Unichem Laboratories Ltd. — Annual Report 2024

May 22, 2024

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22[nd] May 2024

Department of Corporate Services. Bombay Stock Exchange, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Script Code: 506690

Symbol: UNICHEMLAB

Dear Sir/Madam,

Sub: Outcome of Board Meeting

We would like to inform you that the Board of Directors at its Meeting held today, i.e. Wednesday, 22[nd] May 2024 approved:

1. Unaudited financial results (consolidated and standalone) for the quarter ended 31[st] March 2024;

2. Audited financial results (consolidated and standalone) for the year ended 31[st] March 2024.

3. Re-appointment of M/s. Kishore Bhatia & Associates, Cost Accountants as Cost Auditors (Firm Registration No. 00294) and M/s. Alwyn Jay & Co., Practicing Company Secretaries (Firm Registration No. P2010MH021500) as Secretarial Auditor of the Company for FY 2024-25.

We are enclosing herewith:

• a. Unaudited financial results (Consolidated and Standalone) for the quarter ended 31[st] March 2024;

• b. Audited (Consolidated & Standalone) Financial Results for the year ended 31[st] March 2024 along with Statement of Assets & Liabilities, Cashflow statement and Auditors’ report with unmodified opinion;

• c. Declaration pursuant to the Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The Board meeting commenced at 12:30 p.m. and concluded at 2.20 p.m. The same will also be made available on the Company’s website www.unichemlabs.com as well as on www.bseindia.com and www.nseindia.com.

Kindly take the same on your records.

Thanking you,

FOR UNICHEM LABORATORIES LIMITED

PRADEEP Digitally signed by PRADEEP BHANDARI BHANDARI Date: 2024.05.22 14:30:21 +05'30'

PRADEEP BHANDARI

Head – Legal & Company Secretary

Encl.: a/a

Registered Office: Unichem Bhavan, Prabhat Estate, Off S. V. Road Jogeshwari (West), Mumbai – 400 102, Maharashtra, India.

UNICHEM LABORATORIES LIMITED CIN: L99999MH1962PLC012451

Statement of Unaudited Consolidated Financial Results for the Quarter & Audited Financial Results for the year ended 31st March, 2024

I II III Total income (I+II) IV EXPENSES Total expenses (IV) V VI VII VIII IX (1) Current tax (2) Deferred tax charge / (credit) (Refer note 4) (3) Short / (excess) provision for tax (earlier years) X Profit / (Loss) for the period after tax (VIII-IX) XI A. (i) Items that will not be reclassified subsequently to profit or loss - Remeasurement of the net defined benefit plan - Equity instruments through other comprehensive income (ii) Income tax (expense) / credit relating to items that will not be reclassified to profit or loss - Remeasurement of the net defined benefit plan - Equity instruments through other comprehensive income (net) B. (i) Items that will be reclassified to profit or loss -Foreign currency translation difference -Gain / (Loss) on cash flow hedge (ii) Income tax relating to items that will be reclassified to profit or loss -Foreign currency translation difference -Gain / (Loss) on cash flow hedge XII XIII XIV XV (1) Basic (2) Diluted Cost of materials consumed Particulars Revenue from operations Other income Tax expense Purchase of stock-in-trade Changes in inventories of finished goods and work-in-progress Employee benefits expense Finance costs Impairment loss on financial assets Depreciation and amortization expenses Other expenses Share of profit / (loss) in associate (net of tax) Profit / (Loss) before exceptional items and tax (III- IV+V) Exceptional items - expenses / (income) (Refer note 7) Profit / (Loss) before tax (VI-VII) Other Comprehensive Income / (Loss) Total of Other Comprehensive Income / (Loss) Total Comprehensive Income for the period (X+XI) Paid-up equity share capital (Face value of � 2/- per share) Other Equity (Reserves excluding revaluation reserve) Earnings per equity share (Face value of � 2/- per share) (not annualized)

� Lakhs 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023 Unaudited Unaudited Unaudited Audited Audited 43,170.05 43,437.87 40,209.94 1,70,489.47 1,34,302.22 615.27 1,127.65 511.07 3,159.54 3,851.51 43,785.32 44,565.52 40,721.01 1,73,649.01 1,38,153.73 19,767.39 19,391.98 15,966.02 74,280.44 53,219.93 21.21 21.28 48.89 91.09 152.65 (3,099.52) (2,764.56) 1,319.53 (7,909.05) 1,720.09 9,942.07 9,811.34 8,872.65 39,305.77 35,641.05 459.39 558.00 552.45 2,266.12 1,731.25 - - 170.87 - 341.72 2,715.68 2,785.79 2,968.30 11,324.05 11,344.37 14,003.70 13,166.34 12,183.56 54,696.43 47,782.32 43,809.92 42,970.17 42,082.27 1,74,054.85 1,51,933.38 - - - - - (24.60) 1,595.35 (1,361.26) (405.84) (13,779.65) 12,562.25 (6,801.48) 3,354.40 5,760.77 3,856.64 (12,586.85) 8,396.83 (4,715.66) (6,166.61) (17,636.29) 331.17 178.94 290.47 794.49 1,105.63 12.84 (181.16) (525.44) 86.33 1,534.98 - - (54.14) - (54.14) 344.01 (2.22) (289.11) 880.82 2,586.47 (12,930.86) 8,399.05 (4,426.55) (7,047.43) (20,222.76) 70.20 32.50 41.52 (27.38) 224.63 - - - - 1,586.82 - - - - - - - - - 2,061.22 (116.05) (192.90) (301.45) (494.66) 719.82 (25.37) - - (25.37) - - - - - - - - - - - (71.22) (160.40) (259.93) (547.41) 4,592.49 (13,002.08) 8,238.65 (4,686.48) (7,594.84) (15,630.27) 1,408.12 1,408.12 1,408.12 1,408.12 1,408.12 2,34,833.76 2,42,122.29 (18.37) 11.93 (6.28) (10.01) (28.72) (18.36) 11.92 (6.28) (10.01) (28.72) Quarter ended Year ended

Notes:

1 The above consolidated financial results ("the Statement") for the quarter and year ended 31st March, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 22nd May, 2024. The statutory auditors have expressed unmodified audit opinion on these consolidated financial results for the year ended 31st March, 2024.

2 The above Statement has been prepared in accordance with the guidelines issued by the Securities and Exchange Board of India ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013.

• 3 Operating Segment: The Company has a single reportable segment i.e. 'Pharmaceuticals'.

4 In respect of the Company, deferred tax assets is recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences to the extent of deferred tax liability.

In respect of a subsidiary, deferred tax assets (net) are recognised as per applicable tax laws.

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5 On 9th July, 2014, the European Commission (“EU”) decided to impose an unjustified fine of Euro 13.96 million, jointly and severally on the Company and its subsidiary Niche Generics Ltd. (“Niche”) contending that they had acted in breach of EU competition law as Niche had, in early 2005 (when the Company was only a part owner and financial investor in Niche) agreed to settle a financially crippling patent litigation with Laboratories Servier. The Company vehemently denies any wrongdoing on the part of either itself or Niche. Both the Company and Niche had submitted appeals in September 2014 to the General Court of the EU seeking appropriate relief in the matter. The General Court of the EU has rejected the appeals vide Order dated 12th December, 2018 and confirmed the fine of Euro 13.96 million. The Company and its subsidiary based on legal advice and merits, have filed appeals against the decision of General Court before the Court of Justice of the EU and outcome of the appeals are awaited. The management has obtained the counsel view on this matter and they have stated that there has not been any formal change in position after the last hearing and the uncertainty as in the past continues.

Considering the above uncertainty in regard to ongoing litigation related to EU matter, during the quarter and year ended 31st March 2024, the management of the Company on the basis of abundant precaution had made full provision of �12,562.25 lakhs towards EU fine which is disclosed under exceptional item.

6 During the year ended 31st March, 2023, the Company had sold specified number of shares held in Optimus Drugs Private Limited ('Investee' or ‘Optimus’) to Sekhmet Pharmaventures Private Limited (‘Purchaser’) in terms of Share Purchase Agreement (‘SPA’) dated 10th May, 2022. Further, the number of shares sold included additional equity shares issued to Company pursuant to conversion of bonus Compulsory Convertible Preference Shares which were allotted to the Company during the year ended 31st March, 2023 and the net gain on disposal of investments amounting to �1,084.58 lakhs was accounted / disclosed as follows:

Exceptional item

This represents gain / loss on disposal of 7,29,849 equity shares out of additional equity shares issued to the Company during the year ended 31st March, 2023 by Optimus pursuant to conversion of bonus Compulsory Convertible Preference Shares. The net loss of � 502.24 lakhs was determined after reducing from sale proceeds fair value of bonus equity shares and related transaction cost incurred on such sale.

Recognized in OCI

The net gain of �1,586.82 lakhs (before related taxes thereon) on disposal of equity shares of Optimus which was accounted under ‘Fair Value through Other Comprehensive Income’ category.

The balance number of unsold equity shares with carrying value of �28.77 lakhs as at the last audited balance sheet date were classified as Fair Value through Profit and Loss. This was based on the fair valuation report obtained during the year ended 31st March, 2023 and subsequent fair value for June and September quarter could not be done for reasons mentioned in the respective quarterly results.

During the quarter ended 31st December, 2023, as per the SPA, the Company has sold off such balance equity shares and the resultant net gain is � 6,478.91 lakhs is disclosed as Exceptional Item.

• 7 Exceptional Items comprise of the following:

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� Lakhs
Quarter ended Year ended
Particulars
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
(Gain) / Loss on disposal of investment (refer note 6 above) - (6,478.91) - (6,478.91) 502.24
Net (gain) / loss on disposal of Property, Plant and Equipment - (322.57) - (322.57) -
Employee benefits expense (one-time discretionary loyalty - - 3,354.40 - 3,354.40
bonus)
Provision for European commission fine (refer note 5 above) 12,562.25 12,562.25
Total Exceptional Items – expenses / (income) 12,562.25 (6,801.48) 3,354.40 5,760.77 3,856.64
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• 8 The aggregate amount of revenue expenditure incurred on Research and Development as included in the relevant expense heads is as tabulated below:

						� Lakhs
Particulars		Quarter ended		Year	ended
	31.03.2024	31.12.2023	31.03.2023	31.03.2024		31.03.2023
Total R&D expenditure	2,257.52	2,623.34	2,947.99	10,466.70		10,939.82

• 9 Statement of Consolidated Assets and Liabilities:

	Particulars I. ASSETS Non-current assets (a) Property, plant and equipment (b) Right-of-use assets (c) Capital work-in-progress (d) Goodwill (e) Other intangible assets (f) Financial assets (i) Investments (ii) Loans (iii) Other financial assets (g) Deferred tax assets (net) (h) Other non-current assets	� Lakhs As at 31st March, 2024 As at 31st March, 2023 Audited Audited 1,12,514.04 1,19,612.44 6,928.65 5,899.14 12,271.45 14,745.42 154.51 154.51 - - 2.00 16.09 12.96 12.76 589.24 631.57 677.53 1,011.27 14,033.30 18,034.08 1,47,183.68 1,60,117.28

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10 Statement of Consolidated Cash Flows:

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Current assets
(a) Inventories 70,467.62 62,522.93
(b) Financial Assets
(i) Investments 133.86 153.56
(ii) Trade receivables 61,039.87 58,862.17
(iii) Cash and bank balances
Cash & cash equivalents 15,091.24 18,375.22
Other bank balances 341.02 161.07
(iv) Loans 3.73 5.62
(v) Other financial assets 23.09 170.69
(c) Other current assets 22,315.52 18,595.25
1,69,415.95 1,58,846.51
Non-Current Assets held for sale 334.78 341.10
TOTAL ASSETS 3,16,934.41 3,19,304.89
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 1,408.12 1,408.12
(b) Other equity 2,34,833.76 2,42,122.29
2,36,241.88 2,43,530.41
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 3,822.21 6,364.90
(ii) Lease liabilities 2,415.26 1,149.31
(b) Provisions 3,580.23 4,190.69
(c) Deferred tax liabilities (net) - -
(d) Other non-current liabilities 86.96 109.50
9,904.66 11,814.40
Current liabilities
(a) Financial liabilities
(i) Borrowings 18,092.71 23,374.35
(ii) Lease liabilities 421.24 515.95
(iii) Trade payables
Total outstanding dues of micro enterprises 349.13 551.31
and small enterprises
Total outstanding dues of creditors other than 29,587.79 28,517.29
micro enterprises and small enterprises
(iv) Other financial liabilities 2,917.27 4,561.86
(b) Other current liabilities 5,613.79 5,189.43
(c) Provisions 13,585.24 1,200.75
(d) Current tax liabilities (net) 220.70 49.14
70,787.87 63,960.08
TOTAL EQUITY AND LIABILITIES 3,16,934.41 3,19,304.89
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	Particulars Net Profit / (Loss) before tax Adjustments: Depreciation / amortisation Loss / (profit) on sale / discard of property, plant and equipment (net) Unrealised exchange difference (gain) / loss (net) Rent income Finance cost Provision for doubtful debts, loans, advances & deposits (net) Share-based payment to employees Fair value gain on investments (net) Net loss on sales of shares (refer note 7) Interest income Sundry balance written off / (written back) Provision for European commission fine (refere note 5) Impairment loss on financial assets - inter corporate deposits & interest thereon Dividend income	� Lakhs (6,166.61) (17,636.29) 11,324.05 11,344.37 (485.88) (128.27) (99.94) 265.60 (0.10) (0.10) 2,266.12 1,731.25 63.88 89.18 308.46 104.93 (644.27) (904.94) (6,478.91) 502.24 (67.26) (51.62) (8.77) (9.36) 12,562.25 - - 341.72 (0.43) (0.59) 18,739.20 13,284.41 Year ended 31st March, 2024 (Audited) Year ended 31st March, 2023 (Audited)

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Operating Profit / (Loss) Before Working Capital Changes 12,572.59 (4351.88)
Working Capital Adjustments:
Trade receivables & other assets (1,638.32) (12,361.46)
Inventories (7,944.69) (2,500.78)
Trade payables & other liabilities (682.10) 11,926.11
(10,265.11) (2,936.13)
Cash generated from / (used in) operations 2,307.48 (7,288.01)
Direct taxes refund received / (payment made) (638.08) (1,221.06)
Net Cash Flow from / (used in) Operating Activities [A] 1,669.40 (8,509.07)
B. Cash Flow from Investing Activities
Purchase of property, plant & equipment including capital WIP (2,254.73) (4,431.57)
Proceeds from sale of property, plant and equipment 894.10 637.39
Sale of current investment (net) 6,507.68 23,651.03
Sale of non current investment (quoted equity shares) 16.21 -
Rent received 0.10 0.10
(Increase) / decrease in dividend escrow bank accounts (179.95) 329.52
Interest received 56.59 94.27
Dividend received 0.43 0.59
Net Cash Flow from / (used in) Investing Activities [B] 5,040.43 20,281.33
C. Cash Flow from Financing Activities
Increase / (decrease) in working capital borrowings (net) (5,281.64) (769.25)
Payments of Lease liabilities (539.68) (340.00)
Repayments of long term borrowings (2,566.32) (2,566.32)
Finance cost paid (2,222.14) (1,628.97)
Dividend paid (21.35) (2,825.45)
Net Cash Flow from / (used in) Financing Activities [C] (10,631.13) (8,129.99)
Net (Decrease) / Increase in Cash and Cash Equivalents
(3,921.30) 3,642.27
[A+B+C]
Add: Current investments reclassified as cash and cash
equivalents during the year - 3,638.01
Net (Decrease) / Increase in Cash and Cash Equivalents (3,921.30) 7,280.28
Cash and Cash Equivalents at the beginning of the year
18,375.22 10,919.63
Effect of fair value gain / (loss) on liquid mutual Funds 637.32 175.31
Cash and Cash Equivalents at end of the year 15,091.24 18,375.22
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11 The results for the quarter ended 31st March, 2024 being the derived figures between the audited figures in respect of the current full financial year ended 31st March, 2024 and the published unaudited figures for the nine months ended 31st December, 2023, which were subjected to a limited review.

Place: Mumbai Date: 22nd May, 2024

By Order of the Board For Unichem Laboratories Limited Pabitrakumar Digitally signed by Pabitrakumar Kalipada Kalipada Bhattacharyya Date: 2024.05.22 13:50:39 Bhattacharyya +05'30' Mr. Pabitrakumar Kalipada Bhattacharyya Managing Director DIN: 07131152

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���������������������������� BHAVIN Digitally signed by BHAVIN SURENDRA SURENDRA KAPADIA Date: 2024.05.22 14:10:51 KAPADIA +05'30'

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Auditor’s Report on consolidated financial results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To

The Board of Directors Unichem Laboratories Limited

Report on Consolidated Financial Results for the year ended 31[st] March 2024

Opinion

1. We have audited the accompanying consolidated financial results of Unichem Laboratories Limited (“the Holding Company”), comprising its subsidiaries (the Holding and its subsidiaries collectively referred to as “the Group”) and associate for the year ended 31[st ] March 2024 (“the Statement”), attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

2. In our opinion and to the best of our information and according to the explanations given to us and based on consideration of the report of other auditors referred to in paragraph 6 below on separate financial statements and on other financial information of foreign subsidiaries and an associate, the aforesaid Statement:

3. a) includes annual audited financial results of the following subsidiaries:

   • 1) Niche Generics Limited, United Kingdom

   • 2) Unichem Pharmaceuticals (USA), Inc., USA

   • 3) Unichem Laboratories Limited, Ireland

   • 4) Unichem SA (Pty) Limited, South Africa

   • 5) Unichem Farmaceutica Do Brasil Ltda, Brazil

   • 6) Unichem (China) Pvt. Ltd.

4. b) includes annual unaudited financial results of the associate: Synchron Research Services Pvt. Ltd.;

5. c) have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations, 2015 (as amended) in this regard; and

6. d) gives a true and fair view in conformity with the Ind AS and other accounting principles generally accepted in India of the total comprehensive income comprising of net loss and other comprehensive income and other financial information of the Group for the year ended 31[st] March 2024.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section 143(10) of the Companies Act, 2013 (the “Act”). Our responsibilities under those Standards are further described in the Auditor’s Responsibilities for the Audit of the Statement section of our report. We are independent of the Group and its associate, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the Statements under the provisions of the Companies Act, 2013 and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us and other auditors in terms of their reports referred to in “Other Matter” paragraph below, is sufficient and appropriate to provide a basis for our opinion.

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Management’s Responsibilities for the Statement

1. The Statement has been prepared on the basis of the consolidated annual financial statements.

The Holding Company’s Board of Directors is responsible for the preparation and presentation of the Statement that give a true and fair view of the net loss and other comprehensive income and other financial information of the Group including its associate in accordance with the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Board of Directors of the companies included in the Group and of its associate are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Group and its associate and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the statement that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation and presentation of the Statement by the Directors of the Holding Company, as aforesaid.

In preparing the Statement, the respective Board of Directors of the companies included in the Group and of its associate are responsible for assessing the ability of the Group and its associate to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The respective Board of Directors of the companies included in the Group and of its associate are responsible for overseeing the financial reporting process of the Group and of its associate.

The results for the quarter ended 31[st] March 2024 being the derived figures between the audited figures in respect of the current full financial year ended 31[st] March 2024 and the published unaudited figures for the nine months ended 31[st] December, 2023, which were subjected to a limited review.

Auditor’s Responsibilities for the audit of the Statement

1. Our responsibility is to express an opinion on the Statement based on our audit of such annual consolidated financial statements.

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

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Group and its associate to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Statement or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its associate to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its associate to express an opinion on the Statement. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the Statement of which we are the independent auditors. For the other entities included in the Statement, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

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

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.

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Other Matters

1. We did not audit the financial statements of six subsidiaries, whose financial statements reflect total assets of Rs. 79,246.49 lakhs as at 31[st] March 2024, total revenues (including other income) of Rs. 29,543.97 lakhs and Rs. 1,20,787.20 lakhs and share of total profit after tax amounting to Rs. 697.71 lakhs and Rs. 3,936.68 lakhs for the quarter and year ended 31[st] March 2024 respectively, and net cash outflow of Rs. 298 lakhs for the year ended 31[st] March 2024, as considered in the Statement. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, (as amended) in so far as it relates to aforesaid subsidiaries located outside India is based on the report of other auditors.

2. In case of associate, the carrying value of investment is fully impaired in the year ended 31[st] March 2022. Further, financial information of associate is not available for the year ended 31[st] March 2024. In view of the above and in our opinion and according to the information and explanations given to us by the management, this financial information is not material to the Group.

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

For N. A. Shah Associates LLP

Chartered Accountants Firm’s Registration No.: 116560W/W100149

BHAVIN Digitally signed by BHAVIN SURENDRA SURENDRA KAPADIA Date: 2024.05.22 12:18:35 KAPADIA +05'30'

Bhavin Kapadia Partner Membership No.: 118991 UDIN: 24118991BKFQVC9489

Place: Mumbai Date: 22[nd] May, 2024

UNICHEM LABORATORIES LIMITED

CIN: L99999MH1962PLC012451

Statement of Unaudited Standalone Financial Results for the Quarter & Audited Financial Results for the year ended 31st March, 2024

I II III Total income (I+II) IV EXPENSES V VI VII VIII (1) Current tax (2) Deferred tax charge / (credit) (Refer note 4) (3) Short / (excess) provision for tax (earlier years) IX Profit / (Loss) for the period after tax (VII-VIII) X A. (i) Items that will not be reclassified subsequently to profit or loss - Remeasurement of the net defined benefit plan - Equity instruments through other comprehensive income (ii) Income tax (expense) / credit relating to items that will not be reclassified to profit or loss - Remeasurement of the net defined benefit plan - Equity instruments through other comprehensive income (net) B. (i) Items that will be reclassified to profit or loss - Gain/ (Loss) on cash flow hedge (ii) Income tax relating to items that will be reclassified to profit or loss - Gain/ (Loss) on cash flow hedge XI XII XIII XIV (1) Basic (2) Diluted Cost of materials consumed Particulars Revenue from operations Other income Tax expense Purchase of stock-in-trade Changes in inventories of finished goods and work-in-progress Employee benefits expense Finance costs Impairment loss on financial assets Depreciation and amortization expenses Other expenses Total expenses (IV) Profit / (Loss) before exceptional items and tax (III-IV) Exceptional items - expenses/(income) (Refer note 8) Profit / (Loss) before tax (V-VI) Other Comprehensive Income / (Loss) Total of Other Comprehensive Income / (Loss) Total Comprehensive Income for the period (IX+X) Paid-up equity share capital (Face value of � 2/- per share) Other Equity (Reserves excluding revaluation reserve) Earnings per equity share (Face value of � 2/- per share) (not annualized)

� Lakhs 31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023 Unaudited Unaudited Unaudited Audited Audited 39,924.29 36,242.74 31,006.43 1,44,216.78 1,07,243.22 703.71 994.21 378.84 3,038.60 4,184.75 40,628.00 37,236.95 31,385.27 1,47,255.38 1,11,427.97 18,937.15 18,868.93 15,573.40 71,692.11 50,033.50 21.21 21.28 48.89 91.09 152.65 (212.24) (1,495.25) 481.96 (2,636.03) 2,201.32 6,830.41 7,115.72 6,606.78 28,314.49 27,086.47 175.79 236.22 293.18 1,042.01 938.02 - - 170.87 - 341.72 2,521.91 2,561.67 2,831.75 10,545.80 10,597.92 11,288.32 9,799.82 8,997.65 41,663.17 36,718.90 39,562.55 37,108.39 35,004.48 1,50,712.64 1,28,070.50 1,065.45 128.56 (3,619.21) (3,457.26) (16,642.53) 12,562.25 (6,801.48) 10,764.20 5,760.77 11,266.44 (11,496.80) 6,930.04 (14,383.41) (9,218.03) (27,908.97) - - - - - - - - - 2,061.22 - - - - - - - - 2,061.22 (11,496.80) 6,930.04 (14,383.41) (9,218.03) (29,970.19) 70.20 32.50 41.52 (27.38) 224.63 - - - - 1,586.82 - - - - - - - - - 2,061.22 (25.37) - - (25.37) - - - - - - 44.83 32.50 41.52 (52.75) 3,872.67 (11,451.97) 6,962.54 (14,341.89) (9,270.78) (26,097.52) 1,408.12 1,408.12 1,408.12 1,408.12 1,408.12 2,28,054.48 2,37,018.94 (16.33) 9.85 (20.43) (13.09) (42.57) (16.33) 9.85 (20.43) (13.09) (42.57) Quarter ended Year ended

Notes: 1 The above standalone financial results ("the Statement") for the quarter and year ended 31st March, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 22nd May, 2024. The statutory auditors have expressed unmodified audit opinion on these standalone financial results for the year ended 31st March, 2024. 2 The above Statement has been prepared in accordance with the guidelines issued by the Securities and Exchange Board of India ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013. 3 Operating Segment: The Company has a single reportable segment i.e. 'Pharmaceuticals'. 4 Deferred tax asset is recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences to the extent of deferred tax liability.

5 On 9th July, 2014, the European Commission (“EU”) decided to impose an unjustified fine of Euro 13.96 million, jointly and severally on the Company and its subsidiary Niche Generics Ltd. (“Niche”) contending that they had acted in breach of EU competition law as Niche had, in early 2005 (when the Company was only a part owner and financial investor in Niche) agreed to settle a financially crippling patent litigation with Laboratories Servier. The Company vehemently denies any wrongdoing on the part of either itself or Niche. Both the Company and Niche had submitted appeals in September 2014 to the General Court of the EU seeking appropriate relief in the matter. The General Court of the EU has rejected the appeals vide Order dated 12th December, 2018 and confirmed the fine of Euro 13.96 million. The Company and its subsidiary based on legal advice and merits have filed appeals against the decision of General Court before the Court of Justice of the EU and outcome of the appeals are awaited.

In this regard, the statutory auditors of Niche have continued to give qualified audit opinion on the financial statements of Niche for the year ended 31st March, 2024. They have stated that, "previously the outcome of the appeal was sufficiently uncertain that a contingent liability was deemed sufficient, however, following the hearing in October 2021 and their review of the available documentation, their opinion is that it is more likely than not that Niche will be liable for the fine of Euro 13.96 million (equivalent to �12,562.25 lakhs) and hence, they believe that this should be provided for in the financial statement of Niche. As per the Board of Directors of Niche, there remains an inherent uncertainty as to the outcome of the appeal and therefore, the Directors are of the opinion that no provision should be made at this point of time." The management had obtained the counsel view on this matter and they have stated that there has not been any formal change in position after the last hearing and the uncertainty as in the past continues.

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Considering the above uncertainty in regard to ongoing litigation related to EU matter, during the quarter and year ended 31st March 2024, the management of
the Company on the basis of abundant precaution had made full provision of � 12,562.25 lakhs towards EU fine which is disclosed under exceptional item.
The Company’s balance financial exposure (net of impairment of investment and provision for EU Fine) is Rs. 6,563.32 lakhs which comprises of outstanding
trade receivable and corporate guarantee given by the Company to bank on behalf of the subsidiary. Considering the above and turnaround in the performance
of Niche and the future business outlook, the management is of the view that no provision is required against the above exposure.
6 During the quarter and year ended 31st March, 2023, the Company on the basis of abundant precaution had made a full provision towards impairment of long-
term investment in its wholly owned subsidiary (a) "Unichem Laboratories Ltd, Ireland" amounting to �2,104.84 lakhs and (b) Niche amounting to �6,909.36
lakhs which is grouped under exceptional item in the Statement.
7 During the year ended 31st March, 2023, the Company had sold specified number of shares held in Optimus Drugs Private Limited ('Investee' or ‘Optimus’) to
Sekhmet Pharmaventures Private Limited (‘Purchaser’) in terms of Share Purchase Agreement (‘SPA’) dated 10th May, 2022. Further, the number of shares
sold included additional equity shares issued to Company pursuant to conversion of bonus Compulsory Convertible Preference Shares which were allotted to
the Company during the year ended 31st March, 2023 and the net gain on disposal of investments amounting to �1,084.58 lakhs was accounted / disclosed
as follows:
Exceptional item
This represents gain / loss on disposal of 7,29,849 equity shares out of additional equity shares issued to the Company during the year ended 31st March,
2023 by Optimus pursuant to conversion of bonus Compulsory Convertible Preference Shares. The net loss of �502.24 lakhs was determined after reducing
from sale proceeds fair value of bonus equity shares and related transaction cost incurred on such sale.
Recognized in OCI
The net gain of �1,586.82 lakhs (before related taxes thereon) on disposal of equity shares of Optimus which was accounted under ‘Fair Value through Other
Comprehensive Income’ category.
The balance number of unsold equity shares with carrying value of �28.77 lakhs as at the last audited balance sheet date were classified as Fair Value
through Profit and Loss. This was based on the fair valuation report obtained during the year ended 31st March, 2023 and subsequent fair value for June and
September quarter could not be done for reasons mentioned in the respective quarterly results.
During the quarter ended 31st December, 2023, as per the SPA, the Company has sold off such balance equity shares and the resultant net gain is �6,478.91
lakhs is disclosed as Exceptional Item.
8 Exceptional Items comprise of the following:
� Lakhs
Quarter ended Year ended
Particulars
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
Impairment of investment in subsidiary "Niche Generics Limited, -
United Kingdom" (refer note 6 above) - - 6,909.36 6,909.36
Impairment of investment in subsidiary "Unichem Laboratories - - 2,104.84 - 2,104.84
Limited, Ireland" (refer note 6 above)
(Gain) / Loss on disposal of investment (refer note 7 above) - (6,478.91) - (6,478.91) 502.24
Net (gain) / loss on disposal of Property, Plant and Equipment - (322.57) - (322.57) -
Employee benefits expense (one-time discretionary loyalty bonus) - - 1,750.00 - 1,750.00
Provision for European commission fine (refer note 5 above) 12,562.25 - - 12,562.25 -
Total Exceptional Items – expenses / (income) 12,562.25 (6,801.48) 10,764.20 5,760.77 11,266.44
9 The aggregate amount of revenue expenditure incurred on Research and Development as included in the relevant expense heads is as tabulated below:
� Lakhs
Particulars Quarter ended Year ended
31.03.2024 31.12.2023 31.03.2023 31.03.2024 31.03.2023
Total R&D expenditure 2,257.52 2,623.34 2,947.99 10,466.70 10,939.82
10 During the quarter ended 31st December, 2023, the Company has invested USD 1,00,000 (equivalent to �83.42 lakhs) towards equity in its wholly owned
subsidiary - "Unichem (China) Pvt Ltd."
11 Statement of Standalone Assets and Liabilities:
� Lakhs
As at As at
Particulars 31st March, 31st March,
2024 2023
Audited Audited
I. ASSETS
Non-current assets
(a) Property, plant and equipment 1,11,644.88 1,18,511.70
(b) Right-of-use assets 4,849.07 5,082.58
(c) Capital work-in-progress 12,236.33 14,782.00
(d) Other Intangible assets - -
(e) Financial assets
(i) Investments 4,273.44 3,897.78
(ii) Loans 12.96 12.76
(iii) Other financial assets 589.24 631.57
(f) Other non-current assets 11,815.66 16,078.01
1,45,421.58 1,58,996.40
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Current assets
(a) Inventories 50,052.76 48,018.93
(b) Financial assets
(i) Investments 133.86 153.56
(ii) Trade receivables 55,841.79 47,207.61
(iii) Cash and bank balances
Cash & cash equivalents 12,564.95 15,566.84
Other bank balances 341.02 161.09
(iv) Loans 3.73 5.62
(v) Other financial assets 23.09 170.69
(c) Other current assets 21,652.27 17,992.07
1,40,613.47 1,29,276.41
Non-Current Assets held for sale 334.78 341.10
TOTAL ASSETS 2,86,369.83 2,88,613.91
II. EQUITY AND LIABILITIES
Equity
(a) Equity share capital 1,408.12 1,408.12
(b) Other equity 2,28,054.48 2,37,018.94
2,29,462.60 2,38,427.06
Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Borrowings 3,822.21 6,364.90
(ii) Lease liabilities 623.89 655.66
(b) Provisions 3,580.23 4,190.69
(c) Deferred tax liabilities (net) - -
(d) Other non-current liabilities 86.96 109.50
8,113.29 11,320.75
Current liabilities
(a) Financial liabilities
(i) Borrowings 2,566.32 3,802.62
(ii) Lease liabilities 17.43 2.00
(iii) Trade payables
Total outstanding dues of micro enterprises 349.13 551.31
and small enterprises
Total outstanding dues of creditors other 24,599.92 23,895.97
than micro enterprises and small enterprises
(iv) Other financial liabilities 2,400.71 4,548.45
(b) Other current liabilities 5,275.19 4,865.00
(c) Provisions 13,585.24 1,200.75
48,793.94 38,866.10
TOTAL EQUITY AND LIABILITIES 2,86,369.83 2,88,613.91
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12 Statement of Standalone Cash Flows:

� Lakhs Particulars Net Profit / (Loss) before tax (9,218.03) (27,908.97) Adjustments: Depreciation / amortisation 10,545.80 10,597.92 Loss / (profit) on sale / discard of property, plant and equipment (net) (489.60) (128.26) Unrealised exchange difference (gain) / loss (net) 17.33 (144.37) Rent income (0.10) (0.10) Guarantee commission income (26.95) (25.43) Finance cost 1,042.01 938.02 Provision for doubtful debts, loans, advances & deposits (net) 63.88 67.43 Share-based payments to employees - 104.93 Fair value (gain) / loss on investments (net) (644.27) (904.94) Net (gain) / loss on sales of shares (refer note 8) (6,478.91) 502.24 Interest income (43.87) (23.99) Sundry balance written off / (written back) (8.72) (8.99) Provision for European commission fine (refere note 5) 12,562.25 - Impairment loss on financial assets - investments in subsidiary - 9,014.21 - inter corporate deposits & interest thereon - 341.72 Dividend income (0.43) (0.59) 16,538.42 20,329.80 Year ended 31st March, 2024 (Audited) Year ended 31st March, 2023 (Audited)

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Operating Profit / (Loss) Before Working Capital Changes 7,320.39 (7,579.17)
Working Capital Adjustments:
Trade receivables & other assets (7,865.92) (12,223.19)
Inventories (2,033.83) (1,949.56)
Trade payables & other liabilities (1,562.54) 10,028.12
(11,462.29) (4,144.63)
Cash generated from / (used in) operations (4,141.90) (11,723.80)
Direct taxes refund received / (payment made) (15.15) (9.17)
Net Cash Flow from / (used in) Operating Activities [A] (4,157.05) (11,732.97)
B. Cash Flow from Investing Activities
Purchase of property, plant & equipment including capital WIP (2,037.14) (4,204.82)
Proceeds from sale of property, plant and equipment 894.10 637.39
Investments made
- in subsidiaries (at cost) (83.43) (270.87)
Guarantee commission income realised 172.62 40.16
Sale of current investment (net) 6,507.68 23,651.03
Sale of non current investment (quoted equity shares) 16.21 -
Rent received 0.10 0.10
(Increase) / decrease in dividend escrow bank accounts (179.93) 329.50
Interest received 33.20 66.64
Dividend received 0.43 0.59
Net Cash Flow from / (used in) Investing Activities [B] 5,323.84 20,249.72
C. Cash Flow from Financing Activities
Increase / (decrease) in working capital borrowings (net) (1,236.30) 85.03
Repayments of long term borrowings (2,566.32) (2,566.32)
Payments of lease liabilities (17.22) (15.16)
Finance cost paid (964.81) (854.02)
Dividend paid (21.35) (2,825.45)
Net Cash Flow from / (used in) Financing Activities [C] (4,806.00) (6,175.92)
Net (Decrease) / Increase in Cash and Cash Equivalents
(3,639.21) 2,340.83
[A+B+C]
Add: Current investments reclassified as cash and cash
equivalents during the year - 3,638.01
(3,639.21) 5,978.84
Net (Decrease) / Increase in Cash and Cash Equivalents
Cash and Cash Equivalents at the beginning of the year
15,566.84 9,412.69
Effect of fair value gain / (loss) on liquid mutual Funds
637.32 175.31
Cash and Cash Equivalents at end of the year 12,564.95 15,566.84
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13 The results for the quarter ended 31st March, 2024 being the derived figures between the audited figures in respect of the current full financial year ended 31st March, 2024 and the published unaudited figures for the nine months ended 31st December, 2023, which were subjected to a limited review.

Place: Mumbai Date: 22nd May, 2024

By Order of the Board

For Unichem Laboratories Limited Pabitrakumar Digitally signed by Pabitrakumar Kalipada Kalipada Bhattacharyya Date: 2024.05.22 13:51:23 Bhattacharyya +05'30' Mr. Pabitrakumar Kalipada Bhattacharyya Managing Director DIN: 07131152

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BHAVIN Digitally signed by BHAVIN SURENDRA SURENDRA KAPADIA Date: 2024.05.22 14:10:18 KAPADIA +05'30'

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Auditor’s Report on standalone financial results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)

To

The Board of Directors Unichem Laboratories Limited

Report on Standalone Financial Results for the year ended 31[st] March, 2024

Opinion

1. We have audited the accompanying statement of standalone financial results (“the Statement") of Unichem Laboratories Limited (“the Company") for the year ended 31[st] March, 2024, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (“Listing Regulations”).

2. In our opinion and to the best of our information and according to the explanations given to us, the Statement:

3. a. is presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

4. b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards and other accounting principles generally accepted in India of the net loss and other comprehensive income and other financial information for the year ended 31[st] March, 2024.

Basis for Opinion

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

Management’s responsibility for the Statement

1. The Statement has been prepared on the basis of the standalone annual financial statements.

The Board of Directors of the Company is responsible for the preparation and presentation of the Statement that gives a true and fair view of the net loss and other comprehensive income of the Company and other financial information in accordance with the applicable Indian accounting standards (Ind AS) prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the

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accuracy and completeness of the accounting records, relevant to the preparation and presentation of the Statement that give a true and fair view and are free from material misstatement, whether due to fraud or error.

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

The Board of Directors is also responsible for overseeing the Company’s financial reporting process.

The results for the quarter ended 31[st] March, 2024 being the derived figures between the audited figures in respect of the current full financial year ended 31[st] March, 2024 and the published unaudited figures for the nine months ended 31[st] December, 2023, which were subjected to a limited review.

Auditor’s responsibilities for the audit of Statement

1. Our responsibility is to express an opinion on the Statement based on our audit of such annual standalone financial statements.

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

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

• Identify and assess the risks of material misstatement of the Statement, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3)(i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• Conclude on the appropriateness of the Board of Directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

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• Evaluate the overall presentation, structure and content of the Statement, including the disclosures, and whether the Statement represents the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the Statement of the Company to express an opinion on the Statement.

Materiality is the magnitude of misstatements in the Statement that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Statement may be influenced. We consider quantitative materiality and qualitative factors in (i) planning the scope of our audit work and in evaluating the results of our work; and (ii) to evaluate the effect of any identified misstatements in the Statement.

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

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

For N. A. Shah Associates LLP Chartered Accountants Firm’s Registration No.: 116560W/W100149

BHAVIN Digitally signed by BHAVIN SURENDRA SURENDRA KAPADIA Date: 2024.05.22 12:19:11 KAPADIA +05'30'

Bhavin Kapadia Partner Membership No.: 118991 UDIN: 24118991BKFQVB3983

Place: Mumbai Date: 22[nd] May, 2024

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May 22, 2024

Department of Corporate Services. Bombay Stock Exchange, Phiroze Jeejeebhoy Towers, Dalal Street, Mumbai – 400 001

National Stock Exchange of India, Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai – 400 051

Script Code: 506690

Symbol: UNICHEMLAB

Dear Sir,

Sub.: Declaration under Regulation 33(3)(d) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

DECLARATION

In compliance with the provisions of Regulation 33(3)(d) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, I hereby declare that M/s. – N A Shah Associates LLP, Chartered Accountants (FRN 116560W/W100149), Statutory Auditors of the Company, have issued an Audit Report with unmodified opinion on the Annual Audited Financial Results (Standalone and Consolidated) of the company for the year ended 31[st] March 2024.

Kindly take the same on your records.

Thanking you, FOR UNICHEM LABORATORIES LIMITED

Pabitrakumar Digitally signed by Pabitrakumar Kalipada Kalipada Bhattacharyya Date: 2024.05.22 Bhattacharyya 14:02:59 +05'30' �������������������������� �����������������

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