Alembic : Audited Financial Results for the Quarter and Financial year ended 31st March, 2023

ALEMBIC LIMITED

CIN:L26100GJ1907PLC000033

Regd.Office: Alembic Road, Vadodara 390 003

Ph:0265 2280550

www.alembiclimited.com Email:[e-mail]

Statement of Consolidated Audited Financial Results for the Quarter and Year ended 31st March, 2023
							Rs. in Lakhs
				Quarter Ended		Year Ended
Sr.			31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
No		Particulars	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Revenue from Operations	3,712	3,061	1,824	12,724	7,822
2	Other Income		204	244	440	6,426	8,918
3	Total Income		3,915	3,305	2,264	19,151	16,740
4	Expenses
	Cost of Materials Consumed	123	137	204	692	853
	Cost of Construction	959	797	255	3,480	1,164
	Changes in Inventories of Finished Goods and WIP	59	(7)	(34)	(60)	246
	Employee Benefit Expenses	560	589	545	2,404	2,147
	Finance Costs		13	11	10	47	39
	Depreciation and amortisation expense	170	169	140	672	486
	Other Expenses	667	503	562	2,175	2,020
	Total Expenses	2,550	2,198	1,682	9,410	6,954
5 Profit Before Exceptional Items and Tax {3-4)	1,365	1,108	582	9,741	9,786
6	Exceptional Items-Refer Note no 3	1,061		-	1,061
7	Profit Before Tax (5-6)	304	1,108	582	8,680	9,786
8	Tax Expenses
	Current Tax		{130)	31	153	372	1,160
	Deferred Tax		(36)	(5)	(23)	247	21
	Short/ (Excess) Provision of earlier years		(0)	(14)	(0)	(14)
9	Net Profit after tax for the Period	470	1,082	465	8,062	8,619
10	Share of Associate's Profit/(Loss)	4,355	3,480	(374)	11,003	13,586
11	Net Profit/(Loss) after tax and Share of Associate's Profit/(Loss)	4,825	4,562	91	19,065	22,206
12	Other Comprehensive Income
	A (i) Items that will not be reclassified to Profit or (Loss)	(11,477)	(4,328)	878	(24,613)	11,897
	(ii) Income tax relating to items that will not be reclassified to Profit
	or (Loss)	-	1,308	495	(98)	2,811	(1,344)
	B (i) Items that will be reclassified to Profit or (Loss)	(25)	91	83	391	132
13	Total Comprehensive lncome/(Loss) for the Period	(5,369)	819	954	{2,346)	32,891
14 Paid up Equity Share Capital (Face Value of Rs 2/- per share)	5,135.64	5,135.64	5,135.64	5,135.64	5,135.64
15	Other Equity (excluding Revaluation Reserve)				1,69,499	1,89,567
16 Earnings per equity share (FV Rs. 2/- per share)	1.88	1.78	0.04	7.42	8.65
	Basic & Diluted (In Rs.)

	Alembic Limited
	Segment wise Consolidated Revenue and Results					Rs in Lakhs
		Quarter Ended		Year Ended
Sr.		31.03.2023	31.12.2022	31.03.2022	31.03.2023	31.03.2022
No	Particulars	(Audited)	(Unaudited)	(Audited)	(Audited)	(Audited)
1	Segment Revenue
	Revenue from Operations
	a. Active Pharmaceutical Ingredients Business	690	555	698	2,649	3,227
	b. Real Estate Business	3,021	2,506	1,125	10,075	4,595
	Total Income from Operations (Net)	3,712	3,061	1,824	12,724	7,822

2 Segment Results (Profit(+)/ Loss(-) before Taxes and interest from each

	segment)					525
	a. Active Pharmaceutical Ingredients Business	21	8	202	203
	b. Real Estate Business	1,349	1,024	323	3,697	1,162
	Total	1,370	1,032	525	3,900	1,687
	Unallocable Income and Expenditure
	(i) Interest Expense	(13)	(11)	(10)	(47)	(39)
	(ii) Exceptional items-AP!	(1,061)		-	(1,061)
	(iii) Dividend Income and Gain/(Loss) on Fair Value Change of Financial Asset	(47)	46	(57)	5,730	7,960
	(iv) Other Income/ (Expense)	55	41	124	157	178
	Total Profit Before Tax	304	1,108	582	8,680	9,786
3	Segment Assets		15,214	14,883		14,883
	a. Active Pharmaceutical Ingredients Business	15,278	15,278
	b. Real Estate Business	32,042	29,776	27,248	32,042	27,248
	c. Unallocated	1,73,139	2,10,269	2,21,065	1,73,139	2,21,065
	Total	2,20,458	2,55,258	2,63,195	2,20,458	2,63,195
4	Segment Liabilities
	a. Active Pharmaceutical Ingredients Business	2,753	1,770	1,752	2,753	1,752
	b. Real Estate Business	6,419	6,050	5,533	6,419	5,533
	c. Unallocated	3,484	4,993	6,251	3,484	6,251
	Total	12,655	12,813	13,537	12,655	13,537

Notes:

1. The above results have been audited by Statutory Auditors, recommended by Audit Committee and approved by the Board of Directors of the Company.
2. The Board has recommended Dividend of Equity shares at Rs 2.20 per share (face value Rs. 2/- each) i.e 110% for the year ended on 31st March,2023 (Previous year Rs 1.80 per share i.e 90%)
3. The Company had informed the stock exchanges vide communication dated 14th February, 2023 that the Appeal filed by the Company before the Hon'ble High Court of Gujarat in matter(s) arising out of Special Civil Application No. 2683 of 2004 and others, against the State of Gujarat, Collector of Electricity Duty, Chief Auditor, Industries Commission; has been dismissed. The Company has filed an appeal before the Hon'ble Supreme Court of India challenging the referred Order. Pending decision of the Hon'ble Supreme Court, the Company has made an aggregate provision in its books for the principal amount of Rs. 2,052.13 lakhs (Rs 991.26 lakhs was already provided in previous periods) and disclosed contingent liability for interest, the amount of which is not ascertainable.
4. The Statutory Auditors of the Company have given a qualified opinion in their Auditor's report dated 12th May, 2023. The qualification essentially flows from its Associate Company's i.e. Alembic Pharmaceuticals Limited's audit qualification. The attached Statement on impact of audit qualifications for the financial year ended 31st March 2023 explains the audit qualification and its impact and the response from the management of the Associate, which are self-explanatory.
5. The previous quarter's/ year's figures have been regrouped / rearranged wherever necessary to make it comparable with the current quarter/ year.
6. The figures for the quarter ended 31st March, 2023 and corresponding quarter ended 31st March, 2022 are the balancing figures between the audited figures in respect of full financial year and year to date figures upto third quarter of the respective financial years which were subject to limited review.

For Alembic Limited

Place : London	Chirayu Amin
Date : 12th May, 2023	Chairman

Alembic Limited

Statement of Consolidated Assets and Liabilities

Particulars

ASSETS

Non-Current Assets

1. Property, Plant and Equipments (bl Capital Work-in-Progress

1. Investment Property
2. Goodwill
3. Financial Assets
4. 1. Investments
   2. Investments accounted using Equity Method
   3. Others

(f) Other Non-Current Assets

Current Assets

1. Inventories
2. Financial Assets
3. 1. Investments
   2. Trade Receivables
   3. Cash and Cash Equivalents
   4. Bank Balances other than Cash and Cash Equivalents
   5. Loans
   6. Others
4. Other Current Assets
5. Current Tax Assets (Net)

TOTAL -ASSETS

EQUITY AND LIABILITIES

Equity

1. Equity Share Capital
2. Other Equity

Liabilities

Non-Current Liabilities

1. Financial Liabilities
2. 1. Other Financial Liabilities
3. Provisions
4. Deferred Tax Liability (Net)

Current Liabilities

1. Financial Liabilities
2. 1. Trade Payables
   2. 1. total outstanding dues of Micro and Small Enterprises
      2. total outstanding dues of Others
   3. Other Financial Liabilities
3. Other Current Liabilities
4. Provisions
5. Current Tax Liabilities (Net)

TOTAL - EQUITY AND LIABILITIES

	Rs. in Lakhs
As at 31st	As at 31st
March, 2023	March, 2022
(Audited)	(Audited)
13,183	13,350
13	19
18,942	16,366
5	5
37,432	61,314
1,33,384	1,56,887
285	423
-	498
2,03,245	2,48,863
8,861	8,687
4,540	2,584
2,345	1,522
93	117
97	67
-	504
790	277
410	573
78	-
17,214	14,332
2,20,458	2,63,195
5,136	5,136
2,02,668	2,44,523
2,07,803	2,49,658
670	603
121	110
3,484	6,048
4,274	6,760
311	276
1,427	1,651
626	432
3,879	3,122
2,138	1,092
-	203
8,381	6,776
2,20,458	2,63,195
	For Alembic Limited

Place : London	Chirayu Amin
Date : 12th May, 2023	Chairman

Alembic Limited

Consolidated Cash Flow Statement for Year ended 31st March, 2023

			Rs In Lakhs
		For the Year Ended For the Year Ended
	Particulars	on 31st March,	on 31st March,
	2023	2022
		(Audited)	(Audited)
A CASH FLOW FROM OPERATING ACTIVITIES:	8,680
	Net Profit before tax	9,786
	Add:	672
	Depreciation	486
	Interest charged	47	39
	(Gain)/ Loss on sale of Property, Plant and Equipments	(103)	(196)
	Sundry balances written back (Net)	(106)	(120)
	Other Non cash items	(105)
	Less:	(111)	(112)
	Interest Income
	Dividend Income	(5,686)	(7,858)
	Operating Profit before change in working capital	3,393	1,920
	Working capital changes:
	Add/ (Less) :	(174)	(3,259)
	(Increase)/ Decrease in Inventories
	(Increase)/ Decrease in Trade Receivables	(823)	(141)
	(Increase)/ Decrease in Other Asset	163	394
	(Increase)/ Decrease in Financial Asset	129	(662)
	Increase/ (Decrease) in Trade Payables	(189)	266
	Increase/ (Decrease) in Financial Liabilities	232	143
	Increase/ (Decrease) in Other Liabilities	757	442
	Increase/ (Decrease) in Provisions	1,050	27
	Cash generated from operations	4,537	(870)
	Add/ (Less) :	(652)	(904)
	Direct taxes paid (Net of refunds)
	Net cash inflow from operating activities (A)	3,885	(1,775)
B CASH FLOW FROM INVESTING ACTIVITIES:
	Add:	108	219
	Proceeds from sale of Property, Plant and Equipments
	Proceeds from sale/ redemption of Investments	11,110	10,303
	Interest received	111	112
	Dividend received	5,686	7,858
	Less:	17,015	18,493
	Purchase of PPE and Investment Property/increase in CWIP and Capital Advances	2,582	3,581
	Purchase of Investments	13,674	13,028
	Increase in Restricted Bank Balances other than Cash & Cash Equivalents	29	(1)
		16,285	16,608
	Net cash inflow from Investing activities (B)	730	1,885
C CASH FLOW FROM FINANCING ACTIVITIES:
	Add:		(28)
	Net increase/(decrease) in working capital demand loans
	Less:	4,592	515
	Dividends paid
	Interest and other finance costs	47	39
		4,639	554
	Net cash inflow from Financing activities ( C)	(4,639)	(582)
I.	Net (Decrease)/ Increase in cash and cash equivalents (A+B+C)	(24)	(472)
II.	Cash and cash equivalents at the beginning of the period	117	589
Ill. Cash and cash equivalents at the end of the period (1+11)	93	117
IV. Cash and cash equivalents at the end of the period	92	115
	Balances with Bank
	Cash on Hand	1	2
	Cash and cash equivalents	93	117

For Alembic Limited

Place : London	Chirayu Amin
Date : 12th May, 2023	Chairman

Statement on Impact of Audit Qualifications (for audit report with modified opinion) submitted along-with Annual Audited Financial Results - Consolidated.

Statement on Impact of Audit Qualifications for the Financial Year ended 31st March, 2023 [See Regulation 33 / 52 of the SEBI (LODR) (Amendment) Regulations, 2016]

				Rs in Lakhs
I.		Audited Figures (as	Adjusted Figures
SI.
Particulars	reported before	(audited figures
No.		adjusting for	after adjusting for
			qualifications)	qualifications)
1	Total income		19,151	19,151
2	Total Expenditure		9,410	9,410
3	Profit Before Exceptional Item and Tax		9,741	9,741
4	Exceptional Item		1,061	1,061
5	Net Profit after tax for the Period		8,062	8,062
6	Share of Associate's Profit/(Loss)		11,003	(18,269)
7	Net Profit/Closs) after tax and Share of Associate's Profit/(Loss)		19,065	(10,207)
8	Earnings Per Share (in Rs)	,	7.42	(3.97)
9	Total Assets	2,20,458	2,20,458
10	Total liabilities		12,655	12,655
11	Net Worth		2,07,803	2,07,803
12	Any other financial item{s) (as felt appropriate by the management)		No	No

1. Audit Qualification (each audit qualification separately):

1. Details of Audit Qualification:
   The Statutory Auditors of Alembic Pharmaceuticals limited (hereinafter referred to as 'APL'), an Associate of the Holding Company, have mentioned the following Audit Qualification in their Audit Report dated 05th May, 2023:
   "We refer to Note No. 3b to the consolidated financial statements/results regarding Draft Scheme of Arrangement ("Scheme") approved by the Board of Directors of Holding Company in its meeting held on March 2, 2023, involving reorganisation/utilisation of General Reserve, between the Holding Company and its shareholders with effect" from the appointed date i.e. January 1, 2023 which is pending before regulatory authorities. Further, the Holding Company has withdrawn INR 1,025.66 crores from General Reserve and transferred the same to the Statement of Profit and Loss for the year ended March 31, 2023 under the head "Exceptional Items". We are of the opinion that the said treatment does not meet the criteria of "Income" under Indian Accounting Standards ("Ind AS") and therefore, the same should not be recognised in the Statement of Profit and Loss for the year. Had this transfer not been effected, Profit after tax for the year and Retained Earnings as at March 31, 2023 would have been reduced by INR 1,025.66 crores each, General Reserve as at March 31, 2023 would have been increased by INR 1,025.66 crores and Basic and Diluted Earnings per Share for the year ended March 31, 2023 would have been lower by INR 52.18 on consolidated basis."

The figures stated above, are adjusted for the above referred qualification, in proportion to the Company's holding in APL.

1. Type of Audit Qualification : Qualified Opinion
2. Frequency of qualification: Appeared first time