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BIOCON LIMITED

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2025-04-01

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Notes: 1. The unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on February 11, 2026 and February 12, 2026 respectively. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited (’Syngene’) ii. Biocon Biologics Limited (‘BBL’) iii. Biocon Pharma Limited (‘BPL’) iv. Biocon Academy v. Biocon SA vi. Biocon SDN. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SDN. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil LTDA xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited xxi. Syngene Scientific Solutions Limited xxii. Biosimilar Collaborations Ireland Limited xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L.U xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece Single Members P.C. xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associate i.e. Iatrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and / or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document (‘PD’). Out of these proceeds: (a) The Company acquired 1,125 outstanding Optionally Convertible Debentures (‘OCDs’) issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further the Company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement. (b) During the quarter ended September 30, 2025, the Company has settled Commercial paper (‘CP’) for an aggregate value of Rs. 5,988 million; and (c) During the quarter ended December 31, 2025, the Company has made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures (‘NCDs’) that were issued to Kotak Special Situations Fund for an aggregate value to Rs. 15,090 million. 5. On November 11, 2025, the Company entered into Debenture Purchase Agreement (‘DPA’) with ESOF III Investment Fund and EAAA India Alternatives Limited (collectively referred to as ‘Edelweiss’) for acquisition of 10,686,044 unlisted, secured, Compulsorily Convertible Debentures (‘CCDs’) of BBL for an aggregate value of Rs. 4,735 million against the gross obligation of Rs. 3,915 million. Resultant loss of Rs. 820 million is accounted under ‘other equity’ in line with accounting policy choice at time of initial recognition. The consideration towards the acquisition of these CCDs was subsequently paid on January 05, 2026 by the Company. 6. On December 6, 2025, the Company entered into Share Swap Agreement (‘SSA’) with Tata Capital Growth Fund II and Activ Pine LLP for purchase of 33,957,771 equity shares in BBL against 23,863,769 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 9,683 million against the gross obligation of Rs. 10,493 million. Resultant gain of Rs. 810 million is accounted under “other equity” in line with accounting policy choice at time of initial recognition. The preferential allotment of these shares were made subsequently on January 05, 2026 by the Company. 7. During the quarter ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 8. During the quarter ended June 30, 2025, Syngene has been granted license for one of the drug substance production line and bonded warehouse license at biologics manufacturing facility, Bangalore, India which was acquired from Stelis Biopharma Limited and was recorded as capital work in progress in earlier years. Consequently, Rs. 3,438 million has been capitalized as property, plant and equipment which has resulted in a higher depreciation of Rs. 70 million and Rs. 176 million during the quarter and nine months ended December 31, 2025, respectively. 9. In April 2024, BBL sold to Eris Lifesciences (‘Eris’) its business in relation to Metabolics, Oncology, and Critical Care products in India for a consideration of Rs. 12,420 million. Further, BBL signed a 10 year supply agreement with Eris. This resulted in a gain of Rs. 10,573 million after taking into account working capital and expenses incurred towards commercial collaboration and the same is disclosed under ‘’Other income” in the consolidated financial results for nine months ended December 31, 2024 and for the year ended March 31, 2025. 10. During the quarter ended December 31, 2024, Biocon Biologics Global PLC, one of the subsidiary of BBL, raised Rs. 67,056 million by issue of senior secured Notes (‘Bonds’), listed on Singapore Stock Exchange. The transaction was settled on October 9, 2024. Additionally, BBL raised Rs. 26,705 million under a commitment agreement for a new syndicate debt facility. The proceeds from the Bonds, along with the new syndicate debt facility, have been utilized to substantially refinance existing debt of USD 1.1 billion (Rs. 92,202 million). This refinancing has enhanced the Group's liquidity profile, provide financial flexibility, and create opportunities for reinvestment in the business. 11. During the quarter ended December 31 2024, Syngene has opted for "Vivad se Vishwas Scheme, 2024" which has resulted in settlement of pending TDS assessments related to non-resident tax deductions. Consequent to this, tax expense under the scheme amounting to Rs. 95 million was recorded under the head "Current tax". 12. During the year ended 31 March 2025, Syngene USA Inc. (wholly-owned subsidiary of Syngene) acquired biologics site in the USA fitted with multiple monoclonal antibody (mAbs) manufacturing lines from Emergent Manufacturing Operations Baltimore, LLC (a subsidiary of Emergent BioSolutions Inc.) and accounted for this transaction as an 'asset acquisition' under Ind AS 103. The costs incurred till March 31, 2025 eligible for capitalization were accumulated as Capital Work in Progress amounting to Rs. 2,981 million. An amount of Rs. 311 million has been capitalized as Land. These amounts include pre-transaction costs of Rs. 101 million. During the quarter and nine months ended December 31, 2025, additional pre-operating cost of Rs. 139 million and Rs. 304 million respectively, eligible for capitalisation has been accumulated under capital work in progress. 13. Events after the reporting period: a. On January 14, 2026, the Company has raised funds by way of allotment of 112,664,585 Equity Shares of face value Rs. 5 each at a price of Rs. 368.35 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 41,500 million, to acquire BBL equity shares from Mylan Inc., acquisition of 10,686,044 CCDs of BBL from Edelweiss and general corporate purposes. b. The Company has made early and full redemption of the 50,000 unlisted, secured, rated, redeemable Non-Convertible Debentures (‘NCDs’) of face value Rs. 100,000 each for an aggregate value of Rs. 6,795 million, issued and allotted by the Company on May 19, 2023, subsequent to the approval by its Board of Directors in their meeting held on November 11, 2025. Accordingly, these NCDs were redeemed on January 05, 2026. c. Pursuant to the Board approval, the Company has issued and allotted the Commercial Paper of Rs. 18,000 million on December 22, 2025 and of Rs. 2,000 million on January 02, 2026. The Company has made early and full redemption of the Commercial Paper on January 30, 2026. d. On January 05, 2026, the Company has acquired 112,860,496 equity shares of BBL from Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II and Activ Pine LLP and issued 79,312,534 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 32,183 million subsequent to the approval by its Board of Directors in their meeting held on December 06, 2025 and shareholders meeting at the Extraordinary General Meeting ("EGM") held on December 31, 2025. 14. Exceptional items: a. On November 21, 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The Group has assessed and disclosed the incremental impact of these changes on the basis of current assessment based on the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The Company has presented such incremental impact consisting of gratuity of Rs. 491 million and Rs. 1,748 million in the standalone and consolidated financial results respectively primarily arose due to change in “wage” definition for the quarter ended December 31, 2025. The associated tax impact of Rs. 70 million and Rs. 270 million in the standalone and consolidated financial results respectively is included in the tax expense for the period. b. On December 6, 2025, the Company entered into Share Swap and Share Purchase Agreement (SSPA) with Mylan Inc for purchase of 292,726,366 equity shares in BBL for consideration of Rs. 73,560 million (USD 815 million). Pursuant to above, the Company remeasured the derivative liability recorded earlier in relation to investment in BBL by Mylan Inc and recorded a gain of Rs. 1,842 million as an “exceptional item” in the consolidated financial results for the quarter ended December 31, 2025. The Company obtained shareholder’s approval at the Extra Ordinary General Meeting (EGM) held on December 31, 2025, the Company and accordingly (i) issued 91,967,019 equity shares on a preferential basis at a consideration other than cash aggregating to Rs. 37,318 million (USD 415 million) to acquire 149,056,984 equity shares of BBL on January 05, 2026; and (ii) paid cash consideration of Rs. 18,053 million (USD 200 million) and Rs. 18,189 million (USD 200 million) on January 05, 2026 and January 21, 2026 respectively to acquire 143,669,382 equity shares of BBL. c. In connection with various transactions referred to note 13(b) to note 13(d) above, the Company has incurred cost towards advisory and legal consultancy, premium on hedges, bridge financing cost, differential finance cost for IRR true up, settlement of receivables etc. for an aggregate value of Rs. 1,455 million and Rs. 2,216 million as an “exceptional item” in the standalone and consolidated financial results respectively for the quarter ended December 31, 2025. The associated tax impact of Rs. 183 million and Rs. 290 million is included in the tax expense for the period in the standalone and consolidated financial results. d. During quarter ended December 31, 2025, BBL has recorded an exceptional provision of Rs 762 million for inventories in respect of certain molecules in line with its assessment to liquidate these inventories. The provision recorded on these inventories, being high value and non-recurring, same is classified as an exceptional item. The associated tax impact of Rs. 107 million is included in the tax expense for the period. e. During year ended March 31, 2025, one of the subsidiary of Biocon Pharma Limited (‘BPL’), pursuant to the uncertainty in commercialization of product in certain territories, recorded an impairment of the carrying value of the intangible asset amounting to Rs. 86 million. f. During the year ended March 31, 2025, the Group invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management (‘IFQM’) a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2025, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million. During quarter ended December 31, 2025, the Group invested Rs. 50 million in the equity shares issued by IFQM a Company incorporated under section 8 of the Companies Act, 2013. The Group has fair valued such investment and has recorded fair value charge of Rs. 17 million and Rs. 50 million in the standalone and consolidated financial results respectively. g. During the quarter ended December 31, 2024, the Company sold 8,000,000 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 6,075 million has been recorded as an exceptional item in the standalone financial results. Consequent tax impact of Rs. 261 million is included within tax expense for the year. The sale proceeds arising from such sale of aforesaid equity shares net of amount transferred to Non-Controlling Interest account, has been accounted in other equity in the consolidated financial results since there is no loss of control. h. During the year ended March 31, 2024, one of the subsidiaries of BBL recorded provision for inventory for a product due to its low demand and consequentially lower probability of liquidation under the head ‘Exceptional Item’. Subsequently, during the quarter ended December 31, 2024 and year ended March 31, 2025, BBL liquidated such inventory amounting to Rs. 260 million and Rs. 885 million, respectively. Hence, the related provision has been reversed and reflected as an exceptional item in the consolidated financial results. Consequential tax impact of Rs. 30 million and Rs. 147 million is included within tax expense for the respective period/ year. i. Pursuant to repayment of the acquisition debt, as referred to in note 8 above, BBL had written off the unamortized portion of debt raise cost amounting to Rs. 1,216 million pertaining to acquisition debt pursuant to pre-payment of such debt. This has been recorded as an expense in the consolidated financial results for the quarter ended December 31, 2024. Consequent tax impact of Rs. 304 million is included within tax expense for the period. j. During the quarter ended December 31, 2024, BBL had received Rs. 2,518 million towards working capital under the existing arrangements, which was recorded at fair value of Rs. 1,382 million having regard to the timing and profitability of recovery. The resulting difference of Rs. 1,136 million is recorded as a gain in the consolidated financial results. Consequential tax impact of Rs. 284 million is included within tax expense. k. During the quarter ended September 30, 2025, one of the subsidiaries of BBL has reached settlement on a litigation matter with one of its customers for a settlement amount of Rs. 291 million and disclosed under “exceptional item”. Pursuant to settlement, the amount disclosed under “other expenses” pertaining to previous quarter has been re-classified to “exceptional item”. The associated tax impact of Rs. 73 million is included in the tax expense for the period. l. During the year ended March 31, 2025, Syngene received its final claim of Rs. 320 million from the insurance company for the loss of fixed assets in fire incident on December 12, 2016.

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'Research services' is renamed as Contract Research, Development, and Manufacturing Organisation (CRDMO) to align with Syngene's current business model as reviewed by the Chief Operating Decision Maker (CODM). Notes: 1. The unaudited standalone and consolidated financial results for the quarter and nine months ended December 31, 2025 in respect of Biocon Limited (‘the Company’) have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on February 11, 2026 and February 12, 2026 respectively. The above results have been subjected to limited review by the statutory auditors of the Company. The reports of the statutory auditors are unqualified. 2. These financial results have been prepared in accordance with Indian Accounting Standards (‘Ind AS’) prescribed under Section 133 of the Companies Act, 2013 and other accounting principles generally accepted in India and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. 3. The consolidated financial results include the financial results of the Company and its subsidiaries as follows: i. Syngene International Limited (’Syngene’) ii. Biocon Biologics Limited (‘BBL’) iii. Biocon Pharma Limited (‘BPL’) iv. Biocon Academy v. Biocon SA vi. Biocon SDN. BHD vii. Biocon FZ LLC viii. Biocon Biologics International Limited (formerly known as Biocon Biologics UK Limited) ix. Biocon Pharma Inc. x. Biocon Biologics Healthcare Malaysia SDN. BHD xi. Biocon Pharma Ireland Limited xii. Biocon Pharma UK Limited xiii. Biocon Biosphere Limited xiv. Biocon Biologics Inc. xv. Biocon Biologics Do Brasil LTDA xvi. Biocon Biologics FZ-LLC xvii. Biocon Pharma Malta Limited xviii. Biocon Pharma Malta I Limited xix. Syngene USA Inc. xx. Syngene Manufacturing Solutions Limited xxi. Syngene Scientific Solutions Limited xxii. Biosimilar Collaborations Ireland Limited xxiii. Biocon Biologics UK PLC (formerly known as Biosimilars Newco Limited) xxiv. Biocon Biologics Canada Inc. xxv. Biocon Biologics Germany GmbH xxvi. Biocon Biologics France S.A.S xxvii. Biocon Biologics Spain, S.L.U xxviii. Biocon Biologics Switzerland AG xxix. Biocon Biologics Belgium BV xxx. Biocon Biologics Finland OY xxxi. Biocon Generics Inc. xxxii. Biocon Biologics Morocco S.A.R.L.A.U xxxiii. Biocon Biologics Greece Single Members P.C. xxxiv. Biocon Biologics South Africa (PTY) Ltd xxxv. Biocon Biologics (Thailand) Co. Ltd xxxvi. Biocon Biologics Philippines Inc xxxvii. Biocon Biologics Italy S.R.L xxxviii. Biocon Biologics Croatia LLC xxxix. Biocon Biologics Global PLC Biocon Limited and its subsidiaries are collectively referred to as ‘the Group’. In addition to the above, the consolidated financial results also include the financial results in respect of Biocon India Limited Employee Welfare Trust, Biocon Limited Employees Welfare Trust, Biocon Biologics Employees Welfare Trust and Syngene Employees Welfare Trust. The Company has also accounted for its share of interest in the joint venture i.e. NeoBiocon FZ-LLC (‘JV’) and share of investment in the associate i.e. Iatrica Inc., under the equity method. 4. During the quarter ended June 30, 2025, the Company raised funds by way of allotment of 136,363,635 Equity Shares of face value Rs. 5 each at a price of Rs. 330 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 45,000 million, to meet certain financial commitments and / or debt obligations of the Company and its subsidiary, BBL and/ or for other purposes as mentioned in the Placement Document (‘PD’). Out of these proceeds: (a) The Company acquired 1,125 outstanding Optionally Convertible Debentures (‘OCDs’) issued by BBL from Goldman Sachs India AIF Scheme- 1 and Goldman Sachs India Alternative Investment Trust AIF Scheme – 2 for an aggregate value of Rs. 16,980 million with a right to convert into equity shares or redeem at maturity. Further the Company has issued a commitment letter effective July 1, 2025, committing to exercise its right to convert OCDs on maturity as per the terms of Subscription Agreement. (b) During the quarter ended September 30, 2025, the Company has settled Commercial paper (‘CP’) for an aggregate value of Rs. 5,988 million; and (c) During the quarter ended December 31, 2025, the Company has made early and full redemption of the 107,000 unlisted, secured, rated, redeemable, Non-convertible Debentures (‘NCDs’) that were issued to Kotak Special Situations Fund for an aggregate value to Rs. 15,090 million. 5. On November 11, 2025, the Company entered into Debenture Purchase Agreement (‘DPA’) with ESOF III Investment Fund and EAAA India Alternatives Limited (collectively referred to as ‘Edelweiss’) for acquisition of 10,686,044 unlisted, secured, Compulsorily Convertible Debentures (‘CCDs’) of BBL for an aggregate value of Rs. 4,735 million against the gross obligation of Rs. 3,915 million. Resultant loss of Rs. 820 million is accounted under ‘other equity’ in line with accounting policy choice at time of initial recognition. The consideration towards the acquisition of these CCDs was subsequently paid on January 05, 2026 by the Company. 6. On December 6, 2025, the Company entered into Share Swap Agreement (‘SSA’) with Tata Capital Growth Fund II and Activ Pine LLP for purchase of 33,957,771 equity shares in BBL against 23,863,769 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 9,683 million against the gross obligation of Rs. 10,493 million. Resultant gain of Rs. 810 million is accounted under “other equity” in line with accounting policy choice at time of initial recognition. The preferential allotment of these shares were made subsequently on January 05, 2026 by the Company. 7. During the quarter ended September 30, 2025, Syngene has written off Rs. 277 million as unrecoverable balances in receivables due to cumulative changes in foreign exchange rates. Consequent tax impact of Rs. 75 million is included within tax expense for the period. 8. During the quarter ended June 30, 2025, Syngene has been granted license for one of the drug substance production line and bonded warehouse license at biologics manufacturing facility, Bangalore, India which was acquired from Stelis Biopharma Limited and was recorded as capital work in progress in earlier years. Consequently, Rs. 3,438 million has been capitalized as property, plant and equipment which has resulted in a higher depreciation of Rs. 70 million and Rs. 176 million during the quarter and nine months ended December 31, 2025, respectively. 9. In April 2024, BBL sold to Eris Lifesciences (‘Eris’) its business in relation to Metabolics, Oncology, and Critical Care products in India for a consideration of Rs. 12,420 million. Further, BBL signed a 10 year supply agreement with Eris. This resulted in a gain of Rs. 10,573 million after taking into account working capital and expenses incurred towards commercial collaboration and the same is disclosed under ‘’Other income” in the consolidated financial results for nine months ended December 31, 2024 and for the year ended March 31, 2025. 10. During the quarter ended December 31, 2024, Biocon Biologics Global PLC, one of the subsidiary of BBL, raised Rs. 67,056 million by issue of senior secured Notes (‘Bonds’), listed on Singapore Stock Exchange. The transaction was settled on October 9, 2024. Additionally, BBL raised Rs. 26,705 million under a commitment agreement for a new syndicate debt facility. The proceeds from the Bonds, along with the new syndicate debt facility, have been utilized to substantially refinance existing debt of USD 1.1 billion (Rs. 92,202 million). This refinancing has enhanced the Group's liquidity profile, provide financial flexibility, and create opportunities for reinvestment in the business. 11. During the quarter ended December 31 2024, Syngene has opted for "Vivad se Vishwas Scheme, 2024" which has resulted in settlement of pending TDS assessments related to non-resident tax deductions. Consequent to this, tax expense under the scheme amounting to Rs. 95 million was recorded under the head "Current tax". 12. During the year ended 31 March 2025, Syngene USA Inc. (wholly-owned subsidiary of Syngene) acquired biologics site in the USA fitted with multiple monoclonal antibody (mAbs) manufacturing lines from Emergent Manufacturing Operations Baltimore, LLC (a subsidiary of Emergent BioSolutions Inc.) and accounted for this transaction as an 'asset acquisition' under Ind AS 103. The costs incurred till March 31, 2025 eligible for capitalization were accumulated as Capital Work in Progress amounting to Rs. 2,981 million. An amount of Rs. 311 million has been capitalized as Land. These amounts include pre-transaction costs of Rs. 101 million. During the quarter and nine months ended December 31, 2025, additional pre-operating cost of Rs. 139 million and Rs. 304 million respectively, eligible for capitalisation has been accumulated under capital work in progress. 13. Events after the reporting period: a. On January 14, 2026, the Company has raised funds by way of allotment of 112,664,585 Equity Shares of face value Rs. 5 each at a price of Rs. 368.35 per Equity Share under ‘Qualified Institutional Placement’ for an aggregate amount of Rs. 41,500 million, to acquire BBL equity shares from Mylan Inc., acquisition of 10,686,044 CCDs of BBL from Edelweiss and general corporate purposes. b. The Company has made early and full redemption of the 50,000 unlisted, secured, rated, redeemable Non-Convertible Debentures (‘NCDs’) of face value Rs. 100,000 each for an aggregate value of Rs. 6,795 million, issued and allotted by the Company on May 19, 2023, subsequent to the approval by its Board of Directors in their meeting held on November 11, 2025. Accordingly, these NCDs were redeemed on January 05, 2026. c. Pursuant to the Board approval, the Company has issued and allotted the Commercial Paper of Rs. 18,000 million on December 22, 2025 and of Rs. 2,000 million on January 02, 2026. The Company has made early and full redemption of the Commercial Paper on January 30, 2026. d. On January 05, 2026, the Company has acquired 112,860,496 equity shares of BBL from Serum Institute Life Sciences Private Limited, Tata Capital Growth Fund II and Activ Pine LLP and issued 79,312,534 equity shares of the Company on a preferential basis for consideration other than cash, aggregating up to Rs. 32,183 million subsequent to the approval by its Board of Directors in their meeting held on December 06, 2025 and shareholders meeting at the Extraordinary General Meeting ("EGM") held on December 31, 2025. 14. Exceptional items: a. On November 21, 2025, the Government of India notified the four Labour Codes consolidating 29 existing labour laws. The Group has assessed and disclosed the incremental impact of these changes on the basis of current assessment based on the best information available, consistent with the guidance provided by the Institute of Chartered Accountants of India. The Company has presented such incremental impact consisting of gratuity of Rs. 491 million and Rs. 1,748 million in the standalone and consolidated financial results respectively primarily arose due to change in “wage” definition for the quarter ended December 31, 2025. The associated tax impact of Rs. 70 million and Rs. 270 million in the standalone and consolidated financial results respectively is included in the tax expense for the period. b. On December 6, 2025, the Company entered into Share Swap and Share Purchase Agreement (SSPA) with Mylan Inc for purchase of 292,726,366 equity shares in BBL for consideration of Rs. 73,560 million (USD 815 million). Pursuant to above, the Company remeasured the derivative liability recorded earlier in relation to investment in BBL by Mylan Inc and recorded a gain of Rs. 1,842 million as an “exceptional item” in the consolidated financial results for the quarter ended December 31, 2025. The Company obtained shareholder’s approval at the Extra Ordinary General Meeting (EGM) held on December 31, 2025, the Company and accordingly (i) issued 91,967,019 equity shares on a preferential basis at a consideration other than cash aggregating to Rs. 37,318 million (USD 415 million) to acquire 149,056,984 equity shares of BBL on January 05, 2026; and (ii) paid cash consideration of Rs. 18,053 million (USD 200 million) and Rs. 18,189 million (USD 200 million) on January 05, 2026 and January 21, 2026 respectively to acquire 143,669,382 equity shares of BBL. c. In connection with various transactions referred to note 13(b) to note 13(d) above, the Company has incurred cost towards advisory and legal consultancy, premium on hedges, bridge financing cost, differential finance cost for IRR true up, settlement of receivables etc. for an aggregate value of Rs. 1,455 million and Rs. 2,216 million as an “exceptional item” in the standalone and consolidated financial results respectively for the quarter ended December 31, 2025. The associated tax impact of Rs. 183 million and Rs. 290 million is included in the tax expense for the period in the standalone and consolidated financial results. d. During quarter ended December 31, 2025, BBL has recorded an exceptional provision of Rs 762 million for inventories in respect of certain molecules in line with its assessment to liquidate these inventories. The provision recorded on these inventories, being high value and non-recurring, same is classified as an exceptional item. The associated tax impact of Rs. 107 million is included in the tax expense for the period. e. During year ended March 31, 2025, one of the subsidiary of Biocon Pharma Limited (‘BPL’), pursuant to the uncertainty in commercialization of product in certain territories, recorded an impairment of the carrying value of the intangible asset amounting to Rs. 86 million. f. During the year ended March 31, 2025, the Group invested Rs. 75 million in the equity shares issued by Indian Foundation for Quality Management (‘IFQM’) a Company incorporated under section 8 of the Companies Act, 2013. As at March 31, 2025, the Group has fair valued such investment and has recorded fair value charge of Rs. 75 million. During quarter ended December 31, 2025, the Group invested Rs. 50 million in the equity shares issued by IFQM a Company incorporated under section 8 of the Companies Act, 2013. The Group has fair valued such investment and has recorded fair value charge of Rs. 17 million and Rs. 50 million in the standalone and consolidated financial results respectively. g. During the quarter ended December 31, 2024, the Company sold 8,000,000 equity shares of Rs. 10 each of Syngene in the open market. The gain arising from sale of aforesaid equity shares amounting to Rs. 6,075 million has been recorded as an exceptional item in the standalone financial results. Consequent tax impact of Rs. 261 million is included within tax expense for the year. The sale proceeds arising from such sale of aforesaid equity shares net of amount transferred to Non-Controlling Interest account, has been accounted in other equity in the consolidated financial results since there is no loss of control. h. During the year ended March 31, 2024, one of the subsidiaries of BBL recorded provision for inventory for a product due to its low demand and consequentially lower probability of liquidation under the head ‘Exceptional Item’. Subsequently, during the quarter ended December 31, 2024 and year ended March 31, 2025, BBL liquidated such inventory amounting to Rs. 260 million and Rs. 885 million, respectively. Hence, the related provision has been reversed and reflected as an exceptional item in the consolidated financial results. Consequential tax impact of Rs. 30 million and Rs. 147 million is included within tax expense for the respective period/ year. i. Pursuant to repayment of the acquisition debt, as referred to in note 8 above, BBL had written off the unamortized portion of debt raise cost amounting to Rs. 1,216 million pertaining to acquisition debt pursuant to pre-payment of such debt. This has been recorded as an expense in the consolidated financial results for the quarter ended December 31, 2024. Consequent tax impact of Rs. 304 million is included within tax expense for the period. j. During the quarter ended December 31, 2024, BBL had received Rs. 2,518 million towards working capital under the existing arrangements, which was recorded at fair value of Rs. 1,382 million having regard to the timing and profitability of recovery. The resulting difference of Rs. 1,136 million is recorded as a gain in the consolidated financial results. Consequential tax impact of Rs. 284 million is included within tax expense. k. During the quarter ended September 30, 2025, one of the subsidiaries of BBL has reached settlement on a litigation matter with one of its customers for a settlement amount of Rs. 291 million and disclosed under “exceptional item”. Pursuant to settlement, the amount disclosed under “other expenses” pertaining to previous quarter has been re-classified to “exceptional item”. The associated tax impact of Rs. 73 million is included in the tax expense for the period. l. During the year ended March 31, 2025, Syngene received its final claim of Rs. 320 million from the insurance company for the loss of fixed assets in fire incident on December 12, 2016.

Items that will not be reclassified to profit or loss

513000000

Items that will not be reclassified to profit or loss

2176000000

-8000000

112000000

Items that will be reclassified to profit or loss

2607000000

Items that will be reclassified to profit or loss

7893000000

71000000

-743000000

3057000000

10700000000