Sotac Pharmaceuticals Ltd Management Discussions

The following discussion outlines the operational and financial performance of the Company, as well as its business outlook for the financial year 2024-25. This analysis is based on the prevailing business environment and current Government policies. It should be noted that future economic developments and other external factors may lead to variations in this analysis.

The Managements perspective on the Companys performance and future outlook is presented below:

ECONOMIC OVERVIEW

Global Economy

The global economy is navigating a critical phase. After years of unprecedented shocks, signs of stabilization began to emerge in 2024. Inflation, though still above target levels, eased from multidecade highs, supported by the unwinding of supply bottlenecks and the lagged impact of monetary tightening. Labor markets also normalized, with unemployment and vacancy rates returning to pre-pandemic levels.

At the same time, major policy shifts?particularly new waves of tariffs and countermeasures announced since February 2024?are reshaping the global trade system, adding fresh uncertainty and testing resilience.

According to the IMFs World Economic Outlook Update (January 2025), global GDP growth is projected at 3.3% in 2025 and is expected to remain at the same level in 2026. The outlook reflects robust domestic demand in the United States, coupled with steady performance in several emerging market and developing economies. However, these projections remain below the historical average of 3.7% recorded during 2000-2019.

The moderation in growth reflects the effects of tight monetary policy, reduced fiscal support amid elevated debt levels, and structural productivity challenges. Global headline inflation is forecast to decline from 4.2% in 2025 to 3.5% in 2026, though regional variations will persist. Tariff-related price pressures may particularly weigh on advanced economies.

Source: IMF World Economic Outlook Update - January 2025

Indian Economy Outlook

India continues to stand out as the worlds fastest-growing major economy, maintaining steady momentum despite global headwinds. Real GDP growth for FY 2024-25 is estimated at 6.5%, with the Reserve Bank of India projecting a similar pace for FY 2025-26. This resilience underscores Indias role as a key driver of global economic expansion.

Inflation has moderated significantly, providing relief to households and businesses alike. As of May 2025, the Consumer Price Index (CPI) inflation stood at 2.82%, the lowest level since February 2019.

Indias capital markets reflect strong investor confidence, serving as a vital engine of growth by channeling household savin gs into productive investments. By December 2024, Indian equity markets outperformed many peer economies, demonstrating both domestic and global trust in Indias long-term growth story.

Retail participation has surged sharply, with the number of retail investors rising from 4.9 crore in 2019 to 13.2 crore by the end of 2024. This significant increase illustrates a growing shift in public perception?viewing the stock market not merely as a corporate funding mechanism but also as an avenue for wealth creation for ordinary citizens.

Source: PIB Press Release - Indian Economy and Markets Overview INDUSTRY STRUCTURE AND DEVELOPMENTS

The Indian pharmaceutical industry remains one of the worlds most significant healthcare contributors. Ranking 3rd globally by production volume and 13th by value, it supplies nearly 20% of the global generic demand and over 60% of vaccine requirements worldwide. In FY24-25, the Indian Pharmaceutical Market (IPM) was valued at approximately Rs.2.38 trillion, reflecting ~8.2% year-on- year growth, despite global macroeconomic and regulatory headwinds.

Exports continue to be a key growth driver, with annual revenues exceeding US$ 25 billion. India accounts for 40% of the US generic market and remains the largest supplier of generic medicines globally. Export revenues have expanded at ~9% CAGR over the past five years, led by generics and specialty formulations, with the US, EU, and semi-regulated markets as primary destinations. Increasing regulatory scrutiny from USFDA has also prompted leading players to step up investments in compliance, data integrity, and technology upgrades.

On the domestic front, chronic therapies now account for over 65% of sales, with cardiovascular, diabetes, and respiratory therapies recording double-digit growth. Healthcare expenditure is expected to rise from ~3% to ~5% of GDP by 2030, supported by Ayushman Bharat and expanding private hospital infrastructure. Tier 2 and Tier 3 cities are projected to contribute more than half of incremental sales volume by 2027, aided by wider digital distribution and telemedicine adoption.

Looking ahead, the Indian pharmaceutical sector is shifting from volume-driven growth to value-based expansion, with emphasis on R&D, complex generics, biosimilars, biologics, and digital transformation. With a projected market size of US$ 130 billion by 2030, the industry is on a path toward becoming a more advanced, innovation-led, and globally integrated contributor to healthcare.

Source: https://pharma.economictimes.indiatimes.com

GOVERNMENT INITIATIVES

The Government of India continues to play a pivotal role in enabling the sustainable growth of the pharmaceutical industry through targeted policy interventions and support measures. The Production Linked Incentive (PLI) Schemes for bulk drugs and high-value pharmaceuticals are aimed at strengthening domestic manufacturing capabilities, reducing import dependence, and promoting exports. Complementing this, the Promotion of Research & Innovation Programme (PRIP) seeks to foster collaboration between industry and academia, encouraging innovation in complex generics, biologics, and precision medicines.

The sector is further supported through schemes such as the Pharma Technology Upgradation Assistance Scheme (PTUAS) and the Cluster Development Programme (CDP), which assist enterprises, particularly MSMEs, in upgrading facilities, improving compliance with international regulatory standards, and accessing common infrastructure. The expansion of the National Institute of Pharmaceutical Education and Research (NIPERs) network also underscores the Governments emphasis on creating a skilled workforce and advanc ing pharmaceutical research.

On the access and affordability front, the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMBJP) has expanded its footprint with over 10,000 Jan Aushadhi Kendras providing low-cost generic medicines across the country. Parallelly, digital integration initiatives under the Ayushman Bharat Digital Mission (ABDM) are expected to enhance distribution efficiency and improve penetration in Tier II and Tier III cities.

In addition, the Government has facilitated 100% FDI in greenfield projects and streamlined approval processes to promote ease of doing business. Ongoing trade negotiations and export facilitation measures through Pharmexcil further reinforce Indias positionin g as a global pharmaceutical hub. Collectively, these initiatives are designed to transition the industry from a cost-driven model to an innovation-led ecosystem with enhanced competitiveness, affordability, and global reach.

Sources: Department of Pharmaceuticals (PLI & PRIP Schemes, CDP), Press Information Bureau (PLI Updates & Policy Announcements), Express Pharma (PLI Performance), The Economic Times & MedPath (PRIP Coverage), Wikipedia (PMBJP Overview)

OUR BUSINESS

Sotac Group is a leading pharmaceutical manufacturer in India, specializing in a broad spectrum of high-quality pharmaceutical products. Our therapeutic portfolio includes anti-diabetic, anti-psychotic, vitamins, minerals, iron supplements, anti-cold, anti-allergic, dermatological solutions, antacids, anti-ulcerants, PPIs, anti-emetics, cardiac care, anti-hypertensives, analgesics, anti-pyretics, antiinflammatory, anti-bacterial, anti-viral, general antibiotics (IP-Lactams & Non-IP-Lactams), anti-fungal, and cephalosporin products. We are dedicated to delivering safe, effective, and affordable healthcare solutions that improve patients lives.

With a strong track record and a commitment to innovation, Sotac Group has emerged as a trusted name in the pharmaceutical industry. Our products are distributed across 14 major states in India and exported to over 20 countries worldwide, with the US being a key contributor to our international business.

We also aspire to be among the leading providers of contract manufacturing and development services, both domestically and globally. Over the years, we have served an esteemed clientele that includes Cadila Pharma, J. B. Chemicals, Lincoln Pharma, Intas Pharma, Viatris (Mylan), Ipca, Corona Remedies, Eris Lifesciences, Stride Pharma, Stalion Pharma, Acme Pharma, Olecare Pharma, Treatwell Pharma, Ronak Healthcare, Curever Pharma, Kentoss Pharma, Sunrest Pharma, and Ishan Healthcare.

At Sotac Group, our focus remains on expanding and diversifying our product portfolio, ensuring continuous growth and meeting the evolving needs of healthcare professionals and patients alike. We are committed to upholding the highest standards of quality, affordability, and innovation in every product we manufacture.

SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE

The Company operates through four key business verticals as outlined below:

a. Manufacturing of Non-Beta-Lactam Medicines and Formulations

This vertical is managed under SOTAC Pharmaceuticals Limited, focusing on the manufacturing of Non-Beta-Lactam (general) formulations such as tablets, capsules, oral liquids, dry syrups, and external preparations including ointments, lotions, and creams. The manufacturing is primarily undertaken for pharmaceutical marketers on a contract manufacturing and/or loan licence basis. The Company currently caters to more than 162 corporate clients under this vertical.

b. Manufacturing of Beta-Lactam Medicines and Formulations

The SOTAC Healthcare Private Limited facility undertakes the manufacturing of Beta-Lactam formulations including tablets, uncoated tablets, capsules, uncoated capsules, oral liquids, and dry syrups. The facility is equipped with an installed annual capacity of 32.40 crore tablets, 21.60 crore capsules, and 2.16 crore dry syrup bottles. Similar to Non-Beta-Lactam operations, this vertical also operates on a contract manufacturing and loan licence model, serving over 162 corporate clients.

c. Molecule Research and Development

This vertical is engaged in the research and development of pharmaceutical molecules, which are utilized for developing new formulations. This enables the Company to strengthen its product pipeline, enhance therapeutic offerings, and support long-term growth through innovation.

d. Manufacturing of Nutraceutical and Food Products

The Company holds a majority stake in SOTAC Lifescience Private Limited, a newly incorporated entity engaged in the manufacturing of nutraceutical and food products. This vertical is currently operated on a contract manufacturing basis and is expected to complement the Companys pharmaceutical business by addressing the growing demand in the nutraceuticals segment.

PRODUCT CATEGORY WISE REVENUE BIFURCATION

The revenue bifurcation of the issuer company for the last three years are as follows:

(Rs. in Lakhs)
Name of product category	For the year ended March 31, 2025		For the year ended March 31, 2024		For the year ended March 31, 2023
	Sales %		Sales %		Sales %
Tablet	5,768.55	92.47%	6,339.19	94.47%	5202.91	89.73%
Capsules	305.82	4.90%	324.21	4.48%	549.01	9.47%
Ointment	127.79	2.05%	8.86	0.13%	12.70	0.22%
Liquid	36.26	0.58%	38.25	0.57%	33.66	0.58%
Total	6,238.42	100.00%	6,710.50	100.00%	5798.28	100.00%

OPPORTUNITIES & THREATS Opportunities

The cost of manufacturing pharmaceutical goods in India is lower and more effective compared to other nations, including:

• Robust Industrial Base and API Supply Chain

A strong industrial backbone, with wide domestic availability of Active Pharmaceutical Ingredients (APIs) and key raw materials, stabilized input costs. The extensive API network reduced dependence on imports, mitigating risks from global supply disruptions and foreign exchange volatility. This ensured reliable access to quality inputs at globally competitive prices.

• Skilled and Cost-Effective Workforce

India continued to benefit from a large pool of skilled professionals in pharmaceutical sciences, chemistry, and biotechnology. Labor costs remained substantially lower than in developed economies, enabling high productivity and strict compliance with international quality standards while keeping operational expenses under control.

• Advanced Marketing and Distribution Infrastructure

A well-developed domestic distribution network provided wider market reach at minimal overhead. In FY25, digital logistics and inventory management systems further optimized the supply chain, reducing wastage and improving delivery timelines. International exports benefitted from robust port connectivity and streamlined regulatory processes.

• Diversified and Collaborative Ecosystem

Continued collaboration among government agencies, research institutions, and private enterprises strengthened innovation and scale. Production-linked incentives (PLIs), tax benefits, and R&D grants fostered new product development, while partnerships between academia, SMEs, and multinational companies expanded market opportunities.

• Liberalized FDI Policies

The 100% FDI allowance under the automatic route remained a key enabler, attracting significant foreign capital. This encouraged joint ventures, technology transfer, and establishment of cost-efficient production facilities serving both regulated and emerging markets.

• Supportive Government Subsidies

Central and state government subsidies in pharmaceutical parks and SEZs helped lower infrastructure and operating costs. These measures provided access to utilities and logistics services, stimulating growth and enabling Indian firms to strengthen their global presence.

• Public Awareness and Community Engagement

Pharmaceutical companies, in collaboration with government bodies and industry associations, invested in awareness campaigns to promote medicine literacy and combat counterfeit drugs. These initiatives enhanced consumer trust and expanded access to underserved rural and semi-urban regions.

• Technological Advancements

The sector embraced advanced technologies such as Al-driven drug discovery, precision manufacturing, blockchain-enabled traceability, and digital health platforms. These innovations improved R&D efficiency, reduced time-to-market, and strengthened quality assurance across the value chain.

Threats

However, there are also some challenges facing the lndian pharmaceutical industry, including:

• Regulatory & Compliance Challenges

The Digital Personal Data Protection Act, 2023, along with global regulations like GDPR and HIPAA, has increased compliance requirements for handling patient and clinical trial data. Tighter oversight under the New Drugs and Clinical Trials Rules, 2019, adds cost and time pressures for new drug development.

• Geopolitical Instability

Heavy dependence on imports of Active Pharmaceutical Ingredients (APIs) and Key Starting Materials (KSMs), especially from China, leaves Indian manufacturers vulnerable to supply disruptions. Export restrictions or policy changes under Indias Foreign Trade Policy or restrictions under the Essential Commodities Act can impact international sales.

• Cybersecurity Threats

The Information Technology Act, 2000, and CERT-In guidelines mandate strict data security measures. Breaches of patient data, trial data, or intellectual property can attract legal penalties and reputational harm. Weak cyber protocols among third-party vendors, including CROs and logistics providers, create additional risks.

• Economic Pressures

The National Pharmaceutical Pricing Authority (NPPA), under the Drugs (Prices Control) Order, 2013, continues to impose ceiling prices on essential medicines, impacting profitability. Rising input costs (power, raw materials, packaging) and potential GST policy changes increase operational pressure.

• Environmental, Social & Governance (ESG) Compliance

Stringent environmental norms under the Environment (Protection) Act, 1986, and related rules on effluent treatment and hazardous waste management increase compliance costs, especially in bulk drug parks.

• Litigation & Intellectual Property Risks

Indian pharma companies face patent disputes in global courts over generics and biosimilars, while also managing compliance with Indian Patent Act provisions. Rising product liability risks under the Consumer Protection Act, 2019, due to adverse drug reactions or alleged quality lapses.

• Workforce & Talent Challenges

Shortage of highly skilled manpower in advanced R&D areas like biologics, biosimilars, and digital health. Compliance with Indian labor laws (Industrial Disputes Act, Factories Act, and new Labour Codes) adds to operational complexity.

We are committed to providing high-quality pharmaceutical products to our clients. We have a rigorous quality control system in place, and we are constantly investing in new technologies to improve our manufacturing processes. We are also committed to providing our clients with excellent customer service.

RISKS & CONCERNS

The pharmaceutical industry operates in a highly regulated and competitive environment, which exposes the Company to several risks that may affect its operations and financial performance. Regulatory and compliance risks remain significant as the sector is subject to stringent oversight by authorities such as CDSCO, USFDA, and EMA. Continuous compliance with evolving standards in manufacturing,

clinical trials, and quality assurance is essential, and any deviation could lead to penalties, suspension of approvals, or reputational damage. Further, with the implementation of the Digital Personal Data Protection Act, 2023, along with global frameworks such as GDPR and HIPAA, the obligations relating to secure handling of patient and clinical trial data have become increasingly complex.

Pricing and policy-related risks also have a material impact on the business. The National Pharmaceutical Pricing Authority (NPPA), under the Drugs (Prices Control) Order, 2013, regulates prices of essential medicines, limiting profitability. In addition, government procurement schemes such as the Pradhan Mantri Bhartiya Janaushadhi Pariyojana exert downward pricing pressure on generics, further tightening margins.

The industry is also vulnerable to geopolitical and supply chain risks due to heavy reliance on imports of Active Pharmaceutical Ingredients (APIs) and intermediates, particularly from China. Any disruption caused by trade restrictions, geopolitical tensions, or export controls under the Foreign Trade Policy can adversely impact business continuity and international sales.

Economic and financial risks continue to challenge the sector. Rising raw material costs, utility expenses, and logistics charges, particularly in an inflationary environment, can erode margins. Further, patent expiries of major drugs expose the industry to generic competition, resulting in revenue decline from products facing patent cliffs.

Talent and workforce risks are another area of concern. The shortage of skilled professionals in advanced fields such as biologics, biosimilars, and digital health limits the ability to scale innovation. At the same time, evolving labor codes and regulatory requirements increase HR-related compliance and operational risks.

Finally, public health and emerging threats such as global pandemics can disrupt manufacturing and supply chains, divert resources, and delay ongoing projects. Rising antimicrobial resistance (AMR) is also a growing global health challenge that demands significant investment in research and development, though commercial returns in this area remain uncertain.

INTERNAL FINANCIAL CONTROL SYSTEMS AND THEIR ADEQUACY

The company has a comprehensive system of internal financial controls that is appropriate for its size and operations. This system ensures timely and accurate financial reporting, the safeguarding of assets, and compliance with all applicable laws and regulations. The companys internal auditors regularly review the internal financial control system to ensure its effectiveness, and any necessary changes or suggestions are incorporated into the system. The internal audit reports are also reviewed by the companys audit committee.

DISCUSSION ON FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

The key strategy will be focused around:

1. Financial strength & liquidity

2. Professional Management

3. Timely completion of Orders

4. Customer care

5. Brand Equity

FINANCIAL PERFORMANCE AND REVIEW OF OPERATIONS

(Rs. in Lakh)
Particulars	Standalone-Year Ended		Consolidated-Year Ended
	31/03/2025	31/03/2024	31/03/2025	31/03/2024
Revenue From Operations	6238.42	6,710.50	9,698.65	10,383.05
Other Income	237.50	131.87	389.68	48.62
Total Income	6475.92	6,842.37	10,088.33	10,431.67
Earnings before interest, tax, depreciation and amortization (EBITDA)	1005.56	1151.34	1753.47	900.16
Less: Depreciation	247.40	251.11	383.52	310.05
Less: Finance Cost	116.71	101.34	257.95	170.34
Profit Before Prior Period Items and Tax	641.45	798.89	1112.00	419.77
Prior Period Items	(0.04)	(23.38)	(0.04)	(23.38)
Tax Expense: Less: Current Tax	171.47	212.64	171.85	212.64
Less: Deferred tax Liability (Asset)	(7.23)	(8.22)	12.58	(170.39)
Less: Income Tax Prior period	-	(3 .79)	-	(3.79)
Profit After Tax	477.17	574.88	927.53	357.93
Warnings Per Share (Basic & Diluted)	4.32	5.24	7.26	3.90

OUTLOOK

The Company strongly believes in its future growth prospects and has laid out clear strategies to reinforce its competitive advantages and achieve sustainable expansion. The focus remains on driving sustainable growth by achieving critical mass in key markets, embedding sustainability practices across operations, and setting actionable targets to ensure long-term value creation. Cost leadership continues to be an important strategic pillar, with emphasis on optimizing operational efficiencies and leveraging the benefits of vertically integrated operations. Business development initiatives are directed towards expanding access to novel products, new technologies, and wider market presence, while maintaining a careful balance between profitability and investments in differentiated and specialty products for the future.

Despite these opportunities, the domestic pharmaceutical industry continues to face several challenges. Stringent product patent policies make drug development more complex, while the Drug Price Control Order places downward pressure on margins. The new MRP-based excise duty structure has further increased cost burdens, particularly for smaller pharmaceutical companies. The industry is highly fragmented, limiting economies of scale, and competition is intensifying from both domestic and international players. Additionally, macroeconomic uncertainties and evolving regulatory frameworks add complexity to business planning.

Notwithstanding these challenges, the Company sees significant opportunities for growth, backed by its established brand equity, diversified product portfolio, and presence across key geographies. Strategic initiatives underway include the development of new products to meet patient and physician needs, investment in research and development to enhance product efficacy and safety, improvement in packaging and design capabilities to strengthen consumer appeal and product protection, expansion of retail and distribution networks to improve market reach, and enhancement of inventory management systems to ensure timely availability of products.

At the same time, the Company remains mindful of external and internal concerns such as prevailing exposure norms that restrict borrowing capacity, financial constraints, and rising competitive intensity, including from new entrants and financial institutions that provide increased support to pharmaceutical companies. To address these challenges, the Company is investing in R&D to develop

innovative formulations, upgrading manufacturing processes to improve efficiency and reduce costs, strengthening its distribution network, and enhancing its brand visibility to attract and retain customers.

With these strategies in place, the Company envisions a future where it emerges as a leading domestic and international provider of pharmaceutical products and services. By focusing on innovation, operational excellence, and global expansion, the Company is well- positioned to create sustainable value for stakeholders while making a meaningful contribution to healthcare and patient well-being.

MATERIAL DEVELOPMENTS IN HUMAN RESOURCES / INDUSTRIAL RELATIONS

Your Company strongly believes that its employees are its most valuable asset and the cornerstone of its sustained growth. A key focus area continues to be the development of a performance-oriented, competency-driven culture built on the pillars of accountability, transparency, and continuous improvement.

During the year under review, your Company undertook several human resource initiatives aimed at enhancing organizational effectiveness and workforce capability. These included structured training programs, both in-house and external, designed to strengthen domain expertise, develop leadership skills, and promote cross-functional efficiency. Employees at all levels were encouraged to participate in workshops and sessions aligned with industry trends, regulatory changes, and operational best practices.

The Company has also implemented employee engagement measures that foster a collaborative and motivated work environment. Regular performance reviews, open communication channels, and recognitions of high-performing employees are among the many steps taken to cultivate a high-performance culture and ensure alignment with business objectives.

As on March 31, 2025, the Company had a total of One Hundred Twenty-Seven (127) full-time employees. Despite operating with a lean workforce, the Company continues to maintain operational agility and functional accountability through streamlined systems and clear role definitions. Industrial relations during the financial year remained cordial and harmonious.

The management remains committed to maintaining a positive and productive work environment built on mutual respect and cooperation. Going forward, the Company aims to further strengthen its human capital through strategic talent acquisition, upskilling initiatives, and succession planning to support its growth aspirations.

KEY FINANCIAL RATIOS

Ratio	Figures as At 31.03.2025	Figures as At 31.03.2024	% Change From Last Year	Explanation for Change in Ratio (for more than 25% in comparison with last year)
Current Ratio (in times)	2.07	2.01	3.18%	NA
Debt-Equity Ratio (in times)	0.38	0.23	64.09%	During the year 2024-25, Debt-Equity Ratio increased from 0.23 to 0.38 due to increase in total debts from Rs. 1,116.61 Lakhs to Rs. 2,012.78 Lakhs while the share capital of the company remained stable.
Debt Service Coverage Ratio (in times)	3.26	3.61	-9.69%	NA
Interest Coverage Ratio (in times)	6.50	8.88	-26.87%	Increased in the Unsecured loan leads to Interest Coverage ratios decreased from 8.88 times to 6.50 times.
Return on Equity Ratio (in %)	9.42%	19.23%	-51.01%	During the year 2024-25, Average Equity has been Increased as compared to Previous Year from Rs. 2,989.71 Lakhs to Rs. 5064.44 Lakhs but Net Profit After Tax has been decreased resulting in lower Return on Equity.
Inventory Turnover Ratio (in times)	4.14	4.39	-5.54%	NA
Trade Receivables Turnover Ratio (in times)	2.67	4.01	-33.28%	During the year 2024-25, Companys average receivable has been increased from Rs. 1675.44 Lakhs to Rs. 2334.66 Lakhs but net credit sales have been decreased from Rs. 6710.50 Lakhs to Rs. 6238.42 Lakhs leading to decrease in trade receivable turnover ratio by 33.28%.
Trade Payables Turnover Ratio (in times)	3.58	2.83	26.36%	During the year 2024-25, trade payables turnover ratio increased from 2.83 to 3.58 due to higher proportional decrease in average payables of the company relative to decrease in credit purchase.
Net Capital Turnover Ratio (in times)	2.20	2.86	-23.19%	NA
Operating Profit Margin Ratio (In %)	12.15%	13.42%	-9.41%	NA
Net Profit Ratio (in %)	7.65%	8.57%	-10.72%	NA
Return on Capital Employed (in %)	12.92%	17.09%	-24.37%	NA
Return on Investment (in %)	N/A	N/A	N/A	N/A

CAUTIONARY STATEMENT

This report contains forward-looking statements that reflect your Companys current views and future expectations in accordance with applicable laws and regulations. These statements relate to the Companys strategic objectives, business prospects, plans, pr ojections, estimates, and anticipated financial performance. They are based on certain assumptions and expectations of future events which are inherently subject to risks and uncertainties. Such forward-looking statements involve known and unknown risks, uncertainties, and other factors?both external and internal?that could cause actual results, performance, or achievements to differ materially from those expressed or implied in these statements. These may include, but are not limited to, changes in regulatory environment, economic developments, market conditions, interest rates, raw material prices, exchange rate fluctuations, or other factors beyond the Companys control. Your Company does not undertake any obligation to publicly update or revise any forward-looking statements in light of future events, developments, or new information, except as may be required by applicable law. Readers are advised not to place undue reliance on these statements and to exercise caution in interpreting them

Registered office:

Plot No. PF-21 & PF-22/A, Charal Industrial Estate, Sanand GIDC-II, Sanand, Sanand, Ahmedabad, Sanand, Gujarat, India, 382110

For and on behalf of Board of Directors Sotac Pharmaceuticals Limited CIN:L24230GJ2015PLC085451

382110	Sd/-	Sd/-
	Sharadkumar Dashrathbhai Patel	Dineshkumar Babulal Gelot
Place: Ahmedabad	Chairman & Managing Director	Whole time Director
Date: August 30, 2025	DIN: 07252252	DIN: 07252132