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BSR & Co. LLP Chartered Accountants Unit No.- 502 , 5th Floor , Tower- B , ITES / IS Complex , Advant Navis Business Park , Plot No. 7 , Sector- 142 , Expressway , Noida - 201305 , UP Telephone : +91 120 682 8700 Fax : +91 120 682 8710 INDEPENDENT AUDITORS ' REPORT TO THE BOARD OF DIRECTORS OF Jubilant Pharmova Limited Report on the audit of the Consolidated Annual Financial Results Opinion We have audited the accompanying consolidated annual financial results of Jubilant Pharmova Limited ( hereinafter referred to as the " Holding Company ” ) and its subsidiaries ( Holding Company and its subsidiaries together referred to as “ the Group ” ) and its associate for the year ended 31 March 2021 , attached herewith , 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 ( ‘ Listing Regulations ' ) . In our opinion and to the best of our information and according to the explanations given to us the aforesaid consolidated annual financial results : a . b . include the annual financial results of the entities listed in Annexure I are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard ; and c . give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards , and other accounting principles generally accepted in India , of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2021 . Basis for Opinion We conducted our audit in accordance with the Standards on Auditing ( " SAS " ) specified under section 143 ( 10 ) of the Companies Act , 2013 ( " the Act ” ) . Our responsibilities under those SAs are further described in the Auditor's Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report . We are independent of the Group and its associate in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act , and the Rules thereunder , and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics . We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results . Emphasis of Matter We draw attention to Note 3 ( a ) and 3 ( c ) to the consolidated financial results which describes the impact of demerger of Life Sciences Ingredients business ( one of the significant revenue generating businesses of the Group ) into the resulting company , pursuant to the Composite Scheme of Arrangement ( " Scheme " ) . The Scheme has been approved by the National Company Law Tribunal during the year vide its order dated 23 December 2020 and is effective from the date of filing with the Registrar of Companies . A certified copy of the order has been filed by the Company with the Registrar of Companies , Kanpur , on 01 February 2021. Our opinion is not modified in respect of this matter . BSR & Co. ( a partnership firm with Registration No. BA61223 ) converted into B S R & Co. LLP ( a Limited Liability Partnership with LLP Registration No. AAB - 8181 ) with effect from October 14 , 2013 Principal Office : 14th Floor , Central B Wing and North C Wing , Nesco IT Park 4 , Nesco Center , Western Express Highway , Goregaon ( East ) , Mumbai - 400063