Morepen Laboratories Ltd. — Interim / Quarterly Report 2021

Feb 12, 2021

Date: 12/02/2021

To,

National Stock Exchange of India Ltd. BSE Limited Exchange Plaza, Bandra Kurla Complex, — Phiroze Jeejeebhoy Towers, Bandra (East), Mumbai- 400 051 Dalal Street, Mumbai- 400 001 Symbol: MOREPENLAB Scrip Code: 500288

Subject: Outcome of the Meeting of the Board of Directors of the Company

Dear Sir/ Madam,

This is to inform you that the Board of Directors of the Company, in their meeting held on Friday, 12 February, 2021 (commenced at 12.15 P.M. and concluded at 2.00 P.M.), have, inter-alia, considered and approved the Un-audited Standalone and Consolidated Financial Results of the Company for the quarter and nine-months ended 31% December, 2020.

Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, a copy of the 'Results' along-with Limited Review Report of the Statutory Auditors of the Company, are enclosed herewith.

The aforesaid documents are also being disseminated on Company's website at www.morepen.com

You are requested to take the note of the same in your record.

Thanking you.

Yours faithfully,

For Morepen Laboratories Limited

^Amar Srivastava) Company Secretary

Enel.: As stated above.

Morepen Laboratories Limited

Corp. Off.: 4th Floor,Antriksh Bhawan, 22 K.G.Marg, New Delhi- 110 001, INDIA Tel.:+91-11-23324443,23712025, E-mail: corporate@morepen.com,Website:www.morepen.com CIN NO. L24231 HP1984PLC006028

Plant & Regd. Off.: Morepen Village, Malkumajra, Nalagarh Road, Baddi, Distt. Solan (H.P.) -173205 Tel.: +91-1795-266401-03, 244590, Fax: +91-1795-244591, E-mail: plants@morepen.com

Morepen Laboratories Limited CIN- L24231HP1984PLC006028 'Statement of Unaudited Financial Results- Standalone For the Quarter & Nine Months Ended 31st December, 2020

		Morepen Laboratories Limited
	'Statement of Unaudited Financial Results- Standalone	CIN- L24231HP1984PLC006028
	For the Quarter & Nine Months Ended 31st December, 2020						(Rs.in lakhs)
			Quarter Ended		Nine Months Ended		Year Ended
	Particulars		31.12.2020] _ 30.09.2020] (Unaudited)	31.12.2019	31.12.2020] (Unaudited)	51.12.2019}	31.03.2020 (Audited)
1,	Revenue Revenue from operations (Net)	29046.03	31459.88	21348.62	84831.75	60283.62	79198.74
	Other Income Total Revenue	284.32 29330.35	373.34 31833.22	460.31 21808.93	790.54 85622.29	769.57 61053.19	941.72 \$0140.46
2.	Expenditure					f
	a) Cost of Material Consumed b) Purchase of stock - in - trade	16597.85 6412.52	17991.96 3824.46	13185.95 3668.37	47905.11 13362.17	34179.24 9484.33	41321.87 11545.31
	c) Changes in inventorics of Finished goods, Work -in- progress and Stock-in-trade	(3437.82)	(363.34)	(2058.85)	(3881.58)	(3087.25)	(758.40)
	d) Employee Benefits Expenses	3265.40	2934.76	2497.91	8867.64	7054.39	9807.19)
	e) Finance Cost f) Depreciation and Amortization	126.45 705.40	28.96 715.54	54.02 793.12	184.15 2167.92	134.73 2646.31	196.75] 3443.39)
	g) Power and Fuel	374.13	320.94	322.79	936.62	967.96	1255.79
	h) Travelling Expenses	198.66	137.56	280.07	533.40	783.35	1045.96
	i) Selling and Distribution Expenses	876.07	1274.86	952.80	3095.28	2718.50	3575.37]
	j) Other Expenses -	1747.81	2405.49	1122.09	5541.00	3371.27	4959.05
	Total Expenditure	26866.47	29271.19	20818.27	78711.71	58252.83	76392.28
3.	/Profit before Tax (1-2)	2463.88	2562.03	990.66	6910.58	2800.36	3748.18
4.	Tax Expense
	Income Tax - Earlier period	<	=	=	-	(514.87)	(514.87)
	Total Tax 5. Net Profit for the period (3-4)	: 2463.88	_ 2562.03	5 990.66	- 6910.58	(514.87) 2285.49	(514.87) 3233.31
6.	Other Comprehensive Income (OCI)
	Items that will not be reclassified to Profit & Loss	(77.90)	(53.79)	(55.51)	(41.15)	(137.94)	(217.25)
	Income Tax - Earlier period Total Other Comprehensive Income (Net of Tax)	z	=	:	-	(37.03)	(37.03)
7.	Total Comprehensive Income	(77.90) 2385.98	(53.79) 2508.24	(55.51) 935.15	(41,15) 6869.43	(174.97) 2110.52	(254.28) 2979.03
8.	Paid-up Equity Share Capital of Face Value of Rs.2/- each	8995.86	8995.86	8995.86	8995.86	8995.86	8995.86
9.	Reserves excluding Revaluation Reserve	-	-	-	-	-	21728.83
10.	Earning Per Share (in Rs.) Basic & Diluted	0.55	0.57	0.22	1.54	0.51	0.72
Notes :
1.	The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 12, 2021. A
	Limited review of the same has been carried out by the Statutory Auditors. The Company is engaged in the Pharmaceutical Business Segment.
2. 3.	Other expenses for the current quarter include a sum of Rs.72.67 Lakhs (Nine months period - Rs.1406.79 Lakhs ) towards interest and other charges
	for the quarter, in respect of 54,66,727 Equity shares surrendered for cancellation, pursuant to Hon'ble National Company Law Tribunal (NCLT),
	Chandigarh order dated 12.03.2018.The necessary accounting entries in respect of cancellation of Equity Shares, will be effected on the receipt of approvals from the stock exchanges.

Date : February 12, 2021 Chairman & Managing Director

Place : New Delhi LA, "Ns Ye (Sushil Suri)

For and on behalf of the Board of Directors ^|

Satinder Goyal & Co. Chartered Accountants

Limited Review Report — Standalone Financial Results

Review Report to The Board of Directors Morepen Laboratories Limited

• 1. We have reviewed the accompanying statement of standalone unaudited financial results of Morepen Laboratories Limited (the "Company') for the quarter and nine months period ending December 31, 2020 (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').
• 1. 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, (Ind AS 34) "Interim Financial Reporting' prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review 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 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. 9 GO va ky <

1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ("Ind AS") specified under Section' 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

For Satinder Goyal & Co. Chartered Accountants Firm Regn. No: 027334N ~~~

pre Ke

CA S.K Goyal {/

(Partner) \3 Date : 12" February 2021 Membership Nox Place : New Delhi UDIN: 21084613AAAAAD 1845

Morepen Laboratories Limited CIN- L24231HP1984PLC006028 Statement of Unaudited Financial Results- Consolidated For the Quarter & Nine Months Ended 31st December, 2020

		Morepen Laboratories Limited
	Statement of Unaudited Financial Results- Consolidated	CIN- L24231HP1984PLC006028
	For the Quarter & Nine Months Ended 31st December, 2020						(Rs. in Lakhs)
	Particulars	Quarter Ended 30.09.2020] 31.12.2019] 31.12.2020] (Unaudited)		31.12.2020	Nine Months Ended 31.12.2019 (Unaudited)
1.	'Revenue Revenue from operations (Net)	30742.01	33639.51	23005.60	I 90145.76	64646.43	85306.69
	Other Income Total Revenue Expenditure	284.32 31026.33	373.34 34012.85	460.31 23465.91	790.54 90936.30	769.87 _65416.30	948.35 86255.04
2.	a) Cost of Material Consumed b) Purchase of stock - in - trade	16597.85 7285.17	17991.96 5247.86	1318595] 4617.38	47905.11 16667.18	34179.24) 12044.60	41321.87 15442.69
	c) Changes in inventories of Finished goods, Work -in progress and Stock-in-trade	(3331.83)	(543.83)	(2073.08)	(4047.37)	(3088.86)	(1022.71)
	d) Employee Benefits Expenses e) Finance Cost	3590.59 126.45	3241.31 28.96	2818.00 54.37	9779.85 184.18	7969.79 136.23	10990.60 198.45
	f) Depreciation and Amortization g&) Power and Fuel	736.38 374.13	767.88 320.94	853.68 322.79	2330.02 936.62	2827.99 967.96	3690.60! 1255.79
	h) Travelling Expenses	271.14	197.73	369.71	713.33	1045.93	1383.17
	i) Selling and Distribution Expenses j) Other Expenses	1030.73 1945.48	1410.08 2597.98	1045.96 1188.58	3506.62 5873.04	2957.16 3601.77	3857.69) 5226.13
	Total Expenditure	28646.09	31260.87	22383.34	83848.58	62641.81	82344.28
3, 4.	Profit before Tax (1-2) Tax Expense	2380.24)	2751.98	1082.57	7087.72	2774.49	3910.76
	Current Tax Income Tax - Earlier period.	(0.90)	(35.08)	(0.89)	(54.77)	(3.84) (514.87)	(37.40) (515.47)
	Total Tax	z (0.90)	- (35.08)	= (0.89)	- (54.77)	(518.71)	(552.87)
5.	Net Profit for the period (3-4) Share of Minority Interest in (Profit)/ Loss	2379.34	2716.90 _ (0.02	1081.68	7032.95	2255.78	3357.89
6.		(0.02)		(0.02)	(0.07)	(0.05)	(0.03)
7. 8.	Net-Eroht after alter: Minority. lnterest Other Comprehensive Income (OCI)	2379.36	2716.92	1081.70	7033.02	2255.83	3357.92
	Items that will not be reclassified to Profit & Loss	(71.26)	(52.06)	(55.94)	(28.63)	(144.16)	(226.35)
	Tax Expense Income Tax - Earlier period	- 7	(0.44) i	- J	(1.48) -	- (37.03	2.29 (37.03)
	Total Other Comprehensive Income (Net of Tax)	(71.26)	(52.50)	_ (55.94)	(30.11)	(181.19)	(261.09)
9.	Total Comprehensive Income Paid-up Equity Share Capital of Face Valuc of Rs.2/- each	2308.10 8995.86	2664.42 8995.86	1025.76 8995.86	7002.91 8995.36	2074.64 8995.86	3096.83 8995.86)
10, 11.	)Reserves excluding Revaluation Reserve		-		-	-	19410.25
12,	Earning Per Share (in Rs.)
Notes :	Basic & Diluted	0.53	0.60	0.24	1.56	0.50}	0.75
1, 2.	The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on February 12, 2021. A Lumited review of the same has been carried out by the Statutory Auditors. The Company is engaged in the Pharmaceutical Business Segment.
3.	Other expenses for the current quarter include a sum of Rs.72.67 Lakhs (Nine months period - Rs.1406.79 Lakhs ) towards interest and other charges for the quarter, in respect of 54,66,727 Equity shares surrendered for cancellation, pursuant to Hon'ble National Company Law Tribunal (NCLT), Chandigarh order dated 12.03.2018.The necessary accounting entries in respect of cancellation of Equity Shares, will be effected on the receipt of approvals from the stock exchanges.
		Ho, GOVAN (So	¢ es		For and on behalf of the Bo		of Directors
Place : New Delhi (Sushil Suri)
	Date : February 12, 2021						Chairman & Managing Director

(So ¢ es of Directors For and on behalf of the Bo Place : New Delhi (Sushil Suri)

Satinder Goyal & Co.

Chartered Accountants

Limited Review Report — Consolidated Financial Results

Review Report to The Board of Directors Morepen Laboratories Limited

• 1. We have reviewed the accompanying statement of consolidated unaudited financial results of Morepen: Laboratories Limited (the "Parent") and _ its subsidiaries (the Parent and its subsidiaries together referred to as the "Group") for the quarter and nine months period ending December 31, 2020 (the "Statement'), 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').
• 1. 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, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
• 1. We conducted our review 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 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 enabie 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.

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations nd-Bisclosure Requirements) Regulations, 2015, as amended, to the extent cable Re Ete

bag f co lis a Ney 'eX s Ne = MOS

• This Statement includes the results of the following Group entities:
• Morepen Laboratories Limited (the "Parent")
• Dr. Morepen Limited (Indian Subsidiary)
• Total Care Lirnited (Indian Subsidiary)
• Morepen Inc. (Foreign Subsidiary)
• The consolidated unaudited financial results include the interim financial results of Morepen Inc., a foreign subsidiary which have not been reviewed/audited DY its auditors, whose interim financial results reflect total comprehensive Income of (-)Rs. 9.16 lakhs (comprising of total revenue of Rs. 49 86 lakhs and total experses of Rs. 59.02 lakhs) and Rs. 29.22 lakhs (comprising of total revenue of Rs.. 128.53 lakhs and total excenses of Rs. 99.31 lakhs} for the quarter and 'nine mocihs 'period ended December 31, 2020 respectively. According te the information and explanations given to us by the Management, these interim financial results are not materia! to the Group.

We have also not reviewed the financial results of above stated foreign sulosidiary 'corisidered in the preparation' of the Statement. These financial results have b bean Turnist ed: a us by the n ranagement.

Our conclusion on the Statement 1S not motitied:in respect of the above matier

D Based on our. review conducted 'as 'above, nothing has carne to our attentuon that causes us to believe that the accornpanying 'Statement repared in accordance with the recegnition and-measurement principles 'aid down in the 'aforesaid Indian Accounting Standards ¢' ind AS") specified under Section 133 of the Companies Act, 2013 as amecded, read with relevant rules issueo inéreunder and othar accounting orincipies generally accepted ine yale. has not disclosed the information required to be disclosed in terms: of the Listing Regulations, including the manrer. in which it is to be disclosed, or that it contains any material misstatement.

For Satinder Goyal & Co. Chartered Accountants Fire Regn. No: 927334N

CAS KGoyal (FU fe

: ' (Partner) S F a . \ 12" February 2021 . Membership No. : See Piace : New Delhi oo . _UDIN.: 21084613ASAAE AESO2

Date 2