Orchid Pharma Limited — Interim / Quarterly Report 2022

Aug 13, 2021

{ Fonnerly known os Orchid Chomigels & Pharmaceuticals Limited | Corp. Of: Orchid Pharma Lid. 'Qrchid Towers' 214, Valluvarkottam High Road, Nungambokkam, Chennat » 600 084, India, CIN: L2AZA2TN 1 OE2PLCO22994

	Orch idPharma?'
	{ Fonnerly known os Orchid Chomigels & Pharmaceuticals Limited Corp. Of: Orchid Pharma Lid. 'Qrchid Towers' 214, Valluvarkottam High Road, Nungambokkam, Chennat » 600 084, India,CIN: L2AZA2TN 1 OE2PLCO22994
August 13, 2021
National Stock Exchange of India Ltd	BSE Limited
Listing DepartmentExchange Plaza, 5th Floor, Plot No: C/1,	Corporate Relationship Department1st floor, New Trading Ring, Rotunda Building,
G - Block, Bandra — Kurla Complex,	P J Towers, Dalal Street, Fort
Bandra (East), Mumbai - 400 051	Mumbai - 400 001
NSE Symbol: ORCHPHARMA	BSE Code: 524372
Luxembourg Stock Exchange	London Stock Exchange
Bourse de Luxembourg	10 Paternoster Square
BP 165, L-2011 Luxembourg Siege social	London
11, avenue de la Portal - Neuve	EC4M 7LSUnited Kingdom

Sub: Outcome of Meeting - Approval of Unaudited Financial Results (Standalone and Consolidated) for the Quarter ended June 30, 2021

Dear Sir/Madam

We refer to our communication dated August 06, 2021 submitted to your good office pertaining to the Board meeting to be convened on August 13, 2021. Further, in accordance with Regulation 33 of SEBI (Listing Obligations & Disclosure Requirements) Regulations 2015 and other applicable provisions of the SEBI (Listing Obligations & Disclosure Requirements) Regulations, 2015, we would like to inform that the Board of Directors at its meeting held on August 13, 2021, has inter-alia, considered, approved and taken on record the Unaudited Standalone and Consolidated financial results of the Company for the Quarter ended June 30, 2021 (Q1 of Financial year 2021-22) along with the Limited Review Report (s) of the Statutory Auditors on the same. A copy of the Unaudited Financial Results (Standalone and consolidated) along with the Limited Review Report (s) issued by the Statutory Auditors is enclosed. Tel (91) 44-2827 1000 | Far: (91) - 44-2821 1002 | Email comporctediarchidpharma.com | Urh www orchidsharme.com

Kindly take the above on your records.

Thanking you, Yours faithfully,

For Orehid:Pharma Limited ZS

	1000Regd. Office: 'Orchid Towers' #313, Valvar .cttak High Poad, Nungambakkam, Chennai - 600024, Tamil Nadu,Ph. +91 - 44 - 2821Statement of Unaudited Consolidated and Standalone Financial Results for the quarter ended June 30, 2021	/ 2823 0000 Fax: +91 -44 - 28211002 Emailid: corporate@orchidpharma.com	Orchid Pharma LimitedCIN: L24222TN1992PLC022994{Ail amounts are in iakhs of Indian Rupees, unless otherwise stated}			Website: www erchidpharma.com
S.No.	[Particulars		For thequarter ended	Standalone financial results	For the		For the	Consolidated financial results	For the year
		(Unaudited)	June 30,2021 March 31,2021 June 30, 2020(Audited)	(Unaudited)	year endedMar 31, 2021(Audited)	{Unaudited}	quarter endedJune 30,2021 March 31,2021 June 30, 2020(Audited)	(Unaudited)	endedMar 31, 2021(Audited)
12	Income from Continuing OperationsjNet Sales / income from operations{Other Income (Net)	9,553.71312.33	12,049.42253.53	11,902.05127.08	45,069.50647.52	9.234.29312.33	11,955.971,128.68	11,916.36127.08	45,006 041,522.57
	3. Total income (1+2)	9,866.04	42,303.05	12,029.13	45,717.02	9,543.62	13,084.65	12,043.44	46,528.61
4	{ExpensesCost of matenals consumed	6,786.78	5,580.70	5,805.85	24,496.08	6.78373	5.608.57	5,904.72	24 559.65
	Changes in inventories of rew material, work-in-progress, stock-in-tredeand finished goods	(1,999.95)	2,319.39	(784.66)	{1,568.79}	(1,999.95)	2.220.76	(794.05}	(1,708.38)
	Employee benefit expensesFinance costs	1,440.771,087 86	937.401,188.55	1,735.601,358.53	6,439.885,133.5€	1543.39	981.35	1,826.59	6,710.79
	Depreciation and amortization expense	2,010 77	2,032.17	2,964.27	10,889.86	1.087.8652,071.26	1,188.552.032.74	1,358.532,964.78	5,133.5610,891.64
	Other expenses	2,881.60	840.12	2,912.39	9,913.65	Zoli t2	1,397.20	3,049.10	10,457 24
	Total Expenses	12,207.83	12,898.33	13,991.98	$5,304.24	12,373.41	13,429.17	14,309.67	56,053.50
57	{Loss before exceptional items and tax (3-4)6 Exceptional items Loss before tax from continuing operations (5+6)	(2,341.79)-(2,341.79)	(595.28)-(595.28)	(1,962.85)-(1,962.85)	(9,587.22)-(9,587.22)	(2,829.79)-(2,829.79)	(344.52):(344.52)	(2,266.23}-(2,266.23)	(9,524.89)-(9,524.89)
8	{Tax expense
	Current tax	f	:
3	Deferred taxTotal Tax Expenses	--	--		-

y 3 [oat f} oe ae

Orchid Pharma Limited

Statement of Unaudited Consolidated and Standalone Financial Results for the quarter ended June 30, 2021 (Contd...)

	Orchid Pharma LimitedStatement of Unaudited Consolidated and Standalone Financial Results for the		quarter ended June 30, 2021 (Contd)
S.No.	[Particulars		Stand alone financial results					Consolidated financial results
			For thequarter ended		For theyear ended		For thequarter ended		For theyear ended
9	Loss for the period from continuing operations (7-8)	(Unaudited)(2,341.79)	June 30, 2021 March 31,2021 June 30, 2020(Audited)	(Unaudited)	Mar 31, 2021(Audited)	(Unaudited)	June 30,2021 March 31,2021 June 30, 2020(Audited)	(Unaudited)	War 31, 2021(Audited)
1014	Loss from discontinued operations (refer note 6) Tax expense cf discontinued operations	(260.58)-	(595.28)(2.128.11)-	(1,962.85)-	(9,587.22)(2.428.113-	(2,829.79)(260.58)-	(344.52)(2.128.11)-	(2,266.23)-:	(9,524.89)(2128 47:;
1213	Loss from discontinued operations (after tax) (10-11) Loss for the period (9+12)	(260.58)(2,602.37)	(2,128.11)(2,723.39)	-(1,962.85)	{2,128.11}(11,715.33)	(260.58)(3,090.37)	(2,128.11)(2,472.63)	-(2,266.23)	(2,128 41}(11.653.00)
14	iOther comprehensive income, net of income taxa) {i} items that will not be reclassified to profit or loss(ti) income tax relating to items that will not be	17.21	210.79	(47.60)	66 47	7.21	210.79	(67.60)	66<
	reclassified to profit or jossb) {i} tems that will be reclassified to profit or loss(i) income tax relating to items that will be rectassified		~	-
	to profit or lossTotal other comprehensive income! (loss), net of income tax	17.21	210.79	(47.60)	66.47	17.21	210.79	(47.60)	66.47
	15 Total comprehensive Loss for the period (13+14)	(2,585.16)	(2,512.60)	(2,010.45)	(11,648.86)	(3,073.16)	(2,261.84)	(2,313.83)	(11,586.53)
1617	Paid-up equity share capitalFace value per share (Rs) Eaming per share (Rs) (not annualised)	4,081.6410.00	4,081.6410.00	4,081.6410.00	4081.6410.00	4,081.6410.00	4,081.6416.00	4081.6410.00	4.08745410 60

Orchid Pharma Limited

Statement of Unaudited Consolidated and Standalone Financial Results for the quarter ended June 30, 2021 (Contd. )

Notes:

• The above results for the quarter ended June 30, 2021 as reviewed and recommended by the Audit committee of the Board, has been approved by the Board of Directors at its meeting held on August 13, 2027 The statutory auditors of the company have expressed a modified opinion on the Limited review.
• During the quarter ended June 30. 2021, the Company has incurred a net loss of Rs. 2,602 lakhs on a standalone basis and as of June 30. 2021 the Company's accumulated losses amounted to Rs.2,15.916 lachs. In view of the implementaton of the approved resolution plan in the previous year, the above financial results have been continued to be prepared on 2 going concem basis.
• The Company has taken into account the possible impacts of COVID-19 in preparation of the financial results, including but not limited to its assessment of liquidity and going concern assumption. recoverable values of its financial and non-financial assets and impact on revenues. The Company has considered intemal and certain external sources of information including reliable credit reports, economic forecasts and industry reports up to the date of approval of the financia! results and expects to recover the carrying amount of its assets. The situation is changing rapidly giving nse {to inherent uncertainty around the exter! ar ing of the potentia: © ture impact of the COVID-19, which may be different from that estimated as at the date of approval of the financial results. The Company will continue 'to closely monitor any material changes ansing out of future economic conditions and impact on its business.
  • The statement has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "interim Financial Reporting" prescabed under section 133 of the companies Act, 2013 and other recognised accounting practices and policies generally accepted in India, to the extent applicable
  • During the quarter ended June 30, 2021, the Company has completed the sale of leasehold land at Vishakhapatnam and entered into an agreement to sell the IKKT Undertaking. both of which were classified es Non current! assets held for sale and Disposab'e Groups as per Ind AS 105 during the year ended March 31, 2021
  • The operations of the Company falls under a single operating segment ie., "Pharmaceuticals" in accordance with Ind AS 108 "Operating Segments" and hence no reperting as per Ind AS 198 is applicable.
  • The figures for the quarter ended March 31, 2021 represents the balancing figure between the Audited results for 'he year ended March 31, 2021 and the published year to date figures up to the third quarter of the relevant year.

Date August 13, 2021

Place: Gurgaon Manish Dhanuka

For and on behalf of the Board

h ae iC nl'

Managing Director

Initialléd for identification purposes

CNGSN & ASSOCIATES LLP CHARTERED ACCOUNTANTS

Flat No.6, First Floor, Vignesh Apartments, North Avenue, Sri Nagar Colony, Little Mount, Chennai - 600 015. Tel : +91-44-22301251 ; Fax : +91-44-4554 1482 Web : www.cngsn.com ; Email : cg@cngsn.com B.Com., FCA

Dr. C.N. GANGADARAN B.Com., FCA, MBIM (Lond.), Ph.d.

S. NEELAKANTAN B.Com., FCA

R. THIRUMALMARUGAN M.Com., FCA

B. RAMAKRISHNAN B.Com., Grad. CWA, FCA

V. VIVEK ANAND B.Com., FCA

CHINNSAMY GANESAN B.Com., FCA, DISA (ICAI)

D. KALAIALAGAN B.Com., FCA, DISA (ICAI)

K. PARTHASARATHY B.Com., FCA

NYAPATHY SRILATHA M.Com., FCA, PGDFM

E.K. SRIVATSAN

Limited Review Report

on the Standalone Unaudited Financlal Results for the Quarter ended June 30, 2021 of M/s Orchid Pharma Limited Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

The Beard of Directors Orchid Pharma Limited "Orchid Towers" 313 Valluvar Kottam High Road Nungambakkam, Chennai 600 034.

1. We have reviewed the unaudited standalone financial results of M/s. Orchid Pharma Limited ("the Company") for the quarter ended June 30, 2021 together with the notes thereon, which are included in the accompanying 'Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2021' (the Statement'), attached herewith. The Statement is being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended which has been initialled by us for identification purposes.

The preparation of the Statement is the responsibility of the Company's management and it has been prepared by the management in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.

Our responsibility is to issue a report on the Statement based on our review.

• We conducted our review in accordance with the Standards 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.
• Due to the extension of complete/partial lockdown across India to contain the spread of the Covid'19 virus, sufficient, appropriate audit evidence relating to physical verification of fixed assets/ related reconciliation with the books of account could not be obtained. Accordingly, we are unable to comment on the possible impact, if any, arising out of the above matters. This has also been qualified in our earlier period's audit report.

5. We draw attention to

• a) The Company has taken certain lands on lease for Its operations In respect of which the lease agreement expired before the date of commencement of the Corporate Insolvency Resolution Process. As part of the right to review the existing agreements, the Company has made a detailed assessment of the market rent for the property and the market value of the property for outright purchase. Since the present rent as per erstwhile lease agreements is significantly high considering the market value of the property itself, the Company is in talks with the lessor for renewal of the lease with lower rent or for outright purchase of the property as part of the implementation of the resolution plan. However, no finality is reached on this matter as of date.
• b) Note 4 of the statement which describes the uncertaintles and the impact of Covid-19 pandemic on the Company's operations and results as assessed by the management.
• Further to the continuous spreading of COVID -19 across India, the Indlan Government/ Government of Tamil Nadu have announced partial/ complete lockdown to contain the spread of the virus. This has resulted in restriction on physical visit to the client locations and the need for carrying out alternative review procedures as per the Standards on Auditing prescribed by the Institute of Chartered Accountants of India (ICAI).

As a result of the above, the major part of the limited review was carried out based on remote access of the data as provided the management. This has been carried out based on the advisory on "Specific Considerations while conducting Distance Audit/ Remote Audit/ Online Audit under current Covid-19 situation" issued by the Auditing and Assurance Standards Board of ICAI. We have been represented by the management that the data provided for our limited review purposes is correct, complete, reliable and are directly generated by the accounting system of the Company without any further manual modifications. We bring to the attention of the users that our limited review of the Statement has been performed in the aforesaid conditions.

Our limited review report has not been qualified in respect of matters referred to clauses § (a) to 5 (c) above,

1. Based on our review conducted as above, except for the possible effects of the matters specified In Paragraph 4 above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 as amended including the manner in which it is to be disclosed, or that it contains any material misstatement.

For CNGSN & ASSOCIATES I.LP Chartered Accountants os istration No.0049158/ $200036 (CHINNSAMY GANESAN) Partner Membership No. 027501 UDIN: 2102750iIRARADFI TLS Place: Chennai Date: August 13, 2021 ahs cet

2|Page

CNGSN & ASSOCIATES LLP CHARTERED ACCOUNTANTS

Flat No.6, First Floor, Vignesh Apartments, North Avenue, Sri Nagar Colony, Little Mount, Chennai - 600 015. Tel : +91-44-22301251 ; Fax : +91-44-4554 1482 Web : www.cngsn.com ; Email : cg@cngsn.com

Dr. C.N. GANGADARAN B.Com., FCA, MBIM (Lond.), Ph.d.

S. NEELAKANTAN B.Com., FCA

R. THIRUMALMARUGAN M.Com., FCA

B. RAMAKRISHNAN B.Com., Grad. CWA, FCA

V. VIVEK ANAND B.Com., FCA

CHINNSAMY GANESAN B.Com., FCA, DISA (ICAI)

D. KALAIALAGAN B.Com., FCA, DISA (ICA!)

K. PARTHASARATHY B.Com., FCA

NYAPATHY SRILATHA M.Com., FCA, PGDFM

E.K. SRIVATSAN B.Com., FCA

Limited Review Report

on the Consolldated Unaudited Financial Results for the Quarter ended June 30, 2021 of M/s Orchid Pharma Limited Pursuant to the Regulation 33 of the SEB! (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended

The Board of Directors Orchid Pharma Limited "Orchid Towers" 313 Valluvar Kottam High Road Nungambakkam, Chennai 600 034.

1. We have reviewed the unaudited consolidated financial results of M/s. Orchid Pharma Limited ("the Group") for the quarter ended June 30, 2021 together with the notes thereon, which are included in the accompanying 'Statement of Unaudited Standalone and Consolidated Financial Results for the quarter ended June 30, 2021' ("the Statement"), attached herewith. The Statement is being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, which has been initialled by us for identification purposes.

The preparation of the Statement is the responsibility of the Company's management and it has been prepared by the management in accordance with the recognition and measurement principles laid down in Indian Accounting Standard (Ind AS) 34, "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India.

Our responsibility is to express a conclusion on the Statement based on our review.

• We conducted our review in accordance with the Standards 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, We draw attention to the following matters

• a) Due to the extension of complete/partial lockdown across India to contain the spread of the Covid'19 virus, sufficient, appropriate audit evidence relating to physical verification of fixed assets/ related reconciliation with the books of account could not be obtained. Accordingly, we are unable to comment on the possible impact, if any, arising out of the above matters.
• b) The consolidated financial results for the quarter ended June 30, 2021 include the financial results . for the quarter ended June 30, 2021 of the following subsidiary companies:
  • (i) Orchid Eurape Limited, UK
  • (ii) Orehid Pharmaceuticals Inc., USA
  • (lil) Bexe!l Pharmaceuticals Inc., USA
  • (iv) Orchid Pharmaceuticals SA (Proprietary) Limited, South Africa
  • (v) Diakron Pharmaceuticals, Inc. USA

We have not carried out any review of the financial results of the above subsidiaries for the quarter ended June 30, 2021 that reflect total assets of Rs. 2,837.02 Lakhs as at June 30, 2021 and net assets of (-) Rs.6,518.11 lakhs, total revenue of Rs. 385.87 Lakhs, total comprehensive income (comprising of loss and other comprehensive income) of (-) Rs. 54.15 Lakhs for the quarter ended on that date, as considered in the Statement.

The financial results of the subsidlaries are unaudited/ not limited reviewed and have been furnished to us by the management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of the subsidiaries, is based solely on such unaudited financial results. Accordingly, we do not express any opinion on the completeness and fair presentation of the unaudited results, including adjustments, if any, required on the carrying amount of assets and liabilities of the above subsidiaries and foreign currency translation reserve as at June 30, 2021 included in the above Statement.

• ¢) Our limited review report has been qualified in respect of matters referred to clauses 4 (a) to 4 (b) above. The above matters have also been qualified in our earlier period's audit report/ Limited review reports.
• 1. We draw attentian to
  • a) The Company has taken certain lands on lease for its operations in respect of which the lease agreement expired before the date of commencement of the Corporate Insolvency Resolution Process. As part of the right to review the existing agreements, the Company has made a detailed assessment of the market rent for the property and the market value of the property for outright purchase. Since the present rent as per erstwhile lease agreements is significantly high considering the market value of the property itself, the Company is in talks with the lessor for renewal of the lease with lower rent or for outright purchase of the property as part of the implementation of the resolution plan. However, no finality is reached on this matter as of date.
  • b) Note 4 which describes the uncertainties and the impact of Covid-19 pandemic on the Company's operations and results as assessed by the management.
  • Further to the continuous spreading of COVID -19 across India, the Indian Government/ Government of Tamil Nadu have announced partial/ complete lockdown to contain the spread of the virus. This has resulted in restriction on physical visit to the client locations and the need for carrying out

alternative review procedures as per the Standards on Auditing prescribed by the Institute of Chartered Accountants of India (ICAI).

As a result of the above, the major part of the limlted review was carried out based on remote access of the data as provided the management. This has been carried out based on the advisory on "Specific Considerations while conducting Distance Audit/ Remote Audit/ Online Audit under current Covid-19 situation" issued by the Auditing and Assurance Standards Board of ICAI. We have been represented by the management that the data provided for our limited review purposes is correct, complete, reliable and are directly generated by the accounting system of the Company without any further manual modifications. We bring to the attention of the users that our limited review of the Statement has been performed in the aforesaid conditions.

Our limited review report has not been qualified in respect of matters referred to clauses 5 (a) to 5 (c) above.

1. Based on our review conducted as above, except for the possible effects of the matters specified in Paragraph 4 above, nothing has come to our attention that causes us to believe that the Statement has not been prepared in all material respects in accordance with Ind AS and other recognised accounting practices and policies, and has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, 2015 as amended including the manner in which it is to be disclosed, or that it contains any material misstatement.

For CNGSN & ASSOCIATES LLP

Chartered Accountants Firm Registration No.004915S/ $200036 ) ane cee (CHINNSAMY GANESAN) Partner Membership No. 027501 UDIN: 2102 THo1ARAADE 3541

Place: Chennal Date: August 13, 2021