Natco Pharma Ltd. — Investor Presentation 2021

Nov 15, 2021

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November 15,2021

Corporate Relationship Department M/s. BSE Ltd Dalal Sreet, Fort Mumbai 400 001

Manager – Listing M/s. National Stock Exchange of India Ltd “Exchange Plaza”, Bandra – Kurla Complex Bandra (E) Mumbai 400 051

Scrip Code: 524816

Scrip Code: NATCOPHARM

Dear Sir,

Please find enclosed herewith the investor presentation for the Quarter ended September 2021.

Thanking You.

For NATCO Pharma Limited

ADINARAYANA MADINEEDI Digitally signed by ADINARAYANA MADINEEDI DN: c=IN, st=Telangana, 2.5.4.20=a008497813275d4124d2b42c9f7f924b5b96346aa8741a90d57d102d95c690c8, postalCode=500017, street=12-13-266 street no 2 Lane no 9 Tarnaka secunderabad, pseudonym=52398da71daa6f1de479ec9618474b70, serialNumber=3da487f04b8912870dea3f277d9e87fc06da96e80b36d2beb1428dfe3f665de7, o=Personal, cn=ADINARAYANA MADINEEDI Date: 2021.11.15 11:20:46 +05'30'

M. Adinarayana Company Secretary & Vice President (Legal & Corp. Affairs)

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NATCO PHARMA LIMITED INVESTOR PRESENTATION Q2 2021-22

DISCLAIMER/IMPORTANT DISCLOSURE

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THIS PRESENTATION (PRESENTATION) IS NOT AN OFFER TO SELL ANY SECURITIES OR A SOLICITATION TO BUY ANY SECURITIES OF NATCO PHARMA LIMITED OR ITS SUBSIDIARIES OR JOINT VENTURES (TOGETHER, THE “COMPANY”).

The material that follows is a Presentation of general background information about the Company’s activities as at the date of the Presentation or as otherwise indicated. It is information given in summary form and does not purport to be complete and it cannot be guaranteed that such information is true and accurate. This Presentation has been prepared by and is the sole responsibility of the Company. By accessing this Presentation, you are agreeing to be bound by the trading restrictions. It is for general information purposes only and should not be considered as a recommendation that any investor should subscribe / purchase the Company shares.

This Presentation includes statements that are, or may be deemed to be, “forward-looking statements”. These forward-looking statements can be identified by the use of forwardlooking terminology, including the terms “believes”, “estimates”, “anticipates”, “projects”, “expects”, “intends”, “may”, “will”, “seeks” or “should” or, in each case, their negative or other variations or comparable terminology, or by discussions of strategy, plans, aims, objectives, goals, future events or intentions. These forward-looking statements include all matters that are not historical facts. They appear in a number of places throughout this Presentation and include statements regarding the Company’s intentions, beliefs or current expectations concerning, amongst other things, its results or operations, financial condition, liquidity, prospects, growth, strategies and the industry in which the Company operates.

By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Forward-looking statements are not guarantees of future performance including those relating to general business plans and strategy of the Company, its future outlook and growth prospects, and future developments in its businesses and its competitive and regulatory environment. No representation, warranty or undertaking, express or implied, is made or assurance given that such statements, views, projections or forecasts, if any, are correct or that the objectives of the Company will be achieved. There are some important factors that could cause material differences to Company’s actual results. These include (i) our ability to successfully implement our strategy (ii) our growth and expansion plans (iii) changes in regulatory norms applicable to the Company (iv) technological changes (v) investment and business income (vi) cash flow projections etc. (vii) exposure to market as well as other risks.

The Company, as such, makes no representation or warranty, express or implied, as to, and does not accept any responsibility or liability with respect to, the fairness, accuracy, completeness or correctness of any information or opinions contained herein. The information contained in this Presentation, unless otherwise specified is only current as of the date of this Presentation. The Company assumes no responsibility to publicly amend, modify or revise any forward looking statements, on the basis of any subsequent development, information or events, or otherwise. Unless otherwise stated in this Presentation, the information contained herein is based on management information and estimates.

Any opinions expressed in this presentation are subject to change without notice. The presentation should not be construed as legal, tax, investment or other advice. None of the Company or any of its affiliates, advisers or representatives accepts any liability whatsoever for any loss howsoever arising from any information presented or contained in this presentation. The information contained in this presentation has not been independently verified. Furthermore, no person is authorized to give any information or make any representation which is not contained in, or is inconsistent with, this presentation. Any such extraneous or inconsistent information or representation, if given or made, should not be relied upon as having been authorized by or on behalf of the Company. Further, past performance is not necessarily indicative of future results. This document is just a Presentation for information purposes and private circulation only and is not intended to be a “prospectus” or “offer document” or a “private placement offer letter” (as defined or referred to, as the case may be, under the Companies Act, 2013). It is clarified that this Presentation is not intended to be a document offering for subscription or sale of any securities or inviting offers from the Indian public (including any section thereof) or from persons residing in any other jurisdiction including the United States for the subscription to or sale of any securities including the equity shares of the Company or any of its subsidiaries. No part of it should form the basis of or be relied upon in connection with any investment decision or any contract or commitment to purchase or subscribe for any securities. None of the Company’s securities may be offered or sold in the United States without registration under the U.S. Securities Act of 1933, as amended, except pursuant to an exemption from registration there from.

This document has not been and will not be reviewed or approved by a regulatory authority in India or by any stock exchange in India. This presentation is confidential and this presentation or any part thereof should not be used or relied upon by any other party or for any other purpose and should not be copied, reproduced, recirculated, redistributed, published in any media, website or otherwise, in any form or manner, in part or as a whole, without the express consent in writing of the Company. Any unauthorized use, disclosure or public dissemination of information contained herein is prohibited. The distribution of this presentation in certain jurisdictions may be restricted by law. Accordingly, any persons in possession of the aforesaid should inform themselves about and observe any such restrictions.

2

BUSINESS OVERVIEW

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Vertically integrated pharmaceutical company with presence across geographies - India, US and ROW

Strong brand position in domestic pharma segments

• Well established player in oncology with brands catering to diseases including breast, bone, lung and ovarian cancer

• Growing presence in Cardio and Diabetes products

Focused on complex generics for the US Markets with niche Para IV and Para III filings

Two R&D centers with over 525 employees[(1)]

Poised for growth in the agrichemical space with launch of high potential products

Total revenues[(2)] of INR 21,557 million for the financial year ended 31[st] March 2021

Listed on BSE and NSE with a market capitalization[(3)] of USD 2.19 billion

Incorporated in 1981 and headquartered in Hyderabad with around 5,000 employees across all locations[(1)]

(1) As of March 31, 2021

(2) Represents consolidated revenue

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(3) Market capitalization as of September 30, 2021 using INR / USD exchange rate of ₹ 74.2551

PERFORMANCE AT A GLANCE

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Financial Performance [(1) (2)] ₹ million
4,409
2021 7,098
21,557
4,608
2020 6,900
20,224
6,444
2019 9,250
22,247
6,962
2018 9,688
22,424
4,860
2017 6,973
20,789
1,571
2016 2,823
10,897
PAT EBIDTA Revenue
5 yr CAGR 22.9% 20.2% 14.6%
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Profit Margins Efficiency Ratios
2021 20.5% 32.9% 2021 11% 14%
2020 22.8% 34.1% 2020 12%
15%
29.0%
2019 41.6% 2019 18%
24%
31.0%
2018
43.2% 2018 23%
29%
23.4%
2017
33.5% 29%
2017
38%
14.4%
2016
25.9%
12%
2016
17%
0.0% 10.0% 20.0% 30.0% 40.0% 50.0%
PAT% EBIDTA% RoE RoCE
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Ownership Structure [(3)]
Public, Promoter,
51.13% 48.87%
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Natco Pharma’s Stock Performance [(3)]
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FY numbers have been prepared under Ind AS (2) Represents PAT after minorityinterest (1) Represents consolidated gross revenue and (3) As on Sep 30, 2021 includes other income

4

KEY BUSINESS SEGMENTS - PHARMA

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			FORMULATIONS	FORMULATIONS
			Domestic	International Exports	API (Domestic & Exports)	Subsidiaries
		•	Three key business segments:	◼Focused on niche opportunities in	◼Strategically important division	◼Operations in Brazil,
			Oncology, Specialty Pharma,	the US	◼39 active DMFs in the US with	Canada, Singapore, Australia and
	Overview(1)	• • • • •	Cardiology and Diabetology Strong brand position in the domestic oncology Launched strong portfolio of products in the Cardiology and Diabetology segments Specialist sales force of nearly 400 personnel and over 500 distributors Targeting 6-8 product launches a year with over 15% growth Consolidation of Hepatitis-B and Hepatitis-C portfolios through	◼Front end partnerships with leading global generic pharma companies ◼Focus on Para IV and First-to-File molecules ◼Strengthening presence in Asia and other ROW markets by registering our niche product portfolio in these countries ◼Filed 6 products with regulatory authorities for China market	niche products under development ◼Exports focused on US, Europe and emerging markets ◼Oncology APIs and specialty products ◼Attempting difficult-to-make chemistry with long synthesis ◼Expanding our oligo-nucleotide portfolio	Philippines ◼In Canada, strong portfolio with 25+ products including Oncology, cardiovascular and CNS therapies ◼In Brazil, we continue to file high-potential products with a target portfolio of 6+ in the near term. Natco launched Oseltamivir as the sole generic ◼Building a strong product portfolio in Singapore in both
		•	hepatologists and gastroenterologists in India Strengthening the neurology portfolio	◼Started winning tenders in Asian markets including Malaysia and Thailand		Tender and Private segments ◼10+ product approvals in Singapore
FY	2020 Revenue (₹ mn)		5,405	8,249	3,552	1,085
FY	2021 Revenue (₹ mn)(2)		4,101	6,760	5,120	4,011
FY	2021 Revenue Composition		19%	31%	24%	19%

(1) As of March 31, 2021​

(2) Balance operating and non-operating income = INR 1565 million (7%)

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US MARKET- FOCUS ON COMPLEX GENERICS

KEY PRODUCTS IN THE PORTFOLIO

KEY PRODUCTS IN THE PORTFOLIO	KEY PRODUCTS IN THE PORTFOLIO	KEY PRODUCTS IN THE PORTFOLIO	KEY PRODUCTS IN THE PORTFOLIO
Current Portfolio	Key Brand	Molecule	Therapeutic Segment / Primary Indication
	Copaxone	Glatiramer Acetate	CNS/Multiple Sclerosis
	Tamiflu	Oseltamivir	Anti-Viral/Influenza
	Afinitor(2.5 mg, 5 mg, 7.5 mg and 10 mg)	Everolimus (higher strength)	Cancer/Breast
	Fosrenol	Lanthanum Carbonate	Renal disease
	Doxil	Liposomal Doxorubicin	Cancer/ Ovarian and other
	Tykerb	Lapatinib Ditosylate	Cancer/Breast
	Zortess	Everolimus (lower strength)	ImmuneSupression/OrganTransplant

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STRATEGY FOR US MARKETS

• Predominantly focused on high-barrier-to-entry products that are typically characterized by one or more of the following

• Intricate Chemistry

• Challenging delivery systems

• Difficult or complex manufacturing process

• Low risk business model; through partnerships with global pharmaceutical players

• Marketing partner typically responsible for litigation and regulatory process to secure ANDA approval.

• Multi-site approvals

• Multi-sourcing arrangements

KEY PARA IV PRODUCTS IN THE PIPELINE

To Be Launched	Key Brand	Molecule	Therapeutic Segment / Primary Indication
	Nexavar	Sorafenib	Cancer/Kidney & Liver
	Revlimid	Lenalidomide	Cancer/Multiple Myeloma
	Aubagio	Teriflunomide	CNS/Multiple Sclerosis
	Kyprolis	Carfilzomib	Cancer/Multiple Myeloma
	Pomalyst	Pomalidomide	Cancer/Multiple Myeloma
	Sovaldi	Sofosbuvir	Anti-Viral / Hep C
	Ibruvica	Ibrutinib	Cancer/Leukaemia
	Lonsurf	Trifluridine/Tipracil	Metastatic colorectal cancer
	TracleerTFOS	Bosentan	Pulmonary Arterial Hypertension
	Yondelis	Trabectedin	Advanced soft-tissue sarcoma/ ovarian cancer

PIPELINE OF NICHE AND ACTIVE PRODUCTS IN THE US

• Active and Pipeline products

• 25 active commercial products[(1) ]

• 19 Para IVs in the pipeline of which 12 are approved[(1)]

(1)As of March 31, 2021. Approval received either by Natco or its marketing partner

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STRONG GROWTH IN DOMESTIC BUSINESS

DOMESTIC PRODUCT LAUNCHES IN FY 2021

• Launched 10 products during the year

• Leading player in branded oncology medicines in India

• Market leading positions across the Hep-C class of drugs in India, in spite of market size reduction

• In the speciality pharma space, focused on improving the anti-infective therapy area to strengthen the product range

• Continue to focus and attempt launches of niche molecules with high barriers to entry. Expect unlocking of value in near future with existing and other molecules in the pipeline

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9
10+ B rands
in #1
Brands in
excess of position in
indicated
STRONG POSITION IN INR 100mn+
sales prescription
ONCOLOGY AND
HEPATITIS-C DOMAINS
Around 400
Sales force in India
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DOMESTIC FORMULATION SALES[(1) ] ₹ mn

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8,810
7,202 7,347
6,342
5,405
4,101
2016 2017 2018 2019 2020 2021
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FY 21 saw significant pressure in Oncology sales due to the pandemic and patients staying away from the hospitals. The Company expects to see a rebound in the domestic revenues in the coming years

FY numbers have been prepared under Ind AS (1) Represents gross revenue

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STRONG MARKET POSITION IN DOMESTIC ONCOLOGY SEGMENT

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OVERVIEW OF ONCOLOGY DIVISION

• 18 years of strong presence in oncology segment. One of the leaders in the sale of branded oncology medicines in India

• Portfolio of well recognized brands – 7 brands with INR 100mn+ sales in the oncology segment

• Widened its oncology product range from 6 in 2003-04 to 38[(1)] in 2020-21

• Sales and marketing of the product is supported by around 100 sales representatives and

• strategically located logistics network of distributors

• Aggressive introduction of novel drugs in cancer

ONCOLOGY PORTFOLIO

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NUMBER OF
SOLID
HEMATOLOGY
ACTIVE TUMOURS
16
22
BRANDS – 38
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ONCOLOGY REVENUE ₹ mn

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3,968
3,224 3,339 3,078
2,526 2,411
2016 2017 2018 2019 2020 2021
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Veenat
Ibrunat Lenalid
INR – 100
Mn+
brands
Sorafenat Carfilnat
Erlonat Geftinat
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FY numbers have been prepared under Ind AS (1)As on March 31, 2021

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EXPANDING ROW PRESENCE

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CANADA

• Strong portfolio with 25+ products including Oncology, cardiovascular and CNS therapies

• 22 approvals in place

• Launched Nat-Lanthanum as the sole generic in the market

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SUBSIDIARIES PERFORMANCE ₹ mn

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BRAZIL

• Launched the first generic of Oseltamivir in Brazil

• Further evolution of market share of sole generic of Everolimus

• Transition to the new QC lab and warehouse at Vitoria, Brazil

PHILIPPINES

• Liposomal Doxorubicin approved and first Natco product to be launched by our subsidiary Natco Lifesciences Philippines Inc

ASIA PACIFIC (including Australia)

• Presence in Singapore (10 approvals)

• Approved and settled Lenalidomide and Pomalidomide with Innovator for future launch in Australia

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4,011
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1,194
1,086 1,085
946
630
2016 2017 * 2018 2019 2020 2021
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Natco has 7 subsidiaries including one step-down subsidiary. Majority of growth in FY 21 was generated from Canadian subsidiary

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API FACILITIES

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STRENGTHS

• Strategically important business – develops APIs primarily for third party sales and also for captive consumption

• Well established process safety engineering lab

• Complex multi-step synthesis & scale-up

• Portfolio of 39 active US DMFs with niche products under development

• Advanced synthetic/separation technologies

• Focuses on complex molecules in oncology and CNS segments.

• Containment facility for handling High potency APIs

• Other therapeutic areas of focus includes Anti-asthmatic, Anti-depressant, Anti-migraine, Antiosteoporosis and G I Disorders

• Exports are focused on the US, EU, Latin America and RoW markets.

• Vertical integration for several APIs a key competitive advantage

• Peptide (Solid phase) pharmaceuticals

• Oligo nucleotide Pharmaceuticals

• Well established NCEs screening (including Zebra fish) facility

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MEKAGUDA, TELANGANA

• Oncology API's and speciality products

• Approvals from USFDA, PMDA (Japan), COFEPRIS (Mexico), EDQM (Europe), Korean FDA, WHO, EU GMP (Germany)

• Last USFDA audit successfully completed and EIR received in September 2019

CHENNAI, TAMIL NADU

• Cytotoxic API’s

• Synthetic chemistry

• WHO GMP (CDSCO), USFDA

• USFDA audit with Establishment Inspection Report (EIR) received in July 2019

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RESEARCH & DEVELOPMENT CAPABILITIES

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R&D capabilities demonstrated by its complex and niche product filings in formulations and API segments

• Two research facilities with capabilities across synthetic chemistry, nano pharmaceuticals, new drug discovery and cell biology

FINISHED DOSAGE FORMULATIONS (FDF)[(2)]

• 25 commercial products

R&D Expense (₹ mn)

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2,500 9.3%
1,976 9.1% 9.0%
2,000 1,665 8.7%1,656 1,596
1,500 1,216 8.0%
7.8%
1,000 703
7.0%
500 6.8%
6.2%
- 6.0%
2016 2017 2018 2019 2020 2021
R&D Expense R&D Expense %
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• 19 Para IV ANDAs in pipeline

ACTIVE PHARMACEUTICAL INGREDIENTS (API)

• 49 Cumulative DMFs filed

• 39 active DMFs [(2)]

Talented Pool of Scientists (Total no: 534)[(1)]

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3%
19% 8%
A R & D
41% C R. & D. 21% Masters
F. R. & D.
4% Others
NDDS
PH.D
7% Others
71%
R. A.
26%
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Over 40 R&D laboratories in 2 research facilities

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FY numbers have been prepared under Ind AS

• (1) As of March 31,2021

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(2) As of March 31, 2021. Does not include integrated DMFs filed with ANDAs

FORMULATION FACILITIES

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INTERNATIONAL MARKETS

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KOTHUR

• Oral and solid dosages including cytotoxic Orals, cytotoxic injectables and pre-filled syringes

• USFDA, GMP, (DCA), German, Health Authority, Australia TGA, ANVISA (Brazil)

• ◼ USFDA audit with Establishment

• Inspection Report (EIR) received in August 2019

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VISAKHAPATNAM

• Solid oral tablet and capsule manufacturing

• Site approval received from USFDA. First product approval of Chloroquine Phosphate

• Targeted towards US & other International regulated markets

• Located in a Special Economic Zone (SEZ)

DOMESTIC MARKETS

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NAGARJUNA SAGAR

• Oncology, Antibiotics and Antiviral

• WHO GMP and Kenya MOH

GUWAHATI

• Tablets, Capsules

• GMP Compliant facility

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DEHRADUN UNIT VI

• Tablets, Capsules, Injectables

• GMP

DEHRADUN UNIT VII

• Tablets, Capsules

• GMP, Public Health Service of the

• Netherlands (EU GMP)

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CROP HEALTH SCIENCES

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TECHNICAL UNIT

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• Completed state-of-the-art greenfield manufacturing facilities for agro technical and formulation products, with a total Capex spend of approx. INR 152 crores

• Acquired manufacturing assets for production of pheromone-based formulations, with technology transfer from ATGC

• Targeting two categories of products – bioproducts and pesticides. Successfully launched first pheromone-based mating disruption product for management of Pink Bollworm pest in Kharif 2021 for cotton

• Targeting other niche molecules in both product categories mentioned above during the current year

FORMULATION UNIT

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PRODUCT PORTFOLIO

• Agrochemicals

• Bioproducts

• Plant growth regulators

R&D

• Development of new innovative molecules

• Product testing lab near Hyderabad

• Scaling up of manufacturing facilities for semiochemicals at Shameerpet near Hyderabad

PRODUCT DEVELOPMENT

• Field demonstration of newer chemistries

• Farmer education and training about new products

• ◼ Handling statutory needs and requirements

13

KEY MANAGEMENT

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V.C Nannapaneni Chairman and Managing Director Rajeev Nannapaneni Vice Chairman & CEO P.S.R.K Prasad Executive Vice President (Corp. Engineering Services) Dr. Linga Rao President (Technical Affairs) M Adinarayana Company Secretary, Vice President-Legal Affairs

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S.V.V.N. Appa Rao CFO

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Dr. Pulla Reddy M Executive Vice President - R&D

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Dr. Rami Reddy B Director - Formulations Rajesh Chebiyam Executive Vice President, Crop Health Sciences

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◼ Holds a Masters degree in Pharmaceutical Administration from the Long Island University,USA ◼ Over 4 decades of experience in the pharmaceutical industry ◼ Holds a Bachelors degree in Quantitative Economics and History from Tufts University, Boston,USA ◼ Has over 20 years of experience in the pharmaceutical industry ◼ Holds a B.E. Mech. Engg. from Andhra University, Visakhapatnam ◼ Responsible for looking after the general administration, engineering, regulatory, training, environmental matters, safety, health, production and maintenance activities of the Company ◼ Holds a Masters degree in Science (Applied Chemistry) & Ph.D in Chemistry from JNTU, Hyderabad ◼ Over 4 decades of experience in the pharmaceutical industry and has been working with Natco for 23+ years ◼ Bachelors in Commerce and Law from Andhra University, Fellow Member of Institute of Company Secretaries of India (ICSI) ◼ Over 36 years of experience including 26 years with the Company in legal, secretarial, corporate affairs and patent litigation areas ◼ 35+ years of experience including 26 years within the Company covering areas of accounting, finance, treasury, taxation ◼ Responsible for finance and treasury functions at the Company ◼ Holds Masters in Science (Chemistry) and Ph.D in Chemistry, both from University of Hyderabad. Did postdoctoral research for 2.5 years at University of Zurich, Switzerland ◼ 25+ years' experience at Natco with key role in developing novel commercially viable processes for over 100 APIs and intermediates ◼ Holds M. Pharm and Ph.D. (Pharmaceutics) degree from Nagpur University ◼ 33+ years of experience in the Pharmaceutical Formulation industry. Responsible for Formulation plant operations, Product development and Regulatory compliance ◼ Holds an MBA from Babson College (USA) and a Masters degree in Chemical Engineering from University of Rhode Island ◼ 25+ years of experience across supply chain, operations, business development, sales and strategy

14

CONSOLIDATED FINANCIALS

Consolidated Profit & Loss Statement(₹ mn)	Consolidated Profit & Loss Statement(₹ mn)	Consolidated Profit & Loss Statement(₹ mn)	Consolidated Profit & Loss Statement(₹ mn)
S.No.	Particulars	Year ended
		31 March 2021	31 March 2020
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17	Income Revenue from operations Other income Total income (1+2) Expenses Cost of materials consumed Purchases of stock-in-trade Changes in inventories of finished goods, work-in-progress and stock-in-trade Employee benefits expense Finance costs Depreciation and amortisation expense Other expenses Total expenses Profit before exceptional items and tax (3-4) Exceptional items Profit before tax (5-6) Tax expense (i) Current tax (ii) Income-tax for earlier years (iii) Deferred tax charge /(credit) Total tax expense Profit for the period/year (7-8) Other comprehensive income (net of tax) A. Items that will not be reclassified subsequently to profit or loss: Remeasurement of defined benefit plans Net gains / (losses) from investments in equity instruments designated at Fair value through other comprehensive income (FVTOCI) Income-tax relating to items that will not be reclassified to profit or loss B. Items that will be reclassified subsequently to profit or loss: Exchange differences on translation of foreign operations Total other comprehensive income (net of tax) (A+B) Total comprehensive income for the period/ year (9+10) Profit for the period/year attributable to: Owners of the Company Non-controlling interests Other comprehensive income attributable to: Owners of the Company Non-controlling interests Total comprehensive income attributable to: Owners of the Company Non-controlling interests Paid-up equity share capital (face value of ₹2 each) Other equity Earnings per share (face value ₹2 each) Basic (in ₹) Diluted(in ₹)	20,521 1,036	19,150 1,074
		21,557 3,729 1,866 (481) 4,149 133 1,169 5,196	20,224 3,290 1,278 (752) 3,750 215 998 5,758
		15,761 5,796 -	14,537 5,687 -
		5,796 1,408 70 (106) 1,372 4,424	5,687 1,271 40 (205) 1,106 4,581
		(8) 143 (10)	(79) (20) 34
		(38)	(80)
		(38) 87 4,511	(80) (145) 4,436
		4,409 15 87 - 4,496 15 365 40,851 24.20 24.16	4,608 (27) (145) - 4,463 (27) 364 37,371 25.33 25.26

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Consolidated Balance Sheet (₹ mn)	Consolidated Balance Sheet (₹ mn)	Consolidated Balance Sheet (₹ mn)	15
	31 March 2021	31 March 2020
I Assets (1) Non-current assets (a) Property, plant and equipment (b) Capital work-in-progress (c) Intangible assets (d) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (e) Other non-current assets Total non-current assets (2) Current assets (a) Inventories (b) Financial assets (i) Investments (ii) Trade receivables (iii) Cash and cash equivalents (iv) Bank balances other than (iii) above (v) Loans (vi) Other financial assets (c) Other current assets Total current assets Total assets	20,138 2,234 94 1,594 158 43 285	15,756 5,180 88 836 161 42 559
	24,546	22,622
	7,982 1,443 4,129 258 2,577 131 4,270 2,583	5,580 287 5,513 198 462 84 8,588 2,544
	23,373	23,256
	47,919	45,878
II EQUITY AND LIABILITIES (1) Equity (a) Equity share capital (b) Other equity Equity attributable to owners of the Company (c) Non-controlling interest Total equity (2) Liabilities (A) Non-current liabilities (a) Financial liabilities (i) Borrowings (ii) Other financial liabilities (b) Provisions (c) Deferred tax liabilities, net Total non-current liabilities (B) Current liabilities (a) Financial liabilities (i) Borrowings (ii) Trade payables - Dues of micro and small enterprises - Dues of creditors other than micro and small enterprises (iii) Other financial liabilities (b) Other current liabilities (c) Provisions (d) Current tax liabilities, net Total current liabilities Total liabilities Total equity and liabilities	365 40,851	364 37,371
	41,216 18	37,735 112
	41,234	37,847
	9 11 996 413	9 8 902 259
	1,429	1,178
	2,667 75 1,387 864 122 128 13	3,150 21 2,533 825 134 105 85
	5,256	6,853
	6,685	8,031
	47,919	45,878

QUARTERLY FINANCIAL SUMMARY

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SEGMENTAL BREAKDOWN (₹ mn)
Revenue Division Q2FY22 Q2FY21 FY21 FY20
A) API Revenue [(1)] :- 763 1,995 5,120 3,552
B) Formulation:-
B1) Formulation export, profit
share, export service income & 1,905 4,820 10,771 9,334
revenue from Subsidiaries
B2) Domestic Formulation:- 998 1,083 4,101 5,405
Formulations Total Revenue (B1+B2) 2,903 5,903 14,873 14,739
C) Crop Health Sciences 35 - 21 -
D) Other Operating & Non -
451 381 1,543 1,933
operating incomes
Consolidated Total Revenue 4,152 8,279 21,557 20,224
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CONSOLIDATED FINANCIAL RESULTS(₹ mn)	CONSOLIDATED FINANCIAL RESULTS(₹ mn)	CONSOLIDATED FINANCIAL RESULTS(₹ mn)	CONSOLIDATED FINANCIAL RESULTS(₹ mn)	CONSOLIDATED FINANCIAL RESULTS(₹ mn)
	Q2FY22	Q2FY21	FY21	FY20
Total Revenues	4,152	8,279	21,557	20,224
EBITDA	1,085	3,021	7,098	6,900
EBITDA Margin (%)	26.1%	36.5%	32.9%	34.1%
PAT (after minority interest)	651	2,024	4,409	4,608
PAT Margin (%)	15.7%	24.4%	20.5%	22.8%

(1) Revenue regrouped to include API trading income

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Contact Investor Relations Team at ir@natcopharma.co.in

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040-2354 7532; Extn 220

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A VIEW OF NATCO’S CORPORATE OFFICE