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Laurus Labs Limited Annual Report 2019

May 3, 2019

62639_rns_2019-05-03_cb07f1a0-c78e-4384-a27d-9e5ac379917a.pdf

Annual Report

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May 02,2019

To To
The Corporate Relations Department The Listing Department
BSE Limited National Stock Exchange of India Limited
Phiroz Jeejeebhoy Towers, 25th Floor, Exchange Plaza,
Dalal Street Bandra Kurla Complex, Bandra (East)
Mumbai -400001 Mumbai -400 051
Code: 540222 Code: LAURUSLABS

Dear Sirs,

Sub: Outcome of the Board Meeting- 02"d May 2019

(1) Audited Financial Results for the Quarter and Year ende(] March 31,2019:

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, please find enclosed herewith the Audited Standalone and Consolidated Financial Results of the Company for the 4th Quarter and Year ended March 31, 2019 as approved by the Board of Directors of the Company in their Meeting held on May 02, 2019 along with the Audit Reports issued by Deloitte Haskins & Sells LLP, the Statutory Auditors ofthe Company.

We have also uploaded the financial results on the website of the Company, namely www.lauruslabs.com and also on the websites of BSE Ltd. and National Stock Exchange of India Ltd. viz. www.bseindia.com and www.nseinda.com respectively.

(2) Dividend for FY 2019:

The Board of Directors of the Company in their meeting held on May 02, 2019 have recommended a dividend of Rs.1.50 (15%) per equity share of Rs.lO/- face value, for the financial year 2018-19. The dividend on equity shares, if declared by the shareholders at the ensuing Annual General Meeting, will be credited/ dispatched on or after July 16, 2019.

Pursuant to Regulation 42 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, the Register of Member and Share Transfer Books of the Company will remain closed from July 05, 2019 to July 11, 2019 (both days inclusive) for taking record of the Members of the Company for the purpose of 14th Annual General Meeting and Dividend.

Registered Office: Plot No:21, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam- 531021, Andhra Pradesh, India. CIN: L24239AP2005PLC04 7518 T +91 891 3061222 F +91 891 3061270 E [email protected] W lauruslabs.com

LAURUS Generics LAURUS Ingredients LAURUS Synthesis Active Pharmaceutical Ingredients & Intermediates Specialty Ingredients for Nutraceulical & Allied Industry Contract Development & Manufacturing Services

Symbol Type ofsecurity Book Closure both daysinclusive Record Date Purpose
From To
NSE:LAURUSLABSBSE:540222 EquityShares FridayJuly 05, 2019 ThursdayJuly 11, 2019 Not Applicable Annual GeneralMeetingand payment ofDividend

The Board Meeting commenced at 4.00 PM and concluded at 5.00 PM.

This is for your information and records.

Thanking you,

Yours sincerely, For Laurus Labs Limited

G. Venkateswa r Rc dy Company Secretary

Laurus Labs limited Corporate Office T' Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad- 500034, Telangana, India

F +91 40 3980 4320 Knowledge . Innovation . Excellence

LAURUS LABS LIMITED

(CIN: L24239AP2005PLC047518) Regd.Office: Plot No.21, Jawaharlal Nehru Pbarma City, Parawada, Visakhapalnam 531 021, And bra Pradesh, India. Corp.Office: 2nd Floor, Serene Chambers, Road No.7, Banjara Hills, Hyderabad 500034, Telangana, India. Tel: +9140 3980 4333; Fax: +91 040 3980 4320; E-mail: [email protected]; Website: www.lauruslabs.com STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2019

Sl. No. 1 2 3 4 5 6 7 8 9 10 Quarter ended Year ended !(in Million Particulars 31-Mal'-19 31-Dec-18 31-Mar-18 31-Mar-19 31-Mar-18 (Refer note 10) (Unaudited) (Refer note 10) Income (a) Revenue from operations (Refer note B) 6,351.61 5,294.57 5,602.40 22,919.16 20,690.03 (b) Other income 16.22 14.15 50.B1 161.52 291.93 Total income 6,367.83 5,308.72 5,653.21 23,080.68 20,981.96 Expenses (a) Cost of materials consumed 3,333.06 2,971.30 2,55B.69 12,452.47 10,613.94 (b) Purchase of traded goods B6.BO 51.70 69.11 223.BO 270.15 (c) Changes in inventories of finished goods, work-in-progress and stock-in-trade (0.75) (1B3.58) 281.36 (319.B7) (247.04) (d) Excise duty (Refer note B) - - - - 128.33 (e) Employee benefits expense 740.17 689.00 672.31 2,892.04 2,580.47 (f) Other expenses 1,072.45 889.00 B52.09 4,110.90 3,210.98 (g) Depreciation and amortisation expense 434.73 427.0B 346.13 1,641.92 1,254.53 (h) Finance costs 175.68 236.54 232.64 881.90 796.44 Total expenses 5,842.14 5,081.04 5,01233 21,883.16 18,607.80 Profit before tax (1-2) 525.69 227.68 640.88 1,197.52 2,374.16 Tax expense (a) Current tax 119.00 53.17 134.95 248.32 528.47 (b) Deferred tax (25.10) (3.66) 55.13 11.56 169.59 Total Tax expense 93.90 49.51 190.08 259.88 698.06 N el Profit after tax (3-4) 431.79 178.17 450.80 937.64 1,676.10 Other comprehensive income Items that will not be reclassified subsequently to profit or loss: (i) Remeasurement gains/ (losses) on defined benefit plans 5.56 (11.23) 7.14 (36.19) 1.07 (ii) Income tax relating to items that will not reclassified to profit or loss in subsequent periods (1.92) 3.93 (2.40) 12.67 (0.30) Items that will be reclassified subsequently to profit or loss: (i) Exchange differences on translating the financial statements of foreign operations (0.37) 3.13 (1.50) (6.23) (0.57) (ii) Effective portion of loss on designated portion of hedging instruments in a cash flow hedge 9.25 43.99 . (10.74) - (iii) Income tax relating to items that will be reclassified to profit or loss in subsequent periods (3.23) (15.38) - 3.75 - Total other comprehensive income 9.29 24.44 3.24 (36.74) 0.20 Total comprehensive income (5+6) 441.08 20261 454.04 900.90 1,676.30 Paid-up equity share capital (face value~ 10/- each) 1,064.37 1,064.37 1,060.30 1,064.37 1,060.30 Other equity 14,519.70 13,766.09 Earnings per equity share (face value If 10/- each) -Basic() 4.07 1.67 4.26 B.B3 15.83 -Diluted() 4.05 1.67 4.24 B.BO 15.76

See accompanymg notes to the financtal results

Registered Office : Plot No:2 1, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnom - 531021, Andhra Pradesh, India. CIN : L2L,239AP2005PLC04 7518 T +91 891 3061222 F +91 891 3061270 E info@lauruslabs-com W lauruslabs.com

(Notllnn1Mli5ttd) (NotGnnlllllise.J) (Notanm.talisol)

LAURUS Generics LAURUS Ingredients

Specialty Ingredients for Nulraceutical & Allied Industry

LAURUS Labs Knowledge . Innovation . Excellence

F +91 «O 3980 «320

Consolidated Balance Sheet (in Million
Sl.No. Particulars March 31,2019 March 31, 2018
I ASSETS
Non-current assets
(a) Property, plant and equipment 16,071.99 14,638.98
(b) Capital work-in- progress 1,096.32 1,631.80
(c) Goodwill 97.39 97.39
(d) Other intangible assets 121.31 71.58
(e) Financial assets
(i)Investments 34.05 34.05
(ii) Other financial assetsDeferred tax assets (net) 293.80 238.55528.97
(f)(g) Income tax assets (net) 533.83
(h) 16.00 10.00
Other non-current assets 417.58 439.97
Total non-current assets (1) 18,682.27 17,691.29
Current assets
(a) Inventories 6,819.37 5,847.82
(b) Financial assets
(i)Trade receivables 7,099.40 5,705.87
(ii)Cash and cash equivalents 29.68 30.04
(iii) Other balances with banks 0.53 0.53
(iv) Loans 4.17 8.26
(c) (v)Other financial assets 209.75 205.15
Other current assetsTotal current assets (2) 466.6814,629.58 678.2412,475.91
Total- assets (1 +2) 33,311.85 30,167.20
II EQUITY AND LIABILmES
Equity
(a) Equity share capital 1,064.37 1,060.30
(b) Other equity 14,519.70 13,766.09
Total equity (1) 15,584.07 14,826.39
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 2,587.13 1,416.59
(b) Provisions 300.45 208.39
(c) Other non-current liabilities 601.16 646.97
Total non-current liabilities (2) 3,488.74 2,271.95
Current liabilities
(a) Financial liabilities
(i)Borrowings 6,842.05 7,585.17
(ii) Trade payables
-total outstanding dues of micro enterprises andsmall enterprises 70.37 27.89
-total outstanding dues of creditors other than microenterprises and small enterprises 4,812.75 3,095.38
(iii) Current maturities and other financial liabilities 1,638.74 1,474.93
Other current liabilities 806.21 837.65
(b) Provisions 64.66 44.74
Income tax liabilities (net) 4.26 3.10
r- a~~Total current liabilities (3) 14,239.04 13,068.86
~.) Total- equity and liabilities (1 +2+3) 33,311.85 30,167.20
r-;p

LAURUS Generics LAURUS Ingredients LAURUS Synthesis Active Pharmaceutical Ingredients & Intermediates Specialty Ingredients for Nutraceutical & Allied Industry Contract Development & Manufacturing Services

Laurus Labs Limited Corporate Office

2"' Floor, Serene Chambers, Road No Banjara Hills, Hyderabad- 50003L,, Telangana, India T +91 L,O 3980L,333 I 23L,2 0500 I 501 F +91 L,O 3980 L,320

Notes:

  • The above consolidated financial results of Laurus Labs Umited ("the Company") as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on May 02, 2019. The results for the quarter and year ended March 31, 2019 has been audited by our statutory auditors. The statutory auditors of the Company have issued an unmodified opinion thereon.
  • 2 These consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('IND AS') and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBl").
  • 3 The consolidated financial results include the results of the follow log subsidiaries·
Name of the Company Country ofIncorporation Nature of relationship %Holding
Laurus Synthesis Inc USA Subsidiary 100%
Sriam Labs Private Limited India Subsidiary 100%
laurus Holdings Umited (refer note 4a) UK Subsidiary 100%
Laurus Generics Inc (refer note 4b) USAStep-down subsidiary 100%
Laurus Generics GmbH (refer note 4c) Germany Step-down subsidiary 100%

4 ( ) p y a TheCom an In cor po r.~l dwholl y owned subsi diary, · Laurus Holdin g s Umited in UK on J y ul 10 2017 and <'On.qolidated tho same with effect from January 01, 2018 as the transactions between the period July 10, 2017 to December 31, 2017 were not material.

(b) The Company, through its wholly owned subsidiary, Laurus Holdings Umited, incorporated step down subsidiary, Laurus Generics Inc., USA on August 07, 2017 and consolidated the same with effect from January 01, 2018 as the transactions between the period August 07, 2017 to December 31, 2017 were not material.

(c) The Company, through its wholly owned subsidiary, Laurus Holdings Umited, incorporated step down subsidiary, Laurus Generics GmbH., Germany on April 06, 2018.

The results for the quarter and year ended March 31, 2019 and March 31, 2018 are not comparable for the reasons stated in notes 4(a) to 4(c).

  • 5 During the year ended March 31, 2019, the Company allotted 407,000 equity shares of ~ 10/- each, consequent to the exercise of the stock options by the employees of the Company under the Employee Stock Option Plan.
  • 6 The Board of Directors, at their meeting held on May 02, 2019, recommended a dividend of~ 1.50 1- per share, subject to the approval of shareholders.
  • 7 The Company and its subsidiaries are engaged in the manufacture and sale of "Pharmaceuticals" which constitutes a single reportable business segment as per Ind AS 108 'Operating Segments'.
  • 8 The Government of India introduced the Goods and Services Tax (GST) with effect from July 01, 2017. Accordingly, revenue from operations are presented net of taxes and duties, on implementation of Goods and Services Tax Act. Revenue from operations for the year ended March 31, 2018 included Excise duty upto June 30, 2017 which is now subsumed inGST.
  • 9 Effective April1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" The application of Ind AS 115 did not have any material impact on the financial results of the Company.
  • 10 The figures for the current quarter and quarter ended March 31, 2018 are the balancing figures between the audited figures in respect of the full financial year ended March 31,2019 and March 31, 2018, respectively and published year to date figures up to third quarter ended December 31,2018 and December 31,2017, respectively.

Place: Hyderabad Date : May 02, 2019

By order of the Board

Whole Time Director & Chief Executive Officer

Registered Office: Plat Na:21, lawaharlal Nehru Phorma City, Porawada, Visakhapatnam. 531021, Andhra Pradesh, India CIN: L2L,239AP2005PLCOL,7518 T +91 891 3061222 F +91 891 3061270 E [email protected] W lauruslabs com

LAURUS Ingredients Specialty Ingredients for Nutraceutical & Allied Industry

Chartered Accountants KRB Towers, Plot No.1 to 4 & 4A 1", 2"' & 3'' Floor jubilee Enclave, Madhapur Hyderabad- 500 081 Telangana, India

Tel : +91 40 7125 3600 Fax: +91 40 7125 3601

INDEPENDENT AUDITORS' REPORT TO THE BOARD OF DIRECTORS OF LAURUS LABS LIMITED

    1. We have audited the accompanying Statement of Consolidated Financial Results of LAURUS LABS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group") for the year ended March 31, 2019 ("the Statement"), being submitted by the Parent pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
    1. This Statement, which is the responsibility of the Parent's Management and approved by the Board of Directors, has been compiled from the related consolidated financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder ("Ind AS") and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such consolidated financial statements.
    1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Parent's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Parent's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

    1. In our opinion and to the best of our information and according to the explanations given to us, and based on the consideration of the reports of the other auditors on separate financial statements referred to in paragraph 5 below, the Statement:
    • a. includes the results of the following subsidiaries:
      • i) Sriam Labs Private Limited, India
      • ii) Laurus Synthesis Inc., United States of America
      • iii) Laurus Holdings Limited, United Kingdom
      • iv) Laurus Generics Inc., United States of America
      • v) Laurus Generics GmbH, Germany

  • b. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIRICFDIFACI62I2016 dated July 5, 2016; and
  • c. gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit, total comprehensive income and other financial information of the Group for the year ended March 31, 2019.
    1. We did not audit the financial statements I financial information of five subsidiaries included in the consolidated financial results, whose financial statements I financial information reflect total assets of ~ 807.26 million as at March 31, 2019, total revenues of ~ 922.34 million, total net loss after tax of ~ 9.76 million and total comprehensive loss of ~ 9.57 million for the year ended on that date, as considered in the consolidated financial results. These financial statements I financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors.

Our opinion on the Statement is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

  1. The Statement includes the results for the quarter ended March 31, 2019 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For DELOITTE H~SKINS 8t SELLS LLP

Q:hartered Accountants (Firm's Registration No 17366W/W-1 o1s)

V'-J

Balakrishnan Partner ership No.201193)

Place: Hyderabad Date: May 2, 2019

Laurus Labs Limited Corporate Office 2''d Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad- 50003£., Telangana, India T +91 £.0 3980£.333 I 23£.2 0500 I 501 F +91 £.0 3980£.320

Knowledge . Innovation . Excellence

LAURUS LABS LIMITED

(CIN: L24239AP2005PLC047518) Regd.Office: Plot No.21, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam 531 021, Andhra Pradesh, India. Corp.Office: 2nd Floor, Serene Chambers, Road No.7, Banjara Hills, Hyderabad 500034, Telangana, India. Tel: +9140 3980 4333; Fax: +91 040 3980 4320; E-mail: [email protected]; Website: www.Iauruslabs.com STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31,2019

Quarter ended if in MillionYear ended
SL Particu1ars 31-Mar-1931-Dec-1831-Mar-18 31-Mar-19 31-Mar-18
No. (Refer note 8) (Unaudited) (Refer note 8)
1 Income
(a) Revenue from operations (Refer note 5) 6,176.37 5,127.76 5,465.47 22,361.48 20,392.88
(b) Other income 16.21 14.14 50.05 161.25 288.35
Total income 6,19258 5,141.90 5,515.52 22,52273 20,681.23
2 Expenses
(a) Cost of materials consumed 3,224.06 2,912.08 2,507.74 12,154.70 10,544.97
(b) Purchase of traded goods 86.80 51.70 69.11 223.80 270.15
(c) Changes in inventories of finished goods, work-in-progressand stock-in-trade 2.75 (223.09) 269.38 (289.19) (251.05)
(d) Excise duty (Refer note 5) - - - - 124.46
(e) Employee benefits expense 690.79 640.63 630.18 2,697.22 2,381.40
(f) Other expenses 1,048.56 889.73 844.71 4,060.37 3,235.49
(g) Depreciation and amortisation expense 425.56 417.79 335.41 1,605.32 1,212.34
(h) Finance costs 169.58 231.01 226.95 858.32 754.40
Total expenses 5,648.10 4,919.85 4,883.48 21,310.54 18,27216
3 Profit before tax (1-2) 544.48 22205 63204 1,21219 2,409.07
4 Tax expense
(a) Current tax 119.00 53.17 136.17 248.32 529.69
(b) Deferred tax (14.00) (5.94) 32.35 13.93 147.99
Total Tax expense 105.00 47.23 168.52 26225 677.68
5 Net Profit after tax (3-4) 439.48 174.82 463.52 949.94 1,731.39
6 Other comprehensive income
Items that will not be reclassified subsequently to profit or loss:
(i) Remeasurement gains/ (losses) on defined benefit plans 5.31 (11.23) 6.35 (36.44) 0.28
(ii) Income tax relating to items that will not reclassified to profit or lossin subsequent periods (1.86) 3.93 (2.20) 12.73
Items that will be reclassified subsequently to profit or loss: (0.10)
(i) Effective portion of loss on designated portion of hedging
instruments in a cash flow hedge 9.25 43.99 - (10.74) -
(ii) Income tax relating to items that will be reclassified to profit or loss
in subsequent periods (3.23) (15.38) - 3.75 -
Total other comprehensive income 9.47 21.31 4.15 (30.70) 0.18
7 Total comprehensive income (5+6) 448.95 196.13 467.67 919.24 1,731.57
8 Paid-up equity share capital (face value 'f 10/- each) 1,064.37 1,064.37 1,060.30 1,064.37 1,060.30
9 Other equity 14,844.61 14,072.66
10 Earnings per equity share (face value .: 10/- each)
-Basic ('f) 4.13 1.65 4.37 8.94 16.35
-Diluted ('f) 4.12 1.64 4.35 8.92 16.28
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See accompanymg notes to the finanCial results

Registered Office: Plot No:21, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam- 531021, Andhra Pradesh, India. CIN : L2£.239AP2005PLC0£.7518 T +91 891 3061222 F +91 891 3061270 E [email protected] W lauruslabs com

'~ Floor. Serene Chambers, Road No. 7 Banjara Hills, Hyderabad- 500034. Telanga na, India T +91 40 39804333 I 2342 0500 I 501 F +91 40 3980 4320

Knowledge . Innovation . Excellence

Standalone Balance Sheet
Standalone Balance Sheet tin Million
Sl.No. Particulars March 31,2019 March 31, 2018
I ASSETS
Non-current assets
(a) Property, plant and equipment 15,868.74 14,405.52
(b) Capital work-in- progress 1,071.45 1,631.80
(c) Intangible assets 121.16 71.39
(d) Financial assets
(i) Investments 583.15 517.42
(ii) Other financial assets 280.79 226.44
(e) Deferred tax assets (net) 489.07 486.52
(f) Income tax assets (net) 13.29 7.05
(g) Other non-current assets 417.58 439.97
Total non-current assets (1) 18,845.23 17,786.11
Current assets
(a) Inventories 6,659.06 5,757.75
(b) Financial assets
Trade receivables(i) 6,866.42 5,551.35
Cash and cash equivalents(ii) 5.16 8.66
(iii) Other balances with banks 0.53 0.53
(iv)Loans 4.17 8.26
(v)Other financial assets 197.94 190.18
(c) Other current assets 604.82 774.90
Total current assets (2) 14,338.10 12,291.63
Total- assets (1+2) 33,183.33 30,077.74
II EQUITY AND LIABILffiES
Equity
(a) Equity share capital 1,064.37 1,060.30
(b) Other equity 14,844.61 14,072.66
Total equity (1) 15,908.98 15,132.96
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 2,586.60 1,416.59
(b) Provisions 292.22 201.01
(c) Other non-current liabilities 601.16 646.97
Total non-current liabilities (2) 3,479.98 2,264.57
Current liabilities
(a) Financial liabilities
(i)Borrowings 6,576.84 7,260.57
(ii) Trade payables
-total outstanding dues of micro enterprises andsmall enterprises 66.40 27.89
~ I outstanding dues of red itors oU1er than microenterprises and small enterprises 4,707.63 3,040.21
(iii) Current maturities and other financial liabilities 1,628.10 1,466.99
837.14
(b)(c) Other cu rrcnt liabilitiesl'rovisions 746.9564.46 44.58
3.99 2.83
~~ lncome tax liabilities (net)Total current liabilities (3) 13,794.37 12,680.21
CHARTERED r e~( 0 ACCOUNTANT ~) ~)

a 0. .., :--..__ - * ~tered Office : Plot No:21. Jawaharlal Nehru Pha rma Cit y . Parawada . Visakha p atnam - 531021 . Andh r a Pradesh, lnd1a. CIN . L2t.239AP2005PLC0~ 4/'.;"t8'

T +91 891 3061222 F +91 891 3061270 E [email protected] W lauruslabs.com

LAURUS Generics Active Pharmaceutical Ingredients & Intermediates

~o .A.~

LAURUS Ingredients Specialty Ingredients for Nutraceutical & Allied Industry

LAURUS Synthesis Contract Development & Manufacturing Services

2'·' Floor, Serene Chambers, Road No. 7 Banjara Hills. Hyderabad · 50003lj, Telangana, India T +91 Lj0 3980lj333 I 23lj2 0500 I 501 F +91 LjQ 3980 lj320

Notes:

  • 1 The above standalone financial results of Laurus Labs Limited ("the Company") as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on May 02, 2019. The results for the quarter and year ended March 31, 2019 has been audited by our statutory auditors. 1he statutory auditors of the Company have expressed an unmodified audit opinion thereon.
  • 2 These standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued thereunder ('IND AS') and other accounting principles generaUy accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
  • 3 In accordance with Indian Accounting Standard (lnd AS) 108 on 'operating segments', segment information has been given in the consolidated financial results of the Company, and therefore no separate disclosure on segment information is given in these standalone financial results.
  • 4 During the year ended March 31, 2019, the Company allotted 407,000 equity shares of '( 10/- each, consequent to the exercise of the stock options by the employees of the Company under the Employee Stock Option Plan.
  • 5 The Government of India introduced the Goods and Services Tax (GST) with effect from July 01, 2017. Accordingly, revenue from operations are presented net of taxes and duties, on implementation of Goods and Services Tax Act. Revenue from operations for the year ended March 31, 2018 included Excise duty upto June 30, 2017 which is now subsumed in GST.
  • 6 Effective April 1, 2018, the Company has adopted Ind AS 115 "Revenue from Contracts with Customers" The application of Ind AS 115 did not have any material impact on the financial results of the Company.
  • 7 The Board of Directors, at their meeting held on May 02, 2019, recommended a dividend of '( 1.50 I- per share, subject to the approval of shareholders.
  • 8 The figures for the current quarter and quarter ended March 31, 2018 are the balancing figures between the audited figures in respect of the fuU financial year ended March 31, 2019 and March 31, 2018, respectively and published year to date figures up to third quarter ended December 31, 2018 and December 31, 2017, respectively.

Place: Hyderabad Date: May 02, 2019

By order of the Board For Laurus Labs Limited

~~ Satyanarayana Chava

Dr. Whole Time Director & Chief Executive Officer

Registered Office: Plot No:2 1, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam · 531021, Andhra Pradesh, India. CIN: L2Lj239AP2005PLC0Lj7518 T +91 891 3061222 F +91 891 3061270 E [email protected] W lauruslabs.com

Specialty Ingredients for Nutraceutical & Allied Industry

Chartered Accountants KRB Towers, Plot No.1 to 4 & 4A 1 ", 2"' & 3'' Floor Jubilee Enclave, Madhapur Hyderabad- 500 081 Telangana, India

Tel: +91 40 7125 3600 Fax: +91 40 7125 3601

INDEPENDENT AUDITOR'S REPORT TO THE BOARD OF DIRECTORS OF LAURUS LABS LIMITED

    1. We have audited the accompanying Statement of Standalone Financial Results of LAURUS LABS LIMITED ("the Company"), for the year ended March 31, 2019 (''the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016.
    1. This Statement, which is the responsibility of the Company's Management and approved by the Board of Directors, has been compiled from the related standalone financial statements which has been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder ('Ind AS') and other accounting principles generally accepted in India. Our responsibility is to express an opinion on the Statement based on our audit of such standalone financial statements.
    1. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the Statement is free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the Statement. The procedures selected depend on the auditor's judgment, including the assessment of the risks of material misstatement of the Statement, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and fair presentation of the Statement in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of the accounting policies used and the reasonableness of the accounting estimates made by the Management, as well as evaluating the overall presentation of the Statement.

We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

    1. In our opinion and to the best of our information and according to the explanations given to us, the Statement:
    • (i) is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as modified by Circular No. CIR/CFD/FAC/62/2016 dated July 5, 2016; and

  • (ii) gives a true and fair view in conformity with the aforesaid Indian Accounting Standards and other accounting principles generally accepted in India of the net profit and total comprehensive income and other financial information of the Company for the year ended March 31, 2019.
    1. The Statement includes the results for the quarter ended March 31, 2019 being the balancing figure between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For DELOITTE HASKINS & SELLS LLP

hartered Accountants (Firm's Registration No 117366W/W-10 18)

Partner ership No.201193)

Place: Hyderabad Date: May 2, 2019

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