Laurus Labs Limited — Interim / Quarterly Report 2021

Apr 29, 2021

Laurus Labs Limited Corporate Office 2nd Floor. Serene Chambers. Road No. 7 Banjara Hills. Hyderabad - 50003Lt, Telangana, India T +91 LtO 6659 Lt333, 3980 Lt333, 23Lt2 0500 I 501 F +91 LtO 6659 Lt320 I 3980 Lt320

April29, 2021

To	To
The Corporate Relations Department	The Listing Department
BSE Limited	National Stock Exchange of India Limited
Phiroz Jeejeebhoy Towers, 251h Floor,	Exchange Plaza,
Dalal Street	Bandra Kurla Complex, Bandra (East)
Mumbai -400001	Mumbai -400 051
Code: 540222	Code: LAURUSLABS

Dear Sirs,

Sub: Approval of audited Financial Results for the Year ended March 31, 2021 and Limited Reviewed Financial Results for the Quarter ended March 31, 2021 :

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Board of Directors approved the Audited Standalone and Consolidated Financial Results of the Company for the Year ended March 31, 2021 and Limited Reviewed Financial Results of the Company for the Quarter ended March 31, 2021 at their meeting held on April 29, 2021, which are enclosed herewith along with the Audit Reports (including Limited Review Reports) issued by Deloitte Haskins & Sells LLP, the Statutory Auditors of the Company.

The financial results are also available on the website of the Company at 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.con1 respectively.

The Board Meeting commenced at 1.30 PM and concluded at 2.30 PM.

This is for your information and records.

Thanking you,

Yours sincerely, For Laurus Labs Limited

G.Company

Encl: As above

Registered Office: Plot No:21. Jawaharlal Nehru Pharma City, Parawada. Visakhapatnam · 531021. Andhra Pradesh. India. CIN : L2Lt239AP2005PLCOLt 7518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270. E info@lauruslabs.com W lauruslabs.com

2nd Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad - 50003Y, Telangana, India T +91 YO 6659 Y3 33, 3980 Y333, 23Y2 0500 I 501 F +91 YO 6659 Y320 I 3980 Y320

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: secretarial@lauruslabs.com; Website: www.lauruslabs.com STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31,2021 AND UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31,2021

						'fin Crores
Sl.		Quarter ended			Year ended
No.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-2131-Mar-20
		(Refer note 11)	(Unaudited)	(Refer note 11)
1	Income
	(a) Revenue from operations	1,411.93	1,288.42	839.14	4,813.51	2,831.72
	(b) Other income	4.52	6.93	1.68	23.66	5.92
	Total income	1,416.45	1,295.35	S40.82	4,837.17	2,S37.64
2	Expenses
	(a) Cost of materials consumed	702.04	664.70	418.35	2,358.97	1,613.68
	(b) Purchase of traded goods	37.26	21.67	1.24	96.23	15.87
	(c) Changes in inventories of finished goods, work-in-progress
	and stock-in-trade	(111.54)	(103.29)	(1.28)	(297.01)	(216.15)
	(d) Employee benefits expense	113.81	100.61	88.13	434.09	344.87
	(e) Other expenses	198.17	178.43	140.93	670.55	508.90
	(f) Depreciation and amortisation expense	53.63	51.64	46.05	205.07	187.27
	(g) Finance costs	21.91	17.43	20.66	68.16	89.59
	Total expenses	1,015.28	931.19	714.08	3,536.06	2,544.03
3	Profit before tax (1-2)	401.17	364.16	126.74	1,301.11	293.61
4	Tax expense
	(a) Current tax	112.08	89.12	22.91	337.60	53.58
	(b) Deferred tax	(7.83)	2.19	(6.32)	(20.31)	(15.24)
	Total Tax expense	104.25	91.31	16.59	317.29	38.34
5	Net Profit after tax (3-4)	2%.92	272.85	110.15	983.82	255.27
6	Other comprehensive income
	Items that will not be reclassified subsequently to profit or loss:
	(i) Remeasurement gains/ (losses) on defined benefit plans	(7.00)	(1.28)	(1.04)	(6.76)	(1.50)
	(ii) Income tax relating to items that will not be reclassified to profit
	or loss in subsequent periods	2.48	0.44	0.36	2.38	0.52
	Items that will be reclassified subsequently to profit or loss:
	(i) Exchange differences on translating the financial statements of
	foreign operations	(0.10)	0.91	(1.35)	(0.01)	(1.69)
	(ii) Effective portion of gain/ (loss) on designated portion of hedging
	instruments in a cash flow hedge		0.65	(15.32)	14.44	(13.37)
	(iii) Income tax relating to items that will be reclassified to profit or loss
	in subsequent periods		(0.23)	5.35	(5.04)	4.67
	Total other comprehensive income /(loss), net of tax	(4.62)	0.49	(12.00)	5.01	(11.37)
7	Total comprehensive income (5+6)	292.30	273.34	98.15	988.83	243.90
8	Profit for the period attributable to:					255.27
	i) Equity holders of the company	296.68	272.85	110.15	983.58
	ii) Non-controlling interests	0.24			0.24
9	Total comprehensive income for the year attributable to:
	i) Equity holders of the company	292.06	273.34	98.15	988.59	243.90
	ii) Non-controlling interests	0.24			0.24
10	Paid-up equity share capital (face value~ 2/- each)	107.32	107.32	106.91	107.32	106.91
11	Other equity excluding Non-controlling interest				2,490.23	1,662.86
12	Earnings per equity share (face value "2/- each)
	-Basic(~) *	5.53	5.09	2.06	18.36	4.79
	- Diluted (~) *	5.50	5.07	2.06	18.28	4.79
		(Notammalised)	(Nol amnwlised)	(Not ammalised)

See accompanymg notes to the finanCial results

*The equity shares of the Company of ~ 10/ has been sub-divided into 5 equity shares of~ 2/- each w.e.f. Se tember 30, 2020, accordingly EPS has been restated for all the periods.

{

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2Y239AP2005PLCOY 7518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

2"d Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad- 50003~. Telangana, India T +91 ~0 6659 ~333, 3980 333, 232 0500 I 501 F +91 ~0 6659 ~320 I 3980 ~320

Consolidated Balance Sheet Sl. No. Particulars I ASSETS Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in- progress (d) Goodwill (e) Other intangible assets (f) Financial assets (i) Investments (ii) Other financial assets (g) Deferred tax assets (net) (h) Income tax assets (net) (i) Other non-current assets Total non-current assets (1) Current assets (a) Inventories (b) Financial assets (i) Trade receivables (ii) Cash and cash equivalents (iii) Other balances with banks (iv) Loans (v) Other financial assets (c) Other current assets Total current assets (2) Total- assets (1 +2) II EQUITY AND LIABILITIES Equity (a) Equity share capital (b) Other equity Total equity (1) Non-controlling interests Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Lease liabilities (iii) Other financial liabilities (b) Provisions (c) Deferred tax liability (net) (d) Other non-current liabilities Total non-current liabilities (2) Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade payables -total outstanding dues of micro enterprises and small enterprises -total outstanding dues of creditors other than micro enterprises and small enterprises (iii) Lease liabilities (iv) Current maturities and other financial liabilities (b) Other current liabilities (c) Provisions (d) Income tax liabilities (net) Total current liabilities (3) Total- equity and liabilities (1 +2+3) if in Cro r es March 31, 2021 March 31, 2020 1,859.84 1,663.96 55.16 42.89 362.17 67.18 246.30 9.74 9.32 9.75 3.41 3.41 42.33 33.75 73.93 1.41 0.95 95.89 32.70 2,675.83 1,938.26 1,575.45 905.22 1,306.06 791.42 48.46 1.69 - 0.05 0.68 0.49 39.07 39.26 105.14 73.93 3,074.86 1,81206 5,750.69 3,750.32 107.32 106.91 2,490.23 1,662.86 2,597.55 1,769.77 3.15 - 2,600.70 1,769.77 429.16 165.02 26.27 20.56 83.20 - 63.19 45.85 19.18 - 71.84 56.74 69284 288.17 886.12 790.51 34.12 10.00 1,144.57 605.63 2.22 1.99 236.13 167.53 128.90 91.95 12.46 10.94 12.63 13.83 2,457.15 1,692.38 5,750.69 3,750.32

Registered Office : Plot No:21, Jawaharlal Nehru Pharma City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2239AP2005PLCO 7518 T +91 891 660 1222, 306 1222. F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

LAURUS Generics LAURUS Generics LAURUS Synthesis LAURUS Ingredients

Active Pharmaceutical Ingredients & Intermediates Finished Dosage Forms Contract Development & Manufacturing Servces Specialty Ingredients for Nutraceutical & Allied Industry

2"d Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad - 50003~. Telangana, India T +91 ~0 6659 ~333, 3980 333, 232 0500 I 501 F +91 ~0 6659 ~320 I 3980 ~320

Consolidated Statement of Cash Flows		fill Crores
Particulars	For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
Profit before tax	1,301.11	293.61
Cash flows from operating activities
Adjustments for :
Depreciation and amortisation	205.07	187.27
Loss on sale of fixed assets (net)	0.85	0.83
Interest income	(1.31)	(0.97)
Interest expenses	57.90	84.38
Share based payment expense	2.89	3.67
Net loss on foreign exchange fluctuations (unrealised)	(13.16)	14.74
Allowance for bad and doubtful advances and receivables	2.51	3.52
Provisions no longer required written back	(0.30)	(0.23)
Operating profit before working capital changes	1,555.56	586.82
Movement In working capital:
Increase in inventories	(660.17)	(223.23)
Increase in trade receivables	(523.74)	(65.34)
Increase in financial and non-financial assets	(15.22)	(48.81)
Increase in trade payables	559.52	112.26
Increase in financial, non-financial liabilities and provisions	45.55	25.36
Cash generated from operations	961.50	387.06
Income tax paid	(228.50)	(39.64)
Net cash flows from operating activities (A)	733.00	347.42
Cash flows used in investing activities
Purchase of property, plant and equipment, including intangible assets,	(688.77)	(222.19)
capital work in progress and capital advances
Proceeds from sale of property, plant and equipment	4.89	0.16
Movement in other bank balances	(0.16)	(0.07)
Acquisition of subsidiary (net of cash acquired)	(244.51)	-
Acquisition of Non-controlling interest	(13.77)	-
Interest received	1.33	0.97
Net cash flows used in investing activities (B)	(940.99)	(221.13)
Net cash flows (used in)/ from financing activities
Proceeds from exercise of employee stock options	7.38	2.61
Repayment of long - term borrowings	(95.73)	(99.05)
Proceeds from long - term borrowings	398.00	-
Proceeds from short- term borrowings (net)	88.80	95.79
Payment of lease liabilities	(10.67)	(2.56)
Dividend paid	(75.04)	(32.00)
Tax on dividend	-	(6.58)
Interest paid	(58.04)	(85.87)
Net cash flows used in financing activities (C)	254.70	(127.66)
Net increase in cash and cash equivalents (A+B+C)	46.71	(1.37)
Effect of exchange differences on cash and cash equivalents	0.06	0.09
Cash and cash equivalents at the beginning of the year	1.69	2.97
Cash and cash equivalents at the year end	48.46	1.69

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2239AP2005PLCO 7518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

2"d Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad - 0003~. Telangana, India T +91 0 6659 33 , 3980 333, 32 0500 I 501 F +91 ~0 6659 ~320 I 3980 ~320

Notes:

• The above consolidated 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 April 29, 2021. The results for the year ended March 31, 2021 has been audited and for the quarter ended March 31, 2021 has been reviewed by our statutory auditors. The statutory auditors of the Company have expressed an unmodified opinion on the financial results for the year ended March 31, 2021 and have issued an unmodified conclusion in respect of the limited review for the quarter ended March 31,2021.
• 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 ("SEBI").
• 3 The consolidated financial results include the results of the following subsidiaries:

Name of the Company	Country ofIncorporation	Nature of relationship	%Holding
Laurus Synthesis Inc (Refer note 4d)	USA	Subsidiary	100%
Sriam Labs Private Limited	India	Subsidiary	100%
Laurus Holdings Limited	UK	Subsidiary	100%
Laurus Generics Inc (Refer note 4d)	USA	Step-down subsidiary	100%
Laurus Generics GmbH	Germany	Step-down subsidiary	100%
Laurus Synthesis Private Limited	India	Subsidiary	100%
Laurus Generics SA (Pty) Ltd	South Africa	Subsidiary	100%
Laurus Bio Private Limited (Refer note 4f)	India	Subsidiary	79.21%

4 (a) During the quarter ended June 30, 2020, the Company acqmred 100 % shares of Phekolong Pharmaceuticals Pty Ltd, (renamed as Laurus Generics SA (Pty) Ltd) a wholly owned subsidiary of Pharmacare Limited t/ a Aspen Pharmacare, South Africa.

(b) During the quarter ended June 30, 2020, the Company incorporated wholly owned subsidiary, Laurus Synthesis Private Limited (LSPL) in India.

(c) During the quarter ended June 30, 2020, LSPL entered into a Business transfer agreement and acquired a bulk drug manufacturing unit from Phalanx Labs Private Limited, located at Visakhapatnam, on a slump sale basis w.e.f. June 01, 2020. The acquisition has been reflected in the books of LSPL at fair value.

d) During the quarter ended September 30, 2020, Laurus Synthesis Inc. USA ( 100% wholly owned subsidiary of the Company) has been merged with Laurus Generics Inc. USA (Step-down subsidiary of the Company) with effect from September 30, 2020. The Company accounted for the business combination in accordance with the requirement of Appendix C of Ind AS 103 Business Combination which lays down the principles in respect of accounting for business combinations of entities or businesses under common control. As required by the standard, pooling of interest method has been considered for common control business combination and accordingly, the assets and liabilities are reflected in the books of the Company at their respective carrying amounts. There is no impact of this transaction on the consolidated financial results. The results for the quarter and twele months ended March 31,2021 are not comparable for reasons stated above.

e) The Company, through its wholly owned subsidiary, LSPL, incorporated step down subsidiary, Laurus Ingredients Private Limited on January 09,2021. The Company has not commenced its operations and no share capital has been infused as at March 31, 2021.

f) The Company acquired 72.55% stake in Laurus Bio Private Limited (Formerly known as Richcore Lifesciences Private Limited (Richcore)) on January 20, 2021 for a consideration of~ 246.67 Crores. Richcore became the subsidiary w.e.f. January 20,2021. The Company further acquired 6.66% stake on February 10, 2021 for a cossideration of ~ 13.77 Crores. As at March 31, 2021 the Company holds 79.21% (74.37% on fully dilutive basis) stake in Laurus Bio Private Limited.

5 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'.

6 During the year ended March 31, 2021, the Company allotted 284,500 equity shares of~ 10/- each and allotted 607,390 equity shares of~ 2/- each, consequent to the exercise of the stock options by the employees of the Company under the Employee Stock Option Plan.

• 7 The Board of Directors, at their meeting held on April30, 2020, recommended for the sub-division of equity shares of the Company from existing face value of ~ 10/- each to face value of~ 2/- each (i.e. split of 1 equity share of~ 10/- each into 5 equity shares of~ 2/ - each), and the same has been approved by the shareholders in the Annual General Meeting of the Company held on July 09, 2020 and the Board of Directors, at their meeting held on July 30, 2020 fixed the "record date" of September 30, 2020. Accordingly, equity shares of the Company of ~ 10/ has been sub-divided into 5 equity shares of~ 2/- each w.e.f. September 30, 2020 and earnings per equity share has been restated for all the periods.
• 8 The Board of Directors, at their meeting held on April29, 2021 approved for the payment of interim dividend of 80 paise per equity share of~ 2/- each.

9 COVID-19 is the infectious disease caused by the most recently discovered coronavirus, SARS-CoV-2. In March 2020, the WHO declared COVlD-19 a pandemic. The Group has adopted measures to curb the spread of infection in order to protect the health of the employees and ensure business continuity with minimal disruption.

In assessing the recoverability of receivables and other financial assets, the Group has considered internal and external information upto the date of approval of these Consolidated financial results. The impact of the global health pandemic may be different from that of estimated as at the date of approval of these consolidated financial results and the Group will continue to closely monitor any material changes to future economic conditions.

• 10 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Group will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 11 The figures for the current quarter and quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020, respectively and published year to date figures up to third quarter ended December 31, 2020 and December 31, 2019, respectively, regrouped as necessary.
• 12 The Company has chosen to publish the results in~ (INR) Crores w.e.f. quarter ended June 30, 2020. Accordingly the previous periods figures have been rounded off.

Place: Hyderabad Date: April29, 2021

By order of the Board For Laurus Labs Limited

Whole Time Director & Chief Executive Officer

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2 239AP2005PLCO~ 7518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

Chartered Accountants KRB Towers, Plot No.1 to 4 & 4A 1 st, 2nd & 3rd Floor Jubilee Enclave, Madhapur Hyderabad – 500 081 Telanagana, India

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

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL CONSOLIDATED FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LAURUS LABS LIMITED

Opinion and Conclusion

We have (a) audited the Consolidated Financial Results for the year ended March 31, 2021 and;

(b) reviewed the Consolidated Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us,

both ((a) and (b)) included in the accompanying "Statement of Audited Consolidated Financial Results for the year ended March 31, 2021 and Unaudited Consolidated Financial Results for the quarter ended March 31, 2021" of LAURUS LABS LIMITED ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Consolidated Financial Results

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 audit reports of the other auditors on separate financial statements / financial information of subsidiaries referred to in Other Matters section below, the Consolidated Financial Results for the year ended March 31, 2021:

• i. includes the results of the following entities:
  • a) Laurus Labs Limited, the Parent
  • b) Laurus Bio Private Limited, India, subsidiary (formerly Richcore Lifesciences Private Limited)
  • c) Sriam Labs Private Limited, India, wholly-owned subsidiary
  • d) Laurus Synthesis Private Limited, India, wholly-owned subsidiary
  • e) Laurus Holdings Limited (LHL), United Kingdom, wholly-owned subsidiary
  • f) Laurus Generics SA (Pty) Ltd, South Africa, wholly-owned subsidiary
  • g) Laurus Generics Inc., United States of America (subsidiary of (e) above)
  • h) Laurus Generics GmbH, Germany (subsidiary of (e) above)
  • i) Laurus Synthesis Inc, United States of America (merged with (g) above with effect from September 30, 2020)
• ii. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• iii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India of the consolidated net profit and consolidated total comprehensive income and other financial information of the Group for the year ended March 31, 2021.

(b) Conclusion on Unaudited Consolidated Financial Results for the quarter ended March 31, 2021

With respect to the Consolidated Financial Results for the quarter ended March 31 2021, based on our review conducted and procedures performed as stated in paragraph (b) of Auditor's Responsibilities section below and based on the consideration of the review reports of the other auditors referred to in Other Matters section below, nothing has come to our attention that causes us to believe that the Consolidated Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Consolidated Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Group in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Consolidated Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us and the other auditors in terms of their reports referred to in Other Matters section below, is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement, which includes the Consolidated Financial Results is the responsibility of the Parent's Board of Directors and has been approved by them for the issuance. The Consolidated Financial Results for the year ended March 31, 2021, has been compiled from the related audited consolidated financial statements. This responsibility includes the preparation and presentation of the Consolidated Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the consolidated net profit and consolidated other comprehensive income and other financial information of the Group in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards, prescribed under Section 133 of the Act, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.

The respective Board of Directors of the companies included in the Group are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Group 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 the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the respective financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of this Consolidated Financial Results by the Directors of the Parent, as aforesaid.

In preparing the Consolidated Financial Results, the respective Board of Directors of the companies included in the Group are responsible for assessing the ability of the respective entities to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate their respective entities or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group entities are responsible for overseeing the financial reporting process of the Group.

Auditor's Responsibilities

(a) Audit of the Consolidated Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Results for the year ended March 31, 2021 as a whole are 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 of this Consolidated Financial Results.

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 of material misstatement of the Annual Consolidated Financial Results, 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 of internal control.
• ➢ Obtain an understanding of internal control relevant to the audit 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 such controls.
• ➢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• ➢ Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• ➢ Conclude on the appropriateness of the Board of Directors' use of the 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 ability of the Group to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Consolidated Financial Results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.
• ➢ Evaluate the overall presentation, structure and content of the Annual Consolidated Financial Results, including the disclosures, and whether the Annual Consolidated

Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.

• ➢ Perform procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations to the extent applicable.
• ➢ Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results / Financial Information of the entities within the Group to express an opinion on the Annual Consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of such entities included in the Annual Consolidated Financial Results of which we are the independent auditors. For the other entities included in the Annual Consolidated Financial Results, which have been audited by the other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Annual Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Consolidated Financial Results 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 Annual Consolidated Financial Results.

We communicate with those charged with governance of the Parent and such other entities included in the Consolidated Financial Results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the 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.

(b) Review of the Consolidated Financial Results for the quarter ended March 31, 2021

We conducted our review of the Consolidated Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements (SRE) 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs specified under section 143(10) of the Act 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.

The Statement includes the results of the entities as listed under paragraph (a)(i) of Opinion and Conclusion section above.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

Other Matters

• The Statement includes the results for the Quarter ended March 31, 2021 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. Our report is not modified in respect of this matter.
• We did not audit the financial statements / financial information of seven subsidiaries included in the consolidated financial results, whose financial statements / financial information reflect total assets of ₹ 210.83 crores as at March 31, 2021 and total revenues of ₹ 43.95 crores and ₹ 161.31 crores for the quarter and year ended March 31, 2021 respectively, total net profit after tax of ₹ 2.51 crores and ₹ 28.37 crores for the quarter and year ended March 31, 2021 respectively and total comprehensive income of ₹ 2.38 crores and ₹ 28.24 crores for the quarter and year ended March 31, 2021 respectively and net cash flows of ₹ 8.07 crores for the year ended March 31, 2021, as considered in the Statement. These financial statements / financial information have been audited by other auditors whose reports have been furnished to us by the Management and our opinion and conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, is based solely on the reports of the other auditors and the procedures performed by us as stated under Auditor's Responsibilities section above.

Our report 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.

For DELOITTE HASKINS & SELLS LLP

Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Ganesh Balakrishnan Partner (Membership No. 201193) (UDIN: 21201193AAAACY7230)

Place: Hyderabad Date: April 29, 2021

2nd Floor, Serene Chambers, Road No. 7 T +91 0 6659 ~333, 3980 333, 32 0500 I 501

LAURUS LABS LIMITED

(CIN: L24239AP2005PLC047518) Regd.Office: Plot No.21, Jawaharlal Nehru Pharma Gty, 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: secretarial@lauruslabs.com; Website: www.lauruslabs.com STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31,2021 AND UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED MARCH 31,2021

			Quarter ended		Year ended	tin Crores
Sl.	Particulars	31-Mar-21	31-Dec-20	31-Mar-20	31-Mar-21	31-Mar-20
No.		(Refer note 9)	(Unaudited)	(Refer note 9)
1	Income
	(a) Revenue from operations	1,398.74	1,272.27	829.23	4,768.72	2,797.34
	(b) Other income	5.72	8.54	1.62	27.32	5.81
	Total income	1,404.46	1,280.81	830.85	4,7%.04	2,803.15
2	Expenses
	(a) Cost of materials consumed	714.60	667.49	417.04	2,375.35	1,604.76
	(b) Purchase of traded goods	37.26	21.67	1.24	96.23	15.88
	(c) Changes in inventories of finished goods, work-in-progress
	and stock-in-trade	(113.03)	(101.77)	(3.68)	(296.45)	(218.09)
	(d) Employee benefits expense	103.58	93.33	83.49	401.88	324.00
	(e) Other expenses	193.88	176.78	138.33	681.84	500.56
	(f) Depreciation and amortisation expense	50.73	49.46	45.19	196.64	183.85
	(g) Finance costs	21.06	16.93	20.29	65.92	87.71
	Total expenses	1,008.08	923.89	701.90	3,521.41	2,498.67
3	Profit before tax (1-2)	3%.38	356.92	128.95	1,274.63	304.48
4	Tax expense
	(a) Current tax	111.34	87.82	22.36	334.98	53.00
	(b) Deferred tax	(7.74)	2.14	(5.94)	(16.46)	(15.57)
	Total Tax expense	103.60	89.%	16.42	318.52	37.43
5	Net Profit after tax (3-4)	292.78	266.%	112.53	956.11	267.05
6	Other comprehensive income
	Items that will not be reclassified subsequently to profit or loss:(i) Remeasurement gains/ (losses) on defined benefit plans	(6.82)	(1.28)	(0.95)	(6.58)	(1.42)
	(ii) Income tax relating to items that will not be reclassified to profitor Joss in subsequent periods	2.40	0.44	0.33	2.30	0.50
	Items that will be reclassified subsequently to profit or loss:
	(i) Effective portion of gain/ (loss) on designated portion of hedginginstruments in a cash flow hedge		0.65	(15.32)	14.44	(13.37)
	(ii) Income tax relating to items that will be reclassified to profit or lossin subsequent periods		(0.23)	5.35	(5.04)	4.67
	Total other comprehensive income/(loss), net of tax	(4.42)	(0.42)	(10.59)	5.12	(9.62)
7	Total comprehensive income (5+6)	288.36	266.54	101.94	%1.23	257.43
8	Paid-up equity share capital (face value~ 2/- each)	107.32	107.32	106.91	107.32	106.91
9	Other equity				2,604.92	1,708.89
10	Earnings per equity share (face value f 2/- each)
	Basic(~) *	5.46	4.98	2.11	17.85	5.01
	- Diluted (~) *	5.43	4.96	2.11	17.77	5.01
		(Nolmmualised)	(Not amnuzlised)	(Not am!lLalised)

See accompanymg notes to the finanCial results

*The equity shares of the Company of ~ 10/ has been sub-divided into 5 equity shares of~ 2/- each w.e.f. September 30, 2020, accordingly EPS has been restated for all the periods.

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2239AP200 PLCO 7518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

2"d Floor, Serene Chambers, Road No. 7 Banjara Hills, Hyderabad - 50003~. Telangana, India T +91 ~0 6659 ~333, 3980 333, 232 0500 I 501 F +91 ~O 6659 32 ~tQJ3Jc9n~~~Pance Sheet

Sl.No.	Particulars	March 31, 2021	March 31, 2020
I	ASSETS
	Non-current assets
(a)	Property, plant and equipment	1,768.22	1,641.55
(b)	Right-of-use assets	40.94	42.89
(c)	Capital work-in- progress	324.17	66.53
(d)	Intangible assets	8.88	9.74
(e)	Financial assets
	(i) Investments	318.89	58.32
	(ii) Other financial assets	39.60	32.53
(f)	Deferred tax assets (net)	-	69.76
(g)	Income tax assets (net)	0.71	0.71
(h)	Other non-current assets	82.33	32.69
	Total non-current assets (1)	2,583.74	1,954.72
	Current assets
(a)	Inventories	1,533.52	893.47
(b)	Financial assets
	Trade receivables(i)	1,279.82	778.04
	(ii) Cash and cash equivalents	38.78	0.88
	(iii) Other balances with banks	-	0.05
	(iv) Loans	44.85	0.49
	(v)Other financial assets	38.76	38.81
(c)	Other current assets	105.72	72.90
	Total current assets (2)	3,041.45	1,784.64
	Total - assets (1 +2)	5,625.19	3,739.36
	II EQUITY AND LIABILITIESEquity
(a)	Equity share capital	107.32	106.91
(b)	Other equity	2,604.92	1,708.89
	Total equity (1)	2,71224	1,815.80
	Liabilities
	Non-current liabilities
(a)
	Financial liabilities
	(i) Borrowings(ii) Lease liabilities	382.64	165.00
(b)	Provisions	19.87	20.56
(c)	Deferred tax liability (net)	60.10	44.53
(d)	Other non-current liabilities	26.87
	Total non-current liabilities (2)	71.84	56.75
	Current liabilities	561.32	286.84
(a)	Financial liabilities
	(i) Borrowings	876.90	762.44
	(ii) Trade payables
	-total outstanding dues of micro enterprises andsmall enterprises	32.41	9.35
	-total outstanding dues of creditors other than microenterprises and small enterprises	1,126.13	594.21
	(iii) Lease liabilities	1.87	1.99
	(iv) Current maturities and other financial liabilities	217.33	167.02
(b)	Other current liabilities	72.70	77.36
(c)	Provisions	12.27	10.91
(d)	Income tax liabilities (net)	12.02	13.44
	Total current liabilities (3)	2,351.63	1,636.72
	Total - equity and liabilities (1 +2+3)	5,625.19	3,739.36

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021, Andhra Pradesh, India. CIN : L2239AP2005PLCO 7 518 T +91 891 660 1222, 306 1222, F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

2"d Floor, Serene Chambers. Road No. 7 Banjara Hills, Hyderabad- 50003lj, Telangana. India T +91 LjO 6659 lj333, 3980 lj333, 23lj2 0500 I 501 F +91 lj0 6659 lj320 I 3980 Lj320

Standalone Statement of Cash Flowsf iu Crores
Particulars	For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
Profit before tax	1,274.63	304.48
Cash Flows from operating activities
Adjustments for :
Depreciation and amortisation	196.64	183.85
Loss on sale of fixed assets (net)	0.85	0.81
Finance income	(5.36)	(0.95)
Interest expense	56.16	82.68
Share based payment expense	2.89	3.67
Net loss on foreign exchange fluctuations (unrealised)	(13.12)	14.84
Provisions no longer required written back	-	(0.23)
Allowance for bad and doubtful advance and debts	2.37	3.52
Operating profit before working capital changes	1,515.06	592.67
Movement in working capital:
Increase in inventories	(640.05)	(227.56)
Increase in trade receivables	(516.66)	(75.35)
Increase in financial and non-financial assets	(34.56)	(34.85)
Increase in trade payables	561.30	112.93
lncrease/(decrease) in financial, non-financial liabilities and provisions	35.42	16.29
Cash generated from operations	920.51	384.13
Income tax paid	(226.06)	(39.45)
Net cash flows from operating activities (A)	694.45	344.68
Cash flows used in investing activities
Purchase of property, plant and equipment, including intangible assets, capitalwork in progress and capital advances	(596.55)	(217.96)
Proceeds from sale of property, plant and equipment	0.29	0.18
Movement in other bank balances	0.05	-
Investment in subsidiaries	(260.57)	-
Loan given to subsidiaries	(44.22)	-
Interest received	1.32	0.95
Net cash flows used in investing activities (B)	(899.68)	(216.83)
Net cash flows from financing activities
Proceeds from exercise of employee stock options	7.38	2.61
Repayment of long- term borrowings	(95.12)	(99.02)
Proceeds from long - term borrowings	350.00	-
Proceeds from Short- term borrowings (net)	114.57	94.24
Payment of lease liabilities	(2.61)	(2.56)
Dividend paid	(75.04)	(32.00)
Tax on dividend	-	(6.58)
Interest paid	(56.05)	(84.17)
Net cash flows used in financing activities (C)	243.13	(127.48)
Net increase/(decrease) in cash and cash equivalents (A+B+C)	37.90	0.37
Cash and cash equivalents at the beginning of the year	0.88	0.51
Cash and cash equivalents at the year end	38.78	0.88

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021 , Andhra Pradesh, India. CIN : L2lj239AP2005PLC0Lj 7 51 8 T +91 891 660 1222. 306 1222. F +91 891 660 1270. 306 1270. E info@lauruslabs.com W lauruslabs.com

Banjara Hills, Hyderabad - 0003~. Telangana, India T +91 0 6659 333, 3980 333, 23~2 0500 I 501 F +91 ~0 6659 ~320 I 3980 ~320

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 April 29, 2021. The results for the year ended March 31, 2021 has been audited and for the quarter ended March 31, 2021 has been reviewed by our statutory auditors. The statutory auditors of the Company have expressed an unmodified opinion on the financial results for the year ended March 31, 2021 and have issued an unmodified conclusion in respect of the limited review for the quarter ended March 31,2021.
• 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 generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").
• 3 In accordance with Indian Accounting Standard (Ind 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, 2021, the Company allotted 284,500 equity shares of~ 10/- each and allotted 607,390 equity shares of~ 2/- each, consequent to the exercise of the stock options by the employees of the Company under the Employee Stock Option Plan.
• 5 The Board of Directors, at their meeting held on April30, 2020, recommended for the sub-division of equity shares of the Company from existing face value of 10/- each to face value of ~ 2/- each (i.e. split of 1 equity share of ~ 10/- each into 5 equity shares of 2/- each), and the same has been approved by the shareholders in the Annual General Meeting of the Company held on July 09, 2020 and the Board of Directors, at their meeting held on July 30, 2020 fixed the "record date" of September 30, 2020. Accordingly, equity shares of the Company ~ 10/ has been sub-divided into 5 equity shares of~ 2/- each w.e.f. September 30, 2020 and earnings per equity share has been restated for all the periods.
• 6 The Board of Directors, at their meeting held on April29, 2021 approved for the payment of interim dividend of 80 paise per equity share of ~ 2/- each.
• 7 COVID-19 is the infectious disease caused by the most recently discovered coronavirus, SARS-CoV-2. In March 2020, the WHO declared COVID-19 a pandemic. The Company has adopted measures to curb the spread of infection in order to protect the health of the employees and ensure business continuity with minimal disruption.

In assessing the recoverability of receivables and other financials assets, the Company has considered internal and external information upto the date of approval of these Standalone financial results. The impact of the global health pandemic may be different from that of estimated as at the date of approval of these standalone financial results and the Company will continue to closely monitor any material changes to future economic conditions.

• 8 The Code on Social Security, 2020 ('Code') relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related impact in the period the Code becomes effective.
• 9 The figures for the current quarter and quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year ended March 31, 2021 and March 31, 2020, respectively and published year to date figures up to third quarter ended December 31, 2020 and December 31, 2019, respectively, regrouped as necessary.
• 10 The Company has chosen to publish the results in ~ (INR) Crores w.e.f. quarter ended June 30, 2020. Accordingly the previous periods figures have been rounded off.

Place: Hyderabad Date : April 29, 2021

By order of the Board For Laurus Labs Limited

,-

Whole Time Director & Chief Executive Officer

Registered Office : Plot No:21, Jawaharlal Nehru Ph arm a City, Parawada, Visakhapatnam - 531021. Andhra Pradesh. India. CIN : L2239AP2005PLCO 7518 T +91 891 660 1222, 306 1222. F +91 891 660 1270, 306 1270, E info@lauruslabs.com W lauruslabs.com

Chartered Accountants KRB Towers, Plot No.1 to 4 & 4A 1 st, 2nd & 3rd Floor Jubilee Enclave, Madhapur Hyderabad – 500 081 Telanagana, India

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

INDEPENDENT AUDITOR'S REPORT ON AUDIT OF ANNUAL STANDALONE FINANCIAL RESULTS AND REVIEW OF QUARTERLY FINANCIAL RESULTS

TO THE BOARD OF DIRECTORS OF LAURUS LABS LIMITED

Opinion and Conclusion

We have (a) audited the Standalone Financial Results for the year ended March 31, 2021 and;

(b) reviewed the Standalone Financial Results for the quarter ended March 31, 2021 (refer 'Other Matters' section below), which were subject to limited review by us,

both ((a) and (b)) included in the accompanying "Statement of Audited Standalone Financial Results for the year ended March 31, 2021 and Unaudited Standalone Financial Results for the quarter ended March 31, 2021" of Laurus Labs Limited ("the Company"), ("the Statement"), being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("the Listing Regulations").

(a) Opinion on Annual Financial Results

In our opinion and to the best of our information and according to the explanations given to us, the Standalone Financial Results for the year ended March 31, 2021:

• i. is presented in accordance with the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended; and
• ii. gives a true and fair view in conformity with the recognition and measurement principles laid down in the 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 then ended.

(b) Conclusion on Unaudited Standalone Financial Results for the quarter ended March 31, 2021

With respect to the Standalone Financial Results for the quarter ended March 31, 2021, based on our review conducted as stated in paragraph (b) of Auditor's Responsibilities section below, nothing has come to our attention that causes us to believe that the Standalone Financial Results for the quarter ended March 31, 2021, prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Basis for Opinion on the Audited Standalone Financial Results for the year ended March 31, 2021

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under Section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those Standards are further described in paragraph (a) of Auditor's Responsibilities section below. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India ("the ICAI") together with the ethical requirements that are relevant to our audit of the Standalone Financial Results for the year ended March 31, 2021 under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our audit opinion.

Management's Responsibilities for the Statement

This Statement which includes the Standalone Financial Results is the responsibility of the Company's Board of Directors and has been approved by them for the issuance. The Standalone Financial Results for the year ended March 31, 2021 has been compiled from the related audited standalone financial statements. This responsibility includes the preparation and presentation of the Standalone Financial Results for the quarter and year ended March 31, 2021 that give a true and fair view of the net profit and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with 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 of the Act for safeguarding the assets of the 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 the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Standalone Financial Results that give a true and fair view and is free from material misstatement, whether due to fraud or error.

In preparing the Standalone Financial Results, the Board of Directors 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 of Directors 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

(a) Audit of the Standalone Financial Results for the year ended March 31, 2021

Our objectives are to obtain reasonable assurance about whether the Standalone Financial Results for the year ended March 31, 2021 as a whole is 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 of this Standalone Financial Results.

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 of material misstatement of the Annual Standalone Financial Results, 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 of internal control.
• ➢ Obtain an understanding of internal control relevant to the audit 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.
• ➢ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Board of Directors.
• ➢ Evaluate the appropriateness and reasonableness of disclosures made by the Board of Directors in terms of the requirements specified under Regulation 33 of the Listing Regulations.
• ➢ Conclude on the appropriateness of the Board of Directors' use of the 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 ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
• ➢ Evaluate the overall presentation, structure and content of the Annual Standalone Financial Results, including the disclosures, and whether the Annual Standalone Financial Results represent the underlying transactions and events in a manner that achieves fair presentation.
• ➢ Obtain sufficient appropriate audit evidence regarding the Annual Standalone Financial Results of the Company to express an opinion on the Annual Standalone Financial Results.

Materiality is the magnitude of misstatements in the Annual Standalone Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Annual Standalone Financial Results 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 Annual Standalone Financial Results.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the 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.

(b) Review of the Standalone Financial Results for the quarter ended March 31, 2021

We conducted our review of the Standalone Financial Results for the quarter ended March 31, 2021 in accordance with the Standard on Review Engagements ("SRE") 2410 'Review of Interim Financial Information Performed by the Independent Auditor of the Entity', issued by the ICAI. A review of interim financial information consists of making inquiries, primarily of the Company's personnel 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 SAs specified under section 143(10) of the Act 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.

Other Matters

The Statement includes the results for the Quarter ended March 31, 2021 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.

Our report on the Statement is not modified in respect of this matter.

For DELOITTE HASKINS & SELLS LLP Chartered Accountants (Firm's Registration No. 117366W/W-100018)

Ganesh Balakrishnan Partner (Membership No. 201193) (UDIN: 21201193AAAACX7974)

Place: Hyderabad Date: April 29, 2021