May 27, 2021

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip code: 532531

The National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Scrip code: STAR

Dear Sirs,

Sub: Outcome of Board Meeting - Audited Financial Results (Standalone & Consolidated) for the quarter and year ended March 31, 2021

Ref: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

The Board of Directors at their meeting held today i.e., on May 27, 2021, has inter-alia, approved the Audited Financial Statements (Standalone and Consolidated) of the Company for the quarter and year ended March 31, 2021.

In this regard, please find enclosed the following:

1. A copy of the Audited Financial Statements (Standalone and Consolidated) for the quarter and year ended March 31, 2021 along with Auditors' Report for the said period;
1. Declaration on Unmodified Opinion in the Auditors' Report for Financial Year ended March 31, 2021; and
1. Press Release tilted "Strides reports strong FY21 performance with 29% revenue and 67% EBITDA growth".

The Board Meeting commenced at 11:45 hrs and concluded at 13:15 hrs.

This is for your information and record.

Thanks & Regards, For Strides Pharma Science Limited,

Manjula R Company Secretary

Encl. as above

Strides reports strong FY21 performance with 29% revenue and 67% EBITDA growth

Board recommends a final dividend of ₹2.50/- per equity share of face value of ₹10/-

Bengaluru, India, May 27, 2021 - Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its consolidated financial results for the quarter(Q4FY21) and year ended March 31, 2021 (FY21)

FinancialHighlights
PARTICULARS	Q4FY21	QoQ%	YoY%	FY21	YoY%
Revenues	₹9,115m	9%	47%	₹33,308m	29%
Gross Margins	₹5,400m	11%	44%	₹19,980m	33%
EBITDA	₹1,602m	-4%	136%	₹6,497m	67%
Pharma PAT	₹691m			₹3,090m	225%
Pharma EPS	₹7.7/share			₹34.5/share	225%

1. Excludes Ranitidine sales of ₹1,756m, gross margins of ₹1,389m and EBIDTA of ₹1,389m in FY20 , 2. Pharma PAT and Pharma EPS for Q4 FY21 excludes Exceptional items loss of ₹9m and Biotech and CHC share of loss of ₹198m

Commenting on the performance, Dr R Ananthanarayanan, Managing Director & CEO, remarked, "Amidst a tough operating environment, we are pleased to have delivered a healthy performance across all businesses in FY21. Our regulated markets franchise which now contributes 80% of revenues has seen significant ramp up in FY21 growing 21% YoY inline with our outlook. The emerging markets business witnessed a strong bounce back in FY21 benefitting from launch of TLD albeit at lower gross margins

Our revenue during the year has grown 29% YoY to ₹33,308m with an EBITDA growth of 67% to ₹6,497m. EBITDA margin for FY21 was at 19.5%, a healthy expansion of 450bps YoY despite a significant cost increase of ₹1,293m from logistics and Failure to Supply largely owing to COVID-19 related disruptions

While in the near term we are witnessing operational challenges owing to a rampant second wave of COVID-19 in India, we believe we have all the strategic pivots in place to continue on our growth momentum and deliver strong financial outcomes for our stakeholders over the next 3 years.

Detailed investor communication on the performance of the Company is attached

About Strides

Strides, listed on the BSE Limited (532531) and National Stock Exchange of India Limited (STAR), is a global pharmaceutical company headquartered in Bengaluru, India. The Company mainly operates in the regulated markets and has an "in Africa for Africa" strategy along with an institutional business to service donor-funded markets. The Company's global manufacturing sites are located in India (Chennai, Puducherry and two locations in Bengaluru), Singapore, Italy (Milan), Kenya (Nairobi) and the United States (Florida). The Company focusses on "difficult to manufacture" products that are sold in over 100 countries. Additional information is available at the Company's website at www.strides.com

For further information, please contact:

Strides	PR Consultancy
Badree Komandur	Fortuna PR
Executive Director & CFO	K Srinivas Reddy: +91 90005 27213
+91 80 6784 0747	[email protected]
	K Priya: +91 95354 25418
Investor Relations:	[email protected]
Sandeep Baid:+91 80 6784 0791
Email: [email protected]

Strides Pharma Science Limited
CIN: L24230MH1990PLC057062

Regd. Office: 201, 'Devavrata', Sector -17, Vashi,
Navi Mumbai -400 703

Corp. Office: Strides House, Bannerghatta Road,
Bengaluru–560076

Q4FY21 and FY21 Earnings May 27, 2021

COVID -19 Impact on People and Business

Our People

We are grateful to all our employees and their families for their dedication and commitment to the company during this pandemic
We are deeply saddened by loss of few of our colleagues in the second wave of the pandemic
We continue to pursue a People First approach, with safety and well being of our employees being our top priority
We have taken several initiatives to support our workforce during these challenging times
- Financial support to secure honorable living for families of deceased employees due to COVID
- Free Vaccination program for all employees and their families
- Expansion of insurance coverage for COVID over and above the regular medical insurance
- Full medical assistance for impacted employees and their families including hospital admissions
- 24x7 COVID helpline assisting our employees with medications and counselling

Our Business

Witnessed lower footfalls at pharmacies and lower elective surgeries in hospitals throughout FY21 leading to lower prescription generation specifically in US, UK and Europe
Weak demand for certain products in the acute portfolio, winter portfolio a complete washout in FY21 due to absence of flu season
Our priority of superior customer advocacy is enabled through focus on building in-market safety stocks and supply chain efficiencies, with a very low historical Failure to Supply (FTS)
The disruptions in manufacturing operations during the first wave had significantly depleted our safety stocks on our key products**.** This necessitated us to increase air-shipments in H2 to minimize FTS and maintain customer advocacy despite very high freight rates
FY21 saw significant cost increases attributable to manufacturing disruptions and cost escalations with logistics cost increasing by ₹800m and FTS increasing by ₹493m YoY
Re-inspection of Puducherry site has not yet occurred due to COVID-19 related travel delays

Future Plan

While the COVID 1st wave saw disruptions in operations and cost escalations, the severity of the 2nd wave has inaddition has had a significant impact on our employees and their families
In the near term, the operating environment continues to be challenging, ambiguous and uncertain and we continue to adopt a People First approach to tide through the pandemic
With the near-term uncertainty, we have re-focused to achieve our long term objectives with a 3 year view
We believe that the resilience within the organization and the solidity of our product portfolio will help us pass through these turbulent times
With a more focused approach and sharper execution, we will continue to deliver a strong Revenue and Profitability CAGR with superior cash flows and ROCE over the next 3 years
We are also creating a basket of products and will launch them shortly in India market to aid COVID treatment and supportive care, with launch of Liposomal Amphotericin B announced today being the first one
Validation batches of Sputnik commenced in late May from our newly commissioned facility, expect large scale facility to be on track in July in spite of COVID challenges and we expect to be in the market with product as previously announced by October

Revenues

US Other Reg Mkts Institutional Africa

YoY growth in INR reported numbers ex-Ranitidine

Amidst a tough operating environment, we are pleased to have delivered a healthy performance across all businesses in FY21. Our regulated markets franchise which now contributes 80% of revenues has seen significant ramp up in FY21 growing 21% YoY inline with our outlook. The emerging markets business witnessed a strong bounce back in FY21 benefitting from launch of TLD albeit at lower gross margins

Dr. R Ananthanarayanan

Managing Director & Group CEO

FY21 EBITDA impacted by significantly higher logistics cost (₹800m YoY increase) and Failure to Supply costs (₹493m YoY increase) largely due to COVID-19 related manufacturing and supply chain disruptions

Financial performance in Q4FY21 and FY21

	Q4FY21	Q3FY21	Q4FY20	QoQ%	YoY%	FY21	FY201	YoY%
Revenues	₹9,115m	₹8,375m	₹6,216m	9%	47% 	₹33,308m	₹25,880m	29% 
Gross Margins	₹5,400m59.2%615%	₹4,869m58.1%	₹3,750m60.3%	11%110 bps	44%-115 bps	₹19,980m60%61.5%	₹15,023m58.0%	33%200bps
EBITDA	₹1,602m17.6%201%	₹1,661m19.8%	₹680m10.9%	-4%-220ps	136%670bps	₹6,497m20.1%19.5%	₹3,887m15.0%	67%450bps
Pharma PAT2	₹691m					₹3,090m	₹952m	225%
Pharma EPS2	₹7.7					₹34.5	₹10.6	225%

Q4FY21 EBITDA impacted by higher logistics cost (increase of ₹256m QoQ, ₹407m YoY) largely due to COVID-19 related disruptions

1. Excludes Ranitidine sales of ₹1,756m, gross margins / EBITDA / PAT of ₹1,389m in FY20 ,

2. Pharma PAT and Pharma EPS for Q4 FY21 excludes exceptional items loss of ₹9m, Biotech and CHC share of loss of ₹198m, Pharma PAT and Pharma EPS for FY21 excludes Exceptional items gain of ₹434m, Biotech and CHC share of loss of ₹978m

Regulated Markets

Market	Q4FY21	Q3FY21	Q4FY20	QoQ%	YoY%	FY21	1FY20	YoY%
US1	4,273	3,876	2,931	10%	46%	15,936	13,666	17%
Other Reg	2,722	2,981	2,260	-9%	20%	10,700	8,361	28%
Total	6,995	6,857	5,191	2%	35%	26,636	22, 027	21%

Emerging Markets

Market
Inst. Biz	1,448	878	625	65%	132%	3,894	2,371	64%
Africa	671	640	400	5%	68%	2,778	1,482	87%
Total	2,119	1,518	1,025	40%	107%	6,672	3,853	73%

Consolidated Group Revenues

Total	9,115	8,375	6,216	9%	47%	33,308	25,880	29%

1. Excludes Ranitidine sales of ₹1,756m in FY20

Key Highlights

Regulated Markets

US revenues at $58m for Q4FY21, up 46% YoY and 10% QoQ, FY21 revenues at $215m up 17% 1 YoY
Base molecules continue to witness healthy traction, new product launches and VA business bolsters growth momentum for the US business offsetting the price erosion impacts
Winter portfolio continued to be impacted as there was no flu season in the US

Other Regulated Markets

Other regulated markets Q4FY21 revenues at $37m up 20% YoY, FY21 revenues at $144m up 28% YoY with healthy growth across all key markets
Performance in Q4FY21 impacted due to decline in retail prescription for Rx and OTC products and weak hospital demand owing to 2nd COVID-19 wave in UK and Europe
Long term growth outlook for other regulated markets continues to be robust

Emerging Markets

Emerging markets revenues for Q4FY21 at $29m up 107% YoY, FY21 revenues at $90mn up 73% YoY
Growth in institutional business driven by TLD which was commercialized in H2FY21
Africa business delivered healthy performance despite COVID-19 related headwinds

R&D

Q4FY21 R&D investment at ₹294m , R&D investment for FY21 at ₹1,106m
Since April'20, we have filed 11 ANDAs and received approval for 16 ANDAs in the US
In other regulated markets we filed 18 products and received 16 new product approvals

Puducherry update

• While virtual inspections have been completed by other regulatory bodies, our warning letter position at Pondicherry continues to remain unresolved as we await resumption of travel by USFDA for reinspection, plant continues to supply existing products for the US market

Strides Regulated Markets 21% YoY % ₹5,191m Q4FY20 $73m ₹6,995m Q4FY21 $94m ₹22,027m FY20 $310m ₹26,636m FY21 $359m 35% YoY %

o Strides has successfully build a well diversified regulated markets business cutting across multiple geographies, including unconventional markets for Indian pharma players
o Regulated markets is the key growth pivot for Strides contributing ~80% of revenues
o Despite COVID related headwinds and discontinuation of Ranitidine, the regulated markets delivered a strong growth of 21% YoY inline with our outlook for the year
o US now contributes 60% of the regulated markets business, other regulated markets has now gained critical scale and contributes 40% of the regulated markets revenues
o Growth in business was driven by building frontend presence in key geographies , having strategic partnerships and leveraging existing regulated markets portfolio

Provided an outlook of 20-22% growth in FY21 for the regulated markets

HEADWINDS FACED DURING FY21

MANAGEMENT OUTLOOK FOR FY21

o Fall in patient footfalls at pharmacies and hospital due to COVID continued throughout FY21
o Weak demand for select products particularly in the acute portfolio, complete washout for winter portfolio

o Manufacturing disruptions owing to rising COVID cases
o Supply chain challenges including logistics and API procurement due to lockdowns
o Significant increase in shipment and logistics cost along with elongated shipment timelines

QoQ, YoY and FY growth are on INR reported numbers

US business reported revenues of ₹15,936m ($215m) for FY21, up 17% YoY despite no flu season and price erosions, US contributed 48% of consolidated FY21 revenues
During Q4FY21**, US continued its growth trajectory reporting revenues of U$58mn up ~46% YoY and 10% QoQ,** US frontend now contributes 87% of revenues
Growth driven by improved revenue contribution from base molecules, new launches and VA business leveraging our Singapore facility
COVID related headwinds continued during the quarter with tepid footfalls at pharmacies and hospitals
Winter portfolio was impacted as there was no flu season in the US
Continue to witness price erosions for select products in our portfolio

Continued R&D momentum

Q4FY21 R&D investment at ₹294m , FY21 investments at ₹1,106m forming 7% of US sales
Since April'20, we have filed 11 ANDAs and received approval for 16 ANDAs in the US, launched 6 products during the year
Currently have 130 ANDA's filed with the USFDA of which 100 are approved, expect filing momentum to pick up in FY22

QoQ, YoY and FY growth are on INR reported numbers

markets for FY21 led by portfolio expansion and strengthening of frontend presence
Revenues from other regulated markets for FY21 stood at ₹10,700m ($144m), growth of 28% YoY, representing 32% of consolidated revenues
The other regulated markets reported revenues of ₹2,722m ($37m) in Q4FY21 up 20% YoY
Continued ramp up of supplies to Arrotex in Australia driven by increased volumes and expansion of product offerings
Performance in Q4FY21 impacted due to decline in retail prescription for Rx and OTC products and weak hospital demand owing to 2nd COVID-19 wave in UK and Europe
Pick up in filing momentum for other regulated markets through continued investments in R&D, filed 18 new products and received 16 approvals in FY21
Healthy order book and portfolio expansion to drive growth in FY22
Long term outlook for the business continues to be robust, business will continue to benefit from portfolio maximization and better penetration of frontend markets

($29m) up 107% YoY and 40% QoQ
Revenues for FY21 at ₹6,672m ($90m), up 73% YoY in FY21, representing 20% of consolidated revenues
Institutional business delivered a healthy growth in FY21 benefitting from successful commercialization of TLD in H2FY21, albeit at lower gross margins
The Africa business returned to growth during FY21 on a lower base with a sharper focus on supply chain execution
Selective expansion of footprint along with introduction of new products including line extensions for existing products to drive growth
Relentless focus on improved MR productivity in Africa business to drive margin expansion

QoQ, YoY and FY growth are on INR reported numbers

Stelis Biopharma – Building a world class Biopharma franchise

Biosimilar PTH (Teriparatide) targeting Osteoporosis with < 4 global competitors
- EU file for MAA under review cycle,
- US IND is opened, clinical trials to commence once the partner is identified
Disrupting high volume insulin and analogs space with our low-cost technology
- Development on track, technology validated in Insulin Glargine;
- Glargine Phase-1 clinical trial for India dosing phase completed, on track for completion in Q3 'FY 22
- Aspart program initiated

• GLP-1 analogue programs

First NCE-1 program for GLP on track for Dec filing via ANDA path.
Second program initiated
Fully integrated, multi-capable facilities and skill sets to support end-to-end biopharmaceutical development and manufacturing needs for customers
Comprehensive services to support all phases of pre-clinical and clinical development
CGMP manufacturing of Drug Substance and Drug Product for commercial supply for both microbial & mammalian biologicals
All Drug Product lines are operational
Microbial Drug Substance suite executing atscale demonstration batches
Mammalian drug substance suite to be up and running from next fiscal, delay due to COVID-19 related travel restrictions for installation
Onboarding customers for CDMO services under multiyear contracts, first partner filing commenced
First Regulated market approval for partner product expected in FY22, subject to resumption of travel, currently limited on account of COVID

Biopharma (Follow on Biologics) BioSource™(CDMO services) Vaccines (New Pivot for growth)

Stelis Biopharma signed its first vaccine supply contract partnering with Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund) to supply 200 million doses of the Sputnik V vaccine
Discussions ongoing to partner with other global vaccine developers for manufacturing services
Validation batches of Sputnik commenced in late May from our newly commissioned facility and we expect large scale facility to be on track in July in spite of COVID challenges
We expect to be in the market with product as previously announced by October

Stelis concludes US$ 195m Series B and Series C fund raise, Significant interest from marquee long term investors

Stelis Biopharma (Stelis) successfully concluded its Series B and Series C fund raise for a cumulative amount of US$ 195m
Post money valuation for Stelis will be pegged at ~US$ 350m, underpinning the significant growth potential of the business
With the current capital raise, Stelis is now well positioned to pursue its growth initiatives and scale its business model to deliver promising returns in the coming years
Stelis as part of its Series B issue will raise US$ 70m from existing investors at the current pre-money valuation of US$ 155m through partly paid shares
Family office of Promoters to lead the funding round with US$ 56m commitment, Strides to subscribe the balance US$ 14m
As part of Series C funding round , Stelis raised US$ 125m including a primary infusion of US$ 85m in the company and a secondary placement of US$ 40m
Funding round led by TPG Growth followed by other long-term investors namely, Route One, Think Investments and the Mankekar Family
Utilization of proceeds under the capital raise towards -
Completion of last mile capex for the CDMO business including setting up of 6KL mammalian block, ramp up of process development lab and other technical capabilities
Accelerating the vaccine block infrastructure with ability to cater to multiple vaccine types including viral vector, protein subunit, RNA and DNA
Debt servicing and other general corporate purposes
Post completion on Series C fund raise, Strides to hold 33% (Pre-ESOP) in Stelis with its investment valued at US$ 116m
Strides will demerge and list its Biopharma business under Stelis on a standalone basis enabling significant value unlocking for Strides shareholders
The transaction is subject to approval from shareholders, meeting customary closing conditions and is expected to achieve closure in over 12 months

Transaction expected to unlock significant value for Strides shareholders

Financial Performance

During the year India Ratings upgraded Strides Long Term Issuer rating to " A+" with a stable outlook ICRA has reaffirmed Strides Long Term Issuer rating of " A+" with a stable outlook

Pharma Net debt represents Net debt, minus Cash investments made in Biotech and CHC business

Excludes Ranitidine sales of ₹1,029m, gross margins / EBITDA of ₹569m in FY19 and sales of ₹1,756m, gross margins / EBITDA of ₹1,389m in FY20

					Income statement (₹m)
Particulars	Q4 FY21	Q3 FY21	Q4 FY20	QoQ	YoY	FY21	FY20Reported	YoY		FY20 (Adj forRanitidine)	YoY
Revenues	9,115	8,375	6,216	9%	47%	33,308	27,637	21%		25,880	29%
EBITDA	1,602	1,661	680	-4%	136%	6,497	5,276	23%		3,887	67%
EBITDA %	17.6%	19.8%	10.9%	-220bps	670bps	19.5%	19.1%	40bps		15.0%	450bps
Pharma PAT1	691					3,090				952	225%
Pharma EPS1	7.7					34.5				10.6	225%
					Reconciliation of EBITDA (₹m)
As per SEBI results				Q4 FY21	Q3 FY21		Q4FY20		FY21		FY20
Profit before exceptional items & tax				768	866		-30		3,299		2,396
Less: Interest, Dividend income				101	77		147		365		414
Add : Depreciation and Amortization				519	525		453		2063		1,737
Add : Finance costs				416	347		403		1,501		1,557
Less: Ranitidine adjustment for FY20 (for like for like comparison)											1,389

Consolidated EBITDA as per press note 1,602 1,661 680 6,497 3,887

FY2020 reported numbers includes sale of Ranitidine

Thank you

Strides Pharma Science Limited

CIN: L24230MH1990PLC057062 Regd. Office: 201, 'Devavrata', Sector - 17, Vashi, Navi Mumbai - 400 703 Corp. Office: Strides House, Bannerghatta Road, Bangalore – 560076

Investor Relations Sandeep Baid: [email protected]

Embassy Golf Links Business Park, Pebble Beach, B Block, 3rd Floor, Off Intermediate Ring Road, Bangaluru-560 071 India

Telephone: + 91 80 4682 3000 Fax: + 91 80 4682 3999

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF STRIDES PHARMA SCIENCE LIMITED

Report on the audit of the Consolidated Annual Financial Results

Opinion

We have audited the accompanying consolidated annual financial results of Strides Pharma Science Limited (hereinafter referred to as the ''Holding Company") and its subsidiaries (Holding Company and its subsidiaries together referred to as "the Group"), its associates and its joint venture for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial information of the subsidiaries and associates, the aforesaid consolidated annual financial results:

a. include the annual financial results of the entities mentioned in Annexure I of this audit report
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group including its associates and joint venture for the year ended 31 March 2021.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing ("SAs") specified under section 143(10) of the Companies Act, 2013 ("the Act"). Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group, its associates and its joint venture in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India (the 'ICAI') together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ICAI's Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the "Other Matters" paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.

The Holding Company's Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit/ loss and other comprehensive income and other financial information of the Group including its associates and joint venture in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.

In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its associates and joint venture are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associates and joint venture is responsible for overseeing the financial reporting process of each company.

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (continued)

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and its associates and joint venture to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
Obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its associates and joint venture to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled "Other Matters" in this audit report.

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (continued)

We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

Other Matters

(a) The consolidated annual financial results include the audited financial results of 5 subsidiaries, whose financial information reflect total assets (before consolidation adjustments) of Rs. 39,700 millions as at 31 March 2021, total revenue (before consolidation adjustments) of Rs. 26,254 millions and total net profit after tax (before consolidation adjustments) of Rs. 3,666 millions and net cash outflows of Rs. 237 millions for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The consolidated annual financial results also include the Group's share of net loss after tax (before consolidation adjustments) of Rs. 915 millions for the year ended 31 March 2021, as considered in the consolidated annual financial results, in respect of 4 associates, whose financial information have been audited by their respective independent auditors. The independent auditors' reports on financial information of these entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
(b) The consolidated annual financial results include the unaudited financial results of 34 subsidiaries, whose financial information reflect total assets (before consolidation adjustments) of Rs. 29,597 millions as at 31 March 2021, total revenue (before consolidation adjustments) of Rs. 4,057 millions and total net loss after tax (before consolidation adjustments) of Rs. 444 millions, and net cash outflows of Rs. 81 millions for the year ended on that date, as considered in the consolidated annual financial results. The consolidated annual financial results also include the Group's share of net loss after tax (before consolidation adjustments) of Rs. 63 millions for the year ended 31 March 2021, as considered in the consolidated annual financial results, in respect of 5 associates and a joint venture. These unaudited financial information have been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries, associates and joint venture is based solely on such annual financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial information are not material to the Group.

Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial information certified by the Board of Directors.

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Other Matters (continued)

(c) The consolidated annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

For B S R & Co. LLP Chartered Accountants

Firm's Registration No: 101248W/W-100022

sampad guhathaku rta Digitally signed by sampad guhathakurta Date: 2021.05.27 13:18:08 +05'30'

Sampad Guha Thakurta Partner

Membership Number: 060573 UDIN: 21060573AAAABW9717

Place: Bengaluru Date: 27 May 2021

Strides Pharma Science Limited

Annexure I to the Independent Auditors' Report

Sl. No.	Entity and the country of incorporation
1	Altima Innovations Inc., United States
2	Apollo Life Sciences Holding Proprietary Limited, South Africa
3	Aponia Laboratories Inc, United States
4	Arrow Life Sciences (Malaysia) SDN BHD, Malaysia
5	Arrow Pharma (Private) Limited, Sri Lanka
6	Arrow Pharma Life Inc., Philippines
7	Arrow Pharma Pte Limited, Singapore
8	Arrow Remedies Private Limited, India (merged with the Parent)
9	Beltapharm SPA, Italy
10	ERIS Pharma GmbH, Germany
11	Fagris Medica Private Limited, India (merged with the Parent)
12	Fairmed Healthcare AG, Switzerland
13	Fair-Med Healthcare GmbH, Germany
14	Generic Partners (Canada) Inc, Canada
15	Generic Partners (International) Pte Limited, Singapore
16	Generic Partners (R&D) Pte Ltd., Singapore
17	Generic Partners UK Limited, United Kingdom
18	Regional Bio Equivalence Centre S.C, Ethiopia
19	Shasun Pharma Solutions Inc., United States
20	Stabilis Pharma Inc., United States
21	Stelis Biopharma (Malaysia) SDN. BHD., Malaysia
22	Stelis Biopharma Private Limited, India
23	Strides Arcolab International Limited, United Kingdom
24	Strides CIS Limited, Cyprus
25	Strides Consumer Private Limited, India
26	Strides Emerging Markets Limited, India (merged with the Parent)
27	Strides Foundation Trust, India
28	Strides Global Consumer Healthcare Limited, United Kingdom
29	Strides Life Sciences Limited, Nigeria
30	Strides Pharma (Cyprus) Limited, Cyprus
31	Strides Pharma (SA) Pty Limited, South Africa
32	Strides Pharma Asia Pte Limited, Singapore
33	Strides Pharma Canada Inc, Canada
34	Strides Pharma Global (UK) Limited, United Kingdom
35	Strides Pharma Global Pte Limited, Singapore
36	Strides Pharma Inc., United States
37	Strides Pharma International Limited, Cyprus

Strides Pharma Science Limited

Annexure I to the Independent Auditors' Report (continued)

Sl. No.	Entity and the country of incorporation
38	Strides Pharma Science Limited, India
39	Strides Pharma Science Pty Limited, Australia
40	Strides Pharma UK Limited, United Kingdom
41	Strides Shasun Latina, SA de CV, Mexico
42	Strides Vivimed Pte Limited, Singapore
43	SVADS Holdings SA, Switzerland
44	Trinity Pharma Proprietary Limited, South Africa
45	Universal Corporation Limited, Kenya
46	Vivimed Life Sciences Private Limited, India
47	Arco Lab Private Limited, India
48	Strides Consumer LLC.
49	Stelis Pte Ltd, Singapore
50	Vensun Pharmaeuticals Inc, USA
51	Pharmapar Inc, Canada
52	Juno OTC Inc. , Canada
53	Strides Netherlands BV
54	Sihuan Strides (HK) Limited, HK
55	Stelis Biopharma LLC, USA
56	Strides Nordic ApS

			STRIDES PHARMA SCIENCE LIMITED
			CIN: L24230MH1990PLC057062
		Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
		FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF CONSOLIDATED AUDITED RESULTS
							Rs. in Milion
Sl.	Particulars		3 Months	Preceding 3 Months	Corresponding 3	For the Current year	Previous year
No.			March 31, 2021ended	December 31, 2020ended	the previous yearMonths ended inMarch 31, 2020	March 31, 2021ended	March 31, 2020ended
			AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
			(1)	(2)	(3)	(4)	(5)
	Continuing operations
I	Revenue from operations		9,084.93	8,320.22	6,186.44	33,158.70	27,519.71
II	Other income		130.48	132.03	176.51	514.27	531.13
III	Total income (I + II)		9,215.41	8,452.25	6,362.95	33,672.97	28,050.84
IV	Expenses
	(a) Cost of materials consumed		4,027.65	3,894.32	1,756.61	13,904.23	10,203.49
	(b) Purchases of stock-in-trade		1,157.58	743.12	363.40	2,960.76	1,469.43
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade		(1,470.08)	(1,131.69)	346.52	(3,537.06)	(448.11)
	(d) Employee benefits expense		1,537.00	1,283.50	1,240.90	5,501.47	4,425.58
	(e) Finance costs		416.08	346.81	403.27	1,500.65	1,557.20
	(f) Depreciation and amortisation expense		518.56	525.09	453.40	2,062.87	1,737.02
	(g) Other expenses		2,240.91	1,936.91	1,642.11	8,061.17	6,522.00
	(h) Foreign exchange (gain) / loss - net		19.52	(11.93)	186.52	(80.17)	188.34
	Total expenses (IV)		8,447.22	7,586.13	6,392.73	30,373.92	25,654.95
V	Profit/ (loss) before exceptional items and tax (III - IV)		768.19	866.12	(29.78)	3,299.05	2,395.89
VI	Exceptional items - net gain / (loss) (Refer note 8)		(9.32)	(137.66)	(1,700.99)	433.53	(776.80)
VII	Profit / (loss) before tax (V + VI)		758.87	728.46	(1,730.77)	3,732.58	1,619.09
VIII	Share of loss of joint ventures and associates		(198.22)	(269.15)	(447.80)	(978.19)	(1,072.29)
IX	Profit/ (loss) before tax (VII + VIII)		560.65	459.31	(2,178.57)	2,754.39	546.80
X	Tax expense
	- Current tax		1.16	68.49	(116.79)	214.48	280.07
	- Deferred tax		113.74	39.25	12.12	102.03	(166.84)
	Total tax expense (X)		114.90	107.74	(104.67)	316.51	113.23
XI	Profit/(loss) after tax from continuing operations (IX - X)		445.75	351.57	(2,073.90)	2,437.88	433.57
XII	Discontinued operations
	- Profit / (loss) from discontinued operations		-	-	-	-	(184.16)
	- Gain on disposal of assets / settlement of liabilities attributable to the discontinuedoperations (net)		(8.31)	-	8.24	139.41	122.44
	- Tax expense of discontinued operations		-	-	-	-	65.89
	XIII Profit/(loss) after tax from discontinued operations		(8.31)	-	8.24	139.41	(127.61)
	XIV Profit / (loss) for the period (XI + XIII)		437.44	351.57	(2,065.66)	2,577.29	305.96

		STATEMENT OF CONSOLIDATED AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062				Rs. in Milion
Sl.No.	Particulars	March 31, 20213 Monthsended	Preceding 3 MonthsDecember 31, 2020ended	the previous yearMonths ended inCorresponding 3March 31, 2020	For the Current yearMarch 31, 2021ended	March 31, 2020Previous yearended
		AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
		(1)	(2)	(3)	(4)	(5)
	XV Other comprehensive income
A	(i) Items that will not be reclassified to statement of profit and loss	(11.43)	(8.34)	(45.10)	104.46	(147.24)
B	(ii) Income tax relating to items that will not be reclassified to statement of profit and loss(i) Items that may be reclassified to statement of profit and loss	(32.92)9.99	3.7755.19	8.3018.20	(14.08)212.09	8.32329.80
	(ii) Income tax relating to items that may be reclassified to statement of profit and loss	7.13	(23.07)	140.40	(136.92)	179.82
	Total other comprehensive income for the period (XV)	(27.23)	27.55	121.80	165.55	370.70
	XVI Total comprehensive income for the period (XIV + XV)	410.21	379.12	(1,943.86)	2,742.84	676.66
	Profit for the period attributable to:
	- Owners of the Company- Non-controlling interests	(23.42)460.86	(26.90)378.47	(2,039.26)(26.40)	(107.13)2,684.42	(57.95)363.91
		437.44	351.57	(2,065.66)	2,577.29	305.96
	Other comprehensive income for the period
	- Owners of the Company- Non-controlling interests	(34.44)7.21	27.070.48	(2.80)124.60	159.975.58	(7.82)378.52
		(27.23)	27.55	121.80	165.55	370.70
	Total comprehensive income for the period
	- Owners of the Company- Non-controlling interests	(16.21)426.42	(26.42)405.54	(1,914.66)(29.20)	(101.55)2,844.39	(65.77)742.43
		410.21	379.12	(1,943.86)	2,742.84	676.66
	Earnings per equity share (face value of Rs. 10/- each) (for continuing operations)	(not annualised)	(not annualised)	(not annualised)	(annualised)	(annualised)
	(1) Basic (in Rs.)	5.23	4.22	(22.86)	28.40	5.68
	(2) Diluted (in Rs.)	5.23	4.22	(22.85)	28.37	5.68
	Earnings per equity share (face value of Rs. 10/- each) (for discontinued operations)(1) Basic (in Rs.)	(0.09)	-	0.09	1.56	(1.62)
	(2) Diluted (in Rs.)	(0.09)	-	0.09	1.55	(1.62)
	Earnings per equity share (face value of Rs. 10/- each) (for total operations)
	(1) Basic (in Rs.)	5.14	4.22	(22.77)	29.96	4.06
	(2) Diluted (in Rs.)	5.14	4.22	(22.76)	29.92	4.06
	See accompanying notes to the Financial Results

		STRIDES PHARMA SCIENCE LIMITED
	Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
	STATEMENT OF CONSOLIDATED AUDITED RESULTS
	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
	CONSOLIDATED BALANCE SHEET		Rs. in Milion
	Particulars	As at	As at
		March 31, 2021AUDITED	March 31, 2020AUDITED
A	ASSETS
I	Non-current assets
	(a) Property, plant and equipment	10,688.67	10,687.21
	(b) Capital work-in-progress	2,276.02	1,480.55
	(c) Right -of -use assets	2,029.78	2,471.63
	(d) Investment property	682.35	728.02
	(e) Goodwill	4,805.40	4,285.58
	(f) Other Intangible assets	3,987.44	2,814.07
	(g) Intangibles assets under development	2,197.67	2,648.91
	(h) Investment in associates and joint ventures(i) Financial assets	5,838.94	4,293.97
	(i) Investments	141.02	10.38
	(ii) Loans receivable	388.73	389.69
	(iii) Other financial assets	5,408.01	4,174.05
	(j) Deferred tax assets (net)	1,982.21	1,985.75
	(k) Income tax assets (net)	1,302.14	1,333.95
	(l) Other non-current assets	249.48	492.46
	Total non-current assets	41,977.86	37,796.22
II	Current assets
	(a) Inventories	12,007.03	7,825.39
	(b) Financial assets
	(i) Investments	994.12	1,189.68
	(ii) Trade receivables	11,068.59	9,316.94
	(iii) Cash and cash equivalents	1,258.34	1,822.34
	(iv) Other balances with banks	539.31	548.63
	(v) Loans receivable	40.54	148.31
	(vi) Other financial assets	199.15	71.58
	(c) Other current assets	2,065.26	2,783.24
	Total current assets	28,172.34	23,706.11

	Assets held for sale	-	15.00
	Total Assets	70,150.20	61,517.33

																																	--
	Rs. in Milions	As at	March 31, 2020	AUDITED		895.65	24,378.52	25,274.17	672.38	25,946.55				2,538.33	678.436,039.09	639.52	208.16	-	18.68	10,122.21			190.92	12,287.75		199.52	7,777.96	2,646.96	1,255.24	383.20	707.02	25,448.57	61,517.33
STATEMENT OF CONSOLIDATED AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITED		As at	March 31, 2021	AUDITED		896.81	26,869.80	27,766.61	373.41	28,140.02				2,102.67	8,825.78753.65	674.08	463.48	1,790.91	16.13	14,626.70			345.70	10,238.38		378.35	11,407.89	2,776.26	1,241.91	351.18	643.81	27,383.48	70,150.20
Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021	Particulars			EQUITY AND LIABILITIESB	(a) Equity share capitalEquityI	(b) Other equity	Equity attributable to owners of the Company	Non- Controlling interests	Total equity	LiabilitiesII	Non-current liabilities1	(a) Financials liabilities	(i) Lease liabilities	(iii) Other financial liabilities(ii) Borrowings	(b) Provisions	(c) Deferred tax liabilities (net)	(d) Non-current tax liabilities (net)	(e) Other non-current liabilities	Total non-current liabilities	Current liabilities2	(a) Financials liabilities	(i) Lease liabilities	(ii) Borrowings	iIii) Trade payables	(a) total outstanding dues of micro enterprises and small enterprises	(b) total outstanding dues of creditors other than micro enterprises and small enterprises	(iv) Other financial liabilities	(b) Provisions	(c) Current tax liabilities	(d) Other current liabilities	Total current liabilities	Total Equity and liabilities

		Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.STRIDES PHARMA SCIENCE LIMITED
		Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF CONSOLIDATED AUDITED RESULTS
		CONSOLIDATED STATEMENT OF CASH FLOW		Rs. In Million
Sl.No.		Particulars	year ended MarchFor the current31, 2021	For the previousMarch 31, 2020year ended
			AUDITED	AUDITED
	A. Cash flow from operating activities
	Profit / (loss) before tax from:Continuing operations		2,754.39	546.80
	Discontinued operations		139.41	(61.72)
			2,893.80	485.08
	- Share of loss of joint ventures and associates- Depreciation and amortisation expenseAdjustments for:		2,062.87978.19	1,077.261,877.91
	- Loss on sale of property, plant and equipment and other intangible assets (net)		(23.38)	53.05
	- Unwinding of discount on gross obligations over written put options to NCI- Share based compensation expense		68.0212.05	17.539.40
	- Cancellation of gross obligations over written put options to NCI		-	(1,092.94)
	- Unwinding of discount on contingent consideration payable- Fair valuation of derivative instruments		74.35	53.573.78
	- Interest expense on borrowings & others		1,500.65	1,876.45
	- Interest and dividend income		(364.94)	(427.54)
	- Gain on disposal of assets / settlement of liabilities attributable to the discontinued operations (net)		(139.41)	(122.44)
	- Rental income from investment property		(76.99)	(74.61)
	- Bad debts written off / provision for doubtful trade and other receivables- Liability / provision no longer required written back		(7.45)94.61	114.74-
	- Impairment of goodwill		-	94.89
	- Impairment of investment in associates		81.99	-
	- Restructuring and divestment related expenses		-	99.56
	- Sales returns, write down of inventory and other expenses on account of Ranitidine withdrawal		750.50	1,131.12
	- Gain on dilution of investment in associates		(323.00)	-
	- Fair valuation gain on acquisition of controlling shares in an associate		(25.30)	-
	- Net unrealised exchange loss/ (gain)		(1,029.61)	583.14
	Operating profit before working capital changesChanges in working capital:		6,526.95	5,759.95
	Increase in trade and other receivables		(1,247.75)	(1,591.07)
	Increase/ (decrease) in trade and other payablesIncrease in inventories		(4,140.49)2,107.70	(1,625.24)(45.99)
	Net change in working capital		(3,280.54)	(3,262.30)
	Cash generated from operations		3,246.41	2,497.65
	Net cash flow generated from operating activitiesIncome taxes refund received /(paid )	A	1,567.964,814.37	(449.78)2,047.87

	Rs. In Million
year ended MarchFor the current31, 2021	For the previousMarch 31, 2020year ended
AUDITED	AUDITED

	(1,500.02)
	36.75
	(1,101.07)-
(78.86)	(272.26)
324.74	1,779.65
-	(210.69)12,894.46
-	250.00
(0.10)	(12.10)
(167.13)	884.92
88.35	80.07
68.69	231.88
(5,208.21)	13,061.59

34.99	4.80
5,674.58	686.12
(2,100.94)	(13,740.18)
(1,824.26)	(442.07)
	(347.23)
	(1,538.95)
	0.62
-	(9.49)(1,708.11)
	(17,094.49)

	(157.96)(2,974.84)(150.00)(2,456.33)(370.98)(179.15)(1,393.87)39.581.6797.69

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF CONSOLIDATED AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITED
	CONSOLIDATED STATEMENT OF CASH FLOW		Rs. In Million
Sl.No.	Particulars	year ended MarchFor the current31, 2021	For the previousMarch 31, 2020year ended
		AUDITED	AUDITED
	(A+B+C)Net decrease in cash and cash equivalents during the year	(551.80)	(1,985.03)
	Effect of exchange differences on restatement of foreign currency cash and cash equivalentsCash and cash equivalents at the beginning of the year	(12.20)1,822.34	3,658.89148.48
	Cash and cash equivalents at the end of the year*	1,258.34	1,822.34
	- In deposit accounts- In current accountsBalance with banks:- Funds-in-transitCash on hand* Comprises:	2.961,056.705.27193.41	2.431,467.44264.0688.41
	Total	1,258.34	1,822.34

(၃


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STRIDES PHARMA SCIENCE LIMITED

CIN: L24230MH1990PLC057062 Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.

Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076. STATEMENT OF CONSOLIDATED AUDITED RESULTS

FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

Notes:

These financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.
2The above consolidated results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 27, 2021 . The statutory auditors have audited the results for the quarter and year ended March 31, 2021 and have issued an unmodified opinion.
3The Group effective quarter ended June 30, 2020 has reported its results in Indian Rupees "Millions" instead of Indian Rupees "Lakhs", which was considered for reporting till the previous year ended 31 March 2020. Pursuant to such change, all comparative numbers have been presented in Indian Rupees millions and have been rounded off to two decimal places.
4During the previous year, the Group completed the divestment of its Australia business for a consideration of AUD 406 Million (including a deferred consideration of AUD 106 Million) reduced by the bank debt settlement of AUD 22.47 Million. Additionally, the Group has retained global access to IP's of over 140 products and has concurrently entered into a preferred supply agreement with Arrotex. The resulting gain from the disposal of Rs.122 Million is accounted under the head "Gain on disposal of assets attributable to the discontinued operations (net)" and is presented as part of discontinued operations.

Accordingly, the Group has classified the Australia business operations as discontinued operations. The results of discontinued operations (including discontinued operations of earlier periods) are disclosed in the table below:

						Rs. in Million
	ParticularsSl.	3 Months	Preceding 3 Months	Corresponding 3	For the Current year	Previous year
No.		ended	ended	Months ended in	ended	ended
		March 31, 2021	December 31, 2020	the previous year	March 31, 2021	March 31, 2020
				March 31, 2020

		AUDITED (refer note	UNAUDITED	AUDITED (refer note	AUDITED	AUDITED
		13)		13)
1	Total Revenue	-	-	-	-	2,304.97
II	Total Expenses	-	-	-	-	2,370.99
III	Profit/(loss) before exceptional items and tax (I - II)	-	-	-	-	(66.02)
IV	Exceptional items	-	-	-	-	(113.17)
V	Profit/(loss) before tax (III + IV)	-	-	-	-	(179.19)
VI	Share of profit / (loss) of joint ventures and associates	-	-	-	-	(4.97)
	VII Profit/(loss) before tax (V + VI)	-	-	-	-	(184.16)
VIII	Gain / (loss) on disposals (net)	(8.31)	-	8.24	139.41	122.44
IX	Tax expense / (benefit)	-	-	-	-	65.89
X	Profit/(loss) from discontinued operations (VII+ VIII - IX)	(8.31)	-	8.24	139.41	(127.61)
5	On December 4, 2013, the Company and its wholly owned subsidiary, Strides Pharma Asia Pte Limited ("the Singapore Subsidiary"), completed the sale of investments in Agila Specialties Private Limited and

On December 4, 2013, the Company and its wholly owned subsidiary, Strides Pharma Asia Pte Limited ("the Singapore Subsidiary"), completed the sale of investments in Agila Specialties Private Limited and Agila Specialties Global Pte Limited (together, "Agila") to Mylan Laboratories Limited and Mylan Institutional Inc. (together, "Mylan") pursuant to separate agreements, each dated as of February 27, 2013 (the "SPAs"). Under the terms of SPA, the Group is entitled to the benefit of any refund of taxes in respect of any period ending on or before the completion date.

During the current year, Mylan has received certain tax refund with respect to the period on or before the completion date, which has been remitted to the Group. The Group has recorded such receipt of Rs. 147.72 million and corresponding expenses of Rs.8.31 million under discontinued operations (Refer Note 4 above ).

	STRIDES PHARMA SCIENCE LIMITED
	Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.CIN: L24230MH1990PLC057062
	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF CONSOLIDATED AUDITED RESULTS
During the quarter ended June 30, 2020, the Group gained controlling interest in Fairmed Healthcare AG, Switzerland, thereby making it a subsidiary of the group. Pursuant to the acquisition of controllinginterest in Fairmed, in accordance with Ind AS 103 "Business Combinations", the group recorded a gain of Rs. 25.30 Million, being the difference in the fair value of non-controlling interest held and carryingvalue of equity in Fairmed.6
On March 31, 2020, US Food and Drug Administration (USFDA or the Agency) issued letters to all manufacturers of Ranitidine across dosage forms requesting withdrawal of all prescription(Rx) and over-thecounter (OTC) ranitidine drugs from the market immediately. This step was based on their ongoing investigation of the N-Nitrosodimethylamine (NDMA) impurity in ranitidine medications. As a result, effective 1April 2020, the Group has ceased further distribution of the product and is currently in the process of withdrawing the product from the market.7
other expenses during the period exceeded its original estimates and accordingly, the Company has additionally recorded an amount of Rs.750.50 million towards sales return and other expenses related toits product withdrawal. Furthermore, the expenses recorded also includes legal fees incurred by the Group in respect of its ongoing litigations relating to Ranitidine. These amounts, in line with earlier periods,During the year, the group has continued to receive returns from its customers with the corresponding value being deducted on their payments to the Group. As of March 31, 2021, aggregate sales return andhave been recorded as an expense within Exceptional items in the statement of profit and loss during the year.Exceptional Item gain/ (loss) (net):8						Rs. in Million
Particulars		3 Monthsended	Preceding 3 Monthsended	Months ended inCorresponding 3	For the Current yearended	Previous yearended
		March 31, 2021	December 31, 2020	the previous yearMarch 31, 2020	March 31, 2021	March 31, 2020
		AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
- Exchange gain/ (loss) on long-term foreign currency loans, derivatives, deferred consideration andintra-group loans		(35.96)	360.85	(594.13)	1,027.73	(551.77)
- Sales returns, write down of inventory and other expenses on account of Ranitidine withdrawal (refernote 7)		(189.89)	(475.78)	(1,131.12)	(750.50)	(1,131.12)
- Impairment of Goodwill		-	-	-	-	(94.89)
- Impairment of investment in associates		(81.99)	-	-	(81.99)	-
- Gain on dilution of investment in associates		323.00	-	-	323.00	-
- Fair valuation gain on acquisition of controlling shares in Fairmed Healthcare ( Refer note 6)		-	-	-	25.30	-

9 During the previous year, the Group has cancelled the obligation under the put option to acquire non-controlling interest (49%) of Universal Corporation Limited, Kenya. Consequently, the gross obligation liability accrued at the time of acquisition under the aforesaid put option(including subsequent unwinding) amounting to Rs. 1,092.9 million has been reversed to the Statement of Profit and Loss under exceptional items.

Business combination and restructuring expenses (3.84) - (7.55) (23.61) (42.60)
Fair valuation of derivative instruments - - (3.78) - - Total (9.32) (137.66) (1,700.99) 433.53 (776.80)

-Unwinding/ cancellation of gross obligations and contingent consideration(Refer note 9)

(20.64) (22.73) 35.59 (86.40) 1,043.58

89


r r

STRIDES PHARMA SCIENCE LIMITED CIN: L24230MH1990PLC057062

Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.

Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.

STATEMENT OF CONSOLIDATED AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

10 Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker ("CODM") evaluates the Group's performance based on an analysis of various performance indicators. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments. Effective current quarter, the Group pursuant to its assessment that the business has now evolved from its incubation stage and to align to the decision to demerge certain parts of its business, implemented operational changes in how its CODM evaluates its businesses, including resource allocation and performance assessment. As a result of the aforesaid change, the Group now has two operating segments, representing the individual businesses that are managed separately. The Groups's new reportable segment are as follows; "Pharmaceutical" & "Bio-pharmaceutical". The Group has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segments had no impact on the Group's historical consolidated statements of profit and loss, balance sheets or statements of cash flows

						Rs. in Million
	Particulars	3 Monthsended	Preceding 3 Monthsended	Corresponding 3Months ended in	For the Current yearended	Previous yearended
		March 31, 2021	December 31, 2020	the previous yearMarch 31, 2020	March 31, 2021	March 31, 2020
		AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
1	Segment Revenue
	a) Pharmaceutical business	9,084.93	8,320.22	6,186.44	33,158.70	27,519.71
	b) Bio-pharmaceutical business	-	-	-	-	-
	Revenue from operations	9,084.93	8,320.22	6,186.44	33,158.70	27,519.71
2	Segment results
	(i) Profit/ (loss) before exceptional items and tax
	a) Pharmaceutical business	768.19	866.12	(29.78)	3,299.05	2,395.89
	b) Bio-pharmaceutical business	-	-	-	-	-
		768.19	866.12	(29.78)	3,299.05	2,395.89
	(ii) Exceptional items - net gain / (loss)
	a) Pharmaceutical business	(332.32)	(137.66)	(1,700.99)	110.53	(776.80)
	b) Bio-pharmaceutical business	323.00	-	-	323.00	-
		(9.32)	(137.66)	(1,700.99)	433.53	(776.80)
	(iii) Share of loss of joint ventures and associates
	a) Pharmaceutical business	(83.44)	(110.76)	(138.61)	(399.42)	(403.97)
	b) Bio-pharmaceutical business	(114.78)	(158.39)	(309.19)	(578.77)	(668.32)
		(198.22)	(269.15)	(447.80)	(978.19)	(1,072.29)
	(iv) Profit/ (loss) before tax
	a) Pharmaceutical business	352.43	617.70	(1,869.38)	3,010.16	1,215.12
	b) Bio-pharmaceutical business	208.22	(158.39)	(309.19)	(255.77)	(668.32)
	Profit/ (loss) before tax [i+ii+iii]	560.65	459.31	(2,178.57)	2,754.39	546.80
	Tax expense	114.90	107.74	(104.67)	316.51	113.23
	(v) Profit/(loss) after tax from continuing operations	445.75	351.57	(2,073.90)	2,437.88	433.57

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.STRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062
	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF CONSOLIDATED AUDITED RESULTS
						Rs. in Million
	Particulars	March 31, 20213 Monthsended	Preceding 3 MonthsDecember 31, 2020ended	the previous yearCorresponding 3Months ended inMarch 31, 2020	For the Current yearMarch 31, 2021ended	March 31, 2020Previous yearended
		AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
1	a) Pharmaceutical businessSegment Assets	65,175.14	63,233.89	58,733.28	65,175.14	58,733.28
	b) Bio-pharmaceutical business	4,975.06	4,428.71	2,784.05	4,975.06	2,784.05
	Total Segment Assets	70,150.20	67,662.60	61,517.33	70,150.20	61,517.33
2	Segment Liabilities
	a) Pharmaceutical business	42,002.87	39,868.36	35,570.78	42,002.87	35,570.78
	b) Bio-pharmaceutical business	7.31	-	-	7.31	-
	Total Segment Liabilities	42,010.18	39,868.36	35,570.78	42,010.18	35,570.78
12	Information on Standalone Results : -					Rs. in Million
	Particulars	March 31, 20213 Monthsended	Preceding 3 MonthsDecember 31, 2020ended	the previous yearCorresponding 3Months ended inMarch 31, 2020	For the Current yearMarch 31, 2021ended	March 31, 2020Previous yearended
		AUDITED (refer note13)	UNAUDITED	AUDITED (refer note13)	AUDITED	AUDITED
	Profit before tax from continuing operationsTotal Revenue from continuing operations	6,569.05686.95	4,373.14273.64	4,772.11480.13	19,465.621,116.35	17,850.031,364.45
	Profit after tax from continuing operations	480.75	204.89	376.69	782.40	1,202.75
	Profit/(loss) before tax from discontinued operationsProfit/(loss) after tax from discontinued operations	--	--	--	--	--
13	The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect to full financial years and the published unaudited year to date figures uptothe end of the third quarter of the relevant financial year, which are subjected to limited review.
1415	The Board of Directors have proposed a final dividend of Rs. 2.50 per share, which is subject to approval by the shareholders' in the Annual General Meeting.th the classification adopted in these financial results.Previous period figures have been regrouped to conform wi
				For and on behalf of the Board
			AN	ANANTHANARAYANANANANTHANARAYANRAGHUNATHAN	Digitally signed by RAGHUNATHANDate: 2021.05.27 13:08:14 +05'30'
	Bengaluru, May 27, 2021			Managing Director and CEODr. R Ananthanarayanan

Chartered Accountants

Embassy Golf Links Business Park, Pebble Beach, B Block, 3rd Floor, Off Intermediate Ring Road, Bangaluru-560 071 India

Telephone: + 91 80 4682 3000 Fax: + 91 80 4682 3999

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF STRIDES PHARMA SCIENCE LIMITED

Report on the audit of the Standalone Annual Financial Results

Opinion

We have audited the accompanying standalone annual financial results of Strides Pharma Science Limited (hereinafter referred to as the "Company") for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').

In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:

a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2021.

Basis for Opinion

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

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Emphasis of Matter Paragraph

We draw attention to Note 5 of the standalone annual financial results which describes the accounting for the Scheme of Amalgamation ('the Scheme') between the Company and its wholly owned subsidiaries i.e Strides Emerging Market Limited ('SEML'), Arrow Remedies Private Limited ('Arrow') and Fagris Medica Private Limited ('Fagris'). The Scheme has been approved by the National Company Law Tribunal ('NCLT') Bengaluru and Mumbai bench, vide their order dated 28 May 2020 and 6 November 2020 respectively and a certified copy has been filed by the Company with the Registrar of Companies, Karnataka and Registrar of Companies, Maharashtra, on 1 December 2020. The appointed date as per the NCLT approved Scheme is 1 April 2019, which is the same as the beginning of the preceding period in the financial statements and hence, in line with the Scheme, the combination has been accounted for from that date as per the requirements of Appendix C to Ind AS 103 "Business Combination". Accordingly, the amounts for the year ended 31 March 2021 include the impact of the business combination for the entire year and the corresponding amounts for the previous year ended 31 March 2020 have been restated by the Company after recognising the effect of the amalgamation as above. The aforesaid note (Note 5) also describes in detail the impact of the business combination on the standalone annual financial results.

Our opinion is not modified in respect of this matter.

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.

The Company's Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.

In preparing the standalone annual financial results, the Management and the Board of Directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The Board of Directors is responsible for overseeing the Company's financial reporting process

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.

As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the standalone annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Other Matters

The standalone annual financial results includes the financial results of SEML, Arrow and Fagris whose financial statement reflect total assets of Rs 1,152 million as at 31 March 2020, total revenue of Rs 393 million, total net profit after tax of Rs 85 million and total comprehensive income of Rs 83 million and net cash inflows of Rs 12 million for the year ended on that date. The annual financial results of SEML, Arrow and Fagris included in these standalone annual financial results were audited by their respective auditors and they expressed an unmodified opinion vide report dated 11 June 2020, 16 June 2020 and 14 July 2020 respectively. Our opinion on the standalone annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors.

The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.

for B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

sampad guhathak urta Digitally signed by sampad guhathakurta Date: 2021.05.27 13:19:00 +05'30'

Sampad Guha Thakurta Partner Membership Number: 060573 UDIN: 21060573AAAABX2402

Place: Bengaluru Date: 27 May 2021

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062				MillionRs. in
Sl.No.	Particulars	March 31, 20213 Monthsended	December 31, 2020Preceeding3 Monthsended	3 Months ended inthe previous yearMarch 31, 2020Corresponding	March 31, 2021Current yearended	March 31, 2020Previous yearended
		(Refer note 7)AUDITED	UNAUDITED	(Refer note 5 and 7)AUDITED	AUDITED	(Refer note 5)AUDITED
		(1)	(2)	(3)	(4)	(5)
III	Revenue from operationsIII Total income (I + II)Other incomeIncome	6,335.99233.066,569.05	4,210.85162.294,373.14	4,519.69252.424,772.11	18,575.66889.9619,465.62	16,919.3217,850.03930.71
VI	(c) Changes in inventories of finished goods, work-in-progress and stock-in-tradeV Profit before exceptional items and tax (III - IV)(f) Depreciation and amortisation expense(h) Foreign exchange loss / (gain)- netExceptional Item profit / (loss) (net)(a) Cost of materials consumed- Current tax expense / (benefit)(d) Employee benefits expense(b) Purchases of stock-in-tradeIX Profit for the period (VII -VIII)VII Profit before tax (V + VI)- Deferred tax expenseTotal tax expense (VIII)(g) Other expensesTotal expenses (IV)(e) Finance costsVIII Tax expenseIV Expenses	(682.71)3,810.1981.84736.36179.07247.271,497.675,882.10134.8271.38206.20686.95686.95480.7512.41-	(755.45)(99.61)2,658.40156.08640.32171.32251.534,099.50273.64273.6430.8737.8868.75204.891,076.91-	(57.59)(121.20)1,962.60116.16659.84184.40238.32961.72226.534,291.98480.13480.13224.64103.44376.69-	(1,175.34)(280.89)10,500.98563.072,727.24993.424,367.40210.18123.77653.3918,349.271,116.351,116.35333.95782.40-	(28.75)8,574.35374.042,302.29668.43942.403,483.90168.92152.009.70161.7016,485.581,364.451,364.451,202.75-

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062					MillionRs. in
Sl.No.	Particulars	March 31, 20213 Monthsended	December 31, 2020Preceeding3 Monthsended	3 Months ended inthe previous yearMarch 31, 2020Corresponding	March 31, 2021Current yearended	March 31, 2020Previous yearended
		(Refer note 7)AUDITED	UNAUDITED	(Refer note 5 and 7)AUDITED	AUDITED	(Refer note 5)AUDITED
		(1)	(2)	(3)	(4)	(5)
A	(ii) Income tax relating to items that will not be reclassified to statement of profit and loss(i) Items that will not be reclassified to statement of profit and lossX Other comprehensive income	(23.35)8.16	--	(31.47)11.41	(23.35)8.16	(31.47)11.41
B	(ii) Income tax relating to items that may be reclassified to statement of profit and loss(i) Items that may be reclassified to statement of profit and loss	(53.05)18.54	(22.93)65.63	(372.58)130.19	(136.66)391.10	(516.60)180.52
	Total other comprehensive income for the period (X)	(49.70)	42.70	(262.45)	239.25	(356.14)
	XI Total comprehensive income for the period (IX + X)	431.05	247.59	114.24	1,021.65	846.61
	Earnings per equity share (face value of Rs. 10/- each)(b) Diluted (Rs.)(a) Basic (Rs.)	5.365.35(not annualised)	2.292.28(not annualised)	4.20(not annualised)4.21	8.738.72(annualised)	13.4313.43(annualised)
	See accompanying notes to the Financial Results

Million4,848.54894.70434.66723.57500.33227.82963.5631.661,004.386,556.13668.2023.971,246.7215.0021,705.491,330.794,628.19430.79386.2913,940.2946,768.60Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.147.8132,813.31March 31, 2020Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.AUDITEDRs. inAs atMARCH 31, 2020FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTS5,051.35813.60309.58678.35405.661,066.802.771,275.176,890.808,216.65253.0335.66364.771,200.27293.0923,946.49179.7934,774.76477.3917,438.5752,213.33752.11March 31, 2021-AUDITEDBALANCE SHEET AS AT MARCH 31, 2021 ANDAs atTotal assetsParticulars(f) Intangibles assets under development(a) Property, plant and equipment(ii) Cash and cash equivalents(iii) Other balances with banksAssets classified as held for sale(v) Other financial assets(iii) Other financial assets(b) Capital work in progress(h) Deferred tax assets (net)(j) Other non-current assets(e) Other intangible assets(i) Income tax assets (net)(iv) Loans receivable(i) Trade receivables(ii) Loans receivable(d) Investment propertyTotal non-current assets(c) Other current assets(c) Right of Use Assets(g) Financial assets(b) Financial assetsTotal current assetsNon-current assets(i) Investments(a) InventoriesCurrent assetsA ASSETSIII	STRIDES PHARMA SCIENCE LIMITED

	STRIDES PHARMA SCIENCE LIMITED
	Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
	STATEMENT OF STANDALONE AUDITED RESULTS
	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
	BALANCE SHEET AS AT MARCH 31, 2021 AND		MARCH 31, 2020
			MillionRs. in
	Particulars	March 31, 2021As at	March 31, 2020As at
		AUDITED	AUDITED
EQUITY AND LIABILITIESB
EquityI
(a) Equity Share capital		896.81	895.65
(b) Other equity		31,583.77	30,692.21
Total Equity		32,480.58	31,587.86
LiabilitiesII
Non-current liabilities1
(a) Financial liabilities
(i) Lease liabilities		238.58	385.21
(ii) Borrowings		1,475.39	-
(iii) Other financial liabilities		39.59	36.90
(b) Provisions		280.82	205.80
(c) Non-current tax liabilities		1,790.91	-
(d) Other non-current liabilities		1.08	3.38
Total Non-current liabilities		3,826.37	631.29
Current liabilities2
(a) Financial liabilities
(i) Lease liabilities		146.63	104.45
(ii) Borrowings		6,935.01	8,524.55
(iii) Trade payables		-	-
	(a) total outstanding dues of micro enterprises and small enterprises	318.12	161.05
	(b) total outstanding dues of creditors other than micro enterprises and small enterpris	7,248.93	4,737.66
(iv) Other financial liabilities		769.41	614.38
(b) Provisions		226.71	195.35
(c) Current tax liabilities		31.53	-
(d) Other current liabilities		230.04	212.01
Total current liabilities		15,906.38	14,549.45

	Total equity and liabilities	52,213.33	46,768.60

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.STATEMENT OF STANDALONE CASH FLOWSFOR THE YEAR ENDED MARCH 31, 2021CIN: L24230MH1990PLC057062MA SCIENCE LISTRIDES PHAR	MITED		MillionsRs. In
Sl. No.	Particulars		For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
			AUDITED	(Refer note 5)AUDITED
A.	Cash flow from operating activities
	Profit before tax		1,116.35	1,364.45
	Adjustments for:		1,116.35	1,364.45
	- Depreciation and amortisation expense		993.42	942.40
	- (Gain)/loss on sale/write off of property, plant and equipment and other intangible assets (net)		(31.04)	1.40
	- Gain on sale of non-current investment		(8.84)	-
	- Share based compensation expense		64.92	15.87
	- Interest expense		653.39	627.51
	- Interest income		(126.05)	(164.50)
	- Income from current investment- Dividend income		(353.70)(0.31)	(137.87)(39.74)
	- Rental income from investment property		(113.03)	(105.34)
	- Liabilities no longer required written back		-	(40.51)
	- Bad debts written off / provision for doubtful trade and other receivables- Net unrealised exchange (gain) / loss		(130.07)192.77	105.3498.21
	Operating profit before working capital changesChanges in working capital:		2,257.81	2,667.22
	Increase in trade and other receivables		(1,733.10)	(881.18)
	(Increase) / Decrease in inventories		(2,262.61)	164.89
	Increase / (Decrease) in trade and other payables		2,897.62	(252.83)
	Net change in working capital		(1,098.09)	(969.12)
	Cash generated from operations		1,159.72	1,698.10
	Income taxes refund / (paid), net		1,667.90	(321.75)
	Net cash flow generated from operating activities	A	2,827.62	1,376.35

		Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.MITEDSTATEMENT OF STANDALONE CASH FLOWSFOR THE YEAR ENDED MARCH 31, 2021CIN: L24230MH1990PLC057062MA SCIENCE LISTRIDES PHAR
				MillionsRs. In
Sl. No.		Particulars	For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
			AUDITED	(Refer note 5)AUDITED
B.	Cash flow from investing activities	Capital expenditure for property, plant and equipment and intangible assets, including capital advance	(887.40)	(704.76)
		Proceeds from sale of property, plant and equipment and intangible assets	14.85	11.02
	Investments in mutual funds		(150.00)	-
	Proceeds from sale of investment in mutual funds		150.00	1,557.47
	Investments in subsidiaries and associates		(2,369.95)	(1,784.82)
	Proceeds from sale of non-current investments		162.80	551.00
	Loan given		(451.46)	(766.60)
	Loan recovered		355.06	539.26
	Interest received (net of taxes)		169.64	128.90
	Dividend received (net of taxes)		229.39	395.31
	Rental income from investment property		121.29	107.81
	Security deposits Paid		(8.80)	(70.23)
		(Proceeds) / Investment in fixed deposits with maturity of more than 3 months, net	(91.83)	663.97
	Net cash flow (utilised in) / generated from investing activities	B	(2,756.41)	628.33

		Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.MITEDSTATEMENT OF STANDALONE CASH FLOWSFOR THE YEAR ENDED MARCH 31, 2021CIN: L24230MH1990PLC057062MA SCIENCE LISTRIDES PHAR		MillionsRs. In
Sl. No.		Particulars	For the year endedMarch 31, 2021	For the year endedMarch 31, 2020
			AUDITED	(Refer note 5)AUDITED
C.	Proceeds from issue of equity sharesCash flow from financing activities		35.00	4.80
	Proceeds from long-term borrowings		1,926.45	-
	Repayment of long-term borrowings		(77.57)	(2.11)
	(Repayment)/ Proceeds from short-term borrowings (net)Dividends paid (net of tax on dividend)		(1,406.02)(179.15)	(1,538.91)187.82
	Lease Payments		(144.34)	(138.13)
	Interest paid on borrowings		(640.75)	(549.05)
	Net cash flow utilised in financing activities	C	(486.38)	(2,035.58)

	Cash and cash equivalents at the beginning of the year	(A+B+C)Net decrease in cash and cash equivalents during the period/year	(415.17)668.20	(30.90)699.10
	Cash and cash equivalents at the end of the year*		253.03	668.20
	Balance with banks:Cash on hand* Comprises:		2.18	1.79
	- In current accounts		69.85	319.97
	- In deposit accounts- In EEFC accounts- Funds-in-transit		181.00--	7.32250.7188.41
	Total		253.03	668.20

		STRIDES PHARMA SCIENCE LIMITED
	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.	CIN: L24230MH1990PLC057062
		FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTS
Notes:1	generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.			These financial results have been prepared in accordance with Indian Accounting Standards ('Ind AS') prescribed under Section 133 of the Companies Act, 2013 and other accounting principles
2	and year ended March 31, 2021 and have issued an unmodified opinion.			The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on May 27, 2021. The statutory auditor has audited the results for the quarter
3	March 31, 2020. Pursuant to such change, all comparative numbers have been presented in Indian Rupees millions and have been rounded off to two decimal places.			The Company effective quarter ended June 30, 2020 has reported its results in Indian Rupees "Millions" instead of Indian Rupees "Lakhs", which was considered for reporting till the previous year ended
4	date of approval of the financial results by the Board of Directors. The Company will continue to closely monitor any material changes to future economic conditions.			In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Company has adopted measures to curb the spread of infection in order to protect the health of its employeesand ensure business continuity with minimal disruption. The Company has considered available internal and external information while finalizing various estimates in relation to its financial results upto the
5	filed by the Company with the Registrar of Companies, Karnataka and Registrar of Companies, Maharashtra, on December 1, 2020.been approved by the National Company Law Tribunal ('NCLT') Bengaluru and			On July 29, 2019, the Board of Directors of Strides approved the Scheme of Amalgamation ('the Scheme') u/s 230 to 232 of the Companies Act, 2013, between Strides ('the transferee Company'), StridesEmerging Market Limited, Arrow Remedies Private Limited, and Fagris Medica Private Limited (together referred to as "the transferor Companies") with an appointed date of April 1, 2019. The Scheme hasMumbai bench, vide their orders dated May 28, 2020 and November 6, 2020 respectively and a certified copy has been
	shown in the statement, have been restated after recognising the effect of the Scheme as above.			The appointed date as per the NCLT approved Scheme is April 1, 2019, which is the same as the beginning of the preceding period in the financial statements and hence, in line with the Scheme, thecombination has been accounted for from that date as per the requirements of Appendix C to Ind AS 103 "Business Combination". Accordingly, the amounts relating to the three months endedDecember 31, 2020, three months and year ended March 31, 2021 include the impact of the business combination and the corresponding amounts for three months and year ended March 31, 2020
Impact of the Scheme on the statement of standalone results			MillionRs. in
Sl.	Particulars	Corresponding	Previous year
No.		3 Months ended inthe previous yearMarch 31, 2020	March 31, 2020ended
Total RevenueI		82.11	106.90
Profit/(loss) before tax (I- II)Total ExpensesIIIII		2.4379.68	261.03(154.13)
Profit/(loss) after tax (III - IV)Tax (benefit)/ expenseIVV		(110.56)112.99	85.76(239.89)
Earnings per equity share (face value of Rs. 10/- each)(a) Basic (Rs.)VI		1.27	0.96
(b) Diluted (Rs.)		1.26	0.96

		Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTSSTRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062
	Based on the "management approach" as defined in Ind AS 108, the Chief Operating Decision Maker ("CODM") evaluates the Company's performance based on an analysis of various performanceindicators. The accounting principles used in the preparation of these financial results are consistently applied to record revenue and expenditure in individual segments.6
	Effective current quarter, the Company pursuant to its assessment that the business has now evolved from its incubation stage and to align to the decision to demerge certain parts of its business,implemented operational changes in how its CODM evaluates its businesses, including resource allocation and performance assessment. As a result of the aforesaid change, the Company now has twooperating segments, representing the individual businesses that are managed separately. The Company's new reportable segment are as follows; "Pharmaceutical" and "Bio-pharmaceutical". TheCompany has restated segment information for the historical periods presented herein to conform to the current presentation. This change in segments had no impact on the Company's historicalstandalone statements of profit and loss, balance sheets or statements of cash flows.					MillionRs. in
	ParticularsSl.No.	March 31, 20213 Monthsended	December 31, 2020Preceeding3 Monthsended	3 Months ended inthe previous yearMarch 31, 2020Corresponding	Current year endedMarch 31, 2021	Previous year endedMarch 31, 2020
1	b) Bio-pharmaceutical businessa) Pharmaceutical businessRevenue from operationsSegment Revenue	6,335.996,335.99-	4,210.854,210.85-	4,519.694,519.69-	18,575.6618,575.66-	16,919.3216,919.32-
	b) Bio-pharmaceutical businessa) Pharmaceutical businessProfit for the period (I-II)Profit before tax (I)Segment resultsTax expense (II)2	686.95480.75686.95206.20-	273.64204.89273.6468.75-	480.13376.69480.13103.44-	1,116.35782.401,116.35333.95-	1,364.451,202.751,364.45161.70-
	No. ParticularsSl.	March 31, 20213 Monthsended	December 31, 2020Preceeding3 Monthsended	3 Months ended inthe previous yearMarch 31, 2020Corresponding	Current year endedMarch 31, 2021	MillionPrevious year endedMarch 31, 2020Rs. in
1	b) Bio-pharmaceutical businessa) Pharmaceutical businessTotal Segment AssetsSegment Assets	52,213.3346,816.405,396.93	49,438.3544,401.485,036.87	46,768.6043,841.062,927.54	52,213.3346,816.405,396.93	46,768.6043,841.062,927.54
	b) Bio-pharmaceutical businessa) Pharmaceutical businessTotal Segment LiabilitiesSegment Liabilities2	19,732.7519,658.8873.87	17,404.7917,404.79-	15,180.7415,180.74-	19,732.7519,658.8873.87	15,180.7415,180.74-

	Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.STRIDES PHARMA SCIENCE LIMITEDCIN: L24230MH1990PLC057062
	FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021STATEMENT OF STANDALONE AUDITED RESULTS
figures upto the end of the third quarter of the relevant financial year, which are subjected to limited review.The figures for the quarters ended March 31, 2021 and March 31,7	2020 are the balancing figures between audited figures in respect to full financial years and the published unaudited year to date
8	The board of directors have proposed a final dividend of Rs 2.5 per share, which is subject to approval by the shareholders in the Annual General Meeting.
9	Previous period figures have been regrouped to conform with the classification adopted in these financial results.
	For and on behalf of the Board
Bengaluru, May 27, 2021	Date: 2021.05.27 13:09:05ANANTHANARAYANANCEO and Managing DirectorDigitally signed byRAGHUNATHANDr R Ananthanarayanan+05'30'ANANTHANARAYRAGHUNATHANANAN

May 27, 2021

BSE Limited Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001 Scrip code: 532531

The National Stock Exchange of India Limited Exchange Plaza, Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 Scrip code: STAR

Dear Sirs,

Sub: Declaration pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Ref: Unmodified Opinion in the Auditors' Report for Financial Year ended March 31, 2021

Pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we hereby declare that M/s. BSR & Co. LLP, the Statutory Auditors of the Company have issued the Auditors' Report with unmodified opinion in respect to the Audited Financial Results (Standalone and Consolidated) for the Financial Year ended March 31, 2021.

We request you to kindly take the above information on record.

Thanks & Regards, For Strides Pharma Science Limited,

Manjula R Company Secretary

AI assistant

STRIDES PHARMA SCIENCE LIMITED — Annual Report 2021

62616_rns_2021-05-27_df9d360b-472c-43ab-a34a-7d67cd9393cd.pdf

Sub: Outcome of Board Meeting - Audited Financial Results (Standalone & Consolidated) for the quarter and year ended March 31, 2021

Ref: Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Strides reports strong FY21 performance with 29% revenue and 67% EBITDA growth

Detailed investor communication on the performance of the Company is attached

About Strides

For further information, please contact:

Q4FY21 and FY21 Earnings May 27, 2021

COVID -19 Impact on People and Business

Our People

Our Business

Future Plan

Dr. R Ananthanarayanan

Financial performance in Q4FY21 and FY21

Regulated Markets

Emerging Markets

Consolidated Group Revenues

Key Highlights

Regulated Markets

Other Regulated Markets

Emerging Markets

R&D

Puducherry update

Strides Regulated Markets 21% YoY % ₹5,191m Q4FY20 $73m ₹6,995m Q4FY21 $94m ₹22,027m FY20 $310m ₹26,636m FY21 $359m 35% YoY %

Provided an outlook of 20-22% growth in FY21 for the regulated markets

HEADWINDS FACED DURING FY21

Continued R&D momentum

Stelis Biopharma – Building a world class Biopharma franchise

• GLP-1 analogue programs

Biopharma (Follow on Biologics) BioSource™(CDMO services) Vaccines (New Pivot for growth)

Stelis concludes US$ 195m Series B and Series C fund raise, Significant interest from marquee long term investors

Financial Performance

Thank you

Strides Pharma Science Limited

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF STRIDES PHARMA SCIENCE LIMITED

Report on the audit of the Consolidated Annual Financial Results

Opinion

Basis for Opinion

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Management's and Board of Directors' Responsibilities for the Consolidated Annual Financial Results

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (continued)

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results (continued)

Other Matters

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Other Matters (continued)

Sampad Guha Thakurta Partner

Strides Pharma Science Limited

Annexure I to the Independent Auditors' Report

Strides Pharma Science Limited

Annexure I to the Independent Auditors' Report (continued)

STRIDES PHARMA SCIENCE LIMITED

STRIDES PHARMA SCIENCE LIMITED CIN: L24230MH1990PLC057062

STATEMENT OF CONSOLIDATED AUDITED RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021

INDEPENDENT AUDITORS' REPORT

TO THE BOARD OF DIRECTORS OF STRIDES PHARMA SCIENCE LIMITED

Report on the audit of the Standalone Annual Financial Results

Opinion

Basis for Opinion

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Emphasis of Matter Paragraph

Management's and Board of Directors' Responsibilities for the Standalone Annual Financial Results

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Auditor's Responsibilities for the Audit of the Standalone Annual Financial Results

Strides Pharma Science Limited

Independent Auditors' Report (continued)

Other Matters

Sub: Declaration pursuant to Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

Ref: Unmodified Opinion in the Auditors' Report for Financial Year ended March 31, 2021

STRIDES PHARMA SCIENCE LIMITED Annual Report 2021