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Pfizer Limited

The Capital, 1802/1901, Plot No. C - 70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai 400 051. Tel : +91 22 6693 2000 Fax : +91 22 2654 0274

August 4, 2022

The Corporate Relationship Dept. The Manager, Listing Dept. BSE Limited The National Stock Exchange of India Ltd. 1st Floor, P.J.Towers Exchange Plaza, 5[th] Floor, Dalal Street, Fort Plot No. C/1, G Block Mumbai – 400 001 Bandra-Kurla Complex, Bandra (E) Scrip Code: 500680 Mumbai – 400 051 Scrip Symbol: PFIZER

Dear Sirs,

Sub: Annual General Meeting and Record Date Intimation

Ref: Regulations 34 and 42 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015

This is to inform you that the 71[st] Annual General Meeting (“AGM”) of the Company is scheduled to be held on Friday, August 26, 2022 at 3:00 p.m. (IST) through Video Conferencing (‘‘VC’’) / Other Audio-Visual Means (“OAVM”) in accordance with the relevant circulars issued by the Ministry of Corporate Affairs and the Securities and Exchange Board of India. We hereby enclose a copy of the Annual Report of the Company for the Financial Year ended March 31, 2022, for your reference.

In compliance with the relevant circulars issued by MCA and SEBI, the Annual Report for the financial year 2021 – 22, comprising the Notice of the AGM and the standalone financial statements for the financial year 2021 – 22, along with Board's Report, Auditors’ Report and other documents required to be attached thereto, is sent to all the Members of the Company whose email address are registered with the Company / Depository Participant(s).

The detailed procedure to be followed for remote e-voting or e-voting during the AGM, speaker Registration, Posting of queries and joining the AGM through VC / OAVM and live webcast has been provided in the Note Nos. 13 – 14 to the Notice of 71[ST] Annual General Meeting and on the website of the Company: www.pfizerltd.co.in

As informed earlier, the Board at the Meeting held on May 20, 2022 had recommended a dividend of Rs. 35.00/- (350%) per equity share for the financial year ended March 31, 2022.

The same if approved by the members at the AGM would be paid on or before September 23, 2022.

CIN: L24231MH1950PLC008311 Email ID: [email protected] Website: www.pfizerltd.co.in

This is to further inform you that the Record Date for the payment of aforementioned Dividend of Rs. 35 (350%) per equity share is Friday, August 19, 2022.

Security Code	Type of Security	Record Date	Purpose
500680 (BSE) PFIZER EQ (NSE)	Equity Share	August 19, 2022 (Friday)	Payment of Dividend

Further, please note that the cut-off date for determining the eligibility of members to vote through remote e-voting or through e-voting during the AGM is Friday, August 19, 2022.

Request you to take the above on record.

Thanking you,

Yours truly,

For Pfizer Limited

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Prajeet Nair Company Secretary

Encl.: A/a

Cc: National Securities Depository Limited (NSDL) Central Depository Services (India) Limited (CDSL) KFin Technologies Limited (Registrar & Share Transfer Agent)

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ANNUAL REPORT 2021-22

CorporaTE 01 ovErviEW

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Be the new 04
Being the new for a healthier India 06
Being the new for our customers and patients 08
Our promise to patients 14
Being the new for communities 16
Being the new with top products 28
Innovating with experience and expertise 30
From the MD’s desk 34
Innovating for performance 36
10-Year Financial Highlights 37
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STaTuTory 02 rEporTS

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Notice 39
Board’s Report including Management Discussion and Analysis 53
Corporate Governance Report 88
Business Responsibility Report 105
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FiNaNCial 03 STaTEmENTS

Independent Auditor’s Report Balance Sheet Statement of Proft and Loss Statement of Cash Flows Statement of Changes in Equity Notes to the Financial Statements				114 126 127 128 130 131

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PFIZER INC

One of the world’s premier biopharmaceutical companies

USD 81.3 billion

Revenue in 2021

~1.4 billion

Patients reached with our innovative medicines and vaccines

>125 countries Where Pfizer products are sold

>3 billion doses

Of the Pfizer-BioNTech COVID-19 vaccine produced in 2021

39 ~79,000 Manufacturing Employees units worldwide

All numbers are as of December 31, 2021

Pfizer Limited

BE THE NEW

Scientific exploration and responsible entrepreneurship are central to what we do. And everything we do is driven by our curiosity, focussed on innovation and our commitment to join forces with the government and public health systems to advance progress in detection, treatment and management of diseases.

Together, we are committed to the transformative power of science.

We are innovating across every function of Pfizer.

We are transforming.

We are adopting ‘the new’ and being ‘the new’.

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HERE IS WHERE IT ALL BEGAN

In 2018, Pfizer Inc rolled out its new purpose: Breakthroughs That Change Patients’ Lives, bold move and big ideas

Bold moves

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Unleash the power of our people 1

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Deliver firstin-class science 2

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Transform our go-to-market model 3

Win the digital race in pharma 4

Lead the conversation

Big ideas

2.1

1.1 Create room for meaningful work

Source the best science in the world

2.2

1.2 2.2 Recognise both Double our leadership and innovation performance success rate

2.3 Bring medicines to the world faster

1.3 Make Pfizer an amazing workplace for all

3.1 Improve access through new payer partnerships

3.2 Address the patient affordability challenge

3.3 Transform the way we engage patients and physicians

4.1 5.1

Be known as the most patientcentric company

Digitise drug discovery and development

5.2 Drive pro-innovation/ pro-patient policies

4.2 Enhance health outcomes and patient experience

5.3 Focus the narrative on the value of our science

4.3 Make our work faster and easier

HERE IS WHERE WE ARE TODAY

INR 2,530 crore

Revenue 15.5%

INR 613 crore PAT 23.1%

INR 836 crore

EBITDA 17.4%

150 products Across 15 therapeutic areas

~ 314 million patients

Benefitted from our innovative and established products

>150k doctors, 6300 stockists Reached

~3.36 billion tablets Produced annually in our modern award-winning manufacturing facility in Goa

20 CFAs and 17 contract manufacturing facilities across India

Pfizer Limited

BEING THE NEW FOR A HEALTHIER INDIA

Science is at the heart of everything we do at Pfizer. It fuels the discoveries we make and the innovations we create.

We have been at it for over seven decades in India and over 170 years globally.

We will continue to innovate to ensure breakthroughs in everything we do – right from enhancing customer and patient experience to caring for communities.

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BREAKTHROUGHS IN EVERYTHING WE DO

At Pfizer, our pursuit of delivering breakthroughs shapes our strategy, defines our purpose and governs every facet of our operations. We innovate today, for what patients would need tomorrow. We are constantly innovating, we are ‘ Being the New’ .

Being the new for our customers and patients

Healthcare needs are evolving, science is becoming more complex and digital disruptions are redefining the engagement between pharma, physician and patient. Aligning with these changes, Pfizer is on a journey to transform the customer experience to support its breakthrough science.

Read more about how we are enhancing customer experiences on page 8

Being the new for communities

We play a strong role in ensuring science advances healthcare for every Indian and our products are accessible to all those in need. We are passionate about healthcare innovation and are committed to our dream of a disease-free India. We are, thus, empowering start-ups leverage their technical knowledge and help them commercialise and market their products.

We are also working tirelessly to spread awareness in the areas of anti-microbial resistance, training nurses on infection prevention and control, offering cancer-support services to patients and working towards transforming the lives of people.

Read more about how we are extending healthcare to communities on page 16

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Pfizer Limited 7
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BEING THE NEW FOR OUR CUSTOMERS AND PATIENTS

Since 1950, we have been focussed on bringing together our expertise in science with a human touch of patient-centric care for a truly revolutionary way of working. And digital has been at the core of this journey.

Today, with the rising power and demand for digital, we are progressing on our journey and leveraging the rising role of digital in healthcare.

We are transforming the experience we provide to Healthcare Professionals (HCPs), patients, stockists, hospitals, governments, payors and all other Stakeholders.

We are changing the way patients learn about ailments through engaging content, which will help them understand care options and connect with relevant doctors.

We are looking at leveraging digital to drive increased adherence and real-world evidence generation, thereby enhancing patient outcomes.

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WHAT ARE WE DOING?

Creating a curated go-to-market strategy for each business and therapy area

Delivering enhanced patient and public health outcomes through redefined roles, capabilities and collaboration

Focusing on science and education , in addition to sales, by laying emphasis on educating and providing information rooted in science to help HCPs

Focusing on impact-driven interaction , whether virtual or in-person

Integrating digital to deliver an optimal omnichannel engagement

Using real-time insights from digital tools to better understand and cater to the needs of the HCPs, patients and public health, and deliver personalised experiences

Focusing on access and affordability of healthcare solutions for patients

Living our Patient Charter -giving a voice to patients and patient groups

Pfizer Limited

HOW ARE WE DOING THIS?

Through our Go-to-market (GTM) transformation strategy

At Pfizer, we are changing how we engage with patients and physicians, and how we work to be more effective and efficient. Our aim is to drive growth with enhanced customer experiences and new breakthrough science.

How are we transforming the way we engage

Offering new forms of content, more personalised experience and access to experts and on-demand support

Redefining roles, ensuring the right balance of new skills and specialty focus

Launching enhanced digital tools for Healthcare Professionals (HCPs), including Pfizer Pro – a portal for HCPs that offers more meaningful customer engagement, one-click self-service, enhanced resources, content curation and easy access

To do this, we will:

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Create specialised roles

Leverage partnerships Leverage with third parties technology

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CREATE SPECIALISED ROLES

As we implement this transformation in our engagement, we need to ensure that we have the right expertise and resources in place. We are in the process of introducing many new jobs across our Market Access, Strategic Accounts, Digital and Medical teams. We also plan to upskill existing resources, partner with others and refresh talent, where needed.

Our Customer-facing Colleagues (CFCs) will continue to be central to our way of working. Going forward, the role, purpose and designation of our field colleagues will now expand into that of a Healthcare Executive (HCE). They will enhance their strategic relationships with our customers by leveraging their new superpowers - the SMEs.

Subject matter experts (SMEs)

SME roles across teams (Digital, Medical, Healthcare Access, Strategic Accounts, Health Solutions) will play a critical role in better addressing customer and patient needs by:

Delivering transformational customer experience and improved quality of information, care and health outcomes leveraging digital

Customising Health Solutions to enhance the impact of our medicines and vaccines on patients and society

Innovating evidence generation, accelerate access to treatments and personalise medical engagement

Enhancing funding partnerships with payors as well as our services related to patient value offerings

Transforming our relationship with executive leadership at healthcare institutions to become their trusted business advisor

Pfizer Limited

LEVERAGE PARTNERSHIPS WITH THIRD PARTIES

We aspire to optimise customer journeys and achieve collective advantage through backward and forward integration via partnerships. Our vision is to create new and enhance existing partnerships that will help widen our reach and enhance customer experience.

Expanded reach

Enhance customer reach, coverage and service

Insights and omnichannel

Interactive, integrated and immersive experience and actionable insights to drive business value

Personalised on-demand content and services

Connected health ecosystem

Be the go-to partner/ destination for all patient needs across the care journey

Growth acceleration

Personalised sales coach that utilises Artificial Intelligence and behavioural science to send out nudges to health representatives based on their motivators and encourages them to achieve the desired KPIs thereby increasing productivity

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LEVERAGE TECHNOLOGY

As the healthcare system evolves, it is crucial for us to change the way we interact with our customers – primarily by using digital and technology. We are adopting an agile, customised approach by leveraging technology to form a connected healthcare system. Through innovative solutions and platforms, we are ready to lead the new normal in healthcare.

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Enable 2-way Identify
communication stakeholders and
and content the preferred
sharing with channel of
customers communication
SOCIAL 2-WAY
COMMUNICATION FIT FOR ROLE
Enhancements Improved
to support content
hybrid search
working capability
VIRTUAL
INTERACTIONS SQUIRE
DIGITAL
CAPABILITIES
Enables managers Allows commercial
to join outbound Customer-facing
calls to coach Colleagues (CFCs)
VIRTUAL
during the call or to provide seamless
provide feedback COACHING TRIAGE reactive hand-off to
after the call Medical SMEs
GALAXY /
PFIZER PRO
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One-stop digital destination that provides HCPs with on-demand access to rich scientific content along with tools and resources anytime, anywhere. It will allow HCPs friction-free, 24X7 access to best-in-class clinical expertise

Pfizer Limited

OUR PROMISE TO PATIENTS

Patient centricity, to us, isn’t merely a slogan. Patients and caregivers are an integral part of our purpose — Breakthroughs that Change Patients’ Lives — and their engagement will add incredible value to the patient-centric healthcare system we are building in India.

Firming our dedication, we launched Pfizer’s Patient Charter for India. This charter lists down our promises to patients and patient groups — to Listen, Act and Empower them.

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The charter provides a framework that

Strengthens listening to patients’ insights

Acts on the received insights to make our GTM strategy that addresses patients’ needs

Empowers patients’ voices in the country to enable access to our innovative treatment solutions

PFIZER’S PATIENT CHARTER FOR INDIA

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Listen

Make patient insights an integral part of our operational strategy

Seek :

Build platforms to gain patient insights and celebrate an internal culture of patient centricity

Act : Respect : Integrate patient Advance experiences and feedback into the design and outcome of our go-to-market plans

Advance industry-leading standards on patient privacy and ethical code of practice

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Act

Deliver easier and faster access to Pfizer innovative therapies for patients in India

Accelerate : Launch global innovative therapies faster in India

Enhance :

Develop innovative access programs and payer partnerships to enhance targeted patient access to our innovative therapies

Support :

Develop and offer beyond-therapy services to holistically support patients along their treatment journey

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Empower

Partner and support patient organisations

Elevate : Help nurture, empower and upskill patient organisations

Educate : Enhance health literacy and improve patient-provider communication

Connect :

Create digital patient connect platforms to enhance peer engagements

So far, we have taken several steps to give a voice to the patients

Listen :

We have started gathering patients’ insights to strengthen patient centricity in our GTM strategies through patient advisory boards and patient surveys. We have organised sessions for internal teams with patient advocates.

Act :

To set up touchpoints to provide beyond-therapy support to patients, we have added specialised roles as part of the access team. We also organised clinical research capability development sessions to educate patient organisations. During the year, over 46 patient organisations benefitted through these sessions.

Empower :

We partnered with the Indian Institute of Digital Education (IIDE) to launch a customised modular course that trained over 30 senior patient group leaders on optimising digital tools better to support patients.

Pfizer Limited

BEING THE NEW FOR COMMUNITIES

At Pfizer, we strongly believe all patients should have access to the therapies, vaccines and healthcare they need. We are, thus, committed to improving access for underserved patients and addressing healthcare challenges among our communities.

We drive sustainable business models and partnerships with various healthcare institutions to address unmet medical needs, while enhancing the innovation ecosystem. This is our way of creating shared, sustainable value for the society and for our Company.

Our focus areas include:

Enhancing the Combating anti-microbial Combating anti-microbial Supporting Supporting Transforming Transforming innovation ecosystem resistanceresistance cancer patientscancer patients liveslives

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ENHANCING THE INNOVATION ECOSYSTEM

Innovation is at the core of everything we do at Pfizer, globally and in India. From drug discovery and manufacturing to supply chain advancements and our engagement with customers and patients, we are out to create breakthroughs that change patients’ lives.

India has a robust and rapidly evolving R&D ecosystem, along with young researchers and scientists who are driven to find solutions to India’s healthcare problems. The Government of India has also prioritised innovation and entrepreneurship. The National IPR Policy aims to accelerate innovation, generation of intellectual property and awareness of Intellectual Property Rights (IPR). ‘Startup India’, another initiative by the Government, aims at fostering entrepreneurship and promoting innovation by creating an ecosystem that is conducive to the growth of start-ups.

Pfizer Limited

To support the government’s mission and shape the future of India’s healthcare industry, in 2015, we collaborated with the Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi to launch

THE PFIZER-IIT DELHI INNOVATION AND IP PROGRAM

Up to INR 50 lakh Unencumbered funding per incubatee

28 innovators 5 start-ups Supported by the Graduated Program

The Pfizer IIT-Delhi Innovation and IP Program promotes, celebrates and rewards advancements in healthcare – innovations that are born and brought up in India for the benefit of patients, healthcare professionals and other targeted beneficiaries in the country. From devices to diagnostics, mobile health to medical informatics, the Program aims to bring to life innovations that are made in India, for India. For those who have a ready proof of concept and are seeking to obtain a patent, the Program provides access to IP attorneys and services.

3 start-ups In market

4 start-ups Under regulatory and clinical approvals

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Through this Program, we realised that start-ups have the technical knowledge, but need accelerated support to make their innovations market-ready. We were also confident about scaling up our industry-academia-government partnership to support India’s healthcare start-ups to become global solution providers. Thus, in 2022, we decided to revamp the Program and launched a renewed version called

THE PFIZER INDOVATION PROGRAM

‘INDovation’ stands for three things — India, from where the exciting future of global healthcare will emerge; innovation, which is the quest that we are on through this program; and the word ‘ovation’, which is an attempt to acknowledge the young start-ups that will chart the future path of healthcare innovation in India and the world.

Atal Innovation Mission, NITI Aayog, AGNIi, Foundation for Innovation and Technology Transfer (FITT), IIT-Delhi, Pfizer and Social Alpha came together to launch the Program. It will specifically help in identifying, nurturing and taking to market advance-level start-ups focused in the areas of oncology and digital health.

In the first year of launch, the Program will focus on two areas: Oncology and Digital Health. These areas have been chosen due to the increasing burden of cancer in India, coupled with late intervention, and the emerging use of digital health as a solution to ensure better outcomes. Innovations in screening, early detection, better cancer management, and palliative care solutions can help reduce the mortality and morbidity of the disease and lower the cost of terminal care. The focus on digital health is closely aligned with the National Digital Health Mission that forms the backbone of the integrated digital health infrastructure of India. Digital healthcare can enable and improve care delivery, making quality healthcare accessible and affordable.

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Taking the Pfizer-IIT Delhi Innovation and IP Program a step ahead, the INDovation Program will accelerate the journey of six start-ups into the market through customised support and by fostering relevant cross-industry collaborations. The Program aims to support innovators and entrepreneurs in the field of oncology or digital health, that have:

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A prototype in early or late-stage validation or above

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The potential to create and scale impact

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Presence in markets across A sustainable different geographies business model

Pfizer Limited

The Program will support the start-ups with: Product Clinical validation Regulatory Funding Product market development and trails pathways launch

Partners

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The need of the hour is to focus on the high burden of diseases the country is experiencing. It is through innovations in screening, pathology and disease management, mortality rates and costs of terminal care, can be effectively targeted. I appeal to all the start-ups focusing on Digital Health and Oncology to contribute towards the National Digital Health Mission and to help India come out of the cancer epidemic.

Dr. Chintan Vaishnav

Mission Director, Atal Innovation Mission, NITI Aayog

Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi and Pfizer created India’s Pioneering healthcare-focused industry-academia collaborative program in 2015. This program has already incubated 9 start-ups and supported IP filing by 19 innovators. The INDovation initiative takes this program to a next level. As one of the country’s foremost healthcare incubators, FITT IIT-Delhi will provide access to resources and the knowledge to help start-ups create sustainable healthcare solutions.

Dr Anil Wali

Managing Director, FITT

HIGHLIGHTS OF THE PROGRAM

Over Launch ads Promoted 250+ entries, 15 partners in Economic through four-step to support Times and digital/social selection start-ups with Times of channels including a customised India in Delhi, reaching jury round in 24 months Mumbai and 1.1 billion Oncology and Incubation 7 more cities impressions Digital Health

Selected start12 start ups ups to get up to shortlisted, INR 65 lakh and winners accelerated support to be from prototype to announced making the product soon market ready

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ADDRESSING THE RISING BURDEN OF AMR IN INDIA

AMR or antimicrobial resistance occurs when pathogens evolve and find ways to resist the effects of antimicrobial medicines. The resistant pathogens survive, grow and spread their resistance. The more an antimicrobial is used, the more pressure pathogens have to develop resistance, which then leads to a patient contracting AMR.

Misuse and overuse of antimicrobials has resulted in the World Health Organization (WHO) listing AMR under the top 10 global health threats facing humanity.

[Source: Antimicrobial Resistance (AMR): Pfizer]

As one of the largest anti-infective companies in the industry, we recognise our responsibility and commitment towards India’s fight against AMR. We have partnered with institutions and non-government organisations to curb the spread of AMR.

Project Parivartan

Pfizer has partnered with the Americares India Foundation (AIF), a leading health-focused relief and development not-for-profit organisation, to improve Infection Prevention and Control (IPC) practices, reduce the spread of AMR in healthcare facilities and build a model for institutional capacity building. This multi-year programme supports the Government’s National Action Plan on AMR objective to curb the spread of AMR in India.

Goal:

To demonstrate the tangible impact of activities such as infection prevention and antimicrobial stewardship on key outcome indicators in hospitals (e.g., reduction in hospital-acquired infections)

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11 Mid and Rajasthan Uttar Pradesh
Across 7 States
Gujarat Madhya Pradesh
Healthcare staff training completed for Maharashtra
9 Hospitals
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The program was launched in 11 Mid and small-size hospitals Across 7 States

40+ Hospitals expressed interest

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Karnataka
Tamil Nadu
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How does this work?

Each hospital will undergo a self-assessment using globally accepted tools developed by the WHO and National Centre for Disease Control (NCDC) to identify the current gaps.

A team of domain experts will engage with the hospital administration over three years to facilitate the introduction of the IPC program and AMR as part of the overall AMR initiative.

At the end of the three-year program, each hospital should be the Centre of Excellence for its respective state.

Pfizer Limited

Partnership with ICMR

We have also partnered with the Indian Council of Medical Research (ICMR) to strengthen the movement against AMR and for IPC in India.

Goal:

To improve the existing surveillance systems to track AMR patterns by expanding Antimicrobial Stewardship (AMS) and IPC programs in secondary care hospitals

The program was launched in 36 120 33 Collaboration with Participating hospitals Mid- and small-level experts in 11 Nodal catering to rural patient participating hospitals / population across India nursing homes hospitals (mentor centres)

Trainings undertaken for staff across mentor centres (3 per centre)

How does this work?

A training workshop Sensitisation by an AMR expert workshops have been from AIIMS on AMSP organised by each has been conducted mentoring centre for for the designated all their participating Nodal Champions district hospitals and (hospitals) nursing homes

A baseline An Antibiotic data Policy will also analysis be formulated on is being the basis of the conducted learnings from this program

Program outcomes will be analysed and best practices will be developed for adoption by other similar institutions

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100+ million people Reached

To spread awareness about AMR, we also conducted India’s first-ever mass media campaign on AMR called ‘Aao Milkar AMR Ko Rokein’ which translates as ‘Let’s stop AMR together’.

Omni-channel campaign

7 Languages

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Launch of an online learning platform (OLP)

The nursing staff, paramedical staff and healthcare workers are at the frontline for ensuring patient care and preventing healthcare-associated infections. To upskill them on IPC practices, we partnered with Americares India Foundation (AIF), a leading health-focused relief and development not-for-profit organisation to develop a free OLP (www.open-amr.org) that will offer certification programs on various aspects of IPC.

The web-based platform can be accessed by any nurse anywhere in India. It offers courses on IPC practices and antimicrobial stewardship practices (AMSP) under antimicrobial resistance (AMR).

India’s first free-of-cost online learning programme on AMR for nurses

The program is launched in 7 regional languages English, Hindi, Malayalam, Tamil, Telugu, Kannada and Marathi

Certificate courses developed

How does this work?

Nurses and healthcare professionals across levels and designations can take any of the six free courses and will receive a certificate on completion of each course.

The six courses offered on the OLP

1	2	3	4	5	6
Introduction to Infection Prevention & Control and Antimicrobial	Common Infection Prevention and Control Practices	Basics of Antimicrobial Stewardship and Core Components	Advanced Infection Prevention and Control Practices	Healthcare- associated Infections and their Control Practices	An St Pr an Pl
Stewardship

Antimicrobial Stewardship Principles and Action Planning

Pfizer Limited

PARTNERING WITH INSTITUTIONS TO TRANSFORM CANCER CARE

The number of new cancer cases in India is rising at an exponential rate, with cancer care getting delayed due to late diagnosis and intervention. According to ICMR, the number of Indians suffering from cancer is projected to increase from 26.7 million in 2021 to 29.8 million in 2025.

The first step to cancer care is reducing exposure to modifiable risk factors, large-scale screening to help early detection and diagnosis, and supporting patients through their journey. To enable this, especially among patients from underprivileged backgrounds, we have partnered with Tata Trusts and Doctors for You to undertake

6 11 3,00,000+ Projects Across Locations Benefitting Patients

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Haryana
NCR (Delhi)
Uttar Pradesh
Assam
Gujarat Jharkhand
Chhattisgarh
Maharashtra
Andhra Pradesh
Karnataka
Tamil Nadu
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Project Aastha

• Launched in 2021

A partnership between Pfizer and Doctors for You to set up cancer care support services in 10 cancer hospitals in eight states across India
Assisted over 6,00,000 patients in 9 hospitals till date

• Objectives

Improve cancer patient care during treatment
Link patients with various government schemes
Provide guidance and establish linkages for patients to opt for financial support through trust, civil society or individual donors
Establish a helpdesk at cancer hospitals

Tata Memorial Hospital Mumbai

Homi Bhabha Cancer Hospital Varanasi

Dr. B Borooah Cancer Institute Guwahati

Gujarat Cancer Research Institute Ahmedabad

Regional Cancer Centre (RCC), Pandit Jawaharlal Nehru Memorial Medical College Raipur

Safdarjung Hospital Delhi

Arignar Anna Cancer Institute Kanchipuram

Victoria Hospital Bangalore

Indira Gandhi Institute of Medical Sciences Patna

Adyar Cancer Institute Chennai

Over the past few years, GCRI has played a vital role in delivering high-quality care to patients with cancer. The launch of Project Aastha at GCRI will support patients at the time of diagnosis, and during their treatment and rehabilitation after treatment. I congratulate the partners who have brought Project Aastha to Ahmedabad, and I look forward to the support that this will provide to patients across Gujarat.

Shri Pradip Parmar

Cabinet Minister of Social Justice and Empowerment, Government of Gujarat

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How will Project Aastha help cancer patients?

Registration Local accommodation guidance and linkages The Dietary counselling between and after chemotherapy Helpdesk will support Emotional and mental health counselling over a helpline or in person patients with Counselling and referrals in case patients have comorbid conditions Inter and intrahospital shifting and wheelchair management Referrals of cancer patients to other field specilaists for non-cancer-related medical issues Follow-ups with registered patients

Over the last 5 years, the burden of cancer has been growing in our state and it is a matter of great concern for all of us. We welcome Project Aastha to Chhattisgarh and thank the partners for giving us the critical support we need to manage cancer in our state.

Shri T. Singh Deo

Hon. Health Minister of Chhattisgarh

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The arrival of Project Aastha at our hospital will help us make sure that our patients get the support that they need during cancer treatment and subsequent follow-ups. This is of particular importance to our patients who are socioeconomically more vulnerable and those who do not have a personal support structure. We believe that this program will make a big difference in the lives of both patients and their families in the states of Odisha and Chhattisgarh.

Dr. Vivek Chaudhary

Regional Cancer Center (RCC), Pandit Jawaharlal Nehru Memorial Medical College

I am sure that the launch of Project Aastha’s Cancer-Care Services and Helpdesk will be beneficial for the patients and their families. Project Aastha has played a vital role in improving the lives of patients. Patients will receive help all through their treatment journey including help with filling forms, registration, doctor consultation, economic aid through Governmental Schemes, and counselling support. I would like to congratulate the Project Aastha team and I hope that GCRI and Project Aastha together will fight cancer and help patients in need.

Dr. Priti R. Sanghavi

Deputy Director Gujarat Cancer and Research Institute (GCRI)

Supporting Tata Trusts Cancer Care Programme

In 2020, we partnered with Tata Trusts’ Special Purpose Vehicle, Alamelu Charitable Foundation (ACF), for their Cancer Care Programme. ACF was established in 2018 to implement Tata Trusts’ Cancer Care Programme by ensuring affordable, high-quality healthcare to millions of Indians, closer to their homes. Pfizer helps ACF set up health and wellness kiosks, facilitate community screening and a virtual patient helpdesk, and assist in training of ASHA and anganwadi workers in Diphu and Silchar in Assam and, additionally, in Ranchi, Jharkhand and Tirupati, Andhra Pradesh. Expansion to Odisha and Chandrapur (Maharashtra) are underway.

> 70,000 people Enrolled and screened for non-communicable diseases (NCDs) and cancer across Assam, Jharkhand and Andhra Pradesh, till date

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

A 360-degree approach to patient care

Health and wellness kiosks

Supports kiosks at Diphu Medical College & Hospital and Silchar Medical College, Rajendra Institute of Medical Sciences (RIMS), Ranchi and Area Hospital, Chandragiri, Chittoor
The kiosks work towards raising awareness on how patients can reduce the risk of cancer and other lifestyle-related disorders

Virtual patient helpdesks

Set up at the State Cancer Institute (SCI) in Assam, Sri Venkateswara Institute of Cancer Care and Advanced Research (SVICCAR), in Tirupati and at the Rajendra Institute of Medical Sciences (RIMS), in Ranchi, Jharkhand
Helps patients with non-medical assistance such as psycho-social support, financial counselling and registration support for virtual appointments
Are complemented by an on-site trained patient navigator

Community outreach

Screening and early detection camps for non-communicable diseases in association with the state National Health Mission in Assam, Ranchi, and Tirupati

Patient referral and tracking platform

A digital application to track and capture demographic and screening-related information
Training General Practitioners (GPs) and Health Care Partners to identify cancer symptoms and administer palliative care wherever warranted
Training for ASHAs and anganwadi workers on cancer prevention, lifestyle modification and screening for cancer and other NCDs

PFIZER’S SUSTAINABLE VILLAGE TRANSFORMATION PROJECT

The Project, being implemented by BAIF Institute for Sustainable Livelihoods and Development, is now in its second year of operation. Through this program, we plan to develop the village of Kaulale at Jawhar, Maharashtra by setting up drinking water and irrigation sources, enhancing sanitation facilities and providing livelihood opportunities to the people. In its second operational year, the program has already benefitted ~300 families across seven hamlets of Kaulale.

Pfizer Limited

BEING THE NEW WITH TOP PRODUCTS

We offer specialised medicines in 15 therapeutic areas Across 4 business categories

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28 Annual Report 2021-22
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Corporate Overview Statutory Reports Financial Statements

OUR PORTFOLIO

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3,74,016 children and
Vaccine Prevenar 1,67,662 adults vaccinated
Nutrition Becosules 7,82,71,894 patients benefitted
and immunity Group from our nutrition/immunity range
2,99,03,782 patients benefitted
Respiratory Corex group from our respiratory range
Zavicefta Magnex Zinforo Meronem
77,17,041 patients treated
Anti-infectives with anti-infectives
2,31,839 patients treated
Atrial fibrillation Eliquis for Atrial Fibrillation
Gelusil Mucaine Neksium
4,21,78,678 people benefitted
Gastro Intestinal from our gastro-intestinal range
29,47,250 women used
Contraceptives Doris Ovral Loette our contraceptives
8,95,530 patients benefitted
Cardiac Minipress XL from our cardiac range
Dolonex E Dolonex DT Dolonex IM
1,09,90,182 patients
Pain treated for pain
Folvite group
Autrin 52,58,241 women benefitted from
Maternal nutrition our maternal nutrition range
Wysolone Enbrel Xeljanz 11,13,23,368 patients treated
Anti-inflammatory for inflammation
Pfizer Limited Patient counts are estimates derived from multiple data sources and are as of March 31, 2022 29
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INNOVATING WITH EXPERIENCE AND EXPERTISE BOARD AND THE LEADERSHIP TEAM

Mr. Pradip Shah

Independent Director and Chairman

Member of the Audit Committee and Nomination & Remuneration Committee Chairman of the Corporate Social Responsibility Committee

Holds an MBA from the Harvard Business School and is a Chartered Accountant and Cost Accountant; ranked 1st in the Chartered Accountancy examination
Ex-Managing Director of CRISIL, India’s first and the largest credit rating agency
Assisted in founding the Housing Development Finance Corporation (HDFC) in 1977
Served as a consultant to USAID, the World Bank, and the Asian Development Bank
Is the Chairman of IndAsia Fund Advisors Pvt. Ltd.

Mr. S. Sridhar

Managing Director

Member of the Audit Committee, Corporate Social Responsibility Committee and Risk Management Committee

Is a Chartered Accountant by profession, with more than three decades of experience
Has led many strategic projects, global brand launches, business restructuring actions, mergers and acquisitions, and joint ventures in his career
Has fulfilled the roles of Chief Financial Officer, Business Unit/Supply Chain Head before becoming the Managing Director of Pfizer Limited in 2016
The President of Organisation of Pharmaceutical Producers of India (an association of research-based organisations)
The former Chair of The Federation of Indian Chambers of Commerce and Industry (FICCI) Pharma Committee
Has effectively advocated for policies that are pro-patient, encourage innovation and provide a positive environment for the industry to grow

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Mr. Uday Khanna

Independent Director

Chairman of the Audit Committee and Nomination & Remuneration Committee Member of the Stakeholders’ Relationship Committee

Is a Chartered Accountant with a distinguished career spanning close to four decades with Hindustan Lever / Unilever and Lafarge India
Is the Ex-Chairman of Lafarge India Private Limited
Has worked in financial, commercial and general management capacities with Unilever and Lafarge Group
Was the President of the Bombay Chamber of Commerce & Industry in 2012 and 2013 and Indo-French Chamber of Commerce & Industry in 2008 and 2009

Mr. Sunil Lalbhai

Independent Director

Chairman of the Stakeholders’ Relationship Committee and Risk Management Committee and Member of the Audit Committee

Holds an MS degree in Chemistry from the University of Massachusetts and MS degree in Economic Policy and Planning from Northeastern University
Has expertise and wide experience in the Management field
Is currently the Chairman and Managing Director of Atul Limited, a diversified chemical company

Pfizer Limited

Ms. Meena Ganesh

Independent Director

Member of the Nomination & Remuneration Committee and Risk Management Committee

Is a PGDM holder from IIM Calcutta and was conferred the ‘Distinguished Alumnus’ award by IIM Calcutta
One of India’s foremost business leaders and most successful entrepreneurs with nearly three decades of experience in healthcare, consulting, technology, outsourcing, education and e-commerce industries
Is currently the MD & CEO of Portea Medical, one of India’s largest and fastest-growing home healthcare companies, which she co-founded in July 2013

Mr. Milind Patil

Executive Director - Finance and CFO

Member of the Corporate Social Responsibility Committee & Risk Management Committee

Is a Chartered Accountant and has completed Financial Leadership and Advance Leadership Programs from Harvard Business School
Has around three decades of experience predominantly in the pharmaceutical industry
Has versatile exposure in global MNCs in challenging and complex business environments across multiple finance and business functions
Has a proven track record in business turnaround strategies and managing stakeholders, people, performance and risks and opportunities effectively

Mr. Samir Kazi

Executive Director - Legal

Member of the Corporate Social Responsibility Committee & Stakeholders’ Relationship Committee

Has a Bachelor of Law Degree from the University of Mumbai
Has over 20 years of rich experience in the field of legal affairs
Is responsible for providing quality legal advice on matters related to business operations, corporate laws, corporate and statutory compliances, litigation strategies, enforcement of intellectual property rights, mergers and acquisitions, which include establishment of strategic alliances, partnerships and relationships with internal and external clients

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Corporate Overview Statutory Reports Financial Statements

Mr. Prajeet Nair

Company Secretary

Has over 25 years of experience and expertise in handling Corporate Secretarial matters and compliances under securities exchange and corporate laws
Is a Member of the Institute of Company Secretaries of India and holds a Bachelor of Law degree from the University of Mumbai
Has extensive experience in mergers and acquisitions, having handled multiple amalgamations for Pfizer Limited
Has over 15 years of experience in handling drug price control matters and currently oversees the regulatory aspects of the pricing function

Leadership Team

Mr. S. Sridhar Managing Director

Mr. Amit Sharma Director, Strategic Accounts

Mr. Aninda Shome Director, Supply Chain

Mr. Anil Pattanshetty Senior Director, Commercial Operations

Mr. Debashish Roy Director, Digital

Mr. Deepak Rakheja Category Lead, Internal Medicine

Mr. Manish Mishra Category Lead, Inflammation & Immunology

Dr. Manish Paliwal Director, Regulatory Affairs

Mr. Milind Patil Executive Director, Finance and CFO

Mr. Samir Kazi Executive Director, Legal

Mr. Sandeep Seth Director, Compliance

Mr. Satyen Amin Director, Commercial Channel & Market Access

Mr. Sharad Goswami Senior Director, Policy & Public Affairs

Ms. Shilpa Pradhan Category Lead, Hospitals

Ms. Shilpi Singh Director, People Experience

Dr. Sonali Dighe Senior Director, Medical Affairs

Pfizer Limited

FROM THE MD’S DESK

BEING THE NEW FOR BETTER HEALTH AND SUSTAINABLE VALUE

Dear Shareholders,

As India celebrates its Azadi Ka Amrit Mahotsav, it is pertinent to take note of the remarkable strides our country has taken in reinventing itself, bringing new and innovative solutions to not just national but global challenges, and placing our great country on the global map as one that is addressing the needs of citizens of the world.

For more than seven decades as a company in India, Pfizer Limited too has been devoted to bringing scientific breakthroughs and revolutionary therapies and vaccines that have transformed the lives of millions of patients, partnered the Government in its healthcare and innovation priorities and created sustainable value for our shareholders. Over the past few years, we have been significantly transforming the way we engage with our customers while ensuring people in India have ever improving access to our therapies and vaccines. Some of these interventions have helped us deliver a four times increase in retail penetration over the past three years.

We are now accelerating this transformation to ensure that we invest in enhanced customer experience to support our portfolio of innovative medicines. Your Company’s future growth will be driven by significant investments in new functionalities, services and customer experiences to support its

breakthrough science.

Our DNA, culture and essence of innovation have only evolved every day and we believe it is time for us to take a leap into the future, to ‘be the new’.

For us, being the new includes

Making digital the core of our new identity

Big data, Machine Learning (ML) and Artificial Intelligence (AI) are intrinsic to our ability to deliver on our purpose: Breakthroughs that Change Patients’ Lives. Our focus is on building new brands while strengthening the existing ones. We are devising tools and expanding our digital capabilities so that healthcare professionals (HCPs) have better access to our scientific and therapy area expertise through new and enhanced platforms, tailored content, on-demand support and real-time insights. These enhanced digital tools and platforms will ensure meaningful engagement between the patients and HCPs, thus bettering patient outcomes.

Annual Report 2021-22

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Corporate Overview

Building capability to serve patients better

This curated go-to-market approach for each business and therapy area requires us to make some changes to our workforce to ensure that we have the right expertise and resources to meet our customers’ changing needs. We have added several specialised roles across commercial, medical, digital and access functions, which are being taken up by existing and new colleagues. Subject Matter Experts across Market Access, Strategic Accounts and Medical functions, and external partnerships will play a critical role in better addressing customer and patient needs.

Our aim has always been to deliver faster, better services to our patients and enhance their experience. To ensure this, we must adapt, evolve and change across all levels of the organisation. We rolled out a transformative journey for the leadership team to be aligned to the strategic changes that will contribute to the long-term vision of the organisation. To achieve our goal of being a science- and innovation-based organisation, we revamped the Talent Planning approach to identify mission-critical roles and create customised learning and development plans for our leaders.

In line with our Bold vision of ‘Unleashing the Power of our People’ and making Pfizer an amazing workplace for all, we created our Employee Value Proposition— #BeTheBreakthrough. It is your Company’s constant

endeavour to be a truly diverse and inclusive workplace. Our Leadership Team has taken significant efforts to ensure gender-diverse teams. This year, we inched closer to our goal of having 10% women representation in the field and 20% in the Leadership Team.

Continuing to focus on the established and innovative portfolio for future growth

Your Company has seen strong growth over the years and has ambitions to continue on the growth trajectory for the future across its innovative and established portfolio. Your Company delivered a growth of 11.2% (MAT March 2022) with revenues growing by 15.5% to INR 2,530.2 crore from INR 2,190.1 crore last year. Becosules, Corex-Dx, Mucaine, Dolonex, Magnex, Minipress, Eliquis and Gelusil continued to show strong performance in their respective therapy areas and maintained brand leadership.

Working towards building a healthier India

Your Company believes that every individual has the right to enhanced access to healthcare, medicines and vaccines. Most Indian and global healthcare societies recommend priority immunisation against pneumococcal diseases for those at risk. We have, therefore, been front-ending the discussion on the need for undertaking adult immunisation with both the central and state governments. We have partnered with the US-India Partnership Forum to raise awareness about the need for adult immunisation. We are also making recommendations towards the development of a comprehensive policy at the national level for adult immunisation and focusing on exploring other avenues for the inclusion of adult immunisation in specific government programs.

Additionally, as a step towards building our Corporate Immunity Quotient, we continue to provide access to Quadrivalent Flu Vaccine and Pneumococcal Vaccine to all colleagues and their eligible dependents. Recently, we have also signed an agreement with India’s leading private sector general insurance company to raise awareness about the importance of pneumococcal vaccination among health insurance beneficiaries in the retail and group segments.

Looking beyond business

As a commitment and promise to patients and their caregivers, your Company launched a Patient Charter for India that commits our organization to listen to, act upon and support patient groups and patient voices in the course of our work in the country.

Your Company believes in building on the country’s vision of ‘Make in India’ by supporting Indian innovations. Pfizer recently launched Version 2.0 of the Pfizer IIT Delhi Innovation and IP Program — Pfizer INDovation — a unique incubator accelerator program to support healthcare start-ups bring their solutions to the people of India. In the first year of launch, the program will focus on healthcare start-ups in the areas of oncology and digital health. This unique partnership model with over 15 government, corporate and industry bodies is designed to specifically help in identifying, nurturing and taking to market advanced-level start-ups. Pfizer INDovation brings Niti Aayog, IIT Delhi and Pfizer as the core partners with several other partners joining the program to support entrepreneurs in their journey.

With a clear focus on supporting patients in their treatment journey, your Company has launched multiple cancer-care initiatives. Among them are Project Aastha, a helpdesk to offer cancer-support services to patients and their caregivers in 10 cancer hospitals across eight states; Project Parivartan to help healthcare facilities demonstrate measurable improvement in key Infection Prevention and Control parameters and curb the spread of antimicrobial resistance and the launch of an Online Platform for Educating Nurses on Anti-microbial Resistance.

The year has been one of transformation, both within the organisation and for the patients and HCPs. The new Pfizer has set out on an ambitious journey to accelerate digital health and provide easy access to healthcare solutions. I express my deepest gratitude to all those who have supported us on this journey to enhance patients’ lives.

I would also like to express my deepest gratitude to Mr. R. A. Shah, who took Pfizer to great heights under his leadership as the Chairman for over 2 decades and prior to that as a Director for more than 3 decades. His leadership and guidance have further fuelled the passion to innovate among us. The reigns have now been passed on to Mr. Pradip Shah and I would like to sincerely welcome him on the Board and wish him great success.

Warm regards

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S. Sridhar

Pfizer Limited

INNOVATING FOR PERFORMANCE KEY PERFORMANCE INDICATORS

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Net revenue (` in crore)
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Market capitalisation (` in crore)
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3,000 25,000
2,530 20,684
19,906
2,500 2,190 20,000 18,404
2,096
2,031
1,925
2,000 15,190
15,000
1,500 9,997
10,000
1,000
500 5,000
0 0
FY18 FY19 FY20 FY21 FY22 FY18 FY19 FY20 FY21 FY22
7% 19%
CAGR CAGR
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EBITDA margin (%)

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35 32 32
30 27 27
25
25
20
15
10
5
0
FY18 FY19 FY20 FY21 FY22
6%
CAGR
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Cash generated from operations (` in crore)

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1,000
893
800
631
600 525 536
400 335
200
0
FY18 FY19 FY20 FY21 FY22
14%
CAGR
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Dividend per share (DPS) (`)

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512 330
256
128
64 35 35
32 20 22.50 320 5
16
8
4
2 20 22.50 10 30 35
1
FY18 FY19 FY20@ FY21# FY22
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@ Includes special dividend of INR 320 per share

Includes special dividend of INR 5 per share

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10-YEAR FINANCIAL HIGHLIGHTS

` in Crore (except book value per share, EPS & DPS)

	Mar	Mar	Mar	Mar	Mar	Mar	Mar	Mar	Mar	Mar
	2013	2014	2015	2016	2017	2018	2019	2020	2021	2022
Statement of Proft and Loss	@		$		**
Net Sales	948	1,004	1,828	2,072	2,017	1,925	2,030	2,096	2,190	2,530
Other Income (including other operating income)	207	217	93	109	126	170	218	239	130	143
Total expenditure	871	882	1,602	1,720	1,757	1,547	1,589	1,693	1,651	1,901
Proft Before tax and exceptional items	280	340	318	461	386	548	660	642	669	773
Proft Before Taxation	694	340	238	470	517	548	660	642	669	773
Proft After Taxation ^^	503	221	100	305	337	360	429	509	498	613
Total dividend amount	97	1,074	57	69	92	92	103	1,510	160	160

Balance Sheet
Fixed Assets	26	23	957	928	882	918	854	943	868	842
Cash and Bank balances	1,433	308	609	1,025	1,523	1,772	1,914	2,220	1,115	1,633
Net Deferred Tax (Net)	40	34	67	(28)	(18)	(15)	(2)	1	13	47
Net Other Assets	196	294	340	239	32	8	245	232	397	343
Share Capital	30	30	46	46	46	46	46	46	46	46
Reserves and Surplus	1,665	629	1,927	2,118	2,373	2,637	2,965	3,350	2,347	2,819

Key Ratios

Key Ratios
Proft before tax margin	60%	28%	12%	22%	24%	26%	29%	28%	29%	29%
Book value per share	568	221	431	473	529	587	658	742	523	626
Return on Net Worth (%)	30%	34%	5%	14%	14%	13%	14%	15%	21%	21%
Earnings Per Share (EPS)	168.63	74.01	15.26	66.66	73.61	78.70	93.78	111.28	108.77	133.89
Dividend Per Share (DPS)	32.50	360.00	12.50	15.00#	20.00#	20.00#	22.50#	330.00#	35.00#	35.00#

@ Includes gain on sale of the animal health business and sale of investment in the subsidiary.
$ Includes results of erstwhile Wyeth Limited on its amalgamation with the Company.
^^ Profit for FY 2015 excludes Impact of Scheme of Amalgamation (INR 31 crore)
** Includes profit on sale of four brands and office premises
Dividend recommended/declared by Board of Directors for respective financial years
The Company has transitioned from Previous GAAP to Ind AS effective April 1, 2015 Profits are calculated on total income

Pfizer Limited

CORPORATE PROFILE

REGISTERED OFFICE PFIZER LIMITED

The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.

Tel: +91 22 6693 2000 Fax: +91 22 2654 0274 Website: www.pfizerltd.co.in E-mail ID: [email protected] CIN: L24231MH1950PLC008311

REGISTRAR AND SHARE TRANSFER AGENT

KFIN TECHNOLOGIES LIMITED (Formerly known as Kfin Technologies Private Limited)

UNIT: PFIZER LIMITED Karvy Selenium Tower B, Plot No 31 & 32, Gachibowli, Financial District, Nanakramguda, Serilingampally, Hyderabad, Telangana – 500032.

Tel: +91 40 6716 2222 | Fax: +91 40 2300 1153 Toll Free No: 1800-309-4001

E-Mail ID: [email protected]

SOLICITORS AND ADVOCATES

Crawford Bayley & Co. Veritas Legal

COMPANY SECRETARY

Prajeet Nair

STATUTORY AUDITOR

Walker Chandiok & Co. LLP

BANKERS

JP Morgan Chase Bank N.A Deutsche Bank AG ICICI Bank State Bank of India Citibank NA

COST AUDITOR

RA & CO.

SECRETARIAL AUDITOR

Saraf & Associates

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Corporate Overview Statutory Reports Financial Statements

NOTICE

NOTICE is hereby given that the 71[st] Annual General Meeting of the Members of Pfizer Limited will be held on Friday, August 26, 2022 at 3.00 p.m. IST through Video Conferencing (‘VC’) / Other Audio-Visual Means (‘OAVM’) to transact the following business:

ORDINARY BUSINESS:

Item No. 1 – Adoption of the Audited Financial Statement.

To receive, consider and adopt the Audited Financial Statement of the Company for the financial year ended March 31, 2022, including the Reports of the Board of Directors and Auditors thereon.

Item No. 2 – Declaration of Dividend.

To declare a dividend of `35/- (350%) per equity share for the financial year ended March 31, 2022.

Item No. 3 – Appointment of Mr. Milind Patil (DIN: 02546815) as a Director liable to retire by rotation.

To consider appointment of a Director in place of Mr. Milind Patil (DIN: 02546815), who retires by rotation and being eligible, offers himself for re-appointment.

Item No. 4 - To consider the appointment of Messrs. B S R & Co. LLP, as the Statutory Auditors of the Company.

To consider the following resolution as an Ordinary Resolution

“ RESOLVED THAT pursuant to the provisions of Sections 139, 142 and other applicable provisions, if any, of the Companies Act, 2013, (“the Act”) read with the Companies (Audit and Auditors) Rules, 2014 (including any statutory modification(s) or re-enactment(s) thereof for the time being in force), Messrs. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) be and are hereby appointed as the Statutory Auditors of the Company to hold office for a term of 5 (Five) years from the conclusion of this Annual General Meeting till the conclusion of the 76[th] Annual General Meeting, at such remuneration as may be approved by the Board of Directors of the Company from time to time.”

SPECIAL BUSINESS:

Item No. 5 – To consider and ratify the remuneration payable to Messrs. RA & Co., Cost Accountants for the financial year ending March 31, 2023.

To consider the following resolution as an Ordinary Resolution:

“RESOLVED THAT pursuant to the provisions of Section 148 and other applicable provisions, if any, of the Companies Act, 2013, read with the Companies (Audit and Auditors) Rules, 2014 and other rules, if any, made thereunder (including any statutory modification(s) or re-enactment(s) thereof, for the time being in force), the remuneration of `14,00,000/- (Rupees Fourteen Lakhs only) plus applicable taxes and out-of-pocket expenses as approved by the Board of Directors of the Company, payable to Messrs. RA & Co., Cost Accountants, having Firm’s Registration No. 000242 for conducting Cost Audit of the cost records maintained by the Company for manufacturing of pharmaceutical formulations for the financial year ending March 31, 2023, be and is hereby ratified.”

By Order of the Board of Directors Prajeet Nair Company Secretary Mumbai, May 20, 2022 Membership No.: ACS19267

Registered Office: Pfizer Limited The Capital, 1802 /1901, Plot No. C – 70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. Tel: +91 22 6693 2000 Fax: +91 22 2654 0274 Website: www.pfizerltd.co.in E-mail ID: [email protected] CIN: L24231MH1950PLC008311

Pfizer Limited

NOTES:

Pursuant to the Ministry of Corporate Affairs (“MCA”) Circulars dated May 5, 2022 and January 13, 2021 read with Circulars dated April 8, 2020, April 13, 2020 and read with the SEBI Circulars dated May 13, 2022, May 12, 2020 and January 15, 2021 (the SEBI Circulars), May 5, 2020 (collectively referred to as “MCA Circulars”) permitted holding of the Annual General Meeting (“AGM”) through Video Conferencing (‘VC’) / Other Audio-Visual Means (‘OAVM’), without physical presence of the Members at a common venue. In compliance with the provisions of the Companies Act, 2013 (“Act”), SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“SEBI Listing Regulations”) and MCA Circulars, this AGM of the Company is being held through VC / OAVM. The deemed venue for the AGM shall be the Registered Office of the Company.
A statement setting out material facts pursuant to Section 102 of the Companies Act, 2013 (‘Act’) with respect to Item Nos. 4 and 5 of the Notice is annexed hereto.
As this AGM is being held through VC / OAVM pursuant to the applicable MCA Circulars, physical attendance of Members has been dispensed with. Accordingly, the facility for appointment of proxies by the Members will not be available for this AGM and hence the Proxy Form and Attendance Slip are not annexed to this Notice.

Further, since the AGM is being held through VC/ OAVM, the route map of the venue of the Meeting is also not annexed to this Notice.

The record date for the purpose of payment of dividend for the financial year ended March 31, 2022 is Friday, August 19, 2022.

The dividend for the financial year ended March 31, 2022, as recommended by the Board of Directors of the Company, if approved at the Annual General Meeting, will be paid to the Members on or before September 23, 2022 as under:

i. To all Beneficial Owners in respect of shares in dematerialized form as per the data as may be made available by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as of the close of business hours on Friday, August 19, 2022.
ii. To all Members in respect of shares held in physical form as per the Register of Members, as may be made available by the Company’s Registrar and Share Transfer Agent, as of the close of business hours on Friday, August 19, 2022.
Pursuant to Section 124 of the Act read with the Investor Education and Protection Fund Authority (Accounting, Audit Transfer and Refund) Rules, 2016 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 (“Rules”) and other applicable provisions of the Act, if any, the Company had after sending due reminders to the requisite shareholders and publishing advertisement in the newspapers, credited the shares of the shareholders whose dividend has remained unclaimed for seven consecutive years to the Demat Account of the Investor Education and Protection Fund (“IEPF”). Details of the shares credited are as follows:

Particulars			Number of	Number
			Shareholders	of
				Shares
Total shares in the		MCA	5,772	3,46,643
IEPF Account	as	on
April 1,2021.
Number of	shares		39	2,648
claimed and transferred to the shareholders from MCA IEPF Account duringtheyear.
Total shares in the		MCA	5,733	3,43,995
IEPF Account	as	on
March 31,2022.

Voting rights on shares lying in the MCA IEPF account shall remain frozen till the rightful owner of such shares establishes his/her title of ownership to claim the shares. The details of shares so transferred are available on the Company’s website under the Investor Relations Section at www.pfizerltd.co.in

The concerned shareholders may note that, no claim shall lie against the Company in respect of unclaimed dividend amounts and shares credited to the Demat Account of IEPF. Pursuant to the provisions of the Act and the Rules, the concerned shareholders can claim the shares along with the unclaimed dividend amount(s) which have been transferred to IEPF Account from the MCA. The procedure for claiming such dividend and/or shares is available on the website of the Company at www.pfizerltd.co.in and on the website of the Ministry of Corporate Affairs at www.mca.gov.in and www.iepf.gov.in.

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Corporate Overview Statutory Reports Financial Statements

The Members/claimants whose shares, unclaimed dividend, etc. have been transferred to the IEPF may claim the shares by making an application to IEPF Authority in Form IEPF-5 (available on www.iepf.gov.in) along with requisite fee as decided by the Authority from time to time. The Member / claimant can file only one consolidated claim in a financial year as per the IEPF Rules and amendments thereto.

Further, please note that the unclaimed dividend in respect of the financial year ended March 31, 2015, will be transferred to the IEPF in accordance with the provisions of Sections 124 and 125 of the Act by August 31, 2022. The Shareholders are requested to claim their unclaimed dividend, if any, for the Financial Year ended March 31, 2015 on or before August 25, 2022.

In compliance with Sections 124 and 125 of the Act, the Company has transferred the unpaid and unclaimed dividends declared up to the financial year ended March 31, 2014, from time to time to the IEPF established by the Central Government. The Shareholders can obtain the details of their unclaimed dividend for the past seven years which is lying with the Company on its website www.pfizerltd.co.in For any clarification / assistance with respect to outstanding dividends for the succeeding years, the concerned shareholder(s) may contact the Company’s Registrar and Transfer Agent:

KFin Technologies Limited

UNIT: PFIZER LIMITED

Selenium Tower B, Plot No 31 & 32,

Gachibowli Financial District,

Nanakramguda, Serilingampally,

Hyderabad, Telangana – 500032.

Contact person: Mr. Premkumar Nair - Manager Tel: +91 40 6716 2222

TOLL FREE NO.: 1800-309-4001 E-mail ID: [email protected]

The shareholders may check the status of their unclaimed dividends including the dividend for financial year ended March 31, 2021 on the website of the Company i.e., www.pfizerltd.co.in

Members are requested to note that dividends that are not claimed or remain unpaid till seven years from the date of transfer to the Company’s unpaid dividend account will be transferred to the IEPF. Further, equity shares in respect whereof dividend remains unclaimed/unpaid for seven consecutive years or more will be transferred to the demat account of the IEPF Authority as required under Section 124 of the Act read with Rules notified thereunder, as may be amended from time to time.

Pursuant to Schedule V and VI to the SEBI (Listing Obligations and Disclosure Requirements) Regulations 2015, 14,886 unclaimed shares held by 507 shareholders were outstanding in the Company’s Unclaimed Suspense Account as on March 31, 2022, details of which are as follows:

Particulars	Number of Shareholders	Number of Outstanding Shares
Aggregate number as at April 1, 2021.	514	15,172
Number of shares	NA	NA
transferred from the
Unclaimed Suspense
Accounts to MCA IEPF Account during theyear.
Number of	7	286
shareholders who approached the
Company for transfer
of shares from
Unclaimed Suspense
Account during the year. Number of shareholders to whom shares were	7	286
transferred from the
Unclaimed Suspense
Account.
Aggregate number	507	14,886
as at March 31, 2022.

Voting rights on shares lying in the Unclaimed Suspense Account shall remain frozen till the rightful owner of such shares establishes his/her title of ownership to claim the shares.

By virtue of Section 72 of Companies Act, 2013 and SEBI circular SEBI/HO/MIRSD/MIRSD_RTAMB/P/ CIR/2021/655 dated November 3, 2021, securities holders holding shares in physical mode are required to comply with the requirements of registration/updation of valid Permanent Account Number (PAN) and Know Your Customer (KYC) details in form ISR – 1 and/or form ISR – 2 as the case maybe with the Registrar and Transfer Agents of (RTA) the Company, KFin Technologies Limited (formerly known as KFin Technologies Private Limited). The facility for nomination is available for the members of the Company in respect of the shares held by them. Members who have not yet registered their nomination are requested to register the same by submitting the Form No. SH-13. If a Member desires to opt out or cancel the earlier nomination and record a fresh nomination, he/she may submit the same in Form No. ISR-3 or Form No. SH-14, as the case may be. The said forms are available on www.pfizerltd.co.in under Investors Relations Section under Investor Services Tab.

Pfizer Limited

Further the folios wherein any one of the document/ details are not available on or after April 1, 2023, shall be frozen by the RTA. Accordingly, the Company had sent an intimation letter to all the shareholders holding shares in physical form at their registered address requesting them to comply with the provisions of the aforesaid SEBI Circular. Members are requested to submit the said details to Company’s (RTA), KFin Technologies Limited, in case the shares are held by them in physical form.

Members who are holding shares in electronic mode are requested to submit their PAN and KYC details to their respective DP in case the same has not been updated.

As per SEBI Directive, in case of failure to register the PAN and bank account details as aforesaid, any transaction in the securities of the Company shall be subject to enhanced due diligence by the Company/ RTA, as may be prescribed.
Pursuant to SEBI dated Notification

January 25, 2022 and May 18, 2022, on Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) (Amendment) Regulations, 2022, listed Companies and their Registrars and Transfer Agents (RTAs) have been mandated that all requests for shares which are lodged for duplication, claim from unclaimed suspense account of the Company, Renewal / Exchange of securities certificate, endorsement, sub – division/ splitting of securities certificates / folios/ transmission/ transposition shall be processed only in dematerialized form.

In view of this, the Shareholders holding shares in physical mode are advised to dematerialize their shares at the earliest. The basic process for dematerialization of shares and its benefits are available under the “Member Utility” and “Frequently Asked Questions” respectively in “Investor Services” tab of the “Investor Relations” section on the Company’s websiteIn case the www.pfizerltd.co.in shareholders have any queries or need any assistance in this regard, they are requested to contact the Company’s Registrar and Transfer Agent – KFin Technologies Limited at [email protected] or the Company at [email protected].

11. Dispatch of Annual Report through Electronic Mode:

In compliance with the MCA Circulars and SEBI Circulars, Notice of this AGM along with the Annual Report for financial year 2021-22 is being sent through electronic mode to those Members whose email addresses are registered with the Company/Depository Participants. Members may note that the Notice and Annual Report 2021-22 is also available on the Company’s website www.pfizerltd.co.in and 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 the Company’s Registrar and Transfer Agent, KFin Technologies Limited (KFinTech) at https://evoting.kfintech.com

For receiving all communications (including Annual Report) from the Company electronically:
a) Members holding shares in physical mode and who have not registered / updated their PAN, email address and mobile number with the Company are requested to register / update the same by providing the duly completed Form ISR-1 as stated in point 8 of the Notes.
b) Members holding shares in dematerialized mode are requested to register / update their email address and mobile number with the respective Depository Participant(s).

Shareholders who have not registered their email address and mobile number can temporarily register the same with the Company’s Registrar and Share Transfer Agent, KFin Technologies Limited, by clicking the link: https://ris.kfintech.com/clientservices/mobilereg/ mobileemailreg.aspx to enable us to email the Notice for the 71[st] AGM, Annual Report for financial year 2021-22 and e-voting instructions along with the User ID and Password. Shareholders are requested to follow the below mentioned steps to temporarily register their email address and mobile number.

In case of any queries, shareholder may write to [email protected]

STEPS TO TEMPORARILY REGISTER THE EMAIL-ID AND MOBILE NUMBER WITH THE COMPANY:

A. Electronic Folio(s) - DP ID Client ID

(a) Visit the link:
https://ris.kfintech.com/clientservices/ mobilereg/mobileemailreg.aspx
(b) Select the Company name.
(c) Shareholder to enter DPID-CLID and PAN.
(d) Shareholder to enter the email ID and Mobile No.
(e) System check the authenticity of the DP ID Client ID and PAN and send the different OTPs to Mobile and Email to validate.
(f) Shareholder to enter the OTPs received by SMS and email ID to complete the validation process. (OTPs will be valid for 5 min. only).
(g) System confirms the email ID for the limited purpose of sending 71[st] AGM Notice, Annual Report for financial year 2021-22 and e-voting instructions along with the User ID and Password.
(h) System will thereafter send the notice and procedure for e-voting to the email ID registered by shareholder.

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

B. Physical folio(s):

(a) Visit the link:
https://ris.kfintech.com/clientservices/ mobilereg/mobileemailreg.aspx
(b) Select Company name.
(c) Shareholder to enter physical Folio No. and PAN.
(d) If PAN is not available in the records, shareholder to enter one of the Company’s Share Certificate Number.
(e) Shareholder to enter the email ID and Mobile No.
(f) System checks the authenticity of the Folio No. and PAN / Certificate No. and sends the different OTPs to Mobile and email to validate.
(g) Shareholder to enter the OTPs received by SMS and email ID to complete the validation process. (OTPs will be valid for 5 min. only).
(h) If PAN is not available, system will prompt to upload the duly signed scan copy of the PAN.
(i) System confirms the email ID for the limited purpose of sending 71[st] AGM Notice, Annual Report 2021-22 and e-voting instructions along with the User ID and Password.
(j) System will thereafter send the notice and procedure for e-voting to the email ID registered by shareholder.

13. PROCEDURE FOR REMOTE E-VOTING AND E-VOTING AT THE AGM:

In compliance with the provisions of Section 108 of the Act read with Rule 20 of the Companies (Management and Administration) Rules, 2014 as amended from time to time, Regulation 44 of the SEBI (Listing Obligations and Disclosures Requirement) Regulations, 2015 and in terms of SEBI vide circular no. SEBI/HO/CFD/CMD/ CIR/P/2020/242 dated December 9, 2020 in relation to e-Voting Facility Provided by Listed Entities, the Company is pleased to offer remote e-voting facility, which will enable the Members to cast their votes electronically on all resolutions set out in the Notice.

Further in pursuant to SEBI circular no. SEBI/HO/ CFD/CMD/CIR/P/2020/242 dated December 9, 2020 on “e-Voting facility provided by Listed Companies”, e-Voting process has been enabled to all the individual demat account holders, by way of single login credential, through their demat accounts / websites of Depositories / Depository Participants 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 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.

The remote e-voting period commences on Monday, August 22, 2022 (9.00 a.m. IST) and ends on Thursday, August 25, 2022 (5.00 p.m. IST). During this period, Members holding shares either in physical form or in dematerialized form as on Friday, August 19, 2022 i.e., cut-off date, may cast their vote electronically.

The remote e-voting will not be allowed beyond the aforesaid date and time and the remote e-voting module shall be forthwith disabled upon expiry of the aforesaid period.

Any person holding shares in physical form and non-individual shareholders, 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 obtain the login ID and password by sending a request at [email protected]. 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.

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.”

Further, the facility for voting through electronic voting system will also be made available at the Meeting (“Insta Poll”) and members attending the Meeting who have not cast their vote(s) by remote e-voting will be able to vote at the Meeting through Insta Poll.

The details of the process and manner for remote e-voting and e-voting at the AGM are explained herein below:

The Company has appointed KFin Technologies Limited (“KFinTech”) to provide the remote e-voting facility. In case of any query pertaining to e-voting, please visit Help & FAQ’s section of KFinTech e-voting website: https://evoting.kfintech.com.

Step 1: Instructions to access to Depositories e-Voting system in case of individual shareholders holding shares in demat mode

Step 2: Instructions to access to KFintech e-Voting system in case of shareholders holding shares in physical and non-individual shareholders in demat mode.

Step 3: Instructions to join virtual meetings(e-AGM) of the Company on KFin system to participate in e-AGM and vote at the AGM.

Pfizer Limited

Details on step 1 are mentioned below:

Login method for remote e-Voting and joining virtual meeting for Individual shareholders holding securities in demat mode.

g g g demat mode.	g g
Type of shareholders Login Method Individual Shareholders holding securities in demat mode with National Securities Depositories Limited (‘NSDL’) 1. Users already registered for IDeAS facility: I. Visit URL: https://eservices.nsdl.com II. Click on the “Benefcial 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 duringthe remote e-Voting period Individual Shareholders holding securities in demat mode with National Securities Depositories Limited (‘NSDL’) 2. Users 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 felds. IV. Follow stepsgiven inpoint 1 Individual Shareholders holding securities in demat mode with National Securities Depositories Limited (‘NSDL’) 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 Verifcation Code as shown on the screen. IV. Post successful authentication, you will be requested to select the name of the company and	Type of shareholders Login Method
	Individual Shareholders holding securities in demat mode with Central Depository Services (India) Limited (‘CDSL’) 1. Existing users who have opted for Easi / Easiest I. Visit URL: https://web.cdslindia.com/ myeasi/home/login or URL: www.cdslindia.com II. Click on Myeasi 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
	Individual Shareholders holding securities in demat mode with Central Depository Services (India) Limited (‘CDSL’) 2. Users 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 felds. III. Follow the steps given in point 1
	Individual Shareholders holding securities in demat mode withCentral Depository Services (India) Limited (‘CDSL’) 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. III. System will authenticate user by sending OTP on registered Mobile & Email as recorded in the demat Account.

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.
IV. After successful authentication, user will be provided links for the respective ESP, i.e KFintech where the e-Voting is in progress.
V. On successful selection, you will be redirected to KFintech e-Voting page for casting your vote during the remote e-Voting period.

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

Type of shareholders	Login Method	Login Method
Individual	I.	You can also login using the
Shareholder		login credentials of your demat
login		account through your DP
through their demat accounts / Website of Depository Participant	II.	registered with NSDL /CDSL for e-Voting facility. 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 Information for Individual Shareholders holding securities in demat mode for any technical issues related to login through Depository i.e. NSDL and CDSL are mentioned below.

and CDSL are	mentioned below.
Login Type	Helpdesk details
Securities held with NSDL	Please contact NSDL helpdesk by sending a request at [email protected] or call at toll free no.:1800 102 0990and1800 224 430
Securities held with CDSL	Please contact CDSL helpdesk by sending a request at helpdesk. evoting@cdslindia. com or contact at 022-23058738or022-23058542-43

Details on Step 2 are mentioned below:

Login method for e-Voting for shareholders other than Individual’s shareholders holding securities in demat mode and shareholders holding securities in physical mode.

(A) Members whose email IDs are registered with the Company/Depository Participants, 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 below process:
i. Launch internet browser by typing the URL: https://evoting.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., ‘Pfizer 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. 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.

Pfizer Limited

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 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.” Alternatively, the aforesaid documents may be uploaded on the KFinTech e-voting website: https://evoting.kfintech.com
(B) Members whose email IDs are not registered with the Company/Depository Participants(s), are requested to follow the below process:
i. Kindly click on the link:
- https://ris.kfintech.com/clientservices/ mobilereg/mobileemailreg.aspx

Members are requested to register the e-mail id on temporary basis for the purpose of participating in the e-voting event and 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 holding shares in physical mode may send an e-mail request at the email id [email protected] along with scanned copy of duly signed Form ISR-1 as mentioned in note 8 and Member holding shares in electronic mode may update the KYC details with their respective Depository Participant.
i. After due verification, the Company / KFintech will forward your login credentials to your registered email address.
ii. After receiving the e-voting instructions, please follow all steps at A. (i) to (xi) to cast your vote by electronic means.

Details on Step 3 are mentioned below:

‘ Instructions to access to join virtual meetings (e-AGM) of the Company on KFin system to participate e-AGM and vote at the AGM. ’

The Company is pleased to provide facility of VC / OAVM and live webcast of the proceedings of the AGM on August 26, 2022 from 2.30 P.M. (IST) onwards at the web link – https://emeetings.kfintech.com/

a) Members are requested to follow the procedure given below:
i. Launch internet browser by typing the URL:
- https://emeetings.kfintech.com
ii. Enter the login credentials provided in the email received from the Company/ KFintech. (i.e., User ID and password for e-voting).
iii. After logging in, click on “Video Conference” tab and select the EVEN of the Company.
iv. Then click on the video symbol and accept the meeting etiquettes to attend the Meeting
b) Please note that the 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 remote e-Voting instructions mentioned above at point 14.
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 their respective network. It is therefore recommended to use Stable Wi-Fi or LAN Connection to mitigate any kind of aforesaid glitches.
e) Members who would like to express their views or ask questions during the AGM may register themselves by logging on to and
https://emeetings.kfintech.com clicking on the ‘Speaker Registration’ option available on the screen after log in. The Speaker Registration will be open during Sunday, August 21, 2022 to Wednesday, August 24, 2022.

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

Only those members who have pre-registered their name 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.

f) 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 Sunday, August 21, 2022 to Wednesday, August 24, 2022.
g) Members will be allowed to attend the AGM through VC / OAVM on first-comefirst-served basis.
- Facility of joining AGM through VC/ OAVM shall be available for at least 2000 members to participate in the AGM and such participation shall be on a basis. first-come-first-served
- However, please note that pursuant to the MCA Circulars, large shareholders (i.e. 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. may be allowed to attend the meeting without restriction on account of first-come-first served principle.
h) Facility to join the meeting shall be opened thirty minutes before the scheduled time of the AGM and shall be kept open throughout the proceedings of the AGM.
i) Members who need assistance before or during the AGM, can contact KFinTech on [email protected] or call on toll free number 1800-309-4001 Kindly quote your name, DP ID-Client ID / Folio no. and e-voting Event Number in all your communications.
In case of joint holders, the Member whose name appears as the first holder in the order of names as per the Register of Members of the Company will be entitled to vote at the AGM.
Members attending the AGM through VC/OAVM shall be reckoned for the purpose of quorum under Section 103 of the Act.
Members of the Company under the category of Institutional Investors are encouraged to attend and vote at the AGM.
Members are requested to note the following contact details for addressing e-voting grievances:
Mr. Premkumar Nair, Manager
KFin Technologies Limited
Selenium Tower B, Plot 31-32, Gachibowli,
Financial District, Nanakramguda, Hyderabad 500 032 Phone No.: +91 40 6716 2222 Toll-free No.: 1800-309-4001 E-mail: [email protected]

19. General Instructions for Shareholders:

i) The Cut-off date for determining the eligibility of Members for remote e-voting and Instapoll is Friday, August 19, 2022 at close of business hours.
ii) Voting rights shall be reckoned on the paid-up value of shares registered in the name of the member / beneficial owner (in case of electronic shareholding) as on the cut-off date i.e., Friday, August 19, 2022, at close of business hours. A person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories as on the cut-off date, i.e., Friday, August 19, 2022 at close of business hours only shall be entitled to avail the facility of remote e-voting /Insta Poll.
iii) Any person who becomes a member of the Company after dispatch of the Notice of the Meeting and holding shares as on the cut-off date i.e., Friday, August 19, 2022, at close of business hours may obtain the User ID and password in the manner as mentioned below:
a) 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 1234567890
b) 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.
c) In case of any clarification regarding remote e-voting and e-voting, Members may call on KFinTech’s toll-free number 1800-309-4001 (from 9:00 a.m. to 6:00 p.m.). Member may send an e-mail request to [email protected]. If the member is already registered with KFinTech’s e-voting platform, then he/she can use his existing password for logging in.

Pfizer Limited

iv) The Notice of the 71[st] AGM of the Company is also available on KFinTech remote e-voting website: https://evoting.kfintech.com
v) The remote e-voting shall close at 5.00 p.m. IST on Thursday, August 25, 2022, KFinTech shall block the remote e-voting module after 5.00 p.m. IST on Thursday, August 25, 2022.
vi) 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.
Information and instructions relating to e-voting/ Insta Poll are as under:
i. The members who have cast their vote(s) by remote e-voting may also attend the Meeting but shall not be entitled to cast their vote(s) again at the Meeting. Once the vote on a resolution is cast by a member, whether partially or otherwise, the member shall not be allowed to change it subsequently or cast the vote again.
ii. A member can opt for only single mode of voting per event, i.e., through remote e-voting or voting at the Meeting (Insta Poll). If a Member casts votes by both modes, then voting done through Remote e-voting shall prevail and vote at the AGM shall be treated as invalid.
iii. A person, whose name is recorded in the register of members or in the register of beneficial owners maintained by the depositories as on the cut-off date, i.e., Friday, August 19, 2022 only shall be entitled to avail the facility of remote e-voting or for participation at the AGM and voting through Insta Poll. A person who is not a member as on the cut-off date, should treat this Notice for information purpose only.
iv. The Company has opted to provide the same electronic voting system at the Meeting, as used during remote e-voting, and the said facility shall be operational till all the resolutions proposed in the Notice are considered and voted upon at the Meeting and may be used for voting only by the members holding shares as on the cut-off date who are attending the Meeting and who have not already cast their vote(s) through remote e-voting.
- 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.

The e-voting facility at AGM will be disabled after 15 minutes from the conclusion of the Meeting.

The Company has appointed (CS) Mr. Nrupang B. Dholakia, Designated Partner of Dholakia & Associates LLP, Company Secretaries in practice as the Scrutinizer for conducting the electronic voting and electronic polling process in a fair and transparent manner .
The Scrutinizer shall within two working days from the conclusion of the Annual General Meeting, submit his report of the votes cast in favour or against, through electronic voting and electronic polling process to the Chairman or to any other person as authorized by the Chairman. The results declared along with the consolidated Scrutinizer’s Report shall be placed on the website of the Company www.pfizerltd.co.in and on the website of KFinTech The results shall
https://evoting.kfintech.com/ simultaneously be communicated to the BSE Limited and the National Stock Exchange of India Limited.

PROCEDURE FOR INSPECTION OF DOCUMENTS:

The Register of Directors and Key Managerial Personnel and their shareholding maintained under Section 170 of the Act, the Register of Contracts or Arrangements in which the Directors are interested, maintained under Section 189 of the Act, and the relevant documents referred to in the Notice will be available electronically for inspection by the Members during the AGM.
All documents referred to in the Notice and Explanatory Statement thereto will also be available electronically for inspection without any fee by the members from the date of circulation of this Notice up to the date of AGM. Members seeking to inspect such documents can send an email to [email protected].
Members seeking any information with regard to the accounts or any matter to be placed at the AGM, are requested to write to the Company on or before Wednesday, August 24, 2022 through email on [email protected]. The same will be replied by the Company suitably.

TAx DEDUCTED AT SOURCE ON DIVIDEND

Pursuant to the provisions of the Income Tax Act, 1961, the Company is required to withhold taxes at the prescribed rates on the dividend paid to its shareholders. No tax will be deducted on payment of dividend to the resident individual shareholders if the total aggregate dividend paid during the year ending March 31, 2023 does not exceed `5,000/-.

The withholding tax rate would vary depending on the residential status of the shareholder and documents registered with the Company/KFintech/Depository Participant.

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

Given below are the details of withholding tax rate as per the residency status of the shareholders and list of documents required to be submitted for the same:

A. RESIDENT SHAREHOLDERS:

A.1 Tax Deductible at Source for Resident Shareholders

Sr.	Particulars	Withholding	Documents required (if any)
No.		tax rate
1.	Valid Permanent Account Number (PAN) updated	10%	No document required (if no exemption is
	in the Company’s Register of Members.		sought).
2.	In absence of a valid PAN or PAN being refected in list of specifed person on the reporting portal	20%	No document required (if no exemption is sought).
	of income tax department under section 206AB
	updated in the Company’s Register of Members.
3.	Availability of lower/nil tax deduction certifcate	Rate specifed	Lower tax deduction certifcate obtained from
	issued by Income Tax Department under section 197 of Income Tax Act, 1961.	in the certifcate	Income Tax Authority.
	A.2 No tax will be deducted at source on dividend payment to resident shareholders, if the resident
	shareholders submit and register the following documents https://ris.kfntech.com/form15/		with the Company / KFinTech through the link
Sr.	Particulars	Withholding	Documents required (if any)
No.		tax rate
1.	Individual shareholder whose tax on his / her estimated total income of the fnancial year ending	Nil	Self-declaration in Form No. 15G with all the required felds duly flled up.
	March 31, 2023 including the dividend received
	and receivable bythe Companywill be Nil.
2.	Individual shareholder, who is of the age of 60 years or more at any time during the fnancial	Nil	Self-declaration in Form No. 15H with all the required felds duly flled up.
	year ending March 31, 2023, whose tax on his / her estimated total income of the fnancial year
	including the dividend received and receivable by
	the Companywill be Nil.
3.	Shareholders to whom the provisions of section 194	Nil	Documentary evidence that the said provisions
	of the Income Tax, 1961 does not apply such as LIC, GIC, or any other insurer.		are not applicable and a self-declaration of benefcial interest in the shares of the Company
			held byit.
4.	Shareholder covered under section 196 of	Nil	Documentary evidence for coverage under
	Income Tax Act, 1961 such as Government, RBI, corporations established by Central Act & mutual		section 196 of Income Tax Act, 1961 and a self- declaration of benefcial interest in the shares
	funds.		of the Companyheld byit.
5.	Category I and II Alternative Investment Fund, as notifed in Notifcation number 51/2015 dated	Nil	SEBI registration certifcate to claim beneft under section 197A(1F) of Income Tax Act, 1961
	25 June, 2015.		alongwith Self attested copyof PAN Card
6.	Funds, Authorities, Boards, Institutions or Bodies	NIL	Documentary evidence of coverage under
	by whatever name called, whose income is		Circular No. 18/2017 issued by Central
	unconditionally exempt from tax and who are not statutorily required to fle return of income under		Board of Direct Taxes (CBDT) and eligible for unconditional exemption under section 10 of
	section 139 of the Income-tax Act, 1961, as listed		the Income-tax Act, 1961.
	in Circular18/2017 issued by the Central Board of
	Direct Taxes.
7.	National Pension System Trust referred to in clause	Nil	Documentary evidence of coverage under
	44 of section 10 of the Income-tax Act, 1961.		clause 44 of section 10 of the Income-tax Act,
			1961.

Pfizer Limited

B. NON-RESIDENT SHAREHOLDERS:

Withholding tax on dividend payment to non-resident shareholders, if the non-resident shareholders submit and register the following documents with the Company / KFinTech through the link https://ris.kfintech.com/form15/

Sr.	Particulars					Withholding	Documents required (if any)
No.						tax rate
1.	Foreign Institutional		Investors (FIIs) /Foreign			20% (plus	To avail benefcial rate of tax treaty all the
	Portfolio	Investors	(FPIs)	/	Non-resident	applicable	following documents would be required:
	shareholders					surcharge and cess) or	1. FFI/FPI registration number / certifcate.
						tax treaty rate whichever is benefcial	2. Tax Residency certifcate issued by revenue authority of country of residence of shareholder for the year in which dividend is received
							3. Self-attested copy of Permanent Account
							Number issued by Indian tax authorities
							4. Form 10F flled & duly signed
							5. Self-declaration for non-existence of permanent establishment / fxed base in
							India
							6. Self-declaration of Benefcial ownership
							of the shares held in the Company by the
							non- resident shareholder
							(Note: Application of benefcial Tax Treaty
							Rate shall depend upon the accuracy and
							completeness of the documents submitted by
							the Non Resident shareholder and review to the
							satisfaction of the Company).
2.	Indian Branch of a Foreign Bank					Nil	Nil tax deduction certifcate under section
							195(3) obtained from Income Tax Authority, Self-declaration confrming that the income is
							received on its own account and not on behalf
							of the Foreign Bank and name of Indian branch
							of foreign bank is not appearing in the list of specifed persons under section 206AB on the
							reporting portal
3.	Availability of Lower/NIL tax deduction certifcate issued by Income Tax Department under section					Rate specifed in certifcate	Nil / lower tax deduction certifcate obtained from Income Tax Authority
	195(2) or 195(3) or 197		of Income Tax Act, 1961

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

(i) The Company will issue soft copy of the TDS certificate to its shareholders through email registered with the Company / KFinTech post payment of the dividend. Shareholders will be able to download the TDS certificate from the Income Tax Department’s website https://incometaxindiaefiling.gov.in (refer to Form 26AS) provided that the correct PAN is registered with the Company/Depository Participants.
(ii) The aforesaid documents such as Form 15G / 15H, documents under Sections 195, 196, 197A, FII/FPI Registration Certificate, Tax Residency Certificate, Form 10F, Nil/lower tax certificate, self declaration etc. duly filled in all respects are required to be uploaded on the link https://ris.kfintech.com/form15/ on or before Friday, August 12, 2022 to enable the Company to determine the appropriate TDS / withholding tax rate applicable. Any communication on the tax determination/deduction for the purpose of the said dividend received post Friday, August 12, 2022 shall not be considered under any circumstances. Please note that incomplete, invalid documents shall be subject to rejection at the discretion of the Company.
(iii) Effective July 1, 2021, Finance Act, 2021 has inserted Section 206AB of the Income Tax Act (‘IT Act’) as a special provision for TDS for non-filers of income-tax return whereby tax has to be deducted at twice the rate specified in the relevant provision of the IT Act.
(iv) Application of TDS rate is subject to necessary verification by the Company of the shareholder details as available in Register of Members as on the Record Date, and other documents available with the Company / KFinTech.
(v) The Shareholders who have not updated their PAN details are required to update the same with Company in case of physical holding in ISR – 1 as mentioned in point 8 above and with their respective Depository Participant in case of Electronic holding on or before Friday, August 12, 2022 to avoid higher rate of tax deduction and to avail the credit of tax so deducted.
(vi) In case, for any reasons, TDS is deducted at a higher rate by the Company, an option is still available with the shareholder to file the return of income and claim an appropriate refund.
(vii) In the event of any income tax demand (including interest, penalty, etc.) due to short deduction of tax at source by the Company arising from any misrepresentation, inaccuracy or omission of information provided by the Member/s, such Member/s will be responsible to indemnify the Company and also, provide the Company with all information / documents and co-operation in any tax assessment or appellate proceedings, as may be required.
(viii) This Communication is not exhaustive and does not purport to be a complete analysis or listing of all potential tax consequences in the matter of dividend payment. Shareholders should consult their tax advisors for requisite action to be taken by them.
Members holding shares in the physical mode are requested to address their communications / queries quoting their folio number(s) to the Company’s Registrar & Share Transfer Agents:

KFin Technologies Limited

UNIT: PFIZER LIMITED

Selenium Tower B, Plot No 31 & 32, Gachibowli Financial District, Nanakramguda, Serilingampally, Hyderabad, Telangana – 500032.

Contact person: Mr. Premkumar Nair - Manager Tel: +91 40 6716 2222

TOLL FREE NO.: 1800-309-4001 E-mail ID: [email protected]

AS REQUIRED UNDER REGULATION 36(3) OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015 AND SS 2-SECRETARIAL STANDARDS ON GENERAL MEETINGS, GIVEN BELOW ARE THE DETAILS OF THE DIRECTOR PROPOSED FOR RE-APPOINTMENT.

ITEM NO. 3:

Mr. Milind Patil (DIN: 02546815) aged about 58 years, is a graduate of commerce and a fellow member of the Institute of Chartered Accountants of India. Mr. Patil has also completed financial excellence program & financial leadership program and advance leadership program from Harvard Business School, USA and Tuck School of Management, USA.

Mr. Patil is a finance professional with around three decades of experience predominantly in the Pharmaceutical industry and having versatile exposure in global MNCs in challenging and complex business environments across multiple finance and business functions. Mr. Patil has a proven track record in business turnaround strategies and managing stakeholders, people, performance and risks and opportunities effectively.

Mr. Patil joined the Company effective August 16, 2018 as Chief Financial Officer of the Company. Mr. Patil’s last employment was as Chief Financial Officer for Middle East North Africa (MENA) region for Novartis in Dubai. Prior to that, Mr. Patil worked as the Country Chief Financial officer (CCFO) for Novartis in India from April, 2011 till March, 2016. Mr. Patil has held leadership roles in Finance for Siemens, Ciba Geigy, Parke-Davis and Johnson & Johnson. Mr. Patil was recently awarded with the Financial Express CFO award 2022.

Mr. Patil was appointed as a Whole-time Director on the Board designated as Executive Director – Finance for a period of 5 years on November 14, 2018.

In terms of Section 152 of the Companies Act, 2013, Mr. Patil is liable to retire by rotation at the 71[st] Annual General Meeting. Mr. Patil being eligible, offers himself for re-appointment.

Mr. Patil does not hold any shares in the Company. Mr. Patil is not a Director in any other Company.

Pfizer Limited

None of the Directors or Key Managerial Personnel of the Company and their relatives other than Mr. Patil (being the appointee) are concerned or interested, financially or otherwise, in the Resolution set out at Item No. 3. This Statement may also be regarded as a disclosure under Regulation 36(3) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SS 2 - Secretarial Standard on General Meetings.

None of the Directors or Key Managerial Personnel are related to each other. The Number of Board / Committee Meetings attended during the year and other Directorships, Membership / Chairmanship of Committees are stated in the Corporate Governance Report (Annexure G to the Board’s Report).

The Board recommends the Ordinary Resolution set out at Item No. 3 of the Notice for approval by the Members.

A STATEMENT SETTING OUT MATERIAL FACTS PURSUANT TO SECTION 102 OF THE COMPANIES ACT, 2013, (“THE ACT”) FOR ITEM NOS. 4 AND 5.

ITEM NO. 4

Messrs. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013),were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of 66[th] Annual General Meeting till the conclusion of the 71[st] Annual General Meeting subject to ratification by members at Annual General Meeting. Accordingly, Messrs. Walker Chandiok & Co LLP would be completing their term as the Statutory Auditors of the Company at this 71[st] Annual General Meeting.

The Board of Directors of the Company at their meeting held on May 20, 2022 have recommended, the appointment of Messrs. B S R & Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022) as the statutory auditors of the Company. Messrs. B S R & Co. LLP have confirmed their eligibility for appointment under Section 139 read with Section 141 of the Companies Act, 2013.

Messrs. B S R & Co LLP, will hold office for a period of 5 (five) consecutive years from the conclusion of the ensuing 71[st] Annual General Meeting of the Company till the conclusion of the 76[th] Annual General Meeting subject to the approval by shareholders at the ensuing Annual General Meeting.

Messrs. B S R & Co LLP, is a member entity of B S R & Affiliates, a network registered with the Institute of Chartered Accountants of India. Messrs. B S R & Co LLP, is registered in Mumbai, Gurugram, Bengaluru, Kolkata, Hyderabad, Pune, Chennai, Chandigarh, Ahmedabad, Vadodara, Noida, Jaipur, Kochi and Vijayawada. Messrs. B S R & Co LLP, audits various companies listed on stock exchanges in India.

The proposed remuneration to be paid to Messrs. B S R & Co. LLP for audit services for the financial year ending March 31, 2023, is `98 Lakhs (Rupees Ninety-Eight Lakhs) plus applicable taxes and out-of-pocket expenses. Besides the audit services, the Company would also obtain certifications from the statutory auditors under various statutory regulations and certifications required by banks,

statutory authorities, audit related services and other permissible non-audit services as required from time to time, for which they will be remunerated separately on mutually agreed terms, as approved by the Board of Directors in consultation with the Audit Committee.

The Board of Directors and the Audit Committee shall approve revisions to the remuneration of the statutory auditors for the remaining part of the tenure. The Board of Directors, in consultation with the Audit Committee, may alter and vary the terms and conditions of appointment, including remuneration, in such manner and to such extent as may be mutually agreed with the statutory auditors.

None of the Directors or Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or otherwise, in the Resolution set out at Item No. 4 of the Notice.

The Board recommends the Ordinary Resolution set out at Item No. 4 of the Notice for approval by the Members.

ITEM NO. 5

Pursuant to Section 148 of the Companies Act, 2013 (“Act”) read with Rule 14 of the Companies (Audit and Auditors) Rules, 2014, the Board of Directors at its Meeting held on May 20, 2022, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., Cost Accountants (having Firm’s Registration No. 000242) for conducting Cost Audit of the cost records maintained by the Company for manufacturing of pharmaceutical formulations for the financial year ending March 31, 2023, at a remuneration of `14,00,000/- (Rupees Fourteen Lakhs only) plus applicable taxes and out-of-pocket expenses which is subject to ratification by the Members. The said remuneration as approved by the Board of Directors payable to Messrs. RA & Co. requires to be ratified by the Members of the Company.

None of the Directors or Key Managerial Personnel of the Company and their relatives are concerned or interested, financially or otherwise, in the Resolution set out at Item No. 5 of the Notice.

The Board recommends the Ordinary Resolution set out at Item No. 5 of the Notice for approval by the Members.

By Order of the Board of Directors Prajeet Nair Company Secretary Mumbai, May 20, 2022 Membership No.: ACS19267 Registered Office: Pfizer Limited The Capital, 1802 / 1901, Plot No. C – 70, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. Tel: +91 22 6693 2000 Fax: +91 22 2654 0274 Website: www.pfizerltd.co.in E-mail ID: [email protected] CIN: L24231MH1950PLC00831

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

BOARD’S REPORT

Including Management Discussion and Analysis Report

To the Members,

Your Directors take pleasure in presenting this 71[st] Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2022. The Company operates only in one business segment that is, “Pharmaceuticals” and this Report covers its Pharmaceutical business performance.

CHAIRMAN OF THE BOARD

Your Directors wish to acknowledge the long and illustrious association Mr. R. A. Shah had with your Company as a Director on the Board from 1965 and as the Chairman of the Board from December 7, 1999 till February 1, 2022. During his tenure, your Company benefitted tremendously in its strategic decisions from the wealth of his knowledge across a spectrum of areas, including Corporate laws, merger & acquisitions, pharmaceutical policy and pricing.

Mr. Shah guided your Company navigating through a significantly transforming operating environment over past five decades and served as a force of continuity and stability in an industry characterized by rapid changes. By virtue of his long standing leadership on the Company’s Board, Mr. Shah has been a mentor to a number of Pfizer leaders.

Your Directors wish to record their appreciation for the most valuable contributions made by Mr. Shah.

Members are aware, that the Board of Directors appointed Mr. Pradip Shah as the Chairman of the Company with effect from February 3, 2022. Mr. Pradip Shah holds an MBA from the Harvard Business School and is a Chartered Accountant and Cost Accountant. Mr. Pradip Shah ranked 1[st] in the Chartered Accountancy examination. Mr. Pradip Shah is a Director on the Board of several reputed companies and is also a member of various prestigious committees/commissions. Mr. Pradip Shah is on the Board of the Company since 1999.

DIVIDEND

The Board of Directors at their Meeting held on May 20, 2022, recommended a dividend of 35/- (350%) per equity share for the financial year ended March 31, 2022. The dividend payout will be160.12 Crore including Tax Deducted at Source.

FINANCIAL HIGHLIGHTS

(` in crore)

		(`in crore)
Particulars	Year ended March 31, 2022	Year ended March 31, 2021
Net Sales Other Operating Income	2,530.28 80.71	2,190.04 48.51
Revenue from Operations	2,610.99	2,238.55
Other Income Proft Before Tax Income Tax Expense Proft for theyear Total other comprehensive	62.65 772.89 160.33 612.56 7.17	81.12 668.72 171.11 497.61 (0.96)
income (net of tax)
Total comprehensive	619.73	496.65
income for the year

Your Company’s sales for the financial year ended March 31, 2022 stood at 2,530.28 Crore as compared to2,190.04 Crore in the previous year, which represents a growth of 15.54%. The sales for the year under review are not strictly comparable with that of the previous year on account of the impact of COVID-19.

Profit before tax for the financial year ended March 31, 2022 was 772.89 Crore as compared to668.72 Crore in the previous year. The profit after tax stood at 612.56 Crore for the financial year ended March 31, 2022 as compared to497.61 Crore in the previous year, recording a growth of 23.10%. ECONOMIC OVERVIEW Following a contraction of 7.30% in 2020-21, the Indian economy was expected to grow by 8.00-8.50% in 2022-23. Optimism about strong economic recovery was tempered during this fiscal towards the end of 2021 with the emergence of second wave of COVID-19 and the RussiaUkraine crisis along with the pre-existing challenges like inflation, supply shortages, etc. IMF corrected India’s GDP growth forecast for the year 2023 down to 8.20% on account of weak domestic demand coupled with inflationary pressures owing to the ongoing geopolitical crisis.

Inflation remains to be a key challenge for economies around the world and India is no exception. A large part of the surge in inflation was earlier driven by high food prices, followed by fuel prices that started rising in 2021. Rising prices of commodities and raw materials globally have also seeped into the economy. However, the consumer

Pfizer Limited

confidence in India has seen gradual improvement with the easing of pandemic restrictions. The impact of pandemic severely restricted Indian consumers’ spends over the past couple of years. There appears to be a resurgence in the consumer spends which augurs well for the economy.

In the Union Budget 2022-23, the government has allocated 86,200 crore to the Ministry of Health and Family Welfare, in comparison to73,932 crore in the previous year, an increase of 16.55%. This is primarily driven by increased allocation to centrally-sponsored public health schemes to continue building sustainable healthcare infrastructure and ensure system preparedness to handle increasing healthcare needs.

India’s gross tax collection for the financial year 2021-22 has beaten expectations with total tax collection touching `27.07 lakh crore. Higher capital spending on infrastructure and asset-building projects are likely to boost growth multipliers in the medium term.

CURRENT HEALTHCARE AND PHARMACEUTICALS ENVIRONMENT

Indian Pharmaceutical Industry Market Overview:

The Indian Pharma Market (IPM) with turnover of `1,85,498 Crore for the period of April 2021 – March 2022 has registered a robust growth of 18.2% against single digit growth of 4.3% in the previous year. Post recovery from the second COVID-19 wave and with the improvement in patient footfalls, the growth was primarily driven by volumes, which contributed 9.7%, followed by price at 4.3% and new products introductions at 4.2%. Multinational companies hold about 18% market share and have grown at 11.9%.

Therapeutic Growth:

The acute care segment, with a growth of 21.7% has outperformed Chronic segment’s 12.6% growth. The acute therapy areas of Anti-infectives with 35% growth, Respiratory with 54.2% growth and Pain with 21.4% grew at a faster pace which propelled performance of the Acute segment.

Market Prognosis:

The Indian Pharmaceutical Market is forecasted to grow at 9.2% CAGR between 2021 and 2026, to reach `2,95,084 Crore by 2026. One of the growth drivers for the pharmaceutical industry during the forecast period is expected to be partnerships and co-marketing agreements between Indian and multinational companies, thereby benefitting both originator and local partners. Such alliances will drive rapid and broader market penetration for new brands and an increase in sales for more established products.

Expansion of e-pharmacy and chain businesses. E-pharmacy sales, which were already rising rapidly, saw a strong surge in demand during the second wave, of the pandemic, registering more than 25% growth in 2021. The

rapid growth of the sector is encouraging investments from large businesses, and consolidation of smaller players.

Increase in health insurance coverage. The central government’s Ayushman Bharat – Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) health insurance scheme will be a key driver of healthcare access and improve health outcomes over the forecast period. The ‘ Aap Ke Dwar Ayushman ’ campaign, launched in February 2021 to facilitate door-to-door beneficiary mobilization, brought over 40 million people under the coverage of the scheme.

Constraints:

Wider implementation of trade margin caps. Following trade margin caps and price cuts for non-scheduled cancer drugs in 2019, the National Pharmaceutical Pricing Authority had indicated that it intends to apply trade margin caps to a larger number of non-scheduled drugs. While the COVID-19 pandemic delayed the price control initiatives in the short-term, implementation of TMR led price caps is expected to re-emerge in the medium to long term. Pfizer supports the principles of Trade Margin Rationalization with due consideration to certain technical aspects, such as exclusion of non-commercial and nontrade supplies in the design and application of the pricing formulae.

Expansion of DPCO price controls. Originally scheduled for introduction in 2020, the National List of Essential Medicines (NLEM) update was delayed owing to the COVID-19 pandemic. A new version of the NLEM list is now anticipated in 2022 with a possibility of expansion of the number of drugs included in price controls.

The COVID-19 pandemic. The pandemic had a negative impact on certain therapeutic areas, such as non-covid vaccines and other chronic segments due to reduced access to healthcare facilities. While this access has improved again following the relaxation of pandemiclinked restrictions; the continuing risk of increase in COVID infection rates due to current and new variants remains a potential challenge for the future.

AN OVERVIEW OF THE PHARMA OPERATING ENVIRONMENT

Mitigating the impact of COVID-19 on public health and ensuring availability of vaccines to the population continues to be a major priority for the Government. In addition to COVID-19 management, the Government has also been focusing on Research and Development, promotion of indigenous drugs/medicines through an enabling policy framework and creation of a consumerfriendly pricing regime for the non-scheduled drugs.

Department of Pharmaceuticals (DoP) released a draft R&D Policy in October 2021 to catalyze research & development and innovation in the pharmaceutical sector which aims to simplify regulatory processes to enable rapid drug discovery, explore mechanisms to incentivize private sector investment in research, enhanced academiaindustry collaboration among others. It is envisaged that such a policy ecosystem will give a boost to innovation while also ensuring affordable medicines for all. It is

Market data source :IQVIA MAT March 2022

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

pertinent to note that the extent to which Government is successful in creating a viable R&D ecosystem will depend on factors such as autonomy to institutions for collaborating with industry, preserving strong Intellectual Property (IP) protection, funding from the Government, streamlining regulatory approvals and aligning India’s regulatory systems with global standards and systems. Your Company has been highlighting the need for these interventions in interaction with the Government and through industry forums.

Your Company has also been engaging with the Government on the need for streamlining and expediting regulatory approval for new drugs with support from the Drug Regulators. While the process of drug approvals is well defined, there are often delays in the approval processes which impacts the planning and launch of new drugs. Your Company has been advocating for a faster and more predictable approval process with defined timelines for each stage of the regulatory approval process. This would ensure timely access of drugs to needy patients while also facilitating ease of doing business for the industry.

The drug pricing regulator- National Pharmaceutical Pricing Authority (NPPA) initiated consultation with the industry in May 2022 for finalizing the Trade Margin Rationalization (TMR) regime. The intent of the Government behind introducing TMR is to address cases of high trade margins in sale of non-scheduled drugs. Your company in principle supports implementation of TMR while also highlighting the need for certain checks and balances such that non-commercial/non-trade supplies are excluded for the purposes of determining trade margins.

The PM–Ayushman Bharat Health Infrastructure Mission (PM-ABHIM) was approved by the Cabinet in September 2021 with an outlay of about `64,180 crore over six years (till FY 25-26). The Scheme aims to develop capacities of health systems and institutions across the continuum of care at all levels viz., primary, secondary and tertiary, while preparing health systems in responding effectively to the current and future pandemic/disasters. Given the focus on capacity building along with development of an IT-enabled disease surveillance system through establishment of surveillance laboratories at various levels, your Company believes such initiative is an important step towards developing the resilience of the healthcare system while addressing the challenges arising out of health emergencies in future.

NITI Aayog in October 2021 released a report on ‘Health Insurance for India’s Missing Middle’ highlighting the absence of insurance coverage for a sizeable chunk of our population. The bottom 50% of the population is provided comprehensive hospitalization through the Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana, 20% is covered through social and private voluntary health insurance while the remaining 30% is not covered under any health insurance scheme. The report stresses on developing a lowcost insurance solution for the missing population. Your Company supports such an approach, implementation of

which would ensure that no patient suffers on account of lack of access to innovative and breakthrough medicines and vaccines.

Your Company is committed to innovation and supporting launch of start-ups from prototype to market launch. Launched in collaboration with close to 20 partners from the Healthcare ecosystem, the Pfizer INDovation program aims to accelerate incubation for healthcare start-ups while making the products/services market ready. With two focused themes of oncology and digital health this year, a grant of up to `65 lakhs with two-years of incubation across IITs and other technology centers will be provided. This initiative is also providing other forms of support such as customized 24-month innovation, venture acceleration, market-access and scale up, advisory and mentoring and follow-on funding opportunity.

Regulatory system strengthening: Overall, the operating environment in India was defined by an immediate and short-term focus to resolve COVID-19-related bottlenecks and minimise disruption of manufacturing, supply chains and availability of medicines. Many flexibilities were adopted during the period to ensure the availability of the essential medicines, hand sanitizers as well as protective equipment including masks, PPE Kits along with fasttrack processing of applications for clinical trials and new drug including vaccines for COVID-19. CDSCO continue to engage at international platforms for strengthening the regulatory system and supporting the innovation ecosystem in the country.

TRANSFER OF UPJOHN BUSINESS

Pfizer Inc., USA had announced on July 29, 2019, that it had entered into a definitive agreement to combine its Upjohn Business which consists off-patented branded and generic established medicines with Mylan N.V., thereby creating a new global pharmaceutical company, viz., Viatris Inc. Your Company had thereafter on September 30, 2021 entered into a business transfer agreement (BTA) with Mylan Pharmaceuticals Private Limited (Mylan), subsidiary of Viatris Inc to transfer certain primarily off-patent branded and generic established medicines business comprising of six brands which included Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin along with related business assets and liabilities (Upjohn Business) as a going concern to Mylan for a consideration of `180.48 Crore. The completion of the said transaction is subject to fulfilment of certain conditions, including regulatory approvals, as set out in the BTA.

THANE PLANT – BUSINESS TRANSFER AGREEMENT

In September 2015, the Company entered into a Business Transfer Agreement (BTA) for transfer of the Company’s manufacturing facility at Thane as a going concern. The BTA will be concluded upon receipt of all necessary approvals. The Company has received part approval from MIDC for transfer of the business undertaking save and except certain portion of the land which is subject to pending proceedings and has represented to the MIDC and Government for granting approval for transfer of the entire land.

Pfizer Limited

REVIEW OF OPERATIONS:

GO-TO-MARKET TRANSFORMATION STRATEGY:

Your Company has been operating in India since our country became a Republic. In these 72 years, your Company has always been focused on achieving breakthroughs that make India a healthier place to live in. Each of Pfizer’s innovations and breakthroughs have been a result of our patient-centric way of working. As you know, your Company adopted Pfizer’s global Purpose – Breakthroughs that change patients’ lives in 2018. Since then, we have been on a transformation journey to be the most customer-centric and innovative pharmaceutical company in India.

In the first phase of this journey, your Company worked towards consolidating a robust portfolio with the right mix of innovative and established products. To grow our established business, we renewed our focus on delivering specialty medicines and making our established products accessible and affordable for millions of patients across larger geographies. In our established business, we have doubled our doctor base, doubled our retailer coverage, increased our stockists base by four times, and expanded our presence to over 3,00,000 towns and villages. To increase the breadth of our innovative portfolio, your Company has introduced many breakthrough medicines at lightning speed.

Through your Company’s innovative and established brands, we have changed the lives of countless patients. With Zavicefta, a market leader in its category, we have enabled healthcare professionals to treat persistent infections that are resistant to antibiotics. It has saved the lives of more than 50 thousand patients to date and has helped families reunite with their loved ones. With Prevenar13 vaccine, we have protected numerous children and adults from Pneumonia, one of the most common infectious diseases in the world. Through Eliquis, we have touched the lives of more than 4 lakh patients and reduced the risk of strokes. With Enbrel we have enabled a better quality of life and mobility for the Rheumatoid Arthritis patients.

With a diverse portfolio in place, the next step in your Company’s journey was to deliver our medicines to our customers in a way that would not only help us grow but also create a greater impact on customers, patients, and communities. Thus, we set out to redefine our customer experience.

In the second phase of your Company’s transformation, we will stand true to our commitment to our new Go-To-Market Strategy and transform the way we engage customers and patients. We will place customer experience at the center and revolutionize how we introduce our robust portfolio to HCPs, retailers, institutions, Governments and other stakeholders. In effect, we will move away from just delivering our products to understanding our customers’ journeys. Our unique proposition will lie in the value we will add at every step of this journey through multiple innovative solutions including omni-channel interactions with our customers.

To make this a reality, your Company added new functions like the Patient and HealthCare Experience Studio team and Health Solutions Partner (HSP) team. Your Company’s new and existing functions will be strengthened by new customer-facing specialists called Subject Matter Experts (SMEs) who will support our field colleagues deliver this incremental value. The Patient and HealthCare Experience Studio team will create informative yet engaging content which will be leverage by our customer facing colleagues. The HSP function through SMEs like the Health Solutions Partners (HSP), will be focused on providing customized health solutions to HCPs with the purpose of better customer experience and enhanced impact of our medicines and vaccines on patients and society. The Key Account Management function, now known as Strategic Account Management (SAM) will be reinforced by Strategic Health Partners (SHPs) who will be focused on leading long-term, consultative, senior executive relationships with healthcare institutions to become trusted business advisors.

We will enhance our commitment to communities with the help of HealthCare Access Specialists (HAS) and Patient Engagement Partners (PEPs) who will be a part of the Access team. A HAS colleague will mobilise new sources of funding and enhance partnerships in new payor segments like State Governments and Insurance companies. A PEP will work on generating insights and providing stellar experience for our Patients and HCPs with regards to Pfizer Patient Value Offerings. In addition to these SMEs, there are many more such roles that will be added to help us step into the future.

Going forward, the role, the purpose, and designation of our customer facing colleagues (CFCs) will now expand into that of a HealthCare Executive (HCE) colleague. In the new Pfizer, HCEs will need to demonstrate a growth mindset and a better understanding of their stakeholders. They will need to use digital channels and analyze data to not only generate incremental revenue but also provide value-added services to HCPs, retailers, and institutions. Moreover, the HCEs will enhance their strategic relationships with our customers by leveraging their new superpowers - the SMEs.

In summary, with your Company’s transformation, whenever a Pfizer colleague interacts with a customer in the future, they will carry a portfolio that will not only include our products but also the value-added services they will provide through the SMEs and other crossfunctional colleagues. This is being the new for all of us and the crux of how Pfizer is changing in India.

Business Operations:

Your Company’s commercial operations are conducted through distinct business units that focus on clearly defined therapeutic areas. Between these business units, your Company collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics and vaccines.

Market data source :IQVIA MAT March 2022

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1. Vaccines:

Your Company’s Vaccine business focuses on a pneumococcal conjugate vaccine - Prevenar 13. This vaccine provides broad coverage against the most prevalent 13 serotypes of Streptococcus pneumoniae. Prevenar 13 is now ranked 26[th] in the Indian Pharma Industry (March 2022). With the approval of the Drugs Controller General of India in May 2021 for 18-49 years age group in addition to the pediatric, adolescent, and 50-plus age group, Prevenar 13 has become the only pneumococcal conjugate vaccine for all age groups available in India.

Your Company continues to enjoy a leadership position in the pneumococcal vaccines market with a unit share of 43.7% becoming the most prescribed pneumococcal vaccine. With 59.2% value market share, your Company maintained a leadership position by value as well in the pneumococcal vaccine market as of March 2022.

Your Company is committed to creating awareness and making vaccines accessible to the people of India so that more individuals can be protected against the devastating pneumococcal infections. While your Company enjoys equity and trust of pediatricians, Prevenar 13 is now also making in-roads in nonpediatric specialties to establish the importance and relevance of adult and elderly vaccination.

Your Company continued with its endeavor of establishing importance of choosing broad coverage Pneumococcal Conjugate Vaccine for pediatric patients with the support of Healthcare Professionals with robust scientific updates and global best practices, conducting multiple experience-sharing initiatives by enlisting the support of international speakers.

Your Company undertook various initiatives to establish Adult Vaccination and sustain and strengthen its presence at pediatric vaccination:

COVID-19 led disruption continued to create a challenge in face-to-face customer engagement. Your Company continued to leverage digital platforms to educate physicians on the disease burden of pneumococcal diseases and helped them recognize the benefits of pneumococcal vaccination. Your Company leveraged various experts such as pulmonologist and infectious disease specialists across the nation to share their experience in treating pneumococcal disease and emphasised on the importance of prevention amongst adult patients.
To facilitate adult vaccination, Your Company launched a 100% digital journey for patients and consumers from awareness to fulfilment by identifying and approaching the right target population on social media and driving consultation and vaccination through Lybrate. Through this campaign, your Company reached

out to 8 million people, driving engagement with 30,000 consumers. Your Company aims to partner with more platforms to increase reach and improve engagements, thus touching more lives.

Your Company partnered with a leading e-pharmacy in India, thus spreading awareness amongst their patient pool of 500,000 co-morbid patients, to drive vaccination fulfilment in their ecosystem itself.
Availability of vaccines for adults is a critical step to complete the circle of protection. Hence, your Company partnered with hospitals across India to encourage them to deploy adult vaccination centers – a dedicated resource from where information on adult immunization can be obtained. Your Company has an ambition to expand such strategic partnership to protect more lives against pneumococcal disease in the future.
Continuing the campaign “FIGHT PNEUMO”, your Company spread awareness on the importance of pneumococcal vaccination amongst adults and at-risk patients. Your Company continued to leverage the Fight Pneumo YouTube Channel and partnered with Adult Vaccination Specialists (such as infectious disease specialists, pulmonologists, cardiologists, etc.) across the country to create patient awareness in nine regional languages.
Inflammation and Immunology:

The Inflammation and Immunology vertical makes available medicines to patients suffering from chronic diseases related to immune system like Rheumatoid Arthritis, Psoriatic Arthritis, Ankylosing Spondylitis, Juvenile Idiopathic Arthritis, Psoriasis and Ulcerative Colitis. These advance therapies include drugs made from protein-cytokine, and oral therapies that manage inflammation and pain. The goal of this team is to transform the management of chronic inflammatory diseases, many of which are not well managed by existing treatment options that provide only symptomatic relief. Your Company currently has two products under Inflammation and Immunology.

Enbrel is the first Tumor Necrosis Factor (TNF) inhibitor launched across the globe for chronic indications like Rheumatoid Arthritis (RA), Ankylosing Spondylitis (AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA). Till date, this auto prefilled injection that can be applied subcutaneously among all age groups, has impacted the lives of over 6 million patients worldwide. Enbrel is backed by more than 500 clinical trials and more than 7,000 publications.

Enbrel is currently prescribed by Rheumatologist, Dermatologist, Pediatric Rheumatologist and selected orthopedic treating physicians in India. With a legacy of over 20 years, your Company continued to maintain

Pfizer Limited

the growth in Enbrel through various medical marketing initiatives like International Speaker Programs, Case Based Discussions, Train the Trainer Programs and Patient Focused Communication campaign building on the heritage and trust created by the brand backed by robust scientific data.

The second product under Inflammation and Immunology is Xeljanz (tofacitinib), which was launched in India in 2016 for Rheumatoid Arthritis and Psoriatic Arthritis. It is the first oral Janus Kinase (JAK) inhibitor, a type of medication that functions by inhibiting the activity of one or more of the Janus kinase family of enzymes. In 2021, Xeljanz received approval for an additional indication of Ulcerative Colitis, allowing its promotion to Gastroenterologists.

Your Company has also pioneered several innovative initiatives in Digital space for driving patient awareness to improve disease diagnosis and to help patients achieve a good quality of life during treatment. The team is poised to maximize its presence in the rheumatic space with the successful GTM Model Launch.

3. Internal Medicine:

Internal Medicine business has been on a transformation journey in India to #BeTheNew since 2018. In its first phase, the team embarked on a landmark journey of evolution. The team took two bold initiatives. First, we enhanced your Company’s specialty focus in core markets and second, we expanded our reach in the multiplier markets – Tier 2 onwards, through strategic external partnerships. With this, we witnessed significant expansion of our business impacting the lives of millions of patients and over 1.25 Lakh HCPs. Through the efforts of our colleagues in Internal Medicine, we have doubled our retailer coverage and tripled our specialty focus in our core markets over the last few years. We have also nurtured our flagship innovative brands like Eliquis as one of the market leaders in its segment. In the second phase of our transformation, it is our aim to equip ourselves with the right capabilities to deliver industry-defining customer experience (CX). Staying true to our commitment to our new Go-ToMarket strategy and to meet our CX goals, we will now transform the way we engage patients and physicians. To make this vision a reality, we have been working on building a new Go-To-Market strategy for the Internal Medicine business. With the help of our new strategy, our HealthCare Executives will work to better understand our customer journeys across therapy areas. They will identify opportunities to provide customised interventions and solutions that will deliver a personalized experience to our customers and improve patient outcomes by using digital channels effectively.

Eliquis : Eliquis® (Apixaban) a Factor Xa Inhibitor Anticoagulant is a leading oral Anticoagulant, predominantly prescribed by cardiologists, physicians/pulmonologists, vascular surgeons, and orthopedic surgeons. Atrial Fibrillation is the key indication for which NOACs are prescribed. Eliquis continues to out-perform the market by achieving highest quarter value market share of 29.7% with an EI 115 (month) EI 128 (Qtr) and EI 112 (MAT March 22’). Eliquis grew by 44.6% in Jan-Mar 22’ PY Qtr and 39.7% MAT The team has bought in significant outreach and penetration for the brand through the new Go-To-Market copromotion strategies which started in 2021. This strategy has been seen to create traction in prescribers (102% growth PY) and prescriptions (186% growth PY) Eliquis has been in the forefront in promoting first-in-class anti-coagulation science through various educational programmes like Expert Conclave: Case based panel discussions, Masterclass Webinar: International and National Expert coming together for sharing updates in AF/VTE management reaching to more than 5000 attendees, ASPIRE: capability building through certification program for 1000 Consulting physicians. For the first time Patient Familiarization Initiative (Direct-to-HCP sampling) was initiated to help HCPs experience Eliquis and positively impact lives of patients needing anticoagulation therapy. In view of market maximation and expansion opportunity in pre-Loss of Exclusivity period Eliquis gained endorsement for new pricing strategy for improving access and affordability for the patients in India.

Neuroscience and Cardiovascular: Your Company’s Neuroscience portfolio represents multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl) leads in its therapeutic category with 68% market share with 20% Rx growth over last year. Ativan (Lorazepam) is the second largest anxiolytic brand in the Benzodiazepine Tranquilizer market growing at 25% in Rx.

Minipress XL, the leading brand in the market, for uncontrolled hypertension has increased its market share to 45% with growth of 11% and EI of 104 as on MAT March 22. Your Company continued its engagement activities in the area of uncontrolled hypertension through medico-marketing initiatives with physicians, nephrologists and cardiologists.

Respiratory Portfolio:

Your Company has presence in the Respiratory portfolio with Cough and Oral Corticosteroids therapies. The flagship brand Corex Dx has maintained leadership position in the dry cough Respiratory Portfolio Market with 16.9% value market share. One of the major initiatives taken during the year was ‘cough the right way’–a campaign that aimed to create awareness and

Market data source :IQVIA MAT March 2022

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educate patients on good practices to be followed to avoid spread of infections. As part of future growth strategy, your Company continues to focus on building brands in the productive cough segment with line extensions of Corex LS and Corex LS Junior.

Women’s Healthcare:

Your Company’s portfolio in Women’s Healthcare supports important life-stages like pregnancy, menopause and contraception with established iconic brands across the continuum of care. Brands like Folvite, Ovral L, and Premarin continue to maintain their leadership position in the represented market and the consolidated portfolio continues to drive strong growth. Acceleration in digital transformation and enhanced focus on gynecologists through phygital (physical + digital) promotional approach helped drive robust prescription growth. Now four of our flagship brands in the portfolio – Folvite, Autrin, Ovral G and Folvite MB feature amongst the top 100 brands prescribed by gynecologists in India.

Pioneering initiatives in the digital space targeted at Gynecologists and Consumers differentiate us in the marketplace. The launch of our first virtual consumer awareness initiative- #sPILLthebeans has created an ecosystem that supports consumers’ journey from awareness to consultation and fulfillment. We have reached a significant milestone of over 15 million Indian consumers using social media platforms this year. This resulted in the positive traction with consumers and Healthcare Professionals.

Our on-going flagship programme- “Partners through Parenthood” which supports gynecologists to manage patients in the 24-months journey of parenthood is now geared up to reach consumers through social media platforms partnering with eminent 4000 gynecologists for better pregnancy outcomes.

Your Company’s commitment towards SCIENCE FIRST is reinforced in the current times by leveraging partnerships with renowned scientific associations such as the Family Welfare Committee of Federation of Obstetric and Gynecological Societies of India (FOGSI), Spina Bifida Foundation (SBF) and Indian Society of Perinatology and Reproductive Biology (ISOPARB) to upgrade scientific knowledge of gynecologists through innovative digital channels. Your Company pioneers in gynecologist education and building resources and tools for advancing better quality of care for patients, with commitment to improve maternal outcomes and reproductive health.

Gastric portfolio: Your Company has presence in gastroenterology segment with brands like Neksium, Gelusil and Mucaine. The focus of our Esomeprazole Proton Pump Inhibitor (PPI) - Neksium, has been on delivering excellence by driving strong in-clinic focus on key specialties including gastroenterologists and orthopedicians. Your Company launched GERDian

campaign to promote rational use of PPIs and is working with International Associations like American Society of Gastrointestinal Endoscopy (ASGE) with the Gastro Video Theatre portal. The objective of this program is to educate Gastroenterologists for knowledge upgradation and enhanced patient outcomes on the most relevant topics in the Gastroenterologist domain from the premium world-renowned institute – ASGE and engage Gastroenterologists in an informative and insightful knowledge exchange from peer reviewed high quality surgical videos by renowned experts and innovators across the globe. Your Company has intensified focus on nursing homes and small hospitals that have helped sustain momentum. Your Company has launched a Hospital Staff Education and Learning Programme (HOPE)–a module-based content platform designed especially for the nursing community and paramedic staff. Neksium D, launched in 2019, continues to build growth for the brand and has been positioned to drive differentiation by targeting patients with symptoms related to Refractory GERD.

Leading brands such as Gelusil and Mucaine have further entrenched your Company’s dominance in the gastric segment. Gelusil position in the Antacids market has strengthened with dominance in the high potential states leading to a 22% market share. With a refreshed GTM strategy and consistent innovation, we have increased the on-ground activation to ~75,000 retailers which has helped us improve the brand’s visibility and availability to consumers. Additionally, outreach and engagement via awareness campaigns on hyperacidity conditions on digital platforms such as Facebook, Instagram, YouTube has helped us reach over 50 million consumers. Meaningful partnerships with trade partners have enabled us to increase reach. Mucaine has driven robust prescription growth of 19% across specialties and maintained leadership position in the liquid antacid category with a market share of 20%.

Pain and inflammation portfolio: Your Company has a pronounced presence in the pain and inflammation category with brands Dolonex (Piroxicam) and Wysolone (Prednisolone). Both are legacy brands with more than 40 years of presence in India and are leaders in their respective categories, having impacted lives of more than 10 million patients in the country. Dolonex DT and Wysolone both have an EI of 97 and 103 respectively each backed by strong Rx growth of 26% and 16% respectively. Your Company has continued its engagement activities in osteoarthritis (OA) and low back pain (LBP) through medico-marketing initiatives like ‘Back in Action’ campaign with orthopedicians and physicians on treating OA and LBP. Your Company has started an educational initiative ‘Pain Scientia’ in partnership with the American Academy of Pain Medicine (AAPM). Pain Scientia is a one-ofa-kind program that gives physicians an overview of interdisciplinary pain management education to improve their ability to recognise and comprehend

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the unique needs of pain patients, as well as refer and treat patients in an interdisciplinary, multimodal manner. The portfolio expanded in December 2020, with the introduction of Dolonex E (Etoricoxib) for the treatment of osteoarthritis. Your Company plans to further expand the portfolio to provide a range of solutions for management of osteoarthritis. Further this year, your Company plans to create a digital presence for doctors treating patients with joint pain through ‘Pain Clinics’.

Vitamins Portfolio:

Becosules has been helping patients and consumers boost immunity for many decades now. Having served millions of Indians over the last couple of years more so during the pandemic to improve and boost immunity with B-Complex forte and vitamin C combination of Becosules, Pfizer continues to drive the B-complex and multivitamin market. Continued focus on prescriptions at the HCPs has helped us improve the prescriber base to 50,000 HCPs. To further strengthen the OTC contribution and reach to the consumers, we rolled out print media and social media campaigns in important geographies. With leading dailies of Uttar Pradesh and Maharashtra, Becosules reached out to ~60 million consumers in the two states. Relentless on-ground activation at ~75,000 retailers and consumers is propelling the brand to the next level.

Hospitals

Your Company’s Hospital business unit focuses on institutions such as hospitals and nursing homes with its advanced anti-infectives and sterile injectables portfolio.

Pfizer’s breakthrough innovative and patented drug Zavicefta (ceftazidime-avibactam) has recorded exponential growth driven by increased uptake across a greater number of hospitals. This novel drug is indicated for the management of hospitalacquired pneumonia including ventilator-associated pneumonia (HAP/VAP), complicated intra-abdominal infection (cIAI), complicated urinary infection (cUTI) and Bacteremia associated or suspected to be associated with any of the three indications in adults. With Zavicefta, the team has built strong credibility and equity with customers through extensive advocacy with clinicians, education of microbiologists for facilitating diagnosis and digital outreach for wider reach.

The category also has a strong presence across the anti-bacterial continuum, ranging from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to highend anti-bacterial products. Amongst these, Magnex Forte 3g is the leading brand with 4.1% market share by value in the represented market segment. In 2017, the team acquired and launched the brand Meronem, an injectable antibiotic indicated for the treatment of serious bacterial infections which are difficult to treat due to resistant pathogens. Meronem enjoys 6.8% market share by value in the represented market.

The team also believes that Antimicrobial Stewardship (AMS) is a key pillar to ensure appropriate usage of anti-infectives and hence is committed to creating awareness on AMS amongst HCPs. The team has engaged with more than 1,000 HCPs through continuous medical education to learn more about AMS and created innovative digital solutions to reach out to more than 11,000 HCPs to spread awareness and knowledge on infection control strategies. The Hospital category also engaged with stakeholders beyond doctors in the hospital to gain collaborative insights to become value partners for these institutions.

During the year under review, the team has extensively leveraged the power of digital to connect with customers on their preferred channels and platforms to deliver information about the therapy and your Company’s products. The team designed and launched extensive omnichannel, agile content, customised video channels and built innovative solutions around simulation and gamification to provide an immersive experience to customers.

MANUFACTURING OPERATIONS

Overview:

Your Company’s manufacturing operations are carried out in full compliance with local laws and in line with the stringent Pfizer Global Quality, Compliance, and Environment Health & Safety standards. Your Company has taken stringent measures to ensure that there is no disruption in product supply due to the COVID-19 pandemic while ensuring health, safety and well-being of all employees by implementing all local regulatory and Pfizer global pandemic requirements.

Your Company has successfully implemented Integrated Manufacturing Excellence Program (IMEx)—Pfizer’s internal production system throughout the Goa site making it the first site across Pfizer Global Supply (PGS) and Local Solid Manufacturing (LSM) to be 100% Phase 1 and Phase 2 IMEx certified with 100% Pfizer colleagues’ involvement. Your Company focusses strongly on environmental sustainability through implementation of green energy initiatives and waste minimization projects.

People

Over the past year, your Company formed a Colleague Resource Group (CRG) to improve diversity and inclusion initiatives across the site. The CRG conducted several programs and initiatives to train and motivate employees to foster a DEI (Diversity, Equity and Inclusion) culture. Your company also implemented a Compliance Champions Committee and introduced a quarterly compliance champion awards program to strengthen and sustain the compliance culture at the site. Your company also rolled out the Data Integrity and Individual Accountability Program (DIIA) at the site to further enhance the compliance and data integrity culture at the site.

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IMEx trainings for leaders and all employees was carried out to deliver best-in-class performance, which included Six Sigma Yellow/ Lean Green Belt training and other Operational Excellence trainings to improve the competency of site colleagues.

Environment Sustainability

Your Company follows stringent global safety, environmental health and occupational hygiene standards. We have created an excellent model for environmental sustainability with focus on conservation of resources, green energy and waste minimization. Your Company has continued its journey towards Green Energy and completed Phase-III and Phase-IV Solar projects during the year. Site’s solar power generation had gone up by 2.7 times. A total of 345 MWH of electrical energy generated through Solar power system was consumed in Manufacturing activity, thus reducing the carbon footprint by 260 Tonnes.

The Plant has continued its efforts towards energy conservation through replacement of old manufacturing operations machines with high-efficiency machines. The site also replaced old dehumidifiers with new generation high efficiency units to conserve energy. These initiatives have resulted in significant reduction in power consumption.

MEDICAL AFFAIRS

During the year under review, your Company’s Medical affairs team partnered with various business units to help deliver our medicines to our customers in a way that would not only create greater impact on customers, but also to the patients, and communities.

As part of its various medical education initiatives to deliver impactful insights and disseminate medical knowledge, the Medical team partnered with Vaccine business to help them to win the digital race. The team reached out to ~500 HCPs through various initiatives including consulting physicians, pulmonologists, infectious disease specialists and other specialists (‘ECHO Vaccines’ in partnership with Association of Physicians of India and ‘SHIELD’) delivering first-in-class science.

The team also conducted three medical advisory board meetings with pediatricians, pulmonologists, infectious disease specialists, intensivists, cardiologists, nephrologists, and consulting physicians, and gathered insights on pediatric including adolescent pneumococcal vaccination, and building adult vaccination ecosystem.

The Medical team also published six review articles on disease burden of respiratory syncytial virus, meningitis, meningococcal disease, group B Streptococcus, Clostridioides difficile, and co-morbidities in patients with community-acquired pneumonia in various international journals.

The Medical team collaborated with Policy and Public Affairs, Patient Advocacy and Access teams to improve awareness on and access to pneumococcal vaccination for adults with comorbidities, elderly population, and

patients with sickle cell disease. This helped us focus on our narrative of ‘patient centricity’.

The Medical team supported FISF (Fungal Infection Study Forum) towards building a national online fungal registry for invasive fungal infections (IFIs). The registry will be collecting the clinical and microbiological details of invasive mold infections prospectively from various public and private hospitals over two years which will be published at regular intervals. This will help address the gaps in epidemiological and clinical outcome data for IFIs.

Antimicrobial stewardship continued to be a key focus area with the continuation of the ‘Pfizer ORBIT- The AMS Revolution’, a project focused on sustainable AMS practices (inclusive of education/digital solution/and monitoring). The digital healthcare solution project has been initiated in six Tier 1 hospitals with the objective of making the AMS practices sustainable to reduce AMR. The educational initiatives focused on training the AMS teams in Tier 2 hospitals on local antibiotic policy development. Eight out of the 19 hospitals successfully developed local antibiotic policies. Additionally, ~600 HCPs from Tier 2 hospitals including clinicians, pharmacists and nurses were trained on their respective roles in AMS implementations in the hospital.

Efforts also continue with ATLAS global surveillance program with 10 Indian sites and publication of the susceptibility data for different antibiotics in the Indian scenario. The global surveillance data including India is available for HCPs to access on https://atlas-surveillance.com

The Medical Affairs team also supported educational initiative focusing on training HCPs on understanding diagnostics, patient journey and current trends in the management of MDR Gram-negative infections via master classes followed by observership and a month-long digital engagement for query resolution post observership.

The Medical Team continued our efforts to reach out to a greater number of patients affected with inflammatory disorders with recent launch of Xeljanz in Ulcerative colitis and reaching out to over 200 gastroenterologists across the country.

The team strived to disseminate the favorable benefit risk profile of our immunology portfolio, through our Immunology Medical Updates forum with multiple specialties and young rheumatologists reaching out to more than 100 specialists across the country through our interactions.

The team continued leading the conversations with high quality science regarding our upcoming portfolio, by updating clinicians through our collaborations with specialised associations like the Skin Allergy Society for Atopic dermatitis Masterclass and setting up structured real-world-evidence framework for Immunodermatological conditions like Atopic dermatitis, Alopecia areata and Vitiligo.

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The Medical team also successfully partnered with Medical Associations across portfolios for focused medical education programs like ECHO in collaboration with API and AFPI, GUTS in collaboration with Asian institute of gastroenterology and Gynecology connexions with Indian menopause society.

The Medical team partnered with prime cardiac centers providing a common platform to share their mutual clinical expertise digitally in the use of NOACs as a first step in digitalizing NOAC care in collaboration with API, VSI and CVRS. Scientific publications addressing the practical challenges in AF and VTE in the form of simple algorithms customized to India. Internal Medicine and Rare Diseases medical team collaborated to connect with the cardiologist to positively improve the life of the patients with rare cardiovascular condition; amyloid transthyretin cardiomyopathy.

PEOPLE ExPERIENCE (Px)

Out with the old, in with the new. The organization formerly known as Human Resources has a brand-new name – People Experience.

The name People Experience (PX) holistically represents the work we do and speaks to the vibrant and inclusive experiences we will continue to create for our colleagues. Everything we do in People Experience is focused on our colleagues, their engagement, creating opportunities for them to be their best, and amplifying their potential.

People Experience has launched many new initiatives that have focused on integrating the workforce, workplace, and work output. And the People Experience name better represents our aspiration and focus – providing special attention to the health and wellness of our colleagues, simplifying end-to-end processes to prioritize meaningful work, and fostering an environment where our people can thrive, grow, and contribute to our purpose of Breakthroughs that Change Patients’ Lives.

The year 2021-22 reinforced the importance of being a safe, inclusive, and supportive place to work for all our colleagues. Even during such trying times, your Company responded with agility, ensuring the safety and well-being of our employees while ensuring minimum disruption to our business. Our continued success links directly to the commitment, engagement, and performance of our colleagues. It is important that we not only attract and retain the best and brightest diverse talent, but also ensure they remain engaged and can thrive in an environment that is committed to helping them grow, succeed, and contribute directly to achieving our purpose. As part of these efforts, we strive for an inclusive and empowering work environment, adopting practices to simplify processes and remove needless complexity, rewarding both performance and leadership skills, fostering career growth and internal mobility, and offering competitive compensation and benefits programs that encourage mental and physical wellbeing.

A. Talent Attraction & Engagement:

Co-creating our Employee Value Proposition (EVP): In line with your Company’s Bold vision of Unleashing the Power of our People and making Pfizer an amazing workplace for all, the team has been on a journey of strengthening our Employer Brand in the Indian pharma industry. The team tied up with a leading digital media agency to collaborate in crafting our Employee Value Proposition while also having our internal employees act as champions of the change by voicing their ideas and perspectives. Our colleagues from across the Commercial, Science, and Medicine and Pfizer Global Supply units in India reaffirmed Pfizer as their employer of choice and rated us positively during the evaluation process. This allowed us to win this coveted certification of Great Place to Work in our first year of participation.
Pulse Survey: Your Company understands the importance of continuously listening and responding to colleague feedback and our engagement survey, Pfizer Pulse, provides a forum for our colleagues to give structured feedback about their colleague experience. Through this survey, we measure and track key areas of the overall colleague experience and equip leaders with actionable insights for discussion and follow-up.
Sales Career Architecture: Keeping with the commitment to developing internal talent and creating a holistic experience for our employees, the revamped Sales Career architecture enabled employees to take charge of their career development while also instilling ownership and accountability at the manager level. The identified set of high potential colleagues are then put through a structured learning journey to enable them to make a successful transition into the next level roles.
Breakthrough Benefits: Your Company is committed to building an amazing workplace where colleagues can bring their best version of themselves to work every day. Subsequently, your Company has launched various Breakthrough benefits with a focus on providing flexibility and support to the diverse needs of our colleagues. As part of these efforts, your company introduced a ‘Log In for your Day’ policy to empower colleagues to design their workday, maximise productivity and enhance work-life balance. Introduction of Wellness Day to help colleagues take time to re-charge and focus on their physical and mental well-being. Partnered with and launched Thrive Global, a wellness and organizational change initiative with a primary focus on colleague mental health and wellness. Helped our colleagues gain access to expert opinions on wellness and mental health, advice,

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and tips on various aspects of day-to-day life, through our employee assistance program provider. Also, as a continued commitment to the overall health and well-being of our colleagues, the Pfizer India Immunization program continues to provide access to Quadrivalent Flu Vaccine and Pneumococcal Vaccine to all colleagues in India and their eligible dependents by reimbursing the cost of vaccination, in order to build our Corporate Immunity Quotient.

B. Building Capability

Leadership Effectiveness Journey: Your Company tied up with a leading management consulting firm to co-create a transformative journey for the Leadership Team to be aligned to the strategic changes in the long-term vision of the organization. The program focuses on how to make our leaders more effective in terms of growth mindset, agility and complexity, empowering and collaborating, and most importantly building new leaders. The journey which started in November 2020 with the diagnostic phase had the entire Leadership team going through an exhaustive survey and behavioral event interviews. The objective of the diagnostic phase was to evaluate factors associated with highly effective top leadership teams of an organization. At this stage, the program is now moving into the action phase with multiple workshops being scheduled with the Leadership team to build leaders for the future.
Talent Planning: As your Company starts focusing on its long-term strategy of being a science and innovation-based organization, we must identify mission critical roles that will play a determining role in our success story and place the right talent in those roles. With this objective in mind, the talent planning approach was revamped shifting its’ focus from the individual to the role. This approach enables us to assess any gaps and craft a holistic build/buy/borrow talent plan to meet the talent demands of the new agile organization. This approach would tie in with creating customised learning and development plans focused on building key experiences that will lead to successful outcomes.
C. Diversity Equity, and Inclusion
Leadership Commitment: Diversity, Equity and Inclusion is a key area of focus for us, and it is our constant endeavor to Make Pfizer India a truly diverse and inclusive workplace. Towards this, we have prioritized Gender Diversity as a core area of focus and our Leadership team has taken significant measures to enable building gender diverse teams. There are two significant goals that have been carved out in this area: (i) Increase women representation in the field force to 10% as compared to 7% today (ii) Increase women representation in Leadership

Team to 20% as compared to 14% today. In order to promote Gender Diversity, we have introduced Differentiated Rewards for Diversity Hiring. As part of this initiative, the employee referral policy was made more lucrative encouraging women colleagues to refer women peers for field roles and earn double the referral amount. Additionally, a differentiated reward scheme was also created for the internal sourcing team to create a pipeline for diverse profiles for field roles. We exhibited strong Leadership Commitment to its’ Diversity, Equity & Inclusion agenda in the expansion hiring project for Hospitals and Vaccines team. The expansion saw business and HR teams coming together to champion the cause of Diversity and Inclusion and we were able to successfully on-board 100% diversity talent for Vaccines team and 51% diversity talent for Hospitals team.

Transition Coaching: As an organization, we understand the significance of not only getting diverse Talent on-board but also creating an enabling work environment for them where they get to be at their professional best. As part of this objective, an initiative called “Transition Coaching” was launched for high potential women leaders taking up new and challenging assignments. In this regard, we partnered with a leading consulting firm to provide access to external coaches for the identified set of women colleagues. A three-month coaching journey was crafted specifically for these colleagues in discussion with their managers to enable these women leaders to make a successful transition and setting up them for success in their new roles.
Fine Balance Workshops : As we continue focusing on building gender diverse teams in the field, it is important for us to build our managers capability to lead diverse teams successfully. Keeping this objective in consideration, we partnered with a leading consulting firm in DEI space and co-created workshops equipping our managers to exhibit behaviors and leadership style that will help colleagues to realize their true potential.
Courageous Conversations: It is important for us that our colleagues feel safe and included as part of the organization. This is also in alignment with Pfizer values of Courage and Equity, where every person deserves to be seen, heard, and cared for and should be able to Speak Up without any fear. To build a culture of inclusivity, Pfizer globally has initiated a series of dialogues called Courageous Conversations. This workshop focuses on creating a safe space for colleagues where they can share their stories without the fear of judgement. culture building in this context.

Pfizer Limited

D. Create Room for Meaningful Work

Your Company is continuously striving to create room for meaningful work by identifying opportunities through technology and innovation to digitize the existing HR processes. HR Digital Assistant – a chatbot has been enabling managers to become selfsufficient in completing day-to-day transactions about critical life-cycle events of the colleagues without any dependency or support. Also, your company has made significant progress in automating its’ talent attraction process through tools like HireVue and HiredScore to automate the screening and interview process and simplify the overall hiring cycle for the hiring manager as well as the candidates. To further simplify the ways of working, the internal recruitment team was introduced in Q3 of 2020 to standardise the internal hiring process and to act as a onestop solution for all internal movements. The team continues to make progress on simplifying processes and removing needless complexity.

COVID-19 impact on Business Operations

Your company has always been committed to the health and well-being of its employees. Since the beginning of the pandemic, Pfizer has taken swift action in ensuring a continuous supply of our medicines to our customers. We collaborated with cross-functional colleagues and external partners to strengthen our supply chain and overcome the challenges presented by the pandemic. We formed a COVID task force to share regular updates and guidance to our colleagues so that they can protect themselves and their families from the disease. For our colleagues and their registered dependents, we:

partnered with leading Healthcare Service Providers for accelerated COVID testing and virtual consultation
Introduced additional COVID medical insurance cover
Delivered home care package comprising of masks, sanitizers and other protective equipment
Reimbursed cost of purchase of Oximeter
Reimbursed cost of COVID tests
Introduced home quarantine cover for at-home treatment of COVID-positive colleagues and their dependents
Supported with hospital admissions, sourcing of critical life-saving medicines and consultations with specialist HCPs
Procured Oxygen concentrators and made them available across major cities in India
Partnered with leading Healthcare Service Provider to provide an all-encompassing home isolation package
Shared frequent communication to ensure that they have access to latest and authentic information
Introduced special safety and well-being allowances for field colleagues to procure additional safety equipment
Organized vaccination camps across 7 Pfizer sites and partner hospitals to administer both doses of COVID-19 vaccine
While COVID-19 is still a threat to our health, your Company will continue to take adequate precautions to ensure continuity of its business and protect colleagues and their families. Pfizer is to share that in spite of the pandemic and its significant rampage over three waves, your Company has not suffered any significant adverse impact on its business operations. In fact, your company has achieved significant breakthroughs in this time – from introducing new launches to building stronger relationships with HCPs and institutions. We have adopted a new hybrid way of working that has laid the foundation for our future growth and success.

LEGAL:

Your company’s Legal division is committed to providing pragmatic solutions in line with the legal and commercial interests of the Company. Being a specialized department, the Legal Division works proactively with the business to drive compliant and innovative business ideas, strategies and programs right from inception and thereby promotes Pfizer’s commitment to Patients First. Your Company’s Legal Lead also serves as the Risk Counsellor Lead (“RCL”) and acts as the primary risk management interface for all functions India. In this capacity, the RCL provides comprehensive risk management advice and counsel to the business and enabling functions, with the strong support of in-market Compliance and other risk management functions, as appropriate.

The Legal Division continues to forefront solutions with the business pertaining to digital initiatives and support the business to enhance reach to physicians and awareness to patients leveraging technology and plays leadership role in the following areas-

Spearheading litigation against infringers and protecting the IP rights and entitlement of the Company.
Guiding the business across Digital initiatives to enhance reach to physicians and awareness to patients using technology.
Constant support for Projects across divisions and enabling functions.
Mitigation of risks associated with the Company’s business operations and intellectual property rights.
Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that the Company is insulated from operational risk.

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BIOPHARMA OPERATIONS GROUP

Biopharma Operations is a fully integrated partner that delivers transformational solutions and excellence in everything we do to meet the everchanging needs of our business and our customers. The biopharma operations group is comprised of:

Biopharma Operations Partners (BOPs) is a fully dedicated interface for BUs, offering strategic partnership and business insights as well as Biopharma Operations catalog expertise. BOPs are full-time integrators, interfacing with the business for local execution, in close partnership with the service enablement teams. BOPs are playing a pivotal role in your Company’s new Go-ToMarket Strategy of Transforming the way we engage with patients and physicians, playing a consultative part for driving launch of key tools and platforms; and other key enabling projects.

Biopharma Enablement designs and delivers strategic solutions that enable and optimize the Patient/HCP commercial experience and ensures excellence for Pfizer’s customer-facing and marketing colleagues, HCPs and patients. The enablement team continuously delivers the patient/HCP experiencing services, finding new ways to deliver on scale, and ensure exceptional experiences along the journey.

Biopharma Quality (BQ) fosters creativity and experimentation by providing risk mitigation strategies to ensure quality. Taking a “Big Q” approach (a customer centric and holistic approach to quality), BQ makes quality a competitive advantage for Pfizer. BQ also advises on all aspects of quality trends, opportunities and internal quality capabilities.

The Biopharma Operations (bio-ops) Group works in close partnership with the business to ensure delivery of key bio-ops. services with enhanced speed, efficiency and agility. The bio-ops. team are responsible for strategising, operationalising and meeting the needs of key stakeholders and customer facing colleagues at Pfizer. It is this collective advantage of the group that has led to strong partnerships with business and other customers; thereby helping Pfizer to deliver breakthroughs that change patients’ lives’

Some of the key accomplishments of the group include:

Launching of Service Request Tool which empowered ~1900 BU clients to leverage the tool to raise biopharma ops. service requests
Launching of Future of Content (FoC) as part of India Content Strategy with objective of simplifying end to end content process
Redesigning the Evaluation Index (EI) Process offering a holistic perspective on a colleague’s performance

SUPPLY CHAIN

At Pfizer, the objective of Supply Chain is to orchestrate and support breakthroughs that change patients’ lives through interventions that enhance our services across the value chain. In our drive towards continuous improvement and to stay ahead of the curve, this year, apart from the core

focus of upgrading and developing our facilities we have taken a step to create a framework to capture the voice of our customers regularly and use their inputs to enhance their experience with Pfizer. We have also initiated use of predictive analytics for purchase patterns, disease profile, value add services etc. These inputs would be used to create solutions and drive Customer Delight.

To further compliment all these initiatives a differentiated logistics network strategy has been put in place to increase reach of our medicines and to also tap wider customer segments beyond our current footprint. All these initiatives would help us to evolve as an agile and sustainable customer supply chain organisation. The Supply Chain function is also constantly and successfully developing a talent pool to provide logistics solutions within and beyond India and also nurturing the concept of center of excellence to support supply chain transactions for other markets across Asia Pacific.

DIGITAL

While the economy continues to reel from the effects of the pandemic, the crisis enabled short-term disruption and elicited long-term changes in the way the world does business, including rapid technology adoption and accelerated digital transformation. The team achieved significant milestones this year, including many that were important for upscaling and optimizing business, and continued to make progress on cyber security controls to ensure your Company is secure from external threats to our Intellectual Property and mission critical information.

Personalisation remains one of the most important user experience trends. Your Company has developed, curated content, which is updated on a timely basis, to ensure the target audience remains engaged on Pfizer platforms. In sync with the changing times, the team has delivered on many transformative solutions including, enabling our customer-facing colleagues to connect virtually with healthcare professionals, digital platforms for patient support programs and awareness campaigns on social media and other connected platforms.

Process Automation has been one of the key levers in 2021. The Company has digitalised a key process workflow, which has helped reduce manual intervention significantly.

As your Company continues to adopt innovative digital technologies, it recently introduced Artificial Intelligencepowered solutions, a prime example of the power of digital transformation. AI-powered chatbots that answer simple customer enquiries serve as a welcoming change, speeding up communication, increasing convenience and delivering quick resolutions.

FINANCE

The Finance Division has been a strong and effective business partner to provide guidance and leadership while upholding highest standards for internal controls and corporate governance. The division has been instrumental in driving performance, managing risks and opportunities, in rolling out new Go-To-Market strategy and leading various enterprise-wide initiatives.

Pfizer Limited

During the year under review, your Company’s Finance team partnered strongly with each of the business units in developing and executing the new Go-To-Market strategy, driving key projects, execution of Business Transfer Agreement for transfer of Upjohn business and played the role of enabler in multiple high impact business critical matters.

The Finance Division continued to support business units in ensuring business continuity during COVID-19 second wave period by providing thought leadership to the management, working capital support to the trade and driving various business decisions to ensure uninterrupted supply of medicines.

In addition to the strong business partnering, the Finance division played a pivotal role in ensuring fiduciary integrity, upholding high corporate governance standards, developing governance policies, maintaining good investor relations, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

Internal Control Systems, their adequacy and Compliance

The Compliance Controls and Risk (CCR) is responsible to ensure adequacy and effectiveness of internal controls through continuous monitoring. CCR’s objective is to give senior management, Risk Management Committee and the Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Company’s risk management, control and governance processes. This is achieved through a co-sourced internal audit model wherein audit reviews are performed through an independent Chartered Accountancy firm.

Your Company has laid down Internal Financial Controls that include a risk-based framework to ensure orderly and efficient conduct of its business, safeguarding of its assets, accuracy and completeness of the accounting records and assurance on reliability of financial information.

The Audit Committee has evaluated the design framework and operative assessment and deliberated with members of management and Statutory Auditors to ascertain their views or opinion. The Audit Committee has satisfied itself on the adequacy and effectiveness of the internal financial control system laid down by management. The Statutory Auditors have confirmed the adequacy of the internal financial control systems over financial reporting.

The CCR conducts a risk assessment every year during which all risks to the Company’s objectives are assessed and mitigating plans are recorded in risk register. This risk register includes operational, financial, regulatory, legal, business and compliance risks. All the key risks along with mitigating plans are presented and discussed twice a year/ semiannually with the Risk Management Committee and the Audit Committee.

Annually, based on the risk assessment, findings from previous internal audits etc. CCR prepares the annual audit plan which is approved by the Risk Management Committee and the Audit Committee. CCR ensures execution of audit plan is throughout the year. As part of

the quarterly review, status of the annual audit plan, design assessment, operating effectiveness, key audit findings and remediation status of prior findings are presented and discussed with the Risk Management Committee and the Audit Committee.

As a way of reinforcing ethics and integrity, your Company has identified approx. 76 colleagues as “Compliance Champions” from various teams who act as first point of contact for colleagues in case they have policy related questions. These measures have ensured that your Company is well placed to drive the spirit of compliance across its stakeholders

COMPLIANCE AND ETHICS

Your Company operate ethically and thoughtfully in everything that we do, owning our responsibility to change lives for the better. As part of this responsibility, we prioritise safety, quality, and transparency in our operations. Our governance structure supports proactive business-led quality and compliance built around elements of effective risk management.

Your Company has implemented an effective and integrated compliance management with a robust framework keeping a proactive approach to identify and manage emerging compliance risks by thoughtful risk taking and leadership accountability.

During the year under review, the Compliance team introduced various compliance programs to further enhance culture of compliance at grassroots level through compliance champions and implemented a pro-active, and robust risk and compliance governance framework. The team enhanced the use of digital approach and adopted data analytics and technology for compliance monitoring and adherence which has led to more effective monitoring and dealing with the risks at early stages. With the new Go-To-Market strategy, we proactively identified the newer risk your Company is exposed to and implemented a mitigating framework of controls and governance. The compliance and business processes, tools and system have been further simplified with the use of new technology which has also led to better compliance adherence.

Your Company has a well-defined policy covering interaction with Healthcare Professionals and Government officials called ‘My Anti-Corruption Policy & Procedures’ (MAPP). The policy addresses both local legal requirements while also leveraging best practices followed in other markets. Right tone from the top by the leadership and regular training and awareness also provides frequent reinforcements of Pfizer compliance and ethics values. We continue to enhance and update our policies keeping continuous evolving internal, external environment and emerging risk in mind. These measures have ensured that your Company is well placed to drive the spirit of ethics and compliance across its stakeholders.

As part of various culture enhancing initiatives, a Competition on Compliance (Compliance Champion

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League)-CCL introduced a new initiative called Compliance Nuts & Crackers. The colleagues approached Compliance in a gamified manner with a combination of Ethics, Compliance and Happiness activities which Compliance champions not only completed themselves but also cascaded to their respective cohorts of field colleagues. This helped inculcate Joy into Compliance learning and provided colleagues with much needed virtual fun and engagement during the pandemic. Your company also introduced a very innovative ‘Compliance Radio’ program (but in a visual format) which aimed at striking a candid discussion and messaging from leaders and colleagues across Pfizer on Culture, Values, Policies and Practices.

Office of the Ombudsman

As a global best practice, your Company continue to provide support of “Office of the Ombudsman” to give guidance on grievances of Pfizer colleagues. Office of the Ombudsman continues to provide Pfizer employees access to multiple platforms and avenues to raise concerns and seek assistance on a variety of matters. This is designed as an ‘informal’ service – a mechanism whereby colleagues are able to ask their question in an informal atmosphere and get sound advice back on what to do and how to handle. The Office of the Ombudsman is an independent body that supplements the formal channels of grievance redressal that exist at Pfizer.

CORPORATE AFFAIRS

The Corporate Affairs Division works in the domains of Government Relations, Public Policy, External Communications, Patient Advocacy and Corporate Social Responsibility. During the year under review, the division undertook numerous policy advocacy initiatives; stakeholder engagement outreach; campaigns to build corporate and therapy area reputation and community and colleague engagement programmes.

Government Relations and Public Policy

Your Company’s Managing Director Mr. S. Sridhar continues as the President of the Organization of Pharmaceutical Producers of India starting February 2021. Pfizer also continued as the Co-Chair of the Pharma Committee of the US India Business Council (USIBC).

a) Engagement through associations and direct advocacy:

Your Company undertook direct advocacy and also engaged with different government stakeholders through industry associations such as the OPPI, FICCI, PhRMA, USIBC and US India Strategic Partnership Forum (USISPF) on several important policy level issues which have a direct impact on the business. Prominent issues which were advocated include the National List of Essential Medicines, Public Procurement Order, Drugs and Magic Remedies (Objectionable Advertisement) Act, authorised

import and trade of patented medicines in India, strengthening of Intellectual Property eco-system, inclusion of innovative therapies under Government Programmes among others. Your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations on the abovementioned policy level issues.

b) Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY):

Your Company has continued to engage with the National Health Authority (NHA), government entity responsible for implementation of AB-PMJAY, for the inclusion of innovative therapies in the Health Benefit Packages of AB-PMJAY. Further to our engagements for inclusion and funding models for pricing of these therapies, NHA has released consultation paper on the structured process for submission of proposals for inclusion under the Health Benefit Packages. Pursuant to the industry’s engagement, the NHA has also decided to constitute a Health Technology Assessment unit that will take up all proposals of inclusion of new technologies and therapies in the program – a positive move that will provide a structured pathway for such new therapies to be offered to AB-PMJAY beneficiaries. NHA has shown interest in engaging with the industry and explore possibilities that would institutionalise decision making and pricing process for inclusion of innovative therapies for the AB-PMJAY beneficiaries.

c) Adult immunisation:

Your Company strongly believes that adult immunization against vaccine preventable pneumococcal disease should be taken up on a large scale. Most Indian & Global healthcare societies recommend priority immunization against pneumonia for those who at risk such as the elderly and those having co-morbid conditions, especially patients with high-risk conditions of opportunistic infections like sickle cell disease and HIV patients. Your Company has been front ending the discussion on the need for undertaking adult immunization with both the central and the state governments. We have partnered with the US -India strategic Partnership Forum for a series of round tables to engage with key stakeholders from the government policy makers, healthcare experts, insurance companies, NGOs, patient groups, public and private sector health facilities to not only raise awareness about the need for adult immunization but also make recommendations which could lead to the development of a comprehensive policy at the national level for adult immunization. We also continue to explore other avenues for inclusion of adult immunization in specific government programs such as National Programme for Health Care of the Elderly (NPHCE), National AIDS Control Organisation (NACO) and State programmes for Sickle Cell Disease patients.

Pfizer Limited

d) Enhancing ease of doing business and patient centric policies: Your company remains engaged with the Government on several aspects of Government policies that have a direct impact on ease of doing business and positively impact patients. Towards this, your company undertook a number of initiatives:
i. Custom Duty Exemption on lifesaving drugs - Your company engaged with the Department of Revenue, Ministry of Finance through FICCI and other industry associations advocating for retention of customs duty exemptions on certain lifesaving drugs. Consequent to these engagements, these exemptions were retained on key drugs, thereby enabling the company to maintain and expand access to these therapies for patients
ii. Awareness generation for diseases such as Pneumonia - Your company engaged extensively with the Government to advocate for enabling provisions in current legislation to allow for awareness generation campaigns on vaccine preventable diseases such as Pneumonia. This will continue to be a priority going forward given the positive impact on awareness on preventive adult immunization.
iii. Trade margin rationalization : Your company remains well aligned with the Government’s intent to rational trade margins on drugs such that access can be maintained and enhanced. Towards this, your company remains engaged with the Department of Pharmaceuticals and the National Pharmaceuticals Pricing Authority such that a well-considered approach is followed that recognizes supplies to Government and volumes delivered as a part of various access programs as distinct from sales to commercial trade channels.
iv. National List of Essential Medicines : Your company engaged extensively with the Expert Committee responsible for revision of the NLEM, providing relevant inputs to the Committee on a rational and impactful revision of the list such that the most appropriate drugs are included in this list with due consideration of emerging healthcare challenges such as Anti-Microbial Resistance
v. Patient Advocacy

As a commitment and promise to patients and caregivers, Pfizer launched a Patient Charter for India during the “Patient in Focus” week in October 2021. With this, your Company has become the first country to give a framework to strengthen listening to patient’s insights, act on the received insights to make our Go-To-Market strategy addressing the patient’s need and to empower patient’s voice in the country to enable access of our innovative treatment solutions.

Your Company collaborated with the Indian Institute of Digital Education (IIDE) to train 30 senior leaders of Patient Organizations to

upskill their capabilities in digital space. Leaders were trained with a customised module and were exposed to industry-leading practices and tools. Learnings have started enabling them to leverage digital channels best and to expand and strengthen their reach to impact more patients.

Through the year, over 45 Patient Organizations benefitted our capability development workshops. Virtual workshops were organised in the area of clinical research, organizational development, and digital marketing.

External Communications

The External Communications team worked extensively to build Your Company’s positive reputation in media and non-media platforms. Your Company continued to engage with the wide universe of external stakeholders, including media, the HCP community, Government and industry stakeholders. This helped us build thought leadership position for key therapy areas such as anti-microbial resistance, immunization, and others, while showcasing our commitment towards important corporate responsibility initiatives. Your company and its leaders participated in industry events and media stories on varied topics generating over 5 billion positive impressions across print, digital and electronic media.

The team also rolled out a new avatar of your Company’s website-www.pfizerltd.co.in This contemporary website will be your source of all information pertaining to your Company.

CORPORATE SOCIAL RESPONSIBILITY

The purpose of your company is to promote access to quality healthcare in the country by nurturing innovations, encouraging community involvement of our employees and synergizing efforts in partnerships with government and other stakeholders for collective impact.

This year, the team continued to identify and work on projects that are aligned to Pfizer’s CSR priorities as listed below:

Promote Indian innovation and Indian intellectual property with a focus on healthcare;
Undertake awareness and access programmes in partnership with NGOs, government and healthcare providers in areas such as women and child health, among others;
Support Government national and/or state programs and priorities with linkages to healthcare; and
Participate in disaster relief activities.

Your Company’s flagship CSR initiatives undertaken during the year under review gained significant momentum leading to high-impact outcomes.

Pfizer along with NGO partner Americares India Foundation (AIF) has rolled out two major projects to combat India’s AMR challenges.

a. Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting

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the development of a model for “Institutional Capacity Building” to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India.

b. Pfizer along with an NGO partner, launched an online learning program called OPEN-AMR for healthcare workers to offer access to quality training on Infection Prevention and Control (IPC) across India. The project provides AMPS/ IPC module as per the WHO guidelines. The platform is accessible free of cost with certification in six languages (English, Hindi, Tamil, Telugu, Malayalam, and Marathi). It was launched in the AMR Summit , the first ever E-Summit to be held
in India supported by Pfizer, implemented by Americares India Foundation (AIF).

The Indian Council of Medical Research (ICMR)Pfizer collaboration aims at enhancing the existing AMR Stewardship Program with a focus on awareness. The project helps to address the growing threat of antimicrobial resistance (AMR) in India. As a part of the project, nine ICMR network hospitals have been adopted and being trained in AMSP (and designated as Nodal Champions) who in turn would adopt and mentor 5-10 small hospitals, both private and government, in their region with a total of 50-70 hospitals on stewardship. Separately, an additional number of 120 nursing homes/hospitals have been considered only for stewardship training.

The Pfizer-ACF (Tata Trusts) Cancer Care Project has been set up to work with the high-risk population that require healthcare attention. Overall, this project aims to serve as a one-stop, information and support centre for patients and families at Tata Trusts’ key cancer hospitals. Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup of a comprehensive healthcare network across India. The program is in the first Phase of its operation and includes the following:

Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide services such as counselling and interactive sessions on preventing cancer and lifestyle-related disorders to reduce the risk of non-communicable diseases (NCD), counselling session for smoking cessation and prevention, screening for Oral, Cervical and Breast cancer, general physician examination and basic laboratory investigation mainly haemotological, serological and bio- chemical test, etc.
Community outreach and early detection for NCD, screening of catchment population and referral to the nearest centre.
Set-up and operationalisation of a patient referral and tracking platform.
Manage and operate a virtual patient helpdesk, complemented by one on-site patient navigator

in OPD and day care centers in the four locations. The project in its first year of operation has positively impacted lives of over 10,00,000 beneficiaries and over 1,500 healthcare workers. This project is a breakthrough in providing access and high-quality consistent care as the primary objective of the programme.

As a part of the Company’s CSR initiative, your Company has partnered with NGO Doctors for You to set up physical helpdesks at 10 high burden cancer hospitals across India. The aim of the initiative called Project Aastha is to improve the treatment experience for cancer patients throughout their journey by handholding them and their caregivers through the diagnosis, treatment and rehabilitation phases.

that started Pfizer’s Healthcare Innovation Project, in 2015 in partnership with IIT Delhi (Pfizer-IIT Delhi Innovation and IP Program) has supported 28 Indian innovators till date. The programme’s Version 2.0 was rolled out “Pfizer INDovation” in partnership with Social Alpha – a healthcare accelerator company focusing on supporting start-ups with specific themes in healthcare for 24 months. In 2021, the focus would be on Oncology and Digital Health. This unique partnership model that brings together close to 20 partners from the healthcare ecosystem is designed to provide funding, resources, expertise and infrastructure to propel India’s healthcare innovations from prototype to market. The program envisages active support for venture acceleration from other market investors. The objective of this programme is to nurture, support, celebrate and reward healthcare innovations that are ‘Made in India’. The project funded by Pfizer would be unencumbered in nature, with all rights of innovations being owned by the innovators.

Your Company is working towards developing the village of Kaulale, Jawhar under the Pfizer Sustainable Village Transformation Project with BAIF Institute for Sustainable Livelihoods and Development as the implementation partner. At present work is ongoing in nine villages of the same Gram panchayat Kaulale for proposed integration of the key components for holistic village development this year to achieve several development ideals that include, but are not limited to :

Clean drinking water and sustainability of water sources.
Quality education for all, (primary education).
Safe food and nutritional security for all.
Safe sanitation facilities and access to quality curative and preventive healthcare services through awareness.
Livelihood security and financial inclusion.
Optimal use, management, and sustainability of natural resources and conservation of biodiversity.

Pfizer Limited

COVID-19 relief efforts in India:

Your Company’s efforts during the pandemic includes Yamuna Sports Complex Covid Care Centre (Doctors for You):

Yamuna Sports Complex Covid Care Centre (YSC CCC) provides Covid Care facility, running fever clinics,addressing Post Covid complications at the community areas and reaching out to vulnerable people in need of essential health care services at their doorstep through Mobile Medical Unit interventions.

YSC CCC was started in the month of April, 2021 (during second wave of Covid 19). The centre managed around 20,000 mild to moderate symptomatic Covid patients out of which 43% belong to the Geriatric population 50 double bedded Pediatric HDU, Pediatric ward and Child friendly space was added to the facility.

2 PSA Oxygen plants were installed to meet oxygen demand, in case third wave strike. Amid Omicron led third wave of Covid, YSC CCC was revived again into a 400 bedded facility, all oxygen supported beds. 2 more oxygen plants are installed in the facility. 350+ patients benefited from this project.

Magnex Forte 3g Product Donation for Covid 19 Relief (Americares India Foundation) :

Your Company donated around 11 Lakh vials of Magnex Forte 3g to healthcare institutions across India for use in the treatment of patients suffering from Covid 19.

Your Company is pleased to inform that it has met its CSR spends obligation. A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by your Company during the financial year under review are provided in the Corporate Social Responsibility Report which forms part of this Report and annexed herewith as “Annexure - A”.

WHISTLE BLOWER / VIGIL MECHANISM

Your Company has established a Whistle Blower/ Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Company’s code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The e-mail ID for reporting genuine concerns is: ‘[email protected]’. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at ‘Chairman. [email protected]’. No person has been denied access to the Audit Committee Chairman. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

PREVENTION OF SExUAL HARASSMENT POLICY

The ‘Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013’ (the “Act”) seeks to protect women colleagues against sexual

harassment in their workplace. Pfizer has specially designed training modules to help all colleagues and contingent associates to understand what constitutes sexual harassment in the workplace, how to address it and Pfizer’s role in preventing it. Your Company has an Internal Complaints Committee constituted under the purview of the Act and have ensured adherence to the Act.

The details of complaints filed and disposed of during the Financial Year under review are as under:

Sr.	Particulars	Number of
No.		Complaints
1	Number of Complaints pending as	Nil
	on the beginning of the Financial
	Year 2021-22
2	Number of Complaints fled during	1
3 4	the Financial Year 2021-22 Number of Complaints disposed of duringthe Financial Year 2021-22 Number of Complaints pending	1 Nil
	as on the end of the Financial Year
	2021-22

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013, Mr. Milind Patil, (DIN: 02546815) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. R. A. Shah (DIN: 00009851), ceased to be Independent Director and Chairperson of the Company with effect from close of business on February 1, 2022. Your Directors wish to place on record their appreciation of the distinguished association of Mr. R. A. Shah with the Company and the invaluable contributions made by Mr. R. A. Shah during his tenure as an Independent Director and Chairman of the Company.

The Board of Directors of the Company at their Meeting held on February 3, 2022, appointed Mr. Pradip Shah, (DIN: 00066242), Independent Director, as the Chairman of the Board of Directors of the Company with immediate effect.

All Independent Directors have given the declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

Independent Directors’ Meeting

During the year under review, one Meeting of the Independent Directors was held on May 26, 2021, without the presence of the Executive Directors and Management Personnel. At the said Meeting, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company’s business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. Your Company also circulates news and articles related to the Industry and provide specific regulatory updates to the Independent Directors on a regular basis.

A brief summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr.	Particulars of the	Date	No. of
No. 1.	Programmes / Presentations Pharma Market, Industry Performance and Regulatory changes update	26.05.2021 28.07.2021 03.11.2021	Hours 4.00
2. 3.	(Duration 1.00 hr each) Presentation on Hospitals Business Unit – Go-to-Market Strategy Business presentation on Vaccines	03.02.2022 28.07.2021 03.11.2021	1.00 0.75
4.	Presentation on Go to	24.09.2021	1.00
5.	Market Transformation Design Blueprint (Duration 30 minutes each) Presentation on the Performance Assessment & Compensation Planning	03.11.2021 03.02.2022	0.50

Sr. No.	Particulars of the Programmes / Presentations	Date	No. of Hours
6	Presentation on Go to	03.02.2022	1.00
	Market Transformation
7.	Design Blueprint Presentation on Risk	22.09.2021	1.50
	Management Framework and Key Business Risks (Duration 45 minutes each) Total	12.03.2022	9.75

NOMINATION AND REMUNERATION POLICY:

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy forms part of this Report annexed herewith as “Annexure - B”.

MEETINGS OF THE BOARD:

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as “Annexure - G”.

DIRECTORS’ RESPONSIBILITY STATEMENT:

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the year ended March 31, 2022, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;
b. that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2022 and of the profit of the Company for the year ended on that date;
c. that proper and sufficient care has been taken 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 the annual financial statements have been prepared on a going concern basis;
e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

Pfizer Limited

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

KEY FINANCIAL RATIOS:

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we give below the key financial ratios:

Sr.	Particulars	FY 2022	FY 2021
Nos.
1 2	Debtors Turnover Ratio InventoryTurnover Ratio	22.41 2.14	16.35 1.84
3	Interest Coverage Ratio	N.A.	N.A.
4	Current Ratio	2.81	2.46
5	Debt EquityRatio	N.A.	N.A.
6	OperatingProft Margin	28%	27%
7	Net Proft Margin	23%	22%
8	Return on Net Worth	23%	17%

The Debtors Turnover Ratio has changed by 37% mainly on account of improved credit management. None of the other aforementioned ratios have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by average shareholders equity. The change in return on net worth is primarily on account of Revenue growth along with higher efficiency.

AUDIT COMMITTEE:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.

RISK MANAGEMENT POLICY:

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS:

All Related Party Transactions that were entered into during the financial year were on an arm’s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The Company had entered into materially significant related party transactions with Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is within the limit duly approved by the members at the 65[th] Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company’s website ‘www. pfizerltd.co.in’. The weblink for the Policy is https://www. pfizerltd.co.in/files/Related-Party-Transaction-Policy.pdf

None of the Directors have any material pecuniary relationships or transactions vis-à-vis the Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC-2 forms part of this Report and annexed herewith as “Annexure - C”.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The Company has not granted any loans, guarantees and investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2022.

DEPOSITS FROM PUBLIC:

During the financial year under review, the Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company’s operations in future.

OTHER INFORMATION:

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, forms part of this Report and annexed herewith as “Annexure - D”.

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, (“the Act”) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and annexed herewith as “Annexure - E”.

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees’ particulars which is available for inspection by the Members through electronic mode up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company’s Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

AUDITORS:

The Auditors, Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of 66[th] Annual General Meeting till the conclusion of the 71[st] Annual General Meeting subject to ratification by members at the Annual General Meeting. Accordingly, Walker Chandiok & Co LLP would be completing their term as the Statutory Auditors of the Company at this 71[st] Annual General Meeting.

The Auditor’s Report for the financial year ended March 31, 2022 do not contain any qualification, reservation or adverse remark.

COST AUDITORS:

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. The Board of Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2022-23 on a remuneration of `14,00,000/- (Rupees Fourteen Lakhs only). As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member’s ratification for the remuneration

payable to Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2021 on October 11, 2021, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2022 is due to be filed by October 26, 2022.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Company’s records for the financial year ending March 31, 2023. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report forms part of this Report and annexed herewith as “Annexure - F”. The Secretarial Audit Report for the financial year ended March 31, 2022, does not contain any qualification, reservation or adverse remark.

ANNUAL SECRETARIAL COMPLIANCE REPORT:

The Company has undertaken an audit for the financial year 2021-22 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Company’s website at www.pfizerltd.co.in

COMPLIANCE WITH SECRETARIAL STANDARDS:

Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.

ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the

Pfizer Limited

Annual Return of the Company as on March 31, 2022 in Form MGT-7 is available on the Company’s website at https://www.pfizerltd.co.in/files/Pfizer-Limited_DraftAnnual-Return-MGT_7-_FY-2021-22.pdf

RESPONSIBILITY REPORTING:

A Report on Corporate Governance along with a Certificate from Walker Chandiok & Co LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as “Annexure - G”.

A Business Responsibility Report as stipulated under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, describing the initiatives taken by your Company from an environmental, social and governance perspective, forms part of this Report and annexed herewith as “Annexure-H”.

required by the applicable laws and regulations. The future performance of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.

ACKNOWLEDGMENTS

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company’s suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of Board of Directors

CAUTIONARY NOTE

Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as

Mumbai, May 20, 2022

Pradip Shah Chairman DIN: 00066242

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

ANNExURE A

Pfizer Limited report on Corporate Social Responsibility activities for the Financial Year ended March 31, 2022.

Brief outline on CSR Policy of the Company:

At Pfizer Limited (the “Company” or “Pfizer”), we constantly strive to positively impact the health of people throughout the country. In India, for more than seven decades, we have strived to serve our community by setting the standard for quality, safety and value in the discovery, development, manufacture and delivery of medicines. Your Company through its Corporate Social Responsibility (“CSR”) Policy encourages stronger commitment from the organization and employees towards the society to address the healthcare challenges of the country. The Policy applies to all CSR programs/projects of the Company and has been prepared keeping Pfizer’s own core competence and priorities in mind. The policy also aims to align your Company’s CSR interventions with the healthcare priorities of the Government of India and other stakeholders working with similar mandates. In doing so, it would be the endeavor of your Company to synergize it’s CSR initiatives undertaken by various functions/divisions within one unified strategic umbrella. The CSR Committee acts in an advisory capacity to the Board and Management with respect to policies and strategies that affect your Company’s role as a socially responsible organization. The CSR Committee ensures that the implementation, monitoring and impact assessment of the projects is in compliance with the CSR Objectives and Policy of your Company.

Composition of CSR Committee:

Sl.	Name of Director	Designation / Nature of	Number of meetings	Number of meetings of
No.		Directorship	of CSR Committee held	CSR Committee attended
			during the year	during the year
1.	Mr. PradipShah	Chairman – Independent Director	3	3
2.	Mr. S. Sridhar	Member – ManagingDirector	3	3
3.	Mr. Milind Patil	Member – Executive Director –	3	3
		Finance & CFO
4.	Mr. Samir Kazi	Member – Executive Director - Legal	3	3

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.
i. Weblink for composition of CSR Committee and CSR Policy: https://www.pfizerltd.co.in/files/Corporate-Social-Responsibility-Policy.pdf
ii. Weblink for CSR Projects approved by the Company: https://www.pfizerltd.co.in/our-community-efforts/csr-initiative
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):

Your Company has been voluntarily conducting internal impact assessments through independent agencies to monitor and evaluate its strategic CSR programs. The Company takes cognizance of sub-rule (3) of rule 8 of the Companies CSR Policy Amendment Rules 2021. There are no projects completed after January 22, 2021 (i.e., effective date of the aforementioned CSR Amendment Rules), for which the impact assessment report is applicable in FY 2021-22.

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: Not Applicable
`661.59 Crore Average net profit of the company as per section 135(5) :
`13.23 Crores (a) Two percent of average net profit of the company as per section 135(5) :
(a) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: NA
(b) Amount required to be set off for the financial year, if any : Nil
`13.23 Crores
(c) Total CSR obligation for the financial year (7a+7b +7c) :

Pfizer Limited

(a) CSR amount spent or unspent for the financial year:

(Amount in `)

||Total Amount
Spent for the
Financial Year
(in**)**|**Total Amount** **Spent for the** **Financial Year** **(in**)|Amount Unspent (in**)** |**Amount Unspent (in**)
|Amount Unspent (in**)** |**Amount Unspent (in**)
|Amount Unspent (in**)** |**Amount Unspent (in**)
|Amount Unspent (in**)** |**Amount Unspent (in**)
|Amount Unspent (in**)** |**Amount Unspent (in**)
|Amount Unspent (in**)** | |---|---|---|---|---|---|---|---|---|---|---|---|---|---| ||||**Total Amount transferred to Unspent** **CSR Account asper section 135(6)** **Amount transferred to any fund specifed under** **Schedule VII asper secondproviso to section 135(5)**||||||||||| ||||**Amount** **Date of transfer** **Name of the** **Fund** **Amount.**|||||||||**Date of transfer**|| ||13,48,70,740||NA NA NA||||||||NA|NA|| ||(b) Details of CSR amount||||spent against**ongoing projects**for the fnancial year:|||||||(Amount in)||
|(1)|(2)|(3)||(4)|(5)||(6)|(7)|(8)|(9)|(10)|(11)||
|Sr.
No.|Name of the
Project|Item from
the list of
activities in
Schedule
VII to the
Act.||Local
area
(Yes/
No)|Location of the
project||Project
duration|Amount
allocated for
the project
(in**)**|**Amount** **spent in** **the current** **fnancial** **Year** **(in**).|Amount
transferred to
Unspent CSR
Account for the
project as per
Section 135(6)
(in`).|Mode of
Implementa-
tion- Direct
(Yes/No)|Mode of Implementation
– Through Implementing
Agency||
||||||State.|District.||||||Name|CSR
Registration
number.|
|1|Magnex Forte
3g - Product
Donation
|Covid-19
Relief
measures||No|PAN India|PAN
India|1 Year|7,92,04,920|7,92,04,920|0|No|Americares
India
Foundation|CSR00000791|
|2|Pfzer – Tata
Trusts
Cancer Care
Project|Promoting
and
Preventive
Healthcare||No|PAN India|PAN
India|4 years|1,53,16,514|23,00,000|0|No|Alamelu
Charitable
Foundation|CSR00001539|
|3|Yamuna
Sports
Complex
Covid Care
Centre
|Covid-19
Relief
Measures||No|National
Capital
Territory
of Delhi|National
Capital
Territory
of Delhi|2 Years|3,95,61,961|3,95,61,961|0|No|Doctors for
you|CSR00000608|
|4|Pfzer-
Doctors for
you cancer
care physical
helpdesk
|Promoting
and
preventive
healthcare||No|PAN India|PAN
India|2 Years|35,12,259|35,12,259|0|No|Doctors for
you|CSR00000608|
|5|Pfzer-
Indovation
Project
|Promoting
and
preventive
healthcare||No|PAN India|PAN
India|2 years|1,00,70,579|79,41,100|0|No|Foundation
for
Innovation
and
Technology
Transfer
(FITT)|CSR00003944|
|6|Pfzer-
Indovation
Project
(Website
development
by TLG India
Private
Limited)|Prevention
and
Promotion
of
healthcare||No|PAN India|PAN
India|2 years|8,00,000|8,00,000|0|No|NA|NA|
||TOTAL|||||||14,84,66,733 |13,33,20,740|0||||

(d) Amount spent in Administrative Overheads: `15,50,000

(e) Amount spent on Impact Assessment, if applicable: Nil

(f) Total amount spent for the Financial Year (8b+8c+8d+8e) = ` 13,48,70,740

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

(g) Excess amount for set off, if any –

(` in Crore)

Sl.	Particular	Amount (in`)
No.
(i)	Twopercent of average netproft of the companyasper section 135(5)	13.23
(ii) (iii)	Total amount spent for the Financial Year Excess amount spent for the fnancialyear [(ii)-(i)]	13.48 0.25
(iv) (v)	Surplus arising out of the CSR projects or programmes or activities of the previous fnancialyears, if any Amount available for set of in succeedingfnancialyears [(iii)-(iv)]	Not Applicable 0.25

(a) Details of Unspent CSR amount for the preceding three financial years:

	(`in Crore)
Sl. No. Preceding Financial Year. Amount transferred to Unspent CSR Account under section 135 (6) (in`)<br>Amount<br>spent in the<br>reporting<br>Financial<br>Year (in`)	Amount transferred to any fund specifed under Schedule VII as per section 135(6), if any. Amount remaining to be spent in succeeding fnancial years. (in`)<br>Name of<br>the Fund<br>Amount<br>(in`) Date of transfer.
1. 2020-21 10.95 3.47	NA NA NA 7.48
2. 2019-20* 4.63 1.65	NA NIL NIL NIL
3. 2018-19 NIL NIL	NA NIL NIL NIL
TOTAL 15.58 5.12	NA NA NA 7.48

During the Financial Year 2020-21, the Company had voluntarily deposited the unspent CSR amount of 4.63 Crore for Financial year ended 31[st] March, 2020 in a separate bank account named Pfizer Limited - Corporate Social Responsibility Unspent Account FY 2019-20 and spent2.98 Crore during Financial Year 2020-21 on the Company’s ongoing CSR projects. The remaining CSR unspent amount of `1.65 Crore was thereafter spent during the Financial Year under review i.e., FY 2021-22 on the Company’s ongoing CSR projects.

(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):

(` in Crore)

								(`in Crore)
(1)	(2)	(3)	(4)	(5)	(6)	(7)	(8)	(9)
Sl.	Project ID.	Name of	Financial	Project	Total amount	Amount	Cumulative	Status of
No.		the Project.	Year in	duration.	allocated for	spent on the	amount	the project –
			which the		the project	project in the	spent at	Completed /
			project was		(in`).	reporting	the end of	Ongoing
			commenced.			Financial	reporting
						Year (in`)	Financial
							Year. (in`)
1.	Pfzer-Tata	Pfzer-Tata	2019-2020	4 years	9.92	0.91	4.57	ongoing
	Trusts	Trusts
	Cancer Care	Cancer Care
	Project	Project
2.	Americares	Americares	2019-2020	4 years	12.85	2.49	4.46	ongoing
	Parivartan	Parivartan
	Project	Project
3.	Pfzer-	Pfzer-	2020-2021	4 years	3.86	1.72	2.85	Ongoing
	Indovation	Indovation
	Project	Project
	TOTAL					5.12

Pfizer Limited

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 - Not Applicable (asset-wise details)
(a) Date of creation or acquisition of the capital asset(s) - None
(b) Amount of CSR spent for creation or acquisition of capital asset. - Nil
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their address etc. - NA
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital asset). - NA
Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per section 135(5). – NA

Mumbai, May 20, 2022

For and on behalf of Board of Directors S. Sridhar Pradip Shah Managing Director Chairman, CSR Committee DIN: 05162648 DIN: 00066242

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

ANNExURE-B

The Nomination and Remuneration Policy

This Nomination and Remuneration Policy (“Policy”) has been adopted by Pfizer Limited’s Board of Directors (“Board”), acting on the recommendations of its Nomination and Remuneration Committee.

1. OBJECTIVES:

The Policy shall be in compliance with Section 178 of the Companies Act, 2013 read with the applicable Rules thereto and applicable Regulations of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 as amended from time to time. The key objectives of the Policy would be:

a. Assess necessary and desirable competencies of Board members;
b. Review Board succession plans;
c. Evaluate the Board’s performance;
d. Make recommendations to the Board on:
i. Executive Directors remuneration and incentive policies;
ii. Remuneration packages of key managerial personnel and senior management;
iii. The Company’s recruitment, retention and termination policies for key managerial personnel and senior management; and
iv. The remuneration framework for Directors.

2. PFIZER LIMITED’S COMPENSATION PHILOSOPHY:

Pfizer Limited’s (“Company”/ “Pfizer”) Compensation and Benefits programs are designed to enhance its ability to attract, motivate, retain and engage a high performing and committed workforce.

3. DEFINITIONS:

a. “Act” means the Companies Act, 2013 and Rules framed thereunder, as amended from time to time.
b. “Key Managerial Personnel” means
i. Chief Executive Officer or the Managing Director or the Manager;
ii. Whole-time Director;
iii. Chief Financial Officer;
iv. Company Secretary; and v. Such other officer as may be prescribed under the Act.
c. “Senior Management” means personnel of the Company who are members of its core management team excluding the Board of Directors comprising all members of management one level below the Executive Directors including the functional heads.

4. ROLE OF THE COMMITTEE:

a. Matters to be dealt with, perused and recommended to the Board by the Nomination and Remuneration Committee:

The Committee shall:

i. Formulate the criteria for determining qualifications, positive attributes and independence of a Director;
ii. Identify persons who are qualified to become a Director and persons who may be appointed as Key Managerial Personnel and Senior Management Personnel in accordance with the criteria laid down in this policy;
iii. Formulate criteria for evaluation of Directors, Key Managerial Personnel, Senior Management Personnel and the Board as a whole;
iv. Recommend to the Board, criteria for remuneration for Directors, Key Managerial Personnel and other Employees;
v. Recommend to the Board, appointment, re-appointment and removal of Directors, Key Managerial Personnel and Senior Management Personnel and
vi. Devise a Policy on Board Diversity.
b. Policy for appointment, re-appointment, remuneration and removal of Directors, Key Managerial Personnel and Senior Management:
i. The Nomination and Remuneration Committee will ensure that:
- a) the level and composition of remuneration is reasonable and sufficient to attract, retain and motivate Directors of the quality required to run the Company successfully;
- b) relationship of remuneration to performance is clear and meets appropriate performance benchmarks; and
- c) remuneration to Directors, Key Managerial Personnel and Senior Management Personnel 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.

Pfizer Limited

ii. Appointment criteria and qualifications:
a) the Committee shall identify and ascertain the integrity, qualification, expertise and experience of the person for appointment as Director, Key Managerial Personnel or at senior Management level and recommend to the Board his / her appointment.
b) the candidate shall possess adequate qualification, expertise and experience for the position he / she is considered for appointment. The Committee has discretion to decide whether qualification, expertise and experience possessed by a person is sufficient / satisfactory for the concerned position.
c) the appointment of any Director / Key Managerial Personnel / Senior Management shall also be governed by the prevailing policies of the Company.
iii. Term / Tenure:

a) Managing Director / Whole-time Director:

The Company may appoint or re-appoint a person as its Executive Chairman, Managing Director or Executive Director for a term not exceeding five years at a time. No re-appointment shall be made earlier than one year before the expiry of term.

b) Independent Director:

An Independent Director shall hold office for a term up to five consecutive years on the Board of the Company and will be eligible for re-appointment for another term up to five consecutive years on passing of a special resolution by the Company and disclosure of such appointment in the Board’s Report.

No Independent Director shall hold office for more than two consecutive terms, but such Independent Director shall be eligible for appointment after expiry of three years of ceasing to become an Independent Director. Provided that an Independent Director shall not, during the said period of three years, be appointed in or be associated with the Company in any other capacity, either directly or indirectly.

At the time of appointment of Independent Director, it should be ensured that the number of Boards on which such Independent Director serves

is restricted to seven listed companies as an Independent Director, and three listed companies as an Independent Director in case such person is serving as a Whole-Time Director of a listed company or such other number as may be prescribed under the Act and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. For this purpose, the Independent Directors shall submit a declaration in this regard and the Committee / Board shall rely on such declaration.

iv. Evaluation:

The Committee shall carry out the evaluation of performance of Directors, Key Managerial Personnel, Senior Management Personnel and the Board as a whole at regular interval (yearly).

v. Removal:

Due to reasons for any disqualification mentioned in the Act or under any other applicable Act, Rules and Regulations thereunder or for such other compelling reasons, the Committee may recommend to the Board with reasons recorded in writing, removal of a Director, Key Managerial Personnel or Senior Management Personnel subject to the provisions and compliance of the Act, Rules and Regulations and applicable policies of the Company.

vi. Retirement:

The Independent Directors shall not be liable to retire by rotation. The other Directors, Key Managerial Personnel and Senior Management Personnel shall retire as per the applicable provisions of the Act and prevailing policies of the Company.

c. Policy relating to the Remuneration for the Managing Director, Whole-time Director, Key Managerial Personnel and Senior Management Personnel:
i. General:

While determining the remuneration / compensation / benefits etc. to the Managing Director, Whole-time Directors, Key Managerial Personnel and Senior Management Personnel, the Committee shall keep in mind following criteria:

That the remuneration is aligned with market when compared to relevant peer companies;

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

That the remuneration is appropriate for the Company as it exists today but anticipates future business needs;
Philosophically consistent around Pfizer’s global policies but locally and culturally appropriate;
Understandable and valuable to the talent the Company wishes to attract, motivate, engage and retain;
Simple and cost-effective for the Company to communicate, maintain and administer;
Selected positions may be paid higher remuneration than market aligned peer group remuneration; and
Higher remuneration may be considered for the purpose of retention of talent.

The remuneration / compensation / benefits etc. of Managing Director and Whole-time Directors shall be subject to the approval of the shareholders of the Company and Central Government, wherever required.

ii. Increments to the existing remuneration / compensation / benefit structure of Managing Director Whole-time Directors will be recommended by the Committee to the Board subject to the maximum limits approved by the Shareholders.
iii. Remuneration to Managing Director, Wholetime Director, Key Managerial Personnel and Senior Management Personnel:

The Committee shall ensure that Remuneration to Managing Director, Wholetime Directors, Key Managerial Personnel and Senior Management Personnel has a balance between fixed and variable incentive pay reflecting short and long term performance objectives appropriate to the working of the Company and its goals. The components of remuneration consists of annual guaranteed cash comprising of basic salary, ad-hoc/special allowance, House Rent Allowance, etc. Variable component consists of bonus / performance linked incentives based on the performance of the Company and performance of each Director / Key Managerial Personnel / Senior Management Personnel. The Managing Director / Whole-time Directors / Key Managerial Personnel / Senior Management Personnel are also eligible for Long Term Incentives granted by the Parent Company,

Pfizer Inc., U.S.A in the form of Stock Options and Restricted Stock Units. The quantum of perquisites includes employer’s contribution to Provident Fund, Medical Reimbursement Expenses, Leave Travel Assistance, Car / Conveyance Allowance etc.

iv. Remuneration to Non-Executive / Independent Directors:
Sitting Fees:

Resident Non-Executive / Independent Directors shall be paid the sitting fees for attending the meetings of the Board and the Committees of which they are member. The Board may at its discretion revise the sitting fees payable to the Resident Non-Executive / Independent Directors from time to time. Provided that the amount of such fees shall not exceed the limit prescribed under the Act.

Commission :

In addition to the sitting fees, Resident Non-Executive / Independent Directors may also be paid a Commission, as may be determined by the Board, as recommended by the Nomination and Remuneration Committee after considering the performance of the Company and the performance and contribution of the Directors, as evaluated by the Board, subject to the limit not exceeding 1% of the profits of the Company computed as per the applicable provisions of the Act and subject to approval of Shareholders.

Stock Options:

Independent Directors shall not be entitled to any stock options of the Company or its Parent Company.

5. OTHERS:

Clauses with respect to the Membership and Term, Chairperson, Frequency of Meetings, Nomination and Remuneration Duties and other administrative functions of the Committee shall be as per the Nomination and Remuneration Charter of the Company.

6. REVIEW OF THE POLICY:

The Committee will discuss any revisions that may be required, and recommend any such provisions to the Board for consideration and approval.

Pfizer Limited

ANNExURE-C

Form AOC-2

Pursuant to Clause (h) of Sub-section (3) of Section 134 of the Companies Act, 2013 and Rule 8 (2) of the Companies (Accounts) Rules, 2014

Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to in Sub-section (1) of Section 188 of the Companies Act, 2013 including certain arm’s length transactions under fourth proviso thereto.

i. Details of contracts or arrangements or transactions not at arm’s length basis:
There were no contracts or arrangements or transactions entered into during the year ended March 31, 2022, which were not at arm’s length basis.
ii. Details of material contracts or arrangement or transactions at arm’s length basis:

The details of material contracts or arrangement or transactions conducted on arm’s length basis during the year ended March 31, 2022 are as follows:

Sr. No. Name of the Related Party and Relationship	Nature of Transaction Duration Salient Terms	Amount (`in Crore)
1 Pfzer Inc., USA (Ultimate Holding Company)	Recovery of Expenses Ongoing On arm’s length basis and in ordinary course of business.	0.10
2 Pfzer Worldwide Services, Ireland (Fellow Subsidiary)	Service Income Ongoing On arm’s length basis and in ordinary course of business.	50.39
3 Pfzer Service Company BVBA, Belgium (Fellow Subsidiary)	Purchase of Stock in Trade Ongoing On arm’s length basis and in ordinary course of business. Purchase of Raw / Bulk Materials	463.85
		38.49
4 Pfzer Products India Private Limited (Fellow Subsidiary)	Service Income Ongoing On arm’s length basis and in ordinary course of business. Recovery of Expenses	19.87
		1.39

Appropriate approvals have been taken for all related party transactions. No advances have been paid or received against the transactions mentioned above.

For and on behalf of the Board of Directors

Mumbai, May 20, 2022

Pradip Shah Chairman DIN: 00066242

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

ANNExURE-D

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

INFORMATION UNDER SECTION 134 OF THE COMPANIES ACT, 2013 READ WITH RULE 8 OF THE COMPANIES (ACCOUNTS) RULES, 2014

A. CONSERVATION OF ENERGY:

a) Energy Conservation measures taken:
Installed Phase-III & IV PV Solar Project.
Installed new Tablet Press & Octagonal Blender in Steroid manufacturing facility to improve productivity.
b) Impact of measures taken:
Reduction of Electrical energy consumption.
Reduction in carbon emission.
c) Steps taken for utilizing alternate sources of energy: The site has expanded its PV Solar project from 118KWP (Phase-II) to 378 KWP in Phase-III & IV. The Site has generated 345 MWH Green Electricity in 2021-22 which was consumed in Manufacturing Process.

The Site is also in process of installation of PV Solar Panel (Phase-V) which would bring its installed capacity to 500 KWP. Phase-V is expected to be commissioned by end of May 2022.

d) Capital investment on energy conservation equipments:

A sum of `1.4 Crore was spent as capital expenditure for upgradation of the facility to achieve energy conservation.

The site purchased 10% less Electrical power when compared in terms of specific power purchased, compared to previous year.

Specific power purchased (KWH/Thousand Strips packed) for 2021-22 was 26.58 compared to 29.58 for 2020-21.

B. TECHNOLOGY ABSORPTION:

Research and Development (R & D):

1. Efforts in brief made towards technology absorption:

The Company on an on-going basis takes steps to enhance its technical expertise for pharmaceutical formulations. The Company puts emphasis on innovation in its operations.

2. Benefits derived as a result of the above efforts:

The Company has benefited substantially as a result of the emphasis on innovation. Development of new products for the domestic

market, improvement in product quality, operational excellence projects, technology transfer of products and reduction in energy consumption are some of the benefits derived as a result of above efforts carried out during the year under review.

The Site further adopted automated technology and installed new equipment which met Pfizer Quality and EHS standards.

3. Imported technology (imported during the last 3 years reckoned from the beginning of the financial year):

a. The details of technology imported: Nil
b. The year of import: Not applicable
c. Whether the technology has been fully absorbed: Not applicable
d. If not fully absorbed, areas where absorption has not taken place and reasons thereof: Not applicable

As mentioned in (1) we continue to receive technology, process know-how and technical assistance from time to time from the Parent Company.

4. Expenditure on Research and Development

		(`in Crore)
	(i) Capital (ii) Revenue	NIL NIL
	(iii) Total Total to R&D expenditure as percentage of total turnover	NIL N.A.

C. FOREIGN ExCHANGE EARNINGS AND OUTGO:

During the period under review:
a) Foreign exchange earnings by the Company was `78.13 Crore.
b) Foreign exchange expenditure (which includes import of raw materials and goods for resale, service charges etc.) was `65.16 Crore.

For and on behalf of the Board of Directors

Pradip Shah Chairman Mumbai, May 20, 2022 DIN: 00066242

Pfizer Limited

ANNExURE-E

PARTICULARS OF EMPLOYEES

PARTICULARS OF EMPLOYEES PURSUANT TO SECTION 197(12) OF THE COMPANIES ACT, 2013 READ WITH RULE 5(1) OF THE COMPANIES (APPOINTMENT AND REMUNERATION OF MANAGERIAL PERSONNEL) RULES, 2014

Sr.	Requirement under Rule 5(1)	Details
No
1.	Ratio of the remuneration of each Director to	Executive Directors
	the median remuneration of the employees of the Company for the Financial Year.	• Mr. S. Sridhar, Managing Director:46.33
		• Mr. Milind Patil, Executive Director - Finance and CFO:28.52
		• Mr. Samir Kazi, Executive Director – Legal:17.60
		Non-Executive Directors
		• Mr. Pradip Shah, Independent Director:2.40
		• Mr. Uday Khanna, Independent Director:2.24
		• Mr. Sunil Lalbhai, Independent Director:2.13
		• Ms. Meena Ganesh, Independent Director:2.10
2.	Percentage increase in remuneration of each Executive Director, Chief Financial Ofcer (CFO), Chief Executive Ofcer (CEO) and Company Secretary (Salary of 2021-22 v/s Salary of 2020-21)	• Mr. S. Sridhar, Managing Director:19.70% • Mr. Milind Patil, Executive Director - Finance and CFO:11.40% • Mr. Samir Kazi, Executive Director - Legal:23.20%
		• Mr. Prajeet Nair, CompanySecretary:14.10%
3.	Percentage increase in the median remuneration of employees in the fnancial year	19.82%
	(2021-22v/s2020-21)
4.	Number of Permanent Employees as on	2,285
	March 31, 2022 on the rolls of the Company.
5.	Average percentage increase made in the	Managerial Personnel: 17.43%
	salaries of employees other than the managerial personnel in last Financial Year and its comparison	Others: 10.07%
	with the percentage increase in the managerial remuneration and justifcation thereof and point
	out if there are any exceptional circumstances for
	increase in the managerial remuneration.
	Justifcation for variation in the average	Average percentage calculated based on comparison between
	percentile increase between Non Managerial	sum of remuneration paid to all managerial personnel in
	employees and Managerial employees	2021-22 vs. 2020-21. The variation in the average percentage
		increase between managerial personnel and others is mainly
		due to higher increase in the irregular income of Key Managerial
		Personnel as a result of their Annual Performance Linked
		Incentives.
6.	Afrmation that the remuneration is as per the	Remuneration is as per the Nomination and Remuneration Policy
	remunerationpolicyof the Company.	of the Company.

For and on behalf of the Board of Directors

Mumbai, May 20, 2022

Pradip Shah Chairman DIN: 00066242

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

ANNExURE-F

Form No. MR-3 Secretarial Audit Report for the Financial Year Ended 31[st] March 2022

[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014]

To,

The Members,

PFIZER LIMITED

CIN: L24231MH1950PLC008311 The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Maharashtra, Mumbai – 400051.

I have conducted the secretarial audit of the compliance of applicable statutory provisions and the adherence to good corporate practices by Pfizer Limited (L24231MH1950PLC008311) (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 my opinion thereon.

Based on my 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; I hereby report that in my opinion, the Company has during the audit period covering the financial year ended on 31[st] March, 2022, complied with the statutory provisions listed hereunder and also that the Company has proper Board-processes and compliancemechanism in place to the extent, in the manner and subject to the reporting made hereinafter:

I have examined the books, papers, minute books, forms and returns filed and other records maintained by the Company for the financial year ended on 31[st] March, 2022 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 Bye-laws framed thereunder;
(iv) Foreign Exchange Management Act, 1999 and the rules and regulations made there under to the extent of Foreign Direct Investment; the Company has neither made any Overseas Direct Investment (ODI) nor accepted any External Commercial Borrowings (ECB), hence ODI and ECB Guidelines are not applicable to the Company.
(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 (Registrars to an Issue and Share Transfer Agents) Regulations, 1993 regarding the Companies Act and dealing with client;
d) The Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
e) The Securities and Exchange Board of India (Depositories and Participants) Regulations, 2018.

The Company has further complied with below mentioned laws, which are specifically applicable to the Company as it is in the business of drugs and pharmaceuticals:

i. Drugs and Cosmetics Act, 1940
ii. Drugs and Magic Remedies (Objectionable Advertisement) Act, 1954
iii. Drugs (Prices Control) Order, 2013
iv. Narcotic Drugs and Psychotropic Substances Act, 1985
v. Pharmacy Act, 1948

Following laws were not applicable to the Company during the Audit period:

i. Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018;
ii. The Securities and Exchange Board of India (Share Based Employee Benefits) Regulations, 2014 (up to 12[th] August, 2021) and The Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 (with effect from 13[th] August, 2021);
iii. The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008 (up to 15[th] August, 2021);
iv. Securities and Exchange Board of India (Issue and Listing of Non-Convertible and Redeemable Preference Shares) Regulations, 2013 (up to 15[th] August, 2021);

Pfizer Limited

v. Securities and Exchange Board of India (Issue and Listing of Non-Convertible securities) Regulations, 2021 (with effect from 16[th] August, 2021)
vi. The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2009 (up to 9[th] June, 2021) and The Securities and Exchange Board of India (Delisting of Equity Shares) Regulations, 2021 (with effect from 10[th] June, 2021)
vii. The Securities and Exchange Board of India (Buyback of Securities) Regulations, 2018.

I have also examined compliance with the applicable clauses of the following:

(i) Secretarial Standards with regard to Meeting of Board of Directors (SS-1) and General Meetings (SS-2) issued by The Institute of Company Secretaries of India;
(ii) The Listing Agreements entered into by the Company with Stock Exchange read with the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

During the period under review the Company has complied with the provisions of the Act, Rules, Regulations, Guidelines and Standards, etc as mentioned above.

I further report that:

The Board 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 well in advance 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 were carried through unanimously as recorded in the minutes of the Meetings of the Board of Directors or Committee of the Board, as the case may be.

I further report that based on review of compliance mechanism established by the Company and on the basis of the Compliance Certificates issued by the Executive Director - Legal and the Company Secretary which were taken on record by the Board of Directors at their meetings, I am of the opinion that the management has adequate systems and processes, commensurate with the size and operations of the Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.

I further report that during the audit period, there are no specific events/ actions having a major bearing on the Company's affairs in pursuance of the laws, rules, regulations, guidelines, standards, etc. referred to above.

For Saraf & Associates Practising Company Secretaries

K.G. SARAF Proprietor Place : Mumbai FCS: 1596 | CP: 642 Date : 20.05.2022 FRN. S1988MH004801 UDIN : F001596D000358251 PR. 1003/2020

Note: This report is to be read with my letter of even date which is annexed as ‘ANNEXURE 1’ and forms an integral part of this report.

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

‘ANNExURE 1’

To, The Members, PFIZER LIMITED CIN: L24231MH1950PLC008311 The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Maharashtra, Mumbai – 400051.

My report of even date is to be read along with this letter.

Maintenance of secretarial record is the responsibility of the management of the Company. My responsibility is to express an opinion on these secretarial records based on my audit.
I 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 test basis to ensure that correct facts are reflected in secretarial records. I believe that the processes and practices, I followed provide a reasonable basis for my opinion.
I have not verified the correctness and appropriateness of financial records and Books of Accounts of the Company.
Where ever required, I have obtained the Management representation about the compliance of laws, rules and regulations and happening of events.
The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the responsibility of management. My examination was limited to the verification of procedures on test basis.
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 Saraf & Associates Practising Company Secretaries

Place : Mumbai Date : 20.05.2022 UDIN : F001596D000358251

K.G. SARAF Proprietor FCS: 1596 | CP: 642 FRN. S1988MH004801 PR. 1003/2020

Pfizer Limited

ANNExURE-G

Corporate Governance Report

I. PFIZER’S PHILOSOPHY ON CORPORATE GOVERNANCE

Corporate Governance at Pfizer is not just adherence to mandatory rules and guidelines. It lies in observing the spirit behind the letter. Your Company has responsibly, critically and collegially worked through all major decisions. It has helped create a credible reputation amongst all stakeholders and regulators. We are guided by the Core Values of Pfizer in our day-to-day decision making which reflects the enduring character of Pfizer and its people. Your Company constantly strives to maintain high governance standards and is focused on the goal to work together for a healthier world. This approach has helped the Company earn the trust of all its stakeholders over its long history.

II. BOARD OF DIRECTORS

(a) Composition of Board of Directors

The Company is fully compliant with the Corporate Governance norms in respect of constitution of the Board of Directors (“Board”). The Board at Pfizer represents an optimum mix of professionalism, knowledge, gender and experience. Presently, the Board comprises of 4 Non-Executive Independent Directors including one Woman Director and 3 Executive Directors. Mr. Pradip Shah, Mr. Uday Khanna, Mr. Sunil Lalbhai and Ms. Meena Ganesh (Woman Director) are Non-Executive Independent Directors on the Board. Mr. S. Sridhar, Mr. Milind Patil and Mr. Samir Kazi are Executive Directors on the Board. The Chairman of the Board is a NonExecutive Independent Director. None of the Director is related to other Directors. The composition of the Board is in conformity with Regulation 17 of the Listing Regulations read with Sections 149 and 152 of the Act. Detailed profile of all the Board members is available on the Company’s website at www.pfizerltd.co.in

Based on the disclosures received from Independent Directors, the Board is of the opinion that the Independent Directors fulfil the conditions specified in the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and are independent of the Management. Further, the Independent Directors have included their names in the data bank of Independent Directors maintained with the Indian Institute of Corporate Affairs in terms of Section 150 of the Act read with Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014.

Mr. R. A. Shah had resigned as an Independent Director and Chairman of the Company with effect from February 1, 2022. The disclosure of reasons for Mr. Shah’s resignation along with the confirmation that there are no material reasons, other than the reason provided by Mr. Shah was informed to the Stock Exchanges. None of the other Independent Directors of the Company have resigned before the expiry of their tenure. The Company has also obtained a certificate from Practicing Company Secretaries, Saraf & Associates, confirming that none of the Directors on Board are debarred or disqualified from being appointed or continuing as Director of the Company by SEBI / Ministry of Corporate Affairs or any such statutory authority. The said certificate is enclosed as Annexure 1 to this Corporate Governance Report.

Given below are the key skills / expertise / competence identified by the Board of Directors which are required by them in the context of the business and sector of the Company to function effectively:

Skills / Description Expertise / Competence Business Deep knowledge of the Leadership & Pharmaceutical Industry to Operations provide important insights and perspectives to the Board on the Company’s commercial, strategic, manufacturing, legal and other functions. Leadership experience resulting in a practical understanding of the Company’s processes, develop talent, succession planning and driving the long term growth strategy of the Company. Risk In depth knowledge and Management understanding of business risks to & Governance provide insights and perspective to the Board on Enterprise risk. Develop highest levels of governance practices, provide insights about maintaining Board and management accountability and to protect stakeholders’ interest.

Provide financial expertise to the Board, including an understanding and analysis of financial statements, corporate finance, accounting and Capital markets.

Finance & Accounting

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

Skills /	Description
Expertise /
Competence
Business	In depth understanding of the
Expertise	pharmaceutical operating and business environment, market access and healthcare solutions. Respond to change with agility, optimism and innovation. Sound knowledge of Business Technology, Digital Marketing,
	Strategic Development, Public Afairs,etc.

(b) Board Meetings

The Board meets at least once every quarter to review the quarterly results and other items of the Agenda and if necessary, additional meetings are held. The gap between two Board Meetings does not exceed 120 days. The Board is apprised and informed of all the important information relating to the business of the Company including those

listed in Part A of Schedule II to the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). The Chairman of the Board, the Managing Director and the Company Secretary discuss the items to be included in the Agenda and the Agenda is sent in advance to the Directors along with the draft of the relevant documents and explanatory notes wherever required, to enable the Board to discharge its responsibilities effectively and take informed decisions. In case of special and urgent business needs, the Board/Committees approval is taken by passing resolution by circulation, as permitted by law, which is noted and then confirmed in the next Board/Committee Meeting.

Five Board Meetings were held during the financial year under review. These Meetings were held on May 26, 2021, July 28, 2021, September 24, 2021, November 3, 2021 and February 3, 2022.

The details of composition of the Board, number of Board Meetings held, attendance thereat and at the last Annual General Meeting (“AGM”), and the number of other Directorships, Memberships and/or Chairmanships held by each Director of the Board as on March 31, 2022, are set out below:

Name	Category of	No. of Board	No. of Board	Attendance	No. of other	No. of other	Skills/Expertise/ Competence
	Directorship*	Meetings	Meetings	at the Last	Directorships	Committees
		Held	Attended	AGM	held	of which
						Member/
						Chairman
Mr. Pradip Shah	NED (I)	5	5	Yes	7	5/3	Business Leadership & Operations,
(Chairman)							Risk Management & Governance,
							Finance & Accounting
Mr. S. Sridhar	MD	5	5	Yes	Nil	1/Nil	Business Leadership & Operations,
							Risk Management & Governance,
							Finance & Accounting and Business
							Expertise
Mr. Uday Khanna	NED (I)	5	4^	Yes	3	3/1	Business Leadership & Operations,
							Risk Management & Governance,
							Finance & Accounting
Mr. Sunil Lalbhai	NED (I)	5	5	Yes	6	3/2	Business Leadership & Operations,
							Risk Management & Governance
							and Business Expertise
Ms. Meena Ganesh	NED (I)	5	5	Yes	2	1/Nil	Business Leadership & Operations
							and Business Expertise
Mr. Milind Patil	WTD	5	5	Yes	Nil	Nil/Nil	Business Leadership & Operations,
							Risk Management & Governance,
							Finance & Accounting and Business
							Expertise
Mr. Samir Kazi	WTD	5	5	Yes	Nil	1/Nil.	Business Leadership & Operations
							and Risk Management & Governance
Mr. R. A. Shah	NED (I)	4	4	Yes	N.A.	N.A.	Business Leadership
(Up to February							& Operations and Risk Management
1, 2022)							& Governance.

*MD - Managing Director, NED (I) - Non-Executive Director, Independent, WTD - Whole-time Director ^ Leave of absence was granted

Pfizer Limited

Memberships of Directors in other listed entities:

Sr. No. Name of the Director	Names of the Listed Entity Category of Directorship in the respective listed entity
1 Mr. Pradip Shah	BASF India Limited Non-Executive Independent Director
	Bajaj Auto Limited Non-Executive Independent Director
	Bajaj Holdings & Investment Limited Non-Executive Independent Director
	Kansai Nerolac Paints Limited Non-Executive Independent Director
	KSB Limited Non-Executive Independent Director
	Sonata Software Limited Non-Executive Independent Director
2 Mr. Uday Khanna	Castrol India Limited Non-Executive Independent Director
	Kotak Mahindra Bank Limited Non-Executive Independent Director
	Pidilite Industries Limited Non-Executive Independent Director
3 Mr. Sunil Lalbhai	Amal Limited Executive Director
	Atul Limited Executive Director
	The Bombay Dyeing & Manufacturing Company Limited Non-Executive Independent Director
	Navin Fluorine International Limited Non-Executive Independent Director
4 Ms. Meena Ganesh	Procter & Gamble Hygiene and Healthcare Limited Non-Executive Independent Director
	Axis Bank Limited Non-Executive Independent Director

Mr. S. Sridhar, Mr. Milind Patil and Mr. Samir Kazi do not hold directorship in any other listed entity.

Notes:

Number of Directorships / Memberships held in other companies excludes Directorships/ Memberships in private limited companies, foreign companies, companies under Section 8 of the Companies Act, 2013 (“Act”), membership of managing committees of chambers / bodies and alternate directorships.
None of the Independent Directors serve as an Independent Director in more than 7 listed companies. Mr. Sunil Lalbhai who is the Managing Director of Atul Limited does not hold Independent Directorship in more than 3 listed companies.
The necessary disclosures regarding Committee positions have been made by all the Directors. None of the Directors are Members of more than 10 Committees and Chairman of more than 5 Committees across all public limited companies in which they are a Director. Number of Chairmanships/ Membership of Committees covers Chairmanships / Memberships of Audit Committee and Stakeholders’ Relationship Committee. The number of Membership of Committees includes Chairmanships also, if any.

III. BOARD COMMITTEES

Presently, there are six Committees viz., Audit Committee, Stakeholders’ Relationship Committee, Corporate Social Responsibility Committee, Nomination and Remuneration Committee, Risk Management Committee and

Board Administrative & Share Transfer Committee. The Board decides the terms of reference of these Committees and the assignment of its Members thereof.

AUDIT COMMITTEE

Presently, the Audit Committee comprises of Mr. Uday Khanna as Chairman, Mr. Pradip Shah, Mr. Sunil Lalbhai and Mr. S. Sridhar as its Members.

Mr. R. A. Shah had resigned as an Independent Director effective February 1, 2022. Consequent to the said resignation, Mr. Shah also ceased to be the Chairman and Member of the Audit Committee.

Mr. Uday Khanna was appointed as the Chairman of the Audit Committee effective February 3, 2022.

Mr. Sunil Lalbhai was appointed as a member of the Audit Committee effective February 3, 2022.

Mr. Pradip Shah, Mr. Uday Khanna and Mr. S. Sridhar are Chartered Accountants by profession. Mr. Sunil Lalbhai is an Industrialist, having experience in finance and accounting. All the members of the Audit Committee are professionals and financially literate within the meaning of Regulation 18 (1) (c) of the Listing Regulations. Mr. Prajeet Nair, Company Secretary, acts as the Secretary to the Committee.

Five Audit Committee Meetings were held during the financial year under review. These Meetings were held on May 26, 2021, July 28, 2021, September 24, 2021, November 3, 2021 and February 3, 2022.

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

The details of the composition of the Audit Committee and the attendance of the Members at the Audit Committee Meetings are as under:

Name	Category*	Number of	Number of
		Meetings	Meetings
Mr. Uday Khanna	NED(I)	held 5	Attended 4^
(Chairman w.e.f
February3, 2022)
Mr. PradipShah	NED(I)	5	5
Mr. Sunil Lalbhai (Member w.e.f February3, 2022)	NED(I)	1	1
Mr. S. Sridhar Mr. R. A. Shah	MD NED(I)	5 4	5 4
(Up to February 1,
2022)

[*] MD - Managing Director, NED (I) - Non-Executive Director, Independent

^ Leave of absence was granted

The terms of reference of the Audit Committee includes the matters specified under Part C of Schedule II to the Listing Regulations as well as Section 177 of the Companies Act, 2013. The Chief Financial Officer, Internal Auditor and Statutory Auditors are permanent invitees to the Meeting. The Chairman of the Audit Committee was present at the 70[th] Annual General Meeting held on August 19, 2021. The Minutes of the Audit Committee Meetings were noted at the Board Meetings.

STAKEHOLDERS’ RELATIONSHIP COMMITTEE

Presently, the Stakeholders’ Relationship Committee comprises of Mr. Sunil Lalbhai as its Chairman, Mr. Uday Khanna and Mr. Samir Kazi as its Members. Mr. Prajeet Nair, Company Secretary, acts as the Secretary to the Committee and as the Compliance Officer. The details of the composition of the Stakeholders’ Relationship Committee and the attendance of the Members at the Meeting held on February 3, 2022 are as under:

Name	Designation	Category*	Attendance at the
			Meeting held
			on February
			3, 2022
Mr. Uday Khanna	Chairman	NED(I)	Yes
(Chairman up to
February 3, 2022
and continuing as Member) Mr. Sunil Lalbhai (Chairman w.e.f February3, 2022) Mr. Samir Kazi	Member Member	NED(I) WTD	Yes Yes

*NED (I) - Non-Executive Director, Independent, WTD - Whole- time Director

Mr. Sunil Lalbhai, Member of the Stakeholders‘ Relationship Committee was appointed as the Chairman of Stakeholders’ Relationship Committee effective February 3, 2022 in place of Mr. Uday Khanna. Mr. Khanna continues as a Member of the Committee.

The terms of reference of the Stakeholders’ Relationship Committee covers the matters specified under Part D of Schedule II to the Listing Regulations as well as under Section 178 of the Companies Act, 2013.

The Minutes of the Stakeholders’ Relationship Committee Meeting were noted at the Board Meeting.

A summary of the complaints received, cleared/ pending during the financial year under review are given below:

	As on	Received	Cleared/	Pending
	April 1,	during	attended	as on
	2021	the fnancial year	during the fnancial	March 31, 2022
Non-receipt of dividend warrants	Nil	131	year 131	Nil
Non-receipt of share certifcates after transfer, deletion of name, transmission,	Nil	02	02	Nil
transposition,
consolidation of folios & share certifcates, correction of name,
etc.
Non-receipt of	Nil	Nil	Nil	Nil
Annual Report
Letters from SEBI, Stock Exchanges and	Nil	23	23	Nil
Ministry of Corporate Afairs Total	Nil	156	156	Nil

During the financial year under review, 156 complaints were received and all of them have been redressed/ answered to the satisfaction of the shareholders including the complaints pending at the beginning of the year. No investor grievance remained unattended/ pending for resolution for more than 30 days and no request for dematerialization received for the financial year under review was pending for more than the time limit prescribed under the Listing Regulations and SEBI (Depositories and Participants) Regulations, 2018 as applicable.

CORPORATE SOCIAL RESPONSIBILITY COMMITTEE

Presently, the Corporate Social Responsibility Committee comprises of Mr. Pradip Shah as its Chairman, Mr. S. Sridhar, Mr. Milind Patil and Mr. Samir Kazi as its Members. Mr. Prajeet Nair, the Company Secretary, acts as the Secretary to the Com mittee. The Head of the Public Affairs/ Corporate Affairs Division of the Company is an invitee to the Meeting.

Pfizer Limited

Three Corporate Social Responsibility Committee meetings were held during the financial year under review. These Meetings were held on May 26, 2021, July 28, 2021 and February 3, 2022.

The details of composition of the Corporate Social Responsibility Committee and attendance of the Members at the Corporate Social Responsibility Meetings are as under:

Name	Category*	Number of Meetings held	Number of Meetings attended
Mr. Pradip Shah	NED(I)	3	3
(Chairman)
Mr. S. Sridhar	MD	3	3
Mr. Milind Patil	WTD	3	3
Mr. Samir Kazi	WTD	3	3

MD - Managing Director, NED(I) – Non Executive Director, Independent, WTD- Whole Time Director

The terms of reference of the Corporate Social Responsibility Committee includes the matters specified in Section 135 of the Companies Act, 2013, Schedule VII to the Act and Rules made thereunder. The Minutes of the Corporate Social Responsibility Committee Meetings were noted at the Board Meetings.

During the year under review, the CSR Policy was revised to include changes made consequent to amendment in the CSR Rules and other necessary changes. The CSR Policy of the Company has been uploaded on the Company’s website at www.pfizerltd.co.in

Based on the recommendation of the Corporate Social Responsibility Committee, the Board of Directors have formulated and adopted a Policy on Corporate Social Responsibility. The same is displayed under the Investor Relations section on the Company’s website ‘www.pfizerltd.co.in’. A Report on Corporate Social Responsibility activities carried out by the Company during the year under review and details thereof are given as Annexure - A to the Board’s Report.

NOMINATION AND REMUNERATION COMMITTEE

Presently, the Nomination and Remuneration Committee comprises of Mr. Uday Khanna as Chairman, Mr. Pradip Shah, Ms. Meena Ganesh (NonExecutive Independent Director) as its Members. Mr. Prajeet Nair, the Company Secretary, acts as the Secretary to the Committee.

Mr. R. A. Shah had resigned as an Independent Director effective February 1, 2022. Consequent to the said resignation, Mr. Shah also ceased to be a Member of the Nomination and Remuneration Committee.

Mr. Uday Khanna, Member of the Nomination & Remuneration Committee was appointed as the

Chairman of Nomination and Remuneration Committee effective February 3, 2022 in place of Mr. Pradip Shah, who continues to be a Member of the Committee. Ms. Meena Ganesh was appointed as a Member of the Nomination and Remuneration Committee effective February 3, 2022.

The details of the composition of the Nomination Remuneration Committee and the attendance of the Members at the Meeting held on May 26, 2021 are as under:

Name	Category*	Number of	Number
		Meetings	of
		held	Meetings
			attended
Mr. Uday Khanna	NED(I)	1	1
(Chairman w.e.f
February3, 2022)
Mr. Pradip Shah	NED(I)	1	1
(Chairman up to February3, 2022) Ms. Meena Ganesh (Member w.e.f February3, 2022) Mr. R. A. Shah (Member up to February1, 2022)	NED(I) NED(I)	Nil 1	NA 1

NED (I) - Non-Executive Director, Independent

The Nomination and Remuneration Committee, inter alia, reviews and recommends to the Board, remuneration including the Bonus/ Performance Linked Incentive of Managing Director, Whole-time Directors, Key Managerial and Senior Management Personnel based on the performance parameters for the executives and the Company, subject to the limits approved by the Members and as permitted by law. The terms of reference of the Nomination and Remuneration Committee include the matters specified under Part D of Schedule II to the Listing Regulations as well as under Section 178 of the Companies Act, 2013.

Based on the recommendation of the Nomination and Remuneration Committee, the Board of Directors have formulated and adopted Nomination and Remuneration Policy and the same is given as Annexure - B to the Board’s Report. The Minutes of the Nomination and Remuneration Committee Meetings were noted at the Board Meetings.

RISK MANAGEMENT COMMITTEE

Presently, the Risk Management Committee comprises of Mr. Sunil Lalbhai as Chairman, Ms. Meena Ganesh (Non-Executive Independent Directors), Mr. S. Sridhar and Mr. Milind Patil (Executive Directors),

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

as its Members. Mr. Prajeet Nair, the Company Secretary, acts as the Secretary to the Committee.

Two Risk Management Committee meetings were held during the financial year under review. These Meetings were held on September 22, 2021 and March 12, 2022.

The details of composition of the Risk Management Committee and attendance of the Members at the Risk Management Committee Meetings are as under:

Name	Category*	Number of	Number of
		Meetings	Meetings
		held	attended
Mr. Sunil Lalbhai	NED(I)	2	2
(Chairman)
Ms. Meena Ganesh	NED(I)	2	2
Mr. S. Sridhar	MD	2	2
Mr. Milind Patil	WTD	2	2

*NED(I) - Non-Executive Director, Independent, MD - Managing Director, WTD - Whole-time Director

The Risk Management Committee is responsible for oversight on overall risk management processes of the Company and shall ensure that key strategic and business risks are identified and necessary steps are taken for mitigation / redressal of the said risks. The role and responsibility of the Risk Management Committee include the matters specified under Regulation 21 to the Listing Regulations.

The Minutes of the Risk Management Committee Meetings were noted at the Board Meetings.

BOARD ADMINISTRATIVE & SHARE TRANSFER COMMITTEE

Presently, the Board Administrative & Share Transfer Committee comprises of Mr. S. Sridhar, Managing Director, Mr. Milind Patil, Whole-time Director and Mr. Samir Kazi, Whole-time Director. Mr. Prajeet Nair, Company Secretary, acts as the Secretary to the Committee. The details of composition of the Board Administrative & Share Transfer Committee and attendance of the Members thereat are as under:

Name	Category*	Number of	Number of
		Meetings	Meetings
		held	attended
Mr. S. Sridhar	MD	21	21
Mr. Milind Patil	WTD	21	21
Mr. Samir Kazi	WTD	21	21

MD - Managing Director, WTD - Whole-time Director.

The Board Administrative & Share Transfer Committee, inter alia, considers and approves operational and administrative matters and matters relating to share transfer, transmission, issue of duplicate shares, etc. The Committee meets on a regular basis to approve administrative actions and share transfer matters. The minutes of the Board Administrative & Share Transfer Committee Meetings were noted at the Board Meetings.

REMUNERATION TO DIRECTORS

There has been no materially significant related party transactions, pecuniary relationships or transactions between Pfizer Limited and its Directors for the financial year under review that may have a potential conflict with the interest of the Company at large.

A) Executive Directors:

The following table gives details of remuneration paid to Executive Directors for the financial year under review:

				(Amount in`)
Name	Salary	Benefts and	Performance	Total#
		Perquisites*	Linked
			Incentives
Mr. S. Sridhar - ManagingDirector	3,55,05,439	2,21,82,068	1,38,67,223	7,15,54,730
Mr. Milind Patil	2,01,94,648	42,50,386	83,08,371	3,27,53,405
Mr. Samir Kazi	1,45,69,088	58,53,882	43,46,206	2,47,69,176

Benefits and Perquisites include stock options / restricted stock units granted by the Parent Company, Pfizer Inc. USA

Excludes stock options granted in earlier financial years which were exercised during the Financial Year under review.

Pfizer Limited

(i) Service Contracts, Severance Fees and Notice Period

The appointment of the Managing Director and Whole-time Director(s) is governed by the Articles of Association of the Company, Board Resolutions, Members Resolutions and service/ employment contracts. The Board Resolutions and Members Resolutions cover the terms and conditions of such appointment read with the service rules of the Company. The service/employment contracts are terminable by either party by serving notice of three months. There is no separate provision for payment of severance fee under the resolutions/contracts governing the appointment of Managing Director and Whole- time Director(s).

(ii) Employee Stock Option Scheme

The Company does not have any Employee Stock Option Scheme for its Directors and Employees. The Executive Directors and Senior Management Personnel are, however, eligible for the annual Long Term Incentive Compensation plan by way of Restricted Stock Units and Five Year Total Shareholder Return Units granted by the Parent Company, Pfizer Inc. USA.

(iii) Performance Linked Incentive criteria

The Company has internal norms for assessing the performance of its senior executives including Executive Directors.

(iv) Mr. S. Sridhar, Mr. Samir Kazi and Mr. Milind Patil do not hold any equity shares of the Company.

(b) Non-Executive Directors

The Resident Non-Executive Directors are paid remuneration by way of Commission and Sitting Fees. The details of Non-Executive Directors’ remuneration for the financial year under review are as under:

Name	Sitting Fees	Commission	Total	(`in Lakhs) Number of shares held
Mr. Pradip Shah	6.50	18.00	24.50	Nil
Mr. Uday Khanna	4.90	18.00	22.90	Nil
Mr. Sunil Lalbhai Ms. Meena Ganesh Mr. R.A. Shah Total*	3.70 3.40 4.60 23.10	18.00 18.00 15.00 87.00	21.70 21.40 19.60 110.10	2,477 Nil 3,540

*Mr. R. A Shah had resigned as an Independent director effective February 1, 2022.

(1) The Commission payable to the Resident Non-Executive Directors is decided by the Board of Directors of the Company within the limits stipulated by the Special Resolution passed at the 67[th] Annual General Meeting held on September 6, 2018. The amount of Commission payable to each of the Resident Non-Executive Director is decided by the Board on the basis of the enhanced role and responsibility as Chairman/Member of the Board and of the Board Committee(s) and overall financial performance of the Company.
(2) Mr. R. A. Shah is a senior partner of M/s. Crawford Bayley & Co., Solicitors & Advocates, who have a professional relationship with the Company. The fees earned by M/s. Crawford Bayley & Co. from Pfizer Limited constitutes less than 1% of the total revenue of M/s. Crawford Bayley & Co. in each year during the last three financial years. As per the view of the Board of Directors and also as per the legal opinion sought on the subject of Independence of Mr. R. A. Shah, the legal firm, M/s. Crawford Bayley & Co. does not have a material association with the Company. The professional fees of `72.07 Lakhs that was paid to them during the financial year under review is not considered material enough to impinge on the independence of Mr. R. A. Shah. It may be further noted that Mr. R. A Shah ceased to be the Independent Director of the Company with effect from February 1, 2022.
(3) Ms. Meena Ganesh is a Director and Member of Healthvista India Private Limited (HIPL), which has a commercial relationship with the Company. The Company also has a commercial relationship with Medybiz Pharma Private Limited (MPPL) which is a wholly owned subsidiary of HIPL. The service fees of 58.85 Lakhs and20.49 Lakhs paid to HIPL and MPPL respectively during the financial year under review is not considered material enough to impinge on the independence of Ms. Meena Ganesh.
(4) Besides payment of commission and sitting fees, and dividend on equity shares held, if any, by the Directors, no other payments have been made or transactions of a pecuniary nature entered into by the Company with the Directors.
IV. CHIEF ExECUTIVE OFFICER (CEO)/CHIEF FINANCIAL OFFICER (CFO) CERTIFICATION

As required under Regulation 17 (8) of the Listing Regulations, the CEO and CFO Certification of the Financial Statements, the Cash Flow Statement and the Internal Control Systems for financial reporting for the financial year ended March 31, 2022, was placed before the Board of Directors at its Meeting held on May 20, 2022.

Annual Report 2021-22

Corporate Overview Statutory Reports Financial Statements

V. GENERAL BODY MEETINGS

(a) The details of the last 3 Annual General Meetings (‘AGM’) held

AGM	Financial	Date and Time	Venue of the AGM
	Year
70th	2020-2021	August 19, 2021 at	Annual General Meeting conducted through Video Conferencing
		3.00 p.m	/ Other Audio Visual Means. Deemed venue was the Registered ofce of the Company at Pfzer Limited, The Capital, 1802 / 1901,
			Plot No. C – 70, G Block, Bandra Kurla Complex, Bandra (East),
			Mumbai 400 051.
69th	2019-2020	September 4, 2020 at	Annual General Meeting conducted through Video Conferencing
		3.00 p.m	/ Other Audio Visual Means. Deemed venue was the Registered ofce of the Company at Pfzer Limited, The Capital, 1802 / 1901,
			Plot No. C – 70, G Block, Bandra Kurla Complex, Bandra (East),
			Mumbai 400 051.
68th	2018-2019	August 9, 2019 at	Yashwantrao Chavan Pratishthan Auditorium, General Jagannath
		3.00p.m	Bhosale Marg, Next to Sachivalaya Gymkhana, Mumbai - 400 021.

All the resolutions set out in the respective Notices were passed by the requisite majority of the members.

(b) Special Resolutions passed at the last three Annual General Meetings

Four Special Resolutions were passed at the 68[th] Annual General Meeting held on August 9, 2019, which were as follows:

1) Re-appointment of Mr. R. A. Shah (DIN: 00009851) as an Independent Director of the Company for a term of 5 years effective November 10, 2019.
2) Re-appointment of Mr. Pradip Shah (DIN: 00066242) as an Independent Director of the Company for a term of 5 years effective November 10, 2019.
3) Re-appointment of Mr. Uday Khanna (DIN: 00079129) as an Independent Director of the Company for a term of 5 years effective November 10, 2019.
4) Re-appointment of Mr. Sunil Lalbhai (DIN: 00045590) as an Independent Director of the Company for a term of 5 years effective February 14, 2020.
(c) Passing of Special Resolutions by Postal Ballot

During the year under review, there was no special resolution required to be passed through postal ballot.

None of the Resolutions proposed for the ensuing Annual General Meeting is required to be passed by Postal Ballot.

VI. OTHER DISCLOSURES

(a) Related party transactions

The Company has not entered into any materially significant related party transactions with its Promoters, Directors or Management, their subsidiaries or relatives, etc. that may have potential conflict with the interests of the

Company at large. The Company has disclosed details of material transactions with related parties to the BSE Limited and the National Stock Exchange of India Limited along with the compliance report on corporate governance.

The Company has formulated and adopted a policy on dealing with related party transactions and same is displayed under the Investor Relations section on the Company’s website ‘www.pfizerltd.co.in’. The weblink for the Policy is https://www.pfizerltd.co.in/ files/Related-Party-Transaction-Policy.pdf The Company has received disclosures from the senior managerial personnel confirming that they have not entered into any material, financial and commercial transactions in which they or their relatives may have a personal interest.

Transactions with the related parties as per requirements of Indian Accounting Standard 24 are disclosed in Note 40 to the financial statements in the Annual Report and they are not in conflict with the interest of the Company at large.

The Audit Committee has reviewed the related party transactions as mandatorily required under relevant provisions of the Listing Regulations. The said transactions are in the ordinary course of business and at arm’s length basis. The Company had taken omnibus approvals for indicative transactions proposed during the financial year ended March 31, 2022.

(b) Compliances by the Company

The Company has complied with the requirements of the Stock Exchanges, SEBI and other statutory authorities on all matters relating to capital markets during the last three years. No penalties or strictures have been imposed on the Company by the Stock Exchanges, SEBI or other statutory authorities relating to the above.

Pfizer Limited

(c) Code of Conduct

The Company is committed to conducting its business in conformity with ethical standards and applicable laws and regulations. This commitment stands evidenced by the Model Code of Conduct adopted by the Board of Directors at their meeting held on December 30, 2004 which is applicable to each member of the Board of Directors and Senior Management of the Company.

The Company has received confirmations from all the Directors and Senior Management of the Company regarding compliance with the said Code for the financial year under review. A certificate from Mr. S. Sridhar, Managing Director to this effect forms part of this Report. The said Code is also displayed under the Investor Relations section on the Company’s website www.pfizerltd.co.in

(d) Whistle Blower / Vigil Mechanism

The Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviours, actual or suspected fraud or violation of the Company’s code of conduct or ethics policy. The said Mechanism provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. No person has been denied access to the Audit Committee.

The e-mail ID for reporting genuine concerns is [email protected]. In appropriate and exceptional cases, concerns may be raised directly to the Chairperson of the Audit Committee at: [email protected]

(e) Risk Management framework

The Company has in place a mechanism to inform the Risk Management Committee and the Board about the risk assessment and minimization procedures and periodical review to ensure that management controls risk through means of a properly defined framework. The Company has formulated and adopted Risk Management Policy to prescribe risk assessment, management, reporting and disclosure requirements of the Company.

(f) Management Discussion and Analysis

The Management Discussion and Analysis forms a part of the Board’s Report. All matters pertaining to industry structure and developments, opportunities and threats, segment-wise/teamwise performance, outlook, risks and concerns, internal control systems and adequacy, discussion on financial and operational performance and material developments in human resources are discussed in the said Report

(g) Adherence to Indian Accounting Standards

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 notified under Section 133 of the Companies Act, 2013 (“the Act”) and other relevant provisions of the Act. Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy in use.

(h) Board Diversity

The Company recognizes that a Board composed of appropriately qualified members with a broad range of experience relevant to the business is important for effective corporate governance and sustained commercial success. The Company believes that it has a truly diverse Board which leverages on the skills and knowledge, industry or related professional experience, age and gender, which helps the Company to retain our competitive advantage. The Board has adopted the Board Diversity Policy to recognize the benefits of a diverse Board and to further enhance the quality of participation and performance.

(i) Familiarization Program for Independent Directors

The Company has in place a Familiarization Program for Independent Directors to provide insights into the Company to enable the Independent Directors to understand its business in depth and contribute significantly to the Company’s success. The Executive Directors / Senior Management makes presentations periodically to familiarize the Independent Directors with the strategy, operations and functions of the Company.

The Company also circulates news and articles related to the industry and provides specific regulatory updates to the Independent Directors on a regular basis. The Company has devised and adopted a policy on Familiarization Program for Independent Directors and has uploaded the same on the Company’s website ‘www.pfizerltd.co.in’. The weblink for the Policy and details of the Familiarization Programmes imparted to the Independent Directors during the financial year under review is https://www. pfizerltd.co.in/files/familiarizationprogram_ forids_pfizer.pdf

(j) Performance Evaluation Criteria for Independent Directors

The Company has devised a performance evaluation framework and policy, which sets a mechanism for the evaluation of the Independent Directors. Performance evaluation of the Independent Directors was carried out through an evaluation program in terms of the aforesaid performance evaluation framework and policy.

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

(k) Transfer of shares to Ministry of Corporate INVESTOR EDUCATION AND Affairs PROTECTION FUND (‘IEPF’) Account

The details in respect of the transfer of shares to the MCA’s IEPF Account pursuant to Section 124 of the Companies Act, 2013 and (“the Act”) read with Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Rules, 2016 and the Investor Education and Protection Fund Authority (Accounting, Audit, Transfer and Refund) Amendment Rules, 2017 and other applicable provisions of the Act, if any, are provided in Note No. 5 to the Notice of the 71[st] Annual General Meeting of the Company.

(l) Transfer of shares to Unclaimed Suspense Account

The details in respect of the shares held by the Company in its unclaimed suspense account are provided in Note No. 7 to the Notice of the 71[st] Annual General Meeting of the Company.

(m) Dividend Distribution Policy

In terms of the provisions of Regulation 43A of the SEBI Listing Regulations, the dividend distribution policy for determining the parameters and factors to be considered for declaration of dividend is available on the website of the Company at ‘www.pfizerltd.co.in’ under Investor Relations section under Policies and Procedures Tab.

(n) Policy on criteria for determining materiality of events

In terms of the Regulation 30 of the SEBI Listing Regulations, the policy on criteria for determining materiality of events and ensuring timely and accurate dissemination of the material event/ information to the Stock Exchanges is available on the website of the Company at ‘www.pfizerltd.co.in’ under Investor Relations section under Policies and Procedures Tab.

(o) Code of conduct for dealing in Company’s securities

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015, your Company has framed a Code of Conduct for the designated persons for dealing in the securities of the Company.

(p) Code of practices and procedures for fair disclosure of unpublished price sensitive information

Pursuant to the SEBI (Prohibition of Insider Trading) Regulations, 2015 and amendments thereof, your Company has framed code of practices and procedures for fair disclosure of unpublished price sensitive information. The same is available on the website of the Company at ‘www.pfizerltd.co.in’ under Investor Relations section under Policies and Procedures Tab.

(q) Archival Policy for website content

In terms of the Regulation 30 of the SEBI Listing Regulations, the Company has formulated a policy on maintaining and preserving timely and

accurate records uploaded on the website of the Company. The same is available on the website of the Company at ‘www.pfizerltd.co.in’ under Investor Relations section under Policies and Procedures Tab.

(r) Disclosures in the relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013:

	Number of complaints fled during the fnancialyear 2021-22	1
	Number of complaints disposed of duringthe fnancialyear 2021-22 Number of complaints pending as on end of the fnancialyear 2021-22	1 Nil

(s) Mandatory Requirements

The Company is fully compliant with all the mandatory requirements stipulated under the provisions of the Listing Regulations, as amended from time to time. The adoption of non-mandatory requirements is provided in this Report.

(t) The Company does not deal in commodity(ies) and hence disclosure relating to commodity price risks and commodity hedging activities does not apply to the Company.
(u) The Company has not raised any funds through preferential allotment or Qualified Institutional Placement for the financial year ended March 31, 2022.
(v) The Company has not granted Loans/Advances to any firms/companies in which its Directors are interested.
(w) The Company has paid `1.06 Crore as total fees for all services provided by Walker Chandiok & Co. LLP, Statutory Auditors of the Company for the financial year under review.
(x) There has been no instance of any Non-Compliance with the requirements of Corporate Governance Report under Sub para (2) to (10) of Part C of Schedule V to the Listing Regulations.

VII. MEANS OF COMMUNICATION

Financial Results

The quarterly, half-yearly and annual financial results are generally published in ‘Business Standard’ and ‘Sakal’. The results are displayed under the Investor Relations section on the Company’s website ‘www.pfizerltd.co.in’ shortly after its submission to the Stock Exchanges.

Presentation to Institutional Investors / Analysts

No tele-conference was held with Institutional Investors / Analysts during the year under review. The official news releases are displayed under the Investor Relations section on the website of the Company.

Pfizer Limited

VIII. GENERAL SHAREHOLDER INFORMATION

Date, Day, Time and Venue of the Annual General Meeting
Date : August 26, 2022
Day : Friday Time : 3.00 p.m.
Venue : Through Video Conference / Other Audio Visual Means as set out in Notice convening the Annual General Meeting

Financial Year

The financial year of the Company is from 1[st] April to 31[st] March. Financial Calendar (Tentative)

First Quarter Results August 5, 2022 Second Quarter Results On or before November 14, 2022 Third Quarter Results On or before February 14, 2023 Fourth Quarter Results and On or before May 29, 2023 Annual Results

the close of business hours on Friday August 19, 2022;

ii. To all Members in respect of shares held in physical form as per the Register of Members as may be made available by the Company’s Registrar and Share Transfer Agent as of the close of business hours on Friday, August 19, 2022.

Listing on Stock Exchanges

The Company is listed on the following

BSE Limited National Stock Exchange of India Limited 1 Floor, P. J. Towers, Exchange Plaza, 5[th] Floor, Plot Dalal Street, Fort, No. C/1, G Block, Bandra-Kurla Mumbai - 400 001. Complex, Bandra (E), Mumbai - 400 051

The annual listing fees have been paid and there is no outstanding payment towards the Stock Exchanges, as on date.

Record Date

August 19, 2022 (Friday)

Dividend Payment Date

The Board of Directors at its meeting held on May 20, 2022 recommended a dividend of `35/(350%) per equity share for the financial year ended March 31, 2022. The said dividend for the financial year ended March 31, 2022, as recommended by the Board of Directors of the Company, if approved at the Annual General Meeting, will be paid to the Members on or before September 23, 2022 as under:

i. To all Beneficial Owners in respect of shares held in dematerialized form as per the data as may be made available by the National Securities Depository Limited (NSDL) and the Central Depository Services (India) Limited (CDSL) as of

Stock Code

BSE Limited - 500680

The National Stock Exchange of India Limited - PFIZER EQ

International Securities Identification Number (ISIN)

The Company’s scrip form part of the SEBI’s Compulsory Demat Segment bearing ISIN INE182A01018.

Corporate Identity Number (CIN)

The Company’s CIN, allotted by the Ministry of Corporate Affairs, Government of India, is L24231MH1950PLC008311. The Company is registered at Mumbai in the State of Maharashtra, India.

All Shareholders’ correspondence should be addressed to KFin Technologies Limited, the Registrar and Transfer Agent of the Company or to the Secretarial Department of the Company at the following addresses:

Registrar and Share Transfer Agent Address Registered Office Address KFin Technologies Limited Pfizer Limited (Formerly known as KFin Technologies Private The Capital, 1802/1901, Plot No. C-70, G Block, Limited) Bandra Kurla Complex, Bandra (East), Mumbai 400 051. UNIT: PFIZER LIMITED Contact person: Mr. Prajeet Nair Selenium Tower B, Plot No 31 & 32, Gachibowli Tel: +91 22 6693 2000; Fax: +91 22 2654 0274 Financial District, Nanakramguda, Email ID: [email protected]; [email protected] Serilingampally, Hyderabad, Telangana – 500032. Website: www.pfizerltd.co.in. Contact person: Mr. Premkumar Nair L24231MH1950PLC008311 Tel: 040 6716 2222 TOLL FREE NO.: 1800-309 -4001 E-mail ID: [email protected]

Share Transfer System

The Board has authorized Board Administrative & Share Transfer Committee to approve / authorize matters relating to share transfers / transmission, issue of duplicate shares, etc. At each Board Meeting, the Directors are apprised of the details of transfer / transmission / issue of duplicate shares authorized by the Board Administrative & Share Transfer Committee. The Company’s Registrars, KFin Technologies Limited has adequate infrastructure to process shares related requests. In terms of amended Regulation 40 of Listing Regulations w.e.f April 1, 2021 transfer of securities in physical

Annual Report 2021-22

Statutory Reports Financial Statements

Corporate Overview

form shall not be processed unless the securities are held in the demat mode with a Depository Participant thus, the Company stopped accepting request for transfer of shares in physical mode. Further, with effect from 24[th] January, 2022, SEBI has made it mandatory for listed companies to issue securities in demat mode only while processing any investor service requests viz. issue of duplicate share certificates, exchange/sub-division/ splitting/consolidation of securities, transmission/ transposition of securities.

Dematerialization requests are processed within 21 days from the date of receipt, to give credit of the shares through the Depositories. In compliance with the Listing Agreement with the Stock Exchanges and the Listing Regulations, a Practicing Company Secretary audits the System of Transfer annually and a Certificate to that effect is issued.

MARKET PRICE DATA*

The High and Low prices of the Company’s share (of the face value of `10/- each) for the financial year under review are

The High and Low prices of the Company	’s share (of the face value of`10/- each) for the fnancial year under review are
Month and Year	BSE Limited The National Stock of India Limited
	High (`)<br>Low (`) High (`)<br>Low (`)
April 2021	5680.00 4517.65 5680.00 4510.00
May2021	5495.00 5090.65 5690.00 5089.00
June 2021	5738.10 5117.25 5740.00 5120.00
July2021	6107.65 5508.60 6105.00 5504.00
August 2021	6010.95 5590.60 6014.00 5592.00
September 2021	6164.80 5555.60 6175.00 5555.50
October 2021	5741.35 4920.00 5744.00 4918.00
November 2021	5430.00 4887.05 5435.00 4880.70
December 2021	5230.00 4786.15 5250.00 4785.05
January2022	5170.00 4413.00 5170.00 4410.00
February2022	4800.00 4162.50 4662.60 4180.00
March 2022	4586.00 4211.20 4591.40 4187.30

Source: BSE and NSE Websites.

PERFORMANCE OF PFIZER SHARE PRICE TO BROAD BASED INDEX - BSE SENSEX, NIFTY (INDEXED)

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Pfizer^
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^ Pfizer share price on BSE

Pfizer Limited

DISTRIBUTION OF SHAREHOLDING

(a) Shareholding Pattern as on March 31, 2022:

RIBUTION OF SHAREHOLDING Shareholding Pattern as on March 31, 2022:
Category of Shareholder	Number of	Percentage of
	Shares	Shareholding
Promoters
Pfzer East India B.V., Netherlands	18186334	39.75
Wyeth LLC, USA	5617707	12.28
Wyeth Holdings Corporation, USA	1630164	3.56
Warner-Lambert Company LLC, USA	1187163	2.60
Parke, Davis & Company LLC, USA	955733	2.09
John Wyeth & Brother Ltd, UK	882000	1.93
Pharmacia Corporation, USA	783941	1.71
Sub-Total	29243042	63.92
Non-Promoters
Qualifed Institutional Buyer	2969407	6.49
Mutual Funds/UTI	3634293	7.94
Financial Institutions/Banks	7502	0.02
Insurance Companies	278205	0.61
Foreign Institutional Investors	1004375	2.20
Bodies Corporate	1371559	3.00
Individuals	6648896	14.53
Directors & Relatives	2477	0.01
Trusts	1458	0.00
Foreign Bodies Corporate	310	0.00
Non-resident Indians	229687	0.50
Clearing Members	11782	0.03
NBFC	744	0.00
MCA IEPF Account	343995	0.75
Sub-Total	16504690	36.08
Total	45747732	100.00

(b) Class-wise Distribution of Equity Shares as on March 31, 2022:

Class-wise Distribution of Equity Shar	es as on March 31, 2	022:
Number of Equity Share Holding	Number of	Percentage of	Number of	Percentage of
	Shareholders	Shareholders	Shares	Shareholding
1-50	103210	79.74	1365095	2.98
51-100	11900	9.19	942953	2.06
101-500	12621	9.75	2501734	5.47
501-1000	1045	0.81	745662	1.63
1001-5000	547	0.42	1046232	2.29
5001-10000	40	0.03	288114	0.63
10001 & Above	82	0.06	38857942	84.94
Total	129445	100.00	45747732	100.00

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Corporate Overview Statutory Reports Financial Statements

Dematerialization of Shares and Liquidity

The shares of the Company form part of the Compulsory Demat Segment. The Company has established connectivity with both the Depositories viz., National Securities Depository Limited (NSDL) and Central Depository Services (India) Limited (CDSL) through its Registrars & Share Transfer Agents, M/s. KFin Technologies Limited.

As on March 31, 2022, the number of shares held in dematerialized and physical mode are as under:

Number of Equity Share Holding	Number of	Percentage to	Number of	Percentage
	Shares	total capital	Shareholders	to total number
		issued		of shareholders
Held in dematerialized mode in NSDL	43348695	94.76	68,655	53.04
Held in dematerialized mode in CDSL	1907333	4.17	52,286	40.40
Sub-Total (dematerialized mode)	45256028	98.93	120,941	93.44
Physical mode	491704	1.07	8,504	6.56
Total	45747732	100.00	1,29,445	100.00

Outstanding GDRs/ADRs/Warrants or any convertible instruments, etc.

As on date, the Company has not issued these types of securities.

Foreign exchange risk and hedging activities

The Company does not have any material foreign exchange exposure and is not involved into hedging activities.

Plant Location

i. Plot No. L-137,
Phase III, Verna Industrial Estate,
Verna – 403 722, Goa
ii. Thane Belapur Road*
KU Bazar Post
Navi Mumbai - 400 705

*During the financial year ended March 31, 2016, the Company had entered into an agreement for sale of Business Undertaking at the Thane plant.

Credit Rating

The Company has not obtained any credit rating for the financial year ended March 31, 2022.

As per Clause 13 of Part C of Schedule V to the Listing Regulations, the Company has made disclosures of the compliance with corporate governance requirements specified in Regulation 17 to 27 and Clauses (b) to (i) of Sub-regulation (2) of Regulation 46 on the website of the Company – ‘www.pfizerltd.co.in’.

Ix. NON-MANDATORY REQUIREMENTS

The Board

The Chairman of the Board does not maintain a Chairman‘s office at the Company’s expense.

Shareholders’ Rights

The half-yearly financial results are published in the newspapers as mentioned above and also they are displayed under the Investor Relations section on the Company’s website ‘www.pfizerltd.co.in’. Therefore, the results were not separately circulated to all shareholders.

Modified opinion(s) in Audit Report

The Company has its financial statements for the financial year ended March 31, 2022 with unmodified audit report.

Separate posts of Chairperson and Chief Executive Officer

Mr. Pradip Shah, Non-Executive Independent Director is the Chairman and Mr. S. Sridhar is the Managing Director and Chief Executive Officer of the Company.

Reporting of Internal Auditor

The Internal Auditor presents the Internal Audit and Remediation Status report on a quarterly basis to the Audit Committee and satisfactorily addresses the queries/ clarifications sought by the Committee.

For and on behalf of the Board of Directors

Pradip Shah Chairman Mumbai, May 20, 2022 DIN: 00066242

Pfizer Limited

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ANNExURE 1

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, PFIZER LIMITED CIN: L24231MH1950PLC008311 The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Maharashtra, Mumbai – 400051.

I have examined the relevant registers, records, forms, returns and disclosures received from the Directors of PFIZER LIMITED having CIN: L24231MH1950PLC008311 and having registered office at The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (East), Maharashtra, Mumbai – 400051 (hereinafter referred to as ‘the Company’), produced before me 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 and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015.

In my opinion and to the best of my 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 me by the Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the Financial Year ending on 31[st] March, 2022 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.

Sr.	Name of Director	DIN	Date of appointment
No.			in Company*
1	PradipPanalal Shah	00066242	07/12/1999
2	UdayChander Khanna	00079129	21/05/2012
3	Sunil Siddharth Lalbhai	00045590	14/02/2015
4	Meena Ganesh	00528252	08/03/2019
5	Sridhar Subramaniam	05162648	14/05/2013
6	Milind Anil Patil	02546815	14/11/2018
7	Samir Salauddin Kazi	07184083	14/02/2020

the date of appointment is as per the MCA Portal.

Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the management of the Company. My responsibility is to express an opinion on these based on my 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 Saraf & Associates Practising Company Secretaries

Place : Mumbai Date : May 20, 2022 UDIN : F001596D000358282

K.G. SARAF Proprietor FCS: 1596 | CP: 642 FRN. S1988MH004801 PR. 1003/2020

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Corporate Overview Statutory Reports Financial Statements

DECLARATION BY THE MANAGING DIRECTOR UNDER REGULATION 26 OF THE SEBI (LISTING OBLIGATIONS AND DISCLOSURE REQUIREMENTS) REGULATIONS, 2015, REGARDING COMPLIANCE WITH CODE OF CONDUCT

In accordance with Regulation 26 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, I hereby confirm that, all the Directors and the Senior Management personnel of the Company have affirmed compliance with the Code of Conduct, as applicable to them, for the financial year ended March 31, 2022.

For Pfizer Limited

Mumbai, May 20, 2022

S. Sridhar Managing Director DIN: 05162648

Pfizer Limited

103

INDEPENDENT AUDITOR’S CERTIFICATE ON CORPORATE GOVERNANCE TO THE MEMBERS OF PFIZER LIMITED

This certificate is issued in accordance with the terms of our engagement letter dated 08 October 2021.
We have examined the compliance of conditions of corporate governance by Pfizer Limited (‘the Company’) for the year ended on 31 March 2022, as stipulated in Regulations 17 to 27, (to the extent applicable) 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 (the ‘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

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.
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

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 2022.
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

Ashish Gupta Partner Place: New Delhi Membership No.: 504662 Date: 20 May 2022 UDIN: 22504662AJHUOE4900

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Corporate Overview Statutory Reports Financial Statements

ANNExURE-H

BUSINESS RESPONSIBILITY REPORT

SECTION A: GENERAL INFORMATION ABOUT THE COMPANY

Sr. No. Particulars	Information
1. Corporate Identity Number (CIN) of the Company	L24231MH1950PLC008311
2. Name of the Company	Pfzer Limited
3. Registered Address	The Capital, 1802 / 1901, Plot No. C – 70, G Block, Bandra-Kurla Complex, Bandra (East), Mumbai 400 051
4. Website	www.pfzerltd.co.in
5. E-mail id	[email protected]
6. Financial Year Reported	April 1,2021 – March 31,2022
7. Sector(s) that the Company is engaged in (industrial activitycode-wise)	Pharmaceuticals – NIC Code – 21002
8. List three key products/services that the Company manufactures/markets/provides:	1. Prevenar 13
	2. Becosules
	3. Magnex Forte 3g
9. Total number of locations where business activity is undertaken bythe Company:
i. Number of International Locations	Nil
ii. Number of National Locations	• The Company’s manufacturing plant is located in Goa
	• Registered Ofce(Corporate Ofce)is located in Mumbai
	• Five regional ofces located in New Delhi, Kolkata, Chennai, Hyderabad and Lucknow.
	• 20 distribution locations across the nation
10. Markets served by the Company – Local/ State/National/International	• PAN India
	• The Company also exports certain products to the following international locations:
	1. Sri Lanka
	2. Nepal
	3. Bangladesh
SECTION B: FINANCIAL DETAILS OF THE COMPANY
Sr. No. Particulars	Information
1. Paid up Capital	`45.75 Crore as on March 31, 2022
2. Total Turnover (Sale ofproducts)	`2,530.28 Crore for theyear ended March 31,2022
3. Totalproft after taxes	`612.56 Crore for theyear ended March 31,2022
4. Total Spending on Corporate Social Responsibility (CSR) aspercentage ofproft after tax (%)	`13.48 Crore (2.20% of the Proft after Tax) for the year ended March 31,2022
5. List of activities in which expenditure in 4 above has been incurred:	The CSR spent for the year under review includes mainly the following:
	1. Magnex Forte 3gProduct Donation(Covid-19 relief)
	2. Yamuna Sports Complex – Covid Care Centre
	3. Pfzer Indovation Program
	4. Project Aastha Cancer Care Physical Helpdesk – Doctors for you
	5. Pfzer Tata Trusts Cancer Care Project
	For details please refer to the CSR section and Annexure A of the Board’s Report of the Company.

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SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/Companies?

The Company does not have any Subsidiary Company.

2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the number of such subsidiary company(s).

Not Applicable.

3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BRR initiatives of the Company. If yes, then indicate the percentage of such entity/entities? [Less than 30%, More than 60%]

Pfizer’s Code for Business Conduct – ‘The Blue Book’ - contains the basic principles and rules with respect to the Business Responsibility (‘BR’) initiatives. The principles of the said Blue Book are extended to all its business associates who do business with the Company. While the business associates do not directly participate in the business responsibility initiatives of the Company, they are encouraged to adopt these principles.

SECTION D: BR INFORMATION

1. Details of Director responsible for BR

(a) Details of the Director responsible for implementation of the BR policy/policies:

Sr.	Particulars	Details
No.
1.	DIN	05162648
2.	Name	Mr. S. Sridhar
3.	Designation	ManagingDirector
Details of the BR head:
Sr.	Particulars	Details
No.
1.	DIN (if applicable)	05162648
2.	Name	Mr. S. Sridhar
3.	Designation	ManagingDirector
4.	Telephone number	022 6693 2000
5.	E-mail id	[email protected]

(b) Details of the BR head:

2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)

Sr. No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
		Business Ethics, Transparency and Accountability	Product Life Cycle Sustainability	Employees’ well- being	Stakeholders’ Welfare	Human Rights	Environment	Public and Regulatory Policy	Inclusive Growth and Equitable Development	Customer Responsibility
1.	Do you have policy/policies for....	Y	Y	Y	Y	Y	Y	Y	Y	Y
		The Company is guided by “The Blue Book - Summary of Pfzer Policies on Business Conduct” of its parent company, Pfzer Inc., USA. The Blue Book along with Company’s local policies covers all the above 9 principles.

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			Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements	Corporate Overview Statutory Reports Financial Statements

Sr. No.	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
		Business Ethics, Transparency and Accountability	Product Life Cycle Sustainability	Employees’ well- being	Stakeholders’ Welfare	Human Rights	Environment	Public and Regulatory Policy	Inclusive Growth and Equitable Development	Customer Responsibility
2.	Has the policy being formulated in consultation with the relevant stakeholders?	Y	Y	Y	Y	Y	Y	Y	Y	Y
		The Blue Book and local policies adopted by the Company are formulated keeping in mind the best global ethical, regulatory and environmental practices and after due consultation with relevant stakeholders.
3.	Does the policy conform to any national / international standards? If yes, specify? (50 words)	Y	Y	Y	Y	Y	Y	Y	Y	Y
		Pfzer’s Blue Book represents one of the best global ethical, regulatory and environmental practices. Further, the local policies adopted by the Company meet with the local regulatory requirements.
4.	Has the policy being approved by the Board? If yes, has it been signed by MD/Owner/CEO/ appropriate Board Director?	Y	Y	Y	Y	Y	Y	Y	Y	Y
		The Board of Directors of the Company have adopted “The Blue Book - Summary of Pfzer Policies on Business Conduct” of Pfzer Inc, its Parent Company.
5.	Does the Company have a specifed committee of the Board/ Director/Ofcial to oversee the implementation of the policy?	Y	Y	Y	Y	Y	Y	Y	Y	Y
6.	Indicate the link for the policy to be viewed online?	https://www.pfzerltd.co.in/fles/pfzerincbluebook.pdf
7.	Has the policy been formally communicated to all relevant internal and external stakeholders?	Y	Y	Y	Y	Y	Y	Y	Y	Y
8	Does the Company have in-house structure to implement the policy/ policies?	Y	Y	Y	Y	Y	Y	Y	Y	Y
9.	Does the Company have a grievance redressal mechanism related to the policy/policies to address stakeholders’ grievances related to the policy/policies?	Y	Y	Y	Y	Y	Y	Y	Y	Y
		The Company has established a Whistle Blower / Vigil Mechanism. The Company also has separate process to report adverse event reporting and other product related complaints.
10.	Has the Company carried out independent audit/ evaluation of the working of this policy by an internal or external agency?	The Company’s Secretarial Auditor has conducted a review of the BRR related compliances and working of the policies. There are no qualifcations or adverse remarks in the Secretarial Audit Report with respect to the BRR of the Company. Periodic reviews are carried out by the Company on the working of the Policies and annual refresher training is provided to the employees.

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2a. If answer to Sr. No. 1 against any principle, is ‘No’, please explain why: (Tick up to 2 options)

Sr. No	Questions	P1	P2	P3	P4	P5	P6	P7	P8	P9
1.	The Company has not understood the Principles	NA	NA	NA	NA	NA	NA	NA	NA	NA
2.	The Company is not at a stage where it fnds itself in a position to formulate and implement the policies on specifed principles	NA	NA	NA	NA	NA	NA	NA	NA	NA
3.	The Company does not have fnancial or manpower resources available for the task	NA	NA	NA	NA	NA	NA	NA	NA	NA
4.	It is planned to be done within next 6 months	NA	NA	NA	NA	NA	NA	NA	NA	NA
5.	It is planned to be done within next 1 year	NA	NA	NA	NA	NA	NA	NA	NA	NA
6.	Any other reason (please specify)	NA	NA	NA	NA	NA	NA	NA	NA	NA

3. Governance related to BR

Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of the Company. Within 3 months, 3-6 months, Annually, More than 1 year

The frequency of assessment of BR performance by the Board of Directors is on an annual basis.

Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is published?

The Company has published its Business Responsibility Report for financial year ended March 31, 2022, which forms part of the Annual Report. The same is also available on the Company’s website at www.pfizerltd.co.in

SECTION E: PRINCIPLE-WISE PERFORMANCE

Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and Accountability:

Conducting ourselves with integrity helps us earn the trust and respect of the people we serve. At Pfizer, it is the first and foremost responsibility of each employee to abide by the Company’s policies on business conduct. Each employee must comply not only with the letter of these policies but also with their spirit. Our policies are reviewed annually to ensure that they meet or exceed evolving legal standards and societal expectations.

1. Does the policy relating to ethics, bribery and corruption cover only Company? Yes/No. Does it extend to the Group / Joint Ventures / Suppliers / Contractors / NGOs / Others?

The Company is guided by the policies enshrined in the Blue Book with respect to ethics, bribery and corruption. These are applicable not only to the Company but also to the business associates who do business with the Company.

2. How many stakeholders’ complaints have been received in the past financial year and what % was satisfactorily resolved by the management? (if so, provide details thereof, in about 50 words or so) - 74 complaints were received during the financial year ended March 31, 2022 from the stakeholders. 71.6% of these were satisfactorily resolved. Internal review is still ongoing for the pending items.

Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle

1. List up to 3 products or services whose design has incorporated social or environmental concerns, risks and/or opportunities:

During the year under review, your Goa plant had modified the Granulation process for Wysolone Tablets by incorporating new higher capacity blender with features for online sifting and transfer of powder under vacuum. This initiative enabled an increase in Batch size by 2.5 times.
1) Minimized the manual intervention in process
2) Reduction in sifting & blender charging time
3) Maintenance of contained & dust free environment. 4) Reduction of testing chemicals - annual projected savings of approx. `50 lakhs

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2. Product wise details in respect of resource use (energy, water, raw materials etc.) per unit of product:

Sr.	Product	RM used	Energy	Water used
No.		per unit	used per	per Million
		of product	Million	Tablets
		(mg)	Tablets (KWH)	(LITER)
1	All Products	Average	1545.5	6.68
	2021-22	125.68
2	All Products	Average	1573.8	7.03
	2020-21	131.11

(i) Reduction during sourcing/production/ distribution achieved since previous year throughout the value chain?

This year the consumption of Electrical Energy (Purchased & generated through Diesel Generator) in 2021-22 has increased by 2.8% over 2020-21 while the Goa Plant has produced 9% more volumes in 2021-22 over previous year thereby reducing the net energy required to produce per million tablet by 2%.

Your Goa plant continued its journey towards Green Energy and completed Phase-III & PhaseIV Solar project during this year. Site’s solar power generation had gone up by 2.7 times. A total of 345 MWH of electrical energy generated through Solar power system is consumed in Manufacturing activity.

(ii) Reduction during usage by consumers (energy / water) has been achieved since the previous year?

Your Goa plant has reduced Electrical Energy & Water consumption per Million of Tablet produced by 2% and 5% respectively.

The Goa Plant has increased its solar power generation capacity and it continues to emphasize focus on Green Energy Projects.

3. Does the Company have procedures in place for sustainable sourcing (including transportation)? If yes, what % of the inputs were sourced sustainably? (provide details in about 50 words or so)

The Company conducts periodic assessment of supplier sites and supports efforts of suppliers to improve their Environment Health and Safety practices & sustainability

4. What are the steps taken to procure goods and services from local and small producers, including communities surrounding their place work? If yes, what steps have been taken to improve their capacity and capability of local and small vendors?

Your Goa plant procures goods and services from local and small manufacturers and service providers located near to Goa Facility. The business associates

who do business with the Company are covered under Company’s policies and evaluated periodically for Environment, Health and Safety practices and compliances. This helps your Company to ensure maintaining sustainability with the business associates to ensure business continuity and availability of the products to our stakeholders.

5 What is the Mechanism to recycle products and waste?

Yes/No (if yes, what is the percentage of recycling of products and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words)

Recycling of Pharmaceutical products is not permitted.

Your Goa Plant generates four types of waste namely Hazardous, Non-Hazardous, Waste Water & Canteen Waste.

Wastewater is treated in inhouse Effluent Treatment Plant as per norms prescribed by Local Pollution Control Authority and 100% of the treated water is utilized for Gardening purpose. No wastewater is discharged outside the Plant premises.

Waste food generated from the Canteen facility is treated by inhouse Organic Composting machine and the end product is used as Garden manure.

All Hazardous waste is sent for incineration, while all non-hazardous Waste is recycled by respective authorized vendors.

Principle 3: Businesses should promote the well-being of all employees

1. Total number employees:

We have 2,285 employees as on March 31, 2022.

2. Total number of employees hired on temporary/ contractual/casual basis:

We have 225 employees which were hired on contractual basis.

3. Total number of permanent women employees:

We have 300 permanent women employees.

4. Number of permanent employees with disabilities: NIL

5. Does the organization have an employee association recognized by Management?

Yes, we have employee association at our Plant locations in Goa and Thane and field colleagues in Women Healthcare.

6. What % of permanent employees as the members of such employee association?

5.25% of the permanent employees are members of recognized employee association.

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7. Please indicate the Number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last financial year and pending, as on the end of the financial year:

Sr. No.	Category	No. of complaints fled	No. of complaints pending
		during the fnancial year	as on end of the fnancial year
1.	Child labour /	NIL	NIL
	forced labour /
	involuntarylabour
2.	Sexual	1	NIL
3.	harassment Discriminatory employment	NIL	NIL

8. What % of permanent employees, permanent women employees, casual/temporary/contractual employees and employees with disabilities were given safety & skill up-gradation training in the last year?

Not Applicable

Principle 4: Businesses should respect the interests of, and be responsive towards all stakeholders, especially those who are disadvantaged, vulnerable and marginalized

1. Has the Company mapped its internal and external stakeholders? (Yes/No)

Yes, we have mapped our internal and external stakeholders.

2. Has the Company identified the disadvantaged, vulnerable and marginalized stakeholders?

Yes, we have identified the disadvantaged, vulnerable and marginalized stakeholders.

3. Are there any special activities taken by the company to engage with the disadvantaged, vulnerable and marginalized stakeholders? (if so, provide details thereof, in about 50 words or so)

Yes. The company has undertaken several activities which includes disaster relief through donation of medicines to various healthcare institutions across India.

Principle 5: Businesses should respect and promote Human Rights

1. Does the Company’s policy on Human Rights extend to the Group/Joint Ventures/Suppliers/ Contractors/NGOs/ Others?

Yes.

2. How many stakeholder complaints have been received in the past financial year and what % was satisfactorily resolved by the management?

29 complaints were received during the financial year ended March 31, 2022 from the stakeholders. 97% of these were satisfactorily resolved. 3% are still under internal review.

Principle 6: Business should respect, protect, and make efforts to restore the environment

1. Does the Company’s policy on protection of environment extend to the Group / Joint Ventures / Suppliers / Contractors / NGOs / Others?

Yes.

2. Do we have strategies/initiatives to address global environmental issues such as climate change, global warming, etc? (if yes, please give hyperlink for webpage)

Yes, Goa Plant has initiated many projects to address Global environmental issues. Some of the major contributing projects are:

a) 100% LED installation for lighting across the site resulting in less Energy consumption and Carbon footprint.
b) Decommissioning of Boilers & stoppage of Furnace oil usage.
c) Replacement of old Dehumidifiers by new generation Microprocessor based Dehumidifiers resulting in less energy consumption and Carbon footprint.
d) Installation of PV Solar plants & generated 345 MWH of Electrical power which is consumed in Manufacturing Activity. Total carbon footprint reduced due to Solar panels is 260 Tonnes.
e) Installation of High-speed manufacturing equipment to reduce lead time and energy usage.

3. Has the company identified and accessed potential environmental risks?

Yes, the Company has identified environmental risks and carried out impact assessment for all the operations carried out at the site and has adequate controls to mitigate all the potential environmental risks.

4. Does the Company have any project related to Clean Development Mechanism? (if yes, provide details thereof in 50 words and whether any environmental compliance report is filed)

Yes, your Goa plant site has developed a 5-year plan for installation of Solar Photo Voltaic panels every year. The Site has already installed 362 KWP Solar panels & 5 KWP Wind turbine in two phases till March 2022. During the period under review, the Site’s solar power generation had gone up by 2.7

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times. A total of 345 MWH of electrical energy generated through Solar power system is consumed in Manufacturing activity.

5. Has the company undertaken any other initiatives on – clean technology, energy efficiency, renewable energy, etc. (if yes, please give hyperlink for webpage)

Yes, your Goa plant has 5-year capital plan to replace key old machines used in core manufacturing to new energy efficient machines. Your Goa plant also continued its journey of Green Energy and completed four phases and completed installation of 362 KWP solar panels at site.

6. Are the Emissions/Waste generated within the permissible limits given by the CPCB/SPCB for the financial year being reported?

Yes, all the air emissions/ wastewater generation/ waste generation are within permissible limits given by the State Pollution Control Board. (SPCB).

7. Number of show cause/legal notices received from CPCB/ SPCB which are pending as on end of financial year?

No show cause/legal notices received from CPCB/ SPCB which were pending as on end of financial year.

Principle 7: Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner

1. Is the Company a member of any trade and chamber association? (if yes, name the major ones that your business deals with)

Yes.

Organization of Pharmaceutical Producers of India.
Federation of Indian Chambers of Commerce & Industry.
US-India Business Council.
US-India Strategic Partnership Forum.
Bombay Chamber of Commerce and Industry.

2. Has the Company advocated/lobbied through above associations for the advancement or improvement of public good? (if yes specify the broad areas – governance and administration, economic reforms, inclusive development policies, energy security, water, food security, sustainable business principles, others)

Company’s advocacy. Pfizer has been at the forefront of the advocacy conducted independently and under the aegis of the various industry associations, all aimed at development of the requisite ecosystem which would help achieve the business objectives while ensuring that our drugs/medicines reach the people who need them.

Advocacy is also focused on strengthening of the innovation eco-systems through policies that encourage the creation and deployment of intellectual property in the broader area for healthcare and further development of the National Health Policy framework.

Some examples of policy advocacy work includes:

Customs duty exemption for life saving drugs
Seeking support from the Government that encourages widespread participation of the private sector in strengthening national programs, such as Ayushman Bharat, Pradhan Mantri Jan Arogya Yojana, Ayushman Bharat Digital Mission and National Immunization Program.
Public Health Policies including increased awareness for vaccine preventable diseases such as Pneumonia, especially among adults.
Pricing policies including those relating to creation of a just and equitable Trade Margin Rationalization (TMR) regime and revision of NLEM
Regulatory policies to ensure ease of doing business and timely access of medical treatment to patients
Encouraging Healthcare innovations made in India that will impact larger public health.

Principle 8: Businesses should support inclusive growth and equitable development

1. Does the Company have specified programmes/ initiatives/projects in pursuit of this principle? (if yes, details thereof)

Your Company’s CSR purpose is to promote access to quality healthcare in the Country by nurturing innovations, encouraging community involvement of our employees and synergizing efforts in partnerships with government and other stakeholders for collective impact.

COVID-19 relief efforts in India:

Pfizer efforts during the pandemic includes

Yamuna Sports Complex Covid Care Centre (Doctors for You):

Yes.

Strengthening of public health systems, equitable access to the latest therapies, enhancing ease of doing business, creation of patient centric policies and development of a regulatory system in line with international best practices has been the focus of the

Yamuna Sports Complex Covid Care Centre (YSC CCC) provides Covid Care facility, running fever clinics, addressing Post Covid complications at the community areas and reaching out to vulnerable people in need of essential health care services at their doorstep through Mobile Medical Unit interventions.

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YSC CCC was started in the month of April, 2021 (during second wave of Covid-19). The centre managed around 20,000 mild to moderate symptomatic Covid patients out of which 43% belong to the Geriatric population. 50 double bedded Pediatric HDU, Pediatric ward and Child friendly space was added to the facility.

Magnex Forte 3g Product Donation for Covid 19 Relief (Americares India Foundation) :

Your Company donated around 11 Lakh vials of Magnex Forte 3g to Healthcare Institutions across India for use in the treatment of patients suffering from Covid-19.

Pfizer INDOvation Program:

Your Company created this unique incubation accelerator program with an aim to support, promote and reward healthcare innovations made in India. The program was launched in partnership with the Foundation for Innovation and Technology Transfer (FITT) at IIT Delhi, Social Alpha (FISE), Niti Aayog, AGNIi as the core partners for the program along with 10 other partners. Pfizer INDOvaton is an Advanced Holistic Support for Health Tech Innovations with focus on Oncology & Digital Health supporting 3 start-ups under each theme, especially, on their go-to-market strategy for 24 months in partnership with IIT Delhi and Social Alpha.

Interventions to combat AMR in India:

The key AMR strategy in India is to align with the Government’s National Action Plan (NAP). Pfizer Limited is working at national level to increase awareness and surveillance through AMS trainings through the ICMR partnership. At the national level, the AMS efforts range from trainings and guidance for AMS implementation in 120 smaller hospitals and nursing homes to end-to-end AMS solutions through 11 larger hospitals being the nodal bodies.

With Pfizer support, NGO Americares India Foundation (AIF) has implemented two distinct initiatives that aimed at reducing the spread of antimicrobial resistance in the country.

A flagship programme under this umbrella—Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting the development of a model for “Institutional Capacity Building” to deliver facilitybased IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India.

Additionally, Pfizer along with AIF launched an Online Learning Platform for healthcare workers to ensure that they have access to quality training on IPC across

India. The platform would be accessible free of cost with 6 certifications offered in five regional languages along with English and Hindi.

Pfizer-Tata Trusts’ Cancer Care program:

Pfizer, as a part of its CSR initiative, has partnered with Tata Trusts’ Special Purpose Vehicle, Alamelu Charitable Foundation (ACF) to address this issue. The program being implemented by ACF has four objectives:

Enhance access through Health and Wellness Kiosks
Spread awareness around early detection & palliative care through Community Outreach
Provide consistent high quality care using the virtual patient E-helpdesk
Make healthcare affordable

Pfizer’s CSR funding supporting four interventions of Cancer Care at healthcare establishments in Dibrugarh, Barpeta, Diphu, Silchar, Ranchi and Tirupati has enabled 1,50,000 individuals to avail of free screening and trained 12,000 plus healthcare workers.

Village Transformation Project:

Your Company, in partnership with BAIF, has embarked on a holistic village transformation intervention. The aim of the project is to transform the lives of the members of 500 households living in 7 hamlets of Kaulale village in Jawhar, Maharashtra, which has been adopted by Pfizer. The objective of the program is to:

i. Improve access and availability of drinking water all-round the year.
ii. Ensure access to nutrition, sanitation and healthcare facilities.
iii. Improve livelihood options through an increase in productivity and diversification.
iv. Create awareness regarding water and water conservations.

With these interventions, we hope to build sustainable, productive, healthier and self-sufficient communities in the region. Over 250 households have been benefited from the interventions. Planned activities include infrastructure support for four primary schools and three healthcare centres in the area and capacity-building of landless farmers and women self-help groups (SHGs).

Pfizer-Doctors For You patient helpdesk in cancer hospitals:

Pfizer, in partnership with Doctors For You is establishing Ashtha physical helpdesks for assistance of cancer patients and their care-givers across 10 large cancer hospitals in India in FY 21-22, such as Tata Memorial Hospital, Mumbai; Indira Gandhi Institute of Medical Sciences, Patna; Dr.B.Baruah Cancer Institute,

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Corporate Overview Statutory Reports Financial Statements

Guwahati; Homi Bhabha Cancer Hospital, Varanasi; Regional Cancer Centre Ranchi; Gujarat Cancer Research Institute, Ahmedabad and more.

The project has impacted 65,000 patients providing them support on accommodation, travel support services / financial support through government schemes / counseling sessions for the patients and their care-givers.

2. Are the programmers/projects undertaken through in-house team/own foundation/ external NGO/ government structures/ any other organization?

Yes.

i. Pfizer Tata Trusts Cancer Care Project - Alamelu Charitable Foundation Charitable trust/ foundation.
ii. Pfizer INDOvation Program & Foundation for Innovation and Social Entrepreneurship.
iii. Project Parivartan and OPEN-AMR with Americares India Foundation.
iv. Asthaa Physical Helpdesk with Doctors For You.
v. Village Transformation Project with BAIF.
vi. COVID-19 relief efforts – in association with Americares India Foundation and Doctors For You
vii. Interventions to combat AMR in India – in association with Americares India Foundation and Indian Council of Medical Research (ICMR), New Delhi.
viii. Pfizer IIT Delhi Innovation and IP Program 1.0 & 2.0 – in association with IIT-Delhi.
ix. Pfizer-ACF (Tata Trusts) Cancer Care Project – in association with Tata Trusts.
x. Village Transformation Project – in association with BAIF.

3. Has the Company done any impact assessment of its initiatives?

Yes.

4. What is the Company’s direct contribution to community development projects – (Amount in and details of the projects undertaken)

Magnex Forte 3g Product Donation – `7.92 Crore
Yamuna Sports Complex – Covid Care Centre – `3.96 Crore
Pfizer INDOvation Project in association with FITT and Social Alpha – `87 Lakhs

5. Has the Company taken steps to ensure that the community development initiative is successfully adopted by the community? (explanation in 50 words)

Yes. Your Company in association with multiple implementation partners had ensured that adequate outreach was undertaken through organizing physical and virtual awareness sessions, deploying volunteers to engage one-on-one with the beneficiaries and conduct telephonic follow-ups and home visits when required. Your Company also distributed Information Education Communication in regional languages.

Principle 9: Businesses should engage with and provide value to their customers and consumers in a responsible manner

1. What percentage of customer complaints/ consumer cases are pending as on the end of financial year?

Total 245 product complaints were received for the financial year ended March 31, 2022. 94% of the said complaints were satisfactorily resolved by the management. The remaining 6% complaints were in-progress and under investigation. These will be satisfactorily resolved by the management post completion of the investigation.

No adverse trend related to product quality has been observed for the product complaints received during the financial year under review.

2. Does the Company display product information on the product label, over and above what is mandated as per local laws?

Yes.

3. Is there any case filed by any stakeholder against the company regarding unfair trade practices, irresponsible advertising and /or anti-competitive behavior during the last 5 years and pending as on the end of financial year?

No.

4. Did the Company carry out any consumer survey/ consumer satisfaction trends?

Yes.

For and on behalf of Board of Directors

Physical Helpdesk Cancer Care Project – Doctors For You – `35 Lakhs
Pfizer – Tata Trusts (ACF) Cancer Care Project – `23 Lakhs

S. Sridhar Pradip Shah Managing Director Chairman Mumbai, May 20, 2022 DIN: 05162648 DIN: 00066242

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IndePendenT AudITOR’S RePORT

To the Members of Pfizer Limited

Report on the Audit of the Financial Statements

Opinion

We have audited the accompanying financial statements of Pfizer Limited (‘the Company’), which comprise the Balance Sheet as at 31 March 2022, the Statement of Profit and Loss (including Other Comprehensive Income), the Statement of Cash Flow and the Statement of Changes in Equity for the year then ended, and a summary of the significant accounting policies and other explanatory information.
In our opinion and to the best of our information and according to the explanations given to us, the aforesaid financial statements give the information required by the Companies Act, 2013 (‘the Act’) in the manner so required and give a true and fair view in conformity with the Indian Accounting Standards (‘Ind AS’) specified under section 133 of the Act read with the Companies (Indian Accounting Standards) Rules, 2015 and other accounting principles generally accepted in India, of the state of affairs of the Company as at 31 March 2022, 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 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 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.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.
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

1) Contingent liability for litigations under Value Added Tax (VAT) and Central Sales Tax (CST) [Refer note 24 and 41(b) in the financial statements]

Our audit procedures included but were not limited to the following:

We obtained an understanding of the management’s process for:

The Company has outstanding litigations pertaining to Sales tax/ Value added tax (VAT) for several assessment years which the Company has challenged at different forums. These litigations pertain to following two categories:

identification of legal and tax matters initiated against the Company,
assessment of accounting treatment for each such litigation identified under Ind AS 37 accounting principles, and for measurement of amounts involved.
A. Litigation on account of non-submission of documentary evidence at the time of assessment such as Form F and Form C pending • to be issued by concerned authorities. Total liability in this category is Rs. 555.82 crores, out of which Rs. 25.02 crores have been provided • for and Rs. 76.73 crores have been disclosed as contingent liability in accordance with Ind AS 37 Provisions, Contingent Liabilities and Contingent Assets, based on management’s assessment in consultation with professional advice from the external tax consultants.
We evaluated the design and tested the operating effectiveness of key controls around above process.

• We obtained an understanding of the nature of litigations pending against the Company and discussed the key developments during the year for key litigations with the management and respective legal counsels handling such cases on behalf of the Company. We also tested the independence, objectivity and competence of such management experts involved.

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Key audit matter

How our audit addressed the key audit matter

We focused on the developments in the existing litigations and new litigations, which could have materially impacted the amounts recorded as provisions or disclosed as contingent liability in the financial statements. We reviewed the demand notices, assessment orders and appeal orders for all such cases where there was any update since previous year audit and obtained grounds of appeal submitted by the management at various authorities in consultation with their external tax consultants.
B. Litigation involving question of law and certain disallowance made by authorities in assessment orders that the Company has appealed against before the relevant appellate authorities. Total demand for such cases is 105.61 crores, out of which8.97 crores have been provided for and `6.06 crores have been disclosed as contingent liability in accordance with Ind AS 37, based on management’s assessment in consultation with professional advice from the external tax consultants.

For litigations on account of non-submission of documentary evidence, we obtained management’s plan of action to obtain remaining forms/documentary evidences from VAT authorities in different states and actions taken by the management in this respect, and with the assistance of our Indirect tax team, validated the management’s assessment and plan of action as obtained above.

The eventual outcome of these legal proceedings is dependent on the outcome of future events and unexpected adverse outcomes could significantly impact the Company’s reported profits and balance sheet position.
The amounts involved are material and the application of accounting principles as given under Ind AS 37, in order to determine the • amount to be recorded as a liability or to be disclosed as a contingent liability, in each case, is inherently subjective, and needs careful evaluation and judgement to be applied by the management.
We reviewed each external tax consultants’ response to ensure that the conclusions reached are supported by sufficient rationale according to the relevant laws and adequate information is included for the management to determine the appropriate accounting treatment of such cases in the financial statements.
Key judgments are also made by the management in estimating the amount of liabilities, provisions and/or contingent liabilities related to aforementioned litigations.

We assessed the appropriateness of methods used, and the reliability of underlying data for the underlying calculations made for quantifying the amounts involved. We also tested the arithmetical accuracy of such calculations.

Considering the degree of judgment, significance of the amounts involved, inherent high estimation uncertainty and reliance on external tax experts, this matter has been identified as a key audit matter for the current year audit.
- We have evaluated the adequacy of disclosures made by the Company in the financial statements in view of the requirements as specified in the Indian Accounting Standards.
On a sample basis, we obtained and reviewed the necessary evidence which includes correspondence with the external tax consultants, and where necessary, inspected minutes of case proceedings available in public domain, to support the decisions and rationale for creation of provisions and / or disclosure of contingent liabilities in respect of each such litigation selected for testing.

Based on the audit procedures performed, the judgements made by the management appears to be reasonable and disclosures made in respect of these litigations were appropriate in the context of the financial statements taken as a whole.

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Key audit matter

How our audit addressed the key audit matter

(2) Contingent liability for dPCO Matters [Refer note 19 and 41(a) in the financial statements)

Our audit procedures included but were not limited to the following:

We obtained an understanding of the management’s process for updating the status of the legal case, assessment of accounting treatment in accordance with Ind AS 37, and for measurement of amounts involved.

The pharmaceutical industry is heavily regulated which increases inherent litigation risk. The Company faces a number of legal and regulatory cases, of which the most significant is a litigation under DPCO as disclosed in Note 19 and 41(a) to the financial statements. DPCO has issued various orders/ notification for fixing the price of various pharma products.

We evaluated the design and tested the operating effectiveness of key controls around above process.

We inspected correspondence with the Company’s external legal counsel in order to corroborate our understanding of these matters, accompanied by discussions with both internal and external legal counsels. We also tested the independence, objectivity and competence of such management experts involved and lawyers representing these cases in the courts.

With respect to the sales made by the Company of the pharmaceutical products covered by the aforementioned DPCO orders, in earlier years as well as the current year, the Company has received demand notices for overcharging price (charging price over the price fixed by the DPCO for such products). The Company has challenged these demands form DPCO and the cases are pending at various High Courts in India.

We obtained direct confirmation from the external legal counsel handling DPCO litigation with respect to the legal determination of the liability arising from such litigation, and assessment of resulting provision recognised and contingent liability disclosures in the financial statements in accordance with requirements of Ind AS 37.

Total demand from above cases aggregates to Rs. 163.91 crore out of which the Company has provided Rs. 20.45 crore while Rs. 130.58 crore has been disclosed as contingent liability based on management’s assessment in accordance with professional legal advice from the dealing lawyers.

We also evaluated the response received from the legal counsel to ensure that the conclusions reached is supported by sufficient legal rationale.

The amounts involved are material and the application of accounting principles as given under Ind AS 37, in order to determine the amount to be recognised as a liability or to be disclosed as a contingent liability, is inherently subjective, and needs careful evaluation and judgement to be applied by the management.

We evaluated the Company’s disclosures for adequate disclosure regarding the significant litigations of the Company.

Key judgments are also made by the management in • estimating the amount of liabilities, provisions and/ or contingent liabilities related to aforementioned litigation.

We focused on this area as the eventual outcome is uncertain and unexpected adverse outcomes could significantly impact the financial position, and hence, considered this matter to be a key audit matter for the current year audit.

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Statutory Reports Financial Statements

Corporate Overview

Information other than the Financial Statements and Auditor’s Report thereon

The Company’s Board of Directors are responsible for the other information. The other information comprises the information included in the Annual Report, but does not include the financial statements and our auditor’s report thereon. The Annual Report is expected to be made available to us after the date of this auditor’s report.
Our opinion on the financial statements does not cover the other information and we will not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information identified above when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.
When we read the Annual Report, if we conclude that there is a material misstatement therein, we are required to communicate the matter to those charged with governance.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

The accompanying financial statements have been approved by the Company’s Board of Directors. The Company’s Board of Directors are responsible for the matters stated in section 134(5) of the Act with respect to the preparation and presentation of these 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 Ind AS specified under section 133 of the Act and other accounting principles generally accepted in India. 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 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 financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or
error.
In preparing the financial statements, 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 intend to liquidate the
Company or to cease operations, or has no realistic alternative but to do so.
Those Board of Directors are also responsible for overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 financial statements.
As part of an audit in accordance with Standards on Auditing, specified under section 143(10) of the Act 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 Company has adequate internal financial controls system 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 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 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 financial statements or,

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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;

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;
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.
From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the 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.
As required by the Companies (Auditor’s Report) Order, 2020 (‘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, to the extent applicable.
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 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 financial statements dealt with by this report are in agreement with the books of account;
d) In our opinion, the aforesaid 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 2022 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 Company as on 31 March 2022 and the operating effectiveness of such controls, refer to our separate Report in Annexure B wherein we have expressed an 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 41(a), 41(b), 41(‘c)(i)(a) and 41(‘c)(i)(‘c) to the financial statements, has disclosed the impact of pending litigations on its financial position as at 31 March 2022;
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 2022;
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 2022;
iv. a. The management has represented that, to the best of its knowledge and belief, as disclosed in note 46(vi) to the financial statements, no funds have been advanced or loaned or invested (either from borrowed funds or securities premium or any other sources or kind of funds) by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any

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Corporate Overview

manner whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries;

b. The management has represented that, to the best of its knowledge and belief, as disclosed in note 46(vii) to the financial statements, no funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries; and
c. Based on such audit procedures performed as considered reasonable and appropriate in the circumstances, nothing has come to our notice that has caused us to believe that the management representations under sub-clauses (a) and (b) above contain any material misstatement.
v. The final dividend paid by the Company during the year ended 31 March 2022 in respect of such dividend declared for the previous year is in accordance with section 123 of the Act to the extent it applies to payment of dividend.

and

As stated in note 44(a) to the accompanying financial statements, the Board of Directors of the Company have proposed final dividend for the year ended 31 March 2022 which is subject to the approval of the members at the ensuing Annual General Meeting. The dividend declared is in accordance with section 123 of the Act to the extent it applies to declaration of dividend.

For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration no.: 001076n/n500013

Ashish Gupta Partner Membership No.: 504662 udIn: 22504662AJHuTY5266

Place: New Delhi Date: 20 May 2022

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Annexure A

referred to in Paragraph 16 of the Independent Auditor’s Report of even date to the members of Pfizer Limited on the financial statements for the year ended 31 March 2022

In terms of the information and explanations sought by us and given by the Company and the books of account and records examined by us in the normal course of audit and to the best of our knowledge and belief, we report that:

(i) (a) (A) The Company has maintained proper records showing full particulars, including quantitative details and situation of property, plant and equipment, right of use assets and investment property.
- (B) The Company has maintained proper records showing full particulars of intangible assets.
(b) The Company has a regular program of physical verification of its property, plant and equipment, right of use assets and investment property under which the assets are physically verified in a phased manner over a period of three years, which in our opinion, is reasonable having regard to the size of the Company and the nature of its assets. In accordance with this program, certain property, plant and equipment, right of use assets and investment property were verified during the year and no material discrepancies were noticed on such verification.
(c) The title deeds of all the immovable properties (including investment properties) held by the Company (other than properties where the Company is the lessee and the lease agreements are duly executed in favour of the lessee) are held in the name of the Company.
(d) The Company has not revalued its Property, Plant and Equipment (and Right of Use assets) or intangible assets during the year.
(e) No proceedings have been initiated or are pending against the Company for holding any benami property under the Benami Transactions (Prohibition) Act, 1988 (45 of 1988) and rules made thereunder. Accordingly, reporting under clause 3(i)(e) of the Order is not applicable to the Company.
(ii) (a) The management has conducted a physical verification of inventory at reasonable intervals during the year. In our opinion, the coverage and procedure of such verification by the management is appropriate and no discrepancies of 10% or more in the aggregate for each class of inventory were noticed.
(b) The Company has not been sanctioned working capital limits by banks or financial institutions on the basis of security of current assets during any point of time of the year. Accordingly, reporting under clause 3(ii)(b) of the Order is not applicable to the Company.
(iii) The Company has not made any investment in, provided any guarantee or security or granted any loans or advances in the nature of loans, secured or unsecured to companies, firms, Limited Liability Partnerships (LLPs) or any other parties during the year. Accordingly, reporting under clause 3(iii) of the Order is not applicable to the Company.
(iv) The Company has not entered into any transaction covered under sections 185 and 186 of the Act. Accordingly, reporting under clause 3(iv) of the Order is not applicable to the Company.
(v) In our opinion, and according to the information and explanations given to us, the Company has not accepted any deposits or there is no amount which has been considered as deemed deposit within the meaning of sections 73 to 76 of the Act and the Companies (Acceptance of Deposits) Rules, 2014 (as amended). Accordingly, reporting under clause 3(v) of the Order is not applicable to the Company.
(vi) The Central Government has specified maintenance of cost records under sub-section (1) of section 148 of the Act in respect of the products of the Company. 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 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) In our opinion, and according to the information and explanations given to us, undisputed statutory dues including goods and services tax, provident fund, employees’ state Insurance, income-tax, sales-tax, service tax, duty of customs, duty of excise, value added tax, cess and other material statutory dues, as applicable, have generally been regularly deposited with the appropriate authorities by the Company, though there have been slight delays in a few cases. Further, no undisputed amounts payable in respect thereof were outstanding at the yearend for a period of more than six months from the date they became payable.

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120

Financial Statements

Corporate Overview Statutory Reports

(b) According to the information and explanations given to us, there are no statutory dues referred in sub-clause (a) which have not been deposited with the appropriate authorities on account of any dispute except for the following:

	(`in crores)
~~Name of~~ Statute	~~Forum where~~ dispute is Pending ~~Period to which the~~ Amount relates ~~Nature of dues~~ ~~Amount~~ ~~Amount~~ paid under Protest
The Income Tax Act, 1961	Assessing Ofcer 1991-1992 to 1994-1995, 1996-1997 to 1997-1998, 2004-2005, 2007-2008 to 2010-2011, 2019-2020 to 2021-2022 Disallowance of near expiry/transit loss stock write of, Tax deducted at source and other disallowance of expenses 74.48 52.18
	Commissioner of Income Tax, Appeals 1992-1993, 1995-1996, 2002-2003, 2003-2004, 2005-2006 to 2006-2007, 2010-2011 to 2013-2014, 2017-2018 to 2018-2019 Disallowance of near expiry/transit loss stock write of, Transfer pricing adjustment, income from house property, long-term capital gain and other disallowance of expenses 88.38 42.14
	Commissioner of Income Tax, Appeals 2013-2014 to 2019-2020 Tax deducted at source 48.19 4.28
	Income Tax Appellate Tribunal 1984-1985, 1994-1995, 1999-2000, 2002-2003 to 2009-2010, 2011-2012, 2014-2015 to 2016-2017 Disallowance of near expiry/transit loss stock write of and other disallowance of expenses 369.40 305.99
	Hon’ble High Court of Bombay 2006-2007 to 2010-2011, 2012-2013 Tax deducted at source and other disallowance of expenses 16.98 4.06
The Central excise Act, 1944	Hon’ble High Court of Bombay 2004-2005 to 2006-2007 Disallowance of availment of CENVAT* credit 6.31 0.78
Customs Act, 1962	Commissioner (Appeals) 1995 Classifcation Matter 0.01 -
	Customs Excise Service Tax Appellate Tribunal (CESTAT) 2012-2013 Demand of Special Additional duty (SAD) 1.31 1.31
	Customs Excise Service Tax Appellate Tribunal (CESTAT) 2015-2016 Anti -dumping duty 1.00 0.08
	Hon’ble Supreme Court of India 1996-1997 Classifcation Matter 0.44 0.05
Value Added Tax Act and State and Central Sales Tax	Assessing ofcer 2011-12 to 2015-16, 2017-18 Pending statutory declaration forms and others 0.38 0.05

Pfizer Limited

121


~~Name of~~ Statute	~~Forum where~~ dispute is Pending ~~Period to which the~~ Amount relates ~~Nature of dues~~ ~~Amount~~ ~~Amount~~ paid under Protest
	Additional commissioner 1997-1998, 1998-99, 2002-2003, 2008-2009 to 2017-2018 Pending statutory declaration forms, disallowance of credit notes and others 32.85 5.07
	Assistant Commissioner 1986-1987, 2004-2005, 2010-2011 to 2017-2018 Pending statutory declaration forms, disallowance of credit note and input tax credit and others 2.29 0.39
	Deputy Commissioner 1993-1994 to 1996-1997, 2001-2002 to 2003-2004, 2005-2006 to 2012-2013, 2014-2015 to 2017-2018 Pending statutory declaration forms, disallowance of credit note and input tax credit and others 192.95 15.15
	Joint Commissioner 1983-1984, 1985-1986 1987-1988, 1994-1995, 1995-1996, 1998-1999, 2000-2001 to 2001-2002, 2003-2004 to 2016-2017 Pending statutory declaration forms, disallowance of credit note and input tax credit and others 358.15 95.29
	Various Tribunals 1991-1992, 1992-1993, 1994-1995, 1996-1997, 1999-2000, 2001-2002, 2003-2004 to 2015-2016 Pending statutory declaration forms, disallowance of credit note and input tax credit and others 74.41 21.69
	Hon’ble High court 1995-1996 Levy of tax and interest 0.30 -
	Hon’ble Supreme court of India 1992-93 Levy of tax and interest 0.10 -

Central Value Added Tax (CENVAT)
(viii) According to the information and explanations given to us, no transactions were surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (43 of 1961) which have not been recorded in the books of accounts.
(ix) (a) According to the information and explanations given to us, the amount of Rs. 2.5 Crores represents purchase consideration payable to related party John Wyeth and Brother Limited, UK for the transfer of its undertaking in India to erstwhile Wyeth Limited. The amount has been retained as an interest free unsecured loan as per the directives of the Reserve Bank of India in this regard pending appropriate clearance from the income tax authorities.
(b) According to the information and explanations given to us including confirmations received from related party and representation received from the management of the Company, and on the basis of our audit procedures, we report that the Company has not been declared a willful defaulter by such related party.
(c) In our opinion and according to the information and explanations given to us, the Company has not raised any money by way of term loans during the year and did not have any term loans outstanding at the beginning of the current year. Accordingly, reporting under clause 3(ix)(c) of the Order is not applicable to the Company.
(d) In our opinion and according to the information and explanations given to us, the Company has not raised any funds on short term basis during the year or in any previous year. Accordingly, reporting under clause 3(ix) (d) of the Order is not applicable to the Company.
(e) According to the information and explanations given to us, the Company does not have any subsidiaries, associates or joint ventures. Accordingly, reporting under clause 3(ix)(e) and clause 3(ix)(f) of the Order is not applicable to the Company.
(x) (a) The Company has not raised any money by way of initial public offer or further public offer (including debt instruments), during the year.

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122

Corporate Overview Statutory Reports Financial Statements

Accordingly, reporting under clause 3(x)(a) of the Order is not applicable to the Company.

(b) According to the information and explanations given to us, the Company has not made any preferential allotment or private placement of shares or (fully, partially or optionally) convertible debentures during the year. Accordingly, reporting under clause 3(x)(b) of the Order is not applicable to the Company.
(xi) (a) To the best of our knowledge and according to the information and explanations given to us, no fraud by the Company or on the Company has been noticed or reported during the period covered by our audit.
(b) No report under section 143(12) of the Act has been filed with the Central Government for the period covered by our audit.
(c) According to the information and explanations given to us including the representation made to us by the management of the Company, there are no whistle-blower complaints received by the Company during the year.
(xii) The Company is not a Nidhi Company and the Nidhi Rules, 2014 are not applicable to it. Accordingly, reporting under clause 3(xii) of the Order is not applicable to the Company.
(xiii) In our opinion and according to the information and explanations given to us, all transactions entered into by the Company with the related parties are in compliance with sections 177 and 188 of the Act, where applicable. Further, the details of such related party transactions have been disclosed in the financial statements, as required under Indian Accounting Standard (Ind AS) 24, Related Party Disclosures specified in Companies (Indian Accounting Standards) Rules 2015 as prescribed under section 133 of the Act.
(xiv) (a) In our opinion and according to the information and explanations given to us, the Company has an internal audit system as required under section 138 of the Act which is commensurate with the size and nature of its business.
(b) We have considered the reports issued by the Internal Auditors of the Company till date for the period under audit.
(xv) According to the information and explanation given to us, the Company has not entered into any non-cash transactions with its directors or persons connected with them and accordingly, provisions of section 192 of the Act are not applicable to the Company.
(xvi) The Company is not required to be registered under section 45-IA of the Reserve Bank of India Act, 1934. Accordingly, reporting under clauses 3(xvi)(a),(b) and (c) of the Order are not applicable to the Company.
(xvii) The Company has not incurred any cash loss in the current as well as the immediately preceding financial year.
(xviii) There has been no resignation of the statutory auditors during the year. Accordingly, reporting under clause 3(xviii) of the Order is not applicable to the Company.
(xix) According to the information and explanations given to us and on the basis of the financial ratios, ageing and expected dates of realisation of financial assets and payment of financial liabilities, other information accompanying the financial statements, our knowledge of the plans of the Board of Directors and management and based on our examination of the evidence supporting the assumptions, nothing has come to our attention, which causes us to believe that any material uncertainty exists as on the date of the audit report that Company is not capable of meeting its liabilities existing at the date of balance sheet as and when they fall due within a period of one year from the balance sheet date. We, however, state that this is not an assurance as to the future viability of the company. We further state that our reporting is based on the facts up to the date of the audit report and we neither give any guarantee nor any assurance that all liabilities falling due within a period of one year from the balance sheet date, will get discharged by the company as and when they fall due.
(xx) (a) According to the information and explanations given to us, there is no unspent amount pertaining to other than ongoing projects as at end of the current financial year. Accordingly, reporting under clause 3(xx)(a) of the Order is not applicable to the Company.
(b) The Company has transferred the remaining unspent amount under sub-section (5) of section 135 of the Act, in respect of ongoing project, within a period of 30 days from the end of financial year to a special account in compliance with the provision of sub-section (6) of section 135 of the Act.
(xxi) The reporting under clause 3(xxi) of the Order is not applicable in respect of audit of financial statements of the Company. Accordingly, no comment has been included in respect of said clause under this report.

For Walker Chandiok & Co LLP Chartered Accountants Firm’s Registration no.: 001076n/n500013

Ashish Gupta

Partner Membership No.: 504662 udIn: 22504662AJHuTY5266 Place: New Delhi Date: 20 May 2022

Pfizer Limited

123

Annexure B

Independent Auditor’s Report on the internal financial controls with reference to the 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 financial statements of Pfizer Limited (‘the Company’) as at and for the year ended 31 March 2022, we have audited the internal financial controls with reference to 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 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 Financial Statements

Our responsibility is to express an opinion on the Company’s internal financial controls with reference to 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 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 financial statements were established and maintained and if such controls operated effectively in all material respects.
Our audit involves performing procedures to obtain audit evidence about the adequacy of the internal financial controls with reference to financial statements and their operating effectiveness. Our
audit of internal financial controls with reference to 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 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 Company’s internal financial controls with reference to financial statements.

Meaning of Internal Financial Controls with Reference to 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 Financial Statements

Because of the inherent limitations of internal controls with reference to

financial 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 financial statements to future periods are subject to the risk that the internal financial controls with reference to financial statements may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Annual Report 2021-22

124

Financial Statements

Corporate Overview

Statutory Reports

Opinion

In our opinion, the Company has, in all material respects, adequate internal financial controls with reference to financial statements and such controls were operating effectively as at 31 March 2022, based on the internal financial controls with reference to 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

Ashish Gupta Partner Membership No.: 504662 udIn: 22504662AJHuTY5266

Place: New Delhi Date: 20 May 2022

Pfizer Limited

125

BALAnCe SHeeT

as at 31 March 2022

BALAnCe SHeeT as at 31 March 2022
			Currency: ₹ in crore
		note	As at	As at
			31 March 2022	31 March 2021
ASSeTS
non-current assets
Property, plant and equipment		4(a)	218.92	192.38
Capital work-in-progress		4(b)	1.15	2.76
Investment property		5	28.17	29.56
Goodwill		6(a)	527.49	527.49
Other intangible assets		6(b)	94.55	144.87
Financial assets
Investments		7	0.00	0.00
Loans Other fnancial assets Deferred tax assets (net)		8 9 33(d)	0.40 17.31 46.98	0.76 31.55 13.46
Other non-current assets		10	186.12	184.76
Income tax receivable (net)			382.94	229.83
Total non-current assets			1,504.03	1,357.42
Current assets
Inventories		11	448.90	435.05
Financial assets
Trade receivables		12	124.27	108.77
Cash and cash equivalents		13(a)	62.76	157.03
Bank balance other than cash and cash equivalents		13(b)	1,570.57	958.07
Loans Other fnancial assets Other current assets		14 15 16	0.26 55.50 99.18	0.17 81.28 132.93
Assets held for sale		17	35.04	35.18
Total current assets			2,396.48	1,908.48
TOTAL ASSeTS			3,900.51	3,265.90
eQuITY And LIABILITIeS
equity
Equity share capital		18(a)	45.75	45.75
Other equity		18(b)	2,818.66	2,347.29
Total equity			2,864.41	2,393.04
Liabilities
non- current liabilities
Financial liabilities
Lease Liabilities		37(a)	127.74	42.68
Provisions		19	55.47	55.84
Total non- current liabilities			183.21	98.52
Current liabilities
Financial liabilities
Borrowings		20	2.50	2.50
Trade payables		21
Total outstanding dues of micro and small enterprises			0.35	1.33
Total outstanding dues of creditors other than	micro and small enterprises		263.59	282.41
Lease Liabilities Other fnancial liabilities Other current liabilities		37(a) 22 23	36.75 68.86 232.83	60.73 73.45 227.29
Provisions		24	78.55	80.63
Current tax liabilities (net)			169.46	46.00
Total current liabilities			852.89	774.34
Total liabilities			1,036.10	872.86
TOTAL eQuITY And LIABILITIeS Signifcant accounting policies Notes to the fnancial statements The notes referred to above form an integral part of the fnancial statements.		2-3 4-47	3,900.51	3,265.90

For and on behalf of the Board of Directors of Pfizer Limited CIN: L24231MH1950PLC008311

As per our report of even date attached. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Pradip Shah Chairman DIN:000066242

uday Khanna

S. Sridhar

Director DIN:00079129

Managing Director DIN:05162648

Ashish Gupta

Milind Patil

Prajeet nair

Chief Financial Officer and Wholetime Director DIN:02546815

Company Secretary Membership No: A19267

Partner Membership No. 504662 New Delhi 20 May 2022

Mumbai 20 May 2022

Annual Report 2021-22

126

Statutory Reports Financial Statements

Corporate Overview

STATeMenT OF PROFIT And LOSS

for year ended 31 March 2022

STATeMenT OF PROFIT And LOSS for year ended 31 March 2022
		Currency: ₹ in crore
	Note	Year ended	Year ended
		31 March 2022	31 March 2021
Income
Revenue from operations	25	2,610.99	2,238.55
Other income	26	62.65	81.12
Total income		2,673.64	2,319.67
expenses
Cost of materials consumed	27	354.29	334.74
Purchase of stock-in-trade		666.64	448.65
Change in inventories of fnished goods, work-in-progress and stock-in-	28	(72.90)	14.35
trade
Employee benefts expense	29	403.67	361.06
Finance costs	30	10.49	15.11
Depreciation and amortization expense	31	115.00	109.41
Other expenses	32	423.56	367.63
Total expenses		1,900.75	1,650.95
Proft before tax		772.89	668.72
Income tax expense:
Current tax	33	218.33	183.63
Deferred tax	33	(35.93)	(12.52)
Prior year tax adjustments	33	(22.07)	-
Total income tax expense		160.33	171.11
Proft for the year		612.56	497.61
Other comprehensive income
Items that will not be reclassifed to proft or loss (i) Remeasurement of defned beneft plan (ii) Income tax related to items that will not be reclassifed to proft or loss		9.58 (2.41)	(1.28) 0.32
Total other comprehensive income		7.17	(0.96)
Total comprehensive income for the year		619.73	496.65
earnings per equity share
Basic and diluted earnings per share	34	133.89	108.77
Signifcant accounting policies Notes to the fnancial statements The notes referred to above form an integral part of the fnancial statements.	2-3 4 - 47

As per our report of even date attached. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Ashish Gupta

Partner

Membership No. 504662 New Delhi 20 May 2022

For and on behalf of the Board of Directors of Pfizer Limited CIN: L24231MH1950PLC008311

Pradip Shah Chairman DIN:000066242

uday Khanna S. Sridhar Director Managing Director DIN:00079129 DIN:05162648

Milind Patil Prajeet nair Chief Financial Officer Company Secretary and Wholetime Director Membership No: A19267 DIN:02546815

Mumbai 20 May 2022

Pfizer Limited

127

STATeMenT OF CASH FLOWS

for year ended 31 March 2022

STATeMenT OF CASH FLOWS for year ended 31 March 2022
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Cash from operating activities
Proft before tax	772.89	668.72
Adjustments to reconcile proft before tax to net cash used in operating activities
Depreciation and amortization expenses	115.00	109.41
Interest on deposits with banks and others	(48.94)	(38.74)
Provisions no longer required written back	(1.23)	(4.73)
Allowance/(Reversal) for expected credit loss	4.57	(0.52)
Provision for doubtful loans (deposits) and other fnancials assets	1.13	0.08
(Proft)/Loss on sale/disposal of Property plant & equipment (net)	(1.58)	(0.08)
Unrealised foreign exchange (gain)/loss	(8.65)	(1.59)
Employee stock option expenses	11.77	10.56
Rental income	(6.39)	(6.39)
Interest expense	10.49	15.11
Sale of rights and interest in brands (net of related expenses)	-	(3.25)
Compensation for wind down of Consumer health business (net)	-	(24.36)
Gain on early termination of lease	-	(0.97)
Trade receivable written of	0.56	-
Operating proft before working capital adjustments	849.62	723.25
Working capital adjustments
(Increase)/Decrease in inventories	(13.86)	(4.46)
(Increase)/Decrease in trade receivables	(18.91)	21.94
(Increase)/Decrease in other current and non current assets	73.15	(12.04)
Increase/(Decrease) in trade payables	(11.19)	(140.93)
Increase/(Decrease) in current and non current liabilities	7.07	3.81
Increase/(Decrease) in provisions	7.12	39.90
Cash generated from operations	893.00	631.47
Income tax paid	(225.92)	(204.14)
net cash generated from operating activities (A)	667.08	427.33
Cash from investing activities
Purchase of property, plant and equipment (Refer note 3)	(15.31)	(17.70)
Proceeds from sale of property, plant and equipment	2.06	0.08
Investment in Fixed deposit (Net)	(612.50)	(501.99)
Rent received	6.96	6.45
Interest received	43.77	44.32
net cash used in investing activities (B)	(575.02)	(468.84)

Annual Report 2021-22

128

Corporate Overview Statutory Reports Financial Statements

STATeMenT OF CASH FLOWS

for year ended 31 March 2022 (Contd.)

STATeMenT OF CASH FLOWS for year ended 31 March 2022 (Contd.)
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Cash from fnancing activities
Payment of Lease liablities	(19.99)	(49.09)
Interest paid	(0.78)	(2.63)
Dividend paid	(159.74)	(1,519.35)
net cash used in fnancing activities (C)	(180.51)	(1,571.07)
net (decrease)/ Increase in cash and cash equivalents (A+B+C)	(88.45)	(1,612.58)
Cash and cash equivalents at the beginning of the year	151.21	1,763.79
Cash and cash equivalents at the end of the year (Refer note 1)	62.76	151.21
note: 1
Cash and cash equivalents (Refer note 13a)	62.76	157.03
Book Overdraft (Refer note 22)	-	(5.82)
Net Cash and cash equivalents	62.76	151.21

note: 2

The above Cash Flow Statement has been prepared under the 'Indirect Method' as set out in the Indian Accounting Standard (Ind AS) 7 - "Cash Flow Statements", whereby profit for the period is adjusted for the effects of transactions of a non-cash nature, any deferrals or accruals of past or future operating cash receipts or payments and item of income or expenses associated with investing or financing cash flows. The cash flows from operating, investing and financing activities of the Company are segregated.

note:3

Purchase of property, plant and equipment represents additions to property, plant and equipment adjusted for movement of capital work in progress, capital advances, capital creditors and investment properties during the year.

2-3 Significant accounting policies 4 - 47 notes to the financial statements

The notes referred to above form an integral part of the financial statements.

As per our report of even date attached. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Ashish Gupta Partner Membership No. 504662 New Delhi 20 May 2022

For and on behalf of the Board of Directors of Pfizer Limited CIN: L24231MH1950PLC008311

Pradip Shah uday Khanna S. Sridhar Chairman Director Managing Director DIN:000066242 DIN:00079129 DIN:05162648 Milind Patil Prajeet nair Chief Financial Officer Company Secretary and Wholetime Director Membership No: A19267 DIN:02546815 Mumbai 20 May 2022

Pfizer Limited

129

STATeMenT OF CHAnGeS In eQuITY

for year ended 31 March 2022

(a) equity share capital

	Currency: ₹ in crore
Equity shares of ₹10 each issued, subscribed and fully paid	As at 31 March 2022 As at 31 March 2021
	No. of shares Amount No. of shares Amount
At the beginning of theyear	45,750,372 45.75 45,750,372 45.75
Changes in Equity Share Capital due to prior period errors	- - - -
Restated balance at 1 April 2021	45,750,372 45.75 45,750,372 45.75
Issue of share capital	- - - -
At the end of theyear	45,750,372 45.75 45,750,372 45.75

(b) Other equity

Issue of share capital At the end of theyear (b) Other equity	- - - - 45,750,372 45.75 45,750,372 45.75
	Currency: ₹ in crore
	Reserves and surplus Other comprehensive income Total other equity Securities premium General reserve Capital reserve Retained earnings Remeasurements of the net defned beneftplans
Balance as at 1 April 2020	1,320.67 301.92 38.01 1,693.08 (3.94) 3,349.74
Proft for theyear	- - - 497.61 - 497.61
Other comprehensive income for theyear	- - - - (0.96) (0.96)
Total comprehensive income for theyear	- - - 497.61 (0.96) 496.65
Transactions duringtheyear :
Share basedpayment(Refer note 36a)	- - 10.56 - - 10.56
Dividend including corporate dividend tax(Refer note 39b(i))	- - - (1,509.66) - (1,509.66)
Balance as at 31 March 2021	1,320.67 301.92 48.57 681.03 (4.90) 2,347.29
Proft for theyear	- - - 612.56 612.56
Other comprehensive income for theyear	- - - - 7.17 7.17
Total comprehensive income for theyear	- - - 612.56 7.17 619.73
Transactions duringtheyear :
Share basedpayment(Refer note 36a)	- - 11.76 - - 11.76
Dividend including corporate dividend tax(Refer note 39b(i))	- - - (160.12) - (160.12)
Balance as at 31 March 2022	1,320.67 301.92 60.33 1,133.47 2.27 2,818.66
Signifcant accounting policies 2-3 notes to the fnancial statements 4 - 47

The notes referred to above form an integral part of the financial statements.

As per our report of even date attached. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Ashish Gupta

Partner Membership No. 504662 New Delhi 20 May 2022

For and on behalf of the Board of Directors of Pfizer Limited CIN: L24231MH1950PLC008311

Pradip Shah Chairman DIN:000066242

uday Khanna Director DIN:00079129

S. Sridhar Managing Director DIN:05162648

Milind Patil Prajeet nair Chief Financial Officer Company Secretary and Wholetime Director Membership No: A19267 DIN:02546815

Mumbai 20 May 2022

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Corporate Overview Statutory Reports Financial Statements

nOTeS TO THe FInAnCIAL STATeMenTS

for the year ended 31 March 2022

1 Background

Pfizer Limited, “The Company”, is a Public Limited Company, incorporated under the Indian Companies Act, 1913, having its registered office in Mumbai, Maharashtra and is listed on the BSE Limited and the National Stock Exchange of India Limited. The Company is engaged in manufacturing, marketing, trading and export of pharmaceutical products. The Company has its own manufacturing facility at Goa and Thane. Thane plant is classified as assets held for sale (Refer note 17). The Company has various independent contract / third party manufacturers based across the country. The Company sells its products through independent distributors primarily in India.

2 Basis of preparation

a) Statement of compliance

The financial statements have been prepared in accordance with Indian Accounting Standards (Ind AS) as per the Companies (Indian Accounting Standards) Rules, 2015 (as amended) notified under section 133 of the Companies Act, 2013 (“the Act”)other relevant provisions of the Act and guidelines issued by the Securities and Exchange Board of India.

Accounting policies have been consistently applied except where a newly issued accounting standard is initially adopted or a revision to an existing accounting standard requires a change in the accounting policy in use.

b) Functional and presentation currency

These financial statements are presented in Indian Rupee (₹), which is also the Company’s functional currency. All amounts have been rounded off to the nearest crore or decimals thereof, unless otherwise indicated.

c) Basis of measurement

The financial statements have been prepared under the historical cost basis except for the following items:

	Items	Measurement basis
(i)	Certain fnancial assets and liabilities	Fair value
(ii)	Liabilities for cash-	Fair value
(iii)	settled-share-based payment arrangements Net defned beneft asset / (obligation)	Fair value of plan assets less present value of defned beneft obligations

d) use of estimates and judgements

The preparation of financial statements in conformity with Indian Accounting Standards (Ind AS) requires management to make estimates, judgements

and assumptions that affect the application of the accounting policies and the reported amounts of assets, liabilities, income and expenses and the disclosures of contingent liabilities on the date of financial statements. Actual results could differ from these estimates. Any revision to accounting estimates is recognized prospectively in current and future periods. Estimates and underlying assumptions are reviewed on an ongoing basis. Application of accounting policies that requires critical accounting estimates involving complex and subjective judgements and the use of assumption in these financial statements have been disclosed in Note 3.

Critical estimates and judgements

Information about estimates and judgements made in applying accounting policies that have the most significant effects on the amounts recognized in the financial statements is included in the following notes:

Note 4, 5 and 6 — Useful lives of property, plant and equipment,investment property,intangible assets and impairment testing for goodwill

Note 11 — Provision for inventory obsolescence

Note 19 and 24 — Provision for sales return and sales tax/VAT

Note 35 — Assets and obligations relating to employee benefits

Note 36 — Share based payments

Note 37 — Leases

Note 38(2) — Provision for expected credit loss

Note 41(a) — Pricing litigations -Contingencies

Estimation of uncertainties relating to the global health pandemic from COVID-19:

The Company has monitored the impact of COVID-19 on all aspects of its business. The management has exercised due care, in concluding on significant accounting judgements and estimates, recoverability of receivables, assessment for impairment of goodwill, intangible assets, inventory based on the information available as on date, while preparing the financial results as of March 31, 2022.

e) Current and 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 Schedule III of the Act. Based on the nature of it’s activities and the time between the acquisition of assets for processing and their realization in cash or cash equivalents, the Company has ascertained its operating cycle as 12 months for the purpose of current or non-current classification of assets and liabilities.

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f) Measurement of fair values

A number of accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities.

Fair values are categorised into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities

Level 2: inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices)

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The Company recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

When measuring the fair value of an asset or a liability, the Company uses observable market data as far as possible. If the inputs used to measure the fair value of an asset or a liability fall into different levels of the fair value hierarchy, then the fair value measurement is categorised in its entirely in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement.

Further information about the assumptions made in measuring fair values is included in the following notes:

Note 36 – Share based payment arrangements

Note 5 – Investment property

Note 38 – Financial instruments.

3 Significant accounting policies

a) Revenue
(i) Sale of goods:
- Revenue arises mainly from the sale of products.

To determine whether to recognise revenue, the Company follows a 5-step process:

a) Identifying the contract with a customer
b) Identifying the performance obligations
c) Determining the transaction price
d) Allocating the transaction price to the performance obligations
e) Recognising revenue when/as performance obligation(s) are satisfied.

The total transaction price for a contract is allocated amongst the various performance obligations based on their relative standalone selling prices. The transaction price for

a contract excludes any amounts collected on behalf of third parties.

The Company receives revenue for supply of goods to external customers against orders received. The majority of contracts that the Company enters into relate to sales orders containing single performance obligations for the delivery of products. Product revenue is recognised when control of the goods is passed to the customer. The point at which control passes is determined by each customer arrangement, but generally occurs on delivery to the customer.

Product revenue represents net invoice value including fixed and variable consideration. Variable consideration arises on the sale of goods as a result of discounts and allowances given and accruals for estimated future returns and rebates. Revenue is not recognised in full until it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur.

The methodology and assumptions used to estimate rebates and returns are monitored and adjusted regularly in the light of historical trends, past experience and projected market conditions. Once the uncertainty associated with the returns and rebates is resolved, revenue is adjusted accordingly.

(ii) Rendering of services:

Revenue from services is recognized as and when services are rendered and related costs are incurred, in accordance with the terms of the specific contracts.

(iii) Rental income:

Rental income from investment property and sub-leasing is recognized as a part of other income in statement of profit and loss.

(iv) Interest income:

Interest income is recognized on a time proportion basis taking into account the amount outstanding and the interest rate applicable.

(v) Multiple delivery arrangements:

When two or more revenue generating activities or deliverables are provided under a single arrangement, each deliverable that is considered to be a separate unit of account is accounted for separately. The allocation of consideration from a revenue arrangement to it’s separate units of account is based on the relative fair value of each unit.

b) Foreign exchange transactions

The date of the transaction, for the purpose of determining the exchange rate, is the date of initial recognition of the non-monetary prepayment

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asset or deferred income liability. If there are multiple payments or receipts in advance, a date of transaction is established for each payment or receipt. The exchange differences arising on foreign exchange transactions settled during the year are recognized in the statement of profit and loss of the year. Monetary assets and liabilities denominated in foreign exchange, which are outstanding as at the year end, are translated at the closing exchange rate and the resultant exchange differences are recognized in statement of profit and loss.

c) Property, plant and equipment

(i) Recognition and measurement

Items of property, plant and equipment are stated at cost of acquisition less accumulated depreciation / amortization and impairment losses. The cost of property, plant and equipment includes taxes (other than those subsequently recoverable from tax authorities), duties, freight and other incidental expenses related to the acquisition and installation of the respective assets.

Any gain or loss on disposal of an item of property, plant and equipment is recognized in statement of profit and loss. Refer note (e) below for details on impairment.

(ii) Subsequent expenditure

Subsequent expenditure that are directly attributable to the property, plant and equipment are capitalized only if it is probable that the future economic benefits associated with the expenditure will flow to the Company and the cost of the item can be measured reliably.

(iii) depreciation

a) Depreciation is calculated on straight line basis as per the rates determined in Part C of Schedule II of the Act or based on estimated useful life of the assets determined by the management.
b) Depreciation on assets other than those specified in a) above are provided at:

Assets Land : Leasehold	Rate Amortized over the lease period
Buildings : On	Amortized over the
leasehold land	lease period
Leasehold	Amortized over
improvements	the lease period or estimated useful life, which ever is lower

Assets acquired under the Scheme of Amalgamation from erstwhile Wyeth Limited are depreciated over the

estimated residual useful life of the assets as determined by an independent expert:

	Assets Computers Furniture Ofce equipment Machinery and equipment Vehicles	Rate 16.66% to 50% 33.33% to 50% 14.28% to 100% 8.33% to 100% 25% to 50%

Depreciation on additions is provided on a pro-rata basis from the month of capitalization. Depreciation on deletions during the year is provided up to the month in which the asset is sold / discarded.

Right-of-use assets are depreciated from the commencement date on a straightline basis over the shorter of the lease term and useful life of the underlying asset

(iv) Reclassification to investment property

When the use of a property changes from owner occupied to investment property, the property is reclassified as investment property at it’s carrying amount on the date of reclassification.

d) Goodwill and other intangible assets

Intangible assets are stated at cost of acquisition less accumulated amortization / impairment losses.

(i) Goodwill:

Goodwill arising on acquisition of business is carried at costs less any accumulated impairment losses

Goodwill is not amortized and is tested for impairment annually or more frequently if events or changes in circumstances indicate that it might be impaired.

(ii) Other intangible assets:

Other intangible assets comprises of trademarks and computer software.

Trademarks are amortized on a straight line basis, over a period of 10 years. Cost of computer software includes cost such as salary and other expenditure incurred on development of the computer software and is amortized on straight-line basis over a period of 10 years, which in management’s estimate represents the period during which economic benefits will be derived from their use.

e) Impairment of financial and non-financial assets

The Company assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or

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when annual impairment testing for an asset is required, the Company estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or cashgenerating unit’s (CGU) fair value less costs of disposal and its value in use. Recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or of Company’s assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to it’s recoverable amount.

Impairment losses of continuing operations, including impairment on inventories, are recognized in statement of profit and loss.

For assets excluding goodwill (refer note 3(d) above), an assessment is made at each reporting date to determine whether there is an indication that previously recognized impairment losses no longer exists or have decreased. If such indication exists, the Company estimates the asset’s or CGU’s recoverable amount. A previously recognized impairment loss is reversed only if there has been a change in the assumptions used to determine the asset’s recoverable amount since the last impairment loss was recognized. The reversal is limited so that the carrying amount of the asset does not exceed its recoverable amount, nor exceed the carrying amount that would have been determined, net of depreciation, had no impairment loss been recognized for the asset in prior years. Such reversal is recognized in the statement of profit and loss.

f) Investment property

Investment property is measured at cost less accumulated depreciation and impairment losses, if any. Any gain or loss on disposal of an investment property is recognized in statement of profit and loss.

Investment property is depreciated using straight line method over its estimated useful life of 33 years.

g) Inventories

Raw materials, stock-in-trade, work-in-progress, finished goods and packing materials are valued at the lower of weighted average cost and net realizable value. Cost of finished goods and workin-progress includes cost of materials, direct labour and an appropriate portion of overheads to bring the inventory to it’s present location and condition. Stores and spares are valued at lower of weighted average cost and net realizable value.

The net realizable value of work-in-progress is determined with reference to the selling price of related finished goods. Raw materials and other supplies held for use in production of inventories are not written down below cost except in cases where material prices have declined and it is

estimated that the cost of the finished products will exceed their net realizable value.

The comparison of cost and net realisable value is made on an item-by-item basis.

Finished goods expiring within 90 days (nearexpiry inventory) as at the balance sheet date have been fully provided for.

h) Assets held for sale

Such assets are generally measured at lower of their carrying amount and fair value less costs to sell. Once classified as held-for-sale, intangible assets, property, plant and equipment and investment properties are no longer amortized or depreciated.

i) employee benefits

(i)

twelve months of rendering the service are classified as short - term employee benefits. Benefits such as salaries, wages, bonus, short term compensated absences and the expected cost of ex-gratia is recognized in the period in which the employee renders the related service.

(ii) Long - term employee benefits

a) defined contribution plan

The Company’s contribution towards employees’ Superannuation plan is recognized as an expense in statement of profit and loss when they are due.

b) defined benefit plans

(i) Provident fund

Provident fund contributions are made to a trust administered by the trustees. Trust makes investments and settles members claims. Interest payable to the members shall not be at a rate lower than the statutory rate. Liability is recognized for any shortfall in the plan assets vis-à-vis actuarially determined liability of the fund obligation.

(ii) Gratuity plan

The Company’s gratuity benefit scheme is a defined benefit plan. The Company’s net obligation in respect of the gratuity benefit scheme is calculated by estimating the amount of future benefit that employees have earned in return for their service in the current and prior periods; that benefit is discounted to determine its present value and the fair value of any plan assets is deducted.

The present value of the obligation as at the balance sheet date

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under such defined benefit plan is determined based on actuarial valuation using the projected unit credit method by an independent actuary, which recognizes each period of service as giving rise to additional unit of employee benefit entitlement and measures each unit separately to build up the final obligation.

The obligation is measured at the present value of the estimated future cash flows. The discount rates used for determining the present value of the obligation under defined benefit plan, are based on the market yields on government securities as at the reporting date.

Remeasurements of the net defined benefit obligation, which comprise of actuarial gains and losses and the return on plan assets are recognized in Other Comprehensive Income (OCI).

(iii) Other long-term employment benefits

Compensated absences which are not expected to occur within twelve months after the end of the period in which the employee renders the related services are recognized as a liability at the present value of the defined benefit obligation as at the reporting date using projected unit credit method by an independent actuary. The discount rates used for determining the present value of the obligation under defined benefit plan, are based on the market yields on government securities as at the reporting date.

Remeasurements of the net defined benefit obligation, which comprise of actuarial gains and losses and the return on plan assets are recognized in statement of profit and loss.

j) Provisions and contingent liabilities

The Company creates a provision when there exists a present obligation as a result of a past event that probably requires an outflow of resources and a reliable estimate can be made of the amount of the obligation. A disclosure for a contingent liability is made when there is a possible obligation or a present obligation that may, but probably will not, require an outflow of resources. When there is a possible obligation or a present obligation in respect of which the likelihood of outflow of resources is remote,

no provision or disclosure is made. Contingent assets are not recognized in financial statements.

k) Leases

a) Company as a Lessee

The Company’s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. 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 has 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.

At the date of commencement of the lease, the Company recognizes a right-of-use asset (“ROU”) and a corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company recognizes the lease payments as an operating expense on a straight-line basis over the term of the lease.

Certain lease arrangements include the options to extend or terminate the lease before the end of the lease term. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.

The right-of-use assets are initially recognized at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and impairment losses.

Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell

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and the value-in-use) is determined on an individual asset basis unless the asset does not generate cash flows that are largely independent of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to which the asset belongs.

The lease liability is initially measured at amortized cost at the present value of the future lease payments. The lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are re-measured with a corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will exercise an extension or a termination option.

The lease liability is subsequently remeasured by increasing the carrying amount to reflect interest on the lease liability, reducing the carrying amount to reflect the lease payments made and remeasuring the carrying amount to reflect any reassessment or lease modifications or to reflect revised in-substance fixed lease payments. The company recognises the amount of the re-measurement of lease liability due to modification as an adjustment to the rightof-use asset and statement of profit and loss depending upon the nature of modification. Where the carrying amount of the right-ofuse asset is reduced to zero and there is a further reduction in the measurement of the lease liability, the Company recognises any remaining amount of the re-measurement in statement of profit and loss.

Ind AS 116 requires lessee to determine the lease term as the non-cancellable period of a lease adjusted with any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs relating to the termination of the lease and the importance of the underlying asset to Company’s operations taking into account the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is reassessed to ensure that the lease term reflects the current economic circumstances.

ROU asset have been separately presented under the head “Property, Plant and Equipment” and lease payments have been classified as financing activity under cash flows.

b) Company as a lessor:

Leases for which the Company is a lessor is classified as a finance or operating lease. Whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee, the contract is classified as a finance lease. All other leases are classified as operating leases.

When the Company is an intermediate lessor, it accounts for its interests in the head lease and the sublease separately. The sublease is classified as a finance or operating lease by reference to the right-of-use asset arising from the head lease.

For operating leases, rental income is recognized on a straight line basis on a straight-line basis over the term of the lease.

l) Income tax

Income tax comprises of current tax and deferred tax.

Current tax

Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the tax payable or receivable in respect of previous years. It is measured using tax rates (and tax laws) enacted or substantively enacted by the reporting date.

The Company offsets current tax assets and current tax liabilities, where it has a legally enforceable right to set off the recognized amount and where it intends either to settle on a net basis or to realise the asset and liability simultaneously.

deferred tax

Deferred tax is recognized in respect of taxable temporary difference between the carrying amounts of assets and liabilities for financial reporting purposes and the corresponding amounts used for taxation purposes. Deferred tax is also recognized in respect of for the carried forward of unused tax losses and the carry forward of unused tax credits. The company assesses whether taxable profits will be available against which it can utilise a deductible temporary difference, it considers whether tax law restricts the source of taxable profits against which it may make deductions on the reversal of that deductible temporary difference. If tax law restricts the utilisation of losses to deduction against income of a specific type, a deductible temporary difference is assessed in combination

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only with other deductible temporary differences of the appropriate type. Deferred tax assets are reviewed at each reporting date to reassess realization. Deferred tax is measured at the tax rates that are expected to apply to the period when the asset is realised or liability is settled, based on the laws that have been enacted or substantively enacted by the reporting date.

m) employee stock options scheme

Pfizer Inc., USA, as a part of the long-term incentive awards offers certain common stock (shares) to the employees of Pfizer Inc., and its subsidiaries.

Compensation cost relating to employee stock options granted by Pfizer Inc., to employees of the Company is measured using the fair value method. Compensation expense is amortized over the vesting period of the options on a straight-line basis.

The grant date fair value of equity settled sharebased payment awards granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as expense is based on the estimate of the number of awards for which the related service and nonmarket vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market vesting conditions at the vesting date.

n) earnings per share

Basic and diluted earnings per share are computed by dividing the net profit after tax attributable to equity shareholders for the year, with the respective weighted average number of equity shares outstanding during the year.

o) dividends

The final dividend on shares is recorded as a liability on the date of approval by the shareholders and interim dividends are recorded as a liability on the date of declaration by the Company’s Board of Directors.

p) Financial instruments

(i) Recognition and initial measurement

Trade receivables issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument.

A financial asset or financial liability is initially measured at fair value plus, for an item not at fair value through profit and loss

(FVTPL), transaction costs that are directly attributable to its acquisition or issue.

(ii) Classification and subsequent measurement

Financial assets - Subsequent measurement and gains and losses:

On initial recognition, a financial asset is classified and measured at

a) amortized cost;
b) FVTOCI – equity investment; or
c) FVTPL

Financial assets are not reclassified subsequent to their initial recognition, except if and in the period the Company changes its business model for managing financial assets. a) financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL

the asset is held within a business model whose objective is to hold assets to collect contractual cash flows; and
the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
b) Financial assets at FVTPL

These assets are remeasured at fair value, at each reporting date. Net gains and losses, arising from such remeasurement including any interest or dividend income, are recognized in statement of profit and loss.

c) Financial assets at amortized cost

These assets are subsequently measured at amortized cost using the effective interest method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are recognized in statement of profit and loss. Any gain or loss on derecognition is recognized in statement of profit and loss.

d) Financial assets at FVTOCI These assets are subsequently measured at fair value. Dividends are recognized as income in statement of profit and loss unless the dividend clearly represents a recovery of part of

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the cost of the investment. Other net gains and losses are recognized in OCI and are not reclassified to statement of profit and loss.

Financial liabilities: Classifcation, subsequent measurement and gains and losses:

Financial liabilities are classified as measured at amortized cost or FVTPL. A financial liability is classified as at FVTPL if it is classified as held- for- trading, or it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in statement of profit and loss. Other financial liabilities are subsequently measured at amortized cost using the interest method. Interest effective expense and foreign exchange gains and losses are recognized in statement of profit and loss. Any gain or loss on derecognition is also recognized in statement of profit and loss.

(iii) derecognition

Financial assets

The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expires, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and does not retain control of the financial asset.

If the Company enters into transactions whereby it transfers assets recognized on its balance sheet, but retains either all or substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized.

Financial liabilities

The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expired.

The Company also derecognizes a financial liability when its terms are modified and the cash flows under the modified terms are substantially different. In this case, a new financial liability based on the modified terms is recognized at fair value. The difference between the carrying amount of the financial liability extinguished and the new financial liability with modified terms is recognized in statement of profit and loss.

q) Recent accounting pronouncements

Recent accounting pronouncements The Ministry of Corporate Affairs (MCA) notifies new standards or amendments to the existing standards under Companies (Indian Accounting Standards) Rules as issued from time to time. On March 23, 2022, MCA amended the Companies (Indian Accounting Standards) Amendment Rules, 2022, as below.

Ind AS 16, Property Plant and equipment – The amendment clarifies that excess of net sale proceeds of items produced over the cost of testing, if any, shall not be recognized in the profit or loss but deducted from the directly attributable costs considered as part of cost of an item of property, plant, and equipment. The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022. The Company has evaluated the amendment and there is no impact on its Standalone financial statements.

Ind AS 37, Provisions, Contingent Liabilities and Contingent Assets – The amendment specifies that the ‘cost of fulfilling’ a contract comprises the ‘costs that relate directly to the contract’. Costs that relate directly to a contract can either be incremental costs of fulfilling that contract (examples would be direct labor, materials) or an allocation of other costs that relate directly to fulfilling contracts (an example would be the allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract). The effective date for adoption of this amendment is annual periods beginning on or after April 1, 2022, although early adoption is permitted. The Company has evaluated the amendment and the impact is not expected to be material.

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Corporate Overview Statutory Reports Financial Statements

Currency: ₹in crore	Particulars Right of Use (Leasehold land) Leasehold improvements Buildings Plant and equipment Furniture and fxtures Vehicles Ofce equipment Computers Right of Use (Buildings) Right of Use (Vehicle) Total	Gross carrying amount as at 1 April 2021 20.00 29.36 12.47 26.09 12.55 0.05 10.44 35.41 186.24 0.69 333.30	Additions - 1.41 - 7.29 0.17 0.01 5.69 1.87 73.73 - 90.17	Reclass from Asset held for sale - - 0.14 - - - - - - - 0.14	Deletions - - 0.11 1.04 0.02 - 0.42 21.96 - - 23.55	Gross carrying amount as at 31 March 2022 (A) 20.00 30.77 12.50 32.34 12.70 0.06 15.71 15.32 259.97 0.69 400.06	Accumulated depreciation as at 1 April 2021 1.95 17.17 5.61 10.13 5.18 0.05 5.62 26.99 67.96 0.26 140.92	Depreciation for the year 0.26 4.49 0.88 2.31 1.22 0.01 1.40 5.84 46.71 0.17 63.29	Deletions - - 0.11 0.98 0.01 - 0.42 21.55 - - 23.07	Accumulated depreciation as at 31 March 2022(B) 2.21 21.66 6.38 11.46 6.39 0.06 6.60 11.28 114.67 0.43 181.14	net carrying amount as at 31 March 2022 (A) - (B) 17.79 9.11 6.12 20.88 6.31 - 9.11 4.04 145.30 0.26 218.92	The changes in the carrying value of property, plant and equipment for the year ended 31 March 2021 are as follows: Currency: ₹in crore	Particulars Right of Use (Leasehold land) Leasehold improvements Buildings Plant and equipment Furniture and fxtures Vehicles Ofce equipment Computers Right of Use (Buildings) Right of Use (Vehicle) Total	Gross carrying amount as at 1 April 2020 20.00 29.94 12.47 23.59 10.91 0.05 10.85 30.14 177.44 0.69 316.08	Additions - 0.50 - 2.96 1.85 - 0.12 11.00 30.24 - 46.67	Deletions - 1.08 - 0.46 0.21 - 0.53 5.73 21.44 - 29.45	Gross carrying amount as at 31 March 2021 (A) 20.00 29.36 12.47 26.09 12.55 0.05 10.44 35.41 186.24 0.69 333.30	Accumulated depreciation as at 1 April 2020 1.69 13.79 4.89 9.14 3.95 0.05 4.75 28.08 35.13 0.09 101.56	Depreciation for the year 0.26 4.46 0.72 1.45 1.44 - 1.40 4.64 41.59 0.17 56.13	Deletions - 1.08 0.46 0.21 - 0.53 5.73 8.76 - 16.77	Accumulated depreciation as at 31 March 2021 (B) 1.95 17.17 5.61 10.13 5.18 0.05 5.62 26.99 67.96 0.26 140.92	net carrying amount as at 31 March 2021 (A) - (B) 18.05 12.19 6.86 15.96 7.37 - 4.82 8.42 118.28 0.43 192.38

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4(b) CAPITAL WORK-In-PROGReSS

The changes in the carrying value of capital work-in-progress for the year ended 31 March 2022 are as follows:

4(b) CAPITAL WORK-In-PROGReSS The changes in the carrying value of capital work-in-progress for the year	ended 31 March 2022 are as follows:
	Currency: ₹ in crore
Particulars	Amount
Carryingamount as at 1 April 2021	2.76
Additions duringtheyear	9.69
Capitalised duringtheyear	11.30
net carrying amount as at 31 March 2022	1.15
Carryingamount as at 1 April 2020	0.76
Additions duringtheyear	5.11
Capitalised duringtheyear	3.11
net carrying amount as at 31 March 2021	2.76

Capital work in progress (CWIP) Ageing Schedule As at 31 March 2022

As at 31 March 2022
				Currency: ₹ in crore
		Amount in CWIP for a		period of
	Less than	1-2 years	2-3 years	More than	Total
	1year			3years
Projects inprogress	1.15	-	-	-	1.15
Projects temporarilysuspended	-	-	-	-	-

Capital work in progress (CWIP) Ageing Schedule

As at 31 March 2021

				Currency: ₹ in crore	Currency: ₹ in crore
		Amount in CWIP for a		period of
	Less than	1-2 years	2-3 years	More than	Total
	1year			3years
Projects inprogress	2.39	0.37	-	-	2.76
Projects temporarilysuspended	-	-	-	-

5 InVeSTMenT PROPeRTY

A. Reconciliation of carrying amount

The changes in the carrying value of investment property for the year ended 31 March 2022 are as follows:

	Currency: ₹ in crore
Particulars	Amount
Gross carryingamount as at 1 April 2021	37.89
Gross carrying amount as at 31 March 2022(A)	37.89
Accumulated depreciation as at 1 April 2021	8.33
Depreciation for theyear	1.39
Accumulated depreciation as at 31 March 2022(B)	9.72
net carrying amount as at 31 March 2022(A) -(B)	28.17

The changes in the carrying value of investment property for the year ended 31 March 2021 are as follows:

Depreciation for theyear Accumulated depreciation as at 31 March 2022(B) net carrying amount as at 31 March 2022(A) -(B) The changes in the carrying value of investment property for the year ended 31	1.39 9.72 28.17 March 2021 are as follows:
	Currency: ₹ in crore
Particulars	Amount
Gross carryingamount as at 1 April 2020	37.89
Gross carrying amount as at 31 March 2021(A)	37.89
Accumulated depreciation as at 1 April 2020	6.94
Depreciation for theyear	1.39
Accumulated depreciation as at 31 March 2021(B)	8.33
net carrying amount as at 31 March 2021(A) -(B)	29.56

The rental income recognized, from the above investment property, in statement of profit and loss for the year ending 31 March 2022 is ₹6.39 crore (31 March 2021: ₹6.39 crore) (Refer note 26).

The aforementioned investment property is leased under short term operating lease agreement, hence no lease disclosure given, as required by Ind As 116 “Leases”

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Statutory Reports Financial Statements

Corporate Overview

B. Measurement of fair values

i As at 31 March 2022 and 31 March 2021, the fair values of the properties are ₹234.23 crore and ₹234.23 crore respectively. These valuations are based on valuations performed by Sundeep H.B. & Co., an accredited independent valuer. Sundeep H.B. & Co.is a registered valuer as defined under rule 2 of Companies (Registered Valuers and Valuation) Rules, 2017. The fair value measurement for all the investment properties has been categorized as a level 3 fair value based on the inputs to the valuation technique used. The independent valuers have adopted Land and Building method of valuation. The valuation has been arrived at considering the location of the property, market enquiries, sale instances etc.

6(a) InTAnGIBLe ASSeTS

Goodwill:

For the purposes of impairment testing, carrying amount of goodwill has been allocated to the following Cash Generating Unit (CGU) as follows:

	Currency: ₹ in crore	Currency: ₹ in crore
Particulars	As at	As at
	31 March 2022	31 March 2021
Business acquiredpursuant to amalgamation of erstwhile Wyeth Limited
OpeningBalance	527.49	527.49
Additions duringtheyear	-	-
Amortised duringtheyear	-	-
Closing balance	527.49	527.49

The recoverable amount of the above CGU has been assessed using a value-in-use model. Value in use is calculated as the net present value of the projected post-tax cash flows plus a terminal value of the cash generating unit to which the goodwill is allocated. Initially a post-tax discount rate is applied to calculate the net present value of the post-tax cash flows.

The cash flow projections include specific estimates for five years developed using internal forecasts and a terminal growth rate thereafter of 2 % (31 March 2021: 2%). The planning horizon reflects the assumptions for short-to-mid term market developments.

Discount rate reflects the current market assessment of the risks. The discount rate is estimated based on the weighted average cost of capital for the Company. Post-tax discount rate used for the year ended 31 March 2022 was 8.75% (31 March 2021: 8.75%).

The values assigned to the key assumptions represent management’s assessment of future trends in the relevant industries and have been based on historical data from both external and internal sources.

The management believes that any reasonable possible change in the key assumptions would not cause the aggregate carrying amount to exceed the aggregate recoverable amount of the cash-generating unit.

6(b) OTHeR InTAnGIBLe ASSeTS

The changes in the carrying value of intangible assets for the year ended 31 March 2022 are as follows:

		Currency: ₹ in crore	Currency: ₹ in crore
Particulars	Trade marks	Computer software	Total
Gross carryingamount as at 1 April 2021	395.93	21.80	417.73
Additions	-	-	-
Deletions	-	-	-
Gross carrying amount as at 31 March 2022 (A)	395.93	21.80	417.73
Accumulated amortization as at 1 April 2021	265.32	7.54	272.86
Amortization for theyear	48.14	2.18	50.32
Accumulated amortization as at 31 March 2022 (B)	313.46	9.72	323.18
net carrying amount as at 31 March 2022 (A) - (B)	82.47	12.08	94.55

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The changes in the carrying value of intangible assets for the year ended 31 March 2021 are as follows:

The changes in the carrying value of intangible assets for the	year ended 31 March	2021 are as follows:	2021 are as follows:
		Currency: ₹ in crore
Particulars	Trade marks	Computer software	Total
Gross carryingamount as at 1 April 2020	411.63	21.80	433.43
Additions	-	-	-
Deletions	15.70	-	15.70
Gross carrying amount as at 31 March 2021 (A)	395.93	21.80	417.73
Accumulated amortization as at 1 April 2020	228.17	5.36	233.53
Amortization for theyear	49.71	2.18	51.89
Deletions	12.56		12.56
Accumulated amortization as at 31 March 2021 (B)	265.32	7.54	272.86
net carrying amount as at 31 March 2021 (A) - (B)	130.61	14.26	144.87

7 InVeSTMenTS

7 InVeSTMenTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
unquoted *
(i) Investment in equityinstruments at FVTPL	0.00	0.00
(ii) Investment ingovernment debt securities at FVTPL	0.00	0.00
	0.00	0.00
Aggregate amount of unquoted investment	0.00	0.00

Amount below ₹ one lakh

8 LOAnS-nOn CuRRenT

8 LOAnS-nOn CuRRenT
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
(Unsecured consideredgood, unless otherwise stated)
Employee related loans	0.07	0.02
Others	0.33	0.74
	0.40	0.76

9 OTHeR nOn-CuRRenT FInAnCIAL ASSeTS

9 OTHeR nOn-CuRRenT FInAnCIAL ASSeTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
deposits
Consideredgood	17.31	31.55
Considered credit impaired	0.66	0.67
	17.97	32.22
Allowances for deposits	(0.66)	(0.67)
	17.31	31.55

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Corporate Overview Statutory Reports Financial Statements

10 OTHeR nOn-CuRRenT ASSeTS

10 OTHeR nOn-CuRRenT ASSeTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
(Unsecured consideredgood, unless otherwise stated)
Prepayments	0.96	0.64
Advance to vendor
Considered credit impaired	1.43	1.43
Allowance forprepayments	(1.43)	(1.43)
	-	-
Gratuity(Refer note 35)	10.86	6.87
Capital advances	0.03	0.25
Balance withgovernment authorities
Consideredgood	29.23	29.23
Considered credit impaired	0.74	0.74
	29.97	29.97
Allowance for Balance withgovernment authorities	(0.74)	(0.74)
	29.23	29.23
VAT receivable (payments underprotest)	119.29	122.02
Others (payments underprotest for DPCO and Customs)	25.75	25.75
	186.12	184.76

11 InVenTORIeS

	Currency: ₹ in crore	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Raw materials	36.25	95.92
Packingmaterials	7.28	6.75
Work - in -progress	8.04	7.07
Finishedgoods1	105.32	103.61
Stock -in- trade1	291.83	221.61
Stores	0.18	0.09
	448.90	435.05

Notes:

Includes asset (inventory) recoverable from customers for saleable returns of 1.54 crore towards finished goods (31 March 2021 1.79 crore ) and 2.07 crore towards Stock-in-trade (31 March 2021: 1.96 crore).
The Company writes down the value of inventories towards slow moving, non-moving and non-saleable inventory (expired/damaged) based on historical experience of such items and any recent trends that may suggest realizable amount could differ from historical amounts. Charge in the statement of profit and loss on account of write down of inventory during the year is 31.35 crore (31 March 2021: 17.07 crore).

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12 TRAde ReCeIVABLeS

12 TRAde ReCeIVABLeS	12 TRAde ReCeIVABLeS
Currency: ₹ in crore
As at 31 March 2022 As at 31 March 2021
Secured, consideredgood 0.03 0.03
Unsecured, consideredgood * 124.24 108.74
Trade Receivables which have signifcant increase in credit risk - -
Unsecured, considered credit impaired 28.11 24.11
152.38 132.88
Less: Allowances for expected credit loss (28.11) (24.11)
124.27 108.77
*Includes amounts due from related parties ₹ 2.44 crore (31 March 2021: Nil)(Refer note 40).The Company’s exposure to credit and currency risks, and loss allowances are disclosed in note 38. Trade receivables Ageing Schedule As at 31 March 2022 Currency: ₹ in crore
	Outstanding for following periods from due date ofpayment
	Not due Less than 6 Months 6 months – 1 year 1-2 years 2-3 years More than 3 years Total
Undisputed Trade Receivables – consideredgood	121.77 2.43 - - - 0.07 124.27
Undisputed Trade Receivables – which have signifcant increase in credit risk	- - - - - - -
Undisputed Trade receivable – credit impaired	- 1.13 1.14 1.43 1.82 13.50 19.02
Disputed Trade receivables - considered good	- - - - - - -
Disputed Trade receivables – which have signifcant increase in credit risk	- - - - - - -
Disputed Trade receivables – credit impaired	- - - - - 9.09 9.09
Total	121.77 3.56 1.14 1.43 1.82 22.66 152.38
As at 31 March 2021	Currency: ₹ in crore
	Outstanding for following periods from due date ofpayment
	Not due Less than 6 Months 6 months – 1 year 1-2 years 2-3 years More than 3 years Total
Undisputed Trade Receivables – consideredgood	103.46 4.97 0.27 - - 0.07 108.77
Undisputed Trade Receivables – which have signifcant increase in credit risk	- - - - - - -
Undisputed Trade receivable – credit impaired	- 0.17 0.25 0.80 1.01 12.79 15.02
Disputed Trade receivables - considered good
Disputed Trade receivables – which have signifcant increase in credit risk	- - - - - - -
Disputed Trade receivables – credit impaired	- - - - - 9.09 9.09
Total	103.46 5.14 0.52 0.80 1.01 21.95 132.88

*Includes amounts due from related parties ₹ 2.44 crore (31 March 2021: Nil)(Refer note 40).The Company’s exposure to credit and currency risks, and loss allowances are disclosed in note 38.

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Corporate Overview Statutory Reports Financial Statements

13(a) CASH And CASH eQuIVALenTS

13(a) CASH And CASH eQuIVALenTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Balance with banks :
In current accounts	35.64	58.06
In deposit accounts with maturityless than or equal to 90 days	26.52	98.42
Cheques on hand	0.60	0.55
	62.76	157.03

13(b) BAnK BALAnCe OTHeR THAn CASH And CASH eQuIVALenTS

	Currency: ₹ in crore	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Balance with banks :
In deposit accounts with maturityof more than 90 days	1,547.29	941.00
In unclaimed dividend accounts	12.86	12.48
In fxed deposit1	2.86	2.86
As margin moneydeposit	0.08	0.08
Unspent corporate social responsibilityaccount (Refer note 47)	7.48	1.65
	1,570.57	958.07

The Company’s exposure to credit and currency risks, and loss allowances are disclosed in note 38.

1Fixed deposit towards bank guarantee for VAT demand

14 LOAnS-CuRRenT

	Currency: ₹ in crore	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
(Unsecured consideredgood, unless otherwise stated)
Loans to employees	0.02	0.05
Others	0.24	0.12
	0.26	0.17

15 OTHeR CuRRenT FInAnCIAL ASSeTS

15 OTHeR CuRRenT FInAnCIAL ASSeTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Interest accrued on deposits	10.11	7.29
Other receivables*
Secured, consideredgood	32.31	65.60
Unsecured, considered credit impaired	1.13	-
	33.44	65.60
Provision for other receivables	(1.13)	-
	32.31	65.60
Deposits	13.08	8.39
	55.50	81.28

*Includes amounts due from related parties ₹25.14 crore (31 March 2021: ₹59.39 crore) (Refer note 40)

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16 OTHeR CuRRenT ASSeTS

16 OTHeR CuRRenT ASSeTS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Prepayments	7.28	5.07
Balance with Customs and Excise authorities	7.75	0.25
Goods and service tax receivable	73.43	117.99
Advance to vendor	9.01	9.62
Others	1.71	-
	99.18	132.93

17 ASSeTS HeLd FOR SALe

17 ASSeTS HeLd FOR SALe
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Business undertakingat Thane (Refer note(i))	35.04	35.04
Ofcepremises	-	0.14
	35.04	35.18

(i) The Company has entered into an agreement (BTA) for sale of business undertaking at Thane on a slump sale basis for a consideration of ₹178.00 crore, subject to fulfillment of the conditions precedent to the closing. The impact of the transaction would be reflected upon closure of the transaction. The Company had received the consideration of ₹178.00 crore, as advance payment as per the agreed terms and is disclosed under “Other Current Liabilities” in note 23. Upon conclusion of the BTA, the business undertaking including workmen at Thane Plant shall be transferred to the buyer. The property, plant and equipment pertaining to the plant have been disclosed under this head.The Company has received part approval from MIDC for transfer of the business undertaking save and except certain portion of the land which is subject to pending proceedings. The Company has paid an amount of ₹21.50 crore in the financial year ended 31 March 2020, towards transfer premium to MIDC in respect of the approved land transfer. The Company has represented to the MIDC and government for granting approval for transfer of the entire land and accordingly has sought extension from MIDC to transfer the approved land.

18(a) SHARe CAPITAL

		Currency: ₹ in crore	Currency: ₹ in crore
		As at	As at
		31 March 2022	31 March 2021
(i)	Authorised :
	52,844,080 (31 March 2021: 52,844,080) equity shares of ₹ 10/- each	52.84	52.84
	10,155,920 (31 March 2021: 10,155,920) unclassifed shares of ₹10/- each	10.16	10.16
	Total	63.00	63.00
(ii)	Issued
	45,750,372 (31 March 2021: 45,750,372) equity shares of ₹10/- each	45.75	45.75
	Total	45.75	45.75
(iii)	Subscribed and fully paid-up
	45,747,732 (31 March 2021: 45,747,732) equity shares of ₹10/- each	45.75	45.75
	Forfeited equity shares 2,640 (31 March 2021: 2,640) equity shares of ₹10/- each *	0.00	0.00
	Total	45.75	45.75

Amount below ₹ one lakh

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Corporate Overview Statutory Reports Financial Statements

(iv) Reconciliation of the number of shares outstanding at the beginning and at the end of the reporting period

	As at	As at
	31 March 2022	31 March 2021
Number of shares outstanding at the beginning of the reporting period	45,747,732	45,747,732
Increase/(decrease) during the year	-	-
Number of shares outstanding at the end of the reporting period	45,747,732	45,747,732

(v) The rights, preferences and restrictions attaching to equity shares including restrictions on the distribution of dividends and the repayment of capital.

The Company has only one class of equity shares having a par value of ₹10/- per share. Every member holding equity shares therein shall have voting rights in proportion to the member’s share of the paid up equity share capital. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors, if any, is subject to the approval of the shareholders in the ensuing Annual General Meeting except interim dividend, if any. In the event of liquidation of the Company, the holders of equity shares would be entitled to receive remaining assets of the Company, after distribution of all the preferential amounts. The distribution will be in proportion to the number of equity shares held by the equity shareholders.

(vi) During the five reporting periods immediately preceding the reporting date no shares have been issued for consideration other than cash.
(vii) During the five reporting periods immediately preceding the reporting date, no shares have been issued by capitalization of reserves as bonus shares.

(viii) The details of shareholders holding more than 5% shares in the company is as below:

	31 March 2022 31 March 2021
	No. of Shares % No. of Shares %
Pfzer East India B. V.	18,186,334 39.75 18,186,334 39.75
Wyeth LLC, USA	5,617,707 12.28 5,617,707 12.28
Aditya Birla Sun Life Trustee Private Limited Account (through various Mutual Fund schemes)	2,321,880 5.08 3,085,586 6.74
Life Insurance Corporation of India	2,695,008 5.89 2,307,523 5.04
(ix) Details of equity shares held by promoters: As at 31 March 2022
Sr No Promoter name No of shares at the beginning of the year Change during the year No of shares at the end of the year % of Total Shares % change during the year
1 Pfzer East India B.V. 18,186,334 - 18,186,334 39.75% -
2 Wyeth LLC, USA 5,617,707 - 5,617,707 12.28% -
3 Wyeth Holdings Corporation, USA 1,630,164 - 1,630,164 3.56% -
4 Warner - Lambert Company, LLC, USA 1,187,163 - 1,187,163 2.60% -
5 Parke - Davis & Company, LLC, USA 955,733 - 955,733 2.09% -
6 John Wyeth & Brother Ltd, UK 882,000 - 882,000 1.93% -
7 Pharmacia Corporation, USA 783,941 - 783,941 1.71% -

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Details of equity shares held by promoters:

As at 31 March 2021

Sr	Promoter name	No of shares at	Change	No of shares at	% of Total	% change
No		the beginning	during the	the end of the	Shares	during the
		of theyear	year	year		year
1	Pfzer East India B.V.	18,186,334	-	18,186,334	39.75%	-
2	Wyeth LLC, USA	5,617,707	-	5,617,707	12.28%	-
3	Wyeth Holdings Corporation, USA	1,630,164	-	1,630,164	3.56%	-
4	Warner - Lambert Company, LLC, USA	1,187,163	-	1,187,163	2.60%	-
5	Parke - Davis & Company, LLC, USA	955,733	-	955,733	2.09%	-
6	John Wyeth & Brother Ltd, UK	882,000	-	882,000	1.93%	-
7	Pharmacia Corporation, USA	783,941	-	783,941	1.71%	-

18(b) OTHeR eQuITY

18(b) OTHeR eQuITY
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Securitiespremium
At the beginningof theyear	1,320.67	1,320.67
Add: Exercise of share options	-	-
Closingbalance(A)	1,320.67	1,320.67

General reserve
At the beginningof theyear	301.92	301.92
Add:Addition duringtheyear	-	-
Closingbalance(B)	301.92	301.92

Capital reserve
At the beginningof theyear	48.57	38.01
Add: Share basedpayments	11.76	10.56
Closingbalance(C)	60.33	48.57

Retained earnings
At the beginningof theyear Add:Net Proft for theyear asper Statement of Proft or Loss Account Less;Dividend	681.03 612.56 (160.12)	1,693.08 497.61 (1,509.66)
Closingbalance(D)	1,133.47	681.03
Remeasurements of the net defned beneftplans At the beginningof theyear Add:Gain/(loss)on remeasurement of net defned	(4.90) 7.17	(3.94) (0.96)
plans,net of tax
Closingbalance(E)	2.27	(4.90)
Total(A+B+C+d+e)	2,818.66	2,347.29

nature and purpose of reserves

(i) Securities premium

Securities premium account is used to record the premium on issue of shares. This reserve can be utilized in accordance with the said provisions of The Companies Act, 2013. This account also includes the share premium on shares issued to the shareholders of erstwhile Wyeth limited, pursuant to the Scheme of Amalgamation.

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Corporate Overview Statutory Reports Financial Statements

(ii) General reserve

General reserve forms part of the retained earnings and is permitted to be distributed to shareholders as part of dividend.

(iii) Capital reserve

The share-based payment reserve is used to recognize the value of equity settled share-based payments provided to the employees by Pfizer Inc. the ultimate holding company and the Company is not liable for any recharge of the amount. Refer note no.36 for further details on the plan.

(iv) Retained earnings

The amount that can be distributed by the Company as dividends to its equity shareholders. Refer Statement of changes in equity.

19 PROVISIOnS- nOn CuRRenT

19 PROVISIOnS- nOn CuRRenT
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Provision for employee benefts
Compensated absences (Refer note 35)	15.93	15.38
Gratuity(Refer note 35)	5.61	10.47
Otherprovisions
Demands under DrugPrice Control Orders (DPCO) (Refer note 41(a))	20.45	20.45
Sales return	13.46	9.52
Customs and Central Excise	0.02	0.02
	55.47	55.84

a) Movement in provisions:

a) Movement in provisions:
			Currency: ₹ in crore
	Provision for	Provision for sales	Provision for
	Demands under	return	Customs and
	DPCO		central excise
Balance as at 1 April 2020	20.45	5.69	0.02
Additions duringtheyear	-	3.83	-
Reversal / Utilization duringtheyear	-	-	-
As at 31 March 2021	20.45	9.52	0.02
Additions duringtheyear	-	3.94	-
Reversal / Utilization duringtheyear	-	-	-
As at 31 March 2022	20.45	13.46	0.02

b) nature of provisions:

Provision for sales returns:

This represents provision towards saleable and non-saleable return expected to be made by the customers till the product expiry. Provision towards saleable return represents products which are expected to be returned in saleable condition while non-saleable return represents expected returns of products which are either expired or damaged, such that the sale of such products may not be possible. Management estimate the provision based on historical returns and any recent trends that may suggest future returns could differ from historical amounts.

Provision for demands under dPCO:

This represents provision recognized by the Company towards unsettled compensations claimed under DPCO from the Company.

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Provision for customs and central excise:

This represents provision recognized by the Company towards claims raised by Customs and Excise authorities.

20 BORROWInGS

20 BORROWInGS
			Currency: ₹ in crore
			As at	As at
	31	March	2022	31 March 2021
From Others			2.50	2.50
			2.50	2.50

The amount represents purchase consideration payable to related party John Wyeth and Brother Limited, UK for the transfer of its undertaking in India to erstwhile Wyeth Limited. The amount has been retained as an interest free unsecured loan as per the directives of the Reserve Bank of India in this regard pending appropriate clearance from the income tax authorities.

21 TRAde PAYABLeS

21 TRAde PAYABLeS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Total outstandingdues of micro and small enterprises	0.35	1.33
Total outstanding dues of creditors other than micro and small enterprises	263.59	282.41
(Refer note c below)
	263.94	283.74

Notes:

a) Disclosures required under Section 22 of the Micro, Small and Medium Enterprises Development Act, 2006

		Currency: ₹ in crore	Currency: ₹ in crore
		As at	As at
		31 March 2022	31 March 2021
(i)	Principal amount remaining unpaid to any supplier as at the end of the	0.33	1.33
	accounting year
(ii)	Interest due thereon remaining unpaid to any supplier as at the end of the	0.02	-
	accounting year
(iii)	The amount of interest paid along with the amounts of the payment made to	0.35	0.30
	the supplier beyond the appointed day (Represents interest amounts)
(iv)	The amount of interest due andpayable for theyear	-	-
(v)	The amount of interest accrued and remaining unpaid at the end of the	0.02	-
	accounting year
(vi)	The amount of further interest due and payable even in the succeeding year,	-	-
	until such date when the interest dues as above are actually paid

b) Dues to Micro and Small Enterprises have been determined to the extent such parties have been identified on the basis of information collected by the management.

c) Other trade payables include amounts due to related parties ₹95.19 crore (31 March 2021: ₹138.85 crore) (Refer note 40)

d) All trade payables are ‘current’. The Company’s exposure to currency and liquidity risks related to trade payables is disclosed in note 38.

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Statutory Reports Financial Statements

Corporate Overview

Trade Payables Ageing Schedule

As at 31 March 2022

Trade Payables Ageing Schedule As at 31 March 2022
	Currency: ₹ in crore
	Outstanding for following periods from due date ofpayment
	Not due Less than 1 year 1-2 years 2-3 years More than 3 years Total
Outstanding dues of micro enterprises and small enterprises	- 0.35 - - - 0.35
Outstanding dues of creditors other than micro enterprises and small enterprises	149.10 113.39 0.11 0.10 0.26 262.96
Disputed dues of micro enterprises and small enterprises	- - - - - -
Disputed dues of creditors other than micro enterprises and small enterprises	- - - - 0.63 0.63
Total	149.10 113.75 0.11 0.10 0.89 263.94
As at 31 March 2021	Currency: ₹ in crore
	Outstanding for following periods from due date ofpayment
	Not due Less than 1 year 1-2 years 2-3 years More than 3 years Total
Outstanding dues of micro enterprises and small enterprises	- 1.33 - - - 1.33
Outstanding dues of creditors other than micro enterprises and small enterprises	80.12 85.89 0.34 - 115.43 281.78
Disputed dues of micro enterprises and small enterprises	- - - - -
Disputed dues of creditors other than micro enterprises and small enterprises	- - - 0.63 - 0.63
Total	80.12 87.22 0.34 0.63 115.43 283.74

22 OTHeR CuRRenT FInAnCIAL LIABILITIeS

22 OTHeR CuRRenT FInAnCIAL LIABILITIeS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Unclaimed dividends #	12.86	12.48
Employee benefts	50.24	47.49
Creditors for capital expenditure	0.22	0.92
Securitydeposits	5.54	5.96
Book overdraft	-	5.82
Others	-	0.78
	68.86	73.45

Investor Education and Protection Fund (IEPF) is being credited by the amount of unclaimed dividend after seven years from the due date. The balance represents amounts not yet due for deposit to the IEPF.

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23 OTHeR CuRRenT LIABILITIeS

23 OTHeR CuRRenT LIABILITIeS
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Statutoryremittances	53.38	46.74
Advance from customers(Refer note(i)below)	1.43	2.55
Advances received(Refer note 17(i))	178.02	178.00
	232.83	227.29

	As at	As at
	31 March 2022	31 March 2021
Note(i)
Contract Liabilities -Advance from customer	1.43	2.55
Movement in Contract Liabilities
Contract Liabilities at the beginningof theyear	2.55	1.06
Decrease as a result of changes in the measure ofprogress	(2.55)	(1.06)
Increase due to cash received and carried forward	1.43	2.55
Contract Liabilities at the end of theyear	1.43	2.55

24 PROVISIOnS- CuRRenT

24 PROVISIOnS- CuRRenT
	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Provision for employee benefts
Compensated absences (Refer note 35)	2.60	2.14
Gratuity(Refer note 35) Other employee benefts	6.11 13.96	5.15 13.05
Otherprovisions :
Sales return	32.76	29.61
Provision for sales tax / VAT (net) (Refer note 41(b))	15.64	19.73
Corporate Social responsibility(Refer note 47)	7.48	10.95
	78.55	80.63

Movement in provisions:

Movement in provisions:
				Currency: ₹ in crore
	Provision for	Provision for	Provision for	Provision for
	employee benefts	sales return	sales tax / VAT	Corporate Social responsibility
Balance as at 1 April 2020	11.86	25.47	13.69	10.95
Additions duringtheyear	1.19	4.14	6.04	-
Reversal / Utilization duringtheyear	-	-	-	-
As at 31 March 2021	13.05	29.61	19.73	10.95
Additions / Adjustments duringtheyear	0.91	3.15	-	-
Reversal / Utilization duringtheyear	-	-	4.09	3.47
As at 31 March 2022	13.96	32.76	15.64	7.48

Provision for sales tax/ VAT

These represents provision recognized by the Company towards claims raised by Sales Tax authorities and VAT authorities as applicable in each state.

Provisions for Corporate Social responsibility

These represents the unspent amount of corporate social responsibility. The Company has transfered the amount to a separate bank account within 30 days of the end of the financial year.

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Corporate Overview Statutory Reports Financial Statements

25 ReVenue FROM OPeRATIOnS

25 ReVenue FROM OPeRATIOnS
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Sale ofproducts	2,530.28	2,190.04
Sale of services	80.27	48.39
Other operating revenue
Sale of scrap	0.44	0.12
	2,610.99	2,238.55
Disaggregation of the revenue and reconciliation to statement of proft and loss
account is as follows:
Manufactured	1,384.64	1,233.62
Traded	1,145.64	956.42
Total sale ofproducts	2,530.28	2,190.04
Sale of services(point in time)	80.27	48.39
Total revenue from contract with customers	2,610.55	2,238.43
Sale of scrap	0.44	0.12
Total revenue from operations	2,610.99	2,238.55

Refer note 42 for geographical disaggregation of the revenue.

(i) Contract liabilities/assets from contracts with customers

	Year ended	Year ended
	31 March 2022	31 March 2021
Advance from customers	2.81	4.34
Trade receivables	124.27	108.77
Other receivables	25.14	20.92
26 OTHeR InCOMe

26 OTHeR InCOMe
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Interest income from fnancial assets at amortised cost
On bank deposits	46.59	36.92
On other balances	2.35	1.82
Other non-operatingincome
Rental income (Refer note 5 and note 37(b))	6.39	6.39
Liabilities /provisions no longer required written back	1.23	4.73
Insurance claims	0.27	1.17
Sale of rights and interest in brands (net of related expenses)*	3.00	3.25
Compensation for wind down of Consumer health business (net)(Refer note 43)	-	24.36
Proft on sale of assets (net)	1.58	0.08
Gain on earlytermination of leases	-	0.97
Netgain on foreign currencytransactions and translation	-	0.51
Reversal for expected credit loss	-	0.52
Others	1.24	0.40
	62.65	81.12

*During the year, the Company divested rights and interests in three brands for a consideration of ₹3.00 crore (31 March 2021 : Nil).In FY2019-20, the Company divested rights and interest in two brands for a consideration of ₹37.32 crore and accordingly net income of ₹30.53 crore was included in “Other Income” and ₹ 3.25 crore was deferred as per Ind AS 115 on account of supply arrangement. The deferred revenue was recognised in the previous year.

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27 COST OF MATeRIALS COnSuMed

27 COST OF MATeRIALS COnSuMed
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Raw materials consumed
Openinginventory(Refer note 11)	95.92	74.28
Add: Purchases	222.24	292.93
	318.16	367.21
Less: Closinginventory(Refer note 11)	36.25	95.92
Raw materials consumed (a)	281.91	271.29

Packingmaterials consumed
Openinginventory(Refer note 11)	6.75	9.49
Add: Purchases	72.91	60.71
	79.66	70.20
Less: Closinginventory(Refer note 11)	7.28	6.75
Packing materials consumed (b)	72.38	63.45
Total cost of materials consumed (a + b)	354.29	334.74

28 CHAnGe In InVenTORIeS OF FInISHed GOOdS, STOCK-In-TRAde And WORK-In-PROGReSS

	Currency: ₹ in crore	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Opening inventory :
Work inprogress (Refer note 11)	7.07	9.19
Finishedgoods (Refer note 11)	103.61	107.46
Stock-in-trade (Refer note 11)	221.61	229.99
Less:
Closing inventory:
Work inprogress (Refer note 11)	8.04	7.07
Finishedgoods (Refer note 11)	105.32	103.61
Stock-in-trade (Refer note 11)	291.83	221.61
Change in inventories:
Work inprogress	(0.97)	2.12
Finishedgoods	(1.71)	3.84
Stock-in-trade	(70.22)	8.39
	(72.90)	14.35

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Corporate Overview Statutory Reports Financial Statements

29 eMPLOYee BeneFITS exPenSe

29 eMPLOYee BeneFITS exPenSe
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Salaries and wages	355.73	318.96
Contribution toprovident and other funds (Refer note 35)	17.63	15.79
Staf welfare expenses	10.02	7.86
Gratuity(Refer note 35)	8.53	7.89
Employee stock option expenses (Refer note 36)	11.76	10.56
	403.67	361.06

30 FInAnCe COSTS

30 FInAnCe COSTS
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Interest expense on Lease liability	10.10	11.70
Interest expense on others	0.39	3.41
	10.49	15.11

31 dePReCIATIOn And AMORTIzATIOn exPenSe

31 dePReCIATIOn And AMORTIzATIOn exPenSe
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Depreciation onproperty,plant and equipment (Refer note 4(a))	63.29	56.13
Depreciation on investmentproperty(Refer note 5(a))	1.39	1.39
Amortization of other intangible assets (Refer note 6(b))	50.32	51.89
	115.00	109.41
32 OTHeR exPenSeS

32 OTHeR exPenSeS
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Advertisement and salespromotion	74.38	65.02
Processingcharges	53.63	53.15
Legal andprofessional fees	107.84	78.35
Auditors' remuneration (Refer note 32.1)	1.06	1.05
Power and fuel	5.67	5.79
Freight and forwardingexpenses	73.73	72.85
Insurance	14.71	13.44
Travellingand conveyance	13.96	14.55
Rent (Refer note 37)	0.33	0.50
Communication	5.54	4.45
Provision for expected credit loss (includes bad debts written of) Provision for doubtful loans (includes actual written of)	4.57 1.13	- 0.08
Rates and taxes	14.08	14.62

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	Currency: ₹ in crore	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Repairs and maintenance - buildings	1.03	2.01
Repairs and maintenance - machinery	2.15	1.88
Repairs and maintenance - others	1.65	1.17
Net loss on foreign currencytransactions and translation	1.50	-
Consumption of stores and spareparts	1.35	2.05
Bank charges	0.21	0.28
Printingand stationery	4.04	2.85
Commission to directors	1.10	0.99
Corporate Social Responsibility(Refer note 47)	15.13	16.05
Miscellaneous expenses	24.77	16.50
	423.56	367.63

32.1 AudITORS’ ReMuneRATIOn

		Currency: ₹ in crore	Currency: ₹ in crore
		Year ended	Year ended
		31 March 2022	31 March 2021
a)	As statutoryauditor	0.91	0.91
b)	As tax auditor	0.12	0.12
c)	For other matters (certifcation work)	-	0.01
d)	Out ofpocket expenses	0.03	0.01
Total		1.06	1.05

33 TAx ReCOnCILIATIOn

Tax expense

(a) Amounts recognized in statement of profit and loss

33 TAx ReCOnCILIATIOn Tax expense (a) Amounts recognized in statement of proft and loss
	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Current income tax	218.33	183.63
deferred income tax, (net)
Origination and reversal of temporarydiferences	(19.69)	(12.52)
Reduction in tax rate	-	-
Others	(16.24)	-
Prioryear tax adjustments	(22.07)	-
Tax expense for theyear	160.33	171.11

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Statutory Reports Financial Statements

Corporate Overview

(b) Amounts recognized in other comprehensive income

	Currency: ₹ in crore
	Year ended 31 March 2022 Year ended 31 March 2021
	Before tax Tax (expense) beneft Net of tax Before tax Tax (expense) beneft Net of tax
Items that will not be reclassifed to statement ofproft and loss
Remeasurements of the defned beneftplans	9.58 (2.41) 7.17 (1.28) 0.32 (0.96)
Total	9.58 (2.41) 7.17 (1.28) 0.32 (0.96)
(c) Reconciliation of efective tax rate	Currency: ₹ in crore
	Year ended 31 March 2022 Year ended 31 March 2021
Proft before tax	772.89 668.72
Tax using the Company’s domestic tax rate (current year 25.17% and previous year 25.17 %) 194.54 168.30
Capitalgains 1.31 5.35
Tax efect of amounts which are not deductible in calculating taxable income
CSR expenses 3.81 4.04
Reduction in tax rate - -
Deferred tax liabilitycreated on lease liabilityand right of use assets - -
Others (17.26) (6.58)
Prioryear tax adjustments (22.07) -
Tax expense asper statement ofproft and loss 160.33 171.11
Efective tax rate 20.74% 25.59%
(d) Movement in deferred tax balances The movement in deferred tax balances for the year ended 31 March 2022 is as follows: Currency: ₹ in crore
Net balance 1 April 2021 Recognized in statement of proft and loss Recognized in OCI Net deferred tax asset/ liability
deferred tax liability (gross)
Property,plant and equipment (5.03) 2.25 - (2.78)
Intangible assets (30.26) 18.42 - (11.84)
Lease liabilities (3.76) 8.13 - 4.37
Interest free deposits (0.25) 0.25 - -
Total deferred tax liabilities (39.30) 29.05 - (10.25)
deferred tax assets (gross)
Interest free deposits 1.56 (0.14) - 1.42
Physician samples - - - -
Employee benefts 14.30 2.16 (2.41) 14.05
Provisions 36.90 4.86 - 41.76
Total deferred tax assets 52.76 6.88 (2.41) 57.23
Deferred tax assets/(liabilities) (net) 13.46 35.93 (2.41) 46.98

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The movement in deferred tax balances for the year ended 31 March 2021 is as follows:

			Currency: ₹ in crore	Currency: ₹ in crore
	Net balance	Recognized in	Recognized	Net deferred
	1 April 2020	statement of proft and loss	in OCI	tax asset/ liability
deferred tax liability (gross)
Property,plant and equipment	(10.83)	5.80	-	(5.03)
Intangible assets	(37.35)	7.09	-	(30.26)
Lease liabilities	(4.40)	0.64	-	(3.76)
Interest free deposits	-	(0.25)	-	(0.25)
Total deferred tax liabilities	(52.58)	13.28	-	(39.30)
deferred tax assets (gross)
Interest free deposits	1.56	-	-	1.56
Physician samples	0.41	(0.41)	-	-
Employee benefts	12.01	1.97	0.32	14.30
Provisions	39.22	(2.32)	-	36.90
Total deferred tax assets	53.20	(0.76)	0.32	52.76
deferred tax assets/(liabilities) (net)	0.62	12.52	0.32	13.46

The Company offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.

Management judgement is required in determining provision for income tax, deferred income tax assets and liabilities and recoverability of deferred income tax assets. The recoverability of deferred income tax assets is based on estimates of taxable income and the period over which deferred income tax assets will be recovered. Any changes in future taxable income would impact the recoverability of deferred tax assets.

34 eARnInGS PeR SHARe (ePS)

		Currency: ₹ in crore	Currency: ₹ in crore
		31 March 2022	31 March 2021
(i)	Proft attributable to Equityholders Proft for theyear	612.56	497.61
(ii)	Weighted average number of outstandingordinaryshares	45,750,372	45,750,372
(iii)	Basic and Diluted earningsper share computed on basis ofproft for theyear *	133.89	108.77

Basic and diluted earning per share are in ₹

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Corporate Overview Statutory Reports Financial Statements

35 eMPLOYee BeneFITS

(A) defined contribution plan:

During the year, the Company has contributed ₹0.53 crore (31 March 2021: ₹0.52 crore) towards employee's superannuation fund.

(B) Long-term employee benefit - Compensated absences

All eligible employees can carry forward and avail / encash leave as per Company's rules.

(C) defined benefit plan:

(i) Provident fund

The employee's provident fund is administered by a Trust created specifically for the purpose. The employee's and employer's contributions are transferred to the trust. All liabilities arising on account of provident fund payouts on resignation or retirement from service or death while in service are made from the trust.

	Currency: ₹ in crore	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Accumulated PF Balances(a)	395.30	355.02
Cost of interest rateguarantee (b)	6.90	12.34
Total liability(a+b)	402.20	367.36
Less: fair value ofplan assets	403.95	379.69
Defcit/(Surplus) Efect due to asset ceiling	(1.75) -	(12.33) -
(Asset)/Liability*	(1.75)	(12.33)

The net surplus in the provident fund trust as per the actuarial report is ₹1.75 crore as at 31 March 2022 (31 March 2021 : ₹12.33 crore) leading to a nil liability for the company.

(ii) Gratuity plan

The Plan is governed by the Payment of Gratuity Act, 1972. Under the Gratuity Act, employees are entitled to specific benefit at the time of retirement or termination of the employment on completion of five years or death while in employment. The level of benefit provided depends on the member’s length of service and salary at the time of retirement/termination age.

Liabilities in respect of the gratuity plan are determined by an actuarial valuation, based upon which the Company makes annual contributions to the Group Gratuity cum Life Assurance Schemes administered by the LIC of India, a funded defined benefit plan for qualifying employees. Trustees administer the contributions made by the Company to the gratuity scheme.

	Currency: ₹ in crore	Currency: ₹ in crore
	As at	As at
	31 March 2022	31 March 2021
Defned beneft obligation	98.06	99.26
Fair value ofplan assets	97.20	90.51
net defned beneft assets/ (obligation)	(0.86)	(8.75)

The plans expose these companies to a number of actuarial risks such as investment risk, interest rate risk,longevity risk and inflation risk. The companies have developed policy guidelines for the allocation of assets to different classes with the objective of controlling risk and maintaining the right balance between risk and long-term returns in order to limit the cost to these companies of the benefits provided. To achieve this, investments are well diversified, such that the failure of any single investment would not have a material impact on the overall level of assets.

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(i) Movement in net defined benefit asset/ (obligation)

The following table shows a reconciliation from the opening balances to the closing balances for net defined benefit (asset) liability and its components

Gratuity plan

	Gratuity plan
(ii)	Currency: ₹ in crore
	Defned beneft obligation Fair value of plan assets Net defned beneft asset/ (obligation)
	31 March 2022 31 March 2021 31 March 2022 31 March 2021 31 March 2022 31 March 2021
	Opening balance 99.26 93.53 90.51 85.01 (8.75) (8.52)
	Funds received from Life Insurance Corporation of India - - - -
	Current service cost 8.11 7.50 - - (8.11) (7.50)
	Contributions 3.74 3.74 -
	Expected returns 6.07 5.37 6.07 5.37
	Past service cost -
	Interest cost (income) 6.48 5.75 (6.48) (5.75)
	Beneftpayments fromplan assets (3.63) (3.63) -
	Beneft payments directly by employer (6.73) (8.93) - - 6.73 8.93
	107.12 97.85 96.69 90.38 (10.43) (7.47)
	Included in OCI
	Remeasurement loss/ (gain) - - - - - -
	Actuarial loss/ (gain) arisingfrom - - - - - -
	(i) Demographic assumptions (1.05) 0.55 - - 1.05 (0.55)
	(ii) Financial assumptions (4.74) 5.22 0.51 0.13 5.25 (5.09)
	(iii) Experience adjustment (3.27) (4.36) - - 3.27 4.36
	(9.06) 1.41 0.51 0.13 9.57 (1.28)
	Closing balance 98.06 99.26 97.20 90.51 (0.86) (8.75)
	Represented by Currency: ₹ in crore
	As at 31 March 2022 As at 31 March 2021
	Net defned beneft liability 11.72 15.62
	Net defned beneft asset 10.86 6.87
	(0.86) (8.75)
	Plan assets Currency: ₹ in crore
	As at 31 March 2022 As at 31 March 2021
	Plan assets comprise the following
	Insurer managed fund (100%) 97.20 90.51
	97.20 90.51

The Company expects to contribute 6.11 crore (31 March 2021 : 5.15 crore) to the gratuity trust during the financial year 2022-23.

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Corporate Overview Statutory Reports Financial Statements

(iii) Actuarial assumptions

The following were the principal actuarial assumptions at the reporting date (expressed as weighted averages).

	Currency: ₹ in crore
	Gratuity
	31 March 2022 31 March 2021
Discount rate	7.25% 6.70%
Future salary growth	8% to 10% 8% to 10%
Rate of employee turnover	5% to 9% 4% to 10%
Mortality rate	Indian Assured Lives Mortality (2012-14) Ultimate Indian Assured Lives Mortality (2012-14) Ultimate

Assumptions regarding future mortality have been based on published statistics and mortality tables.

(iv) Sensitivity analysis

Reasonably possible changes at the reporting date to one of the relevant actuarial assumptions, holding other assumptions constant, would have affected the defined benefit obligation by the amounts shown below.

	Currency: ₹ in crore
	31 March 2022 31 March 2021
	Increase Decrease Increase Decrease
Discount rate (1% movement)	90.33 106.98 90.54 109.13
Future salary growth (1% movement)	104.67 91.67 106.62 91.91

The sensitivity analysis above has been determined based on a method that extrapolates the impact on defined benefit obligation as a result of reasonable changes in key assumptions occurring at the end of the reporting period.

(v) expected future cash flows

	Currency: ₹ in crore	Currency: ₹ in crore
Expected future beneft payments	Year ended	Year ended
	31 March 2022	31 March 2021
1following year	6.11	5.15
2following year	8.41	6.94
3following year	7.09	7.08
4following year	7.30	6.17
5following year	7.59	6.25
Thereafter	47.07	41.59

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36 SHARe-BASed PAYMenT ARRAnGeMenTS

a) employee stock options - equity settled

Certain employees of the Company are eligible for stock options, restricted stock units, portfolio performance shares and total shareholder return units granted by Pfizer Inc.(Ultimate holding company).

The Company has accounted ₹11.76 crore (31 March 2021: ₹10.56 crore) for share-based payment transactions among group entities in accordance with Ind AS 102, 'Share-based Payments'.

nature and extent of employee share-based payment plans

Pfizer Inc., as a part of the long-term incentive awards offers certain common stock (shares) to the employees of Pfizer Inc., and its subsidiaries. These shares are offered through grant of awards which is a combination of restricted stock units, portfolio performance shares and total shareholder return units under the Pfizer Inc. 2004 Stock plan. As per the plan, the vesting period of the stock options and the restricted stock units is 3 years from the grant date and the stock options have a term of 10 years from the grant date.All stock options and restricted stock units are settled through equity.

The employees of the Company have been issued 32,643 (31 March 2021: 22,240) restricted stock units, 2,741 (31 March 2021:2,446) portfolio performance shares and 65,785 (31 March 2021: 131,309) total shareholder return units under the Pfizer Inc., 2004 Share Option Plan by Pfizer Inc.

As part of the Upjohn spin off, all Pfizer Long term incentive was adjusted and Pfizer stockholders received a dividend of Viatris stock. The number of the shares colleagues held at the closing were increased and the grant prices for stock options and TSRUs were decreased.

(i) employee stock options (eSOP)

Employee stock option provides the employees of Pfizer Limited with a right to receive a unit of the stock of Pfizer Inc., at a predetermined exercise price upon fulfillment of vesting conditions.

Particulars	Year ended 31 March 2022
	Shares arising out of options Range of exercise prices (US $) Weighted average exercise price (US $)
Options outstandingat the beginningof theyear	95,315 17.95 - 32.86 28.10
Add: Optionsgranted duringtheyear	- - -
Less: Options expired duringtheyear	(967) 17.95 - 32.86 17.96
Less: Options exercised duringtheyear	(29,802) 17.95 - 32.86 26.95
Less: Options forfeited duringtheyear	- - -
Add/(Less): Transfer between entities	263 17.95 - 32.86 32.86
Options outstandingat theyear end	64,809 17.95 - 32.86 28.80

The weighted average remaining contractual life of the ESOP outstanding at the year end is 2.0 years.

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Particulars	Year ended 31 March 2021
	Shares arising out of options Range of exercise prices (US $) Weighted average exercise price (US $)
Options outstandingat the beginningof theyear	103,442 17.69 - 34.59 28.86
Add: Optionsgranted duringtheyear	- - -
Less: Options lapsed duringtheyear	- - -
Less: Options exercised duringtheyear	(7,786) 17.69 - 34.59 21.05
Less: Options forfeited duringtheyear	(990) 17.69 - 34.59 26.36
Options outstandingat theyear end	94,666 17.69 - 34.59 29.53
Upjohn Spin Adjustment	4,940 17.69 - 34.59 28.05
Post Spin Transactions:
Exercises	(4,291) 17.69 - 34.59 27.04
Expirations	95,315 17.69 - 34.59 28.10
Option outstandingafter upjohn adjustment	95,315 17.69 - 34.59 28.10

The weighted average remaining contractual life of the ESOP at the year end is 2.6 years.

The weighted average grant date fair value of stock options granted during the years ended 31 March 2022 is Nil (31 March 2021: Nil).

(ii) Restricted stock units (RSus)

RSUs which, when vested entitle the holder to receive a specified number of shares of the Ultimate Holding Company including shares resulting from dividend equivalents paid on such RSUs, are accounted for using a fair value based method at the date of grant. The value of each RSU grant is estimated on the grant date. The fair value based method utilizes the closing price of the Ultimate Holding Company’s common stock on the date of grant. The exercise price of the RSU is Nil.

Particulars	Year ended 31 March 2022
	Shares arising out of options Weighted average exercise price (US$)
RSUs outstandingat the beginningof theyear	58,176 35.50
Add: Optionsgranted duringtheyear	32,643 33.82
Less: Options vested duringtheyear	(18,358) 34.11
Less: Options forfeited duringtheyear	(3,127) 34.85
Add: DEUs earned duringtheyear	2,620 41.73
Add: Transfer between entities	403 34.34
RSUs outstandingat theyear end	72,357 35.11

The weighted average remaining contractual life of the RSUs outstanding at the year end is 1.37 years.

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Particulars	Year ended 31 March 2021
	Shares arising out of options Weighted average exercise price (US$)
RSUs outstandingat the beginningof theyear	51,269 37.87
Add: Optionsgranted duringtheyear	22,240 34.10
Less: Options vested duringtheyear	(15,902) 34.18
Less: Options forfeited duringtheyear	(4,592) 37.69
Add: DEUs earned duringtheyear	2,212 37.51
Add: Transfer between entities	(154) -
RSUs outstandingat theyear end	55,073 37.40
Upjohn Spin Adjustment	2,897 35.53
Post Spin Transactions:
Granted	1,548 35.90
Exercises	(1,138) 36.63
Expirations	(358) 39.98
Transfers between entities/Diference	154
Options outstandingat theyear end	58,176 35.50
Exercisable at the end of theperiod	- -

The weighted average remaining contractual life of the RSUs outstanding at the year end is 1.02 years.

The weighted average grant date fair value of RSUs granted during the year ended 31 March 2022 is US $33.82 per RSU (31 March 2021: US $ 34.10 per RSU).

(iii) Portfolio performance shares (PPSs)

PPSs provide an opportunity to receive shares of Pfizer common stock contingent upon the company’s achievement of pre set goals related to long term pipeline portfolio delivery over a five year performance period.

period.
Particulars	Year ended 31 March 2022
	Shares arising out of options Weighted average exercise price (US$)
Options outstandingat the beginningof theyear	4,137 34.95
Add: Optionsgranted duringtheyear	2,741 33.82
Less: Options vested duringtheyear	(438) 33.76
Less: Options forfeited duringtheyear	(534) 43.24
Less: Transfer between entities	- -
Options outstandingat theyear end	5,906 59.05
Exercisable at the end of theyear	748 33.82

The weighted average remaining contractual life of the PPS outstanding at the year end is 3.11 years.

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Corporate Overview Statutory Reports Financial Statements

Particulars	Year ended 31 March 2021
	Shares arising out of options Weighted average exercise price (US$)
Options outstandingat the beginningof theyear	1,779 39.18
Add: Optionsgranted duringtheyear	2,446 34.10
Less: Options vested duringtheyear	(295) 34.06
Less: Options forfeited duringtheyear	- -
Less: Transfer between entities	- -
Options outstandingat theyear end	3,930 36.79
Upjohn Adjustments	207 36.69
Unvested	4,137 34.95
Exercisable at the end of theyear	1,190 33.82

The weighted average remaining contractual life of the PPSs outstanding at the year end is 2.7 years.

The weighted average grant date fair value of PPSs option granted during the years ended 31 March 2022 is US $33.82 per PPS (31 March 2021: US $34.10 per PPS).

(iv) Total Shareholder Return units (TSRus)

TSRUs are awarded to senior and other key management, and, beginning in 2016, to certain other employees. TSRUs entitle the holders to receive a number of shares of our common stock with a value equal to the difference between the defined settlement price and the grant price, plus the dividends accumulated during the five-year or seven-year term, if and to the extent the total value is positive.

We measure the value of TSRU grants as of the grant date using a Monte Carlo simulation model. The values determined through this fair value methodology generally are amortized on a straight-line basis over the vesting term.

Particulars	Year ended 31 March 2022
	Shares arising out of options Weighted average exercise price (US$)
TSRUs outstandingat the beginningof theyear	455,415 30.42
Add: Optionsgranted duringtheyear	65,785 33.82
Less: Options vested duringtheyear	- -
Less: Options forfeited duringtheyear	(11,804) 34.08
Less: Exercised	(77,528) 22.89
Less: Transfer between entities	2,896 29.80
TSRUs outstandingat theyear end	434,763 34.14
Exercisable at theyear end

The weighted average remaining contractual life of the TSRUs outstanding at the year end is 2.14 years.

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Particulars	Year ended 31 March 2021
	Shares arising out of options Weighted average exercise price (US$)
TSRUs outstanding at the beginning of the year	329,369 36.32
Add: Options granted during the year	131,309 34.10
Less: Options vested during the year	- -
Less: Options forfeited during the year	(24,332) 37.52
Less: Exercised	(2,363) 32.97
Less: Transfer between entities	(735)
Upjohn Spin Adjustment	22,790 30.44
Forfeiture	(1,725) 37.33
Transfers between entities	1,102 -
TSRUs outstanding at the year end	455,415 30.42
Exercisable at the end of the period	154,129 25.25
Exercisable at the year end

The weighted average remaining contractual life of the TSRUs outstanding at the year end is 2.2 years.

The weighted average grant date fair value of TSRUs granted during the year ended 31 March 2022 is US $33.82 per TSRU (31 March 2021: US $ 34.10 per TSRU)

b) Valuation of stock options

The fair value of stock options granted during the period has been measured using the Black–Scholes-Merton option pricing model at the date of the grant. The Black-Scholes-Merton option-pricing model. includes assumptions regarding dividend yields, expected volatility, expected terms and risk free interest rates. The key inputs and assumptions used are as follows:

Share price: The closing price on NYSE as on the date of grant has been considered for valuing the options granted. exercise price: Exercise Price is the market price or face value or such other price as determined by the Pfizer Inc.’s Remuneration and Compensation Committee.

expected volatility: The historical volatility of the stock till the date of grant has been considered to calculate the fair value of the options.

expected option life: Expected life of option is the period for which the Company expects the options to be live. The minimum life of a stock option is the minimum period before which the options cannot be exercised and the maximum life is the period after which the options cannot be exercised.

expected dividends: Expected dividend yield has been calculated as an average of dividend yields for the four financial years preceding the date of the grant.

Risk free interest rate: The risk free interest rate on the date of grant considered for the calculation is the interest rate applicable for a maturity equal to the expected life of the options based on the zero coupon yield curve for Government Securities.

These assumptions reflect management’s best estimates, but these assumptions involve inherent market uncertainties based on market conditions generally outside of the Company’s control. As a result, if other assumptions had been used in the current period, stock-based compensation expense could have been materially impacted. Further, if management uses different assumptions in future periods, stock based compensation expense could be materially impacted in future years. The estimated fair value of stock options is charged to income on a straight-line basis over the requisite service period for each separately vesting portion of the award as if the award was, in-substance, multiple awards. The weighted average inputs used in computing the fair value of options granted were as follows:

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Particulars	Date ofgrant
	28 February 2021 28 February 2020 28 February 2019 28 February 2018
Expected dividendyield	4.51% 4.36% 3.27% 3.73%
Risk-free interest rate	0.93% 1.25% 2.66% 2.85%
Expected stockprice volatility	26.53% 20.97% 18.34% 20.02%
Expected term	5.15years 6.75years 6.75years 6.75years

c) Valuation of Restricted stock units

The fair value of Restricted stock units granted during the period has been measured using the closing price of our common stock as of the grant date.

d) Valuation of Portfolio performance shares

The fair value of Portfolio performance units granted during the period has been measured using the intrinsic value method using the closing price of our common stock as of the grant date.

e) Valuation of Total Shareholder Return units

The fair value of Total Shareholder Return Units granted during the period has been measured using a Monte Carlo simulation method as of the grant date.

37 LeASeS

(a) Company as a Lessee

The Company’s lease asset classes primarily consist of leases for land and buildings. The lease period for these contracts varies from 1 year to 6 years except for Goa plant having a lease period of 99 years and in certain cases, mainly relating to rent of (parts of) buildings, with extension options. The Right-of-use assets and Lease liabilities as disclosed below, do not include short term and low value leases. In general, as usual with leases, the Company’s obligations under its leases are secured by the lessor’s title to or legal ownership of the leased assets.

Right-of-use Assets

The movement in Right-of-use assets has been disclosed in Note 4.

Lease Liabilities

Movement in Lease Liabilities as from 1 April 2021

Lease Liabilities Movement in Lease Liabilities as from 1 April 2021
	Currency: ₹ in crore
Particulars	31 March 2022
Balance as at 1 April 2021	103.41
Additions on account of New Leases	70.97
Accretion of Interest	10.10
Payments made	19.99
Balance as at 31 March 2022	164.49
Current	36.75
Non-current	127.74
Balance as at 31 March 2022	164.49

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Movement in Lease Liabilities as from 1 April 2020

Movement in Lease Liabilities as from 1 April 2020
	Currency: ₹ in crore
Particulars	31 March 2021
Balance as at 1 April 2020	125.43
Additions on account of New Leases	29.02
Accretion of Interest	11.70
Payments made	49.09
EarlyTermination of Lease	14.62
Gain on earlytermination	0.97
Balance as at 31 March 2021	103.41
Current	60.73
Non-current	42.68
Balance as at 31 March 2021	103.41

Rent paid for short term leases was ₹0.33 crore for the year ended 31 March 2022 (31 March 2021: ₹0.50 crore) The total cash out flows for leases are ₹19.99 crore (31 March 2021: ₹49.03 crore) crore in the year, including the payments relating to short term and low value leases.

The table below provides details regarding the contractual maturities of lease liabilities as at 31 March 2022 on an undiscounted basis:

The table below provides details regarding the con undiscounted basis:	tractual maturities of lease liabilities as at 31 March 2022 on an	tractual maturities of lease liabilities as at 31 March 2022 on an
	Currency: ₹ in crore
Particulars	31 March 2022	31 March 2021
Less than one year	45.33	50.81
One to fveyears More than fveyears	145.99 11.70	66.84 11.75
Total	203.02	129.40

The company does not face a significant liquidity risk with regard to its lease liablities as the current assets are sufficient to meet the obligations related to lease liablities as and when they fall due.

(b) Company as a Lessor

Lease rental receipts recognised in the statement of profit and loss account is ₹6.39 crore for the year ended 31 March 2022 (31 March 2021: ₹6.39 crore)

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Corporate Overview Statutory Reports Financial Statements

The following table shows the carrying amounts and fair values of fnancial assets and fnancial liabilities as at 31 March 2022, including their levels are presented below. It does not include the fair value information for fnancial assets and fnancial liabilities not measured at fair value if their carrying amount is a reasonable approximation of fair value. Currency: ₹ in crore	Carrying amount Fair value	Note FVTPL FVTOCI Amortized Cost Derivatives designated as hedges Total Quoted prices in active markets (Level 1) Signifcant observable inputs (Level 2) Signifcant unobservable inputs (Level 3) Total	Financial assets	Investments * 7 0.00 - - - 0.00 0.00 - - 0.00	Loans-non current 8 - - 0.40 - 0.40 - - - -	Other fnancial assets 9 - - 17.31 - 17.31 - - - -	Trade receivables 12 - - 124.27 - 124.27 - - - -	Cash and cash equivalents 13a - - 62.76 - 62.76 - - - -	Other bank balances 13b - - 1,570.57 - 1,570.57 - - - -	Loans-current 14 - - 0.26 - 0.26 - - - -	Other current fnancial assets 15 - - 55.50 - 55.50 - - - -	0.00 - 1,831.07 1,831.07 0.00 - - 0.00	Financial liabilities	Borrowings 20 - - 2.50 - 2.50 - - - -	Trade payables 21 - - 263.94 - 263.94 - - - -	Other current fnancial liabilities 22 - - 68.86 - 68.86 - - - -	Lease Liabilities 37 - - 164.49 - 164.49 - - - -	- - 499.79 - 499.79 - - - -	* Amount below ₹ one lakh

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The following table shows the carrying amounts and fair values of fnancial assets and fnancial liabilities as at 31 March 2021, including their levels are presented below. It does not include the fair value information for fnancial assets and fnancial liabilities not measured at fair value if their carrying amount is a reasonable approximation of fair value. Currency: ₹ in crore	Carrying amount Fair value	Note FVTPL FVTOCI Amortized Cost Derivatives designated as hedges Total Quoted prices in active markets (Level 1) Signifcant observable inputs (Level 2) Signifcant unobservable inputs (Level 3) Total	Financial assets	Investments * 7 0.00 - - - 0.00 0.00 - - 0.00	Loans-non current 8 - - 0.76 - 0.76 - - - -	Other fnancial assets 9 31.55 31.55 - - - -	Trade receivables 12 - - 108.77 - 108.77 - - - -	Cash and cash equivalents 13a - - 157.03 - 157.03 - - - -	Other bank balances 13b - - 958.07 - 958.07 - - - -	Loans-current 14 - - 0.17 - 0.17 - - - -	Other current fnancial assets 15 - - 81.28 - 81.28 - - - -	0.00 - 1,337.63 - 1,337.63 0.00 - - 0.00	Financial liabilities	Borrowings 20 - - 2.50 - 2.50 - - - -	Trade payables 21 - - 283.74 - 283.74 - - - -	Other current fnancial liabilities 22 - - 73.45 - 73.45 - - - -	Lease Liabilities 37 - - 103.41 - 103.41 - - - -	- - 463.10 - 463.10 - - - -	* Amount below ₹ one lakh

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B. Measurement of fair values

The fair value hierarchy is based on inputs to valuation techniques that are used to measure fair value that are either observable or unobservable and consists of following:

Level 1 - category includes financial assets and liabilities, that are measured in whole or in significant part by reference to published quotes in an active market.

Level 2 - category includes financial assets and liabilities measured using a valuation technique based on assumptions that are supported by prices from observable current market transactions. These include assets and liabilities for which pricing is obtained via pricing services, but where prices have not been determined in an active market, financial assets with fair values based on broker quotes and assets that are valued using the Company’s own valuation models whereby the material assumptions are market observable.

Level 3 - category includes financial assets and liabilities measured using valuation techniques based on non-market observable inputs. This means that fair values are determined in whole or in part using a valuation model based on assumptions that are neither supported by prices from observable current market transactions in the same instrument nor are they based on available market data. However, the fair value measurement objective remains the same, that is, to estimate an exit price from the perspective of the Company.

2. Financial risk management - objective and policies

(i) Financial risk management framework

The Company has exposure to the following risks arising from financial instruments:

Credit risk
Liquidity risk
Market risk
Currency risk”

The Company’s Board of Directors have overall responsibility for the establishment and oversight of the Company’s risk management framework.

The Company’s risk management is carried out by the management in consultation with the Board of Directors. The Board provides principles for overall risk management, as well as policies covering specific risk areas.

The Audit Committee oversees how management monitors compliance with the Company’s risk management policies and procedures, and reviews the adequacy of the risk management framework in relation to the risks faced by the Company. The Audit Committee is assisted in its oversight role by internal audit. Internal audit undertakes both regular and adhoc reviews of risk management controls and procedures, the results of which are reported to the Audit Committee.

(ii) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s receivables from customers and from its financing activities including deposits with banks and other financial instruments. The Company establishes an allowance for expected credit loss and impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments.

a) Trade receivables

The maximum exposure to the credit risk at the reporting date is primarily from trade receivables amounting to ₹124.27 crore as at 31 March 2022 (31 March 2021: ₹108.77 crore).

Trade receivables are typically unsecured and are derived from revenue earned from customers primarily located in India.

The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. The demographics of the customer, including the default risk of the industry, the country and the state in which the customer operates, also has an influence on credit risk assessment. Credit risk is managed through credit approvals, establishing credit limits and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal course of business.

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b) expected credit loss assessment for customers and loans

The Company allocates each exposure to a credit risk grade based on a variety of data that is determined to be predictive of the risk of loss (e.g. timeliness of payments, available press information etc.) and applying experienced credit judgement.

Exposures to customers and loans outstanding at the end of each reporting period are reviewed by the Company to determine incurred and expected credit losses. The company provided for expected credit loss based on lifetime expected credit loss. (simplified approach).

The movement in the allowance for credit loss in respect of trade receivables during the year was as follows

	Currency: ₹ in crore
	Amount
Balance as at 1 April 2020	24.84
Less: Amounts written of	0.22
Less: Decrease inprovision	0.51
Balance as at 31 March 2021	24.11
Less: Amounts written of	0.57
Add: Increase inprovision	4.57
Balance as at 31 March 2022	28.11

The movement in the allowance for doubtful loans during the year was as follows

	Currency: ₹ in crore
	Amount
Balance as at 1 April 2020	1.18
Less: Amounts written of	0.59
Add: Increase inprovision	0.08
Balance as at 31 March 2021	0.67
Less: Amounts written of	0.01
Add: Increase inprovision	1.13
Balance as at 31 March 2021	1.79

c) Cash and bank balances

The Company held cash and bank balances of ₹1,633.33 crore as at 31 March 2022 (31 March 2021: ₹1,115.10 crore).Credit risk on cash and bank balances is limited as these are generally held or invested in deposits with banks with good credit ratings.

d) Investments

There are no significant investments made by the Company and hence credit risk is not material.

(iii) Liquidity risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset. The Company’s principal sources of liquidity are cash and bank balances and the cash flow that is generated from operations. The Company has no outstanding bank borrowings. The Company believes that the working capital is sufficient to meet its current requirements.

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Corporate Overview Statutory Reports Financial Statements

exposure to liquidity risk

Contractual maturities of significant financial liabilities along with its carrying value as at the balance sheet date.

	Currency: ₹ in crore
31 March 2022	Contractual cash fows
	Note Carrying amount Total Upto 1 year 1-3 years 3-5 years More than 5 years
non-derivative fnancial liabilities
- Borrowings	20 2.50 2.50 2.50 - - -
- Tradepayable	21 263.94 263.94 263.94 - - -
- Creditors for capital expenditure	22 0.22 0.22 0.22 - - -
- Employee beneftspayable	22 50.24 50.24 50.24 - - -
- Deposits	22 5.54 5.54 5.54 - - -
- Unclaimed dividend	22 12.86 12.86 12.86 - - -
- Lease Liablities	164.49 194.44 36.75 124.41 21.58 11.70
Total	499.78 529.74 372.05 124.41 21.58 11.70
	Currency: ₹ in crore
31 March 2021	Contractual cash fows
	Note Carrying amount Total Upto 1 year 1-3 years 3-5 years More than 5 years
non-derivative fnancial liabilities
- Borrowings	20 2.50 2.50 2.50 - - -
- Tradepayable	21 283.74 283.74 283.74 - - -
- Creditors for capital expenditure	22 0.92 0.92 0.92 - - -
- Employee beneftspayable	22 47.49 47.49 47.49 - - -
- Deposits	22 5.96 5.96 5.96 - - -
- Unclaimed dividend	22 12.48 12.48 12.48 - - -
- Lease Liablities	103.41 139.32 60.73 65.16 1.68 11.75
- Book overdraft	22 5.82 5.82 5.82 - - -
- Others	22 0.78 0.78 0.78 - - -
Total	463.10 499.01 420.42 65.16 1.68 11.75

(iv) Market risk

Market risk is the risk that changes in market prices – such as foreign exchange rates, interest rates and equity prices – will affect the Company’s income or the value of its holdings of financial instruments. Market risk is attributable to all market risk sensitive financial instruments including foreign currency receivables and payables. We are exposed to market risk primarily related to foreign exchange rate risk. Thus, our exposure to market risk is a function of revenue generating and operating activities in foreign currency. The objective of market risk management is to avoid excessive exposure in our foreign currency revenues and costs.

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(v) Currency risk

The Company is exposed to currency risk on account of its operations. The functional currency of the Company is Indian Rupee. The exchange rate between the Indian rupee and foreign currencies has changed substantially in recent years and may continue to fluctuate substantially in the future.

exposure to currency risk

The foreign currency risk from financial instruments as at 31 March 2022 are as follows:

	Currency: ₹	in crore
Financial assets	₹	US $
Trade and other receivables	2.24	0.03
	2.24	0.03
Financial liabilities
Tradepayables	7.47	0.10
	7.47	0.10
Net assets / (liabilities)	(5.23)	(0.07)

The foreign currency risk from financial instruments as at 31 March 2021 are as follows:

	Currency: ₹ in crore	Currency: ₹ in crore
Financial assets	₹	US $
Trade and other receivables	44.75	0.61
	44.75	0.61
Financial liabilities
Tradepayables	32.03	0.44
	32.03	0.44
Net assets / (liabilities)	12.72	0.17

Every percentage point depreciation / appreciation in the exchange rate between the Indian Rupee and US dollar would not have a significant impact on statement of profit and loss for the year ended 31 March 2022.

39 CAPITAL MAnAGeMenT

a) Risk management

The Company’s policy is to maintain a strong capital base to sustain future development of the business.

The Company has adequate cash and bank balances and continues to remain debt-free. The Company monitors its capital by a careful scrutiny of the cash and bank balances, and a regular assessment of any debt requirements. In the absence of any debt, the maintenance of debt equity ratio etc. may not be of any relevance to the Company.

b) dividend

(i) equity Shares

Final Dividend for the year ended 31 March 2021 of ₹30 for fully paid share (31 March 2020: ₹10.00 for fully paid share). The company has declared a special dividend of ₹5 per equity share for the year ended 31 March 2021.

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Corporate Overview Statutory Reports Financial Statements

40 ReLATed PARTY TRAnSACTIOnS

I. names of related parties and description of relationships
A. Parties where control exists:
- Ultimate holding company:
- Pfizer Inc., USA
B. Companies collectively exercising significant influence: Pfizer East India B.V., Netherlands
- Wyeth LLC, USA
- Wyeth Holdings Corporation, USA

John Wyeth & Brother Limited, UK

Warner - Lambert Company, LLC, USA
Parke - Davis & Company, LLC, USA

Pharmacia Corporation, USA

[Collectively holding 63.92% of the aggregate of equity share capital of the Company]

C. Fellow subsidiaries with whom transactions have taken place during the year
Pfizer Products India Private Limited, India

Pfizer Innovative Supply Point International BVBA, Belgium (upto 30 November 2020)

Pfizer Service Company BVBA, Belgium

Pfizer Worldwide Services, Ireland

Pfizer Asia Manufacturing PTE, Singapore

Pfizer Investment Co. Ltd. China

Pfizer Healthcare India Private Limited, India

Pfizer PFE Ilaclari Anonim Sirketi, Turkey

Pfizer Corporation Hong Kong Limited

Pfizer SA de CV Mexico

d. Key managerial personnel

Mr. S. Sridhar - Managing Director

Mr. Milind Patil - Wholetime Director & Chief Financial Officer

Mr. Samir Kazi - Executive Director

Mr. R A Shah - Independent Director (Chairman upto 1 February 2022)
Mr. Pradip Shah - Independent Director (Chairman w.e.f from 3 February 2022)
Mr. Uday Khanna - Independent Director
Mr. Sunil Lalbhai - Independent Director

Ms.Meena Ganesh - Independent Director

Mr.Prajeet Nair- Company Secretary
e. Relative of Key managerial personnel (Other related parties)
Mr. Akhilesh Iyer (upto 30 June 2020)
F. entities in which directors are Key Managerial Personnel/Partner/director/Member (Other related parties)
Crawford Bayley & Co

Healthvista India Private Limited

Medybiz Pharma Private Limited

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Currency: ₹ in crore No. Nature of transactions 31 March 2022 31 March 2021 Ultimate holding company Companies exercising signifcant infuence Fellow subsidiaries *Other** related parties Total Ultimate holding company Companies exercising signifcant infuence Fellow subsidiaries Other related parties Total 1 Service income - - 80.27 - 80.27 - - 48.39 - 48.39 2 Recovery of expenses 0.10 0.06 1.42 - 1.58 11.65 - 0.48 - 12.13 3 Purchase of stock-in-trade - - 503.08 - 503.08 - - 367.03 - 367.03 4 Purchase of raw / bulk materials - - 40.35 - 40.35 - - 44.19 - 44.19 5 Export of fnished goods 1.22 1.22 - 6 Dividend in respect of the year ended 31 March 2021/ 2020 - 102.35 - - 102.35 - 965.02 - - 965.02 7 Asset acquired - - - - - - - 2.12 - 2.12 8 Liability transfer - - - - - - - 0.16 - 0.16 9 Purchase of custom license - - 5.72 - 5.72 - - - - - 10 Expense reimbursed 0.17 - 1.26 - 1.43 - - - - - 11 Compensation for wind down of consumer business - - - - - 27.50 - - - 27.50 12 Service fee - - - 1.27 1.27 - - - 0.87 0.87 Entities in which Directors are Key Managerial Personnel/Partner/Director/Member (Other related parties) Currency: ₹ in crore	No. Nature of transactions 31 March 2022 31 March 2021 Ultimate holding company Companies exercising signifcant infuence Fellow subsidiaries Total Ultimate holding company Companies exercising signifcant infuence Fellow subsidiaries Total	13 Outstanding as at the year end – Due from (Refer note 12 and 15) - 0.06 27.52 27.58 39.15 0.10 20.14 59.39	14 Outstanding as at the year end – Due to (Refer note 20 and 21) 0.17 2.50 95.02 97.69 2.09 3.87 135.39 141.35

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Statutory Reports Financial Statements

Corporate Overview

Key managerial personnel

		Currency: ₹ in crore	Currency: ₹ in crore
No.	Nature of transactions	Year ended	Year ended
		31 March 2022	31 March 2021
1	Remuneration to keymanagementpersonnel*	14.80	11.32

Excludes amounts payable to key management personnel towards post employement and other employment benefits on account of acturial valuation

details of material transactions during the year:

		Currency: ₹ in crore	Currency: ₹ in crore
		Year ended	Year ended
		31 March 2022	31 March 2021
a)	Service income
	Pfzer Products India Private Limited Pfzer Worldwide Services	19.87 50.39	22.84 25.55
b)	Recovery of expenses Pfzer Products India Private Limited Pfzer Inc., USA	1.39 0.10	0.48 11.64
c)	Purchase of stock in trade
	Pfzer Innovative SupplyPoint Intl BVBA, Belgium Pfzer Service CompanyBVBA, Belgium	- 463.85	22.73 344.30
d)	Purchase of raw/ bulk materials
	Pfzer Service CompanyBVBA, Belgium	38.49	38.97
e)	dividendpaid Pfzer East India B.V.	63.65	600.15
f)	Wyeth LLC, USA export of fnishedgoods Pfzer Investment Co. Ltd.	19.66 1.22	185.38 -
g)	Remuneration to key managementpersonnel
	S. Sridhar	7.16	5.03
	Milind Patil	3.28	2.73
	Samir Kazi	2.48	1.90
details of material balances as at the end of the year:
		Currency: ₹ in crore
		As on	As on
		31 March 2022	31 March 2021
a)	Outstanding as at theyear end due from Pfzer Worldwide Services Pfzer Products India Private Limited,India Pfzer Inc	18.40 5.86 -	1.20 18.94 39.15
b)	Outstanding as at theyear end due to Pfzer Innovative SupplyPoint Intl BVBA,Belgium Pfzer Service CompanyBVBA,Belgium Pfzer Export Company,Ireland Pfzer Worldwide Services Pfzer Healthcare India Private Limited	- 81.60 - 5.35 5.73	8.12 23.79 82.38 - -

Terms and conditions of transactions with related parties

The sales to and purchases from related parties are made on terms equivalent to those that prevail in arm’s length transactions. There have been no guarantees provided or received for any related party receivables or payables.

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41 COnTInGenT LIABILITIeS And COMMITMenTS (TO THe exTenT nOT PROVIded FOR)

a) Pricing litigations - Contingencies

The government had raised certain pricing related demands on Pfizer Limited and the erstwhile Parke-Davis (India) Ltd., Pharmacia Healthcare Limited and Wyeth Limited (which entities merged with Pfizer Limited), in respect of certain price fixation orders and other allied matters under various Drug (Prices Control) Orders (DPCO), viz., DPCO 1979, DPCO 1987, DPCO 1995 and DPCO 2013. These demands include alleged differential price demand on procurement of bulk drugs below the notified price, disputes on categorization of products, overcharging on the allegation of not following certain price control orders, allegation of delayed implementation of price ceiling notifications, etc. The Company had repudiated these demands and initiated legal proceedings to defend the Company against these alleged demands. Based on the legal assessment of these matters, certain provisions have already been made in the books, wherever necessary. The Company also has made certain deposits against these demands pursuant to directions from High Court(s).

Based on the legal opinion received by the Company and the assessment of the management, the Company is of the view that no further provisions are considered necessary over and above the sum of ₹20.45 crore (31 March 2021: ₹20.45 crore) and that the estimated liability in respect of these cases shall not exceed the amount provided in the books of accounts. A summary of the alleged pricing demands are given hereunder:

					Currency: ₹ in crore	Currency: ₹ in crore
Name of	Period of	Authority before	Nature of dispute	Total	Amount	Contingent
Statute	dispute	whom dispute is		demand	Paid	Liability
		pending		including
				interest
DPCO 1979 /	1979-1988	Drug Prices Liability	Alleged diferential bulk drug	16.25	-	16.25
DPCO 1987		Review Committee	price and arbitrary retrospective
			demand
DPCO 1979	1981-1988	Hon’ble Bombay	Alleged diferential price	59.45	18.97	43.42
DPCO 1979	1982-1986	High Court Hon’ble Hyderabad	demand Alleged diferential price	2.23	1.06	1.17
DPCO 1979	1983-1985	High Court Hon’ble Bombay	demand Alleged diferential bulk drug	3.85	0.45	3.85
		High Court	procurementprice
DPCO 1979	1984-1986	Drug Prices Liability	Alleged demand on Food	2.12	-	2.12
		Review Committee	product based on wrong classifcation
DPCO 1995	2004	Hon’ble Bombay	Alleged non-maintenance of raw	17.26	12.88	4.38
		High Court	material consumption ratio
DPCO 1995	2006-2007	Various authorities	Applicability of price control notifcation & allied matters	2.91	-	0.11
DPCO 1995	2006-2007	Hon’ble Bombay	Alleged non-implementation of	-	-	-
		High Court	price order
DPCO 2013	2015-2017	Hon’ble Bombay	Price increase due to excise	48.46	-	48.46
		High Court	duty revision alleged as price
			increase in excess of permissible
			limit
DPCO 1995	2014-2015	Hon’ble Bombay	Alleged delayed implementation	3.90	0.15	3.75
		High Court	ofprice order
DPCO 1995	2009-2010	Hon’ble Delhi High	Alleged delayed implementation	0.51	0.08	0.08
		Court	ofprice order
DPCO 2013	2016-2017	Hon’ble Bombay	Alleged delayed implementation	6.97	-	6.97
		High Court	ofprice order
Total				163.91	33.59	130.43
				*(175.96) **	(33.59)*	(155.51)*

figures in bracket is of 31 March 2021

Difference between demand and contingent liablities is accounted for in the financial statement

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178

Corporate Overview Statutory Reports Financial Statements

b) Sales tax/VAT litigations - Contingencies

The Company has outstanding litigations pertaining to Sales Tax/Value Added Tax of various assessment years which the Company has challenged at various forums. These litigations pertain to non-submission of documentary evidence at the time of assessment, litigations involving question of law and certain disallowance made by authorities in assessment orders. Based on the external consultants advise, the Company is of the view that no further provisions are considered necessary over and above the amount already provided in the books of accounts (Refer note 24). Against these bank guarantee of ₹17.62 crore (31 March 2021 ₹12.69 crore) has been issued to government authorities.

				Currency: ₹ in crore	Currency: ₹ in crore
Forum where	Period to which the	Nature of dues	Total	Amount	Contingent
dispute is	Amount relates		demand	paid under	Liability
Pending				Protest
Assessing ofcer	2011-12, 2012-13, 2013-14,	Pending statutory	0.38	0.05	0.09
	2014-15, 2015-16, 2017-18	declaration forms and
		others
Additional	1997-98, 1998-99, 2002-03,	Pending statutory	32.85	5.07	18.95
commissioner	2008-09, 2009-10, 2010-11,	declaration forms,
	2011-12, 2012-13, 2013-14,	disallowance of credit
	2014-15, 2015-16, 2016-17	notes and others
Assistant	1986-87, 2004-05, 2010-11,	Pending statutory	2.29	0.39	0.09
Commissioner	2011-12, 2012-13, 2013-14,	declaration forms,
	2014-15, 2015-16, 2016-17,	disallowance of credit
	2017-18	note and input tax
		credit and others
Deputy	1993-94, 1994-95, 1995-96,	Pending statutory	192.95	15.15	6.20
Commissioner	1996-97, 2001-02, 2002-03,	declaration forms,
	2003-04, 2005-06, 2006-07,	disallowance of credit
	2007-08, 2008-09, 2009-10,	note and input tax
	2010-11, 2011-12, 2012-13,	credit and others
	2014-15, 2015-16, 2016-17
	and 2017-18
Hon’ble High	1995-1996	Levy of tax and interest	0.30	-	-
court
Joint	1983-1984, 1985-1986,	Pending statutory	358.15	95.29	28.27
Commissioner	1987-1988, 1994-1995,	declaration forms,
	1995-1996,1998-1999,	disallowance of credit
	2000-2001, 2001-02,	note and input tax
	2003-04 to 2016-2017	credit and others
Hon’ble Supreme	1992-93	Levy of tax and interest	0.10	-	0.10
court
Various Tribunals	1991-1992, 1992-1993, 1994-	Pending statutory	74.41	21.69	29.09
	1995, 1996-1997, 1999-2000,	declaration forms,
	2001-2002, 2003-2004 to	disallowance of credit
	2015-16	note and input tax
		credit and others
Total			661.43	137.64	82.79
			(559.27)*	(139.72)*	(65.48)*

Difference between total demand and contingent liabilities 578.64 crore ( 31 March 2021:493.79 crore) is with respect to the cases for which , the probability of the outcome against the Company is remote.

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			Currency: ₹ in crore	Currency: ₹ in crore
			As at	As at
			31 March 2022	31 March 2021
c)	(i)	Others
		(a)Claims not acknowledged as debts	19.06	17.50
		(b)Otherguarantees	4.12	1.87
		(c)Other contingent liabilities in respect of:
		1. Dutyof excise	6.31	6.31
		2. Dutyof customs	2.77	2.77
		3. Income tax *	301.84	224.03
		4. Pendinglabour matters contested in various courts	0.95	0.94
	(ii)	Commitments
		Estimated amount of contracts remaining to be executed on capital	3.09	156.
		account and notprovided for

The matter is with respect to disallowance of certain expenses,tax deducted at source, transfer pricing adjustment etc. and same has been pending with various authorities.

42 SeGMenT RePORTInG

The Company has only one segment which is Pharmaceuticals and primarily operates in domestic market. The Managing Director of the Company has been identified as the Chief Operating Decision Maker. The Company's Managing Director, reviews the operating performance of the Company as a whole on a periodic basis. Therefore disclosure relating to segments is not applicable and accordingly not made.

The details of geographical segment for the year ended 31 March 2022 and 31 March 2021 is as under

	Currency: ₹ in crore	Currency: ₹ in crore
	Year ended	Year ended
	31 March 2022	31 March 2021
Revenue from operations from India	2,532.86	2,204.63
Revenue from operations from outside of India	78.13	33.92
Total Revenue from operations	2,610.99	2,238.55

There are no non-current assets outside of India as at 31 March 2022 (31 March 2021: Nil).

There are no individual customers contributing more than 10% of company’s total revenue.

43 COnSuMeR HeALTH PROduCTS- WInd dOWn

Pfizer Inc.(Ultimate holding company) and GSK Plc entered into an agreement in 2018 to merge their consumer healthcare businesses into a single joint venture to form GSK Consumer Healthcare (GSKCH). This consists 2 brands - Anacin and Anne French. Subsequent to GSKCH’s deliberations on the Pfizer Consumer Health (PCH) India business, Pfizer Limited has taken appropriate steps to wind down the PCH business in India. In the current year the Company has been reimbursed the actual wind down cost and compensation based on the fair value of PCH Products as determined by the independent valuers.

The Company completed the wind down activities for its Consumer health business. The compensation of ₹27.50 crore derived based on the fair value of PCH Products as determined by the independent valuers, net of intangibles write off ₹3.14 crore is included in ‘Other Income’ in the previous year. The aforementioned compensation along with the wind down cost of ₹11.65 crore has been reimbursed in the current year.

44 SuBSeQuenT eVenTS

There are no significant subsequent events that would require adjustments or disclosures except as disclosed below in the financial statements as on the reporting date.

a) Dividend not recognized at the end of the reporting period ₹160.12 crore. Board of Directors have recommended a normal dividend of ₹35 per fully paid share for the year ended 31 March 2022.This proposed dividend is subject to the approval of the shareholders in the annual general meeting.
b) The Company has declared a Pfizer Voluntary Retirement Scheme 2022 (VRS) for eligible field employees in April 2022. This being a subsequent event, there is no financial impact for the year ended 31 March 2022.

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Corporate Overview Statutory Reports Financial Statements

45 RATIO AnALYSIS And ITS eLeMenTS

							Currency: ₹ in crore	Currency: ₹ in crore
	Ratio	Numerator	Denominator	Units	31 March	As at	%	Reason for
					2022	31 March	change	variance
						2021
(i)	Current ratio	Current Assets	Current	Times	2.81	2.46	14.23%
			Liabilities
(ii)	Return on	Net Profts	Average	Times	0.23	0.17	35.54%	Revenue growth
	Equity ratio	after taxes	Shareholder’s Equity					alongwith higher efciency
								has resulted in
								an improvement
								in ratio
(iii)	Inventory	Cost of goods	Average	Times	2.14	1.84	16.38%
	Turnover ratio	sold	Inventory
(iv)	Trade	Net credit sales	Average	Times	22.41	16.35	37.09%	Improved credit
	Receivable		Trade					management
	Turnover Ratio		Receivable
(v)	Trade Payable	Net credit	Average	Times	4.96	3.25	52.96%	During the
	Turnover Ratio	purchases	Trade					current year,
			Payables					intercompany
								dues have been paid of
								resulting in
								an improved
								trade payable
								turnover ratio
(vi)	Net Capital	Revenue from	Working	Times	1.69	1.97	-14.30%
(vii)	Turnover Ratio Net Proft ratio	operations Net Proft	capital Revenue from	Percentage	23.46	22.23	5.54%
			operations
(viii)	Return on	Earnings	Capital	Percentage	35.68	40.06	-10.92%
	Capital	before interest	Employed*
	Employed	and taxes
(ix)	Return on	Earnings	Average total	Percentage	21.86	17.83	22.63%
	Investment	before interest	asset
		and taxes

Capital employed = Total equity - Deferred tax assets- Intangible assets- goodwill

Debt-Equity ratio and Debt service coverage ratio has not been disclosed as there are no debts taken from Banks and Financial institutions

46 OTHeR STATuTORY InFORMATIOn

(i) The Company does not have any Benami property, where any proceeding has been initiated or pending against the Company for holding any Benami property.
(ii) The Company does not have any transactions with companies struck off.
(iii) The Company does not have any charges or satisfaction which is yet to be registered with ROC beyond the statutory period.
(iv) The Company has not traded or invested in Crypto currency or Virtual Currency during the financial year.
(v) The Company does not have any such transaction which is not recorded in the books of accounts that has been surrendered or disclosed as income during the year in the tax assessments under the Income Tax Act, 1961 (such as, search or survey or any other relevant provisions of the Income Tax Act, 1961.
(vi) No funds have been advanced or loaned or invested by the Company to or in any person(s) or entity(ies), including foreign entities (‘the intermediaries’), with the understanding, whether recorded in writing or otherwise, that the intermediary shall, whether, directly or indirectly lend or invest in other persons or entities identified in any manner

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whatsoever by or on behalf of the Company (‘the Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf the Ultimate Beneficiaries.

(vii) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities (‘the Funding Parties’), with the understanding, whether recorded in writing or otherwise, that the Company shall, whether directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party (‘Ultimate Beneficiaries’) or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries.

47 CORPORATe SOCIAL ReSPOnSIBILITY (CSR)

Pursuant to the Companies (Amendment) Act, 2019, notified on January 22, 2021, any CSR amount remaining unspent, pursuant to any ongoing projects, shall be transferred by the Company within a period of 30 days from the end of the financial year to a separate bank account to be called as the Unspent Corporate Social Responsibility Account, and such amount shall be spent by the Company in pursuance of its CSR obligations within a period of three financial years from the date of such transfer.

Unspent amount on CSR

the date of such transfer. Unspent amount on CSR
	Currency: ₹ in crore
Opening balance Amount deposited in specifed fund within six months Amount required to be spent during the year	Amount spent during theyear Closing Balance i) Construction / acquisition of any asset ii) On purposes other than (i) above
10.95 - 13.23	- 18.6** 7.48
- - (13.06)*	- (2.11)* (10.95)

Figures in bracket is of 31 March 2021

**Includes ₹1.65 crore for financial year ended 31 March 2020 and ₹3.47 crore financial year ended 31 March 2021.

The amount debited to statement of profit and loss account includes contributions of 13.25 crore (31 March 2021: 2.11 crore) to CSR implementing agency, with the main objective of working in the areas of social, economic and environmental issues.

During the previous year, the unpent csr amount of ₹10.95 crore was deposited in Unspent Corporate Social Responsibility account which was earmarked for financial year ended 31 March 2021 out of which ₹3.47 crore was spent during the current year and the balance amount of ₹7.48 crore is disclosed under the head “ Bank balance other than cash and cash equivalents” to be spent in the subsequent year.

During the financial year ended 31 March 2021, an amount of ₹4.63 crore was voluntarily deposited in Unspent Corporate Social Responsibility account which was earmarked for financial year ended 31 March 2020, out of which ₹2.98 crore was spent during the previous year and the balance amount of ₹1.65 crore was spent during the year.

Details of utilization of funds for ongoing projects:

Details of utilization of funds for ongoing projects:
	Currency: ₹ in crore
Opening balance Amount required to be spent during the year Amount spent during the year With company In separate CSR unspent A/c	Closing Balance
	With company In separate CSR unspent A/c
10.95 - 13.23 18.60*	- 7.48

*Includes ₹1.65 crore for financial year ended 31 March 2020 and ₹3.47 crore financial year ended 31 March 2021.

As per our report of even date attached. For Walker Chandiok & Co LLP Chartered Accountants Firm Registration No: 001076N/N500013

Ashish Gupta Partner Membership No. 504662 New Delhi 20 May 2022

For and on behalf of the Board of Directors of Pfizer Limited CIN: L24231MH1950PLC008311

Mumbai 20 May 2022

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182

==> picture [101 x 47] intentionally omitted <==

PFIZER LIMITED REGISTERED OFFICE

The Capital, 1802 / 1901, Plot No. C-70, G Block, Bandra Kurla Complex, Bandra (E), Mumbai – 400 051.

Tel: +91 22 6693 2000 Fax: +91 22 2654 0274 Website: www.pfizerltd.co.in E-mail ID: [email protected]

CIN: L24231MH1950PLC008311

The product information provided in this report is intended only for residents of India.

The products discussed herein may have different product labeling in different countries.

The Annual Report and its entire contents are for the information of the Company’s shareholders and are not intended to recommend, advertise or suggest the use of any products. The 2021-22 Annual Report may contain references or links to other websites and materials, maintained by third parties over whom Pfizer has no control. Such links are provided merely as a convenience. Pfizer Limited makes no warranties or representations of any kind as to the accuracy, currency, or completeness of any information contained in such third-party websites, and a link to this 2021-22 Annual Report from another website does not imply a relationship between Pfizer Limited and any third party. Your use of any such third-party site or platform is at your own risk and will be governed by such third party’s terms and policies (including its privacy policy).

Concept, content & design by Report Yak ([email protected])

AI assistant

Pfizer Ltd. — Annual Report 2022

60507_rns_2022-08-04_00bc5d26-005a-42f1-b056-fc381cdbc81c.pdf

Pfizer Limited

August 4, 2022

Dear Sirs,

Ref: Regulations 34 and 42 of the SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015

For Pfizer Limited

Prajeet Nair Company Secretary

Encl.: A/a

CorporaTE 01 ovErviEW

STaTuTory 02 rEporTS

FiNaNCial 03 STaTEmENTS

PFIZER INC

USD 81.3 billion

~1.4 billion

>3 billion doses

BE THE NEW

We are innovating across every function of Pfizer.

We are transforming.

HERE IS WHERE IT ALL BEGAN

Bold moves

Big ideas

4.1 5.1

HERE IS WHERE WE ARE TODAY

INR 2,530 crore

INR 836 crore

~ 314 million patients

20 CFAs and 17 contract manufacturing facilities across India

BEING THE NEW FOR A HEALTHIER INDIA

BREAKTHROUGHS IN EVERYTHING WE DO

Being the new for our customers and patients

Being the new for communities

BEING THE NEW FOR OUR CUSTOMERS AND PATIENTS

WHAT ARE WE DOING?

HOW ARE WE DOING THIS?

Through our Go-to-market (GTM) transformation strategy

How are we transforming the way we engage

To do this, we will:

CREATE SPECIALISED ROLES

Subject matter experts (SMEs)

LEVERAGE PARTNERSHIPS WITH THIRD PARTIES

Expanded reach

Insights and omnichannel

Connected health ecosystem

Growth acceleration

LEVERAGE TECHNOLOGY

OUR PROMISE TO PATIENTS

The charter provides a framework that

PFIZER’S PATIENT CHARTER FOR INDIA

Listen

Act

Support :

Empower

So far, we have taken several steps to give a voice to the patients

Listen :

Act :

Empower :

BEING THE NEW FOR COMMUNITIES

ENHANCING THE INNOVATION ECOSYSTEM

THE PFIZER-IIT DELHI INNOVATION AND IP PROGRAM

THE PFIZER INDOVATION PROGRAM

Partners

Dr. Chintan Vaishnav

Dr Anil Wali

HIGHLIGHTS OF THE PROGRAM

ADDRESSING THE RISING BURDEN OF AMR IN INDIA

Project Parivartan

Goal:

How does this work?

Partnership with ICMR

Goal:

How does this work?

Launch of an online learning platform (OLP)

How does this work?

The six courses offered on the OLP

PARTNERING WITH INSTITUTIONS TO TRANSFORM CANCER CARE

Project Aastha

• Launched in 2021

• Objectives

Pfizer Ltd. Annual Report 2022