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Lupin Ltd — Annual Report 2021
May 13, 2021
61031_rns_2021-05-13_52c815c8-bf75-49fb-8302-19e03108e3aa.pdf
Annual Report
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May 12, 2021
� BSE Limited
Department of Corporate Services, P. J. Towers, Dalal Street, MUMBAI - 400 001.
==> picture [78 x 93] intentionally omitted <==
National Stock Exchange of India Limited
Exchange Plaza, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051.
Dear Sir/Madam,
Sub: Information pursuant to Regulations 30, 33 and 47 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (Listing Regulations).
We wish to inform you that, at its meeting held today, i.e. Wednesday, May 12, 2021, over audio visual means, the Board of Directors of Lupin Limited: -
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a) approved, pursuant to Regulations 30(2) read with Schedule III Part A Para A(4)(h) and 33(3)(d) of the Listing Regulations, the enclosed audited standalone and consolidated financial results of the Company along with its subsidiaries and a joint venture for the quarter and year ended March 31, 2021;
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b) recommended, pursuant to Regulation 30(2) read with Schedule III Part A Para A(4)(a) of the Listing Regulations, dividend @ 325% i.e. ₹ 6.50 per equity share of the face value of ₹ 2/- each for the year ended March 31, 2021, subject to approval of Members at the ensuing Annual General Meeting. The total outflow would be ₹ 2949.2 mn.;
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c) approved the re-appointment of B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), as Statutory Auditors of the Company, for a second term of five years from the conclusion of the ensuing Annual General Meeting, subject to approval of Members; and
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d) approved the re-appointment, for the second term of Ms. Christine Mundkur, as an Independent Director of the Company, for a period of five years from the conclusion of the ensuing Annual General Meeting, subject to approval of Members by passing a Special Resolution.
Pursuant to Regulations 33(3)(c)(ii) and 33(3)(d) of the Listing Regulations, also enclosed are two Auditors’ Reports, dated May 12, 2021, of B S R & Co. LLP, Chartered Accountants, Statutory Auditors, in respect of audited standalone and consolidated financial results. We wish to state that the said Reports are with unmodified opinion.
Pursuant to Regulation 47(1)(b) of the Listing Regulations, audited consolidated financial results for the year ended March 31, 2021, along with footnote of (a) Turnover, (b) Profit before Tax and (c) Profit after Tax on standalone basis shall be published in newspapers in the format prescribed in Annexure XI pursuant to Sl. No. 3(h) of SEBI Circular bearing No. CIR/CFD/CMD/15/2015 dated November 30, 2015.
The Board meeting commenced at 6.00 p.m. and concluded at 11.45 p.m.
Kindly note the above and take on record.
Thanking you,
For LUPIN LIMITED
Rajvardhan Vishnu Satam
Digitally signed by Rajvardhan Vishnu Satam DN: c=IN, o=Personal, 2.5.4.20=e8a002ede68da3b7e41e01d21c2b9062761a29a5f00 491762a5ac549cb034cae, postalCode=400104, st=Maharashtra, serialNumber=df8ebe60a88c796663c738ea25bfa0b475d195f 726cdb67a2ff09c4242771b2a, cn=Rajvardhan Vishnu Satam Date: 2021.05.12 23:50:15 +05'30'
R. V. SATAM COMPANY SECRETARY (ACS-11973)
Encl.: a/a
Registered Office: 3[rd] Floor, Kalpataru Inspire, Off W. E. Highway, Santacruz (East), Mumbai - 400 055 India. Tel: (91-22) 6640 2323. Corporate Identity Number: L24100MH1983PLC029442 www.lupin.com
www.lupin.com
LUPIN LIMITED
Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com L U P I N STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
| L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
L U P I N LUPIN LIMITED Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Corporate Identity Number: L24100MH1983PLC029442 STATEMENT OF AUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 |
|---|---|---|---|---|---|
| (₹ in million) | |||||
| Particulars | 3 Months Ended 31/03/2021 (Audited) (Refer note 8) |
3 Months Ended 31/12/2020 (Unaudited) |
3 Months Ended 31/03/2020 (Audited) (Refer note 8) |
Accounting Year Ended 31/03/2021 (Audited) |
Accounting Year Ended 31/03/2020 (Audited) |
| 1) Revenue from operations a) Sales / income from operations b) Other operating income Total Revenue from operations 2) Other Income 3) Total income (1+2) 4) Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in inventories of finished goods, work-in-progress and stock-in-trade [(increase)/decrease] d) Employee benefits expense e) Finance Cost f) Depreciation, amortisation and impairment Expense g) Other expenses Total expenses 5) Profit before exceptional items and tax (3-4) 6) Exceptional items profit / (loss) (Refer note 4) 7) Profit before tax (5+6) 8) Tax expense Current tax (net) Deferred tax (net) Total tax expense 9) Net Profit after tax 10) Other comprehensive income / (loss) (a) (i) Items that will not be reclassified subsequently to profit or loss (ii) Income tax relating to items that will not be reclassified subsequently to profit or loss (b) (i) Items that will be reclassified subsequently to profit or loss (ii) Income tax relating to items that will be reclassified to profit and loss Total other comprehensive income / (loss) 11) Total comprehensive income, net of tax (9+10) 12) Paid up equity share capital (Face value ₹ 2/- each) 13) Other Equity 14) Earnings per share (of ₹ 2/- each) (Not Annualised) a) Basic (in ₹) b) Diluted (in ₹) See accompanying notes to the financial results. |
24,931.9 227.7 25,159.6 660.7 25,820.3 6,048.0 3,140.5 364.5 3,950.7 123.1 1,250.1 7,405.4 22,282.3 3,538.0 - 3,538.0 137.7 236.7 374.4 3,163.6 160.2 (56.0) 27.3 (11.6) 119.9 3,283.5 907.4 6.98 6.95 |
27,791.0 233.7 28,024.7 222.2 28,246.9 7,253.3 3,503.0 139.3 4,356.5 105.0 1,270.8 8,698.3 25,326.2 2,920.7 - 2,920.7 818.8 (80.6) 738.2 2,182.5 (167.0) 58.4 178.9 (42.4) 27.9 2,210.4 907.0 4.82 4.79 |
24,391.2 447.6 24,838.8 2,099.1 26,937.9 6,824.9 3,537.2 (358.6) 4,324.2 113.8 1,247.8 8,157.0 23,846.3 3,091.6 - 3,091.6 1,101.9 (263.2) 838.7 2,252.9 (161.6) 56.5 (486.1) 139.3 (451.9) 1,801.0 906.0 4.98 4.95 |
109,010.2 1,549.1 110,559.3 1,290.9 111,850.2 27,412.2 15,229.5 (818.6) 16,958.6 406.2 5,028.3 31,337.0 95,553.2 16,297.0 - 16,297.0 3,628.5 82.3 3,710.8 12,586.2 (121.3) 42.4 729.7 (203.9) 446.9 13,033.1 907.4 184,748.3 27.77 27.65 |
108,058.3 2,198.3 110,256.6 4,751.9 115,008.5 27,532.2 14,827.7 (287.2) 17,032.2 525.9 5,187.5 32,075.6 96,893.9 18,114.6 (7,592.1) 10,522.5 3,620.5 (373.5) 3,247.0 7,275.5 (442.9) 154.8 (562.1) 157.7 (692.5) 6,583.0 906.0 173,826.0 16.07 15.99 |
continued on Page 2..
NOTES:
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The above Standalone Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on May 12, 2021.
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The Board of Directors has, at its meeting held on May 12, 2021 recommended a dividend of ₹ 6.50 per equity share of the face value of ₹ 2/each aggregating ₹ 2,949.2 million. The recommended dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting.
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During the quarter, 166,593 (year-to-date 682,012 ) equity shares of ₹ 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by ₹ 0.4 million (year-to-date ₹ 1.4 million) and securities premium account by ₹ 152.3 million (year-to-date ₹ 711.7 million).
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Exceptional items for the year ended March 31, 2020 pertains to impairment of ₹ 3,800.3 million related to certain acquired IPs and settlement amount of ₹ 3,791.8 million in respect of State of Texas lawsuit in the USA.
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Standalone Balance Sheet:
| Standalone Balance Sheet: | Standalone Balance Sheet: | ||
|---|---|---|---|
| (₹ in million) | |||
| Particulars | (Audited) As at 31/03/2021 |
(Audited) As at 31/03/2020 |
|
| A. 1. 2. B. 1. 2. **3 ** |
ASSETS Non-Current Assets a. Property, Plant and Equipment b. Capital Work-in-Progress c. Intangible assets d. Intangible assets under development e. Financial Assets (i) Non-Current Investments - In Subsidiaries - In Others (ii) Non-Current Loans (iii) Other Non-Current Financial Assets f. Non-Current Tax Assets (Net) g. Other Non-Current Assets Sub-total - Non-Current Assets Current Assets a. Inventories b. Financial Assets (i) Current Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank Balances (v) Current Loans (vi) Other Current Financial Assets c. Current Tax Assets (Net) d. Other Current Assets Sub-total - Current Assets TOTAL - ASSETS EQUITY AND LIABILITIES Equity a. Equity Share Capital b. Other Equity Sub-total - Equity Liabilities Non-Current Liabilities a. Financial Liabilities (i) Non-Current Borrowings (ii) Other Non-Current Financial Liabilities b. Non-Current Provisions c. Deferred Tax Liabilities (Net) d. Other Non-Current Liabilities Sub-total - Non-Current Liabilities Current Liabilities a. Financial Liabilities (i) Current Borrowings (ii) Trade Payables - Total outstanding dues of Micro Enterprises and Small Enterprises - Total outstanding dues of other than Micro Enterprises and Small Enterprises (iii) Other Current Financial Liabilities b. Other Current Liabilities c. Current Provisions d. Current Tax Liabilities (Net) Sub-total - Current Liabilities TOTAL - EQUITY AND LIABILITIES |
35,561.7 7,958.3 826.6 1,550.3 71,996.2 419.7 658.7 10.5 2,691.3 738.6 |
34,461.9 6,946.3 676.9 1,273.7 51,247.3 19.7 447.2 9.7 1,178.3 2,158.9 |
| 122,411.9 | 98,419.9 | ||
| 27,081.9 23,209.9 31,905.4 1,774.1 1,066.0 126.4 4,311.5 - 6,698.5 |
24,846.1 23,297.3 36,163.3 11,680.2 1,379.1 348.9 3,245.8 2.0 7,422.4 |
||
| 96,173.7 | 108,385.1 | ||
| 218,585.6 | 206,805.0 | ||
| 907.4 184,748.3 |
906.0 173,826.0 |
||
185,655.7 |
174,732.0 | ||
| 1.5 1,359.9 3,079.6 2,173.2 457.4 |
3.1 1,195.9 2,726.3 1,929.4 660.4 |
||
| 7,071.6 | 6,515.1 | ||
| 2,987.9 912.3 11,051.6 2,965.0 1,014.0 5,889.8 1,037.7 |
52.9 989.4 14,671.9 2,747.1 1,194.9 5,515.6 386.1 |
||
| 25,858.3 | 25,557.9 | ||
| 218,585.6 | 206,805.0 | ||
| continued on Page 3.. |
….. Page 3 …..
- Standalone Statement of Cash Flows:
| A. B. C. |
(₹ in million) | (₹ in million) | |
|---|---|---|---|
| Particulars | For the Current year ended 31/03/2021 (Audited) |
For the Previous Year ended 31/03/2020 (Audited) |
|
| Cash Flow from Operating Activities Profit before Tax Adjustments for: Depreciation, Amortisation and Impairment Expense Impairment of Intangible assets / Intangible assets under development Loss / (Profit) on Sale / Write-off of Property, Plant and Equipment / Intangible Assets (net) Net Gain on sale of Mutual Fund Investments Finance Costs Interest on Deposits with Banks and Others Dividend on Mutual Fund Investments Unrealised Loss / (Gain) on Mutual Fund Investments (net) Unrealised Loss / (Gain) on Preference Shares Doubtful Trade Receivables / Advances provided (net) Bad Trade Receivables / Advances written off Share Based Payments Expense Unrealised Exchange loss / (gain) on revaluation (net) Operating Cash Flows before Working Capital Changes Changes in working capital: Adjustments for (increase) / decrease in operating assets: Inventories Trade Receivables Current Loans Non-Current Loans Other Current Financial Assets Other Current Assets Other Non-Current Assets Other Non-Current Financial Assets Adjustments for increase / (decrease) in operating liabilities: Trade Payables Non-Current Trade Payables Other Current Financial liabilities Other Current liabilities Other Non-Current liabilities Other Non-Current Financial liabilities Current Provisions Non-Current Provisions Cash Generated from Operations Net Income tax paid Net Cash Flow generated / (used in) from Operating Activities Cash Flow from Investing Activities Capital expenditure on Property, Plant and Equipment, including capital advances Proceeds from sale of Property, Plant and Equipments / Intangible Assets Purchase of Non-Current Investment Proceeds from sale of Non-Current Investments Purchase of Current Investments Proceeds from sale of Current Investments Bank balances not considered as Cash and Cash Equivalents (net) Dividend on Mutual Fund Investments Interest on Deposits with Banks and others Net Cash Flow generated / (used in) from Investing Activities Cash Flow from Financing Activities Proceeds from / (Repayment of) Non Current Borrowings (net) Proceeds from / (Repayment of) Current Borrowings (net) Proceeds from issue of equity shares (ESOPs) and Share application money Securities Premium Received (ESOPs) Payment of Lease liabilities Finance Costs Dividend paid Corporate Tax on Dividend Net Cash Flow generated / (used in) from Financing Activities Net Increase / (Decrease) in Cash and Cash Equivalents Cash and Cash Equivalents as at the beginning of the year Cash and Cash Equivalents as at end of the reporting year |
16,297.0 5,028.3 - 0.7 (243.6) 406.2 (317.5) - (277.7) (20.0) 148.0 0.1 386.6 (39.0) |
10,522.5 5,187.5 3,800.3 17.6 (1,062.8) 525.9 (80.2) (145.6) (2.4) - 16.8 3.2 415.3 (1,490.2) |
|
| 21,369.1 (2,235.8) 4,071.6 222.5 (211.5) (678.9) 666.6 275.6 0.8 (3,563.0) - 252.9 (180.9) (203.0) 4.1 252.9 145.7 |
17,707.9 (1,786.3) 2,757.4 (119.8) 180.2 3,075.1 (1,104.4) (105.6) 4.6 2,933.9 (16.1) 1,015.3 325.1 134.0 (5.8) 611.8 446.8 |
||
| 20,188.7 (4,487.9) |
26,054.1 (3,859.2) |
||
| 15,700.8 | 22,194.9 | ||
| (5,198.3) 15.1 (21,128.9) - (114,462.8) 115,069.1 313.1 - 317.5 |
(5,181.1) 20.3 - 1,033.7 (141,138.8) 138,968.6 (1,324.1) 145.6 80.2 |
||
| (25,075.2) | (7,395.6) | ||
| (2.3) 2,935.0 1.9 105.7 (779.2) (69.6) (2,723.2) - |
(35.4) 36.1 1.0 58.7 (798.2) (210.9) (2,264.6) (465.2) |
||
| (531.7) | (3,678.5) | ||
| (9,906.1) 11,680.2 1,774.1 |
11,120.8 559.4 11,680.2 |
||
| continued on Page 4.. |
….. Page 4 …..
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The Company operates in one reportable business segment i.e. "Pharmaceuticals".
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The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year and the unaudited published year-to-date figures up to the third quarter ended December 31, 2020 and December 31, 2019 respectively.
Place : Mumbai Dated : May 12, 2021
By Order of the Board For Lupin Limited Digitally signed by Nilesh Deshbandhu Gupta Nilesh Deshbandhu DN: c=IN, o=Personal, 2.5.4.20=b90d3cd100a8976441a97e8218abdaeb9c99dafab6410 a358ecc913c8112053f, postalCode=400049, st=Maharashtra, serialNumber=7a16dcea8b43492f4add09114ed80d4fed841982f a49f5cee0c8f5c83172792c, cn=Nilesh Deshbandhu Gupta Gupta Date: 2021.05.12 23:21:36 +05'30' Nilesh D. Gupta Managing Director DIN: 01734642
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063
Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010
INDEPENDENT AUDITOR’S REPORT
TO THE BOARD OF DIRECTORS OF LUPIN LIMITED-
Report on the audit of the Standalone Annual Financial Results
Opinion
We have audited the accompanying standalone annual financial results of Lupin Limited (hereinafter referred to as the ‘‘Company”) for the year ended 31 March 2021, attached herewith, being submitted by the Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid standalone annual financial results:
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a. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
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b. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of the net profit and other comprehensive income and other financial information for the year ended 31 March 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results section of our report. We are independent of the Company, in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence we have obtained, is sufficient and appropriate to provide a basis for our opinion on the Standalone annual financial results.
Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
B S R & Co. LLP
Independent Auditor’s Report (Continued)
Lupin Limited
Management’s and Board of Directors’ Responsibilities for the Standalone Annual Financial Results
These standalone annual financial results have been prepared on the basis of the standalone annual financial statements.
The Company’s Management and the Board of Directors are responsible for the preparation and presentation of these standalone annual financial results that give a true and fair view of the net profit/ loss and other comprehensive income and other financial information in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. This responsibility also includes maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of the Company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the standalone annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error.
In preparing the standalone annual financial results, the Management and the Board of Directors are 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 the Board of Directors either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
The Board of Directors is responsible for overseeing the Company’s financial reporting process
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the standalone annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these standalone annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the standalone annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
B S R & Co. LLP
Independent Auditor’s Report (Continued)
Lupin Limited
Auditor’s Responsibilities for the Audit of the Standalone Annual Financial Results (Continued)
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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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the standalone financial results made by the Management and Board of Directors.
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Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. 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 annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the standalone annual financial results, including the disclosures, and whether the standalone annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
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.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
Other Matters
The standalone annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R Co. & LLP Chartered Accountants Firm’s Registration No.: 101248W/W-100022
VENKATARAMANAN Digitally signed by VENKATARAMANAN VISHWANATH VISHWANATH Date: 2021.05.12 23:58:37 +05'30'
Place: Bengaluru Date: 12 May 2021
Venkataramanan Vishwanath Partner Membership Number: 113156 ICAI UDIN: 21113156AAAACG2936
==> picture [37 x 47] intentionally omitted <==
LUPIN LIMITED
Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442
Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com
L U P I N STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021
| L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
L U P I N LUPIN LIMITED STATEMENT OF AUDITED CONSOLIDATED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED MARCH 31, 2021 Tel: (91-22) 6640 2323 E-mail: [email protected] Website: www.lupin.com Registered Office: Kalpataru Inspire, 3rd Floor, Off Western Express Highway, Santacruz (East), Mumbai 400 055. Corporate Identity Number: L24100MH1983PLC029442 |
|---|---|---|---|---|---|
| (�in million) | |||||
| Particulars 3 Months Ended 31/03/2021 (Audited) (Refer note 11) |
3 Months 3 Months Ended Ended 31/12/2020 31/03/2020 (Unaudited) (Audited) (Refer note 11) |
Accounting Year Ended 31/03/2021 (Audited) |
Accounting Year Ended 31/03/2020 (Audited) |
||
| 1) Revenue from operations a) Sales/income from operations b) Other operating income Total Revenue from operations 2) Other income 3) Total Income (1+2) 4) Expenses a) Cost of materials consumed b) Purchases of stock-in-trade c) Changes in Inventories of finished goods, work-in-progress and stock-in-trade [(increase)/decrease] d) Employee benefits expense e) Finance costs f) Depreciation, Amortisation and Impairment Expense g) Other expenses Total expenses 5) Profit before share of profit of jointly controlled entity and exceptional items (3-4) 6) Share of profit from jointly controlled entity (net of tax) 7) Profit before exceptional items and tax (5+6) 8) Exceptional Items Profit / (Loss) (Refer note 8) 9) Profit before tax (7+8) 10) Tax expense Current Tax (net) Deferred Tax (net) Total Tax Expense 11) Profit / (Loss) after tax from continuing operations (9-10) 12) (a) Profit before tax from discontinued operations (b) Tax on discontinued operations 13) Profit after tax from discontinued operations [12(a) - 12(b)] 14) Profit / (Loss) after tax and before non-controlling interest (11+13) 15) Share of Profit / (Loss) attributable to non-controlling interest 16) Net Profit / (Loss) after taxes attributable to owners of the Company (14-15) 17) Other Comprehensive Income / (Loss) (a) (i) Items that will not be reclassified subsequently to profit or loss (ii) Income tax relating to items that will not be reclassified subsequently to profit or loss (b) (i) Items that will be reclassified subsequently to profit or loss (ii) Income tax relating to items that will be reclassified subsequently to profit or loss Other comprehensive Income / (Loss) for the year, net of tax 18) Share of comprehensive Income / (Loss) attributable to non-controlling interest 19) Other Comprehensive Income / (Loss) attributable to owners of the Company (17-18) 20) Total Comprehensive Income / (Loss) attributable to: Owners of the Company (16+19) Non-Controlling Interest of the Company (15+18) Total Comprehensive Income / (Loss) for the year See accompanying notes to the financial results. |
37,592.7 238.3 |
39,173.0 1,000.6 |
37,910.0 547.4 |
149,269.9 2,359.7 |
151,428.0 2,319.6 |
| 37,831.0 582.2 38,413.2 7,266.1 5,974.0 (64.3) 6,401.9 318.4 2,157.2 11,177.8 |
40,173.6 211.7 40,385.3 8,116.5 6,024.3 (390.9) 7,067.7 309.2 2,443.2 11,568.6 |
38,457.4 2,086.0 40,543.4 7,746.6 5,732.2 571.0 7,635.5 1,073.8 2,142.6 11,518.9 |
151,629.6 1,362.9 152,992.5 31,697.9 26,773.1 (4,848.6) 28,259.0 1,406.4 8,874.1 44,079.4 |
153,747.6 4,837.6 158,585.2 31,638.2 22,582.3 85.5 29,868.4 3,629.8 9,702.2 46,025.2 |
|
| 33,231.1 5,182.1 1.7 5,183.8 - 5,183.8 206.5 333.6 |
35,138.6 5,246.7 1.7 5,248.4 - 5,248.4 844.6 (9.7) |
36,420.6 4,122.8 9.9 4,132.7 830.9 4,963.6 965.1 85.6 |
136,241.3 16,751.2 13.3 16,764.5 - 16,764.5 4,384.7 100.5 |
143,531.6 15,053.6 39.4 15,093.0 (7,520.7) 7,572.3 6,869.7 4,701.4 |
|
| 540.1 4,643.7 - - - 4,643.7 40.1 4,603.6 171.5 (57.8) (463.1) (32.9) (382.3) 3.0 (385.3) 4,218.3 43.1 |
834.9 4,413.5 - - - 4,413.5 31.0 4,382.5 (149.9) 58.4 2,131.0 (47.6) 1,991.9 (0.1) 1,992.0 6,374.5 30.9 |
1,050.7 3,912.9 - - - 3,912.9 16.6 3,896.3 (169.0) 52.3 (5,424.9) 139.2 (5,402.4) 15.3 (5,417.7) (1,521.4) 31.9 |
4,485.2 12,279.3 - - - 12,279.3 114.0 12,165.3 (92.9) 40.6 2,913.0 (240.6) 2,620.1 11.7 2,608.4 14,773.7 125.7 |
11,571.1 (3,998.8) 1,195.5 (105.5) 1,301.0 (2,697.8) (3.9) (2,693.9) (425.9) 148.1 (5,928.9) 128.9 (6,077.8) 27.5 (6,105.3) (8,799.2) 23.6 |
|
| 4,261.4 | 6,405.4 | (1,489.5) | 14,899.4 | (8,775.6) |
continued on Page 2..
….. Page 2 …..
| (�in million) | ||||||
|---|---|---|---|---|---|---|
| Particulars | 3 Months | 3 Months | 3 Months | Accounting | Accounting | |
| Ended | Ended | Ended | Year Ended | Year Ended | ||
| 31/03/2021 | 31/12/2020 | 31/03/2020 | 31/03/2021 | 31/03/2020 | ||
| (Audited) | (Unaudited) | (Audited) | (Audited) | (Audited) | ||
| (Refer note 11) | (Refer note 11) | |||||
| 21) | Paid up equity share capital | 907.4 | 907.0 | 906.0 | 907.4 | 906.0 |
| (Face value�2/- each) | ||||||
| 22) | Other Equity | 137,124.0 | 124,461.0 | |||
| 23) | Earnings Per Share for continuing operations (of�2/- each) | |||||
| (Not Annualised) | ||||||
| a) Basic (in�) | 10.24 | 9.74 | 8.64 | 27.09 | (8.83) | |
| b) Diluted (in�) | 10.20 | 9.70 | 8.61 | 26.97 | (8.83) | |
| 24) | Earnings Per Share for discontinued operations (of�2/- each) | |||||
| (Not Annualised) | ||||||
| a) Basic (in�) | - | - | - | - | 2.87 | |
| b) Diluted (in�) | - | - | - | - | 2.86 | |
| 25) | Earnings Per Share for continuing and discontinued operations after | |||||
| share of Profit / (Loss) attributable to non-controlling interest (of�2/- each) | ||||||
| (Not Annualised) | ||||||
| a) Basic (in�) | 10.15 | 9.67 | 8.61 | 26.84 | (5.95) | |
| b) Diluted (in�) | 10.11 | 9.63 | 8.57 | 26.72 | (5.95) | |
| See | accompanying notes to the financial results. | |||||
| continued | on Page 3.. |
….. Page 3 …..
NOTES:
-
The above Consolidated Financial Results were reviewed by the Audit Committee and thereafter approved and taken on record by the Board of Directors at their meeting held on May 12, 2021.
-
The Consolidated Financial Results include the financial results of the subsidiaries, Lupin Pharmaceuticals, Inc. - U.S.A., Kyowa Pharmaceutical Industry Co., Limited - Japan (upto December 17, 2019), Lupin Australia Pty Limited - Australia, Nanomi B.V. - Netherlands, Pharma Dynamics (Proprietary) Limited - South Africa, Hormosan Pharma GmbH - Germany, Multicare Pharmaceuticals Philippines Inc. - Philippines, Lupin Atlantis Holdings SA - Switzerland, Lupin Healthcare (UK) Limited - U.K., Lupin Pharma Canada Limited - Canada, Generic Health Pty Limited - Australia, Bellwether Pharma Pty Limited - Australia, Lupin Mexico S.A. de C.V. - Mexico, Lupin Philippines Inc. - Philippines, Lupin Healthcare Limited - India, Generic Health SDN. BHD. - Malaysia, Kyowa CritiCare Co., Limited - Japan (upto September 30, 2019), Lupin Middle East FZ-LLC - U.A.E. (upto July 02, 2020), Lupin Inc. - U.S.A., Lupin GmbH - Switzerland (upto September 21, 2020), Laboratorios Grin S.A. de C.V. - Mexico, Medquimica Industria Farmaceutica LTDA - Brazil, Lupin Pharma LLC - Russia (upto April 09, 2019), Novel Laboratories, Inc.- U.S.A., Lupin Research Inc. - U.S.A., Lupin Latam, Inc. - U.S.A., Lupin Japan & Asia Pacific K.K. - Japan (upto December 17, 2020), Symbiomix Therapeutics, LLC - U.S.A.(upto December 30, 2019), Lupin Management Inc. - U.S.A, Lupin Europe GmbH - Germany, Lupin Biologics Limited - India (w.e.f. January 28, 2021), Lupin Oncology Inc. - USA (w.e.f. March 15, 2021), Lupin Foundation - India and jointly controlled entity, YL Biologics Limited - Japan.
-
The Consolidated Financial Statements are prepared in accordance with Ind AS 110 "Consolidated Financial Statements" and Ind AS 28 "Investments in Associates and Joint Ventures".
-
Consolidated Balance Sheet:
| Consolidated Balance Sheet: | Consolidated Balance Sheet: | ||
|---|---|---|---|
| (�in million) | |||
| Particulars | As at 31/03/2021 |
As at 31/03/2020 |
|
| (Audited) | (Audited) | ||
| A. 1. 2. B. 1. 2. **3. ** |
ASSETS Non-Current Assets a. Property, Plant and Equipment b. Capital Work-in-Progress c. Goodwill d. Other Intangible Assets e. Intangible Assets Under Development f. Investments accounted for using equity method g. Financial Assets (i) Non-Current Investments (ii) Non-Current Loans (iii) Other Non-Current Financial Assets h. Deferred Tax Assets (Net) i. Non-Current Tax Assets (Net) j. Other Non-Current Assets Sub-total - Non-Current Assets Current Assets a. Inventories b. Financial Assets (i) Current Investments (ii) Trade Receivables (iii) Cash and Cash Equivalents (iv) Other Bank Balances (v) Current Loans (vi) Other Current Financial Assets c. Current Tax Assets (Net) d. Other Current Assets Sub-total - Current Assets TOTAL - ASSETS EQUITY AND LIABILITIES Equity a. Equity Share Capital b. Other Equity c. Non-Controlling Interest Sub-total - Equity Liabilities Non-Current Liabilities a. Financial Liabilities (i) Non-Current Borrowings (ii) Other Non-Current Financial Liabilities b. Non-Current Provisions c. Deferred Tax Liabilities (Net) d. Other Non-Current Liabilities Sub-total - Non-Current Liabilities Current Liabilities a. Financial Liabilities (i) Current Borrowings (ii) Trade Payables - Total outstanding dues of Micro Enterprises and Small Enterprises - Total outstanding dues of other than Micro Enterprises and Small Enterprises (iii) Other Current Financial Liabilities b. Other Current Liabilities c. Current Provisions d. Current Tax Liabilities (Net) Sub-total - Current Liabilities TOTAL - EQUITY AND LIABILITIES |
43,829.0 8,515.4 19,624.2 15,354.4 2,147.2 319.1 461.6 668.6 34.9 1,802.1 2,691.3 792.9 |
43,655.5 7,581.6 18,514.8 17,210.8 1,814.6 305.0 55.7 476.3 705.1 1,743.1 1,185.6 2,458.3 |
96,240.7 |
95,706.4 | ||
| 40,920.1 23,768.1 44,743.2 9,206.3 8,218.3 153.0 4,379.5 56.9 8,418.3 |
34,568.7 23,382.5 54,459.3 22,148.5 2,394.5 370.1 3,895.5 306.1 12,606.9 |
||
139,863.7 |
154,132.1 | ||
236,104.4 |
249,838.5 | ||
| 907.4 137,124.0 549.7 |
906.0 124,461.0 444.6 |
||
138,581.1 |
125,811.6 | ||
| 161.2 5,971.7 3,294.9 2,297.7 1,436.9 |
17,932.8 7,247.3 2,962.9 1,995.4 1,636.5 |
||
13,162.4 |
31,774.9 | ||
| 30,494.4 912.3 19,232.1 22,673.2 1,836.9 7,843.8 1,368.2 |
24,927.5 989.4 23,133.6 28,759.8 2,482.5 9,077.1 2,882.1 |
||
84,360.9 |
92,252.0 | ||
236,104.4 |
249,838.5 | ||
| continued on Page 4.. |
….. Page 4 …..
| 5. A. B. **C. ** |
Consolidated Statement of Cash Flows: | (�in million) | (�in million) |
|---|---|---|---|
| Particulars | For the Current Year Ended 31.03.2021 |
For the Previous Year Ended 31.03.2020 |
|
| (Audited) | (Audited) | ||
| Cash Flow from Operating Activities Profit before Tax Continuing Operations Discontinued Operations Adjustments for: Depreciation, Amortisation and Impairment Expense Profit on sale / write-off of Property, Plant and Equipment / Intangible Assets (net) Finance Costs Net Gain on Sale of Mutual Fund Investments Interest on Deposits with Banks and Others Dividend on Mutual Fund Investments Doubtful Trade Receivables / Advances / Deposits written off and provided Unrealised Gain on Mutual Fund Investments (net) Provisions / Credit balances no longer required written back Share Based Payment Expense Profit on Divestment of Subsidiaries (net) Impairment of Intangible Assets / Intangible Assets Under Development Net loss on financial assets measured at fair value through profit or loss Share of Profit from Jointly Controlled Entities Unrealised Exchange Gain on Revaluation (net) Operating Cash flows before Working Capital Changes Changes in working capital: Adjustments for (increase) / decrease in operating assets: Non-Current Loans Other Non-Current Financial Assets Other Non-Current Assets Inventories Trade Receivables Current Loans Other Current Financial Assets Other Current Assets Adjustments for increase / (decrease) in operating liabilities: Non-Current Trade Payables Other Non-Current Financial liabilities Non-Current Provisions Other Non-Current liabilities Trade Payables Other Current Financial liabilities Other Current liabilities Current Provisions Cash Generated from Operations Net Income tax paid Net Cash Flow generated / (used in) from Operating Activities Cash Flow from Investing Activities Capital expenditure on Property, Plant and Equipment, including capital advances Proceeds from sale of Property, Plant and Equipment / Intangible Assets Proceeds from / (Purchase of) Non-Current Investments Purchase of Current Investments Proceeds from sale of Current Investments Proceeds from Divestment of Subsidiaries Bank balances not considered as Cash and Cash Equivalents (net) Interest on Deposits with Banks and Others Dividend on Mutual Fund Investments Net Cash Flow generated / (used in) from Investing Activities Cash Flow from Financing Activities Proceeds from / (Repayment of) Non-Current Borrowings (net) Proceeds from / (Repayment of) Current Borrowings (net) Proceeds from issue of equity shares (ESOPs) and Share application money Securities Premium Received (ESOPs) Payment of Lease liabilities Finance Costs Dividend paid Corporate Tax on Dividend Net Cash Flow generated / (used in) from Financing Activities Net increase / (decrease) in Cash and Cash Equivalents Cash and Cash Equivalents as at the beginning of the year Cash and Cash Equivalents as at the end of the year Reconciliation of Cash and Cash Equivalents with the Balance Sheet Unrealised loss / (gain) on foreign currency Cash and Cash Equivalents Cash and Cash Equivalents as at the end of the year Cash and Cash Equivalents as per Balance Sheet |
16,764.5 - 8,874.1 (9.3) 1,406.4 (245.8) (396.9) - 615.0 (284.9) (8.7) 504.3 - - 131.1 (13.3) (38.9) |
7,572.3 1,195.5 11,595.8 (1.9) 3,629.8 (1,063.1) (1,290.5) (145.6) 299.4 (4.8) 0.7 532.8 (12,164.3) 15,900.0 - (39.4) (1,506.0) |
|
| 27,297.6 (195.9) 670.2 454.4 (6,574.2) 8,950.1 216.3 (343.6) 3,954.7 - (144.6) 297.6 (191.8) (3,734.5) (3,466.1) (626.9) (1,190.6) |
24,510.7 176.2 (271.6) (77.5) (4,795.9) (10,435.2) (137.8) 2,115.3 (2,548.9) (22.8) 1,210.9 424.9 (462.4) 5,639.4 493.8 1,706.2 2,275.1 |
||
| 25,372.7 (7,155.1) |
19,800.5 (5,112.1) |
||
| 18,217.6 | 14,688.4 | ||
| (6,776.2) 62.2 (400.0) (123,775.2) 123,920.3 - (5,823.8) 396.9 - |
(6,731.3) 18.5 1,038.6 (141,257.2) 139,026.9 15,782.9 1,755.4 1,290.5 145.6 |
||
| (12,395.8) | 11,069.9 | ||
| (20,226.4) 6,549.3 1.9 105.7 (1,241.8) (1,318.2) (2,723.2) - |
(9,892.3) 8,388.2 1.0 58.7 (1,169.9) (3,561.7) (2,264.6) (465.2) |
||
| (18,852.7) | (8,905.8) | ||
| (13,030.9) 22,293.1 |
16,852.5 5,440.6 |
||
| 9,262.2 | 22,293.1 | ||
| 9,206.3 55.9 |
22,148.5 144.6 |
||
| 9,262.2 | 22,293.1 | ||
| continued on Page 5.. |
….. Page 5 …..
NOTES:
-
The Board of Directors has, at its meeting held on May 12, 2021 recommended a dividend of � 6.50 per equity share of the face value of � 2/each aggregating � 2,949.2 million. The recommended dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting.
-
During the quarter, 166,593 (year-to-date 682,012) equity shares of � 2/- each, fully paid-up, were allotted upon exercise of the vested stock options pursuant to the Lupin Employees Stock Option Plans (ESOPs), resulting in an increase in the paid-up share capital by � 0.4 million (year-to-date � 1.4 million) and securities premium account by � 152.3 million (year-to-date � 711.7 million).
-
Exceptional items for the year ended March 31, 2020 pertains to impairment of � 15,893.2 million related to certain acquired IPs (including � 95.5 million for the quarter ended March 31, 2020), profit of � 14,121.0 million on divestment of the Company's entire stake in Kyowa Pharmaceutical Industry Co., Limited - Japan (including � 1,210.1 million for the quarter ended March 31, 2020), settlement amount of � 3,791.8 million in respect of State of Texas lawsuit in the USA and loss of � 1,956.7 million (including � 283.7 million for the quarter ended March 31, 2020) on divestment of the Company's entire stake in Kyowa CritiCare Co., Limited, Japan.
-
The Company operates in one reportable business segment i.e. "Pharmaceuticals".
-
Standalone Results are as under:
| Standalone Results are as under: | Standalone Results are as under: | Standalone Results are as under: | Standalone Results are as under: | Standalone Results are as under: | Standalone Results are as under: |
|---|---|---|---|---|---|
| (�in million) | |||||
| Particulars | 3 Months Ended 31/03/2021 (Audited) |
3 Months Ended 31/12/2020 (Unaudited) |
3 Months Ended 31/03/2020 (Audited) |
Accounting Year Ended 31/03/2021 (Audited) |
Accounting Year Ended 31/03/2020 (Audited) |
| Total RevenuefromOperations | 25,159.6 | 28,024.7 | 24,838.8 | 110,559.3 | 110,256.6 |
| ProfitBeforeTax | 3,538.0 | 2,920.7 | 3,091.6 | 16,297.0 | 10,522.5 |
| ProfitAfter Tax | 3,163.6 | 2,182.5 | 2,252.9 | 12,586.2 | 7,275.5 |
- The figures for the quarter ended March 31, 2021 and March 31, 2020 are the balancing figures between audited figures in respect of the full financial year and the unaudited published year-to-date figures up to the third quarter ended December 31, 2020 and December 31, 2019 respectively.
Place : Mumbai Dated : May 12, 2021
By order of the Board For Lupin Limited Digitally signed by Nilesh Deshbandhu Gupta DN: c=IN, o=Personal, 2.5.4.20=b90d3cd100a8976441a97e8218abdae b9c99dafab6410a358ecc913c8112053f, postalCode=400049, st=Maharashtra, serialNumber=7a16dcea8b43492f4add09114e d80d4fed841982fa49f5cee0c8f5c83172792c, cn=Nilesh Deshbandhu Gupta Date: 2021.05.12 23:21:03 +05'30'
Nilesh Deshbandhu Gupta
Nilesh D. Gupta Managing Director DIN: 01734642
B S R & Co. LLP
Chartered Accountants
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400 063
Telephone: +91 22 6257 1000 Fax: +91 22 6257 1010
INDEPENDENT AUDITOR’S REPORT
TO THE BOARD OF DIRECTORS OF LUPIN LIMITED
Report on the audit of the Consolidated Annual Financial Results
Opinion
We have audited the accompanying consolidated annual financial results of Lupin Limited (hereinafter referred to as the ‘‘Holding Company”) and its subsidiaries (Holding Company and its subsidiaries together referred to as “the Group”) and its joint venture for the year ended 31 March 2021, attached herewith, being submitted by the Holding Company pursuant to the requirement of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (‘Listing Regulations’).
In our opinion and to the best of our information and according to the explanations given to us and based on the consideration of reports of other auditors on separate audited financial statements /financial results/ financial information of the subsidiaries and joint venture, the aforesaid consolidated annual financial results:
- a. include the annual financial results of the following entities
Names of the Entities Subsidiaries: Lupin Atlantis Holdings SA (Switzerland) Lupin Australia Pty Limited (Australia) Bellwether Pharma Pty Limited (Australia) Lupin Healthcare Limited (India) Lupin Inc. (USA) Lupin GmbH, (Switzerland)# Nanomi B.V., (Netherlands) Laboratorios Grin, S.A. de C.V. (Mexico) Lupin Healthcare (UK) Limited (UK) Medquimica Industria Farmaceutica LTDA (Brazil) Lupin Middle East FZ-LLC (UAE) (Upto 2 July 2020)
Registered Office:
14th Floor, Central B Wing and North C Wing, Nesco IT Park 4, Nesco Center, Western Express Highway, Goregaon (East), Mumbai - 400063
B S R & Co. (a partnership firm with Registration No. BA61223) converted into B S R & Co. LLP (a Limited Liability Partnership with LLP Registration No. AAB-8181) with effect from October 14, 2013
B S R & Co. LLP
Independent Auditor's Report (Continued) Lupin Limited
Opinion (Continued)
Lupin Pharmaceuticals, Inc. (USA) Novel Laboratories, Inc. (USA) Pharma Dynamics (Proprietary) Limited (South Africa) Generic Health Pty Limited (Australia) Multicare Pharmaceuticals Philippines Inc. (Philippines) Lupin Philippines Inc. (Philippines) Hormosan Pharma GmbH (Germany) Lupin Pharma Canada Limited (Canada) Lupin Mexico S.A. de C.V. (Mexico) Generic Health SDN. BHD. (Malaysia) Kyowa Pharmaceutical Industry Co. Limited (Japan) (upto 17 December 2019) Kyowa CritiCare Co., Limited (Japan) (upto 30 September 2019) Lupin Research Inc, (USA) Lupin Latam Inc. (USA) Lupin Japan & Asia Pacific K.K. (Japan) (upto 17 December 2020) Symbiomix Therapeutics, LLC – USA (upto 30 December 2019) Lupin Management Inc., USA (Formerly known as Lupin IP Ventures Inc. (USA)) Lupin Europe GmbH (Germany) Lupin Biologics Ltd., India (with effect from 28 January 2021) Lupin Oncology Inc, USA (with effect from 15 March 2021) Lupin Foundation Joint venture YL Biologics Limited (Japan)
Lupin GmbH, (Switzerland) is merged with Lupin Atlantis Holdings SA (Switzerland) on 21 September 2020 with effect from 01 April 2020.
-
b. are presented in accordance with the requirements of Regulation 33 of the Listing Regulations in this regard; and
-
c. give a true and fair view in conformity with the recognition and measurement principles laid down in the applicable Indian Accounting Standards, and other accounting principles generally accepted in India, of consolidated net profit and other comprehensive income and other financial information of the Group for the year ended 31 March 2021.
Basis for Opinion
We conducted our audit in accordance with the Standards on Auditing (“SAs”) specified under section 143(10) of the Companies Act, 2013 (“the Act”). Our responsibilities under those SAs are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results section of our report. We are independent of the Group and its joint venture in accordance with the Code of Ethics issued by the Institute of Chartered Accountants of India together with the ethical requirements that are relevant to our audit of the financial statements under the provisions of the Act, and the Rules thereunder, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the Code of Ethics. We believe that the audit evidence obtained by us along with the consideration of audit reports of the other auditors referred to in sub paragraph (a) of the “Other Matters” paragraph below, is sufficient and appropriate to provide a basis for our opinion on the consolidated annual financial results.
B S R & Co. LLP
Independent Auditor's Report (Continued) Lupin Limited
Management’s and Board of Directors’ Responsibilities for the Consolidated Annual Financial Results
These consolidated annual financial results have been prepared on the basis of the consolidated annual financial statements.
The Holding Company’s Management and the Board of Directors are responsible for the preparation and presentation of these consolidated annual financial results that give a true and fair view of the consolidated net profit and other comprehensive income and other financial information of the Group including its joint venture in accordance with the recognition and measurement principles laid down in Indian Accounting Standards prescribed under Section 133 of the Act and other accounting principles generally accepted in India and in compliance with Regulation 33 of the Listing Regulations. The respective Management and Board of Directors of the companies included in the Group and of its joint venture are responsible for maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding of the assets of each company and for preventing and detecting frauds and other irregularities; selection and application of appropriate accounting policies; making judgments and estimates that are reasonable and prudent; and the design, implementation and maintenance of adequate internal financial controls, that were operating effectively for ensuring accuracy and completeness of the accounting records, relevant to the preparation and presentation of the consolidated annual financial results that give a true and fair view and are free from material misstatement, whether due to fraud or error, which have been used for the purpose of preparation of the consolidated annual financial results by the Management and the Directors of the Holding Company, as aforesaid.
In preparing the consolidated annual financial results, the Management and the respective Board of Directors of the companies included in the Group and of its joint venture are responsible for assessing the ability of each company to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the respective Board of Directors either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
The respective Board of Directors of the companies included in the Group and of its joint venture is responsible for overseeing the financial reporting process of each company.
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results
Our objectives are to obtain reasonable assurance about whether the consolidated annual financial results as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated annual financial results.
As part of an audit in accordance with SAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
- Identify and assess the risks of material misstatement of the consolidated annual financial results, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
B S R & Co. LLP
Independent Auditor's Report (Continued) Lupin Limited
Auditor’s Responsibilities for the Audit of the Consolidated Annual Financial Results (Continued)
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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 through a separate report on the complete set of financial statements on whether the company has adequate internal financial controls with reference to financial statements in place and the operating effectiveness of such controls.
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Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures in the consolidated financial results made by the Management and Board of Directors.
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Conclude on the appropriateness of the Management and Board of Directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the appropriateness of this assumption. 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 consolidated annual financial results or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group and its joint venture to cease to continue as a going concern.
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Evaluate the overall presentation, structure and content of the consolidated annual financial results, including the disclosures, and whether the consolidated annual financial results represent the underlying transactions and events in a manner that achieves fair presentation.
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Obtain sufficient appropriate audit evidence regarding the financial results/financial information of the entities within the Group and its joint venture to express an opinion on the consolidated annual financial results. We are responsible for the direction, supervision and performance of the audit of financial information of such entities included in the consolidated financial results of which we are the independent auditors. For the other entities included in the consolidated annual financial results, which have been audited by other auditors, such other auditors remain responsible for the direction, supervision and performance of the audits carried out by them. We remain solely responsible for our audit opinion. Our responsibilities in this regard are further described in para (a) of the section titled “Other Matters” in this audit report.
We communicate with those charged with governance of the Holding Company and such other entities included in the consolidated annual financial results of which we are the independent auditors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.
We also performed procedures in accordance with the circular No CIR/CFD/CMD1/44/2019 issued by the SEBI under Regulation 33(8) of the Listing Regulations, as amended, to the extent applicable.
B S R & Co. LLP
Independent Auditor's Report (Continued) Lupin Limited
Other Matters
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(a) The consolidated annual financial results include the audited financial results of 26 subsidiaries, whose financial statements/financial results/ financial information reflect Group’s share of total assets of Rs. 2,22,525.5 million as at 31 March 2021, Group’s share of total revenue of Rs. 1,16,511.0 million and Group’s share of total net profit after tax of Rs. 6,411.9 million and Group’s share of net cash out flows of Rs. 3,128.9 million for the year ended on that date, as considered in the consolidated annual financial results, which have been audited by their respective independent auditors. The consolidated annual financial results also include the Group’s share of net profit after tax of Rs. 14.1 million for the year ended 31 March 2021, in respect of one joint venture, whose financial statements/financial information have not been audited by us. The independent auditor’s reports on financial statements/ financial results/financial information of these entities have been furnished to us by the management and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of these entities, is based solely on the report of such auditors and the procedures performed by us are as stated in paragraph above.
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(b) The consolidated annual financial results include the unaudited financial results of two subsidiaries whose financial statements/financial results/ financial information reflect Group’s share of total assets of Rs. nil as at 31 March 2021, Group’s share of total revenue of Rs. 89.0 million and Group’s share of total net profit after tax of Rs. 215.2 million, and Group’s share of net cash outflows of Rs. 21.5 million for the year ended on that date, as considered in the consolidated annual financial results. These unaudited financial statements/financial results/ financial information have been furnished to us by the Board of Directors and our opinion on the consolidated annual financial results, in so far as it relates to the amounts and disclosures included in respect of the subsidiaries, is based solely on such annual financial statements/financial results/financial information. In our opinion and according to the information and explanations given to us by the Board of Directors, these financial statements/financial results / financial information are not material to the Group.
Our opinion on the consolidated annual financial results is not modified in respect of the above matters with respect to our reliance on the work done and the reports of the other auditors and the financial results/financial information certified by the Board of Directors.
- (c) The consolidated annual financial results include the results for the quarter ended 31 March 2021 being the balancing figure between the audited figures in respect of the full financial year and the published unaudited year to date figures up to the third quarter of the current financial year which were subject to limited review by us.
For B S R & Co. LLP Chartered Accountants Firm's Registration No. 101248 W/W-100022
VENKATARAMAN Digitally signed by VENKATARAMANAN AN VISHWANATH VISHWANATH Date: 2021.05.12 23:57:59 +05'30'
Place: Bengaluru Date: 12 May 2021
Venkataramanan Vishwanath Partner Membership No. 113156 ICAI UDIN: 21113156AAAACI5010