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Sun Pharmaceutical Industries Ltd. Interim / Quarterly Report 2021
59215_rns_2021-11-02_bf27bbfc-b12e-45ec-9e43-c6b6dce155c0.pdf
Interim / Quarterly Report
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Sun Pharmaceutical Industries Ltd. Sun House, Plot No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400 063, Maharashtra, INDIA. Tel. : (91-22) 4324 4324 Fax : (91-22) 4324 4343 Website : www.sunpharma.com CIN : L24230GJ1993PLC019050
November 02, 2021
National Stock Exchange of India Ltd., Exchange Plaza, 5th Floor, Plot No. C/1, G Block, Bandra Kurla Complex, Bandra (East), Mumbai - 400 051. NSE Code: SUNPHARMA
BSE Limited, Market Operations Dept. P. J. Towers, Dalal Street, Mumbai - 400 001 . Stock Code: 524715
Dear Sir/Madam,
Sub: Approval of Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2021
The Board of Directors of the Company at its meeting held today i.e. November 02, 2021 has inter alia considered and approved the Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2021 .
Pursuant to Regulation 30 and 33 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), we enclose herewith the following as ''Annexure":
- a) Unaudited Standalone and Consolidated Financial Results of the Company for the quarter and half year ended September 30, 2021.
- b) Limited Review Report of the Statutory Auditors of the Company on Unaudited Standalone and Consolidated Financial Results for the quarter and half year ended September 30, 2021.
The meeting of the Board of Directors of the Company commenced at 10:30 a.m. and concluded at 01: 10 p.m.
Thanking you,
Yours faithfully, For Sun Pharmaceutical Industries Limited
Ashok I. Bhuta Sr. GM - Secretarial & Compliance officer
Encl: As above
Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
GIN: l24230GJ1993PLC019050, Webstte : www.sunpharma.com
Statement of Unaudited Standalone Financial Results for the Quarter and Half Year ended September 30, 2021
| (fin Million) | ||||||
|---|---|---|---|---|---|---|
| Quarter ended | Half Year ended | Year ended | ||||
| Particulars | 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 3 0.09.2020 | 31.03.2021 |
| Unaudtted | Unaudtted | Unaudtted | Unaudtted | Unaudtted | Audtted | |
| Revenue from operations I |
||||||
| a. Revenue from contracts wtth customers | 41,209.3 | 36,518.8 | 34,778.2 | 77,728.1 | 64,639.6 | 139,884.0 |
| b. Other operating revenues | 222.2 | 134.1 | 531.5 | 356.3 | 1,151 .5 | 1,276.5 |
| Total revenue from operations (I) | 41,431.5 | 36,652.9 | 35,309.7 | 78,084.4 | 65,791.1 | 141,160.5 |
| Other income II |
2,842.7 | 680.1 | 835.6 | 3,522.8 | 1,117.8 | 1,817.1 |
| Ill Total Income (1+11) |
44,274.2 | 37,333.0 | 36,145.3 | 81,607.2 | 66,908.9 | 142,977.6 |
| IV Expenses |
||||||
| Cost of materials consumed | 10,923.0 | 10,793.8 | 10,594.5 | 21,716.8 | 19,408.7 | 40,829.1 |
| Purchases of stock-in-trade | 2,854.4 | 4,000.0 | 3,075.9 | 6,854.4 | 5,744.9 | 12,042.1 |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | 484.2 | (563.7) | (730.0) | (79.5) | (1 ,047.5) | (1 ,796.4) |
| Employee beneftts expense | 5,090.7 | 4,919.8 | 4,538.8 | 10,010.5 | 9,219.0 | 18,059.8 |
| Finance costs | 1,039.8 | 1,074.6 | 161.3 | 2,114.4 | 878.9 | 2,675.2 |
| Depreciation and amortisation expense | 3,336.4 | 3,069.3 | 3,059.7 | 6,405.7 | 6,093.6 | 12,364.3 |
| Other expenses | 12,908.3 | 15,069.6 | 12,711 .9 | 27,977.9 | 24,822.7 | 49,214.6 |
| Net (gain) / loss on foreign currency transactions | 528.2 | (1,436.8) | 725.5 | (908.6) | 116.2 | 137.6 |
| Total expenses (IV) | 37,165.0 | 36,926.6 | 34,137.6 | 74,091.6 | 65,236.5 | 133,526.3 |
| v Profit I (loss) before exceptional Item and tax (Ill-IV) |
7,109.2 | 406.4 | 2,007.7 | 7,515.6 | 1,672.4 | 9,451 .3 |
| VI Exceptional ttems (Refer Note 4) |
1,655.7 | 1,655.7 | 895.6 | |||
| VII Profit I (loss) before tax (V-VI) | 7,109.2 | (1,249.3) | 2,007.7 | 5,859.9 | 1,672.4 | 8,555.7 |
| VIII Tax expense I (credtt) | (981.5) | 133.5 | (229.3) | (848.0) | (233.6) | 131 .7 |
| Profit I (loss) for the period (VII-VIII) IX |
8,090.7 | (1,382.8) | 2,237.0 | 6,707.9 | 1,906.0 | 8,424.0 |
| x Other comprehensive income (OCI) |
||||||
| a. (i) Items that will not be reclassified to proftt or loss | (207.9) | (344.7) | (141 .0) | (552.6) | (60.5) | 585.6 |
| (ii) Income tax relating to ttems that will not be reclassified to proftt or loss | 48.4 | 1.4 | (16.3) | 49.8 | 52.9 | 36.0 |
| b. (i) Items that may be reclassified to proftt or loss | 183.6 | 384.7 | (753.1) | 568.3 | (93.1) | (250.8) |
| (ii) Income tax relating to ttems that may be reclassttied to proftt or loss | (1 ,035.5) | 126.5 | (213.0) | (909.0) | (286.5) | (376.0) |
| Total other comprehensive Income (a+b) (X) | (1,011 .4) | 167.9 | (1 ,123.4) | (843.5) | (387.2) | (5.2) |
| Total comprehensive income for the period (IX+Xl XI |
7,079.3 | (1,214.9) | 1,113.6 | 5,864.4 | 1,518.8 | 8,418.8 |
| Paid-up equtty share capttal - face value 't 1 each XII |
2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 |
| XIII Otherequtty | 268,851.9 | |||||
| XIV Earnings per equity share of'{' 1 each (not annualised for quarters and half year) | ||||||
| "' (Basic) | 3.4 | (0.6) | 0.9 | 2.8 | 0.8 | 3.5 |
| "' (Diluted) | 3.4 | (0.6) | 0.9 | 2.8 | 0.8 | 3.5 |
| See accompanying notes to the unaudtted standalone financial results | ||||||
| Research and development expenses incurred (included above) | 4,088.3 | 4,362.1 | 4,433.6 | 8,450.4 | 7,283.1 | 15,141.0 |
Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website: www.sunpharma.com
Unaudited Standalone Statement of Assets and Liabilities
| (~in Milllonl | ||
|---|---|---|
| Particulars | As at | As at |
| 30.09.2021 | 31.03.2021 | |
| Unaudited | Audited | |
| ASSETS | ||
| (1) Non-current assets | ||
| (a) Property, plant and equipment | 48,406.2 | 48,918.1 |
| (b) Capital work-in-progress | 4,742.1 | 4,592.0 |
| (c) Goodwill | 1,208.0 | 1,208.0 |
| (d) Other Intangible assets | 43,591 .0 | 46,561 .8 |
| (e) Intangible assets under development | 8,107.7 | 6,311.8 |
| (f) Investments in the nature of equity in subsidiaries | 153,350.8 | 152,765.7 |
| (g) Financial assets | ||
| (i) Investments | 184.9 | 4, 158.7 |
| (ii) Loans | 627.1 | 8,527.7 |
| (iii) Other financial assets | 592.0 | 751.0 |
| (h) Deferred tax assets (Net) | 8,796.0 | 13,374.5 |
| (i) Income tax assets (Net) | 27,193.6 | 20,826.3 |
| 0) Other non-current assets | 3,670.5 | 3,913.9 |
| Total non-current assets | 300,469.9 | 311,909.5 |
| (2) Current assets | ||
| (a) Inventories | 33,066.0 | 34,234.2 |
| (b) Financial assets | ||
| (i) Investments | 920.2 | 310.0 |
| (ii) Trade receivables | 59,520.3 | 65,869.8 |
| (iii) Cash and cash equivalents | 12,779.8 | 3,510.6 |
| (iv) Bank balances other than (iii) above | 143.1 | 99.2 |
| (v) Loans | 7,488.2 | 7,471 .1 |
| (vi) Other financial assets | 3,614.0 | 5,248.6 |
| (c) Other current assets | 9,689.8 | 10,557.3 |
| Total current assets | 127,221.4 | 127,300.8 |
| TOTAL ASSETS | 427,691.3 | 439,210.3 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 2,399.3 | 2,399.3 |
| (b) Other equity | 269,859.6 | 268,851.9 |
| Total equity | 272,258.9 | 271,251 .2 |
| Liabilities (1) Non-current liabilities |
||
| (a) Financial liabilities | ||
| (i) Borrowings | 63,208.2 | 55,028.6 |
| (b) Other non-current liabilities | 6,846.0 | 7,185.5 |
| (c) Provisions | 5, 115.0 | 6,235.8 |
| Total non-current liabilities | 75,169.2 | 68,449.9 |
| (2) Current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 7,334.8 | 16,519.8 |
| (ii) Trade payables | ||
| (a) total outstanding dues of micro and small enterprises | 781.1 | 852.0 |
| (b) total outstanding dues of creditors other than micro and small | 27,694.5 | 39,429.3 |
| enterprises | ||
| (iii) Other financial liabilities | 25,446.5 | 24,327.6 |
| (b) Other current liabilities | 7,856.0 | 6,333.9 |
| (c) Provisions | 11,150.3 | 12,046.6 |
| Total current liabilities | 80,263.2 | 99,509.2 |
| Total liabilities | 155,432.4 | 167,959.1 |
| TOTAL EQUITY AND LIABILITIES | 427,691.3 | 439,210.3 |
•
Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1 , Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com
Unaudited Standalone Cash Flow Statement for the Half year ended September 30, 2021
| I~ in Million) | ||
|---|---|---|
| Particulars | Half year ended | Half year ended |
| 30.09.2021 | 30.09.2020 | |
| A. Cash flow from operating activities | (Unaudited) | (Unaudited) |
| Profit I (loss) before tax Adjustments for: |
5,859.9 | 1,672.4 |
| Depreciation and amortisation expense | 6,405.7 | 6,093.6 |
| Net (gain) I loss on sale/write off /impairment off of property, plant and equipment,other intangible assets and exceptional item |
1,755.7 | 188.7 |
| Finance costs | 2,114.4 | 878.9 |
| Interest income | (1,373.4) | (363.6) |
| Dividend income on investments | - | (363.4) |
| Net (gain) I loss arising on financial assets measured at fair value through profit or loss | (0.2) | 8.4 |
| Net (gain) I loss on sale of financial assets measured at fair value through profit or loss | (241.9) | (127.5) |
| Net (gain) I loss on sale of financial assets measured at fair value through other comprehensive income |
(57.7) | - |
| Provision I write off I (reversal) for doubtful trade receivables I advances | (17.1) | 72.8 |
| Sundry balances written back, net | (16.8) | (50.0) |
| Effect of exchange rate changes Operating profit before working capital changes |
(1,508.7) 12,919.9 |
2,464.2 |
| 10,474.5 | ||
| Movements In working capital: | ||
| (Increase)/ decrease in inventories | 1,168.2 | (3,604.1) |
| (Increase)/ decrease in trade receivables | 7,311.6 | (1 ,696.1) |
| (Increase)/ decrease in other assets | 2,722.9 | 678 .2 |
| Increase I (decrease) in trade payables | (11 ,938.3) | 7,834.0 |
| Increase I (decrease) in other liabilities Increase I (decrease) in provisions |
1,102.7 (2,259.1) |
(1,382.1) (2,816.6) |
| Cash generated from operations | 11,027.9 | 9,487.8 |
| Income tax paid (net of refund) | (584.0) | (429.8 |
| Net cash generated from operating activities (A) | 10,443.9 | 9,058.0 |
| B. Cash flow from investing activities | ||
| Payments for purchase of property, plant and equipment (including capital work-in-progress, other intangible assets and intangible assets under development) |
(6,437.0) | (5,484.6) |
| Proceeds from disposal of property, plant and equipment and other intangible assets | 54.3 | 16.4 |
| Loans I Inter corporate deposits given I placed | - | (845.0) |
| Loans I Inter corporate deposits received back I matured | 8,069.0 | 1,654.0 |
| Purchase of investments | (43,033.2) | (53,555.8) |
| Proceeds from sale of investments Bank balances not considered as cash and cash equivalents |
46,610.7 | 52,427.1 |
| Fixed deposits/ margin money placed | (10.0) | - |
| Interest received | 102.8 | 161 .0 |
| Dividend received | - | 363.4 |
| Net cash from I (used in) investing activities (B) | 5,356.6 | (5,263.5) |
| C. Cash flow from financing activities | ||
| Proceeds from borrowings | 21,212.7 | 40,760.9 |
| Repayment of borrowings @ | (22,793.7) | (46,189.0) |
| Refund from escrow account for buy-back | - | 3,825.0 |
| Finance costs Dividend paid |
(196.6) (4,812.1 |
(452.3) (2,399.3) |
| Net cash used in financing activities (C) | (6,589.7) | (4,454.7) |
| Net increase/ (decrease) in cash and cash equivalents (A+B+C) | 9,210.8 | (660.2) |
| Cash and cash equivalents at the beginning of the year | 3,510.6 | 3,148.3 |
| Effect of exchange differences on restatement of foreign currency cash and cash equivalents | 58.4 | (3.0) |
| Cash and cash eauivalents at the end of the vear | 12,779.8 | 2,485.1 |
@ Includes payment of lease obliaation.
Notes: 1 The above unaudited standalone financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on November 02, 2021 .
2 The above unaudited standalone financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as amended, prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder.
3 Pursuant to the scheme of arrangement in the nature of amalgamation and merger of Sun Pharma Global FZE with the Company, as approved by the National Company Law Tribunal on August 31, 2021, Sun Pharma Global FZE, a wholly owned subsidiary, has been transferred to the Company w.e.f January 01, 2020. Consequently, effect of the scheme including the tax impact has been given in the unaudited standalone financial results in accordance with Ind AS 103 - Business Combinations. The results for previous periods have been restated to give effect to the merger.
4 a) On March 25, 2021 the CJEU (Court of Justice to the European Union) issued a final judgment and upheld the European Commission's ("EC") decision dated Jun e 19, 2013 that a settlement agreement between Ranbaxy (U.K.) Limited and Ranbaxy Laboratories Limited (together "Ranbaxy") with Lundbeck was anti-competitive. Ranbaxy had made a provlisional payment of the fine of Euros 10.3 Million on September 20, 2013. Since there were no further rights of appeal, this amount of { 895.6 Million (inclusive of legal charges) was debited to the audited standalone financial results for the year ended March 31, 2021. b) Results for the quarter ended June 30, 2021 and half year ended September 30, 2021 include a charge of { 1,655.7 Million towards impairment of an acq uired intangible asset under
development. 5 The Company continues to monitor the impact of Covid-19 on its business, including its impact on customers , supply-chain, employees and logistics. Due care has l>een exercised, in concluding on significant accounting judgements and estimates, including in relation to recoverability of receivables, assessment of impairment of goodwill and intangibles, investments and inventory, based
6 The date of implementation of the Code on Wages 2019 and the Code on Social Security, 2020 is yet to be notified by the Government. The Company will assess the impact of these Codes and give effect in the unaudited standalone financial results when the Rules/Schemes thereunder are notified.
7 The Company has only one reportable segment namely 'Pharmaceuticals'.
8 Information as required pursuant to Regulation 52(4) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (to the extent not disclosed elsewhere in the results):
on the information available to date, while preparing the Company's unaudited standalone financial results for the quarter and ha~ year ended September 30, 2021 .
The Company has issued listed unsecured commercial paper durinq the year. la\ Credit ratina and chanae in credit ratina. if anv: Name of Credit Ralina Aaencv Ralina I
| CRISIL | CRISIL A1+ |
|---|---|
| ICRA | ICRAA1+ |
| lb\ Ratios | |||||||
|---|---|---|---|---|---|---|---|
| Ratios and Formulae | Quarter ended | Half Year ended | |||||
| 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31.03.2021 | ||
| (i) Debt equity ratio = (Long-term borrowings + Short-term borrowings + Current maturities of long-term borrowings and lease liabilities) I (Total equity) |
0.27 | 0.25 | 0.23 | 0.27 | 0.23 | 0.27 | |
| (ii) Debt service coverage ratio= {Profit/(loss) after tax but before finance costs, depreciation and amortisation and exceptional items} I (Finance costs+ Short-term borrowings+ Current maturities of long-tenTI borrowings and lease liabilities) (annualised) |
3.69 | 1.32 | 0.50 | 2.48 | 0.39 | 1.15 | |
| (iii) Interest service coverage ratio= {Profit/(loss) before finance costs, exceptional item and tax} I (Finance costs) |
7.84 | 1.38 | 13.45 | 4.55 | 2.90 | 4.53 | |
| (iv) Asset cover ratio= (Total assets - Intangible assets - Current liabilities excluding Short- term borrowings and Current maturities of long-term borrowings and lease liabilities) I (Long term borrowings+ Short-term borrowings+ Current maturities of long-term borrowings and lease liabilities) |
. 4.19 | 4.40 | 4.73 | 4.19 | 4.73 | 4.13 | |
| (v) Current ratio= (Current assets) I (Current liabilities) | 1.59 | 1.40 | 0.89 | 1.59 | 0.89 | 1.28 | |
| (vi) Long term debt to working capital ratio = (Long term borrowings excluding current maturities of long term borrowings and lease liabilities) I (Current assets - Current liabilities) |
1.35 | 1.60 | (1 .34) | 1.35 | (1 .34) | 1.98 | |
| (vii) Provision for doubtful trade receivable to account receivable ratio= (Provision for doubtful trade receivable I Trade receivables) (annualised} |
(0.00) | (0.00) | 0.00 | (0.00) | 0.00 | 0.00 | |
| (viii) Current liability ratio= (Current liabilities) I (Total liabilities) | 0.52 | 0.56 | 0.78 | 0.52 | 0.78 | 0.59 | |
| (ix) Total debts to total assets ratio= (Long-term borrowings+ Short-term borrowings+ Current maturities of long-term borrowings and lease liabilities) I (Total assets) |
0.17 | 0.16 | 0.14 | 0.17 | 0.14 | 0.17 | |
| (x) Debtors turnover ratio in no. of days= (Average trade receivables • no. of days) I (Revenue from contracts with customers) |
140 | 165 | 168 | 148 | 176 | 167 | |
| (xi) Inventory turnover ratio = (Cost of materials consumed + Purchase of stock-in-trade + Changes in inventories of finished goods, stock-in-trade and work-in-progress) I (Average inventory) (annualised) |
1.70 | 1.67 | 1.65 | 1.71 | 1.56 | 1.63 | |
| (xii) Operating EBITDA margin(%) = [Profit/(loss) before depreciation and amortisation expense, finance costs, exceptional item, tax, other operating revenue and other income} I (Revenue from contracts with customers) |
20.43% | 10.23% | 11.10% | 15.64% | 9.86% | 15.30% | |
| (xiii) Net profit margin(%) ={Net profit/(loss) after tax} I (Total revenue from operations) | 19.53% | (3.8%) | 6.34% | 8.59% | 2.90% | 5.97% |
| ISINNo | Issuance Date Due Date of | Actual Date of Redemption | ||
|---|---|---|---|---|
| Payment | Repayment | Amount({ in lum;nn\ | ||
| INE044A14583 | 26-Aug-20 | 15-Jun-21 | 15-Jun-21 | 4,000.0 |
| INE044A14641 | 26-Feb-21 | 28-May-21 | 28-May-21 | 3,000.0 |
| INE044A14617 | 29-Jan-21 | 28-Jan-22 | N/A | 7,300.0 |
| (d) Networth and Capital redemption reserve | ({ in Million) | |||||
|---|---|---|---|---|---|---|
| Particulars | Quarter ended | Half Year ended | Year ended | |||
| 30.09.2021 I 30.06.2021 I 30.09.2020 | 30.09.2021 | 30.09.2020 | 31 .03.2021 | |||
| Capital Redemption Reserve | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 | 7.5 |
| Net Worth | 249 956.6 | 247 733.7 | 255 242.4 | 249 956.6 | 255 242.4 | 248 948.9 |
9 Figures for previous periods have been regrouped I reclassified wherever considered necessary.
| SIGNED FOR IDENTIFICATION ~ BY |
~~ ~ For and on behalf of the Board I · Dllip S. Shanghvi |
a :; ~ ~ I~ MUMBAI 91 ~ ~ ~~ |
|
|---|---|---|---|
| Mumbai November 2 2021 | vU LLI"' ~ t( ts v 6 MUMBAI |
Manaaina Director |
- • |
Dllip S. Shanghvi
a For and on behalf of the Board :; ~ ~ • ~
| Sun Pharmaceutical Industries Limited | ||||
|---|---|---|---|---|
| Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. | ||||
| Corporate Office: Sun House, CTS No. 201 811, Western Express Highway, Goregaon (E). Mumbai - 400063 Tel.: +91 22 4324 4324. | ||||
| CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com |
Statement of Unaudited Consolidated Financial Results for the Quarter and Half year ended September 30, 2021
| ( <in million)<="" th=""> | |||||||
|---|---|---|---|---|---|---|---|
| Quarter ended | Half Year ended | Year ended | |||||
| Particulars | 30.09.2021 | 30.06.2021 | 30.09.2020 | 30.09.2021 | 30.09.2020 | 31 03.2021 | |
| Unaudited | Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
| I | Revenue from operations | ||||||
| a. Revenue from contracts with customers | 95,567.4 | 96,694.3 | 84,746.9 | 192,261.7 | 159,605.1 | 332,330.8 | |
| b. Other operating revenues | 691 .9 | 493.1 | 784.4 | 1,185.0 | 1,778.7 | 2,650.6 | |
| Total revenue from operations (I) | 96,259.3 | 97,187.4 | 85,531.3 | 193,446.7 | 161,383.8 | 334,981.4 | |
| II | Other income | 2,228.9 | 1,525.2 | 2,557.8 | 3,754.1 | 4,095.7 | 8,355.2 |
| Ill | Total Income (1+11) | 98,488.2 | 98,712.6 | 88,089.1 | 197,200.8 | 165,479.5 | 343,336.6 |
| IV | Expenses | ||||||
| Cost of materials consumed | 15,849.4 | 15,621.0 | 14,598.8 | 31,470.4 | 29,787.2 | 61,531.3 | |
| Purchases of stock-in-trade | 8,735.8 | 9,631.4 | 8,816.9 | 18,367.2 | 15,650.1 | 31,751.7 | |
| Changes in inventories of finished goods, stock-in-trade and work-in-progress | 633.4 | 1,241.9 | (t ,952.4) | 1,875.3 | (4,278.0) | (6,382.2) | |
| Employee benefits expense Finance costs |
18,062.7 | 17,587.4 | 17,052.9 | 35,650.1 | 34,643 .3 | 68,622.3 | |
| Depreciation and amortisation expense | 359.5 5,303.7 |
350.9 5,032.2 |
332.8 4,986.0 |
710.4 10,335.9 |
852.3 9,945.2 |
1,414.3 20,799.5 |
|
| Other expenses | 25,915.1 | 25,693.7 | 23,918.7 | 51 ,608.8 | 44,841.3 | 94,781 .1 | |
| Net (gain)/ loss on foreign currency transactions | 763.5 | (798.8) | 1,163.6 | (35.3) | 372.0 | (236.5) | |
| Total expenses (IV) | 75,623.1 | 74,359.7 | 68,917.3 | 149,982.8 | 131,813.4 | 272,281.5 | |
| v | Profit I (loss) before exceptional Items and tax (Ill-IV) | 22,865.1 | 24,352.9 | 19,171.8 | 47,218.0 | 33,666.1 | 71,055.1 |
| VI | Exceptional items (Refer Note 4) | 6,310.7 | 6,310.7 | 36,333.3 | 43,061.4 | ||
| VII | Profit I (loss) before tax (V-VI) | 22,865.1 | 18,042.2 | 19,171.8 | 40,907.3 | (2,667.2) | 27,993.7 |
| VIII | (i) Tax expense/( credit) tor period I year | 1,977.8 | 3,955.7 | 2,570.8 | 5,933.5 | 5,029.9 | 9,242.0 |
| (ii) Tax expense/( credit) - Exceptional (Refer Note 4 and 8) | (2,882.8) | (2,882.8) | (4,095.1) | ||||
| IX | Profit I (loss) for the period before share of profit I (loss) of associates and | 20,887.3 | 14,086.5 | 19,483.8 | 34,973.8 | (4,814.3) | 22,846.8 |
| lolnt venture (VII-VIII) | |||||||
| x | Share of profit I (loss) of associates and joint venture (net) | (23.9) | (46.1) | (56.2) | (70.0) | (20.4) | (123.3) |
| XI | Net Profit I (loss) after taxes and share of profit I (loss) of associates and Joint venture but before non-controlling interests (IX+X) |
20,863.4 | 14,040.4 | 19,427.6 | 34,903.8 | (4,834.7) | 22,723.5 |
| Non-controlling interests | 393.3 | (401.3) | 1,299.7 | (8.0) | (6,406.6) | (6,314.7) | |
| XII | Net Profit I (loss) after taxes, share of profit I (loss) of associates and joint | 20,470.1 | 14,441.7 | 18,127.9 | 34,911.8 | 1,571.9 | 29,038.2 |
| venture and non-controlling interests | |||||||
| XIII | Other comprehensive income (OCI) A. (i) Items that will not be reclassified to profit or loss |
(1,355.7) | (935.7) | (63.5) | (2,291.4) | (2.5) | |
| (ii) Income tax relating to items that will not be reclassified to profit or loss | 111 .2 | (7.5) | (20.4) | 103.7 | (31.4) | 3,233.9 (145.4) |
|
| 8. (i) Items that may be reclassified to profit or loss | (824.8) | 5,467.0 | (4,807.1) | 4,642.2 | (915.0) | (4,031 .6) | |
| (ii) Income tax relating to items that may be reclassified to profit or loss | (1,014.1) | 125.6 | (169.8) | (888.5) | (401.4) | (517.2) | |
| Total other comprehensive Income (A+B) (XIII) | (3,083.4) | 4,649.4 | (5,060.8) | 1,566.0 | (1,350.3) | (1,460.3) | |
| XIV Total comprehensive income for the period (Xl+Xlll) | 17,780.0 | 18,689.8 | 14,366.8 | 36,469.8 | (6,185.0) | 21 ,263.2 | |
| Attributable to: | |||||||
| • Owners of the Company | 17,492.1 | 18,599.2 | 13,677.1 | 36,091.3 | 478.7 | 28,133.4 | |
| • Non-controlling interests | 287.9 | 90.6 | 689.7 | 378.5 | (6,663.7) | (6,870.2) | |
| xv | Paid-up equity share capital • face value ~ 1 each | 2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 | 2,399.3 |
| XVI Other equity | |||||||
| XVII Earnings per equity share of < 1 each (not annualised tor quarters) | 462,228.5 | ||||||
| <(Basic) | 8.5 | 6.0 | 7.6 | 14.5 | 0.7 | 12.1 | |
| <(Diluted) | 8.5 | 6.0 | 7.6 | 14.5 | 0.7 | 12.1 | |
| See accompanying notes to the unaudited consolidated financial results | |||||||
| Research and development expenses incurred (included above) | 5,163.7 | 5,748.1 | 5,974.6 | 10,911 .8 | 10,126.5 | 21,028.2 | |
| SIGNED FOR fDENTIFICATION BY |
|---|
| ~ |
| SR BC & CO LLP MUMBAI |
| Sun Pharmaceutical Industries Limited | ||
|---|---|---|
| Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. | ||
| Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. | ||
| CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com | ||
| Unaudited Consolidated Statement of Assets and Liabilities | ||
| (~ In Million) | ||
| Particulars | As at | As at |
| 30.09.2021 | 31-03.2021 | |
| Unaudited | Audited | |
| ASSETS | ||
| (1) Non-current assets | ||
| (a) Property, plant and equipment | 100,371.4 | 102,349.9 |
| (b) Capital work-in-progress | 9,745.7 | 9,365.2 |
| (c) Goodwill (Net) | 63,795.9 | 62,876.4 |
| ( d) Other intangible assets | 49,970.0 | 50,303.5 |
| (e) Intangible assets under development | 8,304.9 | 6,303.1 |
| (f) Investments in associates | 2,420.2 | 2,327.3 |
| (g) Investments in joint venture | 296.3 | 278.3 |
| (h) Financial assets | ||
| · (i) Investments | 59,983.7 | 62,218.3 |
| (ii) Loans | 75.4 | 7.1 |
| (iii) Other financial assets | 846.6 | 957.8 |
| (i) Deferred tax assets (Net) | 29,690.7 | 35,564.4 |
| (j) Income tax assets (Net) | 40,062.1 | 34,327.8 |
| (k) Other non-current assets | 4,198.8 | 5,367.4 |
| Total non-current assets | 369,761.7 | 372 246.5 |
| (2) Current assets | ||
| (a) Inventories | 87,023.4 | 89,970.2 |
| (b) Financial assets | ||
| (i) Investments | 32,616.4 | 31,300.6 |
| (ii) Trade receivables | 99,603.2 | 90,614.0 |
| (iii) Cash and cash equivalents | 69,478.5 | 62,730.3 |
| (iv) Bank balances other than (iii) above | 3,357.9 | 1,724.8 |
| (v) Loans | 1,704.9 | 560.1 |
| (vi) Other financial assets | 7,082.3 | 8,759.3 |
| (c) Other current assets | 19,915.7 | 18,761.5 |
| Total current assets | 320 782.3 | 304,420.8 |
| TOT AL ASSETS | 690,544.0 | 676,667.3 |
| EQUITY AND LIABILITIES | ||
| Equity | ||
| (a) Equity share capital | 2,399.3 | 2,399.3 |
| (b) Other equity | 492,963.2 | 462,228.5 |
| Equity attributable to owners of the Company | 495,362.5 | 464,627.8 |
| Non-controlling interests | 29,257.4 | 30, 170.5 |
| Total equity | 524 619.9 | 494,798.3 |
| Liabilities | ||
| (1) Non-current liabilities | ||
| (a) Financial liabilities | ||
| (i) Borrowings | 6,481.4 | 8,981.3 |
| (ii) Other financial liabilities | 125.7 | 195.8 |
| (b) Provisions | 3,577.7 | 3,271.2 |
| (c) Deferred tax liabilities (Net) | 469.3 | 445.1 |
| (d) Other non-current liabilities | 7,187.7 | 7,519.3 |
| Total non- current liabilities | 17 841.8 | 20 412.7 |
| (2) Current liabilities | ||
| (a) Financial liabilities (i) Borrowings |
11 ,352.9 | 24,449.0 |
| (ii) Trade payables | 41,253.8 | 39,736.6 |
| (iii) Other financial liabilities (b) Other current liabilities |
34,742.5 8,918.8 |
42,373.5 7 ,279.9 |
| (c) Provisions | 50,127.4 | 45,826.5 |
| (d) Current tax liabilities (Net) | 1,686.9 | 1,790.8 |
| Total current liabilities | 148 082.3 | 161 456.3 |
| Total liabilities | 165 924.1 | 181 869.0 |
| TOTAL EQUITY AND LIABILITIES | 690 544.0 | 676 667.3 |
Sun Pharmaceutical Industries Limited Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. Corporate Office: Sun House, CTS No. 201 8/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4 324 4324. CIN: L24230GJ1993PLC019050, Website: www.sunpharma.com
Unaudited Consolidated Cash Flow Statement for the Half Year ended September 30, 2021
| Particulars | Half Year ended | Half Year ended |
|---|---|---|
| September 30, 2021 | September 30, 2020 | |
| Unaudited | Unaudited | |
| A. Cash flow from operating activities Profit I (Loss) before tax |
40,907.3 | |
| Adjustments for: | (2,667.2) | |
| Depreciation and amortisation expense | 10,335.9 | 9,945.2 |
| Net (gain) I loss on sale I write off I impairment of property, plant and | 1,901.5 | 316.0 |
| equipment and other intangible assets and exceptional items | ||
| Finance costs | 710.4 | 852.3 |
| Interest income | (1,953.9) | (1,147.0) |
| Dividend income on investments | (1,739.0) | (262.4) |
| Net (gain)/ loss arising on financial assets measured at fair value through profit | 1,573.6 | (1,708.4) |
| or loss | ||
| Net (gain)/ loss on sale of financial assets measured at fair value through profit or loss |
(49.1) | (234.5) |
| Net (gain)/ loss on sale of financial assets measured at fair value through other comprehensive income |
(27.9) | (102.3) |
| Provision/ write off /(reversal) for doubtful trade receivables I advances | 33.5 | 210.2 |
| Sundry balances written back, net | (16.8) | (87.5) |
| Effect of exchange rate changes | (712.4) | 4.105.3 |
| Operating profit before working capital changes | 50,963.1 | 9,219.7 |
| Movements in working capital: | ||
| (Increase) I decrease in inventories | 3,223.8 | (7,166.0) |
| (Increase) I decrease in trade receivables | (8,286.1) | (3,333.9) |
| (Increase) I decrease in other assets | (201.9) | (923.7) |
| Increase/ (decrease) in trade payables | 1,447.4 (6,003.3) |
1,609.6 |
| Increase/ (decrease) in other liabilities Increase/ (decrease) in provisions |
4,274.1 | 22,435.5 2,110.1 |
| Cash generated from operations | 45,417.1 | 23,951.3 |
| Income tax paid (net of refund) | (5 146.0l | (4 487.7) |
| Net cash generated from operating activities (A) | 40 271.1 | 19.463.6 |
| B. Cash flow from investing activities | ||
| Payments for purchase of property, plant and equipment (including capital | (9,811.6) | (6,752.9) |
| work-in-progress, other intangible assets and intangible assets under | ||
| development) | ||
| Proceeds from disposal of property, plant and equipment and other | 232.9 | 136.5 |
| intangible assets | ||
| Loans/ inter corporate deposits given I placed | (76.8) | - |
| Loans/ inter corporate deposits received back I matured | - | 73.4 |
| Purchase of investments (includes investment in associates) | (73,976.6) | (115,226.7) |
| Proceeds from sale of investments | 72,915.7 | 118,302.9 |
| Bank balances not considered as cash and cash equivalents | ||
| Fixed deposits I margin money placed | (2,690.2) | (50.7) |
| Fixed deposits I margin money matured | 1,114.7 | 2,732.8 |
| Net cash inflow/ (outflow) on disposal/ acquisition of subsidiary | 238.4 | (616.0) |
| Interest received | 333.7 | 408.1 |
| Dividend received | 1,046.2 | 262.4 |
| Net cash from I (used in) investing activities (B) | (10,673.6) | (730.2) |
| Sun Pharmaceutical Industries Limited | ||
|---|---|---|
| Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. | ||
| Corporate Office: Sun House, CTS No. 201 8/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324. | ||
| CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com | ||
| Unaudited Consolidated Cash Flow Statement for the Half Year ended September 30, 2021 | ||
| Half Year ended | Half Year ended | |
| Particulars | September 30, 2021 | September 30, 2020 |
| Unaudited | Unaudited | |
| C. Cash flow from financing activities | ||
| Proceeds from borrowings | 9,480.0 | 24,129.7 |
| Repayment of borrowings @ | (25,785.6) | (48,584.3) |
| Payment for buy-back of equity shares held by non-controlling interests of | (1,843.0) | - |
| subsidiaries | ||
| Refund from escrow account for buy-back | - | 3,825.0 |
| Finance costs | (430.1) | (770.0) |
| Dividend payment to non-controlling interests | (7.8) | (127.1) |
| Dividend paid | (4,812.1) | (2,399.3) |
| Net cash used in financing activities (C) | (23,398.6) | (23,926.0) |
| Net (decrease) I increase in cash and cash equivalents (A+B+C) | 6,198.9 | (5,192.6) |
| Cash and cash equivalents at the beginning of the year | 62,730.3 | 56,766.1 |
| Cash and cash equivalents transferred on sale of subsidiary | (137.3) | - |
| Effect of exchange differences on restatement of foreign currency cash and | 686.6 | (968.9) |
| cash equivalents | ||
| Cash and cash equivalents at the end of the year | 69,478.5 | 50,604.6 |
| @ includes payment of lease obligation. |
| SIGNED FOR IDENTIFICATION °6fL BY |
|
|---|---|
| SR BC & CO LLP MUMBAI |
| Sun Pharmaceutical Industries Limited | |
|---|---|
| Registered Oflice: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012. | |
| Corporate Oflice: Sun House, CTS No. 201 811, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel : +91 22 4324 4324. | |
| GIN: L24230GJ1993PLC019050, Website : www.sunpharma.com | |
| Notes : | |
| These unaudited consolidated financial results relate to Sun Pharmaceutical Industries Limited (the 'Company'), its Subsidiaries (together the 'Group'), Joint Venture and Associates and are prepared by applying Ind AS 11 O - 'Consolidated Financial Statements', and Ind AS 28 - 'Investments in Associates and Joint Ventures ' |
|
| 2 | The above unaudited consolidated financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respe c tive meetings held on November 02, 2021 . |
| 3 | The above unaudited consolidated financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as am ended, prescribed under Section 133 of the Companies Act, 2013, read with relevant rules issued thereunder. |
| 4 | Exceptional items includes the following : |
| a) On July 23, 2020, Taro Pharmaceuticals U.S.A., Inc. ("Taro"), our subsidiary, globally resolved all matters in connection with the multi-year investigations by the Depan ment of Justice, Antitrust Division and Civil Division ("DOJ") into the United States generic pharmaceutical industry. Under a Deferred Prosecution Agreement reached with DOJ Antitrust , the DOJ filed an Information for conduct that took place between 2013 and 2015. If Taro adheres to the terms of the agreement, including the payment of\$ 205.7 Million (equivalent to< 1 5,601.8 Million), the DOJ will dismiss the Information at the end of a three-year period. Taro also reached a framework understanding with DOJ Civil, subject to final agreement and agen c y authorisation, in which Taro agreed to pay\$ 213.3 Million (equivalent to< 16, 179.6 Million) to resolve all claims related to federal healthcare programs. Accordingly, an amount of\$ 418.9 Million (equivalent to< 31,781 .4 Million) was provided in the quarter ended June 30, 2020. In the quarter ended September 30, 2021, Taro finalised its settlement agreement with DOJ Civil and corporate integrity agreement with the U.S. Department of Health and Human Services. Further, in respect of ongoing multi-jurisdiction civil antitrust matters, currently in progress, Taro, has made a provision of\$ 200 million (equivalent to< 14,809.4 Million). Of the\$ 200 Million (equivalent to < 14,809.4 Million), amounts of\$ 60 Million and \$BO Million (equivalent to< 4,551.9 Million and < 5,832.5 Million ) were accounted for in quarter ended June 30, 2020 and March 31, 2021 respectively . Further, an additional provision of\$ 60 mill i on (equivalent to< 4,425.0 Million) was recognised in the quarter ended June 30, 2021 . Exceptional tax for the quarter and year ended March 31 , 2021 , is on account of recoQnition of deferred tax asset amountinQ to< 1,212.3 Million arisinQ out above settlement. b) On March 25, 2021 the CJEU (Court of Justice to the European Union) issued a final judgment and upheld the European Commission's (' EC') decision dated June 19, 2013 that a settlement agreement between Ranbaxy (U.K.) Limited and Ranbaxy Laboratories Limited (together 'Ranbaxy') with Lundbeck was anti-competitive. Ranbaxy had made a provisional payment of the fine of Euros 10.3 Million on September 20, 2013. Since there were no further rights of appeal, this amount of < 895.6 Million (inclusive of legal charges) was debited to the audited consolidated financial results for the year ended March 31, 2021. c) Result for the quarter ended June 30, 2021 and half year ended September 30, 2021 includes charge of< 1,503.3 Million towards impairment of an acquired intangible asset under development. Further, in the current quarter, the Group has disposed off assets which were classified as assets held for sale as per the requirements of IND AS 105 and a write down of< |
|
| 382.4 Million was taken in the quarter ended June 30, 2021 and disclosed as an exceptional item. | |
| 5 | Pursuant to the scheme of arrangement in the nature of amalgamation and merger of Sun Pharma Global FZE with the Company, as approved by the National Company Law Tribunal on August 31, 2021 , Sun Pharma Global FZE, a wholly owned subsidiary, has been transferred to the Company w.e.I January 01 , 2020. Consequently, effect of the scheme including tax impact has been given in the unaudited consolidated financial results in accordance with Ind AS 103 - Business Combinations. |
| 6 | The Group continues to monitor the impact of Covid-19 on its business, including its impact on customers, supply-chain, employees and logistics. Due care has been exercised, in |
| concluding on significant accounting judgements and estimates, including in relation to recoverability of receivables, assessment of impairment of goodwill and intangibles, investments and | |
| inventory, based on the information available to date, while preparing the unaudited consolidated financial results for the quarter and half year ended ended September 30, 2021 . |
- 7 The Group has only one reportable segment namely 'Pharmaceuticals'.
- 8 Tax gain (exceptional) for the year ended March 31, 2021 is on account of creation of deferred tax asset amounting to < 2,882.8 Million arising out of subsequent measurement attributable to restructuring of an acquired entity.
- 9 The date of implementation of the Code on Wages 2019 and the Code on Social Security, 2020 is yet to be notified by the Government. The Group will assess the impact of these Codes and give effect in the unaudited consolidated financial results when the Rules/Schemes thereunder are notified.
- 10 Figures for previous periods have been regrouped I reclassified wherever considered necessary.
For and on behalf of the Board
Dilip S. Shanghvl Managing Director
Mumbai, November 02, 2021
l Ground Floo r Panchshi l Tec h Park, Yerwada C Nea r Don Bosco Sc hool) Pune - 4 11 006, India Tel : +9 1 20 6603 6000
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Standalone Financial Results of the Company Pursuant to the Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Sun Pharmaceutical Industries Limited
-
- We have reviewed the accompanying statement of unaudited standalone financial results of Sun Pharmaceutical Industries Limited (the "Company") for the quarter ended September 30, 2021 and year to date from April 01. 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Company pursuant to the requirements of Regulation 33 and 52 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
-
- This Statement, which is the responsibility of the Company's management and approved by the Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India. This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
-
- Based on our review conducted as above and based on the consideration of the review report of other auditor of a foreign operation referred to in paragraph 5 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with the recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 201 3 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be disclosed, or that it contains any material misstatement.
-
- The accompanying Statement of quarterly and year to date unaudited standalone financial results include the reviewed financial results in respect of a foreign operation whose financial results and other financial information, without giving effect to elimination of intra-group transactions, reflect total assets of INR 58,128.9 million as at September 30, 2021 and total revenues of INR 7,887.1 million and INR 11,326.6 million, total net profit I (loss) after tax of INR 1,886.8 million and (INR 3,688.9 million) and total comprehensive income I (loss) of INR 1,827.1 million and CINR 4, 149.2 million) for the quarter and half year ended on that date respectively, and net cash outflows of INR 1,236.6 million for the period from April 01, 2021 to September 30, 2021, as considered in the Statement which have been reviewed by other auditor.
The independent auditor's report of this foreign operation has been furnished to us by other auditor, and our conclusion on the Statement in so far as it relates to the amounts and disclosures included in respect of this foreign operation, is based solely on the report of such other auditor. Our conclusion on the Statement is not modified in respect of the above matter.
Chartered Accountant s
Sun Pharmaceutical Industries Limited Independent Auditors' Review Report Page 2 of 2
- As fully described in note 3 of the Statement, the Company has prepared these financial results to give effect to the Scheme of arrangement in the nature of amalgamation and merger of Sun Pharma Global FZE with the Company with an appointed date of January 01, 2020. We did not review, the unaudited financial results and other financial information of Sun Pharma Global FZE which without giving effect to elimination of intra-group transactions reflect total assets of INR 83,523.4 million as at March 31, 2021, total revenues of INR 13,379.1 million and INR 3.405.9 million, total net loss after tax of INR 12,973.2 million and INR 10,661.8 million and total comprehensive loss of INR 11,889.3 million and INR 10,220.3 million for the year ended 31 March 2021 and the half year ended September 30, 2020 respectively and net cash inflow of INR 213.1 million for the period from April 01, 2020 to September 30, 2020. These unaudited financial results and other information have been reviewed by other auditor whose report has been furnished to us. Our conclusion, in so far as it relates to the amounts and disclosures of Sun Pharma Global FZE is based solely on report of such other auditor. Our conclusion is not modified in respect of this matter.
For S R B C & CO LLP Chartered Accountants Al r.·rm regisf tion number: 324982E/E300003
per Paul Alvares Partner Membership No. : 105754
UDIN: 21105754AAAAIG7296 \
Pune November 02, 2021
Ground Floor Panchshil Tech Pa rk, Yerwada (Near Don Bosco Sc hool) Pune · 41 1 006, India Tel : +9 1 20 6603 6000
Independent Auditor's Review Report on the Quarterly and Year to Date Unaudited Consolidated Financial Results of the Company Pursuant to the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended
Review Report to The Board of Directors Sun Pharmaceutical Industries Limited
\~--< '\ h \ \I II '.:·; ~ );:_?!
~
-
- We have reviewed the accompanying statement of unaudited consolidated financial results of Sun Pharmaceutical Industries Limited (the "Holding Company") and its subsidiaries (the Holding Company and its subsidiaries together referred to as "the Group"), its associates and joint venture for the quarter ended September 30, 2021 and year to date from April 1, 2021 to September 30, 2021 (the "Statement") attached herewith, being submitted by the Holding Company pursuant to the requirements of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, as amended (the "Listing Regulations").
-
- This Statement, which is the responsibility of the Holding Company's management and approved by the Holding Company's Board of Directors, has been prepared in accordance with the recognition and measurement principles laid down in Indian Accounting Standard 34, (Ind AS 34) "Interim Financial Reporting" prescribed under Section 133 of the Companies Act, 2013 as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India. Our responsibility is to express a conclusion on the Statement based on our review.
-
- We conducted our review of the Statement in accordance with the Standard on Review Engagements (SRE) 2410, "Review of Interim Financial Information Performed by the Independent Auditor of the Entity" issued by the Institute of Chartered Accountants of India . This standard requires that we plan and perform the review to obtain moderate assurance as to whether the Statement is free of material misstatement. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
We also performed procedures in accordance with Circular No. CIR/CFD/CMDl/44/2019 dated March 29, 2019 issued by the Securities and Exchange Board of India under Regulation 33(8) of the Listing Regulations, to the extent applicable.
-
- The Statement includes the unaudited financial results of the entities mentioned in Annexure I to the Statement.
-
- Based on our review conducted and procedures performed as stated in paragraph 3 above and based on the consideration of the review reports of other auditors referred to in paragraph 6 below, nothing has come to our attention that causes us to believe that the accompanying Statement, prepared in accordance with recognition and measurement principles laid down in the aforesaid Indian Accounting Standards ('Ind AS') specified under Section 133 of the Companies Act, 2013 , as amended, read with relevant rules issued thereunder and other accounting principles generally accepted in India, has not disclosed the information required to be disclosed in terms of the Listing Regulations, including the manner in which it is to be ere sc losed, or that it contains any material misstatement. /----......:......._< ,,\
S BC & CO LP
Chart ered Accountants
Sun Pharmaceutical Industries Limited Independent Auditor's Report Page 2 of 4
- The accompanying Statement includes the unaudited interim financial results and other financial information in respect of 21 subsidiaries including 2 associates and 1 foreign operation, whose financial results and other financial information without giving effect to the elimination of intra-group transactions reflect, Group's share of total assets of INR 365,772.4 million as at September 30, 2021, total revenues of INR 40,578.5 million and INR 77,587.0 million, total net profit after tax of INR 5,105.4 million and INR 553.6 million, total comprehensive income of INR 4,972.1 million and INR 24.3 million, for the quarter ended September 30, 2021 and the half year ended on that date respectively, and net cash outflows of INR 1,824.1 million for the period from April 1, 2021 to September 30, 2021, as considered in the Statement which have been reviewed by their respective independent auditors. The independent auditor's reports on interim financial results and other financial information of these entities have been furnished to us by management and our conclusion on the Statement, in so far as it relates to the amounts and disclosures in respect of these subsidiaries, associates and foreign operation is based solely on the report of such auditors and procedures performed by us as stated in paragraph 3 above. Our conclusion on the Statement in respect of matters stated in para above is not modified with respect to our reliance on the work done and the reports of the other auditors.
For S R BC & CO LLP red Accountants registration number: 324982E/E300003
:.r
per Paul A ares Partner Membership No.: 105754 UDIN: 21105754AAAAIH8679 Place: Pune Date: November 02, 2021
S BC& CO LP
Chartered Accountants
Sun Pharmaceutical Industries Limited Independent Auditor's Report Page 3 of 4
Annexure I - List of entities included in the report on the unaudited Consolidated Financial Results
| Sr.No | Name of the entity | |
|---|---|---|
| Subsidiaries: | ||
| 1 | Sun Pharma France (formerly known as Ranbaxy Pharmacie Generiques) | |
| 2 | Zenotech Laboratories Limited (consolidated) | |
| 3 | Ranbaxy (U.K.) Limited | |
| 4 | Ranbaxy Holdings (U.K.) Limited | |
| 5 | Ranbaxy Ireland Limited (liquidated w.e.f. 9 June 2021) | |
| 6 | Basics GmbH | |
| 7 | Sun Pharma Laboratorios S.L.U (formerly known as Laboratorios Ranbaxy, S.L.U.) | |
| 8 | Sun Pharma Italia SRL (formerly known as Ranbaxy Italia Spa) | |
| 9 | Sun Pharma (Netherlands) B.V. | |
| 10 | Ranbaxy (Poland) SP. Z 0.0. | |
| 11 | AO Ranbaxy | |
| 12 | 11 Ranbaxy Pharmaceuticals Ukraine11 LLC | |
| 13 | Terapia SA | |
| 14 | Ranbaxy South Africa (Pty) Ltd (consolidated) | |
| 15 | Ranbaxy Nigeria Limited | |
| 16 | Ranbaxy Pharmaceuticals (Pty) Ltd | |
| 17 | Sun Pharmaceuticals Morocco LLC | |
| 18 | Sun Pharma Egypt Limited LLC | |
| 19 | Rexcel Egypt LLC | |
| 20 | Ranbaxy (Malaysia) SDN. BHD. | |
| 21 | Sun Pharma ANZ Pty Ltd | |
| 22 | Sun Pharmaceuticals Holdings USA, Inc. (consolidated) | |
| 23 | Ranbaxy Farmaceutica Ltda. | |
| 24 | Sun Pharmaceutical Peru S.A.C. | |
| 25 | Sun Pharma Canada Inc. | |
| 26 | Ranbaxy (Thailand) Co., Ltd. | |
| 27 | JSC Biosintez | |
| 28 | Faststone Mercantile Company Private Limited | |
| 29 | Green Eco Development Centre Limited | |
| 30 | Neetnav Real Estate Private Limited | |
| 31 | Realstone Multitrade Private Limited | |
| 32 | Skisen Labs Private Limited | |
| 33 | Softdeal Pharmaceuticals Private Limited (formerly known as Softdeal Trading Company Private Limited) |
|
| 34 | Universal Enterprises Private Limited | |
| 35 | Sun Pharmaceutical (Bangladesh) Limited | |
| 36 | Sun Pharmaceuticals Germany GmbH | |
| 37 | Sun Pharma Switzerland Ltd. | |
| -- ~C &,~~</td | Sun Pharmaceutical Industries (Europe) B.V. | Sun Pharmaceutical Industries (Europe) B.V. |
*c, ~ ~ i*
SR BC & CO LP
Chartered Accountants
Sun Pharmaceutical Industries Limited Independent Auditor's Report Page 4 of 4
| Sr.No | Name of the entity | |
|---|---|---|
| 39 | 000 "Sun Pharmaceutical Industries" Limited | |
| 40 | Alkaloida Chemical Company Zrt. | |
| 41 | Sun Pharmaceuticals SA (Pty) Ltd | |
| 42 | Sun Pharma Holdings | |
| 43 | Aditya Acquisition Company Ltd. | |
| 44 | Taro Pharmaceutical Industries Ltd (TARO) (consolidated) | |
| 45 | Sun Pharma Global FZE (merged with Sun Pharmaceutical Industries Limited) | |
| 46 | Sun Laboratories FZE | |
| 47 | Sun Pharma East Africa Limited | |
| 48 | Sun Pharma Philippines, Inc. | |
| 49 | Sun Pharma Japan Ltd. (consolidated) | |
| 50 | Sun Pharmaceutical Industries (Australia) Pty Limited | |
| 51 | Sun Farmaceutica do Brasil Ltda. | |
| 52 | Sun Pharmaceutical Industries S.A.C. | |
| 53 | SPIL De Mexico S.A. DE C.V. (liquidated w.e.f. 07 June 2021) | |
| 54 | Sun Pharma De Mexico S.A. DE C.V. | |
| 55 | Sun Pharma De Venezuela, C.A. | |
| 56 | Sun Pharma Laboratories Limited | |
| 57 | Sun Pharmaceutical Medicare Limited | |
| 58 | Caraco Pharmaceuticals Private Limited | |
| 59 | Sun Pharma Distributors Limited | |
| 60 | Realstone Infra Limited | |
| 61 | Sun Pharma Shanghai Limited | |
| 62 | Sun Pharmaceuticals EZ Limited | |
| Joint Venture: | ||
| 1 | Artes Biotechnology GmbH | |
| Associates: | ||
| 1 | Medinstill LLC (Consolidated) | |
| 2 | Generic Solar Power LLP | |
| 3 | Trumpcard Advisors and Finvest LLP | |
| 4 | Tarsier Pharma Limited (formerly known as Tarsius Pharma Ltd.) | |
| 5 | WRS Bioproducts Pty Limited |
