/(loss) on cash flow hedge 0.14 0.30 (0.76) 0.65			(1.47)
(ii) Income tax relating to items that will be reclassified to 0.01 (0.02) 0.24 (0.05)			0.36
profit or loss
Other Comprehensive Income I (Loss) forthe period net oftax (X) 0.77 0.68 (3.33) 0.08			(7.67)
Total Comprehensive Income forthe period (IX+X) XI 152.25 260.55 124.43 1140.85			644.79
Paid-up equity share capital (Face value of ? 2/- each) XII 25.37 25.37 25.27 25.37			25.27
XIII Other Equity 4727.35			3640.33
XIV Share Warrant			11.94
XV Net Worth 4752.72 3677.54
Earnings per share (of ? 2/- each) (Not annualised): XVI Basic (7)
11.94 20.49 10.11 90.08 Diluted (7) 11.94 20.49 10.10 90.08			51.64 51.60

</a<>

			(?Crores)
Sr. No.	Particulars	March 31,2021	March 31,2020
		Audited	Audited
A	ASSETS:
1	Non-current assets:
(a)	Property, Plant and Equipment	1824.30	1772.78
(b)	Capital work-in-progress	180.85	69.77
(c)	Goodwill	7.77	23.61
(d)	Other Intangible assets	21.08	18.45
(e)	Intangible assets under development	1.15	14.42
(f)	Right of use asset	15.45	26.13
(g)	Financial Assets
	(i) Investments in Subsidiary/Joint Venture/Associate (ii) Other investments	474.01	410.47
	(iii) Loans
	(iv) Others	138.95	98.98
	Other non-current assets	24.19	10.64
(h)	Total Non current assets	44.59	27.21
2	Current assets :	2732.34	2472.46
(a)	Inventories	1517.09	1266.96
(b)	Financial Assets
	(i) Investments	393.83	238.25
	(ii) Trade receivables	774.46	839.13
	(iii) Cash and cash equivalents	108.15	35.14
	(iv) Bank Balance other than (iii) above	198.75	117.26
	(v) Loans	20.92	3.22
	(vi) Others	128.06	80.45
(c)	Current tax assets
(d)	Other current assets	136.51	131.70
	Total Current assets	3277.77	2712.11
	Total Assets	6010.11	5184.57
B	EQUITY AND LIABILITIES :
	Equity:
(a)	Equity Share Capital	25.37	25.27
(b)	Share Warrant		11.94
(c)	Other Equity	4727.35	3640.33
	Total Equity	4752.72	3677.54
	Liabilities :
1	Non-current liabilities :
(a)	Financial Liabilities
	(i) Borrowings	9.13	78.38
	(ii) Lease liability	8.25	13.02
	(iii) Other financial liabilities
(b)	Provisions	37.29	30.98
(c)	Deferred tax liabilities (net) Other non-current liabilities	135.00	140.79
(d)	Total Non current liabilities	2.15	2.26
2	Current liabilities:	191.82	265.43
	Financial Liabilities
(a)	(i) Borrowings	147.45	309.27
	(ii) Lease liability	4.80	5.87
	(iii) Trade payables
	- Dues of micro and small enterprises	63.65	8.28
	- Dues of others	546.11	529.57
	(iv) Other financial liabilities	134.61	137.74
(b)	Current Tax Liabilities (net)	10.87	6.75
(c)	Provisions	102.28	92.85
(d)	Other current liabilities	55.80	151.27
	ora Total Current liabilities to &	1065.57	1241.60
	Total Equity »i<£Uaf)ilfttes.'^ <a< td="">	6010.11	5184.57	6010.11	5184.57

o-i 5S

AUDITED STATEMENT OF STANDALONE ASSETS AND LIABILITIES AS AT MARCH 31, 2021

: 2:

Notes:

¹ The above audited standalone financial results, as reviewed by the Audit Committee, were approved and taken on record by the Board of Directors at their meeting held on May 28,2021.
2 *The figures of the last quarter for the current year and for the previous year are the balancing figures between the audited figures in respect of the full financial year ended March 31, and unaudited year-to-date figures up to the third quarter ended December 31, which were subjected to limited review.
3 In accordance with IND AS 108 on 'Operating Segments', segement information has been given in the consolidated financial results of the Company, and therefore, no separate disclosure on segement information is given in these standalone financial results.
4 Figures for the previous period have been regrouped / re-classified to conform to the figures ofthe current period.

By Order ofthe Board For Ipca Laboratories Limited SIGNED FOR IDENTIFICATION ^B ^V G. M. KAPADIA & CO. MUMBAI. PrerAchand Ubdha Chairman & Managing Director (DIN 00012691)

Place: Mumbai, Date : May 28, 2021 : 3:

IPCA LABORATORIES LIMITED

Regd. Office : 48, Kandivli Industrial Estate, Kandivli (W), Mumbai 400 067

CIN : L24239MH1949PLC007837

Tel:+91 22 6647 4444, E-mail: [email protected] Website : www.ipca.com

Audited Statement of Standalone Cash Flow for the Year ended March 31, 2021

		Particulars	2020-21		2019-20
			(? Crores)		(? Crores)
A.		Cash Flow from Operating Activities
	1)	Net profit before taxation and extraordinary item		1,379.96		784.97
		Adjustments for:
		Depreciation, amortisation and impairment expense	187.72		178.69
		(Profit) / Loss on sale of Property, plant & equipment			(7.86)
		Net gain on financial asset through FVTPL	0.53		(0.68)
		Property, plant & equipment scrapped/ transferred	2.86		1.42
		Sundry balances written off/(back)	(1.48)		(2.00)
		Provision for doubtful debts / advances	0.25		4.59
		Provision for diminution in value of Investments	12.68		1.15
		Bad debts written off	0.62		(0.13)
		Impairment of intangible assets	15.84
		Unrealised foreign exchange (gain) / loss	(17.13)		21.76
		Interest income	(37.53)		(31.96)
		Interest expense	8.14	172.50	15.79	180.77
	2)	Operating profit before working capital changes		1552.46		965.74
		Decrease / (Increase) in inventories	(250.13)		(211.41)
		Decrease / (increase) in Trade Receivables	78.63		(211.20)
		Decrease / (increase) in Other Financial assets	(19.10)		4.17
		Decrease / (increase) in Other assets	(3.19)		4.74
		Increase / (Decrease) in Trade Payables	71.54		71.31
		Increase / (Decrease) in Other Financial liabilities	(12.25)		(19.64)
		Increase / (Decrease) in Other liabilities	(95.58)		81.94
		Increase / (Decrease) in Provisions	15.55	(214.53)	22.19	(257.90)
	3)	Cash generated from operation		1337.93		707.84
		Income tax paid (net)		(241,87)		(146.41)
		Net cash from operating activities		1096.06		561.43
B.		Cash Flow from Investing Activities
		Purchase of Property, plant & equipment including capital Work in	(349.65)		(273.07)
		progress and intangible assets
		Investment in subsidiaries	(28.50)		(26.74)
		Consideration towards Business combination			(108.71)
		Redemption of investment in subsidiaries			5.12
		Investment in Associates	(47.72)		(49.43)
		Loan (given)/recovered • Associate	(34.00)		14.85
		Loan (given)/recovered - Joint Venture	0.60		1.20
		Loan given to Subsidiary	(18.00)		(1.00)
		Proceeds from Sale of Property,Plant and Equipment	2.57		12.70
		Movement in other bank balances	(107.22)
		Interest received	22.36		(116.41)
		Net cash from / (used In) investing activities		(559.56)	42.36
C.		Cash Flow from Financing Activities				(499.13)
		Issue of Share Capital
		Issue of Share warrant	35.81
		Increase / (decrease) in short term borrowings			11.94
		Repayment of long-term borrowings	(160.44)		106.69
			(68.25)		(115.22)
		Payment of principal portion of Lease liability	(5.90)		(4.50)
		Payment of interest portion of Lease liability	(1.49)		(1.58)
		Interest paid	(5.58)		(14.32)
		Dividend & dividend tax paid	(101,53)		(121.68)
		Net cash from / (used in) financing activities		(307.38)		(138.67)
		Net increase / (decrease) In cash and cash equivalents (A + B + C )		229.12		(76.37)
		Cash and cash equivalents at beginning of year		272.07		348.44
		Cash and cash equivalents at end of year		501.19		272.07
		Components of cash & cash equivalents :
		Cash and cheques on hand		0.36		0.43
		Balance with banks		107.79		34.71
		Mutual Funds	393.83		238.25
		Less : Fair value (gain) / loss on Mutual funds	(0.79)	393.04	(1-32)	236.93
				501.19		272.07

By Order of the Board For ipca Laboratories Limited

Premchand Godha

(DIN 00012691)

Chairman & Managing Director

Place: Mumbai, Date : May 28, 2021

G. M. KAPADIA & CO. (REGISTERED)

CHARTERED ACCOUNTANTS 1007, RAHEJA CHAMBERS, 213, NARIMAN POINT, MUMBAI 400 021. INDIA PHONE: (91-22)6611 6611 FAX : (91-22)6611 6600

Independent Auditor's Report on Annual Standalone Financial Results of Ipca Laboratories Limited pursuant to the Regulation 33 ofthe Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board ofDirectors Ipca Laboratories Limited Mumbai

Opinion

We have audited the accompanying statement of standalone financial results of Ipca Laboratories Limited ("the Company") for the year ended March 31,2021 ("the Statement"), being submitted by the Company pursuant to the requirement ofRegulation 33 ofthe Securities and Exchange Board ofIndia (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations").

In our opinion and to the best ofour information and according to the explanations given to us, the Statement:

(0 is presented in accordance with requirements ofRegulation 33 ofthe Listing Regulations; and
(ii) gives a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards ("Ind AS") and other accounting principles generally accepted in India ofthe net profit and other comprehensive income and other financial information ofthe Company for the year ended March 31, 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) ofthe Companies Act, 2013 ("the Act"). Our responsibilities under SAs further described in the Auditor's Responsibilitiesfor the Audit ofthe Statement section ofour report. We are independent ofthe Company in accordance with the Code of Ethics issued by the Institute ofChartered Accountants ofIndia ("ICAI") together with the ethical requirements that are relevant to our audit ofthe financial results under the provisions ofthe Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code ofEthics issued by ICAI. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. are

MUMBAI NEW DELHI CHENNAI BENGALURU HYDERABAD JAIPUR

Management's Responsibilities for the Statement

This Statement, which is the responsibility ofthe Company's Management and approved by the Board ofDirectors, has been prepared on the basis ofstandalone financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these standalone financial results that give a true and fair view of the net profit and other comprehensive income and other financial information ofthe Company in accordance with the recognition and measurement principles laid down in Ind AS prescribed under section 133 of the Act read with the relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions ofthe Act for safeguarding ofthe assets ofthe Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness ofthe accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the Statement, the Board ofDirectors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board ofDirectors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors are also responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the Audit ofthe Statement

Our objectives are to obtain reasonable assurance about whether the Statement as a whole free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis ofthese standalone financial results. are

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks ofmaterial misstatement ofthe Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit

evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override ofinternal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under section 143(3)(i) ofthe Act, we are also responsible for expressing our opinion through a separate report on the complete set of standalone financial statements on whether the Company has adequate internal financial controls with reference to standalone financial statements in place and the operating effectiveness ofsuch controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board ofDirectors.
Conclude on the appropriateness ofthe Board ofDirectors' use ofthe going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. Ifwe conclude that a material uncertainty exists, are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions based on the audit evidence obtained up to the date ofour auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. we are
Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement. user

We communicate with those charged with governance regarding, among other matters, the planned scope and timing ofthe audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

The Statement includes the results for the quarter ended March 31, 2021 and March 31, 2020 being the balancing figures between the respective audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter ofthe respective financial year which were subject to limited review by us.

For G. M. Kapadia & Co. Chartered Accountants Firm"Registration No. 104767W

^7 O dl MUMBAI jP Atul Shah Partner Membership No. 039569 UDIN: 21039569AAAAIH9828 sv y3

Place: Mumbai Dated this 28th day ofMay, 2021