AstraZeneca Pharma India Ltd. — Annual Report 2020

May 18, 2020

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May 18, 2020

The Manager – Listing BSE Limited , 1[st] Floor, New Trading Ring Rotunda Building, P J Towers, Dalal Street, Fort, Mumbai 400001

The Manager – Listing

National Stock Exchange of India Ltd. Exchange plaza, 5[th] Floor, Plot No.C/1, G Block Bandra-Kurla Complex, Bandra (E), Mumbai 400051

Dear Sir(s),

Sub: Outcome of the Board Meeting held on Monday, May 18, 2020

Ref: Scrip Code - BSE: 506820 / NSE: ASTRAZEN

At the Board meeting of the Company held on Monday, May 18, 2020 the Board of Directors considered and approved the Audited Financial Results of the Company for the quarter and year ended March 31, 2020. The said Audited Financial Results together with the Audit report of the Statutory Auditors dated May 18, 2020 are enclosed herewith.

We also confirm that the Auditor’s Report is with unmodified opinion in respect of the Audited Financial Results of the Company for the financial year ended March 31, 2020.

The Board meeting concluded at 5.30 p.m.

Please take the same on record.

Thanking you,

For AstraZeneca Pharma India Limited

Digitally signed by PRATAP PRATAP RUDRA RUDRA BHUVANAGIRI BHUVANAGIRI Date: 2020.05.18 17:48:25 +05'30'

Pratap Rudra Company Secretary & Legal Counsel

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Al ltlltflKI Pharma lndl1 Limit-.!

Regel. Offlc1 : Block N1, 12th Floor, M1nyat.1 Embauv Bualn1u Park, Rachenahalll, Outlr Ring Road, Bang,l N MO 0-45 Stalamen1 of financlal ,-uua for the quartar and ve• ended 31 MIIUI 2020

Noles;

• Thi flni111C1, l '"ufts hJVO be n plup0re<I ,n .-danco wlih Ille Comj)MUIS lhK.,ll Accwnhll{J s1011dards) Rui.s 201s (o,. ainelllled) p,esmbed under Section 133 ol lho Comp-• Aci, 2013 � ouwr mcognislld occounh p,octJces and polcios 10 lh<o o.io,n1 uppllcab

• 2 EHCCI Vtl I Apnl 2019 the COml)llllY hu aclop!ef.l ln<I AS 116 'Uases· Ind AS I 16 .,ltos J u,gle lCHH ac:a,,.1,11119 modd and re(l1--01 usoa»els anu IN•• habti.t,e. lo, al -smh o 101m ol 1Mtolhanl.,....,0 rr1011lhs, unless lht undt lylog assel 11 of a low value

• lho Company has uslld the 'lt'Old,I""' revospectove lll)p<oach' lo, lr•\511 <1110m kod AS 17 Lease · and con•eqURTotly, c:ompan,tl'les for pr.-.s penods haw nol bO<'ll adjuSlad On tra,,s,llon lhl Company has reairdll<I , .,,.ty al present value 01 llfllro - p;[1] ,m"11ts oo'owrQ rahl and hoU recognseo tho 11Qh1 ol,uso OSSO! al an lmOOlll vq� to the lease li.1bity on<.I adJUSl lo, prepaid ll!llSe paymenls

The ldoptlO<l ol Ind AS I ID has 10/IUllod In IOCOIJ"l ,Oll of nght-ol use BSSlllS ol Rs I ,3G7 SI lakh• and loase � ... ol lb l,3:l0 la�s w,11\ a COf OIPOO<lng ollocl ol Rs 12 9S lal<hs on 1ot111n1d aamings on t Apnl 2019 and Imm such Clato Ille natu,e ol expense lo< loos,119 w,angements ms Cllangoo rro,n leasv rent to dep,OOEbon on the nght ol use assets and lonnnoe co,t on lhe c:ormspcnong lease Jiabilol os The adoplJon ol Ind AS t 16 Od not h�W> o mato, ai nnpacl on the reS<Ms tor the qua,101 endtd 31 March 2020

• 3 The Company has ldenlil1ed 'l-leallhc;ve Segmenl' as Ms only� segment In accoroance �h the requirements ol Ind AS 108, 'Openlting Segments' Aor:ordklg y no segment lnfomiatooo has been pro-.

• 4 As pUhllObSly dlldnsed. by wt,y ot a loflot dlllO<I I Minh 20M Astm?oneca Pharmaceuhcats A8 the promoter Of tl'e Company 1\30 P•oPOsl!d a w_.,lary dellsllng o( the Comp3/)1's equoly ShaGt El!dl""91' and lho Bombay Sloclt El<Chango Such PfOposed del.,bng ,s subject to an on gou,o ,nqu,ry v,ith SEOI and lhal n...,,, has not yl!I been resol� In ""1 eve<U, based 0,1 the pass;,9• ot lime, ony potent.al ruhlrc f)f0pOS91 lor votu11tary �bbng oJ lhn Cnrnpany 1V01MI oteed 10 be C:Ootwclcd do OOYO

• 5 Impact of COVl0-19 Pandemic Tho COVI0-19 ou1b<eax has $p,ead ,apidly <I\W"'!J tho last qu;ine, o( Clio fmanCial yt Govornments ac,oss tho globe. onduong on India, hnve un�IAlt <Woncino ar,d other emo,oenr.y rneasuru The� onnasuros havo had a dtred Impact on busines es and have al ecletl tile surpty ch..11ns .ind p,Oducilon oJ goOds Lov,e, ocooOlll,c act,v,ty hns also resultod In 1/lil "'l)p,o.-d demi/Id lor goods ancl swv,ces.

• Thi: Company Is engaged in lhe buslneS of m.lloulocluto, dlstlibulion and markeling or lilo-changing rnedd os In crucla areas orheal Including oncology, CIIIQiOYASCUlor, <iabelas, renal. m- and respuotOI}', Products suppled bV the Comp any have been dass,fled as -,,ua1 goods d<.rlng the COVID-19 pandom.c. n,e Company-.ally expononoed somo ddayt on dobve,y ol suppl&.s 10 u,x:ountry cus10m01s due 10 ,eslriclton• on tolized :ind dolivenas a,o oo,, rogula< and tunely In""'" of the loel<. tO.ltl and CUlfew nnnouncM flC/oss many stotoo on lnlt.1, the Coon1iany l>.Js ,rodertaken and strengthcMd various measuros 10 ensu,e 1/oo sal1'1y Md well•tlelng ol 1($ empl<>)'eu and h.1s locused on conttkltd delt .. ry ol me<icw,es aaoss too country, by ensunng that�• key runctions, c procur.....,,I. manuloctunng. supply Cllaln, marl.OI0/19, ..,. and s<111pot1 hrct1<,r1s conlftllt 10 opcraltt smoOlhly Malla9"ment has amsidemd ,ts Ml\lkl'Y poS>1 on as nl l.'larch J t. 2020 and ove, lhe nexl h<elve months 1,om Iha dalo of appro,;ai ol lhoso ronanctnl $1810tn eots. by pe,lo,m,ng cash llow assessments ood a sensolMly onal)'srs thereon ona has concludod 1h01 1h& Comp.:onv ""'1 have ade qualc l,qu,u.ty In lho o,111,r.wy cou,se <>I bus,ness

• As al the year end. management has asoess«t Ille rec:overablllly ol lhe carrying values of property, plant and oqlipment, lrade reoeillables and Inve tory and ainducled lhal no further adjuslments are 1equ,n1d lo be� in resped ol such assets as at 31 Mann 2020.

• rho 1naN9ornc,� h..,s carf\cd oul n physic.ii venr1C&1t0 ol rNelllO(.,s ot d loal oon1 to obtain comlorl over the .,.. .,enca ana c:ond,lton ol orNootorle.s os al 31 Marci• 2020 Duo to Iha cu,1en1 COVtD-19 pandeon,c s,loftloon, tha Comf)<lnY ros iinplomenl d suict safety measures nt tile fllllll\llDClu(oog plionl, lo ensu<e lloe< os mionmul nsk of contamlnat>011 .nJ one 11<1eh me•su,e rel.1tH resblCIM>n ol entry ,owe tho pl.'1 � only 10 those omployc s who r.-c relatcovo, managonoonl has cousidered all pos!Jlllo •Tipncts Of known evEflls a,,!llno 1,om COVI0-10 pandern,c 111 th1t prrparntlon of thue fll130c:lal s1a1e1nonts arid lhorelore. bot1&ves that lho current pandom.c Is no! Lkely lo haw a rnare, pl ,mpac:1 o,, the opemtoons and tonana l pos)IIQn ol lho Company l-lo.-iever, the lmpaa ane,smenl ol COVID- 19 •• R co11t,1111cus process g,ven tho ..,.., ,.-.t,es asSOClalOdw,th ,ts natufil and 11Urat11.> 1 lhll Comp>ny w,11 oonlmuo to CIOscly monilOI an, mater,11 Changes 10 luture ccoo CM�•Oll&

• 6 The figures lo< the quartor ended 31 Man:h 2020 and 31 March 2019 a,e lhe balancing fl!}uros botween Ille audilll1 "'1ancial � and 1he publshld lRIIJdilad ye..- lo date figures up to the U.rd quarter of the respedlve financial yea, v.tuch wer subjecied to review bV the stalulory audiors.

• 7 Previous period's figures have been regreuped/redassiflOd, where neces ary, l o c:onlorm with the currenl period's presentation ror Ille pu,pose 0/ c:omparabilty

• 8 This statement of I nancar resulls and S!at&ment of assets and liabillhes 1vas reviewed and recommended for approval by the Audit COm <llae of the Board and subsl!que"tty ap,.-ovaa by lhe Board ol O,mcto,s al their respective mcot,ngs hold oo 18 Moy 2020.

Place: Benga.luru Dato: 18 l!ay, 2020

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A1traZeneca Phann■ lndl■ Limited

Regd Oflice: Block N1, 12th Floor, M■nyata Embassy Buai,-s Park, Rachan■harn, Outer Ring Road, Bl ngalo,. 560 045 Statement of asuta and llablliUes

				Rs In laklls
SI.No.	Balance Shttl		As at 31 March 2020	Alat 31 March 2019
			Audited	Audltedl
	ASSETS
I	Non-cun-ent usets
	(a) Property. plant and eq .. pment		6,026 64	7,◄83 05
	(b) Righi-of-use assels (C) Capilal w011<-illi>IOQICSS		1,126 42 2,423 59	69006
	(d) Financial Assets
	(i) Loans		389 67	286 03
	(e) Cum,nt laX as els		◄,883 87	4,644 17
	(0 Deferred tax assets		1,464 45	2,336 92
	(g) Oth8' non-curre t assels		89 37	26905
	Sub-total - Non-current as ets		15.404 01	15.709 28
2	Current aaaets
	(a) Inventories		16,514 50	11,810 74
	(b) Financial Assets (i) Trade receivables		8,321 24	7,975.00
	(Ii) Cash and cash equivalents		8,350 12	17,324 00
	0li) Bank balances olher than cash and cash equivalents		16,901 53	5 71
	(iv) Loans		80 28	81,08
	(v) Other financial assets		1,15743	555 83
	(c) Other currenl assets		2,907 05	2.720 09
	Sub-total - Current asset.a		54.2l2.15	◄O 472 25
		TOTAL -ASSETS	70,636.16	56.181.53
I	EQUITY AND UABILITIES
	Equity
	(a) Equity Share capjlal		500 00	500 00
	(b) Other Equity		35,943 62	29,580 50
	Sub-total -Shareholders' funds		36.443 62	30,080 50
	LIABILITIES
	Non-current liabiliUes
	(a) Financial Liabi�ies
	(i) Lease Uabililies		930 01
	(b) Provisions		53847	202 10
	Sub-total - Non-current llabiliUes		1.◄68 48	202 10
2	Current llabllllles
	(a) Financial Liabi�ties
	(i) Trade payables
	Total outstanding dues of micro enterprises and small enterprises		15 99	45 20
	TOl.l oulstanding dues of creditors other than micro entc,rp ises and small Mtcrpnse		20,955 69	16,775 12
	01) Leaso ltab1hlles		254 10
	(Iii) Other financial liabilities		5,617 89	4,000 10
	(b) ou,er current liabiNties		1,233 96	1,438 27
	(c) Provisions		4,436 43	3,457 06
	(d) Current tax liability		210 00	183 18
	Sub-total - Current liabilities		32,724 06	25,898 93
	TOTAL·	EQUITY AND LIABILITIES	70,636.16	56 181.53

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AstraZeneca Phanna India Limited

Regd Office: Block N1, 12th Floor, M1nyata Embassy Business Park, Rachenahalll, Outer Ring Road, 8angalore 560 045 S-•nt of cuh flows for the year ended 31 March 2020

SI.No. Partlculnrs	Yearonded	(Rs In lakhs) Yearendad
	31 March 2020	March 31, 2019
	Audited	Audlted
A) Cash How from operating activities
Profit before tax	11,397.03	7,267.36
Non-cash adjuslments for
Depreciation expense	1,858 3 6	1,49241
(Profrt) on sale of property, plant and equipment (net)	(28 99)	(5 93)
Interest income on deposits cenied at amortlsed cost	(1,222 7 6)	(1. 144 88)
Employee stock compensation expense	112.35	95 30
Unrealised foreign exchange gain (net)	(15 34)	(19 00)
Allowance for expected credtt los (net)	158 27	344 87
Finance cost	113 67
Operating profil before worl<ing capita! changes	12,372.69	8.030.12
Changes in working capital:
(Increase) / Oectease In trade receivables	(483 45)	(2,835 00)
(Increase) / Decrease In inventories	(4.703 26)	(49 6 00)
(Increase) / Oectease In loans	(10284)	2200
(Increase) / Decrease in other financial assets	(572 51)	(104 00)
(Increase) / Decrease in other assets	(202 62)	(47 6 00)
Increase/ (Decrease) in trade payables	4,144 67	4,104 00
IncreaseI(Oecreese) in provisions	658 03	(597 00)
Increase / (Decrease) in other financial liabilities	1,199 60	740 00
IncreaseI(Decrease) in other liabilities	(204 00)	66200
Cash generated from operations	12,106.21	9,010.12
Income taxes paid (net of refund)	(3,3 6411)	(3,512 00)
Net cash generated from operating activities (A)	8,742.10	6,-498.12
8) Cash nows from investing activities
Interest Income on bank deposits	1,193 4 6	1,102 00
Investment in bank deposits	(1 6,900 00)	(3,300 00)
Proceeds from maturity of bank deposits		4,4 68 00
Purchase of property, plant and equipment, including capital work-in-progress	(1,4 2207)	(1,8 69 00)
Proceed• from sale of property, plant and equipment	48 73	26 64
Net cash generated/ (u•ed In) from Investing activities (8)	117-07�.88)	427.64
C) Cash nows from nnanclng activities
Principal payment of lease liabilities	(221 03)	.
Finance cost on lease liabiliUes	(113 67)
Dividend paid	(250 00)
Tax on dividend paid	(5140)
Net cash (used In) financing activities (C)	(636.10)	.
0) Net (decrease)/ increase in cash and cash equivalents (A+B+C)	(8,973.88)	5,925.76
E) Cash and cash equivalents at the beginning of the year	17,324.00	11,398.24
F) Cash and cash equivalents at the end of the year	0,350.12	17,324.00

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Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

TO THE BOARD OF DIRECTORS OF ASTRAZENECA PHARMA INDIA LIMITED

Report on the Audit of Financial Results

Opinion

1. We have audited the annual financial results of AstraZeneca Pharma India Limited (hereinafter referred to as the 'Company") for the year ended March 31, 2020 and the statement of assets and liabilities and the statement of cash flows as at and for the year ended on that date, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, ('Listing Regulations').

2. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial results:

3. a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and

4. b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable accounting standards prescribed under Section 133 of the Companies Act, 2013 (the "Act") and other accounting principles generally accepted in India, of net profit and other comprehensive income and other financial information of the Company for the year ended March 31, 2020 and the statement of assets and liabilities and the statement of cash flows as at and for the year ended on that date.

Basis for Opinion

1. We conducted our audit in accordance with the Standards on Auditing (SAs) specified under Section 143(10) of the Act and other applicable authoritative pronouncements issued by the Institute of Chartered Accountants of India. Our responsibilities under those Standards are further described in the 'Auditor's responsibilities for the audit of the financial results' section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us is sufficient and appropriate to provide a basis for our opinion.

Emphasis of Matter

1. We draw attention to Note 5 to the results which explains the uncertainties and the management's assessment of the financial impact due to the lockdown and other restrictions related to the COVID-19 pandemic situation, for which a definitive assessment of the impact in the subsequent period is highly dependent upon circumstances as they evolve. As stated by management in the aforesaid Note, the Company's operations (being classified as essential goods) have remained largely unaffected during the pandemic, both before and after the year end. Further, our attendance at the physical inventory verification performed by the management at the Company's manufacturing plant (which represents 20% of total inventory by value) was impracticable on account of strict safety protocols put in place by the Company and we have therefore, relied on alternate audit procedures to obtain comfort over the existence and condition of inventory for that location. Our opinion is not modified in respect of this matter.

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T:+91 (Bo) 4079 5000, F:+91 (Bo) 4079 5222

Registered office and Head office: Plot No. Y-14, Block EP, Sector V, Salt Lake Electronic Complex, Bidhan Nager, Kolkata 700 091

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Price Waterhouse & Co. (a Partnership Firm) converted into Price Waterhouse & Co Chartered Accountants LLP (a Limited Liability Partnership with LLP identity no: LLPIN AAC-4362) with effect from July 7, 2014. Post its conversion to Price Waterhouse & Co Chartered Accountants LLP, its ICAI registration number is 304026E/E-300009 (ICAI registration number beFore conversion was 304026E)

Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of AstraZeneca Pharma India Limited Report on the Financial Results Page 2 of3

Board of Directors' Responsibilities for the Financial Results

• 5[.] These financial results have been prepared on the basis of the annual financial statements. The Company's Board of Directors are responsible for the preparation and presentation of these financial results that give a true and fair view of the net profit and other comprehensive income and other financial information of the Company and the statement of assets and liabilities and the statement of cash flows in accordance with the recognition and measurement principles laid down in the Indian Accounting Standards prescribed under Section 133 of the Act read with relevant rules issued thereunder and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The Board of Directors of the Company are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the financial results by the Directors of the Company, as aforesaid.

• In preparing the financial results, the Board of Directors of the Company are responsible for assessing the ability of the Company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

• The Board of Directors of the Company are responsible for overseeing the financial reporting process of the Company.

Auditor's Responsibilities for the audit of the Financial Results

• Our objectives are to obtain reasonable assurance about whether the financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial results.

• 9[.] As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• a. Identify and assess the risks of material misstatement of the financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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Price Waterhouse & Co Chartered Accountants LLP

INDEPENDENT AUDITOR'S REPORT

To the Board of Directors of AstraZeneca Pharma India Limited Report on the Financial Results Page 3 of 3

• b. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. Under Section 143(3) (i) of the Act, we are also responsible for expressing our opinion on whether the Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls. (Refer paragraph 12 below)

• c. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors.

• d. Conclude on the appropriateness of the Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the ability of the Company to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• e. Evaluate the overall presentation, structure and content of the financial results, including the disclosures, and whether the financial results represent the underlying transactions and events in a manner that achieves fair presentation.

• We communicate with those charged with governance of the Company regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

Other Matters

1. The financial results include the results for the quarter ended March 31, 2020 being the balancing figures between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year, which were subject to limited review by us.

2. The annual financial results dealt with by this report has been prepared for the express purpose of filing with stock exchanges on which Company's shares are listed. These results are based on and should be read with the audited financial statements of the Company for the year ended March 31, 2020 on which we issued an unmodified audit opinion vide our report dated May 18, 2020.

Place: Bengaluru Date: May 18, 2020

For Price Waterhouse & Co Chartered Accountants LLP Firm Registration Number: 304026E/ E-300009

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Pradip Kanakia Partner Membership Number: 039985 UDIN: 20039985AAAABW1905