Vivimed Labs Ltd. — Interim / Quarterly Report 2021

Nov 13, 2021

Date: 13.11.2021

Dear Sir/Madam

To BSE Limited P.J.Towers, Dalal Street, Mumbai - 400001 BSE - Code: 532660

National Stock Exchange of India Ltd. Exchange Plaza,Plot no. C/l, G Block, Bandra-Kurla Complex, Bandra (E) Mumbai - 400 051 NSE- Symbol: VIVIMEDLAB

Sub: Outcome of the Meeting of the Board of Directors of the Company - reg.

The Board of Directors of the Company at its meeting held on November 13, 2021 inter alia, have approved I resolvedl taken note of the following:

• 1. Pursuant to Regulation 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 considered and approved the submission of the Un-audited Financial Results (Standalone & Consolidated) for the Quarter and half year ended September 30, 2021 attached herewith;
• 1. Auditors's Limited Review Report on the Un-audited Financial Results of the Company for the quarter and half year ended September 30, 2021.
• 1. Resignation of CEO cum CFO (Mr.Ramesh Krishnamurthy).

You are requested to take note uf ,.{ above.

IMITED

SANTO V WAR MA GING DIRECTOR

Vivimed Labs Limited. CIN: L02411KA1988PLCo09465 Registered Office: #78/A. KoLhar Industrial Area, Bidar, Karnataka - 585403, India. T +91 (0) 8482-232045, F +91 [0) 8482-232436 EmaiL: contactravivimedLabs.com I www.vivimedLabs.com

Corporate Office: North End, Road No.2 Banjara Hills, Hyderabad, TeLangana - 500 034, India. GSTIN: 36AAACV6060A1ZQ T +91 [0) 40-6608-6608, F +91 [0) 40- 6608-6699

UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2021						Rs. In Lakhs
Particulars	3 Months Ended			H1 FY 22	H1 FY 21	Year Ended 31.03.2021
	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Andited)
Income From Operations
Revenue from Operations	5,104.40	6,229.84	5,939.59	11,334.24	11,292.90	21,004.55
Total revenue from operations	5,104.40	6,229.84	5,939.59	11,334.24	11,292.90	21,004.55
Other Income	14.26	91.53	136.27	105.79	271.95	607.47
Total Revenue (1+2)	5,118.65	6,321.37	6,075.87	11,440.02	11,564.86	21,612.02
Expenses
						9,275.48
						430.62
						3,236.42
						4,149.23
						1,579.53
						5,883.05 24,554.33
						(2, 942.32)
						(23.44)
						(23.44)
		(206.32)	55.26		172,24	(2,918.88)
Other Comprehensive income
Items that will not be reclassified to profit or loss, net of tax
Items that will be reclassified to profit or loss, net of tax
						(2,918.88)
Paid up Equity Share Capital	1,658.28	1,658.28	1,658.28	1,658.28	1,658.28	1,658.28
						(3.52) (3.42)
	Cost of material consumed Purchases of Stock- in-Trade Changes in inventories of finished goods work in progress and stock-in-Trade Eniployee Benefit Expenses Finance Costs Depreciation and Amortisation Expenses Other Expenses Total Expenses Profit before tax (3-4) Tax Expenses Current Taxes Deferred Taxes Total tax expenses Profit for the period /Year (5-6) Total other comprehensive income Total comprehensive income (7+8) 11 Other equity 12 Earnings per Share (before Extraordinary Items) (of Rs2/- each) (a) Basic (b) Diluted	3,998.33 (136.81) 758.77 855.00 416.60 1,572.75 7,464.64 (2,345.99) (2,345.99) (2,345.99) (2.83) (2.75)	3,360.42 16.66 743.90 944.60 435.08 1,027.03 6,527.69 (206.32) (206.32) (0.25) (0.24)	2,317.73 449.28 659.73 983.43 395.35 1,215.09 6,020.61 55.26 $\sim$ 55.26 0.07 0.06	7,358.75 (120.16) 1,502.67 1,799.60 851.68 2,599.78 13,992.32 (2, 552.30) (2, 552.30) (2, 552.30) (3.08) (2.99)	4,572.50 385.71 1,325.68 2,123.50 788.85 2,172.94 11,369.18 195.67 23.44 23.44 172.24 0.21 0.20

process to contact the contact of the contact of

NOTES

1. The above standalone financial results of Vivimed Labs Limited ("the Company") as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on November 13, 2021. The statutory audit carried out a limited review on standalone financial results and expressed an unmodified conclusion thereon..

2. These standalone financial results of the Company have been prepared in accordance with the Indian Accounting Standards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").

3. The Financial results are prepared in accordance with the Indian Accounting standards(IndAS) as prescribed under section 133 of the companies Act,2013 read with the companies (Indian Accounting Standards)Rules,2015(as a provisions of Ind AS 108 Operating segments, the Company has primarily two segments "speciality chemicals" and "Pharma" and accordingly considered under reportable segments by the Company

4. COVID-19 is the infections disease caused by the recently discovered coronavirus, SARS-CoV-2. In March 2020, the WHO declared COVID-19 a pandemic. The Company has adopted measures to curb the spread of infection in orde health of the employees and ensure business continuity with minimal disruption. In assessing the recoverability of receivables and other financial assets, the Company has considered internal and external information upto t standalone financial results. The impact of the global health pandemic may be different from that of estimated as at the date of approval of these standalone financial results and the Company will continue to closely monit economic conditions.

5. The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India which the code will come into effect has not been notified. The Company will assess the impact of the Code when it comes into effect and will record any related any related in the excited the code becomes effective. $B^S$ LINI

HYDE

For VIVIMED LARS LIMITED

(SANTOSH VARALWAR) MANAGING DIRECTOR

1. Corresponding numbers of previous period / year have been regrouped, wherever necessary.

Place: Hyderabad Date: 13.11.2021

VIVIMED LABS LIMITED

SEGMENT-WISE STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2021

						Rs in Lakhs
		3 Months Ended		H1 FY22	H1 FY21	FY21
Particulars	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1. Segment Revenue
(net sales/income from each segment
should be disclosed under this head)
a.Speciality Chemicals Business	1,333.99	1,374.69	1,057.32	2,708.69	2,255.99	5,350.86
b.Pharma Business	3, 770.40	4,855.15	4,882.27	8,625.55	9,036.91	15,653.69
Total	5,104.40	6,229.84	5,939.59	11,334.24	1.1,292.90	1 21,004.55
Less, Inter Segment Revenue
Net sales / Income from Operations	5,104.40	6,229.84	5,939.59	11,334.24	11,292.90	21,004.55
2.Segment Results (Profit) (+) / Loss (-)
before tax and Interest from each segment
a.Speciality Chemicals Business	(3.35)	(200.64)	(429.28)	(203.99)	(618.81)	(2,164.93)
b.Pharma Business	(1,487.64)	938.93	1,467.97	(548.72)	2,937.98	3,371.84
Total	(1,490.99)	738.28	1,038.69	(752.71)	2,319.17	1,206.91
Less: 1. Interest	855.00	944.60	983.43	1,799.60	2,123.50	4,149.23
2. Other Un-allocable Expenditure
3. Un-allocable Income
Total Profit Before Tax	(2,345.99)	(206.32)	55.26	(2,552.30)	195.67	{2,942.32

Segmental capitol employed

As certain assets of the company including manufacturing facilities and treasury assets and liabilities are often deployed interchongebility ocross segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details ^Ifor capirol employed have not been disclosed in the above table.

Place: Date : 13,1.1.2021 Hyderabad

Vivimed Labs Limited Standalon. Stat.m.nt of Cash Flows

		All amounts in Rs Lakhs
	Six Months Ended 30-09-2021 Un-Audited	Six Months Ended 30-09-2020 Un-Audited
I. Cash flows from operating activities
Profit before tax	(2,552.30)	195.60
Adjllstments 10 reconcile profit before tax to nel cash flows:
Depreciation of tangible assets	739.18	788.85
Amortisation of intangible assets	112.50
Finance income (including fair value change in financial instruments)
Finance costs (including fair value change in financial instruments)	1,799.60	2, 12953
Operating profit before working capital changes Changes in working capital:	98.97	3,113.98
Adj ustment for (increase)ldecrease in operating assets
Trade receivables	1,469.85	161.73
Inventories	823.42	(209 30)
Loans - current	118.51	1,321.26
Other assets - current	8423	(1,96828)
Adjustment for (incr )ldecrease in operating liabilities
Trade payables	(543.26)	(706.26)
Other finencialliabilities	83.74	2,334.67
Other liabilities	(22.65)	140.72
Provisions	(96.98)	205 .15
Cash generated from operations Income taxes paid	2,015.85	4,394.27
Net cash generated from/(used in) operating activities	(0.16) 2.015.69	(82.08) 4,312.19
II. Cash flows from investing activities
Proceeds from salel (purch e of) property, plant and equipment and		(290.98)
intangibles (including capital work in progress), net	(1 ,990.14)
Investments made during the year
[nterest received (finance income)
Net cash used in investing activities	(1,990.14)	(290.98)
111. Cash flows rrom financing activities
Share issue proceeds
Dividend paid
Proceeds froml(repayment of) long-term borrowings, net	335.74	(799.49)
Proceeds froml(repayment of) short-term borrowings, net	1,027.34	(1 ,156.94)
Interest paid	(1 ,799.60)	(2,12953)
Net cash provided by (inancing activities	(436.51)	(4,085.96)
Net increase in cash and cash equivalents (I+II+Ill)	(41096)	(64.74)
Cash and cash equivalents at the beginning of the year	601.48	1,108.84
Ca.h and cash equivalents at the end of the year (refer note below)	190.52	1.044.10
Not.:
Cash and cash equivalents comprise:
Cash on hand	022
Balances with banks:
- in current accounts	190.30	1.044.10
	190.52	1,044.10
	(000)

VIVIMED LABS LIMITED

UNAUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YALF YEAR ENDED 30.09.2021

							Rs. In Lakhs
Sl. Na	Particulars		H1 FY 22	H1 FY 21	YEAR ENDED
		30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.09.2020	31.03.2021
		(Unandited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
	Income From Operations
	Revenue from operations	5,437.53	6,525.96	22,174.50	11,963.49	54,453.20	86,146.75
	Total revenue from operations	5,437.53	6,525 96	22,174.50	11,963.49	54,453.20	86,146.75
	Other Income	14.26	91.53	189.21	105.79	369.75	982.32
	Total Revenue (1+2)	5,451.79	6,617.49	22,363.71	12,069.28	54,822.95	87,129.06
	Expenses
	Cost of material consumed	4,090.58	3,471.45	10,029.04	7,562.04	23,127.05	35,781.96
	Purchases of Stock- in-Trade
	Changes in inventories of finished goods work in progress and stock-in-Trade Employee Benefit Expenses	(136.81) 874.35	16.66 854.73	(1, 584.33) 5,337.05	(120.16)	(1, 190.77) 11,504 27	(329.40) 19,565.59
	Finance Costs	861.82	950.54	1,365.43	1,729.08 1,812.35	2,853 55	5,387.63
	Depreciation and Amortisation Expenses	435.16	45307	1,755.64	888.23	3,484.61	5,549.48
	Other Expenses	1,656.62	1,104.58	6,852.10	2,761.20	14,813 88	28,750.40
	Total Expenses	7,781.71	6,851.03	23,754.93	14,632.74	54,592.60	94,705.66
	Profit before tax (3-4)	(2, 329.92)	(233, 54)	(1, 391.22)	(2, 563, 46)	230.35	(7,576.59)
	Tax expenses
	Current Taxes			(29.32)		308.56	336.58
	Deferred Taxes		z.				(133.66)
	Total tax expenses		w.	(29.32)		308.56	202.92
	Profit for the period /Year before non-controlling interest (5-6)	(2,329.92)	(233.54)	(1,361.90)	(2, 563, 46)	(78.21)	(7, 779.51)
	Non-controlling interest
	Profit for the period/ year (7-8)	(2, 329.92)	(233.54)	(1,361,90)	(2, 563.46)	(78.21)	(7,779.51)
10	Other comprehensive income
	Items that will not be reclassified to profit or loss, net of tax Items that will be reclassified to profit or loss, net of tax
	Total other comprehensive income	$\cdot$	$\lambda$	×	$\alpha$	÷.	÷
11	Non-controlling interest	$\star$	٠	$\bullet$	$\scriptstyle\rm s$	×.
12	Other comprehensive income attributable to shareholders(10+11)	٠	٠	$\overline{\phantom{a}}$			۳
	Total comprehensive income attributable to:
	Shareholders of the Company	(2, 32992)	(233.54)	(1, 361.90)	(2, 563.46)	(78.21)	(7, 779.51)
	Non-controlling interest	×
	Total Comprehensive income	(2, 329.92)	(233.54)	(1, 361.90)	(2, 563, 46)	(78.21)	(7, 779.51)
	13 Paid up Equity Share Capital	1,658.28	1,658.28	1,658.28	1,658.28	1,658.28	1,658.28
14	Other equity
	15 Earnings per Share (before Extraordinary Items) (of Rs2/- each) (not annualised)
	(a) Basic	(2.81)	(0.28)	(1.64)	(3.09)	(0.09)	(9.38)
	(b) Diluted	(2.73)	(0.27)	(1.59)	(300)	(0.09)	(9.11)

NOTES

.
The above unaudited consolidated financial results of Vivimed Labs Limited ("the Company") as reviewed by the Audit Committee has been approved by the Board of Directors at its meeting held on November 13, 2021. The stat impiny have carried out a limited review on consolidated financial results and expressed an unmodified conclusion thereon,

These consolidated financial results of the Company have been prepared in accordance with the Indian Accounting Stardards prescribed under Section 133 of the Companies Act, 2013 ("the Act") read with relevant rules issued and other accounting principles generally accepted in India and guidelines issued by the Securities and Exchange Board of India ("SEBI").

.
The subsidiaries considered for the consolidated funancial statements for the Quarter and half year ended September 30, 2021 are Finoso Pharma Private Limited, Vivinnel Labs USA Inc, Vivined Holdings Ltd and Vivinned Lab

1. The Financial results are prepared in accordance with the Indian Accounting standards(IndAS) as prescribed under section 133 of the companies Act,2013 read with the companies (Indian Accounting Standards)Rules,2015(as a revisions of Ind AS 108 Operating segments, the Group has primarily two segments "speciality chemicals" and "Pharma" and accordingly considered under reportable segments by the Group

.
COVID-19 is the infections disease caused by the recently discovered coronavirus, SARS-CoV-2. In March 2020, the V/HO declared COVID-19 a pandemic. The Group has adopted measures to coub the spread of infection in order of the employees and ensure business continuity with minimal disruption. In assessing the recoverability of receivables and wher funneial assets, the Group has considered internal and external information upto the date of anditions.

For VINIMED LABS LIMITED LAN

(SANNOSH VARALIVAR)

NO DIRECTOR

MANAG

.
The Code on Social Security, 2020 ("Code") relating to employee benefits during employment and post-employment benefits received Presidential assent in September 2020. The Code has been published in the Gazette of India, which the code will come into effect has not been notified. The Group will assess the impact of the Code when it comes inte effect and will record any released the wajed the code becomes effective. as LIMIT

Corresponding numbers of previous period / year have been regrouped, wherever necessary.

Place: Hyderabad Date: 13.11.2021

VIVIMED LABS LIMITED

SEGMENT-WISE CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2021

						Rs. In lakhs
		3 Months Ended		H1 FY22	H1 FY21	FY21
Particulars	30.09.2021	30.06.2021	30.09.2020	30.09.2021	30.009.2020	31.03.2021
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)	(Audited)
1. Segment Revenue
(net sales/income from each segment
should be disclosed under this head)
a.Speciality Chemicals Business	1,333.99	1,374.69	1,057.32	2,708.69	2,255.99	5,350.86
b.Pharma Business	4,103.54	5,151.27	21,117.17	9,254.81	52,197.21	80,795.89
Total	5,437.53	6,525.96	22,174.50	11,963.49	54,453.20	86,146.75
Less, Inter Segment Revenue
Net sales / Income from Operations	5,437.53	6,525.96	22,174.50	11,963.49	54,453.20	86,146.75
2.Segment Results (Profit) (+) / Loss (-)
before tax and interest from each segment
a.Speciality Chemicals Business	(3.35)	(200.64)	(429.28)	(203.99)	(618.81)	(2,164.93)
b.Pharma Business	(1,464.76)	917.64	403.48	(547.12)	3,702.71	(24.03)
Total	(1,468.11)	717.00	(25.80)	(751.11)	3,083.90	(2,188.96)
Less: 1.lnterest	861.82	950.54	1,365.43	1,812.35	2,853.55	5,387.63
2. Other Un-allocable Expenditure
3. Un-allocable Income
Total Profit Before Tax	(2,329.92)	(233.54)	(1,391.23)	(2,563.46)	230.35	(7,576.59)

Segmental capital employed

As certain assets of the company including manufacturing facilities and treasury assets and liabilities are often deployed interchangebility across segments, it is impractical to allocate these assets and liabilities to each segment. Hence, the details for capital employed have not been disclosed in the above table.

I

Vivimed wbs Limited Consolidaled Stalemenl of Cash Flow.

	Six Month. Ended 30-09-2021 Un-Audited	Six Monlh. Ended 30-09-2020 Un-Audiled
I. Cash flows from operating activities
Profil before tax	(2,563,46)	230.40
Adjllstments 10 reconcile profil before lax 10 nel cosh flows:
Deprecialion of tangible assets	775.69	3,484.61
Amoritsation of intangible assets	112.53
Finance costs (including fair value change in financia.l instruments)	1,812.35	2,853.55
Operating profit before working capital changes	137.12	6,568.57
Chonges in working capital:
Adjustment for (increase)ldecrease in operating assets
Trade receivables	1,479.13	(1,225.80)
Inventories	814.87	(1,329,30)
Loans - current	307.89	853.70
Other assets	86.63	(1,631.85)
Adjustment for (increase)ldecrease in operating liabilities
Trade payables	(580.45)	1,323.20
Other financial liabilities	357.80	4,392.49
Other liabilities	(3815)	111.03
Provisions	(99.86)	(128.00)
Cash generated from operations	2,464,98	8,934.05
Income taxes paid		(691.69)
Net cash generated from/(uJed in) operating activities	2,464.98	8,242.36
II. Cash flows from investing activities
Proceed3 from salel (purchase of) property, plant and equipmenl and
intangibles (including capital work in progress), net	(2,42050)	(3,468,05)
Investments made during the year		(5,337.01)
Net cash used in investing activities	(2,420.50)	(8,805.06)
III. Cash flows from financing activities Share issue proceeds
Movement in non-controling interest Dividend paid & sale of subsidiaries
Proceeds froml(repayment of) long-term borrowings, nel	319,78	(491.35)
Proceeds froml(repaymenl of) short-term borrowings, nel	1,03624	3,229,68
Inlerest paid	(1 .812.35)	(2.853.55)
Net cash provided by financing activities	(456,33)	(115.23)
Net increase in cash Rnd cash equivalents (I+II+llI)	(411.85)	(677.93)
Cash and cash equivalents allhe beginning of the year	643.13	5.048.90
Cuh and cash equivalents allhe end of Ih. year (refer nol. below)	231.28	4,370.97
Nole:
Cash and ca!h equivalents comprise:
Cash on hand
Balances with banks:	231.28	4,370.97
- In current accounts
	231.28	4,370.97

All amounts in Rs. Lakhs

Vivimed Labs Limited

Balance Sheet

				All amounts in Rs Lakhs
	Standalone		Consolidated
Particulars	As At 30-09-2021	As At 31-03-2021	As At 30-09-2021	As At 31-03-2021
ASSETS
Non current assets
Property, Plant and Equipment	37,108.53	34,137.36	37,748.58	34,813.25
Intangible assets	7,400.18	7,512.68	15,514.97	15,354.06
Capital work in progress	4,124.67	5,844.88	4,448.14	6,012.28
Financial assets
Investments	16,113.65	16,113.65	19,882.13	19,882.13
Deferred tax assets, net	-	-	-	-
Other non-current assets		-	0.32	0.32
Total non current assets	64,747.04	63,608.57	77,594.14	76,062.04
Current assets
Inventories	24,544.98	25,368.41	24,753.41	25,568.28
Financial assets
Trade receivables	6,200.20	7,670.06	9,271.18	10,750.31
Cash and cash equivalents	190.52	601.48	231.28	643.13
Loans	5,734.51	5,853.03	9,205.66	9,513.55
Others	-	-	-	-
Current tax assets, net	1,195.68	1,196.62	1,195.68	1,196.62
Other current assets	5,100.88	5,185.11	5,114.86	5,199.05
Total current assets	42,966.78	45,874.70	49,772.08	52,870.94
Total assets	1,07,713.81	1,09,483.27	1,27,366.22	1,28,932.98
EQUITY AND LIABILITIES
Equity
Equity share capital	1,658.28	1,658.28	1,658.28	1,658.28
Instruments entirely equity in nature	-	-	-	-
Other equity	48,236.11	50,788.41	38,935.89	41,499.36
Total equity	49,894.39	52,446.69	40,594.17	43,157.63
Non current liabilities
Financial Liabilities
Borrowings	6,009.49	5,673.75	6,062.44	5,742.66
Others	16,331.96	16,380.27	44,154.58	43,857.23
Deferred tax liabilities, net	833.21	833.21	861.78	859.51
Other Non current liabilities	450.06	472.71	477.97	500.28
Provisions	579.13	640.11	611.56	671.61
Total non current liabilities	24,203.86	24,000.04	52,168.32	51,631.29
Current liabilities
Financial Liabilities
Borrowings	20,396.80	19,369.46	20,560.96	19,524.71
Trade payables	2,745.68	3,288.93	2,844.71	3,425.16
Other financial liabilities	8,488.43	8,356.39	9,215.64	9,155.20
Other current liabilities	75.12	75.12	59.29	75.12
Provisions	50.24	86.24	50.24	90.05
Current tax liabilities	1,859.29	1,860.39	1,872.88	1,873.81
Total Current liabilities	33,615.57	33,036.53	34,603.73	34,144.06
Total liabilities	57,819.43	57,036.58	86,772.05	85,775.35
Total equity and liabilities	1,07,713.81	1,09,483.27	1,27,366.22	1,28,932.98

P C N & ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, "N Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081.

Independent Auditor's Review Report on the Quarterly Unaudited Ind AS Standalone Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended

To The Board of Directors Vivimed Labs Limited

We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Vivimed Labs Limited ("the Company") for the quarter and half year ended 30th September 2021 (" the Statement"), being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended read with SEBI Circular No. CIR/ CFD/CMDl/44/2019 dated March 29,2019.

The preparation of "the Statement", which is the responsibility of the Company's Management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standard 34 ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to issue a report on the Statement based on our review.

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

P C N & ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, "N Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081.

Attention is invited to the following observations:

• a) The Company has defaulted in repayment of dues to SBI and Exim Bank for the Quarter and half year ended 30th September, 2021. The loans outstanding were classified as NP A by the Banks.
• b) The company is not regular and defaulted in depositing statutory dues with appropriate authorities.

Based on our review conducted, nothing has come to our attention that causes us to believe tha t 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.

For P C N & Associates Chartered Accountants Firm's Registration No: 0160165

UDIN: 2120360SAAAAPD5686

Place: Hyderabad Date: 13/11/2021

P C N & ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, "N Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081.

Independent Auditor's Review Report on the Quarterly Unaudited Ind AS Consolidated Financial Results of the Company pursuant to the Regulation 33 of the SEBI (Listing obligations and Disclosure Requirements) Regulations, 2015, as amended

To

The Board of Directors

Vivimed Labs Limited

We have reviewed the accompanying Statement of Consolidated Unaudited Financial Results of Vivimed Labs Limited (the "Holding Company") and its subsidiaries (the "Holding Company" and its subsidiaries together referred to as "the Group"), for the quarter and half year ended 30th September, 2021 C 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.

This Statement, which is the responsibility of the Holding Company's Management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, 'Interim Financial Reporting' Clnd AS 34") prescribed under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued there under and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on "the Statement" based on our review.

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

P C N & ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, uN Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081 .

We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33 (8) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, to the extent applicable.

"The Statement includes the results of the following entities:

• (a) Finoso Pharma Private Limited
• (b) Vivimed Labs USA Inc
• ( c)Vivimed H oldings Ltd
• (d) Vivimed Labs Mauritius Ltd

Attention is invited to the following observations:

• a) The Company has defaulted in repayment of dues to SBI and Exim Bank for the Quarter and half year ended 30th September, 2021. The loans outstanding were classified as NPA by the Banks.
• b) The company is not regular and defaulted in depositing statutory dues with appropriate authorities.

Based on our review conducted and procedures performed as stated above and based on the considerations of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Req uirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.

The accompanying Statement includes unaudited interim financial results and other unaudited financial information in respect of 4 subsidiaries, whose interim financial results and other financial information reflect total revenues of Rs. 3,33,13,785/ -, total net profit after tax of Rs.16,06,145/ - for the quarter ended 30th September,2021, as considered in the Statement whose interim financial results and other financial information have not been reviewed by their auditors;

P C N & ASSOCIATES CHARTERED ACCOUNTANTS Plot No. 12, uN Heights" Ground Floor, Software Layout Unit Cyberabad, Hyderabad - 500 081 .

These unaudited interim financial results and other unaudited financial information have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of those are based solely on such unaudited interim financial results and other unaudited financi al informa tion submitted by the management in this regard.

Our conclusion on the Statement in respect of matters stated above is not modified with respect to our reliance on the financial results certified by the Management.

For peN & Associates

Partner Membership No. 203605 UDIN: 2120360SAAAAPG6086

Place: Hyderabad Date: 13/11/2021