PANACEABIO2024-04-012024-06-30 PANACEABIO2024-04-012024-06-30in-bse-fin:OneOperatingExpenses01Member PANACEABIO2024-06-30 PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentRevenue01Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentRevenue02Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentResults01Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentResults02Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentAssets01Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentAssets02Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentLiabilities01Member PANACEABIO2024-06-30in-bse-fin:OneReportableSegmentLiabilities01Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneReportableSegmentLiabilities02Member PANACEABIO2024-06-30in-bse-fin:OneReportableSegmentLiabilities02Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneItemsThatWillNotBeReclassifiedToProfitAndLoss01Member PANACEABIO2024-04-012024-06-30in-bse-fin:OneItemsThatWillBeReclassifiedToProfitAndLoss01Member iso4217:INRxbrli:purexbrli:sharesiso4217:INRxbrli:shares 531349 PANACEABIO NOTLISTED Panacea Biotec Limited Equity 2024-04-01 2025-03-31 2024-08-14 2024-08-02 INR Lakhs First quarter 14:30:00 16:10:00 2024-08-14 2024-08-14 Not applicable Multi segment 2024-04-01 2024-06-30 Unaudited Consolidated 1157200000.00 38000000.00 1195200000.00 402400000.00 0.00 14800000.00 375000000.00 8700000.00 87300000.00 504900000.00 1393100000.00 -197900000.00 27400000.00 -170500000.00 0.00 -11700000.00 -11700000.00 0.00 -158800000.00 0.00 0.00 0.00 0.00 -158800000.00 300000.00 -158500000.00 -158000000.00 -800000.00 -157700000.00 -800000.00 61300000.00 1 -2.59 -2.59 0.00 0.00 -2.59 -2.59 Notes: 1. The above financial results of Panacea Biotec Limited (‘the Company’ or ‘PBL’) were reviewed by the Audit Committee of the Board of Directors and approved by the Board of Directors at their respective meetings held on August 14, 2024 and have been reviewed by the statutory auditors of the Company. 2. The financial results have been prepared in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards (“Ind AS”) notified under the Companies (Indian Accounting Standards) Rule, 2015, as amended from time to time, specified under section 133 of the Companies Act, 2013. 3. The consolidated financial results of the Company have been prepared by consolidating the Company's reviewed financial results for the respective periods with the reviewed financial results of the following wholly-owned subsidiaries (“WOS”) and the Enterprises over which the Company exercises control (the Company, these subsidiaries and the enterprises hereinafter collectively referred to as “the Group”): (i) Indian WOS: Panacea Biotec Pharma Limited (“PBPL”) and Meyten Realtech Private Limited; (ii) Overseas WOS: Panacea Biotec (International) S.A., Panacea Biotec Germany GmbH and Panacea Biotec Inc. (WOS through PBPL); and (iii) Enterprises over which the Company exercises control*: PanEra Biotec Private Limited and Adveta Power Private Limited. *considered as a subsidiary for the purpose of consolidation as per Ind AS 110 4. During the quarter ended June 30, 2024, PBPL has formed its wholly-owned subsidiary, Panacea Biotec Inc. in US, with an objective of establishing presence in the world’s largest healthcare market in US by pursing comprehensive range of activities including the buying, selling, marketing, importing, exporting, distributing, and dealing in services and products related to health and wellness such as nutrition, dietary supplements, OTC drugs, medical devices, prescription drugs, and vaccines. 5. For the quarter ended June 30, 2024, the Company has incurred loss (before tax and exceptional items) of Rs.1,498 lakh (year ended March 31, 2024: profit of Rs.421 lakh) and the Group has incurred a loss (before tax and exceptional items) of Rs.1,979 lakh (year ended March 31, 2024: loss of Rs. 3,455 lakh). In March 2022, PBPL had sold its pharmaceutical formulations brands in India and Nepal, for a total consideration of Rs.187,200 lakh, which enabled the Group to repay its outstanding dues of Non-Convertible Debentures (NCDs) and retain sufficient surplus to fund its existing projects and operations and also helped the Group to enter new market and expediting development of new products. The surplus funds with the Group has also strengthened the working capital position, setting up new facilities for enhancement of capacities for manufacturing of vaccines drug substance and scaling up its pharmaceutical formulations business in international markets including ROW countries, USA / EU, etc. and to pursue other business opportunities. The Company has already received higher long-term business orders for vaccines from key institutional customers. Based on these measures and continuous efforts to improve the business performance, the management has prepared the financial results on a going concern basis. Other Expenses 504900000.00 Formulations 588500000.00 Vaccines 568700000.00 1157200000.00 0.00 1157200000.00 Formulations -37800000.00 Vaccines -132700000.00 -170500000.00 0.00 0.00 6. During the quarter ended June 30, 2024, the Group has recognised revenue of Rs.274 lakh, out of the remaining deferred consideration of Rs.5,710 lakh from sale of domestic pharmaceutical brands, under “Exceptional Item” in the consolidated statement of the profit and loss and the balance deferred consideration of Rs.5,436 lakh would be recognised as revenue in subsequent quarters / years and is shown as Contract Liability. 7. On July 1, 2024, the Company received a copy of Request for Arbitration filed by Human Vaccine Limited Liability Company, Russia (“HV”) with London Court of International Arbitration (“LCIA”) for initiating arbitration alleging that the Company has been in alleged breach of its obligations under the Technology Transfer Agreement dated October 22, 2020 entered into between HV and the Company (“TTA”) for manufacturing of Covid-19 vaccine, and is thus liable to refund the advance payment of US$ 7 million plus interest thereon as may be awarded over the course of arbitration. The Company believes that due to the failure on the part of HV to demonstrate & transfer the technology and certain other reasons beyond the Company’s control, the complex process of technology transfer and manufacture of Sputnik-V vaccine could not be completed successfully and the TTA stood frustrated and accordingly both the parties stood automatically discharged from their obligations by operation of law. The Company has already incurred huge expenses on the said project and is thus entitled to adjust the same against the advance received from HV. The Company has already conveyed its position to HV and has offered to refund the balance amount of US$ 0.42 million. Based on the Company’s assessment, duly supported by legal advice, the Company believes that it will not be liable to pay back the amount adjusted towards wasted expenses and costs under dispute with HV and the outcome of this arbitration proceeding is not reasonably expected to have any material financial impact on the Company. The Company is taking requisite steps to safeguard its interest and is in the process of filing its response to the said notice. 8. Pursuant to the order dated July 11, 2024, passed by the Hon’ble High Court of Bombay, the Company’s erstwhile joint venture company, Chiron Panacea Vaccines Private Limited which discontinued its operations in financial year 2012-13 and opted for voluntary liquidation by members, stood dissolved w.e.f. the date of submission of report by the Official Liquidator, viz. June 20, 2024. 9. The Company publishes standalone financial results along with the consolidated financial results. In accordance with Ind AS 108, ‘Operating Segments’, the management has disclosed the segment information in the consolidated financial results. Accordingly, the segment information is given in the consolidated financial results of the Group for the quarter ended June 30, 2024. 10. The necessary certificate / report in respect of the above results in terms of requirement of Regulation 33 of the SEBI (Listing Obligations and Other Disclosure Requirements) Regulations, 2015, has been placed before the Board of Directors. 11. Previous period amounts have been regrouped/ reclassified in compliance with Ind-AS to make them comparable with those of current period / year. 12. ‘0’ under “Rs. in Lakh” represents an amount less than Rs.50,000. Further, the figures shown in the tables may not exactly add up due to rounding off. 13. The above results are also available on the Company’s website https://www.panaceabiotec.com -170500000.00 Formulations 4685700000.00 Vaccines 7630100000.00 12315800000.00 Formulations 1024100000.00 Vaccines 3048400000.00 4072500000.00 0.00 4072500000.00 Items that will not be reclassified to profit or loss -1000000.00 -1000000.00 -300000.00 Items that will be reclassified to profit or loss 1000000.00 1000000.00 0.00