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STRIDES PHARMA SCIENCE LIMITED Interim / Quarterly Report 2022

Nov 10, 2021

62616_rns_2021-11-10_147c4df8-6615-41c0-8a60-3628f0e94320.pdf

Interim / Quarterly Report

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November 10, 2021

BSE Limited The National Stock Exchange of India Limited Phiroze Jeejeebhoy Towers, Exchange Plaza, Bandra-Kurla Complex Dalal Street, Mumbai – 400 001 Bandra (E) Mumbai - 400 051 Scrip code: 532531 Scrip code: STAR

Dear Sirs,

Sub: Outcome of Board Meeting – Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended September 30, 2021

We are pleased to enclose the Unaudited Financial Results (Standalone and Consolidated) of the Company along with Limited Review Report of the Statutory Auditors for the quarter and half year ended September 30, 2021, as approved by the Board of Directors of the Company at their meeting held today, along with a press release issued in this regard.

The board meeting commenced at 11:00 hrs and concluded at 13:30 hrs.

This is for your information and record.

Thanks & Regards, For Strides Pharma Science Limited, Manjula Ramamurthy Company Secretary

Encl. As above

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Press Release November 10, 2021

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Strides reports muted Q2FY22 results

Q2FY22 Consolidated revenues at ₹7,360m with an EBITDA breakeven Successfully completes acquisition of Chestnut Ridge site along with ANDA’s from Endo

Bengaluru, India, November 10, 2021 - Strides Pharma Science Ltd (BSE: 532531, NSE: STAR) today announced its consolidated financial results for the quarter (Q2FY22) and half year (H1FY22)

Financial Highlights

PARTICULARS
Q2FY22
Q1FY22		 Q2FY21
QoQ%
YoY%
H1FY22		 H1FY21
YoY%
Revenues
₹7,360m
₹6,919m		 ₹7,971m
6%
-8%
₹14,279m		 ₹15,818m
-10%
Gross Margins
₹4,113m
₹3,428m		 ₹4,886m
20%
-16%
₹7,541m		 ₹9,711m
-22%
EBITDA
₹10m
(₹468m)		 ₹1,656m
(₹458m)		 ₹3,234m
Adj PAT1
(₹847m)
(₹1,169m)		 ₹792m
Adj EPS1
(₹9.4)
(₹13.0)		 ₹8.8

1. Adj PAT and Adj EPS for Q1 FY22 excludes exceptional items loss of ₹915m, Biotech and CHC share of loss of ₹195m, tax credit of ₹215m on exception items; Adj PAT and Adj EPS for Q2 FY22 excludes exceptional items loss of ₹599m, Biotech and CHC share of loss of ₹234m

Commenting on the performance , Dr R Ananthanarayanan, Managing Director & CEO , remarked , “ We have reported an operational breakeven in Q2FY22 enabled by a bounce back in other regulated markets, growing 27% QoQ. The performance in other regulated markets was driven by improving demand scenario and resumption of our supplies to partners during the quarter post the Covid related manufacturing disruptions in Q1. Emerging markets continues to track well delivering growth both in Africa and Institutional business.

We continue to face headwinds in our US business. While we have been able to retain volume share on our key products, we continued to witness price challenges in our portfolio during the quarter, magnified by concentration towards acute products.

We have completed the strategic acquisition of Chestnut Ridge site in the US along with a portfolio of approved products which will enable us to accelerate new product launches. While there are near term headwinds, we remain optimistic on the US business in the long run. We will start witnessing improvement in our US business starting Q3FY22 and will continue the growth momentum there on. Given the volatile dynamics we believe we will only be able to achieve our current year guided outlook for US in FY23

A muted sales performance accompanied with a drop in gross margins and relatively higher operating costs has led to a negative operating leverage in H1. While cost measures have been initiated to improve operating leverage, the shift will be visible in the coming quarters.”

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 (New York). 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
Badree Komandur
Executive Director & CFO
+91 80 6784 0747
Investor Relations:
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		 Corporate Communication
Pallavi Panchmatia: +91 80 6784 0193
Email: [email protected]
PR Consultancy
Fortuna PR
K Srinivas Reddy: +91 90005 27213
[email protected]
K Priya: +91 95354 25418
[email protected]

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Q2 and H1FY22 Earnings

November 10, 2021

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Strides reports muted Q2FY22 results Successfully completes acquisition of Chestnut Ridge site along with ANDA’s from Endo

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We have reported an operational breakeven in Q2FY22 enabled by a bounce back in other regulated markets, growing 27% QoQ. The performance in other regulated markets was driven by improving demand scenario and resumption of our supplies to partners during the quarter post the Covid related manufacturing disruptions in Q1. Emerging markets continues to track well delivering growth both in Africa and Institutional business.

We continue to face headwinds in our US business. While we have been able to retain volume share on our key products, we continued to witness price challenges in our portfolio during the quarter, magnified by concentration towards acute products.

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We have completed the strategic acquisition of Chestnut Ridge site in the US along with a portfolio of approved products which will enable us to accelerate new product launches. While there are near term headwinds, we remain optimistic on the US business in the long run. We will start witnessing improvement in our US business starting Q3FY22 and will continue the growth momentum there on. Given the volatile dynamics we believe we will only be able to achieve our current year guided outlook for US in FY23

A muted sales performance accompanied with a drop in gross margins and relatively higher operating costs has led to a negative operating leverage in H1. While cost measures have been initiated to improve operating leverage, the shift will be visible in the coming quarters.

Dr. R Ananthanarayanan

Managing Director & CEO

Revenues Mix

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13%
34%
15% % of
Q2 FY22
Revenues
38%
US Other Reg Mkts Institutional Africa
Revenues EBITDA EBITDA %
₹7,360m ₹10m 0%
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2

Financial performance in Q2 and H1 FY22

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Q2FY22 Q1FY22 Q2FY21 QoQ% YoY% H1FY22 H1FY21 YoY %
REVENUES ₹7,360m ₹6,919m ₹7,971m 6% - 8% ₹14,279m ₹15,818m - 10%
₹4,113m ₹3,428m ₹4,886m 20% - 16% ₹7,541m ₹9,711m - 22%
GROSS MARGINS
55.9% 49.5% 61.3% 630 bps - 540 bps 52.8% 61.4% - 860 bps
₹10m - ₹468m ₹1,656m - ₹458 ₹3,234m
EBITDA
0.1% -6.8% 20.8% -3.2% 20.4%
PHARMA PAT [1] - ₹847m - ₹1,169m ₹792m -₹2,016m ₹1,580m
PHARMA EPS [1]
- ₹9.4 - ₹13.0 ₹8.8 -₹22.4 ₹17.6
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, 1. Adj PAT and Adj EPS for Q1 FY22 excludes exceptional items loss of ₹915m, Biotech and CHC share of loss of ₹195m, tax credit of ₹215m on exception items; Adj PAT and Adj EPS for Q2 FY22 excludes exceptional items loss of ₹599m, Biotech and CHC share of loss of ₹234m

3

Performance Overview

Key Updates

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Regulated Markets US

Regulated Markets

US US
Market **Q2FY22 ** **Q1FY22 ** Q2FY21 QoQ% YoY% **H1FY22 ** H1FY21 YoY% • US revenues at $34m for Q2FY22, US contributed 34% of consolidated revenues in Q2FY22
US 2,502 3,016 4,047 - 17% -38% 5,518 7,785 - 29% • Demand continued to be impacted by Covid-19 related headwinds
• Market continued to witness price erosion in Q2 with more pronounced impact in the acute
Other Reg 2,825 2,232 2,386 27% 18% 5,057 4,992 1% Other Regulated Markets
• Other regulated markets revenues at $38m for Q2FY22 versus $30m in Q1FY22, Other regul
Total 5,327 5,248 6,433 2% - 17% 10,575 12,777 - 17% markets contributed 38% of consolidated revenues in Q2FY22

  • Market continued to witness price erosion in Q2 with more pronounced impact in the acute portfolio

  • Other Regulated Markets

  • Other regulated markets revenues at $38m for Q2FY22 versus $30m in Q1FY22, Other regulated markets contributed 38% of consolidated revenues in Q2FY22

  • Strong sequential bounce back in other regulated markets with 27% revenue growth

  • Witnessing healthy traction across key frontend markets, partnership business benefits from normalization of manufacturing capacity post COVID impact in Q1FY22

Emerging Markets

gg
normalization of manufacturing capacity post COVID impact in Q1FY22
Market **Q2FY22 ** **Q1FY22 ** Q2FY21 QoQ% YoY% **H1FY22 ** H1FY21 YoY% • Healthy orderbook visibility and expansion of portfolio to drive business momentum
Inst. Biz 1,113 970 702 15% 59% 2,083 1,512 38% Emerging Markets
• Emerging markets revenues at $28m for Q2FY22 versus $23m in Q1FY21, business con
Africa 920 701 836 31% 10% 1,621 1,529 6% consolidated revenues in Q2FY22
• Institutional business witnessed healthy growth during the quarter and benefitted fro
Total 2,033 1,671 1,538 22% 32% 3,704 3,041 22% customer offtake

  • Emerging markets revenues at $28m for Q2FY22 versus $23m in Q1FY21, business contributed 28% of consolidated revenues in Q2FY22

  • Institutional business witnessed healthy growth during the quarter and benefitted from an improved customer offtake

  • Africa business delivered a strong performance as Covid-19 related headwinds are now easing out

  • Operating Cost

Consolidated Group Revenues

  • Logistics cost continues to be high despite improving mix towards sea shipments as freight rates witnessed significant jump during the quarter
witnessed significant jump during the quarter
**Q2FY22 ** **Q1FY22 ** Q2FY21 QoQ% YoY% **H1FY22 ** H1FY21 YoY% • Logistics cost during the quarter were at ₹897m up 20% QoQ
Total 7,360 6,919 7,971 6% - 8% 14,279 15,818 -10% sales at 12.2% for Q2FY22 versus 4.8% in Q2FY21
• Expect logistics cost to ease out in H2FY22 from current levels
  • Logistics cost during the quarter were at ₹897m up 20% QoQ and up 135% YoY, logistics cost as % of sales at 12.2% for Q2FY22 versus 4.8% in Q2FY21

R&D Investments

  • R&D investment in Q2FY22 at ₹220m, 3 new products filed in regulated markets year till date

4

Business Highlights

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US business continued to witness headwinds, growth to resume starting Q3FY22

US Revenues - Quarterly Trend (₹/$M)

Business Updates

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Significant price
erosion impacts
$58
$54 $53
$50 $50
$41 $41
$34
Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Financial Performance (₹/$M)
Q U A R T E R O N Q U A R T E R Y E A R O N Y E A R H 1 F Y 2 2 O N H 1 F Y 2 1
₹ 7,785
₹ 4,047
₹ 3,016 ₹ 5,518
₹ 2,502
₹ 2,502
Q1FY22 Q2FY22 Q2FY21 Q2FY22 H1FY21 H1FY22
- 17% QoQ - 38% YoY - 29% YoY
$75
$54 $34 $104
$41 $34
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YoY comparison in INR reported

  • Revenues from the US for Q2FY22 stood at ₹2,502 ($34m), down 38% YoY, representing 34% of consolidated revenues for Q2FY22

  • Continued price erosion in the portfolio, lack of new product launches and aggressive channel procurement during Covid has significantly impacted H1FY22 revenues

  • Despite fall in prescriptions, Strides has been able to retain its volume market share on key products in a tough operating environment

  • Higher dependence on acute portfolio magnified price erosion as Q2FY22 revenues dropped to $34m, ~40% lower from a peak of $58m (Q4FY21)

  • Near Term Outlook

  • While we are now witnessing a stable pricing environment, we expect prescriptions to recover over the next 2-3 quarters

  • With the acquisition of ANDA’s at Chestnut Ridge, the combined portfolio enables diversification with addition of chronic products and controlled substances.

  • We have re-engaged with the customers for the acquired portfolio which got impacted during transition given the seller was not focusing on defending and growing this business

  • We will start realizing the full benefit of Chestnut Ridge portfolio starting Q1FY23, identified first set of 20 products and actions underway to enable launches over the next 3-4 quarters

  • Consequently, we believe we will only be able to achieve our current year guided outlook in FY23

6

Chestnut Ridge transaction achieves completion

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Transaction Update

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Strategic Outcomes

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Key Priorities

  • Acquisition strengthens Strides’ portfolio, front-end presence and local manufacturing capability for the US

  • On August 6, 2021, Strides inked definitive agreements with Endo to acquire its manufacturing facility in the US along with basket of ANDAs

  • The above-mentioned transaction achieved its closure on October 20,2021

  • Strides paid a total of US$ 24.9m for the transaction and the same was funded by a combination of Debt and equity

• The acquisition represents a key milestone in Strides strategy and will further cement company’s position as a relevant player in the US generic industry

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  • The acquisition more than doubles the approved ANDA basket for Strides including 20 commercial products transferred to Strides on transaction closure

  • The portfolio brings on board a mix of acute and chronic products that will help diversify product offering

  • Readily available basket ensures lower dependency on new ANDA filings and approvals for growth given the Covid-19 induced travel restrictions and delay in site inspections

  • Acquired Portfolio will help accelerate new product launches in the US

  • Chestnut Ridge site adds 2 billion units’ annual capacity across semi-solids, liquids, nasal sprays and other oral solids

  • The facility is registered with the Drug Enforcement Administration (DEA) enabling manufacturing of controlled substances

  • The acquisition will also strengthen our ability to cater to federal contracts with 100+ TAA compliant products

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  • Strides welcomes on board the experienced team at Chestnut ridge site, focusing on a seamless integration of the team to the Strides global talent pool

  • Integration of processes and systems to Strides platform initiated

    • Targeting to commercialize 5-6 new product every quarter from the combined portfolio

  • Building an efficient, reliable and competitive supply chain for the portfolio of already commercial and yet to be commercialized portfolio will be another key priority for the company

  • Ramping up our VA business leveraging a vast portfolio of TAA compliant products

  • Consolidation of our loss-making West Palm Beach operations with Chestnut Ridge site will deliver manufacturing cost synergies

7

Robust portfolio in place to drive growth for the US business

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Addressable
Strides Endo Combined
Dosage Format Market Size
Portfolio Portfolio Portfolio
US$ m
Oral Solids ER 12 12 24 2,717
Oral Solids IR 94 120 214 12,574
Oral Suspension,
15 11 26 523
Syrup
Topicals, Gels,
5 4 9 434
others
Total 126 147 273 16,248
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Portfolio Highlights
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  • Combined portfolio of 273 ANDA’s spread across multiple dosage format

  • Acquired portfolio has an addressable market size of US$4.7 bn , the Combined addressable market size for the portfolio is pegged at US$ 16 bn

  • Differentiated portfolio comprising of Controlled Substances, Hormones, Nasal Sprays, Gels, Modified Release products, Liquids

  • Significantly expands our middle of pyramid product basket enabling sustainability of margins

  • Access to a basket of 13 controlled substance (CII) products

  • Strides currently only has 40 commercial products in the US . The Chestnut Ridge portfolio will immediately add 20 commercial products and with 5-6 new product launches planned each quarter we expect to have a portfolio of 100+ commercial products over the next 2 years in the US

  • 100+ TAA compliant ANDAs will allow us to broad base our offering to federal procurements

8

Bounce back in the other regulated markets with growth across key markets

Other Regulated Markets Revenues - Quarterly Trend (₹/$M)

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Covid related
supply
disruptions
$40
$37 $38
$35
$31 $32 $32 $30
Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
Financial Performance (₹/$M)
Q U A R T E R O N Q U A R T E R Y E A R O N Y E A R H 1 F Y 2 2 O N H 1 F Y 2 1
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₹ 4,992 ₹ 5,057
₹ 2,825
₹ 2,825
₹ 2,232
₹ 2,386
Q1FY22 Q2FY22 Q2FY21 Q2FY22 H1FY21 H1FY22
27% QoQ 18% YoY 1% YoY
$32 $38 $67 $68
$30 $38
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Business Updates

  • Revenues from other regulated markets for Q2FY22 stood at ₹2,825m ($38m), up 27% QoQ and 18% YoY

  • Other regulated markets represented 38% of consolidated revenues for Q2FY22

  • Other regulated markets business witnessed a bounce back driven by improved prescription generations in key frontends and return to normalcy of supplies for our partnered business

  • Other regulated markets has now reached closer to its historical peak sales (Q3FY21) and will continue its growth momentum

Near Term Outlook

  • Outlook for the business continues to be robust given a strong order book visibility

  • Continued R&D investments in portfolio expansion to drive growth through new product launches across geographies

YoY comparison in INR reported

9

Emerging markets business continues its growth momentum with a 32% YoY growth

Emerging Market Revenues - Quarterly Trend (₹/$M)

Business Updates

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$29 $28
$23
$20 $21 $20
$14
$8
Q3FY20 Q4FY20 Q1FY21 Q2FY21 Q3FY21 Q4FY21 Q1FY22 Q2FY22
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Financial Performance (₹/$M)

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  • Revenues from emerging markets for Q2FY22 stood at ₹2,033m ($28m), up 22% QoQ and up 32% YoY

  • Emerging markets business represented 28% of consolidated revenues for Q2FY22

  • The Africa business delivered a strong performance led by healthy demand for key brands, the business reported revenues of ₹920m in Q2FY22, up 31% QoQ and up 10% YoY

  • Leveraging digital platforms for a better doctor connect, focus on new product introductions and improved MR productivity to drive growth for the Africa business

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Q U A R T E R O N Q U A R T E R Y E A R O N Y E A R H 1 F Y 2 2 O N H 1 F Y 2 1
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₹ 3,704
₹ 3,041
₹ 2,033
₹ 2,033
₹ 1,671 ₹ 1,538
Q1FY22 Q2FY22 Q2FY21 Q2FY22 H1FY21 H1FY22
22% QoQ 32% YoY 22% YoY
$28 $50
$23 $21 $28 $41
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  • Institutional business reported revenues of ₹1,113m in Q2FY22 up 15% QoQ and up 59% YoY led by better offtake from donor funding agencies

  • Focussing on becoming a cost leader in the space with efficient supply chain

YoY comparison in INR reported

10

Financial Performance

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Key P&L Highlights – Q2 and H1FY22

Income statement (₹m) Income statement (₹m)
Particulars Q2 FY22 Q1 FY22 Q2 FY21 QoQ YoY H1 FY22 H1 FY21 YoY
Revenues 7,360 6,919 7,971 6% -8% 14,279 15,818 -10%
EBITDA 10 -468 1,656 101% -100% -458 3,234 -114%
EBITDA % 0.1% -6.8% 20.8% 690 bps -2070 bps -3.2% 20.4%
Adj PAT1 -847 -1,169 792 -2,016 1,580
Adj EPS1 -9.4 -13.0 8.8 -22.4 17.6
Reconciliation of EBITDA (₹m)
As per SEBI results Q2 FY22 Q1 FY22 Q2 FY21
Profit before exceptional items & tax -915 -1,330 853
Less: Interest, Dividend income 77 100 93
Add : Depreciation and Amortization 566 549 528
Add : Finance costs 436 415 369
Consolidated EBITDA as per press note 10 -468 1,656
  • ,

1. Adj PAT and Adj EPS for Q1 FY22 excludes exceptional items loss of ₹915m, Biotech and CHC share of loss of ₹195m, tax credit of ₹215m on exception items; Adj PAT and Adj EPS for Q2 FY22 excludes exceptional items loss of ₹599m, Biotech and CHC share of loss of ₹234m

12

Net debt and Investments

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Pharma Net Debt Investments in CHC & Biotech Total Net Debt
As at June 2021 As at June 2021 As at June 2021
₹ 7,530m ₹ 6,886m ₹ 14,416m
As at September 2021 As at September 2021 As at September 2021
₹ 9,301m ₹ 6,937m ₹ 16,238m
Change over June 2021 Change over June 2021 Change over June 2021
+ ₹ 1,771m + ₹ 51m + ₹ 1,822m
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13

Strides Pharma Science Ltd – Q2 and H1FY22 Earnings Call

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invites you to interact with the senior management on Q2 and H1FY22

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Pre-register and join without operator

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CLICK HERE
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Arun Kumar
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Founder & Non - Executive Chairman

WEDNESDAY, NOVEMBER 10, 2021

4:00pm IST / 11:30am BST / 06:30am EDT / 06:30pm HKT

Speakers:

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Dr. R. Ananthanarayanan Badree Komandur Managing Director & Executive Director & CEO CFO

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Join through an operator using dial in numbers

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India Primary +91 22 6280 1434 / +91 22 7115 8838
USA 18667462133 Singapore 8001012045
UK 08081011573 Hongkong 800964448
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24-hour playback after the call

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+91 22 71945757 +91 22 66635757
Playback Code: 43155
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14

Thank You

Strides Pharma Science Limited

CIN: L24230MH1990PLC057062

CORPORATE OFFICE

201, Devavrata, Sector 17, Vashi, Navi Mumbai - 400 703, India Tel.: +91 22 2789 2924/2789 3199 Email: [email protected] Website: www.strides.com CIN: L24230MH1990PLC057062

REGISTERED OFFICE

Bannerghatta Road, Bengaluru - 560 076, India Tel.: +91 80 6784 0000/ 6784 0290

B S R & Co. LLP

Chartered Accountants

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

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

Limited review report

To

Board of Directors of Strides Pharma Science Limited

  1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Strides Pharma Science Limited (“the Parent”) and its subsidiaries (the Parent and its subsidiaries together referred to as “the Group”), and its share of the net loss after tax and total comprehensive loss of its associates and joint ventures for the quarter ended 30 September 2021 and year to date results for the period from 01 April 2021 to 30 September 2021 (“the Statement”), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).

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

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity”, issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

  1. The Statement includes the results of the entities mentioned in Annexure I of this limited review report.

  2. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Registered Office: 14[th] Floor, Central Wing, Tower 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

B S R & Co LLP

Strides Pharma Science Limited

Limited review report (continued)

  1. We did not review the financial information of 5 subsidiaries included in the Statement, whose financial information reflect total assets of Rs. 42,968 million as at 30 September 2021 and total revenues of Rs. 4,953 million and Rs. 10,615 million, total net loss after tax of Rs. 1,644 million and Rs. 2,165 million and total comprehensive loss of Rs. 1,641 million and Rs. 2,165 million, for the quarter ended 30 September 2021 and for the period from 01 April 2021 to 30 September 2021, respectively, and cash inflows (net) of Rs. 1,893 million for the period from 01 April 2021 to 30 September 2021, as considered in the consolidated unaudited financial results. The consolidated unaudited financial results also includes the Group’s share of net loss after tax of Rs. 183 million and Rs. 370 million and total comprehensive loss of Rs. 183 million and Rs. 370 million for the quarter ended 30 September 2021 and for the period from 01 April 2021 to 30 September 2021, respectively, as considered in the Statement, in respect of 3 associates whose financial information have not been reviewed by us. These financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and associates, is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

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

  1. The Statement includes the financial information of 34 subsidiaries which have not been reviewed, whose financial information reflect total assets of Rs. 31,253 million as at 30 September 2021 and total revenue of Rs. 1,013 million and Rs. 1,985 million, total net loss after tax of Rs. 199 million and Rs. 396 million and total comprehensive loss of Rs. 203 million and Rs. 396 million for the quarter ended 30 September 2021 and for the period from 01 April 2021 to 30 September 2021, respectively, and cash inflows (net) of Rs. 586 million for the period from 01 April 2021 to 30 September 2021, as considered in the Statement. The Statement also includes the Group’s share of net loss after tax of Rs. 51 million and Rs. 59 million and total comprehensive loss of Rs. 51 million and Rs. 59 million for the quarter ended 30 September 2021 and for the period from 01 April 2021 to 30 September 2021, respectively, as considered in the consolidated unaudited financial results, in respect of 7 associates and a joint venture, based on their financial information which have not been reviewed. According to the information and explanations given to us by the management, these financial information are not material to the Group.

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

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

Digitally signed by sampad sampad guhathakurta guhathakurta Date: 2021.11.10 13:20:22 +05'30'

Sampad Guha Thakurta Partner Membership No: 060573 UDIN: 21060573AAAAFA7221

Place: Bengaluru Date: 10 November 2021

B S R & Co LLP

Strides Pharma Science Limited

Annexure I to the limited review report

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

B S R & Co LLP

Strides Pharma Science Limited

Annexure I to the limited review report (continued)

Sl. No. Entity and the country of incorporation
37 Strides Pharma UK Limited,United Kingdom
38 Strides Shasun Latina,SA de CV,Mexico
39 Strides Vivimed Pte Limited,Singapore(merged with Strides Pharma Global Pte Limited)
40 SVADS Holdings SA,Switzerland
41 TrinityPharma ProprietaryLimited,South Africa
42 Universal Corporation Limited,Kenya
43 Vivimed Life Sciences Private Limited,India
44 Arco Lab Private Limited,India
45 Strides Consumer LLC.
46 Stelis Pte Ltd,Singapore
47 Vensun Pharmaeuticals Inc,USA
48 Pharmapar Inc,Canada
49 Juno OTC Inc.,Canada
50 Strides Netherlands BV
51 Sihuan Strides(HK)Limited,HK
52 Stelis Biopharma LLC,USA
53 Strides Nordic ApS
Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceding 3 Months
ended
June 30, 2021		 Corresponding 3
Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the pervious
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
(1) (2) (3) (4) (5) (6)
I
II
III
IV
V
VI
VII
VIII
IX
X
XI
XII
XIII
XIV		 Continuing operations
Revenue from operations
Other income
Total income (I + II)
Expenses
(a) Cost of materials consumed
(b) Purchases of stock-in-trade
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade
(d) Employee benefits expense
(e) Finance costs
(f) Depreciation and amortisation expense
(g) Other expenses
(h) Foreign exchange (gain) / loss - net
Total expenses (IV)
Profit/ (loss) before exceptional items and tax (III - IV)
Exceptional items - net gain / (loss) (Refer note 6)
Profit / (loss) before tax (V + VI)
Share of loss of joint ventures and associates
Profit/ (loss) before tax (VII + VIII)
Tax expense
- Current tax
- Deferred tax
Total tax expense (X)
Profit/(loss) after tax from continuing operations (IX - X)
Discontinued operations
- Profit / (loss) from discontinued operations
- Tax expense of discontinued operations
Profit/(loss) after tax from discontinued operations
Profit / (loss) for the period (XI + XIII)
- Gain on disposal of assets / settlement of liabilities attributable to the discontinued
operations (net)		 7,214.73
222.10
7,436.83
2,872.31
840.16
(465.82)
1,483.55
435.55
565.59
2,495.31
124.88
8,351.53
(914.70)
(599.03)
(1,513.73)
(233.73)
(1,747.46)
18.54
(86.18)
(67.64)
(1,679.82)
-
-
-
-
(1,679.82)		 6,883.66
135.32
7,018.98
3,169.28
607.80
(286.34)
1,613.57
414.54
548.83
2,332.86
(51.17)
8,349.37
(1,330.39)
(915.44)
(2,245.83)
(195.26)
(2,441.09)
40.94
(396.34)
(355.40)
(2,085.69)
-
-
-
-
(2,085.69)		 7,935.58
128.71
8,064.29
3,215.32
619.67
(750.51)
1,383.14
368.66
527.90
1,895.87
(48.83)
7,211.22
853.07
131.33
984.40
(301.22)
683.18
76.73
(15.69)
61.04
622.14
-
147.72
-
147.72
769.86		 14,098.39
357.42
14,455.81
6,041.59
1,447.96
(752.16)
3,097.12
850.09
1,114.42
4,828.17
73.71
16,700.90
(2,245.09)
(1,514.47)
(3,759.56)
(428.99)
(4,188.55)
59.48
(482.52)
(423.04)
(3,765.51)
-
-
-
-
(3,765.51)		 15,753.55
251.76
16,005.31
5,982.26
1,060.06
(935.29)
2,680.97
737.76
1,019.22
3,883.35
(87.76)
14,340.57
1,664.74
580.51
2,245.25
(510.82)
1,734.43
144.83
(50.96)
93.87
1,640.56
-
147.72
-
147.72
1,788.28		 33,158.70
514.27
33,672.97
13,904.23
2,960.76
(3,537.06)
5,501.47
1,500.65
2,062.87
8,061.17
(80.17)
30,373.92
3,299.05
433.53
3,732.58
(978.19)
2,754.39
214.48
102.03
316.51
2,437.88
-
139.41
-
139.41
2,577.29
Regd. Office: No. 201
STRI
Corp. Office:"Strides Hou
STATEMEN
FOR THE QUART		 Regd. Office: No. 201
STRI
Corp. Office:"Strides Hou
STATEMEN
FOR THE QUART		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062		 Rs. in Milion
Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
DES PHARMA SCIENCE LIMITED
se", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
T OF CONSOLIDATED UNAUDITED RESULTS
ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CIN: L24230MH1990PLC057062
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceding 3 Months
ended
June 30, 2021		 Corresponding 3
Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the pervious
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
(1) (2) (3) (4) (5) (6)
XV
A
B
XVI		 Other comprehensive income
(i) Items that will not be reclassified to statement of profit and loss
(i) Items that may be reclassified to statement of profit and loss
Total other comprehensive income for the period (XV)
Total comprehensive income for the period (XIV + XV)
Profit for the period attributable to:
- Owners of the Company
- Non-controlling interests
Other comprehensive income for the period
- Owners of the Company
- Non-controlling interests
Total comprehensive income for the period
- Owners of the Company
- Non-controlling interests
Earnings per equity share (face value of Rs. 10/- each) (for continuing operations)
(1) Basic (in Rs.)
(2) Diluted (in Rs.)
Earnings per equity share (face value of Rs. 10/- each) (for discontinued operations)
(1) Basic (in Rs.)
(2) Diluted (in Rs.)
Earnings per equity share (face value of Rs. 10/- each) (for total operations)
(1) Basic (in Rs.)
(2) Diluted (in Rs.)
See accompanying notes to the Financial Results
(ii) Income tax relating to items that may be reclassified to statement of profit and loss
(ii) Income tax relating to items that will not be reclassified to statement of profit and loss		 (50.20)
10.56
(15.75)
(27.44)		 (27.80)
6.91
253.04
7.13		 (62.66)
11.99
(94.11)
(61.76)		 (78.00)
17.47
237.29
(20.31)		 124.23
(27.84)
189.82
(120.98)		 104.46
(14.08)
212.09
(136.92)
(82.83) 239.28 (206.54) 156.45 165.23 165.55
(1,762.65) (1,846.41) 563.32 (3,609.06) 1,953.51 2,742.84
(1,625.59)
(54.23)		 (2,052.00)
(33.69)		 809.45
(39.59)		 (3,677.59)
(87.92)		 1,845.09
(56.81)		 2,684.42
(107.13)
(1,679.82) (2,085.69) 769.86 (3,765.51) 1,788.28 2,577.29
(90.22)
7.39		 243.85
(4.57)		 (204.22)
(2.32)		 153.63
2.82		 167.34
(2.11)		 159.97
5.58
(82.83) 239.28 (206.54) 156.45 165.23 165.55
(1,715.81)
(46.84)		 (1,808.15)
(38.26)		 605.23
(41.91)		 (3,523.96)
(85.10)		 2,012.43
(58.92)		 2,844.39
(101.55)
(1,762.65) (1,846.41) 563.32 (3,609.06) 1,953.51 2,742.84
(not annualised)
(18.12)
(18.12)
-
-
(18.12)
(18.12)		 (not annualised)
(22.88)
(22.88)
-
-
(22.88)
(22.88)		 (not annualised)
7.39
7.38
1.64
1.65
9.03
9.03		 (not annualised)
(40.99)
(40.99)
-
-
(40.99)
(40.99)		 (not annualised)
18.95
18.93
1.65
1.65
20.60
20.58		 (annualised)
28.40
28.37
1.56
1.55
29.96
29.92

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 UNAUDITED RESULTS

STRIDES PHARMA SCIENCE LIMITED
Corp. Office: "Strides House", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
STATEMENT OF CONSOLIDATED UNAUDITED RESULTS
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.
STATEMENT OF CONSOLIDATED UNAUDITED RESULTS
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.
STATEMENT OF CONSOLIDATED UNAUDITED RESULTS
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.
STATEMENT OF CONSOLIDATED UNAUDITED RESULTS
Regd. Office: No. 201 Devavrata, Sector 17, Vashi, Navi Mumbai 400 703.
FOR THE QUART ER AND HALF YEAR ENDED SEPTEMBER 30, 2021
CONSOLIDATED BALANCE SHEET Rs. in Milion
As at
September 30, 2021
As at
March 31, 2021
UNAUDITED
AUDITED
11,076.05
10,688.67
454.58
2,276.02
1,514.86
2,029.78
135.09
682.35
4,839.47
4,805.40
3,776.08
3,987.44
2,302.80
2,197.67
6,009.77
5,838.94
63.73
141.02
30.00
103.84
5,553.02
5,692.90
2,379.88
1,982.21
1,043.96
1,302.14
121.87
249.48
39,301.16
41,977.86
12,284.90
12,007.03
270.16
994.12
9,826.71
11,068.59
3,681.99
1,258.34
245.46
539.31
45.49
40.54
186.37
199.15
2,477.99
2,065.26
29,019.07
28,172.34
114.73
-
68,434.96
70,150.20
Particulars As at
September 30, 2021		 As at
March 31, 2021
UNAUDITED AUDITED
A
I
II		 ASSETS
Non-current assets
(a) Property, plant and equipment
(b) Capital work-in-progress
(c) Right -of -use assets
(d) Investment property
(e) Goodwill
(f) Other Intangible assets
(g) Intangibles assets under development
(h) Investment in associates and joint ventures
(i) Financial assets
(i) Investments
(ii) Loans receivable
(iii) Other financial assets
(j) Deferred tax assets (net)
(k) Income tax assets (net)
(l) Other non-current assets
Total non-current assets
Current assets
(a) Inventories
(b) Financial assets
(i) Investments
(ii) Trade receivables
(iii) Cash and cash equivalents
(iv) Other balances with banks
(v) Loans receivable
(vi) Other financial assets
(c) Other current assets
Total current assets
Assets held for sale
Total Assets		 11,076.05
454.58
1,514.86
135.09
4,839.47
3,776.08
2,302.80
6,009.77
63.73
30.00
5,553.02
2,379.88
1,043.96
121.87		 10,688.67
2,276.02
2,029.78
682.35
4,805.40
3,987.44
2,197.67
5,838.94
141.02
103.84
5,692.90
1,982.21
1,302.14
249.48
39,301.16 41,977.86
12,284.90
270.16
9,826.71
3,681.99
245.46
45.49
186.37
2,477.99		 12,007.03
994.12
11,068.59
1,258.34
539.31
40.54
199.15
2,065.26
29,019.07 28,172.34
114.73 -
68,434.96 70,150.20

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 UNAUDITED RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

Rs. in Milions
As at
September 30, 2021
As at
March 31, 2021
UNAUDITED
AUDITED
897.77
896.81
23,158.07
26,869.80
24,055.84
27,766.61
281.49
373.41
24,337.33
28,140.02
1,600.86
2,102.67
9,592.65
8,825.78
708.61
753.65
760.76
674.08
379.18
463.48
1,790.91
1,790.91
15.37
16.13
14,848.34
14,626.70
333.85
345.70
16,087.73
12,208.10
287.19
378.35
e
9,547.20
11,407.89
796.55
806.54
1,223.72
1,241.91
305.00
351.18
668.05
643.81
29,249.29
27,383.48
68,434.96
70,150.20
-
-
-		 Rs. in Milions
As at
September 30, 2021
As at
March 31, 2021
UNAUDITED
AUDITED
897.77
896.81
23,158.07
26,869.80
24,055.84
27,766.61
281.49
373.41
24,337.33
28,140.02
1,600.86
2,102.67
9,592.65
8,825.78
708.61
753.65
760.76
674.08
379.18
463.48
1,790.91
1,790.91
15.37
16.13
14,848.34
14,626.70
333.85
345.70
16,087.73
12,208.10
287.19
378.35
e
9,547.20
11,407.89
796.55
806.54
1,223.72
1,241.91
305.00
351.18
668.05
643.81
29,249.29
27,383.48
68,434.96
70,150.20
-
-
-
Particulars As at
September 30, 2021		 As at
March 31, 2021
UNAUDITED AUDITED
B
I
II
1
2		 EQUITY AND LIABILITIES
Equity
(a) Equity share capital
(b) Other equity
Equity attributable to owners of the Company
Non- Controlling interests
Total equity
Liabilities
Non-current liabilities
(a) Financials liabilities
(i) Lease liabilities
(ii) Borrowings
(iii) Other financial liabilities
(b) Provisions
(c) Deferred tax liabilities (net)
(d) Non-current tax liabilities (net)
(e) Other non-current liabilities
Total non-current liabilities
Current liabilities
(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 enterpris
(iv) Other financial liabilities
(b) Provisions
(c) Current tax liabilities
(d) Other current liabilities
Total current liabilities
Total Equity and liabilities		 897.77
23,158.07		 896.81
26,869.80
24,055.84
281.49		 27,766.61
373.41
24,337.33 28,140.02
1,600.86
9,592.65
708.61
760.76
379.18
1,790.91
15.37		 2,102.67
8,825.78
753.65
674.08
463.48
1,790.91
16.13
14,848.34 14,626.70
333.85
16,087.73
287.19
e
9,547.20
796.55
1,223.72
305.00
668.05		 345.70
12,208.10
378.35
11,407.89
806.54
1,241.91
351.18
643.81
29,249.29 27,383.48
68,434.96 70,150.20
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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
Rs. In Million
CONSOLIDATED STATEMENT OF CASH FLOW
Sl.
No.		 Particulars For the Current
period ended
September 30, 2021		 For the previous
period ended
September 30, 2020		 For the previous
year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
A. Cash flow from operating activities
Profit / (loss) before tax from:
Continuing operations
Discontinued operations		 (4,188.55)
-		 1,734.43
147.72		 2,754.39
139.41
Adjustments for:
- Depreciation and amortisation expense
- Share of loss of joint ventures and associates
- (Gain)/ loss on sale of property, plant and equipment and other intangible assets (net)
- Share based compensation expense
- Unwinding of discount on gross obligations over written put options to NCI
- Cancellation of gross obligations over written put options to NCI
- Unwinding of discount on contingent consideration payable
- Interest expense on borrowings & others
- Interest and dividend income
- Gain on disposal of assets / settlement of liabilities attributable to the discontinued operations (net)
- Rental income from investment property
- Liability / provision no longer required written back
- Bad debts written off / provision for doubtful trade and other receivables
- Impairment and cost associated with disposal of facility
- Impairment of investment in associates
- Sales returns, write down of inventory and other expenses on account of Ranitidine withdrawal
- Gain on sale of investment in associates/subsidiaries
- Gain on dilution of investment in associates
- Fair valuation gain on acquisition of controlling shares in an associate
- Net unrealised exchange loss/ (gain)		 (4,188.55)
1,114.42
428.99
(109.53)
21.05
4.63
(94.88)
36.98
850.09
(177.24)
-
(50.33)
-
(9.49)
1,651.92
-
143.96
(29.41)
(529.26)
-
354.91		 1,882.15
1,019.22
510.82
4.13
4.77
5.59
-
37.44
737.76
(187.08)
(147.72)
(37.86)
(5.53)
114.73
-
-
84.83
-
-
(25.30)
(764.11)		 2,893.80
2,062.87
978.19
(23.38)
68.02
12.05
-
74.35
1,500.65
(364.94)
(139.41)
(76.99)
(7.45)
94.61
-
81.99
750.50
-
(323.00)
(25.30)
(1,029.61)
Operating profit before working capital changes
Changes in working capital:
(Increase)/ decrease in trade and other receivables
Increase in inventories
Increase/ (decrease) in trade and other payables		 (581.74)
784.14
(317.55)
(1,907.63)		 3,233.84
(805.76)
(1,404.74)
469.10		 6,526.95
(1,247.75)
(4,140.49)
2,107.70

Net change in working capital
Cash (utilised in) / generated from operations
Income taxes refund received /(paid )		 (1,441.04)
(2,022.78)
150.65		 (1,741.40)
1,492.44
(121.98)		 (3,280.54)
3,246.41
1,567.96

Net cash flow (utilised in) / generated from operating activities
A		 (1,872.13) 1,370.46 4,814.37
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS
Rs. In Million
CONSOLIDATED STATEMENT OF CASH FLOW
Sl.
No.		 Particulars For the Current
period ended
September 30, 2021		 For the previous
period ended
September 30, 2020		 For the previous
year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
B. Cash flow from investing activities
Capital expenditure for property, plant and equipment and intangible assets, including capital advance
Proceeds from sale of property, plant and equipment and intangible assets
Short-term investments in funds
Purchase of long-term investments including investment in associates
Consideration paid towards acquisition of non-controlling interest in subsidiary and business combinations, net of cash acquired
Proceeds from sale of investment in mutual funds
Proceeds from sale of long-term investments including discontinued operations, net of expenses and cash
Rent deposit received / (given)
Proceeds / (investment) in fixed deposits with maturity of more than 3 months, net
Rental income from investment property
Interest and dividends received (net of tax on dividend)		 (961.97)
639.59
(270.17)
(51.06)
(25.24)
1,001.20
67.43
9.40
416.81
52.52
82.03		 (1,176.66)
5.39
-
(1,712.64)
(85.91)
115.61
105.76
-
(176.17)
43.11
51.98		 (2,974.84)
39.58
(150.00)
(2,456.33)
(78.86)
324.74
97.69
(0.10)
(167.13)
88.35
68.69
Net cash flow generated from / (utilised in) investing activities
B		 960.54 (2,829.53) (5,208.21)
C.
Cash flow from financing activities
Proceeds from issue of equity shares
Proceeds from long-term borrowings
Repayment of long-term borrowings
Net increase/ (decrease) in working capital and short-term borrowings
Lease payments
Dividends paid (net of tax on dividend)
Proceeds from issue of shares to minority shareholders
Interest paid on borrowings		 28.54
2,857.00
(1,533.35)
3,130.36
(192.25)
(224.31)
-
(730.97)		 18.12
2,879.42
(1,381.80)
423.20
(185.06)
(179.15)
1.67
(641.01)		 34.99
5,674.58
(2,100.94)
(1,824.26)
(370.98)
(179.15)
1.67
(1,393.87)

Net cash generated from / (utilised in) financing activities
C		 3,335.02 935.39 (157.96)
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 UNAUDITED RESULTS
Rs. In Million
CONSOLIDATED STATEMENT OF CASH FLOW
Sl.
No.		 Particulars For the Current
period ended
September 30, 2021		 For the previous
period ended
September 30, 2020		 For the previous
year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
Net increase/ (decrease) in cash and cash equivalents during the year
(A+B+C)
Cash and cash equivalents at the beginning of the year
Effect of exchange differences on restatement of foreign currency cash and cash equivalents		 2,423.43
1,258.34
0.22		 (523.68)
1,822.34
(10.21)		 (551.80)
1,822.34
(12.20)

Cash and cash equivalents at the end of the year*		 3,681.99 1,288.45 1,258.34
*** Comprises:
Cash on hand
Balance with banks:**
- In current accounts
- In deposit accounts
-Funds-in-transit		 2.96
3,658.38
5.24
15.41		 3.10
1,190.62
5.19
89.54		 2.96
1,056.70
5.27
193.41
Total 3,681.99 1,288.45 1,258.34

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 UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

Notes:

  • 1 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.

  • 2 The above consolidated results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 10, 2021 . The statutory auditors have reviewed the results for the quarter and half year ended September 30, 2021 and have issued an unmodified opinion.

  • 3 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 previous 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.

Rs. in Million
Sl. Particulars 3 Months Preceding 3 Months Corresponding 3 Year to date figures Year to date figures Previous year
No. ended ended Months ended in for the current for the pervious ended
September 30, 2021 June 30, 2021 the previous year period ended period ended March 31, 2021
September 30, 2020 September 30, 2021 September 30, 2020
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
1 Total Revenue - - - - - -
II Total Expenses - - - - - -
III Profit/(loss) before exceptional items and tax (I - II) - - - - - -
IV Exceptional items - - - - - -
V Profit/(loss) before tax (III + IV) - - - - - -
VI Share of profit / (loss) of joint ventures and associates - - - - - -
VII Profit/(loss) before tax (V + VI) - - - - - -
VIII Gain on disposals of assets (net) - - 147.72 - 147.72 139.41
IX Tax expense / (benefit) - - - - - -
X Profit/(loss) from discontinued operations (VII+ VIII- IX) - - 147.72 - 147.72 139.41
  • 4 During the previous year, the Group gained controlling interest in Fairmed Healthcare AG, Switzerland, thereby making it a subsidiary of the group. Pursuant to the acquisition of controlling interest 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 carrying value of equity in Fairmed.

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 UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

  • 5 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-the-counter (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 1 April 2020, the Group has ceased further distribution of the product and is currently in the process of withdrawing the product from the market.

During the current period, the group has continued to receive returns from its customers with the corresponding value being deducted on their payments to the Group. As af September 30, 2021, the Group is carrying sufficient provision for sales return and has recorded an amount of Rs. 143.96 million towards other expenses related to its 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, have been recorded as an expense within Exceptional items in the statement of profit and loss during the period.

6 Exceptional Item gain/ (loss) (net):

6 Exceptional Item gain/ (loss) (net):
Rs. in Million
Particulars 3 Months Preceding 3 Months Corresponding 3 Year to date figures Year to date figures Previous year
ended ended Months ended in for the current for the pervious ended
September 30, 2021 June 30, 2021 the previous year period ended period ended March 31, 2021
September 30, 2020 September 30, 2021 September 30, 2020
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
- Exchange gain/ (loss) on long-term foreign currency loans, derivatives, deferred consideration and (221.20) (47.15) 174.14 (268.35) 702.84 1,027.73
intra-group loans
- Sales returns, write down of inventory and other expenses on account of Ranitidine withdrawal (refer (44.68) (99.28) - (143.96) (84.83) (750.50)
note 5)
- Impairment and cost associated with disposal of facility (refer note 7) (252.18) (1,399.74) - (1,651.92) - -
- Impairment of investment in associates - - - - - (81.99)
- Gain on dilution of investment in associates - 529.26 - 529.26 - 323.00
- Fair valuation gain on acquisition of controlling shares in Fairmed Healthcare ( Refer note 4) - - - - 25.30 25.30
- Business combination and restructuring expenses (62.08) (0.11) (19.73) (62.19) (19.77) (23.61)
- Unwinding/ cancellation of gross obligations and contingent consideration (20.51) 73.79 (23.08) 53.28 (43.03) (86.40)
- Gain on sale of Investment in associate, Juno OTC, Canada - 27.79 - 27.79 - -
-Gain on divestment of subsidiaries 1.62 - - 1.62 - -
Total (599.03) (915.44) 131.33 (1,514.47) 580.51 433.53
  • 7 On Aug 4, 2021, the Group through its wholly owned subsidiaries entered into definitive agreements with subsidiaries of Endo international Plc to acquire a portfolio of generic products along with the US manufacturing site at Chestnut Ridge, New York. Pursuant to such acquisition, the management decided to consolidate its existing West Palm Beach (Florida facility) operations with the acquired facility at Chestnut Ridge, New York to optimise future operating costs.

On November 5, 2021 the Group entered into definitive agreements to divest the Florida facility to Sofgen Pharmaceuticals LLC. Accordingly the Group recorded for impairment loss (including associated costs) amounting to USD 3.42 Million (Rs. 252.18 million) which has been disclosed under exceptional items. Consequently, an amount of USD 1.55 million (Rs. 114.73 million) has been recorded as assets held for sale.

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 UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

8 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 previous year, 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 has two operating segments, representing the individual businesses that are managed separately. The Groups's reportable segment are as follows; “Pharmaceutical” & “Bio-pharmaceutical”.

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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 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 UNAUDITED RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
8
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 previous year, 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 has two operating segments, representing the individual businesses that are
managed separately. The Groups's reportable segment are as follows; “Pharmaceutical” & “Bio-pharmaceutical”.
Rs. in Million
Particulars 3 Months
ended
September 30, 2021		 Preceding 3 Months
ended
June 30, 2021		 Corresponding 3
Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current
period ended
September 30, 2021		 Year to date figures
for the pervious
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
1
2		 Segment Revenue
a) Pharmaceutical business
b) Bio-pharmaceutical business
Revenue from operations
Segment results
(i) Profit/ (loss) before exceptional items and tax
a) Pharmaceutical business
b) Bio-pharmaceutical business
(ii) Exceptional items - net gain / (loss)
a) Pharmaceutical business
b) Bio-pharmaceutical business
(iii) Share of loss of joint ventures and associates
a) Pharmaceutical business
b) Bio-pharmaceutical business
(iv) Profit/ (loss) before tax
a) Pharmaceutical business
b) Bio-pharmaceutical business
Profit/ (loss) before tax [i+ii+iii]
Tax expense
(v) Profit/(loss) after tax from continuing operations		 7,214.73
-		 6,883.66
-		 7,935.58
-		 14,098.39
-		 15,753.55
-		 33,158.70
-
7,214.73 6,883.66 7,935.58 14,098.39 15,753.55 33,158.70
(914.70)
-		 (1,330.39)
-		 853.07
-		 (2,245.09)
-		 1,664.74
-		 3,299.05
-
(914.70)
(599.03)
-		 (1,330.39)
(1,444.70)
529.26		 853.07
131.33
-		 (2,245.09)
(2,043.73)
529.26		 1,664.74
580.51
-		 3,299.05
110.53
323.00
(599.03)
(25.07)
(208.66)		 (915.44)
(88.04)
(107.22)		 131.33
(123.67)
(177.55)		 (1,514.47)
(113.11)
(315.88)		 580.51
(205.24)
(305.58)		 433.53
(399.42)
(578.77)
(233.73)
(1,538.80)
(208.66)		 (195.26)
(2,863.13)
422.04		 (301.22)
860.73
(177.55)		 (428.99)
(4,401.93)
213.38		 (510.82)
2,040.01
(305.58)		 (978.19)
3,010.16
(255.77)
(1,747.46)
(67.64)		 (2,441.09)
(355.40)		 683.18
61.04		 (4,188.55)
(423.04)		 1,734.43
93.87		 2,754.39
316.51
**(1,679.82) ** **(2,085.69) ** 622.14 **(3,765.51) ** 1,640.56 2,437.88
STATEMENT OF C
STRIDES P
CIN: L
Regd. Office: No. 201 Deva
Corp. Office: "Strides House", Bi
FOR THE QUARTER AN		 STATEMENT OF C
STRIDES P
CIN: L
Regd. Office: No. 201 Deva
Corp. Office: "Strides House", Bi
FOR THE QUARTER AN		 ONSOLIDATED UNAUDITED RESULTS
HARMA SCIENCE LIMITED
24230MH1990PLC057062
vrata, Sector 17, Vashi, Navi Mumbai 400 7
lekahalli, Bannerghatta Road, Bangalore-5
D HALF YEAR ENDED SEPTEMBER 30, 2021		 ONSOLIDATED UNAUDITED RESULTS
HARMA SCIENCE LIMITED
24230MH1990PLC057062
vrata, Sector 17, Vashi, Navi Mumbai 400 7
lekahalli, Bannerghatta Road, Bangalore-5
D HALF YEAR ENDED SEPTEMBER 30, 2021		 03.
60 076.		 03.
60 076.		 03.
60 076.		 03.
60 076.
Rs. in Million
Particulars 3 Months
ended
September 30, 2021		 Preceding 3 Months
ended
June 30, 2021		 Corresponding 3
Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current
period ended
September 30, 2021		 Year to date figures
for the pervious
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
1
2		 Segment Assets
a) Pharmaceutical business
b) Bio-pharmaceutical business
Total Segment Assets
Segment Liabilities
a) Pharmaceutical business
b) Bio-pharmaceutical business
Total Segment Liabilities		 63,264.71
5,170.25		 64,640.61
5,395.94		 62,189.47
4,134.14		 63,264.71
5,170.25		 62,189.47
4,134.14		 65,175.14
4,975.06
68,434.96 70,036.55 66,323.61 68,434.96 66,323.61 70,150.20
44,090.21
7.42		 43,708.70
7.44		 38,933.26

-		 44,090.21
7.42		 38,933.26

-		 42,002.87
7.31
44,097.63 43,716.14 38,933.26 44,097.63 38,933.26 42,010.18
9
10
Information on Standalone Results : -
In March 2020, the World Health Organisation declared COVID-19 to be a pandemic. The Group has a
with minimal disruption. The Group has considered available internal and external information while
Directors. The actual impact of the global health pandemic may be different from that which has be
changes to future economic conditions.
The Group has recorded losses and negative operating cash flows for the half year ended September
current liabilities exceed its current assets and additionally it has provided certain guarantees in relati
September 30, 2021. Accordingly, based on the fact that it has generated positive operating cash flo
new financing facilities / replace existing facilities including its ability to obtain any other support from
meet its obligations as they fall due.		 dopted measures to curb the spread of in
finalizing various estimates in relation to its
en estimated, as the COVID -19 situation e
30, 2021 on account of continuing pricing
on to the borrowings of its Associates. The
ws in the previous year/ periods and expe
banks/financial institutions on its existing f		 Rs. in Million
fection in order to protect the health of its employees and ensure business continuity
financial results upto the date of approval of the financial results by the Board of
volves in India and globally. The Group will continue to closely monitor any material
pressure in some of its key geographies. Further as of September 30, 2021 the Group’s
Group has raised long term and other financing facilities during the half year ended
cts to generate positive operating cash flows in future periods and its ability to raise
inancing facilities, believes it will be able to continue to generate sufficient cash to
Particulars 3 Months
ended
September 30, 2021		 Preceding 3 Months
ended
June 30, 2021		 Corresponding 3
Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current
period ended
September 30, 2021		 Year to date figures
for the pervious
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
Total Revenue from continuing operations
Profit/ (loss) before tax from continuing operations
Profit/ (loss) after tax from continuing operations
Profit/(loss) before tax from discontinued operations
Profit/(loss) after tax from discontinued operations		 5,974.07
242.82
185.18
-
-		 5,175.38
(277.91)
(212.31)
-
-		 4,280.22
127.13
87.90
-
-		 11,149.45
(35.09)
(27.13)
-
-		 8,523.43
155.77
96.77
-
-		 19,465.62
1,116.35
782.40
-
-
11
Bengaluru, November 10, 2021
Previous period figures have been regrouped to conform with the classification adopted in these finan		 cial results. Dr. R Ananthanarayanan
Managing Director and CEO
For and on behalf of the Board
RAGHUNATHAN
ANANTHANARAYA
NAN
Digitally signed by
RAGHUNATHAN
ANANTHANARAYANAN
Date: 2021.11.10 12:55:56 +05'30'

B S R & Co. LLP

Chartered Accountants

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

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

Limited review report

To

Board of Directors of Strides Pharma Science Limited

  1. We have reviewed the accompanying Statement of unaudited standalone financial results of Strides Pharma Science Limited (“the Company”) for the quarter ended 30 September 2021 and year to date results for the period from 01 April 2021 to 30 September 2021 (“the Statement”).

  2. This Statement, which is the responsibility of the Company’s management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 “ Interim Financial Reporting ” (“Ind AS 34”), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’). Our responsibility is to issue a report on the Statement based on our review.

  3. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 “Review of Interim Financial Information Performed by the Independent Auditor of the Entity” issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.

  4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations including the manner in which it is to be disclosed, or that it contains any material misstatement.

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

sampad Digitally signed by sampad guhathakurta Date: 2021.11.10 13:18:46 guhathakurta +05'30'

Sampad Guha Thakurta Partner Membership No: 060573 UDIN: 21060573AAAAFB1162

Place: Bengaluru Date: 10 November 2021

Registered Office: 14[th] Floor, Central Wing, Tower 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai – 400063

B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013

Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
STATEMENT OF STANDALONE UNAUDITED RESULTS
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.
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceeding
3 Months
ended
June 30, 2021		 Corresponding
3 Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current
period ended
September 30, 2021		 Year to date figures
for the previous
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
(1) (2) (3) (4) (5) (6)
I
II
III
IV
V
VI
VII
VIII
**IX **		 Income
Revenue from operations
Other income
Total income (I + II)
Expenses
(a) Cost of materials consumed
(b) Purchases of stock-in-trade
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade
(d) Employee benefits expense
(e) Finance costs
(f) Depreciation and amortisation expense
(g) Other expenses
(h) Foreign exchange Loss / (gain)- net
Total expenses (IV)
Profit / (loss) before exceptional items and tax (III - IV)
Exceptional Item (loss)/ profit (net)
Profit / (loss) before tax (V + VI)
Tax expense
- Current tax expense / (benefit)
- Deferred tax expense / (benefit)
Total tax (benefit) / expense (VIII)
Profit / (Loss) for the period (VII -VIII)		 5,749.97
224.10
5,974.07
2,162.96
174.80
556.83
716.43
180.03
270.89
1,545.70
123.61
5,731.25
242.82
-
242.82
-
57.64
57.64
185.18		 5,087.90
87.48
5,175.38
2,434.23
145.77
159.79
794.38
180.91
266.36
1,501.23
(29.38)
5,453.29
(277.91)
-
(277.91)
-
(65.60)
(65.60)
(212.31)		 3,918.69
361.53
4,280.22
2,026.90
164.08
(7.79)
670.22
144.71
249.72
996.30
(91.05)
4,153.09
127.13
-
127.13
33.74
5.49
39.23
87.90		 10,837.87
311.58
11,149.45
4,597.19
320.57
716.62
1,510.81
360.94
537.25
3,046.93
94.23
11,184.54
(35.09)
-
(35.09)
-
(7.96)
(7.96)
(27.13)		 8,028.82
494.61
8,523.43
4,032.39
325.15
262.82
1,350.56
303.00
494.62
1,792.81
(193.69)
8,367.66
155.77
-
155.77
44.49
14.51
59.00
96.77		 18,575.66
889.96
19,465.62
10,500.98
563.07
(1,175.34)
2,727.24
653.39
993.42
4,367.40
(280.89)
18,349.27
1,116.35
-
1,116.35
210.18
123.77
333.95
782.40
STRID
C
Regd. Office: No. 201 D
Corp. Office: "Strides House
STATEMENT
FOR THE QUARTER		 STRID
C
Regd. Office: No. 201 D
Corp. Office: "Strides House
STATEMENT
FOR THE QUARTER		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021		 Rs. in million
ES PHARMA SCIENCE LIMITED
IN: L24230MH1990PLC057062
evavrata, Sector 17, Vashi, Navi Mumbai 400 703.
", Bilekahalli, Bannerghatta Road, Bangalore-560 076.
OF STANDALONE UNAUDITED RESULTS
AND HALF YEAR ENDED SEPTEMBER 30, 2021
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceeding
3 Months
ended
June 30, 2021		 Corresponding
3 Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current
period ended
September 30, 2021		 Year to date figures
for the previous
period ended
September 30, 2020		 Previous year
ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
(1) (2) (3) (4) (5) (6)
X
A
B
**XI **		 Other comprehensive income
(i) Items that will not be reclassified to statement of profit and loss
(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
(ii) Income tax relating to items that may be reclassified to statement of profit and loss
Total other comprehensive income for the period (X)
Total comprehensive income for the period (IX + X)
Earnings per equity share (face value of Rs. 10/- each)
(a) Basic (Rs.)
(b) Diluted (Rs.)
See accompanying notes to the Financial Results		 -
-
60.12
(21.00)		 -
-
(19.50)
6.81		 -
-
203.46
(71.10)		 -
-
40.62
(14.19)		 -
-
378.52
(132.27)		 (23.35)
8.16
391.10
(136.66)
39.12 (12.69) 132.36 26.43 246.25 239.25
224.30 (225.00) 220.26 (0.70) 343.02 1,021.65
(not annualised)
2.06
2.06		 (not annualised)
(2.37)
(2.37)		 (not annualised)
0.98
0.98		 (not annualised)
(0.30)
(0.30)		 (not annualised)
1.08
1.08		 (annualised)
8.73
8.72

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 UNAUDITED RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

Rs. in million
Particulars As at As at
September 30, 2021 March 31, 2021
UNAUDITED AUDITED
A ASSETS
I Non-current assets
(a) Property, plant and equipment 5,550.89 5,051.35
(b) Capital work in progress 189.80 813.60
(c) Right-of-use Assets 249.04 309.58
(d) Investment property 131.38 678.35
(e) Other intangible assets 353.67 405.66
(f) Intangibles assets under development 266.62 293.09
(g) Financial assets
(i) Investments 23,997.62 23,946.49
(ii) Loans receivable 989.62 852.21
(iii) Other financial assets 212.11 217.36
(h) Deferred tax assets (net) 745.87 752.11
(i) Income tax assets (net) 1,011.69 1,275.17
(j) Other non-current assets 85.50 179.79
Total non-current assets 33,783.81 34,774.76
II Current assets
(a) Inventories 5,750.19 6,890.80
(b) Financial assets
(i) Investments 270.16 -
(i) Trade receivables 11,277.42 8,216.65
(ii) Cash and cash equivalents 80.45 253.03
(iii) Other balances with banks 43.78 477.39
(iv) Loans receivable 34.45 35.66
(v) Other financial assets 396.50 364.77
(c) Other current assets 1,355.07 1,200.27
Total current assets 19,208.02 17,438.57
Total assets 52,991.83 52,213.33

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 UNAUDITED RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

Rs. in million
Particulars As at As at
September 30, 2021 March 31, 2021
UNAUDITED AUDITED
B EQUITY AND LIABILITIES
I Equity
(a) Equity Share capital 897.77 896.81
(b) Other equity 31,392.73 31,583.77
Total Equity 32,290.50 32,480.58
II Liabilities
1 Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 174.81 238.58
(ii) Borrowings 1,439.02 1,475.39
(iii) Other financial liabilities 39.90 39.59
(b) Provisions 312.21 280.82
(c) Non-current tax liabilities 1,790.91 1,790.91
(d) Other non-current liabilities 0.80 1.08
Total Non-current liabilities 3,757.65 3,826.37
2 Current liabilities
(a) Financial liabilities
(i) Lease liabilities 151.08 146.63
(ii) Borrowings 10,063.86 7,313.99
(iii) Trade payables
(a) total outstanding dues of micro enterprises and small enterprises 269.00 318.12
(b) total outstanding dues of creditors other than micro enterprises and small enterp 5,763.91 7,248.93
(iv) Other financial liabilities 219.43 390.43
(b) Provisions 244.90 226.71
(c) Current tax liabilities 27.10 31.53
(d) Other current liabilities 204.40 230.04
Total current liabilities 16,943.68 15,906.38
Total equity and liabilities 52,991.83 52,213.33
Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS
Sl. No. Particulars For the half year
ended
September 30, 2021		 For the half year
ended
September 30, 2020		 For the year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
A. Cash flow from operating activities
Profit/(Loss) before tax		 (35.09) 155.77 1,116.35
Adjustments for:
- Depreciation and amortisation expense
- Gain on sale/write off of property, plant and equipment and other intangible assets (net)
- Share based compensation expense
- Interest expense
- Interest income
- Dividend income
- Rental income from investment property
- Bad debts written off / provision for doubtful trade and other receivables
- Net unrealised exchange loss / (gain)
- Gain on sale of non-current investment
- Income from current investment		 (35.09)
537.25
(106.73)
-
19.95
360.94
(78.97)
-
(0.15)
(51.44)
37.51
136.80		 155.77
494.62
(0.04)
-
3.24
303.00
(293.02)
-
(0.31)
(56.71)
126.79
(185.20)		 1,116.35
993.42
(31.04)
(8.84)
64.92
653.39
(126.05)
(353.70)
(0.31)
(113.03)
192.77
(130.07)
Operating profit before working capital changes
Changes in working capital:
(Increase) / Decrease in trade and other receivables
Decrease / (Increase) in inventories
(Decrease) / Increase in trade and other payables		 820.07
(3,368.73)
1,140.61
(1,512.42)		 548.14
94.19
(499.15)
697.41		 2,257.81
(1,733.10)
(2,262.61)
2,897.62
Net change in working capital
Cash generated from operations
Income taxes refund / (paid), net		 (3,740.54)
(2,920.47)
259.05		 292.45
840.59
(83.69)		 (1,098.09)
1,159.72
1,667.90
Net cash flow (utilised in) / generated from operating activities
A		 (2,661.42)
756.90
2,827.62
Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS
Sl. No. Particulars For the half year
ended
September 30, 2021		 For the half year
ended
September 30, 2020		 For the year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
B. Cash flow from investing activities
Capital expenditure for property, plant and equipment and intangible assets, including capital advance
Proceeds from sale of property, plant and equipment and intangible assets
Proceeds from sale of investment property
Investments in mutual funds
Proceeds from sale of investment in mutual funds
Investments in subsidiaries and associates
Proceeds from sale of non-current investments
Loan given
Loan recovered
Interest received (net of taxes)
Dividend received (net of taxes)
Rental income from investment property
Security deposits paid
Proceeds / (Investment) in fixed deposits with maturity of more than 3 months, net		 (400.34)
1.83
630.00
(270.17)
-
(51.13)
-
(202.41)
65.00
36.57
124.79
53.00
6.96
433.31		 (315.42)
1.97
-
(150.00)
150.00
(1,633.11)
-
(220.47)
84.32
302.63
-
60.10
(3.21)
(174.83)		 (887.40)
14.85
-
(150.00)
150.00
(2,369.95)
162.80
(451.46)
355.06
169.64
229.39
121.29
(8.80)
(91.83)
Net cash flow generated from / (utilised in) investing activities
B		 427.41 (1,898.02) (2,756.41)
Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS		 Rs. in million
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
STATEMENT OF STANDALONE CASH FLOWS
Sl. No. Particulars For the half year
ended
September 30, 2021		 For the half year
ended
September 30, 2020		 For the year ended
March 31, 2021
UNAUDITED UNAUDITED AUDITED
C. Cash flow from financing activities
Proceeds from issue of equity shares
Proceeds from long-term borrowings
Repayment of long-term borrowings
Proceeds / (Repayment) from short-term borrowings (net)
Dividends paid (net of tax on dividend)
Lease Payments
Interest paid on borrowings		 28.54
231.77
(149.77)
2,582.94
(224.31)
(75.56)
(332.18)		 18.12
795.00
(1.52)
380.71
(179.15)
(71.16)
(297.94)		 35.00
1,926.45
(77.57)
(1,406.02)
(179.15)
(144.34)
(640.75)
Net cash flow generated from / (utilised in) financing activities
C		 2,061.43 644.06 (486.38)
Net decrease in cash and cash equivalents during the period/year
(A+B+C)
Cash and cash equivalents at the beginning of the year		 (172.58)
253.03		 (497.06)
668.20		 (415.17)
668.20
Cash and cash equivalents at the end of the year* 80.45 171.14 253.03
*** Comprises:
Cash on hand
Balance with banks:**
- In current accounts
- In deposit accounts
-Funds-in-transit		 2.03
51.58
-
26.84		 2.42
130.33
(0.04)
38.43		 2.18
69.85
-
181.00
Total 80.45 171.14 253.03

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 STANDALONE UNAUDITED RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

Notes:

  • 1 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.

  • 2 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on November 10, 2021. The statutory auditor has reviewed the results for the quarter and half year ended September 30, 2021 and have issued an unmodified opinion.

  • 3 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 employees and 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 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.

  • As of September 30, 2021, the Group has recorded losses and negative operating cash flows for the half year ended September 30, 2021 on account of continuing pricing pressure in some of its key geographies. Further as of September 30, 2021 the Group’s current liabilities exceed its current assets and additionally it has provided certain guarantees in relation to the borrowings of its Associates. However, the Company, based on the fact that it has generated positive operating cash flows in the previous year/periods and expects to generate in future periods and its ability to raise new financing facilities including its ability to obtain any other support from banks/financial institutions on its existing financing facilities, believes it will be able to continue to generate sufficient cash to meet its obligations as they fall due.

  • 4 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'), Strides Emerging 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 has been approved by the National Company Law Tribunal (‘NCLT’) Bengaluru and Mumbai bench, vide their orders dated May 28, 2020 and November 6, 2020 respectively and a certified copy has been filed by the Company with the Registrar of Companies, Karnataka and Registrar of Companies, Maharashtra, on December 1, 2020.

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, 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 relating to the corresponding three months and half year ended September 30, 2020 include the impact of the business combination and have been restated after recognising the effect of the Scheme as above.

Rs. in million
Impact of the Scheme on the statement of standalone results		 Rs. in million
Impact of the Scheme on the statement of standalone results		 Rs. in million
Impact of the Scheme on the statement of standalone results		 Rs. in million
Impact of the Scheme on the statement of standalone results
Sl.
No.		 Particulars Corresponding
3 Months ended in
the previous year
September 30, 2020		 Year to date figures
for the previous
period ended
September 30, 2020
UNAUDITED UNAUDITED
I
II
III
IV
V
VI		 Total Revenue
Total Expenses
Profit/(loss) before tax (I- II)
Tax (benefit)/ expense
Profit/(loss) after tax (III - IV)
Earnings per equity share (face value of Rs. 10/- each)
(a) Basic (Rs.)
(b) Diluted (Rs.)		 51.53
116.37
(64.84)
(15.97)
(48.87)
(0.55)
(0.55)		 48.03
145.64
(97.61)
(15.97)
(81.64)
(0.91)
(0.91)

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 STANDALONE UNAUDITED RESULTS

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

5 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 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 quarter ended March 31, 2021, 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 two operating segments, representing the individual businesses that are managed separately. The Company's new reportable segment are as follows; “Pharmaceutical” and “Bio-pharmaceutical”. The Company 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 historical standalone statements of profit and loss, balance sheets.

FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS		 FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021
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 STANDALONE UNAUDITED RESULTS
5
Rs. in million
Sl.
No.
3 Months
ended
September 30, 2021
Preceeding
3 Months
ended
June 30, 2021
Corresponding
3 Months ended in
the previous year
September 30, 2020
Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the previous
period ended
September 30, 2020
Previous year ended
March 31, 2021
UNAUDITED
UNAUDITED
UNAUDITED
UNAUDITED
UNAUDITED
AUDITED
1
Segment Revenue
a) Pharmaceutical business
5,749.97 5,087.90 3,918.69 10,837.87 8,028.82 18,575.66
b) Bio-pharmaceutical business
- - - - - -
Revenue from operations
5,749.97 5,087.90 3,918.69 10,837.87 8,028.82 18,575.66
2
Segment results
a) Pharmaceutical business
242.82 (277.91) 127.13 (35.09) 155.77 1,116.35
b) Bio-pharmaceutical business
- - - - - -
(Loss) / Profit before tax (I)
242.82 (277.91) 127.13 (35.09) 155.77 1,116.35
Tax (benefit) / expense (II)
57.64 (65.60) 39.23 (7.96) 59.00 333.95
(Loss) / Profit for the period (I-II)
185.18 (212.31) 87.90 (27.13) 96.77 782.40
Rs. in million
Sl.
No.
3 Months
ended
September 30, 2021
Preceeding
3 Months
ended
June 30, 2021
Corresponding
3 Months ended in
the previous year
September 30, 2020
Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the previous
period ended
September 30, 2020
Previous year ended
March 31, 2021
UNAUDITED
UNAUDITED
UNAUDITED
UNAUDITED
UNAUDITED
AUDITED
1
Segment Assets
a) Pharmaceutical business
47,594.90 47,879.37 43,219.72 47,594.90 43,219.72 46,816.40
b) Bio-pharmaceutical business
5,396.93 5,396.93 5,036.87 5,396.93 5,036.87 5,396.93
Total Segment Assets
52,991.83 53,276.30 48,256.59 52,991.83 48,256.59 52,213.33
2
Segment Liabilities
a) Pharmaceutical business
20,693.89 20,930.65 16,236.49 20,693.89 16,236.49 19,568.88
b) Bio-pharmaceutical business
7.44 75.11-7.44-73.87
Total Segment Liabilities
20,701.33 21,005.76 16,236.49 20,701.33 16,236.49 19,642.75
Particulars
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 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 quarter ended March 31, 2021, 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
two operating segments, representing the individual businesses that are managed separately. The Company's new reportable segment are as follows; “Pharmaceutical” and “Bio-pharmaceutical”. The
Company 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 historical standalone
statements of profit and loss, balance sheets.
Particulars
Rs. in million
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceeding
3 Months
ended
June 30, 2021		 Corresponding
3 Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the previous
period ended
September 30, 2020		 Previous year ended
March 31, 2021
UNAUDITED UNAUDITED UNAUDITED UNAUDITED UNAUDITED AUDITED
1 Segment Revenue
a) Pharmaceutical business
b) Bio-pharmaceutical business
Revenue from operations		 5,749.97
-
5,749.97		 5,087.90
-
5,087.90		 3,918.69
-
3,918.69		 10,837.87
-
10,837.87		 8,028.82
-
8,028.82		 18,575.66
-
18,575.66
2 Segment results
a) Pharmaceutical business
b) Bio-pharmaceutical business
(Loss) / Profit before tax (I)
Tax (benefit) / expense (II)
(Loss) / Profit for the period (I-II)		 242.82
-
242.82
57.64
185.18		 (277.91)
-
(277.91)
(65.60)
**(212.31) **		 127.13
-
127.13
39.23
87.90		 (35.09)
-
(35.09)
(7.96)
**(27.13) **		 155.77
-
155.77
59.00
96.77		 1,116.35
-
1,116.35
333.95
782.40
Rs. in million
Sl.
No.		 Particulars 3 Months
ended
September 30, 2021		 Preceeding
3 Months
ended
June 30, 2021		 Corresponding
3 Months ended in
the previous year
September 30, 2020		 Year to date figures
for the current period
ended
September 30, 2021
Year to date figures
for the previous
period ended
September 30, 2020		 Previous year ended
March 31, 2021
UNAUDITED UNAUDITED
UNAUDITED
UNAUDITED
UNAUDITED		 AUDITED
1 Segment Assets
a) Pharmaceutical business
b) Bio-pharmaceutical business		 47,594.90
5,396.93		 47,879.37
5,396.93		 43,219.72
5,036.87		 47,594.90
5,396.93		 43,219.72
5,036.87		 46,816.40
5,396.93

Total Segment Assets		 52,991.83 53,276.30 48,256.59 52,991.83 48,256.59 52,213.33
2 Segment Liabilities
a) Pharmaceutical business
b) Bio-pharmaceutical business		 20,693.89
7.44		 20,930.65
75.11		 16,236.49
-		 20,693.89
7.44		 16,236.49
-		 19,568.88
73.87

Total Segment Liabilities		 20,701.33 21,005.76 16,236.49 20,701.33 16,236.49 19,642.75

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 STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2021

  • 6 The Board of Directors of the Company on October 29, 2020 have approved the Scheme of Amalgamation u/s 230 to 232 of the Companies Act, 2013, between Strides Pharma Science Limited and Vivimed Lifesciences Private Limited with an appointed date of October 1, 2020. The Scheme of Amalgamation is yet to be filed with National Company Law Tribunal(NCLT) for approval.

  • 7 Previous period figures have been regrouped to conform with the classification adopted in these financial results.

For and on behalf of the Board

RAGHUNATHAN Digitally signed by RAGHUNATHAN ANANTHANARA ANANTHANARAYANAN YANAN Date: 2021.11.10 12:57:21 +05'30' Dr R Ananthanarayanan Bengaluru, November 10, 2021 Managing Director and CEO

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Stelis Biopharma Limited | November 10, 2021

z

Recap: Stelis is a vertically integrated biopharma and vaccine company ready to expand horizons

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Large Scale Infrastructure

One Stop Capabilities

Integrated vaccine suite

  • 3 World class facilities with

  • ~600,000 Square feet R&D and manufacturing space with capabilities in microbial, mammalian products and vaccines

  • One-stop shop solution from cell line and process development to commercial manufacturing

  • Drug Substance manufacturing Microbial and Mammalian – (8000L by Mar’22)

  • Drug Product manufacturing - Vials, Lyophilized vials, Cartridges & Pre-filled syringes

  • Dedicated vaccine facility to cater to multiple vaccine types including viral vector, protein subunit, mRNA & DNA

  • Drug Substance Capacit y of 40,000L with integrated drug product manufacturing

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Flexible and agile model

Strong Core Team

Embedded Compliance

  • Multi-platform/multi-product Biologics capability

  • Sterile injectable fill/finish for complex small molecules

  • Flexible model for partner engagement

  • Talented scientific and technical

  • teams with experience from leading global Biotech and Vaccine companies

  • Quality and regulatory expertise with demonstrated experience in global compliance

  • Operations designed, built and validated to meet Global

regulatory market standard

2

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Updates on Q2FY22 Performance 3 operating businesses are tracking to the plan albeit delayed facility inspections due to travel restrictions

The CDMO business is on track to achieve operational break even in FY22

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Current Business and Orderbook

  • New orders received for the drug product facility , continued traction for cartridges, high speed vial fill-finish and lyophilized vials

  • Completed large scale batches(1000L) for microbial drug substance on the site

  • CDMO business on track for achieving operational break even in FY22

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Regulatory approval Status

Expanded capacity for drug substance

  • Partnered product filings have triggered inspections from global regulatory authorities including the EU/EMA and USFDA. However, there has been no new development on regulatory inspections as Covid-19-led travel restrictions continue to delay the facility audits

  • Ongoing project work on mammalian block installation on track, block to be mechanically completed by end FY22 (8000L Reactor capacity)

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Since the outbreak of Covid-19, Stelis has expanded its scope to manufacture vaccines at large scale

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Update on Sputnik Vaccine

In its commitment to fight against Covid-19 , Stelis rose to the challenge and planned its foray into vaccines in March 2021

  • First component of the Sputnik vaccine has been manufactured at the commercial scale

  • Expected to commercially launch the vaccine within Q3FY22

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Evaluating new vaccine partnerships

  • Ongoing discussions to partner with other global players for vaccines manufacturing

  • On track to on-board at least one CDMO Contract on vaccines by Q4FY22

Stelis committed to invest over INR 750 Crores to build a best-in-class facility dedicated to produce vaccines with integrated capabilities within the site

Stelis facility is designed to cater to multiple vaccine at large scale including the new platform technologies

Despite the outbreak of second wave of Covid-19, Stelis vaccine facility has achieved on-time readiness to produce over 60 million vaccine doses per month (720 million doses per year) in less than 180 days

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IN <180 DAYS, OUR TEAM IS READY TO PRODUCE 720 MILLION VACCINE SHOTS PER YEAR AND CAN EXPAND TO 1 BILLION ANNUAL DOSES CAPACITY

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Our biosimilar products are tracking to plan with first insulin analog completing India CT trials

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Molecule Market Size ($b) Indication Development
Stage		 Latest Update
STLP001
(Rh- Teriparatide)		 ~2 Osteoporosis Filed in EU/
Phase 1 ready for
US		 • EU file for MAA under review, on track to received approval by
Q4FY22
STLI001
(Glargine)		 ~13 Diabetes Clinical • Phase-1 clinical trial for India dosing completed, study results are
encouraging. Global filings for several markets starting FY23
STLI002
(Aspart)		 ~9 Diabetes Pre-clinical • Program on track for late FY24 filing
STLI003
(Lispro)		 `7 Diabetes Pre-clinical • Program initiation and scale-up ongoing
STLG001
(Undisclosed)		 ~6 Diabetes Scale-up • On track for Q3/Q4FY22 filing via ANDA path
STLG002
(Undisclosed)		 ~7 Diabetes Scale-up • On track for filing in FY23 via ANDA path
STLS001
(Undisclosed)		 ~5 Anti- hemorrhoid Pre-clinical • Pre-clinical stage

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Thank you

Stelis Biopharma Limited

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