Dr Reddys Laboratories Ltd 6-K, filed May 14, 2021

Dr Reddys Laboratories Ltd (RDY)

6-K 2021-05-14 For: 2021-05-14

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Added on April 09, 2026

About this 6-K

Dr Reddys Laboratories Ltd filed this 6-K on May 14, 2021.

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Exhibit Number		Description of Exhibits

99.1		Press Release, “Dr. Reddy’s Q4 FY21 Financial Results”, May 14, 2021.

99.2		IFRS Audited Consolidated Financial Results for the quarter and year ended March 31, 2021.

99.3		Ind AS Audited Consolidated Financial Results for the quarter and year ended March 31, 2021.

99.4		Ind AS Audited Standalone Financial Results for the quarter and year ended March 31, 2021.

	DR. REDDY’S LABORATORIES LIMITED (Registrant)

Date: May 14, 2021	By:	/s/ Sandeep Poddar
		Name:	Sandeep Poddar
		Title:	Company Secretary

Q4 Performance Summary		FY21 Performance Summary

*Rs. 4,728 Cr*		*Rs. 18,972 Cr*
*Revenue*		*Revenue*
[Up: 7% YoY; Down: 4% QoQ]		[Up: 9% YoY]

*53.7%*		*54.3%*
*Gross Margin*		*Gross Margin*
[Q4 FY20: 51.5%; Q3 FY21: 53.8%]		[FY20: 53.8%]

*Rs.1,428 Cr*		*Rs. 5,456 Cr*
*SGNA expenses*		*SGNA expenses*
[Up: 17% YoY; Down: 1% QoQ]		[Up: 9% YoY]

*Rs. 409 Cr*		*Rs. 1,654 Cr*
*R&D expenses*		*R&D expenses*
[8.7% of Revenues]		[8.7% of Revenues]

*Rs. 1,133 Cr*		*Rs. 4,748 Cr*
*EBITDA*		*EBITDA*
[24.0% of Revenues; Up: 13% YoY; Down: 4% QoQ]		[25.0% of Revenues; Up: 2% YoY]

*Rs. 807 Cr*		*Rs. 2,832 Cr*
*Profit before Tax*		*Profit before Tax*
[Up: 13% YoY; 184% QoQ]		[Up: 57% YoY]

*Rs. 554 Cr*		*Rs. 1,915 Cr*
*Profit after Tax*		*Profit after Tax*
[Down: 28% YoY; Up: 2695% QoQ]		[Down: 2% YoY]

	Q4 FY21						Q4 FY20						YoY			Q3 FY21						QoQ
Particulars	($)			(Rs.)			($)			(Rs.)			Gr %			($)			(Rs.)			Gr%
Revenues		646			47,284			606			44,318			7			674			49,296			(4	)
Cost of Revenues		300			21,909			294			21,510			2			311			22,758			(4	)
Gross Profit		347			25,375			312			22,808			11			363			26,538			(4	)
Operating Expenses
Selling, General & Administrative expenses		195			14,279			166			12,177			17			197			14,387			(1	)
Research and Development expenses		56			4,094			57			4,190			(2	)		56			4,108			(0	)
Impairment of non-current assets		0			15			0			7			114			82			5,972			(100	)
Other operating income		(8	)		(587	)		(2	)		(168	)		249			(2	)		(128	)		359
Results from operating activities		104			7,574			90			6,602			15			30			2,199			244
Net finance income		(4	)		(318	)		(6	)		(435	)		(27	)		(7	)		(493	)		(35	)
Share of profit of equity accounted investees		(2	)		(179	)		(1	)		(105	)		70			(2	)		(151	)		19
Profit before income tax		110			8,071			98			7,142			13			39			2,843			184
Income tax expense / (benefit)		35			2,536			(7	)		(500	)		(607	)		36			2,645			(4	)
Profit for the period		76			5,535			104			7,642			(28	)		3			198			2695
Diluted Earnings Per Share (EPS)		0.46			33.29			0.63			46.01			(28	)		0.02			1.19			2705

As % to revenues	Q4 FY21		Q4 FY20		Q3 FY21
Gross Profit		53.7		51.5		53.8
SG&A		30.2		27.5		29.2
R&D		8.7		9.5		8.3
EBITDA		24.0		22.6		24.0
PBT		17.1		16.1		5.8
PAT		11.7		17.2		0.4

	FY21									FY20									Gr
Particulars	($)			(Rs.)			%			($)			(Rs.)			%			%
Revenue		2,594			1,89,722			100.0			2,387			1,74,600			100.0			9
Cost of revenues		1,185			86,645			45.7			1,102			80,591			46.2			8
Gross profit		1,409			1,03,077			54.3			1,285			94,009			53.8			10
Operating Expenses
Selling, General & Administrative expenses		746			54,559			28.8			685			50,129			28.7			9
Research and Development expenses		226			16,541			8.7			211			15,410			8.8			7
Impairment of non-current assets		93			6,768			3.6			229			16,767			9.6			(60	)
Other operating income		(13	)		(982	)		(0.5	)		(59	)		(4,290	)		(2.5	)		(77	)
Results from operating activities		358			26,191			13.8			219			15,993			9.2			64
Net finance income		(23	)		(1,653	)		(0.9	)		(20	)		(1,478	)		(0.8	)		12
Share of profit of equity accounted investees		(7	)		(480	)		(0.3	)		(8	)		(561	)		(0.3	)		(14	)
Profit before income tax		387			28,324			14.9			247			18,032			10.3			57
Income tax expense / (benefit)		125			9,175			4.8			(20	)		(1,466	)		(0.8	)		(726	)
Profit for the period		262			19,149			10.1			267			19,498			11.2			(2	)
Diluted EPS		1.57			115.14						1.61			117.40						(2	)

	As on 31st Mar 2021				As on 31st Dec 2020				As on 31st Mar 2020
Particulars	($)		(Rs.)		($)		(Rs.)		($)		(Rs.)
Cash and cash equivalents and other investments		540		39,531		291		21,282		356		26,068
Trade receivables (current & non-current)		680		49,759		730		53,408		711		52,015
Inventories		621		45,412		606		44,309		479		35,066
Property, plant and equipment		781		57,111		769		56,263		716		52,332
Goodwill and Other Intangible assets		550		40,216		561		41,062		433		31,653
Loans and borrowings (current & non-current)		414		30,308		280		20,443		302		22,102
Trade payables		300		21,916		315		23,072		228		16,659
Equity		2,392		1,74,981		2,316		1,69,395		2,119		1,54,988

	FY21						FY20						Gr
Segment	($)		(Rs.)		%		($)		(Rs.)		%		%
Global Generics		2,111		1,54,404		81.4		1,888		1,38,123		79.1		12
North America				70,494						64,659				9
Europe				15,404						11,707				32
India				33,419						28,946				15
Emerging Markets				35,087						32,812				7
Pharmaceutical Services and Active Ingredients (PSAI)		437		31,982		16.9		352		25,747		14.7		24
Proprietary Products & Others		46		3,336		1.8		147		10,730		6.1		(69	)
Total		2,594		1,89,722		100.0		2,387		1,74,600		100.0		9

		All amounts in Indian Rupees millions
		Quarter ended									Year ended
		31.03.2021			31.12.2020			31.03.2020			31.03.2021			31.03.2020
Sl. No.	Particulars	(Audited)			(Unaudited)			(Audited)			(Audited)			(Audited)
1	Revenues		47,284			49,296			44,318			189,722			174,600
2	Cost of revenues		21,909			22,758			21,510			86,645			80,591
3	Gross profit (1 - 2)		25,375			26,538			22,808			103,077			94,009
4	Selling, general and administrative expenses		14,279			14,387			12,177			54,559			50,129
5	Research and development expenses		4,094			4,108			4,190			16,541			15,410
6	Impairment of non current assets		15			5,972			7			6,768			16,767
7	Other income, net		(587	)		(128	)		(168	)		(982	)		(4,290	)
	Total operating expenses		17,801			24,339			16,206			76,886			78,016
8	Results from operating activities [(3) - (4 + 5 + 6 + 7)]		7,574			2,199			6,602			26,191			15,993
	Finance income		615			681			665			2,623			2,461
	Finance expense		(297	)		(188	)		(230	)		(970	)		(983	)
9	Finance income, net		318			493			435			1,653			1,478
10	Share of profit of equity accounted investees, net of tax		179			151			105			480			561
11	Profit before tax (8 + 9 + 10)		8,071			2,843			7,142			28,324			18,032
12	Tax expense/(benefit), net		2,536			2,645			(500	)		9,175			(1,466	)
13	Profit for the period / year (11 -12)		5,535			198			7,642			19,149			19,498
14	Earnings per share:
	Basic earnings per share of Rs.5/- each		33.38			1.19			46.10			115.47			117.63
	Diluted earnings per share of Rs.5/- each		33.29			1.19			46.01			115.14			117.40
			(Not annualised)			(Not annualised)			(Not annualised)

	1	The audited results have been reviewed by the Audit Committee of the Board on 13 May 2021 and approved by the Board of Directors of the Company at their meeting held on 14 May 2021. The above financial results have been prepared in accordance with International Financial Reporting Standards and its interpretations (IFRS), as issued by the International Accounting Standards Board (IASB).

	2	During the year ended 31 March 2021, there were significant changes to the market conditions for certain of the products forming part of Company’s Global Generics and Proprietary Products segments. The changes include the launch by competitor of generic version of the product, decrease in the market potential of products primarily due to higher than expected price erosion and increased competition, and higher than expected value erosion. Due to these adverse market developments, the Company recorded an impairment loss of: - Rs. 3,180 million relating to Ethinyl estradiol / Ethenogestral vaginal ring (a generic equivalent to NuvaRing®); - Rs. 1,587 million relating to Saxagliptin and metformin (generic version of Kombiglyze-XR) and Phentermine and Topiramate (generic version of Qsymia®); and - Rs. 1,955 million relating to other intangible assets forming part of the Company's Global Generics and Proprietary Products segments. In addition, an amount of Rs. 46 million was recorded as impairment loss pertaining to property, plant and equipment on write-down of assets to fair value less costs to sell forming part of Company’s Global generics segment.

	3	Tax expense for the year ended 31 March 2021 includes the following: - Rs. 1,012 million of benefit, in the quarter ended 30 June 2020, on account of recognition of deferred tax asset consequrnt to a planned restructuring activity between the Group companies; and - Rs. 627 million of expense, in the quarter ended 31 March 2021, on account of derecognition of deferred tax asset due to non-availability of depreciation on goodwill pursuant to an amendment to section 2(11) of the Income Tax Act in the Finance Act, 2021.

	4	During the quarter ended 31 December 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire, certain brands in various Emerging Market countries for a total consideration of Rs. 1,516 million. The said transaction was accounted for as an acquisition of product related intangibles.

	5	On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited's branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dermatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs.16,115 million. The Company recognised Rs. 373 million, Rs. 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company's Global Generics segment.

	6	The Company has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the US Foreign Corrupt Practices Act. A legal Firm is conducting the investigation at the instruction of a Committee of the Company Board of Directors. The investigation is ongoing. The Company has disclosed the matter to the US Department of Justice, Securities and Exchange Commission and Securities Exchange Board of India. While the matter may result in government enforcement actions against the Company in the United States and/or foreign jurisdictions, which could lead to civil and criminal sanctions under relevant laws, the probability of such action and the outcome are not reasonably ascertainable at this time.

	7	"Revenues" for the year ended 31 March 2020 include an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory rights for ZEMBRACE^® SYMTOUCH^® (sumatriptan injection) 3 mg and TOSYMRA^® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million.

	8	"Other income, net" for the year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada.

	9	Total impairment charge for the year ended 31 March 2020 is Rs. 16,767 million, of which Rs. 11,137 million was towards impairment of gNuvaring, Rs. 4,385 million was towards ramelteon, tobramycin and imiquimod, and the balance is towards other product related intangibles forming part of the Company’s Global generics and Proprietary Products segments.

	10	Tax benefit for the year ended 31 March 2020 was primarily due to recognition of deferred tax asset of: - Rs. 4,989 million towards MAT recoverable pursuant to enactment of Taxation Laws (Amendment) Act, 2019; - Rs. 1,264 million pursuant to a planned restructuring activity between the group Companies.

	All amounts in Indian Rupees millions
	As at			As at
	31.03.2021			31.03.2020
Particulars	(Audited)			(Audited)
ASSETS
Current assets
Cash and cash equivalents		14,829			2,053
Other investments		19,744			23,687
Trade and other receivables		49,641			50,278
Inventories		45,412			35,066
Derivative financial instruments		1,218			1,105
Tax assets		2,745			4,379
Other current assets		14,509			13,802
Total current assets before assets held for sale		148,098			130,370
Assets held for sale		151			-
Total current assets		148,249			130,370
Non-current assets
Property, plant and equipment		57,111			52,332
Goodwill		4,568			3,994
Other intangible assets		35,648			27,659
Trade and other receivables		118			1,737
Investment in equity accounted investees		3,375			2,763
Other investments		4,958			328
Deferred tax assets		10,630			12,214
Other non-current assets		834			844
Total non-current assets		117,242			101,871
Total assets		265,491			232,241

LIABILITIES AND EQUITY
Current liabilities
Trade and other payables		21,916			16,659
Short-term borrowings		23,136			16,441
Long-term borrowings, current portion		864			4,266
Provisions		3,435			3,800
Tax liabilities		1,389			573
Derivative financial instruments		326			1,602
Bank overdraft		9			91
Other current liabilities		30,397			29,382
Total current liabilities		81,472			72,814
Non-current liabilities
Long-term borrowings		6,299			1,304
Deferred tax liabilities		338			275
Provisions		58			54
Other non-current liabilities		2,343			2,806
Total non-current liabilities		9,038			4,439
Total liabilities		90,510			77,253
Equity
Share capital		832			831
Treasury shares		(1,967	)		(1,006	)
Share premium		8,887			8,495
Share based payment reserve		1,461			1,233
Capital redemption reserve		173			173
Special economic zone re-investment reserve		1,326			-
Retained earnings		157,934			144,247
Other components of equity		6,335			1,015
Total equity		174,981			154,988
Total liabilities and equity		265,491			232,241

	13	The Code on Social Security, 2020 (‘Code’) received Presidential assent in September 2020. The Code has been published in the Gazette of India. However, the related final rules have not yet been issued and the date on which the Code will come into effect has not been notified. The Company will assess the impact of the Code and the rules thereunder when they come into effect.

	14	On 22 October 2020, the Company experienced a cybersecurity incident related to ransomware. The Company could contain the incident in a timely fashion and has also ensured that all traces of the infection are completely cleaned from the network. All affected systems were restored and brought back to normalcy in the order of priority. Based on our forensic investigation, no evidence was found of any data breaches leading to personally identifiable information. Since then, the Company has also been focused on implementing significant improvements to its cyber and data security systems to safeguard from such risks in the future.

	15	The Company continues to consider the impact of COVID-19 pandemic in assessing the recoverability of receivables, goodwill, intangible assets, and certain investments. For this purpose, the Company considered internal and external sources of information up to the date of approval of these financial results. The Company based on its judgements, estimates and assumptions including sensitivity analysis expects to fully recover the carrying amount of receivables, goodwill, intangible assets, investments and other assets.The Company will continue to closely monitor any material changes to future economic conditions.

	16	The audited results were reviewed by the Audit Committee of the Board on 13 May 2021 and approved by the Board of Directors of the Company at their meeting held on 14 May 2021.

	17	The Board of Directors, at their meeting held on 14 May 2021, have recommended a final dividend of Rs. 25 per share subject to approval of shareholders.

	18	The figures of the fourth quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year. Also the figures upto the end of third quarter were only reviewed and not subjected to audit.

	19	The results for the quarter and year ended 31 March 2021 periods presented have been audited by the Statutory Auditors of the Company. An unqualified report has been issued by them thereon.

		/s/ G V Prasad
Place: Hyderabad		G V Prasad
Date: 14 May 2021		Co-Chairman & Managing Director

SL.No	Name of the Company

Subsidiaries
1	Aurigene Discovery Technologies Limited
2	Cheminor Investments Limited
3	Dr. Reddy’s Bio-Sciences Limited
4	Dr. Reddy’s Farmaceutica Do Brasil Ltda.
5	Dr. Reddy's Laboratories SA
6	Idea2Enterprises (India) Private Limited
7	Imperial Credit Private Limited
8	Industrias Quimicas Falcon de Mexico, S.A.de C.V.
9	Reddy Antilles N.V. (till 02 November 2019)
10	Svaas Wellness Limited (formerly ‘Regkinetics Services Limited’ name changed December 18, 2020)
11	Aurigene Discovery Technologies (Malaysia) SDN BHD
12	Aurigene Discovery Technologies Inc.
13	Aurigene Pharmaceuticals Services Limited (from 16 September 2019)
14	beta Institut gemeinnützige GmbH
15	betapharm Arzneimittel GmbH
16	Chirotech Technology Limited
17	DRL Impex Limited
18	Dr. Reddy’s Laboratories (Australia) Pty. Limited
19	Dr. Reddy’s Laboratories Canada, Inc.
20	Dr. Reddy's Laboratories Chile SPA.

21	Dr. Reddy’s Laboratories (EU) Limited
22	Dr. Reddy’s Laboratories Inc.
23	Dr. Reddy's Laboratories Japan KK
24	Dr. Reddy’s Laboratories Kazakhstan LLP
25	Dr. Reddy’s Laboratories LLC
26	Dr. Reddy's Laboratories Louisiana LLC
27	Dr. Reddy’s Laboratories Malaysia Sdn. Bhd.
28	Dr. Reddy’s Laboratories New York, LLC
29	Dr. Reddy's Laboratories Philippines Inc.
30	Dr. Reddy’s Laboratories (Proprietary) Limited
31	Dr. Reddy's Laboratories Romania S.R.L.
32	Dr. Reddy's Laboratories SAS
33	Dr. Reddy's Laboratories Taiwan Limited
34	Dr. Reddy's Laboratories (Thailand) Limited
35	Dr. Reddy’s Laboratories (UK) Limited
36	Dr. Reddy's Research and Development B.V.
37	Dr. Reddy’s Singapore PTE Limited (till 04 June 2019)
38	Dr. Reddy’s Srl
39	Dr. Reddy’s New Zealand Limited
40	Dr. Reddy’s (WUXI) Pharmaceutical Co. Limited
41	Dr. Reddy's Venezuela, C.A.
42	Dr. Reddy's Laboratories B.V. (Formerly Eurobridge Consulting B.V.)
43	Lacock Holdings Limited
44	OOO Dr. Reddy’s Laboratories Limited
45	OOO DRS LLC
46	Promius Pharma LLC
47	Reddy Holding GmbH
48	Reddy Netherlands B.V.
49	Reddy Pharma Iberia SA
50	Reddy Pharma Italia S.R.L
51	Reddy Pharma SAS
52	Dr. Reddy’s (Beijing) Pharmaceutical Co. Limited (from August 19, 2020)
53	Dr. Reddy’s Formulations Limited (from March 11, 2021)
Joint ventures
1	DRANU LLC
2	DRES Energy Private Limited
3	Kunshan Rotam Reddy Pharmaceutical Company Limited
Other consolidating entities
1	Cheminor Employees Welfare Trust
2	Dr. Reddy's Employees ESOS Trust
3	Dr. Reddy's Research Foundation





/s/ S Balasubrahmanyam
per S Balasubrahmanyam
Partner
Membership No.: 053315

Segment Information		All amounts in Indian Rupees millions
		Quarter ended							Year ended
		31.03.2021		31.12.2020		31.03.2020			31.03.2021		31.03.2020
Sl. No.	Particulars	(Audited)		(Unaudited)		(Audited)			(Audited)		(Audited)
	Segment wise revenue and results:
1	Segment revenue :
	a) Pharmaceutical Services and Active Ingredients		9,923		8,841		8,782			39,284		32,086
	b) Global Generics		39,007		40,778		36,460			154,759		138,264
	c) Proprietary Products		243		124		2			523		7,949
	d) Others		390		1,412		723			2,814		2,781
	Total		49,563		51,155		45,967			197,380		181,080

	Less: Inter-segment revenue		1,881		1,736		1,478			6,905		5,910
	Total revenue from operations		47,682		49,419		44,489			190,475		175,170

2	Segment results:
	Gross profit from each segment
	a) Pharmaceutical Services and Active Ingredients		2,517		1,776		2,050			9,444		6,219
	b) Global Generics		22,446		23,454		20,332			91,111		78,449
	c) Proprietary Products		238		100		(7	)		482		7,744
	d) Others		178		1,211		442			2,058		1,626
	Total		25,379		26,541		22,817			103,095		94,038

	Less: Selling and other un-allocable expenditure/(income), net		17,227		23,592		15,455			74,260		75,181
	Total profit before tax		8,152		2,949		7,362			28,835		18,857

	1	These results have been prepared in accordance with the Indian Accounting Standards (Ind AS) notified under Section 133 of the Companies Act, 2013, read with the Companies (Indian Accounting Standards) Rules 2015 as amended.

	2	During the year ended 31 March 2021, there were significant changes to the market conditions for certain of the products forming part of Company’s Global Generics and Proprietary Products segments. The changes include the launch by competitor of generic version of the product, decrease in the market potential of products primarily due to higher than expected price erosion and increased competition, and higher than expected value erosion. Due to these adverse market developments, the Company recorded an impairment loss of: - Rs. 3,180 million relating to Ethinyl estradiol / Ethenogestral vaginal ring (a generic equivalent to NuvaRing®); - Rs. 1,587 million relating to Saxagliptin and metformin (generic version of Kombiglyze-XR) and Phentermine and Topiramate (generic version of Qsymia®); and - Rs. 1,955 million relating to other intangible assets forming part of the Company's Global Generics and Proprietary Products segments. In addition, an amount of Rs. 46 million was recorded as impairment loss pertaining to property, plant and equipment on write-down of assets to fair value less costs to sell forming part of Company’s Global generics segment.

	3	Tax expense for the year ended 31 March 2021 includes the following: - Rs. 1,012 million of benefit, in the quarter ended 30 June 2020, on account of recognition of deferred tax asset consequrnt to a planned restructuring activity between the Group companies; and - Rs. 627 million of expense, in the quarter ended 31 March 2021, on account of derecognition of deferred tax asset due to non-availability of depreciation on goodwill pursuant to an amendment to section 2(11) of the Income Tax Act in the Finance Act, 2021.

	4	During the quarter ended 31 December 2020, the Company entered into a definitive agreement with Glenmark Pharmaceuticals Ltd. to acquire, certain brands in various Emerging Market countries for a total consideration of Rs. 1,516 million. The said transaction was accounted for as an acquisition of product related intangibles.

	5	On 10 June 2020, the Company completed the acquisition of select divisions of Wockhardt Limited's branded generics business in India and the territories of Nepal, Sri Lanka, Bhutan and Maldives. The business comprises a portfolio of 62 brands in multiple therapy areas, such as respiratory, neurology, venous malformations, dermatology, gastroenterology, pain, and vaccines. This entire portfolio has been transferred to the Company, along with related sales and marketing teams, the manufacturing plant located in Baddi, Himachal Pradesh, and employees. During the quarter ended 30 September 2020, the Company completed the purchase price allocation. The fair value of consideration transferred is Rs.16,115 million. The Company recognised Rs. 373 million, Rs. 14,888 million and Rs. 530 million towards property, plant and equipment, intangible assets, and goodwill, respectively. The acquisition pertains to Company's Global Generics segment.

	6	The Company has commenced a detailed investigation into an anonymous complaint. The complaint alleges that healthcare professionals in Ukraine and potentially in other countries were provided with improper payments by or on behalf of the Company in violation of U.S. anti-corruption laws, specifically the US Foreign Corrupt Practices Act. A legal Firm is conducting the investigation at the instruction of a Committee of the Company Board of Directors. The investigation is ongoing. The Company has disclosed the matter to the US Department of Justice, Securities and Exchange Commission and Securities Exchange Board of India. While the matter may result in government enforcement actions against the Company in the United States and/or foreign jurisdictions, which could lead to civil and criminal sanctions under relevant laws, the probability of such action and the outcome are not reasonably ascertainable at this time.

	7	"Revenue from operations" for the year ended 31 March 2020 includes an amount of Rs. 7,486 million (U.S.$108.7 million) towards license fee for selling US and select territory rights for ZEMBRACE^® SYMTOUCH^® (sumatriptan injection) 3 mg and TOSYMRA^® (sumatriptan nasal spray) 10 mg, (formerly referred to as “DFN-02”) to Upsher-Smith Laboratories, LLC. The costs associated with this transaction are Rs. 328 million.

	8	"Other income" for the year ended 31 March 2020 includes an amount of Rs. 3,457 million received from Celgene, pursuant to a settlement agreement entered in April 2019. The agreement effectively settles any claim the Company or its affiliates may have had for damages under section 8 of the Canadian Patented Medicines (Notice of Compliance) Regulations in regard to the Company’s ANDS for a generic version of REVLIMID brand capsules, (Lenalidomide) pending before Health Canada.

	9	Total impairment charge for the year ended 31 March 2020 is Rs. 16,767 million, of which Rs. 11,137 million was towards impairment of gNuvaring, Rs. 4,385 million was towards ramelteon, tobramycin and imiquimod, and the balance is towards other product related intangibles forming part of the Company’s Global generics and Proprietary Products segments.

	10	Tax benefit for the year ended 31 March 2020 was primarily due to recognition of deferred tax asset of: - Rs. 4,989 million towards MAT recoverable pursuant to enactment of Taxation Laws (Amendment) Act, 2019; - Rs. 1,264 million pursuant to a planned restructuring activity between the group Companies.

*S.R. Batliboi & Associates LLP* Chartered Accountants	6th Floor – “A” Block
	Tidel Park, No. 4,
	Rajiv Gandhi Salai
	Taramani, Chennai – 600 113, India

	Tel: +91 44 6117 9000

Segment information		All amounts in Indian Rupees millions
		Quarter ended								Year ended
Sl.		31.03.2021		31.12.2020			31.03.2020			31.03.2021			31.03.2020
No.	Particulars	(Audited)		(Unaudited)			(Audited)			(Audited)			(Audited)
	Segment wise revenue and results
1	Segment revenue
	a) Pharmaceutical Services and Active Ingredients		8,993		7,763			7,373			33,458			26,996
	b) Global Generics		26,144		27,970			22,606			106,467			89,774
	c) Proprietary Products		251		85			16			471			7,644
	Total		35,388		35,818			29,995			140,396			124,414
	Less: Inter-segment revenue		1,881		1,736			1,478			6,905			5,910
	Total revenue from operations		33,507		34,082			28,517			133,491			118,504

2	Segment results
	Profit / (loss) before tax and interest from each segment
	a) Pharmaceutical Services and Active Ingredients		1,227		428			438			7,486			1,465
	b) Global Generics		3,565		6,447			4,203			23,928			22,116
	c) Proprietary Products		44		(220	)		(97	)		(631	)		6,525
	Total		4,836		6,655			4,544			30,783			30,106

	Less: (i) Finance costs		169		65			118			467			478
	(ii) Other un-allocable expenditure / (income), net		98		411			(15	)		(246	)		1,870
	Total profit before tax		4,569		6,179			4,441			30,562			27,758

	As at		As at
		31.03.2021		31.03.2020
Particulars		(Audited)		(Audited)
ASSETS
Non-current assets
Property, plant and equipment		35,792		37,698
Capital work-in-progress		8,771		3,841
Goodwill		853		323
Other intangible assets		21,798		6,318
Intangible assets under development		237		277
Financial assets
Investments		33,922		33,671
Trade receivables		118		1,737
Loans		12		12
Other financial assets		492		474
Deferred tax assets, net		2,548		6,129
Tax assets, net		2,151		3,073
Other non-current assets		160		138
Total non-current assets		106,854		93,691

Current assets
Inventories		28,197		21,904
Financial assets
Investments		15,972		21,184
Trade receivables		40,800		46,387
Derivative instruments		915		783
Cash and cash equivalents		13,063		392
Other financial assets		529		1,888
Other current assets		9,966		8,529
Total current assets		109,442		101,067

TOTAL ASSETS		216,296		194,758

EQUITY AND LIABILITIES
Equity
Equity share capital		832		831
Other equity		169,005		151,088
Total Equity		169,837		151,919

Liabilities
Non-current liabilities
Financial liabilities
Borrowings		177		193
Provisions		251		545
Deferred tax liabilities, net		-		-
Other non-current liabilities		428		296
Total non-current liabilities		856		1,034

Current liabilities
Financial liabilities
Borrowings		11,809		10,436
Trade payables
Total outstanding dues of micro enterprises and small enterprises		152		55
Total outstanding dues of creditors other than micro enterprises and small enterprises		13,212		10,629
Derivative instruments		306		1,524
Other financial liabilities		12,169		13,928
Provisions		2,987		2,073
Other current liabilities		4,968		3,160
Total current liabilities		45,603		41,805

TOTAL EQUITY AND LIABILITIES		216,296		194,758


		/s/ G V Prasad
Place:	Hyderabad	G V Prasad
Date:	14 May 2021	Co-Chairman & Managing Director