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Ipca Laboratories Ltd. Interim / Quarterly Report 2021

Nov 13, 2021

61700_rns_2021-11-13_8f8de912-0e55-4acc-bfe8-26d4b4f45326.pdf

Interim / Quarterly Report

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THRU ONLINE FILING

November 13, 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 Sirs,

  1. Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are enclosing herewith our Standalone and Consolidated Unaudited Financial Results along with limited review reports of the Company's Statutory Auditors thereon for the 2nd Quarter and half year ended 30th September, 2021, which was taken on record at the Meeting of the Board of Directors of the Company held today at Mumbai.

We are also enclosing herewith a press release issued by the Company in respect of its Q2 FY22 / H1 FY22 unaudited financial Results.

  1. We wish to inform you that, the Board has declared an interim dividend of Rs. 81- per share (400%) for the financial year 2021-22.

Kindly note that vide our letter dated October 20, 2021, we have already informed you that 23rd Nov ember, 2021 has been fixed as the Record Date for ascertaining the members entitlement of said interim dividend now declared which will be paid by the Company to theeligible shareholders on or before 12th December, 2021.

  1. It is also further informed that the Board at its meeting held today has approved subdivision of every 1 (one) equity share of the nominal/face value of Rs. 21- each into 2 (Two) equity shares of the nominal/face value of Re. 1/- each, subject to the approval of the shareholders at the Extra-Ordinary General Meeting scheduled to be held on 16 December, 2021.

The required disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 regarding stock split is given hereinbelow:

A. Split Ratio (two)
equity
shares
of
the
2
nominal/face value of Re. 1/- each for
every
equity
share
of
(one)
the
1
of
nominal/face
value
21- each
Rs.
held
as
on
the
record
date
to
be
decided.
B. Rationale behind the split In order to improve the liquidity of the
Company's
share
and
make
to
it
more affordable for small investors so
as to broad base the small investors
base
C. Pre and Post Share Capital As given below

I pea Laboratories Ltd. www.ipca.com i^HaiEJustril'f'Estate, CIS No. 328, Kandivli (West), Mumbai 400 067, India | T: +91 22 6210 5000 F: +91 22 6210 5005 <5 125, Ki Regd. Office: 48,1<andivli Industrial Estate, Kandivli (West), Mumbai 400 067, India | T: +91 22 6647 4444 F: +91 22 2868 6613 E: [email protected] | CIN: L24239MH1949PLC007837

D. Expected time of completion Subejct to
necessary
consents
and
approvals on or before 15th January,
2022
E. Class of shares which are sub-divided Equity shares
F. Number of shares of each class
pre
and post split		 As given below.
G. Number of shareholders who did not
get any
shares
in consolidation
and
their pre-consolidation shareholding		 Not applicable - since the proposal is
for stock split.

Details of Sub-division of Shares

Type of
Capital		 Pre- Subdivision Share Capital Structure Post-Subdivision Share Capital
Structure
No. of
Equity
Shares		 Face
Value
(Rs.)		 Total Share
Capital
(Rs.)		 No. of
Equity
Shares		 Face
Value
(Re.)		 Total Share
Capital
(Rs.)
Authorised
Share Capital		 28,50,00,000 2 57,00,00,000 57,00,00,000 1 57,00,00,000
Issued, and
Subscribed
Capital		 12,81,33,204 2 25,62,66,408 25,62,66,408 1 25,62,66,408
Paid-Up Capital 12,68,52,109 2 25,37,04,218 25,37,04,218 1 25,37,04,218

Kindly note that the Board meeting started at 11.00 a.m. and concluded at 12.30 p.m.

Thanking you

Yours faithfully For Ipca Laboratories Limited

Harish P. Kamath Corporate Counsel & Company Secretary

&lt; Enel: a/a

Ipca Laboratories Ltd. www.ipca.com

125, Kandivli Industrial Estate,CTS No.328, Kandivli (West),Mumbai400067,India | T:+91 22 62105000 F:+91 22 62105005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, India | T: +91 22 6647 4444 F: +91 22 2868 6613 E: [email protected] | CIN: L24239MH1949PLC007837

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

STATEMENT OF UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30. 2021

(? Crores)
Sr. No. Particulars Quarter Ended Half Year Ended Year Ended
Sept 30, 2021 June 30, 2021 Sept 30, 2020 Sept 30, 2021 Sept 30, 2020 March 31,2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
1 Revenue
from operations		 1423.84 1478.60 1297.77 2902.44 2783.02 5139.16
II Other Income 15.07 13.61 15.00 28.68 26.68 62.24
111 Total Income (Ml) 1438.91 1492.21 1312.77 2931.12 2809.70 5201.40
IV Expenses
a) Cost of materials consumed 404.42 404.08 405.78 808.50 768.51 1555.53
b) Purchases of stock-in-trade 57.65 52.14 32.78 109.79 66.15 197.68
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade		 14.08 41.97 (32.00) 56.05 (20.66) (170.73)
d) Employee benefits expense 276.64 280.64 239.09 557.28 481.01 948.84
e) Finance costs
-		 1.47 1.26 1.81 2.73 4.27 8.14
0 Depreciation and amortisation expense 50.50 49.96 46.26 100.46 91.49 187.72
g) Other expenses 312.03 305.79 291.96 617.82 539.90 1094.26
Total Expenses (IV) 1116.79 1135.84 985.68 2252.63 1930.67 3821.44
V Profit before exceptional items and tax (III-IV) 322.12 356.37 327.09 678.49 879.03 1379.96
VI Exceptional items
VII Profit before tax (V-VI) 322.12 356.37 327.09 678.49 879.03 1379.96
VIII Tax Expense
-Current tax 56.18 62.50 52.10 118.68 153.60 244.98
•Short / (Excess) provision of earlier years
•Deferred tax liability / (asset) 8.30 9.15 (0.69) 17.45 (3.89) (5.79)
IX Profit forthe period from continuing operations (VII-VIII) 257.64 284.72 275.68 542.36 729.32 X 1140.77
X . Other Comprehensive Income
A (i) Items that will not be reclassified to profit or loss •
• Actuarial gain/(loss) (0.16) (0.37) (0.45) (0.53) (1.76) (0.19)
(ii) Income tax relating to items that will not be reclassified 0.03 0.06 0.08 0.09 0.31 0.03
to profit or loss
B (i) Items that will be reclassified to profit or loss
- Exchange difference in translating the financial statement offoreign
operation (0.17) (0.13) (0.12) (0.30) 0.01 (0.36)
- Gain/(loss) on cash flow hedge 0.10 0.23 0.18 0.33 0.21 0.65
(ii) Income tax relating to items that will be reclassified to 0.01 (0.02) (0.01) (0.01) (0.04) (0.05)
profit or loss 0.08
Income I (Loss) for the period net of tax (X)
Other Comprehensive		 (0.19) (0.23) (0.32)
275.36		 (0.42)
541.94		 (1.27)
728.05		 1140.85
XI Total Comprehensive Income forthe period (IX+X)
Paid-up equity share capital (Face value of ? 2/- each)		 257.45
25.37		 284.49
25.37		 25.37 25.37 25.37 25.37
XII Other Equity 5269.30 4416.03 4727.35
XIII
XIV		 Net Worth 5294.67 4441.40 4752.72
XV Earnings per share (of ? 2/- each) (Not annualised):
Basic (?) 20.31 22.45 21.79 42.76 57.69 90.08
Diluted (?) 20.31 22.45 21.79 42.76 57.69 90.08

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

STATEMENT OF UNAUDITED STANDALONE ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

</h)<>
Particulars
Sept 30, 2021
Sr. No.
March 31,2021
Unaudited Audited
ASSETS:
A
Non-current assets:
1
1880.15		 1824.30
Property, Plant and Equipment
(a).
242.28
Capital work-in-progress
(b)		 180.85
7.77
Goodwill
(c)		 7.77
22.21
Other Intangible assets
(d)		 21.08
2.38
Intangible assets under development
(e)		 1.15
Right of use assets
11.53
(f)		 15.45
Financial Assets
(9)
519.83
(i) Investments in Subsidiary/Joint Venture/Associate		 474.01
25.00
(ii) Other investments
94.69
(iii) Loans		 81.31
72.99
(iv) Others		 81.83
94.15
Other non-current assets
<h)< td="">		44.59 44.59
2972.98
Total Non current assets		 2732.34
Current assets:
2
1446.05
Inventories
(a)		 1517.09
Financial Assets
(b)
432.47
(i) Investments		 393.83
994.04
(ii) Trade receivables		 774.46
110.76
(iii) Cash and cash equivalents		 108.15
378.95
(iv) Bank Balance other than (iii) above		 198.75
29.53
(v) Loans		 19.96
183.92
(vi) Others		 129.02
Current tax assets
(c)
134.99
Other current assets		 136.51
(d)
3710.71		 3277.77
Total Current assets 6010.11
6683.69
Total Assets
EQUITY AND LIABILITIES :
B
Equity :
1
25.37
Equity Share Capital
(a)		 25.37
5269.30
Other Equity
(b)		 4727.35
5294.67
Total Equity		 4752.72
Liabilities :
2
Non-current liabilities :
i
Financial Liabilities
(a)
4.64
(i) Borrowings		 9.13
7.44
(ii) Lease liability		 8.25
(iii) Other financial liabilities
41.13		 37.29
Provisions
(b)
152.45
Deferred tax liabilities (net)
(c)		 135.00
2.07
Other non-current liabilities
(d)		 2.15
207.73
Total Non current liabilities		 191.82
Current liabilities:
ii
Financial Liabilities
(a)
261.06
(i) Borrowings		 214.05
3.88
(ii) Lease liability		 4.80
(iii) Trade payables
23.76
- Dues of micro and small enterprises		 63.65
562.02
- Dues of others		 546.11
119.95
(iv) Other financial liabilities		 68.01
41.28
Current Tax Liabilities (net)		 10.87
(b)
115.49
Provisions		 102.28
(c)
53.85		 55.80
Other current liabilities
(d)
1181.29
Total Current liabilities		 1065.57

Note : Figures of the previous period have been regrouped/reclassified wherever necessary, to conform to current period's classification in order to comply with the requirements of amended Schedule III to the Companies Act, 2013 effective April 2021. «

<" * o O

Notes:

i

The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 13, 2021.The Statutory Auditors have carried out the limited review ofthe results. 1

: 3 :

  • 2 The Board has declared an interim dividend of ? 8/- per share (400%), for which November 23, 2021 has been fixed as the record date for members' entitlement of interim dividend.
  • 3 The Company has only one operating segment viz. 'Pharmaceuticals'.
  • 4 Figures for the previous periods have been regrouped / re-classified to conform to the figures of the current period.

^ By Order of the Board ^NFor Ipca Laboratories Limited * * ef ¥ o vi a> PremcITand Godha • tt/n S^/Chairman & Managing Director (DIN 00012691) Place: Mumbai, ' SIGNED FOR IDENTIFICATION Date : November 13, 2021 BY G. M. KAPADIA & CO. MUMBAI. ;

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

Statement of Unaudited Standalone Cash Flow for the Half Year ended September 30, 2021

Half Year Ended (T Crores)
Particulars September 30, 2021 September 30, 2020
(Unaudited) (Unaudited)
A. Cash Flow from Operating Activities
1) Net profit before taxation 678.49 879.03
Adjustments for:
Depreciation, Amortisation and impairment expense 100.46 91.49
Impairment of Intangible Asset 15.84
(Profit) / Loss on sale of Property, plant & equipment (0.08) (0.07)
Net (gain) / loss on financial asset through FVTPL (0.25) (0.20)
Interest income on financial asset at amortised cost (2.11)
Property, plant & equipment scrapped / transferred 0.11 2.18
Sundry balances written off / (back) (0.82) 0.02
Provision for doubtful debts / advances 0.27 0.42
Provision for diminution in value of investments 16.68
Bad debts written off 0.27
Unrealised foreign exchange (gain) / loss (13.94) (17.21)
Interest income (20.08) (13.85)
Interest expense 2.73 85.35 4.27 80.78
2) Operating profit before working capital changes 763.84 959.81
Decrease / (Increase) in Inventories 71.04 (57.83)
Decrease / (Increase) in Trade Receivables (203.87) (40.73)
Decrease / (Increase) in Other Financial assets (54.53) (34.25)
Decrease / (Increase) in Other assets 1.27 27.17
Increase / (Decrease) in Trade Payables (24.23) 14.47
Increase / (Decrease) in Other Financial liabilities
Increase / (Decrease) in Other liabilities		 14.77 (0.36)
Increase / (Decrease) in Provisions (2.03) (60.00)
3) Cash generated from operation 16.52 (181.06) 2.22 (149.31)
Income tax paid (net) 582.78 810.50
Net cash from operating activities (89.12) (100.65)
B. Cash Flow from Investing Activities 493.66 709.85
Purchase of Property, plant & equipment including Capital Work in
progress and intangible assets		 (229.18) (126.33)
Investment in subsidiaries (49.95) (20.78)
Investment in Associates (12.51) (10.45)
Investment in others (25.03)
Loan (given) / recovered - Associate (13.45) (17.00)
Loan (given) / recovered - Joint Venture 0.27
Loan (given) / recovered - Subsidiary (9.50)
Proceeds from Sale of Property,Plant and Equipment 0.71 1.24
Movement in other bank balances (166.96) (355.87)
Interest received 17.69 7.56
Net cash from / (used In) investing activities (488.18) (521.36)
C. Cash Flow from Financing Activities
Issue of Share Capital 35.81
Increase / (decrease) in short term borrowings 73.22 (62.68)
Repayment of long-term borrowings (31.98) (35.13)
Payment of principal portion of Lease liability (3.05) (2.87)
Payment of interest portion of Lease liability (0.55) (0.82)
Interest paid (2.12) (3.49)
I Dividend & dividend tax paid (0-16)
Net cash from / (used In) financing activities 35.52 (69,34)
Net Increase / (decrease) In cash and cash equivalents (A
+ B + C )		 41.00 119.15
Cash and cash equivalents at beginning of year 501.19 272.07
Cash and cash equivalents at end ofthe period 542.19 391.22
Components of cash & cash equivalents :
Cash and cheques on hand 0.34 0.43
Balance with banks 110.42 175.25
Mutual Funds 432.47 217.06
Add / (Less): Fair value Loss / (Gain) on Mutual funds (104) 431.43 (152) 215.54
542.19 391.22

Place: Mumbai,

SIGNED FOR IDENTIFICATION BY Premchand Godha \ Date : November 13, 2021 G. M. KAPADIA & CO. _____ MUMBAI. ?

(

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 Limited Review Report on unaudited standalone financial results of Ipca Laboratories Limited for the quarter and half year ended on September 30, 2021 pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To, The Board of Directors, Ipca Laboratories Limited. Mumbai

    1. We have reviewed the accompanying statement of unaudited standalone financial results ("the Statement") ofIpca Laboratories Limited ("the Company") for the quarter and half year ended on September 30, 2021, being submitted by the Company pursuant to the requirement of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the listing Regulations").
    1. This Statement, which is the responsibility of the Company's Management and approved by the 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 read with the relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based our review. on
  • We conducted our review of the Statement in accordance with the Standard on Review Engagements ("SRE") 2410 "Review ofInterim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free ofmaterial misstatement. A review ofinterim 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 of Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that may be identified in an audit. Accordingly, we do not express an audit opinion. 3.

  1. Based on our review conducted as stated above, nothing has come to our attention that causes us to believe that the Statement, prepared in accordance with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms ofRegulation 33 ofthe Listing Regulations as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For G. M. KAPADIA & CO. s. Chartered Accountants ^^Firm Registration No. 104767W o o MUMBAI & // Atul Shah Partner Membership No. 039569 fedAcco*

UDIN: 21039569AAAAQN7274

Mumbai Dated: November 13, 2021

!

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

CIN : L24239MH1949PLC007837 Q

Tel:+91 22 6647 4444, E-mail: [email protected] Website : www.ipca.com 11. 3 V

STATEMENT OF UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021^ *

Sr. No. Particulars Quarter Ended Half Year Ended Year Ended
Sept 30,2021 June 30,2021 Sept
30, 2020		 Sept 30, 2021 Sept 30, 2020 March 31,2021
Unaudited Unaudited Unaudited Unaudited Unaudited Audited
I Revenue from operations 1544.43 1565.79 1361.10 3110.22 2895.50 5419.99
Other Income 18.08 21.02 15.45 39.10 27.54
lil Total income (l+ll) 1562.61 1586.81 1376.65 3149.32 2923.04 5482.83
IV Expenses:
a) Cost of materials consumed 1597.14
b) Purchases of stock-in-trade 422.42 413.23 414.07 835.65
208.67		 786.07
c) Changes in inventories of finished goods, 112.05 96.62 57.94 125.87
work-in-progress and stock-in-trade 9.92 35.85 (29.33) 45.77 (37.62) (194.79)
d) Employee benefits expense 296.37 299.60 254.54 595.97 510.87 1013.57
e) Finance costs 1.06 1.82 2.31 2.88 5.05
0 Depreciation and amortisation expense 56.96 55.87 52.12 112.83 103.15
g) Other expenses 338.09 303.95 303.69 642.04 561.80
Total Expenses (IV) 1236.87 1206.94 1055.34 2443.81 2055.19 4093.86
V Profit from ordinary activity before share of profit / (loss) of associates
& Joint venture, exceptional items & tax (III • IV) 325.64 379.87 321.21 705.51 867.85 1388.98
VI Exceptional items
VII Profit before tax (V - VI) 325.64 379.87 321.21 705.51 867.85
VIII Tax Expense
•Current tax 60.07 64.48 53.34 124.55 156.32
-Short / (Excess) provision of earlier years (0.01) (0.01)
-Deferred tax liability / (asset)
Profit forthe period from continuing operations before share of profit /		 7.84 6.29 (0.74) 14.13 (3.83)
IX (loss) of associates & joint venture (Vlt-VIII) 257.73 309.10 268.62 566.83 715.37 1148.84
X Share of Profit / (loss) of associates & joint venture (net of tax) accounted by
using the equity method		 (5.33) (2.43) (1.92) (7.76) (2.99)
XI Profit forthe period from continuing operations before non - controlling
interest (IX + X)		 252.40 306.67 266.70 559.07 712.38
XII Share of non-controlling interest - profit / (loss) 2.17 0.01 (0.37) 2.18 (0.62)
XIII Profit for the period attributable to owners of the Company (XI - XII) 250.23 306.66 267.07 556.89 713.20 1140.01
XIV Other Comprehensive Income
A. (!) Items that will not be reclassified to profit or loss -
•Actuarial gain/(loss) (0.16) (0.37) (0.45) (0.53) (1.76)
(ii) Income tax relating to items that will not be reclassified
to profit or loss 0.03 0.06 0.08 0.09 0.31
B. (i) Items that will be reclassified to profit or loss
•Exchange difference in translating the financial statement of
foreign operation (2.46) 3.15 (0.31) 0.69 (2.35)
-Gain/(loss) on cash flow hedge 0.10 0.23 0.18 0.33 0.21
(Ii) Income tax relating to items that will be reclassified to
profit or loss 0.01 (0.02) (0.01) (0.01) (0.04)
C. Share of OCI from investment in associates (0.02) (0.02)
Other Comprehensive Income / (Loss) forthe period, net oftax (2.50) 3.05 (0.51) 0.65 (3.63)
XV Total Comprehensive Income forthe period (XI
XIV)		 249.90 309.72 266.19 559.62 708.75 1140.74
Other Comprehensive Income forthe period attributable to :
Owners of the parent (2.49) 2.97 (0.38) 0.48 (3.51)
Non-controlling interest - profit / (loss) (0.01) 0.08 (0.13) 0.07 (0.12)
(2.50) 3.05 (0.51) 0.65 (3.63)
Total Comprehensive Income forthe period attributable to :
Owners of the parent 247.74 309.63 266.69 557.37 709.69 1139.84
Non-controlling interest • profit / (loss) 2.16 0.09 (0.50) 2.25 (0.94)
249.90 309.72 266.19 559.62 706.75
Paid-up equity share capital (Face value of 7 2/- each) 25.37 25.37 25.37 25.37 25.37
XVI 5238.45 4347.62 4676.28
XVII Other Equity
XVIII Net Worth 5263.62 4372.99 4701.65
XIX Earning per equity share (of 7 2/- each) (Not annualised^
i\ories
Basic (7)
o		 19.73 24.18 21.11 43.90

00

O Cl

*

: 2: _ 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

STATEMENT OF UNAUDITED CONSOLIDATED ASSETS AND LIABILITIES AS AT SEPTEMBER 30, 2021

Crores)
Sr. No. Particulars Sept 30, 2021 March 31, 2021
Unaudited Audited
A ASSETS:
1 Non-current assets:
(a) Property, Plant and Equipment 2035.31 1947.34
(b) Capital work-in-progress 242.29 183.66
(c) Goodwill on consolidation 46.40 38.83
(d) Goodwill on acquisition 7.77 7.77
(e) V
Other Intangible assets		 157.45 63.04
(0 Intangible assets under development 16.36 51.16
(9) Right of use assets 12.12 15.45
(h) Investment accounted for using the equity method 29.94 77.26
(i) Financial Assets
(i) Investments 55.04 34.17
(ii) Loans 99.32 81.35
(ill) Others 73.99 82.42
(j) Deferred tax assets (net) 1.98 1.95
(k) Other non-current assets 95.04 47.00
Total Non-Current Assets 2873.01 2631.40
2 Current assets :
(a) Inventories 1546.32 1594.81
(b) Financial Assets
(i) Investments 432.47 393.83
(ii) Trade receivables 1071.57 81175
(iii) Cash and cash equivalents 157.64 165.97
(iv) Bank Balance other than (iii) above 378.95 199.10
(v) Loans 1.28 1.22
(vi) Others 229.04 129.44
(c) Current tax assets
(d) Other current assets 144.02 140.84
Total Current Assets 3961.29 3436.96
Total Assets 6834,30 6068.36
B EQUITY AND LIABILITIES :
1 Equity:
(a) Equity Share Capital 25.37 25.37
(b) Other Equity 5,238.45 4676.28
Equity attributable to owners of the Holding Company 5263.82 4701.65
Non controlling interest 73.40 14.53
Total Equity 5337.22 4716.18
2 Liabilities :
i Non-current liabilities:
(a) Financial Liabilities
(i) Borrowings 4.64 9.13
(ii) Lease liability 8.01 • 8.25
(iii) Other financial liabilities
(b) Provisions 42.65 38.56
(c) Deferred tax liabilities (net) 149.48 133.55
(d) Other non-current liabilities 2.07 2.15
Total Non-Current Liabilities 206.85 191.64
ii Current liabilities :
(a) Financial Liabilities
(I) Borrowings 290.22 243.21
(ii) Lease liability 3.89 4.80
(iii) Trade payables:
Dues of micro and small enterprises '24.40 64.03
Dues of others 619.05 602.14
(iv) Other financial liabilities 131.47 69.09
(b) Current Tax Liabilities (net) 43.06 11.50
(c) Provisions 116.85 103.14
(d) Other current liabilities 61.29 62.63
Total Current Liabilities 1290.23 1160.54
Total Equity and Liabilities 6834.30 6068.36

Note : Figures of the previous period have been regrouped/reclassified wherever necessary, to conform to current period's classification in order to comply with the requirements of amended Schedule III to the Companies Act, 2013 effective April 1,2021.

Notes:

  • 1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held November 13, 2021.The Statutory Auditors have carried out the limited review of the results. on
  • The Board has declared an interim dividend of ? 8/- per share (400%), for which November 23, 2021 has been fixed as the record date for members' entitlement of interim dividend. 2
  • In accordance with Ind AS-108 "Operating Segments", the operations of the Group are categorised in one segment viz Pharmaceuticals. 3

The geographic information of the Group's revenues by the Company's country of domicile and other countries is tabulated hereunder:

(? Crores)
India Outside India Total
Particulars Sept'21 Sept'20 Sept'21 Sept'20 Sept'21 Sept'20
Segment Revenue 1552.24 1338.82 1557.98 1556.68 3110.22 2895.50
% of Total segment Revenue 49.91% 46.24% 50.09% 53.76% 100% 100%

The geographic information of the Non-current assets "outside India" is less than 10% of the total Non-current assets of the Group and therefore, not disclosed seperately.

4 Figures for the previous periods have been regrouped / re-classified to conform to the figures of the current period.

Place: Mumbai, Date : November 13, 2021

By Order of the Board For Ipca Laboratories Limited

Prefnchand Godha Chairman & Managing Director (DIN 00012691) *>

identification SIGNED FOR 4*~**^' G M. KAf^blA & CO. MUMBAI. . BY ?

I

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

Statement of Unaudited Consolidated Cash Flow for the Half Year ended September 30,2021

Half Year Ended
Particulars September 30, 2021 September 30, 2020
Unaudited Unaudited
A. Cash Flow from Operating Activities
1) Net profit before taxation 705.51 867.85
Adjustments for:
Depreciation, amortisation and impairment expense 112.83 103.15
Impairement of Intangible Assets 15.84
(Profit) / Loss on sale of Property, plant & equipment (0.11) (0.07)
Net (Gain) / Loss on financial asset through FVTPL (0.25) (0.20)
Interest income on financial asset at amortised cost (2.11)
Property, plant & equipment scrapped / transferred 0.11 2.18
Sundry balances written off / (back) (0.82) (0.02)
Provision for doubtful debts / advances 0.27 0.44
Bad debts written off 0.27
Unrealised foreign exchange (gain) / loss (14.02) (17.21)
(Profit)/Loss on Business Combination
Interest income		 (7.37)
Interest expense (20.99) (14.08)
2) Operating profit before working capital changes 2.88 72.80 5.05 92.97
Decrease / (Increase) in Inventories 62.50 778.31 (74.37) 960.82
Decrease / (Increase) in Trade Receivables (238.81) (17.08)
Decrease / (Increase) in Other Financial assets (57.59) (26.97)
Decrease / (Increase) in Other assets 1.63 24.78
• Increase / (Decrease) in Trade Payables (23.42) (5.91)
Increase / (Decrease) in Other Financial liabilities 25.32 (0.37)
Increase / (Decrease) in Other liabilities (3.54) (60.84)
Increase / (Decrease) in Provisions 16.83 (217.08) 2.14 (158.62)
3) Cash generated from operation 561.23 802.20
Income tax paid (net) (94.77) (101.00)
Net cash from operating activities 466.46 701.20
B. Cash Flow from Investing Activities
Purchase of Property, plant & equipment including Capital work in
. progress and Intangible assets (247.48) (126.39)
Consideration towards Business Combination (30.11)
Investment in Associates (12.51) (10.45)
Investment in others (25.03)
Loan (given) / recovered - Associates (13.45) (17.00)
Loan (given) / recovered - Joint Venture 0.27
Proceeds from Sale of Property,Plant and Equipment 0.74 1.24
Movement in other bank balances (166.61) (350.68)
Interest received 18.59 7.79
Net cash from / (used in) investing activities (475.86) (495.22)
C. Cash Flow from Financing Activities
.Issue of Share Capital 35.81
Increase / (decrease) in short term borrowings 73.22 (58.20)
Proceeds from long-term borrowings 3.17
Repayment of long-term borrowings (31.98) (38.91)
Payment of principal portion of Lease liability (3.05) (2.87)
Payment of interest portion of Lease liability (0.57) (0.82)
Interest paid (2.28) (3.86)
Dividend & dividend tax paid
Net cash from I (used in) financing activities		 35.34 (0-16) (65,84)
Net increase / (decrease) in cash and cash equivalents (A
+ B + C )		 25.94 140.14
Cash and cash equivalents at beginning of year 559.01 295.39
Movement due to Business combination 4.12
Cash and cash equivalents at end of the period 589.07 435.53
Components of cash & cash equivalents:
Cash and cheques on hand 0.37
Balance with banks 0.45
Mutual Funds 432.47 157.27 217.06 219.54
AddZ(Less): Fair value Loss / (Gain) on Mutual funds 431.43 (152) 215.54
(104) 589.07 435.53

SIGNED FOR IDENTIFICATION'

MUMBAI. :

Place: Mumbai, Date : November 13, 2021 G. M. KaPaDIA&CO.

BY Premchand Godha Chairman & Managing Director

(DIN 00012691)

By Order of the Board

For Ipca Laboratories Limited

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 Limited Review Report on unaudited consolidated financial results ofIpca Laboratories Limited for the quarter and half year ended on September 30, 2021 pursuant to the Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

To, The Board ofDirectors Ipca Laboratories Limited Mumbai

    1. We have reviewed the accompanying statement of unaudited consolidated financial results ("the Statement") of Ipca Laboratories Limited ("the Parent") and its subsidiaries, (the Parent and its subsidiaries together referred to as the Group) and its share of the net profit / (loss) after tax and total comprehensive income / (loss) of its joint venture and associate for the quarter and half year ended September 30, 2021, being submitted by the Parent pursuant to the requirement of Regulation .33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").
    1. This Statement, which is the responsibility ofthe Parent's Management and approved by the Parent'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 ofthe Companies Act, 2013, and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
    1. We conducted our review ofthe Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor ofthe Entity", issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

    1. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) ofthe Listing Regulations, to the extent applicable.
    1. The Statement includes the unaudited standalone financial results of the following entities:
Sr. No. of
Name
the Entities
Subsidiaries
1 Ipca
Pharma
Nigeria
Limited, Nigeria
2 Ipca
Pharmaceuticals
Limited, SA. de CV, Mexico
3 Ipca
Laboratories
(U.K.) Limited, UK
4 Ipca
Pharmaceuticals
Inc. USA
5 Ipca
Pharma
(Australia) Pty Limited, Australia
6 Tonira
Exports
Limited, India
7 Ramdev
Chemicals
Private
Limited, India
8 Trophic
Wellness
Private Limited, India (w.e.f. June 11, 2021)
Step down Subsidiaries
9 Scientific
Onyx
Limited, UK
10 Ipca
Pharma
(NZ) Pty Limited, New
Zealand
11 Pisgah Labs Inc., USA
12 Bayshore
Pharmaceuticals
LLC, USA
Joint
Venture
13 Avik Pharmaceuticals
Limited, India
Associate
14 Krebs
Biochemicals
Industries Limited, India (reviewed
results)
    1. Based on our review conducted and procedures performed as stated in paragraph 3 and 4 above and based on the consideration of the review report of the other auditor and management certified financials referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
    1. (i) The Statement includes the standalone financial results of twelve subsidiaries (including nine foreign subsidiaries) which have not been reviewed / audited by their auditors or by us, whose unaudited standalone financial results reflect total assets of Rs. 869.11 crores as at September 30, 2021, total revenues of Rs. 146.70 crores and 239.43 crores, total net profit after tax of Rs. 5.89 crores and 6.54 crores, total comprehensive income ofRs. 1.93 crores and 9.37 crores, for the quarter and half year ended September

30, 2021, respectively, and cash outflows (net) of Rs. 15.06 crores for the half year ended September 30, 2021 as considered in the Statement. The Statement also includes the Group's share of net profit after tax of Rs. 0.28 crores and 0.71 crores, total comprehensive income of Rs. 0.28 crores and 0.71 crores for the quarter and half year ended September 30, 2021, respectively, as considered in the Statement, in respect of one joint venture, based on their unaudited standalone financial results which have not been reviewed by their auditors or by us. These financial results are certified by the management. Our conclusion on the Statement is not modified in respect of the above matters; and

(ii) We did not review the unaudited standalone financial results of one associate included in the Statement in which the Group's share of net loss after tax is Rs. 5.39 crores and 10.07 crores, total comprehensive loss ofRs. 5.41 crores and 10.09 crores, for the quarter and half year ended September 30, 2021, respectively, as considered in the Statement. This unaudited standalone financial result ofthis associate has been reviewed by other auditor whose report 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 ofthis associate, is based solely on the report ofthe other auditor and the procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement is not modified in respect ofthe above matters.

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

Partner

f MUMBAI )'★ Atul Shah Membership No.039569 ^dAcofMN: 21039569AAAAQO6061 \$ 4?/

o

Place: Mumbai Dated: November 13, 2021

PRESS RELEASE

Ipca Laboratories Q2 FY22 Financial Results

Mumbai, November 13, 2021: Ipca Laboratories Limited today announced its unaudited standalone and consolidated financial results for the second quarter and half year ended 30,h September, 2021.

Kev Financials of Q2 FY22

r

**

Standalone Q2 FY22 at a glance (Rs. Crores)
Particulars Q2 FY22 Q2 FY21 Growth
NetTotal Income 1438.91 1312.77 10%
Export Income 637.76 686.90 -7%
EBITDA before Forex (gain) /
loss		 354.38 358.14 -1%
(gain)/loss
Forex		 (19.71) (17.02)
Finance Cost 1.47 1.81 -19%
Depreciation and Amortisation 50.50 46.26 9%
Tax Expense 64.48 51.41 25%
Net Profit after tax 257.64 275-68 -7%
Earnings per share of
Rs. 2/- each (Rs.)		 20.31 21.79 -7%

www.ipca.com 125, Kandivli Industrial Estate, CIS No. 328, Kandivli (West), Mumbai 400 067, India | T:+91 22 6210 5000 F:+91 22 6210 5005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, India j T: +91 22 6647 4444 F: +91 22 2868 6613 E: [email protected] | CIN: L24239MH1949PLC007837

Ipca Laboratories Ltd.

Vfr'1

Ipca Laboratories Ltd.,

Consolidated Q2 FY22 at a glance (Rs. Crores)
Particulars Q2 FY22 Q2 FY21 Growth
Consolidated Net Total Income 1562.51 1376.55 14%
Consolidated EBITDA before Forex (gain) /loss 364.06 358.56 2%
(gain) /loss
Forex		 (19.60) (17.08)
Finance Cost 1.06 2.31 -54%
Depreciation and Amortisation 56.96 52.12 9%
Tax Expense 67.91 52.59 29%
-
of
for
Profit
the
period
including
share
non
controlling interest but before share of profit /
(loss)
of associates & joint
venture		 257.73 268.62 -4%
/
Share of profit
(loss) of
associates & joint
venture		 (5.33) (1.92)
Share of non -
controlling interest -
(profit) /loss		 (2.17) 0.37
Consolidated Net Profit after tax 250.23 267.07 -6%
Consolidated Earnings per share of Rs. 2/- each (Rs.) 19.73 21.11 -7%
Q2 FY22 Revenue break-up (Rs. Crores)
Particulars Q2 FY22 Q2FY21 Growth
Formulations
Domestic 698.23 535.49 30%
Exports
Branded 95.49 91.39 4%
Institutional 63.00 81.91 -23%
Generics 192.46 191.07 1%
Total Formulations 1049.18 899.86 17%
APIs
Domestic 72.92 58.50 25%
Exports 286.81 322.53 -11%
Total APIs 359.73 381.03 -6%
Other Operating Income 14.93 16.88 -12%
Standalone Revenue from Operations 1423.84 1297.77 10%
Revenue from Operations - Subsidiaries 120.59 63.33 90%
Consolidated Revenuefrom Operations 1544.43 1361.10 13%
Other Income 18.08 15.45 17%
Consolidated Net Total Income 1562.51 1376.55 14%

www.ipca.com 125, Kandivli Industrial Estate,CTSNo.328,Kandivli (West), Mumbai400 067, India | T:+91 22 62105000 F:+91 22 62105005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, India | T: +91 22 6647 4444 F: +91 22 2868 6613 E: [email protected] | CIN: L24239MH1949PLC007837

Kev Financials of HI FY22

Standalone HI
FY22 at
a glance
Particulars HIFY22 HI FY21 Growth
Net Total Income 2931.12 2809.70 4%
Export Income 1404.03 1460.79 -4%
EBITDA before Forex (gain) /loss 758.75 951.74 -20%
Forex (gain)/loss (22.93) (23.05)
Finance Cost 2.73 4.27 -36%
Depreciation and Amortisation 100.46 91.49 10%
Tax Expense 136.13 149.71 -9%
Net Profit after tax 542.36 729.32 -26%
Earnings per share of
Rs. 2/- each (Rs.)		 42.76 57.69 -26%
Consolidated HI FY22
at a glance
Particulars HI FY22 HI FY21 Growth
Consolidated Net Total Income 3149.32 2923.04 8%
Consolidated EBITDA before Forex (gain) /loss 798.16 952.98 -16%
Forex (gain) /loss (23.06) (23.07)
Finance Cost 2.88 5.05 -43%
Depreciation and Amortisation 112.83 103.15 9%
Tax Expense 138.68 152.48 -9%
-
for the
of
Profit
period
including
share
non
controlling interest but before share of profit /
(loss)
of associates & joint
venture		 566.83 715.37 -21%
Share ofloss /
(profit) of associates & joint
venture		 (7.76) (2.99)
Share of non -
controlling interest - profit /
(loss)		 (2.18) 0.82
Consolidated Net Profit after tax 556.89 713.20 -22%
Consolidated Earnings per share of Rs. 2/- each (Rs.) 43.90 56.41 -22%

&lt; 3 I pea Laboratories Ltd. www.ipca.com

itrial Estate, CIS No. 328, Kandivli (West), Mumbai 400 067, India | T: +91 22 6210 5000 F: +91 22 6210 5005 ^48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, India j T:+91 22 6647 4444 F:+91 22 2868 6613 E: [email protected] | CIN: L24239MH1949PLC007837

HI FY22 Revenue break-up (Rs. Crores)
Particulars HIFY22 HIFY21 Growth
Formulations
Domestic 1311.20 1024.90 28%
Exports
Branded 204.04 224.91 -9%
Institutional 179.48 170.58 5%
Generics 409.23 432.52 -5%
Total Formulations 2103.95 1852.91 14%
APIs
Domestic 162.87 261.54 -38%
Exports 611.28 632.78 -3%
Total APIs 774.15 894.32 -13%
Other Operating Income 24.34' 35.79 -32%
Standalone Revenue from Operations 2902.44 2783.02 4%
Revenue from
Operations - Subsidiaries		 207.78 112.48 85%
Consolidated Revenue from Operations 3110.22 2895.50 7%
Other Income 39.10 27.54 42%
Consolidated Total Income 3149.32 2923.04 8%

About Ipca Laboratories:

Ipca is a pharmaceutical company with a strong thrust than half of Company's income. Ipca is vertjf on exports which now account for more iled and produces finished dosage forms

and active pharmaceutical ingredients. PremchandGodha

Chairman & Managing Director

Enel: Unaudited Standalone and Consolidated Fina

Contact Information:

Harish P. Kamath, Corporate Counsel & Company Secretary at [email protected] or on +91 -22-6210 6050

Ipca Laboratories Ltd.

www.ipca.com 125, Kandivli Industrial Estate, CIS No. 328, Kandivli (West), Mumbai 400 067, India | T:+91 22 62105000 F:+91 22 62105005 Regd. Office: 48, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, India j T:+91 22 6647 4444 F:+91 22 2868 6613 E: [email protected] | ON: L24239MFI1949PLC007837

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