Marksans Pharma Ltd. — Interim / Quarterly Report 2022

Nov 10, 2021

·t· Marksans Pharma Ltd.

BSE Limited

Corporate Relation Department Phiroze Jeejeeboi Towers, Dalal Street, Mumbai - 400001. Scrip Code: 524404

National Stock Exchange of India Limited Listing Department Exchange Plaza, C-1, Block-G, Bandra-Kurla Complex, Bandra (East), Mumbai - 400051. Symbol: MARKSANS

Sub: Unaudited Financial Results for the quarter and half-year ended 30[th] September, 2021 and Limited Review Reports thereon.

In terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, kindly find enclosed herewith Unaudited Financial Results (both Standalone and Consolidated) for the quarter and half-year ended 30th September, 2021 which have been approved by the Board of Directors at its meeting held today i.e. 10[th] November,. 2021 along with Limited Review Reports given by statutory auditor of the Company.

The m~eting commenced at 9 ~.3 0 a.m·. and concluded at I0 ~.rOa.m.

Yours faithfully, For Marksans Pharma Limited

MamH& Harshavardhan Panigrahi . Company Secretary

Marksans Pharma Ltd

.

11th Floor, "GRANDEUR" 0 G d h . • Andheri (W), Mumbai _ 400 ot:·. ~~I.:e~9~ ~~~6~fioovoe~raE~es.~i .Extension Road, Oshiwara, mall. Info@marksanspharma.com www.marksanspharma.com

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

901/902, Regent Chambers, Nariman Point, Mumbai – 400 021. T : +91 22 4343 9191 /+91 22 2283 2626 F : +91 22 2283 2727 bhutashah.com

Independent Auditor’s Review Report on the Unaudited Quarterly and Year to date Standalone Financial Results of Marksans Pharma Limited pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors Marksans Pharma Limited

1. We have reviewed the accompanying statement of unaudited standalone financial results of Marksans Pharma Limited (the “Company”) for the quarter ended 30 September 2021 and year to date from 01 April, 2021 to 30 September, 2021 together with the notes thereon (the “Statement”) attached herewith, 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 (‘Listing Regulations’)

2. This Statement, which is the responsibility of the Company’s Management and approved by the Company’s Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “Interim Financial Reporting” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to issue a report on the Statement based on our review.

3. We conducted our review of the Statement 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 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 is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

4. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited standalone financial results prepared in accordance with applicable Indian Accounting Standards and other recognized accounting practices and policies has not disclosed the information

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BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

Independent Auditor’s Review Report on the Unaudited Quarterly and Year to date Standalone Financial Results of Marksans Pharma Limited

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.

For Bhuta Shah & Co LLP Chartered Accountants Firm’s Registration Number: 101474W / W100100

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Tejas Laliwala Partner

Mumbai 10 November, 2021

Membership Number: 127487 ICAI UDIN: 21127487AAAAIL6261

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

901/902, Regent Chambers, Nariman Point, Mumbai – 400 021. T : +91 22 4343 9191 /+91 22 2283 2626 F : +91 22 2283 2727 bhutashah.com

Independent Auditor’s Review Report on Unaudited Quarterly and Year to date Consolidated Financial Results of Marksans Pharma Limited Pursuant to the Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors Marksans Pharma Limited

1. We have reviewed the accompanying statement of unaudited consolidated financial results of Marksans Pharma Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”) for the quarter ended 30 September, 2021 and year to date from 01 April, 2021 to 30 September, 2021 together with the notes thereon (“the Statement”) attached herewith, being submitted by the Parent pursuant to the requirements of Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’)

2. This Statement, which is the responsibility of the 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 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the statement based on our review.

3. We conducted our review of the statement 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 Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

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BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

Independent Auditor’s Review Report on Unaudited Quarterly and Year to date Consolidated Financial Results of Marksans Pharma Limited

1. The Statement includes the results of the following entities:

Sr. No.	Name of Entity	Nature of relationship
1	Marksans Pharma Inc. (Including its following subsidiaries and its step-down subsidiaries) a) Time-Cap Laboratories Inc. - Custom Coating Inc. - Marksans RealtyLLC	Wholly Owned Subsidiary
2	Nova Pharmaceuticals Australasia PtyLtd	Subsidiary
3	Marksans Pharma (UK) Limited. (Including its following subsidiaries and its step-down subsidiaries) a) Relonchem Limited b) Marksans Holding Limited - Bells, Sons and Co. (Druggists) Limited	Wholly Owned Subsidiary

1. Based on our review conducted as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying statement of unaudited consolidated financial results prepared in accordance with applicable Indian Accounting Standards and other recognized accounting practices and policies 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.

2. The Statement includes the interim financial information of one subsidiary, which have not been reviewed, whose financial information reflects total assets of Rs. 796.71 Mn as at 30 September 2021 and total revenue of Rs. 390.20 Mn and Rs. 765.44 Mn., total net profit after tax of Rs. 19.92 Mn and Rs. 38.75 Mn. and total comprehensive income of Rs. 19.92 Mn and Rs. 38.75 Mn. for the quarter ended 30 September, 2021 and for the period from 01 April, 2021 to 30 September, 2021, respectively and cash outflows (net) of Rs. 41.67 Mn for the period from 01 April, 2021 to 30 September 2021 before giving effect to consolidation adjustments, as considered in the consolidated unaudited financial results. According to the information and

BHUTA SHAH & CO LLP CHARTERED ACCOUNTANTS

Independent Auditor’s Review Report on Unaudited Quarterly and Year to date Consolidated Financial Results of Marksans Pharma Limited

explanations given to us by the management, this interim financial information is not material to the Group.

Our conclusion on the Statement is not modified in respect of the above matter.

For Bhuta Shah & Co LLP Chartered Accountants Firm’s Registration Number: 101474W / W100100

Mumbai 10 November, 2021

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Tejas Laliwala

Partner Membership Number: 127487 ICAI UDIN: 21127487AAAAIM9347

MARKSANS PHARMA LIMITED Registered Offlce:11th Floor,Grandeur,Veera Desai Extension Road,Oshiwara, Andherl !Westl Mumbal-400053 rCIN:L24110MH1992PLC0663641 Telephone No,: 022-40012000, Fax No,:022-4001 2011, E-mail: Info@marksanspharma,com

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(~ In Million Exceot Shore doto)
STANDALONE CONSOUDATED
QUARTER ENDED HALF YEAR ENDED YEAR ENDED QUARTER ENDED HALF YEAR ENDED YEAR ENDED
30 S•••. 2021 30 June, 2021 30 SeDt. 2020 30 So". 2021 30 SaDl 2020 31 March 2021 30 SeDt. 2021 30June 2021 30 Selt. 2020 30 Sect. 2021 3D SeDl2020 31 March 2021
Sf. No. PARTICULARS (UNAUOITED) (UNAUDITED) I (UNAUDITED UNAUDITED) (UNAUDITED) (AUDITED) I (UNAUDITED (UNAUDITED) (UNAUDITED) (UNAUDITED) (UNAUDITED> (AUDITED>
1 Revenue from Operations 1,688.53 1,472.21 1,375.52 3,160.74 2,935.10 5,995.48 3,612.01 3,489.62 3,564.69 7,101.63 6,876.21 13,761.82
2 Other Income 85.98 139.40 129.57 225.38 130.06 311.56 85.67 58.84 36.68 144.52 38.50 68.94
3 Totallncome (1+21 1774.51 1611,61 1505.09 3386.12 3065,16 6307,04 3697.68 3548.46 3601,37 7246.15 6914.71 13828.76
•• Exoenses
Cost of Material Consumed 855.92 787.63 709.49 1,643.54 1,372.89 2,912.93 1,702.10 1,133.43 1,176.36 2,835.52 2,092.35 4,197.64
Purchase of Stock~i.,..trade 133.01 85.83 102.91 218.84 214.57 460.66 329.41 63.27 527.18 392.68 981.82 3,115.70
Changes in inventories of finished goods, "NOrk-i"",process
and stock-in-trade 11.54 (6.64) (3.56) 4.90 0.71 5.54 (277.70) 426.27 (66.65) 148.57 (21.61) (1,362.78)
Employee benefits expense 159.19 140.40 128.60 299.59 251.34 546.39 547.92 490.45 438.78 1,038.36 865.81 1,973.23
Finance costs 12.02 6.30 13.21 18.32 21.09 53.45 15.01 9.66 19.34 24.67 34.84 79.86
Depreciation and amortisation expense 43.04 42.29 36.71 85.33 70.14 151.93 73.87 74.71 189.92 148.59 262.41 361.51
Other eXDenses 189.58 214.02 207.61 40380 575.08 932.84 709.30 802.83 857.46 1312.13 1446.10 2441.98
Total Exoenses 1"'04.30 1269.83 1194,97 2674,12 2505.82 5063.74 3099,91 2800.&2 2.942.39 5900.51 5641.72 10807.12
s P";"t before tax 13-41 370.21 341,78 310,12 712.00 559.34 1 243,30 597.77 747.U 858,98 1345.64 1 272.99 3021.64
6 Tax eXDense:
(1) Current Year 75.64 56.24 63.58 131.68 126.31 281.68 137.53 130.94 140.44 268.47 294.87 666.94
(2) Earlier year - - - - - -
(3) Deferred tax 18.60 (3.52 11.20 15.08 (22.87 (22.39 (2.64 (9.10 11.20 (11.74) (22.871 {30.68
Total Tax Exoenses 94.24 52.72 74.78 146.96 103.44 259.49 134,89 121,U 151.64 256.73 272.00 636.26
7 Profit for the Deriod /5oll1 275.97 289.06 235.34 565,04 455,90 983,81 462.88 626.00 507,34 1088.91 1000.99 2385.38
other ComDrehensive Income
Items that will not be reclassified to Profit or Loss 0.66 10.66 0.63 (1.31 1.26 2.62 10.66 10.66 0.63 11.31 1.26 12.62
Income tax relating to above Items that wiHnot be reclassified
to Profit or loss 0.17 0.17 (0.16) 0.33 10.32\ 0.66 0.17 0.17 0.16 0.33 10.32 0.66
Items that will be reclassified to orofit or loss 165.65 53.57 134.04 112.07) 77.32 6.64
8 other ComDrehenslve Income 10,49 10.49 0.47 10.98 0.94 11.96 166,14 53.08 133.571 113,05 78.28 4.68
9 Total ComDrehensl"" Income for the Derlod /7+81 275,48 288,57 235.81 564.06 456.U 981.85 396.74 679.08 473.77 1075.68 1079.25 2390.06
10 Total Comorehensive Income attributable to:-
Non-ControlRna interests . . - - . 7.97 7.54 11.43 15.50 14.07 25.99
O'Mlers of the Comoanv 275.48 288,57 235,81 564.06 456.U 981.85 388,77 671,54 462.34 1060.36 1065.18 2364,07
11 Paid uo Eouitv Share Cao~al IFace Value ~1 each) 409.31 409.31 409.31 409.31 409.31 409.31 409.31 409.31 409.31 409.31 409.31 409.31
Othereouitv 5587.86 8455.64
12 Eaminas Per Share of ~l each Basic 0.87 0.71 0.57 1.38 1.11 2.40 1.11 1.51 1.21 2.62 2.41 5.76
DRuted 0.67 0.71 0.57 1.38 1.11 2.40 1.11 1.51 1.21 2.62 2.41 5.76
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• 1 The financial results for the quarter ended 30th September, 2021 were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 10 November, 2021. The above results have also been reviewed by the Statutory Auditors of the Company in terms of Regulation 33 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015, as amended. There is no qualification in the auditor's report on this statement offmancial results.

• 2 This statement has been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (lnd AS), as amended, prescribed under section 133 of the Companies Act, 2013 and other recognised accounting practices and policies to the extent applicable.

• 3 The company operates in single business segment of research, manufacturing and marketing of pharmaceutical formulation.

• 4 The Consolidated financial result inCludes fmancial result of subsidiaries namely Marksans Pharma (UK) Ltd, Marksans Pharma Inc, Nova Pharmaceuticals Australasia Pty Ltd (and also step-down subsidiaries).

• 5 Pursuant to the Special Resolution passed by the shareholders at the Extra-ordinary General Meeting held on 9th July, 2021, the Board of Directors of the Company at its meeting held on 23rd July, 2021, has issued and allotted 10,00,000 convertible warrants to Mr. Mark Saldanha and 4,93,24,324 convertible warrants to OrbiMed Asia IV Mauritius FVCI Limited at a price ofRs. 74.00 per warrants on preferential basis.

• 6 The Company/ Group has considered internal and external information while finalizing various estimates and recoverability of assets in relation to it's financial statement captions upto the date of approval of the financial results by the Board of Directors. The impact of Covid-19 may be different from what is estimated as at such date of approval of the financial results and the Company/Group will continue to monitor any material changes to future economic conditions.

• 7 Previous period's figures have been regrouped / reclassified, wherever necessary to make them comparable with the current year.

• 8 The figures of the quarters ended 30 September, 2021 and 30 September, 2020 are balancing figures between the unaudited figures in respect of the half year ended on 30 September 2021 and 30 September 2020 and the published year to date Ind AS figures up to first quarters ended on 30 June 2021 and 30 June 2020 respectively, which were subjected to a limited review.

Mark Saldanha Chairman & Managing Director DIN: 00020983

Date: 10 November, 2021 Place: Mumbai www.marksanspharma.com

J=or MAR~S S PHAR~A LTD. OLJ6CJ

H ars h avardhan Panigrahi ~~ Company Secretary & Legal Manager

	STATEMENT OF ASSETS AND LIABILITIES statement of Financial Position	Standalone as at	Standalone as at	(f in Million) Consolidated as at	(f in Million) Consolidated as at
		30 Sept, 2021	31 March, 2021	30 Sept, 2021	31 March, 2021
		UNAUDITED	AUDITED	UNAUDITED	AUDITED
	ASSETS
	Non-current ••• ets
	Prooertv. plant and eaulDment CapKaIwork·in-Droaress	1,228.08 -	1,108.26 -	2,490.22 56.00	2,344.05 56.00
	Right to use assets	109.34	140.16	109.34	140.16
	Intangible assets	39.46	42.43	587.53	609.42
	Intangible assets under development	-	-	60.80	60.80
	Financial aneta
	Investments	2,360.74	2,360.74	-	-
	Loans	-	-	-	-
	other financial assets	26.09	25.63	26.09	25.63
	Deferred tax assets (net)	-	-	8.24	7.99
	Other non-current assets	12.86	15.95	12.86	15.95
	Total non-current as.ets	3,776.57	3,693.17	3,351.08	3,260.00
	Current a•• ets
	Inventories	980.75	936.86	4,003.37	4,043.20
	Financial Assets
	Trade receivables	2,055.40	1,467.89	3,166.05	2,713.81
	Cash and cash equivalents other financial assets	2,269.06 69.78	1,057.15 17.23	3,227.00 69.78	2,122.86 17.23
	other current assets	94.51	13.25	253.13	125.42
	Total current •• sets	5,469.50	3,492.38	10,719.33	9,022.52
	TOTAI. ASSETS	9,246.07	7,185.55	14,070.41	12,282.52
	EQUITY AND UABR.ITIES
	EQUITY
	Equity shara capKal	409.31	409.31	409.31	409.31
	Other equity	6,978.61	5,587.86	10,548.74	8,455.64
	EQuitv attributable to owners of the Company	7387.92	5,997.17	10,958.05	8864.95
	Non-Controlling Interests	-	-	194.75	188.57
	Total.qully	7,387.92	5,997.17	11,152.80	9,053.52
	UABUTIES
	Non-eurrent 11IIbliities
	FlnanclalllabllKles
	Borrowings Lease lIabllllv	- 29.71	- 83.36	- 30.58	- 93.26
	Other flnancialllabllKles	50.00	50.00	50.00	50.00
	Provisions	21.11	21.11	21.11	21.10
	Deferred tax liabllllies (net)	99.64	84.88	72.81	80.63
	other non-current liabilities	-	-	-	-
	Total non current liabilities	200.46	239.35	174.50	244.99
	ClII"Rf1t lIabIlKi ••
	Financialliabllllies
	Borrowings	-	-	291.55	187.40
	Leasa Uabillty	84.65	60.37	84.65	60.37
	Trade Davables
	Total outstandlna dues to Micro, small &Medium EnterDnses	66.22	14.03	66.22	14.03
	Total outstanding dues to other than Micro. Small & Medium Enterprls other financial liabilities	637.42 284.24	627.52 135.60	1,114.72 1,013.88	1,672.61 721.15
	other current liabilities	503.17	9.69	22.33	9.69
	Provisions	14.89	9.68	14.89	18.55
	Currant tax IlabilKles (net)	67.10	92.14	134.87	300.21
	Total current Uabilitle.	1,657.69	949.03	2,743.11	2,984.01
	Total liabilities	1,858.15	1,188.38	2,917.61	3,229.00
	TOTAI. EQUITY AND UABlLlTIES	9,246.07	7,185.55	14,070.41	12,282.52

MARKSANS PHARMA LIMITED

Standalone Cash Flow Statement for the Half year ended 30 September, 2021

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Half Year ended Half Year ended
Particulars
30 September, 2021 30 September, 2020
Cash Flow from Operating Activities
Profit before tax 712.00 559.34
Adjustments to profit before tax:
-Depreciation and amortisation expenses 85.33 70.14
-Exchange Loss/(gain) on foreign exchange fluctuations (21.44)
-Profit on sale of Property, plant and equipment - (0.37)
-Ffnance costs 18.32 21.09
-Dividend income (98.86) (92.91)
-Interest income (16.77) (2.64)
-Net gain arising on financial assets measured at fair value (51.44) (34.14)
-Bad debts written off 6.33 20.35
Operating profit before working capital changes 633.47 540.86
Movements in working capital:
(Increase)/Decrease in Inventories (43.89) (155.14)
(Increase)/Decrease in Trade receivables (572.56) (3.84)
(Increase)/Decrease in Other financial assets (1.57) (7.98)
(Increase)/Decrease in Other assets (81.26) (0.97)
Increase/(Decrease) in Trade payables, provisions and other Non
Current liabilities 708.27 516.18
Cash generated from operations 642.46 889.11
-
Income taxes paid (net) (156.92) (70.11 )
Net cash generated from operating activities (A) 485.54 819.00
Cash flow from Investing Activities:
Payments to acquire property, plant and equipment and intangible
assets (168.26) (153.91 )
Dividend income 98.86 92.91
Interest income 16.77 2.64
Net Cash Flow generated froml (used in) Investing Activities (B) (52.63) (58.36)
Cash flow from Financing Activities:
Proceed from issue of share warrants(net of issue expenses) 929.02
Dividend paid (102.33) (40.93)
Repayment of lease liabilities (29.37)
Finance costs paid (including interest on lease liabilities) (18.32) (21.09)
Net Cash Flow (used in) Financing Activities (C) 779.00 (62.02)
Net increase in cash and bank balances (A+B+C) 1,211.91 698.62
Cash & Bank balances at the beginning of the period 1,057.15 33.52
Cash & Bank balances at the end of the period 2,269.06 732.14
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Notes:

• 1 The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS 7,' Statement of Cash Flows'.

• 2 The Previous year's figures have been regrouped wherever necessary in order to conform to this year's presentation.

MARKSANS PHARMA LIMITED

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

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Half Year ended Half Year ended
Particulars
30 September, 2021 30 September, 2020
A. Cash Flow from Operating Activities
Profit before tax 1,345.64 1,272.99
Adjustments to profit before tax:
-Depreciation 148.58 262.41
-Exchange Loss!(gain) on foreign exchange fluctuations (21.44) -
-Exchange differences in translating the financial
statements of foreign operations 184.68 98.76
-Profit on sale of Property, plant and equipment - (0.37)
-Finance costs 24.67 34.84
-Dividend Income -
-Interest income (16.79) (2.68)
-Net gain arising on financial assets measured at fair value ~ [(51.44)] (34.14)
-Bad debts Recovery (net) . (40.87) 54.39
Operating profit before working capital changes 1,573.03 1,686.20
Movements in working capital:
(Increase)/Decrease in Inventories 39.82 (351.55)
(Increase)!Decrease in Trade and other receivables (390.09) (557.40)
(Increase)/Decrease in Other financial assets (1.57) 4.57
(Increase)/Decrease in Other assets (123.72) (77.18)
Increase!(Decrease) in Trade payables, provisions and other (205.15) 495.13
non Current liabilities
Cash generated from operations 892.32 1,199.77
Income tax paid (net) (433.81 ) (289.46)
Net cash generated from operating activities (A) 458.51 910.31
B Cash flow from Investing Activities:
Payments to acquire property, plant and equipment and
intangible assets (249.75) (261.16)
Proceeds from sale of property, plant and equipment and
intangible assets 10.81 -
Interest income 16.79 2.68
Net Cash Flow generated from! (used in) Investing
Activities (B) (222.15) (258.48)
C Cash flow from Financing Activities:
Proceed from issue of share warrants(net of issue expenses) 929.02 -
Dividend paid (102.33) (40.93)
Proceed from Short term borrowing net) 104.15 30.61
Repayment of lease liabilities (38.39) -
Finance costs paid (including interest on lease liabilities) (24.67) (34.84)
Net Cash Flow (used in) Financing Activities (C) 867.78 (45.16)
Net increase in cash and bank balances (A+B+C) 1,104.14 606.67
Cash & Bank balances at the beginning of the period 2,122.86 937.27
Cash & Bank balances at the end of the period 3,227.00 1,543.94
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Notes:

• 1 The Cash Flow Statement has been prepared under the "Indirect Method" as set out in Ind AS 7,' Statement of Cash Flows'.

• 2 The Previous year's figures have been regrouped wherever necessary in order to conform to this year's presentation.