Wockhardt Ltd — Interim / Quarterly Report 2021

Nov 8, 2021

Ref. No.: WOCK/SEC/SE/2021-22/107 8

th November, 2021

BSE Limited	National Stock Exchange of India Limited
Corporate Relations Department	Exchange Plaza
P J Towers	Bandra Kurla Complex
Dalal Street	Bandra (E)
Mumbai - 400 001	Mumbai - 400 051
Scrip Code: 532300	NSE Symbol: WOCKPHARMA

Dear Sir/ Madam,

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. 8th November, 2021, inter-alia, have :

1. Approved the Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended 30th September, 2021 and the Limited Review Report issued by B S R & Co. LLP., Statutory Auditors of the Company.

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

• (i) Unaudited Financial Results (Standalone & Consolidated) for the quarter and half year ended 30th September, 2021; and Limited Review Report issued by B S R & Co. LLP., Statutory Auditors of the Company,
• (ii) A copy of the Press Release proposed to be issued in respect of the said Financial Results; and
• 1. Approved the acquisition of remaining stake in Wockhardt Biologics Limited to make it a wholly owned subsidiary.

The meeting of the Board of Directors commenced at 11.50 a.m. and concluded at 1.30 p.m.

Kindly take the same on record please.

Thanking you,

For Wockhardt Limited

Debashis Dey Company Secretary

Encl: A/a.

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesoo IT Park 4, Nesco Center, Fax: +91 22 62571010 Western Express Flighway, Goregaon (East), Mumbai - 400 063

Limited Review Report on Unaudited Quarterly and Year to Date 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 and year to date results for the period from 1 April 2021 to 30 September 2021 ("the 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 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 o f Interim Financial Information Petformed by the Independent Auditor o f 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. Based on our review conducted as above, nothing has come to our attention that causes us to believe thatthe 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 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 B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

Partner Membership No: 112399 UDIN: 21112399AAAAEG1422

Mumbai 8 November 2021

B S R & Co. (a partnership firm with Registralion No. BA61223) converted into BS H & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-B181) with effect from October 14, 2013

Registered Office: 14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai -400063

			WOCKHARDT LIMITED
	Global Headquarters: Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400 051	Registered Office: D-4 MIDC, Chikalthana, Aurangabad - 431 006
	Tel: 91 22 2653 4444 ; Fax: 91 22 2652 3905; e-mail id : investorrelations@wockhardt.com; Website: www.wockhardt.com		CIN:L24230MH1999PLC120720
						(Rs. In Crore except per share data)
	STATEMENT OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021
	PARTICULARS	3 MONTHSENDED30/09/2021	3 MONTHSENDED30/06/2021	3 MONTHSENDED30/09/2020	6 MONTHSENDED30/09/2021	6 MONTHSENDED30/09/2020	YEARENDED31/03/2021
	(Refer notes below)	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audiled
İ1	Income from Continuing operations
	(a) Revenue from Continuing operationsb) Other income	310.444.19	278.953.15	294 9614.96	589.397.34	472.5424.70	987.2640.73
	Total Income	314.63	282.10	309.92	596.73	497.24	1,027.99
	Expenses from Continuing operations
	(a) Cost of materials consumed(b) Purchase of stock-in-trade	77.9569 24	67.4239,84	106 3330.21	145.37109.08	117.0180.64	253 10
	(c) Changes in inventories of finished goods, work-in-progress						164 97
	and stock-in-trade	(5.65)	(0.31)	(6.81)	(5.96)	8.04	(1.78)
	(d) Employee benefits expense(e) Finance costs	62.1159 99	72.6855.43	75.5946.97	134.79115.42	157.67105.58	293.36200.24
	(f) Depreciation and amortisation expense	43.16	42.47	42.97	85 63	89.05	184.08
	(g) Exchange fluctuation loss / (gain), net	9.68	(12.47)	19.31	(279)	22.61	28.70
	(h) Other expensesTotal expenses	87 64	94.61	82 64	182.25	194.43	386 61
3	Loss before exceptional Items and tax from Continuing	404.12(89.49)	359.67(77.67)	397.21(87.29)	763.79(167.06)	776.03(277.79)	1,509.28(481.29)
	operations (1-2)
4	Discontinued operationsProfit before exceptional Items and tax from Discontinuedoperations	٠	$\sim$	٠	×	13.87	13.87
5	Exceptional items- credit/(charge)
	a) Continuing operationsb) Discontinued operations - Refer note 2			$\alpha$	٠	(142, 48)	(142.48)
	Total- Exceptional items					1,470.321.327.84	1,470.321,327.84
l6	Loss after exceptional Items before tax from Continuing	(89.49)	(77.67)	(87.29)	(167.06)	(420.27)	(623.77)
l7	operations (3 ± 5a)
	Tax expense of Continuing operations:Current lax - credil
	Deferred tax - credit - (Net)	(25.79)	(28.88)	(1639)(1352)	(54.67)	(86.28)(57.67)	(136.80)(9493)
8	Net Loss from Continuing operations (6 ± 7)	(63.70)	(48.69)	(57.38)	(112.39)	(276.32)	(392.04)
9	Profit after exceptional Items before tax from Discontinuedoperations (4 ± 5b)		٠			1,484.19	1,484.19
	10 Tax expense of Discontinued operations:
	Current tax - charge	$\overline{\phantom{a}}$		٠		311.49	311.49
	Deferred tax - charge - (Net)					187,37	187 37
11	Profit from Discontinued operations (9 ± 10)					986.33	986.33
	12 Profit / (Loss) for the period (8 ±11)13 a) Other Comprehensive Income	(63, 70)	(48.69)	(67.38)	(112.39)	709.01	593.29
	- Continuing operationsi) Items that will not be reclassified to Profit or Loss -(charge)/credit (consisting of re-measurement of net definedbenefit (liability)/asset)	(0.11)	(0.11)	1.00	(0.22)	3 0 5	(0.43)
	ii) Income tax relating to items that will not be reclassified to Profit	0.04	0.04	(0.35)	0.06	(1.06)	0.14
	or Loss - credit/(charge)iii) Other Comprehensive Income (net of tax)	(0.07)	(0.07)	0.65	(0.14)	1.99	(0.29)
	from Continuing operationsb) Other Comprehensive Income
	Discontinued operations
	i) Items that will not be reclassified to Profit or Loss -(charge)/credit (consisting of re-measurement of net definedbenefit (liability)/asset)					(0.04)	(0.04)
	ii) Income tax relating to items that will not be reclassified to Profitor Loss - credil/(charge)					0.01	0.01
	III) Other Comprehensive Income (net of lax)from Discontinued operations					(0.03)	(0.03)
	Total Comprehensive Income [12 ± 13a(III) ± 13b(III)]	(63.77)	(48.76)	(56.73)	(112.53)	710.97	592.97
1415	Paid-up equity share capital (face value of Rs 5/- each)Other Equity excluding Revaluation Reserves as per balance	55.40	55 39	55 38	55.40	55 38	55.39
	sheet						1,550,37
	16 Earnings per share for Continuing operations (face value of Rs.5/- each)(*not annualised)
	(a) Basic (Rs.)(b) Diluted (Rs.)Earnings per share for Discontinued operations (face value of Rs.$5/-$ each)	$(5.75)^$$(575)^$	$(4.40)$ $(4.40)$	$(5.18)^$$(5.18)^$	$(10.15)^$$(10.15)^$	$(24.95)^$$(24.95)^$	(35.40)(35.40)
	(*not annualised)(a) Basic (Rs.)(b) Diluted (Rs.)Earnings per share for Continuing and Discontinued operations(face value of Rs. 5/- each)			$\mathcal{A}$		00.00*88.61*	00 0786.56
	('not annualised)(a) Basic (Rs.)
	(b) Diluted (Rs.)	$(5.75)^$$(5.75)^$	$(4.40)^$$(4.40)$	$(5.18)^$$(5.18)^$	$(10.15)^$$(10.15)^$	64.03*63.76*	53.5753.34

Notes To Standalone Results :■

• 1. The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 08, 2021 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 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, The said amount has been paid by the Purchaser to the Company during the year ended March 31, 2021 including release of Rs. 63 crore out of the original escrow account of Rs. 67 crore 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,, June 09, 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 had been shown as 1 Exceptional Items - Discontinued operations' during the year ended March 31, 2021

The Company and Purchaser, in accordance with the BTA, are in the process of determining the value of the Holdback Amount receivable, if any, by the Company. Pending determination of such amount between the parties, no gain has been recognised in the Profit and Loss account in the quarter and six months ended September 30, 2021,

• 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 The Company 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 Company's financial results for the current period
• 1. During the quarter ended September 30, 2021 , the Company has allotted 23,600 (Year to date 23,600) Equity shares of face value of Rs. 51- each pursuant to exercise of employee stock options.
• 1. The Company is exclusively into Pharmaceutical business Segment.
• 1. Previous period / year figures have been recast / re-grouped / re-classified wherever necessary, to conform to current period's classification in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective April 01,2021

FOR WOCKHARDT LIMITED

Mumbai Date : November 06, 2021

CHAIRMAN DIN:00045608

2

WOCKHARDT LIMITED

Registered Office: D-4 Ml DC, Chikalthana, Aurangabad - 431 006 Global Headquarters: Wockhardl Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

STATEMENT OF STANDALONE ASSETS AND LIABILITIES

	30/09/2021Unaudited	31/03/2021Audited
ASSETS
		1,057 04
		523 60
(c) Capital work-in-progress	320 48	306,50
(d ) Intangible assets	93 05	103 02
(e ) Intangible assets under development	745 06	409.20
(f) Financial assets
	296 85	296 82
		0 45
		41 46
		96 26
		155 1166 47
Sub-total- Non-current assets	3,429.03	3,055.93
2 Current assets
		347 47
		954 77
		78 90
(iii) Bank balances (other than Cash and cash equivalents)	71 68	59 42
(iv) Other current financial assets	70 58	66 23
( c ) Other current assets	224 20	187 81
		144 29
Sub-total - Current assets	2,006.83	1.838.97
TOTAL ASSETS	5.435.86	4.894.90
EQUITY AND LIABILITIES
		55 39
(b) Other Equity	1,439 47	1,550 37
Sub-total- Equity	1,494.87	1,605.76
(i) Borrowings		259 45
(ii) Lease Liabilities	376.05	393 71
(b) Provisions	34 84	33 19
		686.35
		1,353 51
		70 77
(iii) Trade payables
a Total outstanding dues of Micro enterprises and
Small enterprises	30 69	22 21
b Total outstanding dues of creditors other than
micro enterprises and small enterprises	430 36	383 49
(iv) Other current financial liabilities	368 04	151 73
(b) Other current liabilities	607 15	525 99
(c) Provisions	33 23	30 8864 21
Sub-total- Current liabilities	3.180.71	2.602.79
Total Liabilities	3,940.99	3,289.14
TOTAL EQUITY AND LIABILITIES	5,435,86	4.894.90
	1 Non- Current assets(a) Property, Plant and Equipment(b) Right of use assets(i) Investments in subsidiaries(ii) Other Investments(iii) Other non-current financial assets(g) Non-current tax assets (Net)(h) Deferred tax assets (Net)(i) Other non-current assets(a) Inventories(b) Financial assets(i) Trade receivables(ii) Cash and cash equivalents(d) Assets classified as held for sale1 Equity(a) Equity share capital2 LiabilitiesI. Non- Current liabilities(a) Financial liabilitiesSub-total- Non-currcnt liabilitiesn. Current liabilities(a) Financial liabilities(i) Borrowings(ii) Lease Liabilities(d) Current lax liabilities (Net)	1,01369496 280 4556 049717209 86100 10347 801,031 95116 33144 2955 40349 39760.281,574 6572 4764 12FOR WOCKHARDT LIMITED

H F KHORAKIWALA CHAIRMAN DIN: 00045600

Mumbai Date : November 08, 2021

WOCKHARDT LIMITED

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

UNAUDITED CASH FLOW STATEMENT IOR SIX MONTHS ENDED .SEPTEMBER 311. 2021

		(Rs. in Crorel
PARTICULARS	6 MONTHSENDED30/09/2021	6 MONTHSENDED30/09/2020
(Refer notes below)	Unaudited	Unaudited
Cash flow from/(used in) Operating activities
Loss before tax from Continuing Operations
	(167.06)	(420.27)
Profit before tax from Discontinued OperationsAdjustments for:		1,484 19
Profit from Transfer of Business Undertaking	-
Impairment loss on nutrition business assets		(1,470 32)
Depreciation and amortisation expense	85 63	142.4889.07
Allowance for credit loss	5.58	32.27
Loss on assets sold/write off of fixed assets (net)	0.39	0.25
Finance costs	115.42	105.58
Net foreign exchange fluctuation loss	6.43	22.44
Interest income	(3.54)	(12.88)
Employee share based payments expenses	0.49	1 29
Liabilities no longer required written back	(1.08)	(6.87)
Fair valuation impact on deposits	-	1.37
Guarantee fees income	(2.22)	(4.43)
	40.04	(35.83)
Movements in Working capital
Increase in Inventories	(0.33)
Increase in Trade receivables	(72.02)	(21.76)(76.67)
Increase in Loans and Advances and other assets	(38.49)	(50.11)
lncrease/(Decrease) in Liabilities and provisions	52.93	(24.22)
lncrease/(Decrease) in Trade payables	41 39	(166.31)
Cash generated/fused in) from operations	23.52	(374.90)
Income tax paid	(0.99)	(55.87)
Net cash inflow/(outflow) from Operating activities	22.53	(430.77)
Cash flow from/(used in) Investing activities
Purchase of Property, Plant and Equipment and Capital workin progress	(54.09)	(13.25)
Proceeds from sale of Property, Plant and Equipment	0 06	2.90
Purchase of Intangible assets and Intangible assets under	(84.10)	(287 33)
development
Consideration received from Transfer of BusinessUndertaking, net		1,534.50
Investment in subsidiary	(0.03)	*
Margin money under lien and Bank balances (other than cash and cash equivalents)	(25 66)	(31.69)
Interest received	1.28	9.81
Net cash (outflow)/inflow Investing activities	(162.54)	1,214.94
Cash flow from/(used in) Financing activities
Proceeds from Issuance of Equity share capital	0.01	0.01
Proceeds from long-term borrowings	49.24	-
Repayment of long-term borrowings	(144.66)	(23.30)
Issue of non-convertible debentures	188.01	-
Short-term borrowings (net)	(166.91)	(47.87)
Loans from Related parties	392.00	-
Repayment of loans taken from Related parties	(32.00)	(58.40)
Repayment of Lease liabilities ( refer note 3 below)	(37.17)	(36.44)
Finance costs paid	(70,88)	(36.07)
Equity Dividend paid (including dividend distribution tax. if any) to IEPF	(0 28)	-
Net cash inflow/foutflow) from Financing activities	177.36	(202.07)
Net Increase in Cash and Cash equivalents	37.35	582.10
Cash and cash equivalents as at the beginning of the period	78.98	108.46
Cash and cash equivalents as at the end of the oeriod	116.33	690.56

WOCKHARDT LIMITED

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

Reconciliation of cash and cash equivalents as per the cash flow statement	As at30/09/2021	As at30/09/orm
Cash and cash equivalents as per above comprise of the following
Cash	0.08	0.06
Balance with banks
- in current account	116.25	21.00
Deposits with maturity of less than 3 months	-	669.50
Balance as per the Statement of cash flows	116.33	690.56
2. Income taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.3. Repayment of lease liabilities consists of:Payment of interest Rs. 21.22 crore (Previous period - Rs. 22.64 crore)
Payment of Principal Rs.15.95 crore (Previous period - Rs. 13.80 crore)
4. The cash flows of the Discontinued Operations for the period are presented below_____ _________________		(Rs, in Crore)
	6 MONTHS	6 MONTHS
	ENDED	ENDED
Particulars	30/09/2021-	30/09/2020
Net cash inflow from Operating activities	-	5.82
Net cash inflow from Investing activitiesNet cash inflow from Financing activities	-	1,534 50
5. Figures in bracket indicate cash outflow	FOR WOCKHARDT LIMITED

Chartered Accountants

14th Floor, Central B Wing and North C Wing, Telephone: +91 22 6257 1000 Nesco IT Park 4, Nesco Center, Fax: +91 22 6257 1010 Western Express Highway, Goregaon (East), Mumbai - 400 063

Limited Review Report on Unaudited Quarterly and Year-to-date Consolidated 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 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 September 2021 and year to date results for the period from 1 April 2021 to 30 September 2021 ("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').
• 2, 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.
• 3, We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410 "Review o f 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)	W o c k h a rd t L im ited	P a re n t C o m p a n y
2 )	W o c k h a rd t U K H o ld in g s L im ite d ( in c lu d in g its	W h o lly O w n e d S u b s id ia ry
	fo llo w in g s u b s id ia rie s a n d its s te p -d o w n s u b s id ia rie s )
	a )W a llis G ro u p L im ite d
	b)T h e W a llis L a b o ra to ry L im ite d
	c)W a llis L ic e n s in g L im ite d
	d )W o c k h a rd t F a r m a c e u tic a D o B ra s il L td a

B S R & Co (a partnership firm w ith Regisiralion No BA61223) converted into B S R & Co LLP (a Limited Liability Partnership with LLP Registration No AAB 01B1) with effect from October 14, 2013 Registered Office:

14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063

Wockhardt Limited 08 November 2021 Page 2 of 3

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

	Name of the Entity	Relationship
3)	W o c k h a rd t In fra s tru c tu re D e v e lo p m e n t L im ite d	W h o lly O w n e d S u b s id ia ry
4)	W o c k h a rd t E u ro p e L im ite d (in c lu d in g its fo llo w in gw h o lly o w n e d s u b s id ia ry )W o c k h a rd t N ig e r ia L im ite da)	W h o lly O w n e d S u b s id ia ry
5)	W o c k h a rd t M e d ic in e s L im ite d	W h o lly O w n e d S u b s id ia ry
6)	W o c k h a rd t B io lo g ie s L im ite d	S u b s id ia ry
7)j)	W o c k h a rd t B io A G(in c lu d in g its fo llo w in g s u b s id ia rie s a n d its ste p -d o w n s u b s id ia rie s )C P P h a rm a c e u tic a ls L im ite da)b)C P P h a rm a (S c h w e iz ) A GZ & Z S e rv ic e s G m b Hc)d)W o c k h a rd t U K L im ite dW o c k p h a rm a Ire la n d L im ite de)0P in e w o o d L a b o ra to rie s L im ite dg)P in e w o o d H e a lth c a re L im ite dh)L a b o ra to rie s N e g m a S .A .S .i)W o c k h a rd t F ra n c e (H o ld in g s ) S .A .S .W o c k h a rd t H o ld in g C o rp .k)W o c k h a rd t U S A L L C1)M o rto n G ro v e P h a rm a c e u tic a ls Inc.m )M G P In c.L a b o ra to rie s P h a r m a 2 0 0 0 S .A .S .n)° )N iv e r p h a r m a S .A .S .N e g m a B e n e u le x S .A .P)q)P h y te x S .A .S .r)W o c k h a rd t F a rm a c e u tic a S A D E C Vs)W o c k h a rd t S e rv ic e s S A D E C Vt)W o c k h a rd t B io (R ) L L CW o c k h a r d t B io P ty L im ite du)V )W o c k h a rd t B io L im ite d	S u b s id ia ry

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 6, 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.

Wockhardt Limited 08 November 2021 Page 3 o f3

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

• 1. We did not review the interim financial information of five subsidiaries included in the Statement, whose interim financial information reflect total assets (before consolidation adjustments) of Rs 7,329.79 crores as at 30 September 2021, total revenues (before consolidation adjustments) of Rs 785.47 crores and Rs 1,579.78 crores, total net profit after tax (before consolidation adjustments) of Rs 357.36 crores and Rs 500.06 crores and total comprehensive income (before consolidation adjustments) of Rs 352.91 crores and Rs 490.90 crores, for the quarter ended 30 September 2021 and for the period from 1 April 2021 to 30 September 2021, respectively, and cash inflows (net) ((before consolidation adjustments) of Rs 6.02 crores for the period from 1 April 2021 to 30 September 2021, as considered in the Statement. 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-one subsidiaries which have not been reviewed, whose interim financial information reflect total assets (before consolidation adjustments) of Rs 184.07 crores as at 30 September 2021, total revenue (before consolidation adjustments) of Rs 17.53 crores and Rs 47.79 crores, total net (loss)/ profit aftertax (before consolidation adjustments) of Rs (0.32) crores and Rs 0.52 crores and total comprehensive (loss) /income (before consolidation adjustments) ofRs (0.32) crores and Rs 0.52 crores, for the quarter ended 30 September 2021 and for the period from 1 April 2021 to 30 September 2021, respectively, and cash outflows (net) (before consolidation adjustments) ofRs 10.73 crores for the period from 1 April 2021 to 30 September 2021, 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.

hot B S R & Co. LLP Chartered Accountants Firm's Registration No: 101248W/W-100022

Partner Membership No: 112399 ICA1 UD1N: 21112399AAAAEF1693

Mumbai 08 November 2021

	Global Headquarters: Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400 051Tet 91 22 2653 4444; Fax: 91 22 2652 3905; e-mail id investorrelations@wockhardt.com, Website: www.wockhardt.com	WOCKHARDT LIMITEDRegistered Office: D-4 MIDC, Chikalthana, Aurangabad - 431 006CIN: L24230MH1999PLC120720
	STATEMENT OF CONSOLIDATED UNAUDITED RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2021					(Rs. In Crore except per share data)
	PARTICULARS	3 MONTHS ENDED 3 MONTHS ENDED30/09/2021	30/06/2021	3 MONTHSENDED30/09/2020	6 MONTHSENDED30/09/2021	6 MONTHSENDED30/09/2020	YEARENDED31/03/2021
	(Refer Notes Below)	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
	Income from Continuing Operations(a) Revenue from Continuing operations	862.00	859.55	714.05	1,721.55	1,312.32	2,708.30
	(b) Other incomeTotal Income	5.20867.20	1.65861,20	16.24730.29	6,851,728.40	24.191,336.51	132.272,840.57
	Expenses from Continuing Operations(a) Cost of materials consumed	147.48	150.46	217.32	297.94	334,31	682 43
	(b) Purchase of stock-in-trade(c) Changes in inventories of finished goods, work-In-progress and stock-In-trade	164.5724 12	142 5530.66	127 36(5169)	307.1254.78	286.43(109.46)	579.90(126.84)
	(d) Employee benefits expense	178.15	192.26	197.37	370.41	399.86	762 95
	(e) Finance costs(I) Depreciation and amortisation expense	69.0661 21	64 1064.34	60.9057 1S	133.16125.55	134.60113,11	249.08246.02
	(g) Exchange fluctuation loss / (gain), net	13 45	(13.25)	10.59	0, 20	19.25	2.46
	(h) Other expensesTotal expenses	238 40	236.08	196.40	474.48	437.28	870.43
	Lass before exceptional items and tax from Continuing Operations (1-2)	596.44(29.24)	867.20(6.00)	815.40(85.11)	1,763.64(35.24)	1,615.38(278.87)	3,266.43(425.86)
$\overline{4}$	Discontinued Operations
$\overline{5}$	Profit before exceptional items and tax from Discontinued OperationsExceptional items-credit/(charge)	$\tau$	$\overline{a}$	$\alpha$		13.87	13.87
	a) Continuing Operationsb) Discontinued Operations- (Refer note 3)	٠	Q×		×	(142, 48)	(142.48)
	Total Exceptional Items					1,470 321,327.84	1,470.321,327.84
7	Loss after exceptional items before tax from Continuing Operations (3 ± 5a)Tax expense of continuing operations :	(29.24)	(6.00)	(85.11)	(35.24)	(421.35)	(568.34)
	Current tax - (credit)/ charge	22.08	9.03	(12.17)	31 11	(78.29)	(120.82)
	Deferred tax-credit (Net)Net Profit/ (Loss) from Continuing Operations (6 ± 7)	(88.4937.17	(8.45)	76.23	(96.94)	(120.77)	(150, 79)
Đ.	Profit after exceptional items before tax from Discontinued Operations (4 ± 5b)	×	(6.58)	3,29	30.59	(222, 29)	(796, 73)
10	Tax expense of discontinued operations:		×	$\overline{\phantom{a}}$	×,	1,484.19	1,484.19
	Current tax - charge		w	$\sim$	$\overline{\phantom{a}}$	311 49	311 49
11	Deferred tax - charge (Net)Profit from Discontinued Operations (9 ± 10)					187.37985.33	187,37985.33
12.	Profit / (Loss) for the period (8 ±11)	37.17	(6.58)	3.29	30.59	763.04	688.60
	Attributable to:Equity shareholders of the CompanyNon - Controlling Interest	33.533.64	(12.71)6.13	3.55(0.26)	20.829,77	763.61(0.57)	686.06
13	Other Comprehensive Income from Continuing Operations						7.54
	(ii) Items that will not be reclassified to Profit or Loss - (charge)/ credit (consisting ofre-measurement of net defined benefit (liability) / asset)	(5.61)	(5.93)	0.51	(11.54)	163	(23.21)
	(b) Income tax relating to items that will not be reclassified to Profit or Loss -credit/(charge)	1.08	1.15	(0.25)	2 2 3	(0.79)	4.47
	(c) Items that will be reclassified to Profit or Loss - (charge)/ credit (Consisting ofExchange differences on translating the financial statements of foreign operations)	(41.48)	5042	(4.77)	894	9.30	14.79
	(d) Other Comprehensive Income (Net of tax) from continuing operations (a ± b ± c)	[46.01]	45 64	(451)	[0.37]	10 14	(3.95)
14	Other Comprehensive Income from Discontinued Operations(a) Items that will not be reclassified to Profit or Loss - (charge)/ credit (consisting ofre-measurement of net defined benefit (liability)/ asset)					(0.04)	(0.04)
	(b) Income tax relating to items that will not be reclassified to Profit or Loss =credit/(charge)	×	×,			0.01	0.01
	(c) Other Comprehensive Income (Net of tax) from discontinued operations (a ± b)	$\scriptstyle\rm II$	¥	s.	×	[0.03]	(0.03)
	15 Total Comprehensive Income (12 ± 13 (d) ± 14 (c))	(旦.84)	39.06	[1.22]	30.22	773,15	684.62
	Attributable to:
	Equity shareholders of the CompanyNon - Cantrolling Interest	(10.90)2.06	24.4614.60	(0.89)(0.33)	13.5616.66	770.962.19	686.92(2.30)
-1617	Paid-up equity share capital (face value of Bs. 5/- nach)	55.40	55.39	55,38	55.40	55,38	55,39
	Other Equity excluding Revaluation Reserves as per Balance Sheet						3,321.37
18	Earnings per equity share for continuing operations (face value of Rs, 5/- each) (*notannualised)(a) Basic (Rs.)(b) Diluted (Rs.)Earnings per equity share for discontinued operations (face value of Rs, 5/- each)("not annualised)	3,033:01	$(1, 15)^$$(1, 15)^$	$0.32*$$0.32*$	1.88*187'	$(20.02)^$$(20.02)^$	(27.02)(2702)
	(a) Basic (Rs.)(b) Diluted (Rs.)Earnings per equity share for continumg and discontinued operations (face value ofRs. 5/- each) ("not annualised)			×	×	88.9888.61	88.9788.58
	(a) Basic (Rs.)(h) Diluted (Rs.)	3.03'$3.01$ *	$(1.15)^$$(1.15)^$	$0.32*$$0.32*$	1,88*$1,87$ *	68.96*68.67*	61.9561 68

$\sqrt{W}$

■Motet Tp Consolidated Hcsnltn:-

• J | The results were reviewed by the Audit Committee and approved by the Board of Directors at their meetings held on November 08, 2021 The results have been subjected to limited review by the Statutory Auditors of the Company
• ?1 The Consolidated Results relate to Wockhardt Limited ('the Company' or 'the Holding Company') and its Subsidiaries (together constitute 'the Group') and are prepared by applying Ind A5 110 "Consolidated Financial Statements"
• 3( 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 The said amount has been paid tay the Purchaser to the Company during the year ended March 31, 2021 including release of Rs 63 crore out of the original escrow account of Rs 67 crore 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,, June 09, 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 had been shown as 'Exceptional Items - discontinued operations' during the year ended March 31, 2021

The Company and Purchaser, in accordance with the BTA, are in the process of determining the value of the Holdback Amount receivable, if any, by the Company Pending determination of such amount between the parties, no gain has been recognised in the Profit and Loss account in the quarter and six months ended September 30, 2021

4] Key Financials on Standalone basis:

						(Rs. In Crons)
PARTICULARS	3 MONTHSENDED30 /0 9/2 02 1	3 MONTHSENDED30 /0 6/2 02 1	3 MONTHSENDED3 0 /0 9 /2 0 2 0	6 MONTHSENDED30 /0 9/2 02 1	6 MONTHSENDED30 /0 9/2 02 0	YEARENDED31 /0 3/2 02 1
	Unaudited	Unaudited	Unaudited	Unaudited	Unaudited	Audited
Total Income (continuing operation)	314,63	282 10	309 92	596 73	^97.24	1,027.99
Loss before tax from continuing operation	(89 49)	(77 57)	(87,291	(167 06)	(420,27)	(679 77)
Loss after tax from continuing operation	(63;70)	(4B.63)		1112-39)	(276.12)	3y2.04
Profit before tax from discontinued operation					1,484 19	1,484 19
Piofil after lax from discontinued operation					985,33	985 33

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 bselndia com ) and also on the Company's website WWW wockhardt com,

5|i 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 The Group has exercised due care in significant accounting judgements and estimates in relation to recoverability o f receivables, investments and inventories based on the information available to date, both internal and external, while preparing the Group's financial results for the current period

®1 During the quarter ended September 30, 2 0 2 1 , the Company has allotted 23,600 (Year to date 23,600) Equity shares of face value of Rs 5 /- each pursuant to exercise of employee stock options

i The Group is exclusively into Pharmaceutical business Segment,

flj For List of Subsidiaries as on September 30, 2021 please refer Annexure

5) Previous period / year figures have been recast / re-grouped / re-dassified wherever necessary, to conform to current period's classification in order to comply with the requirements of the amended Schedule III to the Companies Act, 2013 effective April 01, 2021

		(Hs. In Ernre)
PARTICULARS	As at Period Ended30/09/2021	As at Year End31/03/2021
	Unaudited	Audited
ASSETS
Non- Current assets
(a) Property, Plant and Equipment	1,662 10	1,718.97
(b) Right of use assets	592.57	592.48
(c) Capital work-in-progress(d) Goodwill on consolidation	625.75	602.82
(e) Other Intangible assets	90S 14118.66	904 04127.63
(f) Intangible assets under development	837.89	776,12
(g) Financial assets
(i) Investments(ii) Other non- current Financial assets	0 4559 40	0 4544 82
(h) Non-current tax assets (Net)	112 99	116 60
(i) Deferred tax assets (Net)	496 19	397 50
(j)Othernon-current assets	100,52	66 88
S ubtotal ■ Non-current assets	5.511.66	5,348,31
Current assets
(a) Inventories	765.54	798 88
(b) Financial assets
(I)Trade receivables	981 48	917 65
(ii) Cash and cash equivalents(Hi) Bank balance (other than Cash and cash equivalents)	250 1071 80	232 2559.54
(iv) Other current Financial assets	7.45	33.18
(c) Other current assets	276.86	238 59
fd) Asset classified as held fo r sale	144 29	144 29
Sub-total - Current assets	2*497 52	2,424.38
TOTAL ASSETS	8.009 18	7,772.69
EQUITY AND LIABILITIES
Equity
(a) Equity share capital	55 40	55.39
(b) Other Equity	3,336 58	3,321.37
Equity attributable to the share holders of the Company(c) Non - Controlling Interest	3,391,98400 17	3,376.76383 49
Sub-total- Equity	3,792.15	3,760 25
Liabilities
Non-Current liabilities
(a) Financial liabilities
i) Borrowingsli) Lease Liabilities	57573286 65	502 85278.55
(b) Provisions	152,81	84 37
(c) Deferred tax liabilities (Net)	28 32	28 45
Sub total Non-current liabilities	1.043.51	894.22
Current liabilities
(a) Financial liabilities
(i) Borrowings(ii) Lease Liabilities	1,832 6665 18	1,828 8862,67
(iii) Trade payables
a Total outstanding dues o f Micro enterprises and
Small enterprises	30.69	22 21
b, Total outstanding dues nf r-reditnrs other thanmicro enterprises and small enterprises	728,98	673.25
(iv) Other current financial liabilities	14435	228 39
(b)O llier cutient liabilities	173,89	17417
(c) Provisions(d) Current tax liabilities (Net)	116,1581 62	59.79
Sub-total- Current liabilities	3.173.52	68,863.118.22
Total Liabilities	4.217.03	4.012.44
TOTAL EQUITY AN D LIABILITIES	8,009.18	7.772.69

M a H F KMORAKIWAIA CHAIRMAN D IN :00045608 /

Date : November 08, 2021

Mumbai

WOCKNIARDT LIMATEDRegistered Office: D. 4 MIOC, Chikathana, Aurangabad - 431 006Global Headquarters: Wockhardt Towers, Bandra Kurla Complex, Bandra (East), Mumbai 400 051

CONSOUDATIO UNAUCHED CASH ELOW STATEMENT FOR SH MONTHS ENDED SEPTEMBER 30, 2021

	PARTICULARS	6 MONTHS ENDED	(Rxfoczure)6 MONTHS ENDED
		30/09/2021	50/09/2020
	(Helecnates (Idiow)	Unaudituit	Unauilted
A	CASH FLOWS FILOM / (USED IN) OPERATING ACTIVITIES:
	Loss before (ax from Continuing Operations	(35, 24)	(421.35)
	Profit hefore tax from Discontinued Operations		1.484.19
	Adjustments for:
	Profit from Transfer of Business Undertaking		(1,470.32)
	Depreciation and amortization expense	125.55	113.13
	Allowance for credit loss	28 01	46 48
	Bad debts	0.33	0.09
	Loss on avents cold/write off of freed avents [net]	039	881
	Finance costs	133.16	134.60
	Exchange loss	0.20	19 25
	interest income	(5, 23)	(16.47)
	Employee share based payments expenses	0.49	1.29
	Liabilities no longer required written back	(1.08)	(6.67)
	Fair valuation impact on deposits		1.27
	interior entitles in the time on the month history	×	142 48
		246.5A	36.58
	Movements in Working capital
	Decrease/Bocteme] in Inventuries	33.34	(154.94)
	(Increase)/Decrease in trade receivables	182.291	247 39
	(Increase) in Loans and Advances and other assets	115.471	(8.8.8)
	Increase/(Decrease) in Liabilities and provisions	83.93	(336.38)
	Adjustment for translation difference	(6.47)	5,33
	Cesh generated / [used in] from apprations	259.62	(266.45)
	Income taxes paid	(11.05)	(58.02)
	Net cash inflow / (outflow) from Operating activities (A)	248.57	(324.47)
B	LASH FLOWS FROM / (USED IN) INVESTING ACTIVITIES:
	Purchase of Property, Plant and Equipment, Capital work-in progress	(E.00, 0.05)	(57.06)
	Purchase of Intangible assets and Addition in Intangible assets under development	(52.50)	(19.19)
	Proceeds from sale of property, plant and equipment	0.06	3.57
	Consideration received from Transfer of Business Undertaking, net		1,534.50
	Margin money under lien and Bank balances (other than cash and cash equivalents)	(35.65)	131.651
	Interest received	133	981
	Net cash (outflow) / inflaw Investing activities (B)	(145.12)	1,419.94
c	CASH FLOWS FROM / (USED IN) FINANCING ACTIVITIES
	Proceeds from Issuance of Equity share capital	6.01	0.01
	Proceeds from long-term borrowings	49.24
	Issue of Non-convertible debentures	188 01
	Repayment of find term box rowligs	(388.24)	(253.18)
	Short-term borrowings (net)	(166.51)	${437.021}$
	Loans from related parties	392 00
	Repayment of loans taken from Related parties	(17.00)	151.051
	Repaytomical Lease Babilities Lieber note 3 below).	(13.12)	(32.03)
	Finance costs paid	(92.59)	175,871
	Transaction with Non-controlling interests	0.02
	Equity Dividend paid (including dividend distribution tax, if any)	10.701	i.
	Net cash outflow from Financing activities (C )	(0.5.06)	(491).441
	NET INCREASE IN CASH AND CASH EQUIVALENTS (A+B+C)	18.39	625.03
	Cash and cash equivalents as at the baginning of the period	232.25	219.34
	Effects of exchange rate changes on cash and cash equivalents	(1.65)	(4.87)
	Exchange difference on translation of foreign cash and cash equivalent	3.12	1.1%
	Cash and cash equivalents as at the end of the period	250.10	140.69
	Reconcilistion of cash and cash equivalents as per the cash flow statement
	Cash and cash equivalents as per above comprise of the following
	Cash on hand	011
	Balance with banks:
	- in current accounts	249 99
	- deposit with maturity of less than 3 months		0.09171.10669.50

Notes:1. The above statement of cash flows has been prepared under the indirect method as set out in Ind AS 7 'Statement of Cash Flows'.

1. Income taxes paid are treated as arising from operating activities and are not bifurcated between investing and financing activities.

3. Repayment of lease liabilities consists of:

epayment of interest Rs. 15.40 crore (Previous period - Rs. 16.54 crore)Payment of interest Rs. 15.40 crore (Previous period - Rs. 16.54 crore)Payment of Principal Rs. 17.92 crore (Previous period - Rs. 15.54 crore)

Particulars	6 MONTHS ENDED:10/09/2021	6.MONTHS ENDED33/05/2020
Not cash inflow from Operating activities	$\sim$
Net cash inflow from Investing activities		1.554.50
Not cash inflaw from Financing activities

5 Figures in bracket indicate cash outflow

ManbaiOute : November 09, 2023

FOR WOCKHARDT LIMITED

$\bullet$

WARRANDINAL CHAIRMAN m

WOCKHARDT LIMITED Registered Office: D-4 MIDC, Chikalthana, Aurangabad - 4B1006

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

Annexure to Note 8 of Consolidated Unaudited Results for the Quarter and Six Months ended September 30, 2021

List of Subsidiaries as on September 30, 2021

• 1 Wockhardt UK Holdings Limited
• 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&ZServices GmbH
• 10 Wockhardt Europe Limited
• 11 Wockhardt Nigeria Limited
• 12 Wockhardt USA LLC
• 13 Wockhardt UK Limited
• 14 Wockpharma Ireland Limited
• 15 Plnewood Laboratories Limited
• 16 Pinewood Healthcare Limited
• 17 Laboratolres Negma S.A.5.
• 18 Wockhardt France (Holdings) S.A.S.
• 19 Wockhardt Holding Corp.
• 20 Morton Grove Pharmaceuticals Inc.
• 21 MGPInc.
• 22 Laboratoires Pharma 2000 S.A.S.
• 23 Niverpharma S.A.S.
• 24 Negma BeneulexS.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 Limited
• 31 Wockhardt Bio Limited
• 32 Wockhardt Medicines Limited
• 33 Wockhardt Biologies Limited (w.e.f. July 2, 2021)

Mumbai, 8 th November, 2021

Wockhardt's Q2 FY22 Revenue grew by 21% over Q2 FY21 & EBITDA grew many fold at Rs.109 crore

	Q2 FY22	Q1 FY22	Q2 FY21	H1 FY22	H1 FY21
	Jul - Sep	Apr - Jun	Jul - Sep	Apr - Sep	Apr - Sep
	2021	2021	2020	2021	2020
	INR Cr	INR Cr	INR Cr	INR Cr	INR Cr
Sales	862	860	714	1,722	1,366
EBITDA before R&D*	148	141	72	290	61
EBITDA % to Sales	17.2%	16.4%	10.1%	16.8%	4.4%
R&D	39	34	45	73	83
R&D % to Sales	4.5%	3.9%	6.3%	4.2%	6.1%
EBITDA*	109	108	27	217	(22)
EBITDA Margins %	12.7%	12.5%	3.8%	12.6%	-1.6%
Exceptional Items #	-	-	-	-	1,328
PBT	(29)	(6)	(85)	(35)	1,063
Profit After Tax	34	(13)	4	21	764
PAT Margins %	3.9%	-1.5%	0.5%	1.2%	55.9%
EPS (Rs)	3.0	(1.2)	0.3	1.9	69.0

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

# Exceptional Items includes Profit 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 and Maldives, and the manufacturing facility at Baddi, Himachal Pradesh (together the "Business Undertaking"), to Dr. Reddy's Laboratories Limited ("DRL") which was completed in Q1FY21.

Wockhardt Limited, the Pharmaceutical and Biotechnology major, reported its 2 nd Quarter Results for Financial Year 2021-22, today.

The Company recorded substantial growth in Revenue (up by 21% over previous corresponding quarter) and in EBITDA at Rs.109 crore compared to a nominal profit of Rs.27 crore in the corresponding quarter of the previous year. Profit after Tax (PAT) for the Quarter was Rs. 34 crore against Rs. (13) crore in the previous quarter.

Net Debt-Equity ratio as on 30 th September, 2021 stood at 0.54.

Wockhardt and Jemincare partner for novel respiratory antibiotic

Wockhardt Bio AG – a subsidiary of Wockhardt Limited, ("Wockhardt"), a worldwide leader in discovery of novel antibiotics and Jiangxi Jemincare Group Company Limited, China ("Jemincare"), have partnered for Wockhardt's novel patented antibiotic WCK 4873 (INN: Nafithromycin) in People's Republic of China, Hong Kong, Macau and Taiwan for the treatment of community-acquired bacterial pneumonia and other respiratory tract infections.

Under the terms of the definitive agreement, Jemincare will be responsible for exclusive development and commercialization of the Nafithromycin in the select markets. Wockhardt will receive an upfront payment and will be eligible for regulatory-linked milestone payments. Further, Wockhardt would supply the product to Jemincare and will receive royalties on net sales.

RDIF and Wockhardt partner to produce Sputnik V and Sputnik Light vaccines against COVID-19

The Russian Direct Investment Fund (RDIF, Russia's sovereign wealth fund), and Wockhardt Limited, a global pharmaceutical company headquartered in India, have partnered to produce and supply Sputnik V and Sputnik Light vaccines against COVID-19. The agreement was reached under the aegis of Enso Healthcare (part of Enso Group), RDIF's coordination partner for sourcing Sputnik V vaccines in India.

The single dose Sputnik Light vaccine demonstrated 79.4% efficacy according to analysed data taken from 28 days after the injection was administered as part of Russia's mass vaccination programme.

One-shot Sputnik Light vaccine demonstrates 70% efficacy against infection with the Delta variant during the first three months after vaccination. The vaccine is more than 75% effective among subjects under the age of 60. Sputnik Light also provides much higher efficacy against severe diseases and hospitalisation.

Sputnik V demonstrates 83.1% efficacy against the Delta variant of coronavirus - higher than many other vaccines. The vaccine shows 6 times reduction of infection risk. Sputnik V is also 94.4% effective against hospitalisations with 18 times reduction in hospitalisation risk.

Sputnik V is based on a proven and well-studied platform of human adenoviral vectors and uses two different vectors for the two shots in a course of vaccination, providing immunity with a longer duration than vaccines using the same delivery mechanism for both shots.

Business Review:

Quarter ended 30th September, 2021:

• UK Business grew by 66% over previous corresponding quarter and stood at Rs.387 crore in Q2FY22 (PY Rs.233 crore). UK Business contributed about 45% of Global Revenue. Major growth has come from the COVID-19 Vaccine business.
• India Business: The Continuing India Business stood at Rs.187 crore in Q2FY22 (PY Rs.127 crore) registering growth of 47%. Total India Business (Continued and Discontinued Operations) stood at Rs.187 crore in Q2FY22 as compared to Rs.124 crore in Q2FY21 – a growth of 51%. India Business contributed 22% of the Global Revenue.
• Emerging Markets Business of the Company stood at Rs.113 crore in Q2FY22 (PY Rs.169 crore). Emerging Markets Business contributed about 13% of the Global Revenue.
• Irish Business stood at Rs.38 crore in Q2FY22 (PY Rs.34 crore).
• US Business stood at Rs.61 crore in Q2FY22 as compared to Rs.99 crore in Q2FY21. US Business contributed 7% of the Global Revenue.

Research and Development expenditure during the quarter was at Rs.39 crore (5% to sales) and including capital expenditure was at 7.4% to sales.

Half year ended 30th September, 2021:

• UK Business grew by 76% over H1 FY21 and stood at Rs.794 crore in H1FY22 (PY Rs.451 crore). UK Business contributed about 46% of Global Revenue. Major growth has come from the COVID-19 Vaccine business.
• India Business: The Continuing India Business stood at Rs.339 crore in H1FY22 (PY Rs.186 crore) registering growth of 82%. Total India Business (Continued and Discontinued Operations) stood at Rs.339 crore in H1FY22 as compared to Rs.240 crore in H1FY21 – a growth of 41%. India Business contributed 20% of the Global Revenue.
• Emerging Markets Business of the Company stood at Rs.237 crore in H1FY22 (PY Rs.308 crore). Emerging Markets Business contributed about 14% of the Global Revenue.
• Irish Business stood at Rs.74 crore in H1FY22 (PY Rs.67 crore).
• US Business stood at Rs.163 crore in H1FY22 as compared to Rs.213 crore in H1FY21. US Business contributed 9% of the Global Revenue.

Research and Development expenditure during the quarter was at Rs.73 crore (4% to sales) and including capital expenditure was at 8% to sales.

Intellectual Property (IP):

3 patents were filed during the quarter ended 30th September, 2021 and the cumulative filings till date are 3194. The company was granted 4 patents during the quarter and now holds 770 patents.

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 Disease Product) 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 80% of its global revenues coming from international businesses.