Financials, Disclosures, Ratios & Results

Quality Pharmaceuticals reaching over 100 countries

BUSINESS ANALYTICS - REVENUE AND PROFITABILITY

Net Sales(₹ Millions)CAGR 15.8%

FY19 (163,694)

FY18 (155,598)

FY17 (171,198)

FY16 (137,579)

FY15 (126,932)

Revenue Compositions (%)

North America
India
APAC
EMEA
LATAM
ROW
API
NCE

EBITDA (₹ Millions)

FY19 (32,462)

FY18 (32,979)

FY17 (45,997)

FY16 (38,705)

FY15 (38,593)

Profit Before Tax (₹ Millions)

FY19 (18,534)

FY18 (20,076)

FY17 (35,349)

FY16 (33,239)

FY15 (34,148)

Net Profit (₹ Millions)

FY19 (9,466)

FY18 (13,934)

FY17 (25,575)

FY16 (22,607)

FY15 (24,032)

BUSINESS CRITICAL INVESTMENT

Cumulative R&D (₹ Millions)

Cumulative Capex (₹ Millions)

SHAREHOLDER VALUE GROWTH

Dividend (%)

FY19 (250)

FY18 (250)

FY17 (375)

FY16 (375)

FY15 (375)

Earnings Per Share (%)

FY19 (21.00)

FY18 (30.83)

FY17 (56.69)

FY16 (50.45)

FY15 (53.54)

BALANCE SHEET

As at March 31, 2019

	Note	As at 31.03.2019 in million	As at 31.03.2018 in million
Assets
Non-Current Assets
a. Property, Plant and Equipment	2	30,672.0	30,272.3
b. Capital Work-in-Progress		9,038.2	8,499.9
c. Intangible Assets	3	3,057.5	3,134.3
d. Intangible Assets Under Development		2,952.7	3,210.5
e. Financial Assets
(i) Non-Current Investments
-In Subsidiaries	4	51,247.3	51,247.3
– In Others	4	1,563.6	55.3
(ii) Non-Current Loans	5	627.4	616.9
(iii) Other Non-Current Financial Assets	6	14.3	3.2
f. Non-Current Tax Assets (Net)		1,424.1	1,464.3
g. Other Non-Current Assets	7	1,459.9	1,131.5
		102,057.0	99,635.5
Current Assets
a. Inventories	8	23,059.8	21,800.2
b. Financial Assets
(i) Current Investments	9	21,073.8	2,325.9
(ii) Trade Receivables	10	37,243.2	49,463.1
(iii) Cash and Cash Equivalents	11	559.4	1,056.7
(iv) Other Bank Balances	12	55.0	52.9
(v) Current Loans	13	229.1	176.3
(vi) Other Current Financial Assets	14	6,304.8	4,044.8
c. Current Tax Assets (Net)		2.0	–
d. Other Current Assets	15	6,318.0	8,168.6
e. Assets Classified as Held for Sale	59	–	86.0
		94,845.1	87,174.5
Total		196,902.1	186,810.0
Equity and Liabilities
Equity
a. Equity Share Capital	16	905.0	904.2
b. Other Equity	17	170,267.7	156,945.4
		171,172.7	157,849.6
Liabilities
Non-Current Liabilities
a. Financial Liabilities
(i) Non-Current Borrowings	18	5.3	40.8
(ii) Trade Payables	19	16.1	31.6
(iii) Other Non-Current Financial Liabilities	20	149.6	48.3
b. Non-Current Provisions	21	2,094.6	2,062.9
c. Deferred Tax Liabilities (Net)	46	2,662.2	2,583.3
d. Other Non-Current Liabilities	22	827.7	831.4
		5,755.5	5,598.3
Current Liabilities
a. Financial Liabilities
(i) Current Borrowings	23	16.8	82.1
(ii) Trade Payables
– Total outstanding dues of Micro Enterprises and Small Enterprises	24	1,046.1	1,063.8
– Total outstanding dues of other than Micro Enterprises and Small Enterprises	24	11,494.1	13,214.9
(iii) Other Current Financial Liabilities	25	1,577.2	6,031.3
b. Other Current Liabilities	26	869.8	1,231.9
c. Current Provisions	27	4,903.8	1,470.4
d. Current Tax Liabilities (Net)		66.1	267.7
		19,973.9	23,362.1
Total		196,902.1	186,810.0
See accompanying notes forming part of the financial statements

PROFIT & LOSS ACCOUNT

For the year ended March 31, 2019

	Note	For the Current Year ended 31.03.2019 in million	For the Previous Year ended 31.03.2018 in million
Income
Revenue from Operations	28	113,563.2	100,881.8
Other Income	29	2,913.4	1,311.2
Total Income		116,476.6	102,193.0
Expenses
Cost of Materials Consumed	30	26,930.8	22,595.3
Purchases of Stock-in-Trade		13,470.5	11,301.5
Changes in Inventories of Finished Goods,	31	(1,472.3)	846.7
Work-in-Process and Stock-in-Trade
Employee Benefits Expense	32	15,154.2	14,416.4
Finance Costs	33	354.7	332.4
Depreciation and Amortisation Expense	2&3	4,263.0	3,898.1
Other Expenses	34	30,952.2	30,863.3
Total Expenses		89,653.1	84,253.7
Profit before Exceptional items and Tax		26,823.5	17,939.3
Exceptional item
– Provision for fine (European Commission)	50	3,399.8	–
Profit before Tax		23,423.7	17,939.3
Tax Expense	46
– Current Tax (Net)		7,950.0	3,865.7
– Deferred Tax (Net)		85.4	627.0
Total Tax Expense		8,035.4	4,492.7
Profit for the year		15,388.3	13,446.6
Other Comprehensive Income / (Loss)
(A) (i) Items that will not be reclassified subsequently to profit or loss:
(a) Remeasurements of Defined Benefit Liability		(16.8)	1.2
(ii) Income tax relating to items that will not be reclassified to profit or loss:	46	6.0	1.0
(B) (i) Items that will be reclassified subsequently to profit or loss:
(a) The effective portion of gain & losses on hedging instruments in a cash flow hedge		15.2	(464.7)
(ii) Income tax relating to items that will be reclassified to profit or loss:	46	0.5	144.8
Other Comprehensive Income / (Loss) for the year, net of tax		4.9	(317.7)
Total Comprehensive Income for the year		15,393.2	13,128.9
Earnings per equity share (in ₹)	43
Basic		34.03	29.76
Diluted		33.89	29.66
Face Value of Equity Share (in ₹)		2.00	2.00
See accompanying notes forming part of the financial statements

CASH FLOW

For the year ended March 31, 2019

	For the Current Year ended 31.03.2019 in million	For the Previous Year ended 31.03.2018 in million

A. Cash Flow from Operating Activities
Profit before Tax	23,423.7	17,939.3
Adjustments for:
Depreciation and Amortisation Expense	4,263.0	3,898.1
Loss/(Profit) on Sale/Write-off of Property, Plant and Equipment/Intangible Assets (net)	(17.7)	26.6
Net Gain on sale of Mutual Fund Investments	(122.4)	(383.9)
Finance Costs	354.7	332.4
Interest on Deposits with Banks and Others	(383.9)	(7.5)
Dividend on Mutual Fund Investments	(420.9)	(274.8)
Unrealised Loss/ (Gain)on Mutual Fund Investments (net)	(120.5)	(55.4)
Dividend on Non-Current Investment from Subsidiary company	–	(14.5)
Doubtful Trade Receivables / Advances / Deposits written off and provided (net)	(63.3)	(12.5)
Bad Trade Receivables / Advances / Deposits written off	–	7.0
Share Based Payments Expense	477.0	643.2
Impairment in value of Non-Current investments	30.1	–
Provision for fine (European Commission)	3,399.8	–
Unrealised Exchange loss / (gain) on revaluation (net)	(822.8)	345.7
Operating Cash flows before Working Capital Changes	29,996.8	22,443.7
Changes in working capital:
Adjustments for (increase) / decrease in operating assets:
Inventories	(1,259.6)	(543.6)
Trade Receivables	13,161.6	(10,889.4)
Current Loans	(52.8)	(26.3)
Non- Current Loans	(10.5)	(81.7)
Other Current Financial Asset	(2,104.1)	(318.3)
Other Current Asset	1,850.3	(3,464.4)
Other Non-Current Assets	60.2	47.7
Other Non-Current Financial Assets	(11.1)	9.2
Adjustments for increase / (decrease) in operating liabilities:
Current Trade Payable	(1,809.5)	(391.5)
Non-Current Trade Payable	(15.5)	(13.8)
Other Current Financial liabilities	(193.4)	(475.8)
Other Current Liabilities	(426.0)	634.7
Other Non-Current liabilities	(3.7)	(221.1)
Other Non-Current Financial liabilities	99.1	(7.4)
Current Provisions	97.5	65.7
Non- Current Provisions	(159.0)	229.4
Cash Generated from Operations	39,220.3	6,997.1
Net Income tax paid	(8,113.1)	(4,902.3)
Net Cash Flow from Operating Activities	31,107.2	2,094.8
B. Cash Flow from Investing Activities
Capital expenditure, including capital advances	(9,709.4)	(9,103.8)
Proceeds from sale of Property, Plant and Equipments / Intangible Assets	300.1	13.2
Purchase of Non-Current Investment in subsidiaries	–	(3,283.4)
Purchase of Non-Current Investment in others	(1,539.4)	–
Purchase of Current Investment	(89,820.9)	(50,214.6)
Proceeds from sale of Current Investments	71,316.2	69,448.0
Bank balances not considered as Cash and Cash Equivalents (net)	(2.1)	95.4
Dividend on Mutual Fund Investments	420.9	274.8
Dividend on Non-Current Investment from Subsidiary company	–	14.5
Interest on Deposits with Banks and others	383.9	7.5
Net Cash Used in Investing Activities	(28,650.7)	7,251.6
C. Cash Flow from Financing Activities
Repayment of Non Current Borrowings (net)	(48.1)	(49.7)
Proceeds from / (Repayment of) Current Borrowings (net)	(65.3)	(5,714.1)
Proceeds from issue of equity shares (ESOPs)	0.8	1.0
Securities Premium Received (ESOPs)	36.2	144.2
Finance Costs	(164.3)	(178.1)
Dividends paid	(2,248.4)	(3,383.4)
Corporate Tax on Dividend	(464.7)	(689.7)
Net Cash (Used) / generated in Financing Activities	(2,953.8)	(9,869.8)
Net (decrease) / Increase in Cash and Cash Equivalents	(497.3)	(523.4)
Cash and Cash Equivalents as at the beginning of the year	1,056.7	1,580.1
Cash and Cash Equivalents as at the end of the year (refer note 11)	559.4	1,056.7

Notes :

The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard 7 (Ind AS -7) “Statement of Cash Flow”.
Cash comprises cash on hand and current accounts with banks. Cash equivalents are short-term balances (with an original maturity of three months or less from the date of acquisition), current investments that are convertible into known amounts of cash and which are subject to insignificant risk of changes in value.

TEN YEARS FINANCIAL SUMMARY

CONSOLIDATED BALANCE SHEET (₹ in million)

As at March 31,	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
SOURCES OF FUNDS
Shareholders’ funds
Equity Share Capital	889.4	892.4	893.3	895.1	896.8	899.0	901.2	903.2	904.2	905.0
Reserves & Surplus	24,788.9	31,918.4	39,235.6	51,146.7	68,418.9	90,833.3	110,732.5	134,072.5	134,866.4	136,517.3
	25,678.3	32,810.8	40,128.9	52,041.8	69,315.7	91,732.3	111,633.7	134,975.7	135,770.6	137,422.3
Non-Controlling Interest	254.9	515.1	722.9	594.5	669.4	241.0	320.8	345.2	400.8	468.6
Loans	11,398.5	11,623.9	16,391.0	11,644.9	6,537.4	5,371.2	71,775.2	79,660.9	71,428.0	84,961.5
Deferred Tax Liabilities (net)	1,630.4	1,791.8	1,910.1	2,336.8	2,486.6	1,527.5	3,266.8	3,948.5	2,855.3	2,882.8
Other Liabilities (incl. Provisions)	11,892.5	14,502.0	20,669.3	22,520.6	23,051.2	33,737.7	39,252.1	47,142.5	52,599.1	53,758.5
TOTAL	50,854.6	61,243.6	79,822.2	89,138.6	102,060.3	132,609.7	226,248.6	266,072.8	263,053.8	279,493.7
APPLICATION OF FUNDS
Fixed Assets
Net Block	15,864.9	17,313.4	22,456.6	24,928.5	26,977.3	27,200.3	64,515.2	87,229.2	79,135.0	87,063.9
Capital Work-in-Progress (incl. Capital Advances)	3,578.7	5,319.3	4,973.7	3,909.0	4,110.2	6,745.3	32,145.5	24,639.0	26,555.6	17,293.9

	19,443.6	22,632.7	27,430.3	28,837.5	31,087.5	33,945.6	96,660.7	111,868.2	105,690.6	104,357.8
Goodwill on Consolidation	3,196.8	3,254.9	5,040.0	5,073.2	6,578.7	16,252.8	22,654.4	23,100.1	24,484.9	23,803.2
Investments	264.3	31.5	28.0	20.6	20.6	55.4	143.3	220.0	267.1	317.7
Deferred Tax Assets (net)	195.4	380.5	467.8	704.4	708.1	2,561.7	3,358.5	5,076.4	7,165.6	7,340.0
Other Assets
Inventories	9,714.9	11,999.6	17,326.7	19,489.3	21,294.5	25,036.1	32,736.5	36,422.8	36,624.9	38,367.7
Receivables	11,265.7	12,556.4	17,800.1	21,869.9	24,641.0	26,475.2	45,487.6	43,073.4	51,922.1	51,498.0
Cash & Bank Balances (refer note iii)	2,015.3	4,201.4	4,024.7	4,348.8	9,739.1	21,304.7	8,237.7	28,135.4	16,431.7	32,523.5

Others	4,758.6	6,186.6	7,704.6	8,794.9	7,990.8	6,978.2	16,969.9	18,176.5	20,466.9	21,285.8
	27,754.5	34,944.0	46,856.1	54,502.9	63,665.4	79,794.2	103,431.7	125,808.1	125,445.6	143,675.0
TOTAL	50,854.6	61,243.6	79,822.2	89,138.6	102,060.3	132,609.7	226,248.6	266,072.8	263,053.8	279,493.7

TEN YEARS FINANCIAL SUMMARY

CONSOLIDATED STATEMENT OF PROFIT AND LOSS (₹ in million)

Year ended March 31,	2010	2011	2012	2013	2014	2015	2016	2017	2018	2019
INCOME
Sales	48,009.5	57,421.7	70,017.2	95,235.3	111,671.2	126,932.2	137,578.7	171,198.0	155,598.4	163,693.7
Other Operating Income	762.5	1,121.5	1,232.1	1,796.7	1,999.3	1,703.0	4,976.7	3,745.3	2,443.1	3,488.1
Other Income	351.1	221.9	143.5	278.5	1,164.8	2,397.5	1,851.9	1,065.1	1,503.5	3,640.2
Total Revenue	49,123.1	58,765.1	71,392.8	97,310.5	114,835.3	131,032.7	144,407.3	176,008.4	159,545.0	170,822.0
EXPENSES
Cost of Materials	19,694.2	22,379.3	26,039.0	35,485.0	38,173.8	41,570.4	43,325.7	50,014.3	52,744.0	58,457.9
Employee Benefits Expense	5,871.5	7,675.6	9,695.3	12,666.2	14,646.5	17,473.4	21,416.2	28,495.2	28,647.1	31,512.9
Manufacturing and Other	13,576.5	16,709.9	21,067.9	26,181.9	30,822.3	33,395.5	40,960.0	51,502.4	45,175.3	48,388.8
Expenses
Total Expenses	39,142.2	46,764.8	56,802.2	74,333.1	83,642.6	92,439.3	105,701.9	130,011.9	126,566.4	138,359.6
Profit before Interest,	9,980.9	12,000.3	14,590.6	22,977.4	31,192.7	38,593.4	38,705.4	45,996.5	32,978.6	32,462.4
Depreciation & Tax
Finance Cost	384.9	344.8	354.7	409.5	266.5	98.1	594.7	1,525.3	2,043.5	3,078.3
Depreciation and Amortisation	1,239.1	1,711.8	2,275.2	3,321.9	2,609.7	4,347.0	4,871.3	9,122.3	10,858.7	10,850.1
Profit before Exceptional	8,356.9	9,943.7	11,960.7	19,246.0	28,316.5	34,148.3	33,239.4	35,348.9	20,076.4	18,534.0
Items & Tax
Exceptional Items (Refer note iv)	–	–	–	–	–	–	–	–	14,643.5	3,399.8
Profit before Tax	8,356.9	9,943.7	11,960.7	19,246.0	28,316.5	34,148.3	33,239.4	35,348.9	5,432.9	15,134.2
Current Tax	1,109.8	1,176.3	2,756.2	5,829.0	9,536.0	10,041.6	11,433.5	10,882.1	5,349.8	8,727.0
Deferred Tax	250.4	(26.5)	329.4	12.6	85.5	(337.6)	(840.1)	(1,097.0)	(2,465.2)	289.9
Net Profit before Share of Profit
from Jointly Controlled Entity,	6,996.7	8,793.9	8,875.1	13,404.4	18,695.0	24,444.3	22,646.0	25,563.8	2,548.3	6,117.3
Non-Controlling Interest and
Share of Loss in Associates
Share of Profit from Jointly	–	–	–	–	–	–	49.0	82.5	35.2	37.5
Controlled Entity
Share of Profit attributable to	111.6	148.4	198.6	262.8	331.3	411.9	87.6	71.7	70.9	89.3
Non-Controlling Interest
Share of Loss in Associates	68.8	20.0	–	–	–	–	–	–	–	–
Net Profit	6,816.3	8,625.5	8,676.5	13,141.6	18,363.7	24,032.4	22,607.4	25,574.6	2,512.6	6,065.5

FINANCIAL RESULT

Date	Quarter/halfyear/annual	Full year (April-March)
31-12-2019	Q3 FY 2019-2020	Consolidated Standalone	Unaudited
30-09-2019	Q2 FY 2019-2020	Consolidated Standalone	Unaudited
31-06-2019	Q1 FY 2019-2020	Consolidated Standalone	Unaudited
31-03-2019	FY 2019	Consolidated Standalone	Audited
31-12-2018	Q3 2018-2019	Consolidated Standalone	Unaudited
30-09-2018	Q2 2018-2019	Consolidated Standalone	Unaudited
30-06-2018	Q1 2018-2019	Consolidated Standalone	Unaudited
31-03-2018	FY 2018	Consolidated Standalone	Audited
31-12-2017	Q3 2017-2018	Consolidated Standalone	Unaudited
30-10-2017	Q2 2017-2018	Consolidated Standalone	Unaudited
Legend: Q = Quarterly, H = Half-yearly, FY = Full year