Piramal Pharma Limited disclosed the penalties in respect of which orders were received by the Company on Saturday, 6th July, 2024, pertaining to the Company's plant located at Pithampur, Madhya Pradesh; Penalty of INR 9,335,983 under the Cenvat Credit Rules, 2004 and Central Excise Act, 1944 by way of an order dated 27th June, 2024 passed by the Joint Commissioner, C.G.S.T & Central Excise Headquarters, Ujjain, disallowing cenvat credit on certain category of services; Penalty of INR 58,661,571 under Central Goods and Services Tax, 2017 by way of an order dated 31 May, 2024 passed by the Joint Commissioner, C.G.S.T & Central Excise, Commissionerate Indore, which was later received by the Company, alleging incorrect classification of goods and that this is subject to higher rate of GST. Company informed that the Orders have been received in the name of Piramal Enterprises Limited (PEL) as they pertain to periods prior to demerger of the Pithampur Factory from PEL to the Company, which was effected by way of a Composite Scheme of Arrangement sanctioned by the National Company Law Tribunal vide order dated 12th August, 2022 (Scheme). The Company is currently assessing the aforesaid Orders and will take appropriate steps (including appeal, if necessary) within the stipulated timeframe.

Said Orders do not have any material impact on financials, operation or other activities of the Company.