Ref: SEC/SE/2021-22 Date: 19.07.2021

Scrip Symbol: NSE - DABUR, BSE Scrip Code- 500096

Corporate Relation Department BSE Ltd. Phiroze Jeejeebhoy Towers Dalal Street, Mymbai-_400 001.

National Stock Exchange of India Ltd. Exchange Plaza, 5th Floor Plot No. C/l, G Block Bandra - Kurla Complex Bandra (E) Mumbai - 400 051.

Sub: Submission of Annual Report 2020-21 (includine Notice of 46th Annual General Meeting) and Business Responsibility Report 2020-21

Dear Sir,

This is further to our letter dated 7th July, 2021 wherein it was informed that the Annual General Meeting (AGM) of the Company is scheduled to be held on 19th August, 2021.

In terms of Regulation 34 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, we are submitting herewith Annual Report of the Company including the Business Responsibility Report for the financial year 2020-21 and the Notice of AGM.

The Annual Report for the financial year 2020-21 including Notice of AGM is being sent to the shareholders electronically who have registered their email IDs. The same is also available on the Company's website at www.dabur.com

Brief details of AGM are as under:

D at & T im e e	th A ST 19 20 21 ; 3 .0 0 . 1 t, ug us p. m
M d e o	C / O V id fe th A ud io -V is l M eo on re nc e er ua ea ns
C ff da ut te -o	12 th A 20 21 t, ug us
tin t d & im st at t e e- vo g ar e	ST 16 A 20 21 , 9 .0 0 . 1 st t, ug us a. m
tin d da & im te t e e- vo g en	18 th A 20 21 .0 0 . 1 ST t, , 5 ug us p. m
W eb si fo in te ot g r e -v	ht tD S :// in R .k fin ch / ot te ev .c om
M fo G W eb si nd in th A te tte r a g e	ht // tin .k fin ch / tp te s: e m ee gs .c o m

Thanking you.

Yours faithfully For DABUR INDIA LIMITED

(A K Jain) E V P (Finance) & Company Secretary

Great Growth comes from Greater Good

Dabur India Limited Integrated Annual Report 2020-21

About the Report

Dabur India Limited is pleased to present its Annual Report 2020-21, with adoption of integrated reporting framework as laid out by the International Integrated Reporting Council (IIRC). With this, we continue to move forward on our journey focussed on creating value for all our stakeholders.

Reporting scope and period

The Annual Report covers information on business operations of Dabur India Limited, aptly disclosed through seven Capitals as defined by International Integrated Reporting Council (IIRC). The Capitals cover information on India and overseas operations. The Integrated Report considers the primary reporting period as April 01, 2020 to March 31, 2021. Some sections of the report also represent facts and figures of previous years to provide a comprehensive view to our stakeholders.

Reporting framework

The Annual Report follows the International Framework as developed by IIRC (www.integratedreporting.org) and should be read in conjunction with the financial statements included herein and the notes thereto. The financial and statutory data presented is in accordance with the requirements of the Companies Act, 2013 (including the rules made thereunder), Indian Accounting Standards, the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the applicable laws. Key Company information

Forward Looking Statements

Some information in this report may contain forward-looking statements which include statements regarding Company's expected financial position and results of operations, business plans and prospects etc. and are generally identified by forwardlooking words such as "believe," "plan," "anticipate," "continue," "estimate," "expect," "may," "will" or other similar words. Forwardlooking statements are dependent on assumptions or basis underlying such statements. We have chosen these assumptions or basis in good faith, and we believe that they are reasonable in all material respects. However, we caution that actual results, performances or achievements could differ materially from those expressed or implied in such forward-looking statements. We undertake no obligation to update or revise any forward-looking statement, whether as a result of new information, future events, or otherwise.

Assurance

To ensure the integrity of facts and information, the Board of Directors and management have reviewed the Report and have carried out the independent assurance on sustainability disclosures presented in the report. The statutory auditors, Walker Chandiok & Co LLP, Chartered Accountants have provided assurance on the financial statements and the 'Independent Auditor's Report' has been duly incorporated as a part of this report.

Dabur India Limited ISIN: INE016A01026 BSE Code: 500096 NSE Code: DABUR CIN: L24230DL1975PLC007908

Great Growth comes from Greater Good 2
Our Vision & Mission 4
Corporate Information5
Dabur At A Glance6
10-Year Highlights10
Power Brands12
Online First 16
Our Journey from Herbs to Homes20
Chairman's Message22
Q&A with CEO26
Stakeholder Engagement30
Risk Management & Opportunity33
Financial Capital37
Manufactured Capital 41
Human Capital49
Natural Capital59
Social Capital75
Relationship Capital91
Intellectual Capital 111

Management Discussion & Analysis 121
Report on Corporate Governance 151
Directors' Report181

Standalone Financial Statements216
Consolidated Financial Statements291
Notice of Annual General Meeting376

At Dabur, improving the Health & Well-Being of every Household is what we have strived for throughout our 137 years of existence.

Over the past year, when humanity was put through one of its toughest tests, our resolve to offer holistic Health and Well-being has only been strengthened.

From ensuring the Health and Safety of our employees to protecting the entire value chain to supporting communities and frontline Corona Warriors during these difficult times; from stepping on gas with our innovation strategy and rolling out a series of new products to address emerging consumer needs to enhancing production of our immunity-booster medicines; from finding newer ways to reach consumer households during the lockdown to encouraging people to get vaccinated… We have been leading from the front in this global war against the COVID pandemic.

While working on ensuring business continuity in these troubled times, we never wavered from the path of greater good for the Community and for the Planet.

Not a surprise therefore that the consumers have chosen our products helping us report an industry leading growth.

Great Growth truly comes from Greater Good.

Dabur India limited Annual Report 2020-21

Corporate Overview Board & Management Reports Financial Statements

Vision & Mission

Our Vision

Dedicated to the Health & Well-Being of every Household

Our Mission

Ghar Ghar Ayurveda - Contemporise Ayurveda and make it relevant for the new generation

Our Principles

Ownership

This is our Company and we accept personal responsibility and accountability to meet business needs.

Passion for Winning

We all are leaders in our area of responsibilities with a deep commitment to deliver results. We are determined to be the best at doing what matters the most.

People Development

People are our most important asset. We add value through result-driven training, while encouraging and rewarding excellence.

Consumer Focus

We have superior understanding of consumer needs and develop products to fulfil them.

Team Work

We work together on the principle of mutual trust and transparency in a boundary-less organisation. We are intellectually honest in advocating proposals, including recognising risks.

Innovation

Continuous innovation in products and processes is the basis of our success.

Integrity

We are committed to the achievement of business success with integrity. We are honest with consumers, with business partners and with each other.

Corporate Information

Board of Directors

Mr. Amit Burman Chairman Mr. Mohit Burman Vice Chairman Mr. Aditya Burman Director Dr. Ajay Dua Director Mr. Ajit Mohan Sharan Director Mrs. Falguni Nayar Director Mr. Mohit Malhotra Whole-Time Director & CEO Mr. Mukesh Butani Director Mr. P. D. Narang Whole-Time Director Mr. P. N. Vijay Director Mr. R. C. Bhargava Director Dr. S. Narayan Director Mr. Saket Burman Director

EVP (Finance) & Company Secretary

Mr. A. K. Jain

Auditors

Walker Chandiok & Co. LLP

Internal Auditors

Pricewaterhouse Coopers Pvt. Ltd.

Bankers Corporate Office

State Bank of India Punjab National Bank Standard Chartered Bank The Hongkong & Shanghai Banking Corporation Ltd. Citibank N.A. HDFC Bank Ltd. ICICI Bank Ltd. Bank of Nova Scotia IDBI Bank Ltd.

Dabur India Limited Dabur Corporate Office, Kaushambi, Sahibabad, Ghaziabad-201010 (U.P.), India

Tel.: 0120-3962100 Fax: 0120-4374929 Website: www.dabur.com Email: [email protected] Email for investors: [email protected]

Registered Office

8/3, Asaf Ali Road, New Delhi-110002, India Tel.: 011-23253488

Dabur India limited

Business Performance

10% Consolidated Revenue Growth
12.4% Domestic FMCG Volume Growth
17.2% Consolidated Net Profit Growth

Operational Excellence

Manufacturing presence in 9 countries
12 Manufacturing locations in India
8 Overseas Manufacturing locations

26.4% Revenue from International Business

Community Support

2.2 Million beneficiaries of CSR initiatives

7,000+ farmers work with us in India, Nepal
`15 Crore support provided for COVID Care
149 Villages where CSR interventions were implemented

People First

6.35% workforce are women
29 Nationalities represented across our Company

11,413 MT Plastic Waste Collected, Processed/Recycled

• 38 years is the average age of our employees in India

7,617 Employees Globally

Products sold in 100+countries

Environmental Hero

20% Increase in usage of Recycled Water
25% Reduction in Raw Water Consumption since 2017-18
ZERO use of Ozone Depleting Substances in operations

Dabur Trivia

Over 6.3 Million spoons of Dabur Chyawanprash consumed every day in India

Over 2 Million glasses of Real juice consumed every day in India

Over 31 Million tables of Hajmola consumed every day in India

Over 8.8 Million Champi (Hair Massage) done every day with Dabur Amla Hair Oil

Dabur India limited

Annual Report 2020-21 Corporate Overview Board & Management Reports Financial Statements

4 Continents; 100 Nations, 16 No. 1 Market Shares

Positions	India	Saudi Arabia
1 No. Positions	Packaged Juices Chyawanprash Honey Facial Bleach Air Fresheners Mosquito Repellent Creams	Hair Oil Hair Cream Hair Gel Hair Mask
No. 2 Positions	Hair Oils Glucose Baby Massage Oils Toilet Cleaners	Hair Serums Depilatories
No. 3 Positions	Toothpaste

International Business-Revenue by Geography

Dabur India limited Annual Report 2020-21

10-Year Highlights

in ` Crores (except per share data)	FY12	FY13	FY14	FY15	FY16	FY17	FY18	FY19	FY20	FY21
Financial Results:
Revenue from Operations	5,305	6,169	7,094	7,827	7,869	7,701	7,748	8,533	8,704	9,562
Other Income	57	109	128	158	217	298	305	296	305	325
Operating Profit	890	987	1,179	1,305	1,518	1,509	1,617	1,740	1,792	2,003
Operating Margins (%)	16.8%	16.0%	16.6%	16.7%	19.3%	19.6%	20.9%	20.4%	20.6%	20.9%
Profit Before Tax (PBT)	790	948	1,155	1,308	1,554	1,611	1,693	1,725	1,728	2,056
Taxes	146	183	219	251	300	330	335	279	280	361
Tax Rate (%)	18.5%	19.3%	19.0%	19.2%	19.3%	20.5%	19.8%	16.2%	16.2%	17.6%
Profit After Tax (PAT)	645	763	933	1,055	1,251	1,277	1,354	1,442	1,445	1,693
PAT Margins (%)	12.1%	12.4%	13.2%	13.5%	15.9%	16.6%	17.5%	16.9%	16.6%	17.7%
Financial Position:
Net Fixed Assets (incl. Goodwill)	1,668	1,674	1,789	1,927	1,773	2,001	2,070	2,033	2,399	2,411
Current Assets, Loans & Advances	2,315	2,689	3,056	2,731	3,229	3,126	3,453	3,604	4,885	4,953
Current Liabilities & Provisions	1,384	1,414	1,887	1,942	2,169	2,278	2,491	2,720	2,521	3,159
Share Capital	174	174	174	176	176	176	176	177	177	177
Reserves & Surplus	1,543	1,921	2,482	3,178	3,995	4,671	5,530	5,455	6,430	7,487
Shareholders Funds	1,717	2,095	2,656	3,354	4,171	4,847	5,707	5,632	6,607	7,664
Equity Share Data
Earnings Per Share	3.7	4.4	5.2	6.1	7.1	7.2	7.7	8.2	8.2	9.6
Dividend Per Share	1.3	1.5	1.8	2.0	2.3	2.3	7.5	2.8	3.0	4.8
Book Value per Share (BVPS)	9.9	12.0	15.2	19.1	23.7	27.5	32.4	31.9	37.4	43.4
No of Shares (In Crs)	174.2	174.3	174.4	175.7	175.9	176.2	176.2	176.6	176.7	176.7
Share Price (unadjusted)	106	137	180	266	250	277	327	411	450	541
Market Cap	18,536	23,887	31,310	46,653	43,961	48,856	57,602	72,586	79,562	95,529

Share price and market capitalisation as on end of fiscal FY18 to FY21 are as per IndAS and takes into account GST FY16 and FY17 are as per IndAS FY12 to FY15 is basis IGAAP

Annual Report 2020-21 Corporate Overview Board & Management Reports Financial Statements

Dabur India limited

Power Brands

Dabur India Ltd is one of India's leading FMCG Companies. Building on a legacy of quality and experience for 137 years, Dabur is today India's most trusted name and the world's largest Ayurvedic and Natural Health Care Company. Dabur's FMCG portfolio includes nine Power Brands: Dabur Chyawanprash, Dabur Honey, Dabur Honitus, Dabur Pudin Hara and Dabur Lal Tail in the Healthcare space; Dabur Amla, Dabur Red Paste and Vatika in the Personal care space; and Réal in the Foods category.

As part of this Power Brand strategy, Dabur has been putting in disproportionate investments behind these brands to not just improve visibility, but also enhance distribution and increase the pace of innovation by way of new products, variants, and format launches. This strategy has paid rich dividends with the Power Brands reporting stronger growth even during trying times.

Dabur Chyawanprash:

The flagship health supplement brand from the House of Dabur, Dabur Chyawanprash is known as the elixir of life and is a time-tested Ayurvedic formulation of more than 41 Ayurvedic herbs that aid in boosting the immune system, thereby protecting the body from everyday infections.

79.4%

Growth in Revenue

Increase in Market Share ~200 bps

Dabur Honitus

A non-drowsy Ayurvedic medicine for cough relief, Dabur Honitus is clinically proven and provides fast relief against acute cough and throat irritation.

18%

Growth in Revenue

Dabur Pudin Hara

An Ayurvedic medicine for indigestion, Gas and Acidity, Dabur Pudin Hara is known for providing quick relief from stomach ailments.

Growth in Revenue of Pudin Hara Fizz portfolio 21%

Dabur Honey

A leading health care brand, Dabur Honey is the largest branded Honey in the country and has been synonymous with fitness and a healthy lifestyle, besides being an immunity booster.

Growth in Revenue 40.4%

Increase in Market Share ~230 bps

Annual Report 2020-21 Corporate Overview Board & Management Reports Financial Statements

Dabur Lal Tail

Dermatologically tested for safety, Dabur Lal Tail is safe and efficacious for baby's bones & muscles strength, besides offering skin protection & natural glow. It is clinically tested to give 2x faster physical growth in babies.

Growth in Revenue 9.6%

Increase in Market Share ~75 bps

Personal Care Dabur Vatika

Dabur Vatika: One of the youngest and largest brands in the Dabur portfolio, Vatika has a large overseas presence with sales outside India accounting for a lion's share of the brand's overall turnover.

5% growth of Vatika Franchise in Overseas markets

78% of Brand Sales comes from Overseas markets

Dabur Amla Hair Oil

India's largest selling Hair Oil brand, Dabur Amla hair oil has been the most preferred Hair Care brand for generations of Indians. Packed with amla extracts, Dabur Amla hair oil also helps in dandruff reduction and helps maintain the natural colour of hair.

~20 bps

Increase in Market Share in Hair Oils

No. 1 brand in perfumed oils category by value

Dabur Red Paste

The flagship toothpaste brand in the Dabur portfolio, Dabur Red Paste is India's No. 1 Ayurvedic Fluoride-Free Paste which offers complete Ayurvedic Oral Care for your family. Packed with 13 potent Ayurvedic ingredients such as Laung, Pudina & Tomar, Dabur Red Paste provides protection from 7 dental problems like cavities, gingivitis, plaque, toothache, bad breath, yellow teeth, plus weak teeth, and gums.

25.5%

Growth in Revenue

Improvement in Market Share in Toothpaste category 100 bps Achieved revenue

of `1,000 Crore globally

Réal Food and Beverage (F&B)

The youngest brand in the Dabur portfolio, Réal has been the fastest brand to cross the `1,000 Crore turnover mark. Packed with real fruits, Réal contains no added colours or preservatives.

No. 1 Position

in J&N segment with 59% share

13 new products and variants launched in 2020-21

Online First

The pandemic has led to a shift in shopping behaviour of consumers with the propensity for online shopping increasing. In the post-COVID world, e-commerce has emerged as the most-preferred contactless method of making purchases, among consumers. Our e-commerce business has grown by almost 2x and has a saliency of over 6% as compared to 2.4% in 2019- 20. With the second wave of the COVID pandemic leading to localised lockdowns in some parts of the country, e-commerce is expected to continue to grow.

Targeting this emerging trend, Dabur launched a series of new products exclusively for online markets. Some of these products, co-created with online retailers, continue to be exclusively available only in the e-marketplace while others have been introduced in Modern Trade outlets too during the year. The online exclusive launches include:

Dabur Pure Herbs range of single herb tablets:

o Dabur Pure Herbs Immunity Booster Ashwagandha Tablets
o Dabur Pure Herbs Health Booster Amla Tablets
o Dabur Pure Herbs Immunity Booster Giloy Tablets
o Dabur Pure Herbs Immunity Booster Haldi Tablets
o Dabur Pure Herbs Respiratory Health Tulsi Tablets

Dabur Vedic Suraksha Tea range of herbal teas:

o Green Tea
o Black Tea

Hommade range of Chutneys:

o Rajasthan ki Garlic Chutney
o Dilli ki Hari Chatpati Chutney
o Kalonji Tamatar ki Chutney

Dabur Apple Cider Vinegar

Dabur Organic Apple Cider Vinegar

Dabur Organic Honey

Dabur Himalayan Honey

Dabur Mustard Oil Dabur 100% Pure Cow Ghee

Dabur Red Pulling Oil

Dabur Baby range with 8 products:

o Dabur Baby Oil
o Dabur Baby Wash
o Dabur Baby Cream
o Dabur Baby Shampoo
o Dabur Baby Daily Moisture Lotion
o Dabur Baby Moisturizing Wipes
o Dabur Baby Talc-Free Powder
o Dabur Baby Gentle Nourishing Soap

Dabur Vatika Select premium shampoo range of 4 products:

o Coconut Milk Extract shampoo
o Moroccan Argan Oil shampoo
o Red Onion Black Seed Oil shampoo
o Apple Cider Vinegar shampoo

Dabur Vatika Naturals range of 4 hair oils:

o Spanish Olive Hair Oil
o Moroccan Argan Hair Oil
o Bringhraj Hair Oil
o Aloe Vera Hair Oil

Odomos Mosquito Racquet

Dabur India limited

Our Journey from Herbs to Homes

The name Dabur evokes strong feelings of Trust in the minds of our consumers. Our strong in-house research wing follows a 'bush-to-brand' approach. We have our in-house nursery, which grows several rare herbs that go into various products. This in-depth knowledge about nature and natural ingredients is one of our big strengths in the market.

Gene Mapping

A number of rare medicinal herbs are used in making some of the popular Ayurvedic products and medicines under the Dabur umbrella. At our R&D Centre, Dabur has been conducting Gene Mapping of these rare herbs to ensure continuous supply of quality plantation material.

2 Sapling Development

Dabur operates fully automated Greenhouses in India and Nepal where these saplings are grown in a climate-controlled environment.

In a year, Dabur develops and distributes over 19 lakh saplings free of cost to farmers.

Distribution 6

Dabur follows a local supply chain strategy, wherein most of our products are made in countries where they are consumed. We are also working with suppliers to help them adopt low carbon technologies for transportation.

7

Customers

Our consumers gain access to our products through multiple channels like brick-and-mortar retail outlets, e-commerce portals and institutions like Hotels, Restaurants and Airlines.

We reach 6.9 million outlets and around 60,000 villages in India.

3

Agriculture The saplings are distributed to farmers across the country, depending on the soil type and topography required for growing each herb.

Dabur works with over 7,000 farmers across the length and breadth of India, teaching them the art of cultivating rare medicinal plants and herbs.

Packaging 5

We aim for our packaging design to be distinctive and differentiated on the retail shelves, while not harming the environment. Over the years, Dabur has been reducing the amount of plastic being used in its packaging while working with vendors and suppliers to reduce the environmental impact of our packing material.

In FY21, we reduced our plastic consumption by 113.61 tonnes.

Consumers

We believe in complete transparency when it comes to product labelling and claims, and lay strong emphasis on communicating responsibly and ethically, both through product advertisements and through product labels.

Manufacturing

The herbs undergo a series of quality checks before being accepted at our manufacturing units, where they are used to develop and produce a range of FMCG products and Ayurvedic medicines.

The herbal waste is also put to use as fuel in our boilers, thereby reducing our dependence on fossil fuel.

Chairman's Message

Dear Shareholders,

Let me begin by wishing all of you good health and safety in these challenging times The second wave of Covid has affected us all in some way or the other. My heart goes out to the families and friends of all those who have lost their loved ones or are struggling with health issues due to this pandemic. I would also like to place on record my appreciation of the entire Dabur family who have risen to meet the challenges which this pandemic threw up over the year. On behalf of the Board of Directors of Dabur India Ltd, I thank them for taking their dedication to new heights this past year as they worked towards meeting and overcoming the challenges and ensured uninterrupted supply of our products to millions of consumers when they needed them the most. I would also like to take this opportunity to express my immense gratitude to all our frontline heroes - police personnel, doctors, health workers and sanitation workers - for their efforts in keeping all of us safe during these uncertain times.

Despite facing multiple headwinds Dabur India Ltd delivered a robust performance in 2020-21 with 10% growth in Consolidated Revenue from Operations, touching 9,562 Crore. Consolidated Net Profit for FY 2020-21 stood at1,693 Crore, a 17.2% jump over the previous year. Our India FMCG. Business led the growth with a 15% surge, with underlying Volume

Growth of 12.5% in FY 2020-21After the initial period of disruption in first quarter of FY2020-21, the Company made a good recovery led by Healthcare business which saw a huge tailwind with the growing consumer demand for Ayurvedic immunity-building products. Oral Care business continued to be an outperformer all through the year. The latter half of the year also saw a smart turnaround by our Foods and Home and Personal Care categories. Among the channels, E-commerce continues to be a key growth driver and now contributes to around 6% of our domestic Sales up from 2.4% in the previous year. Details of our category-wise performance have been shared in the MDA section of this report.

BUILDING A RESILIENT ENTERPRISE

The significantly strengthened performance that Dabur reported in a COVID year comes from the high degree of resilience that we built into our business through a series of consumer-centric and tactical innovations coupled with investments in adding capacity for our immunity-building portfolio of Ayurvedic medicines and products. Our diversified portfolio and our strong financial position helped us successfully navigate the uncharted waters of the pandemic and emerge stronger.

PROTECTING OUR EXTENDED FAMILY

The emergence of the second and more devastating wave of the pandemic in March 2021 tested the character of the organization all over again. As we stayed true to our Ayurvedic roots while working tirelessly towards serving all our stakeholders, the health and safety of our employees remained paramount. We rolled out a series of initiatives

Even in a grim COVID year, Dabur crossed several milestones:

• Our Gross Sales topped `10,000 Crore for the first time.
• Our Operating Profit exceeded `2,000 crore.
• One of our youngest and flagship Power Brands Dabur Red Paste touched the `1,000 crore mark.
• We added `500 Crore turnover to the Health Supplements portfolio, which includes iconic brands like Dabur Honey and Dabur Chyawanprash.
• Our Market Capitalisation touched the ` One Trillion mark.

COVID presented significant challenges for our people and our business. To succeed in this uncertain and highly dynamic environment, we needed to be agile and seize opportunities in a very short timeframe. We quickly adapted our business approach, mobilised our teams to put in a strong effort despite lockdown restrictions, besides leveraging technology and innovation to address the changing environment and the emerging needs of our consumers.

We also rolled out a series of measures to protect employees at our stockists and CFAs, while stepping up our efforts to serve the community. Dabur donated millions of face masks, sanitizers and other critical material to local COVID isolation centres and frontline workers besides investing in Oxygen Generation units to meet the growing need for this vital life support system. Details of our various initiatives towards fighting the pandemic have been shared in the Capitals section of this report.

RESET AND RESPOND

The Company showed a high degree of flexibility and engagement, quickly adapting to the changing environment and operating conditions. We quickly reopened our operations after the initial shutdown and remained focused on strategic development of core businesses. We sharpened our focus on our Power Brands and the Ayurvedic Healthcare portfolio, besides building increased flexibility into

our planning and Go-to-Market strategies to drive profitable growth. The Company invested strongly behind its brands and increased the spends on digital and other media channels to enhance the visibility of our products. These strategies paid off with our Power Brands growing ahead of other brands and the business reported strong gains in market share across the portfolio.

We also continued to expand our distribution footprint, particularly in the hinterland, taking up our village coverage to 59,217 villages by the end of March 2021. We will be expanding this coverage to 80,000 villages in the next 2 years. We have also embarked on an ambitious new initiative 'Dabur Yoddha' to further reinforce its rural presence, which also seeks to provide sustainable livelihood to the rural folks by appointing them as our local sales representatives in their respective villages. Details of this initiative has been presented on the MDA section of this report.

ADVANCING SUSTAINABILITY

In my letter to you last year, I had laid out our longstanding commitment to ESG initiatives. Despite the challenges brought about by the COVID pandemic and the resultant nationwide lockdown, I am happy to report that we have moved forward on these commitments. We implemented a series of measures both within and outside our gates to reduce the impact of our business on the environment and also support sustainable development of communities. We moved ahead with our Plastic Waste Management initiative, collecting and processing/recycling over 11,413 MT of post-consumer plastic waste during the year. Special initiatives were also rolled out to clean our oceans and our cities, details of which have been shared in the Natural Capitals section of this report.

We moved ahead with our Plastic Waste Management initiative, collecting and processing/recycling over 11,413 MT of postconsumer plastic waste during the year.

FUTURE OUTLOOK

While we will remember 2020-21 for the significant challenges the year presented in the form of COVID-19, the fact remains that the pandemic is far from over. With the emergence of the second wave and talks of another wave likely in the future, we might have to cope with the related challenges in the months to come.

That said, we are better prepared to handle the pandemic as compared to last year. We are also applying learnings from last year on streamlining the supply chain to ensure minimal disruption in availability of our products. While this remains a developing situation, our factories continue to operate on a relatively normal basis. We are also encouraged by the strong consumer demand trends for Ayurvedic Healthcare products and medicines, which is expected to make up for any loss in the discretionary products business in case the wave worsens. I am confident that Dabur is well positioned to meet the challenges ahead and generate sustainable long-term growth.

As we finish this period with a strong set of results, I would like to take this opportunity to thank all our colleagues once again. Dabur's resilience in these challenging times is a testament to their dedication and commitment. I would also like to thank my fellow directors for their valuable guidance and support to the business. Finally, let me close by thanking all our shareholders, investors, business associates and consumers for the trust and confidence they have placed upon us. I look forward to your support in our endeavour to continue delivering value for all our stakeholders over the coming years.

Stay Safe and Thank You.

Sincerely,

AMIT BURMAN CHAIRMAN

Q&A with CEO

We are committed to reducing the impact on environment, contributing towards conservation of resources and be a well-governed organization that strives towards the highest standards of ESG.

Mohit Malhotra CEO

Q1. In a year marked with Covid headwinds, how would you rate the Company's performance in FY21?

A. Covid came into our lives towards the end of FY20 but a significant part of its impact was felt across the world in FY21. Despite the headwinds that we faced, both personally and professionally, the Company showed true resilience and converted this crisis into an opportunity. In spite of a sharp downturn in the first quarter, Dabur delivered 10% growth in Consolidated Revenue for the year along with 17.2% growth in Consolidated Net Profit. India business reported 15% increase in sales, with 12.4% underlying volume growth. International Business also staged a comeback in the second half to record 3.4% growth for the full year. In my view FY20-21 was a watershed year for Dabur as it changed the Company into a more agile and responsive organization and strongly accelerated the pace of innovation and growth.

Q2. Covid gave a fillip to your Healthcare vertical. Do you see the strong growth trajectory of Healthcare continuing in the medium to longterm?

A. The rapid spread of the COVID-19 pandemic led to

a surge in demand for immunity-boosting Ayurvedic Health Care products in India. Ayurveda, with its timetested remedies and benefits, gained prominence in the minds of consumers who were seeking natural remedies to fight against the illness. Dabur leveraged this opportunity by aggressively increasing the awareness and visibility of our products and enhancing their availability on ecommerce platforms as well as kirana stores which were the preferred channels during the lockdowns. We also went a step ahead by providing immunity at the doorstep of our consumers through our Immunity Van program. Penetration of Ayurvedic products like Chyawanprash increased significantly during the year with a growing number of younger consumers adopting this time-tested remedy to build their immunity.

For FY21, our Healthcare vertical reported a strong growth of 31.9%. The year also saw a rapid expansion of Dabur's Healthcare portfolio with the introduction of a range of new products like Health Juices, Tulsi and Haldi drops, Immunity-boosting Herbal Tea, single herb tablets, herb-induced honey etc.

We will continue to invest strongly behind our healthcare brands, increase distribution footprint,

pursue aggressive marketing strategies to gain market shares and increase portfolio and penetration through innovation. We are firm believers that health and well-being will continue to gain prominence in the consumers' minds, which should drive strong growth of Healthcare vertical in medium to long term.

Q3. Innovation was one of the biggest features of your FY21 performance. How was this made possible? Will we continue to see this kind of momentum in the coming years?

A. Innovation is the cornerstone of our strategy. While we already had an innovation pipeline, the consumer need which arose on account of the pandemic drove us to accelerate our efforts and shorten the lead time to launch the products. Covid also acted as a catalyst for bringing together all functions seamlessly and made us into a stronger, more agile, and fearless organization. We have set up an Innovation Cell which is responsible for driving innovation across the verticals and nurturing new ideas for future.

The pandemic also led to a shift in shopping behaviour of consumers with the propensity for online shopping increasing. In the post-COVID world, e-commerce has emerged as the most-preferred contactless method of making purchases, among consumers and this trend is likely to stay. Targeting this emerging trend, Dabur launched a series of new products exclusively for online markets. Some of these products, co-created with online retailers, continue to be exclusively available only in the e-marketplaces while some others have been introduced in Modern Trade outlets as well during the year.

Our contribution from the innovation portfolio for FY21 was around 4-5% and going forward we would like to sustain revenue from new products at a similar pace.

Q4. What is the Company's growth strategy for the business going forward?

A. Our Power Brand strategy focusing on the top 8 brands is enabling us to drive robust growth and market share gains in these brands. Allocation of appropriate resources and investments is helping build these brands to the next level and capture more growth opportunities through portfolio expansion and consumer connect. One of the examples of success of this strategy is Dabur Red Paste which has touched a `1,000 Crore mark in fiscal 20-21. We are also doing innovation under the Power Brands to keep them contemporary and relevant for millennials and Gen Z. We are enhancing our distribution reach which is likely to increase from 1.3 million retail outlets to around 1.5 million in the next two years. Dabur has a significant distribution reach in rural markets with direct coverage of around 60,000 villages. Our objective is to increase this to 80,000 villages over the next 2 years. Project RISE is also yielding good results with sharper execution focus on various regions helped by local consumer insights. All our three verticals of Healthcare, HPC and Foods have significant headroom for growth, and we see lot of opportunities for expansion within these verticals. Our focus will be to gain market share across our portfolio through right investments, great execution

Q5. There has been high inflation since the end of Q4 FY21. How is this impacting you? What are the steps you are taking to combat it?

and driving consumer centric innovations.

A. In the last quarter of FY21, we saw inflation emerging in the 5-6% range. This trend of high inflation appears to be continuing into the current fiscal driven by higher crude price and inflation in agri commodities. While we have already taken price increases to the tune of 3%, we will be considering more price increase if required, albeit in a calibrated manner. We are also evaluating other ways to bring in more efficiency and reduce costs in the system, as part of Project Samriddhi. We are hopeful that the second half of the current fiscal will see some moderation in inflation. Our goal remains to drive revenue growth and increase market share across categories while maintaining our operating margins.

Q6. The second wave of Covid had been challenging from a humanitarian perspective. How did Dabur address these challenges?

A. As the second wave hit us, our first priority, as always, was to ensure the health and safety of not just our employees but even members of the extended Dabur family. We rolled out a special insurance scheme for our 3,200 frontline workers, who are not on our rolls. We also offered 650 C&FA employees Mediclaim coverage to meet any COVID-related emergencies.

We re-affirmed our commitment to the safety and well-being of our employees with the decision to support the family of any employee who succumbs to Covid, with continued monthly salary for one year. We also implemented several initiatives towards protecting their health and being with them in their hour of need. From procuring Oxygen cylinders, Oxygen concentrators, COVID-relevant Allopathic and Homeopathic medicines to organizing hospitals beds, ICU kits, nursing staff and ambulances, we have been providing all possible support to members of the Dabur family during these tough times.

Moments of extraordinary challenge that we have faced in the past 18 months tested our collective will, and I am proud and inspired by the way our invaluable employees – from the factories to supply chain and the frontline salesforce – have risen to this challenge, across the globe. Their commitment has been critical to maintain business continuity and has helped us report industry leading revenue growth.

Q7. ESG has become one of the key factors to benchmark companies. What is Dabur doing on this front?

A. ESG is evolving across the world and becoming an important aspect of our sustainable future. Our performance on ESG parameters can be found in

the ESG section of this report. Some key points are:

z 25% Reduction in fresh Raw Water consumption since 2017-18 base year
z 18% Reduction in Effluent generation since 2017-18 base year
z 33% Reduction in Hazardous Waste generation from 2017-18 base year
z 58% SOx Emission reduced from 2017-18 base year
z Zero use of Ozone Depleting Substances in operations
z Recycled 27,396 MT of post-consumer plastic waste since base year
z We expect to become plastic waste neutral in FY22

During the year, we have taken steps to reduce the usage of paper being used for printing invoices for goods, and in our packaging material. During the year, we have reduced consumption of 95 tons of Paper (including paperboard) in addition to tying up with mills to recycle 40 tons of label liner stock. These efforts have helped us save a total of 135 tonnes of paper, equivalent to saving 4,900 trees from being cut.

We have also launched initiatives within the Company and with our brands to reduce use of paper in our operations and packaging. Recently, the Company has started removing outer paper cartons from the packaging of Dabur Red Paste as a pilot project. The innovative carton free packaging has been rolled out in key modern trade outlets. A similar initiative is being launched in rural markets to remove outer paper carton from low unit price (LUP) packs of Dabur Red Paste. The paper saved from the outer cartons will be used to create notebooks for 1,20,000 underserved children in collaboration with CRY.

We are committed to reducing the impact on environment, contributing towards conservation of resources and be a well-governed organization that strives towards the highest standards of ESG.

Stakeholder Engagement

Stakeholder relations are critical for the sustainable growth of our business. At Dabur, we place great value on all our stakeholders and strive to maintain and develop sound relationships with them through open, honest and permanent communications in order to contribute to the sustainable development of the Company, Society and the Planet. We actively manage a range of key stakeholder relationships, recognising that our success and sustainability depends on their input and involvement.

Our global stakeholder network includes Investors, Governments, NGOs and Civil Society Organizations, local communities, Suppliers and Vendors, Consumers, Media, Industry Associations, and our Employees.

Employees

How We Engage with them:

• Open Dialogue with the CEO
• Strategy & Management Meetings
• Career Development & Advancement opportunities
• Talent management and succession planning
• Cross-Departmental training programme for fresh Management Graduates
• Learning and development strategy; Training programmes
• Listening: Surveys and colleague groups
• Transformation strategy to encourage diversity and inclusivity in the workplace
• Rewards & Recognition
• Web-based platforms to ease their functioning
• Regular Health and Safety Discussions
• Ethics Hotline
• Teambuilding activities and exercises to help employees stay fit and active

Business Partners, Suppliers & Vendors

How We Engage with them:

• Corporate guidelines for selection, contracting
• Dealer conferences, Townhalls and Business meeting, both physical and virtual
• Direct contact and briefings
• Open Communication with the CEO
• Online Dealer Management System to help establish seamless business transactions
• Ethics Hotline

Consumers

Industry Associations

Media

Government & Regulatory Authorities

How We Engage with them:

• Understand consumer needs to design, improve products
• Dedicated Call Centre & Consumer Cell to address all queries and grievances
• Consumer Activations, Participation in exhibitions & events to give consumers an opportunity to touch, feel & experience our products
• Focussed Group Discussions to reach out to consumers across markets
• Awareness camps to help them differentiate between a spurious product and a genuine Dabur product
• Information sharing and free product distribution through Dabur website
• Consumer Satisfaction surveys
• Social Media engagement

Shareholders & Investors

How We Engage with them:

• Quarterly Investor Calls with Institutional Investors
• Investor presentations and one-on-one meetings
• Annual General Meeting for retail shareholders
• Press Releases about latest developments and new product introductions
• Publication of Quarterly Results
• Publishing latest updates on Dabur website
• Annual Report

Local Communities

How We Engage with them:

• Socio-Environmental Programmes
• Meetings in localities to identify need gaps and roll out programmes
• Engagement with local NGOs
• Employee volunteerism
• Dabur Corporate Website
• Annual Report
• Press Releases
• Engagement through Social Media
• Discussions with academic institutions
• Participation in events involving academia

Government & Regulatory Authorities

How We Engage with them:

• Compliance to all Rules and Regulations
• Engagement with Governments and Statutory/Regulatory bodies
• Jointly conducting research and studies
• Policy Advocacy
• Participating in working groups, conferences, events, roundtables etc
• Assistance for Community Development programmes

Media

How We Engage with them:

• Regular Media conferences & Press Releases
• Interviews with senior management
• Product videos and peer reviews
• Advertising campaigns
• Engagement through Social Media
• Websites

Industry Associations

How We Engage with them:

• Direct contact
• Joint Research, Studies
• Sectoral meetings
• Participation in cross-industry discussions, meetings
• Undertake joint programmes with local governments

Risk Management & Opportunities

We closely monitor the potential risks and opportunities that arise from political, economic and regulatory environment, exchange rate fluctuations, technology changes, environment and climate change and competition. Dabur has an integrated approach to managing risks arising from its strategy and daily operations.

At Dabur, risk management is an integral part of doing business, supported by clear governance. Risks, we feel, are an essential element during Opportunity Assessment and Strategy Formulation. In conducting our business and executing our strategy, we identify risks, prepare strategies to manage and mitigate these risks while making the best use of their opportunities.

Our business is subject to risks and uncertainties that could have both short-term and long-term implications for the Company. At Dabur, risk assessment is undertaken based on the likelihood of occurrence and possible impact. This assessment metric is pre-defined and approved by the Risk Management Committee. Risk Registers are categorised into Critical and Non-Critical with High and Medium Risks forming part of Critical Risk Register while Low Risks form part of Non-Critical Risk Register.

The COVID-19 outbreak in 2020 and consequent measures undertaken by various governments across the world to contain its spread negatively impacted our business in the initial part of the 2020-21 financial year. Our Company not only managed these risks successfully but also converted them into opportunities and emerged stronger towards the end of the first half of the year. While the extent of the pandemic had subsided as the year went by, the emergence of a second wave is threatening to open up new risks, the extent of which remains uncertain, and it is expected to further affect our way of doing business in the coming fiscal.

Following are some of the risks identified by us from a business perspective and our approach towards addressing them. We recognise that this is not a full overview of all risks and uncertainties that may affect the Company. As new risks emerge and existing immaterial risks evolve, timely discovery and accurate evaluation of risks are at the core of Dabur's risk management system.

Key Risks

COVID-19

COVID-19 continues to affect our people and our business. It emerged as an unexpected and unprecedented risk in 2020-21, severely impacting our global business operations.

Potential Impact

With the fresh wave now emerging, the exact impact remains difficult to predict and will depend on the evolution and duration of the outbreak, as well as the policy actions and restrictions taken by local governments to mitigate the impact. It will also depend on the success of the vaccination programme.

Key Mitigation Strategy

Dabur moved quickly to respond to the changing dynamics in the marketplace, right from securing supplies of essential raw and packing material to revamping its portfolio construct by introducing a host of new products in line with the growing consumer need and deploying new Go-To-Market strategies to drive Sales.

Our efforts helped effectively stem loss of Sales and get back on the growth track from Q2 2020-21 onwards.

Capital Impacted

Financial Capital
Manufactured Capital
Human Capital
Social & Relationship Capital
Intellectual Capital

Regulatory Risk

The Regulatory environment in the Consumer Goods industry continues to evolve with newer Health & Safety norms in the works.

Potential Impact

While some regulatory changes create new business opportunities, others come with significant costs and business restrictions.

Key Mitigation Strategy

We adhere to all the statutory and regulatory requirements on a timely basis, and ensure smooth tradition to any new regime, whenever required.

Capital Impacted

Financial Capital
Social & Relationship Capital

Environment & Climate Change

Speed and scope of environment-related changes on business operations are increasing. Climate-related physical and transitional disruptions impact both business operations and consumer demand.

Potential Impact

Dabur has a range of products based on Nature and natural ingredients. The adversity of Climate Change has significantly impacted the supply of these Naturebased raw material, which are critical to the production of some of our popular brands and products.

Key Mitigation Strategy

We are committed to reducing our absolute energy consumption and CO2 emissions, besides adopting clean energy, recycling waste and working towards increasing biodiversity by involving local communities.

Capital Impacted

Financial Capital
Social & Relationship Capital
Natural Capital

Counterfeit Products

Counterfeit and spurious products are a global problem of enormous scale, impacting almost every sector. In India, the presence of counterfeit is specifically high in FMCG, causing significant losses to the industry and the Government.

Potential Impact

Not only are counterfeit products a major drain on the National exchequer, they also lead to loss of sales and consumer confidence in the brand.

Key Mitigation Strategy

Dabur has been working with local authorities across states to identify and target spurious and counterfeit products manufacturers, including label printers and conducting regular raids. We also constantly change our product packaging to stay ahead of spurious products makers, while organising regular interactions with communities and consumers to educate them about identifying counterfeit products.

Capital Impacted

Manufactured Capital
Social & Relationship Capital

Product & Plastic Packaging

Several states across India are banning use of plastic, and the onus of collecting and responsibly disposing plastic waste generated by their packaging has been put on Companies.

Potential Impact

Failure to comply with current or future regulations on plastic packaging or failure to meet commitments on packaging and the environment would attract hefty fines and may even lead to loss of Sales.

Key Mitigation Strategy

Dabur has set itself the target of becoming a Plastic Waste Neutral Company by the end of 2021-22 financial year. In 2020-21, we have successfully collected and processed/recycled over 11,000 MT of post-consumer plastic waste from around 25 states across India.

Capital Impacted

• Social & Relationship Capital

Exchange Rate Fluctuation

• Natural Capital

Being a transnational enterprise, we are exposed to

risks from fluctuations in exchange rates that may have an adverse impact on our business.

Potential Impact

The principal foreign exchange transaction exposure

comprises the geographical locations of Dabur's overseas production facilities, the sourcing of raw material and sales outside India.

Key Mitigation Strategy

Dabur has been taking forward cover for foreign currency exports and imports from time to time. Besides, foreign currency borrowings are fully hedged at the time of inception. We are also driving growth in local markets abroad to drive Revenue and Profitability of the businesses in individual geographies and their respective local currencies. In our International business, we are also making efforts to maximise local procurement.

Capital Impacted

• Financial Capital

Information Security

Dabur relies heavily on technology and IT infrastructure for its day-to-day business, and Cyber threats have emerged as a key risk across sectors and industries.

Potential Impact

A cyber-attack or non-availability of IT systems could have severe financial, regulatory and reputational consequences for our business. We face the risk of leak or misuse of sensitive data and information, including production plans, investment strategies and new product launches. There is also the risk of losing important information over the Internet given the fact that several employees are now working from home.

Key Mitigation Strategy

We have installed a robust IT security system to safeguard all our sensitive information. We continue to work with industry leaders in developing and deploying a wide array of advanced defensive technologies. Strict vigilance is maintained in all offices and manufacturing locations, regarding entry of laptops, mobile phones, hard disks and pen drives to ensure no leak of information. We undertake real-time back-up of SAP and e-mail data to ensure Business Continuity.

Capital Impacted

Human Capital
Intellectual Capital

Financial Capital

Dabur India Ltd's robust liquidity position is by design and not chance. Our relentless focus on Innovation, Cost Optimisation and profitable growth has helped the Company build a strong Balance Sheet. At Dabur, we believe in not resting on past laurels, but going the extra mile to identify newer growth avenues and turning a crisis into an opportunity.

A year defined by unprecedented challenges called for extraordinary efforts on Innovation and costs to mitigate the impact on our business and carve a new growth strategy. The strength of our Business Transformation strategy helped us mitigate the global headwinds of the COVID pandemic to achieve profitable sustainable growth while strengthening our position across all key categories where we operate with strong market share gains.

The year saw phenomenal confidence from the shareholders & investors, which was reflected in our market capitalization crossing an all-time high of `100,000 Crore in April 2021.

Our Performance in 2020-21:

Inputs Key Initiatives Cash Flow generation capabilities Strict financial discipline Capital Expenditure Identifying newer opportunities to increase revenue generation, profitability and shareholder returns Focus on organic growth Working Capital management Cash Reserves Savings from Cost Management initiatives Interest Earned from investments Outcomes 17.2% Growth in Net Profit to `1,693 crore Strong Operating Cash Flow generation of`2,115 crore, enabling strategic deployment Distributed `839.5 crore to shareholders as Dividend Delivered a CAGR of 20% in returns to shareholders over 10 years 10% Growth in Revenue to`9,562 crore Dabur: A Transnational Enterprise Middle East 25.3% Africa 21.9% Europe 13.7% Americas 16.3% Asia 22.8%

39

Impact on Other Capitals

Manufactured Capital:

* `311 Crore spent towards Capex
* Expanded production by 1.7 Million cases
* Investment in Automation
* Talent Management

talent

* Learning & Development * Health & Safety of employees

Human Capital: * Invested in acquiring

Social Capital:

* `28.71 Crore spent on community development through CSR

Relationship Capital:

* `784 Crore invested in Brand Building
* Launch of special initiatives & drives to support consumers during the COVID pandemic

Intellectual Capital:

* 50+ new products developed and launched in 1 year
* Investments in Digital Transformation * Invested in new
technology

Natural Capital:

* Reduction in emissions
* Resource Optimiation
* Enhancement of Plastic Waste Management initiative

Financial Capital

Sustainable Development Goal (SDG) Linkage

Manufactured Capital

Our rapid consumer-centric innovations and speed-tomarket were underpinned by our strong manufacturing capabilities and the integration of various aspects of our supply chain. While we went about successfully meeting the emerging consumer needs, we also continued our focus on developing a more efficient, cost-effective, reliable and environment-friendly business model.

Our Manufacturing Footprint

Our manufacturing processes are part of a complex and integrated value chain aimed at delivering safe, efficacious and quality products to meet the emerging and ever-changing needs of our consumers across the globe.

With the COVID pandemic, there was marked shift in consumer needs with Ayurvedic Health Care, Personal & Household Hygiene products gaining importance in consumer mind space. Responding to this need, we revamped our portfolio mix with immunity boosting healthcare and hygiene products gaining prominence.

Beyond Borders

Dabur India limited Annual Report 2020-21

Dabur's India and Global footprint covering manufacturing locations, offices, warehouses etc to come here, along with key categories and global market shares will be placed here.

Share of International Business in Total Revenue

C&FAs and Warehouses across India

Overseas manufacturing locations

Nepal

Turkey

UAE

Egypt

Bangladesh

Nigeria

Sri Lanka

South Africa

Map not to scale. For illustrative purposes only.

Investing in the Future

During the year 2020-21, Dabur infused `311 Crore as Capital Expenditure to expand the manufacturing capacity at its existing units to meet the growing demand for Ayurvedic Health Care products. The Company is further expanding its domestic manufacturing footprint by setting up a new greenfield

unit near Indore in Madhya Pradesh to produce a range of Ayurvedic products for the domestic market. Dabur has pledged an investment of 550 Crore in Capex over the next 5 years. In addition, Dabur has decided to incorporate a wholly owned subsidiary in India, with initial equity capital of1 Crore, to manufacture Consumer Care products, primarily for exports.

Capex investments were made to upgrade our worldclass manufacturing facilities, besides adding IT capabilities. Investments were also done to ensure ongoing compliance to Good Manufacturing Practices (GMP) besides enhancing our manufacturing capacity to meet both current and future operational requirements.

A Journey in Manufacturing Excellence

Over the years, Dabur has been on a continuous manufacturing excellence journey through improvements in processes,

incorporation of new systems and technologies, and adoption of automation across manufacturing units. We are one of the early adopters of using herbal waste to run our boilers across manufacturing locations. We continue to invest in this process as we move forward on our journey to ensure sustainability of the environment while developing a range of new products for emerging consumer needs. We strive to maintain world-class manufacturing standards while rolling out continuous improvement initiatives to sustain a cost competitive manufacturing base. In line with these objectives the Company's OEE (covering both domestic and overseas operations) increased to 74.1% from 73.5% in the previous year.

External Manufacturing Network

To meet the rapid growth in demand and to roll out a range of new products in the shortest possible duration, Dabur has been engaging with third-party contract manufacturers for flexible production support. As volumes for these new products grow, Dabur brings them in-house and sets up production lines at own plants for some of these products.

In 2020-21, Dabur added 40 new third-party manufacturers, creating a sustainable, collaborative model to develop products more efficiently and in the shortest possible time during the COVID year. We depend on these contract manufacturers to allocate to us a portion of their manufacturing capacity sufficient to meet our needs, to produce products of acceptable quality and at acceptable manufacturing yields and to deliver those products to us on a timely basis and at acceptable prices. Our quality personnel are placed within the third-party manufacturing unit to track their progress and ensure strict adherence to quality standards.

Being a purpose-led business, Dabur has been engaging with its big and long-term contract manufacturers on important issues such as protecting human rights and eliminating forced labour and child labour in the extended value chain. We are also preparing a roadmap to help them develop capabilities on issues such as fire safety and environment sustainability.

Supply Chain, Logistics & Procurement

With a highly diverse product portfolio covering sectors like Health Care, Home Care, Personal Care and Foods, Dabur today

operates one of the most complex Supply Chains in the industry. We work closely with over 1,500 suppliers of goods, services and raw materials -- ranging from medicinal herbs to fruits and vegetables, and specialty oils -- with our supply chain sourcing these materials and ingredients that go into our products.

Our Supply Chain maintained its relentless focus on

driving quality, customer service and cost effectiveness across the value chain despite disruptions caused by COVID-19. The Supply Chain team responded quickly not just to find solutions for the sudden disruptions but also to address the sudden fluctuation in demand, while observing strict safety protocols, and ensured that our products reached store shelves and consumers' homes.

To ensure smooth manufacturing operations and uninterrupted supply during the lockdown, we operated special COVID-safe transportation for our workers and sourced additional manpower from far off locations like Jharkhand to bridge the gap due to reverse migration of labour in the initial months, besides making alternate arrangements to transport key raw material and sourcing alternative packaging formats. While maintaining and even accelerating the speed and agility of our supply chain, we ensured that we do not lose focus on safety or product quality.

Dabur has a Unified Sourcing mechanism in place which gives us access to more suppliers and buying options, in order to get the world's best ingredients. The year 2020-21 saw Dabur optimise its global footprint while supporting the Government's Vocal for Local movement through import substitution of key raw materials with locally procured items.

We expect our suppliers and contractors to treat their employees and to interact with communities in ways that respect Human Rights. We also require our suppliers and contractors to adhere to all domestic laws.

Technology as an Enabler

Dabur has been continuously infusing future ready technologies like machine learning, artificial intelligence, robotics and

automation to drive greater efficiency in the Supply Chain while delivering cost savings. As part of the Procurement Division's e-procurement platform, key processes are completely automated. Product demands are shared on the platform, and supply of vital ingredients for Dabur's wide range of products is managed under one channel. This efficiency model not just saves valuable time and money, but also creates the potential for microanalysis of every step on the e-procurement journey.

Beating the Pandemic

Our highly experienced production team has enabled us to handle fluctuations in demand by slowing or speeding up production, wherever

required. This was aptly displayed during the initial days of the COVID pandemic-induced lockdown, when Supply Chain operations had come to a virtual standstill early last year. Dabur had temporarily suspended production at its manufacturing units at the beginning of the 2020-21 financial year, except for essential products like Ayurvedic medicines, Chyawanprash, hand sanitisers, hand wash etc., in the larger public interest. Within a fortnight, Dabur sought and received permissions to operate its manufacturing units for producing a range of essential items like Hand Sanitisers, Hand Wash, Disinfectants, Ayurvedic Medicines, Juices, Coconut Water, Honey etc.

In view of the growing demand for its Ayurvedic medicines and products like Dabur Chyawanprash, Dabur Honey, Dabur Giloy and Dabur Ahwagandha, production capacities for these products were quickly ramped up. To ensure smooth functioning of our production units during the nationwide lockdown, special arrangements were made to ensure availability of workmen at the factories while putting in place measures for their safety and well-being. We also appointed new vendors for key raw material and packing material; actioned alternate options quickly and standardised RM, PM across categories, wherever possible so that manufacturing operations are not impacted and supplies to consumers remain uninterrupted. New Third-Party contract manufacturing units were also activated at a short notice to produce a range of new hygiene products to meet the emerging consumer need. These steps helped us bounce back and bring our manufacturing operations to normal levels in the shortest possible time.

Speed-To-Market

Dabur India limited Annual Report 2020-21

Our products, made at state-ofthe-art manufacturing locations across the country, reach our consumers through a large network of stores, covering large supermarkets, hypermarkets,

wholesalers, cash-and-carry outlets, mom-and-pop convenience stores, institutions and hospitality chains as well as the new-age fast-growing channels like e-commerce and direct to consumer mobile outlets. Today, our network of 3,762 distributors help us ensure uninterrupted supply of our products to meet the needs of our consumers.

The pandemic has led to a shift in shopping behaviour of consumers with the propensity for online shopping increasing. Targeting this emerging trend, we have already started launching a series of new products exclusively for online markets. In the recent months, we have launched over a dozen new products specially for the e-commerce on online retail space, like Dabur Apple Cider Vinegar and a 'Dabur Baby Range' with 8 products: Dabur Baby Oil, Dabur Baby Wash, Dabur Baby Cream, Dabur Baby Shampoo, Dabur Baby Daily Moisture Lotion, Dabur Baby Moisturizing Wipes, Dabur Baby Talc-Free Powder and Dabur Baby Gentle Nourishing Soap, besides Himalayan Honey, Organic Honey, Cold Pressed Mustard Oil, 100% Cow Ghee and Vatika Select range of shampoos. The contribution of e-commerce has moved up to about 6% in March 2021 from around 2-3% a year earlier, with categories such as Healthcare, Oral Care and Shampoos doing very well on this channel. Our growing focus on digital and e-commerce, which has increased considerably during the COVID crisis, has helped us build a closer connect with our consumers.

During the lockdown, we developed several innovative solutions to ensure uninterrupted supply of our essential products to retailers, which include:

z Created a special App for Retailers for placing orders
z Initiated Retailer order-booking through WhatsApp
z Activated our Call Centre to receive orders directly from retailers
z Booked orders through tele-calling
z Joined hands with online delivery service providers like Swiggy, Dunzo etc to ensure uninterrupted supplies of our products to retail outlets and consumer households
z Rolled out 'Immunity at your Doorsteps' programme to reach out directly to consumer households across the country and provide them easy access to our range of immunity-building and hygiene products during the lockdown
z Introduced Dabur Immunity Vans, which moved around residential localities across India, reaching out to consumers educating them about the need to boost immunity to fight illnesses, while giving them access to our range of Ayurvedic Preventive Healthcare products.

Inputs Key Initiatives Outcomes 20 state-of-the-art manufacturing operations globally Investment in enhancing manufacturing capability, technology and capacity 60 bps improvement in OEE globally at 74.1%, up from 73.5% a year ago 8 strategically located production units overseas Continuous improvement to sustain a cost competitive manufacturing base Introduction of 50+ new products in 12 months 70 bps improvement in OEE in India at 75.6% Third Party Contract Manufacturing network Monitoring manufacturing quality standards Provision of high quality, affordable Health Care, Home & Personal care and Food products that provide holistic health and well-being to consumers in over 100 countries 68.8 Million Cases Total Production globally Development of new contract manufacturers and vendors Globally competitive, scalable, flexible manufacturing units that provide a sustainable competitive advantage Wide distribution network covering 6.9 million retail outlets in India Distribution of manufactured product through a wide network of retails outlets and channels Local Supply Chain in overseas markets

Impact on Other Capitals

Intellectual Capital:

* Innovation by way of 50+ new product introductions in 1 year
* Improved productivity * Absorption of new technology

Relationship Capital:

* Supporting local suppliers and vendors
* Import substitution of raw material by identfying new and competitive local sources

Financial Capital:

* Increased Revenue generation
* Improved Profitability

Human Capital:

* Availability of competent and sufficient manpower to meet increased production
* Providing safe working conditions for all employees

Manufactured Capital

* Reduction in emissions

Natural Capital:

* Resource Optimisation * Improving Energy efficiency and overall Carbon intensity

Social Capital: * Providing employment opportunities to communities near our manufacturing units

Sustainable Development Goal (SDG) Linkage

A diverse and skilled workforce, an able leadership and right culture are crucial ingredients for business success. The skills of our people, their rich experience, ingenuity and superlative efforts even in face of adversity enables us to achieve excellence in marketplace as well as our back end. Our employees are at the core of achieving our organisational objectives and are the primary enablers of our vision of being 'Dedicated to the Health and Well-being of every Household'.

Built on a foundation of our values and 137 years of trust, Dabur strives to provide a safe, vibrant and rewarding environment for each of our employees. Our diverse, experienced and talented employees are our strength in this highly competitive and volatile world. Our People Policies are designed to create a future-ready workforce, while empowering them and enriching their experience at Dabur India Ltd.

Battling the Pandemic

In these times of global crisis, we have come together as a unified family and supported each other in new ways, creating connection and community in a more global and inclusive way.

In response to the COVID-19 outbreak, we acted with urgency to ensure the safety of our employees while continuing to support the business continuity needs. We quickly transitioned to a remote workforce model in March 2020, while ramping up employee engagement with consistent flow of information. We also reinforced safe behaviour across our manufacturing locations, besides ensuring hygiene of high contact areas like elevator buttons, door handles, handrails, bathroom taps etc.

Employees were offered assistance with hospitalisation treatment and Mediclaim in case of any COVID-related emergency. We also rolled out a special insurance scheme to cover our frontline sales staff as they were the most exposed to infection.

We put in place a regular communication channel with all employees, wherein the senior management interacted with them on a regular basis, providing health and safety updates, developments within Dabur and our efforts to manage the COVID-related crisis. As the number of cases went down, we reopened our offices with strict directives to follow COVID-appropriate behaviour like limiting the number of people travelling together in an elevator, social distancing in cafeteria, restricting in-person meetings and flow of visitors to our premises, besides regular cleaning and sanitising of high contact surfaces and office premises.

With the emergence of the second and more devastating wave of the COVID pandemic, we reaffirmed our commitment to safety and well-being of all members of the Dabur family. In the unfortunate event of any of our employees succumbing to COVID, Dabur decided to support their family with continued monthly salary for one year, in addition to the Company's term insurance cover. While we understand that this can in no way make up for the loss, we feel this small gesture would help support the family through this tough period.

We have also implemented a number of initiatives towards protecting the health and well-being of our

employees. Some of these are listed below.

z Procured oxygen cylinders and COVID-relevant Allopathic and Homeopathic medicines, which were made available to our employees for their personal or family member usage in case they are unable to arrange the same.
z Procured oxygen concentrators (both 5-ltr and 10-ltr) urgently to be provided to members of the Dabur family in case of any emergency.
z Establishing oxygen generation plants with cylinder filling capacity.
z Converted our Guest Houses into COVID isolation facilities equipped with oxygen Concentrators and cylinders, nursing staff, ICU kits and medication.
z Tied up with ambulance providers to ensure that our employees and their families have access to ambulance in case of any emergency.
z Set up special isolation facilities near our manufacturing units to help not only our employees but also community members.
z Introduced Split-Shift Working at our manufacturing units, giving alternate day off to key operators.
z Continued to run a special COVID Helpline with the help of HealthCare at Home (HCAH) to offer our employees and their immediate family members access to trained medical experts, doctor consultations, RT-PCR testing & sample pickup, Home isolation programmes, and vaccination support.
z Joined hands with local hospitals across cities to ensure that our employees and their families have access to physical medical support.
z Organised vaccination drives for our employees and their families above 45 years of age. With the vaccination opening for all adults, we engaged with hospitals to facilitate the process of vaccination for all our employees and their families. Besides bearing the vaccination cost, we are also offering our employees COVID Vaccination Special Leave.
z Rolled out a special insurance scheme for our 3,200 frontline workers, who are not on Dabur rolls. We also provided 650 C&FA employees Mediclaim coverage of `1 lakh.

Mental Health & Well-Being

The second and more devastating wave of the COVID pandemic not only posed a significant risk to physical health of individuals, but also took a heavy toll on mental health. As we continue to monitor the rapidly evolving challenge that this second wave poses, Dabur took several steps to help our employees cope with stress to ensure emotional, psychological and mental well-being.

We organised special webinars with renowned medical practitioners to address matters on mindfulness and mental well-being. We also launched a Companywide Employee Assistance Programme (EAP) to help employees and managers with self-help resources as well as access to expert counsellors to support their mental and emotional wellness needs at all times.

Inputs	Key Initiatives	Outcomes
7,617 employees globally, 5,201 in India and 2,416 abroad	Work from Home for office based employees during COVID pandemic	Skilled, capable, diverse and highly motivated teams
793 new employees hired in 2020-21	One-year Salary for family of employees who succumb to COVID	Improved business performance
9 Management Trainees inducted in 2020-21	Insurance scheme for off roll frontline Sales staff, CFA employees	Maintenance of High Performance culture
Strong & Diverse Leadership team	Vaccination drives for employees & families	Retention of skills
Fit-for-purpose organisation structure	Investment in capability building for current, future skills	Safe & Healthy workforce
Employee expertise, skill sets and integrity	Talent management, succession planning to ensure continuity in critical skills	Highest-ever roll-out of new products
Robust Health & Safety Management system	Focus on Diversity and Inclusion	Zero Onsite Fatalities
Robust Policies and Procedures	Appropriate remuneration, rewards programmes	Stable & Constructive Industrial Relations
	Investment in technology to enable an agile workforce

Attracting & Managing Talent

Attracting, enabling and retaining talent have been the cornerstone of our Human Resource function and the results underscore the important role that human capital plays in our business growth. The organizational culture at Dabur nurtures leadership through establishing personal excellence, succeeding through people and driving sustainable growth. Our talent acquisition strategy is to get candidates with the right competencies required by the business at the right time, involving a judicious mix of developing and promoting internal talent, lateral hires and trainees.

Within Dabur, we offer career acceleration and role enlargement for young talent who have displayed great resilience and demonstrated leadership skills and performance during this tough period. With our business expanding through a series of new products introductions and category expansion, new channel specific offerings, focus on e-commerce and Omni channels, we systematically created opportunities for grooming our high potential leaders in demanding roles. This has provided a significant boost to developing internal talent. Additionally, we have also leveraged opportunities to inject top talent from the industry for specific focus areas across our businesses, for example Information Technology, Go-To-Market, Innovation and New Product Development etc. In addition to the traditional commercial areas, lateral hiring focus is also towards specific roles with specialised skill sets in Data Science, R&D, Digital Space, Supply Chain etc.

Our Career Development Centre (CDC) continued to identify future leaders and create a talent pool within the organisation. We identify and assess the key abilities of people under this programme and promote the high-potential employees to more responsible positions.

Our college recruitment efforts progressed well with very encouraging outcomes even in the tough COVID year. We have honoured all our commitments with respect to our Campus Star Summer Internship program and placement offers were made to the Management Trainees under the Young Managers' Development Program and Sales-focused Young Sales Leadership Program. Positive response to our newly introduced Graduate Business Trainee program also led us to recruit under graduates this year for new-age roles in our sales function.

We took this opportunity to re-visit our strategies towards hiring, engaging and developing talent by using various digital platforms through collaboration with external partners. Necessary realignment was required in the new normal, hence we are continuously evaluating roles and skills sets required for driving our next growth wave; and building talent pool accordingly. With lower levels of attrition across levels as compared to the previous years, we also focussed on replenishing such positions internally through efficient manpower planning and restructuring.

We leveraged technology in our hiring processes to manage scale and speed. To ensure seamless recruitment during the pandemic, a virtual endto-end onboarding experience was designed and implemented. Our new digital platform was also utilized to introduce new joiners seamlessly. We also onboarded 22 summer interns from India's premier B-schools and redesigned our flagship Campus Star program to make it fully virtual. The internship program was virtually conducted without compromising any of the vital aspects.

During the year, Dabur added 793 new employees globally, taking our total employee count to 7,617.

Rewards, Recognition & Remuneration

At Dabur, we believe that our organisational culture must foster an environment that enables everyone to perform consistently and deliver their best. We believe that rewarding and celebrating the hard work of our employees is a great way to improve motivation levels and by extension, increase employee engagement.

In the post-COVID environment, we have emphasized on our risk-taking ability. To encourage this, we recognised the outstanding achievements and efforts done by individuals in our daily meetings. We encourage them to take risks without the fear of failure. Today, there is enhanced focus on speed of

delivery, fail fast and learn fast. There is priority on safety and well-being of the team, while not losing focus on business delivery.

We have also instituted a Rewards and Recognition programme, APPLAUSE Awards, which are given to employees who show exemplary performance, innovation or any special achievement on the job. During Covid times, we organised virtual Awards on a quarterly basis to recognise employees for their exemplary contribution on projects/initiatives.

Despite various cost pressures, we moved ahead with our annual merit increase cycle. We also announced a 200% variable pay-out this year as a recognition of the superlative efforts put in by all our employees during a tough COVID year, which has helped Dabur report best in class growth numbers.

Diversity & Inclusion

In a year of change and unprecedented crisis, diversity and inclusion remained a key business priority for Dabur. To be the best Ayurvedic Health Care brand in the world, we need the best talent that also reflects the diversity of our brands and the varying needs of our consumers.

Despite the many challenges of the year, we continued to make progress on our commitment to a diverse and inclusive workforce. It is a key priority for the organisation, and therefore focused work is on for inducting women across levels, with a focus on managerial lateral hiring, campus programmes and also field force positions. There is also ongoing work on gender sensitivity in the organization and to build an inclusive ecosystem to build our women talent pool both for managerial and non-managerial cadres.

We believe that equal opportunity starts with equitable access to career development opportunities and support. We are committed to equitable compensation, and compensation levels are merit based and determined by qualification, experience levels, special skills and individual performance.

As a responsible global citizen, Dabur is responsible for protecting human rights, upholding labour standards, and ensuring that our employees are treated with respect. We have also provided our employees with a platform on our intranet to support and point out any acts of racism, discrimination and sexual harassment at work. Our commitment to inclusion doesn't end within our walls, but serves as a positive example within the communities where we live and work.

Dabur India limited Annual Report 2020-21

Corporate Overview Board & Management Reports Financial Statements

Functions	Total Employees	Female Employees	% of Female
			Employees
Marketing	72	19	26%
Dabur R&D Centre	106	32	30%
Management Trainee	9	2	22%
Finance	105	20	19%
On-Roll Parlour Promoters	94	42	45%

Female Employees (% in India) across functions

Learning & Development

With physical classroom training not an option in the post-COVID world, Dabur reimagined its approach to meet the learning and development needs of our employees. We joined hands with LinkedIn Learning to provide on-demand e-learning opportunities to our teams, that is accessible 24x7 on desktop and mobile devices.

We also designed and delivered exhaustive and customised learning programs with external experts and industry veterans to enhance employee capabilities and have a future-ready workforce; including virtual workshop series on Marketing Skills for cross functional leadership teams, functional capability building workshops for sales leadership, and first time manager workshops. We also signed up external coaches and delivered customised IDPs (individual development programs) to enhance talent capabilities of key talent.

In our continued efforts towards supporting employees to achieve their professional goals and take ownership of their careers, we launched an internal job posting program iMAP (Internal Mobility Assistance Program). Through iMAP, eligible and interested employees can apply for job rotation and cross functional and geographical opportunities, in a fair and transparent way.

Occupational Health & Safety

Health and Safety is one of the key sustainability

focus areas in Dabur and our highest priority. We take responsibility for the health and safety of our employees every single day, especially when faced with new challenges such as the Covid-19 pandemic. A series of initiatives put in place for the same have been shared in detail earlier in this section. We also do everything we possibly can to safeguard them against both accidents and work-related illnesses.

Dabur has a well-defined Occupational Health and Safety policy and supporting processes to ensure the safety and well-being of our employees. We have made efforts to step up safety standards at our manufacturing facilities through safety surveillance and improved accounting and reporting of safety statistics. Due to the constant churn in trained manpower with the reverse migration of workmen due to the pandemic in the earlier part the year, Dabur had to induct fresh workmen from distant parts of the country to ensure business continuity and continued operations at our manufacturing units. While special training sessions were organised for the new workers, our All Injury Rate (AIR) moved up to 0.29 in 2020-21 as against 0.07 a year earlier because of these frequent changes and induction of unskilled manpower. What are we doing to address this?

We are constantly working to take our safety culture to the next level. Safety remains our top priority till we attain the target of zero incidents.

Safety	2017-18	2018-19	2019-20	2020-21
Indicators
Near Miss	2286	3697	3613	2863
Minor Incident	3	3	2	5
Major Incident	5	4	5	4
All Injury Rate	0.11	0.09	0.07	0.29
(AIR)

All our manufacturing locations demonstrated bestever safety performance with Nil fatalities. Our Environment, Health and Safety (EHS) performance is measured through Monthly EHS dashboard and plant compliance is audited through TUV, e-force internal monitoring tool.

Dabur is putting greater emphasis on online and offline training programmes to generate awareness among

our employees. In addition to induction training, and mandatory annual refreshers, a variety of employee engagement activities are conducted round the year. Various training programmes were conducted at regular intervals by internal and external faculties on First Aid; Integrated Water Management; Cut, Burn Injury; and COVID awareness. In 2020-21, we delivered 2,429 trainings, both online and offline.

This year, the 50th National Safety Week was celebrated at all our manufacturing locations between March 4 and 10, 2021, involving our employees and contractors. 'Learn from Disaster and Prepare for a Safer Future' was the theme for the celebration and included programmes like Safety Oath, Safety Signature Campaign, Nukkad Natak on Safety, Slogan & Poster competition, Training on Electrical safety, Work Permit, Lockout and Tag Out Safety Training, Mock Drill, besides awareness training on Workplace Safety and Safety at Home, and a Safety Quiz.

23,106 Man Hours of Safety Awareness Training imparted

Zero complaints received on violation of Human Rights

Zero complaints received on Sexual Harassment at Workplace

Volunteering to Support Good Causes

In the wake of the global covid-19 pandemic, Dabur took several actions to help communities and frontline workers worldwide weather the crisis. And our employees volunteered and supported us in carrying out these initiatives. Mobilizing our human capital is, in fact, central to our goals of creating shared value and supporting communities.

In response to the pandemic, the employees of Dabur India Ltd contributed their one-day gross salary towards relief measures for COVID-19. The funds raised were also donated to Prime Minister's Citizen Assistance and Relief in Emergency Situation Fund (PM CARES Fund). They have been stepping up to support our community development initiatives by helping us deliver masks, face shields, Ayurvedic medicines and sanitising products to those in need. Our employees have also been at the forefront of our community level Plastic Waste Management programme with our flagship My 10 KG initiative and Plogging runs.

As part of their induction programme, all Management Trainees spend a day with the communities where we operate our development activities, interacting with the beneficiaries and participating in the various support programmes. They are also encouraged to support causes close to their hearts.

Impact on Other Capitals

Sustainable Development Goal (SDG) Linkage

expenses

Natural Capital

Being a transnational enterprise with a portfolio of products based on Nature and Natural ingredients comes with important responsibilities that extend beyond just operating a profitable business. Our responsibility includes managing our environmental footprint to create a positive impact on the environment and support a low-carbon economy.

Sustainability being a core philosophy, Dabur has always sought to reduce our impact on the environment through responsible environmental management, conservation and protection across all of our operations. Our environment conservation activities range from development of green (environmentally friendly) products to reduction of environmental impacts of our operations and biodiversity conservation. We not only strive to have a positive impact in the markets in which we operate, but also work towards responsibly taking care of the Planet, preserving its beauty and resources for future generations.

58% SOx Emission reduced from 2017-18

25% Reduction in fresh Raw Water consumption since 2017-18

250 Lt/MT drop in Effluent Generation in 2020-21

18% Reduction in Effluent generation since 2017-18

270 Kg /MT drop in SOx emissions in 2020-21

33% Reduction in Hazardous Waste generation from 2017-18

1,080 Lt/MT Reduction in fresh Raw Water usage in 2020-21

20 Kg /MT cut in Hazardous Waste in 2020-21

Use of natural resources such as water, air, land, minerals and biodiversity

Energy derived from nonrenewable sources (such as Fossil Fuels) and Natural Gas; and renewable sources like Solar and Bio-Waste

Inputs Key Initiatives Outcomes

Ongoing commitment to containment and reduction of our carbon footprint

Reducing reliance on fossil fuels and shifting to renewable energy sources

Monitoring emissions across manufacturing sites

Responsible water management and usage across manufacturing sites

Implementation and monitoring of systems and processes to manage hazardous and nonhazardous waste

Initiatives towards becoming a Plastic Waste Neutral Company

Increased investment in Biodiversity conservation

Ensuring sustainable supply of energy and water

Reduction of carbon footprint

Cost management from energy and water-saving initiatives

Responsible disposal and management of hazardous and nonhazardous waste

Reduction of environmental pollution, risk and incidents

Increase in amout of plastic waste recycled and a reduction in waste to landfill

Higher coverage for Biodiversity conservation initiatives

Environment Indicators	Unit	2017-18	2018-19	2019-20	2020-21
Raw Water used vs Production	KL/MT	4.32	3.41	3.35	3.24
Effluent Generation vs Production	KL/MT	1.38	1.25	1.19	1.13
Hazardous Waste vs Production	KG/MT	0.60	0.49	0.51	0.40
Total Energy consumed vs Production	GJ/MT	2.03	1.96	1.92	2.08
Total CO2 emitted vs Production	KG/MT	0.05	0.04	0.04	0.05
Total SOx emitted vs Production	Kg/MT	0.46	0.21	0.26	0.19

Performance of Key Environment Indicators

Achieving real and lasting change is only possible through the collective efforts of every member of the extended Dabur family, from our employees to our partners and suppliers, from our NGOs partners to local communities.

As we progress on our commitment to create a greener planet for future generations, we have made significant progress in areas such as water balancing, effluent reduction and emission control. Even in a COVID year when production targets for Ayurvedic medicines and key hygiene products had to be revised sharply upwards, we did not lose sight of our environment commitments. Our total energy consumption during the year witnessed a spike due to sudden increase in production to meet the growing need for immunitybuilding and Ayurvedic medicines in the post-COVID world. Despite this sudden and significant increase in production, we have managed to limit our total Energy Consumption at 2017 levels. Our CO² emissions were also capped at 2018 levels. We are now in the process of developing strategies and targets beyond 2022, which includes working towards becoming a Plastic Waste Neutral, Water Neutral and Carbon Neutral enterprise.

Every Drop Counts

Water is a critical natural resource, and we understand the importance of sustainable water management in our operations. Reducing water consumption and improving water quality are important elements of environmental stewardship at Dabur. Over the last decade, our sustainable water management efforts and initiatives have enabled us to conserve millions of litres of water. Through our judicious water management initiatives, we have also returned substantial quantities of water back to our communities, particularly in waterstressed regions.

We use water in our manufacturing processes, in the cleaning of our equipment and facilities, and for employee hygiene, among others. We have put in place initiatives aimed at conserving and harvesting this scarce resource.

A detailed Water Audit has been conducted across our manufacturing locations in India through leading industry bodies like CII and FICCI to identify and plug the gaps in our water conservation measures. As part of this exercise, we have installed Digital Water Flow Meters across all units. Piezometers were also installed across all units to check the water level. Today, almost all our major manufacturing locations in India have adopted a Zero Discharge strategy.

Dabur is committed to implement the 3R (Reduce, Reuse and Recycle) principle for conservation of water. Besides operating Sewage Treatment Plants (STP) and Effluent Treatment Plant (ETP) at each plant, Rainwater Harvesting systems have been set up across our units to help recharge ground water. A new rainwater harvesting system was installed in our Pantnagar unit this year for collecting water from canteen rooftop area (1,205 Sqm). This system will result in an estimated 33.740 KL water collection per day.

All our manufacturing units in India have implemented various water saving initiatives during 2020-21, resulting in a significant drop in raw water consumption and improvement in Water Management. These include:

z Three-stage RO system in place of DM plant to minimize water wastage and to get the maximum recovery from raw water.
z UF and RO plant to recycle ETP treated water.
z Steam Condensate Water Recovery System, which has helped us achieve 80-85% recovery.
z Overfilling Protection System for all water tanks.
z Water flow meter installed in the plant to know the actual usage of water.

Project Desert Bloom

Recognising the growing importance of community-level programmes for Water Conservation and Management, Dabur has been running a water conservation programme in Rajasthan, covering Alwar and Tonk districts. The programme has been developed with active community participation to improve the sustainable livelihood of the poorest and excluded communities in the area by strengthening their access to water and technology as well as management capacities.

This project uses cost-effective, eco-friendly community-based technologies like water harvesting, water conservation, recharging of tube wells and plantation to give rural communities in Rajasthan get access to water all through the year for their personal consumption and irrigation needs.

In 2020-21, we extended our community-focussed Water Conservation and Management programme to Baddi in Himachal Pradesh with the renovation of a 15 Lakh Litre village pond.

1,270 Families directly benefited from the Water Conservation projects

10 Feet rise in Water Table in Newai area of Tonk district

Energy Efficiency & Reducing Emissions

At Dabur, we believe that Energy Conservation is a very important for mitigation of CO2 emissions. All our plants focus on energy management and implement technologies and systems that could improve energy usage.

In 2020-21 the following initiatives were taken to reduce energy consumption:

z LED Lightings across all units.
z Usage of Variable Frequency Drives (VFD) in motors, pumps, packing and manufacturing equipment in plants.
z Use of energy efficient & VFD-based air compressors in plants
z Installation of around 85KW Solar Power Plant system in manufacturing units
z Switching from shrink sleeving to self-adhesive sticker labelling in Skin Care; Upgradation of other equipment like Versatile Plan Sifter and Thermic Fluid Steam Generator.
z Use of energy efficient cooking system in the canteen at our Sahibabad unit.
z Use of Herbal Waste in Boilers as fuel.
z Conversion of FO Boiler to PNG

Continuous Ambient Air Quality monitoring, Online stack monitoring and Thermography tests are conducted every month to help Dabur maintain Particulate Matter (PM), SOx, NOx and other pollutants well below the prescribed stipulated standards at all the locations. These are also reported to the regulatory authorities.

10,57,879 KWH Power saved in 2020-21 with a capital investment of 259 lakhs on various energy conservation equipment

`286 Lakh Energy Cost Saving due to measures implemented in 2020-21

ZERO use of Ozone Depleting Substances in operations

Cut the Carbon

At Dabur, we take responsibility for environmental stewardship and work towards going beyond statutory compliance. We recognise carbon footprint mitigation as a high priority area and are putting together a strategy to 'Cut The Carbon' in our business, both within Dabur and also in our extended Value Chain. This strategy will focus on advancing to a lowercarbon future and examine all aspects of the business. Packaging has been identified as one of the major contributors to our carbon footprint, and a clear design has been put in place for recycling and for increasing the recycled content in our packaging.

With our investments in communications technologies, promotion of virtual conferencing across remote teams, and with lesser in-person attendance for meetings and business discussions, our specific carbon footprint from air travel has reduced substantially this year.

We also inducted new technology into our manufacturing processes to not just make it more efficient, but to also help reduce our carbon footprint. A new automatic finished product conveyer system was installed and commissioned this year, which led to cost reduction and also resulted in cutting down the carbon footprint by avoiding internal truck movement for FG transfer.

At Dabur, we recognise carbon footprint mitigation as a high priority area and are putting together a strategy to 'Cut The Carbon' in our business, both within Dabur and also in our extended Value Chain.

Dabur India limited Annual Report 2020-21

Corporate Overview Board & Management Reports Financial Statements

Reducing Carbon in Overseas Operations

Dabur International became a corporate member of Emirates Environmental Group (EEG), the leading environmental awareness and sustainability institutions in the Middle East. In the region, Dabur's sustainability mission is directed towards increasing its clean energy footprint by harnessing solar power to manage operations and reducing the overall carbon footprint by recycling and sustainable sourcing of natural ingredients through strategic sourcing partners. As part of this initiative, we are working closely with EEG in reducing our carbon footprint by providing them with the recyclables from our Ras Al Khaimah factory. Our partnership with EEG also brings us great synergies in line with our vision of serving consumers through sustainable practices.

Dabur had collaborated with EEG on various initiatives such as the United Nations' 'The Billion Tree' Campaign and co-sponsorship of the EEG's annual 'Clean UP UAE' campaign. Among other initiatives, we are also part of the "One Root, one Communi-Tree" initiative launched by EEG.

Effluent & Waste Management

All our manufacturing units have efficient discharge systems, comprising ETPs and STPs. The characteristics of treated effluent are maintained below limits prescribed by respective State Pollution Control Boards (SPCBs). Monitoring of water quality parameters is conducted at regular intervals with the Ministry of Environment & Forests certified or SPCBrecognised environmental laboratories.

At all operating plants, domestic water is treated in STP and recycled for plantation development or sprayed to minimise fugitive dust emission. Most of the other solid wastes generated are sold to thirdparty contractors for appropriate disposal. A large percentage of non-hazardous waste disposed in this manner is eventually recycled or reused. Hazardous waste is stored and disposed as per Hazardous Wastes (Management, Handling and Trans-boundary Movement), 2008 & its subsequent amendments.

11,528 Tonnes of waste recycled by our manufacturing sites in India in 2020-21

Circular Economy and Plastic Waste Management

Dabur is committed to waste management, recycling, and circular economy strategies that enable the recovery and productive re-use of waste streams. In the year 2020-21, despite the lockdown in Q1 of the fiscal year, we achieved our goal of processing/ recycling over 11,413 MT of post-consumer plastic waste generated by our packaging, preventing them from reaching our oceans and landfills. We are also working on reducing the amount of plastic we use for our packaging, while increasing the quantity collected, processed and recycled every passing year. We are committed to become a Plastic Waste Neutral Company in the 2021-22 financial year by collecting, processing and recycling 22,000 MT or 100% of the plastic waste generated by our packaging. We have earmarked a budget of `8.48 Crore for the purpose.

Plastic Waste Collected, Processed and Recycled
Type of Plastic Waste	2018-19	2019-20	2020-21	2021-22*
PET/HDPE/other	1,830	7,166	6,785	13,000
MLP	945	1,561	1,782	4000,
Beverage Cartons	1,100	3,390	2,846	5,000
Total (MT)	3,875	12,117	11,413	22,000
As % of plastic waste generated by our packaging)	41%	57%	54%	100%

Dabur has been closely working with Ministry of Environment, Forest and Climate Change (MoEF&CC), Central Pollution Control Board (CPCB), Federation of Indian Chambers of Commerce and Industry (FICCI) & Confederation of Indian Industry (CII) in taking forward its Plastic Waste Management agenda. We have been running a series of different projects across the length and breadth of India in collaboration with various NGOs and Central Pollution Control Board (CPCB)-approved PROs (Producers Responsible Organizations).

In the year 2020-21, Dabur joined hands with 10 waste management agencies to collect around 11,413 MT of post-consumer Plastic Waste (both recyclable and non-recyclable) from Urban Local Bodies' Collection Centres in 27 states across India. The collected waste was segregated and sent to authorised recyclers and co-processing units like cement kilns.

Since the beginning of this initiative in 2017-18, Dabur has collected, processed and recycled a total 27,396 MT of post-consumer plastic waste with an investment of `11.85 crore.

18,347.026 MT Total CO2 equivalent emission eliminated through Plastic Waste Management initiatives

Type of Dry Waste	Quantum in MT	~Avoided CO2 Equivalent Emission (MT)
Recyclable Plastic waste	6,818	7,167
Energy Recoverable MLP & other waste	1,717	598
Beverage Carton Waste	2,869	10,582

98,383,045 kWh of Energy saved

My 10 Kg Plastic

To increase the involvement of Dabur employees, their families and the larger community in our plastic waste management initiatives, Dabur rolled a unique incentive scheme christened My 10 Kg Plastic. According to Central Pollution Control Board (CPCB), the Per Capita plastic waste generation in India today stands at around 10 Kg, which means every individual generates around 10 Kg of plastic waste every year. Through this programme, we are inviting individual households to collect and send 10 Kg of plastic waste generated in their homes and become Plastic Waste Neutral Citizens.

A special Mobile App and a microsite has been created for our employees and their families and a mobile number activated for communities, where they can place requests for plastic waste collection at their doorstep. A special waste collection vehicle will reach their homes at a scheduled time to weigh and collect the plastic waste. The depositor wins reward points for every Kg of plastic waste submitted. They can accumulate these points and redeem them at the microsite for a variety of gifts and products.

In 2020-21, we collected 12,946 Kgs of plastic waste under the My 10 Kg Plastic programme

To promote positive behavioural change in the society with regard to plastic waste management and segregation at source, Dabur has been running a series of awareness campaigns across the country. These programmes seek to raise awareness of plastic pollution, its negative effects on the environment and how people can help by indulging in waste segregation at source. Similar awareness building programmes on waste management are also organised with the waste picker community. We also run health awareness programmes with this community helping them gain access to routine health check-ups and free medicines, besides safe equipment for sorting waste.

Safai Sathi Training

Dabur, along with Swachh Sustainable, organised Safai Sathi Training in Uttarakhand, Telangana and Karnataka. Under this programme, members of the waste collector community are sensitised about recyclability of various packaging material, particularly multi-layered plastic waste, their collection and safe disposal methods. Information Education Communication (IEC) material is also distributed within the community to encourage them to better manage plastic waste besides participating in activities like tree plantation.

We also organised a two-day training session along with Social Lab in the Municipal councils of Wadwani and Kaij, Maharashtra, to enhance and upgrade skills of Safai Karmacharis in the ULBs. A total of 70 Safai karmacharis participated in the session, where they were also presented with PPE Kits.

In 2020-21, we organised capacity building workshops in association with 10 state Pollution Control Boards and Urban Local Bodies, covering over 1,000 waste collectors.

Dabur is also a member of the Punjab Plastic Waste Management Society.

Discarded plastic waste that is not adequately managed ends up polluting the environment on land and ultimately finds its way to seas and oceans. At Dabur, we have been crafting programmes aimed at cleaning our oceans and also educating consumers on proper disposal of plastic waste to ensure that they do not end up in our seas and oceans.

Cleaning Andamans

Dabur partnered with Paperman for a dive site clean-up of Neil Islands in Andaman and Nicobar. The clean-up involved four professional divers clearing 600 square meters of the Ocean floor, recovering 12 Kgs of plastic waste which included sachets, plastic pieces and bottles.

Dive site clean-ups, we feel, are an important step towards removing trash on a regular basis from the seabed and ocean floor. It also goes a long way in protecting the corals, fish and the human population that depends on the ocean for food.

Responsible Sourcing

Sustainable sourcing is a cornerstone of our approach to drive sustainability throughout our supply chain, covering partners ranging from the largest commodity and packing material suppliers to the smallest farmers. Moving forward on this mission, Dabur is now driving supply chain monitoring, traceability and transparency.

We expect our suppliers to adhere to our strict Code of Conduct and create a sustainable future for their business, the people they employ and the environment. We hold all our suppliers to the same high standards of integrity to which we hold ourselves and seek to do business only with suppliers who conform to the law and operate fairly and ethically.

We have successfully developed sustainable agricultural supply chains around the world to increase the volumes of sustainable raw materials. To further improve the visibility and traceability of our commodity supply chains, particularly for raw material like honey, we are now exploring blockchain and AI. We have been taking long-term actions to reduce our GHG emissions jointly with our suppliers and business associates. To transport our products, we seek partners who are dedicated to sustainability and are socially conscious.

As part of our biodiversity conservation programme, we work with several farmers across India and Nepal for cultivation of medicinal plants and herbs. Our scientists engage with these farmers and tribal communities, training them on scientific and sustainable cultivation of herbs. This exercise has resulted in an increase in the population of these medicinal herbs, some of which are rare, besides supplementing the household income of these farmers.

Palm Oil

Dabur sources palm oil only from suppliers who are members of the Roundtable on Sustainable Palm Oil (RSPO), ensuring that 100% of our palm oil procurement is done from RSPO certified suppliers.

Paper Pulp

For our beverage business, the entire packaging requirement is met by laminates purchased from Tetra Pak. This packaging used for our packaged fruit juices are made from Forest Stewardship Council (FSC) certified paper. For our other paper pulp requirements too, we are now working with suppliers who are part of the Rainforest Alliance and are FSC certified. We are steadily increasing the quantum of supplies from Rainforest Alliance partners.

Ayurvedic Herbs & Medicinal Plants

As the world's largest Ayurvedic and Natural products maker, Dabur needs a range of medicinal herbs and plants to prepare its range of medicines and consumer products. To ensure that these herbs do not face extinctions due to over-exploitation and deforestation, Dabur has taken the lead in preserving and growing this herbal wealth. We are working with farmers across the country in sustainably cultivating and procuring these medicinal herbs. As on 31st March 2021, Dabur had 6,997 acres of land under cultivation of herbs and medicinal plants.

Honey

As the largest player in the branded honey market in India, Dabur has put in significant efforts to build a sustainable procurement network for honey in the country. We are today working with farmers in key honey producing states like Assam, Bihar and Jharkhand to promote scientific and sustainable beekeeping among farmers. We have been conducting regular on-site training and demonstration to the farmers on all activities concerning beekeeping, which includes making of bee boxes, rearing of bees and multiplication of bee colonies.

In addition to providing pollination support to crops, these initiatives also result in production of quality honey and other beehive products, generating valuable employment to local communities and livelihood support to rural population. We have set up state-of-the-art Quality Control Labs for testing of honey and are now working towards introducing blockchain technology to the honey supply chain.

5,145 Farmers in Assam, Bihar, Jharkhand involved in Beekeeping projects

Project Madhu

During the year 2020-21, Dabur launched 'Project Madhu', a new initiative to promote beekeeping as a lucrative enterprise for farmers and small and medium entrepreneurs. As part of the initiative, Dabur joined hands with local NGOs in Bihar, Jharkhand and Assam to create an ecosystem to offers the local farmers technical know-how, financing and access to marketplace for selling the honey produced by them, besides providing technical training in the vocation of beekeeping.

As a part of this initiative, Dabur will be providing 5,600 bee-boxes to 350 families in Jharkhand and Assam. Besides, another 2,250 families in Bihar would benefit from the World Bank-aided Jeevika Project with the distribution of 23,500 bee-boxes. Our experts from the Bio-Resources Development group also provide technical knowledge and training to these farmers at village, block and district levels. The team aims at providing 360 trainings by 2025.

Dabur, along with NGOs like Jeevika BRLPS (Bihar Rural Livelihood Promotion Society) in Bihar, Vikas Bharti in Jharkhand and Institute of Integrated Resource Management (IIRM) in Assam, conducted virtual and physical meetings with more than 350 beekeepers in these states. Through these meetings, we are reaching out to local farmers, encouraging them to take up beekeeping as a vocation and help build a 'honey corridor' across these states.

Protect & Regenerate Nature

Our biodiversity initiatives involve working with farmers, tribal and forest-based communities across India and Nepal in preserving ecosystems, halting the accelerated loss of biodiversity and promoting sustainable cultivation of rare medicinal herbs. We engage marginal farmers, providing them visible economic opportunities while helping conserve natural resources in the wide-ranging ecosystems. This initiative has helped create an alternate source of income for the community.

We work with local NGOs across the country, jointly undertaking special training programmes for the community members and encouraging them to join this sustainable and environment-friendly herb cultivation exercise. We have also joined hands with universities and leading research institutions to undertake detailed studies on these medicinal herbs.

Dabur operates a fully automated state-of-the-art greenhouse in Pantnagar (Uttarakhand) and another in Banepa (Nepal), besides satellite nurseries and demo cultivation sites across the country. Elite planting materials, grown in these greenhouses, are given to the farmers for further phase of cultivation. In FY 2020-21, our Pantnagar Greenhouse grew and distributed 4,29,730 saplings of herbs. Today, we have satellite nurseries situated across India, from the Himalayan valleys to the coastal region in Tamil Nadu.

8,975 Farmers covered under Biodiversity initiatives in India

5,247 Acres of land under cultivation of herbs and medicinal plants in India

3,159 Households in Nepal engaged in cultivation of herbs

692 Acres of land under cultivation of herbs and medicinal plants in Nepal

Save Paper; Save Trees

At Dabur, we realise the importance of reducing paper usage in protecting our environment and keeping our planet green. When we save paper, we reduce the

In FY 2020-21, our Pantnagar Greenhouse grew and distributed 4,29,730 saplings of herbs. Today, we have satellite nurseries situated across India, from the Himalayan valleys to the coastal region in Tamil Nadu.

need to cut down trees to make new paper. Across our operations, we have been following the golden rule: "Think before you print", besides ensuring usage of both sides of the paper for printing. We are also increasingly moving towards living digitally, with Board Meetings agenda and other necessary documents being shared digitally with the Board members, thereby reducing on consumption of paper. Our Annual Reports are also largely being shared in a digital format now.

In 2020-21, we rolled out new initiatives to further reduce our dependence on paper. To begin with, we have taken decisive steps to reduce the number of pages being used for printing Invoices for goods being transported by us by increasing the number of line items being printed on each sheet and using free space for printing QR codes. This exercise itself will lead to a reduction of 32.60 lakh sheets of paper being consumed by Dabur per annum.

We have alongside put in place measures to reduce the usage of paper in our Packaging Material. During the year, we have reduced consumption of 95 tons of Paper (including paperboard) in addition to tying up with mills to recycle 40 tons of label liner stock. These efforts have helped us save 135 tonnes of paper.

4,900 Trees saved from being cut every year

Dabur Red Paste says No to Paper Cartons

Taking a leap forward on the path to Environment Sustainability, Dabur India Ltd announced the launch of a pilot initiative to remove outer paper cartons from its flagship Ayurvedic toothpaste Dabur Red Paste. The innovative carton-free eco-friendly packaging is being rolled out in key Modern Trade outlets in a joint initiative with Reliance Retail.

In addition, the Company is also rolling out an outer paper carton-free low unit price (LUP) pack, specially created for rural markets. The paper saved by removing the outer cartons would be repurposed to create notebooks for underserved children supported by Child Rights and You (CRY). Together, these are expected to result in an annual saving of 150 tons of paper.

As part of this initiative, Dabur Red Paste also launched a unique campaign, 'Give up the Carton, Give me a Future' in association with CRY, under which the paper saved from removing the outer cartons will be used to make notebooks that would distributed among over 120,000 underserved children. Dabur has been driving several environment sustainability initiatives to preserve our planet for

future generations. These include promoting biodiversity, collecting, processing and recycling postconsumer plastic waste, besides reducing use of paper in product packaging. This initiative is a step forward in this direction. By simply shifting to carton-free toothpaste packs, a family of four can ensure that the carton they would have otherwise discarded, will meet some part of the education material need of underserved children every year. As part of this campaign, Dabur will be donating more than 1.2 lakh notebooks.

Saving Meswak trees in the UAE

Dabur International, the overseas arm of Dabur International, joined hands with the Emirates Environmental Group (EEG) to launch the Miswak Tree Planting initiative that aims to restore one of the UAE's native tree species. Supported by the management of the Saih Al Salam Protected area near Al Qudra Lakes, 20 saplings of Miswak trees were planted in Dubai. Celebrating the commitment towards National Biodiversity Strategy of the UAE, the two partnering organisations have reaffirmed their call to protect and manage the rich biodiversity of the country.

Extracts from trees, plants and herbs have been widely featured in Arabic oral care, hair care and skin care rituals. As a company that uses traditional Arabic ingredients in our products, we are working towards helping preserve the natural environment of this region.

Impact on Other Capitals

Social Capital:

* Improved Health and Well-Being due to reduced pollution
* Enhanced Water Security
* Cleaner Environment due to lower carbon and other emissions

Relationship Capital:

* Improved Consumer involvement and engagement in Green products

Intellectual Capital:

* Responsible product development and work towards Green labelling
* Innovation to drive resource optimisation

Financial Capital:

* Allocating funds, resources towards Green Energy, Green initiatives
* Investments in Capex for Environment protection
* Higher investment in Biodiversity conservation

Manufactured Capital:

* Installation of Energy Saving equipment
* Implementation of Pollution Control measures
* Measures to improve OEE

Human Capital:

* Higher awareness and ownership towards Environment protection
* Driving employee participation in Plastic Waste Management initiatives

Natural Capital

Sustainable Development Goal (SDG) Linkage

Social Capital

Our ultimate goal is to create a positive, measurable and lasting local impact in the communities where we operate through projects that contribute to the United Nations Sustainable Development Goals (SDGs).

'What is that life worth which cannot bring comfort to others.' This noble thought of the Dabur founder Dr. S K Burman is the guiding principle for the Company and also the pillar supporting our community development initiatives. Dabur has been engaged in community development activities since 1994 and is committed to making a positive contribution to the communities where we source, live, work and sell our products.

`5.05 Crore donated to PM CARES Fund to fight COVID

4,250 Children gained access to improved learning environment through School Support programmes in 2020-21

151 Women trained on incomegenerating Vocational Skills in 2020-21

`28.71 Crore spent on CSR activities in 2020-21

Inputs	Key Initiatives	Outcomes
	Donation to PM CARES Fund
`28.71 Crore spent on CSR activities	Support to frontline Health, Sanitation Workers, Police Personnel in fight against COVID	2.2 Million people positively impacted
CSR interventions in 149 villages across India	Helping needy, migrant workers get access to food, medicines during lockdown	Increased participation and ownership of communities
Engagement with stakeholders across	Promoting Preventive Healthcare through free Health Camps Promoting Hygiene &	Supported frontline workers in 30 states & UTs during COVID
geographies	Sanitation in rural India Helping supplement farmer income through herb cultivation	Uplifting the lives of the communities in which we work around the world
	Promoting use of renewable energy in villages Improving the Green Cover in villages	Giving credence to our philosophy 'Dedicated to the Health & Well-Being of every Household'
	Promoting Education in rural India
	Empowering women with income generating vocational skills	20-30% increase in farmer income
	Livelihood programmes for vilagers

CSR Governance at Dabur

Dabur understands that its Corporate Social Responsibility should be exercised in every aspect, especially in communities where it operates and with a focus on the health and safety of the community members. At Dabur, we have a well-structured CSR Policy, which is also a declaration of our intent to contribute to creating a better and self-reliant society. This policy has identified four key areas for rolling out development programmes:

z Eradicating Hunger, Poverty and Malnutrition
z Promoting Preventive Health Care
z Ensuring Environmental Sustainability
z Promotion of Education

With the sudden spread of the COVID outbreak towards the end of the previous fiscal, we added a new focus area:

z COVID Relief Support

With the entire country under lockdown in the initial part of the 2020-21 financial year and most educational, commercial and social activities restricted in view of the social distancing norms that were put in place by respective state governments, Dabur focussed its development initiatives towards lending a hand to the Government's efforts to endure the social and economic impacts of the Coronavirus pandemic as well as protecting vulnerable populations by enabling access to food and essential medicines. Bulk of our CSR spends during 2020-21 were used for COVID support programmes, which included donating to the PM CARES Fund.

The other areas identified for rolling out development programmes are:

z Women Empowerment
z Rural Development
z Promotion of Sports

The CSR Policy has been approved by our Board of Directors. The Board reviews all the activities undertaken by the Company and may consider other areas or activities for inclusion in this policy, as and when required. The CSR department provides regular progress report and updates to the CSR Committee of the Board. The committee is given a detailed report of the activities undertaken each quarter, along with targets and reasons for variance, if any.

Need & Impact Assessments

Dabur supports social and economic well-being within the community through investments in Preventive Health Care, Education and Local Entrepreneurship, among other things. We craft both short and long-term initiatives, which are either proactively identified by our development teams or in response to specific requests for assistance. Each project is rolled out following a specific need assessment survey conducted within the target community.

It is equally important for us to measure the impact our programmes have on our communities. As part of our sustainability and development reporting process, we conduct annual surveys within the beneficiary communities on select projects implemented by Dabur. In the past, such Impact Assessment surveys have been conducted on our Sanitation programme and for our farmer income generation activity. The survey also includes a control village where such activities have not been implemented by Dabur to better understand the comparative qualitative and quantitative benefits to the target community.

Key Community Interventions

z Fighting the COVID Pandemic

With COVID emerging as one of the biggest crises all of mankind has faced in the recent times, Dabur realigned its CSR strategy to focus on fighting COVID. We were, in fact, amongst the first companies to pledge our support to fighting COVID-19. With the rapid spread of the outbreak in March 2020, Dabur immediately commenced activities aimed at providing relief to COVID patients, frontline Police, Health and Sanitation workers, migrant workers and community members during these unprecedented times.

The Dabur Group also established a 'Dabur Care

Fund for COVID-19', to protect lives and livelihood, and support those affected by the COVID-19 pandemic. We earmarked a fund of `15 Crore towards Relief efforts in 2020-21, helping meet immediate needs of those most affected by this pandemic.

Dabur's COVID support initiatives included:

z Supporting the 10,000-bed Sardar Patel COVID Care Centre jointly set up by Union Government and Delhi Government in the outskirts of the national capital. Dabur offered necessary medical and logistics support in managing the centre, besides supporting them with a range of hygiene products, like Hand Wash and Hand Sanitisers, and Ayurvedic medicines.
z Supporting COVID Wards across hospitals with hygiene and safety products like hand sanitisers, face masks etc.
z Mobile COVID-Testing Van was rolled out in Noida to support the Uttar Pradesh Government's efforts towards increasing COVID testing in the district. This van conducted 200-250 COVID tests every day free of cost.
z Special COVID Screenings Camps were organised for Police & Personnel, community members.
z Research on Ayurvedic Prophylaxis Remedy for Corona: Joined hands with Ministry of AYUSH and All India Institute of Ayurveda (AIIA) in rolling out the Ayuraksha programme to administer Ayurvedic immunity boosting measures for Delhi Police personnel. We also joined hands with AYUSH Telangana on a prophylaxis programme for high-risk population using Dabur Chyawanprash and Giloy
z Sanitising Schools in Rudrapur (Uttarakhand) as they prepared to open their gates for students. We provided Sanitizer spray machine, Disinfecting Solution (Sodium Hypochlorite), Face Masks, IEC Materials to cover 15 schools in Rudrapur.
z Protective Kits for frontline Police Personnel across the country to take care of their health and safety as they worked towards ensuring the safety of citizens during the lockdown period. These kits include Face Masks, Hand Sanitisers and immunity booster medicines like Dabur Chyawanprash.

z Immunity and Nutrition support to Communities and Migrant Workers who were struggling for daily essentials. We worked with local NGOs and community leaders to provide dry ration, nutritious meals, medicines to people in need during this lockdown.
z Hygiene & Safety Kits for rural Communities to protect them from the pandemic.
z Engaged community members in stitching face masks to meet the growing need for these preventive gears in rural India. Dabur engaged members of its Self-Help Groups and Tailoring Centres, providing them the requisite raw material and cloth to stitch face masks, which are being distributed free of cost to villagers and Rural Health Centre workers.

With the emergence of the second and more devastating wave of the COVID pandemic in March 2021, Dabur intensified its efforts towards protecting the community from this illness.

z Supporting COVID Care Centres across India: Dabur lent support to various dedicated COVID Care Centres being set up across India. We have been ensuring regular supply of hygiene kits, face masks, disinfectants, sanitisers, nutritious food and Ayurvedic medicines to these centres to help not just the patients recovering from the illness but also to protect the health of frontline workers.

z Protective Kits for frontline Development Workers and Health Workers: Dabur is also providing Health & Hygiene Kits to Police Personnel and Medical personnel across the country as they work towards ensuring the safety of citizens during this second wave. These kits include Face Masks, Hand Sanitisers and immunity-boosters medicines like Dabur Chyawanprash.
z Oxygen Support: We have started importing Oxygen Concentrators (both 5-ltr and 10-ltr) which are made available to the general public in case of any emergency.
z Oxygen Generation Units: Dabur Group companies are helping set up Oxygen Generation Units, equipped with cylinder filling capacity, in some states to help tide over the shortage of medical oxygen required by COVID patients. These units are being set up in Government hospitals and Public Health Centres. In Varanasi, the Group is helping

equip all 153 beds at the Lal Bahadur Shastri Hospital with Oxygen support. Another unit is being set up in a Public Health Centre in Ghaziabad, Uttar Pradesh. The Group has also pledged our support to set up a similar unit in Rudrapur, Uttarakhand.

z COVID Isolation Centres: Dabur helped set up special isolation facilities near our manufacturing units for community members. These facilities are equipped with equipped with Oxygen Concentrators and Cylinders, Nursing staff, ICU kits, ambulance and medication. These include a 20-bed facility in Sonitpur and another 15-bed facility in Dekidol village (both in Assam).
z Food and Nutrition support to local communities: With the second wave of COVID severely impacting lives and livelihood in rural India, several communities were finding it difficult to even arrange a proper meal for their families. Dabur supported these distressed families by providing them groceries and vegetables, besides Nutrition and Health Care products and face masks to tide over these troubled times.
z Awareness Camps: We are working with Police Departments and State authorities in organising camps to spread information about protection from COVID and the need to follow COVID-appropriate behaviour.
z Vaccination Drives in Communities: We have joined hands with the Uttar Pradesh Government in rolling out COVID vaccination drive for around 15 crore adult population in the state. This drive, which started from Allahabad, will cover key cities of Uttar Pradesh like Varanasi, Lucknow, Kanpur in addition to some rural pockets of the state. Dabur is setting up kiosks for testing/vaccination, besides offering Ayurvedic immunity boosting medicines to people coming for vaccination.
`15 Crore earmarked for fighting COVID

`5.05 Crore donated to PM CARES Fund

30,000 cotton face masks prepared and distributed in villages

55,000 people screened at special COVID Screening Camp for CRPF in Rampur

50,000 COVID Tests conducted in Noida

Dabur India limited Annual Report 2020-21

z Water, Sanitation & Hygiene (WaSH)

Dabur had initiated its sanitation programme under the '700 Se 7 Kadam' project a few years back. Under this project, aimed at protecting the dignity of women in rural India, we have helped provide them access to clean sanitation facilities within their households. As an extension of this programme, we have also constructed toilet blocks in rural schools to help students, particularly girl students. Toilets blocks have been constructed in around 80 schools across the six states of Jammu & Kashmir, Uttar Pradesh, Uttarakhand, Himachal Pradesh, Rajasthan and Assam.

Our household sanitation programme covered the three states of Uttar Pradesh, Uttarakhand and Himachal Pradesh. Dabur has helped construct 3,882 household toilets in these states, helping improve the health and sanitation standards in households and significantly reducing the cases of diseases and malnutrition due to open defecation.

Having reached the saturation level with household toilet construction, this programme now focusses on maintenance of existing household toilets and conducting awareness and training programmes on Health and Hygiene, besides distribution of hygiene kits in households. In 2020-21, Sanitation Kits were distributed among 1,111 families in two villages of Uttar Pradesh. We also organised awareness sessions in schools and communities on the occasion of International Hand Wash Day.

3,882 Household toilets constructed till date

57 target villages achieved Open Defecation Free status

z Ayurvedic Health Camps

As a leading Ayurvedic medicines and products maker in India, Dabur organises multi-disciplinary Health Camps across the country, offering the poor and needy access to good quality health care and subsidised medicines.

With COVID restrictions in place for hosting large gatherings through most part of the year, the number of Health Camps organised in 2020-21 witnessed a dip. During the year, Dabur organised over 300 Health Camps where Ayurvedic doctors offered free consultation to over 50,000 individuals. Lady doctors are also present at these camps to reach out to a large number of women in the selected intervention areas. Medicines were also provided at subsidized rates. Special Swarna Parashan Health Camps were also held across multiple cities on the occasion of Sharad Purnima. In this unique all-night Health Camps, which ran from 9 pm to 5 am, the medicines are kept exposed to moon rays all through the night and consumed in the early morning with Vedic chanting.

Dabur also runs a Wellness Centre in the walled city area of Delhi offering health check-ups and subsidised medicines to public. The Ayurvedic practitioners at this centre also offered online consultations and tele-consultations to patients free of cost.

308 General Health Camps organised in 2020-21

50,000 Patients examined at Health Camps

2,885 patient consultations offered at Dabur Wellness Centre

z Enhancing Farmer Income through Herb Cultivation

A part of our Environment Sustainability agenda, this project covers 10 states where we work with farmers and tribal communities, encouraging them to take up sustainable cultivation of rare medicinal plants and herbs. This project has been covered in detail in the Natural Capital section of this report.

z Water Conservation & Management

Recognising the growing importance of community-level programmes for Water Conservation and Management, Dabur has been running water conservation programmes in two districts of Rajasthan: Alwar and Tonk (Newai). In 2020-21, this project was extended to Baddi in Himachal Pradesh. Details of this project have been provided in the Natural Capital section of this report.

z Promoting Solar Energy

As part of our sustainable community development agenda, Dabur has been working towards promoting renewable energy as the technology of choice to drive away darkness from scores of villages. Under its Promotion of Social Energy project, Dabur has installed Solar Street Lights across villages in Uttar Pradesh, Rajasthan and Assam, in addition to providing Solar Household Lamps in Uttar Pradesh. This project also helps spreads awareness about solar technology, besides involving the next generation in taking decisive and concrete steps towards creating a greener future. This initiative has also helped reduce crime rates in these villages. In 2020-21, we erected 100 Solar Street Lights in villages in Uttar Pradesh.

542 Solar Street Lights installed till date

713 Solar Household Lamps distributed till date

3,365 households have benefitted from the initiative

z Plantation Drive

The project seeks to build awareness within the community about environment and encourage them to plant and nurture plants that provide nutritious fruits and vegetables for their own consumption. Christened Ghar ki Bagiya, this programme offers dual benefits to community members by providing them nutritious fruits and vegetables for their daily consumption while also generating addition income for their households. We also distribute seeds of fruit plants and vegetable among students in villages and encourage them to grow these in their home kitchen gardens. This initiative has not only helped improve the nutrition levels in target communities but has gone a long way in enhancing the green cover in the villages.

Over 600 families in 20 villages in Uttar Pradesh, 200 families from 9 villages of Baddi (Himachal Pradesh), 400 families from 10 villages in Pantnagar (Uttarakhand) and 300 families from 4 villages of Tezpur (Assam) have benefited from our Ghar ki Bagiya programme in 2020-21 and are now consuming vegetables as part of their daily diet. We also distributed Poplar and Eucalyptus saplings to target farmers in 2 villages of Pantnagar.

521 kids in Ghaziabad received vegetable seeds

1,000 saplings planted in villages in Uttar Pradesh

3,400 saplings distributed among rural women in Rudrapur

z Promotion of Education

At Dabur, we believe that quality education is the key to shaping a better future for scores of children, particularly in rural India. We have been working towards identifying and removing barriers to education for those most in need by creating a better learning environment for children in the hinterland. Our Education programme operates on 3 pillars:

z Helping underprivileged children, women gain literacy
z Improve overall Learning Environment in rural schools
z Build skills that foster employability and inclusive economic growth

Our volunteers and development professionals work towards sensitising people living in urban and semi-urban slums on the need for education and encouraging them to enrol their children to formal schools. Our non-formal education centres, called Gyan Deep Kendras, provide basic education to out-of-school underprivileged kids between 6 and 14 years of age. On completing the basic education at our centres, these kids are linked to formal schools. We also operate Remedial Education Centres, called Gyan Arjan Kendras, to address many of the unique challenges weaker students face, besides running Adult Literacy Centres to provide basic literacy to unlettered rural women.

We have also been investing in improving the infrastructure in schools to uplift their learning experience under the programme, called Adarsh Paathshala. The development work includes:

z Construction of separate Toilet Blocks for Boys & Girls, and even Teachers.

z Construction and Repair of overall existing infrastructure i.e. school buildings, boundary walls, class rooms, floors, kitchens, play grounds etc.
z Complete whitewash of the school building as well as painting of all doors & windows.
z Ensuring uninterrupted supply of good quality potable water within the school premise.
z Separate Drinking Water & Hand Wash Stations where students can drink water and clean their hands before and after having their Mid-Day meal.
z Distribution of Fans, Almirahs, Dustbins, Desk-benches etc.
z Building as Learning Aid Paintings on classroom and school walls to raise interest in children by the means of entertainment and visual appeal.

We understand that education drives social mobility, helping more people play a part in society and enter into the job market so they can build better lives for themselves and their families. Dabur has been working to help rural youth build skills that foster employability and inclusive economic growth. We have been operating Computer Literacy Centres in rural India, along with NIIT Foundation. A community library was also set up in a village in Hapur district of Uttar Pradesh to help local youth get access to quality education material and prepare for competitive exams.

A majority of these activities were stalled during the first half of the year in view of the nationwide COVID lockdown. We recommenced some of our Remedial Educations Centres and Computer Literacy Centres towards the latter half of the year, which ensuring strict adherence to COVIDappropriate behaviour. The infrastructure development work in schools also restarted with authorities preparing to reopen their gates to students.

17 schools revamped in 5 states in 2020-21

4,250 Students gained access to better overall educational environment

70 Students studying at our Remedial Education Centres

27 students are enrolled at Computer Literacy Centre in UP

z Vocational Skills Training

Skill Development is a powerful agent for improving social mobility, particularly in a country with an enormous population of underprivileged people who do not possess the right skills due to lack of education and guidance. At Dabur, we have been working towards helping this underprivileged section, particularly girl in rural India, empowering them with skills that can help them earn a sustainable livelihood. We run Skill Development Centres in rural pockets of Uttar Pradesh, Uttaranchal, Himachal Pradesh, Rajasthan and Assam to create a pool of self-reliant young girls. These skills help them find employment in the fast-emerging services sectors or even emerge as social entrepreneurs in their respective villages.

The project, which was put on hold due to the COVID restrictions in the initial part of the year, recommenced during the second half. Under this programme, we offer training on a variety of income-generating vocational skills like:

z Cutting-Tailoring
z Beauty Care
z Handicraft making

In addition, we also provide entrepreneurship development and financial education to disadvantaged rural women, helping them develop the skills they need to build a business and manage money. Dabur has helped women form Self-Help Group (SHGs) and Joint Liability Groups (JLGs), and raise funds for running small businesses. The success of this initiative can be gauged by the fact that there has hardly been any default in repayment of bank loans. This initiative has gone a long way in raising the self-esteem of women in the hinterland.

151 rural girls pursuing Vocational Training at 7 Skill Development Centres

162 SHGs operational in Uttar Pradesh, Uttarakhand

z Livelihood Programmes

Dabur has identified development of rural livelihoods as a focus area for its rural development programmes. Sustainable interventions are designed keeping in mind the specific needs of the poorest of the poor from the community basis need assessment surveys and local and regional needs. This project includes promoting agrobased livelihood programmes, developing piggery and goat-rearing to create robust livelihood opportunities to help rural households earn more and lead healthier lives.

We have been working with small farmers and rural communities in Uttar Pradesh and Assam in building capacities and capabilities to help create alternate avenues of livelihood. The projects work in sync with government development programmes and facilitate linkages to public services and schemes for the project beneficiaries.

In 2020-21, we trained women SHG members in four villages of Tezpur (Assam) on scientific management of pigs and goats, supporting them in setting up piggery and goat-rearing businesses. We also organized three-day training programme in a village in Pantnagar (Uttarakhand) on Mushroom farming for local SHGs and farmer groups, besides establishing a demonstration unit for mushroom cultivation and medicinal plants in Uttar Pradesh.

10 Women SHGs selected for Piggery

3 Women SHGs provided training on Goat Rearing

z Promotion of Sports

Under a special initiative rolled out for the youth (both boys and girls) in Assam, we have been working towards identifying sporting talent in the field of football from the grassroot and giving them an opportunity to enter the mainstream world of sports. Our Football Training Camp in Tezpur offers boys and girls training in football, a sport of choice in the region. A national level trainer has been hired to conduct the programme. This project could not be undertaken in 2020-21 financial year due to the lockdown restrictions.

We are now planning to recommence this initiative in the 2021-22 financial year. We would also be expanding the scope of this programme by setting up a Boxing Training Centre in the region in the new fiscal.

Community Service Outside India

We encourage our overseas subsidiary companies to contribute to their local community in the way they feel is most appropriate. Following are some examples of community development initiatives undertaken by Dabur outside India.

z CSR Interventions in Nepal

Promotion of Education

Dabur Nepal has been supporting development of learning environment in local schools in Nepal under its School Support programmes. As part of this initiative, we have supported local schools by donating Desk-Benches for students, Almirahs with books, Dustbins etc. A special initiative was also rolled out to educate adolescent girls on good menstrual hygiene practices under which sanitary napkins were distributed in 20 schools covering 1,600 girl students in the Banepa region in Nepal. We also offer scholorships to meritorius students in the Himalayan Kingdom.

Ensuring Environment Sustainability

While nurturing nature, Dabur Nepal has also been actively participating in community development with a variety of outreach initiatives that have been developed in consultation with the local community members and keeping their specific needs in mind. These include projects involving local farmers in agro-forestry initiatives and cultivation of medicinal plants, besides upkeep and maintenance of herbal garden in the Pashupati Temple area.

Fighting COVID

Dabur Nepal supported local communities in the Himalayan Kingdom in their fight against the COVID pandemic by supplying hand sanitisers, Ayurvedic medicines and nutritious food products to frontline workers, orphanages and quarantine centres and isolation wards established by the local authorities. Special awareness drives were also organised to educate the local residents about COVID-appropriate behaviour, besides donating NRS 5 Lakhs to the Chief Minister Relief Fund to support their efforts to help the community in the fight against COVID-19.

z CSR Interventions in the UAE

Supporting Cancer Survivors

Dabur International organised a massive hair donation drive to encourage local women in the UAE to cut their hair short to support cancer survivors. The hair collected through this drive, organised in association with Friends of Cancer Patients and Tips and Toes Salons, would be converted into wigs for cancer patients. Cancer survivors are winners against all odds and we are glad to bring a smile on the faces of these winners, through this initiative.

Fighting COVID

Dabur International lent a helping hand to disadvantaged communities in the UAE during the COVID pandemic. More than AED 200,000 worth of products, including hand sanitisers, hygiene products, oral care and immunity strengthening supplements, were distributed to more than 2,500 individuals and families through UAE Nepali Association, KMCC and a UAE-based charity organisation. This initiative was aimed at helping essential workers and disadvantaged members of society who could not afford personal care and immunity building products. In addition, Dabur also distributed over 7,000 Dermoviva hand sanitisers to delivery drivers and frontline workers through a collaboration with Talabat and Royati Family Society, a UAE-based charity organisation.

Impact on Other Capitals

Social Capital

Sustainable Development Goal (SDG) Linkage

Relationship Capital

Responsible corporate citizenship is fundamental to our objectives and the way we do business. At Dabur, we believe that great partnerships and meaningful relationships with all stakeholders are key ingredients to sustained business success.

With our vision of providing our consumers holistic health and well-being and a pathway to live healthy lives, we have been working towards building longterm relationships with them. We believe in treating them fairly and ethically, utilising our expertise, flexibility and global reach to understand and respond to their interests and expectations.

In the post-COVID world, when we were unable to reach people physically, we leveraged digital technologies to continue to build strong and meaningful connections with our key stakeholders. Through representation in various business and industry associations, we sought to actively contribute to the dialogue on issues affecting our business and society at large.

Inputs	Key Initiatives	Outcomes
Consumer Connect initiatives	Ongoing engagement, both virtual and physical, with key stakeholders and management of expectations	Enhanced profile as a good Corporate Citizen with a reputation for high quality, affordable Ayurvedic medicines and products
Digital Videos, Films to build Virtual Connect	Support to empower small businesses in retail landscape and improve safety, hygiene standards	Value delivered to stakeholders

Value-added services for customers, consumers	Implementation of Group wide ethics and legal compliance processes	Open and timely communication with Business Associates
Responsible Marketing, Communications	Timely and amicable redressal of Consumer Complaints	Contribution of nation building
Screening, educating partners on sustainability risks		Enhanced Consumer Satisfaction

Values and Behaviour

Our values and behaviours reflect what we are and what we stand for, i.e. conducting business with integrity, developing an inclusive work environment and respecting people and their Human Rights. We have put in place policies and guidelines, including a Code of Ethics and Conduct, that apply to all areas of our business and ensures a common minimum standard for professional behaviour from all our employees. The policies are regularly updated and all employees informed about the same through the Dabur Intranet. Details of these policies are also available on the Dabur website (www.dabur.com) and in the Corporate Governance section of this report.

Product Responsibility

Our responsibility for our products covers their entire life cycle, from the raw materials used to product development, production to their end use and subsequent recycling. At Dabur, we have a 'bush-tobrand' approach towards developing our products. Detailed quality tests and analysis are conducted on individual raw material and ingredients before they are accepted inside the gates of our manufacturing units. Even the finished products undergo strict quality checks to ensure that our consumers always get best-in-class products. Dabur has already conducted detailed Life Cycle Analysis for three key products – Dabur Chyawanprash, Dabur Honey and Réal. Product life cycle assessments provide important information for the development of environmentally sound products and procedures.

We label our products responsibly. We think customers should have access to ingredients and nutrition information for our products so they can make informed choices. We continue to monitor trends and regulations around consumer transparency and adjust our actions accordingly to comply with our commitment and industry best practice.

At Dabur, we believe in complete transparency when it comes to product labelling and claims, and lay strong emphasis on communicating responsibly and ethically, both through product advertisements and through product labels. All product labels are developed by our team of highly trained technical experts and only scientifically verified information and claims are conveyed on the product label.

We follow a responsible marketing code and ensure that all our campaigns are in line with the Government regulations and legislation. We have been using a judicious mix of campaigns – on-air, on-ground and virtual – to reach out to our consumers.

Protecting Consumer Health

Dabur is committed in its endeavour to provide safe and nutritious food and beverages to our consumers and balance their diet. We are the pioneers in launching healthy beverages in India with the launch of packaged juices way back in 1997. We have, over the past 24 years, launched several healthy options like 100% fruit juice range, Fruit and Veggie range, Fiber+ range, 100% packaged coconut water etc. Moving forward on this commitment, Dabur is supporting the Eat Right Movement launched by FSSAI and have voluntarily pledged to further improve and innovate our beverage portfolio by reducing sugar content.

in 2018, we had pledged to reduce added sugar by 5% on two-third of our beverage portfolio by 2021 and by another 5% on half of our beverage portfolio by 2023, taking it to a total of 10% reduction.

We not only exceeded the reduction targets voluntarily set by ourselves but achieved it 3 years ahead of the promised timelines. Under this initiative, we achieved 5.4% added sugar reduction in two-third of our beverage portfolio in 2018-19 itself. We have further reduced added sugar on an average by 7.47% on half of our beverage portfolio in 2019-20 as against the pledged timeline of 2023. In effect, we have completed our voluntary pledge by achieving combined total 14.43% added sugar reduction from the baseline as against the pledge of 10% reduction on half of Beverage portfolio.

Creating Safe Retail Spaces

At Dabur, we are partnering with regulators and government bodies to co-create value for the community at large by creating safe and hygienic retail space in the wake of the COVID pandemic. In the initial days of the pandemic, local kirana (grocery) stores saw a resurgence in consumer preference as proximity and availability of products came into prominence. India's Top 12 consumer goods companies, including Dabur, partnered with the government to convert millions of neighbourhood kirana stores into sanitised and safe retail outlets selling daily essentials. These kirana outlets, called Suraksha Stores, were linked to the government's Aarogya Setu app. In addition to registering these outlets as Suraksha Stores, we helped kirana staff implement safety norms such as social distancing and sanitisation, and equipped them with sanitisers, masks and gloves, besides IEC material on COVID-appropriate behaviour.

Investor Relations

Regular, in-depth dialogue with our investors has always been a high priority for Dabur. We strive to maintain high standards of Corporate Governance and improve levels of transparency through financial and sustainability reporting. We have formulated an Investors Policy to ensure equal and simultaneous flow of quality information to investors and analysts about developments at Dabur. Through face-to-face or virtual meetings and conversations as well as roadshows and conferences, we share information about the latest developments in the area of sustainability and the key focus areas that form part of our business strategy. This ensures that all investors get fair access to information about matters concerning the Company.

2 Grievances lodged by investors/ shareholders in 2020-21

100% Grievances solved or addressed in 2020-21

Involvement in Associations

Dabur is a member of various industry and trade bodies like CII, FICCI, ASSOCHAM, PHD Chamber of Commerce & Industry, Indian Beverage Association, Action Alliance of Recycling Beverage Cartons (AARC), PET Packaging

Association for Clean Environment (PACE), India Honey Alliance (IHA) etc. We are also part of various task forces and forums within these trade bodies. We actively participate in these forums on issues and policy matters that impact the interest of our stakeholders. We actively partner with these bodies in policy development processes but have not been lobbying on any specific issue. In the past, we have participated in forums pertaining to:

z Corporate Governance
z Consumer Interest
z Tackling Counterfeiting
z Plastic Waste Management

Engaging the Media

The Fourth Estate is one of the main sources of information for our stakeholders and our consumers. We have been proactively engaging with the media in promoting our products in a sustainable way with the agenda to drive healthy consumerism. We engage through various mediums, including news articles, TV advertisements, print advertisement, banners and hoardings, social media advertisements, YouTube Influencers and digital campaigns to connect to a wide range of consumers. We always believe in sharing accurate information through various media, making us one of the most trusted brands in India.

Creating Exceptional Consumer Experiences

Building close relationships based on trust, shared value and protecting the environment are core to our ethos. At Dabur, our purpose is to deliver innovative products based on Nature and natural ingredients that offer better life, health and well-being to consumers across the globe. Our deep-rooted understanding on Ayurveda coupled with our agile structure has helped us roll out over 60 new products in record time to cater to the changing consumer needs following the COVID outbreak. A number of these products were fasttracked to meet the growing consumer need for quality immunity boosting products in the wake of COVID outbreak. In addition, the year also saw Dabur expand its presence in the personal and household hygiene space with a slew of new introductions. Our flexibility, agility, and capacity to make rapid decision were the key ingredients in the success of the innovation strategy.

We repurposed our brand communications to highlight health benefits across relevant brands and portfolio. The media mix was also retooled with an increased digital presence and higher engaging with consumers on social media. Special programmes were also rolled out to reach consumer households directly during the lockdown period with a range of Health and Hygiene products.

z Boosting Immunity of Consumers

Following are some innovative programmes initiated by Dabur in 2020-21 to protect the health of our consumers and boost their immunity.

Immunity at your Doorstep

While the demand for immunity boosting Ayurvedic medicines and products skyrocketed with the COVID outbreak, consumers were finding it difficult to step outside their homes to buy these products due to the nationwide lockdown. Responding to this consumer need, Dabur rolled out the 'Immunity at your Doorstep' programme to reach out directly to consumer households across the country and provide them easy access to our range of immunity-building and hygiene products during the lockdown. Our Sales officials reached out to RWAs across the country and set up small kiosks, while following all social distancing norms and hygiene protocols, to give consumers easy access to our range of immunity boosters like Dabur Chyawanprash, Giloy tablets, Giloy Churna and Immunity Kit, besides fruit juices and hand sanitisers. We also tied up with online delivery service providers to ensure timely delivery of

Dabur products directly to consumer households. In some cases where senior citizens reached out to us on Social Media, our frontline salesforce ensured that these products were delivered to their homes.

Through this initiative, we reached out to 10,000 households in Mumbai and Ahmedabad; and 30,000 consumers at Government offices in Patna and Lucknow. In addition, our Ayur Sales team also conducted 57,000 direct reach activities in 2020-21.

57,000 Sales Kiosks set up in 2020-21

Immunity Vans

Another initiative aimed at providing consumers easy access to Ayurvedic medicines and products during the COVID times was the Dabur Immunity Vans programme. These specially designed vans were deployed across cities in India, offering a range of immunity boosting products like Dabur Chyawanprash, Dabur Giloy ki Ghanvati tablets, Dabur Health Juices, Dabur Ashwagandha capsules and ImuDab syrup, etc. These vans moved around residential localities and Government Offices, among other places. This unique initiative combined technology with innovation to minimise crowd gathering. Proper care was taken to maintain social distancing protocols while giving consumers access to efficacious Ayurvedic products for the daily Health and Wellness needs. In 2020-21, our Dabur Immunity Vans operated for 164 days in 22 cities.

10 Million Consumers reached in 22 cities

Exclusive Distribution through Jagran Newspaper

During the lockdown phase when mobility was a challenge and consumers could not step out for shopping we tied up with the Jagran Newspaper Group to ensure doorstep delivery of Dabur's immunity range of products. The Jagran distribution team helped doorstep delivery of our immunity range to households in key markets of Uttar Pradesh and Bihar.

67,000+ Households reached

Free Distribution of Dabur Immunity Kits

To address the growing consumer need for immunity-boosting products in the wave of the COVID pandemic, Dabur launched a range of Immunity Kits that included some of Dabur's timetested Ayurvedic formulations like Chyawanprash, Giloy Ghanvati, Giloy Churna, Stresscom, Imudab Syrup, Honey, Honitus and Honitus Hot Sip. This kit is powered to help prevent fight cold & cough, protect against infections, support a healthy respiratory system and boost overall health & immunity for the whole family. We launched a special initiative on our corporate website and offered 1,000 consumers a chance to win free Immunity Kits.

1,000 Dabur Immunity Kits distributed free to consumers

Free Distribution of Dabur KoviRakshak Kits

In view of the rapid spread of current respiratory infections, Dabur launched 'Dabur Kovi Rakshak Kit', a combination of Ayurvedic Medicines that help in faster recovery from ongoing respiratory infections. This kit has been developed and launched based on Indian Council of Medical Research (ICMR) guidelines and after thorough study on infected patients. The combination was found to be highly effective in early and faster recovery of mild to moderate cases. The Kit contains one unit each of Dabur Chyawanprash, Dabur Giloy Ki Ghanvati, Dabur Tulsi Tablets and Dabur New Juritap Tablets. As part of our efforts to give consumers easy access to this kit, we launched a special initiative on our corporate website and offered 200 consumers a chance to win free KoviRakshak Kits.

200 KoviRakshak Kits distributed free of cost to consumers

z Consumer Connect Initiatives

Following are some of our highly successful and high-decibel consumer connect initiatives rolled out during the year.

Honey-based Immuni-Tea in Kolkata

Dabur Honey joined hands with local roadside tea stalls in Kolkata to offer consumers a new tea packed with the immunity benefits of Dabur Honey. To ensure the Health and Safety of workers at these tea stalls, Dabur also distributed Suraksha Kits, comprising a face shield, reusable face mask, hand sanitizer, washable gloves, and a head cover, to these outlets.

25,000+ cups of Dabur Honey Immuni-Tea served through over 50 tea vendors across Kolkata

Ratna Modhaks on Ganesh Chaturthi

Dabur joined the Ganesh Chaturthi celebrations this year with specially made Ganapati Ratna Modak, a combination of Dabur Ratnaprash and sweets to offer consumer taste with immunity during the Puja celebrations. In view of the COVID-19 pandemic, many Puja associations decided not to set up huge Ganesh Idols and instead celebrate the day by organising Plasma and Blood Donation Camps. To support the initiative and boost the immunity of donors and visitors at these pandals, we created these special Modaks made with Dabur Ratnaprash, which is known for boosting immunity.

11,000 Ratna Modaks distributed at 2 puja pandals in Mumbai

Ghar Ghar Immunity

A new public service campaign targeting joggers was launched in Delhi-NCR region to highlight the immunity benefits of the newly launched Dabur Health Juice range along with wet sampling of the products in this range through automated touch-free dispensers to maintain hygiene. Our consumer activation team engaged joggers in the neighbourhood parks and made them brand ambassadors through customized template ads for each individual, which was published on the Dabur Health Juice Facebook and Instagram pages. This campaign also sought to raise awareness about the importance of Immunity to fight the pandemic.

1,000+ joggers engaged through Ghar Ghar Immunity campaign

Dabur Rheumatil Riston Ke Anmol Rang

Dabur Rheumatil launched a mega social initiative by setting up special Mobile Healthcare-cum-Massage Centres for Joint Entrance Exam Applicants and their parents in Uttar Pradesh and Bihar. These centres, set up near examination centres across Lucknow, Varanasi, Kanpur, Allahabad and Patna, sought to offer free foot massage to the JEE aspirants and their parents who walked long distances in the absence of any public transport during the lockdown to appear for the competitive exam. All norms of social distancing and no-touch were followed as the massage was done using special massage chairs and automated oil dispensers. Trucks were converted into makeshift stages where foot massage chairs were placed. The Massage Therapists also followed COCID-appropriate behaviour, including sanitisation and wearing masks, during the service.

5,000+ massages conducted across 5 cities

ImmuniTEA for Police Personnel

Keeping the special needs of our frontline corona warriors in mind, Dabur rolled out a special programme to serve Ayush Kwath Kaadha-based ImmuniTEA to the Police Personnel in Delhi-NCR as they worked towards ensuring the safety of citizens during the pandemic. Special dispenders were set up in Police Stations to serve Ayush Kwath Kaadha ImmuniTEA. Recommended by the Ayush Ministry, Dabur Ayush Kwath Kaadha is a natural and effective formulation for improving digestion, curing cold & cough and building immunity against infection and illness.

15,000+ Cups of ImmuniTEA served

Dabur Chyawanprash Sewa ko Salaam

Dabur Chyawanprash organised a special campaign to honour the bravehearts of Delhi Police for their selfless services during the challenging times. Under this initiative, a team of Dabur volunteers asked citizens to share their feelings for the Delhi Police Force and collected their good wishes in the form of signatures. Against every wish collected, Dabur donated packs of Dabur Chyawanprash to Delhi Police. We also honoured the Police Personnel with mementos and Exemplary Service Certificates, which were handed over to the Deputy Commissioner of Police, Delhi and his team. Through this initiative, we supported the health of police personnel from 100 police stations across the city.

1,500+ Packs of Dabur Chyawanprash distributed to Police personnel from 100 Police stations of Delhi-NCR

Global Hand Washing Day Campaign

Under a social initiative launched across 5 cities on the occasion of Global Hand Washing Day, Dabur distributed Dabur Sanitize Germ Protection Soaps among frontline workers, including Police, CRPF, Doctors, Nurses and Support staff. The initiative sought to create awareness about the importance of washing hands regularly, particularly when we are facing a threat like COVID19. We reached out to CRPF Centres & Quarters, Police Stations & Police Quarters, Government Hospitals and Municipality Offices in Delhi-NCR, Mumbai, Ahmedabad, Vijayawada and Bangalore for this initiative, and also honoured the frontline workers for their dedicated service to the nation during these tough times.

2.85 Lakh Dabur Sanitize Germ Protection soaps distributed

Free Massage for Murtikars in Kolkata

As the city of Kolkata geared up to celebrate Durga Puja, Dabur launched a special initiative to provide care to the scores of Murtikars who tirelessly toiled to complete the idols of Goddess Durga in time for the festivities. A dedicated team from Dabur offered them special massage with Dabur Rheumatil pain relief balm to relax their tired muscles. Ayush Kwath Kadha was also served to boost their immunity.

50 Murtikars given free Rheumatil massage in this one-day event

Promoting Health & Immunity at Durga Puja

A special initiative was launched on the occasion of Durga Puja to keep the Puja Pandal hoppers in Kolkata fit and healthy. Under this programme, specially prepared Ayush Kwath Kadha was distributed in Police stations and market area of Kolkata, besides sampling it with devotees visiting Puja Pandals. Kadha is very useful for throat infections and is helpful in boosting immunity.

8,000 people served Ayush Kwath Kadha

Durga Ratna Sandesh

We understand that having a strong immunity is important during this pandemic. It becomes even more important when people step outside their homes to visit the Durga Puja Pandals. Keeping this in mind, we decided to build some health into the Durga Puja celebrations this year with specially prepared immunity-boosting Sandesh. Made from Dabur Ratnaprash, which helps in building immunity and fight cough and cold, the Dabur Ratna Sandesh was distributed to devotees visiting Puja Pandals in Kolkata to provide them an immunity shield.

3,200 Ratna Sandesh boxes distributed in Kolkata

Dabur Stresscom 'CTRL+ALT+DELETE YOUR STRESS' campaign

Understanding the fact that unemployment, economic instability and COVID-19 quarantines were causing increased stress and anxiety in our communities, Dabur Stresscom joined hands with renowned mental health expert Dr. Prakriti Poddar to create a series of webinars for organizations looking to help employees seamlessly adapt to the post COVID-19 work environment. These webinars were designed to provide corporates, employees and the larger community with the latest evidence on the impact of COVID-19 on mental health and how to address it. This initiative sought to create awareness and action around mental health and wellness through dialogue.

1,500+ People participated in the Mental Health & Wellness workshops

Dabur Ratnaprash 'Majboot Rishto ki Buniyaad' campaign

Dabur Ratnaprash decided to celebrate Karwa Chauth in a unique way with this Ratnaprash Majboot Rishto ki Buniyaad campaign, launched in association with Indo Tibet Border Police (ITBP) soldiers at Tara Devi in Shimla. This initiative, launched as a tribute to the Jawans for the dedication towards the nation, helped the wives of ITBP jawans travel all the way to Tara Devi to celebrate Karwa Chauth together.

60 families of ITBP jawans celebrated Karwa Chauth with their wives

Honey-based Sweets for Diwali

Dabur Honey introduced a flavour-filled yet fitter spin to Diwali celebrations by co-creating some of Pune's famous sweets using Dabur Honey. Dabur Honey has been adding sweetness to this celebratory zeal every year. To partner the consumer in their journey of health during Diwali, we came up with an innovative idea to celebrate this festive season with Dabur Honey-based traditional sweets, co-created with some of the well-known sweet shops in Pune. The Dabur Honey-based traditional and innovative sweets included gajar halwa, gulab jamun, motichoor laddu, peda etc. Our promoters also engaged with consumers and highlighted the health benefits of replacing sugar with honey in their daily life.

2,500+ Consumers sampled Dabur Honeybased healthier sweets

Instant Makeover with NewU

Dabur NewU, our beauty and heath retail brand, announced a unique campaign on the occasion of Karwa Chauth offering consumers an instant makeover and exciting gifts for the festive season. NewU tied up with different RWAs for the makeover session at their premises across Delhi, Noida, Ghaziabad, Gurgaon and Indirapuram. This helped women choose from an exciting range of beauty products without having to step outside. Free mehndi services were also offered to consumers on the occasion.

5,000+ Women contacted, 500+ took free Mehndi makeover

Stresscom 'Shout-Out Stress' campaign

In another initiative aimed at tackling the growing incidence of Mental Health related issues such as Anxiety, Stress, Fatigue, general debility, and neurosis, Dabur Stresscom sought to help people destress with its Shout Out Stress campaign. A soundproof scream booth was mounted a top of

a moving vehicle, equipped with decibel meter, which went around 8 busy market areas of Delhi-NCR and helped people destress using Scream Therapy.

500+ people participated in the Shout-Out Stress programme

Dabur Mensta, Ashokarishta Khayal Apna Bhi Rakhe

To celebrate International Women's Day, two of Dabur's leading women's health care brand Dabur Mensta and Ashokarishta launched the Khayal Apna Bhi Rakhe initiative to honour women police personnel and women doctors. We reached out to these women warriors, felicitated them and acknowledged their tireless efforts during these tough times. For this initiative, Dabur reached out to prominent Ayurvedic Hospitals in Bhopal and Patna to felicitate the Women Warriors with a token of appreciation and certificate. Dabur teams also went to various police stations and hospitals in Muzaffarpur, Darbhanga, Sitamarhi, Jabalpur, Gwalior, Indore, Lucknow, Gorakhpur, Varanasi and Ballia to honour them and offer them a gift of Health and Well-Being.

3,500 Women Warriors honoured

Dabur Amla 'Mazboot Iraadon ko Salaam' campaign

Dabur Amla Hair Oil joined hands with the Uttar Pradesh Police for its 'Mazboot Iraadon ko Salaam' campaign to honour the special police

team of the 'Pink Brigade'. This campaign was organised to spread awareness about the role of this team, created for the protection of women in Uttar Pradesh. Under the campaign, signatures and best wishes were collected for the Pink Brigade along with video bytes to encourage and appreciate their efforts towards women's safety.

9,600 Personnel from 76 Women-only police stations honoured

Swarna Prashan Camp in Prayagraj

Dabur, in association with Vishwa Ayurved Mission and Maa Sharada Hospital, Prayagraj, organised a Swarna Prashan health camp, giving free Swarna Prashan Ayurvedic medicine to boost immunity of more than 300 kids in the city. Swarna Prashan is an age-old Vedic immunization technique which is prevalent since the ancient days. It increases immunity power and develops resistance against common infections, thus prevents children from falling ill very often.

300 Kids provided Swarna Prashan in Prayagraj

Dabur Amla 'Strong Hair Stronger You' campaign in the UAE

A massive hair donation drive was launched by Dabur Amla in the United Arab Emirates, with the aim of encouraging women to donate their tresses that would be converted into wigs for cancer patients. The campaign titled 'Strong Hair Stronger You' was held in collaboration with nonprofit organisation Friends of Cancer Patients and salon and spa chain Tips and Toes Salons. Within two months, around 60kg of hair was donated as part of the drive. Since its launch, the campaign received over 1,000 registrations

60 kg hair donated in the UAE for cancer patients

Suraksha Ka Sparsh Campaign at Kumbh Mela

Dabur Sanitize Germs Protection Soaps launched the Suraksha Ka Sparsh campaign at the Kumbh Mela in Haridwar to create awareness about the importance of handwashing during this pandemic. Under this campaign, Dabur set up hand washing stations and mobile refreshment zones at different locations in Haridwar. The initiative sought to create awareness about the importance of washing hands regularly protect themselves from this deadly virus.

1 Lakh+ Devotees gained access to avenues for proper handwashing

Communicating with Digitally-Savvy Consumers

The year 2020-21 saw us strengthen our endeavour to drive greater consumer connect by leveraging our digital assets. A large amount of content was specially created for Digital Media. Today, our digital spends have grown to become 20% of the Company's total ad spends. Following are some of the path-breaking campaigns created by our brands in 2020-21.

Dabur Honey's #HoneyYogaChallenge

On the occasion of International Yoga Day, Dabur Honey spearheaded a holistic health campaign wherein through the #HoneyYogaChallenge, we urge everyone to do as many suryanamaskars as possible to boost their immunity and remain healthy. Suryanamaskar, or Sun-salutation, is a popular asana that is said to improve overall health, strengthen the body's immune system and relax the mind. The film advised people to pair

this Yoga exercise with a glass of lukewarm water mixed with Dabur Honey, and make it a morning ritual for best results. The campaign was being endorsed by Mandira Bedi, a highly recognised fitness enthusiast.

2 Lakh Individuals

joined this campaign

Dabur Honey's first own Web Series "Hello Fitness"

Dabur Honey joined hands with Zee5 to launch an exclusive chat show 'Dabur Honey Hello Fitness' to motivate and encourage India to be proactive about their well-being. This one-of-a-kind show let viewers get an exclusive peek into the fitness routines and healthy habits of their favourite celebrities. The virtual show was hosted by Karan Wahi, who got the celebs to dish out their health and fitness secrets and routines through some fun and games. The show also gave fans an insider's view on how and why their favourites follow a particular routine, a specific diet and what they do to keep their mind and body balanced and fit. Fans also got a chance to interact with their favourite stars by sending their questions which were answered on the show.

7 Celebrities participated in the show

Dabur Vocal for Local films

Dabur created two films to highlight its Indian heritage and promote #VocalForLocal. The first campaign, with the anthem "Ye Bharat Hai Hamara, Ye Dabur Hai Hamara", sought to showcase the strong legacy of the various Dabur brands and their role in the every day lives of our consumers. The second campaign was Dabur's "Mitti se judey hum, barson se saath khadey hain hum" film, which reaffirmed its over a century old legacy of protecting the health and well-being of one and all.

30 Million Views received by the two campaigns

Dabur Rheumatil salutes D. Sivan, The Postman who walked the Earth

Dabur's pain relief brand Rheumatil created a special video as a tribute to D. Sivan, the postman from Coonoor in Nilgiris district of Tamil Nadu, who used to walk over 15 km each day to deliver mails to remote parts of the hills. We found it so inspiring that for over a decade, unaffected by his age, Sivan has devoted all his energies to delivering messages to the remotest corners of Coonoor. The story also brought to light the importance of physical activity in our daily lives. Walking, being the simplest of them but a very effective one to burn calories, strengthen the heart, help lower blood sugar, ease joint pain and boost the immune function. The film won two Baby Blue Elephant at Kyoorius – India's most prestigious Creative work awards.

2.5 Million Views generated by the video

Saluting the heroes of health: The Doctors

On National Doctor's Day 2020, Dabur released a special video to acknowledge contribution of doctors and medical professionals who have been the frontline workers in the battle against COVID, and to pray for their well-being. This video acknowledged their contribution in alleviating disease and suffering, and building a healthy nation. It was our expression of gratitude towards these superheroes.

27 Million Views generated by the campaign

Dabur Herbal Toothpaste special ad for Kerala

Dabur Herbal family toothpaste launched a new campaign in Kerala to further strengthen its regional connect by tapping into the strong 'rooted'ness in tradition especially for upkeep of health and well-being. In a first for the brand, this campaign was shot in Kerala with local actors. The ad shows a traditional Kerala home, where a family is celebrating Onam in the traditional manner with an elephant show, a tradition that is believed to bring good luck and fortune. The protagonist, who is impressed by the strength and majesty of the elephant's tusks, realises that unlike the elephant, humans are only blessed with one set of teeth which needs proper care by using traditional ingredients like Tulsi, Babool, and Akarkara for long-lasting dental protection and fresh breath.

Dabur Red Paste's Chaubey Ji makes a comeback

Dabur Red Paste launched 3 films adding to the '#ChabaateyRahoIndia' series, advising people to remain tough, resolute and prepared against the pandemic. Done in the usual fun and light hearted manner of the '#ChabaateyRahoIndia' series, the thought is brought to life through tough to chew immunity building food that we are all consuming to boost our immunity. In the film, we can see our protagonist Chaubey Ji chewing through the toughest foods like amla, ginger and raw turmeric to prepare himself against the pandemic but is not fazed by their toughness because he uses Dabur Red Paste.

25 Million Views generated by the campaign

Dabur Honey cautions consumers against lookalikes

Dabur Honey launched a new TV Campaign to educate consumers, in an interesting and humorous manner, about the many lookalike and Me-Too honey brands that have hit the store shelves. The theme of the campaign was "Asli honey lena hai to, Dabur Honey ka logo dekh kar lo". The campaign also spoke about the rigorous quality tests that Dabur Honey undergoes which helps in ensuring that only the purest and best product reaches our consumers.

Dabur Red Paste Desh ka 'Lal' campaign

Dabur Red Paste, since its conception in 2003, has been able to create a mark in the toothpaste category despite the presence of strong multinational. It is today #1 Ayurvedic Toothpaste brand (according to AC Nielsen). What made Dabur Red get so much love and loyalty of consumers is its efficacy rooted in Ayurveda, which also gets reflected in the unique taste and sensorials that the product delivers to its consumers. Dabur Red Paste launched new campaign thanking its 35 crore (and growing) consumers for making Dabur Red Paste truly 'Desh ka Lal'. Here we have explored a colloquial use of the word 'Lal', which not only denotes the color 'Red' but is also a widely used by us Indians to show endearment. The communication showcased how the brand has been embraced by Indians and cuts across regions, language and cultures, becoming an integral part of their lives.

Dabur Honey #Everyday Honey campaign on V-Day

Dabur Honey launched an innovative digital campaign on Valentine's day, #EverydayHoney, which spoke about celebrating love throughout the year and not just on a particular day. To amplify the campaign, the brand roped in popular influencers and celebrities who get love every day from hordes of fans. They talked about the moments where the love and affection from their fans, even on a regular day, made them feel special, reassured and loved. With this campaign, we wanted the brand Dabur Honey to express that the emotion of pure and unconditional love is beyond just one day of Valentine's celebration. It's about celebrating love daily and appreciating those who add sweetness in our everyday life.

The discovery of Magical Toothbrush Tree in Tamil Nadu - Meswak

Dabur Meswak created a special video talking about travel influencer Meenakshi Arvind's journey to search for a tree called 'Miswak tree'. The video talks about how she got the information about Uga tree and headed to Ramanathapuram in Tamil Nadu and reached a small hamlet called Miswak Nagar. The area was, in fact, named 'Miswak Nagar' after the tree. The Film won multiple awards & got featured in the cluttering breaking campaigns.

2 Million Views generated by the Campaign

Dabur Red Paste #ChabaateRahoIndia campaign

Dabur Red Paste created a special #ChabaateRahoIndia video, which sought to highlight the importance of healthy teeth in our daily routine. The video highlighted how our teeth play an important role in every small and big thing we do in our daily lives and asked the consumers to adopt good oral hygiene practices to keep enjoying the small things in life.

Dabur Honey launches Honey Sourcing Trails

Dabur Honey rolled out a new 3-minute film under its #HoneyTrails series about the way honey is sourced from the forests of Sunderbans in West Bengal. Replete with beautiful visuals and mesmerising music, the film shows local honey collectors, braving the odds and sourcing honey from the forests of the Sundarban. The last shot was dramatised to show honey falling from the hive, into a cup of tea.

4.1 Million Views generated by the Campaign

Dabur Amla spreads Lockdown Love with film on ChampI

Dabur Amla Hair Oil created a new digital campaign around building bonds with loved ones during the lockdown. Positivising the sentiment of being at home, the film weaves a beautiful narrative around strengthening the bond during this period. The film highlights how this time at home is the time to strengthen the bond with your loved ones. Hair oiling has always been an integral part of the Indian mother-daughter relationship. Hence, the thought 'Apne Jadon ke saath Rishta Banao' added an intriguing spin to the age-old ritual of champi.

Dabur Chyawanprash Series on Scoopwhoop - India's Leading Millennial Platform

To increase relevance of Dabur Chyawanprash with the young Millennial, the brand partnered with ScoopWhoop to launch a new age VoxPop format on "How well Does India Know Immunity" & "How well do you know your Dabur Chyawanprash".

10 Million People in Metros reached with the content

Dabur Amla Paid a warm Tribute on Eid-Al-Adha

For Eid-al-Adha, Dabur Amla paid a warm tribute to the sacrifices and unwavering strength of frontline warriors, with a digital film, wherein the mother longs to meet her daughter on Eid and her daughter reminds her of the essence of sacrifice.

1 Million Video views generated

7-Video Web Series on Dabur Gulabari

Taking cues from the insight that the pandemic made people realize they don't need so many (skin care) products which actually are chemicals and made them shift to natural ingredients. Bringing kitchen ingredients to skin care conversations we initiated this serious of natural ingredient based facepacks, where Dabur Gulabari is the integral part. We release one video every Friday focusing on a specific skin concern, as selfcare (elaborate skin care) is still a very weekend driven activity. We have ended the series of 7 videos in month, giving out one facepack every week catering to a specific need.

3 Million total views garnered

Gulabari Valentine's Day Campaign Endorsed by 150 Influencers

Gulabari launched a film to highlight that the best way to express unadulterated love is via giving a Rose, despite having umpteen options like Chocolates, Jewellery, heart-shaped cushions etc. The film was shared by 150 influencers.

17 Million people reached

Bengali Film on Dabur Ratnaprash Immunity Sandesh

Kolkata never experienced a Durga Puja without offering Noibeddyo/Offerings to Maa Durga. "Maaer kache Nam Gotro diye Pujo" has always been the primary way of ensuring immunity against all odds for the rest of the year. In Gotro diye Pujo, a Sandesh Box with a small chit carrying the names & gotro of a particular family is offered as a ritual in every Bengali household. Every box holds a very special prayer, after the Puja is done… that Box of Sandesh is expected to be spiked with Superpowers! Blessings of Maa Durga, the immunity we have believe in forever. But, 2020 was different as with the restrictions imposed it's nearly impossible to reach out to our nearest pandals to offer our prayers. That's when Dabur Immunity Sandesh comes to the rescue.

1 Million Views delivered across Digital Platforms

#NotesByNature, world's first music album created from plants

Dabur Vatika, a natural hair care brand in the overseas markets, launched an innovative initiative to create a music album named #NotesByNature, entirely created from plants for responsible humans. In what is seen as a shining example of how magical the marriage between technology and creativity can be for brands, Cactus, Almond, Lemon, Coconut and Olive plants and trees have come together to create five beautiful tracks, aptly titled Hudu, Bliss, Aman, Serenity and Nirvana respectively. The idea is that each track will help consumers to relax, meditate and exercise better.

And for every 1,000 plays of the album, which is available on YouTube, Spotify, SoundCloud, Facebook, Instagram, Twitter and TikTok, Vatika will plant one tree. Created by decoding the subtle

musical notes from plants with the help of today's technology, the campaign was extended globally to Asia, Europe and Africa.

Vatika Uk's Stronger Roots Campaign

Marking an industry first, Vatika UK celebrated the beauty of real women and embraced gender fluidity with its #StrongerRoots campaign to launch its new Multivitamin+ Hair Oil Range. The campaign celebrated real and authentic women and individuals through the challenges they have overcome, manifested through the strength of their hair as a metaphor for their own inner strength derived from their heritage and strong roots.

Five, remarkable individuals came together for the campaign to tell their exceptional stories and celebrate the freedom that comes from overcoming their struggles and inhibitions and challenging socio-cultural convention.

The strong individuals featured in this campaign are female powerlifter Karenjeet Kaur Bains, who is the first British Sikh female to represent Great Britain in the sport; Cancer survivor Rani Smith, who was traumatised as she started losing her hair during the treatment process; makeup artist, Huji Hayre, who works in the beauty industry and enabled the perpetuation of traditional conventions of beauty; Henika Patel, who was faced with a feeling of lost identity when her hair started falling out during treatment for malaria; and choreographer, dancer and performance artist Raheem Mir, who is extremely proud of his South Asian heritage and has become a role model for the South Asian queer community.

Hats Off

Awards are but small recognitions of our efforts in brand building. Our brand campaigns have been honoured with several awards and accolades this year, some of which are mentioned below.

z Dabur Rheumatil film on Postman D Sivan has won 2 Baby Blue Elephant Awards at Kyoorius Creative Awards 2021
z Dabur Rheumatil's 'The Man who walked Earth' campaign bagged Gold while Dabur Meswak's 'The Forgotten Tree' campaign was awarded Silver metal at afaqs! Marketers' Excellence Awards 2021 in the Best Brand Integration category
z Dabur Gulabari's Influencer Marketing campaign Facepack Friday with Gulabari won the Gold at Adgully DigiXx2021 as Best Influencer campaign
z Dabur Rheumatil's 'The Man who walked Earth' campaign won Gold at AdGully DigiXX 2021 for Best Moment Marketing campaign in India
z Dabur Honey's #HOneyTrails film on Sunderbans won the Silver, while Dabur Meswak's 'The Forgotten Tree' campaign won Bronze for Best Video Campaign in the CPG category
z Dabur Chyawanprash's Immune India Movement won the Silver at the ET BrandEquity The Brand Disruption Awards 2021 for Best Campaign in Healthcare.
z Dabur Chyawanprash's Immunity Shield against Smog campaign bagged the Bronze for Best Campaign in Disruptive Rural/Regional Campaign category
z Dabur Red Paste's Chabaatey Raho India campaign won a GOLD for its Digital Content – Online Video and a Bronze for Digital Craft – Best Writing at the prestigious Campaign India Digital Crest Awards (CIDCA) 2020

Impact on Other Capitals

Sustainable Development Goal (SDG) Linkage

Intellectual Capital

At Dabur, we understand that innovation is critical to our sustained success. We have completely overhauled our innovation process, making it more flexible, fast, and highly consumer focused. This transformation helped us deliver solutions in record time to meet our consumers' needs during the COVID pandemic.

Over our 137 years of existence, Dabur has built a repertoire of intangible and knowledge-based assets. Our deep-rooted understanding of Ayurveda; our brands, which evoke feelings of trust in the minds of our consumers; our patents and copyrights; our unwavering focus on quality; and our employees' knowledge of protocols and procedures form our Intellectual Capital that supports our commitment to deliver Health & Well-Being to every household. We draw on our immense pool of expertise and experience to constantly innovate and develop products that meet the ever-changing and evolving needs of our consumers across the globe.

9 Power Brands in India and Overseas markets

5.6% of 2020-21 sales from new products launched during the year

35 New Products developed for global markets

100+ R&D employees globally

`43.82 Crore invested in R&D

Inputs	Key Initiatives	Outcomes
R&D Investment	Rapid development of new products carefully created for emerging consumer needs and tailored to each territory where we operate	Product Development Cycle reduced
100+ Scientists employed at Dabur R&D Centre	Clinical and Prophylaxis studies on Dabur products for managing COVID	50+ new products launched in 1 year
Strong Goodwill and Trust enjouyed by Dabur brands	Development and maintenance of efficient and compliant regulatory systems	Delivering on our promise of Consumer Health & Well Being
Investment in acquiring new Technology	Maintenance and protection of Intellectual Property Rights	Data generated on prophylaxis benefits of Dabur products in managing COVID
	Responsible and Ethical Marketing and Promotion of our products	Created a Future-Ready product portfolio
	New technology and equipment inducted for product analysis

Accelerated Innovation

At Dabur, we encourage our employees to promote innovation. We rely on traditional research and development as much as on the great potential for creativity throughout the Company to drive innovation at Dabur. We increased our R&D spends during the year as our business and operations teams worked throughout the lockdown to create a range of products to cater to the growing consumer need for health and hygiene. A majority of these new rollouts happened within two months of the COVID outbreak with a number of products, which were already in various stages of development, being fast-tracked for launch. In addition to expanding our already strong portfolio of immunity boosting Ayurvedic health care offerings, we also made a tactical foray into the personal and household hygiene space with a range of sanitisers, soaps, household cleaning products and disinfectants. Our flexibility, agility, and capacity to make rapid choices and implement them contributed well to our business during the COVID year.

The innovation drive continues at Dabur we are adding more products to our portfolio to offer ageold Ayurvedic remedies in convenient and modern formats. In addition to strengthening our portfolio, the new introductions will help us build a better connect with millennials and centennials.

In order to maintain and reinforce our position in the global arena, we are also continuously driving innovation to optimise our manufacturing and processing procedures, application areas, and Go-to-Market strategies. We have implemented Continuous Replenishment System (CRS) to manage our inventories better, which has helped us reduce the pipeline inventory by 5-7 days. Communication and connecting with partners and business associates have become more seamless today, enabled by technology. Technology has, in fact, gained substantial prominence in the organisation now. We also recognize employee projects from around the world to celebrate innovative ideas for products and applications, production and production processes, business models and commercialization, internal business processes, and patents and intellectual property.

Research as Business Partner

Dabur is amongst the oldest Ayurvedic and natural consumer products maker in the world. We had established an R&D Centre way back in 1919 to develop scientific processes and quality checks for mass production of traditional Ayurvedic medicines. The first Clinical study was conducted by Dabur more than 25 years ago with our flagship brands Dabur Chyawanaprash and Dabur Amla hair oil being some of the earliest products to be tested clinically in early 1990s.

To generate the evidence, Dabur conducts scientific studies (both Pre-Clinical & Clinical) on existing products as well as on new products. We conduct scientific studies through a third party CRO (Contract Research Organization) following all applicable guidelines like OECD guidelines for Pre-Clinical studies and ASU GCP & ICH GCP guidelines for Clinical Studies. Clinical Studies are registered at CTRI (Clinical Trial Registry of India – ICMR portal) and are conducted after taking approvals from concerned Ethics committee and Written Informed Consent process from study participants before initiating the study.

At Dabur Research & Development Centre (DRDC), we have put in place more than 35 SOPs (Standard Operating Procedures) to conduct such studies. The duration of the studies depends on the model selected for the Scientific Study. Pre-Clinical studies may be completed within few weeks to a few months, whereas Clinical studies usually take longer, which may vary from a few months to more than one year depending on the number of subjects, number of groups and many other variables involved in the study.

Clinical Study suggests regular intake of Dabur Chyawanprash reduces risk of COVID-19 infection

In a major breakthrough development during the year, Dabur completed a large scale, multi-centric, clinical study to validate the beneficial role of Dabur Chyawanprash in prophylaxis of COVID-19 infection by virtue of its immunity boosting property. This study was conducted at five different scientific/research institutions across India (one each at Jaipur, Mumbai and Pune and two in Vadodara). In fact, this study has already been submitted for publication in a scientific journal, which will also be peer reviewed.

The findings of the study reveal that regular use of Dabur Chyawanprash reduced the risk of COVID-19 infection by up to 12 times in comparison to control group which was not consuming Chyawanprash. It was also noted that with regular usage of Dabur Chyawanprash, there was up to 6 times lesser severity of COVID 19 infections when compared to subjects in control group.

The study was conducted by a team of modern medical doctors, as per protocol, after getting ethics committee (IEC) approvals for all the study sites and registering with Clinical Trials Registry of India (CTRI), an Indian Council of Medical Research (ICMR) portal. The study followed applicable GCP guidelines and was conducted after taking informed consent from all the study subjects. In the Clinical study, WHO Ordinal Scale was used to know the severity of infection among the subjects who were tested positive. A total of 721 subjects were enrolled in this clinical study. Of these, 696 subjects completed the study, out of which 351 subjects were in Dabur Chyawanprash group (took 1 tsp Chyawanprash twice daily for 90 days) and 345 subjects were in control group which was not taking Chyawanprash.

In tested subjects who consumed Dabur Chyawanprash, a lesser incidence of COVID-19 infections was observed. Also, the severity of infection was mild in Dabur Chyawanprash group whereas the severity went up to severe level in the control group. In this study, subjects using Dabur Chyawanprash also had lesser incidence of influenza-like symptoms in comparison to the non-Chyawanprash users. As compared to subjects in the non-Dabur Chyawanprash group, the overall quality of life Index found to be significantly better in subjects using Chyawanprash as assessed using a validated questionnaire.

Dabur India limited Annual Report 2020-21

Dabur is conducting studies for Prophylaxis and management of COVID-19, along with various State Governments and the Ministry of AYUSH. This offers a great opportunity for Dabur to make Ayurveda mainstream and popularise hitherto hidden gems of Ayurveda for prophylactic healthcare. The National Clinical Management Protocol based on Ayurveda and Yoga for management of COVID-19 also mentions Chyawanprash in prophylactic care of COVID-19. Besides, the apex research body of Ayurveda CCRAS (The Central Council for Research in Ayurvedic Sciences) had also conducted a clinical study on Chyawanprash for the prevention of COVID-19 infection among healthcare workers where Dabur Chyawanprash was used. Big Ideas, Bigger Impact

Corporate Overview Board & Management Reports Financial Statements

At Dabur Research & Development Centre, we have put in place more than 35 SOPs (Standard Operating Procedures) to conduct Scientific studies. The duration of the studies depends on the model selected for the Scientific Study.

India's Healthcare ecosystem is on the cusp of a paradigm shift with digital technology-driven medical assistance becoming a necessity in the post-COVID world. The pandemic and the subsequent lockdown have led to a marked change in consumer behaviour as traditional ways of in-person doctor-patient interaction are limited. This has resulted in widespread adoption of telemedicine in the country.

As part of our attempts to make Ayurveda mainstream and bring it closer to consumer households, we have rolled out Dabur Arogya which aims to provide Ayurvedic treatment to various ailments through telemedicine – capitalizing our Ayurvedic knowhow, panel of Ayurveda doctors and facility of online consultation.

Dabur Arogya has been established as teleconsultation and telemedicine channel that allows consumers and patients to connect with our empanelled Ayurvedic practitioners and seek free consultation for any health concern over the phone or on WhatsApp. We have a panel of over 26,000 experience Ayurvedic practitioners connected with us on this platform. Dabur Arogya has helped us break geographic boundaries for improving patient access to care.

43,200+ patients have benefitted from Dabur Arogya telemedicine service in 2020-21

Intellectual Property

We regard intellectual property as one of our vital management resources, and understand that good Intellectual Property management can help translate the results of our creativity and innovation into profits and valuable businesses.

Over the years, Dabur has built a solid position in Ayurvedic Health Care and secured several Product Process patents, including bio-medical patents for Ayurvedic formulations. These have further established Dabur's Ayurvedic credentials and leadership in the marketplace. Dabur has been working on constructing a high-quality patent portfolio. As of March 31, 2021, we have 11 issued patents and 45 publicly filed patent applications in India. Dabur's global IPR portfolio comprises of 2,827 registered trademarks and 811 pending trademark applications.

We believe the protection of our trademarks, copyrights, domain names, trade names, trade secrets, patents and other proprietary rights is critical to our business. We rely on a combination of trademark, fair trade practice, copyright and trade secret protection laws and patent protection in India and other geographies to protect our intellectual property and our trademarks.

2 Patent applications filed in 2020-21

45 Patent applications filed by Dabur till date

11 Patents granted till date

5 Research Observations published & 2 accepted for publishing in Peer Review Journals in 2020-21

Technology Absorption

Dabur is committed to pursuing induction of new technology and use of digital tools in research and development. We have used data analysis for a number of years now for our R&D processes, and continually invest in employees and infrastructure to build our R&D capability.

At our Analytical division in Dabur Research & Development Centre (DRDC), we develop powerful analytical methods to ensure that our products are free of contaminants, optimise our process to ensure our products meet the highest quality and safety standards, support product innovation with scientific approaches, advanced analytical tools and the latest detection technologies.

While established, officially approved methods are used to monitor for known issues, we also develop new analytical methods to respond to unforeseen issues as they emerge. Some of the advanced analytical techniques that are increasingly being imbibed in developing robust quality ecosystem are Liquid Chromatography/Elemental Analysis-Isotope Ratio Mass Spectrometry (LC/EA-IRMS), Liquid Chromatography with Tandem Mass Spectrometry (LC-MS-MS), Gas Chromatography - Tandem Mass Spectrometry (GC-MS-MS), Inductively Coupled Plasma Mass Spectrometry (ICP-MS), High-Performance Thin-Layer Chromatography Mass Spectrometry (HPTLC-MS), Liquid Chromatography– Mass Spectrometry (LC–MS), Ultra-Performance Liquid Chromatography (UPLC), etc.

In Product Performance Evaluation (PPE) function, we work on product formulation optimisation, formulation cost optimisation, evaluating performance of formulations as perceived by the end-consumer, evaluating product claims robustness before outsourcing for 3P claims studies, new method development for claims testing and delivering soft product claims and scientific demos for marketing communications. The team has expertise in handling sensory evaluations in line with international guidelines and instrumental evaluation of key skin and hair parameters.

DRDC-Analytical plays a pivotal part in the successful deliverance of all our product improvement, cost reduction, product development and import substitution projects.

Dabur is today the first Indian company to import the Nuclear Magnetic Resonance (NMR) spectroscopy machine. It is an analytical technique used to determine the molecular structure of samples, which are then compared to spectral libraries (database) of the same item. This database is developed over years by analysing large and diverse sets of samples of the same item. While it is widely used in wine in European countries, NMR spectroscopy is just starting to be experimented to evaluate honey. NMR allows rapid, but database-driven detection and quantification of various chemical compounds, especially for authenticating the origin of a sample of honey. Prior existence of a database is an absolute necessity for effective utilisation of this technique. Since no such database exists at present for Indian honey, NMR testing will have limited utility in the Indian context. Understanding this gap, we are alongside working towards creating a comprehensive and representative database for Indian Honey that fully reflects the natural variability of honey composition from all producing regions of the country, including the effects of seasonal variation, effect of multiple floras present in the country and blending.

218 New method development/method optimization undertaken across categories

123 Preservative Efficacy Testing undertaken to ensure robustness of products

172 Anti-microbial efficacy testing undertaken

600 Claims studies undertaken

Strategic Partnerships & Collaborations

To remain innovative, Dabur works closely with its consumers around the world, besides collaborating with partners from academia. We maintain longstanding and strategic partnerships with various universities across the globe. In Product Performance Evaluation, for instance, Dabur has initiated studies with renowned international research institutes like TRI, Princeton, USA; and is working on two research publications.

Impact on Other Capitals

Board & Management Reports

MANAGEMENT DISCUSSION & ANALYSIS

ECONOMIC SCENARIO

Global Economy

The year 2020-21 will forever be known as the year of Covid-19 pandemic, a health crisis which impacted the global economy heavily. The pandemic led to severe loss of lives and livelihood resulting in decline in incomes, increase in rate of unemployment, financial distress in industries which are more contact led and outdoors and increase in poverty levels across the world. As per IMF World Economic Outlook April 2021, the ccumulative per capita income losses over 2020–22, compared to prepandemic projections, are equivalent to 20 percent of 2019 per capita GDP in emerging markets and developing economies (excluding China), while in advanced economies the losses are expected to be relatively smaller, at 11 percent. Consequent to the pandemic, the global economy contracted by 3.5% during 2020 (source: World Bank Global Economic Prospects June 2021).

The pandemic continues to impact the world and the second wave of Covid-19 has hit some of the countries like India very hard. at the same time, there is a ray of light as multiple vaccines have become available which can reduce the severity and frequency of infections. In addition, central governments have responded by providing strong fiscal stimuli and investment in healthcare infrastructure which will lead to a rebound in economic activity across regions. As per World Bank Global Economic Prospects 2021, the global economy is set to expand 5.6 percent in 2021 —its strongest post-recession pace in 80 years. This recovery is uneven and largely reflects sharp rebounds in some major economies—most notably the United States, owing to substantial fiscal support—amid highly unequal vaccine access. In many emerging market and developing economies (EMDEs), elevated COVID-19 caseloads, obstacles to vaccination, and a partial withdrawal of macroeconomic support are offsetting some of the benefits of strengthening external demand and elevated commodity prices. The global outlook remains subject to significant downside risks, which include the possibility of large COVID-19 waves in the context of new virus variants and financial stress amid high EMDE debt levels. Due to the expected rebound and low base of 2020, the global economy is projected to grow at 5.6% in 2021 and 4.3% in 2022. (Refer Fig. 1.1).

Fig. 1.1 – GDP Growth Projections for Global, Advanced and Emerging Economies

Source: World Bank Global Economic Prospects June 2021.

Indian Economy

Like most countries in the world, India also faced its fair share of headwinds during 2020-21. The GDP numbers plummeted in Q1 of FY2020-21 to -24.4% on account of strict lockdowns imposed by the government to curb the spread of the virus. There were mobility restrictions, disruption in sales and distribution and supply chain, reverse migration of labour force, shifts in consumer behaviour towards essential categories and severe impact on channels like modern trade, salons and HORECA.

With gradual unlocking of the economy, Q2 FY2020-21 saw sequential recovery, albeit the GDP growth rate remained in the negative on account of declines in construction activity and non-essential services like travel, entertainment, and hospitality industries.

Indian economy returned to the growth side in Q3 of FY2020-21 on account of pent-up demand, festive spending, and a jump in government expenditure. The big surprise in terms of the sectors of production was the healthy expansion in financial, real estate and professional services (+6.6%), and construction (+6.2%).

During Q4 the GDP reported growth of 1.6% and was on the path to recovery when the second wave of Covid-19 came like a bolt from the blue. This deadly wave has led to a huge humanitarian crisis in the country making India the second highest in the world in terms of number of cases and third highest in number of deaths. The lockdowns in various parts of the country during April and May have once again put a shadow on economic growth and is likely to impact the GDP growth going forward.

Source: Ministry of Statistics and Office Implementation (MOSPI) Source: World Bank Global Economic Prospects June 2021

Outlook

While impact of the second wave of Covid-19 is coming down as this report goes into print, the future is still uncertain. As per recent estimates released by RBI, the GDP is likely to grow at 9.5% during FY2021-22. The quarter wise estimates of GDP growth are presented in Fig 1.3.

Fig 1.3 RBI's Quarter wise GDP Growth Estimates of FY22

As per estimates provided by World Bank in Global Economic Prospects June 2021, the Indian economy is expected to grow by 8.3% in 2021. Compared to India, China is expected to see a growth of 8.5%, US to grow at

6.8% and Euro Area to witness 4.2% growth in the same period (Refer Fig 1.4).

INDUSTRY SCENARIO

Indian FMCG Sector

The Indian FMCG Sector is estimated to be worth USD 62 bn (` 4.3 trillion) in size and is dominated by the Foods segment which contributes to 57% of the FMCG market, followed by HPC at 37% and OTC at 6%. As per A C Nielsen, the FMCG sector was flattish in FY20-21 as against 5.5% in FY2019-20.

The drop in growth was primarily on account of the steep contraction seen in Q1 FY2020-21 due to strict lockdowns imposed by the government. In line with the decline in GDP of 24.4% in Q1, FMCG sector declined by 19.4%. While sales of FMCG products declined sharply, there was an unprecedented surge for health and hygiene products, particularly Covid contextual products like immunity boosting products, sanitizers, disinfectants, etc.

With gradual unlocking and resumption of mobility from Q2 onwards, consumers started to step out to shop which led to the growth rate coming into the positive. While demand for health and hygiene products continued to be on the higher side, the discretionary categories also saw sequential recovery. Rural areas continued to be the drivers of growth, outpacing growth in urban areas. In terms of channels, e-commerce gained saliency and the industry

saw also renewed importance of the traditional trade due ease of access and lower risk of contact led infection. While mobility returned to normal with few exceptions, like schools continued to remain shut, HORECA channel and occasionbased consumption continued to remain impacted.

Outlook

While there has been recovery in FMCG industry towards pre-Covid levels, there is still uncertainty with the new wave of Covid cases and lockdowns/curfews returning in many parts of the country. The roll out of vaccination programme augurs well for the country and the sector, but fear of the pandemic continues to exist.

Medium- and long-term prospects of Indian FMCG sector remain positive as per capita consumption in India still remains below many comparable countries. In addition, factors such as a large consuming population, increasing emergence of nuclear households, rising propensity for consumption especially among millennials and centennials, premiumization among higher income groups and changing demographics bode well for the sector. As per a report by BCG titled Retail Resurgence in India, February 2021: 'India has been displaying steady consumption growth for several years with the expectation of consumption tripling by 2030. The growth has been driven by strong fundamentals of the country – increasing share of affluent and elite households, urbanization, nuclearization of households and increasing Gen-I population with higher appetite to spend. However, with Covid-19 hitting the country in 2020, the factors driving consumption came under pressure and the avenues for consumption growth became limited. Retail sector too saw its first contraction in 2020 post showing double digit growth over past several years. However, economic revival

As per a report by BCG titled Retail Resurgence in India, February 2021: 'India has been displaying steady consumption growth for several years with the expectation of consumption tripling by 2030.

is on the anvil now. The signs of recovery are visible both on-ground (increasing GST collections, increasing e-way bills etc.) and in the sentiments of consumer and capital markets. We expect India's retail to bounce back to the pre-Covid trajectory, with a delay of 1-2 years introduced by the pandemic."

Dabur India Limited: Overview

Brand Dabur touches millions of lives every day. With a portfolio of products made with natural ingredients, Dabur today operates in key consumer products categories like Hair Care, Oral Care, Health Care, Skin Care, Home Care and Foods. Riding on our legacy of quality and experience of over 137 years, Dabur has been marrying traditional wisdom with modern-day science to develop high quality products for consumers across generations and geographies, offering holistic health and well-being to its consumers across the globe.

With the Vision of being dedicated to the Health & Well-Being of every Household, Dabur has also been working towards contemporising Ayurveda and making the traditional Indian system of medicine more mainstream. With one of the biggest distribution network in the industry, covering 6.9 million retail outlets, and presence across urban and rural markets, Dabur is today amongst the most trusted brands in the country.

We have manufacturing facilities spread across 12 locations in India and 8 overseas. Being the original custodian of Ayurveda, Dabur has been continuously innovating to ensure that the traditional knowledge of Ayurveda remains in sync with the changing needs and aspirations of millennials and centennials.

The Company was growing at a steady pace when the COVID pandemic brought business to a standstill towards the end of the 2019-20 fiscal. Amidst this challenging business environment, Dabur quickly revamped its portfolio to meet the growing consumer need for preventive healthcare, personal hygiene, and household hygiene products, while alongside enhancing production of its existing Ayurvedic Immunity boosters like Dabur Chyawanprash and Dabur Honey. The Company's business revived quickly and posted strong double-digit growth beginning second quarter of the FY2020-21.

COVID has entirely changed the innovation landscape for Dabur. The Company not only increased its R&D spends but also ensured that innovations are targeted to meet the

consumer needs and are quick to reach the market. This shift in our Innovation strategy is the reason why we were able to roll-out more than 50 new products within few months of the COVID outbreak.

Through the course of the year, Dabur continued adding more products and offered age-old Ayurvedic remedies in convenient and modern formats which not only increased its repertoire but also provided a better connect with millennials and centennials, besides the tactical foray into the Personal & Household Hygiene space. This strategic business transformation exercise to develop and implement aggressive growth strategies in the core business areas and successfully address the emerging challenges helped Dabur sail through troubled waters to deliver a quick turnaround during 2020-21 fiscal. The consumer-relevant innovations were also well received with new products accounting for 5.6% of Revenue during the year, a high for the Company.

The year was also characterised by continued investment behind our distribution, with village coverage rising to 59,217 from 52,298 a year ago. Despite the macro-economic challenges, Dabur also sharpened its focus on the Power Brands strategy through increased investments behind the 9 power brands. More details of this strategy have been provided in other sections of this report.

The pandemic has led to a shift in shopping behaviour of consumers with the propensity for online shopping increasing. In the post-COVID world, e-commerce has emerged as the most-preferred contactless method of making purchases, among consumers and this trend is likely to stay. Dabur has also seen its e-commerce business more than double. Our e-commerce business has grown to almost 3 times in revenue and today has a saliency of over 6% as compared to 2.4% in 2019-20. With the second wave of the COVID pandemic leading to localised lockdowns in some parts of the country, e-commerce continues to be one of the fastest growing channels for the Company.

Targeting this emerging trend, Dabur launched a series of new products exclusively for online markets. Some of these products, co-created with online retailers, continue to be exclusively available only in the e-marketplaces while some others have been introduced in Modern Trade outlets as well during the year.

The online exclusive launches include a range of 5 singleherb tablets under the Dabur Pure Herbs brand, a range of herbal teas under the Dabur Vedic Suraksha Tea brand, Dabur Apple Cider Vinegar, a range of 8 baby care products under Dabur Baby brand, Dabur Organic Honey, Dabur Himalayan Forest Honey, Dabur 100% Pure Cow Ghee, Dabur Mustard Cold Pressed Oil and a range of Hair Oils and Shampoos under the Vatika Naturals and Vatika Select brand, respectively. Details of Dabur's Online and Digital initiatives have been shared in subsequent sections of this report (Page 147).

Strategic Business Units

Dabur has a diversified product portfolio that covers key FMCG categories like Health Supplements, OTC & Ethicals, Digestives, Hair Care, Oral Care, Skin care, Home Care and Foods. A significant portion of this portfolio consists of natural and Ayurvedic products. Dabur's business structure is divided into three Strategic Business Units (SBUs):

• Consumer Care Business: This includes Health Care (HC) and Home & Personal Care (HPC) businesses, which together account for 62.0% of Consolidated Sales
• Foods Business: This comprises Packaged Fruit Juices and Culinary Products, which account for 9.3% of Consolidated Sales
• International Business: A mix of Dabur's organic overseas business as well as the acquired entities of Hobi Group and Namaste Laboratories LLC, this segment accounts for 26.4% of Consolidated Sales

The Consumer Care Business and Foods Business together make up the India FMCG business for Dabur. The Revenue mix of these SBUs is presented in Fig.1.5.

Fig. 1.5 : SBU wise Consolidated Revenue Mix

Fig. 1.6 : Category-wise India FMCG Revenue Mix

India FMCG Business

The category-wise Revenue mix of the India FMCG business is presented in Fig. 1.6.

Health Care:

The rapid spread of the COVID-19 pandemic led to a surge in demand for immunity-boosting Ayurvedic Health Care products in India. Ayurveda, with its time-tested remedies and benefits, gained prominence in the minds of consumers who were seeking natural remedies to fight against the illness.

The growth of the Ayurvedic products market was driven by the rising popularity of natural and organic medicines, in confluence with the growing awareness regarding the benefits of these medicines among the consumers. Moreover, the improving accessibility of Ayurvedic products in both urban as well as rural regions further invigorated the sector's growth. Penetration of some Ayurvedic products like Chyawanprash increased significantly during the year with a growing number of young consumers adopting this time-tested remedy to build their immunity.

According to Expert Market Research consultant services, the market for Ayurvedic products is expected to grow at a CAGR of 15% between 2021 and 2026. Greater innovation and emphasis on developing newer products coupled with the adoption of aggressive marketing strategies by players in this sector are guiding the growth of the market in India.

The Health Care business contributes to 39.0% of Dabur's India FMCG business and the category witnessed a strong growth of 31.9% during the year 2020-21. This vertical comprises sub-categories like Health Supplements,

Moreover, the improving accessibility of Ayurvedic products in both urban as well as rural regions further invigorated the sector's growth. Penetration of some Ayurvedic products like Chyawanprash increased significantly during the year with a growing number of young consumers adopting this time-tested remedy to build their immunity.

Digestives, OTC and Ayurvedic Ethicals. The year saw a rapid expansion of Dabur's Healthcare portfolio with the introduction of a range of products like Health Juices, Immunity-boosting Herbal Tea, single herb tablets, herbinduced honey, to name a few.

• Health Supplements category for Dabur grew 42.5% during the year with all brands reporting strong double-digit growths. This category features flagships brands like Dabur Chyawanprash, Dabur Honey and Dabur Glucose. During the year 2020-21, the portfolio was expanded with the launch of new brands like Dabur Vedic Suraksha Tea, Dabur Pure Herbs tablets and Dabur Himalayan Apple Cider Vinegar.

Dabur Chyawanprash: The flagship Health Supplements brand from the House of Dabur, Dabur Chyawanprash is a time-tested Ayurvedic formulation of more than 40 Ayurvedic herbs that aid in boosting the immune system, thereby protecting the body from everyday infections like cough & cold etc. caused by bacteria, viruses, dust, and weather change.

Key Highlights for FY 2020-21:

o A series of high-decibel digital campaigns were launched across media, highlighting the importance of boosting the body's immune system in the fight against COVID-19 pandemic and how Chywanprash is highly beneficial for the same.
o Bollywood star and fitness icon Akshay Kumar signed as the new face of Dabur Chyawanprash. A new campaign featuring Akshay Kumar, was launched, with the message to come together and pledge to build "inner strength & fighting spirit" in these uncertain times.
o Dabur also signed Nagarjuna as the regional brand ambassador for South India.
o A multi-centric clinical study was launched to validate the beneficial role of Dabur Chyawanprash in prophylaxis of COVID-19 infection by virtue of its immunity boosting property. The findings of the study, which has been submitted for publication in a peer-reviewed scientific journal, reveal that regular use of Dabur Chyawanprash reduced the risk of COVID-19 infection by up to 12 times in comparison to control group which was not consuming Chyawanprash. It was also observed

that with regular usage of Dabur Chyawanprash, there was up to 6 times lesser severity of COVID 19 infections when compared to subjects in control group. Details of this study have been shared in the earlier sections of this report.

o Apex research body of Ayurveda, The Central Council for Research in Ayurvedic Sciences (CCRAS) also conducted a Clinical study on Chyawanprash for prevention of COVID-19 infection among healthcare workers where Dabur Chyawanprash was used as Investigational Product.
o A unique program 'Seva Ko Salaam' was organised to honour the bravehearts of Delhi Police for their selfless services during the challenging times. Under this initiative, a team of Dabur volunteers asked citizens to share their feelings for the Police Force and collected their wishes for the good health of Policemen. For every wish collected, Dabur donated a pack of Dabur Chyawanprash to Delhi Police.
o Dabur Chyawanprash bagged two Awards at the ET Brand Equity Brand Disruption Awards-2021. The brand won the Silver award for Best Campaign in Healthcare for its Immune India Movement initiative; besides a Bronze for the Most Disruptive Rural/Regional Campaign with its anti-Smog campaign.
o Riding on these initiatives, penetration of Dabur Chyawanprash doubled to 7-8% during the year.

It was also observed that with regular usage of Dabur Chyawanprash, there was up to 6 times lesser severity of COVID 19 infections when compared to subjects in control group. Details of this study have been shared in the earlier sections of this report.

o Overall market share of Dabur Chyawanprash increased by ~200 basis points further strengthening its position as a market leader in the category.

Dabur Honey: Dabur Honey is a leading player in the branded honey market in India. Dabur has been working on twin strategy of offering a better-quality product on the one hand while establishing Dabur Honey as the weight management specialist on the other hand. Honey is also known for its immunity boosting properties.

Key Highlights for 2020-21:

o Dabur launched a new campaign to reinforce consumer trust on the quality & purity of honey that it offers to consumers in India. As part of this campaign, the Company offered consumers a chance to check the authenticity and purity of the product and acquire a Certificate of Purity online.
o To ensure 100% purity of Dabur Honey, Dabur conducts 100+ quality tests on the brand. The brand also meets all the 22 parameters laid down by FSSAI, the food safety regulatory body in India. As per the press release of FSSAI dated 3rd December 2020, of all the countries across the globe as well as Codex Alimentarius Commission, India has the most stringent standards for honey.
o The list of regional celebrities for Dabur Honey was expanded with the signing of Tollywood diva Ritabhari Chakraborty as the new Regional Brand Ambassador. A new campaign "Aaj theke shudhu, chini noy, madhu", featuring a famous Bengali song by Asha Bhonsle "Jaabo ki jaabo na" was launched to create awareness about the importance of Honey for health and to promote Dabur Honey – with lower calorie level, its immunity boosting properties and the presence of Antioxidants and Minerals – as a healthier alternative to sugar.
o Following the COVID outbreak and the resultant lockdown, Dabur Honey launched a series of digital initiatives to promote quick healthy recipes for consumers using Honey. A special #StayFitFromHome campaign was also launched on social media, which saw its brand ambassador Jacqueline Fernandes and the regional brand ambassador Tamannah Bhatia posting about their fitness regime during the lockdown.

On International Yoga Day, Dabur Honey spearheaded a holistic health campaign, AatmaRaksha Movement, wherein through the #HoneyYogaChallenge, it urged everyone to do as many surya namaskars as possible to boost their immunity and remain healthy.

o On International Yoga Day, Dabur Honey spearheaded a holistic health campaign, AatmaRaksha Movement, wherein through the #HoneyYogaChallenge, it urged everyone to do as many surya namaskars as possible to boost their immunity and remain healthy. The campaign was endorsed by Ms. Mandira Bedi, a highly recognised fitness enthusiast.
o Dabur Honey joined hands with ZEE5, India's Entertainment Super-App to launch an exclusive chat show - 'Dabur Honey Hello Fitness' to motivate and encourage India to be proactive about their well-being. The show let viewers get an exclusive peek into the fitness routines and healthy habits of their favourite celebrities.
o During the festive season, Dabur Honey joined hands with sweet shops across Kolkata and Pune to co-create, sample and sell Dabur Honey-based traditional and innovative sweets like Sandesh, gajar halwa, gulab jamun, motichoor laddu, peda etc. Promoters also highlighted the health benefits of replacing sugar with honey in their daily life.
o A high-decibel TV Campaign was launched during the year to educate consumers, in an interesting and humorous manner, about the many lookalike honey brands that have hit the store shelves. The theme of the campaign is "Asli honey lena hai to, Dabur Honey ka logo dekh kar lo".

o Dabur expanded the Honey portfolio with the launch of Tulsi Honey and Ashwagandha Honey. Dabur also partnered with leading e-commerce giants to launch Dabur Organic Honey. Procured from organically grown flora, the nutrient and antioxidant-rich Dabur Organic Honey comes with the promise of being completely unprocessed and unpasteurized. In addition, an online-exclusive Himalayan Forest Honey variant was also launched during the year.
o With a view to further expand the usage of honey in India Dabur has recently launched chocolate and strawberry-flavoured Honey under the brand Dabur Honey Tasties. Enriched with Vitamin-D and No Added Sugar, Dabur Honey Tasties comes in a convenient pack and can be used as spreads on breads, as a topping on dessert and even as an ingredient for milk shakes and smoothies.

The year saw Dabur launch Project Madhu, an initiative to promote beekeeping or Apiculture as a lucrative enterprise for farmers and small and medium entrepreneurs. As part of the initiative, Dabur is working with local Non-Profit Organizations across Assam, Bihar and Jharkhand to create an ecosystem that will bring together technical know-how, financing and access to marketplace for these farmers and entrepreneurs to train and sustain them in the vocation of beekeeping. As a part of this campaign, Dabur aims to provide 5,600 bee-boxes to farmers which is expected to positively impact the socio-economic situation of 350 families in the states of Jharkhand and Assam. In addition, 2,250 families in Bihar have benefitted through the World Bank-aided Jeevika Project and received 23,500 beeboxes. Along with the bee-boxes, a team from Dabur would be imparting technical knowledge through training at village, block and district levels.

Dabur Glucose: The third major brand in this category, Dabur Glucose had a muted run this year as the lockdown had put a stop to all outdoor activities. The early onset of summer in 2021 is expected to help drive growth for the brand in the coming year and the Company has lined up a series of exciting initiatives to drive demand. These include the launch of a new Cola variant, besides expanding the Mango variant to North and East India. The 2021-22 financial year will also see the launch of a new convenient pack of Dabur Glucose.

Dabur Vedic Suraksha Tea: In line with our plans to contemporise Ayurveda and offer the time-tested benefits of Ayurvedic ingredients in modern-day readyto-use formats, we launched the Dabur Vedic Suraksha Tea during the year. The herbal tea is powered with 5 immunity boosting herbs - Tulsi, Daalchini, Munakka, Kali Mirch and Shunthi. These Ayurvedic herbs combine to give a refreshing taste while boosting your immunity. It is available in 2 variants – Green Tea & Black Tea. Initially Dabur Vedic Suraksha Tea was launched as an online exclusive product, but it is now available in Modern Trade and standalone larger retail outlets too.

Dabur Vedic Suraksha Tea stimulates Natural Killer (NK) cells which helps fight day-to-day infections. The herbal tea variants at different concentrations showed an increase in NK cells activity by up to 17% as compared to untreated control in in-vitro studies. It helps boost your immunity, relieves stress and acts as an antioxidant. It also helps against inflammation and is good for digestion & metabolism.

Dabur Pure Herbs Tablets: Addressing the growing consumer need for ready-to-use Ayurvedic health solutions in the wake of the COVID pandemic, the Company introduced a range of five pure herb tablets packed with the power of potent Ayurvedic ingredients.

The range includes:

o Haldi tablets – Haldi (curcumin) helps boost immunity, besides being useful in managing skin problems like acne and promoting healing of wounds. Haldi has an anti-allergic action on the body and is also used for hay fever and high cholesterol. It also helps relieve pain in joints and bones.

We launched the Dabur Vedic Suraksha Tea during the year. The herbal tea is powered with 5 immunity boosting herbs - Tulsi, Daalchini, Munakka, Kali Mirch and Shunthi.

Dabur India limited Annual Report 2020-21

We put together a range of Immunity Kits containing products like Dabur Chyawanprash, Giloy ki Ghanvati (Giloy tablets), Giloy Churna, ImuDab (Immunity building syrup), Honitus, Stresscom (Ashwagandha) capsules and Dabur Honey, offering consumers a one-stop solution for the immunity-boosting needs of the entire family.

o Ashwagandha tablets is a natural immunity booster and one of the most important herbs in Ayurveda, which has been used for years to boost immunity, relieve stress, increase energy levels, and improve concentration. It also helps improve strength and stamina by improving heart and lung capacity. Dabur Ashwagandha has shown an adaptogenic effect that helps fight physical and mental stress and improve general well-being.
o Giloy tablets helps boost immunity, besides aiding in blood purification and being good for skin and joint health. It acts as an antioxidant for the body, helps purify the blood, remove toxins, and fights respiratory problems.
o Tulsi tablets helps boost immunity and is useful against cough & cold. Tulsi, due to its unique combination of anti-microbial, anti-inflammatory, analgesic and antioxidant actions, aids in respiratory health and relieves sore throat, excess sputum production and other respiratory problems.
o Amla Tablets is a rich source of vitamin C. Amla tablets help improve immunity, have anti-

inflammatory properties and are beneficial for eyes. The antioxidant properties of Amla helps counter free radicals resulting in reduced oxidative stress, which is responsible for cell damage.

These tablets were launched in the online marketplace and received encouraging response. The Company is now working on expanding this range with the launch of 3 more variants comprising Ayurvedic Mineral Supplements like Zinc, Magnesium and Vitamins.

Dabur Himalayan Apple Cider Vinegar: In order to meet rising demand for natural products for promoting health and wellbeing, the Company launched Dabur Himalayan Apple Cider Vinegar. It is 100% natural, unfiltered, undiluted, and unpasteurized Apple Cider Vinegar with genuine mother of vinegar content. With no added colour and no added preservative, it is made from 100% Pure Himalayan Apple Juice. Dabur Apple Cider Vinegar is naturally rich in antioxidants and has numerous health and wellness benefits including boosting immunity managing weight and aiding digestion. An organic variant was also launched subsequently at premium price point.

Dabur Immunity Kits: We put together a range of Immunity Kits containing products like Dabur Chyawanprash, Giloy ki Ghanvati (Giloy tablets), Giloy Churna, ImuDab (Immunity building syrup), Honitus, Stresscom (Ashwagandha) capsules and Dabur Honey, offering consumers a one-stop solution for the immunity-boosting needs of the entire family. The kit, which was initially sold on e-commerce platforms, was later extended to regular sales channels.

• The Digestive category contributed 5.6% to Dabur's India FMCG Business in 2020-21 and reported 2.2% growth during the year. Dabur has been a leading player in the herbal digestive category with a portfolio of products under key brands like Hajmola, PudinHara, Hingoli, Dabur Nature Care and Sat Isabgol.

Hajmola: Our flagship brand in the Digestive category, Hajmola is based on a centuries-old highly efficacious Ayurvedic formulation. The year opened on a muted note for the brand with lockdowns forcing consumers to stay at home. As a result, the out-of-home purchase of the product took a hit in the first quarter of the year. However, with the lockdown lifting, the brand returned to the growth trajectory and ended the year with good growth.

Pudin Hara: A proven Ayurvedic remedy for digestion issues, Pudin Hara is a proprietary formulation which addresses stomach pain and indigestion through herbal ingredients such as pudina satva (mint). The brand also faced same depression in the opening quarter of the year with the lockdown hampering all outdoor activities during peak summer months. However, the brand marked a turnaround in the following nine months and ended the year with strong growth. The Pudin Hara Fizz portfolio was expanded with launch of an orangeflavoured variant called Dabur FantoFizz, an effective remedy for gas and acidity. The Company today has three variants in this category with Regular, Lemon and now Orange.

• Ayurvedic OTC category for Dabur reported a strong 37.2% growth in 2020-21. Dabur has been at the forefront on delivering authentic Ayurvedic solutions to meet the Health Care needs of consumers for over a century now. While the demand for Ayurvedic products has been on the rise, the rapid spread of the COVID infection accelerated the trend of people trying out Ayurvedic products particularly immunity-boosting products. COVID has resulted in elevated health consciousness among consumers, who are increasingly looking for healthy and natural alternatives to boost their immunity and reduce their chances of falling ill with the virus.

As people were looking for traditional immunity-boosting methods to counter COVID-19, a window opened for Ayurveda to significantly increase its presence. This was further aided by an advisory from the Ministry of Ayurveda, Yoga & Naturopathy, Unani, Siddha and Homoeopathy (AYUSH) specifying how Ayurveda can be used to build or boost the body's immune system.

As the original custodian of Ayurveda, Dabur identified this consumer trend early and was quick to react to this growing consumer need by launching a series of Ayurvedic interventions under its OTC portfolio. Within a span of a few months, Dabur introduced a slew of innovations under the immunity umbrella to cater to this growing consumer need. Dabur's OTC portfolio today includes products in categories such as Immunity Boosters, Cough & Cold, Baby Care and Rejuvenators.

Immunity Boosters: In the days following the COVIDinduced lockdown, Immunity became one of the most searched words on the Internet. As wellness and preventive healthcare became priority, Indians were constantly searching for immunity-related products on the internet. Ayurvedic herb Giloy and Kadha (herbal concoction) were among the most searched words with 380% and 90% increase, respectively.

Dabur rapidly expanded its Immunity Booster portfolio with the launch of host of new products like the Health Drops range (Dabur Tulsi Drops and Dabur Haldi Dops); Health juices range (Dabur Giloy Ras, Dabur Giloy-Neem-Tulsi juice, Dabur Amla Juice, Dabur Wheatgrass juice, Dabur Jamun, Neem, Karela juice and Dabur Aloe Vera juice); Dabur Ayush Kwath Kaadha etc.

Key Highlights of 2020-21:

o Dabur launched a new public awareness campaign 'Ghar Ghar Immunity' to highlight the immunitybuilding benefits of the Health Juice range. Under this campaign, awareness camps were organised in 15 jogger's parks in the national capital to educate consumers about the immunity and skin health benefits of the Health Juices range. Sampling was also conducted with automated touch-free dispensers to maintain hygiene and social distancing. Along with the sampling, the joggers were also involved in the campaign through personal engagement by making them brand ambassadors through customized template ads for each individual. The templates were published on Dabur Health Juice Facebook and Instagram pages, and the links of each photograph individually sent to the respective brand ambassador through SMS.

Dabur launched a new public awareness campaign 'Ghar Ghar Immunity' to highlight the immunity-building benefits of the Health Juice range.

o Dabur rolled out a programme to support Police Personnel in the Delhi-NCR region by serving them Ayush Kwath Kaadha, as they worked towards ensuring the safety of citizens during the pandemic. The special drive was conducted in Police Stations of Delhi, Noida and Ghaziabad. Life-size cut-outs of Ayush Kwath Kaadha packs were placed on minitrucks to drive awareness about the brand, while special booths were set up at various police stations to serve the freshly prepared Kaadha to the police personnel as part of an immunity-building drive.

Cough & Cold: In the Cough & Cold category, Ayurvedic cough syrups have been fast gaining popularity given the fact that they are effective, safe, and free from any side effects. Dabur operates in this category with its brand Dabur Honitus, which includes a range of Ayurvedic products like Honitus cough syrup, Honitus Lozenges, Honitus Hot Sip and an age-old traditional Ayurvedic medicine Honitus Madhuvani. This range was expanded in 2020-21 with the introduction of Honitus Adulsa Cough Syrup, containing the Adulsa herb. This product, a result of our RISE initiative, was created especially for the West India market where the herb is known for its soothing effect for cough and as a

With the COVID pandemic, several medicines from this portfolio found renewed interest from consumers who were adopting ancient Ayurvedic remedies to fight the illness. The growth in this portfolio was led by immunitybuilding medicines like Giloy Ghanvati tablets, Stresscom (Ashwagandha) capsules and the premium Chyawanprash variant Ratnaprash.

treatment for respiratory disorders. During the year, Dabur continued with its campaigns highlighting the 'natural' and 'no side-effect' proposition of Honitus cough syrup.

Baby Care: Dabur operates in the Baby Care market with Dabur Lal Tail, an Ayurvedic massage oil, Dabur Gripe Water and Dabur Janma Ghunti, which are traditional tonics for babies. The year 2020-21 marked Dabur's entry into the mainstream baby care market with the launch of an online exclusive 'Dabur Baby Range' with 8 products: Dabur Baby Oil, Dabur Baby Wash, Dabur Baby Cream, Dabur Baby Shampoo, Dabur Baby Daily Moisture Lotion, Dabur Baby Moisturizing Wipes, Dabur Baby Talc-Free Powder and Dabur Baby Gentle Nourishing Soap.

Being a pioneer in the field of Ayurveda, Dabur is committed to offering the safest and most effective Ayurveda-based solutions for the health and wellbeing of every household. The launch of Dabur Baby Range is another step forward in this direction of launching products, which are based on the ageold knowledge of Ayurveda but available in modernday convenient formats. Staying true to our roots at Dabur, the Baby Care range focuses on novel natural ingredients, free of chemicals and is gentle on the baby.

Rejuvenators: Dabur's Rejuvenator portfolio, which includes Shilajit, Shilajit Gold and Shilajit Double Gold, continued to perform well, particularly on the e-commerce platforms. The year saw the expansion of this range with the launch of Dabur Musli Gold which is good for general health and helps increase strength, stamina, and vitality.

• Ayurvedic Ethicals reported growth of 24.8% during the 2020-21 financial year. This division houses some of the oldest prescriptive and classical Ayurvedic medicines for preventive and curative healthcare. This portfolio includes Ayurvedic medicines to manage a variety of lifestyle diseases like hypertension, heart health, diabetes etc in addition to offering holistic wellbeing through improved immunity.

With the COVID pandemic, several medicines from this portfolio found renewed interest from consumers who were adopting ancient Ayurvedic remedies to

fight the illness. The growth in this portfolio was led by immunity-building medicines like Giloy Ghanvati tablets, Stresscom (Ashwagandha) capsules and the premium Chyawanprash variant Ratnaprash. A host of new products were also launched during the year, like Dabur Nasal Drops, to expand the Dabur Ayurvedic Ethicals portfolio.

The year also saw Dabur enter the Siddha medicines market with the launch of Kabasura Kudineer, which possesses strong anti-inflammatory, analgesic, anti-viral, anti-bacterial, anti-fungal, antioxidant, hepato-protective, anti-pyretic, anti-asthmatic and immunomodulatory properties.

Key Highlights for 2020-21:

o During the year, Dabur conducted 10,724 Health Camps across the country, offering free consultations and subsidized medicines to the poor and needy. Over 1.2 lac patients benefited from these Health Camps.
o Dabur also organised 400 Swarna Prashana camps across the country on Purnima or full moon nights. As part of this camp, the medicines are kept exposed to moon rays through the night and consumed early morning with Vedic chanting. Around 80-100 kids were administered Swarna Prashana at each camp.
o With curbs on physical gathering due to the COVID pandemic, Dabur initiated a series of virtual doctor engagement programmes to reach out to more than 1 lakh Ayurveda practitioners. Around 40 Special Ayurvedic webinars were also organised during the weekends to reach out to the medical fraternity doctors and create awareness about the various Ayurvedic interventions. We reached out to around 12,000 doctors per webinar.
o With doctors not attending their clinics during the lockdown, digital brand reminders were sent to build continuous engagements with the fraternity.
o The year was also marked the launch of creative animated films for some of our Ayurvedic medicines like Giloy, Lakshmi Vilas Ras (for cough and cold). Around 6 doctor endorsement films were also created for brands like Ashokarishta, Dashmularishta, Ratnaprash, Mahanarayan

Tail, Lauhasava, Stresscomm and Activ Antacid, which were aired primarily on News and religious channels.

o Participated in a host of virtual conferences like National Aarogya and Ayurveda Parv, besides undertaking high-visibility retail front branding, counter branding and one-way vision branding in doctor cabins.
o On International Women's Day, Dabur's women's healthcare brands Dabur Mensta & Ashokarishta launched a special campaign 'Khayal Apna Bhi Rakhe' to honour Women Police personnel and Doctors. Through this campaign, we reached out to women warriors who continued to serve millions of citizens during the pandemic. Dabur reached out to prominent Ayurvedic Hospitals in Bhopal and Patna to felicitate the Women Warriors with a token of appreciation and a certificate. Dabur teams went to various police stations and hospitals to honour them and offer them the gift of health and wellbeing through its products.
o Dabur also initiated a drive to ensure the safety of COVID warriors against congestion during the winter months. Under the 'Khul Kar Jiyo, Surakshit Raho' campaign focussed on policemen, security forces, watchman, security guards and newspaper vendors working late nights, the Dabur team distributed Dabur Nasal Drops and educated them about the therapeutic benefits of Shadbindu Tail, Anu Tail and

We reached out to women warriors who continued to serve millions of citizens during the pandemic. Dabur reached out to prominent Ayurvedic Hospitals in Bhopal and Patna to felicitate the Women Warriors with a token of appreciation and a certificate.

Dabur India limited Annual Report 2020-21

Badam Tail, key ingredients of Dabur Nasal Drops.

o Special Digital Films were also created for several Dabur Ethicals brands. The most prominent of these being the Dabur Rheumatil Postman video which tells the story of D. Sivan, a postman from Coonoor, for his dedicated service of 35 years to India Post.
o Another video was created on National Doctor's Day 2020 to acknowledge the contribution of doctors and to pray for their well-being. With this video, we wanted to salute the spirit of our frontline Health workers by acknowledging their contribution in alleviating disease and suffering and building a healthy nation.
o Dabur organised a month-long special Ayurveda Health Camp along with a special COVID-19 Help Desk in association with Ayurjeevanam Seva Samiti at CRPF Group Centre, Rampur, to create awareness about the importance of Ayurveda in fighting COVID-19.
o Dabur provided a Healthy twist to Ganesh Chaturthi celebrations in Mumbai with specially made Ganapati Ratan Modak, a combination of Dabur Ratanprash and sweets to give taste with immunity during the Ganesh Puja. This was also covered though a campaign on social media. A similar initiative was rolled out in West Bengal on Durga Puja and in Delhi for Diwali.
o Dabur rolled out a mega social initiative 'Dabur Rheumatil Risto Ke Anmol Rang' under which special foot massage centres were set up for Joint Entrance Exam Applicants and their parents. The Centres, set up near examination centres across Lucknow and Allahabad, offered free touch-free foot massage to the students and parents, who had to walk long distances during the lockdown period to appear for the JEE Entrance tests.
o Dabur Rheumatil also set up massage booth for murtikars or artisans who make the sculpture of Goddess Durga on Durga Puja in West Bengal. A dedicated team from Dabur provided free massage with Rheumatil to help the sculptors relax their muscles.
o With increased stress and anxiety becoming a

part of the daily routine in the post-COVID world, Dabur Stresscom, along with renowned Mental health expert Dr. Prakriti Poddar, organised a series of webinars for organizations looking to help employees seamlessly adapt to the post COVID-19 work environment. These webinars were designed to provide corporates, employees and the wider business community with the latest evidence on the impact of COVID-19 on mental health and how to address it.

o Dabur Ratnaprash organised a special event to celebrate Karwa Chauth with the Indo Tibet Border Police (ITBP) soldiers and their families at Tara Devi – Shimla. As part of this initiatve, christened 'Majboot Rishto ki Buniyaad', Dabur Ratnaprash helped wives of ITBP jawans get a chance to celebrate Karwa Chauth with their husbands.
o As part of its initiatives to popularise its first-ever Siddha medicine Kabasura Kudineer, Dabur organised a special month-long sampling drive in Tamil Nadu's Chennai, Madurai and Coimbatore. Under this initiative, a branded van moved around the three cities, offering residents free immunity boosting medicines while also advocating the benefits of building immunity to fight illnesses and to propagate social distancing protocols.

Dabur has traditionally operated in four categories in this vertical: Hair Care, Oral Care, Skin Care and Home Care. The year 2020- 21 saw Dabur add a new dimension to this business with launch of a range of hygiene products to cater to the growing demand for such products in the wake of the COVID pandemic.

Home & Personal Care:

Dabur's Home & Personal care vertical contributed 47.9% to India FMCG business and reported a growth of 9.5% during the 2020-21 financial year. Dabur has traditionally operated in four categories in this vertical: Hair Care, Oral Care, Skin Care and Home Care. The year 2020-21 saw Dabur add a new dimension to this business with launch of a range of hygiene products to cater to the growing demand for such products in the wake of the COVID pandemic.

The new launches in the Hygiene category -- both Home & Personal Hygiene -- were more contextual in nature to meet the growing consumer need in the initial days of the COVID pandemic. These included hand sanitisers, disinfectant sprays and liquids, surface sanitisers, air sanitisers, antiseptic liquid, disinfectant soaps, floor cleaners and veggie wash under brands like Dabur Sanitize, Odonil and Dazzl. As the year progressed and fear of COVID subsided, a number of these new categories witnessed a moderation in demand. However, some hygiene products like hand wash etc continued to perform well throughout the year.

• Dabur's Hair Care business reported 2% growth during 2020-21 financial year and contributed to 18.8% of India FMCG business. Dabur operates in two segments of the Hair Care category: Hair Oils and Shampoos.

Hair Oils: Oiling hair is a common traditional habit in India for grooming hair. More than 35% Indians are believed to use hair oil daily, which is a key contributor to the hair oil market in the country. Consumers in India are known to use the hair oil for several benefits such as healthy hair, conditioning, and to combat dry scalp.

Dabur is amongst the oldest players in the hair oil market in India with a range of hair oils under brands like Dabur Amla, Vatika and Anmol. Despite being a highly penetrated category, the hair oil business for Dabur reported a steady performance and market share gain during the year.

Key Highlights of 2020-21:

o Dabur extended the Amla franchise into the light hair oils market with the launch of Dabur Amla Aloe Vera Hair Oil.
o Dabur also moved ahead with its flanker brand strategy for Amla with the launch of an economypriced Dabur Badam Amla Hair Oil which helped

drive penetration into rural market.

o The Company rolled out a series of special digital campaigns during the lockdown to build greater connect with the millennials. These included a special film to salute the spirit of women frontline workers who have been supporting the nation during the coronavirus crisis and a film around building bonds with loved ones during the lockdown. Besides, special short duration campaigns were also launched on special occasions like Ram Navami and Eid.
o Dabur Amla launched a successful campaign with brand ambassador Kareena Kapoor which talked about the brand's benefits in arresting hair fall. The brand continued to be associated with the successful chat show "Dabur Amla What Women Want" featuring Kareena Kapoor who hosts the show.
o Anmol Coconut Oil performed well during the year posting double digit growth and increase in market share.
o The year saw the launch of Dabur Vatika Naturals range of 4 hair oils: Spanish Olive Hair Oil; Moroccan Argan Hair Oil; Bringhraj Hair Oil; Aloe Vera Hair Oil. The range has been launched exclusively in the online marketplace.
o For the premium enriched coconut hair oil brand Vatika, Dabur signed Bollywood star Tapsee Pannu as the national face of the brand. It also engaged Samantha Ruth Prabhu as the regional brand ambassador for South India markets.

The Company rolled out a series of special digital campaigns during the lockdown to build greater connect with the millennials.

o Dabur Amla Hair Oil joined hands with the Uttar Pradesh Police to launch the 'Mazboot Iraadon ko Salaam' Campaign to honour the special police team of the 'Pink Brigade'. The campaign was organized to spread awareness about the role of this team, created for the protection of women in Uttar Pradesh.

Shampoos: The Shampoo portfolio accounts for 17.3% of Dabur's Hair Care business. Dabur operates in this category with a range of shampoos under the Vatika brand. Shampoo portfolio reported double digit growth during the year.

Key Highlights for 2020-21:

o The Vatika Ayurvedic shampoo was launched nationally and has already cornered 2% market share in e-commerce.
o Saliency of bottles in Dabur's shampoo sales improved during the year with good momentum in e-commerce for the brand
o Dabur expanded its Vatika portfolio with the online exclusive launch of 'Dabur Vatika Select' premium range of shampoos. The Dabur Vatika Select premium shampoo range includes four products: Coconut Milk Extract shampoo, Moroccan Argan Oil shampoo, Red Onion Black Seed Oil shampoo and Apple Cider Vinegar shampoo.
• Dabur's Oral Care business registered a strong growth of 23.2% during the year and accounts for 18.3% of the India FMCG Business. Dabur has a highly differentiated portfolio of products in this category with

In the wake of the COVID pandemic, Dabur Red Paste launched 3 films adding to the '#ChabaateyRahoIndia' series, advising people to remain tough, resolute and prepared against the pandemic.

brands like Dabur Red Paste, Dabur Babool and Dabur Meswak. The year saw the expansion of this business with the launch of another Ayurvedic toothpaste under the brand Dabur Dant Rakshak and the Dabur Herb'l Alpha range in South India. The Dabur Herb'l Alpha range includes Clove, Tulsi and Neem toothpastes. In addition, Dabur also operates in the Toothpowder market with its traditional brand Dabur Lal Dant Manjan.

While the overall toothpaste market in India has been reporting low single-digit growths, the Herbal segment within this category has been growing at double the pace and today accounts for nearly 27% of the toothpaste industry.

The year also marked Dabur's entry into the mouthwash category with the launch of India's first Ayurvedic mouthwash, Dabur Red Pulling Oil. Dabur Red Pulling Oil is an Ayurvedic Mouthwash which contains Natural Oils and Herbs. The product is based on a process defined in Ayurvedic scriptures called the Kavala-Gandusha Therapy, an oil-based Oral Detox regimen. It contains Coconut Oil, Sesame Oil, Tulsi, Clove, Cinnamon Oil and Thyme Mint. Dabur Red Pulling Oil helps strengthen teeth and gums, and kills 99.9 % germs, thus, providing complete Oral Care.

Dabur continued to gain market share in the oral care category as all the brands delivered market leading growth.

Key Highlights of 2020-21:

o Dabur's flagship toothpaste brand Dabur Red Paste entered the coveted 1,000-Crore Club this year, while Meswak has become a100-Crore brand.
o Dabur Red Paste added Tamil Nadu the states where it has emerged as the No. 1 toothpaste brand. Prior to this, Dabur Red Paste was already the Number One brand in Andhra Pradesh and Odisha. Dabur Red Paste is also second largest toothpaste brand in key markets like West Bengal, Assam, and Punjab.
o Extensive sampling was done for newly launched Dabur Dant Rakshak toothpaste through an exchange offer. This gave consumers a chance to exchange their existing toothpaste for a fresh pack of Dabur Dant Rakshak free of cost.
o Dabur Red Paste strengthened its presence in the

digital space with nearly 1 new video every week. These helped the brand generate over 1.5 billion impressions and over 100 million views.

o Dabur launched a new campaign for its Dabur Herbal family toothpaste in Kerala to further strengthen the brand's regional connect by tapping into the strong 'rootedness' in tradition especially for upkeep of oral health and well-being. In a first for the brand, this campaign was shot in Kerala with local actors. The new campaign was rolled during the festive period of Onam, which helped further strengthen the franchise and was well received.
o A special digital film was released by Dabur Meswak in which travel influencer Meenakshi Arvind went on a trip to search for a tree called 'Miswak tree'. The film captures her journey to Ramanathapuram in Tamil Nadu to discover Miswak Nagar, a small town named after the tree.
o In the wake of the COVID pandemic, Dabur Red Paste launched 3 films adding to the '#ChabaateyRahoIndia' series, advising people to remain tough, resolute and prepared against the pandemic. Done in the usual fun and light-hearted manner, the thought is brought to life through toughto-chew 'immunity building foods', that we are all consuming to boost our immunity. In the film, we see the protagonist Chaubey Ji chewing through the toughest foods like amla, ginger and raw turmeric to prepare himself against the pandemic but is not fazed by their toughness because he uses Dabur Red Paste.
o Dabur Red Paste launched a new campaign 'Desh Ka Lal' that sought to showcase the brand's growing popularity across regions, languages, and cultures to become an integral part of the lives of its 35-crore consumers.
o Dabur took forward its highly popular Dabur Red Dant Snan initiative by setting up exclusive Dabur Red Paste Dant Snan Zone during the Kumbh Mela in Haridwar. These zones helped spread the message of Oral hygiene amongst the lakhs of devotees at the Kumbh Mela using a unique Toothpaste dispenser.
o High decibel campaigns, featuring regional brand ambassador Ravi Kishen, in rural markets helped

Dabur continue to drive demand for its toothpowder brand Lal Dant Manjan, which reported good growth.

• Dabur's Skin Care & Salon business continued to grow at a steady pace and ended the year with a 17.6% growth. Dabur operates in the Skin Care category with three key brands – Dabur Gulabari for mainstream rose-based skin care products, Fem for facial bleaches and hair removal creams, and OxyLife for oxygen-infused premium facial bleaches and facial products. Dabur's beauty brands continued to roll out initiatives and campaigns in the Digital space during the lockdown period to stay relevant in the minds of our consumers. In addition to these brands Dabur launched Dabur Sanitize in the hygiene segment to meet the consumer needs during Covid.

Key Highlights of 2020-21:

o The brand Gulabari was relaunched with a new design and contemporary packaging with the twin objectives of countering spurious product makers and staying ahead of competition.
o With Do-It-Yourself Skin Care at Home picking up during the lockdown period, Dabur repositioned Gulabari towards adjunct usage and shot a new TVC promoting the same.
o Dabur Gulabari also signed Bollywood star Disha Patani as the new face for the brand.
o With the Salons closed during the lockdown, Fem was repositioned as an in-home usage brand offering 'Salon-like Glow' at Home. A testimonial campaign was also launched for the brand with consumers talking about their real-life experience with the brand.
o Fem handwash brand was upscaled during the year and witnessed strong growth. Dabur also launched a unique video to promote the importance of hand wash to arrest the spread of COVID-19.
o The Company added the brand Dabur Sanitize to capture heightened demand for sanitizing products during the lockdown. The demand performed well during the peak lockdown months. However, the sales moderated as demand reduced and many players entered the category.

• Dabur's Home Care business was heavily impacted by the COVID-induced lockdown and reported a decline of 6.8% during the year. Dabur operates in the Home Care category with brands like Odonil (air fresheners), Sanifresh (Surface cleaners) and Odomos (Mosquito Repellents). With the lockdown, consumer spending on Home Care, which is seen as a highly discretionary and lifestyle-driven category, dropped significantly. However, sales picked up sequentially and came back on growth trajectory in last quarter of the year.

Key Highlights of 2020-21:

o The Company launched new innovative air sanitizers under Odonil Brand that help fight germs while providing a nice fragrance. The idea of Odonil Air Sanitizer originated from the growing concerns of air quality and how people have started tracking AQI on a regular basis. This product helped us reposition Odonil as an Air Care Expert that provides 'Fresh and Healthy Homes'.
o In the Mosquito Repellent category, Dabur operates in the personal application products sub-segment, which is usually used when kids are going to school or parks. With the schools and offices closed during the lockdown and people restricting their evening walks in parks, demand for personal application products dropped significantly.
o A number of hygiene products were launched during the year such as Disinfectant Sprays, Veggie Wash, Laundry Sanitizer, Floor cleaners, Antiseptic Liquid and Germ Protection Soaps. These performed well during first half of the year due to heightened focus on hygiene and safety from infections.
o Dabur rolled out a mega social initiative in 5 cities on Global Hand Washing Day. More than 2.85 lakh units of Dabur Sanitize Germ Protection soaps were distributed to police, hospitals, and Municipality Offices.

Food and Beverage (F&B):

Dabur's Food & Beverages business contributed 13.1% to the India FMCG Business and reported decline of 5.7% in 2020-21. Dabur operates in this category with packaged Fruit Juices under Réal and Réal Activ brands, and Culinary Pastes and sauces under the Hommade brand.

While the food business (formerly known as culinary business) continued to perform well all through the year, the beverage business was severely impacted by the prolonged shutdown of the institutional or HORECA channels. The lockdown also led to a massive drop in the out of home consumption of small on-the-go packs, which have a saliency of around 30% to the business. Excluding the HORECA business, Dabur's F&B business reported 3% growth during the year. Despite the decline in the Juices & Nectar (J&N) category, Dabur continued to report strong market share gains with the Company capturing 59.2% market share of J&N category in 2020-21.

Réal: The fruit juice and beverage business had faced severe headwinds in the previous financial year with consumers tightening their purse-strings and shifting preference to lower priced products like aerated beverages and milk-based products. The business continued to face pressures in the initial part of the year with the government announcing a lockdown, bringing the institutional business to a standstill. While the business saw a strong revival with in-home consumption returning to near normal levels in the subsequent quarters, the out of home category continued to be impacted by the continued closure of Hotels, Restaurants and Institutional businesses.

Our beverage business reported a smart recovery in the second half of the year in line with the growing consumer need for health. Our expanded in-home and out-of-home portfolio aided to this revival. While the HORECA channel is still not back to its normal levels, the early onset of summers in 2021 is helping drive growth for the beverage industry.

The fruit juice and beverage business had faced severe headwinds in the previous financial year with consumers tightening their purse-strings and shifting preference to lower priced products like aerated beverages and milkbased products.

Key Highlights of 2020-21:

o Dabur re-purposed its brand communication for fruit juices and beverages to highlight the immunity benefits of our Réal range of fruit juices and beverages. Special campaigns were also launched to highlight the Vitamin C content in specific fruit juices e.g. Pomegranate to promote their Immunity building properties in the wake of the COVID outbreak.
o We launched new immunity-boosting juices like Amla Plus juice in a ready-to-drink format under the brand Dabur. New flavours were also added to the portfolio with the introduction of Aloe-Kiwi juice and Masala Sugarcane juice under the Réal brand.
o To tap into the growing demand for low-priced drinks, Dabur entered the fruit drinks market with a Rs 20 and higher price point in the PET format, which was wellreceived in the market and ended with a 1% share of the large fruit drinks market in India. In the larger Juices, Nectars and Still Drinks category, Dabur had captured 10.3% market share by the end of FY21.
o We further strengthened our presence in the beverage space with our entry into the milk-based products market with Réal Frappe Milkshakes in four variants -- Belgian Chocolate, French Vanilla, Strawberry and Mango. The products were very well received, and the brand ended the year with a 1.3% market share of the milkshakes category.

Riding on the distribution enhancement exercise, Réal expanded its presence in the hinterland with its lower priced offerings and affordable packs. Targeting calorieconscious consumers who are increasingly seeking beverages that bring out the natural goodness of fruits without the guilt of excessive calories, Dabur launched premium health-focused variants with a Low-Calorie range under Réal Activ.

Hommade Culinary Pastes & Purees: Dabur Hommade's range includes culinary pastes like Ginger paste, Garlic paste, Ginger-Garlic paste and Tamarind paste, besides Tomato Puree, Lemoneez lime juice, Coconut Milk and Capsico chilli sauce. During the year, Dabur expanded this portfolio with the introduction of a range of pickles, a range of traditional Indian Chutneys, Tasty Masala and the extension of Hommade into Tub Pack with Ginger Garlic Paste. Dabur also increased its digital footprint for Culinary pastes, to better reach out to younger consumers who were experimenting with cooking at home during the lockdown. The brand witnessed strong growth driven by these initiatives.

In order to make an entry into value added staples category, the Company introduced Dabur Cold Pressed Mustard Oil and Dabur 100% Cow Ghee on ecommerce platforms. The products received encouraging response from consumers.

International Business

The International Business contributed 26.4% to Dabur's Consolidated Revenues during 2020-21. Dabur today has a significant international footprint with manufacturing presence across eight countries and brand presence in over 100 countries across the globe.

The International Business covers Dabur's operations across Middle East, Africa, South Asia, USA and Europe. International Business registered a growth of 3.4% during FY 2020-21. The region-wise split of Dabur's International Business Revenue is presented in Fig 1.7.

Fig 1.7: International Business-Revenue by Geography

Middle East & North Africa (MENA)

The Middle East region is the largest business comprising 25.3% of the International Business. Traditionally it has been a Hair Care business with a significant contribution of Hair Oils but now Shampoo has emerged as a substantially large segment where we are gaining market share and adding new consumers to the franchise; meanwhile, being market leaders in Hair Oils, we continue with category development initiatives. The business has further diversified with the Oral Care category gaining traction and emerging as a key growth driver. The other important segment is Skin Care and in addition we have seeded Health Care and Foods categories across countries.

During the year, the Company faced COVID driven macroeconomic headwinds and category growths for non-essential categories such as hair grooming, and styling were under pressure across markets. In addition, strict and prolonged lockdowns in some of the markets impacted movement of goods.

In this scenario, the Company improved market shares in most of the categories in hair care, oral care and skin care largely driven by optimization of marketing mix and digital media becoming more significant. In addition, tactical but aggressive consumer promotions and trade spends were deployed to counter heightened competitive intensity in

Dabur continued to expand its presence in the niche but fast-growing Organic Coconut Oil category with USDA Organic certified Dabur Virgin Coconut Oil, that was introduced last year and maintained its leadership position in the Hair Oil category with 69% market share in KSA and 41% in UAE.

certain markets and categories. A key pillar of growth were NPDs in emergent categories within home, health and hygiene segments.

Hair Care: The Hair Care business comprises Hair Oils, Shampoos, post-wash conditioners, Hair Creams, Hair Gels and Serums.

In the Hair Oil category, Dabur maintained its dominant position and continued to strengthen its nourishment proposition with existing consumers and recruiting new younger consumers through the new Dabur Amla Hair Oil communication 'Strong Hair, Stronger You' and Vatika Enriched Hair Oils' relaunch with a 20-minute nourishment proposition.

• The Dabur Amla campaign celebrated younger local Arab and expat audience's resilience and strength through multiple creatives. Each of these creatives emotionally depicted young girls display inner strength that is synonymous to Dabur Amla Hair Oil's function of strengthening roots for stronger hair.
• Dabur Amla extended the 'Strong Hair, Stronger You' campaign on ground in UAE by tying up with non-profit Friends of Cancer Patients (FOCP) and Tips & Toes Salon to support cancer patients. Dabur Amla spread awareness on the consequences of chemotherapy and partial or complete loss of hair in cancer patients and invited volunteers to donate their hair that can be transformed into free wigs. The campaign received nationwide press coverage and was very positively received by consumers with 300 women donating their hair for the cause.

Dabur continued to expand its presence in the niche but fastgrowing Organic Coconut Oil category with USDA Organic certified Dabur Virgin Coconut Oil, that was introduced last year and maintained its leadership position in the Hair Oil category with 69% market share in KSA and 41% in UAE.

Newly launched Dabur Amla Hair Repair Solutions, comprising Hair Growth Oil which helps in 3x improvement in hair growth rate and Hair Fall Control Oil which leads to 50% improvement in Hair Root Strength, increased its presence across pharmacies to target discerning hair care consumers.

Dabur Amla, which extended its equity into Kids range continues to grow aggressively. With its one-of-a-kind animated communication featuring protagonist Princess Amira doing wonders with her strong hair, Dabur Amla Arabia

Backed by social & digital campaigns, Vatika Henna targets young consumers to pick up its fashion shades as their first choice of colouring product. Vatika also introduced a first ever range of Crème Colours infused with natural colouring oils to combat the category barrier of dryness.

channel on YouTube saw its subscriber base increase to 430,000+ with 422 million views to date.

Vatika refreshed its entire range of products by further enhancing its product proposition and revitalizing packaging designs across shampoo, hair oils, hair creams, hot oil treatment and hair colours, making it more appealing and relevant to the Arab youth. Vatika's commitment to nature is in sync with our consumers' desire to help the environment. Vatika#NotesByNature campaign is making this a reality by planting a tree for every thousand plays. With this campaign, Vatika leveraged technological innovation and power of digital connectivity to effect impactful positive change.

Upholding the brand purpose, #VatikaVoices campaign aims to enable Arab consumers live their natural best through sharing inspirational stories of remarkable women achievers and enabling fellow women aspiring to excel in their respective fields.

Vatika Shampoo launched youth focused, brand infused content 'AYA' (As You Are), a progressive, Pan Arab collective of creative influencers that connects with young Arab women through unique story-selling. The digital activations, combined with pan-Arab TV Media campaign and enhanced value proposition for consumers, led to market share gains in Saudi Arabia and UAE. Vatika Enriched Hair Oil range was relaunched with a 20-minute nourishment proposition. Supported by new TV commercial and digital campaigns, the relaunch enabled a strong share gain to reach 24 % MS in Saudi Arabia.

Leveraging the COVID situation, Vatika Hamam Zait promoted its in-home salon treatment proposition to aggressively gain share and consolidated leadership position with 51.5% MS in Saudi Arabia and 52.2% MS in UAE. Vatika Hair Cream continued to maintain its leadership position in Saudi Arabia and UAE despite intense competitive pressures. With enhanced product formulations and refreshed pack designs, Vatika increased its relevance for consumers with new-age performance claims and compelling new TV Communication.

Vatika Henna Colour is a strong No 2 Player in the UAE with the launch of new innovative and youthful fashion shades of Plum, Mahogany & Blue-Black. Backed by social & digital campaigns, Vatika Henna targets young consumers to pick up its fashion shades as their first choice of colouring product. Vatika also introduced a first ever range of Crème Colours infused with natural colouring oils to combat the category barrier of dryness.

Oral Care

Dabur continued to achieve strong market share gains in the highly competitive Toothpaste category and reached 16.5% Market Share (as per UAE Nielsen) primarily driven by significantly enhanced presence on both traditional media (TV) and Digital and improved in-store visibility. Further, the highly successful campaign #StrongTeeth… StrongAmbitions won the "Best Marketing Campaign" at the prestigious Beautyworld Middle East Awards during the year. The campaign celebrated the human spirit for space exploration and coincided with the 50th year of Man landing on Moon and the UAE's pioneering space program. The campaign was in-line with Dabur Herb'l being a purpose driven brand which encourages youngsters to achieve their ambitions.

In the COVID impacted new normal, a new segment of "Cautiously Extravagant" consumers emerged and Dabur Herb'l Toothpaste was well positioned to service this new segment with its highly premium alpha ingredient range of toothpastes comprising Activated Charcoal, Olive, Blackseed and Aloe Vera variants. In-line with caring for the environment these come with a Bamboo toothbrush. This premium range of Dabur Herb'l toothpastes garnered highly positive response across markets during the year.

An innovative format of LUPs of toothpaste was introduced without mono cartons during the year to further drive

Dabur India limited

penetration in traditional trade and generate trials in modern trade with placements at check-out counters. The Dabur Red franchise which was initially launched to target South Asian consumers in GCC region is being extended to Arab consumers and was advertised for the first time on Pan Arab TV channels during the year and well supported with new packaging. During the year, Dabur Herb'l entered the toothbrush segment. The pilot launch has elicited positive response and will be gradually extended to other markets.

than 25 countries.

Skin Care

The flagship Skin Care brand DermoViva was extended into the Hand Sanitizers category in the wake of the urgent need gap that emerged due to COVID-19 in March 2019. With Dabur's supply chain strength enabling shorter time to market than other players, Dermoviva was able to capture a huge portion of sanitizer demand across more than 25 countries. DermoViva Anti- Bacterial Hand Sanitizer range was launched in two variants, Aloe Vera and Olive, providing the added benefits of natural ingredients to the otherwise only alcohol-based hand sanitization. COVID-19 also gave a boost to the hand washing category where Dermoviva more than doubled its volumes during the year. In the coming year, Dermoviva face & skin care range will see a transformation to capture evolving consumers' needs.

In the Depilatory category, Fem continued its tie up with local female comedian and influencer Maya Acra to launch a series of videos to create conversations and bring lightheartedness to an otherwise serious category. The videos cumulatively garnered 15 million+ views. Vatika was extended to the skin care category with the launch of Vatika Sanitizing Body Wash in two variants – Pine Oil & Olive and Tea Tree & Lemon Oil.

Health Care

Dabur expanded healthcare portfolio in the GCC markets. As boosting immunity was a preference for consumers during COVID-19, Dabur's immunity boosting products - Chyawanprash & Honey witnessed greater demand. Dabur Honitus Lozenges was introduced in 4 variants viz Honey, Orange, Lemon and Mint. Dabur Honitus highlighted strength of its natural ingredients in curing sore throat in its communication across Radio, TV and digital media. The Company also introduced Rapidex in pain relief segment. A number of new products are lined up for expanding the healthcare portfolio.

Foods

With its Réal brand, Dabur focused on increasing its presence in Packaged Juices & Nectar category. During the year, Real Mango Lassi in Tetrapack format was launched that has elicited positive response. Given Real's masala juice variants being accepted well by consumers, Dabur is launching 2 new variants of Masala Mausambi and Masala Mixed Fruit in Q1 2021. Dabur is also launching its Hommade range of cooking pastes with Ginger, Garlic, Ginger-Garlic and Tamarind pastes in UAE in April 2021.

Africa

Contribution of African region to Dabur's International Business stood at 21.9% in FY 20-21, with Egypt, Nigeria, South Africa and Kenya being the key markets.

Nigeria: Dabur's Nigeria business covers Hair Care, Oral Care, Personal Care and Home Care products. Dabur has continued to consolidate its presence under the national distribution structure which has enabled the reach across Nigeria via the multiple hub-and-spoke arrangement. The business lost initial months of the fiscal year owing to Covid shutdown, followed by a prolonged national strike which created severe economic headwinds. Strong focus through digital media to extend brand franchise and generate demand, coupled with extensive market level visibility led to

the business registering a strong comeback and gain market share and numeric distribution in the highly competitive toothpaste category. Our brand access to wide spectrum of sub-distributor network and shared direct-to-retail structure in top cities across Nigeria has enabled volumetric gains.

Low Unit Price (LUP) sachet packs of pre-measured, no-Lye Relaxer enabled our ORS business to attain leadership position in the market. The team also developed an engaging Influencer-Consumer online connect during the Covid period to enable DIY styling coupled with online purchasing through dedicated websites. The consolidation work with the top stylist-hair associations, became extremely relevant during these economically tough times to provide sustained business at subsidized rates to the stylist segment.

To cater to the Hygiene & Health needs of the evolving consumers, the business launched a range of new products like Floor Cleaners, Hand Sprays, Hand Wash and Sanitizers, besides expanding the range of styling and maintenance hair care products to cater to Protective and Go-Natural styles.

South Africa: During the year, added focus was on DIY styling, Maintenance Range and Naturals styling regimens amongst African women on account of closure of salons due to the Covid pandemic. Two offering of ORS Black Castor and Vatika Afro Naturals were extended to new markets within SADC (South African Development Community) and COMESA (Common Market for Eastern and Southern Africa). Long & Lasting brand saw a packaging upgradation and the extension into Naturals range, to offer affordability to the value conscious consumer seeking maintenance aids within Natural haircare domain.

Our manufacturing operations for all our brands have been fully integrated and operationalized within Dabur's in-house unit at Johannesburg. In addition, new markets within ECOWAS and COMESA construct have been added to the sales sourcing matrix with the range proliferation to include the Maintenance Care segment from ORS.

During the year, Dabur collaborated with Influencers and Regional Hair Associations to drive saliency for its products across markets like Nigeria, Ghana, Kenya, Tanzania, Zambia, Uganda and South Africa. These local insightdriven initiatives, leveraged with event led activations, are expected to enhance business growth and expand our foothold across various markets in Sub-Saharan Africa.

Egypt: Egypt is one of the largest markets in Africa and contributes to 12.7% of the International business. The business comprises brands such as Dabur Amla, Vatika, Miswak, Fem, Vatika Gel and Dabur Herbal Toothpaste. Dabur is a household name in hair care category with its strong foothold in the market, with 77% share in Hair Oils, 62.7% in Hair Creams and 69.6% in Hammam Zaith where it remained number one brand of choice of the consumers with high market shares. In many other categories such as hair gels, Vatika shampoo and oral care, Dabur is the fastest growing brand with increasing market share. Dabur inched up shares in all the above categories.

The business suffered with the outbreak of Covid-19 during first quarter, however the recovery from Q2 onwards was strong despite continued partial lock downs and restrictions which helped bring back the business on growth path. Dabur invested strongly behind its brands and introduced several new products in the portfolio. New Initiatives includes launch of Sanitizer range and extension of mink variant to Vatika hair cream range. With an ongoing strong marketing support through traditional medium, the Company continued its focus over digital marketing with strong presence of its brands across social media garnering 130 mn impressions, and several successful campaigns were executed for its leading brands.

South Asia

The South Asia business for Dabur covers key markets like Nepal, Bangladesh, Sri Lanka and Myanmar. This region accounts for 22.8% of total International business for Dabur.

Nepal: Dabur's Nepal business was under severe stress in Q1 FY20-21 on account of the strict nationwide lockdown announced by the Government of Nepal. As this

The Company locally manufactured these new products like Prostyle Hair Fall Control, Dabur Dant Rakshak Toothpaste, Fem Hand Wash, Dabur Sanitiser to name a few, in its Birgunj plant.

also coincided with the peak summer season, the highly salient juice business felt the major brunt as out-of-home consumption declined, spending on discretionary categories fell & HORECA and tourism related channels got impacted. However, post July the business bounced back strongly as the lockdown gradually eased and the Company pivoted strongly towards the Health, Hygiene & the Immunity building portfolios.

The Company saw strong growths across categories in the non-food business led by health supplements and oral care. These growths were supplemented by launch of a slew of new products especially in the health & hygiene categories. The Company locally manufactured these new products like Prostyle Hair Fall Control, Dabur Dant Rakshak Toothpaste, Fem Hand Wash, Dabur Sanitiser to name a few, in its Birgunj plant.

Despite the COVID overhang, the Company continued to advertise strongly with a focus on localized communication for greater relevance & connect. In the sales and distribution space, the Company drove urban distribution, expanded rural reach and built capabilities in emerging channels like EComm & Modern Trade.

Bangladesh: Dabur's Bangladesh business manufactures and markets wide range of consumer goods under segments of hair care, personal care, oral care, home care, healthcare, and digestives. In FY 2020-21, amidst Covid-19 challenges, overall business witnessed a strong constant currency growth of 25.7% in revenue. Growth was largely driven by honey, hair oils and oral care category. The Company also ventured into hygiene space by launching sanitizers and handwashes. Dabur Bangladesh continues its focus on range availability and the emerging channels of Modern Trade & E-commerce.

Europe

The European region contributed to 13.7% of International sales for Dabur. Turkey and UK are the two biggest markets for Dabur in this region.

Turkey: Dabur's business in Turkey registered a strong top line growth of 24.2 % in constant currency terms. The growth was driven by liquid soap and shampoos. Market share of Hobby brand in Hair styling category increased from 18% to 19%.

Turkey continued to face economic head winds in FY 2020- 21. The Turkish lira devalued almost 30% as compared to last year leading to high inflation (12%) and unemployment rate (13%). All categories except liquid soap saw volume decline over last year due to eroding purchasing power and impact of Covid pandemic.

Market penetration of Hobby Body Wash and Hair Styling increased with listing in perfumeries and launch of new products such as Hobby Marsh mellow range in body wash category and Mermaid spray and Kivir Kivir Gel in hair styling category). Anti-bacterial liquid soap was launched mainly focusing on export markets to capitalize on Covid led spurt in demand. Hobby continued its digital and social media presence throughout the year resulting in market share gain in key categories.

America

In USA, Dabur operates in two broad segments, viz., Namaste business and the US Ethnic Business.

Namaste Business: The Namaste business caters to hair care needs of the African American community and is a leader in the relaxers and hair dress category. The business reported growth of 9.4% during fiscal 2020-21. Namaste is market leader in African hair care categories, and the brand gained because of consumer reliance on trusted brands. Entire distribution model changed during lockdown and there were more sales from big retail chains and Ecommerce. Namaste has strong presence in Mass, Chain and E-com channel, so company got positive results from the strong

The overall sales were driven not only by the food products, but also by the Beauty/ personal care products. With the evolution of E-commerce, Dabur products saw increased demand from South Asian consumers as well as from consumers of different backgrounds.

distribution reach. Our products were available all the time through E-com, though there were some supply related constraints which were resolved with continuous monitoring. We have strengthened our presence in E-comm channel even more during the year.

Namaste continued to focus on new product launches and strengthened its position in temporary hair color and Fix IT wig and weave collection. Newly launched temporary hair color under sub brand ColorBlast performed very well and we have also started distribution in Europe during reported financial year.

Overall, the Namaste business reported considerable improvement in topline and bottom-line, led by its increased volume growth and the realized cost efficiencies.

US Ethnic Business: With Covid-19 at helm, from small businesses to corporate giants, all faced uncertainty, however, as COVID-19 kept surging, Dabur's US Ethnic business, saw a considerable increase in the demand of its products, largely due to its products being based on Ayurveda which emphasizes on the usage of natural ingredients. Products like Chyawanprash saw a growth of over 300% as it helps in boosting immunity and offers many other health benefits.

In FY 2020-21, the business grew by 108% in constant currency terms. The overall sales were driven not only by the food products, but also by the Beauty/personal care products. With the evolution of E-commerce, Dabur products saw increased demand from South Asian consumers as well as from consumers of different backgrounds.

To further strengthen the presence, we have taken new initiatives which include targeting of the millennials through different marketing strategies, like influencer marketing. The future marketing campaigns will see a high emphasis on the digital marketing strategies which will help to align with the ongoing trends and target millennials efficiently.

As we go forward, the priority is also to expand into mainstream chains, regionally & nationally, by launch of premium products. This will help Dabur to not only target new business segments but will also help extending our mission of being able to provide consumers with natural, clean, and healthy alternatives.

Sales & Distribution - India

Dabur is home to a diverse portfolio of products and one of the strongest and widest supply chain in the industry with our products reaching 6.9 million outlets and 59,217 villages across the country.

The initial days of the lockdown saw our sales system come to a complete standstill with most stockists points closed. As the lockdown eased, we worked towards ensuring smooth functioning of the supply chain. We were in constant touch with our retail partners and stockist points, and together we left no stone unturned to get the products distributed to a maximum number of outlets.

Alongside, we developed innovative solutions to ensure uninterrupted supply of our essential products to retailers. We established direct contact with some retailer points and leveraged technology to service demand, to the extent possible. We created a special App for Retailers, through which they can place orders for Dabur products. These orders were then serviced either directly through our Salesforce or through nearby stockists. We also initiated Retailer order-booking through WhatsApp, besides activating our call centre to receive orders directly from retailers. We also joined hands with online delivery service providers like Swiggy, Dunzo, Delhivery, etc. to ensure uninterrupted supplies of our products to retail outlets and consumer households.

With consumers facing difficulties in stepping out of their homes to go to the market and buy products, Dabur rolled out the 'Immunity at your Doorsteps' programme to reach out directly to consumer households across the country and

Special points of sale were set up in residential areas and apartments blocks across the country where consumers could purchase our range of immunity boosters like Dabur Chyawanprash, Giloy tablets, Giloy Churna and the Immunity Kit, besides fruit juices and hand sanitisers.

provide them easy access to our range of immunity-building and hygiene products. Special points of sale were set up in residential areas and apartments blocks across the country where consumers could purchase our range of immunity boosters like Dabur Chyawanprash, Giloy tablets, Giloy Churna and the Immunity Kit, besides fruit juices and hand sanitisers. Special Dabur Immunity Vans were also deployed across cities, reaching out to consumers and educating them about the need to boost immunity to fight illnesses, besides giving them access to our range of Ayurvedic Preventive Healthcare products. These vans continued to operate through most part of the year and helped bring Ayurveda closer to their homes.

Moving forward on this mission to make Ayurveda more mainstream and accessible to every household, Dabur has now rolled out a new retail initiative christened 'Ghar Ghar Ayurveda'. This program works towards increasing penetration of our range of products by adding stores and driving assortment through a better store program. The program is supported through steep technological changes in digitizing GTM. This program works towards increasing penetration of our range of products by adding stores and driving assortment through a better store program. The

Special Dabur Immunity Vans were also deployed across cities, reaching out to consumers and educating them about the need to boost immunity to fight illnesses, besides giving them access to our range of Ayurvedic Preventive Healthcare products. These vans continued to operate through most part of the year and helped bring Ayurveda closer to their homes.

program is supported through steep technological changes in digitizing GTM. The coverage drive was supported through digital footprint of all Dabur Outlets – across rural and urban India. In addition, Dabur tied up with MapmyIndia for a dynamic visualization of existing coverage across urban and rural geographies. The new addition of outlets comes with technology to capture its location and other details automatically. Dabur also rolled out Suggested Order module – an AI / ML based algorithm that helps salesman drive the right assortment in store – to leverage cross sell and up sell opportunities. The initiative was further supported by rolling out of CRS (Continuous Replenishment System) at stockist point – that enabled automation of order flow – for maintenance of right inventory and Range availability at stockist point to support assortment drive.

The year also saw Dabur embark on an ambitious new initiative 'Dabur Yoddha' to further reinforce its rural presence. Dabur Yoddha was initiated with the twin objective of penetrating deeper into the hinterland while providing sustainable livelihood to the rural folks by appointing them as our local sales representatives in their respective villages. These local representatives would work towards ensuring that our brands and products reach every rural household. This initiative was piloted in Bihar-Jharkhand, Uttar Pradesh, Madhya Pradesh & Chhattisgarh in the first phase. By the end of 2020-21 financial year, Dabur has already appointed 3,100 Yoddhas across these states.

For Dabur, Rural India has been a key growth driver even through the pandemic. In fact, rural demand continues to outpace urban demand, and this is a result of our strategy of expanding our rural footprint. The year 2020-21 saw Dabur further deepen its village coverage and reach out to 59,217 villages by the end of March 2021, up from 52,298 villages a year ago. We see Tier 2 & 3 towns growing at a faster clip as compared to metro towns in the near and medium term. To ride this opportunity better, we plan to expand our distributor network and direct retailer reach in these towns. At an overall level, we reach 1.3 mn outlets directly and plan to reach over 1.4 million outlets directly next year.

Dabur also continued to focus on IT-enablement as a major driver of enhancing productivity and field force efficiency which is being measured through Every Day Great Execution (EDGE). We are also investing in upskilling our field force by identifying the training needs based on their market working and behavioural analysis. This has helped us customise the content and training solutions for every individual.

Digital Marketing

Over the past few years, the world around us has increasingly been moving towards Digital and 2020 -- or shall we say, the year of the COVID pandemic -- became the year when the digital ecosystem saw a revolution of sorts with the acquisition of many new users. This was the year that leapfrogged India's digital ecosystem into the future.

The year 2020 not only saw e-commerce sales gain new highs, it was also the year when Digital Marketing truly emerged as the go-to solution for brands and companies. The nation-wide lockdown gave a push to augmented reality, mobile marketing, digital animation, video content, voice search and influencer marketing. With most retail outlets closed and social distancing becoming more of a habit, e-commerce became the safe and most-preferred contactless method of making purchases, among consumers. For Dabur, e-commerce sales today account for 6% of our total Sales, up from under 2.4% a year ago. In the normal course of time, this growth would have taken 3-4 years, but the pandemic fast-tracked it.

With the lockdown in full effect, Indians were spending more time on their mobile devices, as per data released by BARC. The average time a user spends on their smartphone increased by 7% in just 8 weeks. Video calling became a common practice to keep in touch with friends and family; while mobile gaming and content consumption rose as users sought more ways to keep themselves occupied. In a manner of speaking, the COVID pandemic has transformed the way we shop, work, and connect with people more than any other disruption in the recent past.

Another major driver for this trend was the growing mobile or smart phone penetration in the country, which, in several key states like Uttar Pradesh and Bihar, even exceeded television penetration. According to GlobalData, a leading data and analytics company, mobile subscription penetration in India is set to cross 100% mark in 2023 from 88.3% in 2020, driven by growing smartphone adoption and increasing coverage of 4G services across remote areas.

Dabur was a fast mover in this market, ramping up our spends on digital and e-commerce exponentially in the past year with brands creating special digital-only content. Today, our spends on Digital platforms, including e-commerce, account for around 20% of the total Advertising spends, up from 12.7% a year ago. A total of 130 Digital First/Digital Only films were created and aired across platforms in 202021 financial year. In addition, 830 videos were created on YouTube linked to Health, Lifestyle and Beauty.

The Millennial and GenZ being highly active on social media platforms like YouTube, Instagram, Facebook, Snapchat etc, following influencers, picking new age trends from them, learning how to's, and watching DIY videos created by these influencers. While celebrities still work when it comes to build immediate awareness for any brand, these influencers have increasingly become the organic choice for brands to connect with the millennials and GenZ consumers.

Given the fact that these new age consumers trust influencers more than celebrities when it comes to product recommendation, we roped in influencers to improve our connect with these consumers and build awareness and consideration of our brands. During the year 2020-21, we have worked with over 1,700 macro, micro and nano influencers across health & fitness, lifestyle, beauty, sports and parenting genres. Nearly 39% of these influencers belong to the health and fitness arena while 24% were mom bloggers. Given the growing rural and semi-urban user base for digital content, 25% of content created during the year was regional. Our influencer selection has gone hyper-local this year, where we on-board regional level influencers, who can engage and bring a stronger and relatable connect with local consumers.

Today, our spends on Digital platforms, including e-commerce, account for around 20% of the total Advertising spends, up from 12.7% a year ago. A total of 130 Digital First/Digital Only films were created and aired across platforms in 2020-21 financial year. In addition, 830 videos were created on YouTube linked to Health, Lifestyle and Beauty.

In all, our videos generated over 5,000 million impressions and 1,000 million views.

Retail Business-NewU

Dabur operates in the specialized beauty retail business with its wholly owned subsidiary, H&B Stores Ltd. This is a chain of beauty retail stores under the brand 'NewU', offering a wide range of beauty care products covering cosmetics, fragrances, skin care, personal care and beauty and fashion accessories.

NewU is today amongst the largest one-stop-shop for all beauty care needs with a range of domestic and exclusive international brands available at its stores. At the end of FY 2020-21, NewU's retail footprint stood at 88 stores across 36 cities. Along with the offline footprint, NewU has also enabled E-Commerce on newu.in and increased presence on other marketplaces. The year was severely impacted due to Covid-19 though the recovery has been significantly faster in second half of the year.

The year saw NewU enhance its portfolio of exclusive brands at its stores with the launch of various products under the brand Jaquline USA such as sheet masks, liquid eyeliner, kajal, cleanser, toner, moisturiser and sun protection. Going forward, the Company plans to expand the Jaquline USA range to cover a host of beauty, make-up and skin care products. The Company is also planning to introduce other brands in hygiene, personal care, skin care and fragrance.

Operations

With our relentless focus on quality and affordability, brand Dabur evokes feeling of trust in the minds of our consumers. Our products are tailored to meet the diverse needs and aspirations of our consumers across the globe. Our manufacturing footprint today covers four continents.

Domestic Manufacturing

Dabur's manufacturing operations cover 12 locations in India: Baddi (Himachal Pradesh), Pantnagar (Uttarakhand), Sahibabad (Uttar Pradesh), Tezpur (Assam), Jammu (Jammu & Kashmir), Katni, Pithampur (both in Madhya Pradesh), Silvassa (Gujarat), Narendrapur (West Bengal), Nashik (Maharashtra), Alwar and Newai (both in Rajasthan). We are now in the process of setting up a new manufaturing unit in Madhya Pradesh, besides establishing a unit in Silvasa to cater specifically to the overseas markets. More details on our manufacturing operations in India are presented in Manufactured Capital section of the Annual Report.

Overseas Manufacturing

Dabur has been following a localized supply chain policy in the overseas markets, having established manufacturing bases across the globe to develop and manufacture a range of products catering to the needs and preferences of the local populace. Our overseas manufacturing facilities are located in UAE, Egypt, Turkey, Nigeria, South Africa, Nepal, Bangladesh and Sri Lanka.

UAE: In UAE, Dabur has a large integrated manufacturing unit in the emirate of Ras Al Khaimah (RAK). The unit produces a wide range of hair care, oral care and skin care products. With a capacity of over 58,000 MT / 9 million cases of finished goods annually, the RAK unit caters to more than 70 countries. Despite the pandemic affecting normal plant operations, utilizing the Company's strategic investment in plant digitization last year of Manufacturing Execution System (MES) in line with Industry 4.0, RAK unit was able to demonstrate effective remote plant management during the pandemic lockdown and has been able to service the market requirements, while implementing Covid-19 control measures. During the year, the unit enhanced its manufacturing capacity and also launched various cost saving automation projects to capture efficiencies.

Egypt: The manufacturing facility is located at Cairo, where it produces hair oils, styling creams, hair gels, shampoo & conditioners, henna hair colors, hair removing creams, toothpastes & ORS Kits. The plant has an annual capacity of

27,500 MT. During the year, the plant implemented various automation initiatives especially in products like hair colors, and energy efficiency measures by switching to alternate energy sources like natural gas in line with the Company's strategy to optimize its operations cost. The plant continues to build on its operational excellence initiatives to drive cost optimization and wastage reduction. The plant attained ISO 9001:2015 & ISO 22716 and added ISO 45001-2018 Health & Safety, ISO 14001 Environment to reflect ongoing commitment of the business to comply with global best practices.

Turkey: Hobi Kozmetik factory, located near Istanbul, is a manufacturing source for Turkey as well as exports to Africa, Middle East and USA. Manufacturing capacity is 55,000 MT per annum of liquid soaps, shampoos, conditioners, hair care and skin care products. During the year factory continued investments to increase bulk production and filling capacities particularly in view of increased demand for Liquid soap. Hobi also increased its plastic bottle capacity by 30% with investment in new ASB machines and moulds.

Nigeria: Dabur's Nigeria factory is located at Lagos and is engaged in manufacturing of oral care, ethnic African hair care and personal care products like toothpaste, hair relaxers, shampoo and conditioner, hair foods, hair mayonnaise, hand sanitizers and toilet cleaners. During the year, the plant increased manufactured volumes coupled with enhanced batch size, wastage reduction and improved OEE through kaizens & TPM initiatives.

South Africa: In South Africa, Dabur's manufacturing plant is located in Johannesburg, and has now become the sourcing site for SADC and EA hub markets. The plant produces relaxer kits, tub relaxers, lotions, shampoos, conditioners, hand sanitizers and a variety of styling and maintenance products catering to different styles i.e. relaxed, protective & natural. Annual in-house production is over 286,000 cases with total of 450,000 cases including sheen sprays. Various initiatives for increased batch size, utilization of automated machines to improve the productivity and manage cost control were operationalized. Major safety improvement projects were also executed during the year. New products were added during the year including ORS Black Castor range, L&L Naturals, Vatika Afro Naturals, which continue to grow.

Nepal: Dabur, in Nepal has a manufacturing plant at Birganj. The plant manufactures products in various segments such as fruit juices, hair care, oral care and skin care.

Bangladesh: The manufacturing facility is located at Dhamrai in Bangladesh. The products manufactured here includes hair care, oral care, digestives and honey.

Sri Lanka: Dabur's manufacturing plant in Sri Lanka is located at Kotedeniya. The plant manufactures fruit juices.

Human Resources

We pursue perfection every day, by continuously aiming to rolls our products that meet the emerging needs of our consumers. And our employees help bring this purpose to life. It was aptly demonstrated during the peak of COVID-19. The period saw high level of engagement from our employees across the organisation, from our manufacturing units to our field staff. The entire organisation worked as a single cohesive unit, coming out with some highly innovative ideas to support our customers and consumers to ensure business continuity and minimise the impact of the pandemic on our business.

The hard work, commitment, and invaluable contributions of our extraordinary employees helped us weather the COVID storm and emerge stronger. They are our true Lockdown Heroes!

During the year, our focus was on the physical safety and mental well-being of our colleagues as we dealt with the emerging challenges while finding flexible and safe ways of working. More details of the initiatives on HR are provided in Human Capital section of the Annual Report.

Financial Review

During fiscal 2020-21, the Company recorded Consolidated Revenue from Operations of 9,562 crore, compared to8,704 crore in fiscal 2019-20. Despite a washed-out Q1 due to the national lockdown, the Company registered a 9.9% consolidated revenue growth over the past fiscal, with gross sales crossing the `10,000 crore mark for the first time.

Material cost in fiscal 2020-21 stayed steady at 50.1%, despite high inflation in commodity prices towards the end of the year. The advertisement and publicity expenditure increased to 8.2% as against 7.5% in the previous year. Employee cost was steady at 10.8% of revenue from operations. Other expenses decreased by almost 100 bps to touch 10.0% of revenue from operations.

The Company's operating profit grew by 11.7% to reach 2,003 crore. The operating margin saw an increase of 35 bps to reach 20.9% as against 20.6% in the previous year. Profit After Tax (PAT) was1,693 crore in fiscal 2020-21, seeing a growth of 17.2%. Diluted EPS for fiscal 2019-20 was at `9.58. Table 1 provides a summary of the consolidated income statement.

Table 1: Consolidated Income Statement Summary

All figures are in INR crores, unless otherwise stated	FY2020-21	FY2019-20	Growth % (Y-o-Y)
Net Sales	9,507.8	8,622.9	10.3%
Other Operating Income	53.8	80.7	(33.3%)
Revenue from operations	9,561.7	8,703.6	9.9%
Material Cost	4,789.0	4,360.2	9.8%
% of Revenue from Operations	50.1%	50.1%
Employee expense	1,033.5	947.7	9.0%
% of Revenue from Operations	10.8%	10.9%
Advertisement and publicity	784.4	650.0	20.7%
% of Revenue from Operations	8.2%	7.5%
Other Expenses	952.2	953.2	(0.1%)
% of Revenue from Operations	10.0%	11.0%
Operating Profit	2,002.6	1,792.4	11.7%
% of Revenue from Operations	20.9%	20.6%
Other Non-Operating Income	325.3	305.2	6.6%
EB ITDA	2,327.9	2,097.6	11.0%
% of Revenue from Operations	24.3%	24.1%
Finance Costs	30.8	49.5	(37.8%)
Depreciation & Amortization	240.1	220.5	8.9%
Profit Before Tax (PBT)	2,057.0	1,827.7	12.5%
Share of profit / (loss) of joint venture	(1.0)	(0.0)	10,028.4%
Exceptional item(s)	0.0	100.0	(100.0%)
Tax Expenses	361.1	279.7	29.1%
Minority Interest – Profit/ (Loss)	1.7	3.0	(44.3%)
PAT (After Minority Int.)	1,693.3	1,445.0	17.2%
% of Revenue from Operations	17.7%	16.6%

Table 2: Working Capital

As Days of Sales	FY2020-21	FY2019-20
Inventories	66.0	57.9
Receivables	21.4	33.9
Payables	73.3	62.1
Working Capital	14.1	29.7

Working Capital in the business saw a significant decline from 29.7 days in FY2019-20 to 14.1 days in FY2020-21. This was primarily on account of reduction in receivable days from 33.9 in FY2019-20 to 21.4 days in FY2020-21. Inventory days saw an increase from 57.9 to 66.0. Payable days increased from 62.1 to 73.3.

Table 3: Other Key Ratios

	FY2020-21	FY2019-20
Debtors Turnover Ratio	17.1	10.8
Interest Coverage Ratio	65.0	36.2

The company saw its debtor turnover ratio improve from 10.8 to 17.1 on account of better management of receivables. The Interest Coverage Ratio increased from 36.2 in FY2019-20 to 65.0 in FY2020-21 on account of the reduction in interest expense due to the repayment of debt.

Table 4: ROIC and Return on Net Worth

In ` crores	FY2020-21	FY2019-20
ROIC	58.7%	43.5%
Return on Net Worth	22.0%	21.8%

ROIC and Return on Net Worth increased on account of strong growth in profit after tax during the year.

Table 5: Cash and Debt Position

In ` crores	FY2020-21	FY2019-20
Debt	350	335
Cash & Cash Equivalents	5,568	4,137
Net Cash	5,218	3,802

The business generated Net Cash flow from Operations of 2,115 crore in fiscal 2020-21. Capital Expenditure of311 crore was incurred during the year which includes the expenditure on domestic as well as overseas manufacturing facilities. The cash available with the Company as on 31st March 2021 was 5,568 crore and the total debt amounted to350 crore. Table 4 reflects the cash and debt position of the Company.

The Company increased its payout ratio to 50% of consolidated Profit After Tax. This has resulted in total dividend of `839.5 crore for the fiscal 2020-21.

Internal Control Systems and Their Adequacy Please refer to the Director's Report.

Risks & Concerns

Please refer to the Risk Management section of the Integrated Report for more details.

Strategy & Resource Allocation

Please refer to the Integrated Report for more details.

Stakeholder Relationships

Details of our Stakeholder Engagement initiatives have been provided in the earlier sections of the Integrated Report.

Report on Corporate Governance

Good corporate governance is about creating sustained competitive differentiation in the market to maximize the shareholder value legally, ethically and on a sustainable basis while ensuring fairness, transparency and accountability to every stakeholder of a company – customers, employees, investors, vendor-partners, the government of the land and the community. Governance is a reflection of the culture and values of a company's board and management. Good governance in a company enhances the confidence, trust and enthusiasm of its stakeholders. For ensuring sound corporate governance practices, the Government of India has put in place a framework based on the stipulations contained under the Companies Act, Securities and Exchange Board of India (SEBI) Regulations, Accounting Standards, Secretarial Standards, etc. Today's market-oriented economy and globalization drive the demand for a high quality of governance practices. Corporate governance has been under scrutiny and is an issue that has gained widespread importance.

The concept of corporate governance primarily hinges on complete transparency, integrity and accountability of the management, with an increasingly greater focus on investor protection and public interest. Good corporate governance is an essential part of well-managed, successful business enterprise that delivers value to shareholders. Dabur has worked diligently to integrate ethical analysis into defining its corporate culture with an aim to social responsibility and return. Besides complying with the legal framework of corporate governance practices, Dabur has voluntarily adopted and evolved various practices of governance conforming to highest ethical and responsible standards of business, globally benchmarked. Certain recommendations of the SEBI constituted Kotak Committee were adopted by the Company even before they were mandated. The Company has formulated a Policy on Group Governance to monitor governance of its unlisted subsidiaries across the globe. During the FY18-19, the Institute of Company Secretaries of India (ICSI) had awarded Dabur with Best Governed Company by ICSI at its 18th National Awards for Excellence in Corporate Governance, for 2018. This was third year in a row and 5th overall that Dabur has been presented this award by ICSI.

This chapter on Corporate Governance, along with the chapters on Integrating Reporting and Management Discussion & Analysis and Additional Shareholders Information, reports, inter-alia, Dabur's compliance of Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 (hereinafter referred to as Listing Regulations) highlighting its additional initiatives in line with international best practices.

CORPORATE GOVERNANCE PHILOSOPHY

Good governance practices is a norm at Dabur. The Company is committed to focus on long term value creation and protecting stakeholders' interests by applying proper care, skill and diligence to business decisions. The Company has established systems, procedures and policies to ensure that its Board of Directors is well informed and well equipped to discharge its overall responsibilities and provide the management with the strategic direction catering to exigency of long term shareholders value. Payoffs from strong governance practices have been in the sphere of valuations, stakeholders' confidence, market capitalization, uninterrupted dividend payments and high credit ratings in positive context apart from obtaining of awards from appropriate authorities for its brands, stocks, environmental protection, etc.

BOARD OF DIRECTORS

Composition of the Board

As on March 31, 2021, Dabur's Board consists of 13 members. Besides the Chairman, a Non-Executive Promoter Director, the Board comprises of three Non-Executive Promoter Directors, two Executive Directors and seven Non-Executive Independent Directors (including one Woman Independent Director). The profile of Directors can be found at our website at www.dabur.com. The composition of the Board is in conformity with the Companies Act, 2013 and Listing Regulations enjoining specified combination of Executive and Non-Executive Directors with at least one Women Independent Director and not less than fifty per cent of the Board comprising of Independent Directors as laid down for a Board chaired by Non-Executive Promoter Director.

Classification of the Board:

Category	Number of directors	% to total number of directors
Executive Directors	2	15
Non-Executive Independent Directors (including woman director)	7	54
Other Non-Executive Directors	4	31
Total	13	100

Number of Board Meetings

Minimum four prescheduled Board meetings are held every year (one meeting in every calendar quarter). Additional meetings are held to address specific needs of the Company. In case of any exigency/ emergency, resolutions are also passed by circulation. During the financial year 2020- 21 the board of directors met five times on- 27/05/2020, 30/07/2020, 03/11/2020, 29/01/2021 and 24/03/2021. The maximum gap between any two consecutive meetings was less than one hundred and twenty days, as stipulated under the Companies Act, 2013, Regulation 17 of the Listing Regulations and Secretarial Standards.

Details of Directors Attendance, shareholding and other Directorships/ Committee memberships

Necessary quorum was present in all the Board meetings. Further, as mandated by Regulation 26 of the Listing Regulations, none of the Directors is a member of more than ten Board level committees (considering only Audit Committee and Stakeholders' Relationship Committee) or Chairman of more than five committees across all public limited companies (listed or unlisted) in which he/she is a Director. No Director of the Company serves as Director in more than seven listed companies, as an Independent Director in more than seven listed companies and in case he/she is serving as a Whole-Time Director/ Managing Director in any listed company, does not hold the position of Independent Director in more than three listed companies. Further all Directors have informed about their Directorships, Committee memberships/chairmanships including any changes in their positions. None of the Directors of the Company are related inter-se, in terms of section 2(77) of the Companies Act, 2013, including Rules thereunder. The Company has not issued any convertible instruments hence disclosure in this respect is not applicable. Relevant details of the Board of Directors as on March 31, 2021 are given below:

Name of the Director	Category #		Attendance Particulars			No. of other Directorships and Committee Memberships /Chairmanships held*
		Number of Board Meetings		Last AGM held on 03.09.2020	Other Directorships	Committee Memberships	Committee Chairmanships	the Company (equity shares of Re.1/- each)
		Entitled to attend	Attended
Mr. Amit Burman	Chairman/ PD / NED	5	5	Yes	3	1	0	0
Mr. Mohit Burman	Vice Chairman/ PD / NED	5	5	Yes	4	2	0	50000
Mr. Saket Burman	PD/NED	5	5	Yes	0	0	0	300000
Mr Aditya Burman	PD/NED	5	5	Yes	1	0	0	0
Mr. P D Narang	ED	5	5	Yes	3	2	1	4059800
Mr Mohit Malhotra	ED	5	5	Yes	2	1	0	1008613
Mr. P N Vijay	ID	5	5	Yes	2	0	2	0
Mr. R C Bhargava	ID	5	5	Yes	2	0	2	3090
Dr. S Narayan	ID	5	4	Yes	4	1	2	0
Dr. Ajay Dua	ID	5	5	Yes	1	1	0	0
@Mr. Sanjay Kumar Bhattacharyya	ID	3	3	Yes	NA	NA	NA	0
Mrs. Falguni Sanjay Nayar	ID	5	5	Yes	2	1	0	0
Mr Ajit Mohan Sharan ID		5	5	Yes	2	0	0	0
\$Mukesh Hari Butani	ID	2	2	NA	1	1	1	2872

PD – Promoter Director; NED – Non-Executive Director; ID – Non-Executive Independent Director; ED – Executive Director

* 1. Excluding private limited companies, foreign companies and companies under section 8 of the Companies Act, 2013.

Only two committees viz. Audit Committee and Stakeholders' Relationship Committee are considered.

@ resigned with effect from 04.11.2020

\$ Appointed with effect from 01.01.2021

Details of other Board directorships, Committee memberships and Chairmanships are separately mentioned in Annexure 1 to this report.

Independent Directors

The Independent Directors have confirmed that they meet the criteria of independence laid down under the Companies Act, 2013 and Regulation 16 (1) (b) of the Listing Regulations and that they are not aware of any circumstance or situation, which exist or may be reasonably anticipated, that could impair or impact their ability to discharge their duties with an objective independent judgment and without any external influence. The board of directors have taken on record the declaration and confirmation submitted by the independent directors after undertaking due assessment of the veracity of the same.

Maximum Tenure of Independent Directors

In accordance with Section 149(11) of the Companies Act, 2013, the independent Directors - Mr. P N Vijay, Mr. R C Bhargava, Dr S. Narayan and Dr. Ajay Dua hold office for a second term of 5 consecutive years w.e.f. 22.07.2019, Mrs. Falguni Sanjay Nayar, holds office for a second term of 5 consecutive years w.e.f. 28.07.2019 and Mr Ajit Mohan Sharan holds office for first term of 5 consecutive years w.e.f. 31.01.2019. Mr. Mukesh Hari Butani holds office with effect from 01.01.2021 up to the date of ensuing Annual General Meeting (AGM). In the said AGM, his appointment shall be placed for approval of shareholders of the company. If approved, his term shall be of 5 consecutive years effective from 01.01.2021.

Terms and conditions of appointment of Independent Directors

The terms and conditions of appointment of Independent Directors have been disclosed on the website of the Company- www.dabur.com.

Separate Meeting of Independent Directors

Independent Directors of the Company met separately on March 24, 2021 without the presence of Non-Independent Directors and members of Management. In accordance with the Listing Regulations, read with Section 149 (8) and Schedule-IV of the Companies Act, 2013, following matters were, inter alia, reviewed and discussed in the meeting:

z Performance of Non-Independent Directors and the Board of Directors as a whole.
z Performance of the Chairman of the Company taking into consideration the views of Executive and Non-Executive Directors.
z Assessment of the quality, quantity and timeliness of flow of information between the Company Management and

the Board that is necessary for the Board to effectively and reasonably perform their duties.

Familiarization Program for Independent Directors

The Company conducts Familiarization Programme for the Independent Directors to enable them to familiarize with the Company, its management and its operations so as to gain a clear understanding of their roles, rights and responsibilities for the purpose of contributing significantly towards the growth of the Company. They are given full opportunity to interact with senior management personnel and are provided with all the documents required and/or sought by them to have a good understanding of the Company, its business model and various operations and the industry of which it is a part.

The initiatives undertaken by the Company in this respect has been disclosed on the website of the Company at www.dabur.com and the web link thereto is https://www. dabur.com/img/assets/4-familiarization-programme.pdf

Directors and Officers insurance

The Company has undertaken Directors and Officers insurance ('D and O insurance') for all its Directors, including independent directors, for a quantum and risks as determined by the Board of directors of the Company.

Performance Evaluation of the Board, its Committees and Individual Directors, including Independent Directors

Pursuant to applicable provisions of the Companies Act, 2013 and the Listing Regulations, the Board, in consultation with its Nomination & Remuneration Committee, has formulated a framework containing, inter-alia, the process, format, attributes and criteria for performance evaluation of the entire Board of the Company, its Committees and individual directors, including Independent Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new compliance requirements.

Evaluation of the Board and its Committees is based on various aspects of their functioning, such as, adequacy of the constitution and composition of the Board and its Committees, matters addressed in the meetings, processes followed at the meeting, Board's focus, regulatory compliances and corporate governance, etc. are in place. Similarly, for evaluation of individual director's performance, various parameters like director's profile, contribution in Board and Committee meetings, execution and performance of specific duties, obligations, regulatory compliances and governance, etc. are considered.

Further, the performance of chairman, executive directors and independent directors are evaluated on certain additional parameters depending upon their roles and responsibilities. For the chairman the criteria includes leadership, relationship with stakeholders etc., for the executive directors the criteria includes execution of business plans, risk management, achievement of business targets, development of plans and policies aligned to the vision and mission of the company, etc. Similarly, criteria for evaluation of Independent directors include effective deployment of knowledge and expertise, commitment to his/her role towards the company and various stakeholders, willingness to devote time and efforts towards his/her role, high ethical standards, adherence to applicable codes and policies, effective participation and application of objective independent judgement during meetings, etc.

Accordingly, the annual performance evaluation of the Board, its Committees and each Director was carried out for the financial year 2020-21 by the Board by way of oral evaluation through personal interaction. This included performance evaluation of all the Independent Directors by the entire Board. On the basis of performance evaluation done by the Board, it determines whether to extend or continue their term of appointment, whenever their respective term expires.

The Independent Directors had met separately on 24.03.2021 without the presence of Non-Independent Directors and the Members of Management and discussed, inter-alia, the performance of Non-Independent Directors and Board as a whole and the performance of the Chairman of the Company after taking into consideration the views of Executive and Non-Executive Directors.

The Directors expressed their satisfaction with the evaluation process.

Information Supplied to the Board

The Board has complete access to all information with the Company. All Board meetings are governed by a structured agenda which is backed by comprehensive background information. Since the year 2011-12, as a part of green initiative, the Company is holding and convening all its Board and Committee meetings on I-pad, in paperless form. All agenda papers are uploaded in a web-based programme for information, perusal and comments, etc. of the Board/ Committee members. Video conferencing facility is provided to facilitate Directors to participate in the meetings.

The information pertaining to mandatory items as specified in the Listing Regulations, Companies Act, 2013 and other applicable laws, along with other business issues, is regularly provided to the Board, as part of the agenda papers at least 2 weeks in advance of the Board meetings (except for certain unpublished price sensitive information which is circulated at a shorter notice).

Post Meeting follow up system: The Company has an effective post board meeting follow up procedure. Action taken report on the decisions taken in a meeting is placed at the immediately succeeding meeting for information of the Board.

The Board has established procedures to periodically review compliance report pertaining to all laws applicable to the Company as well as steps taken by the Company to rectify instances of non-compliance, if any.

Succession Plan: The Board of Directors has satisfied itself that plans are in place for orderly succession for appointment to the Board of Directors and Senior Management.

Roles and Responsibilities of Board Members

Dabur has laid down a clear policy defining the structure and role of Board members. The policy of the Company is to have a Non-Executive Chairman – presently Mr Amit Burman, a Chief Executive Officer (CEO) – Mr Mohit Malhotra, and an optimum combination of Executive and Non-Executive Promoter/ Independent Directors. The duties of Board members as a Director have been enumerated in Listing Regulations, Section 166 of the Companies Act, 2013 and Schedule IV of the said Act, the last being Independent Directors specific. There is a clear demarcation of responsibility and authority amongst the Board Members.

z The Chairman: His primary role is to provide leadership to the Board in achieving goals of the Company in accordance with the charter approved by the Board. He is responsible for transforming the Company into a worldclass organization that is dedicated to the well-being of each and every household, not only within India but across the globe, apart from leaving a fortunate legacy to posterity. Also, as the Chairman of the Board he is responsible for all the Board matters. He is responsible, inter-alia, for the working of the Board and for ensuring that all relevant issues are placed before the Board and that all directors are encouraged to provide their expert guidance on the relevant issues raised in the meetings of the Board. He is also responsible for formulating the corporate strategy along with other members of the Board of Directors. His role, inter alia, includes:
Provide leadership to the Board & preside over all Board & general meetings.
Achieve goals in accordance with Company's overall vision.

Ensure that Board decisions are aligned with Company's strategic policy.
Oversee and evaluate the overall performance of Board and its members.
Ensure to place all relevant matters before the Board and encourage healthy participation by all Directors to enable them to provide their expert guidance.
Monitor the core management team.
z The CEO and Executive Directors are responsible for implementation of corporate strategy, brand equity planning, external contacts and other management matters which are approved by the Board. They are also responsible for achieving the annual and longterm business plans. Their role, inter alia, includes:
Crafting of vision and business strategies of the company.
Clear understanding and accomplishment of Board set goals.
Responsible for overall performance of the Company in terms of revenues & profits and goodwill.
Acts as a link between Board and Management.
Ensure compliance with statutory provisions under multiple regulatory enactments.
z Non-Executive Directors (including Independent Directors) plays a critical role in balancing the functioning of the Board by providing independent judgements on various issues raised in the Board meetings like formulation of business strategies, monitoring of performances, etc. Their role, inter alia, includes:
Impart balance to the board by providing independent judgement.
Provide feedback on Company's strategy and performance.

Provide effective feedback and recommendations for further improvements.

Board Membership Criteria

The Nomination and Remuneration Committee in consultation with directors/ others determine the appropriate characteristics, skills and experience for the Board as a whole, as well as its individual members. The selection of Board members is based on recommendations of the Nomination and Remuneration Committee.

The skill profile of independent board members is driven by the key performance indicators defined by the Board, broadly based on:

z Independent corporate governance
z Guiding strategy and enhancing shareholders' value
z Monitoring performance, management development & compensation
z Control & compliance

The constitution of the Board is as follows:

A promoter non-executive chairman

Three promoter family members

Two executive members

Seven non-executive independent directors (including a woman director)

The matrix below highlights the skills and expertise required from individuals for the office of directors of the Company. These skills and expertise are currently available with the Board of the Company which has been mapped below.

Key Skill Area	Essential	Desirable	Amit Burman	Mohit Burman	Saket Burman	Aditya Burman	P D Narang	Mohit Malhotra	P N Vijay	R C Bhargava	S Narayan	Ajay Dua	S K Bhattacharya	Falguni S Nayar	Ajit Mohan Sharan	Mukesh Hari Butani
Strategy/Business Leadership	2-3 years experience as a CEO, preferably of an MNC in India	FMCG experience	Y	Y	Y	Y	Y	Y	Y	Y		Y	Y	Y	Y
Corporate Strategy Consultant	Consultant/Academician with experience in FMCG Industry and business strategy	Basic understanding of Finance	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y
Sales and Marketing Experience	At least 10 years experience in sales and marketing	Experience with FMCG or other consumer	Y					Y	Y	Y			Y	Y
	Good understanding of commercial processes	products	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y	Y
	2-3 years as head of sales or marketing		Y					Y		Y				Y
Corporate law	Expert knowledge of Corporate Law	Experience in trade/ consumer related laws					Y		Y	Y	Y	Y	Y	Y		Y
Finance	At least 5 years as a CFO or as head of a merchant banking operation	FMCG experience					Y		Y					Y
Trade Policy & Economics	Expert Knowledge of Trade & Economic Policies	FMCG experience					Y	Y	Y	Y	Y	Y	Y	Y	Y	Y
Administration & Government Relations	Retired Bureaucrat	Basic understanding of Finance and Business								Y	Y	Y			Y
Ayurvedic Specialist	Ayurvedic doctor with a minimum of 20 years experience as a practitioner/researcher	Basic understanding of Finance and Business

Expertise for directors could also be based on the Company's priority at a particular time viz:

z Knowledge of export markets that Dabur is focusing on,
z Expertise in commodity procurement.

Remuneration paid to Directors -

Details of remuneration paid to directors for the financial year 2020-21 is as under: (Amount in Rs.)

Name of the Director	Sitting Fees	Salary & Perquisites	Performance linked incentive	Retiral Benefits	#Commission	Total
Amit Burman	0	0	0	0	0	0
Mohit Burman	0	0	0	0	0	0
Saket Burman	0	0	0	0	0	0
Aditya Burman	0	0	0	0	0	0
P D Narang	0	8,74,20,220	2,56,00,000	1,41,90,070	0	12,72,10,290
Mohit Malhotra	0	7,55,24,619	2,20,00,000	46,77,514	0	10,22,02,133
P N Vijay	13,00,000	0	0	0	13,00,000	26,00,000
R C Bhargava	10,00,000	0	0	0	10,00,000	20,00,000
S Narayan (Dr)	8,80,000	0	0	0	8,80,000	17,60,000
Ajay Dua (Dr)	12,80,000	0	0	0	12,80,000	25,60,000
*Sanjay Kr Bhattacharyya	7,80,000	0	0	0	7,80,000	15,60,000
Falguni Sanjay Nayar (Mrs)	5,00,000	0	0	0	5,00,000	10,00,000
Ajit Mohan Sharan	10,80,000	0	0	0	10,80,000	21,60,000
*Mukesh Hari Butani	2,00,000	0	0	0	2,00,000	4,00,000
Total	70,20,000	16,29,44,839	4,76,00,000	1,88,67,584	70,20,000	24,34,52,423

* Details of remuneration pertains to period for which he served as an Independent director.

#Commission for FY 2020-21 will be paid after the adoption of Annual Accounts at the AGM to be held on August 19, 2021.

Performance linked incentives are payable to Executive Directors as employees of the Company as per Company policy.

Mr P D Narang and Mr Mohit Malhotra are holding the office of whole-time directors of the Company for a period of five years w.e.f. 1.4.2018 and 31.1.2019, respectively, based on approval of shareholders.

During the Financial Year 2020-21, the Company did not advance any loan to any of its Directors.

During the Financial Year 2020-21, no stock options were granted to Mr P D Narang and Mr Mohit Malhotra. During the year 110400 stock options were exercised by Mr P D Narang and 37500 stock options were exercised by Mr Mohit Malhotra.

Pursuant to the approval accorded by shareholders certain directors are entitled to post separation fee on cessation of their employment and directorship with the Company as per their terms and conditions of appointment.

The notice period for the two Executive Directors, namely Mr. P D Narang and Mr. Mohit Malhotra, is of three months.

Apart from sitting fees, commision shall be paid to Independent Directors, as approved by the Board of Directors upon recommendation of Nomination and remuneration committee. This has the approval of shareholders of the Company.

Further, the Non-Executive Directors and Independent Directors are not entitled to any stock options.

Remuneration Policy

The remuneration paid to Executive Directors of the Company is approved by the Board of Directors on the recommendation of the Nomination and Remuneration Committee. The Company's remuneration strategy is market-driven and aims at attracting and retaining high calibre talent. The strategy is in consonance with the existing industry practice and is directed towards rewarding performance, based on review of achievements, on a periodical basis.

1. Non-Executive Directors (including Independent Directors)

The Non-Executive Directors are entitled for sitting fees for attending meetings of the board/committees thereof. Besides sitting fees, the Non-Executive Directors are also entitled to remuneration, including profit related commission, by whatever named called, out of the profits of the Company, at a rate not exceeding 1% of the net profits per annum of the Company, in terms of provisions of Sections 197 of the Companies Act, 2013 and computed in manner referred to in section 198 of the said Act, for a period not exceeding 5 financial years commencing from 01.04.2019 as may be approved by the Board and within the overall limits prescribed by the Companies Act, 2013.

2. Executive Directors

Remuneration of the executive directors consists of a fixed component and a variable performance incentive. The Nomination and Remuneration Committee makes annual appraisal of the performance of the Executive Directors based on a detailed performance evaluation, and recommends the compensation payable to them, within the parameters approved by the shareholders, to the Board for their approval.

In accordance with the relevant provisions of Companies Act, 2013 and the Listing Regulations, the following Policies/ Framework have been adopted by the Board upon recommendation of the Nomination and Remuneration Committee:

1. Policy on appointment of Board Members.
1. Remuneration Policy relating to remuneration of Directors, Key Managerial Personnel and other employees.
1. Framework for evaluation of the Board, its Committees and individual Board members including Independent Directors.

The Remuneration Policy and Policy on appointment of Board Members have been disclosed in the Directors' Report which forms part of the Annual Report.The manner of annual evaluation of the Board, its Committees and individual director have been disclosed elsewhere in this report.

COMMITTEES OF THE BOARD

Dabur has five Board level committees:

A) Audit Committee
B) Nomination and Remuneration Committee
C) Corporate Social Responsibility Committee
D) Risk Management Committee
E) Stakeholders' Relationship Committee

The composition of various Committees of the Board of Directors is available on the website of the Company at www.dabur.com and weblink for the same is https:// www.dabur.com/img/assets/20320-composition-of-boardcommittees.pdf

The Board Committees play a crucial role in the governance structure of the Company and have been constituted to deal with specific areas of concern for the company and need a closer review. The Board is responsible for constituting, assigning, co-opting and fixing the terms of reference of various committees. Details on the role and composition of these committees, including the number of meetings held during the financial year and the related attendance are provided below.

A) AUDIT COMMITTEE

Composition and Meetings

As on March 31, 2021, the Audit Committee comprises of six members as stated below. The composition of the Committee is in conformity with the Listing Regulations.

During the financial year 2020-21, the Audit Committee met five times on 27.05.2020, 30.07.2020, 16.10.2020, 03.11.2020 and 29.01.2021. The time gap between any two meetings was less than one hundred and twenty days.

The details of attendance of members and composition are as under:

Name of the	Category	Status		No. of Meetings
Member			Entitled to attend	Attended
Mr. P. N. Vijay Independent	Director	Chairman	5	5
Mr. R. C. Bhargava	Independent Director	Member	5	5
Dr. S. Narayan Independent	Director	Member	5	4
Dr. Ajay Dua	Independent Director	Member	5	5
*Mr. S.K. Bhattacharyya	Independent Director	Member	4	4
Mr. Ajit Mohan Sharan	Independent Director	Member	5	5
#Mr Mukesh Hari Butani	Independent Director	Member	0	0

*Resigned w.e.f. 04.11.2020

Appointed on 29.01.2021 post committee meeting

The Director responsible for the finance function, the head of Internal Audit and the representative of the Statutory Auditors, Internal Auditors and Cost Auditors are permanent invitees to the Audit Committee meetings. Mr. A K Jain, Executive Vice President (Finance) & Company Secretary, is Secretary to the Committee.

All members of the Audit Committee have accounting and financial management expertise. Mr P N Vijay, Chairman of the Audit Committee, attended the AGM held on 03.09.2020 to answer the shareholders' queries.

The role of Audit Committee includes the following:

1. Oversight of the Company's financial reporting process and disclosure of its financial information to ensure that the financial statement is correct, sufficient and credible.
1. Recommending to the Board the appointment, re-appointment, terms of appointment/ reappointment and, if required, the replacement or removal of the statutory auditor and the fixation of audit fees/ remuneration.
1. Approval of payment to statutory auditors for any other services rendered by the statutory auditors.
1. Reviewing, with the Management, the annual financial statements before submission to the Board for approval, with particular reference to:
Matters required to be included in the Director's Responsibility Statement to be included in the Board's report in terms of sub section (5) of section 134 of the Companies Act, 2013.
Changes, if any, in accounting policies and practices and reasons for the same.
Major accounting entries involving estimates based on the exercise of judgement by the Management.
Significant adjustments made in the financial statements arising out of audit findings.
Compliance with listing and other legal requirements relating to financial statements.
Disclosure of any related party transactions.
Modified opinion(s)in the draft audit report.
1. Review/examine, with the Management, the quarterly/year to date financial statements and auditor's report thereon, before submission to the Board for approval.
1. Reviewing with the Management, the financial statements of subsidiaries and in particular the investments made by each of them.
1. Reviewing/Monitoring, with the Management, the statement of uses/application/end use of funds raised through an issue (public issue, rights issue, preferential issue, etc.) and related matters, the statement of funds utilized for purposes other than those stated in the offer document/prospectus/notice and the report submitted by the monitoring agency monitoring the utilization of the proceeds of a public or rights issue, and making appropriate recommendations to the Board to take up steps in this matter.

1. Reviewing/evaluating, with the Management, performance of statutory and internal auditors, internal financial controls, risk management system and adequacy of the internal control systems.
1. Reviewing the adequacy of internal audit function, if any, including the structure of the internal audit department, staffing and seniority of the official heading the department, reporting structure coverage and frequency of internal audit.
1. Discussion with internal auditors any significant findings and follow‐ups there on.
1. Reviewing the findings of any internal investigations by the internal auditors into matters where there is suspected fraud or irregularity or a failure of internal control systems of a material nature and reporting the matter to the Board.
1. Discussion with statutory auditors before the audit commences, about the nature and scope of audit as well as post‐audit discussion to ascertain any area of concern.
1. To look into the reasons for substantial defaults in payment to the depositors, debenture holders, shareholders (in case of non-payment of declared dividends) and creditors.
1. To review the functioning of the Whistle- Blower mechanism.
15.Approval of appointment of CFO (i.e. the wholetime Finance Director or any other person heading the finance function or discharging that function) after assessing the qualifications, experience and background, etc. of the candidate.
1. Carrying out any other function as is mentioned in the terms of reference of the Audit Committee.
1. Review and monitor the Auditor's independence, performance and effectiveness of Audit process.
18.Approval or any subsequent Modification of transactions of the company with related parties.
19.Scrutiny of inter- corporate loans and investments.
20.Valuation of undertakings or assets of the Company, wherever it is necessary.
1. Reviewing the utilization of loans and/ or advances from/ investment by the holding company in the subsidiary exceeding rupees 100 crore or 10% of the asset size of the subsidiary, whichever is lower including existing loans/ advances/ investments existing.
1. Reviewing compliance with the provisions of SEBI (Prohibition of Insider Trading) Regulations, 2015 at least once in a financial year and verifing that the systems for internal control are adequate and are operating effectively.

Further, the Audit committee is empowered to investigate any activity within its terms of reference, seek information it requires from any employee, obtain outside legal or other independent professional advice and secure attendance of outsiders with relevant expertise, if considered necessary. Apart from the above, the Audit Committee also exercises the role and powers entrusted upon it by the Board of Directors from time to time.

Dabur has systems and procedures in place to ensure that the Audit committee mandatorily reviews:

Management discussion and analysis of financial conditions and results of operations.
Statement of significant related party transactions (as defined by the Audit Committee), submitted by management.
Management letters / letters of internal control weaknesses issued by the statutory auditors.
Internal audit reports relating to internal control weaknesses.
Appointment, removal and terms of remuneration of the Chief internal auditor.
Statement of deviations:
a) Quarterly statement of deviation(s) including report of monitoring agency, if applicable, submitted to stock exchanges(s) in terms of Regulation 32(1) (whenever applicable).
b) Annual statement of funds utilized for purposes other than those stated in the offer document/ prospectus/notice in terms of Regulation 32(7) (whenever applicable).

Audit Committee Report for the year ended March 31, 2021

To the Board of Directors of Dabur India Limited,

The Committee comprises of six Independent Directors. The management is responsible for the Company's internal financial controls and financial reporting process. The independent auditors are responsible for performing an independent audit of the Company's financial statements in accordance with the Indian Accounting Standards (Ind AS) and for issuing a report thereon. The Committee is responsible for overseeing the processes related to financial reporting and information dissemination.

In this regard, the Committee discussed with the Statutory Auditors the overall scope for their audit. The management presented to the Committee the Company's financial statements and also represented that the Company's financial statements had been drawn in accordance with the Ind AS.

Based on its review and discussions conducted with the management and the independent auditors, the Audit committee believes that the Company's financial statements are presented in conformity with Ind AS in all material aspects.

The Committee has reviewed Statement of contingent liabilities, Management discussion and analysis, Financial statements of subsidiary companies, Investments made by subsidiary companies, Directors' responsibility statement, Financial results and draft audit/ limited review report thereon, financial statements and draft auditor's report thereon, approval (including modification, if any) and review of Related Party Transactions and scrutinized inter corporate loans and investments of the Company. The Committee evaluated the risk management systems. The Committee reviewed compliances with the provisions of Prevention of Insider Trading Regulations, 2015 and verified that the systems for internal controls are adequate and operating effectively. Capex Budget for Financial Year 2020-21 was reviewed by the Committee. Complaints received under Whistle-Blower Policy/ Vigil Mechanism were also monitored by the Committee. The Committee affirms that in compliance with the Whistle-Blower Policy/ Vigil Mechanism no personnel had been denied access to the Audit Committee.

The Committee has appointed M/s PriceWaterhouse Coopers Private Limited as internal auditors of the Company for the period from 1st July, 2020 to 30th June, 2021 and discussed and approved their audit plan. The Committee reviewed the internal audit reports, along with implementation status thereof, submitted by internal auditors. The Committee re-appointed M/s Ramanath Iyer & Company, as cost auditors to audit the cost records maintained by the Company in respect of certain products for the financial year 2020-21 and approved their scope of work. The Committee approved remuneration of Statutory Auditors for FY 2019-20. During the year the Committtee also approved and recommended for approval of the Board - appointment of Chief Financial officer (CFO) in place of erstwhile CFO who had resigned.

In conclusion, the Committee is sufficiently satisfied that it has complied with the responsibilities as outlined in the Audit Committee's responsibility statement.

Place : New Delhi P N Vijay Date : 7 May, 2021 Chairman, Audit Committee

B) NOMINATION AND REMUNERATION COMMITTEE

Composition and Meetings

As on March 31, 2021 the Nomination and Remuneration Committee comprises of members as stated below. The composition of the Committee is in conformity with the Listing Regulations, with all directors being Non-Executives and fifty per cent of them being independent. Chairman of the Committee is an Independent Director.

During the financial year 2020-21, the Nomination and Remuneration Committee met five times on 27.05.2020, 15.06.2020, 30.07.2020, 03.11.2020 and 29.01.2021.

The details of attendance of the members are as under:

Name of the	Category	Status		No. of Meetings
Member			Entitled to attend	Attended
Dr. S. Narayan Independent	Director	Chairman	5	4
#Mr. P. N. Vijay Independent	Director	Member	3	3
*Mr Ajit Mohan Sharan	Independent Director	Member	2	2
Mr. Amit Burman	Promoter/ Non Executive Director	Member	5	5
\$Mr Mohit Burman	Promoter/ Non Executive Director	Member	0	0

Ceased on 30.07.2020 post committee meeting on 30.07.2020

* Appointment w.e.f. 30.07.2020 post committee meeting on 30.07.2020

\$ Appointment w.e.f. 29.01.2021 post committee meeting on 29.01.2021

Dr S Narayan, Chairman of the Commiittee, attended the AGM held on 03.09.2020.

Upon recommendation of Nomination and Remuneration Committee the Board of Directors have devised an evaluation framework in line with the applicable provisions of Companies Act, 2013 and Listing Regulations and has laid down the process, format, attributes and criteria for performance evaluation of the Board of the Company, its Committees and the individual Board members (including Independent Directors), to be carried out only by the Board.

The Performance evaluation criteria for independent directors include effective deployment of knowledge and expertise, commitment to his/her role towards the company and various stakeholders, willingness to devote time and efforts towards his/her role, high ethical standards, adherence to applicable codes and policies, effective participation and

application of objective independent judgement during meetings, etc. On the basis of performance evaluation of Independent Directors, it is determined whether to extend or continue their term of appointment, whenever their respective term expires.

The performance evaluation of the Board of the Company, its Committees and the individual Board members (including Independent Directors) for the financial year 2020-21 has been carried out by the Board in accordance with the Evaluation Framework adopted by the Company.

The roles and responsibilities of the Committee covers the area as specified in the Listing Regulations, Companies Act, 2013 and other applicable laws, if any, besides other role and powers entrusted upon it by the Board of Directors from time to time. The roles and responsibilities of the Committee include the following:

1. Formulate the criteria for determining qualifications, positive attributes and independence of a Director.
1. Identifying persons who are qualified to become directors and who may be appointed in senior management in accordance with the criteria laid down, recommend to the Board their appointment and removal.
1. Formulate the criteria for evaluation of director's and Board's performance.
1. Devising a policy on Board diversity.
1. To engage the services of consultants and seek their help in the process of identifying suitable person for appointments to the Board.
1. To decide the remuneration of consultants engaged by the Committee.
1. Framing, recommending to the Board and implementing, on behalf of the Board and on behalf of the Shareholders, policy on remuneration of Directors, Key Managerial Persons (KMP) & other Employees, including ESOP, pension rights and any other compensation payment.
1. To ensure that the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate directors and KMP of the quality required to run the company successfully;
1. To ensure that Relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
1. To ensure that Remuneration to directors, key managerial personnel and senior management involves a balance between fixed and incentive pay reflecting short and long-term performance objectives appropriate to the working of the company and its goals.
1. Considering, approving and recommending to the Board changes in designation and increase in salary of the Directors, KMP and other employees.
1. Framing the Employees Share Purchase Scheme / Employees Stock Option Scheme and recommending the same to the Board/ shareholders for their approval and implementing/administering the scheme approved by the shareholders.
1. Suggesting to Board/ shareholders changes in the ESPS/ ESOS.
1. Deciding the terms and conditions of ESPS and ESOS which, inter-alia, include the following:
Quantum of options to be granted under the Scheme per employee and in aggregate;
Vesting Period;
Conditions under which option vested in employees may lapse in case of termination of employment for misconduct;
Exercise period within which the employee should exercise the option and that option would lapse on failure to exercise the option within the exercise period;
Specified time period within which the employee shall exercise the vested options in the event of termination or resignation of employee;
Right of an employee to exercise all the options vested in him at one time or at various points of time within the exercise period;
Procedure for making a fair and reasonable adjustment to the number of options, entitlement of shares against each option and to the exercise price in case of rights issues, bonus issues and other corporate actions;
Grant, vest and exercise of option in case of employees who are on long leave;
Procedure for cashless exercise of options;
Forfeiture/ cancellation of options granted;
All other issues incidental to the implementation of ESPS/ESOS.
To issue grant/ award letters.
To allot shares upon exercise of vested options.
1. Recommend to the Board, all remuneration, in whatever form, payable to senior management.

Nomination and Remuneration Committee Report for the year ended March 31, 2021

To the Board of directors of Dabur India Limited,

The Nomination and Remuneration committee comprises of two Independent Directors and two Non-Executive Promoter Directors. The main responsibility of the Committee is to incentivize and reward executive performance that will lead to long-term enhancement of shareholder performance. Further the Committee is also responsible for formulating policies as to remuneration, performance evaluation, board diversity, etc. in line with Companies Act, 2013 and SEBI Listing Regulations.

During the year the Committee had fixed targets for vesting of stock options for FY 2020-21, approved grant of stock options to employees under the ESOP Scheme of the Company, approved cancellation of certain ESOPs granted earlier and approved allotment of equity shares upon exercise of stock options. The Committee recommended to the Board - i) appointment of Mr Mukesh Hari Butani as Non-Executive Independent Director of Company for a term of 5 consequtive years, subject to approval of shareholders in the ensuing AGM. ii) appointment of senior management personnel – Mr Ankush Jain, as CFO in place of erstwhile CFO. The Committee reviewed and approved revision in remuneration of Mr. P.D. Narang and Mr. Mohit Malhotra, Executive Directors and senior management of the Company. The Committee also recommended to the Board, payment of commission (apart from sitting fee) to non-executive independent directors of the Company, for the financial year 2019-20, being 100% of sitting fee paid during the financial year 2019-20, within the maximum of 1% of net profits of the Company which already has approval of shareholders.

S Narayan

	Chairman,
Place : New Delhi	Nomination and
Date : 7 May, 2021	Remuneration Committee

C) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Composition and Meetings

As on March 31, 2021 the Corporate Social Responsibility (CSR) Committee consists of members as stated below.

During the financial year 2020-21 the Committee met five times on 26.05.2020, 25.06.2020, 28.07.2020, 30.10.2020 and 28.01.2021. The details of attendance of members are given below:

Name of the	Category	Status	No. of Meetings
Member			Entitled to attend	Attended
Dr. Ajay Dua	Independent Director	Chairman	5	5
@Mr. S K Bhattacharyya	Independent Director	Member	4	4
\$Mr P N Vijay	Independent Director	Member	3	3
#Mr Ajit Mohan Sharan	Independent Director	Member	2	2
Mr. P D Narang	Executive Director	Member	5	5
Mr Mohit Malhotra	Executive Director	Member	5	5

Appointed w.e.f. 30.07.2020

\$ Ceased to be member w.e.f. 30.07.2020

@ Ceased to be member w.e.f. 04.11.2020

The role of CSR Committee is as under:-

(a) Formulate and recommend to the Board, a CSR Policy which shall indicate the activities to be undertaken by the Company in compliance with the Companies Act, 2013 and rules thereunder.

(b) Recommend the amount of expenditure to be incurred on the activities as above, and
(c) Monitor the CSR Policy of the Company from time to time.

The Company has formulated a CSR Policy in line with Schedule VII of the Companies Act, 2013.

CSR Policy of the Company

The CSR activities shall be focused not just around the plants and offices of the Company, but also in other geographies based on the needs of the communities. The five key focus areas where special Community Development programmes would be run are:

1. Corona support initiatives;
2. Eradicating hunger, poverty and malnutrition;
3. Promoting health care including preventive health care;
4. Ensuring environmental sustainability;
5. Promotion of Education.

The formal CSR policy of the Company is available on the website of the Company www.dabur.com at the link https://www.dabur.com/img/upload-files/1136-Dabur-India-Ltd-CSR-Policy-2020.pdf

CSR Committee Report for the year ended March 31, 2021

To the Board of directors of Dabur India Limited,

The CSR Committee comprises of two Independent Directors and two Executive Directors.

The main responsibility of the Committee is to formulate and recommend to the Board, a CSR Policy indicating

activities to be undertaken by the Company as specified in Companies Act, 2013, recommending the expenditure on CSR activities & monitoring the activities undertaken from time to time.

The Company has in place a CSR Policy formulated by the Committee and approved by the Board of Directors.

During the Financial Year 2020-21, the Committee approved the CSR activities and monitored the progress on CSR activities undertaken by the Company on quarterly basis. Further the Committee also reviewed the CSR activities undertaken by Jivanti welfare and charitable trust (promoted by Dabur). The Company has been able to spend the mandatory 2% of average net profits of immediately preceding 3 years on various CSR activities, the details of which are given in CSR Report approved by the Committee and attached to the Directors' Report. The Committee also approved contribution of Rs.5 crore to PM Cares Fund under CSR for FY 2020-21. The Committtee took note of amendments in the provisions related to CSR and accordingly revised the CSR Policy. The Committee is sufficiently satisfied with the CSR compliances on the part of the Company.

Place : New Delhi Dr Ajay Dua

Date : 7 May, 2021 Chairman, CSR Committee

D) RISK MANAGEMENT COMMITTEE

Composition and Meetings

As on March 31, 2021 the Risk Management Committee consists of members as stated below.

The composition of the Committee is in conformity with the Listing Regulations, with majority of members being directors of the Company.

During the financial year 2020-21 the committee met five times on 26.05.2020, 25.06.2020, 28.07.2020, 30.10.2020 and 28.01.2021. The detail of attendance of members are given below:

Name of	Category	Status	No. of Meetings
the Member			Entitled to attend	Attended
	Dr Ajay Dua Independent Director	Chairman	5	5
Mr. P N Vijay	Independent Director	Member	5	5
Mr. Amit Burman	Promoter/ Non-Executive Director	Member	5	5
\$Mr Mohit Burman	Promoter/ Non-Executive Director	Member	0	0
Mr Mohit Malhotra	Executive Director	Member	5	5
Mr. P D Narang	Executive Director	Member	5	5
*Mr. Lalit Malik	CFO & Joint Chief Risk Officer	Member & Joint Chief Risk Officer	5	5

Name of	Category	Status	No. of Meetings
the Member			Entitled to attend	Attended
	Mr. A K Jain EVP (Finance) & Co. Secretary & Joint Chief Risk Officer	Member & Joint Chief Risk Officer	5	5
#Mr. Ankush Jain	CFO & Joint Chief Risk Officer	Member & Joint Chief Risk Officer	0	0

\$ Appointed on 29.01.2021

* ceased w.e.f. 01.04.2021

Appointed w.e.f. 01.04.2021

The role of the Committee is as under:-

1. Preparation of Risk Management Plan, reviewing and monitoring the same on regular basis.
1. To update Risk Register on quarterly basis.
1. To review critical risks identified by Joint Chief Risk Officer(s) and Management Committee of the Company on quarterly basis.
1. To report key changes in critical risks to the Board on quarterly basis.
1. To present detailed report on Risk Mangement to the Board of Directors on yearly basis.
1. To get the Risk Management Systems evaluated by the Audit Committee on yearly basis.
1. To perform such other functions as may be prescribed or deemed fit by the Board.

Risk Management Committee Report for the year ended March 31, 2021

To the Board of directors of Dabur India Limited,

The Committee consists of two Independent Director, two Executive Directors, two Promoter Non-Executive Directors and two KMP's being non- board members.

The primary responsibility of the committee is to prepare the Risk Management Plan of the Company and to review and monitor the same on a regular basis.

During the Financial Year 2020-21 the Committee identified and assessed the risks faced by the Company and procedures to mitigate the same (including new risk arised due to covid -19). The risks were assessed categorically under the broad heads of high, medium and low risks with high and medium risks sub categorized as critical and low risks as non-critical. During the year, risk management systems were evaluated for recommendation to the Audit Committtee. The Committee also noted the applicability and role of Committee mentioned in the consultation paper issued by SEBI on 10.11.2020.

Dr Ajay Dua

Place : New Delhi	Chairman,
Date : 7 May, 2021	Risk Management Committee

E) STAKEHOLDERS' RELATIONSHIP COMMITTEE

Composition and Meetings

As on March 31, 2021 the Stakeholders' Relationship Committee consists of members as stated below.

During the financial year 2020-21 the Committee met four times on 26.05.2020, 28.07.2020, 30.10.2020 and 28.01.2021. The details of attendance of members are given below:

Name of the	Category	Status	No. of Meetings
Member			Entitled to attend	Attended
Mr. P N Vijay Independent	Director	Chairman	4	4
Dr. Ajay Dua Independent	Director	Member	4	4
Mr. Amit Burman	Promoter/ Non-Executive Director	Member	4	4
*Mr. Mohit Burman	Promoter/ Non-Executive Director	Member	0	0
Mr. P D Narang	Executive Director	Member	4	4

*Appointment on 29.01.2021

Mr. A. K. Jain, Executive Vice President (Finance) and Company Secretary is the Compliance Officer.

The Committee ensures cordial investor relations, oversees the mechanism for redressal of investors' grievances and specifically looks into various aspects of interest of shareholders. The Committee specifically looks into redressing shareholders'/ investors' complaints/ grievances pertaining to share transfers/ transmission, non-receipts of annual reports, nonreceipt of declared dividend and other allied complaints.

The role of the Committee is in accordance with the Listing Regulations. It performs the following functions:

Transfer/ transmission of shares.
Split up/ sub-division and consolidation of shares.
Dematerialization/ rematerialization of shares.
Issue of new and duplicate share certificates.
Transfer of shares to IEPF Authority.
Release of shares from unclaimed suspense account of the Company
Registration of Power of Attorneys, Probate, Letters of transmission or similar other documents.
To open/ close bank account(s) of the Company for depositing share/ debenture applications, allotment and call monies, authorize operation of such account(s) and issue instructions to the Bank from time to time in this regard.
To look into redressal of shareholders' and investors' complaints relating to transfer/transmission of shares, non- receipt of annual report, non- receipt of declared dividends, issue of new /duplicate share certificates, general meetings, etc.
Any allied matter(s) out of and incidental to these functions and not herein above specifically provided for.
Review of measures taken for effective exercise of voting rights by shareholders.
Review of adherence to the service standards adopted by the listed entity in respect of various services being rendered by the Registrar & Share Transfer Agent.
Review of various measures and initiatives taken by the listed entity for reducing the quantum of unclaimed dividends and ensuring timely receipt of dividend warrants/ annual reports/ statutory notices by the shareholders of the Company.

Investor Grievance Redressal

Details of complaints received and resolved by the Company during the financial year 2020-21 are given below:

Nature of Complaint	Pending as on 31.3.2020	received during the FY 2020-21	disposed of during the FY 2020-21	pending as on 31.3.2021
Non receipt of certificates lodged for Transfer / Transmission, issue of Duplicate shares	NIL	-	-	NIL
Non-receipt of Dividend	NIL	1	1	NIL
Dematerialization /Rematerialization of shares	NIL	-	-	NIL
Others (Non-receipt of bonus shares/ POA/ change of signatures/ address etc.)	NIL	1	1	NIL
Total	NIL	2	2	NIL

In order to provide efficient services to investors, and for speedy redressal of the complaints, the committee has delegated the power of approving transfer and transmission of shares and other matters like split up / sub-division and consolidation of shares, issue of new certificates on re-materialization, sub-division, consolidation and exchange, subject to a maximum of 10000 shares per case and for dematerialization upto a maximum of 40000 shares per case, jointly to any two of Mr. A K Jain, Executive Vice President (Finance) and Company Secretary, Mr. Praveen Mudgal, Joint Company Secretary and Mrs. Sarita Agrawal, Dy. General Manager (Secretarial).

Stakeholders' Relationship Committee Report for the year ended March 31, 2021

To the Board of directors of Dabur India Limited,

The Stakeholders' Relationship Committee comprises of two independent directors, two promoter non-executive directors and one executive director.

The main responsibility of the Committee is to ensure cordial investor relations and supervise the mechanism for redressal of investor grievances pertaining to transfer of shares, non-receipt of annual report, non-receipt of declared dividends etc. It performs the functions of transfer/ transmission/ remat/ demat/ split-up/ subdivision and consolidation of shares, issue of duplicate share certificates and allied matter(s). The Committee is also responsible to specifically look into various aspects of interest of shareholders like effective exercise of voting rights by shareholders, service standards of Registrar and Transfer Agents (RTA), etc.

During the year, the committee approved nil cases of transfer, 3 cases of transmission, 1 case of re-materialization, 309 cases of dematerialization, nil cases of consolidation, 3 cases of name deletion, 31 cases of issue of duplicate share certificates, 95 cases of transfer of shares to IEPF Authority, and 35 cases of release of shares from unclaimed suspense account. The Committee has also constituted a subcommittee to facilitate the issuance of duplicate share certificates and transfer/ transmission/ consolidation/ sub- division/ remat of more than 10000 shares per case/ demat of more than 40000 shares per case, within the prescribed timelines. The committee also reviewed the status of investors' grievances on quarterly basis. The company received complaints during the year all of which were redressed and at the close of the financial year there were no complaints pending for redressal. During the year the Committee had also approved issuance of new share certificates to facilitate transfer of shares to the Investor Education and Protection Fund Authority (IEPFA) of the Central Government and in accordance with the applicable provisions 78934 equity shares of the Company have been transferred to the IEPFA.

The Committee reviewed the Annual Internal Audit Report issued by M/s Ernst & Young LLP., Chartered Accountants, appointed by our RTA to audit the RTA activities. Response and corrective action taken by RTA was also reviewed by the Committee. The Coomiittee also took note of revised SEBI guidelines for handling investors complaints on SCORES platform.

P N Vijay

Place : New Delhi Chairman, Date : 7 May, 2021 Stakeholders' Relationship Committee

SUBSIDIARY COMPANIES - MONITORING FRAMEWORK

The Company monitors performance of its subsidiary companies, inter-alia, by the following means:

i) The Audit committee reviews financial statements of the subsidiary companies, along with investments made by them, on a quarterly basis.
ii) The Board of directors reviews the Board meeting minutes and statements of all significant transactions and arrangements, if any, of subsidiary companies.
iii) Effective 01.4.2019, by appointing an independent Director of the Company on the Board of directors of unlisted material subsidiary.

The Company has formulated a policy for determining its 'Material' Subsidiaries and the same is available on the website of the Company- www.dabur.com. The weblink for the same is http://www.dabur.com/img/upload-files/44 policy-material-subsidiary.pdf

Dabur International Limited, a wholly owned subsidiary, incorporated outside India, is a material subsidiary of the Company. Further, Dabur India Ltd. does not have any unlisted material subsidiary, incorporated in India. [Under the Listing Regulations, a "material subsidiary" shall mean a subsidiary, whose income or net worth exceeds ten percent [for appointment of independent director of the Company on the board of material subsidiary (refer iii) above) twenty percent] of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year].

Dabur does not have a listed subsidiary.

Policy on Group Governance

Upon recommendation of Kotak Committee on Corporate Governance, SEBI had issued a circular dated 10.05.2018 for implementation of Group Governance Unit where the listed entity has a large number of unlisted subsidiaries. Accordingly, during the FY 19-20, the Company has adopted a Board approved Policy on Group Governance to monitor governance of its unlisted subsidiaries across the globe.

MANAGEMENT

Integrated Reporting and Management Discussion & Analysis

The Annual Report has a detailed chapter on Integrated Reporting and Management Discussion & Analysis, which forms part of this report.

POLICIES, AFFIRMATIONS AND DISCLOSURES

Code of Conduct

Commitment to ethical professional conduct is a must for every employee, including Board members and senior management personnel of Dabur. The Code is intended to serve as a basis for ethical decision-making in conduct of professional work. The Code of Conduct enjoins that each individual in the organization must know and respect existing laws, accept and provide appropriate professional views, and be upright in his conduct and observe corporate discipline. The duties of Directors including duties as an Independent Director as laid down in the Companies Act, 2013 also forms part of the Code of Conduct.

The Code of Conduct is available on the website of the Company www.dabur.com. All Board members and senior management personnel affirm compliance with the Code of Conduct annually. A declaration signed by the Chief Executive Officer (CEO) to this effect is placed at the end of this report.

Related Party Transactions

The Company has formulated a Policy on materiality of Related Party Transactions and on dealing with Related Party Transactions, in accordance with relevant provisions of Companies Act, 2013 and Listing Regulations. The policy has been displayed on the website of the Company at www. dabur.com. Web link for the same is https://www.dabur.com/ img/upload-files/1135-Policy-on-RPT-(BM-31.01.2019).pdf

All Related Party Transactions are approved by the Audit Committee prior to the transaction. The Audit Committee, after obtaining approval of the Board of Directors, has laid down the criteria for granting omnibus approval which also forms part of the Policy. Related Party Transactions of repetitive nature are approved by the Audit Committee on omnibus basis for one financial year at a time. The Audit Committee satisfies itself regarding the need for omnibus approval and that such approval is in the interest of the company and ensures compliance with the requirements of Listing Regulations and the Companies Act, 2013. All omnibus approvals are reviewed by the Audit Committee on a quarterly basis.

Further, there were no materially significant related party transactions that may have potential conflict with the interests of company at large.

A confirmation as to compliance of Related Party Transactions as per Listing Regulations is also sent to

the Stock Exchanges along with the quarterly compliance report on Corporate Governance. Disclsoure of related party transactions on a consolidated basis is also sent to the Stock Exchanges after publication of standalone and consolidated financial results for the half year.

Disclosures by Board Members & Senior management

The board members and senior management personnel make disclosures to the Board periodically regarding

z their dealings in the Company's shares; and
z all material, financial and commercial and other transaction with the Company;

where they have personal interest, stating that the said dealings and transactions, if any, have no potential conflict with the interests of the Company at large.

Disclosure of accounting treatment in preparation of financial statements

The Company has followed accounting principles generally accepted in India, including the Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and other relevant provisions of the Act. The Company has uniformly applied the accounting policies during the periods presented. Kindly refer to note no. 5 and 6 of the standalone and consolidated financial statements, respectively for significant accounting policies adopted by the company.

Details of non-compliance by the Company

Dabur has complied with all the requirements of regulatory authorities. No penalties/strictures were imposed on the Company by Stock Exchanges or SEBI or any statutory authority on any matter related to capital markets during the last three years.

Disclosure on compliance with Corporate Governance Requirements specified in Listing Regulations

The Company has complied with the requirements of Part C (corporate governance report) of sub-paras (2) to (10) of Schedule V of the Listing Regulations.

The Company has complied with corporate governance requirements specified in Regulation 17 to 27 and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the Listing Regulations and necessary disclosures thereof have been made in this corporate governance report.

Disclosure on Commodity price risks or foreign exchange risk and hedging activities

Commodity price risk and hedging activities

The Company's extended material supply chain has faced risks of fluctuations in commodity prices and has successfully mitigated them through a judicious mix of strategic price management and longterm buying.

The Company has in place a Risk Management Policy with respect to Commodities including through hedging, in line with the Listing Regulations. Disclosure in the format required vide SEBI's circular dated November 15, 2018 is as under:

z Exposure of the Company to commodity and commodity risks faced by it throughout the year:
a. Total exposure of the Company to commodities in INR = 1503 Cr.
b. Exposure of the Company to various commodities as per the following table:

Commodity Name	Exposure in INR towards the	Exposure in Quantity terms towards the	% of such exposure hedged through commodity derivatives
	particular commodity	particular commodity (metric tons)		Domestic market		International market
	(INR Crore)		OTC	Exchange	OTC	Exchange
Raw honey	252	29553	Nil	Nil	Nil	Nil	Nil
Raw coconut oil	135	8927	Nil	Nil	Nil	Nil	Nil
Sugar	116	35156	Nil	Nil	Nil	Nil	Nil
Mustard oil	96	8868	Nil	Nil	Nil	Nil	Nil
Light liquid parafin	88	15995	Nil	Nil	Nil	Nil	Nil

c. Commodity risks faced by the Company during the year and how they have been managed:
z COVID-19 outbreak has shaken the fundamentals of market dynamics in various commodities with

volatility griping the global commodity markets & exposing risks across the value chain. The company has successfully sailed through the rapidly changing and challenging environment through a mix of longterm coverages and collaboration with stakeholders.

z The Company is subject to market risk with respect to commodity price fluctuations in a wide range of materials drawn from the agriculture and petroleum value chains. The company hedges the exposure to commodity risks through judicious mix of longterm contracts in seasonal items and strategic buying initiatives based on detailed price forecasts. The Company does not have any exposure hedged through commodity derivatives.
z The group has a elaborate framework and governance mechanism in place to safeguard company from market volatility in terms of price and availability. The robust strategy and detailed planning ensures the company's interests are duly protected.

Foreign Exchange Risk and hedging activities

As regards foreign exchange risks, keeping in view the position of rupee in the market vis-a-vis foreign currency, the company has been taking forward cover for foreign currency exports and imports from time to time and with reference to foreign currency borrowings, the loans are fully hedged at the time of inception itself as per the Forex policy framework of the company.

Code for prevention of Insider-Trading Practices

In accordance with SEBI (Prohibition of Insider Trading) Regulations, 2015 the Company has in place following policies/codes which are revised from time to time according to applicable laws or as per need.

z Code of Conduct for Prevention of Insider Trading
z Code of Practices and Procedures for Fair Disclosure of Unpublished Price Sensitive Information (UPSI). Policy for determination of "legitimate purposes" forms part of this Code.
z Policy and procedures for inquiry in case of leak of UPSI/ suspected leak of UPSI

All compliances relating to Code of Conduct for Prevention of Insider Trading are being managed through a web-based portal installed by the Company. This code lays down guidelines advising the management, staff and other connected persons, on procedures to be followed and disclosures to be made by them while dealing with the shares of Dabur, and while handling any unpublished price sensitive information, cautioning them of the consequences of violations. The Executive Vice President (Finance) and Company Secretary has been appointed as the Compliance Officer.

Whistle-Blower Policy / Vigil Mechanism

The Company promotes ethical behaviour in all its business activities and in line with the best international governance practices, Dabur has established a system through which directors, employees and business associates may report unethical behavior, malpractices, wrongful conduct, fraud, violation of Company's code of conduct without fear of reprisal. Reporting of instances of leak/ suspected leak of any Unpublished Price Sensitive Information is allowed through this vigil mechanism and the Company has made its employees aware of the same. The Company has set up a Direct Touch initiative, under which all directors, employees / business associates have direct access to the Chairman of the Audit Committee, and also to a three-member direct touch team established for this purpose. The direct touch team comprises of one senior woman member so that women employees of the Company feel free and secure while lodging their complaints under the policy. The Whistle-Blower Protection Policy aims to:

z Allow and encourage stakeholders to bring to the management notice concerns about unethical behavior, malpractice, wrongful conduct, actual or suspected fraud or violation of policies and leak or suspected leak of any unpublished price sensitive information.
z Ensure timely and consistent organizational response.
z Build and strengthen a culture of transparency and trust.
z Provide protection against victimization.

The above mechanism has been appropriately communicated within the Company across all levels and has been displayed on the Company's intranet as well as on the Company's website www.dabur.com.Web link for the same is https://www. dabur.com/img/upload-files/164-Direct-Touch-1.4.2021.pdf

The Audit Committee periodically reviews the existence and functioning of the mechanism. It reviews the status of complaints received under this policy on a quarterly basis. The Committee has, in its report, affirmed that no personnel have been denied access to the Audit Committee.

Dividend Distribution Policy

To bring transparency in the matter of declaration of dividend and to protect the interests of investors, Dabur has in place a Dividend Policy since long. The Policy was revised in line with Regulation 43A of the Listing Regulations and the Companies Act, 2013 which has been displayed on the Company's website,www.dabur.com and is also available in the Director's Report which forms part of the Annual Report.

CEO/ CFO certification

In terms of Regulation 17(8) of the Listing Regulations, the CEO and CFO have certified to the Board of Directors of the Company in their meeting held on 07.05.2021, with regard to the financial statements and other matters specified in the said regulation, for the financial year 2020-21.

Legal Compliance Reporting

The Board of directors reviews in detail, on a quarterly basis, the report of compliance with respect to all laws and regulations applicable to the Company. The Company has developed a very comprehensive Legal Compliance System, which drills down from the CEO to the executivelevel person (who is primarily responsible for compliance) within the Company. The process of compliance reporting is fully automated, using the e-nforce compliance tool. Systembased alerts are generated until the user submits the monthly compliance report, with provision for escalation to the higherups in the hierarchy. Any non-compliance is seriously taken up by the Board, with fixation of accountability and reporting of steps taken for rectification of non-compliance.

Utilization of funds raised through preferential allotment or qualified institutions placement

No funds were raised through preferential allotment or qualified institutions placement as specified under Regulation 32 (7A).

Certificate from Company Secretary in Practice regarding disqualification of Directors

The Secretarial Auditors of the Company M/s Chandrasekaran Associates have issued a certificate that none of the directors on the board of the company have been debarred or disqualified from being appointed or continuing as directors of companies by the Board/Ministry of Corporate Affairs or any such statutory authority. The same is placed at the end of this report.

Recommendations of Committee(s) of the Board of Directors

During the year, all recommendations of Committee(s) of the Board of Directors, which are mandatoriy required, were accepted by the Board.

Total fees paid to statutory auditor and all entities in the network

Details of total fees for all services paid by the Company and its subsidiaries (on a consolidated basis) to the statutory auditor and all entities in the network firm/network entity of which the statutory auditor is a part is as under:

Fee paid/payable by the Company w.r.t. FY 2020-21

i) Statutory Audit and limited review Rs. 0.74 crores
ii) Certification and other services Rs.0.02 crores
iii) Reimbursement of expenses Rs.0.04 crores

Fee paid/ payable by M/s H&B Stores Limited, wholly owned subsidiary w.r.t. FY 2020-21

i) Statutory and certification fee Rs. 0.175 crores
ii) Reimbursement of expenses Rs. 0.001 crores

Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

Kindly refer to relevant disclosures in the Directors' Report which forms part of the Annual Report 2020-21.

Credit Ratings

For all credit ratings obtained by the Company along with any revisions thereto during the financial year 2020-21, kindly refer to relevant disclosures in the Directors' Report which forms part of the Annual Report 2020-21.

SHAREHOLDERS

Changes and appointment/ re-appointment of Directors

For information in this regard kindly refer to the section 'Directors' contained in Directors' Report which forms part of the Annual Report 2020-21.

MEANS OF COMMUNICATION WITH SHAREHOLDERS

Dabur recognizes communication as a key element of the overall Corporate Governance framework, and therefore emphasizes on prompt, continuous, efficient and relevant communication to all external constituencies.

Financial Results: The quarterly financial results are normally published in all editions of Hindustan Times (English) and Delhi-NCR editions of Hindustan (Hindi) newspapers. Details of publication of financial results for the year under review are given below:

Description	Date
Unaudited Financial Results for the quarter	July 31, 2020
ended June 30, 2020
Unaudited Financial Results for the quarter/	November 04,
half year ended September 30, 2020	2020
Unaudited Financial Results for the quarter	January 30,
/ nine months ended December 31, 2020	2021
Audited Financial Results for the quarter/	May 08, 2021
financial year ended March 31, 2021	(Tentative)

The consolidated financial results are also generally sent electronically to all the shareholders possessing email ids. Shareholders who had not yet provided their email id's to the Company / its Registrar, are requested to do the same at the earliest.

Annual Report: Annual Report for FY 2019-20 containing inter-alia, audited Financial Statements, Directors Report (including Integrated Reporting and Management Discussion & Analysis, Corporate Governance Report) was sent via email to all shareholders who have provided their email ids and is also available at the Company's website at www.dabur.com.

News Releases/ Presentations: Official press releases, presentations made to the media, analysts, institutional investors, etc. are displayed on the Company's website www.dabur.com

Website: The Company's website www.dabur.com contains a separate section 'Investor' for use of investors. The quarterly, half yearly and annual financial results, official news releases and presentations made to institutional investors and to analysts are promptly and prominently displayed on the website. Annual Reports, Quarterly Corporate Governance Report, Shareholding Pattern and other Corporate Communications made to the Stock Exchanges are also available on the website. Annual Report of subsidiary companies are also posted on the website.

The 'Investor' section provides information on various topics related to transfer of shares, dematerialization, nomination, change of address, loss of share certificates, dividend, etc. The details of unclaimed dividends for dividends declared upto the financial year ended 31.03.2021 [upto FY 20-21 (Interim)] are also available in this section, to help shareholders to claim the same. In addition various downloadable forms required to be executed by the shareholders have also been provided on the website.

On-line Annual Reports and Share price tools are also provided in 'Investor' section. Share price tools includes, inter alia, share graphs, historical share price data, share series and investment calculator.

Communication to shareholders on email: Documents like Notices, Annual Report, ECS advices for dividends, etc. are sent to the shareholders at their email address, as registered with their Depository Participants/ Company/ Registrar and Transfer Agents (RTA). This helps in prompt delivery of document, reduce paper consumption, save trees and avoid loss of documents in transit.

The Company proposes to send documents like shareholders meeting notice/ other notices, audited financial statements, directors' report, auditor's report or any other document, to its members in electronic form at the email address provided by them and/or made available to the company by their depositories. Members who have not yet registered their email id (including those who wish to change their already registered email id) may get the same registered/ updated either with their depositories or by writing to the Company. Format of request letter is available in the 'Investor' Section of the Company's website www.dabur.com

Reminders to shareholders: Reminders for claiming unclaimed shares lying with the Company which are liable to be transferred to the Investor Education and Protection Fund Authority are sent to the shareholders as per Company records.

NEAPS (NSE Electronic Application Processing System) and BSE Listing centre: NSE and BSE have developed web-based applications for corporates. All compliances like financial results, Shareholding Pattern and Corporate Governance Report, etc. are filed electronically on NEAPS/ BSE Listing centre.

SCORES (SEBI complaints redressal system): SEBI processes investor complaints in a centralized web-based complaints redressal system i.e. SCORES. Through this system a shareholder can lodge complaint against a company for his grievance. The company uploads the action taken on the complaint which can be viewed by the shareholder. The company and shareholder can seek and provide clarifications online through SEBI.

Exclusive email ID for investors: The Company has designated the email id [email protected] exclusively for investor servicing, and the same is prominently displayed on the Company's website www.dabur.com.

Dedicated email ID for communication with Investor Education and Protection Fund (IEPF) Authority: The Company has dedicated email id of Nodal Officer ashok. [email protected] and Deputy Nodal Officer praveen.mudgal@ dabur.com for communication with the IEPF Authorities.

INVESTOR RELATIONS

Investor Relations (IR) at Dabur acts as the touchpoint for the Investor Community whereby information relating to the Company is disseminated uniformly and widely. This helps the investor Community to access a seamless channel of communication of the Company's business activities, strategy and prospects and allows them to make an informed judgement about the Company. The interactions with investor community also helps the Company garner invaluable inputs and feedback which are given due consideration and factored into plans and strategies. The Company continues to interact with all types

of funds and investors to ensure a diversified shareholder base in terms of geographical location, investment strategy and investment horizon. The company follows all regulatory guidelines while disseminating the information.

In order to ensure accurate, transparent and timely information flow, the IR department holds the following activities:

z Provides detailed updates on the Company's performance on the stock exchanges immediately after the release of quarterly results.
z Post quarterly results, an Investor Conference call is held where all members of the financial Community are invited to participate in the Q&A session with the Company's Management. The key highlights are discussed, and Investor/ analyst queries are addressed in this forum. A Webcast and transcript of the same is provided on the Company's website for the benefit of those who could not attend the call.
z Meetings with investors to brief them about the Company's ongoing performance/ initiatives and respond to their queries and concerns.
z The Company's Executives participate in investor meetings including conferences in India and abroad, organized by leading institutional brokerage houses. During 2020- 21, the Company attended virtual conferences hosted by JP Morgan, Citi, Bank of America, Merrill Lynch, Morgan Stanley, Motilal Oswal, Nomura, Axis, IIFL, ICICI, Credit Suisse, Edelweiss, IIFL, Kotak, Ambit, UBS, B&K Securities, Daiwa and CLSA among others.

All historical and latest information updates are promptly available on the 'Investor' section of the Company's website for reference. Information and presentations on investor meets / conferences is uploaded on the website and sent to Stock exchanges before undertaking such meets. The website also provides real time updates on the stock price, comparative performance and shareholder returns.

GENERAL BODY MEETINGS

Details of the last three general body meetings held are given below:

Financial Year	Category	Location of the meeting	Date	Time
2017-18	Annual General Meeting (AGM)	Air Force Auditorium, Subroto Park, New Delhi – 110010	July 26, 2018	11:00 AM
2018-19	AGM	Same as above	August 30, 2019	04:00 PM
2019-20	AGM	Held through video conferencing	September 03, 2020	03:00 PM

Special resolutions taken up in the last three AGMs and passed with requisite majority are mentioned hereunder:

July 26, 2018:

1) Authorising the Board of Directors under section 186 of the Companies Act, 2013 for giving of Loan, guarantee or security in connection with a loan to any person or other body corporate and acquisition of securities of any other body corporate up to Rs.8000 crore.
2) Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, approval for continuation of appointment of Mr R C Bhargava (DIN: 00007620) as Non-Executive Independent Director w.e.f. 01/04/2019 up to the conclusion of AGM of the company to be held in the calendar year 2019 for being more than seventy five years of age.
3) Pursuant to SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, approval for continuation of appointment of Dr. S Narayan (DIN: 00094081) as Non-Executive Independent Director w.e.f. 01/04/2019 up to the conclusion of AGM of the company to be held in the calendar year 2019 for being more than seventy five years of age.

August 30, 2019:

1. Re-appointment of Mrs. Falguni Sanjay Nayar (DIN: 00003633) as an Independent Director of the Company for a second term of five consecutive years w.e.f. July 28, 2019.
1. Re-appointment of Mr. P N Vijay (DIN: 00049992) as an Independent Director of the Company for a second term of five consecutive years w.e.f. July 22, 2019.
1. Re-appointment of Dr. S Narayan (DIN: 00094081), aged 76 years, as an Independent Director of the Company for a second term of five consecutive years w.e.f. July 22, 2019, including his appointment for being more than seventy five years of age.
1. Re-appointment of Mr. R C Bhargava (DIN: 00007620), aged 84 years, as an Independent Director of the Company for a second term of five consecutive years w.e.f. July 22, 2019, including his appointment for being more than seventy five years of age.
1. Re-appointment of Dr. Ajay Dua (DIN: 02318948) aged 72 years, as an Independent Director of the Company for a second term of five consecutive years w.e.f. July 22, 2019, including his continuation in office upon attaining the age of seventy five years in July, 2022.
1. Re-appointment of Mr. Sanjay Kumar Bhattacharyya (DIN: 01924770) as an Independent Director of the

Company for a second term of five consecutive years w.e.f. July 22, 2019.

September 03, 2020: Nil

Postal Ballot

During the year under review, no resolution was passed through postal ballot.

Currently, no resolution is proposed to be passed through postal ballot. However, if required, the same shall be passed in compliance of provisions of Companies Act, 2013, Listing Regulations or any other applicable laws.

COMPLIANCE WITH MANDATORY REQUIREMENTS

The Company has complied with all applicable mandatory requirements of the Listing Regulations during the financial year 2020-21. Quarterly compliance report on corporate governance, in the prescribed format, duly signed by the compliance officer is submitted regularly with the Stock Exchanges where the shares of the Company are listed.

ADOPTION OF DISCRETIONARY REQUIREMENTS

1) Maintenance of the Chairman's Office

The Company maintains the office of non-executive Chairman and provides for reimbursement of expenses incurred in performance of his duties.

2) Shareholders Rights

Quarterly Consolidated Financial Results are generally sent electronically to all shareholders possessing email ids. The same is also uploaded on the Company's website www.dabur.com

3) Modified opinion(s) in Audit Report

The auditors have expressed an unmodified opinion on the financial statements of the Company.

4) Separate posts of Chairman and CEO

Separate persons have been appointed by the Company to the post of Chairman and CEO.

5) Reporting of Internal Auditors

The Internal Auditors of the Company report directly to the Audit Committee.

ADDITIONAL SHAREHOLDERS INFORMATION

Company Registration Details

The Company is registered in New Delhi, India. The Corporate Identification Number (CIN) allotted by the Ministry of Corporate Affairs (MCA) is L24230DL1975PLC007908.

Annual General Meeting

Date: August 19, 2021; Time: 03.00 PM; Venue: being held through video conferencing/ other audio visual means.

Financial Calendar

Financial year: April 1 to March 31

For the financial year ended March 31, 2021, results were announced on:

z First Quarter 30 July, 2020
z Half Yearly 3 November, 2020
z Third Quarter 29 January, 2021
z Fourth Quarter and Annual 7 May, 2021

For the financial year ending March 31, 2022, results will be announced tentatively (subject to change) by:

z First Quarter 3 August, 2021
z Half Yearly 2 November, 2021
z Third Quarter 2 February, 2022
z Fourth Quarter and Annual 5 May, 2022

Book Closure

The dates of Book Closure are from 2 August, 2021 to 6 August, 2021 both days inclusive.

Dividend Payment

Interim dividend of Rs.1.75 per equity share fully paid up was paid on November 25, 2020 for the financial year 2020-21. Final Dividend of Rs.3.00 per equity share fully paid up for the financial year 2020-21 has been recommended by the Board of Directors to shareholders for their approval. If approved the dividend shall be paid from September 9, 2021 onwards.

Dates for Transfer of Unclaimed Dividend to Investors Education and Protection Fund (IEPF)

Pursuant to Section 124 of the Companies Act, 2013, final dividend for the financial year 2012- 13 and interim dividend for the financial year 2013-14 which remained unpaid / unclaimed for a period of seven years from the date it was lying in the unpaid dividend account, has been transferred by the Company to the Investors Education and Protection Fund (IEPF) of the Central Government.

The dividend for following years (see table below), which remains unclaimed for seven years from the date it is lying in the unpaid dividend account, will be transferred to the IEPF in accordance with the schedule given below. Shareholders who have not encashed their dividend warrants relating to the dividends specified below are requested to immediately send their request for issue of duplicate warrants. The details of dividends specified below are available on the website of the Company www.dabur.com. Once unclaimed dividend is transferred to IEPF, no claim shall lie in respect thereof with the Company. However, w.e.f. September 7, 2016, shareholders may claim their unclaimed amount as per the procedures/guidelines issued by the ministry of Corporate Affairs (MCA). For details, investors can visit the website of IEPF Authority viz. www.iepf.gov.in.

Financial year	Type of dividend	Dividend rate %	Date of declaration	Due date for transfer to IEPF
2013-2014	Final	100	22/07/2014	27/08/2021
2014-2015	Interim	125	15/09/2014	21/10/2021
2014-2015	Final	75	21/07/2015	27/08/2022
2015-2016	Interim	125	28/10/2015	03/12/2022
2015-2016	Final	100	19/07/2016	26/08/2023
2016-2017	Interim	125	26/10/2016	02/12/2023
2016-2017	Final	100	26/07/2017	30/08/2024
2017-2018	Interim	125	31/10/2017	05/12/2024
2017-2018	Final	625	26/07/2018	30/08/2025
2018-2019	Interim	125	31/10/2018	06/12/2025
2018-2019	Final	1.50	30/08/2019	04/10/2026
2019-2020	Interim	1.40	05/11/2019	10/12/2026
2019-2020	Final	1.60	03/09/2020	08/10/2027
2020-2021	Interim	1.75	03/11/2020	09/12/2027

Dividends declared in the past

Mandatory Transfer of Shares to Demat Account of Investors Education and Protection Fund Authority

(IEPFA) in case of unpaid/ unclaimed dividend on shares for a consecutive period of seven years

In terms of Section 124(6) of the Companies Act, 2013 read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time) shares on which dividend has not been paid or claimed by a shareholder for a period of seven consecutive years or more shall be credited to the Demat Account of Investor Education and Protection Fund Authority (IEPFA) within a period of thirty days of such shares becoming due to be so transferred. Upon transfer of such shares, all benefits (like bonus, etc.), if any, accruing on such shares shall also be credited to such Demat Account and the voting rights on such shares shall remain frozen till the rightful owner claims the shares. Shares which are transferred to the Demat Account of IEPFA can be claimed back by the shareholder from IEPFA by following the procedure prescribed under the aforesaid rules. Therefore, it is in the interest of shareholders to regularly claim the dividends declared by the Company.

Consequent to the above, during the financial year 2020-21, 78934 equity shares of the Company were transferred to the IEPFA. Relavant details of such shares is available on the website of the Company www.dabur.com.

Equity Shares lying with the Company in Suspense Account

As per the provisions of Regulation 39(4) of the Listing Regulations, the unclaimed shares lying in the possession of the Company are required to be dematerialized and transferred into a special demat account held by the Company. Accordingly, unclaimed shares lying with the Company have been transferred and dematerialized in 'Unclaimed Suspense Account' of the Company. This account is being held by the Company purely on behalf of the shareholders entitled for these shares. All corporate benefits accruing on these shares like bonus, split etc., if any, are also credited to the said 'Unclaimed Suspense Account' and the voting rights on these shares remain frozen until the rightful owner has claimed the shares.

Shareholders who have not yet claimed their shares are requested to immediately approach the Registrar & Transfer Agents of the Company by forwarding a request letter duly signed by all the joint holders furnishing their complete postal address along with PIN code, self-attested copies of PAN card & proof of address, and for delivery of shares in demat form - a copy of Demat Account - Client Master Report duly certified by the Depository Participant (DP) and a recent Demat Account Statement, to enable the Company to release the said shares to the rightful owner.

The status of equity shares lying in the unclaimed suspense account is given below:

Sl. No.	Particulars	No. of shareholders	No. of equity shares held
1	Aggregate number of shareholders and the outstanding shares in the suspense account lying at the beginning of the year	813	1437168
2	Number of shareholders along with shares held who approached the Company for transfer of shares from suspense account during the year	35	82580
4	Number of shareholders along with shares held to whom shares were transferred from suspense account during the year	35	82580
5	Number of shareholders along with shares held which were transferred from suspense account to Investor Education and Protection Fund Authority (IEPFA) during the year	17	44540
6	Aggregate number of shareholders and the outstanding shares in the suspense account lying at the end of the year	761	1310048

Listing

At present, the equity shares of the Company are listed at:

z BSE Ltd. (BSE)

Address: PhirozeJeejeebhoy Towers, Dalal Street, Mumbai – 400 001.

z National Stock Exchange of India Ltd. (NSE)

Address: Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra – KurlaComplex, Bandra (E), Mumbai – 400 051.

The annual listing fees for the financial year 2021-22 to BSE and NSE has been paid.

Dabur's Stock Exchange codes –

ISIN No:	INE016A01026
BSE Stock Code:	500096
NSE Code:	DABUR
Bloomberg Code:	DABUR IB
Reuters Code:	DABU.BO

Equity Evolution during the year

As at March 31, 2021 the paid-up equity share capital of the Company is Rs. 1,76,74,25,349/- divided into 1767425349 equity shares of Re.1/- each. Details of equity evolution of the Company during the year under review is as under:

1. Allotment of 349159 equity shares of Re.1/- each on June 15, 2020.
1. Allotment of 7425 equity shares of Re.1/- each on July 30, 2020.
1. Allotment of 4873 equity shares of Re.1/- each on February 10, 2021.

Stock Market Data

The table and chart A & B below give details of Stock Market data.

Details of High, Low and Volume of Dabur's shares for 2020-21 at BSE and NSE:

Month	BSE LTD.			NATIONAL STOCK	EXCHANGE OF INDIA LTD.
	High (Rs.)	Low (Rs.)	Volume (No. of shares)	High (Rs.)	Low (Rs.)	Volume (No. of shares)
Apr-20		517.20 424.00	2251354 517.40		424.05	66460963
	May-20 487.90 421.45		2271387 482.80		421.20	76124081
Jun-20		476.55 431.30	3665957 476.90		431.00	83855275
Jul-20		514.50 463.10	3172512 515.00		462.95	83696798
Aug-20		528.00 472.10	2277300 528.00		470.90	67853678
Sep-20		514.40 474.00	2311711 514.70		473.65	61046864
Oct-20		535.00 505.35	2016346 535.00		505.10	72284016
Nov-20		535.85 494.40	4455232 535.95		494.05	90509456
Dec-20		540.60 492.45	3460065 540.50		492.55	92656807
Jan-21	552.35	511.35	2064859 552.55		511.35	61286693
Feb-21		544.50 483.00	15114278 544.45		497.05	76670810
Mar-21		542.80 502.85	1500880 542.80		502.80	43648683

Chart A: Dabur's Share Performance versus BSE Sensex

Chart B: Dabur's Share Performance versus Nifty

Shareholding pattern by ownership as on March 31, 2021

Particulars As on March 31, 2021 As on March 31, 2020 No. of share Holders % of share Holders No. of shares held % of share Holding No. of share Holders % of share Holders No. of shares held % of share Holding Promotor & Promotor Group 26 0.01 1190871180 67.38 26 0.01 1199535207 67.88 Foreign Portfolio Investors 722 0.24 349484929 19.77 663 0.33 307941618 17.43 Mutual Funds 34 0.01 45482724 2.57 35 0.02 57637180 3.26 Financial institutions/Banks 16 0.01 27042617 1.53 27 0.01 24957169 1.41 Insurance companies 5 0.00 20744941 1.17 5 0.00 50730691 2.87 NRI's/OCB/Foreign Nationals 8059 2.72 5579245 0.32 6671 3.28 5811104 0.33 Individuals (including Trusts) 285871 96.44 96136985 5.44 194144 95.57 101013248 5.72 Bodies Corporates (including Clearing members, QIB, Alternate Investment Funds, NBFC, IEPF) 1706 0.58 32082728 1.82 1562 0.77 19437675 1.10 Total 296439 100.00 1767425349 100.00 203133 100 1767063892 100

The charts have share prices and indices indexed to 100 as on the first working day of FY 2020-21

Market Capitalization

The Market Capitalization of the Company as on 31.03.2021 at NSE is Rs.95,52,934 lakh, which is at 41 position in the list.

Distribution of Shareholding

Details of distribution of shareholding of the equity shares of the Company by size and by ownership class on March 31, 2021 along with the top 10 shareholders of the Company is given below:

Shareholding pattern by size as on March 31, 2021

Number of equity shares held	Total number of share holders	% of share holders	Total number of sharesheld	% of share holding
up to 5000	292158	98.56	51996815	2.94
5001 – 10000	2773	0.94	17683139	1.00
10001 and above	1508	0.51	1697745395	96.06
Total	296439	100	1767425349	100

Top ten shareholders other than promoters as on March 31, 2021

Name	No. of shares held	% of share holding
First State Investments Icvc- Stewart Investors As	24195446	1.37
Icici Prudential Life Insurance Company Limited	20829872	1.18
Life Insurance Corporation of India	17870264	1.01
Mirae Asset Equity Savings Fund	16938115	0.96
Matthews Pacific Tiger Fund	16112505	0.91
Arisaig India Fund Limited	15315879	0.87
First State Asian Equity Plus Fund	9155806	0.52
Europacific Growth Fund	7882000	0.45
NPS Trust - A/C SBI Pension Fund Scheme - Corporate	7778816	0.44
Abu Dhabi Investment Authority - Merlion	7674099	0.43

Dematerialization of Shares and Liquidity

Trading in equity shares of the Company in dematerialized form became mandatory from May 31, 1999. To facilitate trading in demat form, in India, there are two depositories i.e. National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL). Dabur has entered into agreement with both these depositories. Shareholders can open their accounts with any of the Depository Participant registered with these depositories.

z As on March 31, 2021, 99.81% shares of the Company were held in dematerialized form.
z The equity shares of the Company are frequently traded at BSE Ltd. and National Stock Exchange of India Ltd.

Dematerialization of Shares - Process

Shareholders who continue to hold shares in physical form are requested to dematerialize their shares at the earliest and avail the benefits of dealing in shares in demat form. For convenience of shareholders, the process of getting the shares dematerialized is given hereunder:

a) Demat account should be opened with a Depository Participant (DP).
b) Shareholders should submit the Dematerialization Request Form (DRF) along with share certificates in original, to their DP.
c) DP will process the DRF and will generate a Dematerialization Request Number (DRN).
d) DP will submit the DRF and original share certificates to the Registrar and Transfer Agents (RTA), which is KFin Technologies Pvt. Ltd.
e) RTA will process the DRF and confirm or reject the request to DP/ depositories.
f) Upon confirmation of request, the shareholder will get credit of the equivalent number of shares in his demat account maintained with the DP.

Consolidation of folios and avoidance of multiple mailing

In order to enable the company to reduce costs and duplicity of efforts for providing services to investors, members who have more than one folio in the same order of names, are requested to consolidate their holdings under one folio. Members may write to the Registrars & Transfer Agents indicating the folio numbers to be consolidated along with the original share certificates to be consolidated.

Outstanding GDRs/ADRs/Warrants/Options

The Company has 4764456 outstanding Employee Stock Options as on March 31, 2021 with vesting period from 1 to 5 years from the date of grant.

Details of Public Funding Obtained in the last three years

Dabur has not obtained any public funding in the last three years.

Registrar and Transfer Agent (RTA)

SEBI vide Regulation 7 of the Listing Regulations has mandated that where the total number of security holders of the Company exceeds one lac, the Company shall either register with SEBI as a Category II share transfer agent for all work related to share registry or appoint a registrar to an issue and share transfer agent registered with SEBI. Dabur had appointed MCS Limited as its RTA in 1994 for both segments, physical and electronic, much before this was mandated by SEBI. During the year 2007-08, the Company appointed Karvy Computershare Private Limited (now vests with KFin Technologies Private Limited) as its RTA. As required under Regulation 7(3) of the Listing Regulations, the Company files, on half yearly basis, certificate issued by RTA and compliance officer of the company certifying that all activities in relation to share transfer facility are maintained by RTA registered with SEBI i.e. KFin Technologies Private Limited.

Details of the RTA are given below-

KFin Technologies Private Limited
305, New Delhi House,	Selenium Tower B, Plot 31 & 32,
27, Barakhamba Road,	Financial District, Nanakramguda,
Connaught Place, New Delhi -	Serilingampally Mandal,
110001,	Hyderabad - 500 032, Telangana.
Website: https://www.kfintech.	Toll free number - 1- 800-309-4001
com and / or https://ris.kfintech.	Website:
com/	https://www.kfintech.com
Email Id: einward.ris@kfintech.	and / or https://ris.kfintech.com/
com	Email Id: [email protected]

Share Transfer System

All share transfer and other communications regarding share certificates, change of address, dividends, etc. should be addressed to the RTA.

Stakeholders' Relationship Committee is authorized to approve transfer of shares in the physical segment. The Committee has delegated authority for approving transfer and transmission of shares and other related matters to the officers of the Company. Such transfers take place on weekly basis. A summary of all the transfers/ transmissions etc. so approved by officers of the Company is placed at every Committee meeting. All share transfers are completed within statutory time limit from the date of receipt, provided the documents meet the stipulated requirement of statutory provisions in all respects. The Company obtains, from a company secretary in practice, half yearly certificate of compliance with the share transfer formalities as required under Regulation 40(9) of the Listing Regulations, and files a copy of the same with the Stock Exchanges.

Further, as per Regulation 40 of the Listing Regulations, except in case of transmission or transposition of securities, requests for effecting transfer of securities shall not be processed unless the securities are held in demat form with a depository.

Reconciliation of Share Capital Audit

An independent firm of practicing Chartered Accountants or Company Secretaries carries out the Reconciliation of Share Capital Audit as mandated by SEBI, and reports on the reconciliation of total issued and listed Capital with that of total share capital admitted / held in dematerialized form with NSDL and CDSL and those held in physical form. This audit is carried out on quarterly basis and the report thereof is submitted to the Stock Exchanges, where the Company's shares are listed and is also placed before the Stakeholders' Relationship committee of the Board.

Company's Registered Office Address:

8/3, Asaf Ali Road, New Delhi-110002; Ph: 011-23253488

PLANT LOCATIONS

Sahibabad

z Plot No. 22, Site IV, Sahibabad Ghaziabad- 201 010 (Uttar Pradesh.) Tel: 0120- 3378400,

Baddi

z Hajmola Unit Plot No.109, HPSIDC Industrial Area, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795- 393928; Fax : 01795-244090
z Chyawanprash Unit Plot No. 220-221, HPSIDC Industrial Area, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393954
z Amla/Honey Unit Village Billanwali Lavana, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393982
z Shampoo Unit Village Billanwali Lavana, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393982
z Toothpaste Unit Village Billanwali Lavana, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393982
z Honitus/Nature Care Unit Plot No. 109, HPSIDC Industrial Area, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795- 393928 Fax : 01795-244090
z Food Supplement Unit Plot No. 221, HPSIDC Industrial Area, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393954
z Oral Care Unit Plot No. 601, Malkhumajra, Nalagarh Road, Teh. Baddi, Distt Solan (Himachal Pradesh) Tel : 01795-276213
z Green Field Unit Village Manakpur, PO Manpura, Tehsil Baddi, Distt Solan- - 174 101 (Himachal Pradesh) Tel : 01795- 398014
z Air Freshner Unit Village Billanwali Lavana, Teh. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393982
z Toothpowder Unit Village BillanwaliLavana, The. Baddi, Distt Solan 173 205 (Himachal Pradesh) Tel: 01795-393982
z Skin Care Unit Village Manakpur, PO Manpura, Tehsil Baddi, Distt Solan- 174 101 (Himachal Pradesh) Tel : (01795) 236876, (01795) 236877

z Honey Unit Village Manakpur, PO Manpura, Tehsil Baddi, Distt Solan-174 101 (Himachal Pradesh) Tel : 01795- 398014

Pantnagar

z Plot No.4, Sector-2, Integrated Industrial Estate Pantnagar, Distt. Udham Singh Nagar – 263 146 (Uttarakhand), Tel: 05944-394125
z Plot No. 16, Sector-2, Integrated Industrial Estate Pantnagar, Distt. Udham Singh Nagar – 263 146 (Uttarakhand), Tel: 05944-394125

Jammu

z Lane No.3, Phase II, SIDCO Industrial Complex Bari Brahmana, Dist. Samba, Jammu – 181 133 (J&K), Tel: 01923 - 220123, 221970

Katni

z 10.4 Mile Stone, NH -7, Village Padua, PO Piprondh, Distt. Katni– 483 442 (Madhya Pradesh) Tel : 9816026169

Alwar

z SP-C- 162, Matsya Industrial Area, Alwar - 301 030 (Rajasthan) Tel: 0144 - 2881542 +91 9549785500, +91 9549705500 Fax : 0144 - 2881302

Pithampur

z 86-A, Kheda Industrial Area Sector-3, Pithampur Distt. - Dhar – 454 774 (Madhya Pradesh) Tel : 07292 – 400049,51, Fax : 07292 – 400112

Narendrapur

z 9, Netaji Subhash Chandra Bose Road, P.O. - Narendrapur Kolkata - 700103 (West Bengal) Tel: 033- 2477 2326, 2477 2620, 2477 2738, 2477 2740

Silvassa

z Survey No. 225/4/1, Saily Village Silvassa – 396230 Dadra & Nagar Haveli (Union Territory)

Tel : +91 7574807744 , +91 7574807700 , (0260) 2681073, Fax No. (0260) 2681075

Newai

z Plot No. G 50-59, IID Centre, NH-12 Road No.1, RIICO Industrial AreaNewai Distt. Tonk – 304020 (Rajasthan) Tel: 01438 -223342, 223783

Nashik

z D-55, Additional M.I.D.C., Ambad, Distt. Nashik – 422 010 (Maharashtra) Tel: 0253- 2383577 Fax : 0253- 2383577

Tezpur

z Industrial Growth Centre (IGC) – Ballipara, Village Dhekidol, PO Ghoramari, PS Salonibari, Distt. Sonitpur – 784 105 (Assam)

ADDRESS FOR CORRESPONDENCE

For share transfer / dematerialisation of shares, payment of dividend and any other query relating to the shares	KFin Technologies Private Limited Selenium Tower B, Plot 31 & 32, Financial District, Nanakramguda, Serilingampally Mandal, Hyderabad - 500 032, Telangana. Toll free number - 1- 800-309-4001 Website: https://www.kfintech.com and / or https://ris.kfintech.com/ Email Id: [email protected]
For queries of Analysts, FIIs, Institutions, Mutual Funds, Banks and others	Mrs Gagan Ahluwalia Dabur India Limited, Punjabi Bhawan, 10 Rouse Avenue, New Delhi – 110002; Tel: 011-71206000; Fax: 011-23222051
Chief Compliance Officer	Mr. A K Jain, E V P (Finance) & Company Secretary, Dabur India Limited, Punjabi Bhawan, 10, Rouse Avenue, New Delhi – 110 002. Tel: 011 – 71206000; Fax: 011 – 2322 2051

CERTIFICATION BY CHIEF EXECUTIVE OFFICER OF THE COMPANY

I declare that all Board members and senior management personnel have affirmed compliance with the code of conduct for the financial year 2020-21.

Place : New Delhi Mohit Malhotra Date : 07 May, 2021 CEO, Dabur India Limited

CERTIFICATE OF NON-DISQUALIFICATION OF DIRECTORS

(Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015)

To The Members Dabur India Limited 8/ 3, Asaf Ali Road New Delhi-110002

We have examined the relevant registers, records, forms, returns and disclosures received from the Directors of Dabur India Limited and having CIN L24230DL1975PLC007908 and having registered office at 8/3 Asaf Ali Road, New Delhi 110002 (hereinafter referred to as 'the Company'), produced before us by the Company for the purpose of issuing this Certificate, in accordance with Regulation 34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In our opinion and to the best of our information and according to the verifications (including Directors Identification Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to us by the Company & its officers, We hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on March 31, 2021 have been debarred or disqualified from being appointed or continuing as Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other Statutory Authority:

S. No.	Name of director	DIN	Date of appointment in Company
1	Falguni Sanjay Nayar	00003633	28/07/2014
2	Ravindra Chandra Bhargava	00007620	27/01/2005
3	Pritam Das Narang	00021581	01/04/1998
4	Mohit Burman	00021963	23/07/2007
5	Amit Burman	00042050	01/11/2001
6	Aditya Chand Burman	00042277	19/07/2019
7	Pattamadai Natarajasarma Vijay	00049992	15/05/2001
8	Subbaraman Narayan	00094081	26/07/2005
9	Mukesh Hari Butani	01452839	01/01/2021
10	Ajay Kumar Dua	02318948	03/09/2009
11	Ajit Mohan Sharan	02458844	31/01/2019
12	Saket Burman	05208674	31/01/2012
13	Mohit Malhotra	08346826	31/01/2019

Ensuring the eligibility of for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. Our responsibility is to express an opinion on these based on our verification. This certificate is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the management has conducted the affairs of the Company.

For Chandrasekaran Associates Company Secretaries

Rupesh Agarwal Managing Partner Membership No. A16302

Place : Delhi Certificate of Practice No. 5673 Date : 6 May, 2021 UDIN: A016302C000243947

Note:

Due to restricted movement amid COVID-19 pandemic, we have verified the disclosures and declarations received by way of electronic mode from the Company and could not be verified from the original records. The management has confirmed that the records submitted to us are the true and correct.

ANNEXURE 1

DETAILS OF OTHER DIRECTORSHIPS HELD

Name of the Director	Status	Directorship	Category	Committee Membership	Committee Chairmanship
Mr. Amit	CHAIRMAN/	H & B Stores Ltd. (Unlisted Co.)		NIL	NIL
Burman	PD/ NED	Herbodynamic India Limited (Unlisted Co.)		NIL	NIL
		Talbros Automative Components Ltd. (Listed Co.)	ID	Audit Committee	NIL
Mr. Mohit PD/ NED		Aviva Life Insurance Co. India Ltd. (Unlisted Co.)		Audit Committee	NIL
Burman		H & B Stores Ltd. (Unlisted Co.)		NIL	NIL
		Universal Sompo General Insurance Co. Ltd. (Unlisted Co.)		Audit Committee	NIL
		Dabur Ayurvedic Specialities Limited (Unlisted Co.)		NIL	NIL
Mr. Saket Burman	PD/ NED	NIL		NIL	NIL
Mr. Aditya Burman	PD/ NED	Oncquest Laboratories Ltd. (Unlisted Co.)		NIL	NIL
Mr. P. D. Narang	ED	H& B Stores Ltd. (Unlisted Co.)		Audit Committee	Share Issuance & Stakeholders Relationship Committee
		Aviva life Insurance Co. India Ltd. (Unlisted Co.)		Audit Committee	NIL
		Herbodynamic India Limited (Unlisted Co.)		NIL	NIL
Mr. Mohit Malhotra	ED	H& B Stores Ltd. (Unlisted Co.)		Share Issuance & Stakeholders Relationship Committee	NIL
		Herbodynamic India Limited (Unlisted Co.)		NIL	NIL
Mr. P. N. Vijay	ID	H & B Stores Ltd. (Unlisted Co.)		NIL	Audit Committee
		Maharashtra Seamless Limited (Listed Co.)	ID	Nil	Audit Committee
Mr. R. C.	ID	Thomson Press Ltd. (Unlisted Co.)		NIL	Audit Committee
Bhargava		Maruti Suzuki India Ltd. (Listed Co.)	Chairman/ NED	NIL	Stakeholders Relationship Committee
Dr. S. Narayan	ID	IIFL Wealth Management Limited (Listed Co.)	ID	NIL	NIL
		IIFL Wealth Prime Limited (Unlisted Co.)		NIL	NIL
		Artemis Medicare Services Limited (Listed Co.)	ID		Audit Committee Stakeholders Relationship Committee
		Seshasayee Paper and Board Ltd. (Listed Co.)	ID	Audit Committee	NIL
Dr. Ajay Dua	ID	Kirloskar Pneumatic Company Limited (Listed Co.)	ID	Audit Committee	NIL
Mrs. Falguni Sanjay Nayar	ID	Kotak Securities Limited (Unlisted Co.)		Audit Committee	NIL
		ACC Limited (Listed Co.)	ID	NIL	NIL
Mr. Ajit Mohan Sharan	ID	OIT Infrastructure Management Limited (Unlisted Co.)		NIL	NIL
		Capri Global Capital Limited (Listed Co.)	ID	NIL	NIL
Mr Mukesh Hari Butani	ID	ABB Power Products and Systems India Limited (Listed Co.)	ID	Stakeholders' Relationship Committee	Audit Committee

Directors' Report

To,

The Members,

Your Directors have pleasure in presenting the 46th Annual Report on the business and operations of the Company, together with the audited accounts for the financial year ended March 31, 2021.

Financial Results

Financial performance of the Company is summarised in the table below: (` in crores)

Particulars	Consolidated		Standalone
	2020-21	2019-20	2020-21	2019-20
Revenue from Operations including other Income	9886.94	9008.88	7461.38	6586.70
Less Expenses:
Cost of goods sold	4788.96	4360.24	3696.82	3244.70
Employee benefits expenses	1033.46	947.74	655.82	578.26
Finance cost	30.81	49.54	9.14	19.27
Depreciation and Amortization expenses	240.13	220.45	143.40	129.93
Other Expenses	1736.55	1603.26	1272.89	1106.07
Total Expenses	7829.91	7181.23	5778.07	5078.23
Profit before share of profit from joint venture and exceptional items	2057.03	1827.65	NA	NA
share of profit of Joint Venture	-1.01	-0.01	NA	NA
Profit before exceptional items and tax	2056.02	1827.64	1683.31	1508.47
Exceptional items	0	100.00	0	100
Profit before tax	2056.02	1727.64	1683.31	1408.47
Tax expense	361.07	279.72	301.42	238.12
Net Profit for the year	1694.95	1447.92	1381.89	1170.35
Net profit attributable to -
Owners of the Holding Company	1693.30	1444.96	NA	NA
Non-Controlling interest	1.65	2.96	NA	NA

Transfer to reserves

There is no amount proposed to be transferred to reserves.

Dividend

The Company has paid an interim dividend of Rs.1.75 per share of Re.1/-each fully paid up (being 175%) on November 25, 2020. We are pleased to recommend a dividend of Rs.3/- per share of Re.1/- each fully paid up (being 300%) for the financial year 2020-21. The dividend recommended, if approved by the members, will be paid to members within the period stipulated by the Companies Act, 2013 (hereinafter referred to as 'Act`). The aggregate dividend for the year will amount to Rs.4.75 per share of Re.1/- each fully paid up (being 475%) as against Rs.3.00 per share of Re.1/- each fully paid up (being 300%) declared last year. The dividend payout ratio for the current year is at 50.75%. The dividend recommended is in accordance with the Company's Dividend Distribution Policy.

Dividend Distribution Policy

To bring transparency in the matter of declaration of dividend and protect the interests of investors, Dabur had in place a Dividend Policy since long. The Policy has been revised in the board meeting held on 7th May,2021 in accordance with Regulation 43A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (hereinafter referred to as 'Listing Regulations') and the Act and has been displayed on the Company's website at link https://www.dabur.com/img/ upload-files/166-Dividend-Distribution-Policy.pdf

Unpaid/ unclaimed Dividend

Pursuant to the provisions of Section 124 (5) of the Act, Final dividend for the financial year 2012-13 amounting to Rs.43,97,959/- and interim dividend for the financial year 2013-14 amounting to Rs.43,82,604/- which remained unpaid/ unclaimed for a period of 7 years, from the date it was lying in the unpaid dividend account, has been transferred by the Company to the Investors Education and Protection Fund (IEPF) of the Central Government. The due dates for transfer of unpaid dividend to IEPF for subsequent years is given in the Corporate Governance Report. The list of unpaid dividend declared up to the financial year 2019-20 [updated up to the date of 45th Annual general meeting (AGM) held on 03.09.2020] and for interim dividend declared during the financial year 2020-21 is available on Company`s website www.dabur.com. Shareholders are requested to check the said lists and if any dividend due to them remains unpaid in the said lists, can approach the Company for release of their unpaid dividend.

Financial Statements

In accordance with the Ministry of Corporate Affairs ("MCA") circular dated January 13, 2021 read with circulars dated April 08, 2020, April 13, 2020 and May 5, 2020, the Annual Report 2020-21 containing complete Balance Sheet, Statement of Profit & Loss, other statements and notes thereto, including consolidated financial statements, prepared as per the requirements of Schedule III to the Act, Directors' Report (including Integrated Reporting and Management Discussion & Analysis and Corporate Governance Report) is being sent only via email to all shareholders who have provided their email address(es).

The Annual Report 2020-21 is also available at the Company`s website at www.dabur.com.

Consolidated Financial Statements

In compliance with the applicable provisions of Act including the Accounting Standard Ind AS 110 on Consolidated Financial Statements, this Annual Report also includes Consolidated Financial Statements for the financial year 2020-21. Consolidated Turnover was Rs. 9886.94 crores as against Rs.9008.88 crores in the previous year. Net Profit after Tax (after minority interest) for the year stood at Rs.1693.30 crores as against Rs.1444.96 crores in the previous year.

Operations and Business Performance

Kindly refer to Integrated Reporting and Management Discussion & Analysis and Corporate Governance Report which forms part of this report.

Corporate Governance

Good governance practices are a norm at Dabur. The Company is committed to focus on long term value creation and protecting stakeholders' interests by applying proper care, skill and diligence to business decisions. Besides complying with the legal framework of corporate governance practices, Dabur has voluntarily adopted and evolved various practices of governance conforming to highest ethical and responsible standards of business, globally benchmarked. The Company has also formulated a Policy on Group Governance to monitor governance of its unlisted subsidiaries across the globe.

The report on Corporate Governance as stipulated under the Listing Regulations forms part of the Annual Report. A certificate from Auditors of the Company regarding compliance of the conditions of Corporate Governance, as stipulated under Schedule V of the Listing Regulations is attached as 'Annexure 1' and forms part of this report.

Business Responsibility Report

At Dabur, fulfilment of environmental, social and governance responsibility is an integral part of the way the Company conducts its business.

Business Responsibility Report as stipulated under Regulation 34 of the Listing Regulations is available on the website of the Company www.dabur.com at weblink https://www.dabur.com/ in/en-us/investor/investor-information/business-responsibility report-as-per-sebi-listing-regulations. Any Member interested in obtaining a physical copy of the same may write to the Company Secretary at the Registered Office of the Company.

Credit Rating

During the year the Company has sustained its long term bank facility credit rating of AAA (stable) which has been reaffirmed by CRISIL. The highest credit rating of AAA awarded by CRISIL reflects the highest degree of safety regarding timely servicing of financial obligations. Further CRISIL has reaffirmed the rating of NCD programme of the Company as AAA (stable). The rating indicates highest degree of safety regarding timely servicing of financial obligation. The rated instrument carries lowest credit risk. The Company`s short term bank facility credit rated as A1+ by CRISIL, has been reaffirmed. The rating of A1+ for Commercial Paper has also been reaffirmed by CRISIL. This highest rating of A1+ indicates a very strong degree of safety with regard to timely payment of interest & principal. Such instruments carry lowest credit risk.

Further ICRA has reaffirmed the rating on NCD programme of the Company as AAA (stable). The rating indicates highest degree of safety regarding timely servicing of financial obligation. The rated instrument carries lowest credit risk and the outlook on the long-term rating is stable.

Directors

Pursuant to Section 149, 152 and other applicable provisions of the Companies Act, 2013, one-third of such of the Directors as are liable to retire by rotation, shall retire every year and, if eligible, offer themselves for re-appointment at every AGM. Consequently, Mr. Mohit Burman (DIN: 00021963) and Mr. Aditya Chand Burman (DIN:00042277), directors will retire by rotation at the ensuing AGM, and being eligible, offers themselves for re-appointment in accordance with provisions of the Act. The Board of

Directors on the recommendation of the Nomination and Remuneration Committee ("NRC") has recommended their re-appointment.

Pursuant to Section 149, 152, 161 read with Schedule IV and other applicable provisions of the Companies Act, 2013, Companies (Appointment and Qualification of Directors) Rules, 2014 and Listing Regulations and upon recommendation of Nomination and Remuneration Committee, the Board of Directors of the Company at their meeting held on November 03, 2020 had appointed Mr. Mukesh Hari Butani (DIN: 01452839) as an Additional Director in the category of Non-Executive Independent Director of the Company, subject to approval of the shareholders in the next Annual General Meeting, for a period of 5 consecutive years w.e.f. January 01, 2021. Mr. Mukesh Hari Butani has given consent for his appointment and has also submitted necessary disclosures with respect to his appointment.

Mr. Sanjay Kumar Bhattacharrya, resigned from the office of Non-Executive Independent Director of the Company w.e.f. 4th November, 2020. The Board of Directors places on record its appreciation for valuable contribution made by Mr. Bhattacharrya during his tenure on the Board.

A brief resume of the Directors being appointed/ re-appointed, the nature of expertise in specific functional areas, names of companies in which they hold directorships, committee memberships/ chairmanships, their shareholding in the Company, etc., have been furnished in the explanatory statement to the notice of the ensuing AGM.

The Nomination and remuneration Committee and the Board of Directors of the Company recommend their appointment/ re-appointment at the ensuing AGM.

The Company has received necessary declaration from all the Independent Directors under section 149(7) of the Act confirming that they meet the criteria of independence as laid down in Section 149(6) of the Act and Regulation 16(1) (b) of the Listing Regulations. The Company has also received from them declaration of compliance of Rule 6 (1) & (2) of the Companies (Appointment and Qualifications of Directors) Rules, 2014, regarding online registration with the 'Indian Institute of Corporate Affairs' at Manesar, for inclusion/ renewal of name in the data bank of Independent Directors. With regard to integrity, expertise and experience (including the proficiency) of the independent director appointed during the Financial year 2020-21, the Board of Directors have taken on record the declarations and confirmations submitted by the independent director and is of the opinion that the independent director is a person of integrity and possesses relevant expertise and experience and his continued association as Director will be of immense benefit and in the best interest of the Company. With regard to proficiency of the independent Director, ascertained from the online proficiency self-assessment test conducted by the institute, as notified under sub-section (1) of section 150 of the Act, the Board of Directors have taken on record the information submitted by independent director that he/she has complied with the applicable laws.

None of the Directors of the Company are related inter-se, in terms of section 2(77) of the Act including Rules there under.

Key Managerial Personnel

The Key Managerial Personnel (KMP) in the Company as per Section 2(51) and 203 of the Act are as follows:

Mr. P D Narang, Whole time director

Mr. Mohit Malhotra, Whole time director & Chief Executive officer

Mr. Ashok Kumar Jain, Executive Vice President (Finance) and Company Secretary

Mr. Ankush Jain, Chief Financial Officer, appointed w.e.f. 01.04.2021. (Mr. Lalit Malik resigned from the services of the Company w.e.f. 01.04.2021)

Policy on directors' appointment and Policy on remuneration

Pursuant to Section 134(3)(e) and Section 178(3) of the Act, the policy on appointment of Board members including criteria for determining qualifications, positive attributes, independence of a director and the policy on remuneration of directors, KMP and other employees is attached as 'Annexure 2 & 3' respectively to this report. The same are also available on the website of the Company at www. dabur.com at weblink https://www.dabur.com/img/upload files/111972-policy-on-appointment-of-board-members.pdf

Particulars of remuneration of Directors/ KMP/ Employees

Disclosures pertaining to remuneration and other details as required under Section 197(12) of the Act and Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is attached as 'Annexure 4A' to this report. Further, in terms of the provisions of Section 197(12) of the Act read with Rules 5(2) and 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, a statement showing the names and other particulars of employees drawing remuneration in excess of the limits set out in the said rules is attached as 'Annexure 4B' to this report.

Employees Stock Option Plan

During the year, 59455 options in 2 tranches were granted to eligible employees of the Company in terms of Employees Stock Option Plan (Dabur ESOP 2000).

During the financial year 2020-21, there has been no change in the Employees Stock Option Plan (Dabur ESOP 2000) of the Company. Further, it is confirmed that the ESOP Scheme of the Company is in compliance with SEBI (Share Based Employee Benefits) Regulations, 2014.

The applicable disclosures as stipulated under Regulation 14 of SEBI (Share Based Employee Benefits) Regulations, 2014 with regard to Employees Stock Option Plan of the Company are available on the website of the Company at www.dabur.com and weblink for the same is https://www. dabur.com/in/en-us/investor/investor-information/ESOPS

A certificate from Auditors of the Company certifying that the Employee Stock Option Scheme of the Company is implemented in accordance with the SEBI (Share Based Employee Benefits) Regulations, 2014 and in accordance with the resolutions passed in the General Body Meetings will be available for inspection in electronic mode during the AGM to any person having right to attend the meeting.

Performance Evaluation of the Board, its Committees and Individual Directors

Pursuant to applicable provisions of the Act and the Listing Regulations, the Board, in consultation with its Nomination and Remuneration Committee, has formulated a framework containing, inter-alia, the criteria for performance evaluation of the entire Board of the Company, its Committees and individual directors, including Independent Directors. The framework is monitored, reviewed and updated by the Board, in consultation with the Nomination and Remuneration Committee, based on need and new compliance requirements.

The annual performance evaluation of the Board, its Committees and each Director has been carried out for the financial year 2020-21 in accordance with the framework. The details of evaluation process of the Board, its Committees and individual directors, including independent directors have been provided under the Corporate Governance Report which forms part of this Report.

Directors' Responsibility Statement

Pursuant to the provisions under Section 134(5) of the Act, with respect to Directors' Responsibility Statement, the Directors confirm:

a) That in the preparation of the annual accounts, the applicable accounting standards have been followed and no material departures have been made from the same;

b) That they 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 and loss of the Company for that period;
c) That they had taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013, for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;
d) That they had prepared the annual accounts on a going concern basis;
e) That they had laid down internal financial controls to be followed by the company and that such internal financial controls are adequate and were operating effectively; and
f) That they had devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Statutory Auditors and their Report

Statutory Auditors

Pursuant to the provisions of Section 139 of the Act, and rules made thereunder, M/s. Walker Chandiok & Co LLP, Chartered Accountants, (Firm Registration No. 001076N/ N500013) were appointed as Statutory Auditors of the Company for a term of five consecutive years, to hold office from the conclusion of the 42nd AGM held on 26th July, 2017 until the conclusion of 47th AGM of the Company to be held in the calendar year 2022.

Pursuant to Section 139 and 141 of the Act and relevant Rules prescribed there under, the Statutory Auditors have confirmed that they are not disqualified from continuing as Auditors of the Company.

The Auditors have also confirmed that they have subjected themselves to the peer review process of Institute of Chartered Accountants of India (ICAI) and hold a valid certificate issued by the Peer Review Board of the ICAI.

Report of Statutory Auditors

M/s. Walker Chandiok & Co LLP, Chartered Accountants, have submitted their Report on the Financial Statements of the Company for the FY 2020-21, which forms part of the Annual Report 2020-21. There are no observations

(including any qualification, reservation, adverse remark or disclaimer) of the Auditors in the Audit Reports issued by them which call for any explanation from the Board of Directors.

Cost Auditors and their Report

As per Section 148 of the Act read with Companies (Cost Records and Audit) Rules 2014, M/s Ramanath Iyer & Company, Cost Accountants, (Firm`s Membership No. 000019) have been re-appointed as Cost Auditors for the financial year 2021-22 to conduct cost audit of the accounts maintained by the Company in respect of the various products prescribed under the applicable Cost Audit Rules. The remuneration of Cost Auditors has been approved by the Board of Directors on the recommendation of Audit Committee. The requisite resolution for ratification of remuneration of Cost Auditors by members of the Company has been set out in the Notice of ensuing AGM. The Cost Auditors have certified that their appointment is within the limits of Section 141(3)(g) of the Act and that they are not disqualified from appointment within the meaning of the said Act.

The Cost Audit Report for the financial year 2019-20, issued by M/s Ramanath Iyer & Company, Cost Auditors, in respect of the various products prescribed under Cost Audit Rules was filed with the Ministry of Corporate Affairs on 27.08.2020.

There were no observations (including any qualification, reservation, adverse remark or disclaimer) of the Cost Auditors in the Report issued by them for the financial year 2019-20 which call for any explanation from the Board of Directors.

Secretarial Auditors and their Report

M/s Chandrasekaran Associates, Company Secretaries, were appointed as Secretarial Auditors of the Company for the financial year 2020-21 pursuant to section 204 of the Act. The Secretarial Audit Report submitted by them in the prescribed form MR- 3 is attached as 'Annexure 5' to this report.

There are no qualifications or observations or adverse remarks or disclaimer of the Secretarial Auditors in the Report issued by them for the financial year 2020-21 which call for any explanation from the Board of Directors.

M/s Chandrasekaran Associates, Company Secretaries have been re-appointed to conduct the secretarial audit of the Company for the financial year 2021-22. They have confirmed that they are eligible for the said appointment.

Internal Financial Control System

According to section 134(5)(e) of the Act the term Internal Financial Control (IFC) means the policies and procedures adopted by the company for ensuring the orderly and efficient conduct of its business, including adherence to company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information.

The Company has a well placed, proper and adequate IFC system which ensures that all assets are safeguarded and protected and that the transactions are authorised, recorded and reported correctly. The Company's IFC system also comprises due compliances with Companys policies and Standard Operating Procedures (SOPs) and audit and compliance by in-house Internal Audit Division, supplemented by internal audit checks from Pricewaterhouse Coopers Pvt. Ltd., the Internal Auditors. The Internal Auditors independently evaluate the adequacy of internal controls and concurrently audit the majority of the transactions in value terms. Independence of the audit and compliance is ensured by direct reporting of Internal Auditors to the Audit Committee of the Board.

To further strengthen the internal control process, the Company has developed a very comprehensive legal compliance system called 'e-nforce`, which drills down from the CEO to the executive level person who is responsible for compliance. This process is fully automated and generate alerts for proper and timely compliance.

Adequacy of Internal Financial Controls with reference to the financial statements

The Act re-emphasizes the need for an effective Internal Financial Control system in the Company which should be adequate and shall operate effectively. Rule 8(5)(viii) of Companies (Accounts) Rules, 2014 requires the information regarding adequacy of Internal Financial Controls with reference to the financial statements to be disclosed in the Board`s report.

To ensure effective Internal Financial Controls the Company has laid down the following measures:

z All operations are executed through Standard Operating Procedures (SOPs) in all functional activities for which key manuals have been put in place. The manuals are updated and validated as and when required.
z All legal and statutory compliances are ensured on a monthly basis for all locations in India through a fully automated tool called "e-nforce". Non- compliance,

if any, is seriously taken by the management and corrective actions are taken immediately. Any regulatory amendment is updated periodically in the system.

z Approval of all transactions is ensured through a preapproved Delegation of Authority (DOA) Schedule which is in-built into the SAP system. DOA is reviewed periodically by the management and compliance of DOA is regularly checked and monitored by the auditors.
z The Company follows a robust 2-tier internal audit process:
Tier-1: Management/ Strategic/ Proprietary audits are conducted on regular basis throughout the year as per agreed audit plan.
Tier-2: Transaction audits are conducted regularly to ensure accuracy of financial reporting, safeguard and protection of all the assets. Stock audit is conducted on quarterly basis at all locations in India. Fixed Asset Verification is done on an annual basis including Ind AS-36 testing at all locations.
The audit reports for the above audits are compiled and submitted to management committee and audit committee for review and necessary action.
z The Company's Books of Accounts are maintained in SAP and transactions are executed through SAP (ERP) setups to ensure correctness/ effectiveness of all transactions, integrity and reliability of reporting.
z The Company has a comprehensive risk management framework which is evaluated by the Audit Committee annually.
z The Company has a robust mechanism of building budgets at an integrated cross- functional level. The budgets are reviewed on a monthly basis so as to analyze the performance and take corrective action, wherever required.
z The Company has in place a well-defined Whistle Blower Policy/ Vigil Mechanism.
z The Company has a system of Internal Business Reviews. All departmental heads discuss their business issues and future plans in monthly review meetings. They review their achievements vs. budgets in quarterly review meetings. Specialized issues like investments, property, FOREX are discussed in their respective internal committee meetings.
z Compliance of secretarial functions is ensured by way of secretarial audit.
z Compliance relating to cost records of the company is ensured by way of cost audit.

Development and implementation of Risk Management

Dabur has in place comprehensive risk assessment and minimization procedures, which are reviewed by the Board periodically. The Risk Management Committee of the Board is responsible for preparation of Risk Management Plan, reviewing and monitoring the same on regular basis, identifying and reviewing critical risks on regular basis, updating the Risk Register on quarterly basis, reporting of key changes in critical risks to the Board on an ongoing basis and a detailed report on yearly basis, evaluation of risk management systems by the Audit Committee on yearly basis and such other functions as may be prescribed by the Board.

The Committee holds quarterly meetings to review the critical risks identified. The risks faced by the Company, their impact and their minimization procedures are assessed categorically under the broad heads of High, Medium and Low risks.

Further the risks control systems are instituted to ensure that the risks in each business process are mitigated. The two joint Chief Risk Officers (CROs) are responsible for the overall risk governance in the Company and reports directly to the Management Committee (MANCOM), which consists of various functional heads. The Board provides oversight and reviews the Risk Management Policy. The Board is responsible for framing, implementing and monitoring the risk management plan of the Company. During the year, Pricewaterhouse Coopers Pvt. Ltd., Internal auditors, had tested the Risk & Control Matrices for various processes as a part of Internal financial control framework.

In line with the Listing Regulations, cyber security risk is included in the risk management plan and a Risk Management Policy with respect to Commodities, including through hedging has also been framed by the Company.

Covid -19 is an unprecedented risk and it has severely affected all the key dimensions of business operations both at national level and international level since March 2020. Just as things seemed to be improving to catch up with pre-covid days the resurgence of infections, Covid- 2.0 has assumed almost a tsunami like proportions, with daily caseloads at almost 2X levels of peak of September, 2020. The ground situation is quite grim.

Covid-19 has impacted various key functions viz. Marketing, Human Resource, Finance function, Procurement function, Sales and Marketing Function, Manufacturing and plant operations, supply chain and logistics, Information Technology, etc. But with effective mitigation strategy put in place quickly, Dabur has been able to minimize this impact to a great extent. Dabur's COVID Management Strategy has covered – Employee well being, Brand Building, Driving Sales Growth, Streamlining supply chain and Community Welfare. Many new products across Healthcare, Home and Personal care and Foods categories have been launched targeting the growing consumer need for Immunity-boosters

and Hygiene products. Dabur will continue taking steps to mitigate the impact of Covid-19.

In the opinion of the Board there has been no identification of elements of risk that may threaten the existence of the Company.

Nature of business

There has been no change in the nature of business of the Company.

Dabur has a diverse portfolio consisting of a number of brands and sub-brands across the three verticals of Home and Personal care, Healthcare and Foods. During FY 2020- 21, the Company also entered the Personal and Home Hygiene on account of the consumer need for such products due to the Covid pandemic. The Company has presence across various channels such as general groceries, chemists, organized retail and ecommerce. During the year, the company followed a channel focus strategy whereby each channel was leveraged through specific strategies and teams. This led to high growth in channels such as general groceries, chemists and ecommerce.

During the Covid pandemic the Company launched a number of new products for immunity and in personal and home hygiene space.

During fiscal 2020-21 the following new products were launched:

In India:

z Dabur Honey Tulsi and Dabur Honey Ashwagandha
z Dabur Vedic Suraksha Tea Green and Black Variants
z Dabur Pure Herbs Range (Giloy, Tulsi, Ashwagandha, Amla and Haldi)
z Dabur Health Drops (Tulsi and Haldi)
z Dabur Health Juices Range (Giloy Juice, Wheat Grass Juice, Amla Juice, Aloe Vera Juices and Giloy-Neem-Tulsi Juice)
z Dabur Ayush Kwath Kadha
z Dabur Ashwagandha Capsules
z Dabur Baby Care Range
z Dabur Red Pulling Oil Ayurvedic Mouthwash
z Dabur Dant Rakshak
z Dabur Herb'l Toothpaste Range (Neem, Clove, Tulsi)
z Dabur Vatika Enriched Hair Oils Range (Aloe Vera, Argan, Olive and Bringhraj Oil)
z Dabur Badam Amla Hair Oil
z Dabur Amla Aloe Vera Hair Oil
z Dabur Sanitize Range (includes Hand Sanitizers, Air Sanitizers, Surface Disinfectant Sprays, Floor Cleaners, etc)
z Dazzl Range of Home Disinfectant Sprays and Cleaners
z Dabur Sanitize Antiseptic Liquid (2 variants)
z Dabur Sanitize Germ Protection Soap
z Real Mango Drink in PET format
z Real Frappe Milkshakes (in 4 flavours Belgian Chocolate, French Vanilla, Mango and Strawberry)
z Hommade Chutney Range (Rajasthan ki Garlic Chutney, Dilli ki Hari Chatpati Chutney, Kalonji Tamatar ki Chutney)
z Hommade Pickles Range
z Hommade Imli Sauce
z Hommade Tasty Masala

The following were e-comm first/ e-comm exclusive products launched in India:

z Dabur Cold Pressed Mustard Oil
z Dabur Himalayan Apple Cider Vinegar
z Dabur Himalayan Organic Apple Cider Vinegar
z Dabur Himalayan Forest Honey
z Dabur Organic Honey
z Vatika Select Shampoo Range
z Dabur 100% Pure Cow Ghee

New product launches under International Business:

In Overseas markets

z Vatika Sanitizing Body Wash
z Vatika Sanitizing Skin Lotion
z Vatika Sanitizing Mist
z Dabur Fruit & Veggie Clean
z Vatika Multivitamin Oil (Hibiscus for Hair Revitalization and Egg-Protein for Damage Repair)
z Vatika Oilfusion range of Hair Colors
z Dabur Honitus Herbal Lozenges
z Dabur Honitus Hot Sip
z Dabur Pudin Hara Peals
z Dabur Herb'l Alpha Range (Activated Charcoal, Aloe Vera, Olive and Blackseed)
z Dabur Anmol Gold
z Dabur Amla Hair Repair Solutions
z Range of ORS Olive Oil Sheen Sprays
z Range of ORS Hairdress (Coconut Oil, Tea Tree Oill, Jojoba Oil)
z Range of ORS HAIRepair Vital Oils
z Hobby Antibacterial Range (Hand Gel, Hand Wash, Body Wash)
z DermoViva Anti-Bacterial Range (includes soap, hand sanitizers, body wash, hand wash, wipes)
z Dabur Medimax Hand Sanitizer Spray
z Dazzl Shield Surface and Floor Disinfectants and Cleaners
z Hobby Fantastic Range of Shower Gels
z Hobby Fresh Care Range of Shower Gels
z Hobby Style & Protect Hair Gel

During the year, the Company continued its focus on its power brands – Dabur Chyawanprash, Dabur Honey, Dabur Lal Tail, Dabur Honitus, Pudin Hara, Dabur Red Paste, Dabur Amla Hair Oil, Real and Vatika. This led to strong growth in these brands despite facing Covid headwinds through the year.

In terms of distribution, the Company increased its direct reach from 1.2 million to 1.43 million, taking the total reach to 6.7 million outlets. Through its initiatives and led by the changing consumer preference towards contactless channels, the Company saw strong growth in E-commerce channels with its revenue contribution increasing to 6%. Village coverage expansion continued with village coverage reaching 59,217 villages from 52,298 villages at the start of the year. This expansion in reach along with the newly launched Project Yoddha, wherein we partnered with local representatives in villages to ensure that our brands and products reached every rural household, helped to increase penetration and post strong growth in rural areas.

During the year, the company also captured considerable cost optimization through Project Samriddhi. Under this project, cross-functional teams were formed to reduce costs across different areas like raw materials and packing material, logistics and supply chain, consumer and trade promotions, manufacturing, manpower productivity and overheads. This led to cost savings and operating leverage across cost items.

Further updates regarding operational performance and projects undertaken by the subsidiary companies can be referred in the report on performance of subsidiaries presented elsewhere in this report.

Subsidiaries

Dabur Tunisie, a step down wholly owned subsidiary company which was decided to be dissolved during the financial year 17-18, is under process of liquidation and is expected to be completed by December, 2021.

Herbodynamic India Limited was incorporated on 24.02.2021 as a wholly owned subsidiary Company of Dabur India Limited. This new subsidiary shall engage in the business of manufacturing, sale and export of consumer care products.

Pursuant to Section 129 (3) of the Act and Ind - AS 110 issued by the Institute of Chartered Accountants of India, Consolidated Financial Statements presented by the Company include the financial statements of its subsidiaries.

Further, a separate statement containing the salient features of the financial statements of subsidiaries of the company in the prescribed form AOC-1 has been disclosed in the Consolidated Financial Statements.

The Financial Statements, as required, of the subsidiary companies shall be available on website of the Company at www.dabur.com.

Report on the highlights of performance of Subsidiaries, Associates and Joint Venture Companies and their contribution to the overall performance of the company.

Pursuant to Section 134 of the Act and Rule 8(1) of the Companies (Accounts) Rules, 2014 the report on highlights of performance of subsidiaries, associates and joint venture companies and their contribution to the overall performance of the Company is attached as 'Annexure 6' to this report.

Information with respect to financial position of the above entities can be referred in form AOC-1 which has been disclosed in the Consolidated Financial Statements.

Details of policy developed and implemented on Corporate Social Responsibilities (CSR) initiatives

The Company has in place a CSR policy in line with Schedule VII of the Act. As per the policy the CSR activities are focused not just around the plants and offices of the Company, but also in other geographical area based on the needs of the communities. The five focus areas where special Community Development programmes were run during the FY 2020-21 are:

1. Corona Support Initiatives.
1. Eradicating hunger, poverty and malnutrition.
1. Promoting Health care including preventive health care.
1. Ensuring environmental sustainability.
1. Promotion of Education.

The annual report on CSR activities is furnished in 'Annexure 7' which is attached to this report.

Change in Capital Structure and Listing of Shares

The paid up share capital of the Company as on 31st March, 2021 is Rs.1,76,74,25,349/- divided into 1767425349 equity shares of Re.1/- each. The Company's equity shares are listed on the National Stock Exchange of India Limited (NSE) and BSE Limited (BSE). During the year 361457 equity shares of Re.1/- each were allotted under ESOP scheme of the Company and admitted for trading on NSE and BSE.

The shares are actively traded on NSE and BSE and have not been suspended from trading.

Material changes and commitments affecting the financial position of the Company

There have been no material changes and commitments affecting the financial position of the Company which have occurred between the end of the financial year of the Company to which the financial statements relate and the date of this report.

Disclosures

Number of Meetings of the Board

During the Financial Year 2020-21, 5 (five) number of Board Meetings were held. For details thereof kindly refer to the section 'Board of Directors- Number of Board Meetings', in the Corporate Governance Report.

Disclosure on Audit Committee

The Audit Committee as on March 31, 2021 comprises of the following independent directors:

Mr. P.N Vijay (Chairman), Mr. R.C. Bhargava, Dr S. Narayan, Dr Ajay Dua, Mr. Ajit Mohan Sharan and Mr. Mukesh Hari Butani as members. For more details kindly refer to the section 'Committees of the Board - Audit Committee', in the Corporate Governance Report, which forms part of this Report.

All recommendations of Audit Committee were accepted by the Board of Directors.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

Pursuant to provisions of Section 134 of the Act read with Rule 8(3) of the Companies (Accounts) Rules, 2014 the details of Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo are attached as 'Annexure 8' to this report.

Environmental, Health and Safety (EHS) Review

Details with respect to Environmental, Health and Safety (EHS) review are attached as 'Annexure 9' to this report.

Annual Return

The Annual Return as on March 31, 2021 in the prescribed Form No. MGT-7, pursuant to section 92 of the Act is available on the website of the Company at www.dabur.com at the link https://www.dabur.com/in/en-us/investor/investorinformation/annual-return.

Particulars of Loans, Guarantees or Investments under Section 186 of the Act

Particulars of loans, guarantees and investments under Section 186 of the Act as at the end of the Financial Year 2020-21 are provided in the standalone financial statements (refer Note No. 47).

Contracts or arrangements with related parties under section 188(1) of the Act

With reference to Section 134(3)(h) of the Act, all contracts and arrangements with related parties under Section 188(1) of the Act, entered by the Company during the financial year, were approved by the Audit Committee and wherever required, also by the Board of Directors. No contract of arrangement required approval of shareholders by a resolution.

During end of the year, the Company had entered into a contract/transaction with related party M/s Burman Brothers, a partnership firm, for taking from them on rent/ pay by use certain assets and services, w.e.f. 1.5.2021. Upon recommendation and approval of the Audit Committee, the contract/transaction was approved by the Board of Directors. Since the transaction pertains to next financial year, disclosure in the prescribed form AOC-2 is not being reported.

During the year, the Company had not entered into any contract or arrangement with related parties which could be considered 'material' (i.e. transactions exceeding ten percent of the annual consolidated turnover as per the last audited financial statements entered into individually or taken together with previous transactions during the financial year) according to the policy of the Company on materiality of Related Party Transactions. Accordingly, there are no transactions that are required to be reported in Form AOC-2

You may also refer to Related Party transactions in Note No.54 of the Standalone Financial Statements.

Details in respect of frauds reported by Auditors other than those which are reportable to the Central Government

The Statutory Auditors, Cost Auditors or Secretarial Auditors of the Company have not reported any frauds to the Audit Committee or to the Board of Directors under section 143(12) of the Act, including rules made there under.

Disclosure on Public Deposits

During the year under review, the Company has neither accepted nor renewed any deposits in terms of Chapter V of the Act and Rules framed thereunder.

Disclosure on Vigil Mechanism

The Company has established a vigil mechanism through which directors, employees and business associates may report unethical behavior, malpractices, wrongful conduct, fraud, violation of Company's code of conduct, leak or suspected leak of unpublished price sensitive information without fear of reprisal. The Company has set up a Direct Touch initiative, under which all directors, employees, business associates have direct access to the Chairman of the Audit committee, and also to a threemember direct touch team established for this purpose. The direct touch team comprises one senior woman member so that women employees of the Company feel free and secure while lodging their complaints under the policy. Further information on the subject can be referred to in section 'Policies, Affirmations and Disclosures' - Whistle-Blower Policy / Vigil Mechanism of the Corporate Governance Report.

Disclosure on Cost Records

Pursuant to provisions of Section 134 of the Act read with Rule 8(5) of the Companies (Accounts) Rules, 2014 it is confirmed that maintenance of cost records as specified by the Central Government under sub-section (1) of section 148 of the Act, is required by the Company and accordingly such accounts and records are made and maintained.

Disclosure under Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013

At Dabur, all employees are of equal value. There is no discrimination between individuals at any point on the basis of race, colour, gender, religion, political opinion, national extraction, social origin, sexual orientation or age.

At Dabur, every individual is expected to treat his/her colleagues with respect and dignity. This is enshrined in values and in the Code of Ethics & Conduct of Dabur.

The Company also has in place 'Prevention of Sexual Harassment Policy`. This Anti-Sexual Harassment policy of the Company is in line with the requirements of The Sexual Harassment of Women at the Workplace (Prevention, Prohibition & Redressal) Act, 2013. All employees (permanent, contractual, temporary and trainees) are covered under this policy.

The Company has complied with provisions relating to the constitution of Internal Complaints Committee (ICC) under The Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 to redress complaints received regarding sexual harassment.

The Direct Touch (Whistle-Blower & Protection Policy) policy also provides a platform to all employees for reporting unethical business practices at workplace without the fear of reprisal and help in eliminating any kind of misconduct in the system. The policy also includes misconduct with respect to discrimination or sexual harassment.

The following is a summary of sexual harassment complaints received and disposed of during the year:

z No. of complaints received: 0
z No. of complaints disposed of: NA
z No. of complaints pending: 0

Significant and material orders passed by the regulators or courts or tribunals impacting the going concerns status and company`s operations in future

The Company has not received any significant or material orders passed by any regulatory authority, court or tribunal which shall impact the going concern status and Company`s operations in future.

Secretarial Standards

The applicable Secretarial Standards, i.e. SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings', respectively, have been duly followed by the Company.

Industrial Relations

The Company maintained healthy, cordial and harmonious industrial relations at all levels. The enthusiasm and unstinting

efforts of employees have enabled the Company to remain at the leadership position in the industry. It has taken various steps to improve productivity across organization.

Your Directors place on record their gratitude to the Central Government, State Governments and Company's Bankers for the assistance, co-operation and encouragement they extended to the Company. Your Directors also wish to

Acknowledgements

the continuing support and unstinting efforts of investors, vendors, dealers, business associates and employees in ensuring an excellent all around operational performance.

place on record their sincere thanks and appreciation for

For and on behalf of the Board

AMIT BURMAN

Place: New Delhi Chairman Date : 07 May, 2021 DIN: 00042050

Independent Auditor's Certificate on Corporate Governance

To the Members of Dabur India Limited

1. This certificate is issued in accordance with the terms of our engagement letter dated 24 July 2020.
1. We have examined the compliance of conditions of corporate governance by Dabur India Limited ('the Company') for the year ended on 31 March 2021, as stipulated in Regulations 17 to 27, clauses (b) to (i) of Regulation 46(2), and paragraphs C, D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations').

Management's Responsibility

The compliance of conditions of corporate governance is the responsibility of the management. This responsibility includes the designing, implementing and maintaining operating effectiveness of internal control to ensure compliance with the conditions of corporate governance as stipulated in the Listing Regulations.

Auditor's Responsibility

1. Pursuant to the requirements of the Listing Regulations, our responsibility is to express a reasonable assurance in the form of an opinion as to whether the Company has complied with the conditions of corporate governance as stated in paragraph 2 above. Our responsibility is limited to examining the procedures and implementation thereof, adopted by the Company for ensuring the compliance with the conditions of corporate governance. It is neither an audit nor an expression of opinion on the financial statements of the Company.
1. We have examined the relevant records of the Company in accordance with the applicable Generally Accepted Auditing Standards in India, the Guidance Note on

Certification of Corporate Governance issued by the Institute of Chartered Accountants of India ('ICAI'), and Guidance Note on Reports or Certificates for Special Purposes issued by the ICAI which requires that we comply with the ethical requirements of the Code of Ethics issued by the ICAI.

We have complied with the relevant applicable requirements of the Standard on Quality Control (SQC) 1, Quality Control for Firms that Perform Audits and Reviews of Historical Financial Information, and Other Assurance and Related Services Engagements.

Opinion

1. Based on the procedures performed by us and to the best of our information and according to the explanations provided to us, in our opinion, the Company has complied, in all material respects, with the conditions of corporate governance as stipulated in the Listing Regulations during the year ended 31 March, 2021.
1. We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness with which the management has conducted the affairs of the Company.

Restriction on use

This certificate is issued solely for the purpose of complying with the aforesaid regulations and may not be suitable for any other purpose.

For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No. 001076N/N500013

Neeraj Goel

Partner Place: Gurgaon Membership No. 099514 Date : 07 May, 2021 UDIN: 21099514AAAACR2806

Policy on Appointment of Board Members

Constitution & Size

Members

z Chairman
z Promoter Family nominee(s)
z Executive members
z Independent members

Profile

z Board should ideally comprise of 12 members
z 50% of members should be independent
z The Chairman should be elected by the Board and should be Non-Executive
z Not more than 4 nominees from the Promoter's family including Chairman

The skill profile of independent Board members will be driven by the key tasks defined by the Board for them

z Independent Corporate Governance
z Guiding strategy and Enhancing Shareholders Value
z Monitoring Performance, Management Development & Compensation
z Control & Compliance

Skill profile of Board members (multiple skills could be combined in one individual)

Key Skill Area/ Qualification	Essential/ positive Attributes	Desirable Attributes
1. Strategy/ Business Leadership	z 2-3 years experience as a CEO, preferably of an MNC in India	FMCG experience
2. Corporate Strategy Consultant	z Consultant/Academician with experience in FMCG Industry and business strategy	Basic understanding of Finance
3. Sales and Marketing experience	z At least 10 years experience in sales and marketing z Good understanding of commercial processes z 2-3 years as head of sales or marketing	Experience with FMCG or other consumer products
4. Corporate Law	z Expert knowledge of Corporate Law	Experience in trade/ consumer related laws
5. Finance	z At least 5 years as a CEO or as head of a merchant banking operation	FMCG experience
6. Trade Policy & Economics	z Expert knowledge of Trade & Economic Policies	FMCG experience
7. Administration & Government Relations	z Retired Bureaucrat	Basic understanding of Finance & Business
8. Ayurvedic specialist (till Ayurvedic specialities Business is part of FMCG business)	z Ayurvedic doctor with a minimum of 20 years experience as a practitioner/ researcher	Basic understanding of finance and business

Other Directors could be based on company's priority at a particular time:

z Knowledge of export markets that Dabur is focusing on
z Commodity procurement expert

Board Diversity

z There should not be concentration of Board members based on a particular skill profile.
z Board member should be selected preferably from all the key skill areas defined earlier.
z Gender diversity: Board should have at least one Women Director.

Criteria for Determining Independence of a Director

The proposed appointee shall fulfil the requirements prescribed from time to time under the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 and other relevant laws.

The proposed appointee in the category of Independent Director should be a person fulfilling the criteria of Independence as may be prescribed from time to time under the Companies Act, 2013, Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements), 2015 and other relevant laws.

Remuneration Policy

1. Objective :

We design our remuneration policy to attract, motivate and retain the Directors, KMP and other employees who are the drivers of organization success and helps us to run the company successfully and to retain our industry competitiveness. Pay mix is designed to reflect the performance and is aligned to the long term interest of the shareholders.

2. Policy :

Remuneration Design and Mix

a) Total Fixed Pay: Enable us to attract, retain and develop the talent we need to succeed
1. Is competitive (50th to 60th percentile) with leading companies where we recruit for talent.
1. Reinforces roles and accountabilities.
1. Is flexible and supportive of our organization's growth.
1. Is responsive to specific market pressures in terms of getting key talent from the market.
1. Provides salary management guidelines so that decisions are made with confidence, integrity and speed.
b) Short term Incentive Plans (one year): Create a process to effectively reward people for their contributions to the success of the Company in the short term
1. Utilizes company, business unit/ department and individual- based metrics based on the principle of line of sight and impact.
1. Is supported by clear, frequent communication and simple tools to administer.
c) Long term Incentive Plans in form of performance based ESOP: Enable us to attract and retain key talent and create a process to effectively reward key talent for their contributions to the long term success of the company
1. A significant portion of the key talent compensation delivered through restricted ESOP Plans with retention expectations in place to ensure alignment of the executive interest with those of shareholders.
1. Utilizes company and business unit/department based metrics which are necessary for long term

business sustenance and shareholder wealth creation.

1. Utilizes measures that are clear, strategically focused, and easily supported by our systems.
1. Provides suitable rewards that are meaningful to the performer, consistent with our strategy, and reinforce our culture.
1. Helps to make our pay competitive (70th to 90th percentile) with leading companies where we recruit for talent.
d) Benefits: Provide programs that meet people's needs and are cost effective and utilize Innovative programs that make us distinctive as an organization
1. Be competitive with companies of our size and where we compete for talent.
1. Provide benefits that are truly meaningful to people, supported by highly effective communication and easy administrative support.
1. Provide benefits, services, or events that will make us distinctive in the marketplace and consistent with our culture and values.
1. Provide benefits that are cost effective from both an individual and a company perspective.
e) Recognition: Utilize effective practices that are supported by innovative programs that reinforce our desired culture and make us a special place to work
1. Reinforces individual and team`s behavior that makes us more competitive, efficient, and important to our customers.
1. To create more employee touch points and recognition on formal and informal basis.
1. Utilize a variety of programs, events and activities that keep the process exciting.
f) Annual Performance Linked Enhancement that recognizes the performance of the resource keeping in view the achievement of organizational goals and departmental goals.
g) Remuneration to Independent Directors:
1. Sitting Fee as approved by the Board.
1. Travel Cost and other out of pocket expenses for attending the Board & Committee Meetings.
1. No Stock options.

Remuneration (apart from sitting fee), including profit related commission, by whatever name called, for a period not exceeding 5 years (starting from 1.4.2019) as approved by Board of Directors of the Company, not exceeding 1% of the net profits of the Company in any financial year in terms of section 197 of the Companies Act, 2013 and computed in the manner referred in section 198 of the said Act.

Tools for an effective Remuneration Policy implementation:

1. Remuneration Benchmark studies
1. Compilation of Live data while recruiting talent
1. Talent attrition studies
1. Benchmarking with Best Industry Practices
1. Participation in various forums

Annexure 4A

Details under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014

The Ratio of the remuneration of each Director to the median remuneration of the employees of the company	a	Mr. Mohit Malhotra, Whole Time Director and Chief Executive Officer	220: 1
for the financial year.	b	Mr. P D Narang, Whole Time Director	256: 1
	c	Mr. P N Vijay	5:1
	d	Mr. R C Bhargava	4:1
	e	Dr. S Narayan	4:1
	f	Dr. Ajay Dua	5:1
	g	Mr. Sanjay Kumar Bhattacharyya	3:1
	h	Mrs. Falguni Sanjay Nayar	2:1
	i	Mr. Ajit Mohan Sharan	4:1
	j	Mr. Mukesh Hari Butani	0.8:1
(ii) The percentage increase in remuneration of each director, Chief Financial Officer, Chief Executive Officer, Company	a	Mr. Mohit Malhotra, Whole Time Director and Chief Executive Officer	62.2%
Secretary in the financial year.	b	Mr. P D Narang, Whole Time Director	6%
	c	Mr. P N Vijay	NA
	d	Mr. R C Bhargava	NA
	e	Dr. S Narayan	NA
	f	Dr. Ajay Dua	NA
	g	Mr. Sanjay Kumar Bhattacharyya	NA
	h	Mrs. Falguni Sanjay Nayar	NA
	i	Mr. Ajit Mohan Sharan	NA
	c	Mr. Lalit Malik, Chief Financial Officer	3%
	d	Mr. Ashok Kumar Jain, EVP (Finance) & Company Secretary	4%
(iii) The percentage increase in the median remuneration of employees in the financial year.		5.8%
(iv) The number of permanent employees on the rolls of the company.		5070
(v) Average percentile increase already made in the salaries of employees other than the managerial personnel in the last financial year and its comparison with the percentile increase in the managerial remuneration and justification thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration.		The average percentile increase in the managerial remuneration has been 5% and for others also it is 5%. This is based on Remuneration policy of the Company that rewards people differentially based on their contribution and also ensures that external market competitiveness and internal relativities are taken care of.
(vi) It is hereby affirmed that the remuneration is as per the Remuneration Policy of the Company.

NOTES:

Shares allotted under ESOP Scheme of the Company have not been included in the above.

Annexure 4B

Statement of particulars of employees pursuant to Section 197(12) of the Companies Act, 2013 read with Rule 5(2) & (3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended 31st March, 2021

Sl. No. Name, Designation/Nature of Duties, Qualifications Exp. (in Yrs.), Remuneration, Date of Appointment, Age (in Yrs.), Particulars of Last employment

Baksi Biplab, Executive Director - Human Resource, B.E.,M.B.A., 28, Rs. 21732571, 02.01.2020, 53, Director Human Resource, Nestle Oceania; 2. Gupta Arun, Executive Vice President - Corporate Affairs, B.Com. (H), C.A., I.C.W.A., 35, Rs. 17091481, 01/07/2007, 59, Chief Financial Officer, Dabur Pharma Limited; 3. Gupta Devender, Vice President - Human Resource, B.Tech, M.B.A., 24, 14274725, 16.06.1997, 49. 4. Jain Ashok Kumar, Executive Vice President - Finance and Company Secretary, B.Com., C.A., C.S. LLB, 34, Rs. 16189413, 17/08/1999, 58, Assistant Vice President - Finance, Dabur Finance Limited; 5. Khan Adi Shahrukh, Executive Director – Operations, B.E., 35, Rs. 29047740, 07/05/2015, 58, Head of Operations- IBD, Dabur International Limited; 6. Malhotra Mohit, Chief Executive Officer, B.H.M, M.B.A, 27, Rs. 102202133, 01.04.2018, 52, Chief Executive Officer, Dabur International Limited, 7. Malik Lalit, Chief Financial Officer, B. Com., L.L. B, C.P. A., C.A. ,C.S., A.I.C.W.A., 32, Rs. 26291632, 19/11/2012, 54, Vice President - Finance & Accounts, Moser Baer India Limited; 8. Narang P.D., Group Director - Corporate Affairs, B.Com., F.C.A., M.I.I.A., F.C.S., A.I.C.W.A., 45, Rs. 127210290, 01/07/1983, 67, Management Accountant, Dabur (Dr S K Burman) Pvt. Limited, 9. Ranjan Rajeev, Executive Vice President- Manufacturing, B.E., 31, Rs. 15832020, 08/09/2015, 53, Associate Director – Contract Manufacturing, Mondelez India Foods Pvt. Ltd.; 10. Sharma Adarsh, Executive Vice President – Sales, B.Com., M.B.A, 35, Rs.17293749, 16/09/1991, 58, Assistant Sales Manager, UniPepsi Bottlers Limited.

Notes

1. Gross remuneration shown above is subject to tax and comprises salary including arrears, allowances, rent, medical reimbursements, leave travel benefits, leave encashment, provident fund, superannuation fund & gratuity under LIC scheme in terms of actual expenditure incurred by the Company and commission.
1. All appointments are contractual in nature.
1. None of the employees mentioned above are related to any Director of the Company, except Mr. P D Narang and Mr. Mohit Malhotra who are themselves Directors of the Company.
1. None of the employees mentioned above was in receipt of remuneration which in the aggregate is in excess of that drawn by the Whole-time Director and holds by himself or along with his spouse and dependent children, not less than 2% of the equity shares of the Company.

Secretarial Audit Report for the Financial Year ended March 31, 2021

The Members Dabur India Limited 8/3, Asaf Ali Road New Delhi – 110002

We have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Dabur India Limited (hereinafter called the company). Secretarial Audit was conducted in a manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and expressing our opinion thereon.

Based on our verification of the Company's books, papers, minute books, forms and returns filed and other records maintained by the company and also the information provided by the Company, its officers, agents and authorized representatives during the conduct of secretarial audit, We hereby report that in our opinion, the company has, during the audit period covering the financial year ended on March 31, 2021("period") complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliance-mechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

We have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on March 31, 2021 according to the provisions of:

(i) The Companies Act, 2013 (the Act) and the rules made thereunder;
(ii) The Securities Contracts (Regulation) Act, 1956 ('SCRA') and the rules made thereunder;
(iii) The Depositories Act, 1996 and the Regulations and Byelaws framed thereunder to the extent of Regulation 76 of Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made thereunder to the extent of Foreign Direct Investment, Overseas Direct Investment and External Commercial Borrowings;
(v) The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act, 1992 ('SEBI Act'):-
(a) The Securities and Exchange Board of India (Substantial Acquisition of Shares and Takeovers) Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 2015;
(c) The Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
(d) The Securities and Exchange Board of India (Share Based employee Benefits) Regulations, 2014;
(e) The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008; Not Applicable during the period under review.
(f) The Securities and Exchange Board of India (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client to the extent of securities issued;
(g) The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009; and Not Applicable during the period under review.
(h) The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018; Not Applicable during the period under review.
(vi) The other laws, as informed and certified by the management of the Company which are specifically applicable to the Company based on their sector/ industry are:
1. Forest Conservation Act, 1980.
1. Insecticides Act, 1968.
1. Biological Diversity Act, 2002.
1. Drug & Cosmetics Act, 1940.
1. Food Safety and Standards Act, 2006, rules and regulations made thereunder.
1. National Green Tribunal Act, 2010.

We have also examined compliance with the applicable clauses / Regulations of the following:

(i) Secretarial Standards issued by The Institute of Company Secretaries of India.
(ii) SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the period under review the Company has generally complied with the provisions of the Act, Rules, Regulations, Guidelines, Standards, etc. mentioned above.

We further report that:

The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, Non-Executive

Directors and Independent Directors. The changes in the composition of the Board of Directors that took place during the period under review were carried out in compliance with the provisions of the Act.

Adequate notice is given to all directors to schedule the Board Meetings, agenda and detailed notes on agenda were sent in advance(and at a Shorter Notice for which necessary approvals obtained), and a system exists for seeking and obtaining further information and clarifications on the agenda items before the meeting and for meaningful participation at the meeting.

All decisions at Board Meetings and Committee Meetings held during the period under review were carried out unanimously as recorded in the minutes of the meetings of the Board of Directors or Committee of the Board, as the case may be.

We further report that there are adequate systems and processes in the company commensurate with the size and operations of the company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

We further report that during the audit period, no specific events / actions took place having a major bearing on the Company's affairs in pursuance of the above referred laws, rules, regulations, guidelines, standards, etc.

For Chandrasekaran Associates Company Secretaries

Rupesh Agarwal Managing Partner Membership No. A16302 Place: Delhi Certificate of Practice No. 5673 Date : 06 May, 2021 UDIN: A016302C000243870

Note:

(i) This report is to be read with our letter of even date which is annexed as Annexure-A and forms an integral part of this report.
(ii) Due to restricted movement amid COVID-19 pandemic, we conducted the secretarial audit by examining the Secretarial Records including Minutes, Documents, Registers and other records etc., and some of them received by way of electronic mode from the Company and could not be verified from the original records. The management has confirmed that the records submitted to us are the true and correct. This Report is limited to the Statutory Compliances on laws / regulations / guidelines listed in our report of which, the due date has been ended/expired on or before March 31, 2021 pertaining to Financial Year 2020-21.

Annexure-A to the Secretarial Audit Report

The Members

Dabur India Limited

8/3, Asaf Ali Road New Delhi – 110002

1. Maintenance of secretarial record is the responsibility of the management of the Company. Our responsibility is to express an opinion on these secretarial records based on our audit.
1. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about the correctness of the contents of the secretarial records. The verification was done on the random test basis to ensure that correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a reasonable basis for our opinion.
1. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
1. Where ever required, we have obtained the Management representation about the compliance of laws, rules and regulations and happening of events etc.
1. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. Our examination was limited to the verification of procedures on the random test basis.
1. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or effectiveness with which the management has conducted the affairs of the Company.

For Chandrasekaran Associates Company Secretaries

Rupesh Agarwal

Managing Partner Membership No. A16302 Place: Delhi Certificate of Practice No. 5673 Date : 06 May, 2021 UDIN: A016302C000243870

Report on the highlights of performance of Subsidiaries, Associates and Joint Venture companies and their contribution to the overall performance of the company is as under:

1. H & B Stores Ltd., India (subsidiary)

The Company operates its specialised beauty retail business under the brand 'New U'. It offers a wide range of beauty care, fragrance and personal care products from its retail outlets which are located in high footfall malls and markets. New U offers a unique blend of international, domestic as well as private brands from its stores. Its store footprints are pan India with 88 stores in 36 cities. While the majority of stores are company operated, company has its focus on adding more of franchised stores which are operated by entrepreneurs while the products are provided by the Company. Company also operates online through its own portal and various other e-commerce websites. Company has its continued focus on its own private labels and some exclusive international labels apart from expansion of franchise model, which have good growth opportunity in India.

2. Dermoviva Skin Essentials Inc., USA (subsidiary)

Dermoviva operates in the hair care market for ethnic African population through Namaste Laboratories LLC. The subsidiary acquired two companies – i) D and A Cosmetics Proprietary Limited (carrying on the business of development, manufacturing and sale of personal care products, hair care and creams) and ii) Atlanta Body & Health Products Proprietary Limited (engaged in the business of sale of personal care products, hair care and creams) in FY 2018-19. Both companies are located in South Africa. D&A Cosmetics owns and operates the brand 'Long & Lasting' in South African market with a wide range of hair care products.

3. Namaste Laboratories LLC, USA (subsidiary)

The Company is engaged in the business of manufacture, marketing and distribution of hair and other personal care products.

The Namaste business caters to Hair Care needs of the African American community and is a leader in some of the categories. Current financial year was different for entire world due to pandemic situation. The overall hair relaxers category showed a healthy growth, because people starting using DIY (do it yourself) products during lockdown and relied upon the leading brands. The company registered decent volume growth

Annexure 6 across categories on account of Company's consistent

distribution focus and new product launches. Temporary hair color launched last year under the brand Color Blast performed well, increasing revenue as well as distribution. The FIXIT range also did well even during the lockdown period. The company launched new products across the Styling & Relaxer category tapping customer demand for organic and natural offerings.

Overall, the Namaste's North America business reported considerable improvement in topline and bottom-line growth, led by its increased sales of relaxers, lotions/ creams, shampoo, new products and the continued cost efficiencies.

Namaste also markets its brand in Europe and African markets. The Sub Sahara Africa region performance was subdued due to Covid but focus continued on the efforts to localize manufacturing and strengthen distribution in key markets and realize cost synergies.

4. Urban Lab International LLC, USA (subsidiary)

The Company is engaged in the business of Marketing and Distribution of Hair Care products in Africa. Distribution expansion to TIER-II Cities and Independent wholesalers in Domestic Markets and Exports to Sub Saharan Africa Countries including Ghana, Kenya, Ethiopia, Uganda in addition to SADC countries. Successful launch of new African brands 'ORS Black Castor' and 'Vatika Afro Naturals' are the growth factors driving the business.

5. Hair Rejuvenation & Revitalization Nigeria Ltd., Nigeria (subsidiary)

The principal business activity of the Company is to engage in the business of the manufacture, marketing and distribution of hair and other personal care products in West Africa. The company's product portfolio is based upon ORS hair care products including relaxers, styling and maintenance products.

Despite the market downturn during initial months owing to Covid shutdown, followed by a prolonged national strike which created severe economic headwinds, the Company strongly focused via digital media to extend brand franchise and generate demand. This coupled with extensive market level visibility led to a strong comeback and gain in market share. The Company also developed an engaging Influencer-Consumer online connect during the Covid period to enable DIY styling coupled with online purchasing through dedicated websites. The consolidation work with the top stylist-hair associations, became extremely relevant during these

economically tough times to provide sustained business at subsidized rates to the stylist segment.

6. Healing Hair Lab International LLC, USA (subsidiary)

The entity is a non-operating company.

7. Dabur (UK) Ltd., (subsidiary)

The main activity of the company is making investments in step down subsidiaries.

8. Dabur International Ltd., (subsidiary)

The principal business activity of the Company is distribution of FMCG products in overseas markets. The key categories that the Company operates in are Hair Care, Oral Care and Skin Care and recently seeded Health Care and Foods categories.

During the year, the Company faced COVID driven macro-economic headwinds which impacted category growths across most of the key markets. In addition, strict and prolonged lockdowns in some of the markets impacted movement of goods.

In this scenario, the Company improved market shares in most of the categories in Hair Care, Oral Care and Skin Care largely driven by optimization of marketing mix. Tactical but aggressive consumer promotions and trade spends were deployed to counter heightened competitive intensity in certain markets and categories.

9. Naturelle LLC, UAE (subsidiary)

Naturelle LLC, located at Ras al Khaimah (RAK) is the manufacturing hub of Dabur International Ltd. The unit produces a wide range of hair care, oral care and skin care products. With a capacity of over 58,000 MT / 9 million cases of finished goods annually, the RAK unit caters to more than 70 countries. Despite the pandemic affecting normal plant operations, utilizing the company's strategic investment in plant digitization last year of "Manufacturing Execution System (MES)" in line with "Industry 4.0", RAK unit was able to demonstrate effective remote plant management during the pandemic lockdown and has been able to service the market requirements, while implementing COVID 19 control measures.

During the year, the unit has enhanced its manufacturing capacity and also launched various cost saving automation projects to improve the manufacturing cost.

10. Dabur Egypt Ltd., Egypt (subsidiary)

The Company is engaged in the manufacturing and marketing of hair oils, styling creams, hair gels, shampoo & conditioners, henna hair colors, hair removing creams, toothpastes & ORS Kits. The Egypt business faced setback due to Covid in the first half of the year. The business made a good recovery in second half driven by investments in marketing, distribution and new products. The manufacturing unit in Egypt implemented various automation initiatives especially in products like hair colors, and also energy efficiency measures by switching to alternate energy sources like natural gas in line with the company's strategy to optimize its operations cost.

11. African Consumer Care Ltd., Nigeria (subsidiary)

The company is engaged in the business of manufacturing and marketing of toothpastes, toilet cleaners etc., trading business of mosquito repellent cream and contract manufacturing of hair care products for a fellow subsidiary - Hair Rejuvenation and Revitalization Nigeria Limited. The plant at Nigeria manufactures oral care, skin care and hair care products. The Company is also becoming a hub for exporting hair care products to Central and West Africa markets. During the Covid pandemic scenario with most open markets and trade channels working with restricted timings, the company focused on digital medium led brand building initiatives and extending its distribution network.

12. Dabur Nepal Pvt. Ltd., Nepal (subsidiary)

The Company, one of the largest FMCG companies in Nepal, manufactures & markets wide range of Consumer goods under segments like Foods, Home Care, Personal Care etc. with products like Fruit Juices/ Beverages, Chyawanprash, Glucose, Tooth Paste, Hair Oil, Digestive Tablets, Honey, etc. Food Segment has major share in turnover of the company of around 70%.

The Company has faced various difficulties and challenges in its business operation due to uncertain economic instability, lockdown and change of consumer perception due to COVID-19 during FY 2020-21. This impact is clearly reflected in terms of turnover for the FY 2020-21 which was slightly lower than last year. However, Profitability has improved by 23%. The major drivers for profitability improvements are improved working capital, reduced interest cost, cost reduction in operations and optimization activities.

13. Asian Consumer Care Pakistan Pvt. Ltd., Pakistan (subsidiary) &

14. Dabur Pakistan (Pvt.) Limited, Pakistan (subsidiary)

Dabur in Pakistan posted a growth in constant currency terms, despite facing lot of headwinds. These include currency devaluation, ban on import of Indian origin products and measures taken by the government to reduce imports. As a result, company faced financial pressure on the operating margins. However, the Company was able to overcome these challenges by sourcing raw material from other countries and converting maximum portfolio to local toll manufacturing.

15. Asian Consumer Care Pvt. Ltd., Bangladesh (subsidiary)

Asian Consumer care Private Limited is a 76% subsidiary of Dabur International Limited, Dubai and rest 24% of the shareholding is held by ACI Limited a company registered in Bangladesh.

The company manufactures & markets wide range of Consumer goods under segments like Food, Home Care, Personal Care etc. with products like Toothpaste, Hair Oil, shampoo, Digestive Tablets, Honey, etc.

In FY 2020-21, Company's revenue grew by 25.3% in spite of Covid impact and lockdowns. Due to change in Income tax provisions, the effective tax rate increased for the company which led to a decline in net profit.

Due to the quick and coordinated response, Company was able to overcome most of the challenges of Pandemic during the year and stay on the growth path throughout the year.

16. Hobi Kozmetik İmalat Sanayi ve Ticaret Anonim Sirketi, Turkey (subsidiary)

Hobi Kozmetik is one of the pioneering personal care product manufacturers in Turkey that also owns a deeply rooted brand heritage. It is a market leader in Hair Gel and one of the major players in Liquid soap, body wash, economy shampoo and wet wipes categories. Its product list includes more than 200 personal care and cosmetics products in the categories like Hair Gels, Hair Sprays, Mousses, Hair Wax, Hair Conditioners, Shampoos, Hair Care Complexes, Body Creams, Hand and Body Lotions, Shower Gels, Liquid Hand Soaps, Shampoo and Conditioner and Hair Styling Series.

Hobi brand has a significant presence across Turkey including direct distribution to major chain stores. Hobi exports to 50+ countries across the globe and a Private Label business in USA. In order to utilize spare capacity, Hobi continues to drive its private label business with addition of new domestic and export customer.

During FY 20-21 the Company has registered robust Revenue from operation growth of 25% despite tough Macro Economic situation in Turkey. Economic and Geopolitical challenges in Turkey persist during FY20-21. Currency devalued by almost 30% as compared to last year, High inflation, increasing unemployment, liquidity challenge owing to high interest rates, and COVID-19 impact to name a few.

Company has launched key hair styling extensions like kids hair gel, Mermaid spray, Kivir Kivir gel and BB mousse to penetrate in perfumery channels. Under Liquid soap category, Company has launched Anti-bacterial liquid soap mainly focusing on export markets to capitalize on Covid led spurt in demand. The Company continued its digital and social media presence throughout the year resulting in market share improvements in key categories.

17. Ra Pazarlama Limited Şirketi, Turkey (subsidiary)

The Company markets the products produced by Hobi Kozmetik. It has expertise in distribution and handles all sales/distribution for Hobi products. Revenue from operation of the company showed a remarkable growth of 22%.

18. Dabur Lanka Pvt. Ltd., Sri Lanka (subsidiary)

The Company has set-up a state of art Tetra Pak manufacturing facility at Yakadagala Estate, Kotadeniyawa, Sri Lanka. Its principal activity is to manufacture fruit based beverages utilizing imported fruit concentrates/ pulp and purees for export. These are processed and packed in Tetra cartons for export to India and other countries. The company has an allowance to sell up to 10% of the volume of the output to the local Sri Lanka market. During FY 2020-21 the Company manufactured 8.64 lac cases of 1 litre and 2.28 lac cases of 200 ml juices in this unit.

19. Dabur Consumer Care Pvt. Ltd., Sri Lanka (subsidiary)

Principal activity of the company is importing, distributing and dealing in all types of consumer care products such as health care, home care, hair care and personal care in the local Sri Lankan market. During FY 2020-21 the Company has not made imports and done any trading activity in domestic market.

20. Dabur Tunisie, Tunisia (subsidiary)

The Company is being dissolved and liquidation is under process.

21. Dabur Pars, Iran (subsidiary)

The principal business activity of the company is distribution of FMCG products. In the unstable macroeconomic environment post COVID 19, the Company achieved IRR 107 Billion Sales with a growth of 15.8% over last year. Even with the COVID constraints, during the year the Company transformed the GTM strategy and adopted a multiple distributor model enabling better coverage in upcountry markets. The new GTM entails 6 regional distributors spread across the country with substantial increase in reach and efficient delivery to the local markets vs the earlier single distributor model.

The next stage is to localize the entire value chain to reduce the dependency on imports. The focus now is on having better controls on production and a more

localized supply chain, which will lead to the aggressive growths planned in FY 2021-22 & beyond.

22. Dabur South Africa (Pty) Ltd., (subsidiary)

This Company incorporated in South Africa had bought over the assets of CTL Contracting Pty Ltd as a going concern in the year 2017. In addition to manufacturing and supply of ORS Brand SKU's to a fellow subsidiary - Urban Laboratories International LLC, Long & Lasting brand SKUs to a fellow subsidiary D&A Cosmetics Proprietary Limited it also supplies some private and local brands.

23. D & A Cosmetics Proprietary Limited

A company with another popular hair care brand 'Long and Lasting', this was acquired in April 2018. This acqiusition extended the product range to include popular Castor Oil, Coconut Oil & Shea Butter variants in addition to Olive Oil in top selling product Moisturizing Lotion. Before acquisition the Company was focusing on Coastal areas like East London, Kwazu Natal, etc. Post-acquisition it expanded its footprints in Non-Coastal areas as well like Gauteng, Mpumalanga, etc while maintaining its pace in Coastal areas. Long and Lasting range is manufactured in Dabur South Africa (Pty) Limited. D & A Cosmetics buys finished goods from Dabur South Africa and markets them in retail and wholesale trade.

24. Atlanta Body & Health Products Proprietary Limited

Atlanta Body & Health Products Pty Ltd is an Inactive company

25. Excel Investments (FZC)

Excel Investment is a company based in UAE. The main activity of the company is making investments in step down subsidiaries.

26. Herbodynamic India Limited

The Company has been incorporated on 24.02.2021 as a wholly owned subsidiary in India. The main business activity of the Company shall be manufacturing, sale and export of consumer care products.

27. Forum 1 Aviation Pvt. Ltd., India (joint venture)

The Company primarily operates in the aviation sector. It is working with existing fleet of two aircrafts viz. Hawker 800XP (VT-FAF) & Hawker 850XP (VT-KNB).

Contribution of Subsidiaries, Associates and Joint Venture companies to the overall performance of the company:

The subsidiary companies contributed to 26.9% of the consolidated revenue from operations of Dabur India Limited. Through these subsidiaries the company accesses its overseas markets in North America, Canada, Europe, Middle east, Africa and Asia. The overseas business witnessed severe headwinds on account of coronavirus pandemic in the first half of the fiscal. Adverse currency fluctuations also impacted the business in markets like South Africa and Turkey. The business was further impacted by a slowdown across categories in GCC markets. Despite the challenges, the business made a strong comeback with strong double digit growth during second half of the fiscal. This was driven by aggressive investments in digital media, new product launches, brand building and expanding distribution footprint across the regions. The business also improved its operating margins through focus on cost saving initiatives across various functions. By increasing the localization of manufacturing and supply chain, and focusing on digitization and process automation the business is reducing costs and increasing its efficiency and flexibility to access the local markets. Some of these markets are in investment phase therefore the profit margins are not yet at par with company average. Therefore, profit contribution from subsidiaries is little lower than sales contribution. However, this will improve with scale of business going up and the brands getting more established in these markets.

Annual Report on CSR Activities of Dabur India Limited for the Financial Year 2020-21

1. Brief outline on CSR Policy of the Company:

Our CSR Vision

Through sustainable measures, actively contribute to the Social, Economic and Environmental Development of the community in which we operate ensuring participation from the community and thereby create value for the nation.

Our CSR Mission

Ensuring socio-economic development of the community through different participatory and needbased initiatives in the best interest of the poor and deprived sections of the society so as to help them to become SELF-RELIANT and build a better tomorrow for themselves.
Ensuring environmental sustainability through ecological conservation and regeneration, protection & re-growth of endangered plant species, and promoting biodiversity.

Projects or programmes proposed to be undertaken

A. Eradicating Hunger, Poverty & Malnutrition

Plan and implement integrated programmes aimed at improving nutrition levels among children and families in rural India, besides teaching them self-defence techniques.
Provision of food, nutrition supplement, clothes etc for the poor, children and other deprived sections of the society.
B. Health Care and Preventive Health Care programmes
Promotion of health awareness & immunity building initiatives

2. Composition of CSR Committee:

Health care camps across the country to give the urban and rural poor access to safe and reliable healthcare
Supporting health and wellness of people through Wellness Centre, offering treatment as well as advice and medicines
Promoting sanitation, making available safe drinking water.

C. Ensuring Environment Sustainability

Environment sustainability programmes to protect and revive endangered species of herbs & plants, enhancing livelihood of farmers, promoting agro-forestry,
Tree Plantation Drive in schools, villages, area near our manufacturing units and business locations and other areas; Adoption of wastelands to cultivate plants; Promoting biodiversity
Adopting waste management initiatives; Promoting alternate energy resources
D. Promotion of Education especially among children, women, elderly and the differently abled including:
Non-formal education programmes, Adult literacy for women
Supporting schools with infrastructure like benches, toilets, potable water, fans etc.
Supporting children for higher education
Improving educational facilities in general, Supporting other educational institutions
E. Programmes for Employment Enhancing Vocational Skills Development and Women Empowerment; setting up homes for women & orphans; setting up old-age homes & other facilities for senior citizens; setting up hostels for working and student women, day care centers for kids of working women

Sl. No.	Name of Director	Designation / Nature of Directorship	Number of meetings of CSR Committee held during the year	Number of meetings of CSR Committee attended during the year
1	Dr. Ajay Dua	Chairman	4	4
2	Mr. P.N. Vijay *	Independent Director	2	2
3	Mr. Sanjay Kumar Bhattacharyya**	Independent Director	3	3
4	Mr. P.D. Narang	Executive Director	4	4
5	Mr. Mohit Malhotra	Executive Director	4	4
6	Mr. Ajit Mohan Sharan ***	Independent Director	2	2

* Ceased to be member of CSR committee w.e.f. 30.07.2020

** Ceased to be director w.e.f. 04.11.2020

*** Inducted as member of CSR committee w.e.f. 30.07.2020

Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved by the board are disclosed on the website of the company.

https://www.dabur.com/img/upload-files/1136-Dabur-India-Ltd-CSR-Policy-2020.pdf

Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report).

Impact assessment is not carried out during the financial year

Details of the amount available for set off in pursuance of sub-rule (3) of rule 7 of the Companies (Corporate Social responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any

Sl. No.	Financial Year	Amount available for set-off from preceding financial years (in Rs)	Amount required to be set-off for the financial year, if any (in Rs)
1	2019-20	Nil	Nil
2	2018-19	Nil	Nil
3	2017-18	Nil	Nil
	Total	Nil	Nil

Average net profit of the company as per section 135(5).

Rs. 1,425.91 crores

(a) Two percent of average net profit of the company as per section 135(5)

Rs. 28.52 crores

(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years. Nil
(c) Amount required to be set off for the financial year, if any

Nil

(d) Total CSR obligation for the financial year (7a+7b-7c).

Rs. 28.52 crores

(a) CSR amount spent or unspent for the financial year: Nil

Total Amount			Amount Unspent (in Rs.)
Spent for the Financial		Total Amount transferred to Unspent CSR Account as per section 135(6).	Amount transferred to any fund specified under Schedule VII as per second proviso to section 135(5).
Year. (in Rs.)	Amount.	Date of transfer.	Name of the Fund	Amount.	Date of transfer.
28.71 cr.	Nil	N.A.	N.A.	Nil	N.A.

(b) Details of CSR amount spent against ongoing projects for the financial year:

Not Applicable as Company did not have any ongoing projects during the financial year

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)	(10)		(11)
Sl. No.	Name of the	Item from the list of	Local area	Location of the project	Project duration	Amount allocated	Amount spent	Amount transferred	Mode of Implementation		Mode of Implementation
	Project	activities in Schedule	(Yes/ No)			for the project (in Rs)	in the current financial	to Unspent CSR Account for the	- Direct (Yes/ No)		- Through Implementing Agency
		VII to the Act		State District			Year (in Rs)	project as per Section 135(6) (in Rs)		Name	CSR Registration number
1.
2.
3.
	Total

(1)	(2)	(3)	(4)	(5)		(6)	(7)		(8)
Sl. No.	Name of the Project	Item from the list of activities in	Local area (Yes/ No)		Location of the project.	Amount spent for the	Mode of implementation - Direct (Yes/		Mode of implementation - Through implementing agency
		schedule VII to the Act		State	District	project (Rs. in lacs)	No)	Name	CSR registration number
1.	Donation to PM CARES Fund	(viii)	Yes	New Delhi		505	Yes	Direct	Not applicable for direct implementation
2.	COVID-19 support for migrant workers, marginalized communities and frontline corona warriors like police personnel, medical staff, cleaning staff etc.	(i)	Local & Other area	Across India		960	Yes	Direct	Not applicable for direct implementation
3.	Support to COVID-19 like Face mask preparation, awareness programmes in communities.	(i)	Yes	Uttar Pradesh - Ghaziabad, Gautham Budh Nagar, Hapur Uttarakhand – Pant Nagar (Udham Singh Nagar) Himachal Pradesh – Baddi (Solan) Assam – Tejpur (Sonitpur)		40	No	Jivanti Trust, SUNDESH	Not Available
4	Programmes to meet nutrition needs of poor & needy	(i)	Local & Other area	Across India		530	Yes	Direct	Not applicable for direct implementation
5	Health Camps to provide easy access to reliable healthcare for poor & needy	(i)	Local & Other area	Across India		10	Yes	Direct	Not applicable for direct implementation
6	Wellness Centre & OPDs to treat people	(i)	Yes	Delhi		8	Yes	Direct	Not applicable for direct implementation
7	Programmes for addressing health care needs of poor & needy	(i)	Local & Other area	Across India		72	Yes	Direct	Not applicable for direct implementation
8	Programmes for Diabetes Prevention & Management	(i)	No	Madhya Pradesh - Bhopal, Ujjain Orissa- Balasori Hubil, Tharwad Tamil Nadu - Salem Maharashtra - Mumbai	Karnataka - Bangalore,	70	No	Jivanti Trust	Not Available
9	Programmes for Sanitisation drive	(i)	Yes	Uttar Pradesh - Ghaziabad		3	No	Jivanti Trust, SUNDESH	Not Available
10	Programmes to protect endangered species of herbs & plants, enhancing livelihood of farmers	(iv)	Local & Other area	Across India		205	No	Jivanti Trust	Not Available

(1)	(2)	(3)	(4)		(5)	(6)	(7)		(8)
Sl. No.	Name of the Project	Item from the list of activities in	Local area (Yes/ No)		Location of the project.	Amount spent for the	Mode of implementation - Direct (Yes/		Mode of implementation - Through implementing agency Name CSR registration number Not applicable for direct implementation Not Available Not Available Not Available Not Available Not Available
		schedule VII to the Act		State	District	project (Rs. in lacs)	No)
11	Operation of Green House for developing seeds and seedling and supplying to local farmers	(iv)	Yes	Uttarakhand - Pant Nagar (Udham Singh Nagar)		56	Yes	Direct
12	Tree Plantation Drive	(iv)	Yes	Uttar Pradesh - Ghaziabad Uttarakhand - Pant Nagar (Udham Singh Nagar) Himachal Pradesh - Baddi (Solan)		20	No	Jivanti Trust, SUNDESH
13	Promotion of Solar Energy	(iv)	Yes	Uttar Pradesh - Hapur Rajasthan - Newai (Tonk)		15	No	Jivanti Trust, SUNDESH
14	Water Conservation Project in Rajasthan and Water ATM	(iv)	Yes	Rajasthan - Newai (Tonk)		5	No	Jivanti Trust
15	Plastic Waste Recycling and Disposal	(iv)	Local & Other area	Across India		139	No	Jivanti Trust
16	Programmes for promoting education through NFEs, Remedial classes	(ii)	Yes	Uttar Pradesh - Ghaziabad, Gautam Budh Nagar, Hapur Uttarakhand - Pant Nagar (Udham Singh Nagar) Himachal Pradesh - Baddi (Solan) Assam - Tejpur (Sonitpur)		7	No	Jivanti Trust, SUNDESH
17	School Support Programmes like renovation work, sanitation facilities, benches & desks, potable water facility, educational aids such as libraries learning paintings etc.	(ii)	Yes	Uttar Pradesh - Ghaziabad, Gautam Budh Nagar, Hapur Uttarakhand - Pant Nagar (Udham Singh Nagar) Jammu & Kashmir - Jammu Himachal Pradesh - Baddi (Solan) Rajasthan - Newai (Tonk) Assam - Tejpur (Sonitpur)		40	No	Jivanti Trust, SUNDESH	Not Available

(1)	(2)	(3)	(4)	(5)				(6) (7)		(8)
Sl. No.	Name of the Project	Item from the list of activities in	Local area (Yes/ No)		Location of the project.				Amount Mode of implementation - Direct (Yes/	Mode of implementation - Through implementing agency
		schedule VII to the Act		State	District	project (Rs. in lacs)	No)	Name	CSR registration number
18	Programmes for Adult Literacy	(ii)	Yes	Uttar Pradesh - Ghaziabad, Gautam Budh Nagar, Hapur Uttarakhand - Pant Nagar (Udham Singh Nagar) Himachal Pradesh - Baddi (Solan) Assam - Tejpur (Sonitpur)		3	No		SUNDESH Not Available
19	Vocational Training to women and villagers; Computer Literacy Centre	(ii)	Yes	Uttar Pradesh - Ghaziabad, Gautam Budh Nagar, Hapur Uttarakhand - Pant Nagar (Udham Singh Nagar) Himachal Pradesh - Baddi (Solan) Assam - Tejpur (Sonitpur)		30	No	Jivanti Trust, SUNDESH	Not Available
20	Promoting & managing Self Help Groups for women	(ii)	Yes	Uttar Pradesh - Ghaziabad, Gautam Budh Nagar, Hapur Uttarakhand - Pant Nagar (Udham Singh Nagar) Himachal Pradesh - Baddi (Solan)		10	No	Jivanti Trust, SUNDESH	Not Available
21	Incidental & administrative expenses for running these programmes	Incidental Expenses	Yes	Uttar Pradesh - Ghaziabad		143	Yes	Direct	Not applicable for direct implementation
				Total		2,871

(d) Amount spent in Administrative Overheads

Rs. 1.43 crores included in (c) above

(e) Amount spent on Impact Assessment, if applicable

Rs. Nil

(f) Total amount spent for the Financial Year (8b+8c+8d+8e)

Rs. 28.71 crores

(g) Excess amount for set off, if any

Sl.	Particular	Amount (in
No.		Rs.)
(i)	Two percent of average net profit of the company as per section 135(5)	28.52 crores
(ii)	Total amount spent for the Financial Year	28.71 crores
(iii)	Excess amount spent for the financial year [(ii)-(i)]	0.19 crores
(iv)	Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any	Nil
(v)	Amount available for set off in succeeding financial years [(iii)-(iv)]	0.19 crores

(a) Details of Unspent CSR amount for the preceding three financial years:

Sl. No.	Preceding Financial	Amount transferred to Unspent CSR	Amount spent in the	Amount transferred to any fund specified under Schedule VII as per section 135(6), if any.			Amount remaining to be spent in
	Year	Account under section 135 (6) (in Rs.)	reporting Financial Year (in Rs.)	Name of the Fund	Amount (in Rs.)	Date of transfer	succeeding financial years (in Rs.)
1.	2019-20	Nil	Nil	N.A.	N.A.	N.A.	N.A.
2.	2018-19	Nil	Nil	N.A.	N.A.	N.A.	N.A.
3.	2017-18	Nil	Nil	N.A.	N.A.	N.A.	N.A.
	Total

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

Not Applicable

(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Sl. No.	Project	Name	Financial	Project	Total amount	Amount spent	Cumulative	Status of
	ID.	of the	Year in	duration.	allocated for	on the project	amount spent	the project -
		Project.	which the		the project	in the reporting	at the end of	Completed /
			project was		(in Rs.).	Financial Year	reporting Financial	Ongoing.
			commenced.			(in Rs).	Year. (in Rs.)
1
2
3
	Total

In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through CSR spent in the financial year (asset-wise details).

Not acquired any capital asset

(a) Date of creation or acquisition of the capital asset(s).
(b) Amount of CSR spent for creation or acquisition of capital asset.
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc.
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset).
1. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5).

Not Applicable

Mohit Malhotra (Chief Executive Officer) Dr. Ajay Dua (Chairman CSR Committee) N.A [Person specified under clause (d) of sub-section (1) of section 380 of the Act] (Wherever applicable)

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

A. Conservation of energy:

Energy plays an eminent role in the economic growth of a nation, and is also one of the critical inputs to the production process at any Company. Dabur has always been conscious of the need to conserve energy in its manufacturing units with the objective of optimising consumption of non-renewable fossil fuels, improving energy productivity, mitigating the impact of Climate Change and reducing operational costs. Efficient energy management and conservation is, in fact, the foundation of its strategy towards managing environmental footprint.

The Company continued to give major emphasis for conservation of Energy in the FY 2020-21 with measures taken during the previous years being continued. The Efficiency of Energy Utilization across all manufacturing units is monitored at the Corporate level every quarter, in order to achieve effective conservation of energy.

The year 2020-21 saw Dabur take several steps to reduce its Green House Gas emissions by promoting a series of energy efficiency measures and use of renewable energy. The below table gives details of various projects for reference:

S. No.	Steps taken for Energy Conservation	Power Saving (KWH) in FY20-21	Cost Saving (Rs. Lakh) in FY20-21	Capital Investment (Rs. Lakh) on Energy Conservation Equipment in FY20-21
1.	LED Lightings & Power factor at 0.99 across all units	3,82,702	47.7	29.3
2.	Usage of VFD in motors, pumps, packing & manufacturing equipment in plants	1,75,325	10.5	19.0
3.	Energy efficient & VFD based air compressors in plants	1,59,720	12.9	82.0
4.	Solar Power plant system in plants – 85 KW	1,34,050	7.8	41.0
5.	Switching from shrink sleeving to self-adhesive sticker labelling in Skin care & Upgradation of some other equipment like Versatile plan sifter & Thermic fluid steam generator	82,425	14.3	38.2
6.	Energy conservation through using HVAC-VRV system & controlling frequency of AHUs	72,866	5.8	18.8
7.	Energy conservation with the help of Level controller, Timer & Interlocking of air, water & equipment running with respect to usage only	33,103	2.7	0.1
8.	Energy Efficient Cooking system for canteen	17,688	0.5	6.3
9.	Usage of Herbal Waste in Boiler as fuel	--	160.0	--
10.	Conversion of FO Boiler to PNG to comply with the reduction on FO usage as per PCB guidelines - step towards environmental benefits	--	23.8	24.0
	Total	10,57,879	286	259

i. The steps taken or impact on conservation of energy:

ii) The steps taken by the Company for utilizing alternate sources of energy:-
Usage of VFD motors, pumps, packing & manufacturing equipment in plants and VFD based air compressors in plant
Solar Power plant system in plants- 85 KW
Usage of Herbal Waste in Boiler as fuel

Conversion of FO Boiler to PNG to comply with the reduction on FO usage as per PCB guidelines - step towards environmental benefits

iii) The capital investment on energy conservation equipments:-
Power saved in 2020-21 was 1057879 KWH with capital investment of INR 259 lakhs.

B. Technology Absorption:

Technology Absorption: At Dabur, technology is the backbone of both manufacturing processes and innovation strategy. They are constantly updated not just to reduce production cost but also make out manufacturing process smoother and more flexible. Company is constantly on the lookout for latest technology in the overseas markets, besides developing powerful analytical methods to ensure that its products are free of contaminants and meet the highest quality and safety standards. It also helps us foster a culture of innovation within the organisation as we go about developing new products to keep pace with the changing market dynamics and consumer needs and aspirations. Technology absorption helps support the product innovation process with scientific approaches, advanced analytical tools and the latest detection technologies.

During the year 2020-21, Dabur had taken several steps forward towards technology absorption, adaptation and innovation, which includes upgrading many of the processes and operations by imbibing new technology, using more efficient equipment and incorporating automation. Some of the examples of technology absorption in manufacturing processes are outlined below.

i) The efforts made towards technology absorption and Benefits derived like product improvement, cost reduction, product development, import substitution

S. No.	Steps taken on Technology Absorption	Product improvement, cost reduction, product development or import substitution	Investment (Rs. Lakh)	Unit Name
1.	New Technology machine imported from Taiwan for Hot Fill Filling along with Chunk dosing	Addition of new product Hot Fill Juices in our portfolio with special feature of Chunk dosing	2,410.0	Pantnagar
2.	Installation & commissioning of Robotic palletisation & ASRS system	Supported space creation for keeping FG for 6,000 pallets	1,693.3	Tezpur
3.	Installation & commissioning of automatic FG conveying system from shopfloor to FG warehouse	Cost reduction with lesser carbon footprint by avoiding internal truck movements for FG transfer	557.0	Tezpur
4.	New technology lambion grate system briquette boiler of 5TPH	Cost reduction through alternate biofuel with herbal waste. Additionally, it will help in carbon footprint reduction by utilising greener fuel	537.6	Tezpur
5.	Introduction of new technology by way of Robotic Palletizer at SIG Line	Lesser space requirement and low cost as compared to the existing low-level palletiser	147.0	Pantnagar
6.	Installation, Commissioning of High-Speed flow wrap machine for Hajmola	Machine inbuilt with Auto roller opening and closing and electronic slip ring in place of 360-degree rotary slip ring	25.9	Jammu
7.	Boiler conversion on Gas fire from FO fire	Conversion of one FO boiler in Gas fire boiler	23.6	Pantnagar
8.	HVAC- VRV System (Variable Refrigerant Volume)	To maintain the temperature automatically and reduce the running hours of compressor instead of fixed type/Manual HVAC System	18.8	Sahibabad
9.	Installation of Rainwater Harvesting	Rainwater Harvesting for collecting water from canteen rooftop area (1205 Sqm). Estimated collection per day will be approx. 33.740 KL	18.1	Pantnagar
10.	Introduction of Jumbo Roll of Shampoo Laminate to reduce the changeover time	Reduction in laminate changeover time and improved productivity	18.0	Pantnagar
11.	Aerosol-based Fire Suppression System	New Technology Fire control system which is sensor driven to improve Fire Safety at Plant	12.4	Pantnagar
12.	Specialized energy efficient burner in canteen	Installed instead of normal burner for cooking food in canteen to reduce gas consumption by an average 30%	6.3	Sahibabad
	Total		5,467.9

ii) In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year): The details of technology imported : Nil The year of import : Not Applicable Whether the technology been fully absorbed : Not Applicable

If not fully absorbed, areas where absorption has not taken place and the reasons thereof : Not Applicable

iii) The expenditure incurred on Research and Development:
Innovation is critical to Dabur`s sustained success. To support this, not only the R&D spends were increased but it was also ensured that innovations are targeted and quick to market. This shift in innovation strategy helped Dabur roll-out more than 50 new products within months of the COVID outbreak. Expenditure of Rs. 42.69 crores was incurred towards Research and Development during the financial year 2020-21.

C. Foreign Exchange earnings and outgo:

The Foreign Exchange earned in terms of actual inflows during the Financial Year 2020-21: Rs. 282.19 crores.

The Foreign Exchange outgo in terms of actual outflows during the Financial Year 2020-21: Rs. 107.71 crores.

212

Environmental, Health and Safety (EHS) Review

Environment, Health, Safety and Security is at the core of Dabur's business and all employees are accountable for it. Company`s stand on environment and the health and safety of its employees is outlined in the Dabur EHS Policy.

Dabur's Environment, Health & Safety (EHS) strategies are directed towards achieving the greenest and safest operations across all units by optimising usage of natural resources and providing a safe and healthy workplace. A brief on Dabur's Environmental, Health and Safety (EHS) initiatives is given below.

Environment

Energy Consumption & Conservation: Like any other industry and business, the growing cost of energy and its linkage with Climate Change are major business concerns for Dabur. In FY 2020-21, various initiatives were taken by Dabur and its employees to reduce indirect energy consumption through optimization of operations involving cooling tower fan, cooling water pump, etc.

The toilets in its manufacturing units are designed for maximum utilization of natural light and provided with sensor-triggered automated lighting system. All employees are also motivated to 'Switch-Off the Lights When not in Use'. This has not only helped reduce energy consumption but has also resulted in waste minimization at source.

Water and Waste Water Management: Dabur is committed to implement 3R (Reduce, Reuse and Recycle) principle for conservation of water. As part of its efforts to continuously reduce usage of Raw water, Dabur has conducted Water Audit through CII & FICCI. Digital Water Flow meters have also been installed across all units, besides Piezometers to check the water level. The company has also implemented rain water harvesting facilities, which help recharge groundwater. Most of the major manufacturing locations have adopted a Zero Discharge strategy.

Some other initiatives taken during the year for Water Conservation & Management include:

z Installation of three-stage RO system in place of DM plant to minimize water wastage and to ensure maximum recovery from raw water
z UF and RO plant installed to recycle ETP treated water in process
z Steam condensate water recovery system put in place and have achieved 80-85% recovery
z Overfilling protection system installed for all water tanks
z Water flow meter installed in the plant to identify actual usage of water

Waste Recycling and Management: Dabur continues to lead the drive towards reduction in use of plastics in the FMCG industry while being committed to managing the postconsumer plastic waste being generated by its products. Company has been closely working with the Ministry of Environment, Forest and Climate Change (MoEF&CC), Central Pollution Control Board (CPCB), Federation of Indian Chambers of Commerce and Industry (FICCI) & Confederation of Indian Industry (CII) in this plastic waste management programme. As part of its efforts to meet the Plastic Waste Management (PWM) EPR (Extended Producer Responsibility) guidelines under PWM Rule 2016, amended 2021, and to set a benchmark for other companies, Dabur has initiated a number of projects across India in collaboration with different NGOs and Central Pollution Control Board (CPCB)-approved PROs (Producers Responsible Organizations).

Under this programme, Dabur has collected ~11,404 MT of post-consumer Plastic Waste (both recyclable and nonrecyclable) from Urban Local Bodies Collection Centres in 27 states, with the help of 10 Waste Management Agencies. The collected plastics waste is sent to Authorised plastic recyclers and co-processing units like cement kilns for processing.

Dabur had initiated the Plastic Waste Management programme in 2018, and has processed/recycled 27,396 MT of Post-Consumer Plastic Waste under this programme till now. Till date, Rs 11.85 Crore has been spent on this initiative. Taking forward this initiative, Dabur is committed to become a Plastic Waste Neutral company in the 2021- 22 fiscal by collecting, recycling and recycling 22,000 MT of post-consumer Plastic Waste from across the country.

Some other initiatives organised in this direction include:

z Organising Safaisathi training along with Swachh Sustainable in Uttarakhand, Telangana and Karnataka to sensitise the general people and motivate them towards collection and proper disposal of plastic waste, including multi-layered plastics
z Motivated the participants to take an oath to better manage plastic waste besides participating in activities like tree plantation
z Partnered with Paperman for a dive-site clean-up in Neil Islands of Andaman and Nicobar. This exercise involved

4 professional divers who cleared 600 square meters of the Ocean floor, recovering 12 Kg of plastic waste which included sachets, plastic pieces and bottles.

z Organised a two-day training session along with Social Lab in the Municipal councils of Wadwani and Kaij in Maharashtra to enhance and upgrade skills of Safai karmachari in the ULBs. A total of 70 Safai karmacharis participated in the session.

Occupational Health and Safety

Safeguarding the Health and ensuring Safety of employees is Dabur`s top priority. This took centre stage with the rapid spread of the COVID pandemic in the first months of 2020-21. Even before the government announced the nationwide lockdown, the Company implemented a slew of measures at all its offices and factories to ensure the safety of employees. These included screening of all visitors with non-contact thermometers, deep cleaning of offices, regular sanitisation of high contact areas like doorknobs, handles, bathroom taps, lift buttons etc, and suspension of biometric attendance, to name a few. These measures will continue once the Company will open post the lockdown. A special insurance scheme was also introduced for frontline sales staff to cover medical expenses in case of any COVID emergencies.

In addition, protocols shared by the government were followed to ensure the safety of employees and workers. Company is in the process of developing the final guidelines for employees and facilities management, which would include deciding on how many people should come to office on a given day and operation of common areas like cafeteria etc. Government guidelines too will be followed.

A series of safety measures were reinforced at all manufacturing units when the operations were recommenced. These include thermal screening of employees during entry and exit at the Security Gate; ensuring that employees strictly adhere to social distancing norms. Company has also restricted the number of employees travelling together in elevators. Similar measures were implemented in offices too.

As a responsible and employee friendly organisation, Dabur is committed to ensuring workplace Occupational Health & Safety of all employees. Efforts were made to further improve the safety standards at manufacturing facilities through safety surveillance and improved accounting & reporting of safety statistics.

Safety remains top priority till the target of Zero incidents is attained. During the year 2020-21, All Injury Rate (AIR) stood at 0.29 as against 0.07 a year earlier. The spike in AIR was due to the frequent induction of unskilled manpower to replace the trained workers who had migrated back to their hometowns during the pandemic.

All sites demonstrated best ever safety performance with Nil fatalities. EHS performance is measured through Monthly EHS dashboard and the plant compliance is audited through TUV e-nforce internal monitoring tool.

During the year, Dabur conducted regular online and offline training programmes on First-Aid, Integrated Water Management, Cut & Burn injury and COVID awareness. In FY 2020-21, a total of 2,429 trainings were conducted with 23,106 manhours of online and offline training.

This year, 50th National Safety Week was celebrated at all manufacturing locations between March 4 and March 10, 2021. The programme, which involved employees and contractors, was conducted with 'Learn from Disaster and Prepare for a Safer Future' as the theme, and included activities such as Safety Oath, Safety Signature campaign, Nukkar Natak on Safety, Slogan & Poster competition, training programme on Electrical Safety, Work Permit, Lock Out & Tag Out Safety training, mock drill, awareness training on Workplace Safety & Safety at Home, and Safety Quiz.

With the second wave of the COVID pandemic emerging, Company immediately initiated several steps across its offices and manufacturing units to help keep the Dabur family safe from the second wave. While strict hygiene and social distancing SOPs have always been in place, Company is ensuring measures to curb exposure to the virus by reinforcing COVID appropriate and safe behaviour, besides fully supporting flexible ways of working and Work from Home for office staff.

Dabur also reached all its employees above 45 years of age and facilitated their vaccination as per government protocols. To help ensure smooth vaccination for employees and their family members Dabur tied up with local hospitals. A special helpdesk was also established for the purpose to coordinate with the Hospitals to schedule vaccination appointments for employees and their families. Besides bearing the vaccination cost, COVID Vaccination Special Leave was offered to employees and again extended the special insurance scheme to 3,200 frontline Sales force.

Independent Auditor's Report

To the Members of Dabur India Limited

Report on the Audit of the Standalone Financial Statements

Opinion

1. We have audited the accompanying standalone financial statements of Dabur India Limited ('the Company'), which comprise the Balance Sheet as at 31 March, 2021, the Statement of Profit and Loss (including Other Comprehensive Income), the Cash Flow Statement and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
1. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone financial statements give the information required by the Companies Act, 2013 ('Act') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including IndianAccounting Standards ('Ind AS') specified under Section 133 of the Act, of the state of affairs of the Company as at 31 March, 2021, and its profit (including other comprehensive income), its cash flows and the changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10)

of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Standalone Financial Statements section of our report. We are independent of the Company in accordance with the Code of Ethics issued by the Institute of CharteredAccountants of India ('ICAI') together with the ethical requirements that are relevant to our audit of the standalone financial statements under the provisions of theAct 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 we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the standalone financial statements of the current period. These matters were addressed in the context of our audit of the standalone financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
1. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
A.Revenue recognition	Our key procedures included, but not limited to, the
Refer note 32 to the standalone financial statements.	following:
The Revenues of the Company consists primarily of sale of products and is recognized when control of products being sold is transferred to customer and there is no unfulfilled obligation.	a) Assessed the appropriateness of the Company's revenue recognition accounting policies, including those relating to rebates and trade discounts by comparing with the applicable accounting standards;
Revenue is measured at fair value of the consideration received or receivable and is accounted for net of rebates, trade discounts.	b) Tested the design and operating effectiveness of the general IT control environment and the manual controls for recognition of revenue, calculation of discounts and rebates;
The estimation of discounts, incentives and rebates	c) Performed test of details:
recognized, related to sales made during the year, is material and considered to be complex and subject to judgments. The complexity mainly relates to various	i. Tested, on a sample basis, sales transactions to the underlying supporting documentation which includes goods dispatch notes and shipping documents;
discounts, incentives and scheme offers, diverse range of market presence and complex contractual agreements/ commercial terms across those markets. Therefore, there is a risk of revenue being misstated as a result of inaccurate estimates of discounts and rebates.	ii. Reviewed, on a sample basis, sales agreements and the underlying contractual terms related to delivery of goods and rebates to assess the Company's revenue recognition policies with reference to the requirements of the applicable accounting standards;

Corporate Overview	Financial Statements Board & Management Reports

Key audit matter	How our audit addressed the key audit matter
The Company also focuses on revenue as a key performance measure, which could create an incentive for overstating revenue by influencing the computation of	iii. Assessed the Company's process for recording of the accruals for discounts and rebates as at the year-end for the prevailing incentive schemes;
rebates and discounts. Considering the materiality of amounts involved, significant judgements related to estimation of rebates and discounts, the same has been considered as a key audit matter.	iv. Tested, on a sample basis, discounts and rebates recorded during the year to the relevant approvals and supporting documentation which includes assessing the terms and conditions defined in the prevalent schemes and customer contracts;
	v. Obtained supporting documentation for a sample of credit notes issued after the year end to determine whether the transaction was recognized in the correct accounting period; and
	vi. Assessed if there is any modification to, or other impact on the contracts with customers due to COVID 19 outbreak.
	d) Compared the discount, incentives and rebates of the current year with the prior year for variance/trend analysis and where relevant, conducted further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry practices and recent changes in economic environment; and
	e) Assessed the appropriateness of the Company's description of the accounting policy, disclosures related to discounts, incentives and rebates and whether these are adequately presented in the standalone financial statements.
B.Litigations and claims - provisions and contingent liabilities	Our key procedures included, but not limited to, the following:
Refer note 45A and 48 to the standalone financial statements. The Company is involved in direct, indirect tax and other litigations ('litigations') that are pending with different	a) Assessed the appropriateness of the Company's accounting policies relating to provisions and contingent liability by comparing with the applicable accounting standards;
statutory authorities. The level of management judgement associated with determining the need for, and the quantum of, provisions for any liabilities arising from these litigations is considered to be high. This judgement is dependent	b) Assessed the Company's process and the underlying controls for identification of the pending litigations and completeness for financial reporting and also for monitoring of significant developments in relation to such pending litigations;
on a number of significant assumptions and assessments which involves interpreting the various applicable rules, regulations, practices and considering precedents in the various jurisdictions.	c) Assessed the Company's assumptions and estimates in respect of litigations, including the liabilities or provisions recognized or contingent liabilities disclosed in the standalone financial statements. This involved assessing the probability of an unfavorable outcome of a given
This matter is considered as a key audit matter, in view of the uncertainty regarding the outcome of these litigations, the significance of the amounts involved and the	proceeding and the reliability of estimates of related amounts;
subjectivity involved in management's judgement as to whether the amount should be recognized as a provision	d) Performed substantive procedures on the underlying calculations supporting the provisions recorded;
or only disclosed as contingent liability in the standalone financial statements.	e) Assessed the management's conclusions through understanding relevant judicial precedents in similar

cases and the applicable rules and regulations;

Key audit matter	How our audit addressed the key audit matter
	f) Obtained legal opinions from the Company's external
	legal counsel, where appropriate;
	g) Engaged subject matter specialists to gain an
	understanding of the current status of litigations and
	monitored changes in the disputes, if any, through
	discussions with the management and by reading external
	advice received by the Company, where relevant, to validate management's conclusions; and

	h) Assessed the appropriateness of the Company's description of the accounting policy, disclosures related
	to litigations and whether these are adequately presented
	in the standalone financial statements.
C.Valuation of investments and impairment thereof	Our key procedures included, but not limited to, the
Refer note 7Band 13 to the standalone financial statements.	following:
The Company's investment portfolio represents a significant	a) Assessed the appropriateness of the relevant accounting
portion of the Company's total assets, which primarily	policies of the Company, including those relating to
consists of:	recognition and measurement of financial instrument by comparing with the applicable accounting standards;
i. Bonds;	b) For instrument valued at fair value:
ii. Non-convertible debentures;	i. Assessed the availability of quoted prices in liquid
iii. Fixed deposits; and	markets;
iv. Government securities and State development loans.	ii. Assessed whether the valuation process is
The aforementioned instruments are valued at amortized	appropriately designed and captures relevant valuation
cost or fair value through other comprehensive income	inputs;
(FVTOCI) depending upon the requirements of Ind AS 109, Financial Instruments, as summarized below:	iii. Performed testing of the inputs/assumptions used in
1. Instrument valued at amortized cost:	the valuation; and
a) Non-convertible debentures;	iv. Assessed pricing model methodologies and
b) Bonds; and	assumptions against industry practice, recent changes in economic environment and valuation guidelines.
c) Fixed deposits.	c) For instrument valued at amortized cost:
2. Instrument valued at fair value through other	Assessed the instrument for impairment by evaluating
comprehensive income ('FVTOCI'):	if there is any significant increase in credit risk, which
a) Bonds;	mainly involves:
b) Non- convertible debentures; and	i. Evaluating the credit rating of individual instrument,
c) Government securities and State development	where relevant, to assess if there is any rating
loans.	downgrade due to recent changes in economic
This is considered to be a significant area in view of the	environment;
materiality of amounts involved, judgements involved in	ii. Evaluating the regularity of the interest payment and principal repayment as per agreed plan/term of
determining of impairment/ recoverability of instruments measured at amortized cost which includes assessment	issuance of instrument, where applicable; and
of market data/conditions and financial indicators of	iii. Obtaining the valuations of instruments, where
the investee and judgements in selecting the valuation	required.
basis and the complexities involved in the valuation	d) Assessed the appropriateness of the Company's
of instruments carried at FVTOCI which includes	description of the accounting policy and disclosures
assessment of the available trading yield of relevant	related to investments and whether these are adequately
instruments and impact of the COVID 19 outbreak on the assumptions considered for such fair valuations.	presented in the standalone financial statements.

Information other than the Standalone Financial Statements and Auditor's Report thereon.

The Company's Board of Directors is responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Report on Corporate Governance and Director's Report, but does not include the standalone financial statements and our auditor's report thereon.

Our opinion on the standalone financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the standalone financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the standalone financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Standalone Financial Statements

1. The accompanying standalone financial statements have been approved by the Company's Board of Directors. The Company's Board of Directors is responsible for the matters stated in Section 134(5) of theAct with respect to the preparation of these standalone financial statements that give a true and fair view of the financial position, financial performance including other comprehensive income, changes in equity and cash flows of the Company in accordance with the accounting principles generally accepted in India, including the IndAS specified under Section 133 of the Act. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of theAct 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 design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.
1. In preparing the standalone financial statements, management is responsible for assessing the

Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those Board of Directors is also responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Standalone Financial Statements

1. Our objectives are to obtain reasonable assurance about whether the standalone financial statements 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 Standards on Auditing 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 standalone financial statements.
1. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
• Identify and assess the risks of material misstatement of the standalone financial statements, 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;
• 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 standalone financial statements in place and the operating effectiveness of such controls;
• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
• Conclude on the appropriateness of Management's 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 Company's ability 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 standalone financial statements 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; and
• Evaluate the overall presentation, structure and content of the standalone financial statements, including the disclosures, and whether the standalone financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
1. We communicate with those charged with governance 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.
1. 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.
1. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the standalone financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Report on Other Legal and Regulatory Requirements

As required by Section 197(16) of the Act, based on our audit, we report that the Company has paid remuneration to its Directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act.
1. As required by the Companies (Auditor's Report) Order, 2016 ('the Order') issued by the Central Government of India in terms of Section 143(11) of the Act, we give in the Annexure A a statement on the matters specified in paragraphs 3 and 4 of the Order.
1. Further to our comments in Annexure A, as required by Section 143(3) of the Act, based on our audit, we report, to the extent applicable, that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the accompanying standalone financial statements;
b) in our opinion, proper books of account as required by law have been kept by the Company so far as it appears from our examination of those books;
c) the standalone financial statements dealt with by this report are in agreement with the books of account;
d) in our opinion, the aforesaid standalone financial statements comply with Ind AS specified under Section 133 of the Act;
e) on the basis of the written representations received from the Directors and taken on record by the Board of Directors, none of the Directors is disqualified as on 31 March, 2021 from being appointed as a Director in terms of Section 164(2) of the Act;
f) we have also audited the internal financial controls with reference to standalone financial statements of the Company as on 31 March, 2021 in conjunction with our audit of the standalone financial statements of the Company for the year ended on that date and our report dated 07 May, 2021 as per Annexure B expressed unmodified opinion; and
g) with respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us:
- i. the Company, as detailed in note 45A to the standalone financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March, 2021;
- ii. the Company did not have any long-term contracts including derivative contracts for

which there were any material foreseeable losses as at 31 March, 2021;

iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Company during the year ended 31 March, 2021; and
iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November, 2016 to 30 December, 2016, which are not relevant to

these standalone financial statements. Hence, reporting under this clause is not applicable.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Neeraj Goel

Partner Place : Gurgaon Membership No.: 099514 Date : 7 May, 2021 UDIN: 21099514AAAACQ2312

Annexure A

Based on the audit procedures performed for the purpose of reporting a true and fair view on the standalone financial statements of the Company and taking into consideration the information and explanations given to us and the books of account and other records examined by us in the normal course of audit, and to the best of our knowledge and belief, we report that:

(i) (a) The Company has maintained proper records showing full particulars, including quantitative details and situation of fixed assets comprising 'property, plant and equipment', 'capital work-in-progress', 'investment property' and 'other intangible assets'.
(b) The fixed assets comprising 'property, plant and equipment', 'capital work-in-progress' and 'investment property' have been physically verified by the management during the year and no material discrepancies were noticed on such verification. In our opinion, the frequency of verification of the fixed assets is reasonable having regard to the size of the Company and the nature of its assets.
(c) The title deeds of all owned immovable properties (which are included under the head 'property, plant and equipment', capital work-in-progress and 'investment property') are held in the name of the Company. In respect of immovable properties in the nature of buildings that have been taken on lease and disclosed under the head property, plant and equipment in the standalone financial statements, the lease agreements are in the name of the Company, where the Company is the lessee as per the lease agreement.
(ii) In our opinion, the management has conducted physical verification of inventory at reasonable intervals during the year, except for goods-in-transit and stocks lying with third parties. For stocks lying with third parties at the year-end, written confirmations have been obtained by the management. No material discrepancies were noticed on the aforesaid verification.
(iii) The Company has not granted any loan, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or other parties covered in the register maintained under Section 189 of the Act. Accordingly, the provisions of Clauses 3(iii)(a), 3(iii)(b) and 3(iii)(c) of the Order are not applicable.
(iv) In our opinion, the Company has complied with the provisions of Sections 185 and 186 of the Act in respect of investments and guarantees. Further, in our opinion, the Company has not entered into any transaction covered under Section 185 and Section 186 of the Act in respect of loans and security.
(v) In our opinion, the Company has not accepted any deposits within the meaning of Sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, the provisions of Clause 3(v) of the Order are not applicable.
(vi) We have broadly reviewed the books of account maintained by the Company pursuant to the Rules made by the Central Government for the maintenance of cost records under Sub-section (1) of Section 148 of the Act in respect of Company's products and are of the opinion that, prima facie, the prescribed accounts and records have been made and maintained. However, we have not made a detailed examination of the cost records with a view to determine whether they are accurate or complete.
(vii) (a) Undisputed statutory dues including provident fund, employees' state insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess, goods and services tax and other material statutory dues, as applicable, have generally been regularly deposited to the appropriate authorities, though there has been a slight delay in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the year-end for a period of more than six months from the date they became payable.
(b) The dues outstanding in respect of income-tax, sales-tax, service-tax, duty of customs, duty of excise and value added tax on account of any dispute, are as follows:

| Name of the statute | Nature of
dues | Amount
(in crores) | Amount paid<br>under protest<br>(in crores) | Period to which the
amount relates | Forum where
dispute is pending |
|----------------------------------------------------------------------|------------------------------------------|-------------------------|-----------------------------------------------|-------------------------------------------------------------------------------------------|---------------------------------------------------------------------|
| Central Sales Tax Act, Local
Sales Tax Act and Value
Added Tax | Value Added
Tax /Central
Sales Tax | 50.82 | | 4.60 1999-00, 2001-02 to 2017-18,
2020-21 | Assessing Authority /
Commissioner's Level /
Revisional Board |
| | | 59.83 | | 28.55 2007-08, 2009-10 to 2017-18 | Sales Tax / VAT Appellate
Tribunal |
| | | 12.86 | | 1.38 1993-94 to 1994-95, 1997-98 to
1999-00, 2006-07 to 2009-10,
2011-12 to 2012-13 | Hon'ble High Courts |
| Central Excise Act, 1944 | Excise duty | 40.29 | | - 1994-95 to 1999-00, 2006-07 to
2017-18 | Commissioner's Level |
| | | 0.07 | | - 1995-96,2000-01, 2003-04 to
2007-08 | Commissioner (Appeals) |
| | | 55.34 | | 9.54 1996-97 to 2000-01, 2005-06 to
2017-18 | CESTAT |
| Finance Act, 2004 and
Service-tax Rules | Service tax | 0.19 | | - 2005-06 to 2010-11 | CESTAT |
| The Indian Stamp Act, 1899 | Stamp duty | 15.30 | | 3.83 2007 to 2015 | Hon'ble High Court |
| | | 2.96 | | 0.74 2014-15 to 2019-20 | Rajasthan Tax Board |
| The Income-tax Act, 1961 | Income tax | 133.61 | | - 2015-16 to 2017-18 | Commissioner of Income
Tax ("CIT(A)") |
| | | 117.47 | | - 2007-08 to 2014-15 | Income Tax Appellate
Tribunal (ITAT) |
| | | 3.89 | | - 2007-08 to 2008-09 | Hon'ble High Court* |

Statement of Disputed Dues

* Including the cases where, as per representation received from the management, the Company is in process of filling an appeal before Hon'ble High Court.

(viii) The Company has not defaulted in repayment of loans or borrowings to any bank or financial institution or government during the year. The Company did not have any outstanding debentures during the year.
(ix) The Company did not raise moneys by way of initial public offer or further public offer (including debt instruments). In our opinion, the term loans were applied for the purposes for which the loans were obtained.
(x) No fraud by the Company or on the Company by its officers or employees has been noticed or reported during the period covered by our audit.
(xi) Managerial remuneration has been provided by the Company in accordance with the requisite approvals mandated by the provisions of Section 197 of the Act read with Schedule V to the Act.
(xii) In our opinion, the Company is not a Nidhi Company. Accordingly, provisions of Clause 3(xii) of the Order are not applicable.
(xiii) In our opinion all transactions with the related parties are in compliance with Sections 177 and 188 of Act,

where applicable, and the requisite details have been disclosed in the standalone financial statements etc., as required by the applicable Ind AS.

(xiv) During the year, the Company has not made any preferential allotment or private placement of shares or fully or partly convertible debentures.
(xv) In our opinion, the Company has not entered into any non-cash transactions with the Directors or persons connected with them covered under Section 192 of the Act.
(xvi) The Company is not required to be registered under Section 45-IA of the Reserve Bank of India Act, 1934.

For Walker Chandiok & Co LLP

Chartered Accountants Firm's Registration No.: 001076N/N500013

Neeraj Goel

Partner Place : Gurgaon Membership No.: 099514 Date : 7 May, 2021 UDIN: 21099514AAAACQ2312

Annexure B

Independent Auditor's Report on the internal financial controls with reference to the standalone financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ('the Act')

In conjunction with our audit of the standalone financial statements of Dabur India Limited ('the Company') as at and for the year ended 31 March, 2021, we have audited the internal financial controls with reference to standalone financial statements of the Company as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The Company's Board of Directors is responsible for establishing and maintaining internal financial controls based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting ('the Guidance Note') issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company's business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls with Reference to Standalone Financial Statements

Our responsibility is to express an opinion on the Company's internal financial controls with reference to standalone financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to standalone financial statements, and the Guidance Note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to standalone financial statements were established and maintained

and if such controls operated effectively in all material respects.

1. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to standalone financial statements and their operating effectiveness. Our audit of internal financial controls with reference to standalone financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the standalone financial statements, whether due to fraud or error.
1. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the Company's internal financial controls with reference to standalone financial statements.

Meaning of Internal Financial Controls with Reference to Standalone Financial Statements

A company's internal financial controls with reference to standalone financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of standalone financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to standalone financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of standalone financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and Directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection

of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the standalone financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Standalone Financial Statements

Because of the inherent limitations of internal financial controls with reference to standalone financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to standalone financial statements to future periods are subject to the risk that the internal financial controls with reference to standalone financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to standalone financial statements and such controls were operating effectively as at 31 March, 2021, based on the internal financial controls with reference to standalone financial statements criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Neeraj Goel

Partner Place : Gurgaon Membership No.: 099514 Date : 7 May, 2021 UDIN: 21099514AAAACQ2312

Standalone Balance Sheet

as at 31 March, 2021

		(All amounts in ` crores, unless otherwise stated)
Particulars	Note	31 March, 2021	31 March, 2020
ASSETS
Non-current assets
a) Property, plant and equipment	6A	1,131.00	1,060.75
b) Capital work-in-progress	6B	107.26	105.83
c) Investment property	6C	47.39	48.38
d) Other intangible assets	6D	26.42	25.15
e) Financial assets
(i) Investments in subsidiaries and joint venture	7A	98.67	98.67
(ii) Investments	7B	3,024.09	985.49
(iii) Loans	8	16.37	16.78
(iv) Others	9	88.63	403.27
f) Deferred tax assets (net)	25	17.45	21.62
g) Non-current tax assets (net) h) Other non-current assets	10 11	3.99 112.90	0.86 68.12
Total non-current assets		4,674.17	2,834.92
Current assets
a) Inventories	12	1,114.16	809.14
b) Financial assets
(i) Investments	13	451.14	1,382.67
(ii) Trade receivables	14	281.24	379.63
(iii) Cash and cash equivalents	15	11.37	2.87
(iv) Bank balances other than (iii) above	16	823.37	522.73
(v) Loans	17	1.75	1.22
(vi) Others	18	7.79	9.25
c) Other current assets	19	139.17	157.68
Total current assets Total assets		2,829.99 7,504.16	3,265.19 6,100.11
EQUITY AND LIABILITIES
Equity
a) Equity share capital	20	176.74	176.71
b) Other equity	21	5,214.48	4,397.52
Total equity		5,391.22	4,574.23
Liabilities
Non-current liabilities
a) Financial liabilities
(i) Borrowings	22	19.62	24.68
(ii) Other financial liabilities	23	1.37	4.66
b) Provisions	24	55.55	54.69
Total non-current liabilities Current liabilities		76.54	84.03
a) Financial liabilities
(i) Borrowings	26	151.96	89.28
(ii) Trade payables
Due to micro and small enterprises	27	117.56	44.59
Due to others	27	1,363.14	987.86
(iii) Other financial liabilities	28	165.25	137.29
b) Other current liabilities	29	77.43	55.33
c) Provisions	30	134.43	122.80
d) Current tax liabilities (net)	31	26.63	4.70
Total current liabilities		2,036.40	1,441.85
Total liabilities Total equity and liabilities		2,112.94 7,504.16	1,525.88 6,100.11
Summary of significant accounting policies	5

The accompanying notes are an integral part of these standalone financial statements

This is the Standalone Balance Sheet referred to in our report of even date.

Chartered Accountants Firm's Registration No.: 001076N/N500013

Partner Chairman Whole Time Director Whole Time Director

Place : Gurgaon Place : New Delhi Date : 7 May, 2021 Date : 7 May, 2021

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Ashok Kumar Jain Ankush Jain EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Standalone Statement of Profit and Loss

for the year ended 31 March, 2021

		(All amounts in ` crores, unless otherwise stated)
Particulars	Note	31 March, 2021	31 March, 2020
Income
Revenue from operations	32	7,184.73	6,309.80
Other income	33	276.65	276.90
Total income		7,461.38	6,586.70
Expenses
Cost of materials consumed	34	2,756.03	2,449.37
Purchases of stock-in-trade		1,117.50	865.22
Changes in inventories of finished goods, stock-in-trade and work-in-progress	35	(176.71)	(69.89)
Employee benefits expense	36	655.82	578.26
Finance costs	37	9.14	19.27
Depreciation and amortisation expense	38	143.40	129.93
Other expenses
Advertisement and publicity		643.50	514.26
Others	39	629.39	591.81
Total expenses		5,778.07	5,078.23
Profit before exceptional items and tax		1,683.31	1,508.47
Exceptional items	40	-	100.00
Profit before tax		1,683.31	1,408.47
Tax expense	41
Current tax (including earlier years)		441.89	425.40
Deferred tax		(140.47)	(187.28)
Total tax expense		301.42	238.12
Net profit for the year		1,381.89	1,170.35
Other comprehensive income	42
A (i) Items that will not be reclassified to profit or loss		6.87	(29.74)
(ii) Income tax relating to items that will not be reclassified to profit or loss		(2.40)	10.39
B (i) Items that will be reclassified to profit or loss		(26.85)	35.00
(ii) Income tax relating to items that will be reclassified to profit or loss		6.25	(8.15)
Total other comprehensive income		(16.13)	7.50
Total comprehensive income for the year		1,365.76	1,177.85
Earnings per equity share
Basic `	43	7.82	6.62
Diluted `		7.80	6.60
Summary of significant accounting policies	5

The accompanying notes are an integral part of these standalone financial statements This is the Standalone Balance Sheet referred to in our report of even date.

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Place : Gurgaon Place : New Delhi Date : 7 May, 2021 Date : 7 May, 2021

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Ashok Kumar Jain Ankush Jain EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang Partner Chairman Whole Time Director Whole Time Director Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Standalone Cash Flow Statement

for the year ended 31 March, 2021

	(All amounts in ` crores, unless otherwise stated)
Particulars	31 March, 2021	31 March, 2020
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	1,683.31	1,408.47
Adjustments for:
Depreciation and amortisation expense	143.40	129.93
(Profit) / loss on disposal of property, plant and equipment (net)	(0.33)	1.76
Share based payment expense	34.73	36.48
Provision for disputed liabilities	13.50	4.50
Provision for employee benefits	6.98	9.37
Finance costs	9.14	17.88
Interest income	(222.23)	(214.23)
Unrealised foreign exchange loss / (gain) (net)	1.11	(3.70)
Expected credit loss / impairment of financial and non-financial assets	2.34	1.11
Loss / (gain) on fair valuation of financial instruments (net)	0.76	(1.13)
Net gain on sale of financial assets measured at FVTPL	(15.82)	(16.90)
Net gain on sale of financial assets measured at FVTOCI	(12.26)	(6.90)
Net gain on sale of financial assets measured at amortised cost	(0.42)	(1.87)
Exceptional items (refer note 40)		- 100.00
Operating profit before working capital changes and other adjustments	1,644.21	1,464.77
Working capital changes and other adjustments:
Inventories	(305.02)	(76.24)
Trade receivables	94.27	53.94
Current and non-current financial assets	9.89	13.35
Other current and non-current assets	15.33	(67.11)
Trade payables	448.92	33.40
Other current and non-current financial liabilities	49.07	(0.57)
Other current liabilities and provisions	22.10	2.17
Cash flow from operating activities post working capital changes	1,978.77	1,423.71
Income taxes paid (net of refund)	(274.60)	(268.94)
Net cash flow from operating activities (A)	1,704.17	1,154.77
B CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment, capital work-in-progress and other intangible assets	(249.90)	(264.54)
Proceeds from disposal of property, plant and equipment	2.11	11.52
Purchase of investments and bank deposits	(7,276.63)	(8,123.69)
Proceeds from sale of investments and bank deposits	6,172.48	7,818.87
Interest received	230.54	226.30
Net cash flow used in investing activities (B)	(1,121.40)	(331.54)

Particulars	31 March, 2021	31 March, 2020
C CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity share capital	0.03	0.08
Repayment of non-current borrowings (including current maturities)	(25.00)	(175.00)
Proceeds from / (repayment of) current borrowings (net)	82.94	(3.93)
Principal payment of lease liabilities	(12.15)	(11.06)
Interest payment of lease liabilities	(3.01)	(4.12)
Dividend paid	(592.09)	(512.45)
Dividend distribution tax paid	-	(105.33)
Finance costs paid	(5.76)	(14.19)
Net cash flow used in financing activities (C)	(555.04)	(826.00)

Increase / (decrease) in cash and cash equivalents (A+B+C)	27.73	(2.77)
Cash and cash equivalents at the beginning of the year	(21.75)	(20.24)
Net unrealised foreign exchange gain	1.03	1.26
Cash and cash equivalents at the end of the year	7.01	(21.75)
Note:
Cash and cash equivalent (as per note 15 to the standalone financial statements)	11.37	2.87
Balances with banks in cash credit accounts (refer note 26)	(3.81)	(21.53)
Balances with banks in over draft accounts (refer note 26)	(0.55)	(3.09)
Cash and cash equivalent as per Standalone Cash Flow Statement	7.01	(21.75)

Note: The above Standalone Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7, 'Statement of Cash Flows'.

The accompanying notes are an integral part of these standalone financial statements

This is the Standalone Cash Flow Statement referred to in our report of even date.

M. No.: FCS 4311

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013	For and on behalf of the Board of Directors
Neeraj Goel	Amit Burman	Mohit Malhotra	P.D. Narang
Partner	Chairman	Whole Time Director	Whole Time Director
Membership No.:099514	DIN: 00042050	DIN: 08346826	DIN: 00021581
	Ashok Kumar Jain EVP (Finance) and Company Secretary	Ankush Jain Chief Financial Officer

Place : Gurgaon Place: New Delhi Date : 7 May, 2021 Date : 7 May, 2021

230

A. Equity share capital * (All amounts in ` crores, unless otherwise stated)

Particulars	mber of shares Nu	Amount
Balance as at 01 April, 2019	1,76,62,91,141	176.63
Issued during the year	7,72,751	0.08
Balance as at 31 March, 2020	1,76,70,63,892	176.71

Balance as at 01 April, 2020	1,76,70,63,892	176.71
Issued during the year	3,61,457	0.03
Balance as at 31 March, 2021	1,76,74,25,349	176.74

refer note 20

B. Other equity **

Particulars			Reserves and surplus			mprehensive me (OCI) Other inco co	Total
	Capital reserve	Securities m premiu	Share option outstanding account	General reserve	Retained earnings	ments through OCI Debt instru
Balance as at 01 April, 2019	26.92	325.23	74.99	513.43	2,855.17	(3.55)	3,792.19
Profit for the year	-	-	-	-	1,170.35	-	1,170.35
Other comprehensive income for the year
of tax plans (net benefit defined on Re-measurements loss of ` 10.39 crores)	-	-	-	-	(19.35)	-	(19.35)
OCI measured through on investments (net of tax of ` 8.15 crores) gain value Net fair	-	-	-	-	-	26.85	26.85
me for the year mprehensive inco Total co	-	-	-	-	1,151.00	26.85	1,177.85
Transfer from share option outstanding account on exercise of options	-	26.98	(26.98)	-	-	-	-
Recognition of share based payment expenses (refer note 36)	-	-	36.48	-	-	-	36.48
Share based payment for employees of subsidiaries	-	-	8.78	-	-	-	8.78
Transactions with owners in their capacity as owners
Dividends (refer note 44)	-	-	-	-	(617.78)	-	(617.78)
Balance as at 31 March, 2020	26.92	352.21	93.27	513.43	3,388.39	23.30	4,397.52

** refer note 21

Other equity (Contd.)**






















B.

Particulars			Reserves and surplus			Other	Total
						mprehensive me (OCI) inco co
	Capital reserve	Securities m premiu	Share option outstanding account	General reserve	Retained earnings	ments through OCI Debt instru
Balance as at 1 April, 2020	26.92	352.21	93.27	513.43	3,389.39	23.30	4,397.52
Profit for the year	-	-	-	-	1,381.89	-	1,381.89
Other comprehensive income for the year
of tax plans (net benefit defined on gain Re-measurements of ` 2.40 crores)	-	-	-	-	4.47	-	4.47
OCI measured through on investments (net of tax of ` 6.25 crores) value loss Net fair	-	-	-	-	-	(20.60)	(20.60)
me for the year mprehensive inco Total co	-	-	-	-	1,386.36	(20.60)	1,365.76
Transfer from share option outstanding account on exercise of options	-	12.79	(12.79)	-	-	-	-
Recognition of share based payment expenses (refer note 36)	-	-	34.73	-	-	-	34.73
Share based payment for employees of subsidiaries	-	-	8.56	-	-	-	8.56
Transactions with owners in their capacity as owners
Dividends (refer note 44)	-	-	-	-	(592.09)	-	(592.09)
Balance as at 31 March, 2021	26.92	365.00	123.77	513.43	4,182.66	2.70	5,214.48
The accompanying notes are an integral part of these standalone financial statements ** refer note 21

This is the Standalone Statement of Changes in Equity referred to in our report of even date.

Walker Chandiok & Co LLP For	For and on behalf of the Board of Directors
Chartered Accountants

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang Partner Chairman Whole Time Director Whole Time Director

Firm's Registration No.: 001076N/N500013

Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Ashok Kumar Jain Ankush Jain EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311

Place: Gurgaon Place: New Delhi Date : 7 May, 2021 Date : 7 May, 2021

Summary of significant accounting policies and other explanatory information

1. Company information

Dabur India Limited (the 'Company') is a domestic public limited Company with registered office situated at 8/3, Asaf Ali Road, New Delhi – 110002 and is listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India (NSE). The Company is one of the leading fast moving consumer goods (FMCG) players dealing in consumer care and food products. It has manufacturing facilities across the length and breadth of the country and research and development center in Sahibabad, U.P and selling arrangements primarily in India through independent distributors. However, most of the institutional sales are handled directly by the Company.

2. General information and statement of compliance with Ind AS

These standalone financial statements ('financial statements') of the Company have been prepared in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and other relevant provisions of the Act. The Company has uniformly applied the accounting policies during the periods presented.

The financial statements are presented in Indian Rupees ('`') which is also the functional currency of the Company.

The financial statements for the year ended 31 March, 2021 were authorized and approved for issue by the Board of Directors on 07 May, 2021. The revision to the financial statements is permitted by the Board of Directors after obtaining necessary approvals or at the instance of regulatory authorities as per provisions of the Act.

3. Basis of preparation

The financial statements have been prepared on going concern basis in accordance with accounting principles generally accepted in India. Further, the financial statements have been prepared on historical cost basis except for certain financial assets and financial liabilities and share based payments which are measured at fair values as explained in relevant accounting policies.

for the year ended 31 March, 2021 (All amounts in ` crores, unless otherwise stated)

Amount in the financial statements are presented in ` crores, unless otherwise stated. Certain amounts that are required to be disclosed and do not appear due to rounding-off are expressed as 0.00.

4. Recent accounting pronouncements

On March 24, 2021, the Ministry of Corporate Affairs ("MCA") through a notification, amended Schedule III of the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from 1 April, 2021. Key amendments relating to Division II which relate to companies whose financial statements are required to comply with Companies (Indian Accounting Standards) Rules 2015 are:

Balance Sheet:

• Lease liabilities should be separately disclosed under the head 'financial liabilities', duly distinguished as current or non-current.
• Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated balances at the beginning of the current reporting period.
• Specified format for disclosure of shareholding of promoters.
• Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
• If ^a company has not used funds for the specific purpose for which it was borrowed from banks and financial institutions, then disclosure of details of where it has been used.
• Specific disclosure under 'additional regulatory requirement' such as compliance with approved schemes of arrangements, compliance with number of layers of companies, title deeds of immovable property not held in name of company, loans and advances to promoters, Directors, Key Managerial Personnel (KMP) and related parties, details of benami property held etc.

Statement of profit and loss:

• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency specified under the head

'additional information' in the notes forming part of the standalone financial statements.

The amendments are extensive and the Company will evaluate the same to give effect to them as required by law.

5. Summary of significant accounting policies

The financial statements have been prepared using the significant accounting policies and measurement bases summarized below.

a. Current / non-current classification:

All assets and liabilities have been classified as current or non-current as per the Company's normal operating cycle and other criteria set-out in the Act. Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities, as the case may be.

b. Revenue recognition:

• Revenue from sale of products is recognized when control of products being sold is transferred to customer and when there are no longer any unfulfilled obligations. The performance obligations in contracts are considered as fulfilled in accordance with the terms agreed with the respective customers.

Revenue is measured at fair value of the consideration received or receivable and are accounted for net of returns, rebates and trade discount. Sales, as disclosed, are exclusive of goods and services tax.

The Company considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods to a customer, excluding amounts collected on behalf of third parties (for example taxes collected on behalf of government). The consideration promised in a contract with a customer may include fixed consideration, variable consideration (if reversal is less likely in future), or both.

The transaction price is allocated by the Company to each performance obligation in an amount that depicts the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods to the customer.

For each performance obligation identified, the Company determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at a point in time.

When either party to a contract has performed its obligation, an entity shall present the contract in the balance sheet as a contract asset or a contract liability, depending on the relationship between the entity's performance and the customer's payment.

• Income from export incentives such as duty drawback, premium on sale of import licenses and lease license fee are recognized on accrual basis when no significant uncertainties as to the amount of consideration that would be derived and as to its ultimate collection exist.
• Rental income is recognized on ^a straight-line basis over the terms of the lease, except for contingent rental income which is recognized when it arises and where scheduled increase in rent compensates the lessor for expected inflationary costs.
• Interest income is recognized using effective interest method.
• Dividend income is recognized at the time when the right to receive is established by the reporting date.
• Other incomes have been recognized on accrual basis in the financial statements, except when there is uncertainty of collection.

c. Property, plant and equipment:

Property, plant and equipment is stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. These tangible assets are held for use in production, supply of goods or services or for administrative purposes.

• Cost comprises purchase cost, freight, duties, taxes and other expenses directly incidental to acquisition, bringing the asset to the location and installation including site restoration up to the time when the asset is ready for intended use. Such costs also include borrowing cost if the recognition criteria are met.
• When ^a major inspection/repair occurs, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. Any remaining

carrying amount of the cost of previous inspection/ repair is derecognized. All other repair and maintenance are recognized in the Standalone Statement of Profit and Loss as incurred.

• Depreciation on property, plant and equipment is provided over the useful lives of assets as specified in Schedule II to the Act except where the management, has estimated useful life of an asset supported by the technical assessment, external or internal, i.e., higher or lower from the indicative useful life given under Schedule II. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.
• Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Description	Useful lives (upto)
Leasehold land	Over lease period
Building	60 years
Plant and machinery	15 years
Furniture and fixtures	10 years
Vehicles	8 years
Office equipment	10 years

The residual value and useful life is reviewed annually and any deviation is accounted for as a change in estimate.

• Components relevant to property, plant and equipment, where significant, are separately depreciated on straight line basis in terms of their life span assessed by technical evaluation in item specific context.
• For new projects, all direct expenses and direct overheads (excluding services of non-exclusive nature provided by employees in Company's regular payroll) are capitalized till the assets are ready for intended use.
• During disposal of property, plant and equipment, any profit earned / loss sustained towards excess / shortfall of sale value vis-a-vis carrying cost of assets is accounted for in Standalone Statement of Profit and Loss.

d. Capital work-in-progress and intangible assets under development:

Capital work-in-progress and intangible assets under development represents expenditure incurred in respect of capital projects / intangible assets under development and are carried at cost. Cost comprises purchase cost, related acquisition expenses, development / construction costs, borrowing costs and other direct expenditure.

e. Investment property:

Properties held to earn rentals or / and for capital appreciation or both but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes, are categorized as investment properties. These are measured initially at cost of acquisition, including transaction costs and other direct costs attributable to bringing asset to its working condition for intended use. Subsequent to initial recognition, investment properties are stated at cost less accumulated depreciation and accumulated impairment loss, if any. The cost shall also include borrowing cost if the recognition criteria are met. Said assets are depreciated on straight line basis based on expected life span of assets which is in accordance with Schedule II of the Act.

Significant parts of the property are depreciated separately based on their specific useful lives as follows:

Description	Useful lives (upto)
Leasehold land	Over lease period
Building	60 years

Any gain or loss on disposal of investment properties is recognized in Standalone Statement of Profit and Loss.

Fair value of investments properties under each category are disclosed under note 6C to the standalone financial statements. Fair values are determined based on the evaluation performed by an accredited external independent valuer applying a recognized and accepted valuation model or estimation based on available sources of information from market.

Transfers to or from the investment property is made only when there is a change in use and the same is made at the carrying amount of investment property.

f. Intangible assets:

• Intangible assets acquired separately are measured on initial recognition at cost of acquisition. The cost comprises of purchase price and directly attributable costs of bringing

the assets to its working condition for intended use. Intangible assets arising on acquisition of business are measured at fair value as at date of acquisition. In case of internally generated assets, measured at development cost subject to satisfaction of recognition criteria (identifiability, control and future economic benefit)in accordance with Ind AS 38 'Intangible Assets'.

• Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment loss, if any.
• Intangible assets with finite lives are amortized on a straight-line basis over the estimated useful economic life. The amortization expense on intangible assets with finite lives is recognized in the Standalone Statement of Profit and Loss.
• Amortization of intangible assets such as softwares is computed on a straight-line basis, at the rates representing estimated useful life of up to 5 years. The brands and trademarks acquired as part of business combinations normally have a remaining legal life of not exceeding ten years but is renewable every ten years at little cost and is well established.

g. Government subsidy / grants:

Government grant is recognized only when there is a reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.

• Subsidy related to assets is recognized as deferred income which is recognized in the Standalone Statement of Profit and Loss on systematic basis over the useful life of the assets.
• Purchase of assets and receipts of related grants are separately disclosed in Standalone Statement of Cash Flow.
• Grants related to income are treated as other operating income in Standalone Statement of Profit and Loss subject to due disclosure about the nature of grant.

h. Impairment of non-financial assets

At each reporting date, the Company assesses whether there is any indication based on internal / external factors, that an asset may be impaired. If any such indication exists, the recoverable amount of the asset or the cash generating unit (CGU) is estimated. If such recoverable amount of the asset or CGU to which the asset belongs is less than its carrying amount, the carrying amount is reduced

to its recoverable amount and the reduction is treated as an impairment loss and is recognized in the Standalone Statement of Profit and Loss. If, at the reporting date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount. Impairment losses previously recognized are accordingly reversed in the Standalone Statement of Profit and Loss. An asset is deemed impairable when recoverable value is less than its carrying cost and the difference between the two represents provisioning exigency.

i. Impairment of financial assets:

In accordance with IndAS 109 'Financial Instruments', the Company applies expected credit loss ('ECL') model for measurement and recognition of impairment loss for financial assets. ECL is the weighted-average of difference between all contractual cash flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects to receive, discounted at the original effective interest rate, with the respective risks of default occurring as the weights. When estimating the cash flows, the Company is required to consider:

• All contractual terms of the financial assets (including prepayment and extension) over the expected life of the assets;
• Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

• Trade receivables:

In respect of trade receivables, the Company applies the simplified approach of Ind AS 109 'Financial Instruments', which requires measurement of loss allowance at an amount equal to lifetime expected credit losses. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument.

• Other financial assets:

In respect of its other financial assets, the Company assesses if the credit risk on those financial assets has increased significantly since initial recognition. If the credit risk has not increased significantly since initial recognition, the Company measures the loss allowance at an amount equal to 12-month expected credit losses, else at an amount equal to the lifetime expected credit losses.

When making this assessment, the Company uses the change in the risk of a default occurring over the expected life of the financial asset. To make that assessment, the Company compares the risk of a default occurring on the financial asset as at the balance sheet date with the risk of a default occurring on the financial asset as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. The Company assumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the balance sheet date.

j. Financial instruments:

Initial recognition and measurement

Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below:

Non-derivative financial assets

Subsequent measurement

• Financial assets carried at amortized cost

A financial asset is measured at the amortized cost, if both the following conditions are met:

a. The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and
b. Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest ('SPPI') on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate ('EIR') method.

• Investments in equity instruments of subsidiaries and joint ventures

Investments in equity instruments of subsidiaries and joint ventures are accounted for at cost in accordance with Ind AS 27 'Separate Financial Statements'.

• Investments in other equity instruments

Investments in equity instruments which are held for trading are classified as at fair value through profit or loss ('FVTPL'). For all other equity instruments, the Company makes an irrevocable choice upon initial recognition, on an instrument by instrument basis, to classify the same either as at fair value through other comprehensive income ('FVTOCI') or fair value through profit or loss ('FVTPL'). Amounts presented in other comprehensive income are not subsequently transferred to profit or loss. However, the Company transfers the cumulative gain or loss within equity. Dividends on such investments are recognized in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.

• Debt instruments

Debt instruments are initially measured at amortized cost, fair value through other comprehensive income ('FVTOCI') or fair value through profit or loss ('FVTPL') till de-recognition on the basis of:

i. the entity's business model for managing the financial assets; and
ii. the contractual cash flow characteristics of the financial asset.

a. Measured at amortized cost

Financial assets that are held within a business model whose objective is to hold financial assets in order to collect contractual cash flows that are solely payments of principal and interest, are subsequently measured at amortized cost using the EIR method less impairment, if any. The amortization of EIR and loss arising from impairment, if any is recognized in the Standalone Statement of Profit and Loss.

b. Measured at fair value through other comprehensive income

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income ('OCI'). Interest income measured using the EIR method and impairment losses, if any are recognized in the Standalone Statement of Profit and Loss. On de-recognition, cumulative gain or loss previously

recognized in OCI is reclassified from the equity to 'other income' in the Standalone Statement of Profit and Loss.

c. Measured at fair value through profit or loss

A financial asset not classified as either amortized cost or FVTOCI, is classified as FVTPL. Such financial assets are measured at fair value with all changes in fair value, including interest income and dividend income if any, recognized as 'other income' in the Standalone Statement of Profit and Loss.

• Investments in mutual funds

Investments in mutual funds are measured at FVTPL.

De-recognition of financial assets

A financial asset is primarily de-recognized when the contractual rights to receive cash flows from the asset have expired or the Company has transferred its rights to receive cash flows from the asset.

Non-derivative financial liabilities

Subsequent measurement

Subsequent to initialrecognition, all non-derivative financial liabilities are measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

A financial liability is de-recognized when the obligation under the liability is discharged or cancelled or expires. When an existing financial liability is replaced by another from the same lender on substantially different terms or the terms of an existing liability are substantially modified, such an exchange or modification is treated as the de-recognition of the original liability and the recognition of a new liability. The difference in the respective carrying amounts is recognized in the Standalone Statement of Profit and Loss.

Derivative financial instruments

The Company holds derivative financial instruments in the form of future contracts to mitigate the risk of changes in exchange rates on foreign currency exposure. The counterparty for these contracts are scheduled commercial banks / regulated brokerage firms.

Although these derivatives constitute hedges from an economic perspective, they do not qualify for hedge accounting under Ind AS 109 'Financial Instruments' and consequently are categorized as financial assets or financial liabilities at fair value through profit or loss. The resulting exchange gain or loss is included in other income / expenses and attributable transaction costs are recognized in the Standalone Statement of Profit and Loss when incurred.

• Financial guarantee contracts

Financial guarantee contracts are those contracts that require a payment to be made to reimburse the holder for a loss it incurs because the specified party fails to make a payment when due in accordance with the terms of a debt instrument. Financial guarantee contracts are recognized as a financial liability at the time the guarantee is issued at fair value, adjusted for transaction costs that are directly attributable to the issuance of the guarantee. Subsequently, the liability is measured at the higher of the amount of expected loss allowance determined as per impairment requirements of Ind AS 109 'Financial Instruments' and the amount recognized less cumulative amortization.

• Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Standalone Balance Sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

k. Fair value measurement:

The Company measures financial instruments, such as, derivatives at fair value at each Standalone Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:

• In the principal market for the asset or liability; or
• In the absence of ^a principal market, in the most advantageous market for the asset or liability.

The principal or the most advantageous market must be accessible by the Company.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability,

assuming that market participants act in their economic best interest.

A fair value measurement of a non-financial asset takes into account a market participant's ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use.

The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

All assets and liabilities for which fair value is measured or disclosed in the financial statements are categorized within the fair value hierarchy, described as follows, based on the lowest level input that is significant to the fair value measurement as a whole:

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities.

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable.

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable.

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Company determines whether transfers have occurred between levels in the hierarchy by reassessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Company's management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets held for distribution in discontinued operations.

l. Leases:

Where the Company is the lessee

Right of use assets and lease liabilities

For any new contracts entered into on or after 1 April, 2019, the Company considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration'. The Company enters into leasing arrangements for various assets. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract involves the use of an identified asset (ii) the Company obtains substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Company has the right to direct the use of the asset.

Recognition and initial measurement

At lease commencement date, the Company recognizes a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Company, an estimate of any costs to dismantle and remove the asset at the end of the lease (if any), and any lease payments made in advance of the lease commencement date (net of any incentives received).

Subsequent measurement

The Company depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Company also assesses the right-of-use asset for impairment when such indicators exist.

At lease commencement date, the Company measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Company's incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed payments) and variable payments based on an index or rate. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is re-measured to reflect any reassessment or modification, or if there are changes in in-substance fixed payments. When the lease liability is re-measured, the corresponding adjustment is reflected in the right-of-use asset.

The Company has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are recognized as an expense in standalone statement of profit and loss on a straight-line basis over the lease term.

Where the Company is the lessor

Leases in which the Company does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognized on a straight-line basis or another systematic basis as per the terms of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.

Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Company to the lessee. Amounts due from lessees under finance leases are recorded as receivables at the Company's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.

m. Inventories:

Inventories are valued at the lower of cost or net realizable value. Cost includes purchase price, duties, transport, handing costs and other costs directly attributable to the acquisition and bringing the inventories to their present location and condition.

The basis of determination of cost is as follows:

• Raw material, packing material and stock-in-trade valued on moving weighted average basis;
• Stores and spares valued on weighted average basis;
• Work-in-progress valued at cost of input valued at moving weighted average basis plus overheads up till the stage of completion; and
• Finished goods valued at cost of input valued at moving weighted average basis plus appropriate overheads.

n. Employee benefits:

Liabilities in respect of employee benefits to employees are provided for as follows:

• Current employee benefits

a. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be incurred when the liabilities are settled. The liabilities are presented as current employee dues payable in the Standalone Balance Sheet.

b. Employees'State Insurance ('ESI') is provided on the basis of actual liability accrued and paid to authorities.
c. The Company has adopted a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.
d. Expense in respect of other short-term benefits is recognized on the basis of the amount paid or payable for the period during which services are rendered by the employee.
• Post separation employee benefit plan
a. Defined benefit plan
- Post separation benefits of Directors are accounted for on the basis of actuarial valuation as per Ind AS 19 'Employee Benefits'.
- Gratuity liability accounted for on the basis of actuarial valuation as per Ind AS 19 'Employee Benefits'. Liability recognized in the Standalone Balance Sheet in respect of gratuity is the present value of the defined benefit obligation at the end of each reporting period less the fair value of plan assets. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The present value of defined benefit is determined by discounting the estimated future cash outflows by reference to market yield at the end of each reporting period on government bonds that have terms approximate to the terms of the

related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Standalone Statement of Profit and Loss.

The Company contributes its share of contribution to Employees' Provident Fund Scheme administered by a separate trust with its obligation to make good the shortfall, if any, in trust fund arising on account of difference between the return on investments of the trust and the interest rate on provident fund dues notified periodically by the Central Government and any expected loss in investment. Liability recognized in the Standalone Balance Sheet in respect of Dabur India E.P.F trust is the present value of the defined benefit obligation at the end of each reporting period less the fair value of plan assets on the basis of actuarial valuation using the projected unit credit method.
Actuarial gain / loss pertaining to gratuity, post separation benefits and PF trust are accounted for as OCI. All remaining components of costs are accounted for in Standalone Statement of Profit and Loss.

b. Defined contribution plans

Liability for superannuation fund is provided on the basis of the premium paid to insurance company in respect of employees covered under Superannuation Fund Policy.

o. Taxation:

Tax expense recognized in Standalone Statement of Profit and Loss comprises the sum of deferred tax and current tax except the ones recognized in other comprehensive income or directly in equity.

Current tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant tax regulations. Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity).

which MAT credit becomes eligible to be recognized as an asset, the said asset is created by way of a credit to the Standalone Statement of Profit and Loss and shown as MAT credit entitlement. This is reviewed at each balance sheet date and the carrying amount of MAT credit entitlement is written down to the extent it is not reasonably certain that normal income tax will be paid during the specified period.

Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit under Income-tax Act, 1961.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside Standalone Statement of Profit and Loss is recognized outside Standalone Statement of Profit and Loss (either in other comprehensive income or in equity).

p. Provisions, contingent liability and contingent assets:

• Provisions are recognized only when there is ^a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.
• Contingent liability is disclosed for:
a. Possible obligations which will be confirmed only by future events not wholly within the control of the Company; or
b. Present obligations arising from past events where it is not probable that an outflow of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.
• Contingent assets are neither recognized nor disclosed except when realization of income is virtually certain, related asset is recognized.

q. Foreign currency transactions and translations:

Foreign currency transactions are recorded in the functional currency, by applying the exchange rate

between the functional currency and the foreign currency at the date of the transaction.

Foreign currency monetary items outstanding at the balance sheet date are converted to functional currency using the closing rate. Non-monetary items denominated in a foreign currency which are carried at historical cost are reported using the exchange rate at the date of the transactions.

Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at rates different from those at which they were initially recorded, are recognized in the Standalone Statement of Profit and Loss in the year in which they arise.

r. Share based payments - Employee Stock Option Scheme ('ESOP'):

The fair value of options granted under Employee Stock Option Plan is recognized as an employee benefits expense with a corresponding increase in equity.The total amount to be expensed is determined by reference to the fair value of the options. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the nonmarket vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Upon exercise of share options, the proceeds received are allocated to share capital up to the par value of the shares issued with any excess being recorded as share premium.

s. Operating segments:

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM') of the Company. The CODM is responsible for allocating resources and assessing performance of the operating segments of the Company.

t. Earnings per share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

For the purpose of calculating diluted earnings per share, the net profit for the period attributed to equity shareholders and the weighted average number of shares outstanding during the period is adjusted for the effects of all potentially dilutive equity shares.

u. Research and development:

Expenditure on research is recognized as an expense when it is incurred. Expenditure on development which does not meet the criteria for recognition as an intangible asset is recognized as an expense when it is incurred.

Items of property, plant and equipment and acquired intangible assets utilized for research and development are capitalized and depreciated / amortized in accordance with the policies stated for Property, Plant and Equipment and Intangible Assets.

v. Borrowing cost:

Borrowing cost consists of interest and other costs incurred in connection with the borrowing of funds and also include exchange differences to the extent regarded as an adjustment to the same. Borrowing costs directly attributable to the acquisition and/ or construction of a qualifying asset are capitalized during the period of time that is necessary to complete and prepare the asset for its intended use or sale. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Standalone Statement of Profit and Loss as incurred.

w.Cash and cash equivalents:

For the purpose of the Standalone Statement of Cash Flows, cash and cash equivalents consist of cash and cheques in hand, bank balances, demand deposits with banks where the original maturity is three months or less and other short-term highly liquid investments net of outstanding bank overdrafts and cash credit facilities as they are considered an integral part of the Company's cash management.

x. Significant management judgement in applying accounting policies and estimation uncertainty:

The preparation of the Company's financial statements requires the management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.

• Evaluation of indicators for impairment of assets

The evaluation of applicability of indicators of impairment of assets requires, the management to make an assessment of several external and internal factors which could result in deterioration of recoverable amount of the assets.

• Recoverability of advances / receivables

At each balance sheet date, based on historical default rates observed over expected life, the management assesses the expected credit losses on outstanding receivables and advances.

• Defined benefit obligation ('DBO')

Management's estimate of the DBO is based on a number of underlying assumptions such as standard rates of inflation, mortality, discount rate and anticipation of future salary increases. Variation in these assumptions may significantly impact the DBO amount and the annual defined benefit expenses.

• Provisions

At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Company assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

• Leases

The Company enters into leasing arrangements for various premises. The assessment (including measurement) of the lease is based on several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee's option to extend/terminate etc. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to extend or to terminate.

• Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Company, (refer note 45A). By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgments by management and the use of estimates regarding the outcome of future events.

• Fair value measurements

Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and share based payments. This involves developing estimates and assumptions consistent with how market participants would price the instrument. The Company engages third party valuers, where required, to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of various assets, liabilities and share based payments are disclosed in the notes to standalone financial statements.

• Inventories

The Company estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future demand or other market-driven changes that may reduce future selling prices.

• Useful lives of depreciable / amortizable assets

Management reviews its estimate of the useful lives of depreciable / amortizable assets at each reporting date, based on the expected utility of the assets. Uncertainties in these estimates relate to technical and economic obsolescence that may change the utility of assets.

• Valuation of investment property

Investment property is stated at cost. However, as per Ind AS 40 'Investment Property', there is a requirement to disclose fair value as at the balance sheet date. The Company engages independent valuation specialists to determine the fair value of its investment property as at reporting date.

• Income taxes

The Company's tax jurisdiction is India. Significant judgements are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions. The extent to which deferred tax assets/minimum alternate tax credit can be recognized is based on management's assessment of the probability of the future taxable income against which the deferred tax assets/minimum alternate tax credit can be utilized.

equipment
and
plant
roperty,
P 6. A

The changes in the carrying value of property, plant and equipment for the year ended 31 March, 2020 and 31 March, 2021 are as follows:

Description		Leased assets					Owned assets				Grand
	Leasehold land	Right of use - buildings	Total	Freehold land	Buildings	Plant and equipment	and fixtures Furniture	Vehicles	equipment Office	Total	total
Gross block
Balance as at 01 April, 2019	31.60	-	31.60	39.58	496.35	929.24	76.13	25.35	51.90	1,618.55 1,650.15
Addition for the year	-	49.29	49.29	0.20	22.16	120.11	8.72	3.77	3.36	158.32	207.61
Transfer from capital work-in-progress	-	-	-	-	3.49	13.59	0.76	-	-	17.84	17.84
Disposals / adjustments for the year	7.78	2.02	9.80	-	0.08	13.84	1.54	4.22	4.45	24.13	33.93
Balance as at 31 March, 2020	23.82	47.27	71.09	39.78	521.92	1,049.10	84.07	24.90	50.81	1,770.58 1,841.67
Addition for the year	-	18.15	18.15	0.82	14.40	100.73	3.23	2.46	4.57	126.21	144.36
Transfer from capital work-in-progress	-	-	-	-	24.41	52.48	0.47	-	-	77.36	77.36
Disposals / adjustments for the year	-	21.33	21.33	-	0.11	17.74	0.57	3.22	0.19	21.83	43.16
Balance as at 31 March, 2021	23.82	44.09	67.91	40.60	560.62	1,184.57	87.20	24.14	55.19	1,952.32 2,020.23
Accumulated depreciation
Balance as at 01 April, 2019	3.73	-	3.73	-	130.95	452.59	41.80	10.14	39.06	674.54	678.27
Addition for the year	0.75	13.76	14.51	-	15.00	81.17	5.49	2.82	3.39	107.87	122.38
Disposals / adjustments for the year	0.49	0.64	1.13	-	0.02	11.01	1.50	1.97	4.10	18.60	19.73
Balance as at 31 March, 2020	3.99	13.12	17.11	-	145.93	522.75	45.79	10.99	38.35	763.81	780.92
Addition for the year	0.59	13.63	14.22	-	15.48	94.12	6.03	2.90	3.75	122.28	136.50
Disposals / adjustments for the year	-	8.68	8.68	-	0.11	16.27	0.50	2.47	0.16	19.51	28.19
Balance as at 31 March, 2021	4.58	18.07	22.65	-	161.30	600.60	51.32	11.42	41.94	866.58	889.23
Net block as at 01 April, 2019	27.87	-	27.87	39.58	365.40	476.65	34.33	15.21	12.84	944.01	971.88
Net block as at 31 March, 2020	19.83	34.15	53.98	39.78	375.99	526.35	38.28	13.91	12.46	1,006.77 1,060.75
Net block as at 31 March, 2021	19.24	26.02	45.26	40.60	399.32	583.97	35.88	12.72	13.25	1,085.74 1,131.00

Notes:

a) Addition to the above property, plant and equipment includes ₹ 1.13 crores (31 March, 2020: ₹ 7.23 crores) incurred at Company's inhouse research and development facilities at Sahibabad, Uttar Pradesh.

b) Plant and equipment have been hypothecated with banks against term loans, refer note 28.

c) Contractual obligations : Refer note 45B for disclosure of contractual commitments for the acquisition of property, plant and equipment.

d) Leasehold land : Represents land taken on lease for the years ranging from 20 to 100.

e) Impairment loss : 'Disposals / adjustments for the year' above include impairment provision / (reversal) mainly pertaining to assets which are lying idle, damaged and having no future use amounting to ₹ (0.84) crores (31 March, 2020 : ₹ 0.14 crores).

6. B Capital work-in-progress

The changes in the carrying value of capital work-in-progress for the year ended 31 March, 2020 and 31 March, 2021 are as follows :

Description	Amount
Gross block
Balance as at 01 April, 2019	21.69
Addition for the year	102.00
Transfer to property, plant and equipment	17.84
Transfer to intangible asset	0.02
Balance as at 31 March, 2020	105.83
Addition for the year	78.79
Transfer to property, plant and equipment	77.36
Transfer to intangible asset	-
Balance as at 31 March, 2021	107.26

6. C Investment property

The changes in the carrying value of investment property for the year ended 31 March, 2020 and 31 March, 2021 are as follows:

Description	Freehold land	Buildings	Total
Gross block
Balance as at 01 April, 2019	5.06	53.57	58.63
Addition for the year	-	-	-
Disposals for the year	-	-	-
Balance as at 31 March, 2020	5.06	53.57	58.63
Addition for the year	-	-	-
Disposals for the year	-	-	-
Balance as at 31 March, 2021	5.06	53.57	58.63
Accumulated depreciation
Balance as at 01 April, 2019	-	9.26	9.26
Addition for the year	-	0.99	0.99
Disposals for the year	-	-	-
Balance as at 31 March, 2020	-	10.25	10.25
Addition for the year	-	0.99	0.99
Disposals for the year	-	-	-
Balance as at 31 March, 2021	-	11.24	11.24
Net block as at 01 April, 2019	5.06	44.31	49.37
Net block as at 31 March, 2020	5.06	43.32	48.38
Net block as at 31 March, 2021	5.06	42.33	47.39

Notes:

a) Amount recognized in Standalone Statement of Profit and Loss for investment properties:

Particulars	For the year ended 31 March, 2021	For the year ended 31 March, 2020
Rental income derived from investment properties	8.31	9.98
Less: direct operating expenses that generated rental income	0.37	0.43
Less: direct operating expenses that did not generate rental income	-	-
Profit from leasing of investment properties before depreciation	7.94	9.55
Less: depreciation expense	0.99	0.99
Profit from leasing of investment properties after depreciation	6.95	8.56

b) As at 31 March, 2021, the fair value of investment properties are 148.03 crores (31 March, 2020: 160.08 crores). These valuations are based on valuations performed by accredited independent valuer. Fair value is based on market value approach. The fair value measurement is categorised in Level 3 of fair value hierarchy. There has been no restriction on disposal of property or remittance of income and proceeds of disposal.
c) Leasing arrangements: Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. Refer note 49 for details on future minimum lease rentals.

6. D Other intangible assets:

The changes in the carrying value of other intangible assets for the year ended 31 March, 2020 and 31 March, 2021 are as follows:

Description	Brands / trademarks	Computer software	Total
Gross block
Balance as at 01 April, 2019	12.94	52.71	65.65
Addition for the year	8.28	8.04	16.32
Transfer from capital work-in-progress	-	0.02	0.02
Disposals for the year	-	-	-
Balance as at 31 March, 2020	21.22	60.77	81.99
Addition for the year	-	7.18	7.18
Transfer from capital work-in-progress	-	-	-
Disposals for the year	-	-	-
Balance as at 31 March, 2021	21.22	67.95	89.17
Accumulated depreciation
Balance as at 01 April, 2019	12.08	38.20	50.28
Addition for the year	0.67	5.89	6.56
Disposals for the year	-	-	-
Balance as at 31 March, 2020	12.75	44.09	56.84
Addition for the year	0.91	5.00	5.91
Disposals for the year	-	-	-
Balance as at 31 March, 2021	13.66	49.09	62.75
Net block as at 01 April, 2019	0.86	14.51	15.37
Net block as at 31 March, 2020	8.47	16.68	25.15
Net block as at 31 March, 2021	7.56	18.86	26.42

7. A Non current investments in subsidiaries and joint venture

	Particulars	No. of units	Amount	No. of units	Amount
		31 March, 2021	31 March, 2021	31 March, 2020	31 March, 2020
I	Subsidiary companies (at cost) (unquoted) (fully paid equity instruments) ^
	A Dabur International Limited	17,00,000	59.49	17,00,000	59.49
	Shares of face value of PSTG 1 each
	B H & B Stores Limited	29,64,93,165	29.65	29,64,93,165	29.65
	Shares of face value of ` 1 each
	C Dermoviva Skin Essentials Inc.	5,65,000	2.54	5,65,000	2.54
	Shares of face value of USD 1 each
	Sub-Total		91.68		91.68
II J	oint venture (at cost) (unquoted) (fully paid equity instruments) ^
	A Forum I Aviation Private Limited	74,87,251	6.99	74,87,251	6.99
	Shares of face value ` 10 each
	Sub-Total		6.99		6.99
	Total		98.67		98.67

7. B Non current investments

	Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
I	Investment in equity instruments
	a) Other entities (unquoted) (fully paid) #
	Shivalik Solid Waste Management Limited	18,000	0.02	18,000	0.02
	Shares of face value of ` 10 each
	Sub-Total		0.02		0.02
II	Other investments
	a) Investments in government or trust securities (quoted) (fully paid) #
	A 9.20% NI Government Stock 2030	60,00,000	71.95	60,00,000	70.65
	Units of face value of ` 100 each
	B 9.23% NI Government Stock 2043	-	-	1,00,00,000	130.99
	Units of face value of ` 100 each
	C 8.60% Government of India 2028	3,00,00,000	345.49	20,00,000	23.13
	Units of face value of ` 100 each
	D 8.26% Government of India 2027	1,50,00,000	167.29	-	-
	Units of face value of ` 100 each
	E 8.28% Government of India 2027	1,65,00,000	182.83	-	-
	Units of face value of ` 100 each
	F 8.24% Government of India 2027	75,00,000	83.18	-	-
	Units of face value of ` 100 each
	G 7.17% Government of India 2028	7,00,00,000	743.83	-	-
	Units of face value of ` 100 each
	H 6.13% Government of India 2028	1,45,00,000	145.20	-	-
	Units of face value of ` 100 each
	I 6.01% Government of India 2028	1,95,00,000	190.78	-	-
	Units of face value of ` 100 each

Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
J 7.26% Government of India 2029	3,00,00,000	319.68	-	-
Units of face value of ` 100 each
K 8.23% Gujarat State Development Loan 2025	45,00,000	49.36	45,00,000	48.75
Units of face value of ` 100 each
L 8.27% Karnataka State Development Loan 2025	15,00,000	16.83	15,00,000	16.52
Units of face value of ` 100 each
M 8.38% Karnataka State Development Loan 2026	15,00,000	16.48	15,00,000	16.52
Units of face value of ` 100 each
N 9.24% Maharashtra State Development Loan 2024	10,00,000	11.15	10,00,000	11.20
Units of face value of ` 100 each
O 9.11% Tamil Nadu State Development Loan 2024	10,00,000	11.34	10,00,000	11.35
Units of face value of ` 100 each
P 8.87% Tamil Nadu State Development Loan 2024	15,00,000	17.23	15,00,000	17.12
Units of face value of ` 100 each
Q 8.92% Karnataka State Development Loan 2022	-	-	20,00,000	21.18
Units of face value of ` 100 each
R 8.06% Maharashtra State Development Loan 2025	25,00,000	27.16	25,00,000	26.96
Units of face value of ` 100 each
S 8.04% Maharashtra State Development Loan 2025	5,00,000	5.41	5,00,000	5.37
Units of face value of ` 100 each
T 8.24% Kerala State Development Loan 2025	10,00,000	11.16	10,00,000	11.04
Units of face value of ` 100 each
U 8.20% Rajasthan State Development Loan 2025	15,00,000	16.65	15,00,000	16.41
Units of face value of ` 100 each
V 8.05% Maharashtra State Development Loan 2025	10,00,000	10.89	10,00,000	10.77
Units of face value of ` 100 each
W 8.08% Haryana State Development Loan 2025	25,00,000	27.17	25,00,000	27.04
Units of face value of ` 100 each
X 8.25% Gujarat State Development Loan 2024	5,00,000	5.57	5,00,000	5.53
Units of face value of ` 100 each
Y 8.23% Rajasthan State Development Loan 2025 Units of face value of ` 100 each	15,00,000	16.69	15,00,000	16.47
Sub-Total		2,493.32		487.00
b) Investments in debentures or bonds
i) Bonds (quoted) (fully paid)
A Power Grid Corporation of India Limited #	900	102.15	900	100.63
Units of face value of ` 10,00,000 each
B ICICI Bank Limited #	-	-	100	10.83
Units of face value of ` 10,00,000 each
C Food Corporation of India ##	-	-	250	26.70

Units of face value of ` 10,00,000 each
D NTPC Limited #	550	63.65	50	5.76
Units of face value of ` 10,00,000 each

Dabur India limited Annual Report 2020-21

Corporate Overview Board & Management Reports Financial Statements

Particulars	No. of units	Amount	No. of units	Amount
E NTPC Limited ##	31 March, 2021 150	31 March, 2021 16.20	31 March, 2020 150	31 March, 2020 16.30
Units of face value of ` 10,00,000 each
F NHPC Limited #	6,000	67.35	3,000	33.66
Units of face value of ` 1,00,000 each
G NHPC Limited #	100	11.23	100	11.07
Units of face value of ` 10,00,000 each
H Power Grid Corporation of India Limited #	80	11.45	80	11.33
Units of face value of ` 12,50,000 each
Sub-Total		272.03		216.28
ii) Non-convertible debentures (quoted) (fully paid)
A Housing Development Finance Corporation Limited #	25	29.18	25	27.83
Units of face value of ` 1,00,00,000 each
B PNB Housing Finance Limited ##	-	-	250	25.00
Units of face value of ` 10,00,000 each
C Housing Development Finance Corporation Limited #	500	27.13	500	26.13
Units of face value of ` 5,00,000 each
D Housing Development Finance Corporation Limited #	250	29.23	250	28.38
Units of face value of ` 10,00,000 each
E Housing Development Finance Corporation Limited ##	250	25.31	250	25.35
Units of face value of ` 10,00,000 each
F LIC Housing Finance Limited #	1,300	147.87	1,350	149.50
Units of face value of ` 10,00,000 each
Sub-Total		258.72		282.19
Total		3,024.09		985.49

^ All the investment in equity shares of subsidiaries and joint ventures are measured at cost as per Ind AS 27 'Separate Financial Statements'

All these investments (being strategic in nature) are measured at fair value through other comprehensive income ('FVTOCI').

These are measured at amortised cost

PSTG - Pound Sterling

USD - United States Dollar

Notes:

Particulars	31 March, 2021	31 March, 2020
a. Aggregate amount of quoted investments - at cost	2,994.73	943.75
b. Aggregate amount of quoted investments - at market value	3,024.07	985.47
c. Aggregate amount of unquoted investments - at cost	98.69	98.69
d. Aggregate amount of impairment in value of investments	-	-

8. Non-current loans

(Unsecured)

Security deposits
Considered good	16.37	16.78
Total	16.37	16.78

9. Other non-current financial assets

Particulars	31 March, 2021	31 March, 2020
Bank deposit with more than 12 months maturity #*	88.63	403.27
Total	88.63	403.27
# Includes deposits pledged as security with electricity/water department/ government authorities	2.71	0.51
* Includes interest accrued but not due	5.69	14.26

10. Non-current tax assets (net)

Advance income tax (net)	3.99	0.86
Total	3.99	0.86

11. Other non-current assets

(Unsecured, considered good unless otherwise stated)

Capital advances	59.71	18.12
Advances other than capital advances
Balance with government authorities
Considered good	53.19	50.00
Considered doubtful	0.03	5.00
Less: Allowance for impairment	(0.03)	(5.00)
Total	112.90	68.12

12. Inventories ^*

(Valued at lower of cost or net realisable value)

Raw materials	336.76	227.74
Packing materials	109.06	89.85
Work-in-progress	115.83	89.14
Finished goods	402.61	315.76
Stock-in-trade (acquired for trading)	136.21	77.42
Stock-in-trade (acquired for trading)-in-transit	12.55	8.17
Stores and spares	1.14	1.06
Total	1,114.16	809.14

^ Inventories have been hypothecated with banks against working capital loans, refer note 26 for details.

* Write-downs of inventories to net realisable value on account of slow moving and obsolete items amounted to 9.50 crores (31 March, 2020 : 4.85 crores). Further, reversal of write-downs of inventories to net realisable value on account of slow moving and obsolete items amounted to 4.78 crores (31 March, 2020 : 1.37 crores). These were recognized as an expense/reversal of expense respectively during the year and were included in 'changes in inventories of finished goods, stock-in-trade and work-in-progress' in Standalone Statement of Profit and Loss.

13. Current investments

	No. of units	Amount	No. of units	Amount
	31 March, 2021	31 March, 2021	31 March, 2020	31 March, 2020
I Other than trade
a) Mutual funds (quoted) (fully paid) ^
A Nippon India Liquid Fund - Direct Growth Plan	1,07,360	54.03	96,118	46.62
Units of face value of ` 1,000 each
B UTI Liquid Cash - Direct Growth Plan	89,642	30.21	1,89,894	61.74
Units of face value of ` 1,000 each
C DSP Liquidity Fund - Direct Growth Plan	2,54,662	74.90	2,65,820	75.51
Units of face value of ` 1,000 each
D IDFC Cash Fund - Direct Growth Plan	-	-	2,89,103	69.44
Units of face value of ` 1,000 each
E SBI Premier Liquid Fund - Direct Growth Plan	-	-	2,39,938	74.60
Units of face value of ` 1,000 each
F Kotak Liquid Fund - Direct Growth Plan	-	-	48,238	19.37
Units of face value of ` 1,000 each
G Axis Liquid Fund - Direct Growth Plan	2,65,122	60.57	3,39,355	74.81
Units of face value of ` 1,000 each
H HDFC Liquid Fund - Direct Growth Plan	-	-	1,40,671	54.95
Units of face value of ` 1,000 each
I HDFC Overnight Fund - Direct Growth Plan	-	-	72,357	21.48
Units of face value of ` 1,000 each
J L&T Liquid Fund - Direct Growth Plan	3,43,720	96.89	2,76,338	75.21
Units of face value of ` 1,000 each
K Tata Liquid Fund - Direct Growth Plan	2,69,826	87.63	-	-
Units of face value of ` 1,000 each
Sub-Total		404.23		573.73
b) Investments in government or trust securities (quoted) (fully paid) #
A 8.92% Karnataka State Development Loan 2022	20,00,000	20.98	-	-
Units of face value of ` 100 each
Sub-Total		20.98		-
c) Investments in debentures or bonds
i) Bonds (quoted) (fully paid) ##
A Food Corporation of India	250	25.93	-	-
Units of face value of ` 10,00,000 each
Sub-Total		25.93		-
ii) Non-convertible debentures (quoted) (fully paid) ##
A Bajaj Finance Limited	-	-	2,350	246.77
Units of face value of ` 10,00,000 each
B CanFin Homes Limited	-	-	50	5.13
Units of face value of ` 10,00,000 each
C Dewan Housing Finance Corporation Limited	2,50,000	-	2,50,000	-
Units of face value of `1,000 each (31 March, 2021:` 25.37 crores impaired; 31 March, 2020: ` 25.37 crores impaired)
D Reliance Home Finance Limited	1,000	-	1,000	-
Units of face value of `5,00,000 each (31 March, 2021:` 50.00 crores impaired; 31 March, 2020: ` 50.00 crores impaired)
E HDB Financial Services Limited	-	-	1,000	104.59
Units of face value of ` 10,00,000 each

Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
F Housing Development Finance Corporation Limited	-	-	175	184.38
Units of face value of ` 1,00,00,000 each
G Housing Development Finance Corporation Limited	-	-	1,000	53.83
Units of face value of ` 5,00,000 each
H Aditya Birla Finance Limited	-	-	150	15.74
Units of face value of ` 10,00,000 each
I Kotak Mahindra Prime Limited	-	-	250	25.87
Units of face value of ` 10,00,000 each
J Reliance Industries Limited	-	-	250	25.85
Units of face value of ` 10,00,000 each
K Shriram Transport Finance Company Limited	-	-	200	21.16
Units of face value of ` 10,00,000 each
L LIC Housing Finance Limited	-	-	1,000	105.62
Units of face value of ` 10,00,000 each
M PNB Housing Finance Limited	-	-	200	20.00
Units of face value of ` 10,00,000 each
Sub-Total		-		808.94
d) Investments in fixed deposits with others (unquoted) ##
A Dewan Housing Finance Limited		-		-
(31 March, 2021: `25.00 crores impaired; 31 March, 2020:` 25.00 crores impaired)
Sub-Total		-		-
Total		451.14		1,382.67

^ These are measured at fair value through profit and loss ('FVTPL')

# All these investments (being strategic in nature) are measured at fair value through other comprehensive income ('FVTOCI').

These are measured at amortised cost

Notes:

Particulars	31 March, 2021	31 March, 2020
a. Aggregate amount of quoted investments - at cost	527.07	1,417.24
b. Aggregate amount of quoted investments - at market value	451.14	1,382.67
c. Aggregate amount of unquoted investments - at cost	25.00	25.00
d. Aggregate amount of provision for impairment in value of investments	100.37	100.37

14. Trade receivables*

Unsecured, considered good	281.24	379.63
Unsecured, credit impaired	12.16	9.60
Sub-Total	293.40	389.23
Less: Allowance for expected credit loss	(12.16)	(9.60)
Total	281.24	379.63

* Trade receivables have been hypothecated with banks against working capital loans, refer note 26 for details. Also refer note 54 for related parties details.

15. Cash and cash equivalents

Particulars	31 March, 2021	31 March, 2020
Balances with banks in current accounts	11.05	2.55
Cheques, drafts on hand	-	0.00
Cash on hand	0.31	0.32
Term deposit with original maturity within three months #	0.01	-
Total	11.37	2.87
# Includes deposits pledged as security with electricity/water department/ government authorities.	0.01	-

16. Bank balances other than cash and cash equivalents

Term deposit with maturity for more than 3 months but less than 12 months *#	814.15	513.29
Unpaid dividend account **	9.22	9.44
Total	823.37	522.73
# Includes deposits pledged as security with electricity/water department/ government authorities.	1.69	5.17
* Includes interest accrued but not due.	49.28	23.22

** These balances are exclusive of disputed unpaid dividend and are not available for use by the Company. The corresponding balance is disclosed as unclaimed dividend in note 28.

17. Current loans

(Unsecured, considered good)

Security deposits	1.75	1.22
Total	1.75	1.22

18. Other current financial assets

Advance recoverable in cash
Due from subsidiary companies (refer note 54B)	7.79	9.25
Total	7.79	9.25

19. Other current assets

(Unsecured, considered good unless otherwise stated)

Advances to suppliers
Considered good	11.20	16.97
Considered doubtful	1.27	1.27
	12.47	18.24
Less: Allowance for impairment	(1.27)	(1.27)
Sub-Total	11.20	16.97
Prepaid expenses	14.46	13.45
Advance to employees	1.72	2.41
Balance with statutory / government authorities	110.59	124.35
Other advances	1.20	0.50
Sub-Total	127.97	140.71
Total	139.17	157.68

20. Equity share capital

Authorised	31 March, 2021	31 March, 2020
2,07,00,00,000 (31 March, 2020: 2,07,00,00,000) equity shares of ` 1.00 each	207.00	207.00
Issued, subscribed and fully paid up
1,76,74,25,349 (31 March, 2020: 1,76,70,63,892) equity shares of ` 1.00 each	176.74	176.71

a) Reconciliation of equity shares outstanding at the beginning and at the end of the year:

Particulars	31 March, 2021		31 March, 2020
	Number of shares	Amount	Number of shares	Amount
Balance as at the beginning of the year	1,76,70,63,892	176.71	1,76,62,91,141	176.63
Add: Shares issued on exercise of employee stock option plan (ESOP)	361,457	0.03	772,751	0.08
Balance as at the end of the year	1,76,74,25,349	176.74	1,76,70,63,892	176.71

b) Rights, preference and restrictions attached to equity shares:

The Company has only one class of equity shares having a par value of ` 1.00 per share. Each shareholder is entitled for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders are entitled to receive the remaining assets of the Company, after distribution of all preferential amounts, in proportion of their shareholding.

c) List of shareholders holding more than 5% of the equity share capital of the Company at the beginning and at the end of the year: #

Particulars	As at 31 March, 2021		As at 31 March, 2020
	No. of equity shares	% of shareholding	No. of equity shares	% of shareholding
Chowdry Associates	21,79,41,800	12.33%	21,79,41,800	12.33%
VIC Enterprises Private Limited	21,77,64,000	12.32%	21,77,34,000	12.32%
Gyan Enterprises Private Limited	20,22,37,980	11.44%	20,22,37,980	11.44%
Puran Associates Private Limited	18,92,12,000	10.71%	18,92,12,000	10.71%
Ratna Commercial Enterprises Private Limited	15,78,40,429	8.93%	15,77,00,429	8.92%
Milky Investment and Trading Company	10,61,47,503	6.01%	10,61,47,503	6.01%

# As per the records of the Company including its register of member.

d) Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the year end:
i) Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the financial year 2016-17 to 2020-21:

Nil (during FY 2015-16 to 2019-20: Nil ) equity shares of ` 1.00 each allotted without payment being received in cash.

ii) Shares issued in aggregate number and class of shares allotted by way of bonus shares:

The Company has issued total 8,75,000 equity shares (during FY 2015-16 to 2019-20: 18,75,000 equity shares) during the period of five years immediately preceding 31 March, 2021 as fully paid up bonus shares including shares issued under ESOP scheme for which entire consideration not received in cash.

iii) Shares bought back during the financial year 2016-17 to 2020-21:

Nil (during FY 2015-16 to 2019-20: Nil ) equity shares of ` 1.00 each bought back pursuant to Section 68, 69 and 70 of the Companies Act, 2013.

iv) Shares issued under employee stock option plan (ESOP) during the financial year 2016-17 to 2020-21:

The Company has issued total 74,09,179 equity shares of ` 1.00 each (during FY 2015-16 to 2019-20: 86,76,902 equity shares) during the period of five years immediately preceding 31 March, 2021 on exercise of options granted under the employee stock option plan (ESOP).

v) Shares reserved for issue under options:

For details of shares reserved for issue under the employee stock option plan (ESOP) of the Company, refer note 60. These options are granted to the employees subject to cancellation under circumstance of his cessation of employment with the Company on or before the vesting date.

21. Other equity

Particulars	31 March, 2021	31 March, 2020
Reserves and surplus
Capital reserve	26.92	26.92
Securities premium	365.00	352.21
Share option outstanding account	123.77	93.27
General reserve	513.43	513.43
Retained earnings	4,182.66	3,388.39
Other comprehensive income
Debt instruments through OCI	2.70	23.30
Total	5,214.48	4,397.52

Description of nature and purpose of each reserve

Capital reserve

Capital reserve represents the difference between value of the net assets transferred to the Company in the course of business combinations and the consideration paid for such combinations.

Securities premium

Securities premium is used to record the premium on issue of shares, which will be utilised in accordance with provisions of the Act.

Share option outstanding account

The reserve is used to recognize the grant date fair value of options issued to employees under employee stock option schemes and is adjusted on exercise/ forfeiture of options.

General reserve

General reserve is created from time to time by way of transfer profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Retained earnings

Retained earnings are created from the profit / loss of the Company, as adjusted for distributions to owners, transfers to other reserves, etc.

Debt instruments through other comprehensive income

This represents the cumulative gains and losses arising on the revaluation of debt instruments measured at fair value through other comprehensive income that have been recognized in other comprehensive income, net of amounts reclassified to profit or loss when such assets are disposed off and impairment losses on such instruments, if any.

22. Non-current borrowing

Particulars	31 March, 2021	31 March, 2020
Unsecured
Long-term maturities of lease liabilities (refer note 49)	19.62	24.68
Total	19.62	24.68

23. Other non-current financial liabilities

Total	1.37	4.66
Unearned rental income	0.12	0.51
Security deposit	1.25	4.15

24. Non-current provisions

Provision for employee benefits (refer note 59)
Post separation benefit of Directors	55.55	54.69
Total	55.55	54.69

25. Deferred tax assets (net)

Deferred tax liability arising on account of :
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	130.51	122.16
Fair valuation of financial instruments through OCI	0.84	7.09
Fair valuation of financial instruments through PL	0.15	0.42
Sub-Total	131.50	129.67
Deferred tax asset arising on account of :
Expected credit loss / impairment of financial and non-financial assets	0.44	0.44
Lifetime expected credit loss of trade receivables	4.24	3.35
Provision for expense allowed for tax purpose on payment basis	37.84	32.32
Impairment in value of investments	23.76	23.76
Minimum alternate tax credit entitlement	73.65	80.00
Re-measurement loss on the defined benefit plans through OCI	9.02	11.42
Sub-Total	148.95	151.29
Total	17.45	21.62

25.1 Changes in deferred tax assets / (liabilities) (net)

Particulars	01 April, 2020	Recognised in other comprehensive income	Recognised in Standalone Statement of Profit and Loss	31 March, 2021
Liabilities
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	122.16	-	8.35	130.51
Fair valuation of financial instruments through OCI	7.09	(6.25)	-	0.84
Fair valuation of financial instruments through PL	0.42	-	(0.27)	0.15
Sub-total	129.67	(6.25)	8.08	131.50
Assets
Expected credit loss / impairment of financial and non financial assets	0.44	-	-	0.44
Lifetime expected credit loss of trade receivables	3.35	-	0.89	4.24
Provision for expense allowed for tax purpose on payment basis	32.32	-	5.52	37.84
Impairment in value of investments	23.76	-	-	23.76
Re-measurement loss on the defined benefit plans through OCI	11.42	(2.40)	-	9.02
Sub-total	71.29	(2.40)	6.41	75.30
Minimum alternate tax credit entitlement
Recognized	80.00	-	142.14	222.14
Utilised	-	-	-	(148.49)
Sub-total	80.00	-	142.14	73.65
Total	21.62	3.85	140.47	17.45

Particulars	01 April, 2019	Recognised in other comprehensive income	Recognised in Standalone Statement of Profit and Loss	31 March, 2020
Liabilities
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	110.90	-	11.26	122.16
Fair valuation of financial instruments through OCI	-	7.09	-	7.09
Fair valuation of financial instruments through PL	0.03	-	0.39	0.42
Sub-total	110.93	7.09	11.65	129.67
Assets
Expected credit loss / impairment of financial and non financial assets	0.44	-	-	0.44
Lifetime expected credit loss of trade receivables	2.97	-	0.38	3.35
Provision for expense allowed for tax purpose on payment basis	17.45	-	14.87	32.32
Impairment in value of investments	0.69	-	23.07	23.76
Fair valuation of financial instruments through OCI	1.06	(1.06)	-	-
Re-measurement loss on the defined benefit plans through OCI	-	11.42	-	11.42
Sub-total	22.61	10.36	38.32	71.29
Minimum alternate tax credit entitlement
Recognized	80.00	-	160.61	240.61
Utilised	-	-	-	(160.61)
Sub-total	80.00	-	160.61	80.00
Total	(8.32)	3.27	187.28	21.62

25.2 There are unused minimum alternate tax credits as mentioned below which have not been recognized as an asset in the books of accounts in the absence of convincing evidence of utilization during the specified allowable period against the future taxable profits to be computed as per the normal provisions of the Income Tax Act, 1961:

Assessment year	31 March, 2021	Expiry date	31 March, 2020*	Expiry date
2012-2013	-	-	28.09	31 March, 2028
2013-2014	-	-	33.50	31 March, 2029
2014-2015	17.17	31 March, 2030	97.71	31 March, 2030
2015-2016	36.16	31 March, 2031	36.16	31 March, 2031
2016-2017	0.82	31 March, 2032	0.82	31 March, 2032
Total	54.15		196.28

* The same is as per the income tax return filed by the Company for assessment year 2020-2021

**26. Current borrowings * #**

Particulars	31 March, 2021	31 March, 2020
i) Cash credits
Secured, from bank (refer note 26.1 and 26.2)	3.81	21.53
ii) Packing credit loan
Unsecured, from bank (refer note 26.1 and 26.2)	27.00	10.00
iii) Bank overdrafts
Unsecured, from bank, repayable on demand	0.55	3.09
iv) Working capital demand loan
Secured, from bank (refer note 26.1)	1.13	-
v) Term loan
Secured, from bank (refer note 26.1 and 26.2)	22.00	54.66
vi) Term loan
Unsecured, from bank (refer note 26.1)	97.47	-
Total	151.96	89.28

* There is no default in repayment of principal borrowing or interest thereon.

No guarantee bond has been furnished against any borrowing.

26.1 Repayment terms and security disclosure for the outstanding current borrowings from banks as at 31 March, 2021:

Cash credit facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Company.

Packing credit facility:

Repayable after 6 months from the date of drawdown by the Company.

Working capital demand loan facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Company.

Term loan facility (secured):

Repayable in 12 months from the date of drawdown by the company and secured by way of charge over specific movable fixed assets located at Baddi Greenfield unit to the extent of the amount outstanding.

Term loan facility (unsecured):

Repayable in 12 months from the date of drawdown by the Company.

26.2 Repayment terms and security disclosure for the outstanding current borrowings from banks as at 31 March, 2020:

Cash credit facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Company.

Packing credit facility:

Repayable after 3 months from the date of drawdown by the Company.

Term loan facility:

Repayable on demand and is secured by an exclusive charge by way of hypothecation over the moveable fixed assets both present and future to the extent of ` 61.00 crores at Pantnagar, Uttarakhand, owned by the Company.

26.3 Rate of interest: The Company's current borrowings facilities have an effective weighted-average contractual rate of 3.28 % per annum (31 March, 2020 : 6.04 % per annum) calculated using the interest rates effective for the respective borrowings as at reporting dates.

27. Trade payables

Particulars	31 March, 2021	31 March, 2020
Due to micro and small enterprises #	117.56	44.59
Due to others*	1,363.14	987.86
Total	1,480.70	1,032.45

* includes acceptances / arrangements where operational suppliers of goods and services are initially paid by banks while the Company continues to recognise the liability till settlement with the banks.

#Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 (27 of 2006) ("MSMED Act, 2006"):

i) the principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year;	117.56	44.59
ii) the amount of interest paid by the buyer in terms of Section 16 of MSMED Act, 2006 along with the amount of the payment made to the supplier beyond the appointed day during each accounting year;	-	-
iii) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this Act;	-	-
iv) the amount of interest accrued and remaining unpaid at the end of each accounting year; and	-	-
v) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under Section 23 of MSMED Act, 2006.	-	-

The information has been given in respect of such vendors to the extent they could be identified as "Micro, Small and Medium" enterprises on the basis of information available with the Company.

28. Other current financial liabilities

Particulars	31 March, 2021	31 March, 2020
Current maturities of long-term borrowing (refer note 6A) *	-	25.00
Current maturities of lease liabilities (refer note 49)	8.29	11.69
Interest accrued on borrowings	0.17	0.13
Security deposits	3.27	1.05
Unearned rental income	0.17	0.04
Unpaid dividends #	9.22	9.44
Creditors for capital goods	20.68	16.81
Employee dues payable	115.75	71.51
Book overdrafts	6.12	-
Other payables	1.58	1.62
Total	165.25	137.29

Not due for deposits to the Investor Education and Protection Fund (refer note 16)

* Facility of ` 25.00 crores, bearing interest rate of 6.10 % per annum having balance amount repayable by way of bullet payment after 37 months from the date of disbursal, i.e., 16 March 2017. The loan is secured by way of equitable mortgage over movable and immovable assets at Baddi, Himachal Pradesh and Pantnagar, Uttarakhand, owned by the Company.

29. Other current liabilities

Total	77.43	55.33
Others	5.65	5.22
Statutory dues payable	30.63	28.12
Advances from customers	41.15	21.99

30. Current provisions

Provision for employee benefits
Provision for post-separation benefits of Directors (refer note 59)	0.68	0.68
Provision for compensated absences	3.67	2.53
Provision for gratuity (refer note 59)	0.01	1.90
Provision for provident fund trust (refer note 59)	35.64	35.64
Others
Provision for disputed liabilities (refer note 48)	94.43	82.05
Total	134.43	122.80

31. Current tax liabilities (net)

Provision for income tax (net)	26.63	4.70
Total	26.63	4.70

32. Revenue from operations

Particulars	31 March, 2021	31 March, 2020
Operating revenue
Sale of products	7,138.85	6,241.09
Other operating revenues
Budgetary support subsidy #	30.41	49.75
Export subsidy	4.75	7.88
Scrap sale	10.05	10.10
Miscellaneous	0.67	0.98
Sub-Total	45.88	68.71
Total	7,184.73	6,309.80

Represents the amount of budgetary support to be provided by the Government of India for the existing eligible manufacturing units operating under different industrial promotion tax exemption schemes, pursuant to the notification no: F.No. 10(1)/2017-DBA-II/NER issued by the Ministry of Commerce and Industry dated 05 October, 2017. These has been recorded and disclosed in accordance with the Ind AS 20 'Government Grants'.

Disclosures on revenue pursuant to Ind AS 115 - Revenue from contracts with customers

A Reconciliation of revenue from sale of products with the contracted price

Sale of products	7,138.85	6,241.09
Less: Trade discounts, volume rebates, etc.	(558.11)	(478.37)
Contracted Price	7,696.96	6,719.46

B Disaggregation of revenue

Set out below is the disaggregation of the Company's revenue from contracts with customers:

Revenue from contracts with customers

i) Revenue from operations @
(a) Consumer care business	6,156.08	5,208.71
(b) Food business	888.34	942.23
(c) Others	94.43	90.15
Operating revenue	7,138.85	6,241.09
ii) Other operating income (scrap sales)	10.05	10.10
Total revenue covered under Ind AS 115	7,148.90	6,251.19

@ The Company has disaggregataed the revenue from contracts with customers on the basis of nature of products into consumer care business, food business, retail business and other segments (refer note 51). The Company believes that the disaggregation of revenue on the basis of nature of products have no impact on the nature, amount, timing and uncertainity of revenue and cash flows.

C Contract balances

The following table provides information about receivables and contract liabilities from contract with customers:

Particulars	31 March, 2021	31 March, 2020
Contract liabilities
Advance from consumers	41.15	21.99
Total	41.15	21.99
Receivables
Trade receivables	293.40	389.23
Less : Allowances for expected credit loss	(12.16)	(9.60)
Net receivables	281.24	379.63

Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the Company's obligation to transfer goods or services to a customer for which the Company has received consideration from the customer in advance.

D Significant changes in the contract liabilities balances during the year are as follows:

Opening balance	21.99	19.70
Addition during the year	41.15	21.99
Revenue recognised during the year	21.99	19.70
Closing balance	41.15	21.99

33. Other income

Interest income
Investment in debt instruments measured at FVTOCI	137.94	75.66
Other financial assets carried at amortised cost	84.29	138.57
Dividend income	0.00	-
Other gains
Sale of financial assets measured at FVTPL	15.82	16.90
Sale of financial assets measured at FVTOCI	12.26	6.90
Sale of other financial assets measured at amortised cost	0.42	1.87
Financial assets measured at FVTPL (net)	-	1.13
Sale of property, plant and equipment (net)	0.33	-
Foreign currency transactions and translations (net)	2.10	4.43
Other non-operating income
Rent income	8.31	9.98
Miscellaneous	15.18	21.46
Total	276.65	276.90

34. Cost of materials consumed*

Particulars	31 March, 2021	31 March, 2020
Raw material
Opening stock	227.74	224.47
Add: Purchases	2,056.80	1,669.23
Less: Closing stock	336.76	227.74
Sub-Total	1,947.78	1,665.96
Packing material
Opening stock	89.85	86.85
Add: Purchases	827.46	786.41
Less: Closing stock	109.06	89.85
Sub-Total	808.25	783.41
Total	2,756.03	2,449.37

* Includes research and development expenditure (refer note 39.1).

35. Changes in inventories of finished goods, stock-in-trade and work-in-progress

	Opening inventories
(i)	Finished goods	315.76	243.65
(ii)	Work-in-progress	89.14	95.34
(iii)	Stock-in-trade (acquired for trading) #	85.59	81.61
	Closing inventories
(i)	Finished goods	402.61	315.76
(ii)	Work-in-progress	115.83	89.14
(iii)	Stock-in-trade (acquired for trading) #	148.76	85.59
Total		(176.71)	(69.89)

includes stock-in-trade (acquired for trading)-in-transit

36. Employee benefits expense *

Salary and wages	566.64	485.51
Contribution to provident and other funds	38.35	38.25
Staff welfare expenses	16.10	18.02
Share based payment expenses	34.73	36.48
Total	655.82	578.26

* Includes research and development expenditure (refer note 39.1).

37. Finance costs

Interest expenses	8.68	17.42
Exchange differences regarded as an adjustment to borrowing cost	-	1.39
Other borrowing cost	0.46	0.46
Total	9.14	19.27

38. Depreciation and amortisation expense*

Particulars	31 March, 2021	31 March, 2020
Depreciation on property, plant and equipment - owned assets (refer note 6A)	122.28	108.62
Depreciation on property, plant and equipment - leased assets (refer note 6A)	14.22	13.76
Depreciation on investment property (refer note 6C)	0.99	0.99
Amortisation of intangible assets (refer note 6D)	5.91	6.56
Total	143.40	129.93

* Includes research and development expenditure (refer note 39.1).

39. Other expenses *

Power and fuel	70.72	66.48
Consumption of stores, spares and consumables	22.56	21.46
Repair and maintenance
Building	2.91	2.64
Machinery	10.47	8.84
Others	17.95	20.83
Processing charges	18.32	17.68
Rates and taxes	13.12	5.49
Rent (refer note 49)	28.37	27.88
Freight and forwarding charges	130.41	118.06
Commission to carrying and forwarding agents	23.42	22.76
Travel and conveyance	38.03	57.67
Legal and professional	51.22	33.86
Directors' sitting fees	0.70	0.69
Commission to non Executive Directors	0.70	0.68
Security	11.41	11.61
Payment to auditors (refer note 46)	0.80	0.77
Net loss arising on financial assets measured at FVTPL	0.76	-
Expected credit loss / impairment of financial and non-financial assets	3.18	1.11
Loss on disposal / impairment of property, plant and equipment (net)	-	1.76
Provision for disputed liabilities	13.50	4.50
Donation and charity #	42.09	43.38
Information technology	19.05	20.63
Distributor and retailer network	41.42	33.22
Miscellaneous	68.28	69.81
Total	629.39	591.81

* Includes research and development expenditure (refer note 39.1).

Includes corporate social responsibility expenses (refer note 50 for details).

39.1 Research and development expenditure

Particulars	31 March, 2021	31 March, 2020
Raw material consumed (refer note 34)	1.86	1.39
Employee benefits expense (refer note 36)	18.23	17.43
Depreciation and amortization (refer note 38)	3.32	3.07
Other expenses (refer note 39)
Consumption of stores, spares and consumables	0.00	0.44
Power and fuel	1.56	1.87
Repair and maintenance	2.38	2.41
Freight and forwarding charges	0.00	0.01
Rent (refer note 49)	0.31	0.16
Rates and taxes	5.76	1.39
Travel and conveyance	0.30	0.78
Legal and professional	1.54	1.43
Communication	0.36	0.34
Security	0.47	0.47
Miscellaneous	6.60	7.80
Total	42.69	38.99

40. The exceptional item for the year ended 31 March, 2020 represents provision for impairment in the value of treasury investment due to rating downgrade and default in repayment (refer note 13).

41. Taxation

The key components of income tax expense for the year ended 31 March, 2020 and 31 March, 2021 are:

A Standalone Statement of Profit and Loss:

(i) Profit and Loss section
a) Current tax
In respect of current year	448.25	421.73
Adjustments for current tax of prior periods	(6.36)	3.67
	441.89	425.40
b) Deferred tax
In respect of current year	(140.47)	(187.28)
Income tax expense reported in the Standalone Statement of Profit and	301.42	238.12
Loss
(ii) Other Comprehensive Income (OCI) section
Income tax related to items recognised in OCI during the year:
a) Re-measurement gains on defined benefit plans	2.40	(10.39)
b) Net fair value gain on investment in debt instruments through OCI	(6.25)	8.15
Income tax charged to OCI (3.85)		(2.24)
Total	297.57	235.88

B Reconciliation of tax expense between accounting profit at applicable tax rate and effective tax rate:

Particulars	31 March, 2021	31 March, 2020
Accounting profit before tax	1,683.31	1,408.47
Statutory income tax rate	34.94%	34.94%
Tax expense at statutory income tax rate	588.22	492.18
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Minimum Alternate Tax (MAT) credit recognized	(142.14)	(160.61)
Tax impact of expenses which will never be allowed	11.88	11.35
Tax benefits for expenses incurred for inhouse research and development	(0.39)	(2.79)
Tax impact of exempted income	(148.35)	(109.29)
Adjustments for current tax of prior periods	(6.36)	3.67
Others	(1.44)	3.61
Income tax expense at effective tax rate reported in the Standalone Statement of Profit and Loss	301.42	238.12

During the year ended 31 March, 2020, the Company has paid dividend to its shareholders. This has resulted in payment of Dividend Distribution Tax to the taxation authorities. The Company believes that Dividend Distribution Tax represents additional payment to taxation authority on behalf of the shareholders. Hence, Dividend Distribution Tax paid is charged to equity. (refer note 44)

42. Other comprehensive income (OCI)

A Items that will not be reclassified to profit or loss

Re-measurements gain / (loss) on defined benefit plans	6.87	(29.74)
Income tax relating to items that will not be reclassified to profit or loss	(2.40)	10.39
Total	4.47	(19.35)

B Items that will be reclassified to profit or loss

Total	(16.13)	7.50
Sub-Total	(20.60)	26.85
Income tax relating to items that will be reclassified to profit or loss	6.25	(8.15)
Net fair value (loss) / gain on investment in debt instruments measured through OCI	(26.85)	35.00

43. Earning per share

Net profit attributable to equity shareholders
Net profit for the year	1,381.89	1,170.35
Nominal value per equity share (`)	1.00	1.00
Total number of equity shares outstanding at the beginning of the year	1,76,70,63,892	1,76,62,91,141
Total number of equity shares outstanding at the end of the year	1,76,74,25,349	1,76,70,63,892
Weighted average number of equity shares for calculating basic earning per share	1,76,73,46,957	1,76,69,35,235
Basic earning per share (`)	7.82	6.62
Weighted average number of equity shares for calculating basic earning per share	1,76,73,46,957	1,76,69,35,235
Add: Weighted average number of potential equity shares on account of employee stock options	48,94,721	55,52,693
Weighted average number of equity shares for calculating diluted earning per share	1,77,22,41,678	1,77,24,87,928
Diluted earning per share (`)	7.80	6.60

44. Dividend

Particulars	31 March, 2021	31 March, 2020
Proposed Dividend
Proposed final dividend for the financial year 2020-21 [ `3.00 per equity share<br>of` 1.00 each] ^	530.23	-
Proposed final dividend for the financial year 2019-20 [ `1.60 per equity share<br>of` 1.00 each] #	-	282.74
Total	530.23	282.74
Paid Dividend
Final dividend for the financial year 2019-20 [ `1.60 per equity share of<br>` 1.00 each]	282.79	-
Interim dividend for the financial year 2020-21 [ `1.75 per equity share of<br>` 1.00 each]	309.30	-
Final dividend for the financial year 2018-19 [ `1.50 per equity share of<br>` 1.00 each]	-	265.06
Dividend distribution tax on final dividend	-	54.48
Interim dividend for the financial year 2019-20 [ `1.40 per equity share<br>of` 1.00 each]	-	247.39
Dividend distribution tax on interim dividend	-	50.85
Total	592.09	617.78

^ The Board of Directors at its meeting held on 07 May, 2021 have recommended a payment of final dividend of 3.00 per equity sharewith face value of 1.00 each forthe financial year ended 31 March, 2021,which amounts to ` 530.23 crores. The above is subject to approval at the ensuing Annual General Meeting of the Company and hence is not recognised as a liability.

Paid to shareholders during the financial year 2020-21.

45. Contingent liabilities and commitments

A Contingent liabilities

Guarantees issued on behalf of subsidiary and other companies	-	2.30
Claims against the Company not acknowledged as debt#
Claims by employees	1.00	1.33
Excise duty / service tax / stamp duty matters (refer note 48)	68.34	91.40
Sales tax matters (refer note 48)	84.95	92.51
Income tax matters *	78.84	26.77
Others	8.57	8.57
Total	241.70	222.88

Based on discussions with the solicitors / favourable decisions in similar cases / legal opinions taken by the Company, the management believes that the Company has a good chance of success in above-mentioned cases and hence, no provision is considered necessary.

* In the event of any unfavourable outcome in respect to such litigations, the liability would be settled against unused minimum alternate tax credits which have not been recognized as an asset in the books of accounts as been explained in note 25.2.

However, there is uncertainty with respect to the applicability of the judgement and period from which the same applies and accordingly, the Company has not provided for any liability on account of this.

B Commitments

Particulars	31 March, 2021	31 March, 2020
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of capital advances of `59.71 crores (31 March,<br>2020 :` 18.12 crores))	50.84	75.40

46. Payment to auditors *

Statutory audit and limited reviews	0.74	0.59
Certification fee and other services	0.02	0.01
For reimbursement of expenses	0.04	0.17
Total	0.80	0.77

* excluding goods and service tax, as applicable

47 Information on details of loans, guarantees and investments under Section 186 of the Act.

i) Details of investments made are given in notes 7 and 13 *
ii) There are no loans given by the Company in accordance with Section 186 of the Act read with rules issued thereunder.
iii) Details of guarantees issued by the Company are as follows: *

Guarantees outstanding, given on behalf of	Purpose	31 March, 2021	31 March, 2020
Broadcast Audience Research Council	Against bank borrowings	-	2.30
Total		-	2.30

* All transactions are in the ordinary course of business

48. Disclosure relating to provisions recorded in these standalone financial statements pursuant to the Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets

Particulars		Provision for sales tax/entry tax*	Provision for excise / service tax / stamp duty #			Total
	31 March, 2021	31 March. 2020	31 March, 2021	31 March. 2020	31 March, 2021	31 March. 2020
Opening balance	32.45	21.97	49.60	55.58	82.05	77.55
Additions	7.28	4.50	6.22	-	13.50	4.50
Utilisations/ adjustment##	(1.12)	5.98	-	(5.98)	(1.12)	-
Closing balance	38.61	32.45	55.82	49.60	94.43	82.05

* Sales tax provisions made towards classification matters and towards rate differences matters pending at various levels including assessing authority / revisional board/ commissioner's level / Appellate Tribunal and at Hon'ble High Courts.

** Entry tax provisions made towards tax difference matters at Orissa pending at various levels including assessing authority / commissioner's level / Appellate Tribunal and at Hon'ble High Courts.

Excise provisions made towards excise classification matters pending at various levels including Commissioner, Commissioner (Appeal), Appellate Tribunal and Hon'ble High Court. Further, provision made towards stamp duty cases pending at Hon'ble High Court.

The utilisations pertains to cases settled during the year against the Company, accordingly the Company deposited amount against aforementioned provision. Adjustments represents amounts reclassified from 'provision of excise / service tax / stamp duty' to 'provision of sales tax / entry tax'.

Notes:

i) These provisions represent estimates made mainly for probable claims arising out of litigations/disputes pending with authorities under various statutes (Excise duty, Sales tax, Entry tax). The probability and the timing of the outflow with regard to these matters depend on the final outcome of the litigations/disputes. Hence, the Company is not able to reasonably ascertain the timing of the outflow.
ii) Discounting obligation has been ignored considering that these disputes relate to Government Authorities.

49. Information on lease transactions pursuant to Ind AS 116 - Leases

A Assets taken on lease *

The Company has leases for office building, warehouses and related facilities and cars. With the exception of shortterm leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a right-of-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets. The Company currently classifies its right-of-use assets in a consistent manner in leased buildings under property, plant and equipment.

Each lease generally imposes a restriction that, unless there is a contractual right for the Company to sublease the asset to another party, the right-of-use asset can only be used by the Company. Some leases contain an option to extend the lease for a further term. The Company is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings and other premises the Company must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Company is required to pay maintenance fees in accordance with the lease contracts.

i) Lease payments not included in measurement of lease liability

The expense relating to payments not included in the measurement of the lease liability is as follows:

Particulars	31 March, 2021	31 March, 2020
Short-term leases	2.49	1.38
Leases of low value assets	1.69	0.93
Variable lease payments	-	-
	4.18	2.31

ii) Total cash outflow for leases for the year ended 31 March, 2021 was ` 20.15 crores (31 March, 2020 : 18.06 crores).
iii) Maturity of lease liabilities

The lease liabilities are secured by the related underlying assets. Future minimum lease payments are as follows:

Particulars	Lease payments	Interest expense	Net Present Values
Not later than 1 year	10.58	2.30	8.29
Later than 1 year not later than 5 years	19.12	4.14	14.98
Later than 5 years	9.12	4.48	4.64
Total	38.82	10.92	27.91

iv) Information about extension and termination options

Right of use assets	Office premises	Warehouse and related facilities
Number of leases	4	14
Range of remaining term (in years)	1.00 - 8.17	0.17 - 5.91
Average remaining lease term (in years)	3.91	1.51
Number of leases with extension option	3	14
Number of leases with termination option	2	11

* Lease rent debited to the Standalone Statement of Profit and Loss is 28.37 crores (31 March, 2020 : 27.88 crores) including rent reimbursements of 24.19 crores ( 31 March, 2020: 25.57 crores).

B Assets given on operating lease #

The Company has given buildings under non-cancellable operating leases expiring within period not exceeding five years. The contractual future minimum lease related receivables in respect of these leases are:

Particulars 31 March, 2021	31 March, 2020
Not later than 1 year 8.49	7.81
Later than 1 year not later than 5 year 20.96	4.15
Later than 5 year	- -
Total 29.45	11.96

Lease rent credited to the Standalone Statement of Profit and Loss of the current year is `8.31 crores (31 March, 2020 :` 9.98 crores)

50. Corporate social responsibility (CSR) expenditure

In accordance with the provisions of Section 135 of the Act, the Board of Directors of the Company had constituted CSR Committee. The details for CSR activities are as follows:

	Gross amount required to be spent by the Company during the year	28.11	27.52
	ii) Amount spent during the year on the following:
	(a) Construction / acquisition of any asset	-	-
	(b) On purpose other than (a) above	28.71	27.85
Total		28.71	27.85

iii) The Company does not carry any provisions for corporate social responsibility expenses for the current year and previous year.

iv) The Company does not wish to carry forward any excess amount spent during the year.
v) The Company does not have any ongoing projects as at 31 March, 2021.

51. Information on segment reporting pursuant to Ind AS 108 - Operating Segments

Operating segments:

Consumer care business	Home care, personal care and health care
Food business	Juices, beverages and culinary
Other segments	Guar gum, pharma and others

Identification of segments:

The chief operational decision maker monitors the operating results of its business segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit and loss of the segment and is measured consistently with profit or loss in these financial statements. Operating segments have been identified on the basis of the nature of products.

Segment revenue and results

The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of unallocable income).

Segment assets and liabilities:

Assets used by the operating segments mainly consist of property, plant and equipment, trade receivables, cash and cash equivalents and inventories. Segment liabilities include trade payables and other liabilities. Common assets and liabilities which cannot be allocated to any of the segments are shown as a part of unallocable assets/liabilities.

The measurement principles of segments are consistent with those used in preparation of these financial statements. There are no inter-segment transfers.

Particulars	31 March, 2021	31 March, 2020
1. Segment revenue
A. Consumer care business	6,185.23	5,256.05
B. Food business	889.61	944.66
C. Other segments	94.43	90.15
D. Unallocated other operating revenue	15.46	18.94
Revenue from operations	7,184.73	6,309.80
2. Segment results
A. Consumer care business	1,674.01	1,475.33
B. Food business	108.55	107.55
C. Other segments	7.34	4.19
Sub total	1,789.90	1,587.07
Less: Finance costs	9.14	19.27
Less: Unallocable expenditure net of unallocable income	97.45	59.33
Profit before exceptional items and tax	1,683.31	1,508.47
Exceptional items (refer note 40)	-	100.00
Profit before tax	1,683.31	1,408.47
Less: Tax expenses	301.42	238.12
Net profit for the year	1,381.89	1,170.35
3. Segment assets
A. Consumer care business	2,326.20	2,000.99
B. Food business	362.09	350.27
C. Other segments	32.95	36.52
D. Unallocated	4,782.92	3,712.33
Total	7,504.16	6,100.11
4. Investment in joint venture
Unallocated	6.99	6.99
5. Segment liabilities
A. Consumer care business	1,107.76	768.86
B. Food business	152.74	212.02
C. Other segments	20.11	16.35
D. Unallocated	832.33	528.65
Total	2,112.94	1,525.88

Particulars	31 March, 2021	31 March, 2020
6. Capital expenditure
A. Consumer care business	148.11	185.68
B. Food business	15.01	46.28
C. Other segments	1.02	0.97
D. Unallocated	66.19	93.00
Total	230.33	325.93
7. Depreciation and amortisation expense
A. Consumer care business	77.35	68.79
B. Food business	18.45	14.95
C. Other segments	0.60	0.90
D. Unallocated	47.00	45.29
Total	143.40	129.93
8. Non-cash expenses other than depreciation
Unallocated	34.73	136.48

9. Revenue from key customers

The Company is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

52. Reconciliation of liabilities arising from financing activities pursuant to Ind AS 7 - Cash flows

The changes in the Company's liabilities arising from financing activities can be classified as follows:

Particulars	Non-current borrowings*	Current borrowings	Equity share capital	Total
Net debt as at 01 April, 2019	201.14	108.72	176.63	486.49
Proceeds from issue of equity share capital	-	-	0.08	0.08
Recognition of lease liabilities (including current)	46.29	-	-	46.29
Repayment of non current borrowings (including current maturities)	(186.06)	-	-	(186.06)
Repayment of current borrowings (net)	-	(19.44)	-	(19.44)
Net debt as at 31 March, 2020	61.37	89.28	176.71	327.36
Net debt as at 01 April, 2020	61.37	89.28	176.71	327.36
Proceeds from issue of equity share capital	-	-	0.03	0.03
Recognition of lease liabilities (including current)	3.69	-	-	3.69
Repayment of non current borrowings (including current maturities)	(37.15)	-	-	(37.15)
Proceeds from current borrowings (net)	-	62.68	-	62.68
Net debt as at 31 March, 2021	27.91	151.96	176.74	356.61

* including current maturities of long term borrowings

53. Information about subsidiaries and joint ventures is as follows:

S. No.	Name of entity	Principal place of business	Nature	Proportion of ownership (%) as at 31 March, 2021	Proportion of ownership (%) as at 31 March, 2020
A	Subsidiary companies at any time during the year
1	H & B Stores Limited	India	Domestic wholly owned subsidiary	100.00%	100.00%
2	Dermoviva Skin Essentials INC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
3	Dabur International Limited	Isle of Man	Foreign wholly owned subsidiary	100.00%	100.00%
4	Naturelle LLC	Emirate of RAS Al Khaimah, United Arab Emirates	Foreign wholly owned subsidiary	100.00%	100.00%
5	Dabur Egypt Limited	Egypt	Foreign wholly owned subsidiary	100.00%	100.00%
6	African Consumer Care Limited	Nigeria	Foreign wholly owned subsidiary	100.00%	100.00%
7	Dabur Nepal Private Limited	Nepal	Foreign subsidiary	97.50%	97.50%
8	Asian Consumer Care Private Limited	Bangladesh	Foreign subsidiary	76.00%	76.00%
9	Asian Consumer Care Pakistan Private Limited**	Pakistan	Foreign wholly owned subsidiary	-	-
10	Hobi Kozmetik	Turkey	Foreign wholly owned subsidiary	100.00%	100.00%
11	RA Pazarlama	Turkey	Foreign wholly owned subsidiary	100.00%	100.00%
12	Dabur Lanka Private Limited	Sri Lanka	Foreign wholly owned subsidiary	100.00%	100.00%
13	Namaste Laboratories LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
14	Urban Laboratories International LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
15	Hair Rejuvenation & Revitalization Nigeria Limited	Nigeria	Foreign wholly owned subsidiary	100.00%	100.00%
16	Healing Hair Laboratories International LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
17	Dabur (UK) Limited	British Virgin Island, United Kingdom	Foreign wholly owned subsidiary	100.00%	100.00%
18	Dabur Consumer Care Private Limited	Sri Lanka	Foreign wholly owned subsidiary	100.00%	100.00%
19	Dabur Tunisie *	Tunisie	Foreign wholly owned subsidiary	100.00%	100.00%
20	Dabur Pakistan Private Limited**	Pakistan	Foreign wholly owned subsidiary	-	-
21	Dabur Pars	Iran	Foreign wholly owned subsidiary	100.00%	100.00%
22	Dabur South Africa (PTY) Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%
23	D and A Cosmetics Proprietary Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%
24	Atlanta Body and Health Products Proprietary Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%
25	Excel Investments FZC**	Sharjah, United Arab Emirates	Foreign wholly owned subsidiary	-	-
26	Herbodynamic India Limited (w.e.f 24 February, 2021)**	India	Domestic wholly owned subsidiary	-	-
B	Joint venture at any time during the year
1	Forum 1 Aviation Private Limited	India	-	20.00%	20.00%

* The liquidation of Dabur Tunisie, is under process and is likely to be completed by 31 December, 2021. The liquidation was earlier expected to be completed by 31 December, 2020, but due to certain legal and regulatory compliances under the laws of Tunisia, the completion date was extended.

** Subsidiary through control by Management

54 Information on related party transactions pursuant to Ind AS 24 - Related Party Disclosures

Following are the related parties and transactions entered with related parties for the relevant financial year:

A)List of related parties and relationships

i)	Subsidiaries
	1 H & B Stores Limited	14 Urban Laboratories International LLC
	2 Dermovia Skin Essentials INC	15 Hair Rejuvenation & Revitalization Nigeria Limited
	3 Dabur International Limited	16 Healing Hair Laboratories International LLC
	4 Naturelle LLC	17 Dabur (UK) Limited
	5 Dabur Egypt Limited	18 Dabur Consumer Care Private Limited
	6 African Consumer Care Limited	19 Dabur Tunisie (refer note 53)
	7 Dabur Nepal Private Limited	20 Dabur Pakistan Private Limited
	8 Asian Consumer Care Private Limited	21 Dabur Pars
	9 Asian Consumer Care Pakistan Private Limited	22 Dabur South Africa (PTY) Limited
	10 Hobi Kozmetik	23 D and A Cosmetics Proprietary Limited
	11 RA Pazarlama	24 Atlanta Body and Health Products Proprietary Limited
	12 Dabur Lanka Private Limited	25 Excel Investments FZC
	13 Namaste Laboratories LLC	26 Herbodynamic India Limited (w.e.f 24 February, 2021)
	ii) Joint venture:	Forum 1 Aviation Private Limited
	iii) Key Managerial Personnel (KMPs):
	a) As per Companies Act, 2013	Mr. P. D.Narang, Whole Time Director
		Mr. Mohit Malhotra, Chief Executive Officer and Whole Time Director
		Mr. Lalit Malik, Chief Financial Officer (CFO) (till 31 March, 2021)
		Mr. Ankush Jain, Chief Financial Officer (CFO) (w.e.f 01 April, 2021)
		Mr. Ashok Kumar Jain, Executive Vice President (Finance) and Company Secretary
	b) As per Ind AS 24**:	Mr. Amit Burman, Non Executive Director & Chairman
		Mr. Mohit Burman, Non Executive Director & Vice Chairman
		Mr. Aditya Chand Burman, Non Executive Director
		Mr. Saket Burman, Non Executive Director
		Mr. P. N. Vijay, Independent Director
		Mr. R C Bhargava, Independent Director
		Dr. S Narayan, Independent Director
		Dr. Ajay Dua, Independent Director
		Mr. Sanjay Kumar Bhattacharyya, Independent Director (till 04 November, 2020)
		Mrs. Falguni Nayar, Independent Director
		Mr. Ajit Mohan Sharan, Independent Director
		Mr. Mukesh Hari Butani, Independent Director (w.e.f. 01 January, 2021)

iv) Entities in which a KMP / Director or his/her	Jetways Travels Private Limited
relative is a member or Director*:	Aviva Life Insurance Company Limited
	Lite Bite Foods Private Limited
	Universal Sompo General Insurance Company
	Health Care at Home Private Limited
v) Relatives of KMPs/Directors*:	Mr. Vivek Chand Burman, father of a Director
	Ms. Asha Burman, mother of a Director
	Dr. Anand Chand Burman, father of a Director
vi) Post employment benefit plan entities:	Dabur India Limited E.P.F Trust
	Dabur Gratuity Trust
	Dabur Superannuation Trust

* With whom the Company had transactions during the current year or previous year

** In addition to been disclosed in (iii)(a) above

B)Transactions with related parties

The following transactions were carried out with related parties in the ordinary course of business:

	Key Managerial Personnel / Directors		Subsidiaries		Joint venture		Others
	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
Transactions during the year
i) Employee benefits	27.06	22.77	-	-	-	-	-	-
ii) Post separation benefits	4.66	5.18	-	-	-	-	0.50	0.36
iii) Reimbursement of expenses	0.33	0.41	0.30	0.39	-	-	-	-
iv) Share based payment	20.95	22.38	8.56	8.78	-	-	-	-
v) Director's sitting fees	0.70	0.69	-	-	-	-	-	-
vi) Commission to non Executive Directors	0.70	0.68	-	-	-	-	-	-
vii) Purchase of goods/services	-	-	399.96	466.59	-	-	3.20	10.54
viii) Sale of goods	-	-	82.73	83.54	-	-	-	-
ix) Miscellaneous income	-	-	6.28	5.50	-	-	-	-
x) Guarantees and collaterals	-	-		- (318.09)	-	(7.14)	-	-
xi) Interest received on security deposit	-	-	-	-	0.01	0.03	-	-
xii) Miscellaneous expenses	-	-	-	-	2.22	3.94	-	-
xiii) Post employment benefit plan*	-	-	-	-	-	-	49.48	51.80
Outstanding balances
i) Receivables (trade and others)	-	-	34.83	24.57	-	-	0.09	-
ii) Payables (trade and others)	55.22	51.67	98.72	53.92	-	0.32	6.48	4.64
iii) Investment	-	-	91.68	91.68	6.99	6.99	-	-
iv) Security deposit	-	-	-	-	0.38	0.38	-	-

		Key Managerial Personnel / Directors			Subsidiaries		Joint venture		Others
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
Above includes the following material transactions:
i)	Purchase of goods
	Dabur Nepal Private Limited	-	-	346.98	375.93	-	-	-	-
	ii) Gurantees and collaterals
	Dermoviva Skin Essentials INC	-	-		- (318.09)	-	-	-	-
Outstanding material related party balances:
i)	Purchase of goods
	Dabur Nepal Private Limited	-	-	92.00	49.38	-	-	-	-

* also include employee contribution

C Disclosure requirements pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015

There are no loans / advances in nature of loan given by the Company to related parties, accordingly the disclosure requirements pursuant to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 are not applicable.

55. Details of unhedged exposure in foreign currency denominated monetary items

Exposure in foreign currency - unhedged

Outstanding overseas exposure not being hedged against adverse currency fluctuation:

Particulars	Period	Foreign currency		Local currency
Export receivables	31 March, 2021	EUR	0.00	INR	0.13
	31 March, 2020	EUR	0.00	INR	0.20
	31 March, 2021	USD	0.75	INR	53.42
	31 March, 2020	USD	0.43	INR	32.35
	31 March, 2021	GBP	0.01	INR	0.63
	31 March, 2020	GBP	-	INR	-
Overseas creditors	31 March, 2021	USD	0.37	INR	26.76
	31 March, 2020	USD	0.19	INR	14.14
	31 March, 2021	EUR	0.08	INR	6.80
	31 March, 2020	EUR	0.00	INR	0.00
	31 March, 2021	AUD	0.00	INR	0.17
	31 March, 2020	AUD	0.00	INR	0.12

Particulars	Period	Foreign currency		Local currency
Advances to suppliers	31 March, 2021	USD	0.23	INR	16.72
	31 March, 2020	USD	0.13	INR	9.53
	31 March, 2021	AUD	-	INR	-
	31 March, 2020	AUD	0.07	INR	3.17
	31 March, 2021	EUR	0.03	INR	2.87
	31 March, 2020	EUR	-	INR	-
Bank balances in exchange earner foreign currency	31 March, 2021	USD	0.10	INR	7.16
(EEFC) account	31 March, 2020	USD	0.01	INR	0.73
Advance from customers	31 March, 2021	USD	0.04	INR	2.86
	31 March, 2020	USD	0.06	INR	4.85
	31 March, 2021	AUD	-	INR	-
	31 March, 2020	AUD	0.00	INR	0.00
	31 March, 2021	EUR	0.00	INR	0.10
	31 March, 2020	EUR	0.00	INR	0.18

56. Capital management - policies and procedures

For the purpose of the Company's capital management, capital includes issued equity share capital, security premium and all other equity reserves attributable to the equity holders of the Company.

The Company' s capital management objectives are:

• to ensure the Company's ability to continue as ^a going concern
• to provide an adequate return to shareholders

The Company manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Company may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Company monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Company includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations, if any.

Particulars	31 March, 2021	31 March, 2020
Non-current borrowings (refer note 22)	19.62	24.68
Other financial liability (refer note 23 and 28)	166.62	141.95
Current borrowings (refer note 26)	151.96	89.28
Trade payables (refer note 27)	1,480.70	1,032.45
Less: Cash and cash equivalents (refer note 15)	(11.37)	(2.87)
Net debt	1,807.53	1,285.49
Equity share capital (refer note 20)	176.74	176.71
Other equity (refer note 21)	5,214.48	4,397.52
Total capital	5,391.22	4,574.23
Capital and net debt	7,198.75	5,859.72
Gearing ratio	25.11%	21.94%

In order to achieve this overall objective, the Company's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March, 2021 and 31 March, 2020.

57. Financial risk management - objectives and policies

The Company's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Company's financial assets comprise mainly investments, loans, trade receivables, cash and cash equivalents, other balances with banks and other receivables.

The Company's financial risk management is an integral part of how to plan and execute its business strategies.

The Company's activities expose it to market risk, interest rate risk and foreign currency risk. The Board of Directors ('Board') oversee the management of these financial risks through its Risk Management Committee. The risk management policy of the Company formulated by the Risk Management Committee and approved by the Board, states the Company's approach to address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Company's Management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Company's financial performance.

The following disclosures summarize the Company's exposure to financial risks and information regarding use of derivatives employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash flows and financial position of the Company.

A Market risk

Market risk is the risk of loss of future earnings, fair value or future cash flows arising out of change in the price of a financial instrument. These include change as a result of changes in the interest rates, foreign currency exchange rates, equity prices and other market changes that affect market risk sensitive instruments. Market risk is attributable to all market risk sensitive financial instruments including investments and deposits, foreign currency receivables, payables and loans and borrowings.

The Company manages market risk through a risk management committee engaged in, inter alia, evaluation and identification of risk factors with the object of governing/mitigating them according to Company's objectives and declared policies in specific context of impact thereof on various segments of financial instruments. The Board provides oversight and reviews the risk management policy on a quarterly basis.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to balance the Company's position with regards to interest income and interest expense and to manage the interest rate risk, treasury performs comprehensive interest rate risk management. The Company is not exposed to significant interest rate risk as at the respective reporting dates.

ii) Foreign currency risk

The Company operates internationally with transactions entered into several currencies. Consequently the Company is exposed to foreign exchange risk towards honouring of export / import commitments.

Management evaluates exchange rate exposure in this connection in terms of its established risk management policies which includes the use of derivatives like foreign exchange forward contracts to hedge risk of exposure in foreign currency.

Particulars	USD	EUR	AUD	GBP	Total
Foreign currency exposure as at 31 March, 2021
Export receivables	53.42	0.13	-	0.63	54.18
Overseas creditors	26.76	6.80	0.17	-	33.73
Advance to supplier	16.72	2.87	-	-	19.59
Advance from customers	2.86	0.10	-	-	2.96
Bank balances in exchange earner foreign currency (EEFC) account	7.16	-	-	-	7.16
Foreign currency exposure as at 31 March, 2020	USD	EUR	AUD	GBP	Total
Export receivables	32.35	0.20	-	-	32.55
Overseas creditors	14.14	0.00	0.12	-	14.26
Advance to supplier	9.53	-	3.17	-	12.70
Advance from customers	4.85	0.18	0.00	-	5.03
Bank balances in exchange earner foreign currency (EEFC) account	0.73	-	-	-	0.73

The carrying amounts of the Company's foreign currency denominated monetary items are as follows:

The above table represents total exposure of the Company towards foreign exchange denominated assets and liabilities. The details of unhedged exposures are given as part of note 55.

Foreign currency sensitivity

The below table demonstrates the sensitivity to a 1% increase or decrease in the foreign currencies against `, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Company as at the reporting date. 1% represents management's assessment of reasonably possible change in foreign exchange rate. 1% increase or decrease in foreign exchange rates will have the following impact on profit before tax:

Change in foreign exchange rates	31 March, 2021			31 March, 2020
	1% increase	1% decrease	1% increase	1% decrease
USD	0.48	(0.48)	0.24	(0.24)
EUR	(0.04)	0.04	0.00	(0.00)
AUD	(0.00)	0.00	0.03	(0.03)
GBP	0.01	(0.01)	-	-
Increase/ (decrease) in profit or loss	0.45	(0.45)	0.27	(0.27)

iii) Price risk

The Company's exposure to price risk arises from investments held and classified as FVTPL or FVTOCI. To manage the price risk arising from investments, the Company diversifies its portfolio of assets.

Sensitivity analysis

Profit or loss and equity is sensitive to higher/lower prices of instruments on the Company's profit for the year:

Particulars	31 March, 2021	31 March, 2020
Price sensitivity
Price increase by (5%) - FVTOCI	147.45	43.39
Price decrease by (5%) - FVTOCI	(147.45)	(43.39)
Price increase by (5%) - FVTPL	20.21	28.69
Price decrease by (5%) - FVTPL	(20.21)	(28.69)

B Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Company periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends, and analysis of historical bad debts and ageing of account receivables. Individual risk limits are also set accordingly.

The Company considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk, the Company compares the risk of default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition. The Company considers reasonable and supportive forward-looking information.

Financial assets are written-off when there is no reasonable expectation of recovery, such as debtor failing to engage in a repayment plan with the Company. The Company provides for overdue outstanding for more than 90 days other than institutional customers which are evaluated on a case to case basis. The Company's concentration of risk with respect to trade receivables is low, as its customer's base is widely spread across the length and breadth of the country.

Exposure to credit risks	31 March, 2021	31 March, 2020
Financial assets for which loss allowance is measured using 12 months Expected Credit Losses (ECL)
Non-current investments	3,122.76	1,084.16
Non-current loans	16.37	16.78
Other non-current financial assets	88.63	403.27
Current investments	451.14	1,382.67
Cash and cash equivalents	11.37	2.87
Bank balances other than cash and cash equivalents above	823.37	522.73
Current loans	1.75	1.22
Other current financial assets	7.79	9.25

During the year ended 31 March, 2021, the Company has recognised loss allowance of Nil crores (31 March, 2020 : 100.00 crores) under 12 month ECL model. No significant changes in estimation techniques or assumptions were made during the reporting period (refer note 13).

Financial assets for which loss allowance is measured using Life- time Expected Credit Losses (LECL)
Trade receivables	281.24	379.63
Summary of change in loss allowances measured using LECL
Opening allowance	9.60	8.51
Provided during the year	3.18	1.09
Amounts written-off	(0.62)	-
Closing allowance	12.16	9.60

Concentration of financial assets

Concentration of credit risk with respect to trade receivables are limited, due to the Company's customer base being large and diverse. All trade receivables are reviewed and assessed for default on a quarterly basis.

Our historical experience of collecting receivables is that credit risk is low. The Company's exposure to credit risk for trade receivables is presented below:

Particulars	31 March, 2021	31 March, 2020
A. Consumer care business	242.11	316.23
B. Food business	34.82	56.84
C. Other segments	3.70	5.42
D. Unallocated	0.61	1.14
Total	281.24	379.63

C Liquidity risk

Liquidity risk is defined as the risk that the Company will not be able to settle or meet its obligations on time or at a reasonable price. The Company's treasury department is responsible for maintenance of liquidity (including quasi liquidity), continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by Senior Management. Management monitors the Company's net liquidity position on the basis of expected cash flows vis-a-vis debt service fulfilment obligation.

Maturity profile of financial liabilities

The table below analysis derivative and non-derivative financial liabilities of the Company into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows:

Particulars	Less than 1 year/ on demand	1 to 5 years	More than 5 years	Total
31 March, 2021
Lease liabilities	10.58	19.12	9.12	38.82
Deposits payable	3.44	1.37	-	4.81
Current borrowings	151.96	-	-	151.96
Trade payables	1,480.70	-	-	1,480.70
Other financial liabilities (excluding current maturity of lease liabilities and deposits payable)	153.52	-	-	153.52
31 March, 2020
Lease liabilities	14.67	27.77	4.68	47.12
Deposits payable	1.09	4.66	-	5.75
Non-current borrowings (including current maturities)	25.00	-	-	25.00
Current borrowings	89.28	-	-	89.28
Trade payables	1,032.45	-	-	1,032.45
Other financial liabilities (excluding current maturity of lease liabilities and deposits payable)	99.51	-	-	99.51

58. Category wise classification of financial instruments

The fair values of the financial assets and financial liabilities are defined as the price that would be received on sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Methods and assumptions used to estimate the fair values are consistent with those used for the financial year 2019-20. The following methods and assumptions were used to estimate the fair values:

i) The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date. NAV represents the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the investors.

ii) The fair values of other investments measured at FVTOCI and FVTPL are determined based on observable market data other than quoted prices in active market.
iii) The carrying amount of financial assets and financial liabilities measured at amortised cost in these standalone financial statements are a reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

Financial assets and financial liabilities are measured at fair value in these financial statement and are grouped into three levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: unobservable inputs for the asset or liability

A The carrying values and fair values of financial instruments by categories as at 31 March, 2021 are as follows:

Particulars	Carrying	Fair value*
	value	Level 1	Level 2	Level 3
Financial assets at fair value through profit and loss ('FVTPL')
Investments in mutual funds	404.23	404.23	-	-
Total	404.23	404.23	-	-
Financial assets at fair value through other comprehensive income ('FVTOCI')
Investments in debt instruments	3,003.55	-	3,003.55	-
Investments in equity instruments	0.02	-	-	0.02
Total	3,003.57	-	3,003.55	0.02
Financial assets at amortised cost
Non-current
(i) Investments
Investments in debt instruments	41.50
Investments in subsidiaries and joint venture	98.67
(ii) Loans
Security deposits	16.37
(iii) Other financial assets	88.63
Total	245.17
Current
(i) Investments
Investments in debt instruments	25.93
(ii) Loans
Security deposits	1.75
(iii) Trade receivables	281.24
(iv) Cash and cash equivalents	11.37
(v) Bank balances other than (iv) above	823.37
(vi) Other financial assets	7.79
Sub-Total	1,151.45
Total	1,396.62

Particulars	Carrying	Fair value*
	value	Level 1	Level 2	Level 3
Financial liabilities at amortised cost
Non-current
(i) Borrowings	19.62
(ii) Other financial liabilities	1.37
Total	20.99
Current
(i) Borrowings	151.96
(ii) Trade payables	1,480.70
(iii) Other financial liabilities	165.25
Sub-Total	1,797.91
Total	1,818.90

* During the year, there were no transfers between Level 1 and Level 2 fair value measurements.

B The carrying values and fair values of financial instruments by categories as at 31 March, 2020 are as follows:

Particulars	Carrying	Fair value*
	value	Level 1	Level 2	Level 3
Financial assets at fair value through profit and loss ('FVTPL')
Investments in mutual funds	573.73	573.73	-
Total	573.73	573.73	-	-
Financial assets at fair value through other comprehensive income ('FVTOCI')
Investments in debt instruments	892.13	-	892.13	-
Investments in equity instruments	0.02	-	-	0.02
Total	892.15	-	892.13	0.02
Financial assets at amortised cost
Non-current
(i) Investments
Investments in debt instruments	93.34
Investments in subsidiaries and joint venture	98.67
(ii) Loans
Security deposits	16.78
(iii) Other financial assets	403.27
Total	612.06
Current
(i) Investments
Investments in debt instruments	808.94
(ii) Loans
Security deposits	1.22

Particulars	Carrying value	Fair value*
		Level 1	Level 2	Level 3
(iii) Trade receivables	379.63
(iv) Cash and cash equivalents	2.87
(v) Bank balances other than (iv) above	522.73
(vi) Other financial assets	9.25
Sub-Total	1,724.64
Total	2,336.70
Financial liabilities at amortised cost
Non-current
(i) Borrowings	24.68
(ii) Other financial liabilities	4.66
Total	29.34
Current
(i) Borrowings	89.28
(ii) Trade payables	1,032.45
(iii) Other financial liabilities	137.29
Sub-Total	1,259.02
Total	1,288.36

* During the year, there were no transfers between Level 1 and Level 2 fair value measurements.

C Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

(a) Investment in mutual funds: The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at Balance Sheet date.
(b) Investment in debt instruments: The fair value of investments that are not traded in an active market is determined using market approach and valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates.

59. Disclosure relating to employee benefits pursuant to Ind AS 19 - Employee Benefits

(A) Defined contribution plans

Amount of 3.37 crores (31 March, 2020 : 3.58 crores) is recognised as an expense and included in employee benefits expense in the Standalone Statement of Profit and Loss under Employees' Superannuation Fund.

(B) Defined benefit plans

Gratuity (funded)

The Company provides for gratuity, a defined benefit retirement plan covering eligible employees. The gratuity plan provides a lump sum payments to vested employees at retirement, death, incapacitation or termination of employment, of an amount equivalent to 15 days salary for each completed year of service. Vesting occurs on completion of 5 continuous years of service as per Payment of Gratuity Act, 1972. However, no vesting condition applies in case of death. The weighted average duration of defined benefit obligation is 7.09 years (31 March, 2020 : 7.08 years). The Company makes contributions to Dabur Employees' Gratuity Trust, which is funded defined benefit plan for qualifying employees.

Post separation benefit of Directors

Post separation benefit of Directors includes car, telephone, medical and housing facility for eligible Directors.

Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such, the Company is exposed to various risks as follows:

a) Salary increases Actual salary increases will increase the plan's liability. Increase in salary increase rate assumption in future valuations will also increase the liability.
b) Investment risk If plan is funded then assets/liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.
c) Discount rate Reduction in discount rate in subsequent valuations can increase the plan's liability.
d) Mortality and disability Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the liabilities.
e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact plan's liability.

The following tables summarises the components of net benefit expense recognized in the Standalone Statement of Profit and Loss and the funded status and amounts recognized in the Standalone Balance Sheet:

Particulars			Gratuity		Post separation benefit of Directors
		31 March, 2021	31 March, 2020 31 March, 2021		31 March, 2020
		Funded	Funded	Unfunded	Unfunded
I	Change in present value of defined benefit obligation during the year
	Present value of obligation as at the beginning of the year	67.54	68.98	55.37	53.19
	Interest cost	4.69	5.38	3.85	4.15
	Service cost	5.62	5.99	1.32	1.40
	Benefits paid	(5.33)	(8.38)	(0.57)	(0.78)
	Total actuarial gain on obligation	(1.89)	(4.43)	(3.74)	(2.59)
	Present value of obligation as at the end of the year	70.63	67.54	56.23	55.37
II	Change in fair value of plan assets during the year
	Fair value of plan assets at the beginning of the year	65.64	66.45	-	-
	Expected interest income	4.56	5.19	-	-
	Employer contribution	4.50	3.50	-	-
	Benefits paid	(5.33)	(8.38)	-	-
	Actuarial gain/(loss) for the year on asset	1.25	(1.12)	-	-
	Fair value of plan assets at the end of the year	70.62	65.64	-	-
III	Net liability recognised in the Standalone Balance Sheet
	Present value of obligation at the end	70.63	67.54	56.23	55.37
	Fair value of plan assets	70.62	65.64	-	-
	Unfunded liability in Standalone Balance Sheet	(0.01)	(1.90)	(56.23)	(55.37)

Particulars		Gratuity		Post separation benefit of Directors
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
		Funded	Funded	Unfunded	Unfunded
IV	Expense recognised in the Standalone Statement of Profit and Loss during the year
	Service cost	5.62	5.99	1.32	1.40
	Net interest cost	0.13	0.19	3.85	4.15
	Total expense recognised in the employee benefit expense	5.75	6.18	5.17	5.55
V	Recognised in other comprehensive income for the year
	Net cumulative unrecognised actuarial (loss) / gain opening	(0.11)	(3.42)	10.10	7.51
	Actuarial gain for the year on projected benefit obligation (PBO)	(1.89)	(4.43)	(3.74)	(2.59)
	Actuarial gain /(loss) for the year on asset	1.25	(1.12)	-	-
	Unrecognised actuarial gain / (loss) at the end of the year	3.03	(0.11)	13.84	10.10
VI	Maturity profile of defined benefit obligation
	Within the next 12 months (next annual reporting period)	16.32	14.69	0.68	0.68
	Between 2 to 5 years	22.88	22.18	37.09	34.79
	More than 5 years	31.43	30.67	18.46	19.90
VII	Quantitative sensitivity analysis for significant assumptions is as below
	a) Impact of change in discount rate
	Present value of obligation at the end of the year	70.63	67.54	56.23	55.37
	Impact due to increase of 0.50%	(1.85)	(1.82)	(0.28)	(0.28)
	Impact due to decrease of 0.50%	1.96	1.92	0.29	0.29
	b) Impact of change in salary increase
	Present value of obligation at the end of the year	70.63	67.54	56.23	55.37
	Impact due to increase of 0.50%	1.93	1.90	0.28	0.28
	Impact due to decrease of 0.50%	(1.85)	(1.81)	(0.27)	(0.27)

Sensitivities due to mortality and withdrawals are not material, hence the impact of change not calculated. Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement and life expectancy are not applicable being a lumpsum benefit on retirement.

Particulars		Gratuity		Post separation benefit of Directors
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
		Funded	Funded	Unfunded	Unfunded
	VIII The major categories of plan assets (as a percentage of total plan assets)
	Funds managed by insurer	100%	100%	N.A	N.A
IX	Actuarial assumptions
i)	Discount rate	6.94% PA	6.95% PA	6.94% PA	6.95% PA
	ii) Future salary increase	8.00% PA	8.00% PA	10.00% PA	10.00% PA
	iii) Retirement age (years)	58	58	60/70	60/70
	iv) Mortality rates inclusive of provision for disability	100% of IALM (2012-14)	100% of IALM (2012-14)	100% of IALM (2012-14)	100% of IALM (2012-14)
	v) Age	Withdrawal rate (%)	Withdrawal rate (%)	Withdrawal rate (%)	Withdrawal rate (%)
	Upto 30 years	17	17	Nil	Nil
	From 31 to 44 years	14	14	Nil	Nil
	Above 44 years	5	5	Nil	Nil
	vi) Expected best estimate of expense for the next annual reporting year
	Service cost	6.55	6.60	1.29	1.32
	Net interest cost	0.11	0.13	3.90	3.85
	Net periodic benefit cost	6.66	6.73	5.19	5.17

Notes:

(i) The actuarial valuation of plan assets and the present valuation of defined benefit obligation were computed at year end. The present value of the defined benefit obligation and the related current service cost and past service cost, were measured using the Projected Unit Credit Method.
(ii) Discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligations.
(iii) The salary escalation rate is computed after considering the seniority, the promotion and other relevant factors, such as, demand and supply in employment market.

(C) Provident fund

The Company makes contribution towards provident fund which is administered by Dabur India Limited E.P.F Trust ("Trust"). Accordingly, the Company has obtained an actuarial valuation report for its plan assets and based on the below provided assumptions, charged 35.64 crores for changes in remeasurement of the defined benefit plans in other comprehensive income during the year ended 31 March, 2020 due to impairment in the value of certain investments of the provident fund trust of the Company. Contribution made by the Company to the trust set-up by the Company during the year is 10.68 Crores (31 March, 2020 : ` 11.29 crores).

Particulars	31 March, 2021	31 March, 2020
Plan assets at year end, at fair value	307.32	270.38
Present value of defined obligation at year end	342.96	306.02
Liability recognised as on the reporting date	35.64	35.64

Particulars	31 March, 2021	31 March, 2020
Assumptions used in determining the present value of obligation:
I Economic assumptions (actuarial)
i) Discount rate	6.95%	6.95%
ii) Expected statutory interest rate on the ledger balance	8.50%	8.50%
iii) Expected short fall in interest earnings on the fund	0.05%	0.05%
II Demographic assumptions (actuarial)
i) Mortality	IALM (2012-14)	IALM (2012-14)
ii) Disability	None	None
iii) Withdrawal Rate (Age related)
Up to 30 Years	17%	17%
Between 31 - 44 Years	14%	14%
Above 44 Years	5%	5%
iv) Normal retirement age	58	58

60. Disclosures required pursuant to Ind AS 102 - Share Based Payment

Under Employee Stock Option Scheme (ESOP) of the Company, share options of the Company are granted to the senior executives subject to achievement of targets as defined in ongoing vision of the Company. Vesting period ranges from 1 to 5 years. Each option carries the right to the holder to apply for one equity share of the Company at par. There has been no variation in the terms of options during the year. The share options are valued at the fair value of the options as on the date of grant using Black Scholes pricing model. There is no cash settlement alternative.

A The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:

Particulars	Weighted Average Price (`)	Number of options
Outstanding as at 01 April, 2019	1.00	65,97,942
Options granted during the year	1.00	5,37,533
Options forfeited/lapsed/expired during the year	1.00	9,85,040
Options exercised during the year*	1.00	7,72,751
Options outstanding as at 31 March, 2020 #	1.00	53,77,684
Exercisable at the end of the year	1.00	53,77,684
Outstanding as at 01 April, 2020	1.00	53,77,684
Options granted during the year	1.00	59,455
Options forfeited/lapsed/expired during the year	1.00	3,11,226
Options exercised during the year*	1.00	3,61,457
Options outstanding as at 31 March, 2021 #	1.00	47,64,456
Exercisable at the end of the year	1.00	47,64,456

* 3,61,457 (31 March, 2020 : 7,72,751) share options were exercised on a regular basis throughout the year. The weighted average share price during the year was 1.00 (31 March, 2020 : 1.00).

The options outstanding as at 31 March, 2021 are with the exercise price of `1.00 (31 March, 2020 :` 1.00). The weighted average of the remaining contractual life is 1.03 years (31 March, 2020 : 1.89 years).

B Fair value of the options has been calculated using Black Scholes Pricing Model. The following inputs were used to determine the fair value for options granted during the year ended 31 March, 2021.

	Particulars	Vest 1	Vest 2
i)	Date of grant: 15 June, 2020	15 June, 2021	15 May, 2022
	Market price (`)	455.65	455.65
	Expected life (in years)	1.00	1.92
	Volatility (%)	31.42	30.32
	Risk free rate (%)	3.68	4.27
	Exercise price (`)	1.00	1.00
	Dividend yield (%)	0.64	0.64
	Fair value per vest (`)	451.78	449.16
	Vest (%)	11.36	88.64
	Weighted average fair value of option (`)	449.46	449.46
ii)	Date of grant: 30 July, 2020	30 July, 2021	15 May, 2022
	Market price (`)	489.60	489.60
	Expected life (in years)	1.00	1.79
	Volatility (%)	31.57	28.48
	Risk free rate (%)	3.65	4.17
	Exercise price (`)	1.00	1.00
	Dividend yield (%)	0.59	0.59
	Fair value per vest (`)	485.76	483.53
	Vest (%)	12.50	87.50
	Weighted average fair value of option (`)	483.81	483.81

Fair value of the options has been calculated using Black Scholes Pricing Model. The following inputs were used to determine the fair value for options granted during the year ended 31 March, 2020.

Particulars	Vest 1	Vest 2	Vest 3
i) Date of grant: 2 May, 2019	15 May, 2020	15 May, 2021	15 May, 2022
Market price (`)	398.10	398.10	398.10
Expected life (in years)	1.04	2.04	3.04
Volatility (%)	27.39	23.73	23.36
Risk free rate (%)	6.54	6.74	6.91
Exercise price (`)	1.00	1.00	1.00
Dividend yield (%)	0.63	0.63	0.63
Fair value per vest (`)	394.57	392.14	389.74
Vest (%)	6.92	23.48	69.60
Weighted average fair value of option (`)	390.64	390.64	390.64

Particulars	Vest 1	Vest 2	Vest 3
ii) Date of grant: 19 July, 2019	20 July, 2020	15 May, 2021	15 May, 2022
Market price (`)	428.90	428.90	428.90
Expected life (in years)	1.00	1.82	2.82
Volatility (%)	28.58	24.46	23.13
Risk free rate (%)	5.85	5.96	6.06
Exercise price (`)	1.00	1.00	1.00
Dividend yield (%)	0.58	0.58	0.58
Fair value per vest (`)	425.45	423.50	421.10
Vest (%)	8.33	8.33	83.34
Weighted average fair value of option (`)	421.66	421.66	421.66
iii) Date of grant: 5 November, 2019	5 November, 2020	15 May, 2021	15 May, 2022
Market price (`)	460.40	460.40	460.40
Expected life (in years)	1.00	1.53	2.53
Volatility (%)	23.08	25.74	23.38
Risk free rate (%)	5.25	5.37	5.63
Exercise price (`)	1.00	1.00	1.00
Dividend yield (%)	0.60	0.60	0.60
Fair value per vest (`)	456.70	455.27	452.60
Vest (%)	6.37	9.31	84.32
Weighted average fair value of option (`)	453.11	453.11	453.11
iv) Date of grant: 30 January, 2020	30 January, 2021	15 May, 2021	15 May, 2022
Market price (`)	491.60	491.60	491.60
Expected life (in years)	1.00	1.29	2.29
Volatility (%)	20.95	22.85	23.64
Risk free rate (%)	5.30	5.49	5.83
Exercise price (`)	1.00	1.00	1.00
Dividend yield (%)	0.59	0.59	0.59
Fair value per vest (`)	487.76	486.94	484.13
Vest (%)	2.76	11.12	86.12
Weighted average fair value of option (`)	484.54	484.54	484.54

The measure of volatility used is the annualized standard deviation of the continuously compounded rates of return of stock over the expected lives of different vests, prior to grant date. Volatility has been calculated based on the daily closing market price of the Company's stock on NSE over these years.

61. The outbreak of Covid-19 pandemic is causing significant disturbance and slowdown of economic activities globally. Subsequent to year-end, many State Goverments have announced lockdown like restrictions due to further spread of Covid-19. The management has considered the possible effects that may result from the pandemic on the recoverability/ carrying value of the assets. Based on the current indicators of future economic conditions, the management expects to recover the carrying amount of the assets, however the management will continue to closely monitor any material changes to future economic conditions. Given the uncertainties, the final impact on Company's assets in future may differ from that estimated as at the date of approval of these standalone financial statements.

62. The figures of the previous year have been re-grouped / re-classified, wherever necessary, to render them comparable with the figures of the current year.
63. In the opinion of the Board of Directors, current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known / expected liabilities have been made.

As per our report of even date attached.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013	For and on behalf of the Board of Directors
Neeraj Goel Partner Membership No.:099514	Amit Burman Chairman DIN: 00042050 Ashok Kumar Jain EVP (Finance) and Company Secretary M. No.: FCS 4311	Mohit Malhotra Whole Time Director DIN: 08346826 Ankush Jain Chief Financial Officer	P.D. Narang Whole Time Director DIN: 00021581
Place : Gurgaon Date : 7 May, 2021	Place : New Delhi Date : 7 May, 2021

Independent Auditor's Report

To the Members of Dabur India Limited

Report on the Audit of the Consolidated Financial Statements

Opinion

1. We have audited the accompanying consolidated financial statements of Dabur India Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group') and its joint venture, as listed in Annexure 1, which comprise the Consolidated Balance Sheet as at 31 March, 2021, the Consolidated Statement of Profit and Loss (including Other Comprehensive Income), the Consolidated Cash Flow Statement and the Consolidated Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
1. In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the report of the other auditor on separate financial statements and on the other financial information of the subsidiaries the aforesaid consolidated financial statements give the information required by the Companies Act, 2013 ('Act') in the manner so required and give a true and fair view in conformity with the accounting principles generally accepted in India including Indian Accounting Standards ('Ind AS') specified under Section 133 of the Act, of the consolidated state of affairs of the Group and its joint venture, as at 31 March, 2021, and their consolidated profit (including other comprehensive income), consolidated cash flows and the consolidated changes in equity for the year ended on that date.

Basis for Opinion

We conducted our audit in accordance with the Standards on Auditing specified under Section 143(10) of the Act. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements 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 ('ICAI') together with the ethical requirements that are relevant to our audit of the consolidated 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 we have obtained and the audit evidence obtained by the other auditor in terms of their reports referred to in paragraph 15 of the Other Matters section below, is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

1. Key audit matters are those matters that, in our professional judgment and based on the consideration of the report of the other auditor on separate financial statements and on the other financial information of the subsidiaries, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
1. We have determined the matters described below to be the key audit matters to be communicated in our report.

Key audit matter	How our audit addressed the key audit matter
A.Revenue recognition	Our key procedures included, but were not limited to,
Refer note 34 to the consolidated financial statements.	the following:
Revenue of the Group consists primarily of sale of products and is recognized when control of products being sold is transferred to customer and there is no unfulfilled obligation.	a) Assessed the appropriateness of the Group's revenue recognition accounting policies, including those relating to rebates and trade discounts by comparing with the applicable accounting standards;
Revenue is measured at fair value of the consideration received or receivable and is accounted for net of rebates and trade discounts.	b) Tested the design and operating effectiveness of the general IT control environment and the manual controls for recognition of revenue, calculation of discounts and rebates;

The estimation of discounts, incentives and rebates recognized, related to sales made during the year, is material and considered to be complex and subject to judgments. The complexity mainly relates to various discounts, incentives and scheme offers, diverse range of market presence and complex contractual agreements/ commercial terms across those markets. Therefore, there is a risk of revenue being misstated as a result of inaccurate estimates of discounts and rebates.

The Group also focuses on revenue as a key performance measure, which could create an incentive for overstating revenue by influencing the computation of rebates and discounts.

Considering the materiality of amounts involved, significant judgements related to estimation of rebates and discounts, the same has been considered as a key audit matter.

This matter has also been reported as key audit matter to the audit opinion on the consolidated financial statements of Dabur International Limited, a subsidiary of the Holding Company, by other auditor vide its report dated 30 April, 2021.

litigations ('litigations') that are pending with different

The level of management judgement associated with determining the need for, and the quantum of,

Key audit matter How our audit addressed the key audit matter

c) Performed test of details:

i. Tested, on a sample basis, sales transactions to the underlying supporting documentation which includes goods dispatch notes and shipping documents;
ii. Reviewed, on a sample basis, sales agreements and the underlying contractual terms related to delivery of goods and rebates to assess the Group's revenue recognition policies with reference to the requirements of the applicable accounting standards;
iii. Assessed the Group's process for recording of the accruals for discounts and rebates as at the year-end for the prevailing incentive schemes;
iv. Tested, on a sample basis, discounts and rebates recorded during the year to the relevant approvals and supporting documentation which includes assessing the terms and conditions defined in the prevalent schemes and customer contracts;
v. Obtained supporting documentation for a sample of credit notes issued after the year end to determine whether the transaction was recognized in the correct accounting period; and
vi.Assessed if there is any modification to, or other impact on the contracts with customers due to COVID 19 outbreak.
d) Compared the discount, incentives and rebates of the current year with the prior year for variance/trend analysis and where relevant, conducted further inquiries and testing to corroborate the variances by considering both internal and external benchmarks, overlaying our understanding of industry practices and recent changes in economic environment; and
e) Assessed the appropriateness of the Group's description of the accounting policy, disclosures related to discounts, incentives and rebates and whether these are adequately presented in the consolidated financial statements.

B.Litigations and claims - provisions and contingent Our key procedures included, but not limited to, the following:

Refer note 47A and 48 to the consolidated financial The Group is involved in direct, indirect tax and other a) Assessed the appropriateness of the Group's accounting policies relating to provisions and contingent liability by comparing with the applicable accounting standards;
b) Assessed the Group's process and the underlying controls for identification of the pending litigations and completeness for financial reporting and also for monitoring of significant developments in relation to such pending litigations;
provisions for any liabilities arising from these litigations is considered to be high. This judgement is dependent on a number of significant assumptions and assessments which involves interpreting the various applicable rules, regulations, practices and considering precedents in the c) Assessed the Group's assumptions and estimates in respect of litigations, including the liabilities or provisions recognized or contingent liabilities disclosed in the consolidated financial statements. This involved assessing the probability of an unfavorable outcome of a given proceeding and the reliability of estimates of related amounts;

liabilities

statements.

statutory authorities.

various jurisdictions.

Key audit matter	How our audit addressed the key audit matter
This matter is considered as a key audit matter, in view of the uncertainty regarding the outcome of these litigations, the significance of the amounts involved and the subjectivity involved in management's judgement as to whether the amount should be recognized as a provision or only disclosed as contingent liability in the consolidated financial statements. This matter has also been reported as key audit matter to the audit opinion on the consolidated financial statements of Dabur International Limited, a subsidiary of the Holding Company, by other auditor vide its audit report dated 30 April, 2021.	d) Performed substantive procedures on the underlying calculations supporting the provisions recorded; e) Assessed the management's conclusions through understanding relevant judicial precedents in similar cases and the applicable rules and regulations; f) Obtained legal opinions from the Group's external legal counsel, where appropriate; g) Engaged subject matter specialists to gain an understanding of the current status of litigations and monitored changes in the disputes, if any, through discussions with the management and by reading external advice received by the Group, where relevant, to validate management's conclusions; and h) Assessed the appropriateness of the Group's description of the accounting policy, disclosures related to litigations and whether these are adequately presented in the consolidated financial statements.
C. Valuation of investments and impairment thereof	Our key procedures included, but not limited to, the
Refer note 8B and 14 to the consolidated financial	following:
statements.	a) Assessed the appropriateness of the relevant accounting
The Group's investment portfolio represents a significant portion of the Group's total assets, which primarily consists of:	policies of the Group, including those relating to recognition and measurement of financial instrument by comparing with the applicable accounting standards;
i. Bonds;	b) For instrument valued at fair value:
ii. Non-convertible debentures;	i. Assessed the availability of quoted prices in liquid
iii. Fixed deposits; and	markets;
iv. Government securities and State development loans. The aforementioned instruments are valued at amortized	ii. Assessed whether the valuation process is appropriately designed and captures relevant valuation inputs;
cost or fair value through other comprehensive income (FVTOCI) depending upon the requirements of Ind AS 109, Financial Instruments, as summarized below:	iii. Performed testing of the inputs/assumptions used in the valuation; and
1. Instrument valued at amortized cost:	iv. Assessed pricing model methodologies and
a) Non-convertible debentures;	assumptions against industry practice, recent
b) Bonds; and	changes in economic environment and valuation guidelines.
c) Fixed deposits.	c) For instrument valued at amortized cost:
2. Instrument valued at fair value through other comprehensive income ('FVTOCI'):	Assessed the instrument for impairment by evaluating if there is any significant increase in credit risk, which mainly involves:
a) Bonds;	i. Evaluating the credit rating of individual instrument,
b) Non-convertible debentures; and c) Government securities and State development loans.	where relevant, to assess if there is any rating downgrade due to recent changes in economic environment;
	ii. Evaluating the regularity of the interest payment and principal repayment as per agreed plan/term of issuance of instrument, where applicable; and
	iii. Obtained the valuations of instruments, where required.

presented in the consolidated financial statements.

Key audit matter	How our audit addressed the key audit matter
This is considered to be a significant area in view of the materiality of amounts involved, judgements involved in determining of impairment/ recoverability of instruments measured at amortized cost which includes assessment of market data/conditions and financial indicators of the investee and judgements in selecting the valuation basis and the complexities involved in the valuation of instruments carried at FVTOCI which includes assessment of the available trading yield of relevant instruments and impact of the COVID 19 outbreak on the assumptions considered for such fair valuations.	d) Assessed the appropriateness of the Group's description of the accounting policy and disclosures related to investments and whether these are adequately presented in the consolidated financial statements.
This matter has also been reported as key audit matter to the audit opinion on the consolidated financial statements of Dabur International Limited, a subsidiary of the Holding Company, by other auditor vide its audit report dated 30 April, 2021.
dated 30 April, 2021 and has reproduced by us as under:	The following key audit matter with respect to the audit opinion on the consolidated financial statements of Dabur International Limited, a subsidiary of the Holding Company, has been reported by other auditor vide its audit report
D.Recoverability of goodwill pertaining to step down subsidiaries companies	Our key procedures included, but not limited to, the following:
Refer note 7D to the consolidated financial statements. The consolidated financial statements of the Group as at 31 March, 2021 carries goodwill amounting to ` 336.01 crores. This goodwill was recorded on the acquisition of step down subsidiaries in earlier years. Goodwill is tested for impairment annually at the cash generating unit level, whereby the carrying amount of the cash generating unit (including goodwill) is compared with the recoverable amount of the cash generating unit. The recoverable amount is determined on the basis of the value in use which is the present value of future cash flows of the cash generating unit. The present value is determined using discounted cash flow model. The Group's approved annual plans forms the starting point which is then updated with assumptions of long term growth rates. This also takes into account expectations about future market developments and other macroeconomic factors, including assessing the impact of the COVID 19 outbreak in the current year on such assumptions. The discounting is based on weighted average cost of capital of the cash generating unit. The result of this evaluation is highly dependent on management estimates, which among others include, the expected business and earnings forecasts for future years, the assumed long-term growth rates and the discount rate used and is therefore subject to considerable judgement.	a) Read group audit instructions, received from the principal auditor, in relation to testing of goodwill for impairment; b) Assessed the appropriateness of the Group's accounting policies, including those relating to recognition, measurement and impairment of goodwill by comparing with the applicable accounting standards; c) Assessed the appropriateness of the significant assumptions as well as the Group's valuation model with the support of our valuation specialists. This included a discussion of the expected development of the business and results as well as of the underlying assumptions used with those responsible for the planning process. The Group has engaged external experts to carry out impairment analysis. We also assessed the relevant skill set/experience of the management expert in respect of carrying out the valuation; d) Compared the discount rate used (in particular the underlying parameters such as risk free rate, market risk premium and the beta factor) with the publicly available information and also checked mathematical accuracy of the valuation model; e) Evaluated the appropriateness of the weighted average cost of capital considered in the valuation; f) Assessed the robustness of financial projections prepared by management by comparing projections for previous financial years with actual results realized and considering recent changes in global economic environment and analysed significant deviations, if any; g) Performed a sensitivity analysis for reasonably possible changes in the sales growth, discount rate applied and the long-term growth rate; and h) Assessed the appropriateness of the Group's description of the accounting policy and disclosures related to goodwill

Information other than the Consolidated Financial Statements and Auditor's Report thereon.

The Holding Company's Board of Directors are responsible for the other information. The other information comprises the information included in the Management Discussion and Analysis, Report on Corporate Governance and the Director's Report, but does not include the consolidated financial statements and our auditor's report thereon.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

The accompanying consolidated financial statements have been approved by the Holding Company's Board of Directors. The Holding Company's Board of Directors is responsible for the matters stated in Section 134(5) of the Act with respect to the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performance including other comprehensive income, consolidated changes in equity and consolidated cash flows of the Group including its joint venture in accordance with the accounting principles generally accepted in India, including the Ind AS specified under Section 133 of the Act. The Holding Company's Board of Directors is also responsible for ensuring accuracy of records including financial information considered necessary for the preparation of consolidated Ind AS financial statements. Further, in terms of the provisions of the Act, the respective Board of Directors /Management of the companies included in the Group, and its joint venture company covered under the Act are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets 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 design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring the accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error. These consolidated financial statements have been used for the purpose of preparation of the consolidated financial statements by the Directors of the Holding Company, as aforesaid.
1. In preparing the consolidated financial statements, the respective Board of Directors of the companies included in the Group and its joint venture are responsible for assessing the ability of the Group and its joint venture 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 intend to liquidate the Group or to cease operations, or has no realistic alternative but to do so.
1. Those Board of Directors are also responsible for overseeing the financial reporting process of the companies included in the Group and of its joint venture.

Auditor's Responsibilities for the Audit of the consolidated financial statements

1. Our objectives are to obtain reasonable assurance about whether the consolidated financial statements 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 Standards on Auditing 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 consolidated financial statements.
1. As part of an audit in accordance with Standards on Auditing, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
identify and assess the risks of material misstatement of the financial statements, 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;
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 Holding Company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls;
evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management;
conclude on the appropriateness of Management's 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 Group and its joint venture 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 statements 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 Group and its joint venture to cease to continue as a going concern;
evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation; and
obtain sufficient appropriate audit evidence regarding the financial information of the entities within the Group and its joint venture, to express an opinion on the financial statements. We are responsible for the direction, supervision and performance of the audit of financial statements of such entities included in the financial statements, of which we are the independent auditors. For the other entities included in the financial statements, which have been audited by the other auditors, such other auditor remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion.
1. We communicate with those charged with governance 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.
1. 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.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

Other Matter

We did not audit the financial statements of 24 subsidiaries, whose financial statements reflects total assets of 3,452.73 crores and net assets of 2,392.41 crores as at 31 March, 2021, total revenues of 2,846.96 crores and net cash inflows amounting to 73.03 crores for the year ended on that date, as considered in the consolidated financial statements. These financial statements have been audited by other auditor whose report has been furnished to us by the Management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of these subsidiaries and our report in terms of Sub-section (3) of Section 143 of the Act, in so far as it relates to the aforesaid subsidiaries are based solely on the reports of the other auditor.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matters with respect to our reliance on the work done by and the reports of the other auditor.

The consolidated financial statements include the Group's share of net loss (including other comprehensive income) of ` 1.01 crores for the year ended 31 March, 2021, as considered in the consolidated financial statements, in respect of a joint venture, whose financial information has not been audited by us. This financial information is unaudited and have been furnished to us by the management and our opinion on the consolidated financial statements, in so far as it relates to the amounts and disclosures included in respect of the aforesaid joint venture, and our report in terms of Sub-section (3) of Section 143 of the Act in so far as it relates to the aforesaid joint venture, are based solely on such unaudited financial information. In our opinion and according to the information and explanations given to us by the management, this financial information is not material to the Group.

Our opinion above on the consolidated financial statements, and our report on other legal and regulatory requirements below, are not modified in respect of the above matter with respect to our reliance on the financial information certified by the Management.

Report on Other Legal and Regulatory Requirements

1. As required by Section 197(16) of the Act, we report that the Holding Company covered under the Act paid remuneration to their respective Directors during the year in accordance with the provisions of and limits laid down under Section 197 read with Schedule V to the Act. Further, we report that subsidiary companies covered under the Act have not paid or provided for any managerial remuneration during the year. Further, we also report that the provisions of Section 197 read with Schedule V to the Act are not applicable to a joint venture company covered under the Act, since such company is not a public company as defined under Section 2(71) of the Act.
1. As required by Section 143 (3) of the Act, based on our audit and on the consideration of the report of the other auditor on separate financial statements and other financial information of the subsidiaries, we report to the extent applicable, that:
a) we have sought and obtained all the information and explanations which to the best of our knowledge and belief were necessary for the purpose of our audit of the aforesaid consolidated financial statements;
b) in our opinion, proper books of account as required by law relating to preparation of the aforesaid consolidated financial statements have been kept so far as it appears from our examination of those books and the reports of the other auditor;
c) the consolidated financial statements dealt with by this report are in agreement with the relevant books of account maintained for the purpose of preparation of the consolidated financial statements;
d) in our opinion, the aforesaid consolidated financial statements comply with Ind AS specified under Section 133 of the Act;
e) on the basis of the written representations received from the Directors of the Holding Company and taken on record by the Board of Directors of the Holding Company, the report of the statutory auditor of its subsidiary companies, none of the Directors of the Group companies and its joint venture company covered under the Act, are disqualified as on 31 March, 2021 from being

appointed as a Director in terms of Section 164(2) of the Act;

f) with respect to the adequacy of the internal financial controls with reference to financial statements of the Holding Company and its subsidiary companies covered under the Act, and the operating effectiveness of such controls, refer to our separate report in 'Annexure A'; and
g) with respect to the other matters to be included in the Auditor's Report in accordance with rule 11 of the Companies (Audit and Auditors) Rules, 2014 (as amended), in our opinion and to the best of our information and according to the explanations given to us and based on the consideration of the reports of the other auditor on separate financial statements as also the other financial information of the subsidiaries:
i. the consolidated financial statements disclose the impact of pending litigations on the consolidated financial position of the Group and joint venture as detailed in Note 47A to the consolidated financial statements;
ii. the Group and its joint venture did not have any long-term contracts including derivative contracts for which there were any material foreseeable losses as at 31 March, 2021;
iii. there has been no delay in transferring amounts, required to be transferred, to the Investor Education and Protection Fund by the Holding Company during the year ended 31 March, 2021 and there were no amounts which were required to be transferred to the Investor Education and Protection Fund by the subsidiary companies and joint venture company covered under the Act, during the year ended 31 March, 2021; and
iv. the disclosure requirements relating to holdings as well as dealings in specified bank notes were applicable for the period from 8 November, 2016 to 30 December, 2016, which are not relevant to these consolidated financial statements. Hence, reporting under this clause is not applicable.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Neeraj Goel

Partner Place : Gurgaon Membership No.: 099514 Date : 7 May, 2021 UDIN: 21099514AAAACP8028

List of entities included in the Consolidated Financial Statements

Subsidiaries:

H & B Stores Limited, Dermoviva Skin Essentials INC, Dabur International Limited, Naturelle LLC, Dabur Egypt Limited, African Consumer Care Limited, Dabur Nepal Private Limited, Asian Consumer Care Pakistan Private Limited, Asian Consumer Care Private Limited, Hobi Kozmetik, RA Pazarlama, Dabur Lanka Private Limited, Namaste Laboratories LLC, Urban Laboratories International LLC, Hair Rejuvenation & Revitalization Nigeria Limited, Healing Hair Laboratories International LLC, Dabur (UK) Limited, Dabur Consumer Care Private Limited, Dabur Tunisie, Dabur Pakistan Private Limited, Dabur Pars, Dabur South Africa (PTY) Limited, D and A Cosmetics Proprietary Limited, Atlanta Body and Health Products Proprietary Limited, Excel Investments FZC and Herbodynamic India Limited (incorporated on 24 February, 2021).

Joint venture:

Forum I Aviation Private Limited.

Annexure A

Independent Auditor's Report on the internal financial controls with reference to consolidated financial statements under Clause (i) of Sub-section 3 of Section 143 of the Companies Act, 2013 ('the Act')

In conjunction with our audit of the consolidated financial statements of Dabur India Limited ('the Holding Company') and its subsidiaries (the Holding Company and its subsidiaries together referred to as 'the Group'), and its joint venture as at and for the year ended 31 March, 2021, we have audited the internal financial controls with reference to financial statements of the Holding Company and its subsidiary companies, which are companies covered under the Act, as at that date.

Responsibilities of Management and Those Charged with Governance for Internal Financial Controls

The respective Board of Directors of the Holding Company and its subsidiary companies, which are companies covered under the Act, are responsible for establishing and maintaining internal financial controls based on internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note on Audit of Internal Financial Controls over Financial Reporting ('the Guidance Note') issued by the Institute of Chartered Accountants of India ('ICAI'). These responsibilities include the design, implementation and maintenance of adequate internal financial controls that were operating effectively for ensuring the orderly and efficient conduct of the Company's business, including adherence to the Company's policies, the safeguarding of its assets, the prevention and detection of frauds and errors, the accuracy and completeness of the accounting records, and the timely preparation of reliable financial information, as required under the Act.

Auditor's Responsibility for the Audit of the Internal Financial Controls with Reference to Consolidated Financial Statements

1. The audit of internal financial controls with reference to financial statements of a joint venture which is a company covered under the Act, and reporting under Section 143(3)(i) is exempted vide MCA notification no. G.S.R. 583(E) dated 13 June, 2017 read with corrigendum dated 14 July, 2017. Consequently, our responsibility is to express an opinion on the internal financial controls with reference to financial statements of the Holding Company and its subsidiary companies as aforesaid, based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the ICAI prescribed under Section 143(10) of the Act, to the extent applicable to an audit of internal financial controls with reference to consolidated financial statements, and the Guidance Note issued by the ICAI. Those Standards and the Guidance Note require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether adequate internal financial controls with reference to consolidated financial statements were established and maintained and if such controls operated effectively in all material respects.
1. Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to consolidated financial statements and their operating effectiveness. Our audit of internal financial controls with reference

to consolidated financial statements includes obtaining an understanding of such internal financial controls, assessing the risk that a material weakness exists, and testing and evaluating the design and operating effectiveness of internal control based on the assessed risk. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion on the internal financial controls with reference to financial statements of the Holding Company and its subsidiary companies as aforesaid.

Meaning of Internal Financial Controls with Reference to Consolidated Financial Statements

A company's internal financial controls with reference to financial statements is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal financial controls with reference to financial statements include those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorisations of management and Directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorised acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls with Reference to Consolidated Financial Statements

Because of the inherent limitations of internal financial controls with reference to consolidated financial statements, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may occur and not be detected. Also, projections of any evaluation of the internal financial controls with reference to consolidated financial statements to future periods are subject to the risk that internal financial controls with reference to consolidated financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion, the Holding Company and its subsidiary companies, which are companies covered under the Act, have in all material respects, adequate internal financial controls with reference to consolidated financial statements and such controls were operating effectively as at 31 March, 2021, based on the internal control over financial reporting criteria established by the Company considering the essential components of internal control stated in the Guidance Note issued by the ICAI.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013

Neeraj Goel

Partner Place : Gurgaon Membership No.: 099514 Date : 7 May, 2021 UDIN: 21099514AAAACP8028

Consolidated Balance Sheet

as at 31 March, 2021

		(All amounts in ` crores, unless otherwise stated)
Particulars	Note	31 March, 2021	31 March, 2020
ASSETS
Non-current assets
a) Property, plant and equipment	7A	1,811.70	1,820.98
b) Capital work-in-progress	7B	147.30	146.57
c) Investment property	7C	50.50	51.55
d) Goodwill	7D	336.01	335.97
e) Other intangible assets	7E	44.71	44.18
f) Investments in Joint Venture	8A	11.27	12.28
g) Financial Assets (i) Investments	8B	3,402.35	1,396.95
(ii) Loans	9	22.48	24.64
(iii) Others	10	88.65	528.48
h) Deferred tax assets (net)	27	17.95	22.00
i) Non-current tax assets (net)	11	4.29	1.09
j) Other non-current assets	12	133.98	89.06
Total non-current assets		6,071.19	4,473.75
Current assets
a) Inventories	13	1,734.28	1,379.57
b) Financial assets
(i) Investments	14	746.01	1,391.03
(ii) Trade receivables (iii) Cash and cash equivalents	15 16	561.58 241.23	813.89 163.94
(iv) Bank balances other than (iii) above	17	1,087.80	647.43
(v) Loans	18	14.46	13.07
(vi) Others	19	2.95	2.62
c) Current tax assets (net)	20	0.24	0.88
d) Other current assets	21	387.12	467.56
e) Asset held for sale	63	0.27	0.27
Total current assets		4,775.94	4,880.26
Total assets		10,847.13	9,354.01
EQUITY AND LIABILITIES
Equity a) Equity share capital	22	176.74	176.71
b) Other equity	23	7,486.79	6,429.04
Equity attributable to shareholders of the Holding Company		7,663.53	6,605.75
c) Non-controlling interest		36.69	36.46
Total equity		7,700.22	6,642.21
Liabilities
Non-current liabilities
a) Financial liabilities
(i) Borrowings	24	134.13	162.89
(ii) Other financial liabilities b) Provisions	25 26	1.37 63.31	4.66 62.94
c) Deferred tax liabilities (net)	27	13.91	17.43
Total non-current liabilities		212.72	247.92
Current liabilities
a) Financial liabilities
(i) Borrowings	28	349.14	304.24
(ii) Trade payables
Due to micro and small enterprises	29	117.87	44.74
Due to others	29	1,797.39	1,437.41
(iii) Other financial liabilities b) Other current liabilities	30 31	238.93 158.44	225.52 239.78
c) Provisions	32	187.84	165.54
d) Current tax liabilities (net)	33	84.58	46.65
Total current liabilities		2,934.19	2,463.88
Total liabilities		3,146.91	2,711.80
Total equity and liabilities		10,847.13	9,354.01
Summary of significant accounting policies	6

The accompanying notes are an integral part of these consolidated financial statements This is the consolidated Balance Sheet referred to in our report of even date.

Firm's Registration No.: 001076N/N500013

Chartered Accountants

Place : Gurgaon Place : New Delhi Date : 7 May, 2021 Date : 7 May, 2021

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

M. No.: FCS 4311

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang Partner Chairman Whole Time Director Whole Time Director Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Ashok Kumar Jain Ankush Jain EVP (Finance) and Company Secretary Chief Financial Officer

Consolidated Statement of Profit and Loss

for the year ended 31 March, 2021

		(All amounts in ` crores, unless otherwise stated)
Particulars	Note	31 March, 2021	31 March, 2020
Income
Revenue from operations	34	9,561.65	8,703.59
Other income	35	325.29	305.29
Total income		9,886.94	9,008.88
Expenses
Cost of materials consumed	36	3,998.58	3,731.71
Excise duty		15.05	18.95
Purchases of stock-in-trade		982.53	674.62
Changes in inventories of finished goods, stock-in-trade and work-in-progress	37	(207.20)	(65.04)
Employee benefits expense	38	1,033.46	947.74
Finance costs	39	30.81	49.54
Depreciation and amortization expense	40	240.13	220.45
Other expenses
Advertisement and publicity		784.36	649.98
Others	41	952.19	953.28
Total expenses		7,829.91	7,181.23
Profit before share of loss from joint venture and exceptional items		2,057.03	1,827.65
Share of loss of joint venture	55	(1.01)	(0.01)
Profit before exceptional items and tax		2,056.02	1,827.64
Exceptional items	42	-	100.00
Profit before tax		2,056.02	1,727.64
Tax expense	43
Current tax (including earlier years)		505.18	465.42
Deferred tax		(144.11)	(185.70)
Total tax expense		361.07	279.72
Net profit for the year		1,694.95	1,447.92
Other comprehensive income	44
A (i) Items that will not be reclassified to profit or loss		6.60	(28.83)
(ii) Income tax relating to items that will not be reclassified to profit or loss		(2.40)	10.39
B (i) Items that will be reclasssified to profit or loss		(98.66)	130.29
(ii) Income tax relating to items that will be reclasssified to profit or loss		6.25	(8.15)
Total other comprehensive income		(88.21)	103.70
Total comprehensive income for the year		1,606.74	1,551.62
Net profit attributable to:
Owners of the Holding Company		1,693.30	1,444.96
Non-controlling interest		1.65	2.96
Other comprehensive income attributable to:
Owners of the Holding Company		(86.79)	101.59
Non-controlling interest		(1.42)	2.11
Total comprehensive income attributable to:
Owners of the Holding Company		1,606.51	1,546.55
Non-controlling interest		0.23	5.07
Earnings per equity share
Basic `	45	9.58	8.18
Diluted `		9.55	8.15
Summary of significant accounting policies	6

The accompanying notes are an integral part of these consolidated financial statements

This is the consolidated Statement of Profit and Loss referred to in our report of even date.

Chartered Accountants

Firm's Registration No.: 001076N/N500013

Partner Chairman Whole Time Director Whole Time Director Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Place : Gurgaon Place : New Delhi Date : 7 May, 2021 Date : 7 May, 2021

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Ashok Kumar Jain Ankush Jain EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang

Consolidated Cash Flow Statement

for the year ended 31 March, 2021

	(All amounts in ` crores, unless otherwise stated)
Particulars	31 March, 2021	31 March, 2020
A CASH FLOW FROM OPERATING ACTIVITIES
Profit before tax	2,056.02	1,727.64
Adjustments for:
Depreciation and amortisation expense	240.13	220.45
Loss on disposal of property, plant and equipment (net)	0.37	3.99
Share based payment expense	43.30	45.26
Provision for disputed liability	13.50	4.50
Expected credit loss/ impairment of financial and non-financial assets	5.94	8.60
Provisions for employee benefits	15.77	5.39
Finance cost	30.81	41.12
Unrealised foreign exchange loss/(gain) (net)	1.11	(3.70)
Interest income	(260.78)	(241.20)
Share of loss of joint venture	1.01	0.01
Loss / (gain) on fair valuation of financial instruments (net)	0.76	(1.13)
Net gain on sale of financial assets measured at FVTPL	(15.82)	(16.90)
Net gain on sale of financial assets measured at FVTOCI	(12.26)	(6.90)
Net gain on sale of financial assets measured at amortised cost	(0.42)	(1.87)
Effect of exchange rates on translation of operating cashflows	(71.81)	95.29
Exceptional items (refer note 42)	-	100.00
Operating profit before working capital changes and other adjustments	2,047.63	1,980.55
Working capital changes and other adjustments:
Inventories	(354.71)	(79.02)
Trade receivables	247.79	14.28
Current and non-current financial assets	0.44	14.69
Other current and non-current assets	79.83	(107.21)
Trade payables	433.78	25.99
Other current and non-current financial liabilities	62.50	31.71
Other current and non-current liabilities and provisions	(81.27)	41.57
Cash flow from operating activities post working capital changes	2,435.99	1,922.56
Income taxes paid (net of refund)	(321.32)	(308.94)
Net cash flow from operating activities (A)	2,114.67	1,613.62
B CASH FLOWS FROM INVESTING ACTIVITIES
Acquisition of property, plant and equipment, capital work-in-progress, investment properties and intangible assets	(311.21)	(417.46)
Proceeds from disposal of property, plant and equipment	4.88	16.97
Purchases of investments and bank deposits	(7,634.78)	(8,478.78)
Proceeds from sale of investments and bank deposits	6,273.72	8,114.22
Interest received	261.61	248.21
Net cash used in investing activities (B)	(1,405.78)	(516.84)

Consolidated Cash Flow Statement (Contd.)

for the year ended 31 March, 2021

Particulars	31 March, 2021	31 March, 2020
C CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issue of equity share capital	0.03	0.08
Repayments of non-current borrowing (including current maturities)	(27.77)	(175.10)
Proceeds from / (repayment of) current borrowings (net)	64.65	(182.88)
Principal payment of lease liabilities	(27.61)	(25.18)
Interest payment of lease liabilities	(11.27)	(13.60)
Dividend paid	(592.09)	(512.45)
Dividend distribution tax paid	-	(105.33)
Finance costs paid	(19.35)	(28.51)
Net cash used in financing activities (C)	(613.41)	(1,042.97)
Increase in cash and cash equivalents (A+B+C)	95.48	53.81
Cash and cash equivalents at the beginning of the year	91.74	37.72
Net unrealised foreign exchange gain	1.56	0.21
Cash and cash equivalents at the end of the year	188.78	91.74
Note:
Cash and cash equivalent (as per note 16 to the financial statements)	241.23	163.94
Balances with banks in cash credit accounts (refer note 28)	(36.73)	(56.73)
Balances with banks in over draft accounts (refer note 28)	(15.72)	(15.47)
Cash and cash equivalent as per Consolidated Cash Flow Statement	188.78	91.74

Note: The above Consolidated Statement of Cash Flows has been prepared under the 'Indirect Method' as set out in Ind AS 7 'Statement of Cash Flows'

The accompanying notes are an integral part of these consolidated financial statements

This is the consolidated Cash Flow Statement referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants Firm's Registration No.: 001076N/N500013

Partner Chairman Whole Time Director Whole Time Director Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311

Place : Gurgaon Place : New Delhi Date : 7 May, 2021 Date : 7 May, 2021

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang

Ashok Kumar Jain Ankush Jain

Consolidated Statement of Changes in Equity

for the year ended 31 March, 2021 A. Equity share capital * (All amounts in ` crores, unless otherwise stated) Particulars Number of shares Amount Balance as at 01 April, 2019 1,76,62,91,141 176.63 Issued during the year 7,72,751 0.08 Balance as at 31 March, 2020 1,76,70,63,892 176.71 Balance as at 01 April, 2020 1,76,70,63,892 176.71 Issued during the year 3,61,457 0.03 Balance as at 31 March, 2021 1,76,74,25,349 176.74

* refer note 22

B. Other equity **

Particulars						Attributable to owners of the Holding Company					Total	Attributable	Total
					Reserves and surplus					Other comprehensive income (OCI)	attributable to owners	controlling to non
	Capital	Securities	Statutory	Special	Employee	Share	General	Retained	Foreign	Debt	Holding of the	interest
	reserve	premium	reserve	fund	housing reserve	outstanding account option	reserve	earnings	translation currency reserve	instruments through OCI	Company
Balance as at 01 April, 2019	26.92	325.23	14.66	3.14	17.97	74.99	513.43	4,672.29	(190.03)	(3.55)	5,455.05	31.38	5,486.43
Profit for the year	-	-	-	-	-	-		- 1,444.96	-	-	1,444.96		2.96 1,447.92
Other comprehensive income for the year
Re-measurements loss on defined benefit plans (net of tax of ` 10.39 crores)	-	-	-	-	-	-	-	(18.44)	-	-	(18.44)	-	(18.44)
Net fair value gain on investment measured through OCI (net of tax of ` 8.15 crores)	-	-	-	-	-	-	-	-	-	26.85	26.85	-	26.85
Movement in foreign currency translation reserve during the year	-	-	-	-	-	-	-	-	93.18	-	93.18	2.11	95.29
Total comprehensive income for the year	-	-	-	-	-	-		- 1,426.52	93.18	26.85	1,546.55		5.07 1,551.62
Recognition of share based payment expenses	-	-	-	-		45.26	-	-	-	-	45.26	-	45.26
Transfer from share option outstanding account on exercise of options	-	26.98	-	-	-	(26.98)	-	-	-	-	-	-	-
Transactions with owners in their capacity as owners
Dividends (refer note 46)	-	-	-	-	-	-	-	(617.78)	-	-	(617.78)	-	(617.78)
Others	-	-	-	-	-	-	-	-	(0.04)	-	(0.04)	0.01	(0.03)
Balance as at 31 March, 2020	26.92	352.21	14.66	3.14	17.97	93.27	513.43	5,481.03	(96.89)	23.30	6,429.04	36.46	6,465.50

** refer note 23

B. Other equity (Contd.) **

Particulars						Attributable to owners of the Holding Company					Total	Attributable	Total
					Reserves and surplus					Other comprehensive income (OCI)	attributable to owners	controlling to non
	Capital reserve	Securities premium	Statutory reserve	Special fund	Employee housing reserve	outstanding account option Share	General reserve	Retained earnings	translation currency Foreign reserve	instruments through Debt OCI	Company Holding of the	interest
Balance as at 01 April, 2020	26.92	352.21	14.66	3.14	17.97	93.27	513.43	5,481.03	(96.89)	23.30	6,429.04	36.46	6,465.50
Profit for the year	-	-	-	-	-	-		- 1,693.30	-	-	1,693.30		1.65 1,694.95
Other comprehensive income for the year
Re-measurements gain on defined benefit plans (net of tax of ` 2.40 crores)	-	-	-	-	-	-	-	4.20	-	-	4.20	-	4.20
Net fair value loss on investment measured through OCI (net of tax of ` 6.25 crores)	-	-	-	-	-	-	-	-	-	(20.60)	(20.60)	-	(20.60)
Movement in foreign currency translation reserve during the year	-	-	-	-	-	-	-	-	(70.39)	-	(70.39)	(1.42)	(71.81)
Total comprehensive income for the year	-	-	-	-	-	-		- 1,697.50	(70.39)	(20.60)	1,606.51		0.23 1,606.74
Recognition of share based payment expenses	-	-	-	-	-	43.30	-	-	-	-	43.30	-	43.30
Transfer from share option outstanding account on exercise of options	-	12.79	-	-	-	(12.79)	-	-	-	-	-	-	-
Transactions with owners in their capacity as owners
Dividends (refer note 46)	-	-	-	-	-	-	-	(592.09)	-	-	(592.09)	-	(592.09)
Others	-	-	-	-	-	-		-	0.03	-	0.03	-	0.03
Balance as at 31 March, 2021	26.92	365.00	14.66	3.14	17.97	123.78	513.43	6,586.44	(167.25)	2.70	7,486.79	36.69	7,523.48

** refer note 23

The accompanying notes are an integral part of these consolidated financial statements This is the consolidated Statement of Changes in Equity referred to in our report of even date.

For Walker Chandiok & Co LLP For and on behalf of the Board of Directors

Chartered Accountants Firm's Registration No.: 001076N/N500013

Membership No.:099514 DIN: 00042050 DIN: 08346826 DIN: 00021581

Ashok Kumar Jain Ankush Jain

EVP (Finance) and Company Secretary Chief Financial Officer M. No.: FCS 4311 Place : Gurgaon Place : New Delhi

Date : 7 May, 2021 Date : 7 May, 2021

Neeraj Goel Amit Burman Mohit Malhotra P.D. Narang Partner Chairman Whole Time Director Whole Time Director

Summary of significant accounting policies and other explanatory information

1. Group information

Dabur India Limited (the 'Holding Company') is a domestic public limited company with registered office situated at 8/3, Asaf Ali Road, New Delhi – 110002 and is listed on the Bombay Stock Exchange Limited (BSE) and National Stock Exchange of India (NSE).

The consolidated financial statements comprise the financial statements of the Holding Company, its subsidiaries and joint venture collectively hereinafter referred to as the 'Group'. The Group is one of the leading global fast moving consumer goods (FMCG) players' dealing in consumer care and food products. It has wide network of operations in local as well as foreign markets.

2. General information and statement of compliance with Ind AS

These consolidated financial statements ('financial statements') of the Group have been prepared in accordance with the accounting principles generally accepted in India, including the Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 ('the Act') and other relevant provisions of the Act. The Group has uniformly applied the accounting policies during the periods presented.

The financial statements are presented in Indian Rupees ('`') which is also the functional currency of the Holding Company.

The financial statements for the year ended 31 March, 2021 were authorized and approved for issue by the Board of Directors on 07 May, 2021. The revision to financial statements is permitted by the Board of Directors after obtaining necessary approvals or at the instance of regulatory authorities as per provisions of the Act.

3. Basis of preparation

for the year ended 31 March, 2021 (All amounts in ` crores, unless otherwise stated)

Amount in the financial statements are presented in ` crores, unless otherwise stated. Certain amounts that are required to be disclosed and do not appear due to rounding-off are expressed as 0.00 crores.

4. Basis of consolidation

Subsidiaries

Subsidiaries are all entities (including structured entities) over which the Group has control. The Group controls an entity when the Group is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power to direct the relevant activities of the entity. The Group can have power over the investee even if it owns less than majority voting rights i.e. rights arising from other contractual arrangements. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are deconsolidated from the date that control ceases. Statement of profit and loss (including other comprehensive income ('OCI')) of subsidiaries acquired or disposed off during the period are recognized from the effective date of acquisition, or up to the effective date of disposal, as applicable.

The Group combines the financial statements of the Holding Company and its subsidiaries line by line adding together like items of assets, liabilities, equity, income and expenses.

Intercompany transactions, balances and un-realized gains/ losses on transactions between group companies are eliminated. Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Group.

Non-controlling interests, presented as part of equity, represent the portion of a subsidiary's Statement of Profit and Loss and net assets that is not held by the Group. Consolidated Statement of Profit and Loss balance (including other comprehensive income ('OCI')) is attributed to the equity holders of the Holding Company and to the non-controlling interest basis the respective ownership interests and such balance is attributed even if this results in controlling interests having a deficit balance.

The Group treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners of the Group. Such a

change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interests in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration paid or received is recognized within equity.

Joint venture

Interest in joint venture is accounted for using the equity method, after initially being recognized at cost. The carrying amount of the investment is adjusted thereafter for the post acquisition change in the share of net assets of the investee, adjusted where necessary to ensure consistency with the accounting policies of the Group. The Consolidated Statement of Profit and Loss (including the OCI) includes the Group's share of the results of the operations of the investee. Dividends received or receivable from joint ventures are recognized as a reduction in the carrying amount of the investment.

5. Recent accounting pronouncements

On March 24, 2021, the Ministry of Corporate Affairs ("MCA") through a notification, amended Schedule III of the Companies Act, 2013. The amendments revise Division I, II and III of Schedule III and are applicable from April, 1, 2021. Key amendments relating to Division II which relate to companies whose financial statements are required to comply with Companies (Indian Accounting Standards) Rules 2015 are:

Balance Sheet:

Lease liabilities should be separately disclosed under the head 'financial liabilities', duly distinguished as current or non-current.
Certain additional disclosures in the statement of changes in equity such as changes in equity share capital due to prior period errors and restated balances at the beginning of the current reporting period.
Specified format for disclosure of shareholding of promoters.
Specified format for ageing schedule of trade receivables, trade payables, capital work-in-progress and intangible asset under development.
If the Group has not used funds for the specific purpose for which it was borrowed from banks and financial institutions, then disclosure of details of where it has been used.
Specific disclosure under 'additional regulatory requirement' such as compliance with approved

schemes of arrangements, compliance with number of layers of companies, title deeds of immovable property not held in name of Group, loans and advances to promoters, Directors, Key Managerial Personnel (KMP) and related parties, details of benami property held etc.

Statement of profit and loss:

• Additional disclosures relating to Corporate Social Responsibility (CSR), undisclosed income and crypto or virtual currency specified under the head 'additional information' in the notes forming part of the consolidated financial statements.

The amendments are extensive and the Group will evaluate the same to give effect to them as required by law.

6. Summary of significant accounting policies

The financial statements have been prepared using the significant accounting policies and measurement basis summarized below:

a. Current / non-current classification:

All assets and liabilities have been classified as current or non-current as per the Group's normal operating cycle and other criteria set-out in the Act. Deferred tax assets and liabilities are classified as non-current assets and non-current liabilities, as the case may be.

b. Business combinations

• The Group applies the acquisition method in accounting for business combinations. The consideration transferred by the Group to obtain control of a subsidiary is calculated as the sum of the acquisition-date fair values of assets transferred, liabilities incurred and the equity interests issued by the Group. Acquisition costs are expensed as incurred.

Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their acquisition-date fair values.

• Goodwill is measured as excess of the aggregate of the fair value of the consideration transferred, the amount recognized for non-controlling interests and fair value of any previous interest held, over the fair value of the net of identifiable assets acquired and liabilities assumed. If the fair value of the net of identifiable assets acquired and liabilities assumed is in excess of the aggregate mentioned above, the resulting gain on bargain purchase is recognized in OCI and accumulated in equity as capital reserve. However, if there is no clear evidence of bargain purchase, the entity recognizes the gain directly in equity as capital reserve, without routing the same through other comprehensive income.

• Business combinations involving entities or businesses under common control have been accounted for using the pooling of interest method. The assets and liabilities of the combining entities are reflected at their carrying amounts. No adjustments have been made to reflect fair values, or to recognize any new assets or liabilities.

c. Revenue recognition:

• Revenue from sale of products is recognised when control of products being sold is transferred to customer and when there are no longer any unfulfilled obligations. The performance obligations in contracts are considered as fulfilled in accordance with the terms agreed with the respective customers.

The Group considers the terms of the contract and its customary business practices to determine the transaction price. The transaction price is the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods to a customer, excluding amounts collected on behalf of third parties (for example taxes collected on behalf of government). The consideration promised in a contract with a customer may include fixed consideration, variable consideration (if reversal is less likely in future), or both.

The transaction price is allocated by the Group to each performance obligation in an amount that depicts the amount of consideration to which it expects to be entitled in exchange for transferring the promised goods to the customer.

For each performance obligation identified, the Group determines at contract inception whether it satisfies the performance obligation over time or satisfies the performance obligation at a point in time.

Income from export incentives such as duty drawback, premium on sale of import licenses and lease license fee are recognized on accrual basis when no significant uncertainties as to the amount of consideration that would be derived and as to its ultimate collection exist.
Rental income is recognized on a straight-line basis over the terms of the lease, except for contingent rental income which is recognized when it arises and where scheduled increase in rent compensates the lessor for expected inflationary costs.
Interest income is recognized using effective interest method.
Dividend income is recognized at the time when the right to receive is established by the reporting date.
Other incomes have been recognized on accrual basis in the financial statements, except when there is uncertainty of collection.

d. Property, plant and equipment:

Property, plant and equipment are stated at cost, net of accumulated depreciation and accumulated impairment losses, if any. These tangible assets are held for use in production, supply of goods or services or for administrative purposes.

Cost comprises of purchase cost, freight, duties, taxes and other expenses directly incidental to acquisition, bringing the asset to the location and installation including site restoration up to the time when the asset is ready for intended use. Such costs also include borrowing cost if the recognition criteria are met.
When a major inspection / repair occur, its cost is recognized in the carrying amount of the property, plant and equipment as a replacement if the recognition criteria are satisfied. Any remaining carrying amount of the cost of previous inspection / repair is derecognized. All other repair and maintenance are recognized in the Consolidated Statement of Profit and Loss as incurred.
Depreciation on property, plant and equipment is provided over the useful lives of assets as specified in Schedule II to the Act except where the Management, has estimated useful life of an

asset supported by the technical assessment, external or internal i.e., higher or lower from the indicative useful life given under Schedule II. The management believes that these estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be used.

• Depreciation is calculated on a straight-line basis over the estimated useful lives of the assets as follows:

Description	Useful lives (upto)
Leasehold land	Over lease period
Building	60 years
Plant and machinery	15 years
Furniture and fixtures	10 years
Vehicles	8 years
Office equipment	10 years

The residual value and useful life is reviewed annually and any deviation is accounted for as a change in estimate.

Components relevant to property, plant and equipment, where significant, are separately depreciated on straight-line basis in terms of their life span assessed by technical evaluation in item specific context.
For new projects, all direct expenses and direct overheads (excluding services of non-exclusive nature provided by employees in Group's regular payroll) are capitalized till the assets are ready for intended use.
During disposal of property, plant and equipment, any profit earned / loss sustained towards excess / shortfall of sale value vis-a-vis carrying cost of assets is accounted for in Consolidated Statement of Profit and Loss.

e. Capital work-in-progress and intangible assets under development:

Capital work-in-progress and intangible assets under development represents expenditure incurred in respect of capital projects / intangible assets under development and are carried at cost. Cost comprises of purchase cost, related acquisition expenses, development / construction costs, borrowing costs and other direct expenditure.

f. Investment property:

Significant parts of the property are depreciated separately based on their specific useful lives as follows:

Description	Useful lives (upto)
Leasehold land	Over lease period
Building	60 years

Any gain or loss on disposal of investment properties is recognized in Consolidated Statement of Profit and Loss.

Fair value of investments properties under each category are disclosed under note 7C to the financial statements. Fair values are determined based on the evaluation performed by an accredited external independent valuer applying a recognized and accepted valuation model or estimation based on available sources of information from market.

Transfers to or from the investment property is made only when there is a change in use and the same is made at the carrying amount of investment property.

g. Goodwill

Goodwill is an asset representing the future economic benefits arising from other assets acquired in a business combination that are not individually identified and separately recognized. Goodwill is initially measured at cost, being the excess of the consideration transferred over the net identifiable assets acquired and liabilities assumed, measured in accordance with Ind AS 103 'Business Combinations'.

Goodwill is considered to have indefinite useful life and hence is not subject to amortization but tested for impairment annually. After initial recognition, goodwill is measured at cost less any accumulated impairment losses.

h. Intangible assets:

Intangible assets acquired separately are measured on initial recognition at cost of acquisition. The cost comprises of purchase price and directly attributable costs of bringing the assets to its working condition for intended use. Intangible assets arising on acquisition of business are measured at fair value as at date of acquisition. In case of internally generated assets, measured at development cost subject to satisfaction of recognition criteria (identifiability, control and future economic benefit) in accordance with Ind AS 38 'Intangible Assets'.
Following initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment loss, if any.
Intangible Assets with finite lives are amortized on a straight-line basis over the estimated useful economic life. The amortization expense on intangible assets with finite lives is recognized in the Consolidated Statement of Profit and Loss.
Amortization of intangible assets such as softwares is computed on a straight-line basis, at the rates representing estimated useful life of up to 5 years. The brands and trademarks acquired as part of business combinations normally have a remaining legal life of not exceeding ten years but is renewable every ten years at little cost and is well established.

i. Government subsidy / grants:

Government grant is recognized only when there is a reasonable assurance that the entity will comply with the conditions attached to them and the grants will be received.

Subsidy related to assets is recognized as deferred income which is recognized in the Consolidated Statement of Profit and Loss on systematic basis over the useful life of the assets.
Purchase of assets and receipts of related grants are separately disclosed in Consolidated Statement of Cash Flow.
Grants related to income are treated as other operating income in Consolidated Statement of Profit and Loss subject to due disclosure about the nature of grant.

j. Impairment of non-financial assets:

• Goodwill

Goodwill is tested for impairment on annual basis. If on testing, any impairment exists, the carrying amount of goodwill is reduced to the extent of any impairment loss and such loss is recognized in the Consolidated Statement of Profit and Loss.

• Other assets

At each reporting date, the Group assesses whether there is any indication based on internal / external factors, that an asset may be impaired. If any such indication exists, the recoverable amount of the asset or the cash generating unit (CGU) is estimated. If such recoverable amount of the asset or CGU to which the asset belongs is less than its carrying amount. The carrying amount is reduced to its recoverable amount and the reduction is treated as an impairment loss and is recognized in the Consolidated Statement of Profit and Loss. If, at the reporting date, there is an indication that a previously assessed impairment loss no longer exists, the recoverable amount is reassessed and the asset is reflected at the recoverable amount. Impairment losses previously recognized are accordingly reversed in the Consolidated Statement of Profit and Loss.

k. Impairment of financial assets:

In accordance with Ind AS 109 'Financial Instruments', the Group applies expected credit loss ('ECL') model for measurement and recognition of impairment loss for financial assets. ECL is the weighted-average of difference between all contractual cash flows that are due to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at the original effective interest rate, with the respective risks of default occurring as the weights. When estimating the cash flows, the Group is required to consider:

All contractual terms of the financial assets (including prepayment and extension) over the expected life of the assets; and
Cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms.

Trade receivables:

In respect of trade receivables, the Group applies the simplified approach of Ind AS 109 'Financial Instruments', which requires measurement of loss allowance at an amount equal to lifetime expected credit losses. Lifetime expected credit losses are the expected credit losses that result from all possible default events over the expected life of a financial instrument.

Other financial assets:

In respect of its other financial assets, the Group assesses if the credit risk on those financial assets has increased significantly since initial recognition. If the credit risk has not increased significantly since initial recognition, the Group measures the loss allowance at an amount equal to 12-month expected credit losses, else at an amount equal to the lifetime expected credit losses.

When making this assessment, the Group uses the change in the risk of a default occurring over the expected life of the financial asset. To make that assessment, the Group compares the risk of a default occurring on the financial asset as at the balance sheet date with the risk of a default occurring on the financial asset as at the date of initial recognition and considers reasonable and supportable information, that is available without undue cost or effort, that is indicative of significant increases in credit risk since initial recognition. The Group assumes that the credit risk on a financial asset has not increased significantly since initial recognition if the financial asset is determined to have low credit risk at the balance sheet date.

l. Financial instruments:

Initial recognition and measurement

Financial assets and financial liabilities are recognized when the Group becomes a party to the contractual provisions of the financial instrument and are measured initially at fair value adjusted for transaction costs, except for those carried at fair value through profit or loss which are measured initially at fair value. Subsequent measurement of financial assets and financial liabilities is described below:

Non-derivative financial assets

Subsequent measurement

• Financial assets carried at amortized cost

A financial asset is measured at the amortized cost, if both the following conditions are met:

a. The asset is held within a business model whose objective is to hold assets for collecting contractual cash flows; and
b. Contractual terms of the asset give rise on specified dates to cash flows that are solely payments of principal and interest ('SPPI') on the principal amount outstanding.

After initial measurement, such financial assets are subsequently measured at amortized cost using the effective interest rate ('EIR') method.

• Investments in other equity instruments

Investments in equity instruments which are held for trading are classified as at fair value through profit or loss ('FVTPL'). For all other equity instruments, the Group makes an irrevocable choice upon initial recognition, on an instrument by instrument basis, to classify the same either as at fair value through other comprehensive income ('FVTOCI') or fair value through profit or loss ('FVTPL'). Amounts presented in other comprehensive income are not subsequently transferred to profit or loss. However, the Group transfers the cumulative gain or loss within equity. Dividends on such investments are recognized in profit or loss unless the dividend clearly represents a recovery of part of the cost of the investment.

• Debt instruments

Debt instruments are initially measured at amortized cost, fair value through other comprehensive income ('FVTOCI') or fair value through profit or loss ('FVTPL') till de-recognition on the basis of:

i) the entity's business model for managing the financial assets; and
ii) the contractual cash flow characteristics of the financial asset.

a. Measured at amortized cost

b. Measured at fair value through other comprehensive income

Financial assets that are held within a business model whose objective is achieved by both, selling financial assets and collecting contractual cash flows that are solely payments of principal and interest, are subsequently measured at fair value through other comprehensive income. Fair value movements are recognized in the other comprehensive income ('OCI'). Interest income measured using the EIR method and impairment losses, if any are recognized in the Consolidated Statement of Profit and Loss. On de-recognition, cumulative gain or loss previously recognized in OCI is reclassified from the equity to 'other income' in the Consolidated Statement of Profit and Loss.

c. Measured at fair value through profit or loss

• Investments in mutual funds

Investments in mutual funds are measured at FVTPL.

De-recognition of financial assets

A financial asset is primarily de-recognized when the contractual rights to receive cash flows from the asset have expired or the Group has transferred its rights to receive cash flows from the asset.

• Non-derivative financial liabilities

Subsequent measurement

Subsequent to initial recognition, all non-derivative financial liabilities are measured at amortised cost using the effective interest method.

De-recognition of financial liabilities

• Derivative financial instruments

The Group holds derivative financial instruments in the form of future contracts to mitigate the risk of changes in exchange rates on foreign currency exposure. The counterparty for these contracts are scheduled commercial banks / regulated brokerage firms.

Although these derivatives constitute hedges from an economic perspective, they do not qualify for hedge accounting under Ind AS 109 'Financial Instruments' and consequently are categorized as financial assets or financial liabilities at fair value through profit or loss. The resulting exchange gain or loss is included in other income / expenses and attributable transaction costs are recognized in the Consolidated Statement of Profit and Loss when incurred.

• Financial guarantee contracts

• Offsetting of financial instruments

Financial assets and financial liabilities are offset and the net amount is reported in the Consolidated Balance Sheet if there is a currently enforceable legal right to offset the recognized amounts and there is an intention to settle on a net basis, to realize the assets and settle the liabilities simultaneously.

m. Fair value measurement:

The Group measures financial instruments, such as, derivatives at fair value at each Consolidated Balance Sheet date.

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:
In the principal market for the asset or liability; or
In the absence of a principal market, in the most advantageous market for the asset or liability

The principal or the most advantageous market must be accessible by the Group.

The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.

The Group uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and minimizing the use of unobservable inputs.

Level 1 — Quoted (unadjusted) market prices in active markets for identical assets or liabilities

Level 2 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is directly or indirectly observable

Level 3 — Valuation techniques for which the lowest level input that is significant to the fair value measurement is unobservable

For assets and liabilities that are recognized in the financial statements on a recurring basis, the Group determines whether transfers have occurred between levels in the hierarchy by re-assessing categorization (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period.

The Management determines the policies and procedures for both recurring fair value measurement, such as derivative instruments and unquoted financial assets measured at fair value, and for non-recurring measurement, such as assets held for distribution in discontinued operations.

n. Leases:

Where the Group is the lessee

Right of use assets and lease liabilities

For any new contracts entered into on or after 1 April, 2019, the Group considers whether a contract is, or contains a lease. A lease is defined as 'a contract, or part of a contract, that conveys the right to use an asset (the underlying asset) for a period of time in exchange for consideration'. The Group enters into leasing arrangements for various assets. To assess whether a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the contract involves the use of an identified asset (ii) the Group obtains substantially all of the economic benefits from use of the asset through the period of the lease and (iii) the Group has the right to direct the use of the asset.

Recognition and initial measurement

At lease commencement date, the Group recognizes a right-of-use asset and a lease liability on the balance sheet. The right-of-use asset is measured at cost, which is made up of the initial measurement of the lease liability, any initial direct costs incurred by the Group, an estimate of any costs to dismantle and remove the asset at the end of the lease (if any), and any lease payments made in advance of the lease commencement date (net of any incentives received).

Subsequent measurement

The Group depreciates the right-of-use assets on a straight-line basis from the lease commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The Group also assesses the right-of-use asset for impairment when such indicators exist.

At lease commencement date, the Group measures the lease liability at the present value of the lease payments unpaid at that date, discounted using the interest rate implicit in the lease if that rate is readily available or the Group's incremental borrowing rate. Lease payments included in the measurement of the lease liability are made up of fixed payments (including in substance fixed payments) and variable payments based on an index or rate. Subsequent to initial measurement, the liability will be reduced for payments made and increased for interest. It is re-measured to reflect any reassessment or modification, or if there are changes in insubstance fixed payments. When the lease liability is re-measured, the corresponding adjustment is reflected in the right-of-use asset.

The Group has elected to account for short-term leases and leases of low-value assets using the practical expedients. Instead of recognizing a right-of-use asset and lease liability, the payments in relation to these are recognized as an expense in consolidated statement of profit and loss on a straight-line basis over the lease term.

Where the Group is the lessor

Leases in which the Group does not transfer substantially all the risks and rewards of ownership of an asset are classified as operating leases. Rental income from operating lease is recognized on a straight-line basis or another systematic basis as per the terms of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognized over the lease term on the same basis as rental income. Contingent rents are recognized as revenue in the period in which they are earned.

Leases are classified as finance leases when substantially all of the risks and rewards of ownership transfer from the Group to the lessee. Amounts due from lessees under finance leases are recorded as receivables at the Group's net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the net investment outstanding in respect of the lease.

o. Inventories:

The basis of determination of cost is as follows:

Raw material, packing material and stock-in-trade valued on moving weighted average basis;
Stores and spares valued on weighted average basis;
Work-in-progress valued at cost of input valued at moving weighted average basis plus overheads up till the stage of completion; and
Finished goods valued at cost of input valued at moving weighted average basis plus appropriate overheads.

p. Employee benefits:

Liabilities in respect of employee benefits to employees are provided for as follows:

Current employee benefits
a. Liabilities for wages and salaries, including non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period in which the employees render the related service are recognized in respect of employees' services up to the end of the reporting period and are measured at the amounts expected to be incurred when the liabilities are settled. The liabilities are presented as current employee dues payable in the Consolidated Balance Sheet.
b. Employees' State Insurance ('ESI') is provided on the basis of actual liability accrued and paid to authorities.
c. The Group has adopted a policy on compensated absences which are both accumulating and non-accumulating in nature. The expected cost of accumulating compensated absences is determined by actuarial valuation performed by an independent actuary at each balance sheet date using projected unit credit method on the additional amount expected to be paid / availed as a result of the unused entitlement that has accumulated at the balance sheet date. Expense on non-accumulating compensated absences is recognized in the period in which the absences occur.
d. Expense in respect of other short-term benefits is recognized on the basis of the amount paid or payable for the period during which services are rendered by the employee.
Post separation employee benefit plan

a. Defined benefit plan

Post separation benefits of Directors are accounted for on the basis of actuarial valuation as per Ind AS 19 'Employee Benefits'.
Gratuity liability accounted for on the basis of actuarial valuation as per Ind AS 19 'Employee Benefits'. Liability recognized in the Consolidated Balance Sheet in respect of gratuity is the present value of the defined benefit obligation at the end of each reporting period less the fair value of

plan assets. The defined benefit obligation is calculated annually by an independent actuary using the projected unit credit method. The present value of defined benefit is determined by discounting the estimated future cash outflows by reference to market yield at the end of each reporting period on government bonds that have terms approximate to the terms of the related obligation. The net interest cost is calculated by applying the discount rate to the net balance of the defined benefit obligation and the fair value of plan assets. This cost is included in employee benefit expense in the Consolidated Statement of Profit and Loss.

Group contributes its share of contribution to Employees' Provident Fund Scheme administered by a separate trust with its obligation to make good the shortfall, if any, in trust fund arising on account of difference between the return on investments of the trust and the interest rate on provident fund dues notified periodically by the Central Government and any expected loss in investment. Liability recognized in the Consolidated Balance Sheet in respect of Dabur India E.P.F trust is the present value of the defined benefit obligation at the end of each reporting period less the fair value of plan assets on the basis of actuarial valuation using the projected unit credit method.
Actuarial gain / loss pertaining to gratuity and post separation benefits are accounted for as OCI. All remaining components of costs are accounted for in Consolidated Statement of Profit and Loss.

b. Defined contribution plans

Liability for superannuation fund is provided on the basis of the premium paid to insurance company in respect of employees covered under Superannuation Fund Policy.

q. Taxation:

Tax expense recognized in Consolidated Statement of Profit and Loss comprises the sum of deferred tax and current tax except the ones recognized in other comprehensive income or directly in equity.

Current tax is determined as the tax payable in respect of taxable income for the year and is computed in accordance with relevant tax regulations of the respective jurisdictions. Current income tax relating to items recognized outside profit or loss is recognized outside profit or loss (either in other comprehensive income or in equity).

Minimum alternate tax ('MAT') credit entitlement is recognized as an asset only when and to the extent there is convincing evidence that normal income tax will be paid during the specified period. In the year in which MAT credit becomes eligible to be recognized as an asset, the said asset is created by way of a credit to the Consolidated Statement of Profit and Loss and shown as MAT credit entitlement. This is reviewed at each balance sheet date and the carrying amount of MAT credit entitlement is written down to the extent it is not reasonably certain that normal income tax will be paid during the specified period.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date. Deferred tax relating to items recognized outside Consolidated Statement of Profit and Loss is recognized outside Consolidated Statement of Profit and Loss (either in other comprehensive income or in equity).

r. Provisions, contingent liability and contingent assets:

Provisions are recognized only when there is a present obligation, as a result of past events and when a reliable estimate of the amount of obligation can be made at the reporting date. These estimates are reviewed at each reporting date and adjusted to reflect the current best estimates. Provisions are discounted to their present values, where the time value of money is material.
Contingent liability is disclosed for:
a. Possible obligations which will be confirmed only by future events not wholly within the control of the Group; or
b. Present obligations arising from past events where it is not probable that an outflow

of resources will be required to settle the obligation or a reliable estimate of the amount of the obligation cannot be made.

• Contingent assets are neither recognized nor disclosed except when realization of income is virtually certain, related asset is recognized.

s. Foreign currency translation:

Foreign currency transactions are recorded in the functional currency, by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction.

Exchange differences arising on monetary items on settlement, or restatement as at reporting date, at rates different from those at which they were initially recorded, are recognized in the Consolidated Statement of Profit and Loss in the year in which they arise.

Functional and reporting currencies of foreign operations are different from the reporting currency of the Holding Company. For all the foreign operations of the Group, all assets and liabilities (excluding equity share capital and opening reserves and surplus) are translated into Indian Rupees ('`') using the exchange rate prevailing at the reporting date. Equity share capital, reserves and surplus are carried at historical cost. Revenues, costs and expenses are translated using the weightedaverage exchange rate during the reporting period. The resultant currency translation difference is recognized as foreign currency translation reserve under the head 'other equity'.

t. Share based payments - Employee Stock Option Scheme ('ESOP'):

The fair value of options granted under Employee Stock Option Plan is recognized as an employee benefits expense with a corresponding increase in equity. The total amount to be expensed is determined by reference to the fair value of the options. The total expense is recognized over the vesting period, which is the period over which all of the specified vesting conditions are to be satisfied. At the end of each period, the entity revises its estimates of the number of options that are expected to vest based on the non-market vesting and service conditions. It recognizes the impact of the revision to original estimates, if any, in profit or loss, with a corresponding adjustment to equity. Upon exercise of share options, the proceeds received are allocated to share capital up to the par value of the shares issued with any excess being recorded as share premium.

u. Operating segments:

Operating segments are reported in a manner consistent with the internal reporting provided to the Chief Operating Decision Maker ('CODM') of the Group. The CODM is responsible for allocating resources and assessing performance of the operating segments of the Group.

v. Earnings per share:

Basic earnings per share are calculated by dividing the net profit for the period attributable to equity shareholders by the weighted average number of equity shares outstanding during the period.

w.Research and development:

x. Borrowing cost:

or sale. A qualifying asset is one that necessarily takes substantial period of time to get ready for its intended use. All other borrowing costs are charged to the Consolidated Statement of Profit and Loss as incurred.

y. Cash and cash equivalents:

For the purpose of the Consolidated Statement of Cash Flows, cash and cash equivalents consist of cash and cheques in hand, bank balances, demand deposits with banks where the original maturity is three months or less and other shortterm highly liquid investments net of outstanding bank overdrafts and cash credit facilities as they are considered an integral part of the Group's cash management.

z. Assets held for sale

The Group classifies assets as held for sale if their carrying amounts will be recovered principally through a sale rather than through continuing use of the assets and actions required to complete such sale indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held for sale, if the management expects to complete the sale within one year from the date of classification.

Assets classified as held for sale are measured at the lower of their carrying amount and the fair value less cost to sell.

aa. Significant management judgement in applying accounting policies and estimation uncertainty:

The preparation of the Group's financial statements requires the Management to make judgements, estimates and assumptions that affect the reported amounts of revenues, expenses, assets and liabilities, and the accompanying disclosures, and the disclosure of contingent liabilities.

• Evaluation of indicators for impairment of assets

• Leases

The Group enters into leasing arrangements for various premises. The assessment (including measurement) of the lease is based on several factors, including, but not limited to, transfer of ownership of leased asset at end of lease term, lessee's option to extend/terminate etc. After the commencement date, the Group reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to extend or to terminate.

• Recoverability of advances / receivables

At each balance sheet date, based on historical default rates observed over expected life, the Management assesses the expected credit losses on outstanding receivables and advances.

• Defined benefit obligation ('DBO')

• Provisions

At each balance sheet date basis the management judgment, changes in facts and legal aspects, the Group assesses the requirement of provisions against the outstanding contingent liabilities. However, the actual future outcome may be different from this judgement.

• Contingencies

Contingent liabilities may arise from the ordinary course of business in relation to claims against the Group, refer note 47A. By their nature, contingencies will be resolved only when one or more uncertain future events occur or fail to occur. The assessment of the existence, and potential quantum, of contingencies inherently involves the exercise of significant judgments and the use of estimates regarding the outcome of future events.

• Fair value measurements

Management applies valuation techniques to determine the fair value of financial instruments (where active market quotes are not available) and share based payments. This involves developing estimates and assumptions consistent with how market participants would price the instrument. The Group engages third party valuers, where required, to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of various assets, liabilities and share based payments are disclosed in the notes to consolidated financial statements.

• Inventories

The Group estimates the net realizable values of inventories, taking into account the most reliable evidence available at each reporting date. The future realization of these inventories may be affected by future demand or other market-driven changes that may reduce future selling prices.

• Useful lives of depreciable / amortizable assets

• Valuation of investment property

Investment property is stated at cost. However, as per Ind AS 40 'Investment Property', there is a requirement to disclose fair value as at the balance sheet date. The Group engaged independent valuation specialists to determine the fair value of its investment property as at reporting date.

• Business combinations and intangible assets

The Holding Company uses valuation techniques when determining the fair values of certain assets and liabilities acquired in a business combination. In particular, the fair value of contingent consideration is dependent on the outcome of many variables including the acquirees' future profitability. These valuations are conducted by independent valuation experts.

• Income taxes

Significant judgements are involved in estimating budgeted profits for the purpose of paying advance tax, determining the provision for income taxes, including amount expected to be paid / recovered for uncertain tax positions. The extent to which deferred tax assets/minimum alternate tax credit can be recognized is based on management's assessment of the probability of the future taxable income against which the deferred tax assets/minimum alternate tax credit can be utilized.

• Recognition of deferred tax liability on undistributed profits

The extent to which the Holding Company can control the timing of reversal of deferred tax liability on undistributed profits of its subsidiaries requires judgement.

• Impairment of Goodwill

Impairment testing for goodwill and intangible assets with indefinite life is done at least once annually and upon occurrence of an indication of impairment. The growth rates and the margins used to make estimate future performance are based on past performance and our estimates of future growths and margin achievable in the CGUs. Pre-tax discount rates reflect specific risks relating to the relevant segments and geographies in which the CGUs operate.

7A. Property, plant and equipment

The changes in the carrying value of property, plant and equipment for the year ended 31 March, 2020 and 31 March, 2021 are as follows:

Description		Leased assets		Owned assets
	Leasehold land	Right of use - buildings	Total	Freehold land		Buildings Plant and equipment	Furniture and fixtures	Vehicles	Office equipment	Total	total
Gross block
Balance as at 01 April, 2019	42.23	-	42.23	65.40	788.05	1,527.22	112.78	43.69		67.64 2,604.78 2,647.01
Addition for the year	-		222.89 222.89	1.89	31.27	169.47	14.98	6.41	5.93	229.95	452.84
Transfer from capital work-in-progress	-	-	-	-	3.49	21.38	1.37	-	0.03	26.27	26.27
Disposals / adjustments for the year	7.78	7.72	15.50	-	1.01	23.81	3.54	4.67	5.04	38.07	53.57
Foreign currency translation difference	0.48	3.47	3.95	1.01	13.71	24.30	0.91	(0.34)	0.75	40.34	44.29
Balance as at 31 March, 2020	34.93		218.64 253.57	68.30	835.51	1,718.56	126.50	45.09		69.31 2,863.27 3,116.84
Addition for the year	-	19.36	19.36	0.82	17.43	128.90	7.23	3.56	5.99	163.93	183.29
Transfer from capital work-in-progress	-	-	-	-	24.79	59.73	0.49	-	0.02	85.03	85.03
Disposals / adjustments for the year	-	29.29	29.29	-	1.92	21.04	2.09	3.52	1.16	29.73	59.02
Foreign currency translation difference	(9.15)		(22.18) (31.33)	(2.24)	(5.56)	(24.59)	(3.44)	(0.29)	(1.31)	(37.43)	(68.76)
Balance as at 31 March, 2021	25.78		186.53 212.31	66.88	870.25	1,861.56	128.69	44.84		72.85 3,045.07 3,257.38

Accumulated depreciation
Balance as at 01 April, 2019	8.70	-	8.70	-	210.87	747.82	61.47	18.43			51.75 1,090.34 1,099.04
Addition for the year	1.43	36.01	37.44	-	25.38	128.81	9.07	4.67	4.88	172.81	210.25
Disposals / adjustments for the year	0.49	0.96	1.45	-	0.81	20.26	3.04	2.26	4.79	31.16	32.61
Foreign currency translation difference	0.47	1.14	1.61	-	2.92	13.77	0.50	(0.22)	0.60	17.57	19.18
Balance as at 31 March, 2020	10.11	36.19	46.30	-	238.36	870.14	68.00	20.62			52.44 1,249.56 1,295.86
Addition for the year	0.62	33.56	34.18	-	26.96	149.26	9.80	4.86	5.36	196.24	230.42
Disposals/adjustments for the year	-	11.04	11.04	-	1.18	17.95	1.53	2.73	1.09	24.48	35.52
Foreign currency translation difference	(5.86)		(4.21) (10.07)	-	(2.13)	(30.61)	(1.75)	0.29	(0.81)	(35.01)	(45.08)
Balance as at 31 March, 2021	4.87	54.50	59.37	-	262.01	970.84	74.52	23.04			55.90 1,386.31 1,445.68

Net block as at 01 April, 2019	33.53	-	33.53	65.40	577.18	779.40	51.31	25.26			15.89 1,514.44 1,547.97

a) Addition to the above property, plant and equipment includes 1.13 crores (31 March, 2020: 7.23 crores) incurred at Holding Company's inhouse research and development facilities at Sahibabad, Uttar Pradesh.

Net block as at 31 March, 2020 24.82 182.45 207.27 68.30 597.15 848.42 58.50 24.47 16.87 1,613.71 1,820.98 Net block as at 31 March, 2021 20.91 132.03 152.94 66.88 608.24 890.72 54.17 21.80 16.95 1,658.76 1,811.70

b) Plant and equipment have been hypothecated with banks against term loans, refer note 30.
c) Contractual obligations: Refer note 47 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
d) Leasehold land: Represents land taken on lease for the years ranging from 20 to 100.
e) Impairment loss: 'Disposals / adjustments for the year' above include impairment provision / (reversal) mainly pertaining to assets which are lying idle, damaged and having no future use amounting to (0.84) crores (31 March, 2020 : 0.14 crores).

7B. Capital work-in-progress:

The changes in the carrying value of capital work-in-progress for the year ended 31 March, 2020 and 31 March, 2021 are as follows:

Description	Amount
Balance as at 01 April, 2019	63.76
Addition for the year	102.65
Transfer to property, plant and equipment	(26.27)
Transfer to intangible asset	(0.19)
Foreign currency translation difference	6.62
Balance as at 31 March, 2020	146.57
Addition for the year	86.96
Transfer to property, plant and equipment	(85.03)
Transfer to intangible asset	-
Foreign currency translation difference	(1.20)
Balance as at 31 March, 2021	147.30

7C. Investment property:

The changes in the carrying value of investment property for the year ended 31 March, 2020 and 31 March, 2021 are as follows :

Description	Freehold land	Buildings	Total
Gross block
Balance as at 01 April, 2019	5.30	57.18	62.48
Addition for the year	-	-	-
Foreign currency translation difference	0.05	0.73	0.78
Balance as at 31 March, 2020	5.35	57.91	63.26
Addition for the year	-	0.15	0.15
Foreign currency translation difference	(0.02)	(0.14)	(0.16)
Balance as at 31 March, 2021	5.33	57.92	63.25

Accumulated depreciation
Balance as at 01 April, 2019	-	10.38	10.38
Addition for the year	-	1.09	1.09
Foreign currency translation difference	-	0.24	0.24
Balance as at 31 March, 2020	-	11.71	11.71
Addition for the year	-	1.10	1.10
Foreign currency translation difference	-	(0.06)	(0.06)
Balance as at 31 March, 2021	-	12.75	12.75

Net block as at 01 April, 2019	5.30	46.80	52.10
Net block as at 31 March, 2020	5.35	46.20	51.55
Net block as at 31 March, 2021	5.33	45.17	50.50

Notes:

a) Amount recognized in Consolidated Statement of Profit and Loss for investment properties:

Particulars	For the year ended 31 March, 2021	For the year ended 31 March, 2020
Rental income derived from investment properties	8.31	9.98
Less: direct operating expenses that generated rental income	0.37	0.43
Profit from leasing of investment properties before depreciation	7.94	9.55
Less: depreciation expense	1.10	1.09
Profit from leasing of investment properties after depreciation	6.84	8.46

b) As at 31 March, 2021, the fair value of investment properties are 151.23 crores (31 March, 2020: 163.28 crores). These valuations are based on valuations performed by accredited independent valuer. Fair value is based on market value approach. The fair value measurement is categorised in Level 3 of fair value hierarchy. There has been no restriction on disposal of property or remittance of income and proceeds of disposal.
c) Leasing arrangements : Certain investment properties are leased to tenants under long-term operating leases with rentals payable monthly. Refer note 49 for details on future minimum lease rentals.

7D. Goodwill

The changes in the carrying value of capital work-in-progress for the year ended 31 March, 2020 and 31 March, 2021 are as follows :

Description	Goodwill
Balance as at 01 April, 2019	336.07
Foreign currency translation difference	(0.10)
Balance as at 31 March, 2020	335.97
Foreign currency translation difference	0.04
Balance as at 31 March, 2021	336.01

Notes:

i) Allocation of Goodwill to reportable segments:

The Group has identified consumer care business, foods and others as its reportable segments. The goodwill amounting to 336.01 crores (31 March, 2020 : 335.97 crores) acquired through business combination has been entirely allocated to 'Consumer Care Business' segment of the Group.

ii) Allocation of goodwill to cash generating units (CGU):

Goodwill has been allocated to the following CGUs for impairment testing purpose with carrying amount of goodwill being significant in comparison with the entity's total carrying amount of goodwill with indefinite useful lives :

	31 March, 2021	31 March, 2020
Hobi Kozmetik and RA Pazarlama CGU	140.90	140.90
Namaste Group CGU	173.39	173.39
Total	314.29	314.29

The recoverable amount of the above mentioned Groups, for impairment testing is determined based on value-inuse calculations which uses cash flow projections based on financial budgets approved by Management covering a five-year period, as the Group believes this to be the most appropriate timescale for reviewing and considering annual performance before applying a fixed terminal value multiple to the final cash flows. Cash flows beyond the five-year period were extrapolated using estimate rates stated below.

iii) Impairment of Goodwill:

During the year ended 31 March, 2021, the Group recognised impairment in the value of goodwill amounting to Nil crores (31 March, 2020: Nil crores).

**iv) Key assumptions used for value in use calculations are as follows: *#**

a) Hobi Kozmetik and RA Pazarlama CGU

The Group prepares its cash flow forecasts based on the most recent financial budgets approved by management with projected average revenue growth rate ranging from 7% to 13% for the five-year period. The growth rate used for extrapolation of cash flows beyond the five-year period covered by the forecast is 2%. The rate used to discount the forecasted cash flows ranging from 21% to 28%.

The financial projections basis which the future cash flows have been estimated consider the increase in economic uncertainties due to COVID-19, reassessment of the discount rates, revisiting the growth rates factored while arriving at terminal value and subjecting these variables to sensitivity analysis.

b) Namaste CGU

The Group prepares its cash flow forecasts based on the most recent financial budgets approved by management with projected average revenue growth rate ranging from 7% to 8% for the five-year period. The growth rate used for extrapolation of cash flows beyond the five-year period covered by the forecast is 1.5%. The rate used to discount the forecasted cash flows ranging from 8% to 10%.

* Discount rates - Management estimates discount rates that reflect current market assessments of the risks specific to the CGU, taking into consideration the time value of money and individual risks of the underlying assets that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Group and its operating segments and is derived from its weighted average cost of capital (WACC).

Growth rates - The growth rates are based on industry growth forecasts. Management determines the budgeted growth rates based on past performance and its expectations on market development. The weighted average growth rates used were consistent with industry reports.

The Management has performed sensitivity analysis around the base assumptions and also considered the possible effects on account of COVID-19 and accordingly concluded that no reasonable changes in key assumptions would cause the recoverable amount of the CGU to be less than the carrying value.

7E. Other intangible assets:

The changes in the carrying value of intangible asset for the year ended 31 March, 2020 and 31 March, 2021 are as follows :

Description	Brands /	Computer	Total
Gross block	trademarks	software
Balance as at 01 April, 2019	31.23	62.09	93.32
Addition for the year	8.28	13.32	21.60
Transfer from capital work-in-progress	-	0.19	0.19
Foreign currency translation difference	(1.89)	0.13	(1.76)
Balance as at 31 March, 2020	37.62	75.73	113.35
Addition for the year	-	7.53	7.53
Transfer from capital work-in-progress	-	-	-
Foreign currency translation difference	1.61	(0.16)	1.45
Balance as at 31 March, 2021	39.23	83.10	122.33
Accumulated depreciation
Balance as at 01 April, 2019	14.65	45.75	60.40
Addition for the year	2.44	6.67	9.11
Foreign currency translation difference	(0.35)	0.01	(0.34)
Balance as at 31 March, 2020	16.74	52.43	69.17
Addition for the year	2.57	6.04	8.61

Description	Brands / trademarks	Computer software	Total
Foreign currency translation difference	(0.24)	0.08	(0.16)
Balance as at 31 March, 2021	19.07	58.55	77.62
Net block as at 01 April, 2019	16.58	16.34	32.92
Net block as at 31 March, 2020	20.88	23.30	44.18
Net block as at 31 March, 2021	20.16	24.55	44.71

8A. Non-current investments in joint venture

Particulars		No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
I	Joint venture (at cost) (unquoted) (fully paid equity instruments) ^
	A Forum I Aviation Private Limited	74,87,251	11.27	74,87,251	12.28
	Shares of face value ` 10 each
			11.27		12.28

8B. Non-current investments

	Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
I	Investment in equity instruments
	a) Other entities (unquoted) (fully paid) #
	Shivalik Solid Waste Management Limited	18,000	0.02	18,000	0.02
	Shares of face value of ` 10 each
			0.02		0.02
II	Other investments
	a) Investments in government or trust securities (quoted) (fully paid) #
	A 9.20% NI Government Stock 2030	60,00,000	71.95	60,00,000	70.65
	Units of face value of ` 100 each
	B 9.23% NI Government Stock 2043	-	-	1,00,00,000	130.99
	Units of face value of ` 100 each
	C 8.60% Government of India 2028	3,00,00,000	345.49	20,00,000	23.13
	Units of face value of ` 100 each
	D 8.26% Government of India 2027	1,50,00,000	167.29	-	-
	Units of face value of ` 100 each
	E 8.28% Government of India 2027	1,65,00,000	182.83	-	-
	Units of face value of ` 100 each
	F 8.24% Government of India 2027	75,00,000	83.18	-	-
	Units of face value of ` 100 each
	G 7.17% Government of India 2028	7,00,00,000	743.83	-	-
	Units of face value of ` 100 each
	H 6.13% Government of India 2028	1,45,00,000	145.20	-	-
	Units of face value of ` 100 each
	I 6.01% Government of India 2028	1,95,00,000	190.78	-	-
	Units of face value of ` 100 each
	J 7.26% Government of India 2029	3,00,00,000	319.68	-	-
	Units of face value of ` 100 each
	K 8.23% Gujarat State Development Loan 2025	45,00,000	49.36	45,00,000	48.75
	Units of face value of ` 100 each

Dabur India limited Annual Report 2020-21

Corporate Overview Board & Management Reports Financial Statements

Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
L 8.27% Karnataka State Development Loan 2025	15,00,000	16.83	15,00,000	16.52
Units of face value of ` 100 each
M 8.38% Karnataka State Development Loan 2026	15,00,000	16.48	15,00,000	16.52
Units of face value of ` 100 each
N 9.24% Maharashtra State Development Loan 2024	10,00,000	11.15	10,00,000	11.20
Units of face value of ` 100 each
O 9.11% Tamil Nadu State Development Loan 2024	10,00,000	11.34	10,00,000	11.35
Units of face value of ` 100 each
P 8.87% Tamil Nadu State Development Loan 2024	15,00,000	17.23	15,00,000	17.12
Units of face value of ` 100 each
Q 8.92% Karnataka State Development Loan 2022	-	-	20,00,000	21.18
Units of face value of ` 100 each
R 8.06% Maharashtra State Development Loan 2025	25,00,000	27.16	25,00,000	26.96
Units of face value of ` 100 each
S 8.04% Maharashtra State Development Loan 2025	5,00,000	5.41	5,00,000	5.37
Units of face value of ` 100 each
T 8.24% Kerala State Development Loan 2025	10,00,000	11.16	10,00,000	11.04
Units of face value of ` 100 each
U 8.20% Rajasthan State Development Loan 2025	15,00,000	16.65	15,00,000	16.41
Units of face value of ` 100 each
V 8.05% Maharashtra State Development Loan 2025	10,00,000	10.89	10,00,000	10.77
Units of face value of ` 100 each
W 8.08% Haryana State Development Loan 2025	25,00,000	27.17	25,00,000	27.04
Units of face value of ` 100 each
X 8.25% Gujarat State Development Loan 2024	5,00,000	5.57	5,00,000	5.53
Units of face value of ` 100 each
Y 8.23% Rajasthan State Development Loan 2025	15,00,000	16.69	15,00,000	16.47
Units of face value of ` 100 each
Sub-Total		2,493.32		487.00
b) Investments in debentures or bonds
i) Bonds (quoted) (fully paid)
A Power Grid Corporation of India Limited #	900	102.15	900	100.63
Units of face value of ` 10,00,000 each
B ICICI Bank Limited #	-	-	100	10.83
Units of face value of ` 10,00,000 each	-	-	250	26.70
C Food Corporation of India ## Units of face value of ` 10,00,000 each
D NTPC Limited #	550	63.65	50	5.76
Units of face value of ` 10,00,000 each
E NTPC Limited ##	150	16.20	150	16.30
Units of face value of ` 10,00,000 each
F NHPC Limited #	6,000	67.35	3,000	33.66
Units of face value of ` 1,00,000 each
G NHPC Limited #	100	11.23	100	11.07
Units of face value of ` 10,00,000 each
H Power Grid Corporation of India Limited #	80	11.45	80.00	11.33
Units of face value of ` 12,50,000 each
Sub-Total		272.03		216.28
ii) Bonds (unquoted) (fully paid) ##
A 6.25% Bank of India	-	-	1,37,850	107.52
Units of face value of USD 100 each

Particulars	No. of units	Amount	No. of units	Amount
	31 March, 2021	31 March, 2021	31 March, 2020	31 March, 2020
B 3.25% State Bank of India	-	-	3,50,500	267.63
Units of face value of USD 100 each
C 3.88% Canara Bank	36,000	25.01	33,654	25.42
Units of face value of USD 100 each
D 3.25% Canara Bank	29,000	20.85	14,400	10.88
Units of face value of USD 100 each	97,500	71.74	-	-
E 1.80% State Bank of India
Units of face value of USD 100 each	1,33,000	104.56	-	-
F 4.00% ICICI Bank
Units of face value of USD 100 each
G 4.38% State Bank of India	39,000	30.50	-	-
Units of face value of USD 100 each H 4.79% State Bank of India	10,000	8.02	-	-
Units of face value of USD 100 each
I 4.88% State Bank of India	97,320	78.38	-	-
Units of face value of USD 100 each
J 3.88% Canara Bank	20,000	15.52	-	-
Face Value of USD 100 each
K 3.88% Bank of Baroda	10,000	7.91	-	-
Face Value of USD 100 each
L 4% ICICI Bank	20,000	15.77	-	-
Face Value of USD 100 each
		378.26		411.45
iii) Non-convertible debentures (quoted) (fully paid)
A Housing Development Finance Corporation Limited #	25	29.18	25	27.83
Units of face value of ` 1,00,00,000 each
B PNB Housing Finance Limited ##	-	-	250	25.00
Units of face value of ` 10,00,000 each
C Housing Development Finance Corporation Limited #	500	27.13	500	26.13
Units of face value of ` 5,00,000 each
D Housing Development Finance Corporation Limited #	250	29.23	250	28.38
Units of face value of ` 10,00,000 each
E Housing Development Finance Corporation Limited ##	250	25.31	250	25.35
Units of face value of ` 10,00,000 each
F LIC Housing Finance Limited #	1,300	147.87	1,350	149.50
Units of face value of ` 10,00,000 each
Sub-Total		258.72		282.19
Total		3,402.35		1,396.95

^ Investment in joint venture is measured as per equity method in accordance with Ind AS 28 'Investments in Associates and Joint Ventures'

All these investments (being strategic in nature) are measured at fair value through other comprehensive income ('FVTOCI').

These are measured at amortised cost

USD - United States Dollar

Notes:

Particulars	31 March, 2021	31 March, 2020
a. Aggregate amount of quoted investments - at cost	2,994.73	943.75
b. Aggregate amount of quoted investments - at market value	3,024.07	985.47
c. Aggregate amount of unquoted investments - at cost	387.90	421.57
d. Aggregate amount of impairment in value of investments	-	-

9. Non-current loans

(Unsecured)

Particulars	31 March, 2021	31 March, 2020
Deposits with government authorities	0.01	0.01
Security deposits
Considered good	22.47	24.63
Total	22.48	24.64

10. Others non-current financial assets

Bank deposit with more than 12 months maturity # *	88.65	528.48
Total	88.65	528.48
# Includes deposits pledged as security with electricity/water department/ government authorities	2.73	0.55
* Includes interest accrued but not due	5.69	17.61

11. Non-current tax assets (net)

Advance income taxes (net)	4.29	1.09
Total	4.29	1.09

12. Other non-current assets

(Unsecured, considered good unless otherwise stated)

Capital advances	62.74	21.00
Advances other than capital advances
Amalgamation adjustment account	18.07	18.07
Balance with government authorities
Considered good	53.17	49.99
Considered doubtful	0.03	5.00
Sub-Total	134.01	94.06
Less: Allowance for impairment	(0.03)	(5.00)
Total	133.98	89.06

13. Inventories ^*

(Valued at lower of cost or net realisable value)

Total	1,734.28	1,379.57
Stores and spares	2.52	2.06
Stock-in-trade (aquired for trading)-in-transit	12.55	8.17
Stock-in-trade (aquired for trading)	296.83	217.97
Finished goods	501.16	408.53
Work-in-progress	141.35	110.02
Packing materials	244.43	214.59
Raw materials	535.44	418.21

^ Inventories have been hypothecated with banks against term loan and working capital loan, refer note 24 and 28 for details.

* Write-downs of inventories to net realisable value on account of slow moving and obsolete items amounted to 17.01 crores (31 March, 2020 : 33.12 crores). Further, reversal of write-downs of inventories to net realisable value on account of slow moving and obsolete items amounted to 9.61 crores (31 March, 2020 : 5.65 crores). These were recognized as an expense/reversal of expense respectively during the year and were included in 'changes in inventories of finished goods, stock-in-trade and work-in-progress' in Consolidated Statement of Profit and Loss.

14. Current investments

Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
I Other than trade
a) Mutual funds (quoted) (fully paid) ^
A Nippon India Liquid Fund - Direct Growth Plan	1,07,360	54.03	96,118	46.62
Units of face value of ` 1,000 each
B UTI Liquid Cash - Direct Growth Plan	89,642	30.21	1,89,894	61.74
Units of face value of ` 1,000 each
C DSP Liquidity Fund - Direct Growth Plan	2,54,662	74.90	2,65,820	75.51
Units of face value of ` 1,000 each
D IDFC Cash Fund - Direct Growth Plan	-	-	2,89,103	69.44
Units of face value of ` 1,000 each
E SBI Premier Liquid Fund - Direct Growth Plan	-	-	2,39,938	74.60
Units of face value of ` 1,000 each
F Kotak Liquid Fund - Direct Growth Plan	-	-	48,238	19.37
Units of face value of ` 1,000 each
G Axis Liquid Fund - Direct Growth Plan	2,65,122	60.57	3,39,355	74.81
Units of face value of ` 1,000 each
H HDFC Liquid Fund - Direct Growth Plan	-	-	1,40,671	54.95
Units of face value of ` 1,000 each
I HDFC Overnight Fund - Direct Growth Plan	-	-	72,357	21.48
Units of face value of ` 1,000 each
J L&T Liquid Fund - Direct Growth Plan	3,43,720	96.89	2,76,338	75.21
Units of face value of ` 1,000 each
K Tata Liquid Fund - Direct Growth Plan	2,69,826	87.63	-	-
Units of face value of ` 1,000 each
Sub-Total		404.23		573.73
b) Investments in government or trust securities (quoted) (fully paid) #
A 8.92% Karnataka State Development Loan 2022	20,00,000	20.98	-	-
Units of face value of ` 100 each
Sub-Total		20.98		-
c) Investments in debentures or bonds
i) Bonds (quoted)(fully paid) ##
A Food Corporation of India	250	25.93		-
Units of face value of ` 10,00,000 each
Sub-Total		25.93		-
ii) Bonds (unquoted) (fully paid) ##
A 3.25% State Bank of India	3,50,500	258.27		-
Units of face value of USD 100 each
Sub-Total		258.27		-

Particulars	No. of units 31 March, 2021	Amount 31 March, 2021	No. of units 31 March, 2020	Amount 31 March, 2020
iii) Non-convertible debentures (quoted) (fully paid) ##
A Bajaj Finance Limited	-	-	2,350	246.77
Units of face value of ` 10,00,000 each
B CanFin Homes Limited	-	-	50	5.13
Units of face value of ` 10,00,000 each
C Dewan Housing Finance Corporation Limited	2,50,000	-	2,50,000	-
Units of face value of `1,000 each (31 March, 2021:<br>` 25.37 crores impaired; 31 March, 2020: ` 25.37 crores impaired)
D Reliance Home Finance Limited	1,000	-	1,000	-
Units of face value of `5,00,000 each (31 March, 2021:<br>` 50.00 crores impaired; 31 March, 2020: ` 50.00 crores impaired)
E HDB Financial Services Limited	-	-	1,000	104.59
Units of face value of ` 10,00,000 each
F Housing Development Finance Corporation Limited	-	-	175	184.38
Units of face value of ` 1,00,00,000 each
G Housing Development Finance Corporation Limited	-	-	1,000	53.83
Units of face value of ` 5,00,000 each
H Aditya Birla Finance Limited	-	-	150	15.74
Units of face value of ` 10,00,000 each
I Kotak Mahindra Prime Limited	-	-	250	25.87
Units of face value of ` 10,00,000 each
J Reliance Industries Limited	-	-	250	25.85
Units of face value of ` 10,00,000 each
K Shriram Transport Finance Company Limited	-	-	200	21.16
Units of face value of ` 10,00,000 each
L LIC Housing Finance Limited	-	-	1,000	105.62
Units of face value of ` 10,00,000 each
M PNB Housing Finance Limited	-	-	200	20.00
Units of face value of ` 10,00,000 each
Sub-Total		-		808.94
e) Investments in fixed deposits with others (unquoted) ##
Dewan Housing Finance Limited		-		-
(31 March, 2021: `25.00 crores impaired; 31 March, 2020:<br>` 25.00 crores impaired)
Sub-Total		-		-
f) Treasury Bills (unquoted) ##		36.60		8.36
Total		746.01		1,391.03

^ These are measured at fair value through profit and loss ('FVTPL')

All these investments (being strategic in nature) are measured at fair value through other comprehensive income ('FVTOCI'). ## These are measured at amortised cost

Notes:

Particulars	31 March, 2021	31 March, 2020
a. Aggregate amount of quoted investments - at cost	527.07	1,417.24
b. Aggregate amount of quoted investments - at market value	451.14	1,382.67
c. Aggregate amount of unquoted investments - at cost	320.19	33.11
d. Aggregate amount of provision for impairment in value of investments	100.37	100.37

15. Trade receivables*

Particulars	31 March, 2021	31 March, 2020
Unsecured, considered good	561.58	813.89
Unsecured, credit impaired	14.66	19.12
Sub-Total	576.24	833.01
Less: Allowance for expected credit loss	(14.66)	(19.12)
Total	561.58	813.89

* Trade receivables have been hypothecated with banks against term loan and working capital loans, refer note 24 and 28 for details. Refer note 53 for related parties details.

16. Cash and cash equivalents

Balances with banks in current accounts	134.77	134.64
Cheques, drafts on hand	7.38	16.19
Cash on hand	0.90	0.83
Term deposit with original maturity less than 3 months #	98.18	12.28
Total	241.23	163.94
# Includes deposits pledged as security with electricity/water department/ government authorities.	0.01	-

17. Bank balances other than cash and cash equivalents

Term deposit with maturity for more than 3 months but less than 12 months # *	1,078.58	637.99
Unpaid dividend account **	9.22	9.44
Total	1,087.80	647.43
# Includes deposits pledged as security with electricity/water department/ government authorities	1.83	5.18
* Includes interest accrued but not due	56.50	26.04

** These balances are exclusive of disputed unpaid dividend and are not available for use by the Group. The corresponding balance is disclosed as unclaimed dividend in note 30.

18. Current loans

(Unsecured, considered good unless otherwise stated)

Security deposits
Considered good	14.46	13.07
Credit impaired	0.18	0.18
Sub-Total	14.64	13.25
Less: Allowance for expected credit loss	(0.18)	(0.18)
Total	14.46	13.07

19. Other current financial assets

Deposit with others	-	-
Other receivables	2.95	2.62
Total	2.95	2.62

20. Current tax assets (net)

Advance income taxes (net)	0.24	0.88
Total	0.24	0.88

21. Other current assets

(Unsecured, considered good unless otherwise stated)

Particulars	31 March, 2021	31 March, 2020
Advances to suppliers
Considered good	103.50	90.26
Considered doubtful	1.27	1.27
Sub-Total	104.77	91.53
Less: Allowance for impairment	(1.27)	(1.27)
Sub-Total	103.50	90.26
Prepaid expenses	14.70	13.45
Advance to employees	19.78	23.30
Balance with statutory / government authorities	247.79	340.01
Other advances	1.35	0.54
Sub-Total	283.62	377.30
Total	387.12	467.56

22. Equity share capital

Authorised
2,07,00,00,000 (31 March, 2020: 2,07,00,00,000) equity shares of ` 1.00 each	207.00	207.00
Issued, subscribed and fully paid up
1,76,74,25,349 (31 March, 2021: 1,76,70,63,892) equity shares of ` 1.00 each	176.74	176.71

a. Reconciliation of equity shares outstanding at the beginning and at the end of the year:

Particulars	31 March, 2021		31 March, 2020
	Number of shares	Amount	Number of shares	Amount
Balance as at the beginning of the year	1,76,70,63,892	176.71	1,76,62,91,141	176.63
Add: Shares issued on exercise of employee stock option plan (ESOP)	3,61,457	0.03	7,72,751	0.08
Balance as at the end of the year	1,76,74,25,349	176.74	1,76,70,63,892	176.71

b. Rights, preference and restrictions attached to equity shares:

The Holding Company has only one class of equity shares having a par value of ` 1.00 per share. Each shareholder is entitled for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation of the Holding Company, the equity shareholders are entitled to receive the remaining assets of the Holding Company, after distribution of all preferential amounts, in proportion of their shareholding.

c. List of shareholders holding more than 5% of the equity share capital of the Holding Company at the beginning and at the end of the year: #

Particulars	31 March, 2021		31 March, 2020
	No. of equity shares	% of shareholding	No. of equity shares	% of shareholding
Chowdry Associates	21,79,41,800	12.33%	21,79,41,800	12.33%
VIC Enterprises Private Limited	21,77,64,000	12.32%	21,77,34,000	12.32%
Gyan Enterprises Private Limited	20,22,37,980	11.44%	20,22,37,980	11.44%
Puran Associates Private Limited	18,92,12,000	10.71%	18,92,12,000	10.71%
Ratna Commercial Enterprises Private Limited	15,78,40,429	8.93%	15,77,00,429	8.92%
Milky Investment and Trading Company	10,61,47,503	6.01%	10,61,47,503	6.01%

As per the records of the Holding Company including its register of member.

d. Aggregate number of shares issued for consideration other than cash and shares bought back during the period of five years immediately preceding the year end:
(i) Shares allotted as fully paid pursuant to contract(s) without payment being received in cash during the financial year 2016-17 to 2020-21:

Nil (during FY 2015-16 to 2019-20: Nil ) equity shares of ` 1.00 each allotted without payment being received in cash.

(ii) Shares issued in aggregate number and class of shares allotted by way of bonus shares:

The Holding Company has issued total 8,75,000 equity shares (during FY 2015-16 to 2019-20: 18,75,000 equity shares) during the period of five years immediately preceding 31 March, 2021 as fully paid up bonus shares including shares issued under ESOP scheme for which entire consideration not received in cash.

(iii)Shares bought back during the financial year 2016-17 to 2020-21:

Nil (during FY 2015-16 to 2019-20: Nil ) equity shares of ` 1.00 each bought back pursuant to Section 68, 69 and 70 of the Companies Act, 2013.

(iv)Shares issued under employee stock option plan (ESOP) during the financial year 2016-17 to 2020-21:

The Holding Company has issued total 74,09,179 equity shares of ` 1.00 each (during FY 2015-16 to 2019-20: 86,76,902 equity shares) during the period of five years immediately preceding 31 March, 2021 on exercise of options granted under the employee stock option plan (ESOP).

(v) Shares reserved for issue under options:

For details of shares reserved for issue under the employee stock option plan (ESOP) of the Holding Company, refer note 57. These options are granted to the employees subject to cancellation under circumstance of his cessation of employment with the Group on or before the vesting date.

23. Other equity

Particulars	31 March, 2021	31 March, 2020
Reserves and surplus
Capital reserve	26.92	26.92
Securities premium	365.00	352.21
Statutory reserve	14.66	14.66
Special fund	3.14	3.14
Employee housing reserve	17.97	17.97
Share option outstanding account	123.78	93.27
General reserve	513.43	513.43
Retained earnings	6,586.44	5,481.03
Other comprehensive income
Foreign currency translation difference	(167.25)	(96.89)
Debt instruments through OCI	2.70	23.30
Total	7,486.79	6,429.04

Description of nature and purpose of each reserve

Capital reserve

Capital reserve represents the difference between value of the net assets transferred to the Group in the course of business combinations and the consideration paid for such combinations.

Securities premium

Securities premium is used to record the premium on issue of shares, which will be utilised in accordance with provisions of the Act.

Statutory reserve and special fund

This represents the statutory reserves required under Turkish Commercial Law and respective subsidiary's corporation charter. These reserves have been transferred from subsidiaries in Turkey at the point of their acquisition by the Group.

Employee housing reserve

This reserve pertains to Dabur Nepal Private Limited, a wholly owned subsidiary of the Holding Company and is created by way of appropriation of retained earnings for building residential quarters for workers as required under labour laws of Nepal and the reserve is not distributable.

Share option outstanding account

The reserve is used to recognize the grant date fair value of options issued to employees under employee stock option schemes and is adjusted on exercise/ forfeiture of options.

General reserve

General reserve is created from time to time by way of transfer of profits from retained earnings for appropriation purposes. General reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income.

Retained earnings

Retained earnings are created from the profit / loss of the Group, as adjusted for distributions to owners, transfers to other reserves, etc.

Foreign currency translation reserve

Exchange differences relating to the translation of the results and net assets of the Group's foreign operations from their functional currencies to the Group's presentation currency (i.e. `) are recognised directly in the other comprehensive income and accumulated in foreign currency translation reserve. Exchange difference previously accumulated in the foreign currency translation reserve are reclassified to Consolidated Statement of Profit and Loss on the disposal of the foreign operation.

Debt instruments through other comprehensive income

24. Non-current borrowing

Particulars	31 March, 2021	31 March, 2020
Secured
Term loans from banks * #	1.31	-
Unsecured
Long-term maturities of lease liabilities (refer note 49)	132.82	162.89
Total	134.13	162.89

* There is no default in repayment of principal borrowing or interest thereon.

No guarantee bond has been furnished against borrowing.

24.1 Repayment terms and security disclosure for the outstanding non-current borrowings (including current maturities) as at 31 March, 2021:

Secured borrowings facility from banks:

Repayable after 30 months from the date of drawdown, i.e. 24 June, 2020 bearing interest rate of 3% per annum, secured by way of hypothecation of inventories and book debts of the subsidiary company to the extent of 125% of the facility outstanding.

25. Other non-current financial liabilities

Particulars	31 March, 2021	31 March, 2020
Security deposit	1.25	4.15
Unearned rental income	0.12	0.51
Total	1.37	4.66

26. Non-current provisions

Provision for employee benefits
Post-separation benefit of employees	7.72	8.25
Post-separation benefit of Directors (refer note 56)	55.55	54.69
Provision for compensated absences	0.04	-
Total	63.31	62.94

27. Deferred tax assets / (liabilities)

Deferred tax assets / (liabilities) as at 31 March, 2021 *	Assets	Liabilities	Net
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	(130.01)	(13.31)	(143.32)
Fair valuation of financial instruments through OCI	(0.84)	-	(0.84)
Fair valuation of financial instruments through PL	(0.15)	-	(0.15)
Expected credit loss / impairment of financial and non-financial assets	0.44	-	0.44
Lifetime expected credit loss of trade receivables	4.24	-	4.24
Provision for expense allowed for tax purpose on payment basis	37.84	-	37.84
Impairment in value of investments	23.76	-	23.76
Minimum alternate tax credit entitlement	73.65	-	73.65
Re-measurement loss on the defined benefit plans through OCI	9.02	-	9.02
Foreign currency translation difference	-	(0.60)	(0.60)
Total	17.95	(13.91)	4.04

Deferred tax assets / (liabilities) as at 31 March, 2020 *	Assets	Liabilities	Net
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	(121.78)	(16.83)	(138.61)
Fair valuation of financial instruments through OCI	(7.09)	-	(7.09)
Fair valuation of financial instruments through PL	(0.42)	-	(0.42)
Expected credit loss / impairment of financial and non-financial assets	0.44	-	0.44
Lifetime expected credit loss of trade receivables	3.35	-	3.35
Provision for expense allowed for tax purpose on payment basis	32.32	-	32.32
Impairment in value of investments	23.76	-	23.76
Minimum alternate tax credit entitlement	80.00	-	80.00
Re-measurement loss on the defined benefit plans through OCI	11.42		11.42
Foreign currency translation difference	-	(0.60)	(0.60)
Total	22.00	(17.43)	4.57

* Deferred tax liability has not been recognised with respect to unremitted earnings with respect to certain subsidiaries where the Group is in a position to control the timing of distribution of the profits and it is probable that the subsidiary will not distribute the profits in the foreseeable future. The temporary differences associated with respect to unremitted earnings aggregating to 2,930.77 crores (31 March, 2020 : 2,668.51 crores).

27.1 Changes in deferred tax assets / (liabilities) (net)

Particulars	1 April, 2020	Recognised in other comprehensive income	Recognised in Consolidated Statement of Profit and Loss	31 March, 2021
Liabilities
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	138.61	-	4.71	143.32
Fair valuation of financial instruments through OCI	7.09	(6.25)	-	0.84
Fair valuation of financial instruments through PL	0.42	-	(0.27)	0.15
Sub-total	146.12	(6.25)	4.44	144.31
Assets
Expected credit loss / impairment of financial and non-financial assets	0.44	-	-	0.44
Lifetime expected credit loss of trade receivables	3.35	-	0.89	4.24
Provision for expense allowed for tax purpose on payment basis	32.32	-	5.52	37.84
Impairment in value of investments	23.76	-	-	23.76
Re-measurement loss on the defined benefit plans through OCI	11.42	(2.40)	-	9.02
Sub-total	71.29	(2.40)	6.41	75.30
Minimum alternate tax credit entitlement
Recognized	80.00	-	142.14	222.14
Utilised	-	-	-	(148.49)
Sub-total	80.00	-	142.14	73.65
Foreign currency translation difference	0.60	-	-	0.60
Total	4.57	3.85	144.11	4.04

Particulars	1 April, 2019	Recognised in other comprehensive income	Recognised in Consolidated Statement of Profit and Loss	31 March, 2020
Liabilities
Property, plant and equipment, investment property and other intangible assets - depreciation and amortisation	125.77	-	12.84	138.61
Fair valuation of financial instruments through OCI	-	7.09	-	7.09
Fair valuation of financial instruments through PL	0.03	-	0.39	0.42
Sub-total	125.80	7.09	13.23	146.12
Assets
Expected credit loss / impairment of financial and non-financial assets	0.44	-	-	0.44
Lifetime expected credit loss of trade receivables	2.97	-	0.38	3.35
Provision for expense allowed for tax purpose on payment basis	17.45	-	14.87	32.32
Impairment in value of investments	0.69	-	23.07	23.76
Fair valuation of financial instruments through PL	-	-	-	-
Fair valuation of financial instruments through OCI	1.06	(1.06)	-	-
Re-measurement loss on the defined benefit plans through OCI	-	11.42	-	11.42
Sub-total	22.61	10.36	38.32	71.29
Minimum alternate tax credit entitlement
Recognized	80.00	-	160.61	240.61
Utilised	-	-	-	(160.61)
Sub-total	80.00	-	160.61	80.00
Foreign currency translation difference	(0.05)	-	-	0.60
Total	(23.14)	3.27	185.70	4.57

27.2 Unused tax losses and credits

- Unused tax losses and unabsorbed depreciation:

The Group has the following unused tax losses and unabsorbed depreciation which arose on incurrence of business losses under the Income Tax Act, 1961, for which no deferred tax asset has been recognised in the books of accounts considering the Group believes that there is no probability which demonstrates realisation of such assets in the near future:

Particulars	31 March, 2021	31 March, 2020
Unused tax losses for which no deferred tax asset has been recognised	315.70	309.75
Potential tax benefit
Tax benefit @ 21% (31 March, 2020 : 21% )	56.38	56.42
Tax benefit @ 28% (31 March, 2020 : 28% )	3.05	3.19
Tax benefit @ 27.82% (31 March, 2020 : 27.82% )	10.11	8.27

Financial year of origination	Financial year of expiry	31 March, 2021	31 March, 2020
31 March, 2013	31 March, 2021	-	5.43
31 March, 2014	31 March, 2022	2.05	2.05
31 March, 2014	31 March, 2024	0.94	1.21
31 March, 2014	31 March, 2034	1.70	1.76
31 March, 2015	31 March, 2024	1.29	1.51
31 March, 2015	31 March, 2035	57.32	59.24
31 March, 2016	31 March, 2024	1.64	1.77
31 March, 2016	31 March, 2036	57.58	59.50
31 March, 2017	31 March, 2024	1.84	1.99
31 March, 2017	31 March, 2037	58.17	60.11
31 March, 2018	31 March, 2024	1.66	1.80
31 March, 2018	31 March, 2038	57.48	59.39
31 March, 2019	31 March, 2039	5.21	5.38
31 March, 2019	31 March, 2024	2.70	2.92
31 March, 2020	31 March, 2040	25.53	23.26
31 March, 2020	31 March, 2028	5.85	5.57
31 March, 2020	31 March, 2025	0.33	0.19
31 March, 2021	31 March, 2029	9.53	-
31 March, 2021	31 March, 2041	5.48	-
31 March, 2021	31 March, 2026	0.50	-
Total		296.80	293.08

a. Unused business losses that can be carried forward based on the year of origination as follows:

b. Unused business losses and unabsorbed depreciation that can be carried forward indefintely are as follows:

Financial year of origination	Financial year of expiry	31 March, 2021	31 March, 2020
31 March, 2007 – 31 March, 2021	Not applicable	18.90	16.67

- Unused tax credits:

There are unused minimum alternate tax credits as mentioned below which have not been recognized as an asset in the books of accounts in the absence of convincing evidence of utilization during the specified allowable period against the future taxable profits to be computed as per the normal provisions of the Income Tax Act, 1961:

Financial year of origination	Financial year of expiry	31 March, 2021	31 March, 2020
31 March, 2012	31 March, 2027	-	28.09
31 March, 2013	31 March, 2028	-	33.50
31 March, 2014	31 March, 2029	17.17	97.71
31 March, 2015	31 March, 2030	36.16	36.16
31 March, 2016	31 March, 2031	0.82	0.82
31 March, 2018	31 March, 2033	0.46	0.46
31 March, 2019	31 March, 2034	0.66	0.66
Total		55.27	197.40

* The same is as per the income tax return filed by the Holding Company and its subsidiary for the assesment year 2020-21.

**28. Current borrowings *#**

	Particulars	31 March, 2021	31 March, 2020
i)	Cash credits
	Secured, from bank (refer note 28.1 and 28.2)	36.73	56.73
ii)	Packing credit loan
	Unsecured, from bank (refer note 28.1 and 28.2)	27.00	10.00
iii)	Bank overdrafts
	Unsecured, from bank, repayable on demand	15.72	15.47
iv)	Working capital demand loan
	Secured, from bank (refer note 28.1)	1.13	-
v)	Other working capital loan
	Unsecured, from bank, repayable on demand	149.09	167.38
vi)	Term loan
	Secured, from bank (refer note 28.1 and 28.2)	22.00	54.66
	vii) Term loan
	Unsecured, from bank (refer note 28.1)	97.47	-
Total		349.14	304.24

* There is no default in repayment of principal borrowing or interest thereon.

No guarantee bond has been furnished against any borrowing.

28.1 Repayment terms and security disclosure for the outstanding current borrowings from banks as at 31 March, 2021:

Cash credit facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Group.

Packing credit facility:

Repayable after 6 months from the date of drawdown by the Holding Company.

Working capital demand loan facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Holding Company.

Term loan facility (secured):

Repayable in 12 months from the date of drawdown by the Holding Company and secured by way of charge over specific movable fixed assets located at Baddi Greenfield unit to the extent of the amount outstanding.

Term loan facility (unsecured):

Repayable in 12 months from the date of drawdown by the Holding Company.

28.2 Repayment terms and security disclosure for the outstanding current borrowings from banks as at 31 March, 2020:

Cash credit facility:

Repayable on demand and secured by way of first pari-passu charge / hypothecation over the current assets both present and future including inventories and book receivables, owned by the Group.

Packing credit facility:

Repayable after 3 months from the date of drawdown by the Holding Company.

Term Loan facility:

28.3 Rate of interest: The Group's current borrowings facilities have an effective weighted-average contractual rate of 3.86 % per annum (31 March, 2020 : 4.19 % per annum) calculated using the interest rates effective for the respective borrowings as at reporting dates.

29. Trade payables*

Particulars	31 March, 2021	31 March, 2020
Due to micro and small enterprises	117.87	44.74
Due to others	1,797.39	1,437.41
Total	1,915.26	1,482.15

* includes acceptances / arrangements where operational suppliers of goods and services are initially paid by banks while the Group continues to recognise the liability till settlement with the banks.

# Disclosure under the Micro, Small and Medium Enterprises Development Act, 2006 ("MSMED Act, 2006") as at March 31, 2021 and March 31, 2020:

Particulars	As at 31 March, 2021	As at 31 March, 2020
i) the principal amount and the interest due thereon remaining unpaid to any supplier as at the end of each accounting year;	117.87	44.74
ii) the amount of interest paid by the buyer in terms of Section 16, along with the amounts of the payment made to the supplier beyond the appointed day during each accounting year;	-	-
iii) the amount of interest due and payable for the period of delay in making payment (which have been paid but beyond the appointed day during the year) but without adding the interest specified under this Act;	-	-
iv) the amount of interest accrued and remaining unpaid at the end of each accounting year; and	-	-
v) the amount of further interest remaining due and payable even in the succeeding years, until such date when the interest dues as above are actually paid to the small enterprise, for the purpose of disallowance as a deductible expenditure under Section 23.	-	-

The information has been given in respect of such vendors to the extent they could be identified as "Micro, Small and Medium Enterprises" on the basis of information available with the Group.

30. Other current financial liabilities

Current maturity of long-term borrowings (refer note 7A) *	-	25.00
Current maturity of lease liabilities (refer note 49)	25.79	29.86
Interest accrued on borrowings	0.94	0.75
Security deposits	4.03	3.11
Unpaid dividends #	9.22	9.44
Creditors for capital goods	22.48	18.87
Employee dues payable	150.03	102.07
Unearned rental income	0.17	0.04
Book overdrafts	6.12	-
Other payables	20.15	36.38
Total	238.93	225.52

Not due for deposits to the Investor Education and Protection Fund (refer note 17)

* Facility of ` 25.00 crores, bearing interest rate of 6.10 % per annum having balance amount repayable by way of bullet payment after 37 months from the date of disbursal, i.e., 16 March, 2017. The loan is secured by way of equitable mortgage over movable and immovable assets at Baddi, Himachal Pradesh and Pantnagar, Uttarakhand, owned by the Holding Company.

31. Other current liabilities

Particulars	31 March, 2021	31 March, 2020
Advances from customers	42.52	30.19
Statutory dues payable	108.46	201.04
Others	7.46	8.55
Total	158.44	239.78

32. Current provisions

Total	187.84	165.54
Other provisions (refer note 48)	4.45	3.83
Provision for disputed liabilities (refer note 48)	94.43	82.08
Others
Provision for PF Trust	35.64	35.64
Provision for bonus	12.50	12.61
Provision for gratuity (refer note 56)	24.72	18.18
Provision for compensated absences	15.42	12.52
Provision for post-separation benefits of Directors (refer note 56)	0.68	0.68
Provision for employee benefits

33. Current tax liabilities (net)

Provision for income tax (net)	84.58	46.65
Total	84.58	46.65

34. Revenue from operations

Operating revenue
Sale of products	9,507.81	8,622.87
Other operating revenues
Budgetary support subsidy #	30.41	49.75
Export subsidy	4.75	7.88
Scrap sale	16.33	16.91
Miscellaneous	2.35	6.18
Sub-Total	53.84	80.72
Total	9,561.65	8,703.59

Represents the amount of budgetary support provided by the Government of India for the existing eligible manufacturing units operating under different industrial promotion tax exemption schemes, pursuant to the notification no: F.No. 10(1)/2017-DBA-II/NER issued by the Ministry of Commerce and Industry dated 05 October, 2017. These amounts have been recorded and disclosed in accordance with the Ind AS 20 'Government Grants'.

Disclosures on revenue pursuant to Ind AS 115 - Revenue from contracts with customers

A Reconciliation of revenue from sale of products with the contracted price

Particulars	31 March, 2021	31 March, 2020
Contracted price	10,541.95	9,592.95
Less: Trade discounts, volume rebates etc.	(1,034.14)	(970.08)
Sale of products	9,507.81	8,622.87

B Disaggregation of revenue

Revenue from contracts with customers
(i) Revenue from operations @
(a) Consumer care business	8,373.82	7,333.68
(b) Food business	983.47	1,079.33
(c) Retail business	56.09	119.51
(d) Other segments	94.43	90.35
Operating revenue	9,507.81	8,622.87
(ii)Other operating income (scrap sales)	16.33	16.91
Total revenue covered under Ind AS 115	9,524.14	8,639.78

@ The Group has disaggregated the revenue from contracts with customers on the basis of nature of products into consumer care business, food business, retail business and other segments (refer note 51). The Group believes that the disaggregation of revenue on the basis of nature of products have no impact on the nature, amount, timing and uncertainity of revenue and cash flows.

C Contract balances

The following table provides information about receivables and contract liabilities from contract with customers:

Contract liabilities
Advance from consumers	42.52	30.19
Total	42.52	30.19
Receivables
Trade receivables	576.24	833.01
Less: Allowances for expected credit loss	(14.66)	(19.12)
Net receivables	561.58	813.89

Contract asset is the right to consideration in exchange for goods or services transferred to the customer. Contract liability is the Group's obligation to transfer goods or services to a customer for which the Group has received consideration from the customer in advance.

D Significant changes in the contract liabilities balances during the year

Opening balance	30.19	27.55
Addition during the year	42.52	30.19
Revenue recognised during the year	30.19	27.55
Closing balance	42.52	30.19

35. Other income

Particulars	31 March, 2021	31 March, 2020
Interest income
Investment in debt instruments measured at FVTOCI	137.94	75.66
Other financial assets carried at amortised cost	122.84	165.54
Dividend income	0.00	-
Other gains
Gain on sale of financial assets measured at FVTPL	15.82	16.90
Gain on sale of financial assets measured at amortised cost	0.42	1.87
Gain on sale of financial assets measured at FVTOCI	12.26	6.90
Net gain arising on financial assets measured at FVTPL	-	1.13
Net gain on sale of property, plant and equipment	0.55	0.09
Net gain on foreign currency transaction and translation	2.10	4.43
Other non-operating income
Rent income	8.31	9.98
Miscellaneous	25.05	22.79
Total	325.29	305.29

36. Cost of materials consumed *

Raw material
Opening stock	418.21	415.07
Add: Purchases	2,883.95	2,467.01
Less: Closing stock	535.44	418.21
Sub-Total	2,766.72	2,463.87
Packing material
Opening stock	214.59	203.99
Add: Purchases	1,261.70	1,278.44
Less: Closing stock	244.43	214.59
Sub-Total	1,231.86	1,267.84
Total	3,998.58	3,731.71

* Includes research and development expenditure (refer note 41.1).

37. Changes in inventories of finished goods, stock-in-trade and work-in-progress

Opening inventories
(i) Finished goods	408.53	322.07
(ii) Work-in-progress	110.02	116.52
(iii) Stock-in-trade (acquired for trading) *	226.14	241.05
Closing inventories
(i) Finished goods	501.16	408.53
(ii) Work-in-progress	141.35	110.02
(iii) Stock-in-trade (acquired for trading) *	309.38	226.14
Total	(207.20)	(65.04)

* includes stock-in-trade (acquired for trading)-in-transit

38. Employee benefits expense *

Particulars	31 March, 2021	31 March, 2020
Salary and wages	892.85	803.96
Contribution to provident and other funds (refer note 56)	65.41	63.29
Staff welfare expenses	31.90	35.23
Share based payment expenses	43.30	45.26
Total	1,033.46	947.74

* Includes research and development expenditure (refer note 41.1).

39. Finance cost

Interest expenses	24.05	41.12
Exchange differences regarded as an adjustment to borrowing cost	-	1.40
Other borrowing cost	6.76	7.02
Total	30.81	49.54

40. Depreciation and amortisation expense *

Depreciation on property, plant and equipment - owned assets (refer note 7A)	196.24	172.81
Depreciation on property, plant and equipment - leased assets (refer note 7A)	34.18	37.44
Depreciation on investment property (refer note 7C)	1.10	1.09
Amortisation of intangible assets (refer note 7E)	8.61	9.11
Total	240.13	220.45

* Includes research and development expenditure (refer note 41.1).

41. Other expenses *

Power and fuel	104.01	107.12
Consumption of stores, spares and consumables	32.89	32.73
Repair and maintenance
Building	4.59	4.78
Machinery	20.41	20.23
Others	29.20	34.22
Processing charges	28.39	28.18
Rates and taxes	22.31	12.44
Rent (refer note 49)	42.83	47.60
Freight and forwarding	241.97	216.39
Commission to carrying and forwarding agents	39.88	37.90
Travel and conveyance	50.10	80.80
Legal and professional	78.60	60.29
Security	15.56	16.03
Insurance	28.80	25.01
Communication	12.32	11.40
Directors' sitting fees	0.74	0.74

Particulars	31 March, 2021	31 March, 2020
Commission to Non Executive Directors	0.70	0.68
Donations and charity	42.70	43.82
Expected credit loss / impairment of financial and non-financial assets	5.94	8.60
Loss on disposal / impairment of property, plant and equipment (net)	0.92	4.08
Provision for disputed liabilities	13.50	4.50
Net loss arising on financial assets measured at FVTPL	0.76	-
Information technology	19.05	20.63
Distributor and retailer network	52.49	46.12
Miscellaneous	63.53	88.99
Total	952.19	953.28

* Includes research and development expenditure (refer note 41.1)

41.1 Research and development expenditure

Raw material consumed (refer note 36)	1.86	1.39
Employee benefits expense (refer note 38)	18.23	17.43
Depreciation and amortization (refer note 40)	3.32	3.07
Other expenses (refer note 41)
Consumption of stores, spares and consumables	0.00	0.44
Power and fuel	1.56	1.87
Repair and maintenance	2.38	2.41
Freight and forwarding	0.00	0.01
Rent	0.31	0.16
Rates and taxes	5.76	1.39
Travel and conveyance	0.30	0.78
Legal and professional	1.54	1.43
Communication	0.36	0.34
Security	0.47	0.47
Miscellaneous	6.60	7.80
Total	42.69	38.99

42. The exceptional item for the year ended 31 March, 2020 represents provision for impairment in the value of treasury investment due to rating downgrade and default in repayment (refer note 14).

43. Taxation

The key components of income tax expense for the year ended 31 March, 2021 and 31 March, 2020 are:

A Statement of Profit and Loss:

(i) Profit and Loss section
a) Current tax
In respect of current year	511.54	461.57
Adjustments for current tax of prior periods	(6.36)	3.85
Total	505.18	465.42

Particulars	31 March, 2021	31 March, 2020
b) Deferred tax
In respect of current year	(144.11)	(185.70)
Income tax expense reported in the Consolidated Statement of Profit and Loss	361.07	279.72
(ii)Other Comprehensive Income (OCI) section
Income tax related to items recognised in OCI during the year:
a) Re-measurement gain / (loss) on defined benefit plans	2.40	(10.39)
b) Net fair value (loss) / gain on investment in debt instruments through OCI	(6.25)	8.15
Income tax charged to OCI	(3.85)	(2.24)
Total	357.22	277.48

B Reconciliation of tax expense between accounting profit at applicable tax rate and effective tax rate:

Accounting profit before tax	2,056.02	1,727.64
Statutory income tax rate	34.94%	34.94%
Tax expense at statutory income tax rate	718.46	603.71
Tax effect of amounts which are not deductible (taxable) in calculating taxable income:
Minimum Alternate Tax (MAT) credit recognized	(142.14)	(160.61)
Tax impact of expenses which will never be allowed	11.88	11.35
Tax benefits for expenses incurred for inhouse research and development	(0.39)	(2.79)
Tax impact in relation to entities exempted from tax and utilisation of brought forward losses in respect to wholly owned subsidiaries of the Holding Company	(49.16)	(50.67)
Tax impact of exempted income	(148.35)	(109.29)
Adjustments for current tax of prior periods	(6.36)	3.67
Differential tax rate impact	(21.98)	(20.73)
Others	(0.89)	5.08
Income tax expense at effective tax rate reported in the Consolidated Statement of Profit and Loss	361.07	279.72

During the year ended 31 March, 2020, the Holding Company had paid dividend to its shareholders. This has resulted in payment of dividend distribution tax to the taxation authorities. The Holding Company believes that dividend distribution tax represents additional payment to taxation authority on behalf of the shareholders. Hence, dividend distribution tax paid is charged to equity. (refer note 46)

44. Other comprehensive income (OCI)

A Items that will not be reclassified to profit or loss
Re-measurements gain / (loss) on defined benefit plans	6.60	(28.83)
Income tax relating to items that will not be reclassified to profit or loss	(2.40)	10.39
Sub-Total	4.20	(18.44)
B Items that will be reclassified to profit or loss
(i) Net fair value (loss) / gain on investment in debt instruments through OCI	(26.85)	35.00
Income tax relating to items that will be reclassified to profit or loss	6.25	(8.15)
(ii) Exchange difference arising on translation of foreign operations	(71.81)	95.29
Sub-Total	(92.41)	122.14
Total	(88.21)	103.70

45. Earning per share

Particulars	31 March, 2021	31 March, 2020
Net profit attributable to equity shareholders
Net profit for the year	1,693.30	1,444.96
Nominal value per equity share (L)	1.00	1.00
Total number of equity shares outstanding at the beginning of the year	1,76,70,63,892	1,76,62,91,141
Total number of equity shares outstanding at the end of the year	1,76,74,25,349	1,76,70,63,892
Weighted average number of equity shares for calculating basic earning per share	1,76,73,46,957	1,76,69,35,235
Basic earning per share (L)	9.58	8.18
Weighted average number of equity shares for calculating basic earning per share	1,76,73,46,957	1,76,69,35,235
Add: Weighted average number of potential equity shares on account of employee stock options	48,94,721	55,52,693
Weighted average number of equity shares for calculating diluted earning per share	1,77,22,41,678	1,77,24,87,928
Diluted earning per share (L)	9.55	8.15

46. Dividend

Proposed Dividend
Proposed final dividend for the financial year 2020-21 [ `3.00 per equity share<br>of` 1.00 each] ^	530.23	-
Proposed final dividend for the financial year 2019-20 [ `1.60 per equity share<br>of` 1.00 each] #	-	282.74
Total	530.23	282.74
Paid Dividend
Final dividend for the financial year 2019-20 [ `1.60 per equity share of` 1.00 each]	282.79	-
Interim dividend for the financial year 2020-21 [ `1.75 per equity share of` 1.00 each]	309.30	-
Final dividend for the financial year 2018-19 [ 1.50 per equity share of ` 1.00 each]	-	265.06
Dividend distribution tax on final dividend	-	54.48
Interim dividend for the financial year 2019-20 [ `1.40 per equity share of` 1.00 each]	-	247.39
Dividend distribution tax on interim dividend	-	50.85
Total	592.09	617.78

^ The Board of Directors at its meeting held on 07 May, 2021 have recommended a payment of final dividend of 3.00 per equity share with face value of 1.00 each for the financial year ended 31 March, 2021, which amounts to ` 530.23 crores. The above is subject to approval at the ensuing Annual General Meeting of the Holding Company and hence is not recognised as a liability.

Paid to shareholders during the financial year 2020-21.

47. Contingent liabilities and commitments

A Contingent liabilities

Particulars	31 March, 2021	31 March, 2020
Guarantees issued on behalf of third parties	-	2.30
Claims against the group not acknowledged as debt #
Claims by employees	1.00	1.33
Excise duty / service tax matters / stamp duty matters (refer note 48)	68.34	91.40
Sales tax matters (refer note 48)	103.79	120.01
Income tax matters *	89.73	37.87
Others	20.89	21.02
Total	283.75	273.93

Based on discussions with the solicitors / favourable decisions in similar cases / legal opinions taken by the Group, the management believes that the Group has a good chance of success in above-mentioned cases and hence, no provision is considered necessary.

* In the event of any unfavourable outcome in respect to such litigations, that liability would be settled against unused minimum alternate tax credits which have not been recognized as an asset in the books of accounts as been explained in note 27.2.

Pursuant to judgement by the Hon'ble Supreme Court of India dated 28 February, 2019, it was held that basic wages, for the purpose of provident fund, should include certain allowances which are common for all employees. However, there is uncertainty with respect to the applicability of the judgement and period from which the same applies and accordingly, the Group has not provided for any liability on account of this.

B Commitments

Total	64.02	86.28
Estimated amount of contracts remaining to be executed on capital account and not provided for [net of capital advances of `62.74 crores (31 March, 2020:<br>` 21.00 crores)]	64.02	86.28

48. Disclosure relating to provisions recorded in the Consolidated financial statements pursuant to the Ind AS 37 - Provisions, Contingent Liabilities and Contingent Assets

Particulars		Provision for sales tax / entry tax *		Provision for excise / service tax / stamp duty #		Provision for others		Total
	31 March,	31 March,	31 March,	31 March,	31 March,	31 March,	31 March,	31 March,
Opening balance	2021 32.45	2020 21.97	2021 49.63	2020 55.67	2021 3.83	2020 6.33	2021 85.91	2020 83.97
Additions	7.28	4.50	6.22	-	0.62	-	14.12	4.50
Utilisations/ adjustments ##	(1.12)	5.98	(0.03)	(6.04)	-	(2.50)	(1.15)	(2.56)
Closing balance	38.61	32.45	55.82	49.63	4.45	3.83	98.88	85.91

* Sales tax provisions made towards classification matters and towards rate differences matters at various levels including assessing authority / revisional board / commissioner's level / Appellate Tribunal and at Hon'ble High Courts.

** Entry tax provisions made towards tax difference matters at Orissa and Baddi at various levels including assessing authority / commissioner's level / Appellate Tribunal and at Hon'ble High Courts.

# Excise provisions made towards excise classification matters pending at various levels including Commissioner, Commissioner (Appeal), Appellate Tribunal and Hon'ble High Court. Further, provision made towards stamp duty cases pending at Hon'ble High Court.

The utilisations pertains to cases settled during the year against the Group, accordingly the Group deposited amount against aforementioned provision. Adjustments represents amounts reclassified from 'provision of excise / service tax / stamp duty' to 'provision of sales tax / entry tax'.

Notes:

i) These provisions represent estimates made mainly for probable claims arising out of litigations / disputes pending with authorities under various statutes (Excise duty, Service tax, Sales tax, Entry tax). The probability and the timing of the outflow with regard to these matters depend on the final outcome of the litigations / disputes. Hence, the Group is not able to reasonably ascertain the timing of the outflow.
ii) Discounting obligation has been ignored considering that these disputes relate to Government Authorities.

49. Information on lease transactions pursuant to Ind AS 116 - Leases

A Assets taken on lease

The Group has leases for office building, warehouses, stores and related facilities and cars. With the exception of short-term leases and leases of low-value underlying assets, each lease is reflected on the balance sheet as a rightof-use asset and a lease liability. Variable lease payments which do not depend on an index or a rate are excluded from the initial measurement of the lease liability and right of use assets. The Group currently classifies its right-ofuse assets in a consistent manner in leased buildings under property, plant and equipment.

Each lease generally imposes a restriction that, unless there is a contractual right for the Group to sublease the asset to another party, the right-of-use asset can only be used by the Group. Some leases contain an option to extend the lease for a further term. The Group is prohibited from selling or pledging the underlying leased assets as security. For leases over office buildings, stores and other premises the Group must keep those properties in a good state of repair and return the properties in their original condition at the end of the lease. Further, the Group is required to pay maintenance fees in accordance with the lease contracts.

i) Lease payments not included in measurement of lease liability

The expense relating to payments not included in the measurement of the lease liability is as follows:

Particulars	31 March, 2021	31 March, 2020
Short-term leases	13.20	17.33
Leases of low value assets	3.21	2.20
Variable lease payments	0.01	0.27
Total	16.42	19.80

ii) Total cash outflow for leases for the year ended 31 March, 2021 was 52.80 crores (31 March, 2020 : 56.09 crores)
iii) Maturity of lease liabilities

The lease liabilities are secured by the related underlying assets. Future minimum lease payments are as follows:

Particulars	Lease payments	Interest expense	Net Present Values
Not later than 1 year	35.22	9.43	25.79
Later than 1 year not later than 5 years	104.46	22.54	81.92
Later than 5 years	61.48	10.58	50.90
Total	201.16	42.55	158.61

iv) Information about extension and termination options

Right of use assets	Office premises	Warehouse, stores and related facilities
Number of leases	7	108
Range of remaining term (in years)	1.00 - 8.17	.17 - 15.61
Average remaining lease term (in years)	3.31	6.37
Number of leases with extension option	6	35
Number of leases with purchase option	-	-
Number of leases with termination option	3	105

Notes:

* Lease rent debited to the Consolidated Statement of Profit and Loss is 42.83 crores (31 March, 2020: 47.60 crores) including rent reimbursements of 26.41 crores ( 31 March, 2020: 27.72 crores).

B Assets given on operating lease

The Group has given buildings under non-cancellable operating leases expiring within period not exceeding five years. The leases have varying terms, escalation clauses and renewal rights. On renewal, the terms of the leases are renegotiated. The contractual future minimum lease related receivables in respect of these leases are:

Particulars	31 March, 2021	31 March, 2020
Not later than 1 year	8.49	7.81
Later than 1 year not later than 5 year	20.96	4.15
Later than 5 year	-	-
Total	29.45	11.96

Notes:

Lease rent credited to the Consolidated Statement of Profit and Loss of the current year is 8.31 crores (31 March, 2020 : 9.98 crores)

50. Reconciliation of liabilities arising from financing activities pursuant to Ind AS 7 - Cash flows

The changes in the Group's liabilities arising from financing activities can be classified as follows:

Particulars	Non-current borrowings*	Current borrowings	Equity share capital	Total
Net debt as at 01 April, 2019	201.14	498.23	176.63	876.00
Proceeds from issue of equity share capital	-	-	0.08	0.08
Recognition of lease liability (including current)	216.89	-	-	216.89
Repayment of non current borrowings (including current maturities)	(200.28)	-		- (200.28)
Repayment of current borrowings (net)	-	(193.99)		- (193.99)
Net debt as at 31 March, 2020	217.75	304.24	176.71	698.70
Net debt as at 01 April, 2020	217.75	304.24	176.71	698.70
Proceeds from issue of equity share capital	-	-	0.03	0.03
Reversal of lease liability (including current)	(2.45)	-	-	(2.45)
Repayment of non current borrowings (including current maturities)	(55.38)	-	-	(55.38)
Proceeds from current borrowings (net)	-	44.90	-	44.90
Net debt as at 31 March, 2021	159.92	349.14	176.74	685.80

* including current maturities of long term borrowings

51. Information on segment reporting pursuant to Ind AS 108 - Operating Segments

Operating segments:

Consumer care business	Home care, personal care and health care
Food business	Juices, beverages and culinary
Retail business	Retail stores
Other segments	Guar gum, pharma and others

Identification of segments:

The chief operational decision maker monitors the operating results of its busines segments separately for the purpose of making decisions about resource allocation and performance assessment. Segment performance is evaluated based on profit and loss of the segment and is measured consistently with profit or loss in the financial statements. Operating segments have been identified on the basis of the nature of products.

Segment revenue and results

The expenses and income which are not directly attributable to any business segment are shown as unallocable expenditure (net of unallocable income).

Segment assets and liabilities:

Assets used by the operating segment mainly consist of property, plant and equipment, trade receivables, cash and cash equivalents and inventories. Segment liabilities include trade payables and other liabilities. Common assets and liabilties which cannot be allocated to any of the segments are shown as a part of unallocable assets / liabilites.

The measurement principles of segments are consistent with those used in preparation of these financial assets. There are no inter-segment transfers.

	Particulars	31 March, 2021	31 March, 2020
1	Segment revenue
	A. Consumer care business	8,402.97	7,381.02
	B. Food business	984.73	1,081.76
	C. Retail business	57.30	124.42
	D. Other segments	94.43	90.35
	E. Unallocated other operating revenue	22.22	26.04
	Revenue from operations	9,561.65	8,703.59
2	Segment results
	A. Consumer care business	2,066.50	1,801.05
	B. Food business	130.66	139.90
	C. Retail business	(9.94)	(1.90)
	D. Other segments	7.34	4.19
	Sub Total	2,194.56	1,943.24
	Less: Finance costs	30.81	49.54
	Less: Unallocable expenditure net off unallocable income	106.72	66.05
	Profit before share of loss from joint venture and exceptional items	2,057.03	1,827.65
	Share of loss of joint venture	(1.01)	(0.01)
	Profit before exceptional items and tax	2,056.02	1,827.64
	Exceptional items (refer note 42)	-	100.00
	Profit before tax	2,056.02	1,727.64
	Less: Tax expenses	361.07	279.72
	Net profit for the year	1,694.95	1,447.92
3	Segment assets
	A. Consumer care business	4,283.00	3,915.51
	B. Food business	959.41	885.43

Particulars	31 March, 2021	31 March, 2020
C. Retail business	110.40	140.64
D. Other segments	44.22	48.80
E. Unallocated	5,450.10	4,363.63
Total	10,847.13	9,354.01
4. Investment in joint venture
Other segments	11.27	12.28
5. Segment liabilities
A. Consumer care business	1,544.69	1,258.20
B. Food business	352.78	372.59
C. Retail business	107.07	119.73
D. Other segments	20.11	16.35
E. Unallocated	1,122.26	944.93
Total	3,146.91	2,711.80
6. Capital expenditure
A. Consumer care business	188.55	322.32
B. Food business	20.36	61.66
C. Retail business	1.81	99.13
D. Other segments	1.02	0.97
E. Unallocated	66.19	93.01
Total	277.93	577.09
7. Depreciation and amortisation expense
A. Consumer care business	131.92	123.95
B. Food business	43.26	33.75
C. Retail business	17.35	16.56
D. Other segments	0.60	0.90
E. Unallocated	47.00	45.29
Total	240.13	220.45
8 Non-cash expenses other than depreciation
A. Unallocated	43.30	145.26
Total	43.30	145.26

9 Revenue from key customers

The Group is not reliant on revenues from transactions with any single external customer and does not receive 10% or more of its revenues from transactions with any single external customer.

52. Group Information

Consolidated financial statements comprises the financial statements of the Holding Company, its subsidiaries and joint ventures as listed below :

S. No.	Name of entity	Principal place of business	Nature	Proportion of ownership (%) as at 31 March, 2021	Proportion of ownership (%) as at 31 March, 2020
A	Subsidiary companies at any time during the year
1	H & B Stores Limited	India	Domestic wholly owned subsidiary	100.00%	100.00%
2	Dermoviva Skin Essentials INC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
3	Dabur International Limited	Isle Of Man	Foreign wholly owned subsidiary	100.00%	100.00%
4	Naturelle LLC	Emirate of RAS Al Khaimah, United Arab Emirates	Foreign wholly owned subsidiary	100.00%	100.00%
5	Dabur Egypt Limited	Egypt	Foreign wholly owned subsidiary	100.00%	100.00%
6	African Consumer Care Limited	Nigeria	Foreign wholly owned subsidiary	100.00%	100.00%
7	Dabur Nepal Private Limited	Nepal	Foreign subsidiary	97.50%	97.50%
8	Asian Consumer Care Private Limited	Bangladesh	Foreign subsidiary	76.00%	76.00%
9	Asian Consumer Care Pakistan Private Limited **	Pakistan	Foreign wholly owned subsidiary	-	-
10	Hobi Kozmetik	Turkey	Foreign wholly owned subsidiary	100.00%	100.00%
11	RA Pazarlama	Turkey	Foreign wholly owned subsidiary	100.00%	100.00%
12	Dabur Lanka Private Limited	Sri Lanka	Foreign wholly owned subsidiary	100.00%	100.00%
13	Namaste Laboratories LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
14	Urban Laboratories International LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
15	Hair Rejuvenation & Revitalization Nigeria Limited	Nigeria	Foreign wholly owned subsidiary	100.00%	100.00%
16	Healing Hair Laboratories International LLC	United States of America	Foreign wholly owned subsidiary	100.00%	100.00%
17	Dabur (UK) Limited	British Virgin Island, United Kingdom	Foreign wholly owned subsidiary	100.00%	100.00%
18	Dabur Consumer Care Private Limited	Sri Lanka	Foreign wholly owned subsidiary	100.00%	100.00%
19	Dabur Tunisie	Tunisie	Foreign wholly owned subsidiary	100.00%	100.00%
20	Dabur Pakistan Private Limited **	Pakistan	Foreign wholly owned subsidiary	-	-
21	Dabur Pars	Iran	Foreign wholly owned subsidiary	100.00%	100.00%
22	Dabur South Africa (PTY) Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%

S. No.	Name of entity	Principal place of business	Nature	Proportion of ownership (%) as at 31 March, 2021	Proportion of ownership (%) as at 31 March, 2020
23	D and A Cosmetics Proprietary Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%
24	Atlanta Body and Health Products Proprietary Limited	South Africa	Foreign wholly owned subsidiary	100.00%	100.00%
25	Excel Investments FZC **	Sharjah, United Arab Emirates	Foreign wholly owned subsidiary	-	-
26	Herbodynamic India Limited (w.e.f 24 February, 2021) **	India	Domestic wholly owned subsidiary	-	-
B	Joint venture at any time during the year
1	Forum 1 Aviation Private Limited	India	-	20.00%	20.00%

** Subsidiary through control by Management

53. Information on related party transactions pursuant to Ind AS 24 - Related Party Disclosures

Following are the related parties and transactions entered with related parties for the relevant financial year:

A)List of related parties and relationships

i)	Subsidiaries / joint venture	Details are presented in note 52
ii)	Key Management Personnel (KMPs)
	a) As per Companies Act, 2013	Mr. P. D. Narang, Whole Time Director
		Mr. Mohit Malhotra, Chief Executive Officer and Whole Time Director
		Mr. Lalit Malik, Chief Financial Officer (CFO) (till 31 March, 2021)
		Mr. Ankush Jain, Chief Financial Officer (CFO) (w.e.f 1 April, 2021)
		Mr. Ashok Kumar Jain, Executive Vice President (Finance) and Company Secretary
	b) As per Ind AS 24 **	Mr. Amit Burman, Non Executive Director & Chairman
		Mr. Mohit Burman, Non Executive Director & Vice Chairman
		Mr. Aditya Chand Burman, Non Executive Director
		Mr. Saket Burman, Non Executive Director
		Mr. P. N. Vijay, Independent Director
		Mr. R C Bhargava, Independent Director
		Dr. S Narayan, Independent Director
		Dr. Ajay Dua, Independent Director
		Mr. Sanjay Kumar Bhattacharyya, Independent Director (till 3 November, 2020)
		Mrs. Falguni Nayar, Independent Director
		Mr. Ajit Mohan Sharan, Independent Director
		Mr. Mukesh Hari Butani, Independent Director (w.e.f. 1 January, 2021)

iii) Entities in which a KMP / Director		Jetways Travels Private Limited
	or his/her relative is a member or Director *	Aviva Life Insurance Company Limited
		Lite Bite Foods Private Limited
		Universal Sompo General Insurance Company Limited
		Health Care at Home Private Limited
	iv) Relatives of KMPs/Directors*	Mr. Vivek Chand Burman, father of Director
		Ms. Asha Burman, mother of Director
		Dr. Anand Chand Burman, father of Director
	v) Post employment benefit plan entities	Dabur India Limited E.P.F Trust
		Dabur Gratuity Trust
		Dabur Superannuation Trust

* With whom the Group had transactions during the current year or previous year

** In addition to those disclosed in (ii)(a) above

B)Transactions with related parties

The following transactions were carried out with related parties in the ordinary course of business:

Particulars		Key Managerial Personnel / Directors		Joint Venture		Others
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
	Transactions during the year
i)	Employee benefits	27.06	22.77	-	-	-	-
ii)	Post separation benefits	4.66	5.18	-	-	0.50	0.36
iii)	Reimbursement of expenses	0.33	0.41	-	-	-	-
iv)	Share based payment	20.95	22.38	-	-	-	-
v)	Director's sitting fees	0.74	0.75	-	-	-	-
vi)	Commission to Non Executive Directors	0.70	0.68	-	-	-	-
vii)	Purchase of goods/services	-	-	-	-	3.21	10.60
	viii) Guarantees and collaterals	-	-	-	(7.14)	-	-
ix)	Interest received on security deposit	-	-	0.01	0.03	-	-
x)	Miscellaneous expenses	-	-	2.22	3.94	-	-
xi)	Post employment benefit plan*	-	-	-	-	49.48	51.80
xii)	Share of loss			(1.01)	(0.01)
	Outstanding balances
i)	Receivables (trade and others)	-	-	-	-	0.09	-
ii)	Payables (trade and others)	55.22	51.67	-	0.32	6.48	4.64
iii)	Investment	-	-	11.27	12.28	-	-
iv)	Security deposit	-	-	0.38	0.38	-	-

* also include employee contribution

54. Non-controlling interests (NCI)

Set out below is summarised financial information for each subsidiary that has non-controlling interests in the Group. The amounts disclosed below for each subsidiary are before inter-company eliminations:

Particulars		Dabur Nepal Private Limited		Asian Consumer Care Private Limited
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
I Principal place of business			Nepal		Bangladesh
	Proportion of ownership interest		97.50%		76.00%
II Summarised balance sheet
Current assets		411.21	315.41	100.38	184.66
Current liabilities		171.80	137.10	42.27	123.80
Net-current assets (A)		239.41	178.31	58.11	60.86
Non-current assets		188.41	206.50	58.21	59.77
Non-current liabilities		4.54	4.06	5.66	6.49
Net non-current assets (B)		183.87	202.44	52.55	53.28
Employee housing reserve (refer note 23) (C)		17.97	17.97	-	-
Net assets (A+B+C)		405.31	362.78	110.65	114.14
Share of interest held by NCI		2.50%	2.50%	24.00%	24.00%
Accumulated NCI		10.13	9.07	26.56	27.39
loss	III Summarised statement of profit and
Revenue		573.71	613.69	136.64	103.94
Net profit for the year		42.53	35.91	2.42	8.59
Other comprehensive income		-	-	(5.97)	8.80
Total comprehensive income		42.53	35.91	(3.55)	17.39
Share of interest held by NCI		2.50%	2.50%	24.00%	24.00%
Profit / (loss) allocated to NCI		1.06	0.90	(0.83)	4.17
IV Summarised cash flows
	Cash flows from operating activities	10.58	21.26	21.58	7.30
Cash used in investing activities		(30.54)	(4.12)	(21.66)	(9.77)
activities	Cash flow from / (used in) financing	41.77	(12.30)	(0.11)	-
cash equivalents	Net increase / (decrease) in cash and	21.81	4.84	(0.19)	(2.47)

55. Summarised financial information for joint venture: ##

The Group has a 20% ownership interest in Forum 1 Aviation Private Limited, a joint venture involved in providing the aviation services to the joint venturers as well as to the general public. The Group's interest in Forum 1 Aviation Private Limited is accounted for using the equity method in the consolidated financial statements. Summarised financial information of the joint venture, is set out below:

A Principal place of business India

B Summarised balance sheet

Particulars	31 March, 2021	31 March, 2020
Cash and cash equivalents	14.15	6.31
Other current financial and non financial assets	12.21	12.57
Current assets (A)	26.36	18.88
Non-current assets (B)	43.76	49.85
Trade payables and provisions	2.27	0.15
Other current financial and non financial liabilities (excluding trade payables and provisions)	1.90	1.78
Current liabilities (C)	4.17	1.93
Provisions	0.51	0.85
Non-current financial and non financial liabilities (excluding provisions)	9.07	4.60
Non-current liabilities (D)	9.58	5.45
Net assets (A+B-C-D)	56.37	61.35

C Reconciliation to carrying amounts

Opening net assets	61.35	61.38
Net (loss)/ profit for the year considered for equity accounting of joint venture	(4.52)	0.67
Total net assets (A)	56.83	62.05
Net loss for the year not considered for equity accounting of joint venture #	(0.46)	(0.70)
Adjusted net assets (B)	56.37	61.35
Group's share in % (C)	20.00%	20.00%
Group's share in investment (B x C)	11.27	12.28

# adjustment in net profit pertains to actualisation after availability of signed financial statements of the joint venture

D Summarised statement of profit and loss

Revenue	19.67	22.56
Other income	0.83	1.36
Total revenue (A)	20.50	23.92
Employee benefits expense	7.05	6.27
Depreciation and amortisation	2.85	2.67
Finance costs	0.17	0.15
Other expenses	14.95	13.43
Total expenses (B)	25.02	22.52
(Loss) / profit before tax (C = A-B)	(4.52)	1.40

Particulars	31 March, 2021	31 March, 2020
Tax expense (D)	-	0.77
(Loss) / profit after tax (E = C-D)	(4.52)	0.63
Other comprehensive income (F)	-	0.03
Total comprehensive income (G = E+F)	(4.52)	0.66
Group's share in % (H)	20.00%	20.00%
Group's share in total comprehensive income (G*H)	(0.90)	0.13
Loss recognised in the Consolidated Statement of Profit and Loss	(1.01)	(0.01)
Loss recognised in the subsequent year pursuant to actualisation of profits	(0.11)	(0.14)

E Contingent liabilities and commitments in respect of joint venture

The amount of contingent liability is Nil crores as on 31 March, 2021 (31 March, 2020 : Nil crores)

## the financial statements of the joint venture for the year ended 31 March, 2021 are unaudited and the above disclosures have been extracted from management certified accounts

56. Disclosure relating to employee benefits pursuant to Ind AS 19 - Employee Benefits

(a) Defined contribution plans

Amount of 3.37 crores (31 March, 2020 : 3.58 crores) is recognised as an expense and included in employee benefit expense in the Consolidated Statement of Profit and Loss under Employees Superannuation Fund.

Amount of 0.04 crores (31 March, 2020: 0.07 crores) is recognised as an expense and included in employee benefit expense in the Consolidated Statement of Profit and Loss under Employees State Insurance.

Amount of (0.12) crores (31 March, 2020 : 0.55 crores) is recognised as an (income) / expense and included in employee benefit expense in the Consolidated Statement of Profit and Loss under Gratuity of a foreign subsidiary.

(b) Defined benefit plans

Gratuity (Funded)

The Group provides for gratuity, a defined benefit retirement plan covering eligible employees. The gratuity plan provides a lump sum payments to vested employees at retirement, death, incapacitation or termination of employment. The Group provides for gratuity, based on actuarial valuation as of the balance sheet date, based upon which, the Group contributes all the ascertained liabilities to the Dabur Gratuity Trust.

Post separation benefit of Directors

Post separation benefit of Directors includes car, telephone, medical and housing facility for eligible Directors.

Description of risk exposures:

Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such Group is exposed to various risks as follows:

a) Salary increases Actual salary increases will increase the plan's liability. Increase in salary increase rate assumption in future valuations will also increase the liability.
b) Investment risk If plan is funded then assets / liabilities mismatch and actual investment return on assets lower than the discount rate assumed at the last valuation date can impact the liability.
c) Discount rate Reduction in discount rate in subsequent valuations can increase the plan's liability.
d) Mortality and disability Actual deaths and disability cases proving lower or higher than assumed in the valuation can impact the liabilities.
e) Withdrawals - Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at subsequent valuations can impact plan's liability.

The following tables summarises the components of net benefit expense recognized in the Consolidated Statement of Profit and Loss and the funded status and amounts recognized in the Consolidated Balance Sheet:

Particulars			Gratuity	Post separation benefit of Directors
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
		Funded	Funded	Unfunded	Unfunded
I	Change in present value of defined benefit obligation during the year
	Present value of obligation as at the beginning of the year	81.56	83.62	55.37	53.19
	Interest cost	5.18	5.58	3.85	4.15
	Service cost	14.37	6.93	1.32	1.40
	Benefits paid	(6.32)	(9.23)	(0.57)	(0.78)
	Total actuarial gain on obligation	(1.61)	(5.34)	(3.74)	(2.59)
	Present value of obligation as at the end of the year	93.18	81.56	56.23	55.37
II	Change in fair value of plan assets during the year
	Fair value of plan assets at the beginning of the year	66.52	67.06	-	-
	Expected interest income	4.62	5.24	-	-
	Employer contribution	4.65	3.80	-	-
	Benefits paid	(5.56)	(8.46)	-	-
	Actuarial gain/ (loss) for the year on asset	1.25	(1.12)	-	-
	Fair value of plan assets at the end of the year	71.48	66.52	-	-
III	Net liability recognised in the Consolidated Balance Sheet
	Present value of obligation at the end of the year	93.18	81.56	56.23	55.37
	Fair value of plan assets	71.48	66.52	-	-
	Unfunded liability in consolidated balance sheet *	(21.70)	(15.04)	(56.23)	(55.37)
	* excludes unfunded liability of Gratuity classified as defined contribution plan in the current year amounting to `<br>3.02 crores (31 March, 2020:` 3.14 crores)
IV	Expense recognised in the Consolidated Statement of Profit and Loss during the year
	Service cost	14.37	6.93	1.32	1.40
	Net interest cost	0.56	0.34	3.85	4.15
	Total expense recognised in the employee benefit expense	14.93	7.27	5.17	5.55
V	Recognised in other comprehensive income for the year
	Net cumulative unrecognised actuarial gain / (loss) opening	0.99	(3.23)	10.10	7.51
	Actuarial gain for the year on projected benefit obligation (PBO)	(1.61)	(5.34)	(3.74)	(2.59)
	Actuarial gain / (loss) for the year on asset	1.25	(1.12)	-	-
	Unrecognised actuarial gain at the end of the year	3.85	0.99	13.84	10.10

Particulars			Gratuity	Post separation
					benefit of Directors
		31 March, 2021	31 March, 2020	31 March, 2021	31 March, 2020
		Funded	Funded	Unfunded	Unfunded
VI	Maturity profile of defined benefit obligation
	Within the next 12 months (next annual reporting year)	18.50	14.87	0.68	0.68
	Between 2 to 5 years	28.18	23.13	37.09	34.79
	More than 5 years	46.50	43.54	18.46	19.90
VII	Quantitative senstivity analysis for significant assumptions is as below
	a) Impact of change in discount rate
	Present value of obligation at the end of the year	93.18	81.56	56.23	55.37
	Impact due to increase of 0.50%	(2.45)	(2.13)	(0.28)	(0.28)
	Impact due to decrease of 0.50%	2.59	2.25	0.29	0.29
	b) Impact of change in salary increase
	Present value of obligation at the end of the year	93.18	81.56	56.23	55.37
	Impact due to increase of 0.50%	2.55	2.23	0.28	0.28
	Impact due to decrease of 0.50%	(2.43)	(2.12)	(0.27)	(0.27)

Sensitivities due to mortality and withdrawls are not material, hence the impact of change not calculated. Sensitivities as to rate of inflation, rate of increase of pensions in payment, rate of increase of pensions before retirement and life expectancy are not applicable being a lumpsum benefit on retirement.

	VIII The major categories of plan assets (as a percentage of total plan assets)
	Funds managed by insurer	100%	100%	N.A	N.A
IX	Actuarial assumptions
	i) Discount rate	6.94% - 7.50% PA	6.95% - 7.50% PA	6.94% PA	6.95% PA
	ii) Future salary increase	8.00% - 9.00% PA	8.00% - 9.00% PA	10.00% PA	10.00% PA
	iii) Retirement age (years)	58	58	60/70	60/70
	iv) Mortality rates inclusive of provision for disability	100% of IALM (2012-14)	100% of IALM (2012-14)	100% of IALM (2012-14)	100% of IALM (2012-14)
	v) Age	Withdrawl rate (%)	Withdrawl rate (%)	Withdrawl rate (%)	Withdrawl rate (%)
	Upto 30 years	17	17	Nil	Nil
	From 31 to 44 years	14	14	Nil	Nil
	Above 44 years	5	5	Nil	Nil
	vi) Expected best estimate of expense for the next annual reporting year
	Service cost	9.28	7.83	1.29	1.32
	Net interest cost	0.54	0.35	3.90	3.85
	Net periodic benefit cost	9.82	8.18	5.19	5.17

358

Notes:

i) The actuarial valuation of plan assets and the present valuation of defined benefit obligation were computed at year end. The present value of the defined benefit obligation and the related current service cost and past service cost, were measured using the projected unit credit method.
ii) Discount rate is based on the prevailing market yields of Indian Government Securities as at the balance sheet date for the estimated term of the obligations.
iii) The salary escalation rate is computed after taking into consideration the seniority, the promotion and other relevant factors, such as, demand and supply in employment market.

c) Provident fund

The Group makes contribution towards provident fund which is administered by Dabur India Limited E.P.F Trust ("Trust"). Accordingly, the Group has obtained an actuarial valuation report for its plan assets and based on the below provided assumptions, charged 35.64 crores for changes in remeasurement of the defined benefit plans in other comprehensive income during the year ended 31 March, 2020 due to impairment in the value of certain investments of the provident fund trust of the Group. Contribution made by the Group to the trust set-up by the Holding Company during the year is 10.68 Crores (31 March, 2020 : ` 11.29 crores).

Particulars	31 March, 2021	31 March, 2020
Plan assets at year end, at fair value	307.32	270.38
Present value of defined obligation at year end	342.96	306.02
Liability recognised as on the reporting date	35.64	35.64
Assumptions used in determining the present value of obligation:
I Economic assumptions (actuarial)
i) Discount rate	6.95%	6.95%
ii) Expected statutory interest rate on the ledger balance	8.50%	8.50%
iii) Expected short fall in interest earnings on the fund	0.05%	0.05%
II Demographic assumptions (actuarial)
i) Mortality	IALM (2012-14)	IALM (2012-14)
ii) Disability	None	None
iii) Withdrawal Rate (Age related)
Up to 30 Years	17%	17%
Between 31–44 Years	14%	14%
Above 44 Years	5%	5%
iv) Normal retirement age	58	58

57. Disclosures required pursuant to Ind AS 102 - Share Based Payment

Under Employee Stock Option Scheme (ESOP) of the Group, share options of the Holding Company are granted to the senior executives subject to achievement of targets as defined in ongoing vision of the Group. Vesting period ranges from 1 to 5 years. Each option carries the right to the holder to apply for one equity share of the Holding Company at par. There has been no variation in the terms of options during the year. The share options are valued at the fair value of the options as on the date of grant using Black Scholes pricing model. There is no cash settlement alternative.

A The following table illustrates the number and weighted average exercise prices of, and movements in, share options during the year:

Particulars	Weighted Average Price (`)	Number of options
Outstanding as at 01 April, 2019	1.00	65,97,942
Options granted during the year	1.00	5,37,533
Options forfeited/lapsed/expired during the year	1.00	9,85,040
Options exercised during the year*	1.00	7,72,751
Options outstanding as at 31 March, 2020 #	1.00	53,77,684
Exercisable at the end of the year	1.00	53,77,684
Outstanding as at 01 April, 2020	1.00	53,77,684
Options granted during the year	1.00	59,455
Options forfeited/lapsed/expired during the year	1.00	3,11,226
Options exercised during the year*	1.00	3,61,457
Options outstanding as at 31 March, 2021 #	1.00	47,64,456
Exercisable at the end of the year	1.00	47,64,456

* 3,61,457 (31 March, 2020 : 7,72,751) share options were exercised on a regular basis throughout the year. The weighted average share price during the year was 1.00 (31 March, 2020 : 1.00).

The options outstanding as at 31 March, 2021 are with the exercise price of `1.00 (31 March, 2020 :` 1.00). The weighted average of the remaining contractual life is 1.03 years (31 March, 2020 : 1.89 years).

B Fair value of the options has been calculated using Black Scholes Pricing Model. The following inputs were used to determine the fair value for options granted during the year ended 31 March, 2021.

	Particulars	Vest 1	Vest 2
i)	Date of grant: 15 June, 2020	15 June, 2021	15 May, 2022
	Market price (`)	455.65	455.65
	Expected life (in years)	1.00	1.92
	Volatility (%)	31.42	30.32
	Risk free rate (%)	3.68	4.27
	Exercise price (`)	1.00	1.00
	Dividend yield (%)	0.64	0.64
	Fair value per vest (`)	451.78	449.16
	Vest (%)	11.36	88.64
	Weighted average fair value of option (`)	449.46	449.46
ii)	Date of grant: 30 July, 2020	30 July, 2021	15 May, 2022
	Market price (`)	489.60	489.60
	Expected life (in years)	1.00	1.79
	Volatility (%)	31.57	28.48
	Risk free rate (%)	3.65	4.17
	Exercise price (`)	1.00	1.00
	Dividend yield (%)	0.59	0.59
	Fair value per vest (`)	485.76	483.53
	Vest (%)	12.50	87.50
	Weighted average fair value of option (`)	483.81	483.81

Fair value of the options has been calculated using Black Scholes Pricing Model. The following inputs were used to determine the fair value for options granted during the year ended 31 March, 2020.

	Particulars	Vest 1	Vest 2	Vest 3
i)	Date of grant: 02 May, 2019	15 May, 2020	15 May, 2021	15 May, 2022
	Market price (`)	398.10	398.10	398.10
	Expected life (in years)	1.04	2.04	3.04
	Volatility (%)	27.39	23.73	23.36
	Risk free rate (%)	6.54	6.74	6.91
	Exercise price (`)	1.00	1.00	1.00
	Dividend yield (%)	0.63	0.63	0.63
	Fair value per vest (`)	394.57	392.14	389.74
	Vest (%)	6.92	23.48	69.60
	Weighted average fair value of option (`)	390.64	390.64	390.64
ii)	Date of grant: 19 July, 2019	20 July, 2020	15 May, 2021	15 May, 2022
	Market price (`)	428.90	428.90	428.90
	Expected life (in years)	1.00	1.82	2.82
	Volatility (%)	28.58	24.46	23.13
	Risk free rate (%)	5.85	5.96	6.06
	Exercise price (`)	1.00	1.00	1.00
	Dividend yield (%)	0.58	0.58	0.58
	Fair value per vest (`)	425.45	423.50	421.10
	Vest (%)	8.33	8.33	83.34
	Weighted average fair value of option (`)	421.66	421.66	421.66
	iii) Date of grant: 05 November, 2019	05 November, 2020	15 May, 2021	15 May, 2022
	Market price (`)	460.40	460.40	460.40
	Expected life (in years)	1.00	1.53	2.53
	Volatility (%)	23.08	25.74	23.38
	Risk free rate (%)	5.25	5.37	5.63
	Exercise price (`)	1.00	1.00	1.00
	Dividend yield (%)	0.60	0.60	0.60
	Fair value per vest (`)	456.70	455.27	452.60
	Vest (%)	6.37	9.31	84.32
	Weighted average fair value of option (`)	453.11	453.11	453.11
	iv) Date of grant: 30 January, 2020	30 January, 2021	15 May, 2021	15 May, 2022
	Market price (`)	491.60	491.60	491.60
	Expected life (in years)	1.00	1.29	2.29
	Volatility (%)	20.95	22.85	23.64
	Risk free rate (%)	5.30	5.49	5.83
	Exercise price (`)	1.00	1.00	1.00
	Dividend yield (%)	0.59	0.59	0.59
	Fair value per vest (`)	487.76	486.94	484.13
	Vest (%)	2.76	11.12	86.12
	Weighted average fair value of option (`)	484.54	484.54	484.54

58. Capital management - policies and procedures

For the purpose of the Group's capital management, capital includes issued equity share capital, security premium and all other equity reserves attributable to the equity holders of the Group.

The Group' s capital management objectives are:

to ensure the Group's ability to continue as a going concern
to provide an adequate return to shareholders

The Group manages its capital structure and makes adjustments in light of changes in economic conditions and the requirements of the financial covenants. To maintain or adjust the capital structure, the Group may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares. The Group monitors capital using a gearing ratio, which is net debt divided by total capital plus net debt. The Group includes within net debt, interest bearing loans and borrowings, trade and other payables, less cash and cash equivalents, excluding discontinued operations, if any.

Particulars	As at 31 March, 2021	As at 31 March, 2020
Current borrowings (refer note 28)	349.14	304.24
Non-current borrowings (refer note 24)	134.13	162.89
Other financial liabilities (refer note 25 and 30)	240.30	230.18
Trade payables (refer note 29)	1,915.26	1,482.15
Less: Cash and cash equivalents (refer note 16)	(241.23)	(163.94)
Net debt	2,397.60	2,015.52
Equity share capital (refer note 22)	176.74	176.71
Other equity (refer note 23)	7,486.79	6,429.04
Total capital	7,663.53	6,605.75
Capital and net debt	10,061.13	8,621.27
Gearing ratio	23.83%	23.38%

In order to achieve this overall objective, the Group's capital management, amongst other things, aims to ensure that it meets financial covenants attached to the interest-bearing loans and borrowings that define capital structure requirements.

No changes were made in the objectives, policies or processes for managing capital during the years ended 31 March, 2021 and 31 March, 2020.

59. Financial risk management - objectives and policies

The Group's financial liabilities comprise mainly of borrowings, trade payables and other payables. The Group's financial assets comprise mainly of investments, loans, trade receivables, cash and cash equivalents, other balances with banks and other receivables.

The Group's financial risk management is an integral part of how to plan and execute its business strategies.

The Group's activities expose it to market risk, interest rate risk and foreign currency risk. The Board of Directors ('Board') oversee the management of these financial risks through its Risk Management Committee. The Risk Management Policy of the Group formulated by the Risk Management Committee and approved by the Board, states the Group's approach to address uncertainties in its endeavour to achieve its stated and implicit objectives. It prescribes the roles and responsibilities of the Group's Management, the structure for managing risks and the framework for risk management. The framework seeks to identify, assess and mitigate financial risks in order to minimize potential adverse effects on the Group's financial performance.

The following disclosures summarize the Group's exposure to financial risks and information regarding use of derivatives employed to manage exposures to such risks. Quantitative sensitivity analysis have been provided to reflect the impact of reasonably possible changes in market rates on the financial results, cash flows and financial position of the Group.

A Market risk

The Group manages market risk through a Risk Management Committee engaged in, inter alia, evaluation and identification of risk factors with the object of governing/mitigating them according to Group's objectives and declared policies in specific context of impact thereof on various segments of financial instruments. The Board provides oversight and reviews the risk management policy on a quarterly basis.

i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. In order to balance the Group's position with regards to interest income and interest expense and to manage the interest rate risk, treasury performs a comprehensive interest rate risk management. The Group is not exposed to significant interest rate risk as at the respective reporting dates.

ii) Foreign currency risk

The Group operates internationally with transactions entered into several currencies. Consequently the Group is exposed to foreign exchange risk towards honouring of export/ import commitments.

Foreign currency exposure as at 31 March, 2021	USD	EUR	AED	AUD	GBP	ZAR	CHF	KWD	Total
Export receivables	160.10	5.33	-	-	4.22	5.98	-		- 175.63
Overseas creditors		49.62 16.41	0.10	0.19	0.13	3.67	0.17	-	70.29
Advance to suppliers	57.93	3.63	-	-	0.11	0.76	-	-	62.43
Advance from customers	5.19	0.13	-	-	-	-	-	-	5.32
Bank balances in Exchange Earner Foreign Currency (EEFC) accounts	7.16	-	-	-	-	-	-	-	7.16

The carrying amounts of the Group's foreign currency denominated monetary items are as follows:

Foreign currency exposure as at 31 March, 2020	USD	EUR	AED	AUD	GBP	ZAR	CHF	KWD	Total
Export receivables	176.44	4.83	-	-	-	-	-		- 181.27
Overseas creditors	106.58	4.92	-	0.14	-	-	0.15		0.01 111.80
Advance to suppliers	9.53	-	-	3.17	0.23	-	-	-	12.93
Advance from customers	4.85	0.18	-	0.00	-	-	-	-	5.03
Bank balances in Exchange Earner Foreign Currency (EEFC) accounts	0.73	-	-	-	-	-	-	-	0.73

The above table represents total exposure of the Group towards foreign exchange denominated assets and liabilities. The details of unhedged exposures are given as part of note 61.

Foreign currency sensitivity

The below table demonstrates the sensitivity to a 1% increase or decrease in the foreign currencies against `, with all other variables held constant. The sensitivity analysis is prepared on the net unhedged exposure of the Group as at the reporting date. 1% represents management's assessment of reasonably possible change in foreign exchange rate. 1% increase or decrease in foreign exchange rates will have the following impact on profit before tax:

Change in foreign exchange rates	31 March, 2021		31 March, 2020
	1% increase	1% decrease	1% increase	1% decrease
USD	1.70	(1.70)	0.75	(0.75)
EUR	(0.08)	0.08	(0.00)	0.00
AED	(0.00)	0.00	-	-
ZAR	0.03	(0.03)	-	-
AUD	(0.00)	0.00	0.03	(0.03)
GBP	0.04	(0.04)	0.00	(0.00)
CHF	(0.00)	0.00	(0.00)	0.00
KWD	-	-	(0.00)	0.00
Increase / (decrease) in profit or loss	1.69	(1.69)	0.78	(0.78)

iii) Price Risk

The Group's exposure to price risk arises from investments held and classified as FVTPL or FVTOCI. To manage the price risk arising from investments, the Group diversifies its portfolio of assets.

Sensitivity analysis

Profit or loss and equity is sensitive to higher / lower prices of instruments on the Group's profit for the year:

Particulars	31 March, 2021	31 March, 2020
Price sensitivity
Price increase by (5%) - FVTOCI	147.45	43.39
Price decrease by (5%) - FVTOCI	(147.45)	(43.39)
Price increase by (5%) - FVTPL	20.21	28.69
Price decrease by (5%) - FVTPL	(20.21)	(28.69)

B Liquidity risk

Liquidity risk is defined as the risk that the Group will not be able to settle or meet its obligations on time or at a reasonable price. The Group's treasury department is responsible for maintenance of liquidity (including quasi liquidity), continuity of funding as well as timely settlement of debts. In addition, policies related to mitigation of risks are overseen by senior management. Management monitors the Group's net liquidity position on the basis of expected cash flows vis-a-vis debt service fulfillment obligation.

Maturity profile of financial liabilities

The table below analysis derivative and non-derivative financial liabilities of the Group into relevant maturity groupings based on the remaining period from the reporting date to the contractual maturity date. The amounts disclosed in the table are the contractual undiscounted cash flows:

As at 31 March, 2021	Less than 1 year/ on demand	1 to 5 years	More than 5 years	Total
Lease liabilities	35.22	104.46	61.48	201.16
Deposits payable	4.20	1.37	-	5.57
Non-current borrowings (including current maturities)	-	1.31	-	1.31
Current borrowings	349.14	-	-	349.14
Trade payables	1,915.26	-		- 1,915.26
Other financial liabilities (excluding current maturity of lease liabilities, borrowings and deposits payable)	208.94	-	-	208.94

As at 31 March, 2020	Less than 1 year/ on demand	1 to 5 years	More than 5 years	Total
Finance lease obligations	42.53	122.03	82.52	247.08
Deposits payable	3.15	4.66	-	7.81
Non-current borrowings (including current maturities)	25.00	-	-	25.00
Current borrowings	304.24	-	-	304.24
Trade payables	1,482.15	-		- 1,482.15
Other financial liabilities (excluding current maturity of finance lease obligation, borrowings and deposits payable)	167.51	-	-	167.51

C Credit risk

Credit risk arises from the possibility that counter party may not be able to settle their obligations as agreed. To manage this, the Group periodically assesses the financial reliability of customers, taking into account the financial condition, current economic trends and analysis of historical bad debts and ageing of account receivables. Individual risk limits are also set accordingly.

The Group considers the probability of default upon initial recognition of asset and whether there has been a significant increase in credit risk on an ongoing basis throughout each reporting period. To assess whether there is a significant increase in credit risk the Group compares the risk of default occuring on the asset as at the reporting date with the risk of default as at the date of initial recognition. The Group considers reasonable and supportive forward-looking information.

Financial assets are written-off when there is no reasonable expectation of recovery, such as debtor failing to engage in a repayment plan with the Group. The Group provides for overdue outstanding for more than 90 days other than institutional customers which are evaluated on a case to case basis. The Group's concentration of risk with respect to trade receivables is low, as its customer's base is widely spread across local as well as foreign markets.

Exposure to credit risks		31 March, 2021 31 March, 2020
Financial assets for which loss allowance is measured using 12 months expected credit losses (ECL)
Non-current investments	3,402.35	1,396.95
Non-current loans	22.48	24.64
Others non-current financial assets	88.65	528.48
Current investments	746.01	1,391.03
Cash and cash equivalents	241.23	163.94
Bank balances other than cash and cash equivalents above	1,087.80	647.43
Current loans	14.46	13.07
Other current financial assets	2.95	2.62

During the year ended 31 March, 2021, the Group has recognised loss allowance of Nil crores (31 March, 2020 : 100.00 crores) under 12 month ECL model. No significant changes in estimation techniques or assumptions were made during the reporting period (refer note 14).

Financial assets for which loss allowance is measured using life time expected credit losses (LECL)
Trade receivables	561.58	813.89

Summary of change in loss allowances measured using LECL

Particulars		31 March, 2021 31 March, 2020
Opening allowance	19.12	16.72
Provided during the year	5.94	8.60
Amounts written-off	10.40	6.20
Closing allowance	14.66	19.12

Concentration of financial assets

Concentration of credit risk with respect to trade receivables are limited, due to the Group's customer base being large and diverse. All trade receivables are reviewed and assessed for default on a quarterly basis. Our historical experience of collecting receivables is that credit risk is low. The Group's exposure to credit risk for trade receivables is presented below:

A. Consumer care business	492.34	694.48
B. Food business	57.70	101.78
C. Other segments	5.53	11.71
D. Retail business	4.71	3.47
E. Unallocated	1.30	2.45
Total	561.58	813.89

60. Category wise classification of financial instruments

i) The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at balance sheet date. NAV represents the price at which the issuer will issue further units of mutual fund and the price at which issuers will redeem such units from the investors.
ii) The fair values of other investments measured at FVTOCI and FVTPL are determined based on observable market data other than quoted prices in active market.
iii) The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a reasonable approximation of their fair values since the Group does not anticipate that the carrying amounts would be significantly different from the values that would eventually be received or settled.

Financial assets and financial liabilities are measured at fair value in the financial statements and are grouped into three levels of the fair value hierarchy. The three levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly

Level 3: unobservable inputs for the asset or liability

A The carrying values and fair values of financial instruments by categories as at 31 March, 2021 are as follows:*

Particulars	Carrying	Fair value
	value	Level 1	Level 2	Level 3
Financial assets at fair value through profit and loss ('FVTPL')
Investments in debt instruments				-
Investments in mutual funds	404.23	404.23	-	-
Total	404.23	404.23	-	-
Financial assets at fair value through other comprehensive income ('FVTOCI')
Investments in debt instruments	3,003.55	-	3,003.55	-
Investments in equity instruments	0.02	-	-	0.02
Total	3,003.57	-	3,003.55	0.02
Financial assets at amortised cost
Non-current
(i) Investments
Investments in debt instruments	419.76	-	-	-
Investments in joint venture	11.27	-	-	-
(ii) Loans
Security deposits	22.48	-	-	-
(iii) Others financial assets	88.65	-	-	-
Sub-Total	542.16	-	-	-
Current
(i) Investments
Investments in debt instruments	320.80	-	-	-
(ii) Loans
Security deposits	14.46	-	-	-
(iii) Trade receivables	561.58	-	-	-
(iv) Cash and cash equivalents	241.23	-	-	-
(v) Bank balances other than (iv) above	1,087.80	-	-	-
(vi) Other financial assets	2.95	-	-	-
Sub-Total	2,228.82	-	-	-
Total	2,770.98	-	-	-
Financial liabilities at amortised cost
Non-current
(i) Borrowings	134.13	-	-	-
(ii) Other financial liabilities	1.37	-	-	-
Sub-Total	135.50	-	-	-
Current
(i) Borrowings	349.14	-	-	-
(ii) Trade payables	1,915.26	-	-	-
(iii) Other financial liabilities	238.93	-	-	-
Sub-Total	2,503.33	-	-	-
Total	2,638.83	-	-	-

* During the year there were no transfers between Level 1 and Level 2 fair value measurements.

B The carrying values and fair values of financial instruments by categories as at 31 March, 2020 are as follows:*

Particulars	Carrying		Fair value


				-
				-
				-







				-
				-

				-
				-
				-


				-

				-
				-
				-
				-
				-
				-










Total	2,179.46	-	-	-

* During the year there were no transfers between Level 1 and Level 2 fair value measurements.

C Valuation technique used to determine fair value:

Specific valuation techniques used to value financial instruments include:

(a) Investment in mutual funds: The fair values of investments in mutual fund units is based on the net asset value ('NAV') as stated by the issuers of these mutual fund units in the published statements as at balance sheet date.
(b) Investment in debt instruments: The fair value of investments that are not traded in an active market is determined using market approach and valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates.

61. Details of unhedged exposure in foreign currency denominated monetary items

Exposure in foreign currency - unhedged

Outstanding overseas exposure not being hedged against adverse currency fluctuation:

Particulars	Period		Foreign currency		Local currency
Export receivables	31 March, 2021	EUR	0.06	INR	5.33
	31 March, 2020	EUR	0.06	INR	4.83
	31 March, 2021	USD	2.21	INR	160.10
	31 March, 2020	USD	2.34	INR	176.44
	31 March, 2021	ZAR	1.21	INR	5.98
	31 March, 2020	ZAR	-	INR	-
	31 March, 2021	GBP	0.04	INR	4.22
	31 March, 2020	GBP	-	INR	-
Overseas creditors	31 March, 2021	USD	0.68	INR	49.62
	31 March, 2020	USD	1.41	INR	106.58
	31 March, 2021	EUR	0.19	INR	16.41
	31 March, 2020	EUR	0.06	INR	4.92
	31 March, 2021	GBP	0.00	INR	0.13
	31 March, 2020	GBP	-	INR	-
	31 March, 2021	AUD	0.00	INR	0.19
	31 March, 2020	AUD	0.00	INR	0.14
	31 March, 2021	CHF	0.00	INR	0.17
	31 March, 2020	CHF	0.00	INR	0.15
	31 March, 2021	AED	0.01	INR	0.10
	31 March, 2020	AED	-	INR	-
	31 March, 2021	ZAR	0.74	INR	3.67
	31 March, 2020	ZAR	-	INR	-
	31 March, 2021	KWD	-	INR	-
	31 March, 2020	KWD	0.00	INR	0.01

Particulars	Period		Foreign currency	Local currency
Advances to suppliers	31 March, 2021	USD	0.79	INR	57.93
	31 March, 2020	USD	0.13	INR	9.53
	31 March, 2021	GBP	0.00	INR	0.11
	31 March, 2020	GBP	0.00	INR	0.23
	31 March, 2021	AUD	-	INR	-
	31 March, 2020	AUD	0.07	INR	3.17
	31 March, 2021	EUR	0.04	INR	3.63
	31 March, 2020	EUR	-	INR	-
	31 March, 2021	ZAR	0.15	INR	0.76
	31 March, 2020	ZAR	-	INR	-
Bank balances in exchange earner foreign currency	31 March, 2021	USD	0.10	INR	7.16
(EEFC) accounts	31 March, 2020	USD	0.01	INR	0.73
Advance from customers	31 March, 2021	USD	0.07	INR	5.19
	31 March, 2020	USD	0.06	INR	4.85
	31 March, 2021	AUD	-	INR	-
	31 March, 2020	AUD	0.00	INR	0.00
	31 March, 2021	EUR	0.00	INR	0.13
	31 March, 2020	EUR	0.00	INR	0.18

62. Information on acquisition transactions pursuant to Ind AS 103 - Business Combinations

A. Acquisitions during the year ended 31 March, 2021

No acquisition has been made during the FY 2020-21

B. Acquisitions during the year ended 31 March, 2020

Acquisition of Excel Investments FZC

(a) Summary of acquisition

On 20 August, 2019, Dabur International Limited executed a control agreement with the owner of Excel Investments FZC thereby acquiring it as a subsidiary of the Group under the relevant provisions of Ind AS 103 - Business Combinations through management by control. Correspondingly, Dabur International Limited sold its entire shareholdings in Dabur Pakistan Private Limited and Asian Consumer Care Pakistan Private Limited to Excel Investments FZC.

(b) Purchase consideration and acquisition related costs

Management control of Excel Investments (FZC) is acquired by Dabur International Limited, a wholly owned subsidiary of Dabur India Limited. The said acquisition does not involve any shareholding purchase and hence no consideration paid.

(c) Assets acquired and liabilities assumed

The assets and liabilities recognised as a result of the acquisition are as follows:

Particulars	Excel Investments FZC
	Fair value
Assets
Investments	11.06
Other current financial assets	0.31
Liabilities
Other current financial liabilities	11.06
Total identifiable net assets acquired	0.31

(d) Revenue and profit contribution

The acquired business contributed Nil revenue from operations and profit after tax, to the Group for the year ended 31 March, 2020.

63. The Group intends to liquidate Dabur Tunisie, a wholly owned subsidiary, which is under process and is likely to be completed by 31 December, 2021. The liquidation was earlier expected to be completed by 31 December, 2020, but due to certain legal and regulatory compliances under the laws of Tunisia, the completion date was extended. The assets held by Dabur Tunisie are in the nature of plant and equipment, which it no longer intends to utilise in the next 12 months. A search for a buyer is underway. No impairment loss was recognised on reclassification of the plant and equipment as held for sale and the Group expects the fair value less cost to sell to be higher than carrying amount.

64. Information on details of loans, guarantees and investments under Section 186 of the Act.

i) Details of investments made are given in notes 8 and 14 *
ii) There are no loans given by the Company in accordance with Section 186 of the Act read with rules issued thereunder.
iii) Details of guarantees issued by the Company are as follows: *

Guarantees outstanding, given on behalf of	Purpose	31 March, 2021	31 March, 2020
Broadcast Audience Research Council	Against bank borrowings	-	2.30
Total		-	2.30

* All transactions are in the ordinary course of business

65. The figures of the previous year have been re-grouped / re-classified to render them comparable with the figures of the current year, whereever necessary.

66. Disclosure relating to nature and extent of significant restriction on subsidiaries pursuant to Ind AS 112 - Disclosure of interests in other entities

Restrictions imposed by Reserve Bank of India (RBI), Foreign Exchange Management Act, 1999 (FEMA), contractual and regulatory obligations in India and in other jurisdictions where the Group holds interest:

A Capital contribution of ` 91.68 crores are subject to restrictive provision of FEMA and the Act respectively.
B Transfer of scrips of specified number of shares in Naturelle LLC, a wholly owned subsidiary is subject to restrictive provisions of the laws of Emirates of Ras Al Khaimah despite Group's financing against entire capital base of the subsidiary. This however, does not affect beneficial interest of the Group, as its 100% owner of the total stake.
C Board of Directors of Dabur International Limited, a wholly owned subsidiary incorporated in Isle of Man and Dermoviva Skin Essential Inc incorporated in United States of America, have resolved against distribution of dividend in the foreseeable future in the interest of strengthening of their intrinsic worth base.
D Other subsidiaries are not subject to material restriction under normal course of business except for monitoring of prudence of transactions, remittances by local central banks and normal restrictions applicable to domestic entities towards foreign direct investments.
E Protective rights of non-controlling interests are confined to the extent attributable to minority stakeholders which are more or less common in international context.

67. Additional information as required by paragraph 2 of the general instructions for preparation of consolidated financial statements to Schedule III to the Act:

Name of entity in the Group	Net assets (total assets minus total liabilities)		Share in profits or (loss)			Share in Other Comprehensive Income (OCI)		Share in Total Comprehensive Income (TCI)
	As % of Consolidated net assets	Amount	As % of Consolidated profit or (loss)	Amount	As % of Consolidated OCI	Amount	As % of Consolidated TCI	Amount
1	2	3	4	5	6	7	8	9
Holding Company
Dabur India Limited	70.01%	5,391.22		81.53% 1,381.89	18.29%	(16.13)		85.00% 1,365.76
Subsidiaries
Indian
H & B Stores Limited	0.04%	3.33	(1.05%)	(17.74)	(0.19%)	0.16	(1.09%)	(17.58)
Herbodynamic India Limited	-	-	-	-	-	-	-	-
Foreign
Dermoviva Skin Essentials INC	6.36%	489.92	0.77%	12.99	(3.24%)	2.86	0.99%	15.85
Dabur International Limited	24.25%	1,867.31	6.55%	111.08	28.02%	(24.71)	5.38%	86.37
Naturelle LLC	0.57%	43.57	0.87%	14.78	1.84%	(1.62)	0.82%	13.16
Dabur Egypt Limited	3.63%	279.77	4.30%	72.81	7.75%	(6.84)	4.11%	65.97
African Consumer Care Limited	0.49%	38.09	0.23%	3.97	3.73%	(3.29)	0.04%	0.68
Dabur Nepal Private Limited	5.37%	413.15	2.45%	41.47	-	-	2.58%	41.47
Asian Consumer Care Private Limited	1.09%	84.09	0.11%	1.83	5.16%	(4.55)	(0.17%)	(2.72)
Dabur (UK) Limited	0.05%	3.69	(0.00%)	(0.04)	(0.18%)	0.16	0.01%	0.12
Hobi Kozmetik	1.34%	102.97	1.34%	22.69	24.02%	(21.19)	0.09%	1.50
RA Pazarlama	0.32%	24.70	0.70%	11.93	7.39%	(6.52)	0.34%	5.41
Dabur Lanka Private Limited	0.85%	65.68	0.11%	1.81	5.97%	(5.27)	(0.22%)	(3.46)
Namaste Laboratories LLC	2.01%	154.75	2.10%	35.67	6.19%	(5.46)	1.88%	30.21
Urban Laboratories International LLC	(0.20%)	(15.43)	0.51%	8.59	4.14%	(3.65)	0.31%	4.94
Dabur Consumer Care Private Limited	0.02%	1.47	(0.02%)	(0.40)	0.18%	(0.16)	(0.03%)	(0.56)
Healing Hair Laboratories International LLC	-	-	-	-	-	-	-	-
Hair Rejuvenation & Revitalization Nigeria Limited	(0.01%)	(0.73)	(0.17%)	(2.87)	0.23%	(0.20)	(0.19%)	(3.07)
Dabur Tunisie	0.00%	0.26	(0.01%)	(0.12)	0.11%	(0.10)	(0.01%)	(0.22)
Asian Consumer Care Pakistan Private Limited	0.50%	38.67	1.01%	17.15	(3.71%)	3.27	1.27%	20.42
Dabur Pakistan Private Limited	(0.04%)	(2.90)	(0.14%)	(2.44)	0.12%	(0.11)	(0.16%)	(2.55)
Dabur Pars	0.19%	14.68	(0.08%)	(1.32)	(2.43%)	2.14	0.05%	0.82
Dabur South Africa (PTY) Limited	0.23%	17.43	0.08%	1.28	(2.58%)	2.28	0.22%	3.56
D and A Cosmetics Proprietary Limited	0.17%	13.31	(0.15%)	(2.51)	(1.97%)	1.74	(0.05%)	(0.77)

Name of entity in the Group	Net assets (total assets minus total liabilities)		Share in profits or (loss)		Share in Other Comprehensive Income (OCI)			Share in Total Comprehensive Income (TCI)
	As % of Consolidated net assets	Amount	As % of Consolidated profit or (loss)	Amount	As % of Consolidated OCI	Amount	As % of Consolidated TCI	Amount
Atlanta Body and Health Products Proprietary Limited	0.01%	0.43	(0.00%)	(0.08)	(0.07%)	0.06	(0.00%)	(0.02)
Excel Investment FZC	(0.04%)	(3.42)	-	-	(0.39%)	0.34	0.02%	0.34
Non-controlling interests
Subsidiaries
Foreign
Dabur Nepal Private Limited	0.13%	10.13	0.06%	1.06	-	-	0.07%	1.06
Asian Consumer Care Private Limited	0.34%	26.56	0.03%	0.59	1.61%	(1.42)	(0.05%)	(0.83)
Joint venture
Indian
Forum 1 Aviation Private Limited	0.06%	4.28	(0.06%)	(1.01)	-	-	(0.06%)	(1.01)
Inter-company eliminations		(17.75%) (1,366.76)	(1.07%)	(18.11)	-	-	(1.13%)	(18.11)
Total	100.00%	7,700.22		100.00% 1,694.95	100.00%	(88.21)		100.00% 1,606.74

68. The outbreak of Covid-19 pandemic is causing significant disturbance and slowdown of economic activities globally. Subsequent to year-end, many State Goverments have announced lockdown like restrictions due to further spread of Covid-19. The Management has considered the possible effects that may result from the pandemic on the recoverability/ carrying value of the assets. Based on the current indicators of future economic conditions, the Management expects to recover the carrying amount of the assets, however the management will continue to closely monitor any material changes to future economic conditions. Given the uncertainties, the final impact on Group's assets in future may differ from that estimated as at the date of approval of these consolidated financial statements.

69. In the opinion of the Board of Directors, current assets have a value on realization in the ordinary course of business at least equal to the amount at which they are stated in the balance sheet and provisions for all known / expected liabilities have been made.

As per our report of even date attached.

For Walker Chandiok & Co LLP Chartered Accountants Firm's Registration No.: 001076N/N500013	For and on behalf of the Board of Directors
Neeraj Goel Partner Membership No.:099514	Amit Burman Chairman DIN: 00042050	Mohit Malhotra Whole Time Director DIN: 08346826	P.D. Narang Whole Time Director DIN: 00021581
	Ashok Kumar Jain EVP (Finance) and Company Secretary M. No.: FCS 4311	Ankush Jain Chief Financial Officer
Place : Gurgaon Date : 7 May, 2021	Place : New Delhi Date : 7 May, 2021

Form AOC-I

Statement containing salient features of financial statements of Subsidiaries/ Associates/ Joint Venture (Pursuant to first proviso to Sub-section (3) of Section 129 read with Rule 5 of Companies (Accounts) Rules, 2014)

Part A : Subsidiaries

374

1	2	3	4	5		6	7	8	9	10	11	12	13	14	15	16
				the case of foreign exchange rate as financial year in on the last date of the relevant currency and subsidiaries Reporting
SI. No.	Name of Subsidiary	Acquisition of Control Date of	holding company's different from the Reporting period of the subsidiary reporting period concerned, if	Currency	Rate	Share Capital	Reserves & Surplus	Assets Total	Liabilities Total	Investments	Turnover	before taxation Profit	Provision taxation for	taxation Profit after	Proposed dividend	holding share % of
1	H & B Stores Ltd.	14/05/2007	NA	INR	1.00	29.65	-26.32	110.40	107.07	-	66.05	-17.74	-	-17.74	-	100%
2	Herbodynamic India Limited *	24/02/2021	NA	INR	1.00	-	-	-	-	-	-	-	-	-	-	0%
3	Dermoviva Skin Essentials INC	01/04/2009	NA	USD	73.11	541.76	-51.84	496.20	6.28	494.85	13.53	12.99	-	12.99	-	100%
4	Dabur International Ltd.	14/09/2003	NA	AED	19.91	12.95	1,854.36	2,177.95	310.64	1,675.45	855.51	111.70	0.62	111.08	-	100%
5	Naturelle LLC	12/12/2006	NA	AED	19.91	3.93	39.64	339.44	295.87	-	486.52	14.78	-	14.78	-	100%
6	Dabur Egypt Ltd.	04/07/1994	NA	EGP	4.65	0.90	278.87	361.70	81.93	36.60	354.04	96.23	23.42	72.81	-	100%
7	African Consumer Care Ltd.	11/06/2004	NA	NGN	0.19	50.24	-12.15	57.58	19.49	-	53.73	4.24	0.27	3.97	-	100%
8	Dabur Nepal Pvt Ltd.	11/09/1992	NA	NPR	0.63	4.99	418.29	599.62	176.34	-	576.35	49.67	7.14	42.53	-	97.5%
9	Asian Consumer Care Pvt Ltd.	14/09/2003	NA	BDT	0.86	31.84	78.81	158.58	47.93	-	140.75	15.32	12.90	2.42	-	76%
10	Dabur UK Ltd.	12/05/1994	NA	USD	73.11	1.62	2.07	3.50	-0.19	1.51	-	-0.04	-	-0.04	-	100%
11	Hobi Kozmetik	07/10/2010	NA	TRL	8.8	41.02	61.95	170.22	67.25	-	284.58	26.42	3.73	22.69	-	100%
12	RA Pazarlama	07/10/2010	NA	TRL	8.8	2.48	22.22	41.92	17.22	-	166.36	15.48	3.55	11.93	-	100%
13	Dabur Lanka Pvt. Ltd.	05/07/2011	NA	LKR	0.37	90.82	-25.14	70.74	5.06	-	53.24	2.11	0.30	1.81	-	100%
14	Namaste Laboratories LLC	01/01/2011	NA	USD	73.11	-	154.75	287.47	132.72	39.20	390.25	35.97	0.30	35.67	-	100%
15	Urban Laboratories International LLC	01/01/2011	NA	USD	73.11	-	-15.43	58.44	73.87	-	66.15	8.59	-	8.59	-	100%
16	Dabur Consumer Care Pvt. Ltd.	19/04/2013	NA	LKR	0.37	6.01	-4.54	2.90	1.43	-	0.12	-0.40	-	-0.40	-	100%
17	Hair Rejuvenation & Revitalization Nigeria Ltd.	01/01/2011	NA	NGN	0.19	-	-0.73	5.77	6.50	-	25.59	-2.31	0.56	-2.87	-	100%
18	Dabur Tunisie	17/12/2013	NA	TND	26.13	7.26	-7.00	0.72	0.46	-	-	-0.12	-	-0.12	-	100%
19	Asian Consumer Care Pakistan Pvt. Ltd. *	11/05/2006	NA	PKR	0.48	5.40	33.27	57.40	18.73	-	84.44	24.04	6.89	17.15	-	0%
20	Dabur Pakistan Pvt. Ltd. *	24/08/2015	NA	PKR	0.48	0.31	-3.21	2.82	5.72	-	0.29	-2.48	-0.04	-2.44	-	0%
21	Dabur PARS	31/05/2016	NA	IRR	0.00	12.86	1.82	53.52	38.84	-	18.77	-1.32	-	-1.32	-	100%
22	Dabur South Africa (PTY) Ltd.	14/07/2016	NA	ZAR	4.94	20.49	-3.06	50.90	33.47	-	48.53	1.28	-	1.28	-	100%
23	Healing Hair Laboratories International LLC	01/01/2011	NA	USD	73.11	-	-	-	-	-	-	-	-	-	-	100%
24	Atlanta Body & Health Products Proprietary Ltd.	05/04/2018	NA	ZAR	4.94	-	0.43	1.03	0.60	-	-	-0.08	-	-0.08	-	100%
25	D & A Cosmetics Proprietary Ltd.	05/04/2018	NA	ZAR	4.94	2.20	11.11	18.69	5.38	-	4.21	-2.51	-	-2.51	-	100%
26	Excel Investments FZC *	20/08/2019	NA	AED	19.91	0.29	-3.71	7.29	10.71	6.99	-	-	-	-	-	0%

Part B: Associates and Joint Ventures

Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate companies and Joint ventures

S. No.	Name of Joint Venture	Forum I Aviation Pvt. Limited
1	Latest audited Balance Sheet Date	31-Mar-20
2	Date on which the Joint Venture was acquired	28-Jul-08
3	Shares of Joint Venture held by the company on the year end
	No.	74,87,251
	Amount of Investment in Joint Venture	6.99
	Extent of Holding (%)	20.00
4	Description of how there is significant influence	Not Applicable
5	Reason why the Joint venture is not consolidated	Not Applicable
6	Networth attributable to Shareholding as per latest audited Balance Sheet	11.27
7	Loss for the year (Share of Group)	1.01
	i. Considered in Consolidation	1.01
	ii. Not Considered in Consolidation	-

For and on behalf of the Board of Directors

DIN: 00042050 DIN: 08346826 DIN: 00021581

Date : 7 May, 2021 M. No.: FCS 4311

Amit Burman Mohit Malhotra P.D. Narang Chairman Whole Time Director Whole Time Director

Ashok Kumar Jain Ankush Jain Place : New Delhi EVP (Finance) and Company Secretary Chief Financial Officer

Notice of Annual General Meeting

Notice is hereby given that the Forty Sixth (46th) Annual General Meeting (AGM) of the members of Dabur India Limited will be held on Thursday, 19th day of August, 2021 at 3.00 PM (IST) by way of Video Conferencing (VC) / Other Audio Visual Means ("OAVM")) to transact the following businesses:

ORDINARY BUSINESS:

1. To receive, consider and adopt the audited standalone financial statements of the Company for the financial year ended 31st March, 2021 and the reports of the Board of Directors and Auditors thereon.
1. To receive, consider and adopt the audited consolidated financial statements of the Company for the financial year ended 31st March, 2021 and the report of Auditors thereon.
1. To confirm the interim dividend already paid and declare final dividend on equity shares for the financial year ended 31st March, 2021.
1. To appoint a Director in place of Mr. Mohit Burman (DIN: 00021963) who retires by rotation and being eligible offers himself for re-appointment.
1. To appoint a Director in place of Mr. Aditya Burman (DIN: 00042277) who retires by rotation and being eligible offers himself for re-appointment.

SPECIAL BUSINESS:

To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 148(3) and other applicable provisions, if any, of the Companies Act, 2013 & the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the remuneration payable to M/s Ramanath Iyer & Co., Cost Accountants, having Firm Registration No. 000019, appointed by Board of Directors of the Company as Cost Auditors to conduct the Audit of the cost records of the Company for the financial year 2021-22 amounting to Rs.5.68 lacs plus applicable taxes and re-imbursement of out of pocket expenses incurred by them in connection with the aforesaid audit as recommended by the Audit Committee and approved by the Board of Directors of the Company, be and is hereby ratified, confirmed and approved."

To consider and, if thought fit, to pass, the following resolution as an Ordinary Resolution:

"RESOLVED THAT pursuant to the provisions of Section 149, 152 read with Schedule IV and all other applicable provisions of the Companies Act, 2013 (the 'Act') and the Companies (Appointment and Qualification of Directors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force) and Regulation 16 (1) (b) and 17 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ('Listing Regulations') and pursuant to the recommendation of Nomination & Remuneration Committee, Mr. Mukesh Hari Butani (DIN: 01452839), who was appointed as an Additional Director of the Company by the Board of Directors w.e.f. January 1, 2021 pursuant to provisions of Section 161(1) of the Act and the Articles of Association of the Company and who holds office up to the date of this Annual General Meeting and who has submitted a declaration that he meets the criteria for independence as provided in the Act and Listing Regulations and in respect of whom the Company has received a notice in writing under Section 160 of the Act proposing his candidature for the office of Director, be and is hereby appointed as a Non-Executive Independent Director of the Company, not subject to retirement by rotation, to hold office for a term of 5 (five) consecutive years with effect from 1st January, 2021 to 31st December, 2025."

"Resolved further that in addition to sitting fees for attending the meetings of the Board and its Committees, he would also be entitled to remuneration, by whatever name called, for each financial year, as approved by the Members at the 44th Annual General Meeting (presently covers the period up to March 31, 2024) and as may be determined by the Board."

Date : 7 May, 2021 By Order of the Board

Regd. Office: (A K JAIN)

Place : New Delhi for DABUR INDIA LIMITED

8/3, Asaf Ali Road, EVP (Finance) & Company Secretary New Delhi - 110 002 (Membership No. F4311)

NOTES:

1. The relevant explanatory statement pursuant to Section 102 of the Companies Act, 2013 (the "Act") in respect of item no. 6 and 7 of the Notice set out above is annexed herewith.
1. In view of the continuing Covid-19 pandemic, the Ministry of Corporate Affairs ("MCA") has vide its circular dated January 13, 2021 read with circulars dated May 5, 2020, April 13, 2020 and April 8, 2020 (collectively referred to as "MCA Circulars") permitted the holding of AGM through VC / OAVM, without the physical presence of Members. In compliance with the provisions of the Act, Securities and Exchange Board of India ("SEBI") (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations") and MCA Circulars, the AGM of the Company is being held through VC / OAVM. The deemed venue for the AGM shall be the Registered Office of the Company.
1. ALTHOUGH, A MEMBER ENTITLED TO ATTEND AND VOTE AT THE MEETING IS ENTITLED TO APPOINT A PROXY TO ATTEND AND ON A POLL TO VOTE INSTEAD OF HIMSELF/ HERSELF, BUT SINCE THIS MEETING IS BEING HELD THROUGH VC/OAVM UNDER THE FRAMEWORK OF MCA CIRCULARS ON ACCOUNT OF THREAT POSED BY COVID-19, WHERE PHYSICAL PRESENCE OF MEMBERS HAS BEEN DISPENSED WITH, THE FACILITY OF APPOINTMENT OF PROXY WILL NOT BE AVAILABLE. AND HENCE THE PROXY FORM AND ATTENDANCE SLIP ARE NOT ANNEXED HERETO.
1. Since the AGM will be held through VC / OAVM, the Route Map is not annexed to this Notice.
1. Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI, etc.) shall send scan of certified true copy of the Board Resolution/ Authority letter etc., together with attested specimen signature(s) of the duly authorized representative(s), to the Company at [email protected] to attend the AGM.
1. In compliance with the aforesaid MCA Circulars and SEBI Circular dated January 15, 2021 read with circular dated May 12, 2020, Notice of the AGM along with the Annual Report 2020-21 is being sent only through electronic mode to those Members whose email addresses are registered with the Company/ Depositories. The Notice of 46th AGM and the Annual Report 2020-21 will also be available on the Company's website www.dabur.com, websites of the Stock Exchanges i.e. BSE Limited and National Stock Exchange of India Limited at www.bseindia.com and www.nseindia.com respectively, and on the website

of RTA- KFin Technologies Pvt. Ltd. ("KFin") (earlier Karvy Fintech Pvt. Ltd.) at https://evoting.kfintech.com/ or https://emeetings.kfintech.com/ Shareholders are requested to follow the process as mentioned in para (B) under ʻLogin method for e-Voting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode' to enable the Company to capture the email address and mobile number for sending the soft copy of the notice and e-voting instructions along with the User ID and Password.

1. The Share Transfer Books and Register of Members of the Company will remain closed from Monday, August 2, 2021 to Friday, August 6, 2021 (both days inclusive).
1. A) Kindly note that as per Listing Regulations it is mandatory for the company to print the bank account details of the investors in dividend payment instrument. Hence, you are requested to register/ update your correct bank account details with the Company/RTA/ Depository Participant, as the case may be.
B) Shareholders are requested to follow the process as guided below to register their mandate for receiving Dividend directly in their Bank accounts.

Physical Holding: Members may send following details / documents by email to the Company at investors@ dabur.com or to its RTA at [email protected]

scanned copy of duly filled and signed request letter (ECS Mandate, which is also available on Company's website at www.dabur.com under 'Shareholder Services' in the 'Investor' section) which shall contain Member's Name, Folio Number, Address registered with Company, Bank Details (Bank name, Branch, Address, Account No., Account Type, MICR No., IFSC Code)
scanned copy of self-attested PAN card
scanned copy of self-attested address proof (such as Driving License, Bank Statement, Election Card, Passport, AADHAR Card) in support of address registered with Company.
scanned copy of self-attested cancelled cheque bearing name of member or first holder in case shares are in joint name. In case the cancelled cheque leaf does not bear your name, please attach a self-attested copy of your bank pass-book statement page which bears your name.

Demat Holding: Members holding shares in dematerialized mode are requested to register / update their Bank details with their Depository Participant.

Pursuant to Finance Act 2020, dividend income will be taxable in the hands of shareholders and the Company is required to deduct tax at source from dividend paid to shareholders at the prescribed rates. For the prescribed rates for various categories, the shareholders are requested to refer to the Finance Act 2021.

The shareholders are requested to update their PAN with the Company/ RTA (in case of shares held in physical mode) and depositories (in case of shares held in demat mode).

A Resident individual shareholder with PAN and who is not liable to pay income tax can submit a yearly declaration in Form No. 15G/15H, to avail the benefit of non-deduction of tax at source by email to the Company's RTA at [email protected] by August 9, 2021. Shareholders are requested to note that in case their PAN is not registered, the tax will be deducted at a higher rate of 20%.

Non-resident shareholders can avail beneficial rates under tax treaty between India and their country of residence, subject to providing necessary documents i.e. No Permanent Establishment and Beneficial Ownership Declaration, Tax Residency Certificate, Form 10F, any other document which may be required to avail the tax treaty benefits by sending an email to the Company or its RTA at email address mentioned above. The aforesaid declarations and documents need to be submitted by the shareholders latest by August 9, 2021. Full details in this regard are available on the website of the Company at www.dabur.com under ʻShareholder Services' in the ʻInvestor' section.

As provided in Section 206AB, tax is required to be deducted at the highest of following rates in case of payments to specified persons:

at twice the rate specified in the relevant provision of the Act; or
at twice the rate or rates in force; or
at the rate of 5%.

Where Sections 206AA and 206AB are applicable simultaneously i.e. the specified person has not submitted the PAN as well as not filed Income Tax returns; the tax shall be deducted at the higher of the two rates prescribed in these two sections.

The term 'specified person' as defined in sub Section (3) of Section 206AB of the Act means a person who satisfies the following conditions:

A person who has not filed the income tax return for two previous years immediately prior to the previous year in which tax is required to be deducted, for which the time limit of filing of return of income under Section 139(1) of the Act has expired; and

The aggregate of TDS and TCS in his case is `50,000 or more in each of these two previous years.

The non-resident who does not have the permanent establishment is excluded from the scope of a specified person.

These provisions are effective from July 01, 2021. The Company will be relying on the information verified from the utility available on the Income Tax Dept website.

In case any shareholder qualifies as specified person based on information as accessed from Government Portal, higher rate of TDS will apply.

The applicable Tax Deduction at Source (TDS) provisions under the Act for Resident and Non-Resident shareholder categories are as follows (subject to 206AB):

For resident shareholders:

For resident shareholders, generally, the tax will be deducted at source (TDS) under Section 194 of the Act @ 10% on the amount of dividend declared and paid by the Company during FY 2021-22 provided Permanent Account Number (PAN) is provided by the shareholder. If PAN is not submitted, TDS would be deducted @ 20% as per Section 206AA of the Act.

a. Resident individual shareholders:

No tax shall be deducted on the dividend payable to resident individuals if -

i. Total dividend to be received by them during the Financial Year 2021-22 does not exceed Rs. 5,000/-
ii. The shareholder provides a written declaration in prescribed Form 15G (applicable to any person other than a Company or a Firm) / Form 15H (applicable to an Individual above the age of 60 years), subject to eligibility conditions being met.

Blank Form 15G and 15H can be downloaded from the link given here: https://www.dabur.com/ img/assets/20369-dabur\_Form\_15G.pdf and https://www.dabur.com/img/assets/20368-dabur-Form\_15H.pdf

b. Resident Shareholders other than individuals:

In case of a certain class of resident shareholders other than individuals who are covered under provisions of Section 194 or Section 196 or Section 197A of the Act, no tax shall be deducted at source ('nil rate') provided sufficient documentary evidence thereof, to the satisfaction of the Company, is

submitted. This illustratively includes providing the following:

i. Insurance Companies: Public & Other Insurance Companies, a Self-declaration that it has a full beneficial interest with respect to the shares owned by it along with PAN.
ii. Mutual Funds: Self-declaration that they are specified and covered under Section 10 (23D) of the Act along with a self-attested copy of PAN card and registration certificate.
iii. Corporation established by or under a Central Act which is, under any law for the time being in force, exempt from income-tax on its income: - Self-declaration specifying the specific Central Act under which such corporation is established and that their income is exempt under the provisions of Act along with a self-attested copy of the PAN card and registration certificate.
iv. Other Resident Non-Individual Shareholders: Shareholders who are exempted from the provisions of TDS as per Section 194 of the Act and who are covered u/s 196 of the Act shall also not be subjected to any TDS, provided they submit an attested copy of the PAN along with the documentary evidence in relation to the same.

Application of Nil rate at the time of tax deduction / withholding on dividend amounts will depend upon the completeness and satisfactory review by the Company, of the documents submitted by such shareholders.

For Non-resident shareholders or foreign companies, Foreign Institutional Investors ("FII") and Foreign Portfolio Investors ("FPI"). ('nonresident payee')

Tax is required to be withheld in accordance with the provisions of Section 195 of the Act at applicable rates in force. As per the said provisions, the tax shall be withheld @ 20% plus applicable surcharge and cess on the amount of dividend payable. However, as per Section 90 of the Act, a non-resident payee has the option to be governed by the provisions of the Double Tax Avoidance Agreement (DTAA) between India and the country of tax residence of the shareholder, if they are more beneficial to the shareholder. For this purpose, i.e. to avail the DTAA benefits, the non-resident shareholder will have to provide the following:

Self-attested copy of Permanent Account Number (PAN Card), if any allotted by the Indian Income Tax authorities;

Self-attested copy of Tax Residency Certificate (TRC) obtained from the tax authorities of the country of which the shareholder is resident;
Self-declaration in Form 10F (available at link https://www.dabur.com/img/assets/20370-dabur-Form_10F.pdf), if all the details required in this form are not mentioned in the TRC;
Self-declaration by the non-resident payee containing such particulars/ confirmation as would be imperative to be governed by and/ or avail benefits, if any, under the applicable DTAA (draft format available at link https://www.dabur.com/ img/assets/20371-Dabur---self-declaration.pdf
Self-declaration by the non-resident shareholder of meeting DTAA eligibility requirement and satisfying beneficial ownership requirement.
Non-resident having PE in India would need to comply with provisions of Section 206AB of the IT Act.
In case of Foreign Portfolio Investors, selfattested copy of SEBI registration certificate.

In case of shareholder being tax resident of Singapore, please furnish the letter issued by the competent authority or any other evidences demonstrating the non-applicability of Article 24 - Limitation of Relief under India-Singapore Double Taxation Avoidance Agreement (DTAA).

Application of beneficial DTAA rates at the time of tax deduction / withholding on dividend amounts will depend upon the completeness and satisfactory review by the Company, of the documents submitted by the non-resident payee.

Notwithstanding anything contained herein, where any shareholder is a tax resident of any country or territory notified as a notified jurisdictional area under Section 94A(1) of the Act, tax will be deducted at source at the rate of 30% or at the rate specified in the relevant provision of the Act or at the rates in force, whichever is higher, from the dividend payable to such shareholder in accordance with Section 94A of the Act.

For Resident as well as non-resident shareholders

Notwithstanding anything contained above, in the case where the shareholders provide a certificate under Section 197 of the Act for lower / NIL withholding of taxes, the rate specified in the said certificate shall be considered based on submission of self-attested copy of the same.

Shareholders holding shares in physical form are requested to update their PAN details with the Company.

For Shareholders having multiple accounts under different status / category:

Shareholders holding shares under multiple accounts under different status / category and single PAN, may note that, higher of the tax as applicable to the status in which shares held under a PAN will be considered on their entire holding in different accounts.

Summary of TDS Rates

Subject to what is stated above, the rate at which taxes are to be deducted at source based on the category of shareholders, are as under:

Category of shareholder	Rate of TDS
Resident Shareholder*
Shareholders providing Form 15G/15H	Nil
If Dividend income < Rs. 5,000	Nil
If Dividend income > Rs. 5,000	10% in case where PAN is provided / available - 20%, in other cases where PAN is not provided / not available
Non - resident shareholders
Non-resident Shareholders	**20% or lower rate as mentioned in tax treaty, if the applicable details / documents are satisfactorily provided as aforementioned

*Any shareholder who is specified person within law, a higher rate will apply. The information for specified person will be taken from Govt of India – CBDT Portal.

**All the above referred tax rates, where domestic law is applicable, shall be duly enhanced by the applicable surcharge and cess.

Kindly note that the aforementioned documents should be emailed to KFin Technologies Private Limited, the Registrar and Transfer Agent ("KFin") of the Company, at [email protected]. No communication on the tax determination / deduction shall be entertained after 9th August, 2021.

In case tax on dividend is deducted at a higher rate in the absence of receipt of the aforementioned details / documents, you would still have the option of claiming refund of the excess tax paid at the time of filing your income tax return. No claim shall lie against the Company for taxes so deducted at higher rate.

Copies of the TDS certificate will be emailed to you at your registered email ID in due course, post payment of dividend.

All dividends remaining unclaimed and unpaid for a period of seven years from the date it is lying in the unpaid dividend account, is required to be transferred to the Investor Education and Protection Fund (IEPF) of the Central Government. Accordingly, till date the Company has transferred to IEPF the unclaimed and unpaid amount pertaining to dividends declared up to the financial year 2013-14 (only interim for FY 2013-14). Members who have not yet en-cashed their dividend warrants for the financial year 2013-14 (final dividend) onwards are requested to make their claims to the Company immediately. Members may please note that no claim shall lie against the Company in respect of dividend which remain unclaimed and unpaid for a period of seven years from the date it is lying in the unpaid dividend account. However, this amount can be claimed from IEPF Authorities only after complying with the procedure specified for it.

Further, the information regarding unclaimed dividend in respect of dividends declared up to the financial year 2019-20 and updated upto the date of 45th AGM held on 3rd September, 2020 has been uploaded on the website of the Company www.dabur.com under 'Investor' section. The said information was also filed with MCA which is available on their website at www.iepf.gov.in. Further, as per the requirement of Section 124(2) of the Act, the Company has uploaded the details of unclaimed dividend in respect of interim dividend declared during the financial year 2020-21, on the website of the Company. Shareholders may kindly check the said information and if any dividend amount is appearing as unpaid against their name, they may lodge their claim, duly supported by relevant documents to the Company.

Also, in terms of Section 124(6) of the Act, read with Rule 6 of the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016, (as amended from time to time) shares on which dividend has not been paid or claimed by a shareholder for a period of seven consecutive years or more are required to be credited to the Demat Account of Investor Education and Protection Fund Authority (IEPFA) within a period of thirty days of such shares becoming due to be so transferred. Accordingly, equity shares which were/ are due to be so transferred, have been/ shall be transferred by the Company to the Demat Account of IEPFA. Upon transfer of such shares, all benefits (like bonus, etc.), if any, accruing on such shares shall also be credited to the Demat Account of IEPFA and the voting rights on such shares shall remain

frozen till the rightful owner claims the shares. Shares which are transferred to the Demat Account of IEPFA can be claimed back by the shareholder from IEPFA by following the procedure prescribed under the aforesaid rules. Details of shares transferred to the Demat Account of IEPFA have been uploaded by the company on its website at www.dabur.com. Shareholders may kindly check the same and claim back their shares. Therefore, it is in the interest of shareholders to regularly claim the dividends declared by the Company.

1. Members holding share certificate(s) in multiple accounts in identical names or joint accounts in the same order of names, are requested to apply to Company's RTA- KFin for consolidation of such shareholding into one account.
1. The shares of the Company are under compulsory Demat trading. Also, as per Listing Regulations, securities of listed companies can only be transferred in dematerialized form w.e.f. April 1, 2019 except in case of transmission or transposition of securities. Therefore, Members holding shares in physical form are advised to convert their shares into dematerialized form in their own interest and convenience purpose.
1. All the documents referred to in the accompanying notice and explanatory statement annexed thereto shall be available for inspection from the date of circulation of this notice up to the date of AGM. These documents along with the extracts from Register of Directors and Key Managerial Personnel & their shareholding and the Register of Contracts & Arrangements in which directors are interested shall be available for inspection in electronic mode during the meeting to any person having right to attend the meeting and same may be accessed upon log-in to https://evoting.kfintech.com/ or https://emeetings.kfintech.com/.
1. In case you have any query relating to the Annual Accounts you are requested to send the same to the Company Secretary at [email protected] at least 10 days before the date of AGM so as to enable the management to keep the information ready for replying at the meeting.
1. As required under Listing Regulations and Secretarial Standards-2 on General Meetings details in respect of directors seeking appointment/ re-appointment at the AGM, is separately annexed hereto as ʻAnnexure 1'. Directors seeking appointment / re-appointment have furnished requisite declarations under Section 164(2) and other applicable provisions of the Act, including rules framed there under and the Listing Regulations.
1. The certificate from Auditors of the Company certifying that the Employee Stock Option Scheme of the Company is being implemented in accordance with the SEBI

(Share Based Employee Benefits) Regulations, 2014 and in accordance with the resolutions passed in the General Body Meetings will be available for inspection in electronic mode during the meeting to any person having right to attend the meeting and same may be accessed upon log-in to https://evoting.kfintech.com/ or https://emeetings.kfintech.com/.

1. Members holding shares in physical form and desirous of making a nomination or cancellation/ variation in nomination already made in respect of their shareholding in the Company, as permitted under Section 72 of the Act, are requested to submit to the RTA of the Company the prescribed Form SH.13 for nomination and Form SH.14 for cancellation/ variation, as the case may be. The Forms can be downloaded from Company's website www.dabur.com. Members holding shares in demat mode may contact their respective Depository Participant for availing this facility.
1. Members are requested to note that, RTA of the Company have launched a mobile application - KPRISM and a website https://kprism.kfintech.com/ for investors. Now members can download the mobile app and see their portfolios serviced by KFINTECH, check dividend status, request for annual reports, change of address, change / update Bank mandate and download standard forms. The android mobile application can be

downloaded from Play Store by searching for "KPRISM". Alternatively members can also scan the QR code given here and download the android application.

19. Voting through electronic means

i) Pursuant to the provisions of Section 108 of the Act read with the Companies (Management and Administration) Rules, 2014, applicable Secretarial Standards and the Listing Regulations a member of the Company holding shares either in physical form or in dematerialized form, shall exercise his/her right to vote by electronic means (e-voting) in respect of the resolution(s) contained in this notice.
ii) The Company is providing e-voting facility to its members to enable them to cast their votes electronically. The Company has engaged the services of KFin as the Authorised Agency to provide remote e-voting facility (i.e. the facility of casting votes by a member by using an electronic voting system from a place other than the venue of a general meeting). Pursuant to SEBI circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020 on "e-Voting facility provided by Listed Entities" e-Voting process has been enabled for all the individual demat account holders, by way of single login

credential, through their demat accounts / websites of Depositories / Depository Participants (DPs) in order to increase the efficiency of the voting process.

Individual demat account holders would be able to cast their vote without having to register again with the e-Voting service provider (ESP) thereby not only facilitating seamless authentication but also ease and convenience of participating in e-Voting process. Shareholders are advised to update their mobile number and e-mail ID with their DPs to access e-Voting facility.

iii) Further, facility for e-voting shall also be made available at the AGM (through insta poll) and members attending the meeting who have not already cast their vote by remote e-voting shall be able to exercise their right to vote at the meeting through insta poll.
iv) The members who have cast their vote by remote e-voting prior to the meeting may also attend the meeting but shall not be entitled to cast their vote again. In case vote is cast by both the modes, then vote cast by remote e-voting prior to the meeting shall prevail.
v) The Board of Directors have appointed CS Navneet Arora, Company Secretary in practice (Certificate of practice No. 3005 and Managing Partner of M/s Navneet K Arora & Co LLP (Registration No. LLPIN-AAJ-0972) and failing him Mr. Arvinder Singh Kindra, Company Secretary in practice (Certificate of practice No. 17737 and Partner of M/s Navneet K Arora & Co LLP) as the Scrutinizers, for conducting the e-voting (insta poll) and remote e-voting process in a fair and transparent manner and they have communicated their willingness to be appointed and will be available for the said purpose.
vi) The cut-off date for the purpose of voting (including remote e-voting) is August 12, 2021.
vii)Any person holding shares in physical form and nonindividual shareholders, who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as on the cut-off date, may obtain the login ID and

password by sending a request at evoting@Kfintech. com. However, if he / she is already registered with KFintech for remote e-Voting then he /she can use his / her existing User ID and password for casting the vote.

viii) In case of Individual Shareholders holding securities in demat mode and who acquires shares of the Company and becomes a Member of the Company after sending of the Notice and holding shares as of the cut-off date may follow steps mentioned below under "Login method for remote e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode."
ix) Members are requested to carefully read the instructions for remote e-voting before casting their vote. A person who is not a member as on the cut-off date should treat this notice for information purposes only.
x) The remote e-voting facility will be available during the following period after which the portal shall forthwith be blocked and shall not be available:

Commencement of remote	09:00 a.m. (IST) on
e-voting	August 16, 2021
End of remote e-voting	05:00 p.m. (IST) on August 18, 2021

xi) The details of the process and manner for remote e-Voting and e-AGM are explained herein below:

Step 1 : Access to Depositories e-Voting system in case of individual shareholders holding shares in demat mode.

Step 2 : Access to KFintech e-Voting system in case of shareholders holding shares in physical and nonindividual shareholders in demat mode.

Step 3 : Access to join virtual meetings(e-AGM) of the Company on KFin system to participate e-AGM and vote at the AGM.

Details on Step 1 are mentioned below:

I) Login method for remote e-Voting for Individual shareholders holding securities in demat mode.

Type of shareholders	Login Method
Individual Shareholders holding securities in demat mode with NSDL	1. User already registered for IDeAS facility: I. Visit URL: https://eservices.nsdl.com II. Click on the "Beneficial Owner" icon under "Login" under 'IDeAS' section. III. On the new page, enter User ID and Password. Post successful authentication, click on "Access to e-Voting"
	IV. Click on company name or e-Voting service provider and you will be re-directed to e-Voting service provider website for casting the vote during the remote e-Voting period.

Type of shareholders	Login Method
	2.	User not registered for IDeAS e-Services
		I. To register click on link : https://eservices.nsdl.com
		II. Select "Register Online for IDeAS" or click at https://eservices.nsdl.com/SecureWeb/ IdeasDirectReg.jsp
		III. Proceed with completing the required fields.
		IV. Follow steps given in points 1
	3.	Alternatively by directly accessing the e-Voting website of NSDL
		I. Open URL: https://www.evoting.nsdl.com/
		II. Click on the icon "Login" which is available under 'Shareholder/Member' section.
		III. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account number held with NSDL), Password / OTP and a Verification Code as shown on the screen.
		IV. Post successful authentication, you will be requested to select the name of the company and the e-Voting Service Provider name, i.e. KFintech.
		V. On successful selection, you will be redirected to KFintech e-Voting page for casting your vote during the remote e-Voting period.
Individual	1.	Existing user who have opted for Easi / Easiest
Shareholders		I. Visit URL: https://web.cdslindia.com/myeasi/home/login or URL: www.cdslindia.com
holding securities in demat mode		II. Click on New System Myeasi
with CDSL		III. Login with your registered user id and password.
		IV. The user will see the e-Voting Menu. The Menu will have links of ESP i.e. KFintech e-Voting portal.
		V. Click on e-Voting service provider name to cast your vote.
	2.	User not registered for Easi/Easiest
		I. Option to register is available at https://web.cdslindia.com/myeasi/Registration/EasiRegistration
		II. Proceed with completing the required fields.
		III. Follow the steps given in point 1
	3.	Alternatively, by directly accessing the e-Voting website of CDSL
		I. Visit URL: www.cdslindia.com
		II. Provide your demat Account Number and PAN No.
		III. System will authenticate user by sending OTP on registered Mobile & Email as recorded in the demat Account.
		IV. After successful authentication, user will be provided links for the respective ESP, i.e KFintech where the e- Voting is in progress.
Individual Shareholder login through their demat accounts / Website of Depository Participant	I.	You can also login using the login credentials of your demat account through your DP registered with NSDL /CDSL for e-Voting facility.
	II.	Once logged-in, you will be able to see e-Voting option. Once you click on e-Voting option, you will be redirected to NSDL / CDSL Depository site after successful authentication, wherein you can see e-Voting feature.
	III.	Click on options available against company name or e-Voting service provider – Kfintech and you will be redirected to e-Voting website of KFintech for casting your vote during the remote e-Voting period without any further authentication.

Important note: Members who are unable to retrieve User ID / Password are advised to use Forgot user ID and Forgot Password option available at respective websites.

Helpdesk for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL.

Login type Helpdesk details
Please contact NSDL helpdesk by
sending a request at [email protected]
or call at toll free no.: 1800 1020 990 and
1800 22 44 30
Please contact CDSL helpdesk
by sending a request at helpdesk.
[email protected] or contact at
022- 23058738 or 022-23058542-43

Details on Step 2 are mentioned below:

II) Login method for e-Voting for shareholders other than Individual shareholders holding securities in demat mode and shareholders holding securities in physical mode.
A) Members whose email IDs are registered with the Company/ Depository Participant(s), will receive an email from KFintech which will include details of E-Voting Event Number (EVEN), USER ID and password. They will have to follow the following process:
i. Launch internet browser by typing the URL: https://emeetings.kfintech.com/
ii. Enter the login credentials (i.e. User ID and password). In case of physical folio, User ID will be EVEN (E-Voting Event Number) xxxx, followed by folio number. In case of Demat account, User ID will be your DP ID and Client ID. However, if you are already registered with KFintech for e-voting, you can use your existing User ID and password for casting the vote.
iii. After entering these details appropriately, click on "LOGIN".
iv. You will now reach password change Menu wherein you are required to mandatorily change your password. The new password shall comprise of minimum 8 characters with at least one upper case (A-Z), one lower case (a-z), one numeric value (0-9) and a special character (@,#,\$, etc.,). The system will prompt you to change your password and update your contact details like mobile number, email ID etc. on first login. You may also enter a secret question and answer of your choice to retrieve your password in case you

forget it. It is strongly recommended that you do not share your password with any other person and that you take utmost care to keep your password confidential.

v. You need to login again with the new credentials.
vi. On successful login, the system will prompt you to select the "EVEN" i.e., 'Dabur India Limited-AGM" and click on "Submit"
vii. On the voting page, enter the number of shares (which represents the number of votes) as on the Cut-off Date under "FOR/AGAINST" or alternatively, you may partially enter any number in "FOR" and partially "AGAINST" but the total number in "FOR/AGAINST" taken together shall not exceed your total shareholding as mentioned herein above. You may also choose the option ABSTAIN. If the Member does not indicate either "FOR" or "AGAINST" it will be treated as "ABSTAIN" and the shares held will not be counted under either head.
viii.Members holding multiple folios/demat accounts shall choose the voting process separately for each folio/ demat accounts.
ix. Voting has to be done for each item of the notice separately. In case you do not desire to cast your vote on any specific item, it will be treated as abstained.
x. You may then cast your vote by selecting an appropriate option and click on "Submit".
xi. A confirmation box will be displayed. Click "OK" to confirm else "CANCEL" to modify. Once you have voted on the resolution(s), you will not be allowed to modify your vote. During the voting period, Members can login any number of times till they have voted on the Resolution(s).
xii. Corporate/Institutional Members (i.e. other than Individuals, HUF, NRI etc.) are also required to send scanned certified true copy (PDF Format) of the Board Resolution/Authority Letter etc., authorizing its representative to attend the AGM through VC / OAVM on its behalf and to cast its vote through remote e-voting. together with attested specimen signature(s) of the duly authorised representative(s), to the Scrutinizer at email id [email protected] with a copy marked to [email protected]. The scanned image of the above-mentioned documents should be in the naming format "Corporate Name_Even No."
B) Members whose email IDs are not registered with the Company/Depository Participants(s), and consequently the Annual Report, Notice of AGM

and e-voting instructions cannot be serviced, will have to follow the following process:

i. Members who have not registered their email address and in consequence the Annual Report, Notice of AGM and e-voting instructions cannot be serviced, may temporarily get their email address and mobile number registered with KFintech, by accessing the link: https://ris.kfintech.com/ clientservices/mobilereg/mobileemailreg.aspx. Members are requested to follow the process as guided to capture the email address and mobile number for sending the soft copy of the notice and e-voting instructions along with the User ID and Password. In case of any queries, member may write to [email protected].
ii. Alternatively, member may send an e-mail request at the email id [email protected] along with scanned copy of the signed copy of the request letter providing the email address, mobile number, self-attested PAN copy and copy of share certificate in case of physical folio for sending the Annual report, Notice of AGM and the e-voting instructions.

In order to enable the Company to comply with MCA circulars and to participate in the green initiative in Corporate Governance, members are requested to register their email addresses in respect of shares held in electronic form with their Depository Participant(s) permanently for sending the Annual report, Notice of AGM and the e-voting instructions.

iii. After receiving the e-voting instructions, please follow all steps above to cast your vote by electronic means.

Details on Step 3 are mentioned below:

III) Instructions for all the shareholders, including Individual, other than Individual and Physical, for attending the AGM of the Company through VC/ OAVM and e-Voting during the meeting.

The Company will be providing VC/AOVM facility to enable the members to attend the AGM. Members who are entitled to participate in the AGM can attend the AGM or view the live webcast of AGM by logging on to the website of KFin at https://emeetings.kfintech.com/ by using their remote e-voting credentials.

a) Members are requested to follow the procedure given below:
i. Launch internet browser (chrome/firefox/safari) by typing the URL: https:// emeetings.kfintech.com
ii. Enter the login credentials (i.e., User ID and password for e-voting).
iii. After logging in, click on "Video Conference" option
iv. Then click on camera icon appearing against AGM event of Dabur India Limited, and accept the meeting etiquettes, to attend the Meeting.
b) Members who do not have User ID and Password for e-voting or have forgotten the User ID and Password may retrieve the same by following the procedure given in the E-voting instructions mentioned above.
c) Members are encouraged to join the Meeting through Laptops/ Desktops with Google Chrome (preferred browser), Safari, Internet Explorer, Microsoft Edge, Mozilla Firefox 22.
d) Members will be required to grant access to the webcam to enable VC / OAVM. Further, Members connecting from Mobile Devices or Tablets or through Laptop connecting via Mobile Hotspot may experience Audio/Video loss due to fluctuation in theirrespective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
e) The Members can join the AGM 15 minutes before and after the scheduled time of the commencement of the Meeting by following the procedure mentioned in the Notice.
a. Upto 2000 Members will be allowed to attend the AGM through VC / OAVM on first come, first served basis.
b. No restrictions on account of First come first served basis entry into AGM will be applicable to large shareholders (shareholders holding 2% or more shareholding), Promoters, Institutional Investors, Directors, Key Managerial Personnel, the Chairpersons of the Audit Committee, Nomination and Remuneration Committee and Stakeholders Relationship Committee, Auditors etc.
c. Members under the category of Institutional Investors are encouraged to attend and vote at the AGM.
f) E-voting (insta poll) at the Meeting

After the items of Notice have been discussed, e-voting through insta poll will be conducted under the supervision of the scrutinizer appointed for voting. A person, whose name is recorded in the register of members or in register of beneficial owners maintained by the depositories as on the cut-off date of August 12, 2021 and who have not cast their vote by remote e-voting, and being present in the AGM, shall be entitled to vote at the AGM.

In case of joint holders attending the Meeting, only such joint holder who is higher in the order of names will be entitled to vote at the AGM.

Facility to cast vote through Insta Poll will be made available on the Video Conferencing screen and will be activated once the Insta Poll is announced at the Meeting. E-voting during the AGM is integrated with the VC / OAVM platform. The Members may click on the voting icon displayed on the screen to cast their votes.

OTHER INSTRUCTIONS

i) Speaker Registration Members who would like to express their views or ask questions during the AGM may register themselves by logging on to https:// emeetings.kfintech.com/ and clicking on the 'Speaker Registration' option available on the screen after log in. The Speaker Registration will be open from 14/08/2021 (9:00 a.m. IST) to 16/08/2021 (5:00 p.m. IST). Only those members who are registered will be allowed to express their views or ask questions. The Company reserves the right to restrict the number of questions and number of speakers, depending upon availability of time as appropriate for smooth conduct of the AGM.
ii) Post your Question: The Members who wish to post their questions prior to the meeting can do the same by visiting https://emeetings.kfintech.com. Please login through the user id and password provided in the mail received from Kfintech. On successful login, select 'Post Your Question' option which will opened from 14/08/2021 (9:00 a.m. IST) to 16/08/2021 (5:00 p.m. IST).
iii) Any person, who acquires shares of the Company and becomes member of the Company after dispatch of the Notice of AGM and holding shares as on the cut- off date i.e. August 12, 2021 may obtain the User ID and password in the manner as mentioned below:
If the mobile number of the member is registered against Folio No./ DP ID Client ID, the member may send SMS: MYEPWD E-Voting Event Number+Folio No. or DP ID Client ID to 9212993399
- Example for NSDL: MYEPWD IN12345612345678
- Example for CDSL: MYEPWD 1402345612345678
- Example for Physical: MYEPWD XXXX1234567890
If e-mail address or mobile number of the member is registered against Folio No. / DP ID Client ID, then on the home page of https://evoting.kfintech. com/ , the member may click "Forgot Password" and enter Folio No. or DP ID Client ID and PAN to generate a password.
Members who may require any technical assistance or support before or during the AGM

are requested to contact KFintech at toll free number 1-800-309-4001 or write to them at [email protected] .

iv) The login credentials shall be valid only in case you continue to hold the shares on the cut-off date of 12th August, 2021.
v) Once the vote on a resolution is casted by a Member, the Member shall not be allowed to change it subsequently. Further, the Members who have casted their vote through remote e-voting shall not be allowed to vote again at the Meeting.
vi) In case of any query and/or grievance, in respect of voting by electronic means, Members may refer to the Help & Frequently Asked Questions (FAQs) and E-voting user manual available at the download section of https://evoting.kfintech.com(KFintech Website) or contact Mr. Ravuri Vijay, Deputy Manager-Corporate Registry, at [email protected] or call KFintech's toll free No. 1-800-3094-001 for any further clarifications. Kindly quote your name, DP ID-Client ID / Folio no. and E-voting Event Number in all your communications.
1. Members attending the AGM through VC / OAVM shall be reckoned for the purpose of quorum under Section 103 of the Act.
1. The voting rights of the Members shall be in proportion to the paid-up value of their shares in the equity capital of the Company as on the cut-off date being August 12, 2021.
1. The Scrutinizer shall after the conclusion of voting at AGM, first count the votes cast at the meeting and thereafter unblock the votes cast through remote e-voting in the presence of at least two witnesses not in the employment of the Company and will make, not later than 48 hours of the conclusion of AGM, a consolidated Scrutinizer's Report of the total votes cast in favour or against, if any, and forthwith submit the same to the Chairman of the Company or a person authorized by him. The Chairman or the authorized person shall countersign the Scrutinizer's Report and shall declare the result forthwith.
1. The Scrutinizer's decision on the validity of the vote shall be final and binding.
1. The result declared along with the Scrutinizer's report shall be placed on the website of the Company (www. dabur.com) and on KFin's website (https://evoting. kfintech.com) immediately after the result is declared and shall simultaneously be forwarded to National Stock Exchange of India Limited and BSE Limited, the Stock Exchanges where the Company's shares are listed.
1. The recorded transcript of the AGM shall be maintained by the Company and also be made available on the

website of the Company www.dabur.com in the ʻInvestor' Section, at the earliest soon after the conclusion of the Meeting.

The resolutions will be deemed to be passed on the date of AGM subject to receipt of requisite number of votes in favour of the resolutions.

EXPLANATORY STATEMENT PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013

Item No. 6

The Board of Directors of the Company on the recommendation of Audit Committee, has approved the appointment and remuneration of M/s Ramanath Iyer & Co., Cost Accountants, to conduct the audit of the cost records of the Company for the financial year 2021-22.

In terms of the provisions of Section 148(3) of the Companies Act, 2013 read with Rules thereunder, the remuneration payable to the Cost Auditors is required to be ratified by the members of the Company. Accordingly, the members are requested to ratify the remuneration payable to the Cost Auditors for audit of cost records of the Company for the financial year 2021-22 as set out in the resolution for the aforesaid services to be rendered by them.

None of the Directors and Key Managerial Personnel of the Company (including relatives of Directors and Key Managerial Personnel) are in any way, whether financially or otherwise, concerned or interested, in the said resolution.

The Board of Directors recommend the Ordinary Resolution as set out at item No. 6 of the Notice for approval by the members.

Item No. 7

On the recommendation of Nomination and Remuneration Committee, the Board of Directors at their meeting held on November 03, 2020, had appointed Mr. Mukesh Hari Butani (DIN: 01452839) as an Additional Director in the capacity of Non-Executive Independent Director of the Company w.e.f. January 01, 2021 under Section 161(1) of the Companies Act, 2013 (the Act) and Articles of Association of the Company and he shall hold office up to the date of this AGM. He is eligible for appointment as a Director. Mr. Mukesh has been appointed in the category of Non-Executive Independent Director under Section 149 of the Act for a term of 5 consecutive years to hold office from January 01, 2021. The Company has received declaration from Mr. Mukesh Hari Butani that he meets the criteria of independence as prescribed under Section 149 (6) of the Companies Act, 2013 rules made thereunder and also under Regulation 16 of the SEBI Listing Regulations. Further, he has also confirmed that he is not disqualified from being appointed as Director under Section 164 of the said Act nor debarred from holding the office of director by virtue of any SEBI order or any other such authority and has given his consent to act as a Director of the Company.

The Board of Directors are of the opinion that Mr. Mukesh Hari Butani, is a person of integrity and possesses relevant expertise and experience and is eligible for the position of an Independent Director of the Company and fulfils the conditions specified by the Companies Act, 2013 including Rules framed thereunder and the Listing Regulations and that he is independent of the management of the Company. The Board considers that his association as Director will be of immense benefit and will be in the best interest of the Company.

His brief resume, the nature of his expertise in specific functional areas, names of companies in which he hold Directorship, Committee Memberships/ Chairmanships, his shareholding etc., are separately annexed hereto. A copy of draft letter of appointment of Mr. Mukesh Hari Butani as Non-Executive Independent Director setting out the terms and conditions of his appointment is available for inspection by members at the Registered Office of the Company. In addition to sitting fees for attending the meetings of the Board and its Committees, he would also be entitled to remuneration, by whatever name called, for each financial year, as approved by the Members at the 44th Annual General Meeting (presently covers the period up to March 31, 2024) and as may be determined by the Board. Accordingly, based on the recommendation of Nomination and Remuneration Committee, the Board of Directors recommends the Ordinary Resolution as set out in item No. 7 of the Notice for approval by the members.

Mr. Butani is not related to any of the Directors or Key Managerial Personnel (including relatives of the Directors and Key Managerial Personnel) of the Company in terms of Section 2(77) of the Companies Act, 2013.

None of the Directors or Key Managerial Personnel of the Company (including relatives of the Directors and Key Managerial Personnel) other than Mr. Mukesh Hari Butani himself and his relatives, are concerned or interested, financially or otherwise, in this resolution.

Additional information in respect of Mr. Butani, pursuant to the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 and the Secretarial Standard on General Meetings (SS-2) is appearing in the Annexure to this Notice and in the Annual Report under "Directors' Report" and "Report on Corporate Governance".

DETAILS OF DIRECTORS SEEKING APPOINTMENT/ RE-APPOINTMENT IN ANNUAL GENERAL MEETING FIXED FOR AUGUST 19, 2021, PURSUANT TO REGULATION 36(3) OF SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, IN ACCORDANCE WITH PROVISIONS OF COMPANIES ACT, 2013 AND SECRETARIAL STANDARDS

Name of the Director	Mr. Mohit Burman	Mr. Aditya Burman	Mr. Mukesh Hari Butani
Directors Identification Number (DIN)	00021963	00042277	01452839
Date of Birth	20.07.1968	19.01.1980	02.05.1964
Date of appointment	23.07.2007	19.07.2019	01.01.2021
Qualification	Graduated from Richmond College, London and MBA in Finance from Babson Graduate School of Business Wellesley.	Bachelor of Science in Chemistry from The University of Kansas.	Commerce graduate from the University of Bombay. Holds Bachelor's degree in Law. Qualified as a Chartered Accountant in 1985
Experience & Expertise in specific functional areas	Mr. Mohit Burman has been instrumental in expanding the group's financial services business into Asset Management and Life Insurance by setting up insurance Company AVIVA Life Insurance Company India Ltd. He has to his credit the acquisition of Balsara Home Products Limited in 2005. He is seasoned entrepreneur and is associated in various capacities with different sports franchise teams in India.	Mr. Aditya Burman joined Dabur Pharma Ltd., an Oncology focussed Pharmaceutical firm in 2003. Fuelled with grit and perseverance, Aditya worked towards expanding the company's footprint in the overseas markets and was soon in charge of its Sales and Marketing in Latin America. Under his stewardship, Dabur Pharma emerged as a leading research-driven pharmaceutical firm with a global presence. He left the company in 2008. He is also a Director on the board of Oncquest Laboratories Ltd., a Clinical Pathology and Molecular Diagnostics company with a focus in Oncology and Genetics. After he left Dabur Pharma, Aditya focussed his energy on building Oncquest as the preferred reference laboratory for physicians, hospitals and research bodies.	Mr Butani is the founder of BMR Legal Advocates, an independent law firm specializing in Tax policy, Advocacy & Disputes, ranked amongst Tier 1 tax firms in India in independent surveys, by Chambers & Partners, The Legal 500 and Asia Law. He co‐founded and was Chairman of BMR Advisors, amongst India's leading professional services firm, with competencies in the area of Tax & M&A Advisory services, which transitioned into Big 4 firms in August/ September 2017. Prior to that, he was leader of tax practice in Big 4 Accounting Firms. BMR Advisors featured in 2016 Harvard Business Case studies, taught in leading business schools in U.S. & IIMs in India. With specialisation in corporate international tax and transfer pricing for over three decades, he has significant experience in advising Fortune 500 multinationals and large Indian business houses on a wide range of matters relating to trade & investment policy, business re‐organisations, cross‐border tax structuring, corporate international tax and controversy across a range of sectors.

He was also instrumental He has several authorships to his in streamlining operations, credit – including works published strengthening its research by LexisNexis Butterworths, Tax function, and giving it a pan-India Disputes Resolution – challenges presence to drive growth. He also and opportunities for India, with serves on the Board of Dabur foreword by India's Finance Minister Nepal Pvt Ltd, besides being the and Transfer Pricing – an Indian President of the Delhi Chapter perspective, a treatise on Transfer of Entrepreneurs' Organization, Pricing Dispute Resolution for the a global network exclusively for Cambridge University Press. His other entrepreneurs. authorships include the Wolters Kluwer CCH online guide to Transfer Pricing in Born in January 1980, Aditya lives in Delhi and has also been Asia and India chapters on Business supporting several charities in the Restructurings, Customs health care and health awareness and intragroup services all co‐ space. He has also been involved with agencies in supporting children suffering from Cancer. BEPS and Beyond. pricing etc. of OECD‐ BIAC (2000‐	Name of the Director	Mr. Mohit Burman	Mr. Aditya Burman	Mr. Mukesh Hari Butani













authored for the International Bureau of Fiscal Documentation (IBFD). He has contributed to Thomson Reuters 2017 global guide on Tax litigation. He contributed to chapter on Dispute Resolution mechanism in Asia in the publication of IBFD titled Asian Voices: He participated in the Kelkar task force (2002) tax reforms and was a member of the Indian Ministry of Finance (MoF) committee on e‐commerce taxation. He is often called upon by Indian Policy makers in general and in particular, Prime Ministers Economic Advisory Council for GST and International Tax Policy matters. He represented International Chamber of Commerce, Paris (ICC) on the MoF Standing Committee on TDS and Foreign Tax Credit. He served as member of expert task force on International Tax and Transfer Pricing set up by MoF. He has deposed before Parliamentary Standing Committee & other MoF committees of Indian Government on Direct Tax Code, including GAAR, FII taxation, Indirect transfers, transfer He was a member of Tax bureau 2012), Permanent Scientific Committee of IFA (2012‐2016) and is presently Chairman of IFA India branch and Vice Chairman				Valuation



































of Taxation Commission of ICC Tax Commission, Paris.

Name of the Director	Mr. Mohit Burman	Mr. Aditya Burman	Mr. Mukesh Hari Butani
Terms and conditions	As per Company's Policy on	As per Company's Policy on	As per Company's Policy on
for appointment / re appointment	appointment of Board Members	appointment of Board Members	appointment of Board Members
Remuneration last drawn	Nil	Nil	As mentioned in the Corporate Governance Report (forming part of Annual Report 2020-21
Shareholding in the company as on 31.03.2021 (in individual capacity of on beneficial basis for any other person)	50,000 equity shares of Re.1/ each	Nil	2872 equity shares of Re.1/ each
Relationship with other directors and KMPs of the Company	None	None	None
Number of Board meetings attended during the year	Five out of five	Five out of five	Two out of two
List of Companies in which outside directorships in Indian Companies held as on 31.03.2021	1. M.B Finmart Pvt. Ltd. 2. Marketopper Securities Pvt. Ltd. 3. VIC Enterprises Pvt. Ltd. 4. Malhotras Trading Co. Pvt. Ltd. 5. Bonjour Investment Company Pvt. Ltd. 6. Universal Sompo General Insurance Company Ltd. 7. Elephant India Advisor Pvt. Ltd. 8. H & B Stores Ltd. 9. Aviva Life Insurance Co. India Ltd 10. K.P.H Dream Cricket Pvt. Ltd. 11. Burmans Finvest Pvt. Ltd. 12 Elephant India Finance Pvt. Ltd. 13. Windy Investments Pvt. Ltd. 14. Burman Hospitality Pvt. Ltd. 15. P.C. Burman Foundation	1. Milky Investment and Trading Company. 2. Daivam Wellness Pvt. Ltd. 3. Oncquest Laboratories Ltd.	1. BMR Business Solutions Private Limited 2. International Tax Research and Analysis Foundation 3. ABB Power Products and Systems India Limited. 4. Myytake Private Limited 5. MyySports Private Limited
Chairman/member in Committees of Board of Directors of other Indian Public Companies as on 31.03.2021	1. Aviva Life Insurance Company India Ltd. " Audit Committee – Member " Nomination and Remuneration Committee – Member 2. Universal Sompo General Insurance Co. Ltd. " Audit Committee – Member	NIL	6. ABB Power Products and Systems India Limited. " Audit Committee – Chairman " Risk Management Committee – Chairman " Stakeholder Relationship Committee – Member

Dabur India Limited 8/3, Asaf Ali Road, New Delhi - 110002, India Website: www.dabur.com | E-mail: [email protected] Email for Investors: [email protected]

AI assistant

Dabur India Ltd. — Annual Report 2021

59077_rns_2021-07-19_49fc3b1a-dc86-48df-a188-b206f4558688.pdf

Sub: Submission of Annual Report 2020-21 (includine Notice of 46th Annual General Meeting) and Business Responsibility Report 2020-21

Great Growth comes from Greater Good

About the Report

Reporting scope and period

Reporting framework

Forward Looking Statements

Assurance

Over the past year, when humanity was put through one of its toughest tests, our resolve to offer holistic Health and Well-being has only been strengthened.

Vision & Mission

Our Vision

Our Mission

Our Principles

Ownership

Passion for Winning

People Development

Consumer Focus

Team Work

Innovation

Integrity

Corporate Information

Board of Directors

EVP (Finance) & Company Secretary

Auditors

Internal Auditors

Bankers Corporate Office

Registered Office

Business Performance

Operational Excellence

26.4% Revenue from International Business

Community Support

People First

Environmental Hero

Dabur Trivia

4 Continents; 100 Nations, 16 No. 1 Market Shares

International Business-Revenue by Geography

10-Year Highlights

Power Brands

Dabur Chyawanprash:

Dabur Honitus

Growth in Revenue

Dabur Pudin Hara

Dabur Honey

Dabur Lal Tail

Personal Care Dabur Vatika

Dabur Amla Hair Oil

~20 bps

Dabur Red Paste

Réal Food and Beverage (F&B)

No. 1 Position

Online First

Dabur Pure Herbs range of single herb tablets:

Dabur Vedic Suraksha Tea range of herbal teas:

Hommade range of Chutneys:

Dabur Baby range with 8 products:

Dabur Vatika Select premium shampoo range of 4 products:

Our Journey from Herbs to Homes

Gene Mapping

2

Sapling Development

Distribution 6

7

Customers

3

Packaging 5

Consumers

Chairman's Message

Dear Shareholders,

BUILDING A RESILIENT ENTERPRISE

PROTECTING OUR EXTENDED FAMILY

RESET AND RESPOND

ADVANCING SUSTAINABILITY

FUTURE OUTLOOK

Q&A with CEO

Q1. In a year marked with Covid headwinds, how would you rate the Company's performance in FY21?

Q2. Covid gave a fillip to your Healthcare vertical. Do you see the strong growth trajectory of Healthcare continuing in the medium to longterm?

Q3. Innovation was one of the biggest features of your FY21 performance. How was this made possible? Will we continue to see this kind of momentum in the coming years?

Q4. What is the Company's growth strategy for the business going forward?

Dabur India Ltd. Annual Report 2021