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Unichem Laboratories Ltd. Interim / Quarterly Report 2021
61109_rns_2021-05-29_27bff1ae-422b-4b9f-a1a7-9b4dd4ca7798.pdf
Interim / Quarterly Report
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May 29, 2021
Department of Corporate Services Mr. Hari K Bombay Stock Exchange Ltd. Asst. Vice President - Operations
Phiroze Jeejeebhoy Towers National Stock Exchange of India Ltd Dalal Street, Exchange Plaza, Bandra – Kurla Complex Mumbai- 400 001 Bandra (East), Mumbai – 400 051
Dear Sir,
Ref: BSE Scrip Code -506690: NSE Symbol – UNICHEMLAB
Sub: Outcome of Board Meeting
We would like to inform you that Board of Directors at its Meeting held today, i.e. Saturday, May 29, 2021:
-
- Approved the unaudited financial results (standalone and consolidated) for the quarter ended March 31, 2021.
-
- Approved the audited financial results (standalone and consolidated) for the year ended March 31, 2021.
-
- Recommended Dividend of Rs.4 /(200%) per equity share of Rs.2/- each, for the year ended March 31, 2021, subject to approval of shareholders at the ensuing Annual General Meeting.
Enclosed herewith please find:-
- a. Unaudited financial results (Standalone and Consolidated ) for the quarter ended March 31, 2021 and Audited (Standalone and Consolidated) for the year ended March 31, 2021 and the Auditors Reports thereon;
- b. Declaration to the effect that the Report of the Auditors is with unmodified opinion with respect to the audited financial Results (Standalone and Consolidated) for the quarter and year ended March 31, 2021.
The Board meeting commenced at 12:00 noon and concluded at 2:00 p.m.
Kindly take the same on your records.
Thanking you, FOR UNICHEM LABORATORIES LIMITED
Pradeep Bhandari Head- Legal & Company Secretary Encl: a/a
Registered Office: Unichem Bhavan, PrabhatEstate, Off S. V.RoadJogeshwari (West), Mumbai – 400 102, Maharashtra, India.
May 29, 2021
Department of Corporate Services Mr. Hari K
Dear Sirs,
Bombay Stock Exchange Ltd. Asst. Vice President - Operations Phiroze Jeejeebhoy Towers National Stock Exchange of India Ltd Dalal Street, Exchange Plaza, Bandra – Kurla Complex Mumbai- 400 001 Bandra (East), Mumbai – 400 051
Ref: BSE Scrip Code -506690: NSE Symbol – UNICHEMLAB
Sub: Declaration with respect to audit report with unmodified opinion on the unaudited financial results (standalone and consolidated) for the quarter ended March 31, 2021 and audited (standalone and consolidated) for the year ended March 31, 2021.
We hereby declare that unaudited financial results(standalone & consolidated) for the quarter ended March 31, 2021 and the audited financial results (standalone and consolidated) for the year ended March 31, 2021, have been approved by the Board of Directors of the Company at their meeting held today, i.e. Saturday, May 29, 2021. The statutory auditors of the Company have not expressed any modified opinion(s) in their audit report.
However, we request you to take note of the Emphasis of Matter paragraph given by the auditors in their report on the standalone and consolidated results, which is as under:
We draw attention to note 6 of the Statement, which informs that the General Court of the European Union had on 12th December, 2018 rejected the appeal and confirmed the fine of Euro 13.96 Million (equivalent to Rs. 12,044.69 lakhs) imposed by the European Commission jointly and severally on the Company and its subsidiary (Niche Generics Limited, UK). 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 European Union and outcome of the appeals are awaited. Considering the above, in view of the management, no provision for the aforesaid fine is considered necessary. This matter was also reported earlier under 'Emphasis of Matter' paragraph in our audit reports on the standalone financial statements for the year ended 31st March, 2019 and 31st March, 2020 and consolidated financial statements for the year ended 31st March, 2018, 31st March, 2019 and 31st March, 2020 as well as in our limited review reports on quarterly standalone financial results from December 2018 onwards and consolidated financial results from June 2019 onwards. Our opinion is not modified in respect of above matter.
Kindly take the same on your records.
Thanking you, FOR UNICHEM LABORATORIES LIMITED
Pradeep Bhandari Head- Legal & Company Secretary
Registered Office: Unichem Bhavan, PrabhatEstate, Off S. V.RoadJogeshwari (West), Mumbai – 400 102, Maharashtra, India.
UNICHEM LABORATORIES LIMITED
CIN: L99999MH1962PLC012451
Statement of Unaudited Standalone Financial Results for the Quarter & Audited Financial Results for the year ended 31st March, 2021.
| ₹ Lakhs | ||||||
|---|---|---|---|---|---|---|
| Particulars | Quarter ended31st Mar'21(Unaudited) | Quarter ended31st Dec'20(Unaudited) | Quarter ended31st Mar'20(Unaudited) | Year ended31st Mar'21(Audited) | Year ended31st Mar'20(Audited) | |
| I | Revenue from operations | 26,108.65 | 31,118.33 | 21,562.69 | 1,12,397.28 | 90,444.07 |
| II | Other income | 490.56 | 1,332.44 | 1,912.91 | 4,737.11 | 9,917.01 |
| III | Total income (I+II) | 26,599.21 | 32,450.77 | 23,475.60 | 1,17,134.39 | 1,00,361.08 |
| IV | EXPENSESCost of materials consumed (including provisions) | |||||
| Purchase of stock-in-trade | 10,548.44 | 10,817.48 | 8,631.27 | 44,913.87 | 40,020.76 | |
| 5.35 | 16.06 | 38.45 | 53.52 | 104.37 | ||
| Changes in inventories of finished goods and work-in-progress | (2,922.89) | 1,767.33 | (664.67) | (1,672.68) | (1,849.58) | |
| Employee benefits expense | 5,749.04 | 6,013.39 | 5,335.14 | 23,403.73 | 20,515.66 | |
| Finance costs | 37.00 | 60.89 | 58.52 | 130.06 | 128.18 | |
| Depreciation and amortization expense | 1,990.29 | 1,874.96 | 1,911.23 | 7,589.18 | 7,108.96 | |
| Other expenses | 9,949.31 | 9,340.01 | 9,320.13 | 36,152.16 | 40,713.91 | |
| Total expenses (IV) | 25,356.54 | 29,890.12 | 24,630.07 | 1,10,569.84 | 1,06,742.26 | |
| V | Profit / (loss) before exceptional items and tax (III- IV) | 1,242.67 | 2,560.65 | (1,154.47) | 6,564.55 | (6,381.18) |
| VI | Exceptional items | - | - | - | - | - |
| VII | Profit / (loss) before tax (V-VI) | 1,242.67 | 2,560.65 | (1,154.47) | 6,564.55 | (6,381.18) |
| VIII | Tax expense | |||||
| (1) Current tax (Refer note 4)(2) Deferred tax charge / (credit) (Refer note 5) | -1,094.30 | (482.00)- | -- | -1,094.30 | -(749.56) | |
| (3) Short / (excess) provision for tax (earlier years) | ||||||
| 62.02 | - | - | 62.02 | - | ||
| 1,156.32 | (482.00) | - | 1,156.32 | (749.56) | ||
| IX | Profit / (loss) for the period after tax (VII-VIII) | 86.35 | 3,042.65 | (1,154.47) | 5,408.23 | (5,631.62) |
| X | Other Comprehensive Income / (Loss)(i) Items that will not be reclassified subsequently to profit orA.loss | |||||
| - Remeasurement of the net defined benefit plan | 149.01 | (88.59) | (0.72) | (97.68) | (144.60) | |
| - Equity instruments through other comprehensive income | 2,504.10 | - | 444.10 | 2,504.10 | 444.10 | |
| (ii) Income tax (expense) / credit relating to items that will not bereclassified to profit or loss | ||||||
| - Remeasurement of the net defined benefit plan | 24.58 | - | - | 24.58 | - | |
| - Equity instruments through other comprehensive income(net) | (300.51) | - | - | (300.51) | - | |
| B.(i) Items that will be reclassified to profit or loss | - | - | - | - | - | |
| (ii) Income tax relating to items that will be reclassified to profitor loss | - | - | - | - | - | |
| Total of Other Comprehensive Income / (Loss) | 2,377.18 | (88.59) | 443.38 | 2,130.49 | 299.50 | |
| XI | Total Comprehensive Income for the period (IX+X) | 2,463.53 | 2,954.06 | (711.09) | 7,538.72 | (5,332.12) |
| XII | Paid-up equity share capital (Face value of ₹ 2/- per share) | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 |
| XIII | Other Equity (Reserves excluding revaluation reserve) | 2,68,325.35 | 2,63,310.26 | |||
| XIV | Earnings per equity share (Face value of ₹ 2/- per share)(not annualised) | |||||
| (1) Basic | 0.12 | 4.32 | (1.65) | 7.68 | (8.00) | |
| (2) Diluted | 0.12 | 4.32 | (1.65) | 7.68 | (8.00) | |
Notes :
1 The above standalone financial results for the quarter and year ended 31st March, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 29th May, 2021. The statutory auditors have expressed an unqualified audit opinion on these standalone financial results for the year ended 31st March, 2021.
2 The above standalone financial results have 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 During the quarter ended 31st December, 2020, the Company had decided to opt for new tax regime for the financial year 2020-2021. Considering brought forward tax loss, no tax is payable under the new tax regime. Consequently, provision for current tax made in accordance with Section 115JB of the Incometax Act, 1961 under old regime during the quarter and half year ended 30th September, 2020 was reversed during the quarter ended 31st December, 2020.
- 5 For the quarter and year ended 31st March 2021, deferred tax liability exceeds the deferred tax assets (including assets in respect of brought forward losses and depreciation) in accordance with the new tax regime. Upto 31st December, 2020, deferred tax assets was recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences upto the extent of deferred tax liability.
- 6 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 Generics Ltd had, in early 2005 (when the Company was only a part owner and financial investor in Niche) had 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 & 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. Considering the above, in view of the management, no provision for the aforesaid fine is considered necessary. Based on above, fine imposed by the EU of Euro 13.96 million (equivalent to ₹ 12,044.69 lakhs) is disclosed under contingent liability. The statutory auditors have given Emphasis of Matter in their audit report on standalone and consolidated financial results for the year ended 31st March, 2021 and in earlier reports.
- 7 The COVID 19 pandemic has adversely impacted the global economic conditions and its impact still remains uncertain. Considering the Company is in the business of manufacturing and supplying pharmaceutical products which is categorized under essential goods, the management believes that the impact of the pandemic may not be significant. The Company will continue to closely monitor any material changes to future economic conditions.
- 8 Subsequent to year ended 31st March, 2021, the Company has invested USD 1,00,000 (equivalent to ₹ 75.26 lakhs) towards equity in wholly owned subsidiary - "Unichem (China) Pvt. Ltd".
- 9 The Board recommends a final dividend of ₹ 4/- per share (200 %) (face value of ₹ 2/- per share) for the year ended 31st March, 2021. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. The final dividend declared in the previous year and paid during the current year was ₹ 4/- per share (200%).
- 10 The aggregate amount of revenue expenditure incurred on Research and Development (R&D) as included in the relevant expense heads is as tabulated below:
| ₹ Lakhs | |||||
|---|---|---|---|---|---|
| Particulars | Quarter ended31st Mar'21 | Quarter ended31st Dec'20 | Quarter ended31st Mar'20 | Year ended 31stMar'21 | Year ended 31stMar' 20 |
| Total R&D expenditure | 3,632.35 | 3,657.68 | 3,127.15 | 12,990.81 | 15,640.75 |
11 Statement of Standalone Assets and Liabilities:
| ₹ Lakhs | ||
|---|---|---|
| Particulars | As at31st Mar,2021 | As at31st Mar,2020 |
| Audited | Audited | |
| I. ASSETSNon-current assets | ||
| (a) Property, plant and equipment | 81,637.22 | 79,615.13 |
| (b) Right of use assets | 2,985.65 | 2,878.65 |
| (c) Capital work-in-progress | 56,773.16 | 33,083.54 |
| (d) Investment property | 353.28 | 359.59 |
| (e) Other intangible assets | - | - |
| (f) Financial assets | ||
| (i) Investments | 28,399.04 | 24,917.28 |
| (ii) Loans | 7.28 | 7.95 |
| (iii) Other financial assets | 1,026.33 | 1,003.35 |
| (g) Other non-current assets | 10,187.11 | 10,176.48 |
| 1,81,369.07 | 1,52,041.97 | |
| Current assets | ||
| (a) Inventories | 38,611.65 | 31,556.80 |
| (b) Financial assets | ||
| (i) Investments | 23,642.92 | 41,910.22 |
| (ii) Trade receivables | 36,048.49 | 32,309.79 |
| (iii) Cash and bank balances | ||
| Cash & cash equivalents | 5,259.86 | 20,307.86 |
| Other bank balances | 498.78 | 229.21 |
|---|---|---|
| (iv) Loans | 4.47 | 4.40 |
| (v) Other financial assets | 919.82 | 1,532.97 |
| (c) Other current assets | 25,550.67 | 22,620.23 |
| 1,30,536.66 | 1,50,471.48 | |
| TOTAL ASSETS | 3,11,905.73 | 3,02,513.45 |
| II. EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 1,408.12 | 1,408.12 |
| (b) Other equity | 2,68,325.35 | 2,63,310.26 |
| 2,69,733.47 | 2,64,718.38 | |
| Liabilities | ||
| Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 146.16 | 148.00 |
| (b) Provisions | 3,041.36 | 2,351.21 |
| (c) Deferred tax liabilities (net) | 1,370.22 | - |
| (d) Other non-current liabilities | 469.21 | 469.21 |
| 5,026.95 | 2,968.42 | |
| Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | - | 1,521.41 |
| (ii) Trade payables | ||
| Total outstanding dues of micro enterprisesand small enterprises | 631.27 | 247.91 |
| Total outstanding dues of creditors other thanmicro enterprises and small enterprises | 18,225.56 | 20,574.25 |
| (iii) Lease liabilities | 1.84 | 1.72 |
| (iv) Other financial liabilities | 11,567.20 | 7,119.37 |
| (b) Other current liabilities | 5,236.84 | 4,381.19 |
| (c) Provisions | 1,482.60 | 980.80 |
| 37,145.31 | 34,826.65 | |
| TOTAL EQUITY AND LIABILITIES | 3,11,905.73 | 3,02,513.45 |
12 Statement of Standalone Cash flows:
| ₹ Lakhs | ||
|---|---|---|
| Particulars | Year ended31st March, 2021(Audited) | Year ended31st March, 2020(Audited) |
| A.Cash Flow from Operating Activities | ||
| Net Profit / (Loss) before tax | 6,564.55 | (6,381.18) |
| Adjustments:Depreciation / amortisation (including investmentproperty) | 7,595.48 | 7,115.27 |
| Loss / (profit) on sale / discard of property, plant andequipment (net) | (2.57) | 187.83 |
| Unrealised exchange difference (net ) | 606.40 | (1,263.07) |
| Rent income | (46.22) | (44.43) |
| Guarantee commission income | (26.60) | (93.11) |
| Finance costProvision for doubtful debts, loans ,advances & | 130.06 | 128.18 |
| deposits (net) | (18.64) | (35.25) |
| Share-based payments to employees | 224.56 | 173.61 |
| Fair value gain on investments (net) | (1,164.20) | (2,735.30) |
| Interest incomeSundry credit balance written back | (2,287.95)(41.56) | (3,852.96)(39.70) |
| Dividend income | (0.36) | (157.64) |
| 4,968.40 | (616.57) |
| Operating Profit/(loss) Before Working Capital Changes | 11,532.95 | (6,997.75) |
|---|---|---|
| Working capital Adjustments: | ||
| Trade receivables & other assets | (7,317.33) | 3,392.10 |
| Inventories | (7,054.85) | (4,138.95) |
| Trade payable & other liabilities | (379.28) | 3,295.83 |
| (14,751.46) | 2,548.98 | |
| Cash Generated from / (used in) Operations | (3,218.51) | (4,448.77) |
| Direct taxes refund received (payment made) | (31.07) | 264.58 |
| Net Cash Flow from / (used in) Operating Activities -A | (3,249.58) | (4,184.19) |
| B. Cash Flow from Investing Activities | ||
| Purchase of property, plant & equipment including Capital WIPProceeds from sale of property, plant and equipment | (28,586.29) | (37,886.89) |
| Investments made | 42.22 | 203.21 |
| - in subsidiaries (at cost) | (872.07) | (143.73) |
| Sale / (purchase) of current investment (net) | 18,661.31 | 29,614.92 |
| Rent received (including amount received in advance) | 46.22 | 44.43 |
| (Increase) / decrease in escrow bank accounts | (269.57) | 7.64 |
| Interest received | 2,939.14 | 4,443.85 |
| Dividend received | 0.36 | 157.64 |
| Net cash flow from / (used in) Investing Activities -B | (8,038.68) | (3,558.93) |
| C. Cash Flow from Financing Activities | ||
| Increase / (decrease) in working capital borrowings | ||
| (net) | (1,521.41) | 1,425.63 |
| Proceeds from employee stock option plan | - | 10.35 |
| Payments of Lease liabilities | (15.20) | (15.64) |
| Finance cost paid | (116.58) | (118.52) |
| Dividend paid (inclusive of dividend tax in previous year) | (2,865.79) | (3,403.36) |
| Net cash flow from / ( used) in Financing Activities -C | (4,518.98) | (2,101.54) |
| Net (Decrease)/ Increase in Cash and Cash Equivalents(A+B+C) | (15,807.24) | (9,844.66) |
| Add: Current Investments reclassified as cash and cashequivalents during the year | 759.24 | 11,286.70 |
| Net (Decrease) / Increase in Cash and Cash Equivalents | (15,048.00) | 1,442.04 |
| Cash and Cash Equivalents at the beginning of the year | 20,307.86 | 18,865.82 |
| Cash and Cash Equivalents at the end of the year | 5,259.86 | 20,307.86 |
13 The results for the quarter ended 31st March, 2021 being the derived figures between the audited figures in respect of the current full financial year ended 31st March, 2021 and the published unaudited figures for the nine-months ended 31st December, 2020, which were subjected to a limited review.
| By Order of the Board | |
|---|---|
| For Unichem Laboratories Limited | |
| Dr. Prakash A. Mody | |
| Place: Mumbai | Chairman & Managing Director |
| Date: 29th May, 2021 | DIN: 00001285 |
UNICHEM LABORATORIES LIMITED CIN: L99999MH1962PLC012451
Statement of Unaudited Consolidated Financial Results for the Quarter & Audited Financial Results for the year ended 31st March, 2021.
| ₹ Lakhs | ||||||
|---|---|---|---|---|---|---|
| Particulars | Quarter ended31st Mar'21(Unaudited) | Quarter ended31st Dec'20(Unaudited) | Quarter ended31st Mar'20(Unaudited) | Year ended31st Mar'21(Audited) | Year ended31st Mar'20(Audited) | |
| I | Revenue from operations | 27,411.72 | 32,628.49 | 29,019.68 | 1,23,513.53 | 1,10,371.28 |
| II | Other income | 783.10 | 1,560.59 | 1,182.22 | 5,018.76 | 9,131.31 |
| III | Total income (I+II) | 28,194.82 | 34,189.08 | 30,201.90 | 1,28,532.29 | 1,19,502.59 |
| IV | EXPENSES | |||||
| Cost of materials consumed (including provisions) | 10,871.56 | 11,356.74 | 9,591.94 | 46,698.72 | 42,187.92 | |
| Purchase of stock-in-trade | 5.35 | 16.06 | 38.45 | 53.52 | 104.37 | |
| Changes in inventories of finished goods and work-in-progress | (4,910.23) | (1,004.13) | (570.72) | (8,814.04) | (3,575.68) | |
| Employee benefits expense | 7,603.60 | 7,823.95 | 7,486.58 | 30,697.06 | 27,327.99 | |
| Finance costs | 181.32 | 127.03 | 239.47 | 511.86 | 784.72 | |
| Depreciation and amortization expense | 2,187.09 | 2,081.69 | 2,296.21 | 8,435.63 | 8,166.94 | |
| Other expenses | 11,936.52 | 11,423.78 | 11,137.34 | 45,767.35 | 49,408.62 | |
| Total expenses (IV) | 27,875.21 | 31,825.12 | 30,219.27 | 1,23,350.10 | 1,24,404.88 | |
| V | Share of profit / (loss) in associate (net of tax) | (23.65) | (14.97) | 61.42 | (34.25) | 81.27 |
| VI | Profit / (loss) before exceptional items and tax (III- IV+V) | 295.96 | 2,348.99 | 44.05 | 5,147.94 | (4,821.02) |
| VII | Exceptional items | - | - | - | - | - |
| VIII | Profit / (loss) before tax (VI-VII) | 295.96 | 2,348.99 | 44.05 | 5,147.94 | (4,821.02) |
| IX | Tax expense | |||||
| (1) Current tax (Refer note 4) | 282.17 | 3.80 | 291.71 | 1,668.26 | 547.24 | |
| (2) Deferred tax charge / (credit) (Refer note 5) | (7.37) | (10.89) | 1,470.92 | (14.82) | 649.99 | |
| (3) Short / (excess) provision for tax (earlier years) | 62.02 | - | - | 62.02 | - | |
| 336.82 | (7.09) | 1,762.63 | 1,715.46 | 1,197.23 | ||
| X | Profit/(loss) for the period after tax (VIII-IX) | (40.86) | 2,356.08 | (1,718.58) | 3,432.48 | (6,018.25) |
| XI | Other Comprehensive Income / (Loss)(i) Items that will not be reclassified subsequently to profit orA.loss | |||||
| - Remeasurement of the net defined benefit plan | 149.01 | (88.59) | (0.72) | (97.68) | (144.60) | |
| - Equity instruments through other comprehensive income | 2,504.10 | - | 444.10 | 2,504.10 | 444.10 | |
| (ii) Income tax (expense) / credit relating to items that willnot be reclassified to profit or loss | ||||||
| - Remeasurement of the net defined benefit plan | 24.58 | - | - | 24.58 | - | |
| - Equity instruments through other comprehensive income(net) | (300.51) | - | - | (300.51) | - | |
| (i) Items that will be reclassified to profit or lossB.- Foreign currency translation difference | 36.84 | (328.33) | 201.51 | (491.02) | 6.14 | |
| (ii) Income tax relating to items that will be reclassified toprofit or loss | - | - | - | - | - | |
| Total of Other Comprehensive Income / (Loss) | 2,414.02 | (416.92) | 644.89 | 1,639.47 | 305.64 | |
| XII | Total Comprehensive Income for the period (X+XI) | 2,373.16 | 1,939.16 | (1,073.69) | 5,071.95 | (5,712.61) |
| XIII | Paid-up equity share capital (Face value of ₹ 2/- per share) | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 |
| XIV | Other Equity (Reserves excluding revaluation reserve)Earnings per equity share (Face value of ₹ 2/- per share) | 2,54,275.36 | 2,51,727.05 | |||
| XV | (not annualised) | |||||
| (1) Basic | (0.06) | 3.35 | (2.44) | 4.88 | (8.55) | |
| (2) Diluted | (0.06) | 3.35 | (2.44) | 4.88 | (8.55) |
Notes :
1 The above consolidated financial results for the quarter and year ended 31st March, 2021 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 29th May, 2021. The statutory auditors have expressed an unqualified audit opinion on these consolidated financial results for the year ended 31st March, 2021.
2 The above consolidated financial results have 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, during the quarter ended 31st December, 2020, decision has been taken to opt for new tax regime for the financial year 2020- 2021. Considering brought forward tax loss, no tax is payable under the new tax regime. Consequently, provision for current tax made in accordance with Section 115JB of the Income-tax Act, 1961 under old regime during the quarter and half year ended 30th September, 2020 has been reversed during the quarter ended 31st December, 2020.
- 5 In respect of the Company, for the quarter and year ended 31st March 2021, deferred tax liability exceeds the deferred tax assets (including assets in respect of brought forward losses and depreciation) in accordance with the new tax regime. Upto 31st December, 2020, deferred tax assets was recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences upto the extent of deferred tax liability.
- 6 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 Generics Ltd had, in early 2005 (when the Company was only a part owner and financial investor in Niche) had 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 & 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. Considering the above, in view of the management, no provision for the aforesaid fine is considered necessary. Based on above, fine imposed by the EU of Euro 13.96 million (equivalent to ₹ 12,044.69 lakhs) is disclosed under contingent liability. The statutory auditors have given Emphasis of Matter in their audit report on standalone and consolidated financial results for the year ended 31st March, 2021 and in earlier reports.
- 7 The COVID 19 pandemic has adversely impacted the global economic conditions and its impact still remains uncertain. Considering the Company and its subsidiaries are in the business of manufacturing and supplying pharmaceutical products, the management believes that the impact of the pandemic may not be significant. The Company and its subsidiaries will continue to closely monitor any material changes to future economic conditions.
- 8 The Board recommends a final dividend of ₹ 4/- per share (200 %) (face value of ₹ 2/- per share) for the year ended 31st March, 2021. The payment is subject to the approval of the shareholders in the ensuing Annual General Meeting of the Company. The final dividend declared in the previous year and paid during the current year was ₹ 4/- per share (200%).
- 9 The aggregate amount of revenue expenditure incurred on Research and Development (R&D) as included in the relevant expense heads is as tabulated below:
| ₹ Lakhs | |||||
|---|---|---|---|---|---|
| Particulars | Quarter ended31st Mar'21 | Quarter ended31st Dec'20 | Quarter ended31st Mar'20 | Year ended 31stMar'21 | Year ended31st Mar' 20 |
| Total R&D expenditure | 3,632.35 | 3,657.68 | 3,127.15 | 12,990.81 | 15,640.75 |
10 Statement of Consolidated Assets and Liabilities:
| ₹ Lakhs | ||
|---|---|---|
| Particulars | As at31st Mar,2021 | As at31st Mar,2020 |
| Audited | Audited | |
| I. ASSETS | ||
| Non-current assets | ||
| (a) Property, plant and equipment | 83,281.41 | 81,519.78 |
| (b) Right of use assets | 4,606.35 | 4,931.39 |
| (c) Capital work-in-progress | 56,749.62 | 33,046.97 |
| (d) Investment property | 353.29 | 359.60 |
| (e) Goodwill | 154.51 | 154.51 |
| (f) Other intangible assets | - | - |
| (g) Investment accounted for using the equity method | 593.23 | 627.48 |
| (h) Financial assets | ||
| (i) Investments | 14,965.86 | 12,450.82 |
| (ii) Loans | 7.28 | 7.95 |
| (iii) Other financial assets | 1,026.33 | 1,003.35 |
| (i) Deferred tax assets (net) | 1,395.36 | 293.75 |
| (j) Other non-current assets | 11,706.50 | 11,431.37 |
| 1,74,839.74 | 1,45,826.97 | |
| Current assets | ||
| (a) Inventories | 53,833.98 | 39,654.10 |
| (b) Financial Assets | ||
| (i) Investments | 23,642.92 | 41,910.22 |
| (ii) Trade receivables | 25,026.95 | 39,013.99 |
| (iii) Cash and bank balances | ||
| Cash & cash equivalents | 7,746.08 | 23,151.84 |
| Other bank balances | 498.78 | 229.21 |
| (iv) Loans | 4.47 | 4.40 |
| (v) Other financial assets | 919.82 | 1,532.97 |
| (c) Other current assets | 26,058.66 | 23,149.89 |
| 1,37,731.66 | 1,68,646.62 | |
| TOTAL ASSETS | 3,12,571.40 | 3,14,473.59 |
| II. EQUITY AND LIABILITIESEquity | ||
| (a) Equity share capital | 1,408.12 | 1,408.12 |
| (b) Other equity | 2,54,275.36 | 2,51,727.05 |
| 2,55,683.48 | 2,53,135.17 | |
| Liabilities | ||
| Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Lease liabilities | 1,431.02 | 1,845.35 |
| TOTAL EQUITY AND LIABILITIES | 3,12,571.40 | 3,14,473.59 |
|---|---|---|
| 50,576.11 | 56,672.65 | |
| (d) Current tax liabilities (net) | 326.07 | 63.06 |
| (c) Provisions | 1,482.60 | 980.80 |
| (b) Other current liabilities | 5,662.50 | 4,531.48 |
| (iv) Other financial liabilities | 11,618.51 | 7,270.29 |
| (iii) Lease liabilities | 415.79 | 402.06 |
| Total outstanding dues of creditors other thanmicro enterprises and small enterprises | 20,376.87 | 24,773.69 |
| Total outstanding dues of micro enterprisesand small enterprises | 631.27 | 247.91 |
| (ii) Trade payables | ||
| (i) Borrowings | 10,062.50 | 18,403.36 |
| (a) Financial liabilities | ||
| Current liabilities | ||
| 6,311.81 | 4,665.77 | |
| (d) Other non-current liabilities | 469.21 | 469.21 |
| (c) Deferred tax liabilities (net) | 1,370.22 | - |
| (b) Provisions | 3,041.36 | 2,351.21 |
11 Statement of Consolidated Cash flows:
| ₹ Lakhs | ||||
|---|---|---|---|---|
| Particulars | Year ended31st March, 2021(Audited) | Year ended31st March, 2020(Audited) | ||
| A.Cash Flow from Operating Activities | ||||
| Net Profit / (Loss) before tax | 5,147.94 | (4,821.02) | ||
| Adjustments: | ||||
| Depreciation / amortisation / Impairment loss | ||||
| (including investment property)Loss / (profit) on sale / discard of property, plant and | 8,441.94 | 8,172.20 | ||
| equipment (net) | 52.26 | 185.73 | ||
| Unrealised exchange difference (net ) | 761.13 | (548.92) | ||
| Rent income | (46.22) | (38.12) | ||
| Share of (profit) / loss from associate | 34.25 | (81.27) | ||
| Finance cost | 511.86 | 784.72 | ||
| Provision for doubtful debts, loans ,advances &deposits (net) | 27.00 | (35.25) | ||
| Share-based payments to employees | 282.64 | 241.66 | ||
| Fair value gain on investments (net) | (1,164.20) | (2,735.30) | ||
| Interest income | (2,293.95) | (3,869.15) | ||
| Sundry credit balance written back | (41.56) | (39.70) | ||
| Dividend income | (0.36) | (157.64) | ||
| 6,564.79 | 1,878.96 | |||
| Operating Profit / (loss) Before Working Capital Changes | 11,712.73 | (2,942.06) | ||
| Working capital Adjustments: | ||||
| Trade receivables & other assets | 9,519.82 | 6,309.42 | ||
| Inventories | (14,179.88) | (5,787.64) | ||
| Trade payable & other liabilities | (2,306.48) | 4,835.74 | ||
| (6,966.54) | 5,357.52 | |||
| Cash Generated from / (used in) Operations | 4,746.19 | 2,415.46 | ||
| Direct taxes refund received / (payment made) | (1,436.32) | (433.81) | ||
| Net Cash Flow from / (used in) OperatingActivities - A | 3,309.87 | 1,981.65 | ||
| B. Cash Flow from Investing Activities | ||||
| Purchase of property, plant & equipment including Capital | ||||
| WIP | (28,781.44) | (38,615.20) | ||
| Proceeds from sale of property, plant and equipment | 42.22 | 588.20 | ||
| Sale / (purchase) of current investment (net) | 18,661.31 | 29,614.92 | ||
| Rent received (including amount received in advance) | 46.22 | 38.12 | ||
| (Increase) / decrease in escrow bank accounts | (269.57) | 165.05 | ||
| Interest received | 2,945.14 | 4,460.04 | ||
| Dividend received | 0.36 | 157.64 | ||
| Net cash flow from / (used in) Investing | ||||
| Activities -B | (7,355.76) | (3,591.23) |
| C. Cash Flow from Financing Activities | ||
|---|---|---|
| Increase / (decrease) in working capital borrowings (net) | (8,340.86) | (1,658.98) |
| Proceeds from employee stock option plan | - | 10.35 |
| Payments of Lease liabilities | (478.74) | (470.62) |
| Finance cost paid | (433.72) | (707.34) |
| Dividend paid (inclusive of dividend tax in previous year) | (2,865.79) | (3,403.36) |
| Net cash flow from / ( used) in Financing | ||
| Activities -C | (12,119.11) | (6,229.95) |
| Net (Decrease) / Increase in Cash and Cash Equivalents(A+B+C) | (16,165.00) | (7,839.53) |
| Add: Current Investments reclassified as cash and cashequivalents during the year | 759.24 | 11,286.70 |
| Net (Decrease) / Increase in Cash and Cash Equivalents | (15,405.76) | 3,447.17 |
| Cash and Cash Equivalents at the beginning of the year | 23,151.84 | 19,704.67 |
| Cash and Cash Equivalents at the end of the year | 7,746.08 | 23,151.84 |
12 Other income of subsidiary at USA for the quarter and year ended 31st March, 2021 includes write back of loan of USD 4.23 lakhs (equivalent ₹ 313.44 lakhs) which was received in earlier quarter under Paycheck Protection Program [PPP]. The subsidiary had initiated the loan forgiveness process with the Small Business Administration (SBA) under PPP which is approved during March 2021 and accordingly the loan amount has been written back. Till 31st December 2020, pending approval of loan forgiveness by SBA, entire amount was disclosed as borrowings.
13 Previous period figures are regrouped and rearranged wherever necessary. However, there is no impact in the financial result of the respective period.
| By Order of the BoardFor Unichem Laboratories Limited | ||
|---|---|---|
| Dr. Prakash A. Mody | ||
| Place: Mumbai | Chairman & Managing Director | |
| Date: 29th May, 2021 | DIN: 00001285 |
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serialNumber=b53fc37c6a6ccc5435460835a4d6b0fe9c18f4 b228ea4b35b24166dbb248fbc3, cn=MILAN NAVIN MODY Date: 2021.05.29 13:11:49 +05'30'
Digitally signed by MILAN NAVIN MODY DN: c=IN, o=Personal, title=7027, pseudonym=c14c7df51e8efaf846ab7b462457ab0088b67c
MILAN NAVIN MODY
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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 year ended 31st March, 2021
Opinion
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- We have audited the accompanying consolidated financial results of Unichem Laboratories Limited Holding , comprising its subsidiaries (the Holding and its subsidiaries collectively for the year ended 31st March, 2021 , attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
- . 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 7 below on separate financial statements and on other financial information of foreign subsidiaries and an associate, these consolidated financial results:
- a) includes annual audited financial results of the following subsidiaries:
- i. Niche Generics Limited, United Kingdom
- ii. Unichem Pharmaceuticals (USA), Inc., USA
- iii. Unichem Laboratories Limited, Ireland
- iv. Unichem SA (Pty) Limited, South Africa
- v. Unichem Farmaceutica Do Brasil Ltda, Brazil
- vi. Unichem (China) Pvt. Ltd, incorporated on 27th June, 2019.
- b) includes annual unaudited financial results of the associate: Synchron Research Services Pvt. Ltd.
- c) have been presented in accordance with the requirements of Regulation 33 of the Listing Regulations, 2015 (as amended) in this regard; and
- 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 profit and other comprehensive income and other financial information of the Group for the year ended 31st March, 2021
Basis for Opinion
- We conducted our audit in accordance with the Standards on Auditing (SAs) specified under section described in the f the Consolidated Financial Results 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 consolidated financial 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 is sufficient and appropriate to provide a basis for our opinion
results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Emphasis of Matter
- We draw attention to note 6 of notes to the statement, which informs that the General Court of the European Union has on 12th December, 2018 rejected the appeal and confirmed the fine of Euro 13.96 Million (equivalent to Rs. 12,044.69 lakhs) imposed by the European Commission jointly and severally on the Holding Company and its subsidiary (Niche Generics Limited, UK). The Holding 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 European Union and outcome of the appeals is awaited. Considering the above, in view of the management, no provision for the aforesaid fine is considered necessary. audit reports on the standalone financial statements for the year ended 31st March, 2019 and 31st March, 2020 and consolidated financial statements for the year ended 31st March, 2018, 31st March, 2019 and 31st March, 2020 as well as in our limited review reports on quarterly standalone financial results from December 2018 onwards and consolidated financial results from June 2019 onwards. Our opinion is not modified in respect of above matter.
onsibility for Consolidated Financial Results
- These Consolidated financial results have been prepared on the basis of the consolidated annual financial statements.
these consolidated financial results that give a true and fair view of the net profit 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 of the consolidated financial results by the Directors of the Holding Company, as aforesaid.
In preparing the consolidated financial results, 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 31st March, 2021 being the derived figures between the audited figures in respect of the current full financial year ended 31st March, 2021 and the published unaudited figures for the nine-months ended 31st December, 2020, which were subjected to a limited review.
the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Auditors Responsibility
- 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 consolidated financial results as report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion 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 consolidated financial results or, if such disclosures are inadequate, to modify our opinion. Our 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 consolidated financial results, including the disclosures, and whether the consolidated financial results 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 consolidated Financial Results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated Financial Results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended)
Materiality is the magnitude of misstatements in the Consolidated Financial Results that, individually or in aggregate, makes it probable that the economic decisions of a reasonably knowledgeable user of the Consolidated Financial Results 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 Consolidated Financial Results.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Other Matters
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- We did not audit the financial statements of six subsidiaries, whose financial statements reflect total assets of Rs. 44,206.72 lakhs as at 31st March, 2021, total revenues (including other income) of Rs. 18,670.67 lakhs and Rs. 80,630.58 lakhs and share of total profit after tax amounting to Rs. 998.39 lakhs and Rs. 4,981.82 lakhs for the quarter and year ended 31st March, 2021 respectively, and net cash outflow of Rs. 151.21 lakhs for the year ended 31st March, 2021, as considered in the consolidated financial statements. These financial statements have been audited by other auditors whose reports have been furnished to us by the management and our opinion on the consolidated financial results, 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.
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- net loss of Rs. 23.65 lakhs and Rs. 34.25 lakhs for the quarter and year ended 31st March 2021, in respect of one associate, whose financial information have not been audited by us. This financial information is unaudited and have been furnished to us by the Management and our opinion on the consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of the associate 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 associate are solely based on the information provided by the management. 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.
For N. A. Shah Associates LLP
Chartered Accountants Firm Registration No.116560W / W100149