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TO THE MEMBERS
Your Directors have pleasure in presenting the 73rd Annual
Report and Audited Financial Statements for the financial year ended 31st
March, 2023.
STANDALONE AND CONSOLIDATED FINANCIAL RESULTS
(Rs Crores)
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STANDALONE |
CONSOLIDATED |
|
Year ended 31.3.2023 |
Year ended 31.3.2022 |
Year ended 31.3.2023 |
Year ended 31.3.2022 |
| Sales and other Income |
5925.81 |
5491.22 |
6369.94 |
5896.36 |
| Profit before finance cost and depreciation |
1023.04 |
1291.00 |
1052.39 |
1375.83 |
| Less : Finance cost |
43.92 |
7.24 |
45.54 |
7.69 |
| Depreciation and Amortisation |
228.63 |
209.65 |
261.56 |
232.42 |
| Profit before tax |
750.49 |
1074.11 |
745.29 |
1135. 72 |
| Less : Provision for taxation Current Tax |
223.95 |
197.20 |
230.14 |
207.01 |
| Short / (Excess) provision of taxes for earlier years |
- |
0.08 |
0.22 |
0.50 |
| Deferred Tax Liability / (Asset) |
20.84 |
16.46 |
23.00 |
17.26 |
| Net Profit |
505.70 |
860.37 |
491.93 |
910.95 |
TRANSFER TO RESERVES
The Company does not propose to transfer any amount to the general
reserve out of the amount available for appropriation.
FINANCIAL STATEMENTS
The standalone and consolidated financial statements are prepared in
accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133
of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards)
Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.
In accordance with Indian Accounting Standard (Ind AS-110), the audited
consolidated financial statements are also provided in the Annual Report.
CREDIT RATING
During the year under report, India Ratings & Research (A Fitch
Group Company) has reviewed and assigned the following ratings to Company's working
capital limit, long term loan and commercial paper :
• Fund / Non-Fund based working capital limit (Rs 17500
Millions) - IND AA+ / Stable / IND A1 +
• Long Term Loan (' 4000 Millions) - IND AA+ / Stable / IND A1 +
• Commercial Paper (' 500 Millions) - IND A1 +
COVID -19 PANDEMIC
The Covid-19 pandemic which began in late 2019 caused unprecedented
disruption in economic activities globally. The World Health Organization (WHO) declared
Covid-19 as a global health emergency on 30th January, 2020. India too suffered
waves of Covid-19 pandemic.
Covid-19 pandemic is a healthcare crisis that has shaken global economy
and has forced countries across the globe to invest more and more in healthcare
infrastructure. The Covid-19 pandemic has changed the way we operate. The consumer
behavior and consumption pattern have also undergone changes. There is no doubt that
Covid-19 pandemic had a profound impact on pharmaceutical industry with demand changes and
shift towards telemedicine and online consultancy with doctors.
As on 5th May, 2023, WHO ended the Covid-19 public health
emergency of international concern. Though, the virus causing Covid-19 disease will remain
as a permanently established pathogen in humans and animals for the foreseeable future,
this pandemic has now nearly reached the endemic stage.
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