Wockhardt Ltd — Interim / Quarterly Report 2021

Aug 29, 2020

29th August, 2020

BSE Limited Corporate Relations Department P J Towers Dalal Street Mumbai - 400 001

National Stock Exchange of India Limited Exchange Plaza Bandra-Kurla Complex Bandra (E) Mumbai - 400 051 NSE Symbol: WOCKPHARMA

Dear Sir/ Madam,

Scrip Code: 532300

Sub: Outcome of the Board Meeting

Pursuant to Regulations 30 and 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') read with Schedule III of Listing Regulations, we wish to inform you that the Board of Directors of the Company at its meeting held today i.e. 29th August, 2020, inter-alia, have:

• (i) approved the Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30th June, 2020 and Limited Review Report issued by B S R & Co. LLP., Statutory Auditors of the Company; and
• (ii) appointed Mr. Akhilesh Gupta (DIN: 00359325) as an Additional Director (Non-Executive, Independent) w.e.f. 29th August, 2020. Brief profile of Mr. Gupta is enclosed as Annexure I.

Pursuant to Regulation 33 of the Listing Regulations, we wish to enclose the following:

• 1. Unaudited Financial Results (Standalone & Consolidated) for the quarter ended 30 th June, 2020; and Limited Review Report issued by B S R & Co. LLP., Statutory Auditors of the Company,
• 1. A copy of the Press Release proposed to be issued in respect of the said Financial Results; and
• 1. Extract of Unaudited Consolidated Financial Results for the quarter ended 30th June, 2020, being published in the Newspapers

The meeting of the Board of Directors commenced at 12.05 p.m. and concluded at 12.40 p.m.

Kindly take the same on record please.

Thanking you,

For Wockhardt Limited

Gajanand Sahu Company Secretary Encl: As above

Annexure I

Brief Profile of Mr. Akhilesh Gupta

Mr. Akhilesh Gupta has been at Harvard University since 2015 as a Senior fellow/Guest.

He was the Chairman of Blackstone India till Dec 2014. He joined The Blackstone Group as Senior Managing Director in 2005 and started its operations in India.

Before joining Blackstone, Mr. Gupta served as CEO - Corporate Development, for Reliance Industries Limited. Mr. Gupta's efforts at Reliance were focused on developing Reliance's E&P, Refining, and Telecom businesses from scratch. Mr. Gupta was the founding CEO of all these three businesses.

Mr. Gupta began his career at Hindustan Unilever. From 1981 to 1992 he worked in the U.S, first in consulting with Strategic Planning Associates and ICF International in Washington D.C., where he became a partner at the firm, and then as Chief Financial Officer of two integrated retailers and manufacturers of furniture in California.

Mr. Gupta received his MBA from the Graduate School of Business, Stanford Univer sity in 1981 and a B.Tech degree in Chemical Engineering from the Indian Institute of Technology, Delhi which conferred on him the Distinguished Alumni Award in 2004

Mr. Gupta has served over a dozen company Boards, including Boards of several Blackstone portfolio companies, Larsen & Toubro, and Reliance group companies.

Mr. Gupta currently serves on the Advisory Council of the Graduate School of Business at Stanford University, on The Dean's Leadership Council at Harvard Divinity School, on the Advisory Board of Human Flourishing Program at Harvard university, and on the Board of World Teach

Mr. Gupta is one of the founding members of Asia Society (India Chapter) and a Partner in The Acumen Fund.

WOCKHARDT UMTTEO
------------------	--

Registered Office 0-4 Ml DC. Chikathana. Aurangabad - 431 006 Global Headquarters Wockhardt Towers. Bandra Kurte Complex. Bandra (East). Mumbai 400 051 a NL24230MH1999PLC120720

Tel: 91 22 2653 4444 ; Fax: 91 22 2652 3905; e-mail id investorTelationsOwockhardt.com; Website vwwr.wockhardt.com

	PARTICULARS	3 M ONTHSENDED30/06/2020	3 M ONTHSENDED31/03/2020	3 M ONTHSENDEO30/06/2019	YEARENDED31/03/2020
	(Refer notes below)	Unaudited	Audited(Refer Note 4)	Unaudted	Audited
1	Income from Continuing Operations
	(a) Revenue from Contnuing operations	177 58	162.21	21468	890 06
	(b) Other income	9 74	1262	861	43 02
	Total income	187.32	174.83	223.29	933.08
	Expenses from Continuing Operations
	(a) Cost of materials consumed	1068	65 32	71.21	236 70
	(b) Purchase of stock-in-trade	50 43	25 66	16.11	85 20
	(c) Changes in inventories of finished goods, work-rvprogress
	and stock-in-trade	1485	(32.26)	(5.11)	(8.61)
	(d) Employee benefits expense	82 06	7071	96 18	32546
	(e) Finance costs	58 61	58 06	56 28	220 17
	(T) Depreciation and amort sat ion expense	46 06	44 48	43 99	173 39
	(g) Exchange fluctuation loss / (gam), net	330	(30.82)	337	(42 80)
	(h) Other expenses	111.79	123.93	114.36	427.25
	Total expenses	377.82	325.07	396.39	1,416.76
	Profit / (Loss) before exceptional items and tax fromContinuing Operations (1-2)	(190 50)	(150 24)	(173.10	(483.68)
	Discontinued OperationsProfit before exceptional items and tax from DiscontinuedOperations	13.87	30.43	39.92	145.36
	Exceptional items- credit/(charge)
	a) Continuing Operations- Refer note 3	(142.48)	-	-	-
	b) Discontinued Operations- Refer note 2	1.470.32
	Total- Exceptional items	1,327.84	•	-	•
	Profit / (Loss) after exceptional items before tax fromContinuing Operations (3 i 5a)	(332 98)	(150.24)	(173.10)	(483 68)
	Tax expense of continuing operations
	Current tax - (credtycharge	(69 89)	(10.65)	(1395)	(50.80)
	Tax pertaining to earlier years			•	3.69
	Deferred tax - (crediVcharqe	(4415)	(4133)		(110 89)
	Net Profit / (Loss) from Continuing Operations (6 ± 7)	(218.94)	( * • » )	(106.90	(326.68)
	Profit / (Loss) after exceptional items before tax fromDiscontinued Operations (4 i 5b)	1,484.19	30.43	39.92	145.36
	10 Tax expense of discontinued operations:Current tax • chargedcredit)	311.49	1065	1395	50 80
				•
	Deferred tax - charge/(credk)11 Profit / (Loss) from Discontinued Operations (9 ± 10)	187 37985 33	•1978	25 97	•94 56
	12 Profit / (Loss) for the period (8 ±11)	766.39	(78-48)	(82.93	(231.12)
	13 a) Other Comprehensive Income
	• Continuing Operationsi) Items that w i nol be recbssified to Profit or Loss -	2.06	7.28	(0.42	602
	(charge)/credi (consisting of re-measurement of net definedbenefit (labiityyasset)
	■) Income tax retetng to terns that vat not be rectassrfxxJ to Profitor Loss - (chargeycredt	(071)	(2 53)	0.17	(2.10)
	■0 Other Comprehensive Income (net of tax)	134	475	(0 25	3.92
	from continuing operationsb) Other Comprehensive income
	• Discontnued Operations
	i) Items that w* not be reclassified to Profit or Loss -	(004)	(004)	(004	(017)
	(charge)Zcredt (consisting of re-measurement of net defined
	benefit (iabttyyasset)■) Income tax reialng to terns that wtl not be rectassted to Profit	0.01	0.01	0.01
	or Loss • (chargeycredt
	m) Other Comprehensive Income (net of tax)from discontinued operations	(003)	(0.03)	(0.03
	Total Comprehensive Income [ 1 2 1 13a (iii)t 13b(iii)]14 Paid-up equity share captai (face value of Rs. 5/- each)	767.7055 37	(73.76)55 37	(83 2155 35
	15 Other Equity excluding Revaluation Reserves as per bate nee
	sheet
	16 Earnings per share for continuing operations (face value of Rs 5/-each)
	(*not annualised)				0.06(011)(227.31)55 37939 25
	(a) Basic (R s )	(19.77)*	(887)*	(9 84)*	(29.42)
	(b) Diluted (Rs)	(1977)*	(8.87)*	(9 84)*	(29 42)
	Earnings per share for discontinued operations (face value of Rs
	S/-each)
	('not annuaksed)
	(a) Basic (Rs.)	88 96*	1.79*	235*
	(b) Diluted (Rs.)	88 64*	1.78*	2.33*
	Earnings per share for contxxang and discontnued operations
	(face value of Rs 5/- each)(*not annualised)				854850

: 2 :

Not— To Standalone R— ulto

• 1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on August 29, 2020. The results have been subjected to limited review by the Statutory Auditors of the Company.
• 1. The Board of Directors , in their meeting held on June 09, 2020, concluded the Business transfer agreement ("BTA") entered into between the Company and Dr. Reddy s Laboratories Limited ("Purchaser') dated February 12, 2020 read with amendments made time to time for the transfer of the business comprising 62 products and line extensions along wth related assets and liabilities, contracts, permits, intellectual properties, employees, marketing, sales and distnbution of the same in the Domestic Branded Division in India, Nepal, Bhutan, Sri Lanka and Maldives, and the manufacturing facility at Baddi, Himachal Pradesh, vtfiere some of the products vtfiich are being transferred were manufactured (together the ' Business Undertaking'), to the Purchaser. The consideration for the above said transfer of Business Undertaking for Rs 1,850 crore was structured as per following

a) an amount equal to Rs. 1,550 crore (including a deposit of Rs. 67 crore in escrow account towards adjustments for, inter alia, Net working capital, employee liabilities and certain other contractual and statutory liabilities) to be paid on the Closing Date under the B TA which has been paid by the Purchaser to the Company during the quarter and,

b) balance amount equal to Rs. 300 crore out of total consideration of Rs. 1,850 crore has been held back ("Holdback Amount"), by the Purchaser on the Closing Date (i.e, 9th June 2020) for assessment of the impact of the COVID-19 pandemic on the Business Undertaking and shall be released as equal to 2 (two) times the amount by which the revenue exceeds Rs 480 crore from sales of the products forming part of the said Business Undertaking by the Purchaser during the 12 months post-closing date

The profit from aforesaid Transfer of Business Undertaking (excluding the Holdback Amount of Rs 300 crore) amounting to Rs. 1,470.32 crore has been shown as ' Exceptional Items - discontinued operations'.

• 1. During the period, the Company reassessed the commercial prospects of the Nutrition Business and decided not to pursue it in near future and therefore, the Nutrition Business assets were classified as assets held for disposal and an impairment loss of Rs 142.48 crore has been recognised under the head 'Exceptional items - continuing operations'
• 1. Figures for the quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and the reviewed figures upto the third quarter of the financial year 2019-20.
• 1. The Company continues to monitor the impact of COVID-19 on it businesses across the globe, its customers, vendors, employees, productions, supply chain and logistics etc Since the company deals \Mth Pharmaceutical products that are classified as essentials, the impact is expected to be minimal The Company has exercised due care in significant accounting judgements and estimates in relation to recoverability of receivables, investments and inventones based on the information available to date, both internal and external, while preparing the Company's financial results as of and for the quarter ended June 30, 2020.

1. The Company is exclusively into Pharmaceutical business Segment.

2. Previous period / year figures have been recast / re-grouped to conform to the current period's presentation.

FOR WOCKHARDT UMITED

Mumbai Date : August 29, 2020 CHAIRMAN

DIN: 00045608 H F KHORAKJWALA

	Tel: 91 22 2653 4444; Fax: 91 22 2652 3905; e-mail id: investorrelations@wockhardt.com, Website: www.wockhardt.com
	STATEMENT OF CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER ENDED JUNE 30, 2020			(Rs. In Crore except per share data)
	PARTICULARS	3 MONTHSENDED30/06/2020	3 MONTHSENDED31/03/2020	3 MONTHSENDED30/06/2019	YEARENDED31/03/2020
	(Refer Notes Below)	Unaudited	Audited(Refer Note 6)	Unaudited	Audited
1	Income from Continuing Operations
	(a) Revenue from Continuing operations(b) Other income	598.27	686.93	725.58	2,843.99
	Total income	7.95606.22	13.73700.66	8.08733.66	38.81
12	Expenses from Continuing Operations				2,882.80
	(a) Cost of materials consumed(b) Purchase of stock-in-trade	116.99	180.30	158.53	621.72
	(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade	159.07(57.77)	116.72(18.35)	131.8126.78	507.70
					74.03
	(d) Employee benefits expense	202.49	175.34	202.91	743.33
	(e) Finance costs(f) Depreciation and amortisation expense	73.70	61.44	70.91	275.74
	(g) Exchange fluctuation loss / (gain), net	55.968.66	60.87	54.55	224.14
	(h) Other expenses	240.88	(7.44)226.91	15.67190.28	(21.27)
	Total expenses	799.98	795.79	851.44	799.453,224.84
3	Profit / (Loss) before exceptional items and tax from Continuing Operations (1-21	(193.76)	(95.13)	(117.78)	(342.04)
14	Discontinued Operations
	Profit before exceptional items and tax from Discontinued Operations	13.87	30.43	39.92	145.36
5	Exceptional items-credit/ (charge)
	a) Continuing Operations-Refer note 4	(142.48)
	b) Discontinued Operations- Refer note 3Total Exceptional Items	1,470.32
	Profit / (Loss) after exceptional items before tax from Continuing Operations	1,327.84
	$(3 \pm 5a)$	(336.24)	(95.13)	(117.78)	(342.04)
7	Tax expense of continuing operations :
	Current tax - (credit)/ charge	(66.12)	(24.76)	(7.08)	(48.42)
	Tax pertaining to earlier yearsDeferred tax - (credit)/ charge				3.69
	Net Profit / (Loss) from Continuing Operations (6 ± 7)	(44.54)(225.58)	(119.10)	(47.85)	(159.36)
	Profit / (Loss) after exceptional items before tax from Discontinued	1,484.19	48.7330.43	(62.85)39.92	(137.95)
	Operations (4 ± 5b)				145.36
10	Tax expense of discontinued operations:
	Current tax - charge/ (credit)Deferred tax - charge/ (credit)	311.49	10.65	13.95	50.80
11	Profit / (Loss) from Discontinued Operations (9 ± 10)	187.37985.33
12	Profit / (Loss) for the period (8 ±11)	759.75	19.7868.51	25.97(36.88)	94.56(43.39)
	Attributable to:
	Equity shareholders of the CompanyNon - Controlling Interest	760.06	48.29	(44.98)	(69.22)
13	Other Comprehensive Income from Continuing Operations	(0.31)	20.22	8.10	25.83
	(a) Items that will not be reclassified to Profit or Loss - (charge) / credit	1.12	10.32	5.66	(2.95)
	(consisting of re-measurement of net defined benefit (liability) / asset)
	(b) income tax relating to items that will not be reclassified to Profit or Loss -	(0.54)	(6.00)	(0.87)
	(charge) / credit				(3.45)
	(c) Items that will be reclassified to Profit or Loss - (charge) / credit (Consisting	14.07	57.20	1.39	107.38
	of Exchange differences on translating the financial statements of foreign
	operations)
	(d) Other Comprehensive Income from continuing operations (net of tax) (a ± b$\pm c$	14.65	61.52	6.18	100.98
14	Other Comprehensive Income from Discontinued Operations
	(a) Items that will not be reclassified to Profit or Loss - (charge) / credit
	(consisting of re-measurement of net defined benefit (liability) / asset)	(0.04)	(0.04)	(0.04)	(0.17)
	(b) Income tax relating to items that will not be reclassified to Profit or Loss -(charge) / credit	0.01	0.01	0.01	0.06
	(c) Items that will be reclassified to Profit or Loss - (charge) / credit (Consistingof Exchange differences on translating the financial statements of foreign		۰
	operations)
	(d) Other Comprehensive Income from discontinued operations (net of tax) (a ±$b \pm c$	(0.03)	(0.03)	(0.03)	(0.11)
	Total Comprehensive Income (12 ± 13 (d) ± 14 (d))
	Attributable to:	774.37	130.00	(30.73)	57.48
	Equity shareholders of the Company	771.85	85.36
	Non - Controlling Interest	2.52	44.64	(39.74)9.01	1.5255.96
	Paid-up equity share capital (face value of Rs. 5/- each)	55.37	55.37	55.35	55.37
	Other Equity excluding Revaluation Reserves as per Balance Sheet				2,616.30
	Earnings per equity share for continuing operations (face value of Rs. 5/- each)
	(*not annualised)
	(a) Basic (Rs.)	$(20.34)$ *	$2.57*$	$(6.41)^*$	(14.79)
	(b) Diluted (Rs.)	$(20.34)$ *	$2.56*$	$(6.41)^*$	(14.79)
	Earnings per equity share for discontinued operations (face value of Rs. 5/-each) (*not annualised)
	(a) Basic (Rs.)
	(b) Diluted (Rs.)	88.98*88.64*	$1.79*$	$2.35*$	8.54
			$1.78*$	$2.33*$	8.50
	Earnings per equity share for continuing and discontinued operations (face valueof Rs. 5/- each) (*not annualised)
	(a) Basic (Rs.)(b) Diluted (Rs.)	68.64*	$4.36*$	$(4.06)*$	(6.25)

• 1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held or August 29, 2020. The results have been subjected to limited review by the Statutory Auditors of the Company.
• 1. The Consolidated Results relate to Wockhardt Limited ('the Company1 or 'the Holding Company') and its Subsidiaries (together constitute 'the Group') and are prepared by applying Ind AS 110 ''Consolidated Financial Statements",
• 1. The Board of Directors , in their meeting held on June 09, 2020, concluded the Business transfer agreement ("BTA*') entered into between the Company and Dr. Reddy's Laboratories Limited ("Purchaser") dated February 12, 2020 read with amendments made time to time for the transfer of the business comprising 62 products and line extensions along with related assets and liabilities, contracts, permits, intellectual properties, employees, marketing, sales and distribution of the same in the Domestic Branded Division in India, Nepal. Bhutan, Sri Lanka and Maldives, and the manufacturing facility at Baddi, Himachal Pradesh, where some of the products which are being transferred were manufactured (together the "Business Undertaking"), to the Purchaser. The consideration for the above said transfer of Business Undertaking for Rs. 1,850 crore was structured as per following:

a) an amount equal to Rs. 1,550 crore (including a deposit of Rs. 67 crore in escrow account towards adjustments for, inter alia. Net working capital, employee liabilities and certain other contractual and statutory liabilities) to be paid on the Closing Date under the BTA which has been paid by the Purchaser to the Company during the quarter and,

b) balance amount equal to Rs. 300 crore out of total consideration of Rs. 1,850 crores has been held back ("Holdback Amount"), by the Purchaser on the Closing Date (i.e, 9th June 2020) for assessment of the impact of the COVID-19 pandemic on the Business Undertaking and shall be released as equal to 2 (two) times the amount by which the revenue exceeds Rs. 480 crore from sales of the products forming part of the said Business Undertaking by the Purchaser during the 12 months post-closing date.

The profit from aforesaid Transfer of Business Undertaking (excluding the Holdback Amount of Rs. 300 crore) amounting to Rs. 1,470.32 crore has been shown as 'Exceptional Items - discontinued operations'.

1. During the period, the Company reassessed the commercial prospects of the Nutrition Business and decided not to pursue it in near future and therefore, the Nutrition Business assets were classified as assets held for disposal and an impairment loss of Rs. 142.48 crore has been recognised under the head 'Exceptional items - continuing operations'.

5) Key Financials on Standalone basis:

				(Rs. in Crore)
PARTICULARS	3 MONTHSENDED30/06/2020	3 MONTHSENDED31/03/2020	3 MONTHSENDED30/06/2019	YEARENDED31/03/2020
	Unaudited	Audited	Unaudited	Audited
Total Income (continuing operation)	187.32	17483	223.29	933.08
Profit / (Loss) before tax from continuing operation	(332.98)	(150.24)	(173.10)	(483 68)
Profit / (Loss) after tax from continuing operation	(21894)	(98.26)	(108.90)	(325.68)
Profit / (Loss) before tax from discontinued operation	1,484 19	3043	3992	145.36
Profit / (Loss) after tax from discontinued operation	985 33	19.78	25.97	94.56

Note. The unaudited standalone results have been filed with the Stock Exchanges under Regulation 33 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and are available on the

Stock Exchanges websites (www.nseindia.com and www.bseindia.com ) and also on the Company's website www.wockhardt.com.

• 1. Figures for the quarter ended March 31, 2020 are the balancing figures between the audited figures in respect of the full financial year and the reviewed figures upto the third quarter of the financial year 2019-20.
• 1. The Group continues to monitor the impact of COVID-19 on it businesses across the globe, its customers, vendors, employees, productions, supply chain and logistics etc. Since the Group deals with Pharmaceutical products that are classified as essentials, the impact is expected to be minimal. The Group has exercised due care in significant accounting judgements and estimates in relation to recoverability of receivables, investments and inventories based on the information available to date, both internal and external, while preparing the Group's financial results as of and for the quarter ended June 30, 2020.
• 1. The Group is exclusively into Pharmaceutical business Segment.
• 1. For List of Subsidiaries as on June 30, 2020 please refer Annexure.
• 1. Previous period / year figures have been recast / re-grouped to conform to the current period's presentation.

FOR WOCKHARDT U Ml TED

Mumbai Date : August 29. 2020

H F KHORAKIWA1A CHAIRMAN

DIN: 00045608

«*

WOCKHARDT LIMITED Registered Office: D-4 MIDC, Chikalthana, Aurangabad - 431 006 Global Headquarters: Wockhardt Towers, Bandra Kurla Complex. Bandra (East), Mumbai 400 051

Annexure to Note 9 of Consolidated Unaudited Results for the Quarter ended June 30, 2020

• 1 Wockhardt UK Holdings Umited
• 2 CP Pharmaceuticals Limited
• 3 CP Pharma (Schweiz) AG
• 4 Wallis Group Limited

5 The Wallis Laboratory Limited

6 Wockhardt Farmaceutica Do Brasil Ltda

7 Wallis Licensing Limited

• 8 Wockhardt Infrastructure Development Limited
• 9 Z & Z Services GmbH
• 10 Wockhardt Europe Umited
• 11 Wockhardt Nigeria Umited
• 12 Wockhardt USA LLC
• 13 Wockhardt UK Umited
• 14 Wockpharma Ireland Umited
• 15 Pinewood Laboratories Umited
• 16 Pinewood Healthcare Umited
• 17 Laboratoires Negma S A S .
• 18 Wockhardt France (Holdings) S A S .
• 19 Wockhardt Holding Corp.
• 20 Morton Grove Pharmaceuticals Inc.
• 21 MGP Inc.
• 22 Laboratoires Pharma 2000 SAS.
• 23 Niverpharma S.A.S.
• 24 Negma Beneulex S A
• 25 Phytex S A S .
• 26 Wockhardt Farmaceutica SA DE CV
• 27 Wockhardt Services SA DE CV
• 28 Wockhardt Bio AG
• 29 Wockhardt Bio (R) LLC
• 30 Wockhardt Bio Pty Umited
• 31 Wockhardt Bio Umited

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Limited Review Report on Unaudited quarterly standalone financial results of Wockhardt Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015

To the Board of Directors of Wockhardt Limited

• 1. We have reviewed the accompanying Statement of unaudited standalone financial results of Wockhardt Limited ("the Company") for the quarter ended 30 June 2020 ("die Statement").
• 1. This Statement, which is the responsibility of the Company 's management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 'interim Financial Reporting' ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ("Listing Regulations"). Our responsibility is to issue a report on the Statement based on our review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review is limited primarily to inquiries of company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
• 1. Attention is drawn to the fact that the figures for the three months ended 31 March 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of the previous financial year had only been reviewed and not subjected to audit
• 1. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with applicable accounting standards and other recognised accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

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Limited Review Report on unaudited quarterly consolidated financial results of Wockhardt Limited under Regulation 33 of the SEB1 (Listing Obligations and Disclosure Requirements) Regulations, 2015

To The Board of Directors of Wockhardt Limited

• 1. We have reviewed the accompanying Statement of unaudited consolidated financial results of Wockhardt Limited ("the Parent") and its subsidiaries (the Parent and its subsidiaries together referred to as "the Group"), for the quarter ended 30 June 2020 ("the Statement"), being submitted by the Parent pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended ('Listing Regulations').
• 1. This Statement, which is the responsibility of the Parent's management and approved by the Parent's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013, and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. Our responsibility is to express a conclusion on the Statement based on our
  • review.
• 1. We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review of Interim Financial Information Performed by the Independent Auditor of the Entity", issued by the Institute of Chartered Accountants of India A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

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

1. The Statement includes the financial information of the following entities:

	Name of the Entity	Relationship
1)	Wockhardt UK Holdings Limited (including itsfollowing subsidiaries and its step-downsubsidiaries)a)Wallis Group Limitedb)The Wallis Laboratory Limitedc)Wallis Licensing Limitedd)Wockhardt Farmaceutica Do Brasil Ltda	Wholly Owned Subsidiary

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

Registered Office 6th Floor, Lodha Exoeks Apolo Mils Compound N. M. Joehi Marg. Mahdaxmi Mumbai 400 011. India

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of Wockhardt Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

Wockhardt Limited

	Name of the Entity	Relationship
2)	Wockhardt Infrastructure Development Limited	Wholly Owned Subsidiary
3)	Wockhardt Europe Limited (including itsfollowing wholly owned subsidiary')Wockhardt Nigeria Limiteda)	Wholly Owned Subsidiary
4)	Wockhardt Medicines Limited	Wholly Owned Subsidiary•m
5)	Wockhardt Bio AG
	(including its following subsidiaries and its step-	Subsidiary
	down subsidiaries)
	CP Pharmaceuticals Limiteda)
	CP Pharma (Schweiz) AGb)
	Z & Z Services GmbHc)
	Wockhardt UK. Limitedd)
	Wockpharma Ireland Limitede)
	Pinewood Laboratories Limited0
	Pinewood Healthcare Limited8)
	Laboratories Negma S. AS.h)
	Wockhardt France (Holdings) S.AS.•)
	Wockhardt Holding Corp.j)
	Wockhardt USA LLCk)
	Morton Grove Pharmaceuticals Inc.0
	m)MGP Inc.
	Laboratories Pharma 2000 S.A.S.n)Niverpharma S.A S
	o)Negma Beneulex S.A.
	P)Phvtex S.A.S.
	q)Wockhardt Farmaceutica SA DE CV
	r)Wockhardt Services SA DE CVs)
	Wockhardt Bio (R) LLCt)
	Wockhardt Bio Pty Limitedu)
	Wockhardt Bio Limitedv)

• 1. Attention is drawn to the fact that the figures for the three months ended 31 March 2020 as reported in these financial results are the balancing figures between audited figures in respect of the full previous financial year and the published year to date figures up to the third quarter of the previous financial year. The figures up to the end of the third quarter of the previous financial year had only been reviewed and not subjected to audit.
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of the other auditors referred to in paragraph 7 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

Limited Review Report on Unaudited Quarterly Consolidated Financial Results of Wockhardt Limited under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Continued)

Wockhardt Limited

1. We did not review the interim financial information of four subsidiaries included in the Statement, whose interim financial information reflect total revenues of Rs 693.63 crores (before consolidation adjustments), total net profit after tax of Rs 166.53 crores (before consolidation adjustments) and total comprehensive income of Rs 165.59 crores (before consolidation adjustments), for the quarter ended 30 June 2020, as considered in the unaudited consolidated financial results. These interim financial information have been reviewed by other auditors whose reports have been furnished to us by the management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is based solely on the reports of the other auditors and the procedures performed by us as stated in paragraph 3 above.

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

• 1. The Statement includes the interim financial information of twenty two subsidiaries which have not been reviewed, whose interim financial information reflect total revenue of Rs 25.13 crores (before consolidation adjustments), total net loss after tax of Rs 0.37 crores (before consolidation adjustments) and total comprehensive loss of Rs 0.37 crores (before consolidation adjustments) for the quarter ended 30 June 2020, as considered in the Statement. According to the information and explanations given to us by the management, these interim financial information are not material to the Group.

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

Mumbai 29 August 2020

For B S R & Co. LLP

Chartered Accountants Firm's Registration No: 101248W/W-100022

Partner Membership No: 112399 UDIN: 20112399AAAACA1767

Mumbai, 29th August, 2020

Wockhardt's profitability (PAT) for Q1FY21 at Rs.760 crore

	Q1-FY21	Q4-FY20	Q1-FY20
	Apr - Jun	Jan - Mar	Apr - Jun
	2020	2020	2019
	INR Cr	INR Cr	INR Cr
Sales	652	791	863
EBITDA before R&D*	(12)	80	116
EBITDA % to Sales	-1.8%	10.1%	13.5%
R&D	38	43	60
R&D % to Sales	5.8%	5.4%	7.0%
EBITDA*	(49)	37	56
EBITDA Margins %	-7.6%	4.6%	6.5%
Exceptional Items	1,328	-	-
PBT	1,148	(65)	(78)
Profit After Tax	760	48	(45)
PAT Margins %	116.6%	6.1%	-5.2%
EPS (Rs)	68.6	4.4	(4.1)

*Inclusive of impact of IND AS 116 (Lease Accounting) in FY20.

Wockhardt Limited, the Pharmaceutical and Biotechnology major, reported its 1 st Quarter Results for Financial Year 2020-21, today.

The Company has reported Profit after Tax (PAT) of Rs.760 crore in Q1FY21 as against Loss of Rs.45 crore in the corresponding period. The Profit includes Exceptional Items in connection with the transfer of the business comprising 62 products and line extensions along with related assets and liabilities, contracts, permits, intellectual properties, employees, marketing, sales and distribution of the same in the Domestic Branded Division in India, Nepal, Bhutan, Sri Lanka

Wockhardt Limited | D-4, MIDC,Chikalthana | | Aurangabad| |Maharashtra|| 431 006 | |India | | Tel.: +91-22-2653 4444 | | www.wockhardt.com

and Maldives, and the manufacturing facility at Baddi, Himachal Pradesh, where some of the products which are being transferred were manufactured (together the "Business Undertaking"), to Dr. Reddy's Laboratories Limited ("DRL").

Business Review:

Quarter ended 30th June, 2020:

1 st Indian Pharmaceutical Company to launch NCE in India in the Anti- Infective space.

Wockhardt is the 1st Indian Pharmaceutical company to launch NCE in the Indian Pharma market. 2 Products have been launched under the Tablet and Injection category under the brand name " Emrock O and Emrock ".

The focus in strategic R&D initiatives of the Company in the global arena continued to remain one of the key priorities. Such strategic R&D expenses though meant for the future are expensed off.

• Emerging Market Business of the Company stood at Rs.139 crore in Q1FY21 (PY Rs.144 crore). Emerging Market business contributed about 21% of the Global Revenue.
• Irish Business stood at Rs.33 crore in Q1FY21 (PY Rs.38 crore).
• US Business stood at Rs.114 crore in Q1FY21 as compared to Rs.186 crore in Q1FY20. US Business contributed 17% of the Global Revenue.
• UK Business during the quarter stood at Rs.218 crore in Q1FY21 (PY Rs.225 crore). UK Business contributed about 33% of Global Revenue.
• India Business stood at Rs.116 crore in Q1FY21 as compared to Rs.244 crore in Q1FY20. De-growth is mainly on account of lower sales in Quality Generics division and in some of the therapeutic areas. India Business contributed 18% of the Global Revenue.
• Total EU Business contributed 43% of the Global Revenue.

Research & Development expenditure during the quarter was at Rs.38 crore (6% to sales) and including capital expenditure is at 7.8% to sales.

Capital expenditure during the quarter was Rs.31 crore.

Debt Position:

Net Debt- Equity ratio as on 31st March, 20 stood at 0.84 and as on 30th June, 20 stood at 0.31.

Divestment of Business undertaking to Dr. Reddy's Laboratories accomplished during the quarter:

The Company, during the Quarter successfully completed the divestment of Business Undertaking and

• a) INR 1,483 crores received towards the same
• b) INR 43 crores out of Rs 67 crores deposited by the Purchaser in an escrow account, towards adjustments for, inter alia, Net working capital, employee liabilities and certain other contractual and statutory liabilities etc. has since been settled and received

COVID-19 vaccine partnership with UK Government

Wockhardt, on Aug 3rd, 2020 entered into an agreement with the UK Government to fill finish COVID-19 vaccines for which manufacturing will be undertaken at CP Pharmaceuticals, a subsidiary of Wockhardt based in Wrexham, North Wales.

As per the terms of the agreement the company has reserved manufacturing capacity to allow for the supply of multiple vaccines to the UK Government in its fight against COVID-19, including AZD1222, the vaccine co-invented by the University of Oxford and its spin-out company, Vaccitech, and licensed by AstraZeneca.

In the UK, Wockhardt is one of the largest suppliers into the NHS for over 20 years, has had a presence in Wrexham for over two decades and employs over 400 people at its 612,000 square feet high-tech manufacturing facility.

Intellectual Property (IP) :

No patents were filed during the quarter ended 30th June, 2020 and the cumulative filings till date are 3165. The company was granted 6 patents during the quarter and now holds 728 patents.

Wockhardt Limited | D-4, MIDC,Chikalthana |

|Maharashtra|| 431 006 |

| Tel.: +91-22-2653 4444 | | www.wockhardt.com

| Aurangabad|

|India |

About Wockhardt :

Wockhardt is a research based Global Pharmaceutical and Biotech company. Wockhardt's New Drug Discovery programme has focussed on unmet need of Anti-bacterial drugs that are effective against the menace of untreatable superbugs. Wockhardt is the only company in the world where USFDA has given QIDP Status (Qualified Infectious Diseases Programme) for 6 of our Anti-bacterial discovery programmes – 3 of them are Gram Negative and 3 Gram Positive effective against untreatable "Superbugs". It has a comprehensive Drug Discovery team and clinical organisation.

Wockhardt is employing over 5000 people and 27 nationalities with presence in USA, UK, Ireland, Switzerland, France, Mexico, Russia and many other countries. It has manufacturing and research facilities in India, USA & UK and a manufacturing facility in Ireland. Wockhardt has a significant presence in USA, Europe and India, with 82% of its global revenues coming from international businesses.

WOCKHARDT LIMITED

Registered Office: D-4 MIDC, Chikalthana, Aurangabad - 431 006

Global Headquarters: Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

CIN:L24230MH1999PLC120720

Extract of Unaudited Consolidated Financial Results Tel: 91 22 2653 4444; Fax: 91 22 2652 3905; e-mail id: investorrelations@wockhardt.com, Website: www.wockhardt.com

(Rs. In Crore except per share data) 3 MONTHS ENDED 30/06/2020 3 MONTHS ENDED 31/03/2020 3 MONTHS ENDED 30/06/2019 YEAR ENDED 31/03/2020 Unaudited Audited Unaudited Audited Total Income from Continuing Operations 606.22 700.66 733.66 2,882.80 Net Profit / (Loss) before exceptional items and tax from Continuing Operations (193.76) (95.13) (117.78) (342.04) Net Profit / (Loss) after tax from continuing operations (225.58) 48.73 (62.85) (137.95) Net Profit/(Loss) from discontinued operations after tax 985.33 19.78 25.97 94.56 Net Profit / (Loss) after tax 759.75 68.51 (36.88) (43.39) Total Comprehensive Income / (Loss) (Continuing and discontinued operations 774.37 130.00 (30.73) 57.48 (Comprising of Profit / (Loss) after tax and Other Comprehensive Income after tax) Paid-up Equity Share Capital (Face value of Rs. 5/- each) 55.37 55.37 55.35 55.37 Other Equity excluding Revaluation Reserves as shown in the audited Balance Sheet 2,616.30 Earnings per share (Face value of Rs 5/- each) * Not annualised (Continuing and discontinued operations) Basic Rs. 68.64* 4.36* (4.06)* (6.25) Diluted Rs. 68.37* 4.34* (4.06)* (6.25) Notes: For the Quarter ended June 30, 2020 Particulars

1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on August 29, 2020. The results have been subjected to limited review by the Statutory Auditors of the Company.

2. Information on Standalone Financial Results are as follows:

Particulars	3 MONTHS	3 MONTHS	3 MONTHS	YEAR ENDED
	ENDED	ENDED	ENDED	31/03/2020
	30/06/2020	31/03/2020	30/06/2019
	Unaudited	Audited	Unaudited	Audited
Total Income (continuing operation)	187.32	174.83	223.29	933.08
Profit / (Loss) before tax from continuing operation	(332.98)	(150.24)	(173.10)	(483.68)
Profit / (Loss) after tax from continuing operation	(218.94)	(98.26)	(108.90)	(325.68)
Profit / (Loss) before tax from discontinued operation	1,484.19	30.43	39.92	145.36
Profit / (Loss) after tax from discontinued operation	985.33	19.78	25.97	94.56

1. The above is an extract of the detailed format of the Standalone and Consolidated Financial Results filed with the Stock Exchanges under Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the Standalone and Consolidated Financial Results are available on the websites of the Stock Exchanges (www.bseindia.com and www.nseindia.com) and on the Company's website (www.wockhardt.com).

For Wockhardt Limited Mumbai Dr. H. F. Khorakiwala

Date : August 29, 2020 Chairman