Unichem Laboratories Limited NSE:UNICHEMLAB
Unichem Laboratories : Unaudited Results (Consolidated and Standalone) Quarter year ended June 30, 2024
Source: MarketScreener
8th August 2024 |
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Department of Corporate Services. | National Stock Exchange of India, |
Bombay Stock Exchange, | Exchange Plaza, |
Phiroze Jeejeebhoy Towers, | Bandra Kurla Complex, |
Dalal Street, Mumbai - 400 001 | Bandra (East), Mumbai - 400 051 |
Script Code: 506690 | Symbol: UNICHEMLAB |
Dear Sir/Madam,
Sub: Outcome of Board Meeting
We would like to inform you that the Board of Directors at its Meeting held today, i.e. Thursday,
8th August 2024 approved the following:
- Unaudited Financial Results (Consolidated & Standalone) for the quarter ended 30th June 2024. Enclosed herewith the Unaudited Financial Results (Consolidated & Standalone) for the quarter ended 30th June 2024 and the Auditors Reports thereon.
- Shifting of Registered Office of the Company within local limits from Unichem Bhavan, Prabhat Estate, Off S. V. Road Jogeshwari (West), Mumbai - 400 102, Maharashtra, India to 47, Kandivli Industrial Estate, Kandivli (West), Mumbai - 400 067 effective from 1st September 2024.
- Based on the recommendation of the Nomination & Remuneration Committee, Audit Committee and Board in its meeting held today has appointed Mr. Sanjay Jain as the Chief Financial Officer and Key Managerial Personnel of the Company with effect from 8th August 2024. Details required under Regulation 30 of the Listing Regulations are provided in Annexure A.
- Based on the recommendation of Audit Committee, Board in its meeting held today has appointed M/s. Ram Agarwal & Associates (Firm Reg No. 140954W) as Internal Auditor of the Company. Details required under Regulation 30 of the Listing Regulations are provided in Annexure B.
The Board meeting commenced at 11:15 a.m. and concluded at 12.50 p.m. The same will also be made available on the Company's website www.unichemlabs.comas well as on www.bseindia.comand www.nseindia.com.
Kindly take the same on your records.
Thanking you,
FOR UNICHEM LABORATORIES LIMITED
PRADEEP BHANDARI
Digitally signed by PRADEEP BHANDARI Date: 2024.08.08 12:53:28 +05'30'
PRADEEP BHANDARI
Head - Legal & Company Secretary
Encl.: a/a
Registered Office: Unichem Bhavan, Prabhat Estate, Off S. V. Road Jogeshwari (West), Mumbai - 400 102, Maharashtra, India.
UNICHEM LABORATORIES LIMITED
CIN: L99999MH1962PLC012451
Statement of Consolidated Unaudited Results for the Quarter ended 30th June, 2024
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| ₹ Lakhs |
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| Quarter ended |
| Year ended |
| Particulars | 30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 |
| Unaudited | Unaudited | Unaudited | Audited | |
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I | Revenue from operations | 44,643.33 | 43,170.05 | 42,318.65 | 1,70,489.47 |
II | Other income | 386.07 | 615.27 | 863.07 | 3,159.54 |
III | Total income (I+II) | 45,029.40 | 43,785.32 | 43,181.72 | 1,73,649.01 |
IV | EXPENSES |
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| Cost of materials consumed | 20,805.81 | 19,767.39 | 17,626.60 | 74,280.44 |
| Purchase of stock-in-trade | 27.95 | 21.21 | 24.38 | 91.09 |
| Changes in inventories of finished goods and work-in-progress | (4,775.87) | (3,099.52) | (806.86) | (7,909.05) |
| Employee benefits expense | 9,848.66 | 9,942.07 | 9,880.83 | 39,305.77 |
| Finance costs | 403.38 | 459.39 | 576.12 | 2,266.12 |
| Depreciation and amortization expenses | 2,832.63 | 2,715.68 | 2,877.12 | 11,324.05 |
| Other expenses | 14,386.97 | 14,003.70 | 12,791.90 | 54,696.43 |
| Total expenses (IV) | 43,529.53 | 43,809.92 | 42,970.09 | 1,74,054.85 |
V | Share of profit / (loss) in associate (net of tax) | - | - | - | - |
VI | Profit / (Loss) before exceptional items and tax (III- IV+V) | 1,499.87 | (24.60) | 211.63 | (405.84) |
VII | Exceptional items - expenses/(income) (Refer note 6) | - | 12,562.25 | - | 5,760.77 |
VIII | Profit / (Loss) before tax (VI-VII) | 1,499.87 | (12,586.85) | 211.63 | (6,166.61) |
IX | Tax expense |
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| (1) Current tax | 141.58 | 331.17 | 82.90 | 794.49 |
| (2) Deferred tax charge / (credit) (Refer note 4) | 432.71 | 12.84 | 195.56 | 86.33 |
| (3) Short / (excess) provision for tax (earlier years) | - | - | - | - |
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| 574.29 | 344.01 | 278.46 | 880.82 |
X | Profit / (Loss) for the period after tax (VIII-IX) | 925.58 | (12,930.86) | (66.83) | (7,047.43) |
XI | Other Comprehensive Income / (Loss) |
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| A. (i) Items that will not be reclassified subsequently to profit or |
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| loss |
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| - Remeasurement of the net defined benefit plan | 44.20 | 70.20 | (17.87) | (27.38) |
| - Equity instruments through other comprehensive income | - | - | - | - |
| (ii) Income tax (expense) / credit relating to items that will not |
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| be reclassified to profit or loss |
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| - Remeasurement of the net defined benefit plan | - | - | - | - |
| - Equity instruments through other comprehensive income (net) | - | - | - | - |
| B. (i) Items that will be reclassified to profit or loss (Foreign |
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| currency translation difference) |
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| -Foreign currency translation difference | (31.72) | (116.05) | (233.11) | (494.66) |
| -Gain / (Loss) on cash flow hedge | 16.18 | (25.37) | - | (25.37) |
| (ii) Income tax relating to items that will be reclassified to profit |
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| or loss |
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| -Foreign currency translation difference | - | - | - | - |
| -Gain / (Loss) on cash flow hedge | - | - | - | - |
| Total of Other Comprehensive Income / (Loss) | 28.66 | (71.22) | (250.98) | (547.41) |
XII | Total Comprehensive Income for the period (X+XI) | 954.24 | (13,002.08) | (317.81) | (7,594.84) |
XIII | Paid-up equity share capital (Face value of ₹ 2/- per share) | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 |
XIV | Other Equity (Reserves excluding revaluation reserve) |
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| 2,34,833.76 |
XV | Earnings per equity share (Face value of ₹ 2/- per share) |
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(not annualized) |
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| (1) Basic | 1.31 | (18.37) | (0.09) | (10.01) |
| (2) Diluted | 1.31 | (18.36) | (0.09) | (10.01) |
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Notes:
- The above unaudited consolidated financial results ("the Statement") for the quarter ended 30th June, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 8th August, 2024. The statutory auditors have expressed an unmodified audit conclusion on these consolidated financial results for the quarter ended 30th June, 2024.
- The above Statement has been prepared in accordance with the guidelines issued by the Securities and Exchange Board of India ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013.
- Operating Segment: The Company has a single reportable segment i.e. 'Pharmaceuticals'.
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In respect of the Company, deferred tax assets is recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences to the extent of deferred tax liability.
In respect of a subsidiary, deferred tax assets (net) are recognised as per applicable tax laws. - On 9th July, 2014, the European Commission ("EU") decided to impose a fine of Euro 13.96 million, jointly and severally on the Company and its subsidiary Niche Generics Ltd. ("Niche") contending that they had acted in breach of EU competition law as Niche had, in early 2005 (when the Company was only a part owner and financial investor in Niche) agreed to settle a financially crippling patent litigation with Laboratories Servier. The Company and its subsidiary based on legal advice and merits, had filed appeals against the decision of General Court before the Court of Justice of the EU. On 27th June, 2024, the 'Court of Justice of the EU' have upheld the fine of Euro 13.96 million imposed by the 'General Court of the EU' on the Company and Niche and demand order is awaited.
During the quarter and year ended 31st March, 2024, the management of the Company on the basis of abundant precaution had made full provision of Euro 13.96 million (equivalent to ₹ 12,562.25 lakhs) towards EU fine which was disclosed under exceptional item. - Exceptional Items comprise of the following:
- Lakhs
Particulars |
| Quarter ended |
| Year ended |
30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 | |
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(Gain) / Loss on disposal of investment | - | - | - | (6,478.91) |
Net (gain) / loss on disposal of Property, Plant and Equipment | - | - | - | (322.57) |
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Provision for European commission fine (refer note 5 above) | - | 12,562.25 | - | 12,562.25 |
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Total Exceptional Items - expenses / (income) | - | 12,562.25 | - | 5,760.77 |
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7 The aggregate amount of revenue expenditure incurred on Research and Development as included in the relevant expense heads is as tabulated below:
- Lakhs
Particulars |
| Quarter ended |
| Year ended |
| 30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 |
Total R&D expenditure | 2,571.35 | 2,257.52 | 2,682.46 | 10,466.70 |
By Order of the Board
For Unichem Laboratories Limited
Pabitrakumar
Kalipada
Bhattacharyya
Digitally signed by Pabitrakumar Kalipada Bhattacharyya
Date: 2024.08.08 11:53:45 +05'30'
| Pabitrakumar Kalipada Bhattacharyya |
Place: Mumbai | Managing Director |
Date: 8th August, 2024 | DIN: 07131152 |
4*(/&%'03*%&/5*'*$"5*0/ |
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BHAVIN SURENDRA KAPADIA
Digitally signed by
BHAVIN SURENDRA KAPADIA
Date: 2024.08.08 12:11:21 +05'30'
/"4)")"440$*"5&4--1
.6.#"*
Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors
Unichem Laboratories Limited
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We have reviewed the accompanying statement of consolidated unaudited financial results of Unichem Laboratories Limited ("the Holding Company"), comprising its subsidiaries (the Holding and its subsidiaries collectively referred to as "the Group") and its share in associate for the quarter ended 30th June 2024 ("the Statement"), being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
Management's responsibility - The Statement is the responsibility of the Holding Company's Management and has been approved by the Holding Company's Board of Directors. The Statement has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
Auditor's responsibility - Our responsibility is to issue a report on this Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing specified under section 143(10) of the Companies Act, 2013 and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with the circular issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (continued)
4. These consolidated unaudited financial results include:
- results of the following subsidiaries:
- Niche Generics Limited, United Kingdom
- Unichem Pharmaceuticals (USA), Inc., USA
- Unichem Laboratories Limited, Ireland
- Unichem SA (Pty) Limited, South Africa
- Unichem Farmaceutica Do Brasil Ltda, Brazil
- Unichem (China) Pvt. Ltd.
- results of the associate: Synchron Research Services Pvt. Ltd.
Basis for conclusion
-
Based on our review conducted and procedures performed as stated in above auditor's responsibility paragraph and based on the consideration of the review reports of the subsidiaries reviewed by another auditor and Management certified accounts furnished to us, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standard and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended, including the manner in which it is to be disclosed, or that it contains any material misstatement.
Other matters - We did not review the interim financial statements of subsidiary at USA, whose interim financial statements reflect total revenues (including other income) of Rs.26,633.69 Lakhs, total net profit / (loss) after tax and total comprehensive income of Rs. 1,335.32 lakhs for the quarter ended 30th June 2024 as considered in the unaudited consolidated financial results. These financial results have been reviewed by other auditor whose report have been furnished to us by the Management and our conclusion on the unaudited consolidated financial results, in so far as it relates to the amounts and disclosures included in respect of this subsidiary and our report in terms of the Listing Regulations (as amended), in so far as it relates to aforesaid subsidiary located outside India is based on the report of other auditor and the procedures performed by us as stated in paragraph 3 above.
- We also did not review the interim financial information of balance five subsidiaries, whose interim financial statements reflect total revenues (including other income) of Rs. 5,395.58 lakhs, total net profit / (loss) after tax and total comprehensive income of Rs. (271.16) lakhs for the quarter ended 30th June 2024 as considered in the unaudited consolidated financial results. These financial information are not subject to limited review by their auditors and have been furnished to us by the Management and our conclusion on the consolidated unaudited financial results, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries is solely based on the information provided by the Management. According to the information and explanations given to us by the Management, these financial information are not material to the Group.
Independent Auditor's Review Report on Quarterly Consolidated Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (continued)
8. In case of associate, the carrying value of investment had been fully impaired. Further, financial information of associate is not available for the quarter ended 30th June 2024. In view of the above and in our opinion and according to the information and explanations given to us by the Management, this financial information is not material to the Group.
Our conclusion on the Statement is not modified in respect of the matters stated in paragraph 6, 7 and 8 above.
For N. A. Shah Associates LLP
Chartered Accountants
Firm's Registration No.: 116560W / W100149
BHAVIN SURENDRA KAPADIA
Digitally signed by BHAVIN SURENDRA KAPADIA Date: 2024.08.08 12:09:52 +05'30'
Bhavin Kapadia
Partner
Membership No.: 118991
UDIN: 24118991BKFQWN6544
Place: Mumbai
Date: 8th August 2024
UNICHEM LABORATORIES LIMITED
CIN: L99999MH1962PLC012451
Statement of Standalone Unaudited Results for the Quarter ended 30th June, 2024
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| ₹ Lakhs |
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| Quarter ended |
| Year ended |
| Particulars | 30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 |
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| Unaudited | Unaudited | Unaudited | Audited |
I | Revenue from operations | 38,974.76 | 39,924.29 | 34,666.70 | 1,44,216.78 |
II | Other income | 877.43 | 703.71 | 582.62 | 3,038.60 |
III | Total income (I+II) | 39,852.19 | 40,628.00 | 35,249.32 | 1,47,255.38 |
IV | EXPENSES |
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| Cost of materials consumed | 20,031.63 | 18,937.15 | 17,198.16 | 71,692.11 |
| Purchase of stock-in-trade | 27.95 | 21.21 | 24.38 | 91.09 |
| Changes in inventories of finished goods and work-in-progress | (2,564.46) | (212.24) | (444.16) | (2,636.03) |
| Employee benefits expense | 7,246.66 | 6,830.41 | 7,361.40 | 28,314.49 |
| Finance costs | 138.21 | 175.79 | 247.53 | 1,042.01 |
| Depreciation and amortization expenses | 2,610.66 | 2,521.91 | 2,736.27 | 10,545.80 |
| Other expenses | 10,213.12 | 11,288.32 | 9,696.04 | 41,663.17 |
| Total expenses (IV) | 37,703.77 | 39,562.55 | 36,819.62 | 1,50,712.64 |
V | Profit / (Loss) before exceptional items and tax (III-IV) | 2,148.42 | 1,065.45 | (1,570.30) | (3,457.26) |
VI | Exceptional items - expenses/(income) (Refer note 6) | - | 12,562.25 | - | 5,760.77 |
VII | Profit / (Loss) before tax (V-VI) | 2,148.42 | (11,496.80) | (1,570.30) | (9,218.03) |
VIII | Tax expense |
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| (1) Current tax | - | - | - | - |
| (2) Deferred tax charge / (credit) (Refer note 4) | - | - | - | - |
| (3) Short / (excess) provision for tax (earlier years) | - | - | - | - |
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| - | - | - | - |
IX | Profit / (Loss) for the period after tax (VII-VIII) | 2,148.42 | (11,496.80) | (1,570.30) | (9,218.03) |
- Other Comprehensive Income / (Loss)
- (i) Items that will not be reclassified subsequently to profit or loss
- Remeasurement of the net defined benefit plan | 44.20 | 70.20 | (17.87) | (27.38) |
- Equity instruments through other comprehensive income | - | - | - | - |
- Income tax (expense) / credit relating to items that will not be reclassified to profit or loss
| - Remeasurement of the net defined benefit plan | - | - | - | - |
| - Equity instruments through other comprehensive income (net) | - | - | - | - |
| B. (i) Items that will be reclassified to profit or loss |
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| (25.37) |
| - Gain/ (Loss) on cash flow hedge | 16.18 | (25.37) | - | |
| (ii) Income tax relating to items that will be reclassified to profit |
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| or loss | - | - | - | - |
| - Gain/ (Loss) on cash flow hedge | ||||
| Total of Other Comprehensive Income / (Loss) | 60.38 | 44.83 | (17.87) | (52.75) |
XI | Total Comprehensive Income for the period (IX+X) | 2,208.80 | (11,451.97) | (1,588.17) | (9,270.78) |
XII | Paid-up equity share capital (Face value of ₹ 2/- per share) | 1,408.12 | 1,408.12 | 1,408.12 | 1,408.12 |
XIII | Other Equity (Reserves excluding revaluation reserve) |
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| 2,28,054.48 |
XIV Earnings per equity share (Face value of ₹ 2/- per share) |
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| (not annualized) | 3.05 | (16.33) | (2.23) | (13.09) |
| (1) Basic | ||||
| (2) Diluted | 3.04 | (16.33) | (2.23) | (13.09) |
Notes:
- The above unaudited standalone financial results ("the Statement") for the quarter ended 30th June, 2024 have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at its meeting held on 8th August, 2024. The statutory auditors have expressed an unmodified audit conclusion on these standalone financial results for the quarter ended 30th June, 2024.
- The above Statement has been prepared in accordance with the guidelines issued by the Securities and Exchange Board of India ("SEBI") and the Indian Accounting Standards (Ind AS) prescribed under Section 133 of the Companies Act, 2013.
- Operating Segment: The Company has a single reportable segment i.e. 'Pharmaceuticals'.
- Deferred tax asset is recognised on the amount of tax loss, unabsorbed tax depreciation and other temporary differences to the extent of deferred tax liability.
- On 9th July, 2014, the European Commission ("EU") decided to impose a fine of Euro 13.96 million, jointly and severally on the Company and its subsidiary Niche Generics Ltd. ("Niche") contending that they had acted in breach of EU competition law as Niche had, in early 2005 (when the Company was only a part owner and financial investor in Niche) agreed to settle a financially crippling patent litigation with Laboratories Servier. The Company and its subsidiary based on legal advice and merits, had filed appeals against the decision of General Court before the Court of Justice of the EU. On 27th June, 2024, the 'Court of Justice of the EU' have upheld the fine of Euro 13.96 million imposed by the 'General Court of the EU' on the Company and Niche and demand order is awaited.
During the quarter and year ended 31st March, 2024, the management of the Company on the basis of abundant precaution had made full provision of Euro 13.96 million (equivalent to ₹ 12,562.25 lakhs) towards EU fine which was disclosed under exceptional item. - Exceptional Items comprise of the following:
- Lakhs
Particulars |
| Quarter ended |
| Year ended |
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30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 | |
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(Gain) / Loss on disposal of investment | - | - | - | (6,478.91) |
Net (gain) / loss on disposal of Property, Plant and Equipment | - | - | - | (322.57) |
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Provision for European commission fine (refer note 5 above) | - | 12,562.25 | - | 12,562.25 |
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Total Exceptional Items - expenses / (income) | - | 12,562.25 | - | 5,760.77 |
7 The aggregate amount of revenue expenditure incurred on Research and Development as included in the relevant expense heads is as tabulated below:
- Lakhs
| Particulars |
| Quarter ended |
| Year ended |
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| 30.06.2024 | 31.03.2024 | 30.06.2023 | 31.03.2024 |
| Total R&D expenditure | 2,571.35 | 2,257.52 | 2,682.46 | 10,466.70 |
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| By Order of the Board |
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| For Unichem Laboratories Limited | ||
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| Pabitrakumar | Digitally signed by |
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| Pabitrakumar Kalipada |
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| Kalipada |
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| Bhattacharyya |
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| Bhattacharyya | Date: 2024.08.08 11:53:11 |
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| +05'30' |
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| Pabitrakumar Kalipada Bhattacharyya | ||
| Place: Mumbai |
| Managing Director |
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| Date: 8th August, 2024 |
| DIN: 07131152 |
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4*(/&%'03*%&/5*'*$"5*0/
BHAVIN SURENDRA KAPADIA
Digitally signed by
BHAVIN SURENDRA KAPADIA
Date: 2024.08.08 12:10:52 +05'30'
/"4)")"440$*"5&4--1
.6.#"*
Independent Auditor's Review Report on Quarterly Standalone Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
To
The Board of Directors
Unichem Laboratories Limited
-
We have reviewed the accompanying statement of standalone unaudited financial results ("the Statement") of Unichem Laboratories Limited ("the Company") for the quarter ended 30th June, 2024, attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
Management's responsibility - The Statement which is the responsibility of the Company's Management and approved by the Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34 "Interim Financial Reporting" ("Ind AS 34"), prescribed under Section 133 of the Companies Act, 2013 read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations.
Auditor's responsibility - Our responsibility is to issue a report on this Statement based on our review.
We conducted our review in accordance with the Standard on Review Engagement (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This Standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statements are free of material misstatement. A review is limited primarily to inquiries of Company personnel and analytical procedures applied to financial data and thus provides less assurance than an audit. We have not performed an audit and accordingly, we do not express an audit opinion.
Independent Auditor's Review Report on Quarterly Standalone Unaudited Financial Results of Unichem Laboratories Limited pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (continued)
Conclusion
4. Based on our review conducted as above, nothing has come to our attention that causes us to believe that the accompanying Statement of unaudited financial results, prepared in accordance with recognition and measurement principles laid down in the applicable Indian Accounting Standards i.e. 'Ind AS' prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder and other recognized accounting practices and policies has not disclosed the information required to be disclosed in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, including the manner in which it is to be disclosed, or that it contains any material misstatement.
For N. A. Shah Associates LLP
Chartered Accountants
Firm's Registration No.: 116560W / W100149
BHAVIN SURENDRA KAPADIA
Digitally signed by
BHAVIN SURENDRA KAPADIA
Date: 2024.08.08 12:11:52 +05'30'
Bhavin Kapadia
Partner
Membership No.: 118991
UDIN: 24118991BKFQWM6538
Place: Mumbai
Date: 8th August 2024