TO THE MEMBERS:

The Directors have pleasure in presenting the 40th Annual Report on the business and operations along with audited standalone and consolidated financial statement of accounts of the Company for the financial year ended on 31st March, 2025.

1. FINANCIAL RESULTS

The financial results of the company for the year under review are as under:

The standalone and consolidated financial statement of the Company have been prepared in accordance with the Indian Accounting Standards (‘Ind AS') as notified under the Companies (Indian Accounting Standard) Rules, 2015 as amended.

In FY25, your Company achieved a robust revenue from operations of _1,20,009 lakhs, marking an impressive year-on-year growth of 18.01% compared to _1,01,694 lakhs in FY24. This growth was primarily driven by the continued strength of our_ Active Pharmaceutical Ingredients

(API)_segment, which contributed _94,009 lakhs, accounting for 78% of total revenue. The_ Formulations_ segment contributed _26,000 lakhs, representing the remaining 22%. From a geographical perspective,_ domestic sales constituted _66,183 lakhs (55%), whileflexports_contributed _53,826 lakhs (45%), reafirming our strong global footprint and sustained international demand.

Other Income_rose to _4,445 lakhs in FY25 from _3,378 lakhs in FY24, primarily driven by gains from strategic investments. On a consolidated basis, the Company reported Net Profit of _37,165 Lakhs for the year ended 31 March 2025, as against _30,811 Lakhs in the previous financial year.

The consistent growth in both revenue and profitability underscores the Company's strategic focus, operational efficiency, and resilience in a dynamic business environment.

AWARDS AND RECOGNITIONS: v Concord has been honored with the DET Hurun Award for Outstanding Contribution to India's Manufacturing Economy at the India Manufacturing Excellence Awards 2025. This prestigious event, held on February 25, 2025, in Mumbai, was organized by Hurun India in collaboration with the Dubai Department of Economy and Tourism. v Concord Biotech has been honored with the prestigious Sustainability Reporting Award for 2023–2024 by the Institute of Chartered Accountants of India (ICAI). This esteemed recognition underscores the company's commitment to excellence in Business Responsibility and Sustainability Reporting (BRSR), reflecting our dedication to transparency, ethical governance, and sustainable business practices.

2. DIVIDEND

Your directors have recommended final dividend of Rs 10.70/- per equity share having face value of Rs 1 each for the financial year ended on 31st March, 2025. The dividend, if approved at the ensuing Annual General Meeting (‘AGM'), will be paid to those members whose names appear as on Record date fixed on close of Wednesday, 3rd September, 2025. The total dividend payout will be approximately 111.94 Crores.

Pursuant to Regulation 43A(1) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘Listing Regulations'), the Board has formulated and adopted Dividend Distribution Policy which has been hosted on the website of the Company and the same can be accessed through below weblink. https://www.concordbiotech.com/public/assets/pdf/ Concord-Biotech-Limited-Dividend-Distribution-Policy.pdf.

There is no change in the nature of business during the financial year 2024-25.

During the year there was no change in share capital of the Company. The Paid-up Equity Share Capital as at 31 March, 2025 stood at Rs10,46,16,204.

During the financial year ended_ 31 March 2025, your Company achieved several significant milestones that reinforce its commitment to innovation, regulatory excellence, and sustainable growth:

O Commissioning of Injectable Facility: The Company successfully commissioned and commenced production of injectable formulations at its manufacturing facility located in_ Valthera, marking a key expansion in its product portfolio.

O Strategic Investment in Palvella Therapeutics Inc. USA: The Company made a strategic investment in M/s Palvella Therapeutics, a biotechnology company focused on developing and commercializing therapies for_ rare genetic skin diseases, thereby supporting innovation in rare disease therapeutics.

O Investment in Renewable Energy: In line with our long-term sustainability objectives, the Company has made a strategic investment in M/s Clean Max Everglades Private Limited through a rights issue. This investment is directed towards the installation of a hybrid renewable energy plant dedicated to powering our manufacturing operations at the Dholka facility. The initiative underscores our commitment to reducing carbon emissions and enhancing energy efficiency across our operations.

In 2024-25, different plants of your company were inspected by various regulatory bodies. i. MFDS Inspection at Manufacturing Unit-I, Dholka

We successfully completed an inspection by the Ministry of Food and Drug Safety (MFDS), South Korea, at our Manufacturing Unit located in Dholka. This achievement reflects our adherence to stringent international regulatory standards and strengthens our position in the South Korean pharmaceutical market. ii. EU-GMP Certification for Valthera Facility

Our Valthera facility received EU-GMP certification from the Health Products Regulatory Authority of Ireland. This certification is a testament to our robust quality systems and enables us to expand our reach in European markets with confidence and credibility. iii. SFDA Inspection at our Formulation Unit at Valthera

The Company successfully completed an inspection by the Saudi Food and Drug Authority (SFDA) at our Formulation Unit at Valthera. This highlights our commitment to regulatory compliance and supports our strategic growth in the Middle East region.

The Active Pharmaceutical Ingredient (API) facility at Dholka underwent a successful inspection by the USFDA, reafirming our compliance with global quality and regulatory benchmarks. This milestone underscores our dedication in maintaining excellence in manufacturing practices and product integrity. ii. USFDA Approval for Terifiunomide Tablets

The Company received final approval from the United States Food and Drug Administration (USFDA) for the marketing ofTerifiunomideTablets.This approval marks a significant step in expanding our footprint in the U.S. generics market and reinforces our commitment to delivering high-quality, affordable medications globally.

Successful completion of the Russian GMP (Good Manufacturing Practice) inspection at our Active Pharmaceutical Ingredient (API) manufacturing facility located in Dholka, Gujarat. This achievement underscores our unwavering commitment to upholding the highest standards of quality, safety, and regulatory compliance across all aspects of our operations.

3. RESERVES

The Board does not propose to carry any amount to the reserves for the financial year ending 31st March 2025.

4. MANAGEMENT DISCUSSION AND ANALYSIS REPORT

Pursuant to Regulation 34 of the SEBI Listing Regulations, the Management Discussion and Analysis Report for the year under review, is forms part of the Integrated Annual Report.

5. BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORTING

In Compliance with Regulation 34 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Company is required to prepare a Business Responsibility and Sustainability Report on the environmental, social and governance disclosures.

The Business Responsibility and Sustainability Report of the Company for the financial year ended 31 March, 2025, is presented in the separate section forming part of this Annual Report.

6. CORPORATE GOVERNANCE

The Company remains determined in its commitment to uphold the highest standards of corporate governance. We believe that sound governance practices are fundamental to build and sustain a resilient and responsible organization. Our approach is rooted in implementing robust policies, fostering a culture of ethical leadership, and ensuring compliance with applicable laws and regulations across all levels of the organization.

A separate section on Corporate Governance standards followed by your Company, as stipulated under Regulation 27 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 is enclosed to this Report. A Certificate from Mr. Ashish Shah, Practicing Company Secretary, conforming compliance to the conditions of Corporate Governance as stipulated under Regulation 27 and 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, is annexed to this Report.

7. MATERIAL CHANGES AND COMMITMENTS

Pursuant to the provisions of the Companies Act, 2013, a material change and commitment has occurred between the end of the financial year and the date of this report that may have a bearing on the financial position of the Company. O Concord Biotech Limited has made a strategic investment by acquiring a 75% equity interest in Stellon Biotech Inc., thereby designating it as a subsidiary entity incorporated in the United State. This initiative is aimed to enhance the Company's commercial presence in the U.S. market. Stellon Biotech Inc. will serve as a dedicated platform for the distribution and sale of Concord's products, thereby reinforcing its global footprint and supporting long-term growth objectives. O Concord Lifegen Limited, a wholly Owned Subsidiary of Concord Biotech Limited, is Incorporated to manage the marketing, sales, and distribution of pharmaceutical products. It's primary objectives include executing targeted sales strategies, ensuring regulatory compliance across domestic and international markets, handling logistics and customer support, and maintaining transparent reporting to the holding company.

8. INTERNAL FINANCIAL CONTROL

The Company has established a comprehensive framework of internal financial controls designed to ensure the orderly and efficient conduct of its business operations. These controls encompass robust framework of internal financial controls that includes clearly defined policies, procedures, and systems—both manual and technology-enabled. These controls are designed to ensure adherence to internal guidelines, safeguard the Company's assets, prevent and detect fraud and errors, and support the accuracy, completeness, and reliability of financial reporting. Continuous technological enhancements further strengthen the effectiveness and efficiency of these controls, aligning with evolving business needs and regulatory expectations. Periodic internal audits are conducted by the Company's Internal Auditors to provide reasonable assurance on the effectiveness of the control systems and to recommend improvements aligned with industry best practices. The Audit Committee, comprising Independent Directors, regularly reviews key findings from both internal and statutory audits, monitors the implementation of corrective actions, and ensures timely mitigation of identified risks.

9. DETAILS OF SUBSIDIARY/JOINT VENTURES/ ASSOCIATE COMPANIES

Concord Biotech Japan KK based in Japan is a Joint venture Company in which Company holds 50 % Stake.

During the financial year, the Company acquired a 26% equity interest in M/s Clean Max Everglades Private Limited to facilitate the establishment of a hybrid renewable energy facility. This strategic investment is in alignment with the Company's long-term sustainability goals and has led to the classification of Clean Max Everglades Private Limited as an associate company.

Pursuant to provisions of Section 129(3) of the Companies Act, 2013 read with Companies (Accounts) Rules, 2014, Concord Biotech Japan KK and M/s Clean Max Everglades Private limited are Joint Venture and Associate Company respectively, a statement containing salient features of the financial statements in Form AOC-1 is attached to the financial statements of the Company as Annexure I.

As per provisions of Section 92(3) Annual Return of the Company for the financial year ended on March 31, 2025 is placed on the website of the Company and the same can be accessed through https://www.concordbiotech.com/ investors.

Details of Loans, Guarantees and Investments covered under the provisions of Section 186 of the Companies Act, 2013 are given in the notes to the Financial Statement.

Pursuant to the provisions of Section 152 (6) of the Companies Act, 2013 and other applicable provisions, if any, of the Companies Act, 2013 (including any statutory modification or re-enactment thereof for the time being in force) Mr. Rajiv Agrawal (Din: 00379990), Director of the Company is liable to retire by rotation, and being eligible, offer himself for re-appointment. The Board of Directors in its meeting held on August 08, 2025 recommends to the members of the Company, reappointment of Mr. Rajiv Agrawal (Din: 00379990) as Director. Necessary resolution for his appointment is therefore proposed in the ensuing Annual General Meeting.

After the closure of financial year, there was a change in the Key Managerial Personnel of the Company. Mr. Prakash Sajnani ceased to hold office as the Company Secretary and Compliance Officer with effect from close of working hours on 29th May 2025. Upon the recommendation of the Nomination and Remuneration Committee, the Board of Directors, at its meeting held on 29th May 2025, appointed Ms. Hina Patel (ACS: 56541) as the Company Secretary and Compliance Officer of the company with effect from 30th May, 2025.

Pursuant to Section 149(6) of the Companies Act, 2013, Independent Directors of the Company have made a declaration confirming the compliance of the conditions of the independence stipulated in the aforesaid section read with Schedule IV of the Companies Act, 2013.

During the financial year 2024-25, the Board of Directors met Five (5) times i.e. 23rd May, 2024, 9th August, 2024, 11th November, 2024, 13th February, 2025 and 4th March, 2025. Detailed information on the Board Meetings is included in the Corporate Governance Report, which forms part of this Annual Report.

Your Company has diverse Committees which have been constituted as part of the best Corporate Governance practices and are in compliance with the requirements of the relevant provisions of applicable laws and statutes.

? Audit Committee

? Stakeholder's Grievances and Relationship Committee

? Nomination and Remuneration Committee

? Corporate Social Responsibility Committee

? Risk Management Committee

? Management Committee

The details with respect to the compositions, powers, terms of reference and other information of the relevant committees of the Board of Directors are given in details in the Corporate Governance Report which forms part of this Annual Report.

The Company has not accepted any deposits during the period under review and there are no outstanding deposits as on March 31, 2025. There have been no matured deposits remaining unpaid at the year-end.

During the financial year, all related party transactions entered into by the Company were conducted in the ordinary course of business and on an arm's length basis, in accordance with applicable regulatory requirements. There were no materially significant transactions with Promoters, Directors, Key Managerial Personnel, or other related parties that could potentially conflict with the interests of the Company.

All related party transactions, were presented to the Audit Committee for prior approval. For transactions of a repetitive nature that occur in the ordinary course of business, the Company has obtained omnibus approval from the Audit Committee. In accordance with the approval, the requisite disclosures are submitted to the Committee on a quarterly basis, ensuring transparency and compliance with applicable regulatory requirements.

Details of contracts or arrangements with related parties referred to in Section 188(1) of the Companies Act, 2013 are provided in Form AOC-2, which forms part of this Board of Directors' Report as Annexure II.

17. INFORMATION PURSUANT TO SECTION 134 OF THE COMPANIES ACT, 2013 a. Conservation of energy and technology absorption. Information pursuant to clause (m) sub-section (3) of section 134 of The Companies Act, 2013 read with the Companies (Accounts) Rules, 2014 and forming part of this report are given in the Annexure III. b. The details of foreign exchange earnings and outgo are annexed in Annexure III.

Pursuant to Section 134(3)(c) of the Companies Act, 2013 the Directors confirm the following: i. Inthepreparationoftheannualaccounts,theapplicable accounting standards had been followed along with proper explanation relating to material departures.

ii. Your Directors had selected such accounting policies and applied them consistently and made judgements and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period. iii. Your directors had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities. iv. Your directors had prepared the attached Annual Accounts for the year ended on March 31, 2025 on a going concern basis. v. Your directors had laid down internal financial controls to be followed by the Company and such internal financial controls are adequate and were operating effectively. vi Your Directors had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Detailed note on Composition of Audit Committee of Directors, Nomination and Remuneration Committee, Risk Management Committee, CSR Committee, and Stake Holders Relationship Committee of Directors and management committee, number of meetings held of each Committee during the financial year 2024-25 and meetings attended by each member of the Committee as required under the Companies Act, 2013 are provided in Corporate Governance Report.

Company does not have any employees who is drawing remuneration in excess of limit prescribed under Section 197(12) of the Companies Act, 2013 read with Rule 5(2) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014.

The information required under section 197(12) of the Act read with rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, attached as "Annexure- IV"

The statement containing the names of top ten employees will be made available on request sent to the Company on complianceofficer@concordbiotech.com.

The Company's Policy relating to appointment of Directors, payment of Managerial remuneration, Directors' qualifications, positive attributes, independence of Directors and other related matters as provided under Section 178(3) of the Companies Act, 2013 is furnished as attached to this report. "Annexure – V". The weblink for the same is https:// www.concordbiotech.com/public/assets/pdf/Concord-Biotech-Limited-Nomination-and-Remuneration-Policy.pdf

The Board remains committed to fostering a diverse and inclusive leadership structure that reflects a wide range of perspectives, experiences, and expertise. We believe that diversity at the board level enhances governance quality, promotes balanced decision-making, and strengthens stakeholder confidence. During the year, we continued to advance our diversity agenda by ensuring representation across gender, professional backgrounds, and industry experience. This approach not only aligns with our corporate values but also supports our long-term strategic objectives and sustainable growth.

Pursuant to the provisions of the Companies Act, 2013 and Regulation 17 and Regulation 25 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, a structured questionnaire was prepared after taking into consideration of the various aspects of the Board's functioning, Composition of the Board and Committees, culture, execution and performance of specific duties, obligation and governance. The performance evaluation of the Independent Directors was completed.

During the financial year under review, the Independent Directors met on 13th February, 2025, inter alia, to discuss:

? Performance evaluation of Non-Independent Directors and Board of Directors as a whole;

? Performance evaluation of the Chairman of the Company;

? Evaluation of the quality of flow of information between the Management and Board for effective performance by the Board.

The Board of Directors expressed their satisfaction with the evaluation process.

In Compliance with Section 135 of the Companies Act, 2013 read with the Companies (Corporate Social Responsibility Policy) Rules, 2014, the Company has established Corporate Social Responsibility (CSR) Committee and statutory disclosures with respect to CSR Committee and an Annual Report on CSR Activities forms part of this Board of Director's Report as "Annexure-VI" to this report.

The details of policy developed and implemented by the Company on Corporate Social Responsibility is available on website of Company at www.concordbiotech.com.

The Statutory Auditors, M/s. BSR & Co. LLP, Chartered Accountants (ICAI Registration No. 101248W/ W-100022), has been appointed for a period of five years till the conclusion of 44th Annual General Meeting to be held in the Financial year 2028-29 on such remuneration as may be decided by the Board in consultation with the Statutory Auditors of the Company.

The Auditors' Report on the financial statements of the Company for the Financial Year ended March 31, 2025, is unmodified i.e. it does not contain any qualification, reservation or adverse remark or disclaimer. The Auditors' Report is enclosed with the financial statements forming part of the Integrated Annual Report.

The Cost Records as specified by the central government under sub-section(1) of the Section 148 of the Companies Act, 2013 are made and maintained by the company. The Board, on recommendation of the Audit Committee, has appointed M/s. Dalwadi & Associate, Cost Accountants (Firm Registration Number 000338) as the Cost Auditors of the Company to conduct the audit of Company's cost records for the Financial Year 2025-26. The Cost Auditors have confirmed that their appointment is within the limits of Section 141(3) (g) of the Companies Act, 2013 and have also certified that they are free from any disqualifications specified under Section 141(3) and proviso to Section 148(3) read with Section 141(4) of the Companies Act, 2013. The Audit Committee has also received a certificate from the Cost Auditors certifying their independence and arm's length relationship with the Company. In accordance with the provisions of Section 148 of the Companies Act, 2013 read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration payable to the Cost Auditor is required to be rati_ed by the members, the Board recommends the same for approval by members at the ensuing AGM.

M/s Manubhai & Shah LLP, Chartered Accountants, Ahmedabad, were appointed as Internal Auditors for FY 2024–25 and reappointed for FY 2025–26 by the Board on the Audit Committee's recommendation.

The Internal Auditor presents their report and findings on the internal audit of the Company to the Audit Committee on a quarterly basis. The scope and coverage of the internal audit are reviewed and approved by the Audit Committee to ensure alignment with the Company's risk management framework and operational priorities. The internal audit function continues to play a critical role in evaluating the effectiveness of internal controls, identifying areas for improvement, and supporting the Board in maintaining robust governance standards.

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and rules thereunder, M/s. Ashish Shah & Associates, Practicing Company Secretaries (Firm Registration Number S2001GJ041700), were appointed to conduct the secretarial audit of the Company for the Financial Year 2024-25. The Secretarial Audit Report for the Financial Year 2024-25 does not contain any qualification, reservation or adverse remark or disclaimer. It is annexed herewith as "Annexure-VI" to this Report.

Pursuant to the provisions of Regulation 24A of the SEBI Listing Regulations, the Annual Secretarial Compliance Report for the Financial Year 2024-25, issued by M/s. Ashish Shah & Associates, Practicing Company Secretaries has been submitted with the stock exchanges where shares of the Company are listed, within stipulated timeline.

M/s. Ashish Shah & Associates, Practicing Company Secretaries, proposed to be appointed on the basis of recommendation of Audit committee as the Secretarial Auditors of the Company from the conclusion of this 40th Annual General Meeting till the conclusion of 45th Annual General Meeting of the Company pursuant to the provisions of Regulation 24A of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and Section 204 of the Companies Act, 2013 and rules made thereunder, subject to approval of shareholder of the company in the ensuing

Annual General Meeting of the Company. Written consent of the Secretarial Auditors and confirmation to the effect that they are eligible and not disqualified to be appointed as the Secretarial Auditors of the Company in the terms of the provisions of the Listing Regulations, the Companies Act, 2013 and the rules made thereunder has been received.

There are no qualifications or comments by the Statutory Auditors and Secretarial Auditors which require any explanation from the Directors.

There are no material orders passed by the Regulators, Courts, and tribunals impacting going concern status and the Company's operations in future.

The Company has established a vigil mechanism and accordingly framed a Whistle Blower Policy. The policy enables the employees to report to the management instances of unethical behavior, actual or suspected fraud or violation of Company's Code of Conduct. Further the mechanism adopted by the Company encourages the Whistle Blower to report genuine concerns or grievances and provide for adequate safe guards against victimization of Whistle Blower who avails of such mechanism and also provides for direct access to the Chairman of the Audit Committee, in exceptional cases. The functioning of vigil mechanism is reviewed by the Audit Committee from time to time.

The Whistle Blower Policy of the Company is available on the website of the Company https://www.concordbiotech. com/public/assets/pdf/Concord-Biotech-Limited-Whistle-Blower-Policy.pdf

The Company has structured risk management policy. The Risk management process is designed to safeguard the organization from various risks through adequate and timely actions. It is designed to anticipate, evaluate and mitigate risks in order to minimize its impact on the business. The potential risks are inventoried and integrated with the management process such that they receive the necessary consideration during decision making.

The Risk Management Policy of the Company is available on the website of the Company https://www.concordbiotech.

com/public/assets/pdf/Concord-Biotech-Limited-Risk-Management-Policy.pdf

There were no changes in Authorized Share Capital of the Company during the year.

There were no changes in the Paid-Up Share Capital of the Company during the year.

In accordance with the requirements of the Sexual Harassment of Women at Workplace (Prevention, Prohibition

& Redressal) Act, 2013 ("POSH Act") and the Rules made thereunder, the Company has in place a policy which mandates no tolerance against any conduct amounting to sexual harassment of women at workplace. The Company has inbuilt mechanism to redress and resolve any complaints arising under the POSH Act.

Training/awareness Programme were conducted during the financial year to create sensitivity towards ensuring respectable workplace.

No frauds have been noticed or reported during the year under audit report which are reportable to the Central Government.

The employees have played a major role in the performance of the Company over the years. They will continue to be the Company's pillars of strength in the years to come as proper training and exposure to the new products will be forthcoming. Industrial relations in the Company were amicable throughout the year under review.

The Company's assets are comprehensively insured to mitigate financial exposure arising from a broad spectrum of operational, environmental, and other insurable risks, in alignment with our risk management framework and commitment to safeguarding stakeholder interests.

Your Directors confirm that, Company complies with applicable mandatory Secretarial Standards issued by the Institute of Company Secretaries of India.

During the year under review, the Company has not made any application before the National Company Law Tribunal under Insolvency and Bankruptcy Code, 2016 for recovery of outstanding loans against customer and there is no pending proceeding against the Company under Insolvency and Bankruptcy Code, 2016.

It is not applicable to the Company, during the financial year.

The Directors wish to place on record their appreciation for the unwavering trust and confidence reposed by the shareholders in the management and governance of the Company.

Further, the Board acknowledges the valuable contributions and support received from various regulatory agencies, customers, suppliers, and all other stakeholders who have played a vital role in the successful conduct of the Company's business.

Your continued support and collaboration remain the cornerstone of our progress, and we look forward to strengthening these relationships in the years to come.