February 8, 2024

BSE Ltd., P J Towers, Dalal Street, Mumbai - 400 001. Scrip Code: 524735 National Stock Exchange of India Ltd., Exchange Plaza, Bandra-Kurla Complex, Bandra, Mumbai - 400 051. Symbol: HIKAL

Dear Sir/Madam,

Subject: Outcome of Board Meeting pursuant to Regulation 30 of the Securities and Exchange Board of India [Listing Obligations and Disclosure Requirements (LODR)] Regulations, 2015

With reference to the captioned subject, this is to inform you that, the Board of Directors of the Company at its meeting held today i.e., February 8, 2024, inter-alia:

A. Unaudited Financial Results [Regulation 30 & 33 of SEBI (LODR) Regulations]

Approved and took on record the Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and period ended December 31, 2023.

The Standalone and Consolidated Unaudited Financial Results of the Company for the quarter and period ended December 31, 2023, alongwith the Limited Review Report of the Statutory Auditors thereon, are enclosed in terms of Regulation 33 of SEBI (LODR) Regulations, 2015.

B. Dividend, Record Date and Payment Date [Regulation 30, 42 and 43 of SEBI (LODR) Regulations]

Declared an Interim Dividend on the Equity Shares of the Company for the financial year 2023-24 @ 30% [Re. 0.60/- per equity share, nominal value of Rs. 2/- each].

The Company has fixed Record Date as Tuesday, February 20, 2024 to ascertain the shareholders of the Company entitled for the payment of Interim Dividend. The Interim Dividend will be paid to the shareholder on or before Saturday, March 9, 2024.

C. Trading Window Re-open [Regulation 9 of SEBI (PIT) Regulations]

The trading window, for trading in securities of the Company by Designated Persons, which remained closed w.e.f. January 1, 2024, will re-open on February 11, 2024.

Hikal Ltd.

Admin. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Belapur, Navi Mumbai - 400 614, India. Tel. + 91–22–6277 0299, + 91–22–6866 0300

Regd. Office: 717, Maker Chambers - 5, Nariman Point, Mumbai - 400 021, India. Tel. +91-22 6277 0477. Fax: + 91-22 6277 0500

The Meeting commenced at 04.00 p.m. and concluded at 07.50 p.m. We request you to kindly take above on your record.

Thank you,

Yours Sincerely, for HIKAL LIMITED,

Rajasekhar Reddy Chintakindi Digitally signed by Rajasekhar Reddy Chintakindi Date: 2024.02.08 19:53:41 +05'30'

Rajasekhar Reddy Company Secretary & Compliance Officer

Enclosure: as above

Hikal Ltd.

Admin. Office: Great Eastern Chambers, 6th Floor, Sector 11, CBD Belapur, Navi Mumbai - 400 614, India. Tel. + 91–22–6277 0299, + 91–22–6866 0300

Regd. Office: 717, Maker Chambers - 5, Nariman Point, Mumbai - 400 021, India. Tel. +91-22 6277 0477. Fax: + 91-22 6277 0500

(Rs In Lakhs)

Extract of unaudited financial results for the quarter and nine months ended 31 December 2023

1 In respect of the standalone results of the Company, the amounts are as follows Standalone Pnrtfculars Quarter ended N lne months ended Year ended 31-Dec-23 30-Sep-23 31-Dec-22 31-Dec-23 31-Dec-22 31-Mar-23 Unaudited Unaudited Unaudited Unaudited Unaudited Audited Total Income 44,763 43,587 54,271 127,249 148,477 202,844 Net ?roflt/(loss) for the period (before tax, Exceptional and/or Extraordinary item) 2,174 1,681 3,579 4,820 5,671 10,536 Net Profit/(loss) for the period before tax (after Exceptional and/or Extraordinary item) Z,174 1,681 3,579 4,820 5,671 10,536 Net Proflt/(loss) for the period after tax (after Exceptional and/or Extraordinary item) 1,627 1,252 2,641 3,565 4,231 7,838 Earnings Per Share (Face Value of Rs 2/- each) (for continuing and discontinued operations) • Basic 1.32 1.02 2.14 2.89 3.43 6.36 • Diluted 1.32 1.02 2.14 2.89 3.43 6.36

1. The above is an extract of the detailed format of quarterly financial results filed with the stock exchanges under regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The full format of the financial results are available on the stock exchange websites (www.bseindla.com and www.nseindia.com) and on Company's website (www.hikal.com).

2. The figures for the previous periods have been regrouped wherever necessary to conform to the current period presentation.

For HIKAL LTD

f :_·_

DIN: 00062203 -

HIKAL LIMITED ~/to ^l< Regd. Office: 717/718, Maker Chamber V, Narlman Point, Mumbai· 400 021. Phone: +91-22-62770299 --""" ^~CIN : L24200MH1988PTC048028, E Mail: [email protected], Website: www.hikal.com ^I ·-. ^~ Just the right chemistry 1_, , .--.,.__ J -::l

Place: Mumbai Jai Hiremath Date : 8 February 2024 Executive Chairman

Note:

,.,,,.......... >

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West)

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended

Review Report to The Board of Directors Hikal Limited

• 1. We have reviewed the accompanying Statement of Unaudited Standalone Financial Results of Hikal Limited (the "Company") for the quarter ended December 31, 2023 and year to date from April 1, 2023 to December 31, 2023 (the "Statement") 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").
• 1. The Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Company's Board of Directors. Our responsibility is to express a conclusion 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 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 Statement is free of material misstatement. 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.
• 1. Based on our review conducted as above, 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 Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.

S R BC & CO LLP, a Limited Liability Partnership with LLP Identity No AAB-4318 Regd, Office: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 016

SR BC & CO LLP

Chartered Accountants

Hikal Limited

1. We draw attention to note 4 and note 5 to the Statement, as regards the ongoing investigations / actions by statutory authorities in relation to alleged non-compliance with certain environmental laws and regulations, and the litigation in respect of the matter referred to in note 4, the outcome of which is presently uncertain. Our conclusion is not modified in respect of these matters.

For SR 8 C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

UDIN:24101143BKFZYX3754

Place: Mumbai Date: February 08, 2024

Statement of unaudited standalone financial results for the quarter and nine months ended 31 December 2023

SlGNED FOR \OENT\HCATION BY ~ , ! ',O S R B C & C O ~-1.-- ·., tv1 U i·:R B ;.'... 3

Notes:

Place Date

Mumbai 8 February 2024

1. The Board of Directors have declared interim dividend of 30% (Re 0.60 per share) on equity shares.

2. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 8 February 2024.

3. The standalone financial results for the quarter ended and nine months ended on 31 December 2023 have been subjected to a 'Limited Review· by the statutory auditors of the Company. The statutory auditors have expressed an unmodified review conclusion. The limited review report will be filed with the stock exchanges and will also be available on the Company's website, www.hikal.com.

4. In connection with the alleged improper disposal of by-products by the Company in January 2022, statutory authorities have conducted investigations In relation to allegecl non-compliance with certain environmental laws and regulations, and the matter is pending before the Courts and relevant statutory authorities.

In an earlier quarter, Maharashtra Pollution Control Board (MPCB) had directed the Company to stop manufacturing activities at its Taloja plant on grounds of not adhering to conditions stipulated in the relevant Consent to Operate. Subsequently, pursuant to an order of the Honourable Bombay High Court, MPCB granted permission on 29 June 2022 to re-start manufacturing activities at the plant.

f or the above matter, in March 2023 , the National Green Tribunal, Principal Bench, New Delhi ('NGT-Delhi') had constituted a committee to make recommendations in this regard. NGT (Delhi) passed an order accepting the committee's reports, which, includes recovery of compensation of Rs. 1745 Lakhs from the Company for non-compliance with environmental laws and regulations. The Hon'ble Bombay High Court had stayed the said order passed by NGT in March 2023, During the current quarter, Gujarat Pollt1tlon Control Board (GPCB) sought a vacation of the original stay order granted by the Hon'ble Bombay High Court, and issued a direction to the Company for payment of the said compensation. The matter was heard by Hon'ble Bombay High Court, in which GPCB has challenged its maintainability.The Hon'ble Bombay High Court vide Its order dated 30 January 2024, directed that no coercive steps shall be taken , pending order on the question of maintainability.

Based on the advice of external legal counsel, the Company believes it has a good case on merits in these matters, and the Company is taking necessary steps, Including legal measures, to defend itself. Accordingly, no provision is required in the financial results in this respect.

1. In connection with the closure directions issued by the Gujarat Pollution Control Board ('GPCB') for the Company's Panoli Plant, the Company has submitted the clarifications sought by GPCB, after which GPCB, vide its letter dated August 5, 2023, revoked the closure directions which were valid till November 5, 2023. The Company's Panoli facility continues to operate, and the Company has applied for a permanent revocation of the GPCB directions.

2. The figures for the previous periods have been regrouped wherever necessary to conform to the current period presentation .

For HIKAL LTD

Jai Hiremath Executive Chairman DIN: 00062203

HIKAL LIMITED Regd. Office: 717 /718, Maker Chamber V, Nariman Point, Mumbai· 400 021. Phone: +91-22-62770299 CIN: L24200MH1988PTC048028, E Mail : [email protected], Website: www.hikal.com Just the n11ht,chemistcy

SIGNED FOR !DENT!FICATIDr~ BYs RB cl co u ... M IJi'\J18t.\ ~

Standalone segment wise revenue, results, assets and liabilities for the quarter and nine months ended 31 December 2023

Place : Mumbai Executive Chairman Date : 8 February 2024 DIN: 00062203 . - '

For HIKAL LTD

\

p. L i. ,+- ,.--, "<>

( )

Jai Hiremath ---- --

HIKAL LIMITED ~/· '. Regd. Office : 717 /718, Maker Chamber V, Nari man Point, Mumbai • 400 021. * lOate ) ,fr Phone : +91-22-62770299 . J

CIN : L24200MH1988PTC048028, E Mail : [email protected] , Website : www.hikal.com ~u --- ~~ - Just the right chemistry l\,fB

12th Floor, The Ruby 29 Senapati Bapat Marg Dadar (West) Mumbai - 400 028, India Tel: +91 22 6819 8000

Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2m 5, as amended

Review Report to The Board of Directors Hikal Limited

• 1, We have reviewed the accompanying Statement of Unaudited Consolidated Finam:ial Results of Hikal Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"). for the quarter ended December 31, 2023 and year to date from April 1, 2023 to December 31, 2023 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations"),
• 1. The Holding Company's Management is responsible for the preparation of the Statement in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Statement has been approved by the Holding Company's Board of Directors. Our responsibility is to express a conclusion 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 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 Statement is free of material misstatement. 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 Master Circular issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.

• 1. The Statement includes the results of the following entities:
• a. Hikal Limited, India, the Holding Company;
• b. Acoris Research Limited, India, Subsidiary Company;
• c. Hikal, LLC, USA, Subsidiary Company;
• 1. Based on our review conducted and procedures performed as stated in paragraph 3 above, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013, as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be ___,,==disclosed, or that it contains any material misstatement.

r-.♦ 1': ~' fo SR BC & CO LLP, a Limited Liability Partnership with LLP Identity No AAB 6 -4318 •( {. ( •i,/ U \ ('"" Regd. OFfice: 22, Camac Street, Block 'B', 3rd Floor, Kolkata-700 01

Chartered Accountants

Hikal Limited

• 1. We draw attention to note 4 and note 5 to the Statement, as regards the ongoing investigations / actions by statutory authorities in relation to alleged non-compliance with certain environmental laws and regulations, and the litigation in respect of the matter referred to in note 4, the outcome of which is presently uncertain. Our conclusion is not modified in respect of these matters.
• 1. The accompanying Statement includes the unaudited interim financial results and other unaudited financial information, in respect of two subsidiaries, whose interim financial results and other financial information reflect total revenues of Rs. 82 Lakhs and Rs. 286 Lakhs, total net loss after tax and total comprehensive loss of Rs. 11.5 Lakhs and Rs . 0.5 Lakhs each for the quarter and period ended on December 31, 2023 respectively, which have not been reviewed or audited by any auditor. These unaudited financial results have been approved and furnished to us by the Management and our conclusion on the Statement, in so far as it relates to the affairs of these subsidiaries, is based solely on such unaudited interim financial results and other unaudited financial information. According to the information and explanations given to us by the Management, these unaudited interim financial results are not material to the Group. Our conclusion on the Statement is not modified in this regard.

For S R B C & CO LLP Chartered Accountants ICAI Firm registration number: 324982E/E300003

' per v_;_; ,n.;.:a-~ ...:: R ner , Membership No.: 101143

UDIN : 24101143BKFZYY3066

Place: Mumbai Date: February 08, 2024

Statement of unaudited consolidated financial results for the quarter and nine months ended 31 December 2023

SIGNED FUR IDENTIFICATION BY SR S ^CCG 1\,1 J1Vi3A Iii I! . •

Notes:

1. The Board of Directors of the Holding Company have declared interim dividend of 30% (Re 0.60 per share) on equity shares.

2. The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 8 February 2024.

3. The consolidated financial results for the quarter and nine months ended oh 31 December 2023 have been subjected to a "Limited Review· by the statutory auditors of the Holding Company. The statutory auditors have expressed an unmodified review conclusion. The limited review report will be filed with the stock exchanges and will also be available on the Holding Company's website , www.hikal.com.

1. In connection with the alleged improper disposal of by-products by the Holding Company in January 2022, statutory authorities have conducted investigations in relation to alleged non-compliance with certain environmental laws and regulations, and the matter Is pending before the Courts and relevant statutory authorities.

In an earlier quarter, Maharashtra Pollution Control Board (MPCB) had directed the Holding Company to stop manufacturing activities at its Taloja plant on grounds of not adhering to conditions stipulated in the relevant Consent to Operate. Subsequently, pursuant to an order of the Honourable Bombay High Court, MPCB granted permission on 29 Jun,e 2022 to re-start manufacturing activities at the plant.

For the above matter, in March 2023, the National Green Tribunal , Principal Bench , New Delhi ('NGT·Delhi') had constituted a committee to make recommendations in this reg<1rd. NGT (Delhi) passed an order accepting the committee's reports, which , includes recovery of compensation of Rs . 1745 Lakhs from the Holding Company for noncompliance with environmental laws and regulations. The Hon'ble Bombay High Court had stayed the said order passed by NGT in March 2023. During the current quarter, Gujarat Pollution Control Board (GPCB) sought a vacation of the original stay order granted by the Hon'ble Bombay High Court, and issued a direction to the Holding Company for payment of the said compensation. The matter was heard by Hon' ble Bombay High Court, in which GPCB has challenged its maintainability. The Hon'ble Bombay High Court vide its order dated 30 January 2024, directed that no coercive steps shall be taken, pending order on the question of maintainability.

Based on the advice of external legal counsel, the Holding Company believes it has a good case on merits in these matters, and the Holding Company is taking necessary steps, including legal measures , to defend itself. Accordingly, no provision Is required In the financial results in this respect.

1. In connection with the closure directions issued by the Gujarat Pollution Control Board ('GPCB') for the Holding Company's Panoli Plant, the Holding Company has submitted the clarifications sought by GPCB, after which GPCB, vide its letter dated August 5, 2023, revoked the closure directions which were valid till November 5, 2023. The Holding Company's Panoli facility continues to operate, and the Holding Company has applied for a permanent revocation of the GPCB directions.

6. The figures for the previous periods have been regrouped wherever necessary to conform to the current period presentation.

For HIKAL LTD

Jai Hiremath Executive Chairman DIN: 00062203

Place Mumbai Date 8 February 2024

HIKAL LIMITED Regd. Office: 717/718, Maker Chamber V, Nariman Point, Mumbai - 400 021 . Phone : +91 ·22-62770299

CIN: L24200MH1988PTC048028, E Mail: [email protected] , Website: www.hikal.com Just the right chemfs~ry

(Rs in Lakhs)

for the quarter and nine months ended 31 December 2023

Place : Mumbai Executive Chairman

Jai Hiremath

CIN : L24200MH1988PTC048028, E Mail : [email protected] , Website : www.hikal.com ~u'-, _ _, .... ~, ^I

Just the right chemistry -~ ,pr