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Unichem Laboratories Ltd. — Interim / Quarterly Report 2025
Aug 4, 2025
61109_rns_2025-08-04_845ba532-33df-46bd-9be0-99b11a70c464.pdf
Interim / Quarterly Report
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4th August 2025
Department of Corporate Services BSE Limited, 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. Monday, 4th August 2025 approved the Unaudited Financial Statements (Consolidated & Standalone) for the first quarter ended 30th June 2025.
Enclosed herewith are the Unaudited Financial Statements (Consolidated & Standalone) for the first quarter ended 30th June 2025 alongwith Limited Review report by Auditors.
The Board meeting commenced at 12:00 noon and concluded at 1:45 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 Gautam Bhandari Date: 2025.08.04 13:45:56 +05'30'
PRADEEP BHANDARI Head – Legal & Company Secretary
Encl.: a/a


| UNICHEM LABORATORIES LIMITED Regd. Office: 47, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, Maharashtra, India. |
|||||
|---|---|---|---|---|---|
| Tel: +91(22)66474100. Website: www.unichemlabs.com. CIN: L99999MH1962PLC012451 | |||||
| Statement of Consolidated Unaudited Financial Results for the Quarter ended 30th June 2025 | |||||
| f Crores | |||||
| 30.06.2025 | Quarter ended 31 .03.2025 |
30.06.2024 | Year ended 31.03.2025 |
||
| Particulars | Unaudited | Unaudited | Unaudited (refer note 5) |
Audited | |
| I | Revenue from operations | 526.60 | 587.18 | 483.34 | 2,110.97 |
| II | Other income | 6.82 | 9.25 | 3.76 | 35.32 |
| Ill | Total income (1+11) | 533.42 | 596.43 | 487.10 | 2,146.29 |
| IV | EXPENSES | ||||
| Cost of materials consumed | 217.48 | 275.31 | 236.55 | 888.24 | |
| Purchase of stock-in-trade | 51 .01 | 33.48 | 23.59 | 175.78 | |
| Changes in inventories of stock-in-trade, finished goods and work-in progress |
(23.44) | (44.22) | (67.36) | (200.35) | |
| Employee benefits expense | 107.42 | 96.47 | 102.14 | 402.21 | |
| Finance costs | 6.54 | 5.46 | 4.03 | 21 .03 | |
| Depreciation and amortization expenses Other expenses |
31 .79 151 .64 |
29.69 142.44 |
32.07 148.27 |
124.56 580.23 |
|
| Total expenses (IV) | 542.44 | 538.63 | 479.29 | 1,991 .70 | |
| V | Share of profit / (loss) in associate (net of tax) | - | - | - | - |
| VI | Profit/ (Loss) before exceptional items and tax (Ill- IV+V) | (9.02) | 57.80 | 7.81 | 154.59 |
| VII Exceptional items - expenses/(income) | - | - | - | - | |
| VIII Profit/ (Loss) before tax (VI-VII) | (9.02) | 57.80 | 7.81 | 154.59 | |
| IX Tax expense | |||||
| (1) Current tax (2) Deferred tax charge I (credit) (Refer note 4) |
0.96 | 6.52 | 1.41 | 18.39 | |
| (3) Short / (excess) provision for tax (earlier years) | 0.05 0.44 |
(1 .57) (0.12) |
4.33 - |
(1 .20) (0.12) |
|
| 1.45 | 4.83 | 5.74 | 17.07 | ||
| X | Profit/ (Loss) for the period after tax (VIII-IX) | (10.47) | 52.97 | 2.07 | 137.52 |
| XI | Other Comprehensive Income / (Loss) | ||||
| (i) Items that will not be reclassified subsequently to profit or A. loss |
|||||
| - Remeasurement of the net defined benefit plan (ii) Income tax (expense) I credit relating to items that will not |
4.87 | 1.05 | 0.44 | 1.38 | |
| be reclassified to profit or loss - Remeasurement of the net defined benefit plan |
|||||
| - | - | - | - | ||
| (i) Items that will be reclassified to profit or loss (Foreign B. currency translation difference) |
|||||
| -Foreign currency translation difference | (1 .82) | (7.83) | (0.32) | (7.22) | |
| -Gain I (Loss) on cash flow hedge | - | 0.51 | 0.16 | (1.13) | |
| (ii) Income tax relating to items that will be reclassified to profit | |||||
| or loss -Foreign currency translation difference |
- | - | - | - | |
| -Gain I (Loss) on cash flow hedge | - | - | - | - | |
| Total of Other Comprehensive Income I (Loss) | 3.05 | (6.27) | 0.28 | (6.97) | |
| XII Total Comprehensive lncome/(loss) for the period (X+XI) | (7.42) | 46.70 | 2.35 | 130.55 | |
| XIII Paid-up equity share capital (Face value of, 2/- per share) XIV Other Equity (Reserves excluding revaluation reserve) |
14.08 | 14.08 | 14.08 | 14.08 | |
| xv Earnings per equity share (Face value of, 2/- per share) (not annualized) |
2,421 .81 | ||||
| (1) Basic | (1.49) | 7.52 | 0.29 | 19.53 | |
| (2) Diluted | (1.49) | 7.50 | 0.29 | 19.47 |

UNICHEM LABORATORIES LIMITED
Regd. Office: 47, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, Maharashtra, India. Tel: +91(22)66474100. Website: www.unichemlabs.com. CIN: L99999MH1962PLC012451
| Notes: | |
|---|---|
- 1 The above unaudited consolidated financial results ("the Statement") for the quarter ended 30th June, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 4th August, 2025. The statutory auditors have expressed an unmodified audit conclusion on these consolidated financial results for the quarter ended 30th June, 2025.
- 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 asset was recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences upto the extent of deferred tax liability.
In respect of a subsidiary, deferred tax assets (net) are recognised as per applicable tax laws.
5 During the year ended 31st March, 2025, the Company and its wholly owned subsidiary "Unichem Pharmaceutical (USA), Inc." had entered into an agreement with Bayshore Pharmaceuticals LLC, USA ("Bayshore USA") (wholly owned step-down subsidiary of lpca Laboratories Limited, Company's holding company) for purchase all of rights, title and interest in the product approvals and all goodwill associated with nine (9) ANDAs owned by Bayshore USA and purchase of USA generics formulations marketing/distribution business of Bayshore USA as a going concern through slump sale/transfer of entire business (debt free) and all goodwill associated with the business.
Consequently, in accordance with Appendix C of Ind AS 103 'Business Combinations', the Company has restated the reported results of previous period (quarter ended 30th June, 2024) to include Bayshore USA transactions from the date of common control of lpca Laboratories Limited. Further, these restated comparatives and results upto the date of agreement are based on the management certified figures.
- 6 Effective from 30th April , 2025 Unichem Laboratories Ireland, has ceased to be subsidiary of the Company. For the purpose of consolidation, figures of the subsidiary have been considered upto the aforesaid date and net gain of ~ 1.48 crores has been recognised in the quarter ended 30th June, 2025 under other income.
- 7 The results for the quarter ended 31st March, 2025 being the derived figures between the audited figures in respect of the full financial year ended 31st March, 2025 and the published unaudited figures for the nine months ended 31st December, 2024, which were subjected to a limited review.
| By Order of the Board | ||
|---|---|---|
| SIGNED FOR IDENTIFICATION | For Unichem Laboratories Limited | |
| BHAVIN Digitally signed by |
Pabitrakumar DigitallysignedbyPabitrakumar |
|
| BHAVIN SURENDRA SURENDRA KAPADIA |
Kalipada KalipadaBhattacharyya Oate:2025.08.0412:51:17+05'30 |
|
| Date: 2025.08.04 KAPADIA 13:20:56 +05'30' |
Bhattacharyya | |
| N. A. SHAH ASSOCIATES LLP | Pabitrakumar Kalipada Bhattacharyyct | |
| Place: Mumbai | MUMBAI | Managing Director |
| Date: 4th Au ust, 2025 | DIN: 07131152 |

N. A. SHAH ASSOCIATES LLP
Chartered Accountants
Independent Auditor's Review Report on Quarterly Consolidated Unaudited 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
- We have reviewed the accompanying statement of consolidated unaudited financial results of Unichem Laboratories Limited ("the Holding Company"), comprising its subsidiaries (the Holding and its subsidiaries collectively referred to as "the Group") for the quarter ended 30th June 2025 ("the Statement"), 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 (the "Listing Regulations").
Management's responsibility
- The Statement is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Further, the comparative figures for the quarter ended 30th June 2024 are restated and the same are based on the management certified accounts as disclosed in note 5 of the Statement.
Auditor's responsibility
- Our responsibility is to issue a report on this Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
N. A. Shah Associates LLP is registered with lim ited liabililty having LLP identification No. MG-7909 Regd. Off.: 8 21 -25, Paragon Centre, Pandurang Budhkar Marg, Worli, M umbai 400 013. Tel.: 91-22-40733000 • Fax : 91 -22-40733090 • E-mail : [email protected]
N. A. SHAH ASSOCIATES LLP
Chartered Accountants
Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (continued)
-
- These consolidated unaudited financial results include results of the following subsidiaries:
- 1) Niche Generics Limited, United Kingdom
- 2) Unichem Pharmaceuticals (USA), Inc., USA
- 3) Unichem Laboratories Limited, Ireland (upto 30th April 2025)
- 4) Unichem SA (Pty) Limited, South Africa
- 5) Unichem Farmaceutica Do Brasil Ltda, Brazil
- 6) Unichem (China) Pvt. Ltd.
Basis for conclusion
- Based on our review conducted and procedures performed as stated in above auditor's responsibility paragraph and based on the consideration of the review reports of the subsidiaries reviewed by another auditor and Management certified accounts furnished to us, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Other matters
-
- We did not review the interim financial statements of the subsidiary at USA, whose interim financial statements reflect total revenues (including other income) of Rs. 339.48 crores, total net profit/ (loss) after tax and total comprehensive income of Rs. 3.05 crores for the quarter ended 30th June 2025 as considered in the unaudited consolidated financial results. These financial results have been reviewed by other auditor whose report have been furnished to us by the Management and our conclusion on the unaudited consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary and our report in terms of the Listing Regulations (as amended), in so far as it relates to aforesaid subsidiary located outside India is based on the report of other auditor and the procedures performed by us as stated in paragraph 3 above.
-
- We also did not review the interim financial information of other subsidiaries as mentioned in paragraph 4 above, whose interim financial statements reflect total revenues (including other income) of Rs. 54.79 crores, total net profit/ (loss) after tax and total comprehensive income of Rs.(4.89) crores for the quarter ended 30th June 2025 as considered in the unaudited consolidated financial results. These financial information are not subject to limited review by their auditors and have been furnished to us by the Management and our conclusion on the consolidated unaudited financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is solely based on the information provided by the Management. According to the information and explanations given to us by the Management, these financial information are not material to the Group.

Chartered Accountants
Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements} Regulations, 20151 as amended (continued}
- In case of associate Synchron Research Services Pvt. Ltd., the carrying value of investment had been fully impaired. Further, financial information of associate is not available for the quarter ended 30th June 2025. 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 conclusion on the Statement is not modified in respect of the matters stated in paragraph 6, 7 and 8 above.
For N. A. Shah Associates LLP
Chartered Accountants Firm's Registration No.: 116560W I W100149
+05'30'
Digitally signed by BHAVIN BHAVIN SURENDRA SURENDRAKAPADIA KAPADIA Date: 2025.08.04 13:22:45
Bhavin Kapadia Partner Membership No.: 118991 UDIN: 25118991 BMJHQW4438
Place: Mumbai Date: 4th August 2025
| UNICHEM LABORATORIES LIMITED | |||||
|---|---|---|---|---|---|
| Regd. Office: 47, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, Maharashtra, India. | |||||
| Tel: +91(22)66474100. Website: www.unichemlabs.com. CIN: L99999MH1962PLC012451 | |||||
| Statement of Standalone Unaudited Financial Results for the Quarter ended 30th June 2025 | |||||
| f Crores | |||||
| Quarter ended | Year ended | ||||
| Particulars | 30.06.2025 | 31 .03.2025 | 30.06.2024 | 31.03.2025 | |
| Unaudited | Unaudited | Unaudited | Audited | ||
| I | Revenue from operations | 384.25 | 461 .24 | 389.75 | 1,735.70 |
| II | Other income | 4.25 | 6.05 | 8.77 | 40.83 |
| Ill | Total income (1+11) | 388.50 | 467.29 | 398.52 | 1,776.53 |
| IV | EXPENSES | ||||
| Cost of materials consumed | 203.88 | 220.80 | 200.32 | 829.77 | |
| Purchase of stock-in-trade | 0.12 | 0.18 | 0.28 | 0.85 | |
| Changes in inventories of stock-in-trade, finished goods and work-in | |||||
| progress | (22.08) | 1.88 | (25.64) | (33.33) | |
| Employee benefits expense | 72.86 | 70.08 | 72.47 | 287.51 | |
| Finance costs | 1.93 | 1.53 | 1.38 | 7.62 | |
| Depreciation and amortization expenses | 29.93 | 27.47 | 26.10 | 108.41 | |
| Other expenses | 103.73 | 93.32 | 102.13 | 397.02 | |
| Total expenses (IV) | 390.37 | 415.26 | 377.04 | 1,597.85 | |
| V | Profit/ (Loss) before exceptional items and tax (Ill-IV) | (1 .87) | 52.03 | 21 .48 | 178.68 |
| VI | Exceptional items - expenses/(income) (Refer note 4) VII Profit/ (Loss) before tax (V-VI) |
- (1 .87) |
(4.00) | - | (4.00) |
| VIII Tax expense | 56.03 | 21 .48 | 182.68 | ||
| (1) Current tax | - | - | - | - | |
| (2) Deferred tax charge / (credit) | (0.46) | 4.81 | - | 19.72 | |
| (3) Short/ (excess) provision for tax (earlier years) | 0.44 | - | - | - | |
| (0.02) | 4.81 | - | 19.72 | ||
| IX | Profit/ (Loss) for the period after tax (VII-VIII) | (1.85) | 51 .22 | 21 .48 | 162.96 |
| X | Other Comprehensive Income/ (Loss) | ||||
| A. (i) Items that will not be reclassified subsequently to profit or loss |
|||||
| - Remeasurement of the net defined benefit plan (ii) Income tax (expense) / credit relating to items that will not |
4.87 | 1.05 | 0.45 | 1.38 | |
| be reclassified to profit or loss | |||||
| - Remeasurement of the net defined benefit plan | (1 .19) | (0.15) | - | (0.15) | |
| B. (i) Items that will be reclassified to profit or loss - Gain/ (Loss) on cash flow hedge |
- | 0.51 | 0.16 | (1 .13) | |
| (ii) Income tax relating to items that will be reclassified to profit | |||||
| or loss | |||||
| - Gain/ (Loss) on cash flow hedge | - | - | - | - | |
| Total of Other Comprehensive Income I (Loss) | 3.68 | 1.41 | 0.61 | 0.10 | |
| XI | Total Comprehensive lncome/(loss) for the period (IX+X) | 1.83 | 52.63 | 22.09 | 163.06 |
| XII Paid-up equity share capital (Face value of~ 2/- per share) | 14.08 | 14.08 | 14.08 | 14.08 | |
| XIII Other Equity (Reserves excluding revaluation reserve) | 2,430.97 | ||||
| XIV Earnings per equity share (Face value of~ 2/- per share) |
(1) Basic (0.26) 7.28 3.05 23.15 (2) Diluted (0.26) 7.26 3.04 23.08
(not annualized)

UNICHEM LABORATORIES LIMITED
Regd. Office: 47, Kandivli Industrial Estate, Kandivli (West), Mumbai 400 067, Maharashtra, India. Tel: +91(22)66474100. Website: www.unichemlabs.com. CIN: L99999MH1962PLC012451
Notes:
- 1 The above unaudited standalone financial results ("the Statement") for the quarter ended 30th June, 2025 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 4th August, 2025. The statutory auditors have expressed an unmodified audit conclusion on these standalone financial results for the quarter ended 30th June, 2025.
- 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 Exceptional Items comprise of the following :
| f Crores | ||||
|---|---|---|---|---|
| Quarter ended | Year ended | |||
| Particulars | 30.06.2025 31 .03.2025 30.06.2024 | 31 .03.2025 | ||
| Reversal of Impairment of Investment in subsidiary "Unichem Laboratories Limited - Ireland" (refer note 5 below) |
- | (4.00) | - | (4.00) |
| Total Exceptional Items - expenses I (income) | - | (4.00) | - | (4.00) |
- 5 The Company has transferred its 100% stake in its wholly owned subsidiary "Unichem Laboratories Limited , Ireland" (Unichem Ireland), to Company's holding company, "lpca Laboratories Limited" which is concluded on 30th April, 2025. During the quarter and year ended 31st March, 2025 impairment provision was reversed to the extent of, 4.00 crores , i.e. the agreed consideration for the aforesaid transfer.
- 6 The results for the quarter ended 31st March, 2025 being the derived figures between the audited figures in respect of the full financial year ended 31st March, 2025 and the published unaudited figures for the nine months ended 31st December, 2024, which were subjected to a limited review.
| SIGNED FOR IDENTIFICATION | By Order of the Board For Unichem Laboratories Limited -J:,'o0R"11- |
|
|---|---|---|
| BHAVIN Digitally signed by BHAVIN SURENDRA KAPADIA SURENDRA Date: 2025.08.04 13:21 :27 KAPADIA +05'30' |
it-MUMBAI'?, Pabitrakumar Digitally signed by Pabitrakumar 0400067 ~ Kalipada Kalipada Bhattacharyya ,,.,i;f/••av Date: 2025.08.04 12:52:34 +05'30' Bhattacharyya |
|
| Place: Mumbai Date: 4th August, 2025 |
N. A. SHAH ASSOCIATES LLP MUMBAI |
Pabitrakumar Kalipada Bhattacharyya Managing Director DIN: 07131152 |

N. A SHAH ASSOCfATES LLP
Chartered Accountants
Independent Auditor's Review Report on Quarterly Standalone Unaudited 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
- We have reviewed the accompanying statement of standalone unaudited financial results ("the Statement") of Unichem Laboratories Limited ("the Company") for the quarter ended 30th June 2025, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
Management's responsibility
- The Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
Auditor's responsibility
- Our responsibility is to issue a report on this Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
N. A. Shah Associates LLP is registered with lim ited liabililty having LLP identification No. AAG-7909 Regd. Off.: B 21 -25, Paragon Centre, Pandurang Budhkar Marg, Worli, Mumbai 400 013. Tel.: 91-22-40733000 • Fax : 91 -22-40733090 • E-mail : [email protected]
N. A. SHAH ASSOCfATES LLP
Chartered Accountants
Independent Auditor's Review Report on Quarterly Standalone Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (continued)
Conclusion
- Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial results, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards i.e. 'Ind AS' prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For N. A. Shah Associates LLP
Chartered Accountants Firm's Registration No.: 116560W / W100149
KAPADIA +os·3o·
BHAVI N Digitally signed by BHAVIN SU REN DRA SURENDRA KAPADIA Date: 2025.08.04 13:22:14
Bhavin Kapadia
Partner Membership No. : 118991 UDIN: 25118991 BMJHQV8452
Place: Mumbai Date: 4th August 2025