Cipla Annual Report 2014 15

Founder
Dr. K. A. Hamied
(1898-1972)
Chairman
Dr. Y. K. Hamied
Bankers
Bank of Baroda
Canara Bank
Corporation Bank
Indian Overseas Bank
Standard Chartered Bank
Vice-Chairman
Mr. M. K. Hamied
The Hongkong & Shanghai Banking

Corporation Limited
Union Bank of India
Managing Director and

*OREDO&KLHI([HFXWLYH2FHU
Mr. Subhanu Saxena
Whole-time Director
Mr. S. Radhakrishnan
Executive Director
Ms. Samina Vaziralli
Independent Directors
Mr. Ashok Sinha
Dr. Peter Mugyenyi
Mr. Adil Zainulbhai
Ms. Punita Lal
Dr. Nachiket Mor
Company Secretary
Mr. Mital Sanghvi
&RUSRUDWHGHQWLFDWLRQ1R
L24239MH1935PLC002380
Auditors
V. Sankar Aiyar & Co.
R. G. N. Price & Co.
Cost Auditor
Mr. D. H. Zaveri
Secretarial Auditor
BNP & Associates
5HJLVWHUHG2FH
Cipla House
Peninsula Business Park,
Ganpatrao Kadam Marg,
Lower Parel, Mumbai 400 013
www.cipla.com
Tel.: (022) 2482 6000
Share Transfer Agents
Karvy Computershare Private Limited
(Unit: Cipla Limited)
Karvy Selenium Tower B,
Plot No. 31 & 32 Gachibowli,
Financial District, Nanakramguda,
Serilingampally, Hyderabad, Telangana 500 032
Tel.: (040) 6716 2222
Annual Report 2014-15 | 1
FROM THE CHAIRMAN
Dear Shareholders
The developing
world has to
be viewed on
humanitarian
grounds as it
requires access
to medicines at
DRUGDEOHSULFHV
so that none
shall be denied
medication.
This is a basic
fundamental
human right.
It is a pleasure to inform you about

the Companys future in a spirit of
FRQGHQFHDQGKRSHQ$XJXVW
2015, Cipla will complete 80 years
in business. I have been actively
involved in your Company for the
past 55 years and during this period
by the grace of the Almighty, we have
made considerable progress and
are now among the leading generic
drug companies in India and also
internationally. The year under review
was an interesting period of change
for your Company. We will continue
our growth as the opportunities for
us to expand are abundant, both
domestically and globally.
The future for Indian pharmaceutical
FRPSDQLHVFRQWLQXHVWREHEULJKWb
The need for healthcare is high in our
country, especially given the ability
of companies like ours to generate
savings across therapies and markets
in an environment of growing
healthcare costs. In this context, a
word of praise for the indigenous
pharma industry. India is regarded
as the pharmacy of the world.
Pharma exports have risen from
US$ 100 million in 1980 to US$ 15
billion in 2014, the target being
US$ 25 billion by 2025. India has a
larger number of US FDA-approved
factories than any other country.
In the USA alone, Indian pharma
companies have a 30-40% share
of the total generics market. Apart
from traditional generics, our
capabilities now extend to complex
drugs and newer delivery systems
in many areas such as oncology,
respiratory and HIV/AIDS. In
addition to the USA, the industry
has also made a major impact
WKURXJKRXWWKHUHVWRIWKHZRUOGb
6SHFLFDOO\ZLWKLQQGLDWKHLPSDFW
KDVDOVREHHQVLJQLFDQW3ULFHVRI
medicines here are the lowest in
the world even when compared to
countries like Pakistan, Bangladesh,
Indonesia and Philippines. In
India there is intense competition
and in certain products there are
PDQ\FRPSHWLQJEUDQGVb)UHH
competition is the only way to
achieve availability and low pricing.
compulsory or obligatory
OLFHQVLQJV\VWHPVSHFLFDOO\IRU
the developing world, for all
newer patented drugs and their
formulations. A reasonable royalty
payment should be provided for
WKHLQYHQWRUb7KHGHYHORSLQJZRUOG
has to be viewed on humanitarian
grounds as it requires access to
PHGLFLQHVDWDRUGDEOHSULFHV
so that none shall be denied
medication. This is a basic
fundamental human right.
The situation will now undergo

a major change with high prices
for drugs which enjoy monopolies
protected under the present patent
law. We have one billion people in
the global North and over 6 billion
in the global South developed
and developing countries. To date,
QRQHZGUXJRIDQ\VLJQLFDQW
value has been invented in the
South. All have been in the North
all under patent protection for
20 years, all under monopoly
and exclusivity. This leads to high
monopolistic pricing throughout
WKHZRUOGDQGWKXVXQDRUGDELOLW\
for the vast majority in the South.
The overall solution to this problem
is a pragmatic, non-exclusive
We are keenly awaiting our

Governments stance on
various issues pertaining to
the pharmaceutical industry
and healthcare. In this area,
governments worldwide preach,
protect and push for their own
national needs and interests. It is
therefore of the utmost importance
that our government should
support the indigenous industry
that looks after the healthcare of
our nation. I have mentioned this
very forcefully on many occasions
in the past and will continue doing
so in the future.
All governments should therefore

ensure that there is no monopoly
in essential drugs required for
the healthcare needs of their
country. With a population of 1.3
billion, India has to take urgent
steps towards this. What happens
in India with regard to its patent
ODZVWKHXVHRI7536H[LELOLWLHV
developments in the drug industry,
and access to medicines in India,
has tremendous implications for
all developing countries and the
ZRUOGbQGLDWRGD\LVDPDMRU
SURGXFHUDQGVXSSOLHURIDRUGDEOH
drugs worldwide; the world is
relying on medicines from India
and our Government must not,
under any circumstances, dilute our
patent related laws.
SROLFLHVIRUWKHEHQHWRIWKH
health of our countrymen. The
government should initiate
attractive market conditions by
supporting capital investment,
encouraging R&D, and creating a
favorable tax environment. Instead
of regulating prices in a highly
competitive market where prices
are already amongst the lowest in
the world, the Governments focus
should be to have no monopolies
and free competition in life-saving
drugs.
Cipla recognizes its obligations
to society and to you, our
shareholders. It is our sincere
endeavour to provide vital,
essential and life-saving medicines
DWDRUGDEOHSULFHVQRWRQO\LQ
India, but also worldwide. Cipla
has always followed a commercial
philosophy based on humanitarian
considerations. We strongly believe
we have the ability to demonstrate
and convey this globally. Cipla is
now better equipped in facilities,
manpower, products, and with
the experience to do more than
ever before for people around the
world in the area of healthcare.
We continue to strive to be at the
forefront of the pharmaceutical
industry, both in India and
internationally.
Y. K. Hamied
Companies like Cipla should be

WDNHQLQWRFRQGHQFHE\WKH
Government to initiate pragmatic
FROM THE MANAGING DIRECTOR AND GLOBAL CEO
Strategies for Growth

Growth in Key Markets
As we
celebrate
the 80th year
of Ciplas
existence,
I wish to
thank all
our Cipla
colleagues,
investors
and other
stakeholders
in India and
around the
world, for
their tireless
HRUWVDQG
continued
support.
Over the last 80 years, Cipla has

transformed the lives of millions
around the world by providing patients
ZLWKKLJKTXDOLW\DRUGDEOHPHGLFLQHV
Building on our strong foundation, we
DUHSURJUHVVLQJZHOODQGKDYHGHQHG
a roadmap to enable the Company
to provide patients with access to
medicine well into the future.
Our actions are bearing fruit and we
expect the growth momentum from Q4
RIWKHQDQFLDO\HDU
to continue over the coming year.
I am delighted to announce that in the
last 12 months our revenues grew by
bWRb`11,345 crore. While we faced
VHYHUDOFKDOOHQJHVRYHUWKHUVWWKUHH
quarters of the year, the corrective
actions we put in place have resulted
in robust revenue momentum in Q4.
The EBITDA margin for FY 2014-15
was 19.1% (`2,162 crore), helped by
price/mix changes, licensing deals and
good cost management. We are in a
VLJQLFDQWLQYHVWPHQWSKDVHIRUWKH
future, and will continue to invest in
our pipeline and capabilities.
The last year has been eventful within

Cipla and more broadly in the markets
in which we operate, but with the
challenges have also come many strong
achievements. Our home markets,
India and South Africa, have performed
ZHOOXQGHUGLFXOWPDUNHWFRQGLWLRQV
Our India team continues to deliver
above-market growth in a highly
competitive environment, and in some
regions our performance has been
exceptional. The business momentum
in South Africa last quarter has created
a strong platform for FY 2015-16. Our
North America go-live commenced in
January 2015, and we received supply
awards from some of the biggest retail
chains. I see tremendous energy in
our North America team to secure
our brand and position in the worlds
biggest pharma market. We also saw
good growth in Europe Direct to Market
(DTM) revenues, and secured Onco BCG
supply from Serum Institute of India
(SII) for Greece and Spain.
Building the Right

Organization
Cipla has a professional management
team in place which is well embedded
across all functions and levels, and
this team will continue to lead and
drive Cipla. As we look to maximize
delivery of our plans for the next three
years and beyond, we have created
a structure to ensure we have the
right balance and focus on delivering
day-to-day performance as well as
driving the overall strategic agenda for
the business. This structure enables
a single point of accountability for
end-to-end operational delivery of the
business, helps capitalize on synergies,
and ensures lean and focused
governance. Further, this structure
incorporates our global reach and
presence and is designed to ensure
H[LELOLW\DVZHFRQWLQXHWRJURZ7KH
VLPSOLFDWLRQKDVKHOSHGGHOLYHUVWURQJ
operational performance in the last
quarter of FY 2014-15.
Through the last year, we

continued to exert ever greater
demands on our operational
backbone. This has resulted in
securing more capacity, improving
forecasting, strengthening
procurement, and improving
business operations across the
organization. However, the job is
not yet completely done and
I look forward to further
strengthening our fundamentals
in the coming year.
Strategies for Growth

On the strategy and business
development front, we signed
numerous deals this year which
will increase our growth
momentum. Our Mergers &
Acquisitions (M&A), on-ground
business development and
integration management teams
KDYHSXWLQPRQWKVRIHRUWWR
de-risk our business in critical
markets. We successfully
incorporated the Cipla subsidiaries
in Sri Lanka and Morocco, and
integrated front-end teams
in Myanmar, Nepal, Malaysia
and several other markets. We
received approvals for some
of our respiratory pipeline in
Europe. Cipla Global Access (CGA)
is well established as a strategic
business, and this year we signed
a collaboration agreement with
Medicines for Malaria Venture
(MMV) for development of rectal
artesunate, and consolidated our
world-class ARV credentials with a
Global Fund tender win.
Our Cipla New Ventures team also
had a busy year. To elaborate, this
year Stempeutics Research got
its novel pool technology patent
granted in the USA as well as
an Advanced Therapy Medicinal
3URGXFW$703FODVVLFDWLRQIURP
the European Medicines Agency for
its lead product, Stempeucel, for
the treatment of various indications
including Buergers disease, critical

limb ischemia and osteoarthritis.
Plans are progressing well in
biosimilars as well as in consumer
health. Details of developments in
these areas are highlighted in the
Directors Report.
/RRNLQJ$KHDGb
To summarize, we have spent the
year building a stronger foundation
and our goals this year will allow
XVWRIXOOORXUPLVVLRQIRUWKH
patients we serve and to continue
investing in our people.
Our priorities for the next year will
not only allow us to build business
momentum, but also help address
the challenges we faced with some
of the business operations
in FY 2014-15.
Our top priorities for FY 2015-16
are the following:
1
2
3
4
5
6
7
in India and around the world for

WKHLUWLUHOHVVHRUWVDQGFRQWLQXHG
support. Our pipeline of projects is
secure and more than 80% of our
critical launches are on track. We
have expanded applications across
multiple technology platforms
including implants, microspheres,
ready-to-use injections, cochleates,
nanotechnology, preservativefree ophthalmics, nasal sprays,
foams, and spray patches among
others. Our focus on respiratory
continues as we look to introduce
new products and devices in the
markets we operate in. Together
we are building an organisation
to capitalize on our unique ability
to transform the lives of millions
around the world by making high
TXDOLW\DRUGDEOHPHGLFLQHVPRUH
accessible. I am positive the best is
yet to come.
'HOLYHURXUQDQFLDO
commitments
Build and launch a robust
pipeline for today and the
future
Further strengthen
our operations across
manufacturing, supply chain
and procurement
Subhanu Saxena
Execute our growth

strategies
Integrate the recent
deals signed
Invest in our people to build a
strong leadership bench for the
future
Simplify the organization,
including processes and
systems in particular, I see a
lot of scope to simplify how we
operate
As we celebrate the eightieth

year of Ciplas existence, I wish
to thank all our Cipla colleagues,
investors and other stakeholders
Directors Report
The Directors take pleasure in presenting the Seventy-Ninth Annual Report of the Company along with the
DXGLWHGQDQFLDOVWDWHPHQWVIRUWKHQDQFLDO\HDUHQGHGst March 2015.
Financial Summary
` in crore
Year ended
31st March 2014
Standalone
9836
Year ended
31st March 2015
Consolidated b
10556 Gross total revenue
Standalone
Consolidated
10373
11620
1818
1880 3URWEHIRUHWD[
1540
1654
1389
1389 3URWIRUWKH\HDU
1181
1181
4269
4351 Surplus brought forward from last balance sheet
5330
5412
5658
5740 3URWDYDLODEOHIRUDSSURSULDWLRQ
6511
6593
161
27
Appropriations:
161 Dividend
27 Tax on dividend
161
161
33
33
140
140 Transfer to general reserve
- Adjustment of depreciation
40
41
6277
6358
5330
5412 Surplus carried forward
'9'(1'
The Directors recommend a dividend of `2 per equity share (100%) for the year 2014-15. The dividend,
if sanctioned at the Annual General Meeting, will be paid to those members whose names appear in the
Companys Register of Members on Wednesday, 12th August 2015. In respect of shares held in dematerialised
IRUPWKHGLYLGHQGZLOOEHSD\DEOHRQWKHEDVLVRIEHQHFLDORZQHUVKLSDVSHUGHWDLOVIXUQLVKHGE\1DWLRQDO
Securities Depository Limited and Central Depository Services (India) Limited.
Directors Report
contd.
MANAGEMENT DISCUSSION AND ANALYSIS: 2014-15
Global Business
Review
:LWKDIRRWSULQWDFURVVYH
continents, Cipla is moving
fast towards its goal of making
DRUGDEOHKHDOWKFDUHDYDLODEOH
to all.
Sales and Other Income
The Companys revenue from

operations on a consolidated basis
GXULQJWKHQDQFLDO\HDU
amounted to `11,345 crore against
`10,173 crore in the previous
year, recording a growth of 11.5%.
The income from operations for
domestic business increased by
18%, from `4,090 crore in the
SUHYLRXVQDQFLDO\HDUWR`4,825
FURUHLQWKHQDQFLDO\HDUXQGHU
review. Total exports increased
by 5.6% during the year to `6,058
crore. During the year under
review, operating margin reduced
by 2.7%. This was primarily due
to the change in product mix,
higher investments in research
and development, and talent
DFTXLVLWLRQ3URWIRUWKH\HDU
reduced by 15% to `1,181 crore
from `1,389 crore in the previous
QDQFLDO\HDU
(Standalone)
` in crore
10500
10000
9500
9000
8500
8000
7500
7000
6500
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
06
07
08
09
10
11
12
13
14
15
India Ratings and Research Private

Limited, a Fitch Group Company,
assigned a Long-Term Issuer Rating
of IND AAA with a stable outlook
to the Company. The rating is the
highest assigned in Fitchs rating
scale and indicates the highest
degree of safety regarding timely
VHUYLFLQJRIQDQFLDOREOLJDWLRQV
and lowest credit risk.
No material changes and
commitments have occurred after
the close of the year till the date
RIWKLV5HSRUWZKLFKDHFWWKH
QDQFLDOSRVLWLRQRIWKH&RPSDQ\
India
As one of Indias leading
pharmaceutical companies, Cipla
LVLQDVWURQJSRVLWLRQWRIXOOOLWV
commitment to provide modern
DQGDRUGDEOHPHGLFLQHVWR
patients. This year, despite the
challenges, as per IMS Health data,
Ciplas domestic business revenues
grew by 20% compared to the
industry growth of 12%.
India business contributed 42% to
overall Company revenues, with
new products contributing 3.2%.
Market share of our branded
generics currently stands at 5.27%.
Cipla continues to focus on
in-licensing opportunities.
In FY 2014-15, Cipla has in-licensed
darbepoetin.
Cipla successfully launched the
generic drug sofosbuvir in India
for the treatment of hepatitis-C
under the brand name HepCvir.
In India alone it is estimated that
12-18 million patients are infected
with hepatitis-C, of which up to
2 million may need treatment.
Sofosbuvir is a new antiviral drug
which in combination therapy has
shown to have higher cure rates. It
represents a breakthrough in the
treatment of hepatitis C.
In the coming years, the domestic
business will continue to focus on
these themes:
y Grow well ahead of market
growth
y Execute plans for the priority
business segments
y Strengthen our leadership in
therapy and geography
y Focus on building current and
future product pipeline
y Increase sales force productivity
with the rollout of Customer
Relationship Management (CRM)
and Sales Force Automation (SFA)
systems
Directors Report
contd.
*URZWKLQ3URWV
South Africa
(Standalone)
As one of the largest

pharmaceutical companies in South
Africa, Cipla has a market share
of more than 5%. South Africa
contributes 14% to the overall Cipla
revenues on a consolidated basis.
The South Africa business revenue
has grown at 9% in the private
market over the last three years.
On a like-for-like basis, the South
Africa business registered a revenue
growth of 4% for the year. The
Cipla brand inspires trust and has
become a household name among
consumers, pharmacies, prescribers
and key opinion leaders.
The private market contributed
73% of revenues. Cipla also
won Government tenders in
antiretrovirals (ARV), respiratory and
newer areas such as mental health,
cardiovascular and womens health
categories. The manufacturing
facility at Durban provides the
Company a competitive edge and is
WKHUVW3KDUPDFHXWLFDOQVSHFWLRQ
Convention (PIC)-compliant facility
in the country. The manufacturing
XQLWJHQHUDWHGDSURWDV
compared to a loss last year,
DFKLHYHGE\VLJQLFDQWO\LPSURYLQJ
XWLOL]DWLRQLPSURYHGHFLHQFLHV
and cost control measures.
&DSLWDOL]LQJRQLWVGHQHGIXWXUH
portfolio, key development and inlicensing projects, and streamlined
global organizational structure,
Cipla South Africa will leverage
synergies from its international
family. Plans are on track and the
integration across manufacturing
VXSSO\FKDLQQDQFHDQGKXPDQ
resources is complete. The
Company has leveraged its skill and
scale to drive down costs in areas
such as procurement.
Aligning with Ciplas philosophy
of providing South Africans with
access to a broader range of
DRUGDEOHPHGLFLQHVDQGOHYHUDJLQJ
the leadership position in South
Africa, Medpro Pharmaceutica
(Pty) Ltd a subsidiary company
of Cipla Medpro entered into a
` in crore
Prot before Tax

Prot after Tax
2100
2000
1900
1800
1700
1600
1500
1400
1300
1200
1100
1000
900
800
700
600
500
400
300
200
100
0
06
07
08
09
10
11
12
13
14
15
sales and distribution arrangement

with Teva Pharmaceuticals (Pty) Ltd,
DQDOLDWHRI7HYD3KDUPDFHXWLFDO
Industries Ltd. The collaboration
will focus on the following
therapeutic areas: oncology, central
nervous system, womens health,
cardiovascular, ophthalmology and
other specialty products.
Europe
Cipla is making innovative,
DRUGDEOHPHGLFDWLRQDFFHVVLEOHLQ
over 20 countries across Europe.
The European business contributed
4% to the overall Company
revenues, recording a decline of
24% in revenues for the year. The
GURSZDVGULYHQE\DRQHRHYHQW
in the previous year, a decline
in partner based business and
some supply-related issues. Plans
have been put in place to address
these issues and regain business
momentum.
Cipla is focused on adding
innovative elements to products,
services and information through
research and partnerships. We
QRZKDYHVHYHQGLHUHQWLQKDOHU
products in the market in at least
RQH(XURSHDQFRXQWU\2XUDJVKLS
SURGXFWWKHVDOPHWHUROXWLFDVRQH
MDI, is now in the market in
Croatia, Germany, Czech Republic,
Slovakia, Belgium and Hungary. The
pricing level is set in accordance
with the rules set out by individual
countries, our estimation of
DRUGDELOLW\SHUFRXQWU\DQGRXU
FRVWRIJRRGVVRWKHSULFHGLHUV
somewhat from country to country.
Cipla Europe NV signed a
distribution agreement with Serum
Institute of India Ltd. (SII) to market
pediatric vaccines in Europe and
H[SHFWVWRFRPPHQFHOLQJVLQWKH
near future.
Cipla also signed an exclusive
partnership with BioQuiddity to
market OneDose ReadyfusORTM in
anesthetic applications for postsurgical pain management. Cipla
intends to launch the CE Marked
OneDose ReadyfusORTMSUHOOHG
Directors Report
1RUWK$PHULFD
business
contributed
8%
to overall
revenues
contd.
The European
business
contributed
4%
to overall
revenues
India business
contributed
42%
to overall
revenues
International
(Rest of the World)
contributes
25%
South Africa
contributes
of global
organisation
revenues
14%
API & others

contribute
to overall Cipla
revenues
7%
to revenues
with ropivacaine under its own

label in Europe in the next year.
The ready-to-use infusion systems
are non-electric, ambulatory, and
should enable seamless transition
between sites of care.
The Company initiated emergency
supplies in Greece and Spain for
ONCO BCG, a therapeutic product
made from the BCG vaccine,
indicated for the treatment of
bladder cancer.
1RUWK$PHULFD
The North American business
contributed 8% to overall revenues
and recorded 20% growth for the
\HDU&LSODPDGHOLQJVLQ1RUWK
America in FY 2014-15 with a focus
on respiratory, oncology and antiinfective therapies.
In the last quarter of FY 2014-15,
the Company achieved a big
milestone through the launch of its
own label products in the market,
including amlodipine, doxycycline,
lamotrigine, meloxicam, topiramate
and valacyclovir.
Cipla signed an agreement with
Salix Pharmaceuticals, Inc., a
US-based specialty pharmaceutical
company. Under the agreement,
Cipla has granted Salix exclusive
rights under certain patent
applications in the Rifaximin
Complexes patent family
controlled by Cipla. The grant is
on a worldwide basis, excluding

the countries of Asia (other than
Japan) and Africa. Salix is required
to make an up-front payment
and upon achievement, additional
regulatory milestone payments to
Cipla, in respect of the new license
agreement regarding the Rifaximin
Complexes patent rights. Salix will
also pay a royalty on net sales of
products covered by the Rifaximin
Complexes patents licensed to Salix.
QWKHODVWTXDUWHURIQDQFLDO
year 2014-15, Teva Pharmaceutical
Industries Ltd. announced the
Food and Drug Administration
)'$DSSURYDORIWKHUVW
generic equivalent to Nexium
(esomeprazole magnesium)
delayed-release capsules in the
United States. Cipla is the supplier
RIWKHQLVKHGIRUPXODWLRQWR7HYD
Through a comprehensive
partnership approach, Cipla has
been dedicated to providing access
to medicines to US patients for over
30 years. We have a strong team in
place which is focused on executing
our North America strategic plans.
International Rest of
the World
QWHUQDWLRQDOLVGHQHGDVDOOH[SRUW
markets for Cipla excluding North
America, Europe and South Africa.
With a diverse range of more than
1,000 products and 180 global
partners across 120 countries,

Cipla has a presence in Africa,
the Middle East, Latin America,
$VLD3DFLF&KLQDDQG5XVVLD
International contributes 25% of
Company revenues and grew by 9%
over the last year. Ciplas products
are currently being used to treat
more than 1.7 million HIV patients,
55 million malaria patients, and
300,000 patients in the area of
reproductive and womens health.
Cipla implemented a business
model change in 15 countries
including Morocco, Algeria, Yemen,
Sri Lanka and Uganda, adopting the
direct-to-market (DTM) approach.
This strengthening of the Companys
front-end presence in markets was
GRQHWKURXJKGLHUHQWHQWU\PRGHV
such as acquisitions, joint ventures
and Managed Sales Force (MSF).
The Company will continue to build
its front-end presence in select
markets and will also continue to
deepen its relationship with
existing partners.
The Companys wholly-owned
subsidiary, Meditab Holdings Ltd.,
Mauritius recently divested its
48.22% stake in CDYMAX, based
in Jiangsu, China at a value of
$18.5mn, which was the initial value
of our investment in the entity. Cipla
is currently evaluating opportunities
which will aid the overall growth of
the Company in China.
Directors Report
contd.
STRATEGIC BUSINESS UNITS
Core areas of
competence
Active Pharmaceutical
Ingredients (APIs)
Distribution of Revenue
(Standalone)
Excise Duty
1%
Material Cost
38%
Other
Expenses
26%
InterestFinance Costs
1%
Taxation
4%
Depreciation
4%
Dividend (including
dividend tax)
2%
Employee Cost
14%
Retained Earnings
10%
&LSODZDVDPRQJWKHUVWQGLDQ
companies to develop and
manufacture Active Pharmaceutical
Ingredients (APIs), the vital raw
materials for making drug products.
We currently have over 200 APIs in
our portfolio. Our state-of-the-art
API plants meet stringent quality
and current good manufacturing
practice (cGMP) requirements as
well as environmental and safety
standards. Our API plants are
approved by various international
regulatory agencies including the
US Food and Drug Administration
(US FDA).
During the year, Cipla
manufactured APIs for more
than 300 partners globally and a
VLJQLFDQWVKDUHZDVFRQVXPHG
internally to support Ciplas own
formulation requirements.
Captive API requirements increased
VLJQLFDQWO\RZLQJWRIURQWHQGLQJ
in several new markets and key
launches globally, witnessing a
more than 30% increase in captive
consumption over the previous
year, with the trend likely to
continue in the coming year.
External API revenues contributed
6% to the overall revenues, with
major contributions from the
antiretroviral, gastroenterology,
respiratory, neurology and
oncology segments.
Cipla has established a robust
portfolio selection process to
build a future-ready pipeline of
complex products which will help in
providing early launch capabilities
along with Intellectual Property (IP)
advantages.
In the past year, we have added
more than 70 new products to
our development pipeline and are
continuously adding more with a

view to expand our reach across
the key therapeutic segments for
the future as far as 2024. Although
WKHHHFWVRIWKHQHZSRUWIROLRZLOO
be evident starting only in 2017,
ZHDUHFRQGHQWWKDWWKHVHOHFWHG
new products will invigorate our
business both for APIs and for
captive formulations across top
markets.
Respiratory
Cipla has been at the forefront of
innovation for inhalation therapy in
India. The Company has played a
leading role in educating the nation
on inhalation therapy and over the
coming years Cipla will continue
to work on topics such as patient
awareness, acceptance, compliance
and usage, physician training,
medical camps and counselling.
Strongly focused on access and
DRUGDELOLW\&LSOD5HVSLUDWRU\
FRQWLQXHGWRVWUHQJWKHQLWVHRUWV
through the BreatheFree patient
awareness and education programs
across markets, dedicated to
PDNLQJDGLHUHQFHWRERWK
patients and medical practitioners.
Over the last 40 years, the
Company has been focused on
bringing this innovation to markets
across the globe. Today, Cipla
Respiratory products are available
LQRYHUFRXQWULHV&LSODRHUV
the worlds largest portfolio of
inhalation products, with 27
molecules and combinations
across a range of devices, to
suit individual patient needs.
The Company manufactures
metered dose inhalers (pMDIs),
dry powder inhalers (DPIs), nasal
sprays, nebulisers and a range of
inhalation accessory devices.
7KHFRPSDQ\KDVYH
manufacturing facilities dedicated
Directors Report
to respiratory products and
is currently the third largest
manufacturer of pMDIs in the
world.
This year Cipla Respiratory
launched several inhalation
products across European markets.
QSDUDOOHOVLJQLFDQWSURJUHVVKDV
been made on the development
of critical new products for the US
and other priority markets. Ciplas
team of world-class specialists
continues to collaborate seamlessly
across functions to drive Cipla
Respiratory to new frontiers.
Competition remains aggressive
and the Company needs to
continue to maintain its agility to
retain leadership.
During the year under review,
Cipla acquired a 60% stake in Jay
contd.
Precision Pharmaceuticals Private

Limited, a leading respiratory
device manufacturer. Cipla has a
long history of collaboration with
Jay Precision for device design and
manufacturing. As Cipla aims to
make a strong foray in overseas
markets, de-risking the respiratory
devices supply through backward
integration is key to strengthen
the foundation. The deal provides
in-house access to technical
know-how for current and future
device design, development and
manufacturing.
Cipla has end-to-end capability
across respiratory care covering
the value chain from API,
formulation, device development
and manufacturing to medical and
patient education.
Cipla Global Access

Since its inception, Ciplas ethos
KDVEHHQUPO\URRWHGLQWKH
vision None shall be denied. The
Company strongly believes that
DFFHVVWRKLJKTXDOLW\DRUGDEOH
medicines is a basic human right.
Cipla Global Access (CGA) is a
tender-based institutional business
that concentrates on four key
therapy areas: HIV/AIDS, malaria,
multidrug-resistant tuberculosis,
and reproductive health. The
Company aims to reach out to
80 million patients in these four
therapies by 2020.
Cipla has developed and fostered
robust relationships with all
the major global organisations,
regulatory bodies, public
Directors Report
institutions and funding agencies
that work towards this common
cause. Additionally, Cipla has
partnered with several global
VFLHQWLFUHVHDUFKRUJDQLVDWLRQVWR
GHYHORSLQQRYDWLYHHHFWLYHDQG
DRUGDEOHIRUPXODWLRQVIRUWKHVH
four therapeutic areas.
Cipla is among the leading
manufacturers of ARV drugs in the
ZRUOGQ&LSODZDVWKHUVW
pharmaceutical company to supply
ARVs to countries with a high HIV
burden at less than a dollar a day.
QWKHQDQFLDO\HDU
2014-15 alone, our ARV
formulations covered nearly
two million HIV patients in 100
countries. The Cipla ARV portfolio
includes treatment for all age
UDQJHVRISDWLHQWVIRUHHFWLYH
management of HIV. Cipla has
by far the highest number of
ARV products approved for
the treatment of both children
and adults. In addition, newer
molecules in novel dosage forms
such as pellets are being developed
to help optimise dosage for the
FXUUHQWUHJLPHQVbIRUWKHWUHDWPHQW
of children and also to reduce
WKHSLOOORDGWKHUHE\RHULQJ
better adherence and success of
treatment. Cipla is adding new
capacity for the growing demand
for ARV products and expects the
expansion to be completed in
FY 2015-16.
Cipla is also one of the largest
suppliers of antimalarial drugs in
the world. This portfolio covered
treatment for more than 55
million malaria patients across
DOOWKHDHFWHGFRXQWULHV7KH
coverage is increasing every year
and thus saving millions of lives.
Cipla anti-malarial treatment costs
less than a dollar for the entire
course. Cipla has always been
at the forefront in initiatives to
identify, develop, manufacture and
supply low cost treatment with
contd.
the artemisinin-based
combination therapy
(ACTs). All the ACTs
supplied by Cipla are
approved by WHO.
Cipla is endeavouring
to expand its portfolio.
It will be expanded with
more potent and safer
antimalarials, using novel
drug delivery systems.
Cipla has a strong second
line TB drug (SLTB)
portfolio for treating
multidrug-resistant
TB (MDR TB). It is
aggressively expanding
its MDR TB portfolio to
meet the challenges of
resistance which develops
among TB patients due to
the high rate of dropout
from treatment. Till
now, Ciplas SLTB drugs
catered to a moderate
patient base globally, but
this is likely to increase
VLJQLFDQWO\ZLWKWKH
use of new diagnostic methods
of detection drug-resistant TB.
Future development in the MDR
TB therapy area will be focused
on newer molecules which can
VLJQLFDQWO\UHGXFHWUHDWPHQW
timelines. Currently, Cipla services
around 70 countries in this area.
Reproductive health and family
planning segment is an emerging
segment in which Cipla currently
caters to over 300,000 patients
worldwide. Cipla has aligned
its strategy with international
development initiatives to provide
VDIHDQGHHFWLYHFRQWUDFHSWLYH
drugs for 120 million more women
by 2020.
Cipla Global Access also provides
medications for helminthic
infections, schistosomiasis and
kala azar, which pose major health
threats in low and middle income
countries (LMIC).
In FY 2014-15, Cipla signed a

non-exclusive licensing agreement
with Gilead for manufacturing and
distribution of sofosbuvir mono,
OHGLSDVYLUPRQRWKH[HGGRVH
combination of ledipasvir with
sofosbuvir and the combination
of sofosbuvir or ledipasvir with
other active substances, for the
treatment of hepatitis C. Under
this licensing agreement, Cipla will
be allowed to manufacture and
market sofosbuvir, and ledipasvir
in 90+ countries including its home
markets, India and South Africa,
under Ciplas own brand names.
It also covers countries like Egypt
which have a high prevalence of
hepatitis C. The countries within
the agreement account for more
than 100 million people living with
hepatitis C, representing 54% of the
total global infected population.
Directors Report
contd.
CIPLA NEW VENTURES

7KHSKDUPDFHXWLFDOZRUOGLVVHHLQJVLJQLFDQWVKLIWVWRZDUGVELRORJ\EDVHGPHGLFLQHWRZDUGVQGLQJ
new value in old drugs, with blockbuster research output dwindling; and towards prevention, wellness and
self-care. Cipla launched Cipla New Ventures (CNV) last year, as its impact investment arm, to nurture and build
innovation-led business streams for Cipla, distinct from the mainstream business of today and tomorrow.
Incubators of Growth
CNV has over the past year built
up four independent and strong
business streams, putting in
SODFHVSHFLFFDSDELOLWLHVDQG
technologies while building
a clear roadmap for each
business. Ranging across diverse
and promising areas such as
biologicals, small-molecule
innovation, consumer healthcare,
and regenerative medicine, CNVs
investments are poised to shape
the future of Cipla.
Cipla BioTec driving

disruptive impact in
biologics
Earlier this year Meditab
Specialities Private Limited, a wholly
owned subsidiary of the Company
acquired 75% stake in Mabpharm
Private Limited (Mabpharm).
Mabpharm has now become a
100% subsidiary of the Company.
Cipla BioTec (formerly Mabpharm)
focuses on research, development,
manufacturing and marketing of
ELRVLPLODUVLQWKHHOGVRIFDQFHU
auto-immune diseases, respiratory
diseases and diabetes. Through
innovative technology and go-tomarket solutions, it aims to create
a transformational impact in the
way these medicines are used.
CipTec Discovery Engine

the small-molecule
LQQRYDWLRQHQJLQHQGV
new value in old drugs
Cipla believes that the potential
of currently used drugs is not
fully exploited, and with smart
delivery technology and modern
repurposing tools available today,

new value can be created that will
enhance the patient experience.
Towards this, the CipTec Discovery
Engine (DE) was envisaged as the
small-molecule innovation engine
of Cipla. Today, the CipTec DE
pipeline consists of exciting early
stage ideas in central nervous
system (CNS) and oncology
therapies, including a strategic
investment in the US-based R&D
Company, Chase Pharmaceuticals,
during the previous year. Chase
Pharmaceuticals has two lead
assets in the pipeline for the
treatment of patients with
Alzheimers disease, of which the
UVW&3&KDVSURJUHVVHGWR
Phase II trials which are expected
to be completed over the following
year. CipTec continues to focus
on developing and extending
its pipeline, partnering with
other innovators on medically
and commercially attractive
opportunities.
will focus on opportunities arising

from the shift towards wellness
and self-care.
6WHPSHXWLFVDUVWLQ
innovative regenerative
medicine in India
Stempeutics Research is a group
company of Manipal Education
and Medical Group and a joint
venture with Cipla Ltd. This year,
Stempeutics Research got its novel
pool technology patent granted in
the USA as well as an Advanced
Therapy Medicinal Product (ATMP)
FODVVLFDWLRQIURPWKH(XURSHDQ
Medicines Agency for its lead
product, Stempeucel, for the
treatment of various indications
including Buergers disease, critical
limb ischemia and osteoarthritis.
Stempeutics has also received
LWVUVWFRPPHUFLDODSSURYDO
for Stempeucare for cosmetic
applications in India.
Cipla Consumer
Healthcare a Cipla
initiative towards
improving the lives of
Indian consumers
Through Cipla Consumer
Healthcare (CHC), Cipla has
entered the rapidly growing
over-the-counter (OTC) healthcare
market in India. The vision is
to improve the lives of Indian
consumers, making full use of
Ciplas strengths in bringing
good science to good medicine,
while also leveraging its market
outreach and equity with the Indian
healthcare system. The business
Directors Report
contd.
INTEGRATED PRODUCT DEVELOPMENT (IPD)
Investing in
knowledge
Growth in Fixed Assets
(Standalone)
` in crore
Gross Block
Net Block
6000
5500
5000
4500
4000
3500
3000
2500
2000
1500
1000
500
0
06
07
08
09
10
11
12
13
14
15
Ciplas Integrated Product

Development (IPD) organisation
includes formulations and API R&D,
clinical, analytical, regulatory and
pharmacovigilance functions. Ciplas
R&D expense increased from 5.4%
of total revenue in FY 2013-14 to
6.2% in FY 2014-15. The Company
has undertaken expansion of its
R&D Centre with new buildings and
facilities at Vikhroli, Mumbai.
Development projects, targeted
OLQJVDQGUHJXODWRU\DSSURYDOV
have progressed well this year.
Currently there are over 200
projects in development indicating
a robust pipeline. In FY 2014-15,
there were 70 submissions for
IRUPXODWLRQVLQ(XURSHOLQJV
in North America, and over 1,000
OLQJVLQRWKHULQWHUQDWLRQDO
markets. The Company received
more than 100 approvals in
Europe, 5 in North America and
more than 800 approvals in other
International (rest of the world)
markets.
Cipla completed a comprehensive
Jaagruti transformation
programme aimed at increasing
HFLHQF\DFURVVDOOWHDPV
resulting in reduced timelines,
development costs and more
timely regulatory approvals. The
process improvements in analytics,
regulatory, procurement and
project management continue to
drive improved turnaround time
and throughput levels.
The Company has expanded
applications across multiple
technology platforms including
implants, microspheres,
ready-to-use injections, cochleates,
nanotechnology, preservative-free
ophthalmics, nasal sprays, foams,
and spray patches among others.
Cipla received tentative approval
IURP86)'$IRUWKHZRUOGVUVW
pediatric lopinavir and ritonavir

oral pellets for the treatment of
AIDS in infants and young children.
Cipla has long recognized the lack
of access to life-saving child-friendly
formulations for the treatment
of HIV, which prompted the
Company to develop an innovative
formulation of lopinavir and
ritonavir oral pellets. The pellets
are produced by melt-extrusion
technology and are enclosed in
capsules. The pellets have to be
sprinkled on sweetened porridge
for infants and administered
to them.
Cipla has made large strides
in FY 2014-15 towards forging
partnerships with global generic
DQGLQQRYDWRUUPVWRIDVWWUDFN
development of critical molecules
in the areas of oncology, ARVs and
respiratory, and has taken steps
towards being a thought partner
to key regulators on the policy and
development fronts.
Cipla has forged linkages with
QRYHOWHFKQRORJ\UPVWKDVDOVR
established and strengthened
in-house techno-commercial
capabilities to identify and capture
505(b)(2) & biosimilar opportunities.
On the organizational capability
front, IPD strengthened its team in
FY 2014-15 in areas of quality by
design, new drug delivery systems,
device design and manufacturing.
IPD also strengthened existing
functions operationally to deliver
superior value to Cipla in line with
the Companys future aspirations.
Directors Report
contd.
MANUFACTURING
Taking it to the
next level
Cipla launched the second wave
of the Jaagruti transformation
programme aimed at reducing
business complexity and
strengthening operations. Under
this initiative the manufacturing
divisions freed up valuable
resources using strategies of
network optimisation, energy
HFLHQF\EHWWHUPDQDJHPHQWRI
human resources, and a review of
capital and operational expenses.
Ciplas operations in Cipla QCIL,
Uganda were also covered in the
second phase of Jaagruti.
During the year under review, the
Company commissioned additional
API manufacturing capacity of
60 MT/year at Kurkumbh. The
Company scaled up 20 key APIs
and undertook cycle time reduction
and cost improvement projects.
Serviceability of formulation
SURGXFWVZDVVLJQLFDQWO\
improved by formula
harmonisation, batch size
scale-ups and unit balancing.
The Company is continuously
upgrading all the manufacturing
facilities in terms of technology,
automation, safety, environment
and systems as well as
procedures for energy and
water conservation.
Growth in
Shareholders Funds
(Standalone)
` in crore
Share Capital
Net Worth
12000
10000
8000
6000
Regulatory Approvals
Several dosage forms and APIs
manufactured at the Companys
facilities continue to enjoy the
approval of major international
regulatory agencies. These agencies
include the US FDA, MHRA (UK),
PIC (Germany), MCC (South Africa),
TGA (Australia), APVMA (Australia),
the Department of Health (Canada),
ANVISA (Brazil), the Danish Medical
Agency, and the WHO.
4000
2000
0
06
07
08
09
10
11
12
13
14
15
Directors Report
Threats, Risks, Concerns
The pharmaceutical industry has
always been under intense scrutiny
by various regulatory authorities,
both Indian and international.
This trend continues resulting
in regulatory standards being
upgraded all the time. An overview
of the status of the industry is
referred to in the Chairmans letter
DWWKHEHJLQQLQJRIWKLVUHSRUWb7KH
Company continues to track all
these changes, increase vigilance,
and strives to maintain the highest
quality standards.
It is close to two years since
the new pricing regulation was
enacted in the Indian market. Over
the last one year, the Company
took various steps to mitigate
WKHbLQLWLDOLPSDFWRIWKHGHFOLQHLQ
prices. Since the pricing regulatory
authorities are reviewing the
existing pricing mechanism and are
considering expanding the scope,
the threat of future decline in price
remains.
Cipla has some pending legal cases
related to alleged overcharging
in respect of certain drugs under
the Drugs (Prices Control) Order,
1995. The aggregate amount of
the demand notices received is
about `1,768.51 crore (inclusive
of interest). The Company has
been legally advised that based on
several High Court decisions and
considering the totality of facts and
circumstances that these demand
notices may not be enforceable.
However, any unfavourable
outcome in these proceedings
could have an adverse impact on
the Company.
Cipla operates in a number of
markets where geo-political risks exist.
1RVLJQLFDQWRUPDWHULDO
orders have been passed by the
Regulators or Courts or Tribunals
which may impact the going
concern status of the Company and
its future operations.
contd.
Health, Safety &

Environment (HSE)
HSE measures remain a priority for
Cipla. During the year under review,
no major hazardous accident at
the workplace was recorded. The
Company continues to upgrade
HSE standards at all locations. ISO
50001 implementation is being
taken horizontally across all our
locations, to benchmark energy
conservation threshold levels for a
greener environment.
Ciplas manufacturing facilities
including Goa, Bengaluru, Baddi,
Indore, Kurkumbh, Patalganga and
6LNNLPDUHFHUWLHGIRU62
and OHSAS 18001 standards. The
Company continues to upgrade
HSE standards at all locations.
Specialized safety training
programs such as process safety,
road safety, and behavioral safety
are regularly imparted to increase
safety awareness at all working
levels. Safety Week and Electrical
Safety Day are celebrated and
Fire Service Day is observed at
the manufacturing units to create
awareness among employees.
/HDUQLQJYLVLWVDFURVVGLHUHQW
industrial sectors are conducted
with a view to strengthen the HSE
knowledge base and implement
best HSE practices. Hazards
and risks associated with site
DFWLYLWLHVDUHLGHQWLHGDFURVVDOO
manufacturing locations and risk
control and mitigation measures
are continuously implemented.
Online systems are in place
to monitor applicable legal
compliance.
The Companys various locations
have received HSE awards including
Best Environment, Health and
Safety Practices, Paryavaran
Gaurav, and 5S Excellence.
Villagers and school children
living around the Companys units
across India also participate in
HSE programs. Fire safety and
road safety training is conducted

in schools. A well-equipped
ambulance service has been made
available to nearby villages for use
in emergency situations. Medical
camps for polio immunization,
asthma, blood donation, and
dental health are conducted in
the surrounding villages. World
Environment Day and Earth Day
are celebrated by conducting a
green drive program of mass tree
plantation. The Company continues
to maintain modern, well-equipped
HXHQWWUHDWPHQWSODQWVDQG
HXHQWWHVWLQJV\VWHPVDWLWV
manufacturing facilities. Treated
water from these zero-discharge
facilities is recycled for utility
purpose.
Internal Control Systems

The Companys internal control
procedures are adequate to ensure
compliance with various policies,
practices and statutes in keeping
with the organisations pace of
growth and increasing complexity
of operations. Ciplas internal audit
team supplemented by various
internal auditors carries out
extensive audits throughout the
year across all functional areas,
and submits its reports to the
Audit Committee of the Board of
Directors. During the year under
review, no fraud was reported
by the auditors to the Audit
Committee/Board of Directors.
Corporate Social
Responsibility (CSR)
The Board of Directors at its
meeting held on 14th August 2014
approved the Corporate Social
Responsibility (CSR) Policy as
required under Section 135 of the
Companies Act, 2013 read with
the Companies (Corporate Social
Responsibility Policy) Rules, 2014,
on the recommendations of the
CSR Committee. The CSR policy is
available on the Companys website
Directors Report
at http://www.cipla.com/CiplaSite/
Media/PDF/Corporate_Social_
Responsibility_Policy.pdf.
The Annual Report on CSR
initiatives as required under
Section 135 of the Companies Act,
2013 and Companies (Corporate
Social Responsibility Policy) Rules,
2014 as amended from time to
time forms part of this Report as
Annexure I.
Business Responsibility
Report
As mandated by the Securities and
Exchange Board of India (SEBI), a
standalone Business Responsibility
Report (BRR) forms part of the
Annual Report and is available
on the Companys website at
www.cipla.com. The BRR contains
a detailed report on Business
Responsibilities vis--vis the nine
principles of the National Voluntary
Guidelines on Social, Environmental
and Economic Responsibilities of
Business framed by the Union
0LQLVWU\RI&RUSRUDWH$DLUV$Q\
shareholder interested in obtaining
a copy may write to the Company
6HFUHWDU\DWWKH5HJLVWHUHG2FH
of the Company.
contd.
CORPORATE MATTERS
iv. prepared the annual accounts

on a going concern basis;
Directors Responsibility
Statement
Y ODLGGRZQLQWHUQDOQDQFLDO
controls to be followed by
the Company and that such
Pursuant to Section 134(3)(c) of the
LQWHUQDOQDQFLDOFRQWUROVDUH
&RPSDQLHV$FWLWLVFRQUPHG
adequate and were operating
that the Directors have:
HHFWLYHO\DQG
i. followed applicable accounting
vi.
devised proper systems to
standards in the preparation of
ensure compliance with the
the annual accounts and there
provisions of all applicable
are no material departures for
laws and that such systems
the same;
were adequate and operating
ii. selected such accounting
HHFWLYHO\
policies and applied them
consistently and made
judgements and estimates that
are reasonable and prudent
so as to give a true and fair
YLHZRIWKHVWDWHRIDDLUVRI
the Company at the end of the
QDQFLDO\HDUHQGHGst March
DQGRIWKHSURWRIWKH
Company for that period;
Corporate Governance
The Company is committed to
good corporate governance
practices. The report on corporate
governance as stipulated under
Clause 49 of the Listing Agreement
forms part of this report.
LLL WDNHQSURSHUDQGVXFLHQW
care for 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;
Directors Report
Conservation of Energy,
Technology Absorption,
Foreign Exchange
Earnings and Outgo
As required under section 134(3)(m)
of the Companies Act, 2013 read
with Rule 8(3) of the Companies
(Accounts) Rules, 2014, the relevant
information and data are annexed
to this report as Annexure II.
Disclosure under The

Sexual Harassment of
Women at Workplace
(Prevention, Prohibition
and Redressal) Act, 2013
The Company has in place a Policy
on Prevention, Prohibition and
Redressal of Sexual Harassment
at workplace in line with the
requirements of The Sexual
Harassment of Women at
Workplace (Prevention, Prohibition
and Redressal) Act, 2013. An
Internal Complaints Committee
(ICC) has been set up to redress
complaints received regarding
sexual harassment. The policy has
set guidelines on the redressal
and enquiry process that is to be
followed by complainants and
the ICC, whilst dealing with issues
related to sexual harassment at the
workplace towards any employees.
All employees (permanent,
temporary, contractual and
trainees) are covered under this
policy. All employees are treated
with dignity with a view to maintain
a work environment free of sexual
harassment whether physical,
verbal or psychological. A total of
17 cases were reported under the
Prevention of Sexual Harassment
3ROLF\GXULQJQDQFLDO\HDU
out of which 3 cases were under
LQYHVWLJDWLRQDWWKHHQGRIQDQFLDO
year. Subsequently, all the cases
were satisfactorily addressed and
appropriate action was taken.
contd.
Employee Stock Option

Scheme
As required under the Securities
and Exchange Board of India
6KDUH%DVHG(PSOR\HH%HQHWV
Regulations, 2014, the applicable
disclosures as on 31st March 2015
are annexed to this report as
Annexure III.
There is no material change in the
Employee Stock Option Schemes
GXULQJWKHQDQFLDO\HDUXQGHU
review and the Employee Stock
Option Schemes are in compliance
with the Securities and Exchange
Board of India (Share Based
(PSOR\HH%HQHWV5HJXODWLRQV
2014.
Human Resources
The Human Resources function
contributes to Ciplas growth story
by working as a strategic partner
to the business. The technical
and quality demands of pharma
combined with our own vision to
JURZVLJQLFDQWO\RYHUWKHQH[W
few years are driving the need for
us to build an agile, engaged, and
energized work force. While doing
this, your Company continues to
retain focus on Cipla values and its
core philosophy of placing people
EHIRUHSURWV
Our core objective has been to
build organizational capability
through skill enhancement across
levels, sales force training and
enhancing competencies in line
ZLWKFKDQJLQJEXVLQHVVQHHGVb
There has also been a focus on
strengthening existing, middle and
senior leadership.
The Company has institutionalized
a robust performance management
process; individual goals and key
performance indicators have been
aligned to organizational goals and
imperatives.
In making Caring for Life translate
to Caring for employees, various
employee centric interventions
like people friendly policies
and work-life balance have

been launched. While serving
global customers, employing
people across the globe is an
equally important aspect of our
vision thereby building a truly
JOREDOFRPSDQ\b(PSOR\HHV
are motivated through various
skill-development, engagement
and voluntary programs. We also
ensure that employees are aligned
with our organizational culture and
values whilst never losing sight of
our business objectives.
Details of remuneration as
required under section 197(12)
of the Companies Act, 2013 read
with Rule 5(1) of the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014
is annexed as Annexure IV.
Particulars of employee
remuneration as required under
Section 197 (12) of the Companies
Act, 2013 read with Rule 5(2) and
(3) of the Companies (Appointment
and Remuneration of Managerial
Personnel) Rules, 2014 forms part
of this Report. Having regard to
WKHSURYLVLRQVRIWKHUVWSURYLVR
to Section 136(1) of the Companies
Act 2013, the Annual Report
excluding the said information is
being sent to the members of the
Company. The said information
is available for inspection at the
UHJLVWHUHGRFHRIWKH&RPSDQ\
during working hours and any
member interested in obtaining
such information may write to
the Company Secretary at the
UHJLVWHUHGRFHRIWKH&RPSDQ\
The said information is also
available on the Companys website
www.cipla.com.
Directors Report
Particulars of loans,
guarantees or
investments
Particulars of loans, guarantees
and investments under Section 186
of the Companies Act, 2013 are
provided in Notes 39 and 13 to the
QDQFLDOVWDWHPHQWV
Extract of Annual Return

Extract of Annual Return in the
prescribed format under the
Companies Act, 2013 forms part of
this Report as Annexure V.
contd.
business and on an arms length

basis. No material related party
transactions were entered into
by the Company during the year
under review.
The policy on materiality of
and dealing with related party
transactions is available on the
Companys website at http://www.
cipla.com/CiplaSite/Media/PDF/
Policy/Policy_on_Related_Party_
Transactions.pdf.
The Board had appointed

M/s. BNP & Associates as the
VHFUHWDULDODXGLWRUIRUWKHQDQFLDO
year 2014-15. The secretarial audit
UHSRUWIRUWKHQDQFLDO\HDUHQGHG
31st March 2015 is annexed to this
report as Annexure VI. The report
GRHVQRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
Vigil Mechanism
Risk Management
The Company believes in upholding

professional integrity and ethical
behavior in the conduct of its
business. To uphold and promote
these standards, the Company
has formulated a Vigil Policy which
serves as a mechanism for its
directors and employees to report
genuine concerns about unethical
behavior, actual or suspected fraud
or violation of the Code of Conduct
without fear of reprisal. The details
of Vigil Policy is available on the
Companys website at http://www.
cipla.com/CiplaSite/Media/PDF/
code_of_conduct/Vigil_Policy.pdf.
As required under Clause 49 of the

Listing Agreement, the Company
has constituted a Risk Management
Committee comprising of executive
directors under the Chairmanship
of Mr. Subhanu Saxena.
There are no risks which in the
opinion of the Board threaten
the existence of your Company.
However, some of the risks which
may pose challenges are set out in
the Management Discussion and
Analysis which forms part of this
Report.
Contract and
Arrangements with
Related Parties
All contracts / arrangements
/ transactions entered by the
Company with related parties
were in the ordinary course of
Pursuant to the provisions of the

Companies Act, 2013 and Clause
49 of the Listing Agreement, the
Board has carried out an annual
performance evaluation of its
own performance, the directors
individually and that of its
Committees. The manner in which
the evaluation has been carried
out is stated in the Corporate
Governance Report.
Internal Financial Controls Subsidiaries, Associates

The Company has in place
and Joint Ventures
adequate policies and procedures
for ensuring the orderly
DQGHFLHQWFRQGXFWRILWV
business, including adherence
to the Companys 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
RIUHOLDEOHQDQFLDOGLVFORVXUHV
Secretarial Audit Report
Board Evaluation
Deposits
'XULQJWKHQDQFLDO\HDU
your Company has not accepted
any deposit within the meaning
of Sections 73 and 74 of the
Companies Act, 2013 read together
with the Companies (Acceptance of
Deposits) Rules, 2014.
The Company had 62 subsidiaries/

step-down subsidiaries, Associates
and Joint Ventures as on
31st March 2015. The consolidated
QDQFLDOVWDWHPHQWVSUHVHQWHGLQ
WKLVDQQXDOUHSRUWLQFOXGHQDQFLDO
results of the subsidiary companies.
The names of companies which have
become or ceased to be Companys
subsidiaries or associates or joint
ventures during the year under
review is attached as Annexure VII.
The policy for determining material
subsidiaries is put up on the website
Media/PDF/Policy/Policy_on_Material_
Subsidiary.pdf.
A report on the performance and
QDQFLDOSRVLWLRQRIHDFKRIWKH
subsidiaries, associates and joint
venture forms part of Consolidated
Financial Statement.
7KHQDQFLDOVWDWHPHQWRIWKH
Company including consolidated
QDQFLDOVWDWHPHQWVQDQFLDO
statements of subsidiary companies
are available on Companys website
www.cipla.com. These documents will
also be available for inspection by
DQ\PHPEHUDWWKH5HJLVWHUHG2FH
of the Company during business
KRXUV7KHFRS\RIWKHVDLGQDQFLDO
statements will be made available
to any member of the Company
seeking such information.
Directors Report
Directors and Key
Managerial Personnel
Mr. Pankaj Patel resigned from the
%RDUGRI'LUHFWRUVHHFWLYH
3rd September 2014 due to his
increasing professional
commitments. Dr. H. R. Manchanda
resigned from the Board of Directors
HHFWLYHth November 2014 due to
his advancing age. Mr. V. C. Kotwal
resigned from the Board of Directors
HHFWLYHth November 2014 due
to his commitments. The Directors
place on record their appreciation of
the contributions made by them as
members of the Board.
During the year under review,
the members approved the
appointments of Mr. Ashok Sinha,
Dr. Peter Mugyenyi and Mr. Adil
Zainulbhai as Independent Directors
who are not liable to retire by
rotation.
The members through Postal Ballot
approved appointment of Ms. Punita
Lal and Dr. Nachiket Mor appointed
DVQGHSHQGHQW'LUHFWRUVHHFWLYH
13th November 2014 who are not
liable to retire by rotation.
7KHIROORZLQJRFHUVKDYHEHHQ
designated as the Key Managerial
Personnel of the Company pursuant
to section 203(1) of the Companies
Act, 2013 read with the Companies
(Appointment and Remuneration of
Managerial Personnel) Rules, 2014:
y Mr. Subhanu Saxena Managing
Director and Global Chief
([HFXWLYH2FHU
y Mr. Rajesh Garg Executive
Director and Global Chief
)LQDQFLDO2FHU
y Mr. Mital Sanghvi Company
Secretary
During the year under review, there
was no change in the Key Managerial
Personnel of your Company.
0U5DMHVK*DUJGHPLWWHGRFHDV
a Director, Whole-time Director and
&KLHI)LQDQFLDO2FHUZLWKHHFW
from close of business hours on
12th June 2015.
contd.
Ms. Samina Vaziralli has been

appointed as an Additional Director
ZLWKHHFWIURPth July 2015
DQGKROGVRFHXSWRWKHGDWH
of the ensuing Annual General
Meeting. She has been appointed as
Whole-time Director designated as
Executive Director for a period of
YH\HDUVZLWKHHFWIURP
10th July 2015 subject to the approval
of the members at the ensuing
Annual General Meeting.
Mr. Subhanu Saxena retires by
URWDWLRQDQGEHLQJHOLJLEOHRHU
himself for re-appointment.
A brief resume of the Directors
seeking appointment/re-appointment
is provided in the Notice.
All Independent Directors of the
Company have given declarations
that they meet the criteria of
independence as prescribed under
Section 149(6) of the Companies Act,
2013 and Clause 49 of the Listing
Agreement.
The details of familiarisation
programme for Independent
Directors are put up on the website
Media/PDF/Policy/Familiarisation_
programme_for_Independent_
Directors.pdf.
The Nomination and Remuneration
Committee have also formulated
FULWHULDIRUGHWHUPLQLQJTXDOLFDWLRQV
positive attributes and independence
of a director. The said criteria is
attached as Annexure VIII.
The Board of Directors approved
the Remuneration Policy on the
recommendation of the Nomination
and Remuneration Committee. The
salient aspects of Remuneration
Policy have been outlined in the
Report on Corporate Governance.
Neither the Managing Director nor
the Whole-time Directors received
any remuneration or commission
from any of the Companys
subsidiaries.
1XPEHURIPHHWLQJVRI
the Board
During the year under review, 8
Board Meetings were held. The
details of the Board Meetings are
stated in the Report on Corporate
Governance.
Composition of Audit
Committee
The details pertaining to
composition of Audit Committee
are included in the Report on
Corporate Governance.
Cost Auditor
Pursuant to the provisions of
Section 148 of the Companies
Act, 2013, Mr. D.H. Zaveri, a
practising Cost Accountant (Fellow
Membership No. 8971) has been
appointed to conduct the audit
of cost records of pharmaceutical
SURGXFWVIRUWKHQDQFLDO\HDU
ended 31st March 2015. The due
GDWHIRUOLQJ&RVW$XGLW5HSRUWIRU
the year ended 31st March 2014 was
27th September 2014 and the same
ZDVOHGRQth September 2014.
Auditors
Messrs V. Sankar Aiyar & Co.
and Messrs R.G.N. Price & Co.,
joint statutory auditors of the
company, retire at the conclusion
of the forthcoming Annual General
Meeting and are eligible for
re-appointment.
The Auditors Report does
QRWFRQWDLQDQ\TXDOLFDWLRQ
reservation or adverse remark.
On behalf of the Board
Y. K. Hamied
Chairman
9th July 2015
Annexure to the Directors Report

Annexure I
Annual Report on CSR Initiatives
(Particulars required as per Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended from
time to time)
2YHUYLHZRI&RUSRUDWH6RFLDO5HVSRQVLELOLW\
a) Philosophy and Policy
Since its inception in 1935, Caring
for Life has been at the forefront
of the business philosophy of Cipla
Limited (Cipla or the Company)
and remains an important driver
for doing business. This philosophy
is seamlessly integrated into
Ciplas people, products and
processes. The CSR strategy of
the organization is incorporated
into and is an intrinsic part of its
business strategy. The initiatives
taken by the Company as a part
of its various CSR programmes,
HHFWLYHO\FRQWULEXWHWRGHYHORSLQJ
a sustainable and resilient
community.
CSR at Cipla is driven by a
principled approach. The
principled approach emanates
as a working philosophy of the
organization to conduct and govern
itself in an ethical, transparent
and accountable manner. Business

understands its responsibility
towards all stakeholders in
society, especially those who
are disadvantaged, vulnerable
and marginalized. The Company
supports and creates projects
around themes, with a focus on
inclusive growth and equitable
development.
Keeping in mind other international
CSR initiatives, the Social Charter
of the Government of India, and
the Companies (Corporate Social
Responsibility Policy) Rules, 2014,
Cipla has always worked towards
enhancing access and allocation
of resources to the disadvantaged
and marginalized groups of society.
&LSODKDVLGHQWLHGWKHIROORZLQJ
WKHPHVWRPDNHDGLHUHQFHDQG
HHFWLYHO\FRQWULEXWHWRWKHVRFLHW\
y
y
Health and sanitation;

Education;
Environment sustainability;
Rural development and
creation of livelihood
opportunities; and
y Others including addressing
social inequalities.
The CSR Policy of Cipla has been
framed and made applicable in
accordance with Section 135 of the
Companies Act 2013 (Act) read
with the Companies (Corporate
Social Responsibility Policy) Rules,
2014 (CSR Rules) as amended
from time to time. The Policy
shall apply to the CSR Committee
and all CSR projects/programmes
undertaken by the Company in
accordance with Schedule VII of
the Act.
y
y
With CSR themes clearly outlined

and entrusted, Cipla works
towards achieving these themes
through the implementation of
long term projects. These projects

DUHLGHQWLHGDFURVVYDULRXV
operational units of the Company,
based on the needs of society,
and the philosophy of maximizing
impact. Drivers of these various
programs (which fall within the
broad themes outlined above)
include:
y
y
y
y
y
y
y
y
y
Enhanced access to healthcare;

QFUHDVHGDRUGDELOLW\RI
healthcare;
Better infrastructure and
improvement of healthcare
facilities;
Creating awareness regarding
healthcare;
Promoting education;
Enhanced infrastructure and
facility improvement of schools;
Training on vocational skills;
Environment sustainability; and
Community development.
b) Activities Undertaken
The Company has developed
an appropriate organizational
structure, and positioned senior
level/functional representatives to
GULYH&65HHFWLYHO\
Through focused interventions, the
Company governs the functioning
and implementation of its CSR
policy. The CSR projects are
initiated through:
Cipla Cancer & AIDS Foundation

(CCAF)
Cipla Foundation; and
NGO Partners
CCAF runs the Cipla Palliative

Care and Training Centre in Pune,
which was established in 1997. It
continues to provide holistic care
to terminally ill cancer patients and
their families free of cost.
Through Cipla Foundation the
Company has built primary
partnerships with more than 14
NGOs, as implementing partners
(engaged in various social
initiatives including education and
healthcare).
Cipla has been implementing social
and community development
projects for underprivileged
communities around its plant
locations in six States of India
Maharashtra, Sikkim, Himachal
Pradesh, Madhya Pradesh, Goa
and Karnataka. A large population
of disadvantaged communities is
being served directly or indirectly
through Ciplas community
outreach programs.
c) Governance and
Monitoring Process
contd.
implementation of CSR activities

and projects. The implementation
of CSR activities is undertaken
under the guidance and direction
of the Board of Directors.
The Board has empowered the CSR
Committee, to closely monitor and
report on the progress of
CSR work.
CSR is a priority for the Company
and processes exist to ensure that
the relevant team is appropriately
empowered.
Cipla believes in adopting a
comprehensive approach towards
creating, utilizing and monitoring
of CSR budgets. The commitment
is laid out in the beginning of the
year, and CSR budget allocations
are focused towards areas of
LQWHUYHQWLRQVZKLFKDUHFODVVLHG
under long term, short term and
other projects each of which tie in
with the CSR themes embraced by
the Company.
The CSR Policy of the Company
including the CSR activities
undertaken by it is available at:
http://www.cipla.com/CiplaSite/
Media/PDF/Corporate_Social_
Responsibility_Policy.pdf
Cipla ensures a robust structure

LVLQSODFHIRUHHFWLYH
contd.
&RPSRVLWLRQRI&65&RPPLWWHH
The Composition of the CSR Committee as on the date of the Directors Report is as follows:
1DPH
Category
Mr. M. K. Hamied (Chairman of the Committee)
Non-Executive Vice-Chairman
Mr. Adil Zainulbhai
Independent Director
Dr. Nachiket Mor
Ms. Punita Lal
Whole-time Director
Mr. Subhanu Saxena
0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
The composition of the CSR Committee is compliant with the Act and the CSR Rules.
$YHUDJH1HW3URWRIWKH&RPSDQ\IRUODVWWKUHHQDQFLDO\HDUV$YHUDJH
1HW3URWFDOFXODWHGLQDFFRUGDQFHZLWKWKHSURYLVLRQVRI6HFWLRQRIWKH
Companies Act, 2013)
`1743.21 crore
93UHVFULEHG&65([SHQGLWXUHWZRSHUFHQWRIWKHDPRXQWDVLQLWHPDERYH
`34.86 crore
9 'HWDLOVRI&65VSHQWGXULQJWKHQDQFLDO\HDU

D 7RWDODPRXQWWREHVSHQWIRUWKHQDQFLDO\HDU`34.86 crore
b) Amount unspent, if any: `21.43 crore
F 0DQQHULQZKLFKWKHDPRXQWVSHQWGXULQJWKHQDQFLDO\HDULVGHWDLOHGEHORZ
` in crore
6U CSR project
1R or activity
LGHQWLHG
Sector in
which the
Project is
covered
Projects or Programs
(1) Local area or other
(2) State and district
Total
Amount spent
Amount in 2014-15 on
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
1 Cipla Palliative Health

Care and
Training Centre
(1) Warje, Pune

(2) Maharashtra
5.728
(1) 3.245
(2) 0.162
5.728 3.407
Cipla Cancer
and AIDS
Foundation
2 Promoting
Healthcare
including
Preventive
Healthcare
Health
(1) Kurkumbh, Patalganga,

Vellore, Vikhroli, Indore, Pune,
Bengaluru, East Sikkim
(2) Madhya Pradesh, Karnataka,
Maharashtra, Sikkim
1.504
(1) 0.973
(2) 0.049
1.393 1.022
Cipla
Foundation
3 Netradeep
Health
(1) North & South Goa,

Bengaluru
(2) Goa, Karnataka
0.466
(1) 0.273
(2) 0.014
0.287 0.287
Cipla
Foundation

6U CSR project
1R or activity
LGHQWLHG
Sector in
which the
Project is
covered
contd.
Total
Amount spent
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
4 Healthcare
services to
schools
Health
(1) Vikhroli, Sangeum,

Chinchinim, Doddabanahalli
Village, Kurkumbh,
Pandharewadi, Girim, Cortalim,
Navelim
(2) Maharashtra, Goa,
Karnataka
0.126
(1) 0.061
(2) 0.003
0.070 0.064
Cipla
Foundation
5 Healthcare
services to
community
Health
(1) Kurkumbh, Patalganga,

Bannerghatta, Bhandup,
Ghatkopar, Mumbai, Girim,
Pandharewadi, East Sikkim
(2) Maharashtra, Karnataka,
Sikkim
0.374
(1) 0.321
(2) 0.016
0.347 0.337
Cipla
Foundation
6 Mobile
Healthcare
Services
Health
(1) Baddi, Pithampur,

Patalganga
(2) Himachal Pradesh, Madhya
Pradesh, Maharashtra
2.011
(1) 0.587
(2) 0.029
0.616 0.616
Cipla
Foundation
7 Nutrition
education and
Health Action
Health
(1) Mumbai
(2) Maharashtra
0.685
(1) 0.175
(2) 0.009
0.685 0.184
Cipla
Foundation
8 Residential
care and
rehabilitation
services
Health
(1) Mumbai
(2) Maharashtra
0.520
(1) 0.140
(2) 0.007
0.520 0.147
Cipla
Foundation
9 Developmental Health
Disabilities
(1) Kolkata, Mumbai

(2) West Bengal, Maharashtra
0.396
(1) 0.332
(2) 0.017
0.349 0.349
Cipla
Foundation
10 Others (Health) Health
(1) Agassaim,Verna, Sancoale,

Pithampur, Verna
(2) Goa, Madhya Pradesh
0.038
(1) 0.015
(2) 0.001
0.025 0.016
Cipla
Foundation
11 Construction
of Sanitation
Blocks
(1) Sanguem, Doddabanahalli

Village, Cortalim, Girim,
Navelim, Vikhroli, Kaire,
Vaveghar, Sudkoli, Gulsunde,
Shirki, Mohopada, Vavarle.
(2) Goa, Karnataka,
Maharashtra,
2.501
(1) 1.296
(2) 0.065
1.843 1.361
Cipla
Foundation
Sanitation

6U CSR project
1R or activity
LGHQWLHG
Sector in
which the
Project is
covered
contd.
Total
Amount spent
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
12 Infrastructural
Support to
Schools
Education
(1) Patalganga, Vikhroli,

Baddi, Kurkumbh, Girim,
Daund, Mukadam Wadi,
Jiregaon, Roti, Bhagwativasti,
Betma, Velha, Arjun nagar,
Dhadwali,Kokanevasti
(2) Maharashtra, Madhya
Pradesh, Himachal Pradesh,
Goa
4.436
(1) 2.417
(2) 0.121
4.013 2.538
Cipla
Foundation
13 Meritorious
Awards
Education
(1) Patalganga, Bhandup,

Vikhroli & Ghatkopar, North &
South Goa,East & South Sikkim,
Baddi, Kurkumbh
(2) Maharashtra, Goa, Sikkim,
Himachal Pradesh, Madhya
Pradesh
0.438
(1) 0.138
(2) 0.007
0.375 0.145
Cipla
Foundation
14 Hole in the
Wall
Education
(1) Baddi, East Sikkim,

Sindhipura, Kurkumbh
(2) Himachal Pradesh, Sikkim,
Madhya Pradesh, Maharashtra
0.824
(1) 0.564
(2) 0.028
0.773 0.592
Cipla
Foundation
15 Sponsorship to Education
Students
(1) Baddi
(2) Himachal Pradesh
0.391
(1) 0.227
(2) 0.011
0.238 0.238
Cipla
Foundation
16 E - Learning/
Reading
Initiative
Education
(1) Patalganga, Sancoale,

Nagoa, Zuarinagar
(2) Maharashtra, Goa
0.639
(1) 0.259
(2) 0.013
0.581 0.272
Cipla
Foundation
17 Bal Vatika
Education
(1) Baddi
(2) Himachal Pradesh
0.194
(1) 0.185
(2) 0.009
0.194 0.194
Cipla
Foundation
18 Education of
Education
underprivileged
children from
troubled
backgrounds
(1) Mumbai
(2) Maharashtra
0.201
(1) 0.135
(2) 0.007
0.201 0.142
Cipla
Foundation
19 Jidnyasa
workshop
Education
(1) Patalganga
(2) Maharashtra
0.207
(1) 0.062
(2) 0.003
0.169 0.065
Cipla
Foundation
20 Purna Shiksha
project
Education
(1) Mumbai
(2) Maharashtra
0.256
(1) 0.125
(2) 0.006
0.131 0.131
Cipla
Foundation

6U CSR project
1R or activity
LGHQWLHG
Sector in
which the
Project is
covered
contd.
Total
Amount spent
outlay
the projects or
programs Sub
heads:
(1) Direct
expenditure
on projects or
programs
(2) Overheads
Cumulative
expenditure
upto the
reporting
period
2014-15
Amount
spent:
(1) Direct or
(2) through
implementing
agency
(see note *
below)
21 Others
(Education)
Education
(1) Vikhroli, Patalganga,

Kolkata, Pandharewadi, Girim,
Pithampur,
(2) Maharashtra, West Bengal,
Madhya Pradesh
0.544
(1) 0.427
(2) 0.021
0.490 0.448
Cipla Limited
Cipla
Foundation
22 Environmental
sustainability,
ecological
balance and
conservation
of natural
resources
Environment
(1) Margao, Patalganga,

Pandharewadi, Girim, Mumbai,
Assolna, Velim, Chinchinim,
Verna, Rawanfond
(2) Goa, Maharashtra
1.168
(1) 0.434
(2) 0.022
0.677 0.456
Cipla
Foundation
23 Capacity
Building
initiatives
enhancing
Livelihood
Capacity
Building
(1) Kurkumbh, Pandharewadi,

Girim
(2) Maharashtra
0.085
(1) 0.045
(2) 0.002
0.047 0.047
Cipla
Foundation
24 Setting up
Community
(1) Bogmalo, Bandenallasandra,
old age and
Development Hennur Cross
community hall
(2) Goa, Karnataka
for socially and
economically
backward
groups
0.412
(1) 0.277
(2) 0.014
0.320 0.291
Cipla
Foundation
25 Livelihood
enhancement
projects
(1) Vikhroli, Patalganga

(2) Maharashtra
0.033
(1) 0.027
(2) 0.001
0.033 0.028
Cipla
Foundation
(1) Bengaluru
(2) Karnataka
0.128
(1) 0.050
(2) 0.003
0.128 0.053
Cipla
Foundation

Livelihood
26 Women
Women
Empowerment, EmpowerGirl Protection ment
and Education
Total

&LSOD)RXQGDWLRQKDVZRUNHGZLWKWKHIROORZLQJ1*2VIRUVSHFLFDFWLYLWLHVZLWKLQWKHSURMHFWVPHQWLRQHGDERYH
1) Vanarai Foundation, Pune (Maharashtra), 2) Stree Mukti Sanghatana, Mumbai (Maharashtra), 3) HelpAge India, New Delhi
(Delhi), 4) SNEHA, Mumbai (Maharashtra), 5) Manavya, Pune (Maharashtra), 6) Ummeed Child Development Center, Mumbai
(Maharashtra), 7) Mumbai Smiles, Mumbai (Maharashtra), 8) NIIT Foundation, New Delhi (Delhi), 9) Himalayan Social Institute,
Solan (Himachal Pradesh), 10) Ra Foundation, Mumbai (Maharashtra), 11) STEMI INDIA Charitable Trust, Coimbatore (Tamil
Nadu), 12) Oleander Charitable Trust, Mannagudi (Tamil Nadu), 13) Sai Bhajan Trust, Mumbai (Maharashtra), 14) CONSERVATION
WILDLANDS TRUST, Mumbai (Maharashtra), 15) green essentials, Goa, 16) The Vatsalya Foundation, Mumbai (Maharashtra),
17) CREST, Pune (Maharashtra), 18) Asian Society of Continuing Medical Education, Mumbai, (Maharashtra) 19) NATIONAL
ORGANIC SYMPOSIUM TRUST, Chennai (Tamil Nadu) 20) Indian Institute of Cerebral Palsy, Kolkata (West Bengal)
contd.
Ciplas Key CSR Initiatives

The focused engagement areas have been towards healthcare and sanitation, education and environment
sustainability. Programmes have been implemented directly or in partnership with NGOs. These interventions
have impacted communities, in and around our plant locations, across India. Below is a summary of the key
work done under the primary themes adopted by the Company.
Healthcare
One of Ciplas key CSR missions
is positive health for all. The
Company follows a pro-active,
preventive and promotive approach
that involves communities as a
whole. The focus remains, on
promoting awareness and selfVXFLHQF\WKURXJKFRPPXQLW\
involvement, dissemination of
information, health education and
medical assistance. Cipla provides
QDQFLDODVVLVWDQFHWRVXSSRUW
healthcare to needy patients from
underprivileged and economically
challenged sections of society.
Cipla Palliative Care and

Training Centre
CCAF has been running the
Palliative Care and Training Centre
in Warje, Pune, since 1997, to
provide tender and loving care,
free of cost, to terminally ill cancer
patients. It adopts a personalized
and holistic approach to improve
lives of patients and their families.
It comprises 50 beds in 4 wards,
and intends to scale up to a 100
beds setup. It also provides home
based care, with a dedicated team,
which covers a 40 Km radius. Going
forward, home based care, training,
advocacy and doctors engagement
will be further strengthened. The
Cipla Palliative Care and Training
Centre has, so far touched more
than 10,000 lives.
1XWULWLYHKHDOWKDQG
education
SNEHA (Society for Nutrition,
Education and Health Action)
runs doorstep programs in the
most vulnerable slums of Mumbai
(including Dharavi, Govandi,
Mankhurd, and Kurla) to improve

child health and nutrition. Cipla
Foundations contribution has
enabled SNEHA to deliver essential
PHGLFLQHVWRRYHUbFKLOGUHQ
VXHULQJIURPLOOQHVVHVVXFK
as respiratory tract infections,
bronchitis, bronchial asthma,
acute gastroenteritis and fungal
LQIHFWLRQVDPRQJRWKHUVb
Developmental Disabilities
Cipla has partnered with Ummeed,
a Mumbai based NGO to provide
early interventions to promote
child development in the short
term and, improve employability
and educational outcomes in
the long term, enhancing human
capital. Ciplas support has made
therapy accessible to children from
economically weaker backgrounds,
leading to a total of 579 sessions.
Cipla also supports the Indian
Institute of Cerebral Palsy, which
has been providing specialized and
comprehensive services to cerebral
palsy patients (children and adults).
The aim is to help individuals get
equal rights and opportunities and
foster an inclusive society, where
all are treated with the respect they
rightly deserve.
Sanitation
Safe sanitation is the foundation
of good health. The Company
has initiated projects in locations
around Patalganga, Goa, Bengaluru,
Kurkumbh and Vikhroli to provide
assistance in building and
renovating sanitation blocks. This
KDVEHQHWHGFRPPXQLWLHVJUHDWO\
and created awareness about
hygiene and sanitation.
Education
Cipla has embarked on a journey
to impart primary education to the
under privileged, with the vision
to improve access to and quality
of education. The following major
LQLWLDWLYHVZHUHWDNHQLQWKLVHOG
Bal Vatika and Bal Shiksha
Abhiyan - Cipla has partnered
with credible NGOs in Vikhroli
(Maharashtra) and Baddi (Himachal
Pradesh), to provide pre-primary
education to slum children.
In Vikhroli, with Mumbai Smiles,
we have set up two Balwadis, near
our establishment. The intent,
besides education, is on promoting
health awareness and nutrition,
through the involvement of parents.
In Baddi, with the Himalayan
Social Institute, we have
implemented Balvatika in three
slums to provide pre-school
education to 90 children in the age
group of 3-6 years, and linkages of
children in the age group of 6-14
years with government schools.
Jidnyasa - Life skills for personal
growth and excellence - Cipla,
with the support of Stree Mukti
Sanghatana, has conducted
training programmes for teenage
sensitization. It is the need of
the hour, educating teenage
students on Adolescence, Stress
management, Career guidance,
De-addiction information, Value
Education and Family Life
Education. Training sessions are
ongoing, and till date we have
completed 806 sessions in 16
GLHUHQWVFKRROVLQDQGDURXQG
Pen, Panvel, Karjat, Khalapur
and Patalganga in Maharashtra,
covering about 8500 students.

Hole-in the wall E learning Cipla has joined hands with NIIT
foundation to achieve the common
goal of improved outcomes of
elementary education. Hole-inthe-wall learning stations make
computer education accessible
to government school students,
spreading computer literacy, and
improving the quality of education
at the grass root levels. The project
has been making a remarkable
HRUWWREULGJHWKHGLJLWDOGLYLGH
and encourage school going
children, by providing a delightful
learning environment in schools,
in the underserved areas of Baddi,
Kurkumbh, and Indore.
Student Excellence Awards

Another notable activity, under
the area of education was the
sponsorship of more than 450
meritorious students, during the
QDQFLDO\HDUIURP
schools in the vicinity of our units
in Baddi, Goa, Indore, Vikhroli,
Patalganga, Sikkim and Kurkumbh.
Environment
&LSODLQLWVPRGHVWHRUWV
to ensure ecological balance,
conservation of natural resources
and protection of the environment,
KDVFRQFHLYHGGLHUHQWSURMHFWV
at Kurkumbh, Patalganga and
Goa. These encompass water
conservation activities, horticulture,
vermi compost and compost pit,
animal husbandry, watershed
GHYHORSPHQWVRODUDQGbUDLQZDWHU
harvesting in various schools. Other
initiatives include Environment
Day celebration, organic gardening
workshops at Verna and
Rawanfond in Goa.
9 Cipla, has been spending

on CSR, on its focused themes
and programs and various public
service health initiatives for many
years, demonstrated by the lives
being touched, as an outreach
RIWKHVHLQLWLDWLYHVb:KLOHVXFK
direction and guidance has been
driven by the principled approach,
under which Cipla spends, the
quantum of such spend has not
been the determining factor in the
past. The prima facie driving force
ZDVWKHSKLORVRSK\DQGWKHEHQHW
it would give to the society in the
long run.
The Company has devoted time
in the current year in structuring
its CSR projects, and enhanced
governance, in line with Schedule
VII of the Act, the CSR Rules and,
has laid the foundation for the
CSR initiatives in the coming years.
The Company stands committed
to its CSR projects and public
service health initiatives. While in
the current year, it has not met
the recommended spend of two
SHUFHQWRIDYHUDJHQHWSURWVIRU
WKHODVWWKUHHQDQFLDO\HDUVWKH
&RPSDQ\KDVLGHQWLHGVHYHUDO
QHZSURMHFWVZKLFKDUHLQGLHUHQW
phases of implementation with an
ongoing life-cycle. The outgoing will
considerably increase in the coming
years, as it already has substantially
since the previous year, with an
increase of over 25% in the fund
allocation for FY 15 over FY 14.
The Company has taken steps
in the right direction and going
forward the thrust will continue to
be to increase the Companys CSR
spend on the basis of merit of the
CSR projects and to strategically
incorporate several of its ongoing
public service health initiatives into
its CSR framework.
contd.
In addition to its CSR work, as

illustrated in this report, Cipla
will continue to work towards its
mission of None shall be denied,
E\PDNLQJDRUGDEOHKHDOWKFDUH
available.
9 Pursuant to the Companies

(Corporate Social Responsibility
3ROLF\5XOHVLWLVFRQUPHG
that the CSR Committee has
implemented and monitored the
CSR initiatives of Cipla in line with
the CSR Objectives and Policy of
the Company. The CSR Committee
has prepared a CSR plan, apprised
the Board of the same and
monitored the status reports of the
projects/ programs submitted to
them on a periodic basis.
Subhanu Saxena
M. K. Hamied
Chairman - CSR Committee
9th July 2015
contd.
Annexure II
Conservation of Energy, Technology Absorption and Foreign Exchange Earnings
DQG2XWJR
The information under section 134(3) (m) of the Companies Act, 2013 read with Rule 8 (3) of the Companies
(Accounts) Rules, 2014 for the year ended 31st March 2015 is given here below and forms part of the Directors
Report.
$ &RQVHUYDWLRQRI
Energy
I.
The steps taken or impact

on conservation of energy
a.
The company is making

FRQWLQXRXVHRUWVRQRQJRLQJ
basis to conserve the energy
by adopting innovative
measures to reduce wastage
and optimize consumption.
6RPHRIWKHVSHFLFPHDVXUHV
undertaken are:
i. Installation of new energy
HFLHQWDLUFRPSUHVVRUV
in Kurkumbh & Patalganga
plants.
ii. Installation of new
HQHUJ\HFLHQWFKLOOHUVLQ
Kurkumbh, Patalganga &
Bengaluru plants.
iii. Installation of LED lights in
all Goa, Baddi, Kurkumbh,
Indore, Patalganga and
Bengaluru plants.
iv. Installation of new
GHKXPLGLHUVLQ*RD3ODQW
v. Installation of new energy
HFLHQWSXPSV PRWRUV
for various types of
utilities in Kurkumbh, Goa,
Patalganga, Indore & Sikkim
Plants.
vi. Installation of heat recovery
unit on air compressor for
extraction of compression
heat in Indore Plant.
vii. Implementation of natural
way of sewage water
treatment scheme Phyto
Reed System at Indore
location, which is treating
the sewage water without

any means of equipment
and chemicals.
viii. Installation of Solar
systems for hand and dish
wash applications and
other regular usage in Goa
and Patalganga plant.
b.
Impact of the above measures

for reduction of energy
consumption and consequent
impact on the cost of
production of goods:
I.
The adoption of the above

energy conservation measures
have helped to curtail the
proportionate increase in total
energy usage consequent to
overall increase in production.
This has made it possible to
maintain cost of production at
optimum levels.
II.
The steps taken by the

company for utilitising
alternate sources of energy:
No alternate source used
2014-15.
ix. Installation of Plate Heat

Exchanger (PHE) based Hot
Water System (HWS) in
Kurkumbh plant.
x. Installation of online tube
cleaning system for water
plants in Kurkumbh and
Patalganga plants.
xi. Installation of energy
HFLHQWEORZHUVLQ(73
facility of Kurkumbh plant.
xii. Change in air handling
units warm water coil
designs in Patalganga Plant.
xiii. Installation of IPS control
panel with logic control unit
for HVAC variable speed
Pump in Patalganga plant.
III. The capital investment on

the energy conservation
equipment: The Capital
investment on energy
conservation equipment is
`FURUHGXULQJWKHQDQFLDO
year 2014-15.
xiv. Installation of online auto

FOHDQOWHUV\VWHPIRU
water plants in Patalganga
unit.
% 7HFKQRORJ\
Absorption
xv. Installation of energy

savers in Patalganga plant.
7KHHRUWVPDGHWRZDUGV
technology absorption:
xvi. Installation of energy

HFLHQWFRROLQJWRZHU
new VFD Panels, plate heat
exchanger for packing
machines & replacement
of conventional lights
with induction lamps,
in Kurkumbh, Goa,
Patalganga, Baddi and
Bengaluru plants.
i. Development of new
formulations for existing
and newer active drug
substances.
ii. Projects to develop APIs
and formulations jointly
with overseas companies.
$QQH[XUHWRWKH'LUHFWRUV5HSRUW
iii. Patenting of newer
processes/newer products/
newer drug delivery
systems/newer medical
devices/newer usage of
drugs for both local and
international markets.
iv. Development of new
products, both in the
area of APIs as well as
IRUPXODWLRQVVSHFLFDOO\
for export.
v. Development of new
innovative technology
for the manufacture of
existing APIs and their
intermediates.
vi. Development of agro
technology, genetics
and biotechnology for
cultivation of medicinal
plants and isolation of
active ingredients from
plant materials.
vii. Development of new
drug delivery systems for
existing and newer active
drug substances as also
newer medical devices.
viii. Development of methods
to improve safety
SURFHGXUHVHXHQW
control, pollution control,
etc.
ix. Development of products
related to the indigenous
system of medicines.
7KHEHQHWVGHULYHGOLNH
SURGXFWLPSURYHPHQW
FRVWUHGXFWLRQSURGXFW
GHYHORSPHQWRULPSRUW
VXEVWLWXWLRQ
i. Successful commercial
scale up of several new
APIs and formulations.
ii. Development of new drug
delivery systems and
devices.
iii. Improved processes and
enhanced productivity in
both APIs and formulations.
2014-15. Exports constituted

to more than 50% of total
turnover. In addition, the
Company earned `156.82
FURUHbWRZDUGVWHFKQLFDONQowhow & licensing fees and
`17.25 crore for other services
fees. The Company continues
to leverage on its strategic
marketing alliances and
partnerships in more than 160
countries.
iv. Improvement in
RSHUDWLRQDOHFLHQF\
through reduction in
batch hours, increase in
batch sizes, better solvent
UHFRYHU\DQGVLPSOLFDWLRQ
of processes.
v. Meeting norms of external
regulatory agencies to
facilitate more exports.
vi. Development of products
for import substitution.
vii. Maximum utilization of
indigenous raw materials.
7KHGHWDLOVRIPSRUWHG
7HFKQRORJ\LPSRUWHG
GXULQJWKHODVWWKUHH
\HDUVUHFNRQHGIURPWKH
EHJLQQLQJRIWKHQDQFLDO
\HDU
No expenditure has been
incurred on import of new
WHFKQRORJ\GXULQJWKHQDQFLDO
years 2012-13, 2013-14 and
2014-15.
9 7KHH[SHQGLWXUH
LQFXUUHGRQ5HVHDUFK
'HYHORSPHQW
contd.
2.
Total foreign exchange used

and earned:
During the year, the foreign
exchange outgo was `2248.34
crore and the earnings in
foreign exchange was `4910.40
crore. Details of the same have
been given in Notes 22, 31 and
LQWKH1RWHVWRWKHQDQFLDO
statements.
On behalf of the Board,

Y. K. Hamied
Chairman
9th July 2015
` in crore
a. Capital
130.10
b. Recurring
714.04
Total
844.14
The total R&D expenditure as a

percentage of total turnover is
around 8.26 percent.
C. Foreign Exchange
Earnings and Outgo
1.
Activities relating to exports,

initiative taken to increase
exports, development of new
export markets for products
and services and export plans:
Exports sales were `4736.33
FURUHIRUWKHQDQFLDO\HDU
contd.
Annexure III
Pursuant to the provisions of the Securities and Exchange Board of India (Share Based
(PSOR\HH%HQHWV5HJXODWLRQV
a.
Relevant disclosures in terms of the "Guidance Note on Accounting for Employee Share-based Payments"
issued by ICAI has been made in the Notes to Accounts attached to the Annual Report.
b.
Diluted EPS on issue of shares persuant to the Schemes
Diluted earnings per share pursuant to the issue of

share on exercise of options calculated in accordance
with AS - 20, "Earnings Per Share"
Diluted earnings per share of the company calculated

DIWHUFRQVLGHULQJWKHHHFWRISRWHQWLDOHTXLW\VKDUHV
arising on account of exercise of options is `14.66
The details of stock options as on 31st March 2015 under the Employee Stock Option Scheme 2013 (ESOS 2013);
Employee Stock Option Scheme 2013-A (ESOS 2013-A) and Employee Stock Option Scheme 2013-B (ESOS 2013-B)
are given below:
A. Summary of Status of ESOS granted

The description of the existing scheme is summarized as under:
Sr. No.
Particulars
1
Date of shareholders'
approval
2
Total number of
options approved
3
9HVWLQJUHTXLUHPHQW
4
5
6
7
Exercise price {`)

Maximum term of
options granted
Sources of shares
Variation in terms of
options
(626
8th April 2013
(626$
22nd August 2013
(626%
22nd August 2013
10,00,000
84,44,528
5,22,194
The options shall

vest over a period of
5 years in a phased
manner
197.50
10 years
The options would vest not

earlier than 1 year and not
later than 2 years from the
date of grant of Options
2
6 - 7 years
The options shall

vest over a period of
5 years in a phased
manner
220.78
10 years
Primary
Not Applicable
Primary
Not Applicable
Primary
Not Applicable
The movement of options during the year are as follows:

Sr. No.
1
2
3
4
5
6
7
8
9
10
Particulars
(626
No. of Options outstanding at the beginning of the year 10,00,000
No. of Options Granted during the year
No. of Options Forfeited/Lapsed during the year
No. of Options Vested during the year
No. of Options Exercised during the year
No. of Shares arising as a result of exercise of options
Money realized by exercise of options during the year
Nil
2014-15 (`)
Loan repaid by the trust during the year from the
Not
exercise price received
Applicable
No. of Options outstanding at the end of the year
10,00,000
No. of Options exercisable at the end of the year
-
(626$
14,71,797
10,79,626
2,81,313
2,57,097
39,083
39,083
78,166
(626%
5,22,194
Nil
Not
Applicable
22,31,027
2,18,014
Not
Applicable
5,22,194
-
contd.
% (PSOR\HHZLVH GHWDLOV RI RSWLRQV JUDQWHG GXULQJ WKH QDQFLDO \HDU XQGHU (626
$WR
L 6HQLRUPDQDJHULDOSHUVRQQHO
Name of employee
No. of Options granted
Mr. Davinder Singh
82,952
Ms. Geena V. Malhotra
45,099
Mr. Christos Kartalis
40,017
Dr. Ranjana Pathak
30,019
Mr. Sudhanshu Priyadarshi
28,662
Mr. Chandru Chawla
19,827
Dr. Jaideep A. Gogtay
12,721
Mr. Gautam Rohidekar
10,223
Mr. Mital Sanghvi
3,534
LL (PSOR\HHVZKRZHUHJUDQWHGGXULQJDQ\RQH\HDURSWLRQVDPRXQWLQJWRRUPRUH
RIWKHRSWLRQVJUDQWHGGXULQJWKH\HDU
Name of employee
LLL
No. of Options granted
Mr. Davinder Singh
82,952
Mr. Frank Pieters
69,699
Mr. Timothy C Crew
56,184
None
GHQWLHGHPSOR\HHVZKRZHUHJUDQWHGRSWLRQ
GXULQJDQ\RQH\HDUHTXDOWRRUH[FHHGLQJRIWKH
LVVXHGFDSLWDOH[FOXGLQJRXWVWDQGLQJZDUUDQWVDQG
FRQYHUVLRQVRIWKHFRPSDQ\DWWKHWLPHRIJUDQW
C. Weighted average Fair Value of Options granted during the year

Particulars
D([HUFLVHSULFHHTXDOVPDUNHWSULFH
b. Exercise price is greater than market price
(626
(626$
(626%
No options
granted during
the year
Nil
Nil
No options granted
during the year
c. Exercise price is less than market price (`)
631.48
Weighted average Exercise price of options granted during the year

Particulars
D([HUFLVHSULFHHTXDOVPDUNHWSULFH
b. Exercise price is greater than market price
c. Exercise price is less than market price (`)
(626
(626$
(626%
No options
granted during
the year
Nil
Nil
No options
granted during the
year
2.00
D.
Method
used to
account
for ESOS
contd.
The compensation cost of stock options granted to employees is calculated based on intrinsic
value method, i.e. the excess of the market price of shares immediately prior to date of grant
over the exercise price to be paid by the option holders. The compensation cost is amortised
WRWKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHYHVWLQJSHULRGRIWKHVWRFNRSWLRQ
The stock-based compensation cost calculated as per the intrinsic value method for the period 1st April 2014 to
31st March 2015 is `50.90 crore (Standalone `39.45 crore). If the stock-based compensation cost was calculated
DV SHU WKH IDLU YDOXH PHWKRG SUHVFULEHG E\ 6(% WKH WRWDO FRVW WR EH UHFRJQL]HG LQ WKH QDQFLDO VWDWHPHQWV
for the period 1st April 2014 to 31st March 2015 would be `53.99 crore (Standalone `FURUH7KHHHFWRI
adopting the fair value method on the net income and earnings per share is presented below:
$GMXVWHG1HWQFRPHDQG(DUQLQJ3HU6KDUH
` in crore
1180.77
50.90
53.99
1177.68
b
14.71
14.67
Particulars
b
Net Income as reported (Standalone `FURUH
Add: Intrinsic Value Compensation Cost (Standalone `39.45 crore)
Less: Fair Value Compensation Cost (Standalone `42.74 crore)
Adjusted Pro Forma Net Income (Standalone `FURUH
Earnings Per Share: Basic
b
As Reported (`)
(`)
Adjusted
Earnings Per Share: Diluted
b
As Reported (`)
(`)
Adjusted
14.66
14.62
( 0HWKRGDQG$VVXPSWLRQVXVHGWRHVWLPDWHWKHIDLUYDOXHRIRSWLRQVJUDQWHGGXULQJWKH\HDU
i.
The fair value has been calculated using the Black Scholes Option Pricing model. The assumptions used in
the model are as follows:
bVariables
1. Risk Free Interest Rate
2. Expected Life (in years)
3. Expected Volatility
4. Expected Dividend Yield
5. Price of the underlying share in market at the
time of the option grant.
(626
No Options
Granted
during the
year
(626$
8.34%
4.50
23.80%
0.31%
`641.78
(626%
No Options
Granted during
the year
ii.
The Company has estimated the expected life of the options on the basis of average of minimum and
maximum life of the options. Historical data for early exercise of options is not available, hence not
considered in expected life calculations.
LLL 9RODWLOLW\LVWKHPHDVXUHRIWKHDPRXQWE\ZKLFKWKHSULFHKDVXFWXDWHGRULVH[SHFWHGWRXFWXDWHGXULQJ
a period. The measure of volatility used in the Black-Scholes options pricing model in the annualised
standard deviation of the continuously compounded rates of return on the stock over a period of time.
For calculating volatility, the daily volatility of the stock prices on the National Stock Exchange of India
Limited, over a period prior to the date of grant, corresponding with the expected life of the options has
been considered.
iv. No other feature has been considered for fair valuation of options except as mentioned in point E(i) above.
Y. K. Hamied
Chairman
9th July 2015
contd.
Annexure IV
'HWDLOVSHUWDLQLQJWRUHPXQHUDWLRQDVUHTXLUHGXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
UHDGZLWK5XOHRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO
5XOHV
i. The ratio of the remuneration of each Director to the median remuneration of the employees of the Company
IRUWKHQDQFLDO\HDU
Name
Designation
Dr. Y. K. Hamied
Mr. M. K. Hamied (1)
Mr. Ashok Sinha
Dr. Peter Mugyenyi (2)
Mr. Adil Zainulbhai (3)
Ms. Punita Lal (4)
Dr. Nachiket Mor (4)
Mr. M. R. Raghavan (5)
Mr. Pankaj Patel (6)
Dr. H. R. Manchanda (7)
Mr. V. C. Kotwal (7)
Mr. Subhanu Saxena
Mr. Rajesh Garg (8)
Chairman
Vice-Chairman
Whole-time Director
([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
5DWLRWRPHGLDQ
remuneration
68:1
69:1
15:1
14:1
10:1
4:1
4:1
4:1
5:1
7:1
7:1
125:1
453:1
169:1
LL 7KH SHUFHQWDJH LQFUHDVH LQ UHPXQHUDWLRQ RI HDFK 'LUHFWRU &KLHI )LQDQFLDO 2FHU DQG &RPSDQ\ 6HFUHWDU\
Name
Designation
Dr. Y. K. Hamied
Mr. M. K. Hamied (1)
Mr. Ashok Sinha
Dr. Peter Mugyenyi (2)
Mr. Adil Zainulbhai (3)
Ms. Punita Lal (4)
Mr. M. R. Raghavan (5)
Dr. H. R. Manchanda (7)
Mr. Subhanu Saxena
Mr. Rajesh Garg (8)
Mr. Mital Sanghvi
Chairman
Vice-Chairman
Whole-time Director
([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
Company Secretary and Chief Internal Auditor
Notes:
(1)
(2)
% increase in remuneration
LQWKHQDQFLDO\HDU
0.25
(70.54)
198.02
1178.13
(30.24)
20.26
68.49
86.89
0.48
(38.64)
(32.02)
38.08
5HWLUHG DV :KROHWLPH 'LUHFWRU HHFWLYH st March 2014 and continues to be the Vice-Chairman in a nonH[HFXWLYHUROHHHFWLYHst April 2014;
Appointed w.e.f. 12th February 2014;
(3)
(4)
(5)
(6)
(7)
(8)
contd.
Appointed w.e.f. 23rd July 2014;

Appointed w.e.f. 13th November 2014;
Resigned w.e.f. 23rd July 2014;
Resigned w.e.f. 3rd September 2014;
Resigned w.e.f. 13th November 2014;
'HPLWWHGRFHDVD'LUHFWRU:KROHWLPH'LUHFWRUDQG&KLHI)LQDQFLDO2FHUZHIFORVHRIEXVLQHVVKRXUVRQth June 2015
LLL 7KHSHUFHQWDJHLQFUHDVHLQWKHPHGLDQUHPXQHUDWLRQRIHPSOR\HHVLQWKHQDQFLDO\HDU
iv. Number of permanent employees on the rolls of the Company as on 31st March 2015: 23,472.
v. The explanation on the relationship between average increase in remuneration and company performance:
y
7KHUHYHQXHJURZWKGXULQJQDQFLDO\HDURYHUQDQFLDO\HDUZDV
y
3URW EHIRUH WD[ IRU WKH QDQFLDO \HDU KDV GHFUHDVHG E\ DV FRPSDUHG WR QDQFLDO \HDU
3URWDIWHUWD[IRUWKHQDQFLDO\HDUKDVGHFUHDVHGE\DVFRPSDUHGWRQDQFLDO
year 2013-14.
y
7KHDYHUDJHLQFUHDVHLQUHPXQHUDWLRQGXULQJWKHQDQFLDO\HDUZDVDQGZDVLQOLQHZLWK
market trend and industry benchmarks.
vi. Comparison of Remuneration of the Key Managerial Personnel(s) against the performance of the Company are
as under:
Aggregate remuneration of Key Managerial Personnel (KMP)
`19.28 crore
Remuneration of KMP (as % of Revenue)
0.19
Remuneration of KMP (as % of PBT)
1.25
Remuneration of KMP (as % of PAT)
1.63
vii. The market capitalisation as on 31st March 2015 was `57,206.92 crore and was `30,735.83 crore as on
31st March 2014. The price earnings ratio of the Company was 48.43 as at 31st March 2015 and was 22.14 as at
31st0DUFK7KH&RPSDQ\KDVQRWPDGHDQ\SXEOLFRHULQWKHUHFHQWSDVWDQGDFFRUGLQJO\FRPSDULVRQ
RI3XEOLF2HU3ULFHDQGWKHFXUUHQWPDUNHWSULFHRIWKH&RPSDQ\VVKDUHVZLOOQRWEHUHOHYDQW
YLLL 7KH DYHUDJH DQQXDO LQFUHDVH H[FOXGLQJ WKH PDQDJHULDO SHUVRQQHO LQ WKH QDQFLDO \HDU ZDV
7KHGHFUHDVHLQWKHDYHUDJHPDQDJHULDOUHPXQHUDWLRQIRUWKHQDQFLDO\HDUZDV
ix. Comparison of remuneration of each Key Managerial Personnel (KMP) against the performance of the Company
are as under:
Name
Mr. Subhanu Saxena
5HPXQHUDWLRQ
` in crore
5HPXQHUDWLRQDV 5HPXQHUDWLRQDV 5HPXQHUDWLRQDV

RI5HYHQXH
% of PBT
% of PAT
13.31
0.13
0.86
1.13
Mr. Rajesh Garg
4.98
0.05
0.32
0.42
Mr. Mital Sanghvi
0.99
0.01
0.06
0.08
x. The key parameters for any variable component of remuneration availed by the directors are approved by the
Board of Directors based on the recommendation of Nomination & Remuneration Committee.
xi. The ratio of the remuneration of the highest paid director to that of the employees who are not directors but
receive remuneration in excess of the highest paid director during the year: Not Applicable.
[LL WLVDUPHGWKDWWKHUHPXQHUDWLRQLVDVSHUWKH5HPXQHUDWLRQ3ROLF\RIWKH&RPSDQ\
contd.
Annexure V
)250120*7
(;75$&72)$118$/5(7851
DVRQWKHQDQFLDO\HDUHQGHGRQVW0DUFK
[Pursuant to Section 92(3) of the Companies Act, 2013
and
Rule 12(1) of the Companies (Management and Administration) Rules, 2014]
5HJLVWUDWLRQDQGRWKHU'HWDLOV
i. CIN
L24239MH1935PLC002380
ii. Registration Date
17th August, 1935
iii. Name of the Company
Cipla Limited
iv. Category
Public Company
Sub-Category of the Company

v. $GGUHVVRIWKH5HJLVWHUHGRFH
and contact details
Limited by shares
Cipla House, Peninsula Business Park, Ganpatrao Kadam Marg,
Lower Parel, Mumbai 400 013
Tel: 022 2482 6000
Fax: 022 2482 6893
Email address: cosecretary@cipla.com
Website: www.cipla.com
vi. Whether listed company
Yes
vii. Name, Address and Contact

details of Registrar & Transfer
Agent, if any
Karvy Computershare Private Limited

Karvy Selenium Tower B, Plot No.: 31 & 32 Gachibowli,
Financial District, Nanakramguda,
Serilingampally, Hyderabad
Telangana 500032
Tel: 040 6716 2222 / 1511
Fax: 040 2300 1153
Email address: einward.ris@karvy.com
II. Principal business activities of the Company

Sr.
No.
Name and Description of main products/services
1.
Pharmaceuticals
NIC Code of the

product/service
210
% to total turnover of
the company
b
contd.
3DUWLFXODUVRI+ROGLQJ6XEVLGLDU\DQG$VVRFLDWH&RPSDQLHV
Sr. Name & Address of the Company
No.
b 6XEVLGLDULHVKHOGGLUHFWO\
1. Cipla FZE
2FH1R/%-HEHO$OL)UHH=RQH'XEDL8$(
2. Goldencross Pharma Pvt. Ltd.
5HJLVWHUHG2FHDGGUHVVZHIst June 2015:
C1-Pooja Apartment, 17, Hariyali Estate, Vikhroli-West,
Mumbai-400083, Maharashtra, India
3. Cipla (Mauritius) Ltd.
c/o. CIM Corporate Services Ltd., Les Cascades Building,
Edith Cavell Street, Port Louis, Mauritius
4. Meditab Specialities Pvt. Ltd.
C1-Pooja Apartment, 17, Hariyali Estate, Vikhroli-West,
Mumbai-400083, Maharashtra, India
5. Cipla Medpro South Africa (Pty) Ltd.
1474, South Coast Road, Mobeni, Durban - 4052, South Africa
6. Cipla Holding B.V.
Schiphol, Boulevard 231, 118BH Schiphol, the Netherlands
Rotterdam, the Netherlands (corporate seat)
7. Cipla BioTec Pvt. Ltd.
(Formerly known as Mabpharm Pvt. Ltd.)
L-147 / B, Verna industrial area, Verna, Goa- 403722,
Goa, India
8. &LSOD(8/WG
Hillbrow House, Hillbrow Road, Esher, Surrey, KT10 9NW,
8QLWHG.LQJGRP
9. Saba Investment Ltd.
P.O Box 124600, Suite # 516, Sultan Business Centre, Oud
0HWKD'XEDL8$(
10. Jay Precision Pharmaceuticals Pvt. Ltd.
Government Indl Estate, Plot No. 40/41 ABCD, Charkop,
Kandivali (West), Mumbai-400067, Maharashtra, India
b 6XEVLGLDULHVKHOGLQGLUHFWO\
11. Four M Propack Pvt. Ltd.
C1-Pooja Apartment, 17, Hariyali Estate
Vikhroli-West, Mumbai-400083, Maharashtra, India
12. &LSOD8./WG
The Old Post House, 91 Heath Road, Weybridge Surrey,
.7768QLWHG.LQJGRP
13. Cipla Australia Pty. Ltd.
BSA Partnership Pty. Ltd., Level 15, 461 Bourke Street,
Melbourne, VIC, 3000, Australia
14. Medispray Laboratories Pvt. Ltd.
Plot No.344/345, Kundaim Industrial Estate, Kundaim,
Goa - 403115, Goa, India
&1*/1
b
NA
Holding/
% of Applicable
Subsidiary/ shares section of
Associate
held Companies
$FW
b
b
b
Subsidiary
100
2(87)
80+37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
80+37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
8*$37&
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
51
2(87)
80+37&
Subsidiary
60
2(87)
b
80+37&
b
Subsidiary
b
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
8*$37&
Subsidiary
100
2(87)
No.
15. Sitec Labs Pvt. Ltd.

C1-Pooja Apartment, 17, Hariyali Estate
Vikhroli-West, Mumbai-400083, Maharashtra, India
16. Meditab Holdings Ltd.
C/o. CIM Corporate Services Ltd., Les Cascades Building,
Edith Cavell Street, Port Louis, Mauritius
17. Meditab Pharmaceuticals South Africa (Pty) Ltd.
De Waterkant Building, 10 Helderberg Street, Stellenbosch,
Western Cape, 7600, South Africa
18. Meditab Specialities New Zealand Ltd.
&').2VZLQ*ULWKV&DUOWRQ/HYHO6\PRQGV6WUHHW
Auckland, New Zealand
19. &LSODOD7LFDUHW$QRQLPLUNHWL
)XO\D+DNN<HWHQ&DG6HOHQLXQ3OD]D1R&.DW%HVLNWDV
-Istanbul, Turkey
20. &LSOD86$QF
Corporation Service Company, 2711 Centerville Road, Suite
1HZ&DVWOH&RXQW\:LOPLQJWRQ'(86$
21. Cipla Kenya Ltd.
L.R. No. 209/1907, 5th Floor, Avocado Towers, Muthithi Road,
Westlands, P.O. Box 45669-00100, Nairobi, Kenya
22. Cipla Malaysia Sdn. Bhd.
Suite 1005, 10th Floor, Wisma Hamzah-Kwong Hing, No. 1,
Leboh Ampang, 50100, Kuala Lumpur, Malaysia
23. Cipla Europe NV
8LWEUHLGLQJVWUDDW$QWZHUS%HOJLXP
24. Cipla Quality Chemical Industries Ltd.
Plot 1-7, First Ring Road, Luzira Industrial Park, P.O. Box
.DPSDOD8JDQGD
25. Cipla Croatia d.o.o., (Formerly known as Celeris d.o.o.)
8OLFDJUDGD9XNRYDUD&=DJUHE&URDWLD
26. Cipla Medpro Manufacturing Proprietary Ltd.
Mazars House, Rialto Road, Grand Moorings Precinct,
Century City. 7441, South Africa
27. Galilee Marketing Proprietary Ltd.
1474, South Coast Road, Mobeni 4052, South Africa
28. Inyanga Trading 386 Proprietary Ltd.
29. Xeragen Laboratories Proprietary Ltd.
1474, South Coast Road, Mobeni-4052, South Africa
30. Cipla Medpro Holdings Proprietary Ltd.
31. Cape to Cairo Exports Proprietary Ltd.
contd.
Holding/
% of Applicable
Associate
held Companies
$FW
80+37& Subsidiary
100
2(87)
&1*/1
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
51.05
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
No.
32. Cipla Agrimed Proprietary Ltd.

33. Cipla Dibcare Proprietary Ltd.
34. Cipla Health Care Proprietary Ltd.
35. Cipla Life Sciences Proprietary Ltd.
36. Cipla-Medpro Proprietary Ltd.
37. Cipla-Medpro Distribution Centre Proprietary Ltd.
38. Cipla Medpro ARV Proprietary Ltd.
39. Cipla Medpro Botswana Proprietary Ltd.
P.O. Box 40185, Gaborone
&1*/1
NA
contd.
Holding/
% of Applicable
Associate
held Companies
$FW
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
40. Cipla Medpro Cardio Respiratory Proprietary Ltd.

NA
Subsidiary
100
2(87)
41. Cipla Medpro Research and Development Proprietary Ltd.

42. Cipla Nutrition Proprietary Ltd.
43. Cipla Personal Care Proprietary Ltd.
44. Cipla Vet Proprietary Ltd.
45. Gardian Cipla Proprietary Ltd.
46. Medpro Gen Proprietary Ltd.
47. Medpro Holdings Proprietary Ltd.
NA
Subsidiary
100
2(87)
NA
Subsidiary
80
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
NA
Subsidiary
100
2(87)
No.
&1*/1
48. Medpro Pharmaceutica Proprietary Ltd.

NA
49. Medpro Pharmaceutica Africa Proprietary Ltd.
NA
50. Medpro-On-Line Proprietary Ltd.
NA
51. Med Man Care Proprietary Ltd.
NA
52. Smith and Couzin Proprietary Ltd.
NA
53. Breathe Free Lanka (Private) Ltd.
NA
No. 47, Alexandra Place, Colombo 7, Sri Lanka
NA
54. Cipla Canada Inc.
2FHQXPEHU7UDQV&DQDGD6HUYLFH5Gth Floor,
Pointe-Claire, H9R 0A5, Quebec, Canada
55. Medica Pharmaceutical Industries Company Ltd.
NA
Al Jabal Group building, Noakshot Street, Behind Canada Dry
Company, PO Box 20031, Sanaa, Yemen
56. Al-Jabal For Drugs and Medical Appliances Company Ltd.
NA
Al Jabal Group building, Noakshot Street, Behind Canada Dry
Company, PO Box 20031, Sanaa, Yemen
NA
57. Cipla Pharma Lanka (Private) Ltd.
29/3, Kirimandala Mawatha Nawala, Rajagiriya, Sri Lanka
58. Cipla Pharma Nigeria Ltd.
NA
Afprint Compound, 122-132, Oshodi-Apapa Expressway, Isolo,
Lagos, Nigeria
b Associates
b
8.$37&
59. Stempeutics Research Pvt. Ltd.
Akshay Tech Park , #72 & 73 , 2nd Floor, EPIP Zone,
3KDVH$UHD:KLWHHOG%HQJDOXUX.DUQDWDNDQGLD
60. Biomab Holding Ltd.
NA
8QLW)7RZHU6LOYHUFRUG&DQWRQ5RDG
Tsimshatsui, Kowloon, Hongkong
NA
61. Jiangsu Cdymax Pharmaceuticals Co.Ltd.
No.3 Jiangfeng Road, Binjiang Fine Chemical Park, Economic
Development Zone, Qidong City, Nantong City, Jiangsu
Province, Zipcode-226200, China
(Divested on 31st March 2015)
b Joint Venture
b
62. Aspen-Cipla Australia Pty. Ltd.
NA
34-36 Chandos Street, St. Leonards, NSW, Australia
(Application for de-registration of the company was made during
WKHQDQFLDO\HDUDQGWKHFRPSDQ\ZDVGHUHJLVWHUHG
on 6th$SULO
contd.
Holding/
% of Applicable
Associate
held Companies
$FW
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
100
2(87)
Subsidiary
50.49
2(87)
Subsidiary
50.49
2(87)
Subsidiary
60
2(87)
Subsidiary
100
2(87)
b
Associate
b
49.00
b
2(6)
Associate
25.00
2(6)
Associate
48.22
2(6)
b
Associate
b
50.00
b
2(6)
contd.
IV. Share Holding Pattern

(TXLW\6KDUH&DSLWDO%UHDNXSDVDSHUFHQWDJHRI7RWDO(TXLW\
L&DWHJRU\ZLVH6KDUH+ROGLQJ
Category of
Shareholders
b
A. Promoters
QGLDQ
D QGLYLGXDO+8)
b) Central Govt.
c) State Govt(s)
d) Bodies Corp.
e) Banks / FI
f) Any other
6XEWRWDO$
)RUHLJQb
a) NRIs - Individuals
b) Other - Individuals
c) Bodies Corp.
d) Banks / FI
e) Any other
6XEWRWDO$
Total shareholding of
3URPRWHU$
$$
B. Public Shareholding
QVWLWXWLRQV
D0XWXDO)XQGV87
b) Banks / FI
c) Central Govt.
d) State Govt(s)
e) Venture Capital
Funds
f) Insurance
Companies
g) FIIs
h) Foreign Venture
Capital Funds
i) Others (specify)
x Foreign Portfolio
Investors
6XEWRWDO%
No. of Shares held at the beginning of No. of Shares held at the end of the year
%
the year (as on 1st$SULO
DVRQst0DUFK
Change
Demat
Physical
Total
% of
Demat
Physical
Total
% of during
the
Total
Total
Shares
Shares year
b
b
b
b
b
b
b
b
b
122720500
6022791

- 122720500
6022791

15.28 111781000
0.75
6022791

- 111781000
6022791

13.92
0.75
14.67
-1.36

166742687

- 166742687

20.77 177682187

- 177682187

22.13

1.36

35560020
2078371
-
74100
-
35560020
2152471
-
4.43
0.27
-
30823665
1554907
-
16600
-
30823665
1571507
-
3.84
0.20
-
-0.59
-0.07
-
54034329
54034329
6.73
45950769
45950769
5.72
-1.01
- 161846469
20.16
-3.16
- 42324517

5.27

5.27

187252746
-

- 187252746
-

23.32 161846469
-
- 42324517

Category of
Shareholders
b
contd.
No. of Shares held at the beginning of No. of Shares held at the end of the year
%
the year (as on 1st$SULO
DVRQst0DUFK
Change
Demat
Physical
Total
% of
Demat
Physical
Total
% of during
the
Total
Total
Shares
Shares year
1RQQVWLWXWLRQV
a) Bodies Corp.
i) Indian
37351518
261057 37612575
4.68 31558192
261057 31819249
3.96
ii) Overseas
143297
143297
0.02
157358
157358
0.02
b) Individuals
i) Individual
shareholders
holding nominal
share capital upto
`1 lakh
49042156 4782234 53824390
6.71 46917123 4495034 51412157
6.40
ii) Individual shareholders holding
nominal share
capital in excess
of `1 lakh
58965355 38224674 97190029 12.11 59416064 34301974 93718038 11.67
c) Others (specify)
L 4XDOLHG)RUHLJQ
Investor
100
100
0.00
ii) Trusts
1468026
1468026
0.18
1395071
1395071
0.17
iii) Non Resident
Indians
5004880 22628900 27633780
3.44
4820324 23017100 27837424
3.47
iv) Clearing
1696036
1696036
0.21
1099418
1099418
0.14
Members
v) Foreign Nationals
209
209
0.00
vi) Overseas
Corporate Bodies
375
375
0.00
375
375
0.00
6XEWRWDO%

Total Public
Shareholding
% %%

C. Shares held by
&XVWRGLDQIRU*'5V
$'5V

*UDQG7RWDO$%&

-0.72
0.00
-0.31
-0.44
0.00
-0.01
0.03
-0.07
0.00

contd.
LL6KDUHKROGLQJRI3URPRWHUV
Sr.
No.
Shareholders Name
b
1. Dr. Y. K. Hamied
Shareholding at the beginning of

Shareholding at the end of the
%
the year (As on 1st$SULO
\HDU$VRQst0DUFK
change
No. of
% of total % of Shares
No. of
% of
% of Shares in share
holding
Shares
Shares
Pledged /
Shares
total
Pledged /
of the
encumbered
Shares encumbered during
the year
Company
to total
of the
to total
shares
Company
shares
124827750
15.55
124827750
15.55
-
2. M. K. Hamied
39690000
4.94
39690000
4.94
3. Farida Hamied
41914937
5.22
41914937
5.22
4. Sophie Ahmed
45982000
5.73
45982000
5.73
5. Shirin Hamied
6363000
0.79
6363000
0.79
6. Kamil Hamied
10939500
1.36
10939500
1.36
9859500
1.23
9859500
1.23
7. Samina Vaziralli
8. Rumana Hamied
9886500
1.23
9886500
1.23
9. MN Rajkumar Garments LLP
2601852
0.32
2601852
0.32
10. Shree Riddhi Chemicals LLP
2434970
0.30
2434970
0.30
11. Alps Remedies Pvt. Ltd.
492985
0.06
492985
0.06
12. Hamsons Laboratories LLP
492602
0.06
492602
0.06
382
0.00
382
0.00

13. Neo Research Labs Pvt. Ltd.

727$/
LLL&KDQJHLQ3URPRWHUV6KDUHKROGLQJ
Sr.
No.
Shareholding at the Cumulative Shareholding

beginning of the year
during the year
No. of
shares
1.
At the beginning of the year
2.
Date wise increase/decrease in Promoters

Share holding during the year specifying the
reasons for increase/decrease
HJDOORWPHQWWUDQVIHUERQXVVZHDWHTXLW\HWF
3.
At the end of the year
% of total
shares
of the
Company
No. of
shares
% of total
shares
of the
Company
7KHUHLVQRFKDQJHLQ3URPRWHUV6KDUHKROGLQJ
between 1st April 2014 to 31st March 2015
contd.
LY 6KDUHKROGLQJ3DWWHUQRIWRSWHQ6KDUHKROGHUV
RWKHUWKDQ'LUHFWRUV3URPRWHUVDQG+ROGHUVRI*'5VDQG$'5V
Sr.
No.
1.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
Life Insurance
52497490
Corporation of India b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
% of
total
shares
of the
Company
6.54
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
Date
Increase/
Decrease in
shareholding
01/04/2014 b
11/04/2014
18/04/2014
25/04/2014
02/05/2014
09/05/2014
16/05/2014
23/05/2014
30/05/2014
06/06/2014
13/06/2014
20/06/2014
30/06/2014
04/07/2014
11/07/2014
18/07/2014
25/07/2014
01/08/2014
15/08/2014
22/08/2014
29/08/2014
05/09/2014
12/09/2014
19/09/2014
30/09/2014
03/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
14/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
31/12/2014
02/01/2015
09/01/2015
16/01/2015
23/01/2015
30/01/2015
-150000
1430828
686692
773013
-495
1666386
3176967
156647
20000
-15311
-409039
-99767
-254507
-195000
-20000
-10000
-15000
142273
-129175
-129575
-495169
-327661
-462416
-100000
-50000
-130000
-156000
-80000
-362860
-1020464
-1500969
-505717
-50000
-50000
-243487
-440043
-861361
-1164273
-2180893
-964041
5HDVRQ
Cumulative Shareholding
during the year (1st April
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
52347490
53778318
54465010
55238023
55237528
56903914
60080881
60237528
60257528
60242217
59833178
59733411
59478904
59283904
59263904
59253904
59238904
59381177
59252002
59122427
58627258
58299597
57837181
57737181
57687181
57557181
57401181
57321181
56958321
55937857
54436888
53931171
53881171
53831171
53587684
53147641
52286280
51122007
48941114
47977073
6.52
6.70
6.78
6.88
6.88
7.09
7.48
7.50
7.50
7.50
7.45
7.44
7.41
7.38
7.38
7.38
7.38
7.40
7.38
7.36
7.30
7.26
7.20
7.19
7.18
7.17
7.15
7.14
7.09
6.97
6.78
6.72
6.71
6.70
6.67
6.62
6.51
6.37
6.10
5.98
Sr.
No.
2.
3.
4.
5.
Name of the
Shareholder
Oppenheimer
Developing Markets
Fund
Virtus Emerging
Markets
Opportunities Fund
Vontobel Fund Emerging Markets
(TXLW\
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
b
b
b
b
b
b
b
b
b
44213904
30788534
b
b
b
b
b
b
b
18613261
13185787
b
b
b
8180575
8596897
Vontobel India Fund

b
b
b
b
b
b
b
b
6.
ICICI Prudential Life

Insurance Company
Ltd.
% of
total
shares
of the
Company
b
b
b
b
b
b
b
b
b
5.51
3.83
b
b
b
b
b
b
b
2.32
1.64
13185787
8716775
b
b
b
b
b
b
b
b
b
b
b
10663285
8239459
b
b
b
b
b
b
Date
b
b
b
b
b
b
Increase/
Decrease in
shareholding
06/02/2015
13/02/2015
20/02/2015
27/02/2015
06/03/2015
13/03/2015
20/03/2015
27/03/2015
31/03/2015
31/03/2015 b
01/04/2014 b
30/09/2014
10/10/2014
17/10/2014
05/12/2014
06/02/2015
13/02/2015
20/02/2015
31/03/2015 b
01/04/2014
-849785
-59016
-47400
-456220
-150589
-1019313
-620785
-527904
-32157
1.64 31/03/2015
1.09 01/04/2014 b
04/04/2014
27/03/2015
31/03/2015
1.02 31/03/2015 b
1.07 01/04/2014 b
02/01/2015
09/01/2015
23/01/2015
30/01/2015
06/03/2015
13/03/2015
27/03/2015
31/03/2015
1.33 31/03/2015 b
1.03 01/04/2014 b
04/04/2014
11/04/2014
18/04/2014
25/04/2014
02/05/2014
09/05/2014
-2199408
-1588495
-1101211
-3738556
-438081
-3065958
-43564
-
-205500
-133300
-197400
232647
95253
1200000
250000
250000
261200
-89790
-132922
19742
-13636
18131
4749
-10168
-148204
contd.
5HDVRQ
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
Nil movement
during the
year
b
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
47127288
47068272
47020872
46564652
46414063
45394750
44773965
44246061
44213904
b
b
5.87
5.86
5.86
5.80
5.78
5.65
5.58
5.51
5.51
b
b
28589126
27000631
25899420
22160864
21722783
18656825
18613261
b
b
3.56
3.36
3.23
2.76
2.71
2.32
2.32
b
b
13185787
b
1.64
b
8511275
8377975
8180575
b
b
1.06
1.04
1.02
b
b
8829544
8924797
10124797
10374797
10624797
10885997
10796207
10663285
b
b
1.10
1.11
1.26
1.29
1.32
1.36
1.34
1.33
b
b
8259201
8245565
8263696
8268445
8258277
8110073
1.03
1.03
1.03
1.03
1.03
1.01
Sr.
No.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
6695355
% of
total
shares
of the
Company
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
0.83
Date
Increase/
Decrease in
shareholding
16/05/2014
23/05/2014
30/05/2014
06/06/2014
13/06/2014
20/06/2014
30/06/2014
11/07/2014
18/07/2014
25/07/2014
08/08/2014
22/08/2014
05/09/2014
12/09/2014
19/09/2014
30/09/2014
03/10/2014
10/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
14/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
31/12/2014
02/01/2015
09/01/2015
23/01/2015
30/01/2015
06/02/2015
13/02/2015
20/02/2015
27/02/2015
06/03/2015
13/03/2015
20/03/2015
27/03/2015
31/03/2015
31/03/2015 b
-501873
17881
-351722
-58703
-78572
-18484
2116
132165
-70750
33109
-16793
66275
5067
-15388
-23628
687
-2010
362
-2442
-102480
-142950
-9666
-10670
-9588
-18137
-9641
-73171
-1996
-4278
-36511
-2985
30767
-11857
5444
145450
-633029
-1807
221296
-128797
37450
192462
32679
contd.
5HDVRQ
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
7608200
7626081
7274359
7215656
7137084
7118600
7120716
7252881
7182131
7215240
7198447
7264722
7269789
7254401
7230773
7231460
7229450
7229812
7227370
7124890
6981940
6972274
6961604
6952016
6933879
6924238
6851067
6849071
6844793
6808282
6805297
6836064
6824207
6829651
6975101
6342072
6340265
6561561
6432764
6470214
6662676
6695355
b
0.95
0.95
0.91
0.90
0.89
0.89
0.89
0.90
0.89
0.90
0.90
0.90
0.91
0.90
0.90
0.90
0.90
0.90
0.90
0.89
0.87
0.87
0.87
0.87
0.86
0.86
0.85
0.85
0.85
0.85
0.85
0.85
0.85
0.85
0.87
0.79
0.79
0.82
0.80
0.81
0.83
0.83
b
Sr.
No.
7.
8.
Name of the
Shareholder
Shareholding
No. of shares at
the beginning
(1st$SULO
end of the year
st0DUFK
Vanguard Emerging
5995865
Markets Stock
b
Index Fund, Aseries b
of Vanguard
b
QWHUQDWLRQDO(TXLW\ b
Index Fund
b
b
b
b
b
b
b
b
b
b
b
b
b
5915268
Government of
5521803
Singapore
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
% of
total
shares
of the
Company
0.75
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
0.74
0.69
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
b
Date
Increase/
Decrease in
shareholding
01/04/2014 b
04/04/2014
11/04/2014
18/04/2014
23/05/2014
11/07/2014
25/07/2014
01/08/2014
22/08/2014
12/09/2014
28/11/2014
05/12/2014
09/01/2015
16/01/2015
23/01/2015
06/02/2015
13/02/2015
31/03/2015
31/03/2015 b
01/04/2014 b
04/04/2014
11/04/2014
02/05/2014
30/05/2014
06/06/2014
20/06/2014
30/06/2014
04/07/2014
11/07/2014
01/08/2014
29/08/2014
05/09/2014
12/09/2014
03/10/2014
10/10/2014
17/10/2014
24/10/2014
31/10/2014
07/11/2014
21/11/2014
28/11/2014
05/12/2014
12/12/2014
19/12/2014
28400
34790
4970
12780
24850
28400
45440
17750
19880
19880
17750
-29110
-12780
-12070
-3550
-267327
-10650
186868
-119966
-123733
-320024
-96604
-17127
-35290
-12399
-3410
-165586
-42919
-46048
3448
24429
43930
-3562
-2786
75265
149650
-4571
-11570
-24119
11309
-5404
contd.
5HDVRQ
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
b
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
Transfer
b
6024265
6059055
6064025
6076805
6101655
6130055
6175495
6193245
6213125
6233005
6250755
6221645
6208865
6196795
6193245
5925918
5915268
b
b
0.75
0.75
0.76
0.76
0.76
0.76
0.77
0.77
0.77
0.78
0.78
0.77
0.77
0.77
0.77
0.74
0.74
b
b
5708671
5588705
5464972
5144948
5048344
5031217
4995927
4983528
4980118
4814532
4771613
4725565
4729013
4753442
4797372
4793810
4791024
4866289
5015939
5011368
4999798
4975679
4986988
4981584
0.71
0.70
0.68
0.64
0.63
0.63
0.62
0.62
0.62
0.60
0.59
0.59
0.59
0.59
0.60
0.60
0.60
0.61
0.62
0.62
0.62
0.62
0.62
0.62
Sr.
No.
Name of the
Shareholder
Shareholding
Date
Increase/
Decrease in
shareholding
contd.
5HDVRQ
WRst0DUFK
No. of
% of total
shares
shares
of the
Company
% of
No. of shares at
total
the beginning
shares
(1st$SULO
of the
end of the year
st0DUFK Company
b
b
31/12/2014
-30909
Transfer
4950675
0.62
b
b
16/01/2015
106602
Transfer
5057277
0.63
b
b
13/02/2015
97536
Transfer
5154813
0.64
b
b
20/02/2015
-4587
Transfer
5150226
0.64
b
b
06/03/2015
5867
Transfer
5156093
0.64
b
b
27/03/2015
25671
Transfer
5181764
0.65
5181764
0.65 31/03/2015 b
b
b
b
9. Abu Dhabi
5069758
0.63 01/04/2014 b
b
Investment
b
b
06/06/2014
147074
Transfer
5216832
0.65
Authority - Gulab
b
b
30/06/2014
2630
Transfer
5219462
0.65
b
b
04/07/2014
8807
Transfer
5228269
0.65
b
b
11/07/2014
45295
Transfer
5273564
0.66
b
b
18/07/2014
24111
Transfer
5297675
0.66
b
b
19/09/2014
45866
Transfer
5343541
0.67
b
b
28/11/2014
81305
Transfer
5424846
0.68
b
b
12/12/2014
37043
Transfer
5461889
0.68
b
b
06/03/2015
-116865
Transfer
5345024
0.67
5345024
0.67 31/03/2015 b
b
b
b
10. Fidelity Funds
Nil
- 01/04/2014 b
b
b
b
Emerging Markets
b
b
12/12/2014
692653
Transfer
692653
0.09
Fund*
b
b
19/12/2014
923812
Transfer
1616465
0.20
b
b
31/12/2014
766098
Transfer
2382563
0.30
b
b
09/01/2015
270649
Transfer
2653212
0.33
b
b
16/01/2015
384022
Transfer
3037234
0.38
b
b
23/01/2015
21738
Transfer
3058972
0.38
b
b
30/01/2015
197011
Transfer
3255983
0.41
b
b
06/02/2015
74235
Transfer
3330218
0.41
b
b
13/02/2015
498029
Transfer
3828247
0.48
b
b
20/02/2015
894144
Transfer
4722391
0.59
b
b
27/02/2015
601241
Transfer
5323632
0.66
b
b
06/03/2015
147549
Transfer
5471181
0.68
b
b
13/03/2015
369683
Transfer
5840864
0.73
b
b
20/03/2015
468521
Transfer
6309385
0.79
b
b
27/03/2015
311372
Transfer
6620757
0.82
6620757
0.82 31/03/2015 b
b
b
b
4794659
0.60 01/04/2014 b
b
b
b
11. FIL Investments
(Mauritius) Limited# b
b
18/04/2014
-474257
Transfer
4320402
0.54
b
b
23/05/2014
-245268
Transfer
4075134
0.51
b
b
28/11/2014
-179704
Transfer
3895430
0.49
3895430
0.49 31/03/2015 b
b
b
b
* Not in the list of Top 10 shareholders as on 1st$SULO7KHVDPHKDVEHHQUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDVRQHRI
the Top 10 shareholders as on 31st March 2015.
# Ceased to be in the list of Top 10 shareholders as on 31st0DUFK7KHVDPHLVUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDV
one of the Top 10 shareholders as on 1st April 2014.
contd.
Y 6KDUHKROGLQJRI'LUHFWRUVDQG.H\0DQDJHULDO3HUVRQQHO
Sr.
No.
Name
Shareholding
Date
Increase/
'HFUHDVH
No. of shares at
% of
the beginning
total
(1st$SULO shares
end of the year
of the
st0DUFK Company
1. Dr. Y. K. Hamied
124827750
15.55
1st April 2014
st
124827750
15.55 31 March 2015
2. Mr. M. K. Hamied
39690000
4.94
1st April 2014
39690000
4.94 31st March 2015
3. Mr. S. Radhakrishnan
38125
0.00
1st April 2014
st
(as joint holder)
38125
0.00 31 March 2015
Cumulative
Shareholding during
the year
(1st$SULOWR
st0DUFK
No. of
% of
shares
total
shares
of the
Company
5HDVRQ
Nil movement
during the year
124827750
15.55
Nil movement
during the year
39690000
4.94
Nil movement
during the year
38125
0.00
None of the other directors or KMP held any shares in the Company at the beginning, during or at the end of the
QDQFLDO\HDU
9 1'(%7('1(66
Indebtedness of the Company including interest outstanding/accrued but not due for payment:
` in crore
b
6HFXUHG/RDQV
excluding deposits
Indebtedness at the beginning of the

QDQFLDO\HDU
Deposits
b
Total
Indebtedness
b
i) Principal Amount
b
b
ii) Interest due but not paid
iii) Interest accrued but not due
7RWDOLLLLLL
b
b
b
Change in Indebtedness during the

QDQFLDO\HDU
0.67
b
3068.52
y Reduction
(2565.30)
(2565.30)
Net Change
0.67
b
503.22
y Addition
QGHEWHGQHVVDWWKHHQGRIWKHQDQFLDO
year
i) Principal Amount
b
b
b
ii) Interest due but not paid
iii) Interest accrued but not due
b
0.64
b

7RWDOLLLLLL
#
8QVHFXUHG
/RDQV#
The above unsecured loans includes interest free sales tax deferral loans.
contd.
9 5(081(5$7212)'5(&7256$1'.(<0$1$*(5$/3(56211(/
L 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRUVDQGRU0DQDJHU
` in crore
Sr.
No.
Name of MD/WTD/Manager
3DUWLFXODUVRI5HPXQHUDWLRQ
Total
Amount
Mr. Subhanu
Saxena
Mr. S.
5DGKDNULVKQDQ
0U5DMHVK
*DUJ
(a) Salary as per provisions contained in

section 17(1) of the Income-tax Act, 1961
8.68
2.12
3.81
14.61
E9DOXHRISHUTXLVLWHVXVRIWKH
Income-tax Act, 1961
1.03
0.01
0.49
1.53
F3URWVLQOLHXRIVDODU\XQGHU
section 17(3) of the Income-tax Act, 1961
2.
Stock Option granted during the year (nos.)
3.
6ZHDW(TXLW\
4.
&RPPLVVLRQDVRISURW
1.42
1.42
5.
Others
- Employer contribution to provident fund
and other funds
0.25
0.14
0.15
0.54
- Variable Bonus
3.35
0.53
3.88
7RWDO$

Ceiling as per the Act (being 10% of the net

SURWVRIWKH&RPSDQ\FDOFXODWHGDVSHU
Section 198 of the Companies Act, 2013)
b
1.
Gross salary

LL 5HPXQHUDWLRQWRRWKHUGLUHFWRUV
` in crore
Sr.
No.
Name of the director
Fee for attending

board/committee
meeting
Commission
Others
Total
Amount
Mr. Ashok Sinha
0.03
0.42
0.45
Dr. Peter Mugyenyi
0.01
0.40
0.41
Mr. Adil Zainulbhai
0.02
0.28
0.30
Ms. Punita Lal
0.01
0.12
0.13
Dr. Nachiket Mor
0.01
0.12
0.13
Mr. Pankaj Patel
0.01
0.13
0.14
Dr. H.R. Manchanda
0.01
0.19
0.20
Mr. V.C. Kotwal
0.01
0.19
0.20
1. Independent Directors
Mr. M. R. Raghavan
0.00
0.11
0.11
7RWDO

contd.
` in crore
Sr.
No.
2.
Name of the director
Fee for attending

board/committee
meeting
Commission
Others
Total
Amount
0.01
2.00
2.01
2WKHU1RQ([HFXWLYH'LUHFWRUV
Dr. Y. K. Hamied
Mr. M. K. Hamied
0.03
2.00
2.03
7RWDO

7RWDO%

6.11
Ceiling as per Act

EHLQJRIWKHQHWSURWVRIWKH
Company calculated as per Section 198
of the Companies Act, 2013)
15.48
7RWDO0DQDJHULDO5HPXQHUDWLRQ$%

Overall Ceiling as per the Act

EHLQJRI1HW3URWVRIWKH
Company calculated as per Section 198
of the Companies Act, 2013)
170.28
`40,000
LLL 5HPXQHUDWLRQWR.H\0DQDJHULDO3HUVRQQHORWKHUWKDQ0'0DQDJHU:7'
` in crore
Sr.
1Rb
1.
3DUWLFXODUVRI5HPXQHUDWLRQ
Key Managerial Personnel

Mr. Mital Sanghvi
Gross salary
(a) Salary as per provisions contained in Section 17(1) of the

Income Tax Act, 1961 $
0.95
E9DOXHRISHUTXLVLWHVXVRIWKHQFRPHWD[$FW
F3URWVLQOLHXRIVDODU\XQGHUVHFWLRQRIWKHQFRPH7D[
Act, 1961
2.
Stock Option granted during the year (nos.)
3534
3.
6ZHDW(TXLW\
4.
Commission
DVRISURW
- others
5.
Others - Employer's contribution to provident fund and other

funds %
0.04
7RWDO$%

93HQDOWLHV3XQLVKPHQW&RPSRXQGLQJRI2HQFHVXQGHUWKH&RPSDQLHV$FW None
contd.
Annexure VI
6HFUHWDULDO$XGLW5HSRUW
)RUWKHQDQFLDO\HDUHQGHGst March 2015
[3XUVXDQWWR6HFWLRQRIWKH&RPSDQLHV$FWDQG5XOH1RRIWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQ
RI0DQDJHULDO3HUVRQQHO5XOHV@
To
The Members
&LSOD/LPLWHG
Cipla House
Peninsula Business Park
Ganpatrao Kadam Marg
Lower Parel
Mumbai 400013
We have conducted the Secretarial Audit of the compliance of applicable statutory provisions and the adherence
to good corporate practices by &LSOD/LPLWHGKHUHLQDIWHUFDOOHGWKH&RPSDQ\IRUWKHDXGLWSHULRGFRYHULQJWKH
QDQFLDO \HDU HQGHG RQ st March 2015 (hereinafter called audit period). Secretarial Audit was conducted in a
manner that provided us a reasonable basis for evaluating the corporate conducts/statutory compliances and
expressing our opinion thereon.
%DVHG RQ RXU YHULFDWLRQ RI WKH &RPSDQ\V ERRNV SDSHUV PLQXWH ERRNV IRUPV DQG UHWXUQV OHG DQG RWKHU
UHFRUGVPDLQWDLQHGE\WKH&RPSDQ\DQGDOVRWKHLQIRUPDWLRQSURYLGHGE\WKH&RPSDQ\LWVRFHUVDJHQWVDQG
authorized representatives during the conduct of Secretarial Audit; we hereby report that in our opinion, the
Company has, during the audit period generally complied with the statutory provisions listed hereunder and also
that the Company has proper Board-processes and compliance mechanism in place to the extent, in the manner
and subject to the reporting made hereinafter.
:HKDYHH[DPLQHGWKHERRNVSDSHUVPLQXWHERRNVIRUPVDQGUHWXUQVOHGDQGRWKHUUHFRUGVPDLQWDLQHGE\WKH
&RPSDQ\IRUWKHQDQFLDO\HDUHQGHGRQst March 2015 according to the provisions of:
L
7KH&RPSDQLHV$FWWKH$FWDQGWKH5XOHVPDGHWKHUHXQGHU
(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 thereunder to the extent
of Overseas Direct Investment;
(v)
The following Regulations and Guidelines prescribed under the Securities and Exchange Board of India Act,
6(%$FW
D 7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD 6XEVWDQWLDO $FTXLVLWLRQ RI 6KDUHV DQG 7DNHRYHUV
Regulations, 2011;
(b) The Securities and Exchange Board of India (Prohibition of Insider Trading) Regulations, 1992;
(c) The Securities and Exchange Board of India (Employee Stock Option Scheme and Employee Stock
Purchase Scheme) Guidelines, 1999 and The Securities and Exchange Board of India (Share Based
(PSOR\HH%HQHWV5HJXODWLRQVQRWLHGRQth October, 2014;
(d) 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;
contd.
We have also examined compliance with the applicable clauses of the Listing Agreement entered into by the
Company with the Stock Exchanges.
During the period under review, the Company has generally complied with the provisions of the Act, Rules,
Regulations, Guidelines etc. mentioned above.
We have also examined, on test check basis, the relevant documents and records maintained by the Company
DFFRUGLQJWRWKHIROORZLQJODZVDSSOLFDEOHVSHFLFDOO\WRWKH&RPSDQ\
(i)
Drugs and Cosmetics Act, 1940 and Drugs and Cosmetics Rules, 1945;
(ii)
The Narcotic Drugs and Psychotropic Substances Act, 1985 and the Rules made thereunder;
(iii)
Narcotic Drugs and Psychotropic Substances (Regulation of Controlled Substances) Order, 2013.
Based on such examination and having regard to the compliance system prevailing in the Company; the Company
has complied with the provisions of the above laws during the audit period.
During the period under review, provisions of the following regulations were not applicable to the Company:
L
(ii)
LLL
7KH 6HFXULWLHV DQG ([FKDQJH %RDUG RI QGLD VVXH RI &DSLWDO DQG 'LVFORVXUH 5HTXLUHPHQWV 5HJXODWLRQV
2009;
The Securities and Exchange Board of India (Issue and Listing of Debt Securities) Regulations, 2008;
7KH6HFXULWLHVDQG([FKDQJH%RDUGRIQGLD'HOLVWLQJRI(TXLW\6KDUHV5HJXODWLRQV
(iv)
The Securities and Exchange Board of India (Buyback of Securities) Regulations, 1998;
(v)
Secretarial Standards issued by The Institute of Company Secretaries of India.
:HIXUWKHUUHSRUWWKDW
The Board of Directors of the Company is duly constituted with proper balance of Executive Directors, NonExecutive 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.
7KH SURYLVLRQV SHUWDLQLQJ WR VHQGLQJ RI QRWLFHV DQG DJHQGD RI WKH %RDUG 0HHWLQJV WR WKH 'LUHFWRUV DV UHTXLUHG
under the Act have been complied with and a system exists for seeking and obtaining further information and
FODULFDWLRQVRQWKHDJHQGDLWHPVEHIRUHWKHPHHWLQJDQGIRUPHDQLQJIXOSDUWLFLSDWLRQDWWKHPHHWLQJ
Decisions at the meetings of the Board of Directors of the Company were carried out unanimously. There were no
dissenting views by any member of the Board of Directors during the period under review.
:HIXUWKHUUHSRUWWKDW
7KHUH DUH DGHTXDWH V\VWHPV DQG SURFHVVHV LQ WKH &RPSDQ\ FRPPHQVXUDWH ZLWK WKH VL]H DQG RSHUDWLRQV RI WKH
Company to monitor and ensure compliance with applicable laws, rules, regulations and guidelines.
We further report that GXULQJWKHDXGLWSHULRGWKHUHZDVQRVSHFLFHYHQWDFWLRQKDYLQJDPDMRUEHDULQJRQ
WKH&RPSDQ\VDDLUVLQSXUVXDQFHWRWKHODZVUXOHVUHJXODWLRQVJXLGHOLQHVHWFUHIHUUHGWRDERYH
For BNP & Associates

Company Secretaries
B Narasimhan
Partner
FCS 1303 / CP No.10440
Mumbai, 9th July, 2015
contd.
Annexure VII
&RPSDQLHVZKLFKEHFDPHFHDVHGWREH&RPSDQ\V6XEVLGLDULHV-RLQW9HQWXUHVRU$VVRFLDWH
&RPSDQLHV
&RPSDQLHVZKLFKKDYHEHFRPHVXEVLGLDULHVGXULQJWKHQDQFLDO\HDU
Sr. No.
1.
2.
3.
4.
5.
6.
7.
8.
9.
Name of the Company

Al-Jabal For Drugs and Medical Appliances Company Ltd.
Breathe Free Lanka (Private) Ltd.
Cipla Canada Inc.
Cipla Pharma Lanka (Private) Ltd.
Cipla Pharma Nigeria Ltd.
Jay Precision Pharmaceuticals Pvt. Ltd.
Cipla BioTec Pvt. Ltd. (Formerly known as Mabpharm Pvt. Ltd.)
Medica Pharmaceutical Industries Company Ltd.
Saba Investment Ltd.
1RFRPSDQ\KDVFHDVHGWREHVXEVLGLDU\FRPSDQ\GXULQJWKHQDQFLDO\HDU
1RFRPSDQ\KDVEHFRPHMRLQWYHQWXUHRUDVVRFLDWHGXULQJWKHQDQFLDO\HDU
&RPSDQLHVZKLFKFHDVHGWREHMRLQWYHQWXUHRUDVVRFLDWHGXULQJWKHQDQFLDO\HDU
Sr. No.
1.
2.
3.
Name of the Company

Cipla BioTec Pvt. Ltd. (Formerly known as Mabpharm Pvt. Ltd.)$VVRFLDWHXSWRth-XO\
Jiangsu Cdymax Pharmaceuticals Co. Ltd.: 'LYHVWHGRQst0DUFK
Aspen-Cipla Australia Pty. Ltd.: Application for de-registration of the company was made during the
QDQFLDO\HDUDQGWKHFRPSDQ\ZDVGHUHJLVWHUHGRQth$SULO
Annexure VIII
&ULWHULDIRU'HWHUPLQLQJ4XDOLFDWLRQV3RVLWLYH$WWULEXWHVDQGQGHSHQGHQFHRI'LUHFWRU
4XDOLFDWLRQV

D 7KH'LUHFWRUVKDOOEHIUHHIURPDQ\GLVTXDOLFDWLRQVDVVWLSXODWHGXQGHUWKH&RPSDQLHV$FWDQGUXOHV
made thereunder as well as Listing Agreement as amended from time to time.
E 7KH'LUHFWRUVKDOOSRVVHVVDSSURSULDWHH[SHUWLVHH[SHULHQFHDQGNQRZOHGJHLQRQHRUPRUHHOGVRIQDQFH
law, management, sales, marketing, administration, research, corporate governance, technical operations
or such other areas related to the Company's business as determined by Nomination and Remuneration
Committee.
3RVLWLYH$WWULEXWHV
The Director shall

a. uphold ethical standards of integrity and probity;
b. act objectively and constructively;
F H[HUFLVHUHVSRQVLELOLWLHVLQDERQDGHPDQQHULQWKHLQWHUHVWRIWKH&RPSDQ\
d. assist the Company in implementing the best corporate governance practices.
QGHSHQGHQFH&ULWHULD
a.
b.
An Independent Director shall meet the criteria of independence as stipulated under the Companies Act,
2013 and rules made thereunder as well as Listing Agreement as amended from time to time.
An Independent Director shall be under the obligation to inform the Board of Directors of any change in
FLUFXPVWDQFHVZKLFKPD\DHFWKLVKHULQGHSHQGHQFH
5HSRUWRQ&RUSRUDWH*RYHUQDQFH
(Pursuant to Clause 49 of the Listing Agreement with Stock Exchanges)
D &RPSDQ\V3KLORVRSK\RQ&RGHRI*RYHUQDQFH
The Company is committed to good corporate governance. The Company respects the rights of its shareholders
to obtain information on the performance of the Company. Its endeavour has always been to maximise the
long term value to the shareholders of the Company. The Compliance Report on Corporate Governance herein
VLJQLHVFRPSOLDQFHRIDOOPDQGDWRU\UHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW
b. Board of Directors
y
'XULQJ WKH QDQFLDO \HDU WKH &RPSDQ\ FRQWLQXHG LWV HPSKDVLV WR VWUHQJWKHQ DQG EURDG EDVH
the Board with the induction of new independent directors with diverse backgrounds. The independent
GLUHFWRUVDSSRLQWHGGXULQJWKHQDQFLDO\HDUZHUH0U$GLO=DLQXOEKDLIRUPHU&KDLUPDQ0FNLQVH\QGLD
Dr. Nachiket Mor (former Deputy Managing Director, ICICI Bank Limited) and Ms. Punita Lal (former CEO,
NourishCo, a JV between Pepsico and the Tatas). The independent directors have also been appointed on
various board committees based on their expertise. These independent directors have also undergone a
formal induction process to familiarise them with the business and operations of the Company. During the
QDQFLDO\HDUWKH&RPSDQ\DSSRLQWHG0U$VKRN6LQKDIRUPHU&KDLUPDQDQG0DQDJLQJ'LUHFWRU
Bharat Petroleum Corporation Limited) and Dr. Peter Mugyenyi (Director and Co-founder of Joint Clinical
5HVHDUFK&HQWUHEDVHGLQ.DPSDOD8JDQGDDQGDJOREDOO\UHQRZQHGUHVHDUFKHULQWKHHOGRI+9$'6
as independent directors. All independent directors are associated with the Company for a tenure of less
than 2 years.
The composition of Board and category of Directors as on date of this Report are as follows:
Category
Name of the Directors
Executive Directors
Mr. Subhanu Saxena

Mr. Rajesh Garg (1)
Non-Executive/Non-Independent Directors
Dr. Y. K. Hamied
Mr. M. K. Hamied
Independent Directors
Mr. Ashok Sinha

Dr. Peter Mugyenyi
Mr. Adil Zainulbhai
Ms. Punita Lal (2)
Dr. H. R. Manchanda
(4)
'HPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZHI FORVH RI EXVLQHVV KRXUV RQ
12th June 2015
(2) Appointed as Independent Director w.e.f. 13th November 2014
(3) Resigned w.e.f. 3rd September 2014
(4) Resigned w.e.f. 13th November 2014
y
(LJKW%RDUG0HHWLQJVZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHPHHWLQJVZHUH
held are: 7th April 2014; 29th May 2014; 23rd July 2014; 14th August 2014; 3rd September 2014; 16th October
2014; 13th November 2014 and 12th February 2015.
In accordance with the provisions of Schedule IV to the Companies Act, 2013 (the Act) and Clause 49 of the
/LVWLQJ$JUHHPHQWDPHHWLQJRIWKHQGHSHQGHQW'LUHFWRUVRIWKH&RPSDQ\ZDVKHOGGXULQJWKHQDQFLDO
year 2014-15 without the attendance of the Non-Independent Directors and members of the management.
y
contd.
7KHLQIRUPDWLRQDERXWWKHDWWHQGDQFHRI'LUHFWRUVDWWKH%RDUG0HHWLQJVGXULQJWKHQDQFLDO\HDU
and at the last Annual General Meeting and the number of other directorships in Indian companies and
committee memberships held in Indian public companies as on 31st March 2015 is given below:
Name of the
Director
No. of
Board
Meetings
Attended
Attendance
DWODVW$*0
KHOGRQrd
September

No. of
Directorships
held in
other Indian
Companies
No. of Committee
Memberships/
Chairmanship held in
other Indian Public
Companies
Dr. Y. K. Hamied
Yes
Nil
Nil
Mr. M. K. Hamied
Yes
Nil
Mr. Subhanu Saxena
Yes
Nil
Nil
Yes
Nil
Nil
Mr. Rajesh Garg
(1)
Mr. Ashok Sinha

Dr. Peter Mugyenyi
Mr. Adil Zainulbhai
Ms. Punita Lal
(2)
(3)
Dr. Nachiket Mor
(3)
Mr. M. R. Raghavan
Mr. Pankaj Patel
(4)
(5)
Dr. H. R. Manchanda
Mr. V. C. Kotwal
(6)
(6)
Yes
Nil
Nil
Yes
10
6 (including 3 as Chairman)
Yes
Nil
Nil
Yes
5 (including 4 as Chairman)
Not Applicable
Nil
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Not Applicable
Yes
Not Applicable
Not Applicable
Yes
Not Applicable
Not Applicable
12th June 2015
(2) Appointed as Independent Director w.e.f. 23rd July 2014
(3) Appointed as Independent Director w.e.f. 13th November 2014
(4) Resigned w.e.f. 23rd July 2014
(5) Resigned w.e.f. 3rd September 2014
(6) Resigned w.e.f. 13th November 2014
None of the Directors is related to each other except for Dr. Y. K. Hamied and Mr. M. K. Hamied.
Shareholding of Non-Executive Directors:

As on 31st March 2015, Dr. Y. K. Hamied and Mr. M. K. Hamied - Non-Executive Directors held 12,48,27,750
DQG HTXLW\ VKDUHV UHVSHFWLYHO\ LQ WKH VKDUH FDSLWDO RI WKH &RPSDQ\ 1RQH RI WKH RWKHU
1RQ([HFXWLYH'LUHFWRUVKROGDQ\HTXLW\VKDUHVRUDQ\FRQYHUWLEOHLQVWUXPHQWVLQWKH&RPSDQ\
In terms of provisions of the Act read with the Rules made thereunder and Clause 49 of the Listing Agreement,
WKH SHUIRUPDQFH HYDOXDWLRQ RI QGLYLGXDO 'LUHFWRU DQG WKH &RPPLWWHHV IRU WKH QDQFLDO \HDU HQGHG
31st March 2015 was carried out by the Board of Directors.
The evaluation of the Executive Directors and Non-Executive/Non-Independent Directors was based on
FULWHULDZKLFKLQWHUDOLDLQFOXGHGOHDGHUVKLSTXDOLWLHVFRQWULEXWLRQLQVWUDWHJLFSODQQLQJEDODQFHGGHFLVLRQ
PDNLQJVDIHJXDUGRIFRQGHQWLDOLQIRUPDWLRQDGKHUHQFHWRFRGHRIFRQGXFWHWF
The evaluation of the Independent Directors was based on criteria which, inter-alia, included attendance
and participation in the meetings, decision making, independent judgement on issues of strategy,
performance, risk management, resources, key appointments and standards of conduct, safeguard of
FRQGHQWLDOLQIRUPDWLRQDGKHUHQFHWRFRGHRIFRQGXFWHWF
contd.
The evaluation of the Board constituted Committees was based on criteria which, inter-alia, included
roles and responsibilities, composition and balance of skill sets, number of meetings held, time spent
at the meetings, reporting of key issues and major recommendations to the Board of Directors, overall
contribution etc.
$ VWUXFWXUHG TXHVWLRQQDLUH FRYHULQJ YDULRXV DVSHFWV RI WKH IXQFWLRQLQJ RI WKH %RDUG RI 'LUHFWRUV ZDV
FLUFXODWHGWRWKH'LUHFWRUV7KH&RPSDQ\KDGHQJDJHGDFRQVXOWLQJUPRIUHSXWHIRUDGYLVLQJZLWKUHVSHFW
WRHYDOXDWLRQRIWKH%RDUG2QWKHEDVLVRIWKHUHFRPPHQGDWLRQRIWKHFRQVXOWLQJUPWKHSHUIRUPDQFH
evaluation of the Board as a whole was completed.
c. Audit Committee
y
The Audit Committee was constituted on 4th 6HSWHPEHU LQ FRPSOLDQFH ZLWK WKH UHTXLUHPHQWV RI
Clause 49 of the Listing Agreement. The Audit Committee currently comprises of: Mr. Ashok Sinha Chairman, Mr. Adil Zainulbhai Member and Mr. S. Radhakrishnan Member.
y
7KH([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHUDQGRWKHUIXQFWLRQDOPDQDJHUVDORQJZLWKQWHUQDO
Auditors, Statutory Auditors and Cost Auditors are invited to attend the meetings of the Audit Committee,
as and when necessary. The Company Secretary acts as Secretary to the Committee.
The Audit Committee discharges such duties and functions generally indicated under Clause 49 of the
/LVWLQJ$JUHHPHQWDQGWKH$FWDQGDOVRVXFKRWKHUIXQFWLRQVDVPD\EHVSHFLFDOO\GHOHJDWHGWRLWE\WKH
Board from time to time.
Role of the Audit Committee, inter-alia, includes the following:
y
2YHUVLJKWRIWKH&RPSDQ\VQDQFLDOUHSRUWLQJSURFHVVDQGWKHGLVFORVXUHRILWVQDQFLDOLQIRUPDWLRQ
WRHQVXUHWKDWWKHQDQFLDOVWDWHPHQWLVFRUUHFWVXFLHQWDQGFUHGLEOH
Recommendation for appointment, remuneration and terms of appointment of auditors of the

company;
5HYLHZLQJZLWKWKHPDQDJHPHQWWKHDQQXDOQDQFLDOVWDWHPHQWDQGDXGLWRUVUHSRUWWKHUHRQEHIRUH
submission to the Board for approval;
5HYLHZLQJ ZLWK WKH PDQDJHPHQW WKH TXDUWHUO\ QDQFLDO VWDWHPHQW EHIRUH VXEPLVVLRQ WR WKH %RDUG
for approval;
$SSURYDORUDQ\VXEVHTXHQWPRGLFDWLRQRIWUDQVDFWLRQVRIWKHFRPSDQ\ZLWKUHODWHGSDUWLHV
Scrutiny of inter-corporate loans and investments;
Valuation of undertakings or assets of the company, wherever it is necessary.
0HHWLQJVDQGDWWHQGDQFHGXULQJWKHQDQFLDO\HDU
6L[$XGLW&RPPLWWHHPHHWLQJVZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 29th May 2014; 14th August 2014; 25th September 2014; 13th October 2014; 13th November
2014 and 10th February 2015. The members attended all the meetings held during their tenure as members
RIWKH&RPPLWWHHGXULQJWKHQDQFLDO\HDUH[FHSW0U65DGKDNULVKQDQZKRDWWHQGHGRXWRIPHHWLQJV
G 1RPLQDWLRQDQG5HPXQHUDWLRQ&RPPLWWHH
y
The Company had constituted a Compensation Committee on 27th February 2013.

The Compensation Committee was re-designated as Nomination and Remuneration Committee during the
QDQFLDO\HDUQDFFRUGDQFHZLWKWKHSURYLVLRQVRIVHFWLRQRIWKH$FWDQGEDVHGRQOHJDODGYLFHWKH
&RPPLWWHHZDVUHFRQVWLWXWHGWRFRQVLVWRIRQO\QRQH[HFXWLYHGLUHFWRUVHHFWLYHnd July 2014.
The Committee currently comprises of: Mr. Adil Zainulbhai Chairman, Mr. Ashok Sinha Member,
Mr. M. K. Hamied - Member and Ms. Punita Lal Member.
y
contd.
The terms of reference of the Committee, inter-alia, includes the following:

PSOHPHQWDWLRQ DGPLQLVWUDWLRQ DQG VXSHULQWHQGHQFH RI WKH &RPSDQ\V (PSOR\HH 6WRFN 2SWLRQ
Schemes (ESOS) including:
D 7KHTXDQWXPRIRSWLRQVWREHJUDQWHGXQGHUDQ(626SHUHPSOR\HHDQGLQDJJUHJDWH
E $OORWPHQWRIHTXLW\VKDUHVSXUVXDQWWR(626
y
)RUPXODWHWKHFULWHULDIRUGHWHUPLQLQJTXDOLFDWLRQVSRVLWLYHDWWULEXWHVDQGLQGHSHQGHQFHRI'LUHFWRUV
Recommend to the Board a policy relating to the remuneration for the Directors, Key Managerial
Personnel and other employees;
5HFRPPHQGUHPXQHUDWLRQRI0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU([HFXWLYH'LUHFWRU
DQG*OREDO&KLHI)LQDQFLDO2FHU:KROHWLPH'LUHFWRUDQGUHODWLYHRISURPRWHUV
Recommend commission to Non-Executive Directors;
GHQWLI\ SHUVRQV ZKR DUH TXDOLHG WR EHFRPH 'LUHFWRUV DQG ZKR PD\ EH DSSRLQWHG LQ VHQLRU
management in accordance with the criteria laid down and recommend to the Board their appointment
and removal;
(YDOXDWLRQRIHDFK'LUHFWRUVSHUIRUPDQFH
Discharge such duties and functions as indicated in the listing agreement, the Act and the Rules made
thereunder from time to time.
0HHWLQJVDQGDWWHQGDQFHGXULQJWKHQDQFLDO\HDU
)LYHPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 29th May 2014; 23rd July 2014; 8th September 2014; 31st October 2014 and 11th February 2015.
0U$VKRN6LQKDDWWHQGHGRXWRIPHHWLQJVKHOGGXULQJWKHQDQFLDO\HDU7KHRWKHUPHPEHUVDWWHQGHG
all the meetings held during their tenure as members of the Committee except Mr. M. R. Raghavan who
attended 1 out of 2 meetings.
H 5HPXQHUDWLRQWR'LUHFWRUV
y
7KHGHWDLOVRIUHPXQHUDWLRQWR([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDUDUHJLYHQEHORZ
` in lakhs
Executive Directors
Salary
Commission
Perquisites
DQG$OORZDQFHV
5HWLUDO
%HQHWV
Sign on
Bonus
Variable
Bonus
Mr. Subhanu Saxena
208.58
Nil
762.26
25.03
Nil
334.92
120.00
141.50
92.76
14.40
Nil
Nil
121.26
Nil
259.61
14.55
50.00
52.50
Mr. Rajesh Garg
(1)
12th June 2015
(2) Exclusive of provision for leave encashment and contribution to the approved Group Gratuity Fund, which are
actuarially determined on an overall basis
Variable bonus is determined by the Board of Directors on the basis of recommendation of Nomination
and Remuneration Committee.
y
1RVWRFNRSWLRQVZHUHJUDQWHGWRWKH([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDU
Service Contracts, Notice Period and Severance Fees:

The period of appointment of Mr. Subhanu Saxena is for a term of 5 years from the date of appointment.
7KH DSSRLQWPHQW FDQ EH WHUPLQDWHG E\ HLWKHU SDUW\ E\ JLYLQJ QRW OHVV WKDQ VL[ PRQWKV SULRU QRWLFH LQ
contd.
writing to the other party or pro-rata basic salary in lieu of notice. The severance fees shall be as per the
terms and conditions laid down in the employment agreement entered into with him.
The period of appointment of Mr. S. Radhakrishnan is for a term of 5 years from the date of appointment.
7KHDSSRLQWPHQWFDQEHWHUPLQDWHGE\HLWKHUSDUW\E\JLYLQJQRWOHVVWKDQWKUHHPRQWKVSULRUQRWLFHLQ
writing to the other party. There is no separate provision for payment of severance fees.
Mr. Rajesh Garg was appointed as Whole-time Director of the Company designated as Executive Director
DQG*OREDO&KLHI)LQDQFLDO2FHUIRUDSHULRGRI\HDUVFRPPHQFLQJIURPst April 2014. Mr. Rajesh Garg
GHPLWWHG RFH DV D 'LUHFWRU :KROHWLPH 'LUHFWRU DQG &KLHI )LQDQFLDO 2FHU ZLWK HHFW IURP FORVH RI
business hours on 12th-XQHb7KHVHYHUDQFHIHHVVKDOOEHDVSHUWKHWHUPVDQGFRQGLWLRQVODLGGRZQ
in the employment agreement entered into with him.
y
7KHGHWDLOVRIUHPXQHUDWLRQWR1RQ([HFXWLYH'LUHFWRUVGXULQJWKHQDQFLDO\HDUDUHJLYHQEHORZ
` in lakhs
1RQ([HFXWLYH'LUHFWRUV
Sitting Fees*
Commission
Dr. Y. K. Hamied
0.90
200.00
Mr. M. K. Hamied
2.80
200.00
Mr. Ashok Sinha
2.90
42.25
Dr. Peter Mugyenyi
0.90
40.00#
Mr. Adil Zainulbhai
1.90
27.75
Dr. Nachiket Mor
0.80
11.50
Ms. Punita Lal
0.80
11.75
Dr. H. R. Manchanda
1.30
18.75
Mr. V. C. Kotwal
0.50
18.75
Mr. M. R. Raghavan
0.40
11.25
Mr. Pankaj Patel
0.70
13.25
*7KHDERYHJXUHVDUHLQFOXVLYHRIIHHVSDLGIRUDWWHQGDQFHRIFRPPLWWHHPHHWLQJV
86'HTXLYDOHQWWR15DPRXQWSDLGWRWKH'LUHFWRU
The Commission payable to Non-Executive Directors is determined by the Board of Directors on the basis
of recommendation of the Nomination and Remuneration Committee.
Apart from sitting fees and commission, there are no pecuniary payments by the Company to
Non-Executive Directors during the year.
5HPXQHUDWLRQ3ROLF\
The Board of Directors approved the Remuneration Policy on the recommendation of the Nomination and
Remuneration Committee. The salient aspects of the Remuneration Policy are outlined below:
2EMHFWLYH
The primary objective of the Remuneration Policy is to ensure that:
D OHYHO DQG FRPSRVLWLRQ RI UHPXQHUDWLRQ LV UHDVRQDEOH DQG VXFLHQW WR DWWUDFW UHWDLQ DQG PRWLYDWH
right talent at all levels 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 involves a balance
EHWZHHQ [HG DQG LQFHQWLYH SD\ UHHFWLQJ VKRUW DQG ORQJWHUP SHUIRUPDQFH REMHFWLYHV DSSURSULDWH
to the working of the Company and its goals.
contd.
6FRSH
The policy is divided into separate sections for Directors, Key Managerial Personnel, members of Senior
Management and other employees of the Company. It does not cover temporary or contractual employees,
trainees, apprentices, consultants engaged on a retainer basis or otherwise and casual labour.

'LUHFWRUV
$ 5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPH'LUHFWRU
7KH 0DQDJLQJ 'LUHFWRU:KROHWLPH 'LUHFWRU DUH DSSRLQWHG IRU D [HG WHQXUH DV DSSURYHG E\
the shareholders and such appointments are renewable upon expiry of the tenure subject to
recommendation by the Nomination and Remuneration Committee and approval of the Board of
Directors, shareholders and other authorities as the case may be.
The remuneration to the Managing Director/Whole-time Director shall be in accordance with
their employment agreement/letter of appointment and within the overall limit prescribed under
the Act and approved by the shareholders. The key components of remuneration package shall
LQFOXGH [HG VDODU\ SHUTXLVLWHV DOORZDQFHV MRLQLQJ ERQXV YDULDEOH ERQXV FRPPLVVLRQ UHWLUDO
EHQHWV RWKHU EHQHWV LQ DFFRUGDQFH ZLWK WKH PDUNHW SUDFWLFH DQG LQGXVWU\ DQDO\VLV GHSHQGLQJ
upon the criticality of the role.
Managing Director/Whole-time Director are also eligible for grant of stock options under the
(PSOR\HH 6WRFN 2SWLRQ 6FKHPH IUDPHGWR EH IUDPHG ZKHUH GHHPHG W DV GHFLGHG E\ WKH
Nomination and Remuneration Committee from time to time.
7KH 0DQDJLQJ 'LUHFWRU:KROHWLPH 'LUHFWRU VKDOO EH FRYHUHG XQGHU WKH 'LUHFWRUV DQG 2FHUV
Liability Insurance (D&O) Policy.
Annual increments shall be linked to their overall performance, Company performance, future
plans, market practice and environment and any other relevant factors as per the recommendation
of the Nomination and Remuneration Committee and approval of the Board of Directors within
the limits approved by the shareholders.
% 5HPXQHUDWLRQWR1RQ([HFXWLYH'LUHFWRUV
Non-Executive Directors are paid sitting fees for attending meetings of the Board or the Committees
thereof at the rate of `50,000 per meeting or such fees as may be decided by the Board from time
to time within the limits prescribed under the Act.
1RQ([HFXWLYH 'LUHFWRUV PD\ EH HQWLWOHG WR &RPPLVVLRQ RQ SURWV ZLWKLQ WKH OLPLWV SUHVFULEHG
under the Act and approved by the shareholders as per the recommendation of the Nomination
and Remuneration Committee and approval of the Board of Directors.
As Non-Executive Chairman/Vice Chairman play a key role at the Board, are members of key
committees, contributes as a visionary and represents business interest of the Company at various
forums, they may be paid Commission higher than the other Non-Executive Directors as per the
recommendation of the Nomination and Remuneration Committee and approval of the Board of
Directors.
*UDQWRIVWRFNRSWLRQVZKHUHGHHPHGWXQGHUWKH(PSOR\HH6WRFN2SWLRQ6FKHPHIUDPHGWREH
framed and as decided by the Nomination and Remuneration Committee.
Non-Executive Independent Directors are not entitled to any stock options.
Non-Executive Directors shall be entitled to reimbursement of expenses for participation in the
Board and other meetings.
7KH1RQ([HFXWLYH'LUHFWRUVVKDOOEHFRYHUHGXQGHUWKH'LUHFWRUVDQG2FHUV/LDELOLW\QVXUDQFH
(D&O) Policy.
contd.
5HPXQHUDWLRQWR.H\0DQDJHULDO3HUVRQQHOQRWEHLQJD%RDUGPHPEHU
The appointment and remuneration to Key Managerial Personnel of the Company (not being a Board
member) shall be decided by the Board of Directors as per the recommendation of the Nomination
DQG 5HPXQHUDWLRQ &RPPLWWHH DIWHU WDNLQJ LQWR DFFRXQW HGXFDWLRQDO DQG SURIHVVLRQDO TXDOLFDWLRQ
H[SHULHQFH H[SHUWLVH UROHV DQG UHVSRQVLELOLWLHV UHTXLUHG IRU WKH SRVLWLRQ DQG FRPSHWLWLYH PDUNHW
practices.
The key components of remuneration package of the Key Managerial Personnel shall inter-alia include
)L[HG 6DODU\ 3HUTXLVLWHV $OORZDQFHV DQG 5HWLUDO EHQHWV 3HUIRUPDQFHOLQNHG ERQXV E\ ZKDWHYHU
named called shall be a cumulative outcome of both the individual target achievement level as well as
WKH&RPSDQ\VSHUIRUPDQFH*UDQWRIVWRFNRSWLRQVDVGHFLGHGE\WKH1RPLQDWLRQDQG5HPXQHUDWLRQ
&RPPLWWHHDQGVXFKRWKHUEHQHWVLQDFFRUGDQFHZLWKWKHPDUNHWSUDFWLFHV
7KH .H\ 0DQDJHULDO 3HUVRQQHO VKDOO EH FRYHUHG XQGHU WKH 'LUHFWRUV DQG 2FHUV /LDELOLW\ QVXUDQFH
(D&O) Policy.
Annual increments shall be linked to the Company's performance, individual performance, market
environment and as per the recommendation of the Nomination and Remuneration Committee and
approval of the Board of Directors.
5HPXQHUDWLRQWR6HQLRU0DQDJHPHQW
The appointment and remuneration of Senior Managerial personnel of the Company shall be
decided by the Nomination and Remuneration Committee after taking into account educational and
SURIHVVLRQDO TXDOLFDWLRQ H[SHULHQFH H[SHUWLVH UROHV DQG UHVSRQVLELOLWLHV UHTXLUHG IRU WKH SRVLWLRQ
and competitive market practices.
The key components of remuneration package of the Senior Management Personnel shall
LQWHUDOLDLQFOXGH)L[HG6DODU\3HUTXLVLWHV$OORZDQFHVDQG5HWLUDOEHQHWV3HUIRUPDQFHOLQNHGERQXV
by whatever named called shall be a cumulative outcome of both the individual target achievement
OHYHODVZHOODVWKH&RPSDQ\VSHUIRUPDQFH*UDQWRIVWRFNRSWLRQVDVGHFLGHGE\WKH1RPLQDWLRQDQG
5HPXQHUDWLRQ&RPPLWWHH6XFKRWKHUEHQHWVLQDFFRUGDQFHZLWKWKHPDUNHWSUDFWLFHV
Annual increments shall be linked to the Company's performance, individual performance, market
environment, future plans and as decided by the Nomination and Remuneration Committee in
consultation with the Managing Director or CEO as the case may be.
9 5HPXQHUDWLRQWRRWKHU(PSOR\HHV
7KHUHPXQHUDWLRQWRRWKHUHPSOR\HHVVKDOOEHEDVHGRQWKHH[SHULHQFHTXDOLFDWLRQH[SHUWLVHRIWKH
LQGLYLGXDOHPSOR\HHDVZHOODVWKHUROHVDQGUHVSRQVLELOLWLHVUHTXLUHGIRUWKHSRVLWLRQ
The elements of the remuneration structure of other employees inter-alia include Fixed Salary;
3HUTXLVLWHV $OORZDQFHV DQG 5HWLUDO EHQHWV 3HUIRUPDQFHOLQNHG ERQXV E\ ZKDWHYHU QDPHG FDOOHG
ZKHUH GHHPHG W *UDQW RI VWRFN RSWLRQV DV GHFLGHG E\ 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH
6XFKRWKHUEHQHWVLQDFFRUGDQFHZLWKPDUNHWSUDFWLFHVDQGUHOHYDQWIDFWRUVZKHUHGHHPHGW
$QQXDO LQFUHPHQWV IRU WKH RWKHU HPSOR\HHV VKDOO EH OLQNHG WR WKH LQGLYLGXDOV RYHUDOO SHUIRUPDQFH
and as decided by the Human Resources Department within the overall framework of performance
PDQDJHPHQW VFKHPHV DV DSSURYHG E\ WKH 0DQDJLQJ 'LUHFWRU&KLHI ([HFXWLYH 2FHU IURP WLPH
to time.
I 6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHH
y
The Company has a Stakeholders Relationship Committee to attend to and address the grievances of the
security holders as and when received. During the year under review, the Share Committee of the Company
was dissolved and the terms of reference of the Stakeholders Relationship Committee was expanded to
LQWHUDOLDDSSURYHWUDQVIHUWUDQVPLVVLRQLVVXHRIGXSOLFDWHVKDUHFHUWLFDWHVDQGDOOLHGPDWWHUV
contd.
The Executive Directors and the Company Secretary, under the authority of the Board, are severally
DXWKRULVHGWRDSSURYHWUDQVIHUWUDQVPLVVLRQWUDQVSRVLWLRQUHTXHVWVHWFXSWRDVSHFLHGOLPLWZKLFKDUH
QRWHGDWVXEVHTXHQWPHHWLQJVRIWKH6WDNHKROGHUV5HODWLRQVKLS&RPPLWWHH
y
7KH&RPSDQ\V6KDUH7UDQVIHU$JHQWV.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHGKDYHDGHTXDWHLQIUDVWUXFWXUH
to process the above matters.
y
Q FRPSOLDQFH ZLWK WKH UHTXLUHPHQW RI /LVWLQJ $JUHHPHQW SHULRGLF FHUWLFDWHV LVVXHG E\ D 3UDFWLVLQJ
&RPSDQ\6HFUHWDU\DUHOHGZLWKWKH6WRFN([FKDQJHV
The Stakeholders Relationship Committee currently comprises of Mr. M. K. Hamied Chairman;

Mr. S. Radhakrishnan Member and Dr. Nachiket Mor Member.
Four meetings of the Stakeholders Relationship Committee were held during the year. The dates
on which the said meetings were held are: 15th May 2014; 14th August 2014; 13th November 2014 and
11th February 2015. The members attended all the meetings held during their tenure as members of the
Committee except Dr. H. R. Manchanda who attended 2 out of 3 meetings.
y
0U 0LWDO 6DQJKYL &RPSDQ\ 6HFUHWDU\ DFWV DV WKH &RPSDQ\V &RPSOLDQFH 2FHU 7KH &RPSDQ\ DWWHQGV
WRWKHVKDUHKROGHUVLQYHVWRUVJULHYDQFHVFRUUHVSRQGHQFHH[SHGLWLRXVO\'XULQJWKHQDQFLDO\HDUXQGHU
review, 44 investor grievances were received and all of them have been resolved.
J 5LVN0DQDJHPHQW&RPPLWWHH
y
The Risk Management Committee was constituted by the Board of Directors on 29th September 2014
DGKHULQJWRWKHUHTXLUHPHQWVRI&ODXVHRIWKH/LVWLQJ$JUHHPHQW7KH&RPPLWWHHVSULPHUHVSRQVLELOLW\
is to monitor and review the risk management plan and to discharge such other functions as may be
delegated to the Committee by the Board from time to time.
y
'XULQJ WKH QDQFLDO \HDU WKH &RPPLWWHH FRPSULVHG RI 0U 6XEKDQX 6D[HQD &KDLUPDQ
Mr. S. Radhakrishnan Member and Mr. Rajesh Garg Member.
y
2QHPHHWLQJRIWKH&RPPLWWHHZDVKHOGGXULQJWKHQDQFLDO\HDURQth February 2015 and attended by

all the Committee members.
K &RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHH
y
The Corporate Social Responsibility Committee was constituted by the Board of Directors on
13th0DUFKDGKHULQJWRWKHUHTXLUHPHQWVRIWKH$FW
The Committee currently comprises of Mr. M. K. Hamied Chairman, Mr. S. Radhakrishnan

Member, Mr. Adil Zainulbhai Member, Ms. Punita Lal Member, Dr. Nachiket Mor Member and
Mr. Subhanu Saxena Member.
The terms of reference of the Committee, inter-alia, include the following:
Formulate and recommend to the Board, the Corporate Social Responsibility Policy and the activities
to be undertaken by the Company.
Recommend the amount of expenditure to be incurred on the activities.
Monitor the Corporate Social Responsibility Policy from time to time.
Discharge such duties and functions as indicated in Section 135 of the Act and Rules made thereunder
from time to time and such other functions as may be delegated to the Committee by the Board from
time to time.
7DNH DOO QHFHVVDU\ DFWLRQV DV PD\ EH QHFHVVDU\ RU GHVLUDEOH DQG DOVR WR VHWWOH DQ\ TXHVWLRQ RU
GLFXOW\ RU GRXEWV WKDW PD\ DULVH ZLWK UHJDUGV WR &RUSRUDWH 6RFLDO 5HVSRQVLELOLW\ DFWLYLWLHV3ROLF\ RI
the Company.
y
i.
contd.
7ZRPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 13th August 2014 and 11th February 2015. The members attended all the meetings held
during their tenure as members of the Committee.
Mergers & Acquisitions Committee

y
7KH0HUJHUV $FTXLVLWLRQV&RPPLWWHHZDVFRQVWLWXWHGE\WKH%RDUGRI'LUHFWRUVRQth April 2014.
y
7KHWHUPVRIUHIHUHQFHRIWKH&RPPLWWHHLQWHUDOLDLQFOXGHVJUDQWLQJLQSULQFLSOHDSSURYDOIRUDFTXLVLWLRQV
divestments to be made by the Company/subsidiary companies upto a certain limit, approval for setting
XSRIEUDQFKUHSUHVHQWDWLYHRFHDQGGLVFKDUJHVXFKRWKHUGXWLHVIXQFWLRQVDVPD\EHGHOHJDWHGWRWKH
Committee by the Board.
y
'XULQJ WKH QDQFLDO \HDU WKH &RPPLWWHH FRPSULVHG RI 0U 6XEKDQX 6D[HQD &KDLUPDQ
Mr. S. Radhakrishnan Member, Mr. Ashok Sinha Member and Mr. Rajesh Garg Member.
y
7KUHHPHHWLQJVRIWKH&RPPLWWHHZHUHKHOGGXULQJWKHQDQFLDO\HDU7KHGDWHVRQZKLFKWKHVDLGPHHWLQJV
were held are: 13th October 2014; 11th February 2015 and 30th March 2015. The members attended all the
PHHWLQJVKHOGGXULQJWKHQDQFLDO\HDUH[FHSW0U65DGKDNULVKQDQZKRDWWHQGHGRXWRIPHHWLQJV
M *HQHUDO%RG\0HHWLQJV
y
Annual General Meeting:

Financial Year
Date
Venue
Time
2011-12
17 August 2012
Rama Watumull Auditorium,

K. C. College, Dinshaw Wacha Road,
Churchgate, Mumbai-400 020
3.00 p.m.
2012-13
22nd August 2013
2013-14
3rd September 2014
Y. B. Chavan Auditorium, General Jagannath

Bhosale Marg, Mumbai-400 021
th
No Special Resolution was passed at the Annual General Meeting of the Company held on 17th August 2012.
The following Special Resolutions were passed at the Annual General Meeting of the Company held on
22nd August 2013:
a)
Appointment of Mr. Subhanu Saxena as Managing Director of the Company designated as Managing
'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHUIRUDSHULRGRIYH\HDUVFRPPHQFLQJIURPth July 2013
and concluding on 15th July 2018.
b) Appointment of Mr. M. K. Hamied as Whole-time Director of the Company designated as Executive

Vice-Chairman for a period of two years commencing from 16th July 2013 and concluding on
15th July 2015.
c)
Revision in terms of remuneration of Mr. Kamil Hamied, a relative of Mr. M. K. Hamied, Director.
d) Revision in terms of remuneration of Ms. Samina Vaziralli, a relative of Mr. M. K. Hamied, Director.
e)
Issuance of upto 84,44,528 stock options to the employees of the Company under Employee Stock
Option Scheme 2013-A (ESOS 2013-A).
f)
Issuance of stock options to the employees of Subsidiary Companies under Employee Stock Option
Scheme 2013-A (ESOS 2013-A).
g)
Issuance of 5,22,194 stock options to Mr. Rajesh Garg under Employee Stock Option Scheme 2013-B
(ESOS 2013-B).
contd.
K 3D\PHQWRI&RPPLVVLRQQRWH[FHHGLQJLQDJJUHJDWHSHUDQQXPRI&RPSDQ\V1HW3URWVWR1RQ
([HFXWLYH'LUHFWRUVRIWKH&RPSDQ\IRUDSHULRGRIYHQDQFLDO\HDUVFRPPHQFLQJIURPst April 2013.
y
No Special Resolution was passed at the Annual General Meeting of the Company held on 3rd September
2014.
Postal Ballot
During the year under review, the Company obtained the approval of the members, through postal
ballot on the following items:
Sr. No.
y
Description
7\SHRI5HVROXWLRQ
% of votes in
favour
% of votes
against
Appointment of Ms. Punita Lal

as an Independent Director
Ordinary Resolution
99.990%
0.010%
Appointment of Dr. Nachiket

Mor as an Independent Director
Ordinary Resolution
99.991%
0.009%
9RWLQJ ULJKWV ZHUH UHFNRQHG RQ WKH SDLGXS YDOXH RI HTXLW\ VKDUHV UHJLVWHUHG LQ WKH QDPH RI WKH
members as on Friday, 14th November 2014.
The voting period commenced from 10.00 a.m. on Wednesday, 10th December 2014 and ended on
6.00 p.m. on Thursday, 8th January 2015.
Mr. B. Narasimhan, Practising Company Secretary, was appointed as Scrutinizer for conducting the
postal ballot process.
%RWKWKHDIRUHVDLGUHVROXWLRQVZHUHSDVVHGZLWKUHTXLVLWHPDMRULW\RQth January 2015.
1RQHRIWKHEXVLQHVVSURSRVHGWREHWUDQVDFWHGDWWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJUHTXLUHSDVVLQJ
of resolution through Postal Ballot.
N 'LVFORVXUHV
y
'XULQJWKHQDQFLDO\HDUWKHUHZDVQRPDWHULDOO\VLJQLFDQWWUDQVDFWLRQHQWHUHGLQWREHWZHHQWKH
Company and its Promoters, Directors or the Management, subsidiaries or relatives, etc. that may have
SRWHQWLDOFRQLFWZLWKWKHLQWHUHVWVRIWKH&RPSDQ\DWODUJH)XUWKHUGHWDLOVRIUHODWHGSDUW\WUDQVDFWLRQV
DUHSUHVHQWHGLQ1RWHVWRWKHQDQFLDOVWDWHPHQWV
y
7KH &RPSDQ\ KDV FRPSOLHG ZLWK WKH UHTXLUHPHQWV RI WKH 6WRFN ([FKDQJHV 6(% DQG RWKHU VWDWXWRU\
authorities on all matters related to capital markets during the last three years. In absence of any noncompliance by the Company, there were neither any penalties imposed nor any strictures passed on the
Company by the Stock Exchanges, SEBI or any other statutory authority.
The Company always believes in upholding professional integrity and ethical behaviour in the conduct of its
business. To uphold and promote these standards, the Company has formulated Vigil Policy which serves
as a mechanism for its Directors and employees to report genuine concerns about unethical behaviour,
DFWXDORUVXVSHFWHGIUDXGRUYLRODWLRQRIWKH&RGHRI&RQGXFWZLWKRXWIHDURIUHSULVDO'XULQJWKHQDQFLDO
year, no employee was denied access to the Audit Committee.
y
7KH &RPSDQ\ KDV IXOOOHG WKH IROORZLQJ QRQPDQGDWRU\ UHTXLUHPHQWV DV SUHVFULEHG LQ &ODXVH RI WKH
Listing Agreement:
l.
contd.
7KH&RPSDQ\LVLQWKHUHJLPHRIXQTXDOLHGQDQFLDOVWDWHPHQWV
Dr. Y. K. Hamied is the Chairman of the Company and Mr. Subhanu Saxena is the Managing Director
DQG*OREDO&KLHI([HFXWLYH2FHURIWKH&RPSDQ\7KH&RPSDQ\KDVFRPSOLHGZLWKWKHUHTXLUHPHQW
of having separate persons to the post of Chairman and Managing Director/CEO.
Internal audit function reports directly to the Audit Committee.
Code of Conduct
The Code of Conduct for the Directors and Senior Management of the Company has been laid down by the
Board and the same is posted on the website of the Company. Mr. Subhanu Saxena, Managing Director and
*OREDO&KLHI([HFXWLYH2FHUKDVGHFODUHGWKDWWKH%RDUG0HPEHUVDQG6HQLRU0DQDJHPHQWKDYHDUPHG
compliance with the Code of Conduct of the Company.
P &(2DQG&)2&HUWLFDWLRQ
7KH &(2&)2 RI WKH &RPSDQ\ KDYH FHUWLHG SRVLWLYHO\ WR WKH %RDUG RQ WKH PDWWHUV VSHFLHG XQGHU &ODXVH
49(IX) of the Listing Agreement.
n. Means of Communication
y
7KHKDOI\HDUO\TXDUWHUO\UHVXOWVDUHSXEOLVKHGLQWKHQHZVSDSHUV0XPEDLHGLWLRQDQGDUHQRWEHLQJVHQW

to each household of shareholders.
The results are usually published in the following newspapers: The Economic Times; Navbharat Times; The
Financial Express; Business Standard; The Hindu Business Line; and Sakaal.
y
7KH DQQXDOKDOI \HDUO\TXDUWHUO\ UHVXOWV DQG RWKHU RFLDO QHZV UHOHDVHV DUH GLVSOD\HG RQ WKH ZHEVLWH RI
the Company www.cipla.com
y
3UHVHQWDWLRQVPDGHWRWKHLQVWLWXWLRQDOLQYHVWRUVDQGQDQFLDODQDO\VWVRQWKH&RPSDQ\VQDQFLDOUHVXOWV
DUHXSORDGHGRQWKH&RPSDQ\VZHEVLWH
y
7KH0DQDJHPHQW'LVFXVVLRQDQG$QDO\VLV5HSRUWIRUPVSDUWRIWKH'LUHFWRUV5HSRUW
contd.
R *HQHUDO6KDUHKROGHUQIRUPDWLRQ
y
Date, Time and Venue of the AGM
Thursday, 27th August 2015 at 3.00 p.m.

Y. B. Chavan Auditorium, General Jagannath Bhosale Marg,
Mumbai-400 021
Financial Calendar
1st day of April to 31st day of March in the

next calendar year
Adoption of Financial Results

(tentative)
)RUWKHTXDUWHUHQGLQJth June 2015
)RUWKHTXDUWHUDQGKDOI\HDUHQGLQJ
30th September 2015
1st week of November 2015
)RUWKHTXDUWHUDQGQLQHPRQWKV
ending 31st December 2015
2nd week of February 2016
)RUWKHQDQFLDO\HDUHQGLQJ
31st March 2016
3rd / 4th week of May 2016
Date of Book Closure
13th August 2015 to 27th August 2015

(both days inclusive)
Dividend Payment Date
Will be dispatched / credited on or after 1st September

2015
Corporate Identity Number (CIN)
L24239MH1935PLC002380
Listing on Stock Exchanges
(TXLW\6KDUHV%6(/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRI
India Limited.
Global Depository Receipts (GDRs): Luxembourg Stock
Exchange
7KH&RPSDQ\KDVSDLGWKHUHTXLVLWHDQQXDOOLVWLQJIHHVWR
WKHDERYHVWRFNH[FKDQJHVIRUWKHQDQFLDO\HDU
Stock Code
500087 on BSE Limited

CIPLA EQ on National Stock Exchange of India Limited
ISIN Number for NSDL & CDSL
INE059A01026
Market Price Data
The high and low prices of every month during the

QDQFLDO\HDUDUHJLYHQKHUHLQDIWHU7KH
&RPSDQ\VPDUNHWFDSLWDOLVDWLRQLVLQFOXGHGLQWKH
computation of BSE Sensex and S&P CNX NIFTY Index.
2nd week of August 2015
Financial
year

%6(/LPLWHG
contd.
1DWLRQDO6WRFN([FKDQJHRIQGLD/LPLWHG
High (`
/RZ`
Number of
Shares Traded
High (`
/RZ`
Number of
Shares Traded
April
409.30
380.25
4224455
410.10
379.15
23448661
May
425.00
368.70
4974003
425.00
367.50
36170269
June
445.00
381.90
5838283
445.00
381.20
39710410
July
462.65
425.90
3188429
463.35
425.25
26215684
August
517.10
430.35
3212232
517.40
430.00
30315365
September
639.05
515.00
6540955
639.10
514.70
60134927
October
671.95
571.05
3018933
673.00
570.20
31542377
November
670.50
593.25
3683322
671.00
593.00
33966377
December
667.55
598.25
3441988
667.30
597.80
32937520
January
711.45
604.80
3150922
711.90
604.50
29556580
February
706.00
624.00
5252889
706.50
623.45
32411497
March
752.45
681.45
3870548
752.85
681.35
37380515
Performance in comparison to BSE SENSEX Financial year 2014-15
730
30000
680
580
26000
530
24000
480
430
22000
380
CIPLA SHARE PRICE
330
BSE SENSEX
20000
Apr
14
May
14
Jun
14
Jul
14
Aug
14
Sep
14
Oct
14
Month
Nov
14
Dec
14
Jan
15
Feb
15
Mar
15
BSE Sensex (Pts.)
Cipla Share Price (`)
28000
630
y
contd.
Address for Correspondence

All communications with regard to transfer, transmission, National Electronic Clearing Service (NECS),
dividend, dematerialisation, etc. should be addressed to the Share Transfer Agents viz. Karvy Computershare
Private Limited.
Share Transfer Agents
: Karvy Computershare Private Limited

8QLW&LSOD/LPLWHG
Karvy Selenium Tower B, Plot No.: 31 & 32, Gachibowli, Financial District,
Nanakramguda, Serilingampally, Hyderabad, Telangana 500032
Tel: (040) 6716 2222 / 6716 1511
Fax: (040) 2300 1153
E-mail: einward.ris@karvy.com
Website: www.karvy.com
Company
: Shares Department
Cipla House,
Peninsula Business Park,
Ganpatrao Kadam Marg,
Lower Parel
Mumbai-400 013
Tel: (022) 24826000/24826951
Fax: (022) 24826893
E-mail: cosecretary@cipla.com
Website: www.cipla.com
Distribution of shareholding as on 31st0DUFK&ODVVZLVHGLVWULEXWLRQRI(TXLW\6KDUHV

Shareholding
1-2500
No. of Folios
% of Total
No. of Shares
% of Total
159534
97.23
22960484
2.86
2501-5000
1523
0.93
5644179
0.70
5001-10000
912
0.55
6749814
0.84
10001-15000
419
0.26
5193525
0.65
15001-20000
222
0.14
3902494
0.49
20001-25000
182
0.11
4137296
0.52
25001-50000
419
0.26
15206383
1.89
Above 50000
861
0.52
739166265
92.05

Total
Physical Mode
Electronic Mode
1395
0.85
62091765
7.73
162677
99.15
740868675
92.27
y
contd.
Shareholding Pattern as on 31st March 2015
Shares in transit
(Depository) 0.14%
Bank of New York

(Shares underlying GDRs)
2.18%
NRIs / Foreign Corporate
Bodies 3.49%
Promoters and
Promoter Group 36.80%
Indian Public
18.24%
Bodies Corporate
3.96%
Mutual Funds and UTI
3.84%
Foreign Portfolio
Investors 5.27%
Foreign Institutional
Investors 20.16%
y
Banks, Financial Institutions, Insurance Companies

(Central/State Govt. Institutions /Non-Govt Institutions)
5.92%
'HPDWHULDOLVDWLRQRI6KDUHVDQG/LTXLGLW\
As on 31st March 2015, 92.27 percent of the share capital was held in dematerialised form.
$V WR WKH OLTXLGLW\ HTXLW\ VKDUHV RI WKH &RPSDQ\ DUH WUDGHG LQ WKH $)RUZDUG JURXS DQG KDYH EHHQ
included in the SENSEX at BSE Limited. They are also included in S&P CNX NIFTY of National Stock Exchange
of India Limited. They are among the select scrips in which derivatives trading has been permitted in the
form of stock futures and stock options.
Outstanding GDRs/ADRs/Warrants
7KH *'5V DUH OLVWHG RQ /X[HPERXUJ 6WRFN ([FKDQJH DQG WKH XQGHUO\LQJ HTXLW\ VKDUHV DUH OLVWHG RQ %6(
/LPLWHGDQG1DWLRQDO6WRFN([FKDQJHRIQGLD/LPLWHG(DFK*'5UHSUHVHQWVRQHXQGHUO\LQJHTXLW\VKDUH
of the Company. As on 31st March 2015, 1,75,18,445 GDRs were outstanding.
The Company has not issued any American Depository Receipts (ADRs)/Warrants.
The Company has granted stock options to its employees and those of its subsidiaries under the Employee
6WRFN2SWLRQ6FKHPHV7KH&RPSDQ\DOORWVHTXLW\VKDUHVIURPWLPHWRWLPHRQH[HUFLVHRIVWRFNRSWLRQV
by the employees pursuant to the provisions of Securities and Exchange Board of India (Share Based
(PSOR\HH %HQHWV 5HJXODWLRQV DQG WKH WHUPV DQG FRQGLWLRQV RI WKH UHVSHFWLYH (PSOR\HH 6WRFN
Option Scheme(s).
y
contd.
Plant Locations
i.
Virgonagar, Old Madras Road,

Bengaluru-560 049, Karnataka
ii.
Bommasandra-Jigani Link Road,

Industrial Area, KIADB 4th Phase,
Bengaluru-560 099, Karnataka
iii.
MIDC, Patalganga-410 220,

District: Raigad, Maharashtra
iv.
MIDC Industrial Area, Kurkumbh-413 802,

Daund, District: Pune, Maharashtra
v.
Verna Industrial Estate,

Verna-403 722, Salcette, Goa
YL 9LOODJH0DOSXU8SSHU32%KXG1DODJDUK%DGGL
District: Solan, Himachal Pradesh
vii.
Village Kumrek, Rangpo-737 132,

District : East Sikkim, Sikkim
viii.
Indore SEZ, Phase II, Sector III, Pharma Zone,

P.O. Pithampur-454 774, District: Dhar, Madhya Pradesh
Y. K. Hamied
Chairman
9th July 2015
&HUWLFDWHRQ&RPSOLDQFHZLWK&ODXVHRIWKH/LVWLQJ$JUHHPHQW
To the Members of Cipla Limited,
KDYH H[DPLQHG WKH FRPSOLDQFH E\ &LSOD /LPLWHG WKH &RPSDQ\ RI WKH UHTXLUHPHQWV XQGHU &ODXVH RI WKH
Listing Agreement, entered into by the Company with the Stock Exchanges, for the year ended 31st March 2015.
In my opinion and to the best of my information and according to the explanations given to me, I certify that
the Company has complied with the conditions of Corporate Governance as stipulated in Clause 49 of the Listing
Agreement.
The compliance of conditions of Corporate Governance is the responsibility of the management of the Company.
My examination was limited to procedures adopted, and implementation thereof, by the Company for ensuring
compliance with the conditions of Corporate Governance under Clause 49. The examination is neither an audit
QRUDQH[SUHVVLRQRIRSLQLRQRQWKHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\
I further state that such compliance is neither an assurance as to the future viability of the Company nor the
HFLHQF\RUHHFWLYHQHVVZLWKZKLFKWKHPDQDJHPHQWKDVFRQGXFWHGWKHDDLUVRIWKH&RPSDQ\
Dr. K. R. Chandratre
Practising Company Secretary
FCS No. 1370
&HUWLFDWHRI3UDFWLFH1R
Pune, 30th June 2015
Independent Auditors Report

To the Members of Cipla Limited
Report on the Standalone Financial Statements
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJVWDQGDORQHQDQFLDOVWDWHPHQWVRI&LSOD/LPLWHGWKH&RPSDQ\ZKLFK
comprises the Balance Sheet as at 31st0DUFKWKH6WDWHPHQWRI3URWDQG/RVVWKH&DVK)ORZ6WDWHPHQW
IRUWKH\HDUWKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQ
Managements Responsibility for the Standalone Financial Statements
7KH&RPSDQ\V%RDUGRI'LUHFWRUVLVUHVSRQVLEOHIRUWKHPDWWHUVVWDWHGLQVXEVHFWLRQRIVHFWLRQRIWKH
&RPSDQLHV$FWWKH$FWZLWKUHVSHFWWRWKHSUHSDUDWLRQRIWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVWKDW
JLYH D WUXH DQG IDLU YLHZ RI WKH QDQFLDO SRVLWLRQ QDQFLDO SHUIRUPDQFH DQG FDVK RZV RI WKH &RPSDQ\ LQ
DFFRUGDQFHZLWKWKHDFFRXQWLQJSULQFLSOHVJHQHUDOO\DFFHSWHGLQQGLDLQFOXGLQJ$FFRXQWLQJ6WDQGDUGVVSHFLHG
XQGHU VHFWLRQ RI WKH $FW UHDG ZLWK 5XOH RI WKH &RPSDQLHV $FFRXQWV 5XOHV 7KLV UHVSRQVLELOLW\
DOVR LQFOXGHV PDLQWHQDQFH RI DGHTXDWH DFFRXQWLQJ UHFRUGV LQ DFFRUGDQFH ZLWK WKH SURYLVLRQV RI WKH $FW IRU
safeguarding the assets of the Company and for preventing and detecting frauds and other irregularities;
selection and application of appropriate accounting policies; making judgements and estimates that are
UHDVRQDEOHDQGSUXGHQWDQGGHVLJQLPSOHPHQWDWLRQDQGPDLQWHQDQFHRIDGHTXDWHLQWHUQDOQDQFLDOFRQWUROV
WKDWZHUHRSHUDWLQJHHFWLYHO\IRUHQVXULQJWKHDFFXUDF\DQGFRPSOHWHQHVVRIWKHDFFRXQWLQJUHFRUGVUHOHYDQW
WRWKHSUHSDUDWLRQDQGSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWVWKDWJLYHDWUXHDQGIDLUYLHZDQGDUHIUHHIURP
PDWHULDOPLVVWDWHPHQWZKHWKHUGXHWRIUDXGRUHUURU
Auditors Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHVWDQGDORQHQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW
:H KDYH WDNHQ LQWR DFFRXQW WKH SURYLVLRQV RI WKH $FW WKH DFFRXQWLQJ DQG DXGLWLQJ VWDQGDUGV DQG PDWWHUV
ZKLFKDUHUHTXLUHGWREHLQFOXGHGLQWKHDXGLWUHSRUWXQGHUWKHSURYLVLRQVRIWKH$FWDQGWKH5XOHVPDGHWKHUH
under.
:H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ VSHFLHG XQGHU VXEVHFWLRQ RI
VHFWLRQ RI WKH $FW 7KRVH 6WDQGDUGV UHTXLUH WKDW ZH FRPSO\ ZLWK HWKLFDO UHTXLUHPHQWV DQG SODQ DQG
SHUIRUP WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH QDQFLDO VWDWHPHQWV DUH IUHH IURP
material misstatement.
6.
An audit involves performing procedures to obtain audit evidence about the amounts and the disclosures in the
QDQFLDOVWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUVMXGJHPHQWLQFOXGLQJWKHDVVHVVPHQWRI
WKHULVNVRIPDWHULDOPLVVWDWHPHQWRIWKHQDQFLDOVWDWHPHQWVZKHWKHUGXHWRIUDXGRUHUURUQPDNLQJWKRVH
ULVNDVVHVVPHQWVWKHDXGLWRUFRQVLGHUVLQWHUQDOQDQFLDOFRQWUROUHOHYDQWWRWKH&RPSDQ\VSUHSDUDWLRQRIWKH
QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG IDLU YLHZ LQ RUGHU WR GHVLJQ DXGLW SURFHGXUHV WKDW DUH DSSURSULDWH
LQ WKH FLUFXPVWDQFHV EXW QRW IRU WKH SXUSRVH RI H[SUHVVLQJ DQ RSLQLRQ RQ ZKHWKHU WKH &RPSDQ\ KDV LQ
SODFHDQDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVV\VWHPRYHUQDQFLDOUHSRUWLQJDQGWKHRSHUDWLQJHHFWLYHQHVV
of such controls. An audit also includes evaluating the appropriateness of the accounting policies used and
WKHUHDVRQDEOHQHVVRIWKHDFFRXQWLQJHVWLPDWHVPDGHE\WKH&RPSDQ\V'LUHFWRUVDVZHOODVHYDOXDWLQJWKH
RYHUDOOSUHVHQWDWLRQRIWKHQDQFLDOVWDWHPHQWV
:HEHOLHYHWKDWWKHDXGLWHYLGHQFHZHKDYHREWDLQHGLVVXFLHQWDQGDSSURSULDWHWRSURYLGHDEDVLVIRURXU
DXGLWRSLQLRQRQWKHVWDQGDORQHQDQFLDOVWDWHPHQWV
Opinion
QRXURSLQLRQDQGWRWKHEHVWRIRXULQIRUPDWLRQDQGDFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXVWKHDIRUHVDLG
VWDQGDORQHQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYH
D WUXH DQG IDLU YLHZ LQ FRQIRUPLW\ ZLWK WKH DFFRXQWLQJ SULQFLSOHV JHQHUDOO\ DFFHSWHG LQ QGLD RI WKH VWDWH RI
DDLUVRIWKH&RPSDQ\DVDWst0DUFKDQGLWVSURWVDQGLWVFDVKRZVIRUWKH\HDUHQGHGRQWKDWGDWH
Independent Auditors Report contd.

Report on Other Legal and Regulatory Requirements
$VUHTXLUHGE\WKH&RPSDQLHV$XGLWRUV5HSRUW2UGHUWKH2UGHULVVXHGE\WKH&HQWUDO*RYHUQPHQW
RI QGLD LQ WHUPV RI VXEVHFWLRQ RI VHFWLRQ RI WKH $FW ZH JLYH LQ WKH $QQH[XUH D VWDWHPHQW RQ WKH
PDWWHUVVSHFLHGLQSDUDJUDSKDQGRIWKH2UGHUWRWKHH[WHQWDSSOLFDEOH
$VUHTXLUHGE\VXEVHFWLRQRIVHFWLRQRIWKH$FWZHUHSRUWWKDW
D ZH KDYH VRXJKW DQG REWDLQHG DOO WKH LQIRUPDWLRQ DQG H[SODQDWLRQV ZKLFK WR WKH EHVW RI RXU NQRZOHGJH
DQGEHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLW
E LQRXURSLQLRQSURSHUERRNVRIDFFRXQWDVUHTXLUHGE\ODZKDYHEHHQNHSWE\WKH&RPSDQ\VRIDUDVLW
DSSHDUVIURPRXUH[DPLQDWLRQRIWKRVHERRNV
F WKH%DODQFH6KHHWWKH6WDWHPHQWRI3URWDQG/RVVDQGWKH&DVK)ORZ6WDWHPHQWGHDOWZLWKE\WKLV5HSRUW
DUHLQDJUHHPHQWZLWKWKHERRNVRIDFFRXQW
G LQ RXU RSLQLRQ WKH DIRUHVDLG VWDQGDORQH QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ 6WDQGDUGV
VSHFLHGXQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
H RQ WKH EDVLV RI WKH ZULWWHQ UHSUHVHQWDWLRQV UHFHLYHG IURP WKH GLUHFWRUV DV RQ st March 2015 taken on
UHFRUG E\ WKH %RDUG RI 'LUHFWRUV QRQHRIWKHGLUHFWRUV LVGLVTXDOLHGDVRQst March 2015 from being
DSSRLQWHGDVDGLUHFWRULQWHUPVRIVXEVHFWLRQRIVHFWLRQRIWKH$FW
I
L WKH &RPSDQ\ KDV GLVFORVHG WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV QDQFLDO SRVLWLRQ LQ LWV QDQFLDO
VWDWHPHQWV5HIHU1RWHV WRWKHQDQFLDOVWDWHPHQWV
LL WKH&RPSDQ\GLGQRWKDYHDQ\ORQJWHUPFRQWUDFWVLQFOXGLQJGHULYDWLYHFRQWUDFWVIRUZKLFKWKHUHZHUH
any material foreseeable losses;
LLL WKHUHKDVEHHQQRGHOD\LQWUDQVIHUULQJDPRXQWVUHTXLUHGWREHWUDQVIHUUHGWRWKHQYHVWRU(GXFDWLRQ
DQG3URWHFWLRQ)XQGE\WKH&RPSDQ\
ZLWK UHVSHFW WR WKH RWKHU PDWWHUV WR EH LQFOXGHG LQ WKH $XGLWRUV 5HSRUW LQ DFFRUGDQFH ZLWK 5XOH RI
WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV LQ RXU RSLQLRQ DQG WR WKH EHVW RI RXU LQIRUPDWLRQ DQG
DFFRUGLQJWRWKHH[SODQDWLRQVJLYHQWRXV
)RU96DQNDU$L\DU &R
Chartered Accountants
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
Membership No. 17748
55DQJDUDMDQ
Partner
0XPEDLth0D\
0XPEDLth May 2015
Annexure to the Independent Auditors Report

(Referred to under the heading of Report on Other Legal and Regulatory Requirements of our Independent Auditors
Report to the Members of Cipla Limited on the Standalone Financial Statements for the year ended 31st March 2015)
D 7KH &RPSDQ\ KDV JHQHUDOO\ PDLQWDLQHG SURSHU UHFRUGV VKRZLQJ IXOO SDUWLFXODUV LQFOXGLQJ TXDQWLWDWLYH
GHWDLOVDQGVLWXDWLRQRI[HGDVVHWVRWKHUWKDQVLWXDWLRQRIIXUQLWXUHDQG[WXUHVDQGRFHHTXLSPHQWV
ZKHUHWKHVLWXDWLRQUHFRUGHGLVWKHORFDWLRQRIWKH&RPSDQ\VGLHUHQWHVWDEOLVKPHQWV
E 7KH &RPSDQ\ KDV D SROLF\ RI SK\VLFDOO\ YHULI\LQJ LWV [HG DVVHWV LQ D SKDVHG PDQQHU WR FRYHU DOO WKH
DVVHWVRIWKH&RPSDQ\LQDEORFNRIWKUHH\HDUVZKLFKLQRXURSLQLRQLVUHDVRQDEOHKDYLQJUHJDUGWRWKH
VL]HRIWKH&RPSDQ\DQGWKHQDWXUHRILWVEXVLQHVV'XULQJWKH\HDUVRPHRIWKH[HGDVVHWVKDYHEHHQ
SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DQG GLVFUHSDQFLHV QRWLFHG GXULQJ WKH SK\VLFDO YHULFDWLRQ ZKLFK
ZHUHQRWPDWHULDO KDYHEHHQDSSURSULDWHO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
D 7KH LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DW UHDVRQDEOH LQWHUYDOV GXULQJ WKH \HDU
7KH YHULFDWLRQ ZDV GRQH RQ WKH EDVLV RI WKH SHUSHWXDO LQYHQWRU\ V\VWHP RSHUDWHG E\ WKH &RPSDQ\ Q
FDVHRIPDWHULDOVO\LQJZLWKWKLUGSDUWLHVFHUWLFDWHVFRQUPLQJVXFKLQYHQWRU\KDYHEHHQREWDLQHGE\WKH
Company from most of the third parties.
E Q RXU RSLQLRQ DQG RQ WKH EDVLV RI WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV WKH SURFHGXUHV IRU
SK\VLFDOYHULFDWLRQRILQYHQWRU\IROORZHGE\WKH0DQDJHPHQWDUHUHDVRQDEOHDQGDGHTXDWHLQUHODWLRQWR
the size of the Company and the nature of its business.
F 2Q WKH EDVLV RI RXU H[DPLQDWLRQ RI WKH LQYHQWRU\ UHFRUGV LQ RXU RSLQLRQ WKH &RPSDQ\ KDV PDLQWDLQHG
SURSHUUHFRUGVRILQYHQWRU\7KHGLVFUHSDQFLHVQRWLFHGRQSK\VLFDOYHULFDWLRQRILQYHQWRU\DVFRPSDUHG
ZLWKWKHERRNUHFRUGVZHUHQRWPDWHULDODQGKDYHEHHQSURSHUO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
$FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV SURYLGHG WR XV WKH &RPSDQ\ KDV JUDQWHG XQVHFXUHG ORDQV
aggregating to ` FURUH WR WZR SDUWLHV FRYHUHG E\ WKH 5HJLVWHU PDLQWDLQHG XQGHU VHFWLRQ RI WKH
Act and amount outstanding from these parties at the end of the year totalled to ` FURUH ZKLFK DUH
UHSD\DEOHZLWKLQWR\HDUV2XWRIWKHVHLQWHUHVWIUHHXQVHFXUHGORDQVWRWDOOLQJWR`FURUHZHUHJLYHQ
WR D ZKROO\ RZQHG VXEVLGLDU\ SULRU WR st $SULO 5HFHLSW RI SULQFLSDO DQG LQWHUHVW ZKHUHYHU DSSOLFDEOH LV
regular as stipulated.
QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVKDYLQJUHJDUGWRWKHH[SODQDWLRQ
WKDWSXUFKDVHRIFHUWDLQLWHPVRILQYHQWRU\DQG[HGDVVHWVDUHIRUWKH&RPSDQ\VVSHFLDOL]HGUHTXLUHPHQWV
DQG VLPLODUO\ FHUWDLQ JRRGV VROG DUH IRU WKH VSHFLDOL]HG UHTXLUHPHQWV RI WKH EX\HUV DQG VXLWDEOH DOWHUQDWH
sources are not available to obtain comparable quotations there is generally adequate internal control system
FRPPHQVXUDWH ZLWK WKH VL]H RI WKH &RPSDQ\ DQG WKH QDWXUH RI LWV EXVLQHVV IRU WKH SXUFKDVH RI LQYHQWRU\
[HG DVVHWV DQG IRU WKH VDOH RI JRRGV VHUYLFHV Q RXU RSLQLRQ DQG DFFRUGLQJ WR WKH LQIRUPDWLRQ DQG
H[SODQDWLRQVJLYHQWRXVZHKDYHQRWREVHUYHGDQ\PDMRUZHDNQHVVGXULQJWKHFRXUVHRIDXGLW
QRXURSLQLRQDQGDFFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVWKH&RPSDQ\KDVQRWDFFHSWHG
DQ\GHSRVLWVIURPWKHSXEOLFZLWKLQWKHPHDQLQJRIVHFWLRQVWRRUDQ\RWKHUUHOHYDQWSURYLVLRQVRIWKH
Act and the rules framed thereunder.
:HKDYHEURDGO\UHYLHZHGWKHERRNVRIDFFRXQWPDLQWDLQHGE\WKH&RPSDQ\SXUVXDQWWRWKH5XOHVPDGHE\
WKH&HQWUDO*RYHUQPHQWIRUWKHPDLQWHQDQFHRIFRVWUHFRUGVXQGHUVXEVHFWLRQRIVHFWLRQRIWKH$FW
LQUHVSHFWRILWVSURGXFWVDQGDUHRIWKHRSLQLRQWKDWprima facieWKHSUHVFULEHGDFFRXQWVDQGUHFRUGVKDYH
EHHQ PDGH DQG PDLQWDLQHG +RZHYHU ZH KDYH QRW FDUULHG RXW D GHWDLOHG H[DPLQDWLRQ RI WKH DFFRXQWV DQG
UHFRUGVZLWKDYLHZWRGHWHUPLQHZKHWKHUWKHVHDUHDFFXUDWHRUFRPSOHWH
7.
a.
E $FFRUGLQJ WR WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV DQG EDVHG RQ WKH UHFRUGV RI WKH &RPSDQ\
$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVSURYLGHGWRXVDQGWKHUHFRUGVRIWKH&RPSDQ\H[DPLQHG
E\XVLQRXURSLQLRQWKH&RPSDQ\ZDVUHJXODULQGHSRVLWLQJXQGLVSXWHGVWDWXWRU\GXHVLQFOXGLQJ3URYLGHQW
)XQG (PSOR\HHV 6WDWH QVXUDQFH QFRPH 7D[ 6DOHV 7D[ :HDOWK 7D[ 6HUYLFH 7D[ &XVWRPV 'XW\ ([FLVH
'XW\ 9DOXH $GGHG 7D[ &HVV DQG DQ\ RWKHU PDWHULDO VWDWXWRU\ GXHV DSSOLFDEOH WR LW ZLWK WKH DSSURSULDWH
DXWKRULWLHV7KHUHZHUHQRXQGLVSXWHGDUUHDUVWKDWZHUHRXWVWDQGLQJDVDWst March 2015 for a period of
PRUHWKDQVL[PRQWKVIURPWKHGDWHWKH\EHFDPHSD\DEOH
Annexure to the Independent Auditors

Report contd.
H[DPLQHGE\XVDVRQst0DUFKWKHUHZHUHQRGXHVLQUHVSHFWRI:HDOWK7D[QFRPH7D[6HUYLFH
7D[&XVWRPV'XW\&HVVWKDWKDYHQRWEHHQGHSRVLWHGZLWKWKHDSSURSULDWHDXWKRULWLHVRQDFFRXQWRIGLVSXWH
7KHSDUWLFXODUVRIGXHVWRZDUGV([FLVH'XW\6DOHV7D[DQG6HUYLFH7D[WKDWKDYHQRWEHHQGHSRVLWHGRQ
account of dispute as at 31st0DUFKDQGWKHIRUXPZKHUHWKHVHGLVSXWHVDUHSHQGLQJDUHDVIROORZV
Name of the statute
Nature of dues
Financial years to
which the matter
pertains
Forum where the

dispute is pending
Amount
` in crore
7KH&HQWUDO([FLVH$FW ([FLVH'XW\
1944
2000-01 to 2012-13
&(67$7+LJK&RXUW
76.67
)LQDQFH$FW
6HUYLFH7D[
2003-04 to 2012-13
Commissioner
25.09
6WDWH6DOHV7D[$FWV
6DOHV7D[
2001-02 to 2013-14
6WDWH6DOHV7D[7ULEXQDO
Joint Commissioner
5.66
F 7KHUH KDV EHHQ QR GHOD\ LQ WUDQVIHUULQJ DPRXQWV UHTXLUHG WR EH WUDQVIHUUHG WR WKH QYHVWRU (GXFDWLRQ
DQG 3URWHFWLRQ )XQG E\ WKH &RPSDQ\ LQ DFFRUGDQFH ZLWK WKH UHOHYDQW SURYLVLRQV RI WKH &RPSDQLHV $FW
RIDQGUXOHVPDGHWKHUHXQGHUKDYHEHHQWUDQVIHUUHGWRVXFKIXQGZLWKLQWLPH
7KH &RPSDQ\ GRHV QRW KDYH DFFXPXODWHG ORVVHV DW WKH HQG RI WKH QDQFLDO \HDU DQG KDV QRW LQFXUUHG FDVK
ORVVHVLQWKHQDQFLDO\HDUXQGHUUHSRUWRULQWKHLPPHGLDWHO\SUHFHGLQJQDQFLDO\HDU
$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGEDVHGRQRXUDXGLWSURFHGXUHVWKH&RPSDQ\
KDVQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWRDQ\QDQFLDOLQVWLWXWLRQRUEDQN
$FFRUGLQJWRWKHLQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVDQGWKHUHSUHVHQWDWLRQVPDGHE\WKH0DQDJHPHQW
WKH&RPSDQ\KDVQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\RWKHUVIURPEDQNVRUQDQFLDOLQVWLWXWLRQV
11. The Company has not availed any term loan during the year.
'XULQJWKHFRXUVHRIRXUH[DPLQDWLRQRIWKHERRNVRIDFFRXQWDQGUHFRUGVRIWKH&RPSDQ\DQGDFFRUGLQJWR
WKH LQIRUPDWLRQ DQG H[SODQDWLRQV JLYHQ WR XV QR PDWHULDO IUDXG RQ RU E\ WKH &RPSDQ\ KDV EHHQ QRWLFHG RU
reported by the Company during the year.
)RU96DQNDU$L\DU &R
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
55DQJDUDMDQ
Partner
0XPEDLth0D\
0XPEDLth May 2015
Balance Sheet
` in crore
As at 31st March 2015
Notes
2015
2014
Equity and Liabilities

Shareholders' Funds
Share Capital
Reserves and Surplus
2
3
160.59
10929.56
160.58
9931.06
Non-Current Liabilities
/RQJ7HUP%RUURZLQJV
'HIHUUHG7D[/LDELOLWLHV
Other Long Term Liabilities
/RQJ7HUP3URYLVLRQV
4
5
6
7
0.41
330.59
40.00
151.93
0.43
311.20
30.00
73.99
Current Liabilities
6KRUW7HUP%RUURZLQJV
7UDGH3D\DEOHV
Other Current Liabilities
6KRUW7HUP3URYLVLRQV
8
9
10
11
1380.20
1496.60
352.42
349.52
15191.82
876.91
962.56
333.20
244.07
12924.00
12
12
3468.33
125.29
339.00
21.71
4036.99
576.71
65.13
3519.59
4.60
319.64
57.05
3328.28
535.30
61.57
384.11
3289.20
2058.91
82.76
589.96
153.72
15191.82
258.85
2511.16
1728.10
46.04
515.56
38.26
12924.00
Assets
Non-Current Assets
)L[HG$VVHWV
Tangible Assets
QWDQJLEOH$VVHWV
&DSLWDO:RUNLQ3URJUHVV
QWDQJLEOH$VVHWVXQGHU'HYHORSPHQW
1RQ&XUUHQWQYHVWPHQWV
Long Term Loans and Advances
Other Non-Current Assets
Current Assets
&XUUHQWQYHVWPHQWV
QYHQWRULHV
Trade Receivables
Cash and Bank Balances
Short Term Loans and Advances
Other Current Assets
Notes to the Accounts
13
14
15
16
17
18
19
20
21
1 to 45
As per our report of even date
)RU96DQNDU$L\DU &R
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
R. Rangarajan
Partner
0XPEDLth May 2015
6XEKDQX6D[HQD
5DMHVK*DUJ
Executive Director and
*OREDO&KLHI)LQDQFLDO2FHU
Mital Sanghvi
Company Secretary
0XPEDLth May 2015
6WDWHPHQWRI3URWDQG/RVV
` in crore
)RUWKH\HDUHQGHGst March 2015
Notes
b
2015
2014
10224.72
9556.02
92.94
99.12
10131.78
9456.90
147.91
280.28
10279.69
9737.18
b
b
Income
b
5HYHQXHIURP2SHUDWLRQV*URVV
22
Less([FLVH'XW\
5HYHQXHIURP2SHUDWLRQV1HW
23
2WKHUQFRPH
Expenditure
b
b
Cost of Materials Consumed
24a
3426.74
3145.34
3XUFKDVHVRI6WRFNLQ7UDGH
24b
903.41
773.40
&KDQJHVLQQYHQWRULHVRI)LQLVKHG*RRGV
:RUNLQ3URFHVVDQG6WRFNLQ7UDGH
24c
(349.05)

(PSOR\HH%HQHWV([SHQVH
25
1505.58
1284.75
)LQDQFH&RVWV
26
136.05
127.86
'HSUHFLDWLRQDQG$PRUWLVDWLRQ([SHQVH
27
433.20
323.61
2WKHU([SHQVHV
28
2683.79
2422.00
8739.72
7918.84
1539.97
1818.34
&XUUHQW7D[
318.78
400.00
'HIHUUHG7D[
40.10
30.00
1181.09
1388.34
42
`14.71
`17.29
42
`14.66
`17.27
b
3URW%HIRUH7D[
b
7D[([SHQVH
3URWIRUWKH<HDU
Earnings per share of face value of `2 each
Basic
Diluted
1 to 45
)RU96DQNDU$L\DU &R
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
R. Rangarajan
Partner
0XPEDLth May 2015
6XEKDQX6D[HQD
5DMHVK*DUJ
Mital Sanghvi
Company Secretary
0XPEDLth May 2015
Cash Flow Statement

` in crore
st
)RUWKH\HDUHQGHG March 2015
2015
2014
Cash Flow from Operating Activities

1539.97
1818.34
1HWSURWEHIRUHWD[
'HSUHFLDWLRQDQGDPRUWLVDWLRQH[SHQVH
433.20
)LQDQFHFRVWV
136.05
127.86
8QUHDOLVHGIRUHLJQH[FKDQJHJDLQV1HW

([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHV(626V
39.44
18.41
Adjustments for:
323.61
%DGGHEWVDQGSURYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV1HW
10.23
27.54
QWHUHVWLQFRPH

Dividend income

3URWRQVDOHRIFXUUHQWLQYHVWPHQWV1HW

/RVVRQVDOHGLVFDUGRI[HGDVVHWV1HW
Rent income
8.01
6.95

2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
551.05
372.72
2091.02
2191.06
Adjustments for:
QFUHDVHLQWUDGHSD\DEOHVDQGRWKHUOLDELOLWLHV
590.25
252.54
QFUHDVHLQLQYHQWRULHV

QFUHDVHLQWUDGHDQGRWKHUUHFHLYDEOHV

Cash generated from operations

'LUHFWWD[HVSDLG1HWRIUHIXQGV
Net cash from operating activities
B
(A)

1399.82
2097.79
(348.41)

1051.41
1812.48
(532.63)

Cash Flow from Investing Activities

3XUFKDVHRI[HGDVVHWVFDSLWDOZRUNLQSURJUHVVDQG
intangibles
6DOHRI[HGDVVHWV
QYHVWPHQWLQVXEVLGLDULHV
3XUFKDVHRIFXUUHQWLQYHVWPHQWV
QWHUHVWUHFHLYHG
Dividend received
Share application monies paid

Sale of current investments
Rent received

(691.20)
/RDQVJLYHQWRVXEVLGLDULHV1HW
Net cash used in investing activities
8.05
2.55
(581.85)

(12.70)
(20357.91)

20277.72
19750.42
5.97
15.74
21.00
71.41
3.07
5.34
(25.00)

(1194.28)

Cash Flow Statement contd.

)RUWKH\HDUHQGHGst March 2015
2015
` in crore
2014
Cash Flow from Financing Activities
3URFHHGVIURPLVVXHRIHTXLW\VKDUHV(626V
3URFHHGVIURP5HSD\PHQWRILQVKRUWWHUPERUURZLQJV1HW
0.01
502.90

5HSD\PHQWRIORQJWHUPERUURZLQJV
(0.01)

)LQDQFHFRVWVSDLG
(135.43)

Dividend paid
(160.58)

7D[SDLGRQGLYLGHQG
1HWFDVKIURPXVHGLQQDQFLQJDFWLYLWLHV

Net increase/(decrease) in cash and cash equivalents
(27.29)

(C)
179.60

$%&
36.73

&DVKDQG&DVK(TXLYDOHQWVDVDWWKHEHJLQQLQJRIWKH\HDU
46.04
105.07
([FKDQJHGLHUHQFHRQWUDQVODWLRQRIIRUHLJQFXUUHQF\FDVKDQG
cash equivalents
(0.01)

&DVKDQG&DVK(TXLYDOHQWVDVDWWKHHQGRIWKH\HDU
82.76
46.04
Notes: L 7KH DERYH &DVK )ORZ 6WDWHPHQW KDV EHHQ SUHSDUHG XQGHU WKH QGLUHFW 0HWKRG DV VHW RXW LQ $6
&DVK)ORZ6WDWHPHQW
LL &DVKDQG&DVK(TXLYDOHQWVUHSUHVHQWFDVKDQGEDQNEDODQFHVDQG[HGGHSRVLWVZLWKEDQNV
LLL &DVKDQG&DVK(TXLYDOHQWVLQFOXGH`FURUH3UHYLRXV\HDU`FURUHRQDFFRXQWRIXQFODLPHG

GLYLGHQGZKLFKDUHQRWDYDLODEOHIRUXVHE\WKH&RPSDQ\
LY 'HWDLOVRQ&65H[SHQGLWXUH5HIHU1RWH
)RU96DQNDU$L\DU &R
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
R. Rangarajan
Partner
0XPEDLth May 2015
6XEKDQX6D[HQD
5DMHVK*DUJ
Mital Sanghvi
Company Secretary
0XPEDLth May 2015
Notes to the accounts

1
6LJQLFDQW$FFRXQWLQJ3ROLFLHV
$ %DVLVRI3UHSDUDWLRQ
7KH QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG DQG SUHVHQWHG XQGHU WKH KLVWRULFDO FRVW FRQYHQWLRQ RQ
DQDFFUXDOEDVLVRIDFFRXQWLQJDQGLQDFFRUGDQFHZLWK*HQHUDOO\$FFHSWHG$FFRXQWLQJ3ULQFLSOHV*$$3
LQ QGLD *$$3 FRPSULVHV PDQGDWRU\ $FFRXQWLQJ 6WDQGDUGV DV SUHVFULEHG XQGHU VHFWLRQ RI WKH
&RPSDQLHV $FW $FW UHDG ZLWK 5XOH RI WKH &RPSDQLHV $FFRXQWV 5XOHV DQG JXLGHOLQHV
LVVXHGE\6HFXULWLHVDQG([FKDQJH%RDUGRIQGLD6(%
% 8VHRI(VWLPDWHV
7KH SUHSDUDWLRQ RI QDQFLDO VWDWHPHQWV UHTXLUHV WKH 0DQDJHPHQW RI WKH &RPSDQ\ WR PDNH HVWLPDWHV
DQG DVVXPSWLRQV WKDW DHFW WKH UHSRUWHG EDODQFH RI DVVHWV DQG OLDELOLWLHV UHYHQXH DQG H[SHQVHV DQG
disclosures relating to contingent liabilities. The Management believes that the estimates used in the
SUHSDUDWLRQ RI WKH QDQFLDO VWDWHPHQWV DUH SUXGHQW DQG UHDVRQDEOH )XWXUH UHVXOWV FRXOG GLHU IURP
these estimates. Any revision of accounting estimates is recognised prospectively in the current and
future periods.
C. Operating Cycle
$OO DVVHWV DQG OLDELOLWLHV KDYH EHHQ FODVVLHG DV FXUUHQW RU QRQFXUUHQW DV SHU &RPSDQ\V QRUPDO
RSHUDWLQJF\FOHDQGRWKHUFULWHULDVHWRXWLQ6FKHGXOHRIWKH$FW
D. Fixed Assets
7DQJLEOH DVVHWV DUH VWDWHG DW WKH FRVW RI DFTXLVLWLRQ DQG LQFOXGHV DPRXQW DGGHG RQ UHYDOXDWLRQ OHVV
DFFXPXODWHG GHSUHFLDWLRQ *RYHUQPHQW JUDQWV RWKHU VXEVLGLHV DQG LPSDLUPHQW ORVVHV LI DQ\ &RVW RI
WDQJLEOH DVVHWV FRPSULVHV SXUFKDVH SULFH QRQUHIXQGDEOH WD[HV OHYLHV DQG DQ\ GLUHFWO\ DWWULEXWDEOH
FRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQIRUWKHLQWHQGHGXVH:KHUHVHYHUDO[HGDVVHWVDUH
DFTXLUHGIRUDFRQVROLGDWHGSULFHWKHFRQVLGHUDWLRQLVDSSRUWLRQHGWR[HGDVVHWVRQIDLUYDOXHEDVLV
&DSLWDOZRUNLQSURJUHVVLQFOXGHVFRVWRI[HGDVVHWVWKDWDUHQRWUHDG\IRUWKHLULQWHQGHGXVH
QWDQJLEOH DVVHWV DUH VWDWHG DW WKH FRVW RI DFTXLVLWLRQ OHVV DFFXPXODWHG DPRUWLVDWLRQ DQG LPSDLUPHQW
ORVVHVLIDQ\&RVWRILQWDQJLEOHDVVHWVFRPSULVHVSXUFKDVHSULFHQRQUHIXQGDEOHWD[HVOHYLHVDQGDQ\
directly attributable cost of making the asset ready for its intended use.
( %RUURZLQJ&RVWV
%RUURZLQJ FRVWV FRQVLVWV RI LQWHUHVW DQFLOODU\ FRVWV DQG RWKHU FRVWV LQ FRQQHFWLRQ ZLWK WKH ERUURZLQJ
RI IXQGV DQG H[FKDQJH GLHUHQFHV DULVLQJ IURP IRUHLJQ FXUUHQF\ ERUURZLQJV WR WKH H[WHQW WKH\ DUH
regarded as an adjustment to interest costs.
%RUURZLQJ FRVWV DWWULEXWDEOH WR DFTXLVLWLRQ DQGRU FRQVWUXFWLRQ RI TXDOLI\LQJ DVVHWV DUH FDSLWDOLVHG DV
D SDUW RI WKH FRVW RI VXFK DVVHWV XS WR WKH GDWH VXFK DVVHWV DUH UHDG\ IRU WKHLU LQWHQGHG XVH 2WKHU
ERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
F. Depreciation and Amortisation
'HSUHFLDWLRQ RQ WDQJLEOH [HG DVVHWV LV SURYLGHG RQ WKH 6WUDLJKW /LQH 0HWKRG RYHU WKH XVHIXO OLIH RI
DVVHWVDVSUHVFULEHGXQGHUSDUW&RI6FKHGXOHRIWKH$FW
Q FDVH RI DVVHWV ZKRVH XVHIXO OLIH LV DOUHDG\ H[KDXVWHG DV RQ st $SULO WKH FDUU\LQJ YDOXH QHW
RI UHVLGXDO YDOXH DQG GHIHUUHG WD[ KDV EHHQ DGMXVWHG LQ UHWDLQHG HDUQLQJV LQ DFFRUGDQFH ZLWK WKH
UHTXLUHPHQWVRI6FKHGXOHRIWKH$FW
Depreciation is calculated on a pro-rata basis from the date of installation till the date the assets are
sold or disposed.
Notes to the accounts contd.

Cost of leasehold land including premium is amortised over the primary period of lease.
QWDQJLEOH DVVHWV DUH DPRUWLVHG RQ D V\VWHPDWLF EDVLV RYHU WKH EHVW HVWLPDWH RI WKHLU XVHIXO OLYHV
commencing from the date the asset is available to the Company for its use.
7KH0DQDJHPHQWHVWLPDWHVWKHXVHIXOOLYHVIRUWKHYDULRXVLQWDQJLEOHDVVHWVDVIROORZV
Category
<HDUV
6RIWZDUH
3 to 6
*RRGZLOODQG0DUNHWLQJQWDQJLEOHV$FTXLUHG
G. Inventories
5DZPDWHULDOVDQGSDFNLQJPDWHULDOVDUHYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXHDIWHUSURYLGLQJ
IRU REVROHVFHQFH LI DQ\ +RZHYHU WKHVH LWHPV DUH FRQVLGHUHG WR EH UHDOLVDEOH DW FRVW LI WKH QLVKHG
SURGXFWVLQZKLFKWKH\ZLOOEHXVHGDUHH[SHFWHGWREHVROGDWRUDERYHFRVW
:RUNLQSURFHVVVWRFNLQWUDGHDQGQLVKHGJRRGVDUHYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
)LQLVKHG JRRGV DQG ZRUNLQSURFHVV LQFOXGH FRVWV RI UDZ PDWHULDO ODERXU FRQYHUVLRQ FRVWV DQG RWKHU
costs incurred in bringing the inventories to their present location and condition.
&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\ZKHUHYHUDSSOLFDEOH
&RVWRILQYHQWRULHVLVFRPSXWHGRQZHLJKWHGDYHUDJHEDVLV
'XULQJ WKH \HDU WKH &RPSDQ\ KDV LPSOHPHQWHG (QWHUSULVH 5HVRXUFH 3ODQQLQJ VRIWZDUH HQDEOLQJ
LQYHQWRULVDWLRQRIVWRUHVVSDUHVDQGFRQVXPDEOHV7KLVKDVQRZHQDEOHGWKH&RPSDQ\WRLQFOXGHLQWKH
LQYHQWRU\LQWKH%DODQFH6KHHWIURPWKLV\HDUVXEFDWHJRU\RIVWRUHVVSDUHVDQGFRQVXPDEOHVDPRXQWLQJ
to `FURUH7KHDPRXQWRISURWEHIRUHWD[IRUWKH\HDUVWDQGVLQFUHDVHGFRPPHQVXUDWHO\
H. Investments
/RQJWHUPLQYHVWPHQWVDUHFDUULHGDWFRVWOHVVSURYLVLRQIRUGLPLQXWLRQRWKHUWKDQWHPSRUDU\LQYDOXH
&XUUHQWLQYHVWPHQWVDUHFDUULHGDWORZHURIFRVWDQGIDLUYDOXH
QYHVWPHQW SURSHUW\ LV FDUULHG DW FRVW OHVV GHSUHFLDWLRQ FRPSXWHG LQ D PDQQHU SUHVFULEHG IRU )L[HG
Assets.
)RUHLJQ([FKDQJH7UDQVDFWLRQV
7UDQVDFWLRQV LQ IRUHLJQ FXUUHQFLHV DUH UHFRUGHG DW WKH H[FKDQJH UDWHV SUHYDLOLQJ RQ WKH GDWH RI WKH
transaction.
)RUHLJQFXUUHQF\PRQHWDU\DVVHWVDQGOLDELOLWLHVDQGIRUZDUGFRQWUDFWVDUHUHVWDWHGDW\HDUHQGH[FKDQJH
UDWHV([FKDQJHGLHUHQFHVDULVLQJRQWKHVHWWOHPHQWRIIRUHLJQFXUUHQF\PRQHWDU\LWHPVRURQUHSRUWLQJ
&RPSDQ\
V IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV DW UDWHV GLHUHQW IURP WKRVH DW ZKLFK WKH\ ZHUH LQLWLDOO\
UHFRUGHGGXULQJWKH\HDURUUHSRUWHGLQWKHSUHYLRXVQDQFLDOVWDWHPHQWVDUHUHFRJQLVHGDVLQFRPHRU
H[SHQVHLQWKH\HDULQZKLFKWKH\DULVH
Non-monetary foreign currency items are carried at the rates prevailing on the date of the transaction.
QUHVSHFWRIIRUZDUGFRQWUDFWVWKHSUHPLXPRUGLVFRXQWRQWKHVHFRQWUDFWVLVUHFRJQLVHGDVLQFRPHRU
H[SHQGLWXUHRYHUWKHSHULRGRIWKHFRQWUDFW$Q\SURWRUORVVDULVLQJRQFDQFHOODWLRQRUUHQHZDORIVXFK
FRQWUDFWVLVUHFRJQLVHGDVLQFRPHRUH[SHQVHRIWKH\HDU
)RUHLJQ EUDQFKHV DUH LGHQWLHG DV LQWHJUDO IRUHLJQ RSHUDWLRQV $OO WUDQVDFWLRQV DUH WUDQVODWHG DW UDWHV
prevailing on the date of transaction. Monetary assets and liabilities of the branch are restated at the
year end rates.

J. Provisions, Contingent Liabilities and Contingent Assets
3URYLVLRQV DUH UHFRJQLVHG ZKHQ WKH &RPSDQ\KDV D SUHVHQW REOLJDWLRQDV D UHVXOW RI D SDVW HYHQW DQG
LWLVSUREDEOHWKDWDQRXWRZRIUHVRXUFHVZLOOEHUHTXLUHGWRVHWWOHWKHREOLJDWLRQLQUHVSHFWRIZKLFK
DUHOLDEOHHVWLPDWHFDQEHPDGH3URYLVLRQVDUHQRWGLVFRXQWHGWRLWVSUHVHQWYDOXHDQGDUHGHWHUPLQHG
based on best estimate required to settle the obligation at the Balance Sheet date.
'LVFORVXUH RI FRQWLQJHQW OLDELOLWLHV LV PDGH ZKHQ WKHUH LV D SRVVLEOH REOLJDWLRQ RU D SUHVHQW REOLJDWLRQ
WKDWPD\EXWSUREDEO\ZLOOQRWUHTXLUHDQRXWRZRIUHVRXUFHV:KHUHWKHUHLVSRVVLEOHREOLJDWLRQRU
D SUHVHQW REOLJDWLRQ LQ UHVSHFW RI ZKLFK WKH OLNHOLKRRG RI RXWRZ RI UHVRXUFHV LV UHPRWH QR SURYLVLRQ
or disclosure is made.
&RQWLQJHQW$VVHWVDUHQHLWKHUUHFRJQLVHGQRUGLVFORVHGLQWKHQDQFLDOVWDWHPHQWV
K. Revenue Recognition
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWWKDWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH&RPSDQ\
and the revenue can be reliably measured.
5HYHQXH IURP VDOH RI JRRGV LV UHFRJQLVHG ZKHQ VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS RI WKH
JRRGVKDYHEHHQSDVVHGWRWKHEX\HUZKLFKRUGLQDULO\FRLQFLGHVZLWKGHVSDWFKRIJRRGVWRFXVWRPHUV
5HYHQXHVDUHUHFRUGHGDWLQYRLFHYDOXHQHWRIH[FLVHGXW\VDOHVWD[UHWXUQVDQGWUDGHGLVFRXQWV
Revenue from rendering of services are recognised on completion of services.
%HQHWVRQDFFRXQWRIHQWLWOHPHQWRIH[SRUWLQFHQWLYHVDUHUHFRJQLVHGDVDQGZKHQWKHULJKWWRUHFHLYH
is established.
7HFKQLFDO.QRZKRZDQG/LFHQVLQJ)HHVDUHUHFRJQLVHGDVDQGZKHQWKHULJKWWRUHFHLYHVXFKLQFRPHLV
established as per terms and conditions of relevant agreement.
QWHUHVW LQFRPH LV UHFRJQLVHG XVLQJ WKH WLPH SURSRUWLRQDWH PHWKRG EDVHG RQ UDWHV LPSOLFLW LQ WKH
transaction.
'LYLGHQGLQFRPHLVUHFRJQLVHGZKHQWKHULJKWWRUHFHLYHLVHVWDEOLVKHG
/ (PSOR\HH%HQHWV
/LDELOLW\RQDFFRXQWRIVKRUWWHUPHPSOR\HHEHQHWVLVUHFRJQLVHGRQDQXQGLVFRXQWHGDQGDFFUXDOEDVLV
GXULQJWKHSHULRGZKHQWKHHPSOR\HHUHQGHUVVHUYLFHYHVWLQJSHULRGRIWKHEHQHW
3RVWUHWLUHPHQWFRQWULEXWLRQSODQVVXFKDV(PSOR\HHV
3HQVLRQ6FKHPHDUHFKDUJHGWRWKH6WDWHPHQWRI
3URWDQG/RVVIRUWKH\HDUZKHQWKHFRQWULEXWLRQVWRWKHUHVSHFWLYHIXQGVDFFUXH
3RVWUHWLUHPHQWEHQHWSODQVVXFKDVJUDWXLW\OHDYHHQFDVKPHQWDQGSURYLGHQWIXQGDUHGHWHUPLQHGRQ
the basis of actuarial valuation made by an independent actuary as at the Balance Sheet date. Actuarial
JDLQVDQGORVVHVDUHUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URWDQG/RVV
3HULRGLFFRQWULEXWLRQVWRZDUGVSRVWUHWLUHPHQWGHQHGEHQHWSODQVXFKDVSURYLGHQWIXQGDGPLQLVWHUHG
WKURXJKDQ(PSOR\HHV
3URYLGHQW)XQG7UXVWDUHFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
0(PSOR\HH6WRFN2SWLRQ6FKHPHV
QDFFRUGDQFHZLWKWKH6(%UHJXODWLRQVWKHFRPSHQVDWLRQFRVWRIVWRFNRSWLRQVJUDQWHGWRHPSOR\HHV
LVFDOFXODWHGEDVHGRQLQWULQVLFYDOXHPHWKRGLHWKHH[FHVVRIWKHPDUNHWSULFHRIVKDUHVLPPHGLDWHO\
SULRUWRGDWHVRIJUDQWRYHUWKHH[HUFLVHSULFHWREHSDLGE\WKHRSWLRQKROGHUV7KHFRPSHQVDWLRQFRVW
LVDPRUWLVHGWRWKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHYHVWLQJSHULRGRIWKHVWRFNRSWLRQ
1 QFRPH7D[
&XUUHQWLQFRPHWD[LVPHDVXUHGDWWKHDPRXQWH[SHFWHGWREHSDLGWRWKHWD[DXWKRULWLHVLQDFFRUGDQFH
ZLWKWKHSURYLVLRQVRIORFDOQFRPH7D[/DZVDVDSSOLFDEOHWRWKHQDQFLDO\HDU

'HIHUUHG LQFRPH WD[HV UHHFW WKH LPSDFW RI FXUUHQW \HDU WLPLQJ GLHUHQFHV EHWZHHQ WD[DEOH LQFRPH
DQG DFFRXQWLQJ LQFRPH RI WKH \HDU DQG UHYHUVDO RI WLPLQJ GLHUHQFHV RI HDUOLHU \HDUV 'HIHUUHG WD[ LV
PHDVXUHGEDVHGRQWKHWD[UDWHVDQGWKHWD[ODZVHQDFWHGRUVXEVWDQWLYHO\HQDFWHGDVDWWKH%DODQFH
Sheet date.
7KH&RPSDQ\RVHWVRQD\HDURQ\HDUEDVLVWKHFXUUHQWWD[DVVHWVDQGOLDELOLWLHVZKHUHLWKDVDOHJDOO\
HQIRUFHDEOHULJKWDQGZKHUHLWLQWHQGVWRVHWWOHVXFKDVVHWVDQGOLDELOLWLHVRQDQHWEDVLV
O. Impairment of Assets
$WHDFK%DODQFH6KHHWGDWHWKH&RPSDQ\DVVHVVHVZKHWKHUWKHUHLVDQ\LQGLFDWLRQWKDWDQ\DVVHWPD\
EHLPSDLUHGIDQ\VXFKLQGLFDWLRQH[LVWVWKHFDUU\LQJYDOXHRIVXFKDVVHWVLVUHGXFHGWRLWVHVWLPDWHG
UHFRYHUDEOHDPRXQWDQGWKHDPRXQWRIVXFKLPSDLUPHQWORVVLVFKDUJHGWRWKH6WDWHPHQWRI3URWDQG
/RVVIDWWKH%DODQFH6KHHWGDWHWKHUHLVDQLQGLFDWLRQWKDWDSUHYLRXVO\DVVHVVHGLPSDLUPHQWORVVQR
ORQJHUH[LVWVWKHUHFRYHUDEOHDPRXQWLVUHDVVHVVHGDQGWKHDVVHWLVUHHFWHGDWWKHUHFRYHUDEOHDPRXQW
VXEMHFWWRDPD[LPXPRIGHSUHFLDWHGKLVWRULFDOFRVW
P. Research and Development
5HYHQXHH[SHQGLWXUHRQ5HVHDUFKDQG'HYHORSPHQWLVUHFRJQLVHGDVH[SHQVHLQWKH\HDULQZKLFKLWLV
incurred.
&DSLWDOH[SHQGLWXUHRQ5HVHDUFKDQG'HYHORSPHQWLVVKRZQDVDGGLWLRQWR)L[HG$VVHWV
Q. Expenditure on Regulatory Approvals
([SHQGLWXUH LQFXUUHG IRU REWDLQLQJ UHJXODWRU\ DSSURYDOV DQG UHJLVWUDWLRQ RI SURGXFWV IRU RYHUVHDV
PDUNHWVLVFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
R. Government Grants and Subsidies
&DSLWDOVXEVLG\*RYHUQPHQWJUDQWVDUHUHFRJQLVHGZKHQWKHUHLVDUHDVRQDEOHDVVXUDQFHWKDWDOOUHOHYDQW
FRQGLWLRQVZLOOEHFRPSOLHGZLWKDQGLWLVUHDVRQDEO\FHUWDLQWKDWWKHXOWLPDWHFROOHFWLRQZLOOEHPDGH
&DSLWDO VXEVLG\*RYHUQPHQW JUDQWV UHODWHG WR VSHFLF [HG DVVHWV DUH VKRZQ DV GHGXFWLRQ IURP WKH
JURVVYDOXHRIWKHDVVHWFRQFHUQHGLQDUULYLQJDWLWVERRNYDOXH7KHJUDQWVXEVLG\LVWKXVUHFRJQLVHGLQ
WKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHXVHIXOOLIHRIVXFK[HGDVVHWVE\ZD\RIDUHGXFHGGHSUHFLDWLRQ
charge.
S. Leases
Where the Company is a Lessee
/HDVHUHQWDOVRQDVVHWVWDNHQRQRSHUDWLQJOHDVHDUHUHFRJQLVHGDVH[SHQVHLQWKH6WDWHPHQWRI3URW
DQG/RVVRQVWUDLJKWOLQHEDVLVRYHUWKHOHDVHWHUPLQDFFRUGDQFHZLWKWKHOHDVHDJUHHPHQW
Where the Company is a Lessor
/HDVH UHQWDOV RQ DVVHWV JLYHQ RQ RSHUDWLQJ OHDVH DUH UHFRJQLVHG DV LQFRPH LQ WKH 6WDWHPHQW RI 3URW
DQG/RVVRQVWUDLJKWOLQHEDVLVLQDFFRUGDQFHZLWKWKHOHDVHDJUHHPHQW
7 (DUQLQJV3HU6KDUH
%DVLF HDUQLQJV SHU VKDUH LV FDOFXODWHG E\ GLYLGLQJ WKH QHW SURW RU ORVV IRU WKH SHULRG DWWULEXWDEOH WR
HTXLW\VKDUHKROGHUVE\WKHZHLJKWHGDYHUDJHQXPEHURIHTXLW\VKDUHVRXWVWDQGLQJGXULQJWKHSHULRG
)RU WKH SXUSRVH RI FDOFXODWLQJ GLOXWHG HDUQLQJV SHU VKDUH WKH QHW SURW DWWULEXWDEOH WR HTXLW\
VKDUHKROGHUV DQG WKH ZHLJKWHG DYHUDJH QXPEHU RI VKDUHV RXWVWDQGLQJ DUH DGMXVWHG IRU WKH HHFW RI
DOOGLOXWLYHSRWHQWLDOHTXLW\VKDUHVIURPWKHH[HUFLVHRIRSWLRQVRQXQLVVXHGVKDUHFDSLWDO7KHQXPEHU
RI HTXLW\ VKDUHV LV WKH DJJUHJDWH RI WKH ZHLJKWHG DYHUDJH QXPEHU RI HTXLW\ VKDUHV DQG WKH ZHLJKWHG
average number of equity shares are to be issued on the conversion of all the dilutive potential equity
shares into equity shares.

` in crore
2015
2014
175.00
175.00
175.00
175.00
160.79
160.79
160.78
160.78
160.59
160.59
160.58
160.58
Share Capital

Authorised
(TXLW\6KDUHVRI`2 each
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFK

Issued
(TXLW\6KDUHVRI`2 each
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFK

Subscribed & Paid-up

(TXLW\6KDUHVRI`2 each fully paid
3UHYLRXV\HDU(TXLW\6KDUHVRI`HDFKIXOO\SDLG
y Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
3DUWLFXODUV
(TXLW\6KDUHVDWWKHEHJLQQLQJRIWKH\HDU
Add(TXLW\6KDUHVLVVXHGRQH[HUFLVHRIHPSOR\HHVWRFNRSWLRQV
(TXLW\6KDUHVDWWKHHQGRIWKH\HDU
2015
2014
80,29,21,357

39,083
80,29,60,440

y Details of Shareholders holding more than 5 percent shares in the Company

2015
2014
Number of shares % Holding Number of shares

Dr. Y. K. Hamied
0UV)DULGD+DPLHG
Mrs. Sophie Ahmed
/LIHQVXUDQFH&RUSRUDWLRQRIQGLD
12,48,27,750
4,19,14,937
4,59,82,000
4,42,13,904
15.55
5.22
5.73
5.51

% Holding
15.55
5.22
5.73
6.54
y 7HUPVDQG5LJKWVDWWDFKHGWR(TXLW\6KDUHV
The Company has only one class of equity shares having a par value of ` SHU VKDUH (DFK KROGHU RI
HTXLW\ VKDUH LV HQWLWOHG WR RQH YRWH SHU VKDUH 7KH &RPSDQ\ GHFODUHV DQG SD\V GLYLGHQGV LQ QGLDQ
Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
LQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
Q WKH HYHQW RI OLTXLGDWLRQ RI WKH &RPSDQ\ WKH KROGHUV RI HTXLW\ VKDUHV ZLOO EH HQWLWOHG WR UHFHLYH
UHPDLQLQJDVVHWVRIWKH&RPSDQ\DIWHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWV7KHGLVWULEXWLRQZLOOEH
in proportion to the number of equity shares held by the shareholder.
y (TXLW\VKDUHVUHVHUYHGIRULVVXHXQGHUHPSOR\HHVWRFNRSWLRQV
5HIHU1RWHIRUQXPEHURIVWRFNRSWLRQVDJDLQVWZKLFKHTXLW\VKDUHVDUHWREHLVVXHGE\WKH&RPSDQ\
XSRQYHVWLQJDQGH[HUFLVHRIWKRVHVWRFNRSWLRQVE\WKHRSWLRQKROGHUVDVSHUWKHUHOHYDQWVFKHPHV

` in crore
b

Capital Reserve
Securities Premium Reserve
As per last Balance Sheet
Add$GGLWLRQVGXULQJWKH\HDURQ(626H[FHUFLVHG
2015
2014
b
b
b
0.08
0.08
b
1428.96
1428.96
1.63
Balance at the end of the year

Revaluation Reserve
1430.59
1428.96
8.97
8.97
(PSOR\HH6WRFN2SWLRQV2XWVWDQGLQJ
92.05
Add2SWLRQV*UDQWHGGXULQJWKH\HDUQHWRI
FDQFHOODWLRQV
Less([HUFLVHGGXULQJWKH\HDU
56.57
1.63
b
b
92.05
-
146.99
92.05
%DODQFHDWWKHHQGRIWKH\HDUD
'HIHUUHG(PSOR\HH6WRFN2SWLRQ&RVW
70.40
Add2SWLRQV*UDQWHGGXULQJWKH\HDU
56.57
92.05
Less$PRUWLVDWLRQVGXULQJWKH\HDU
50.88
21.65
76.09
70.40
%DODQFHDWWKHHQGRIWKH\HDUE
1HW%DODQFHDWWKHHQGRIWKH\HDUDE
70.90
General Reserve
Add:7UDQVIHUUHGIURPWKH6WDWHPHQWRI3URWDQG/RVV
b
3141.43
-

21.65
6XUSOXVLQWKH6WDWHPHQWRI3URWDQG/RVV
b
b
3141.43
3001.43
140.00
3141.43
5329.97
4269.50
Add3URWIRUWKH\HDU
1181.09
1388.34
40.19
6470.87
5657.84
Less$GMXVWPHQWRI'HSUHFLDWLRQ>5HIHU1RWH)@
Less $SSURSULDWLRQV
7UDQVIHUUHGWR*HQHUDO5HVHUYH
3URSRVHG'LYLGHQG
7D[RQ'LYLGHQG
b
-
140.00
160.59
160.58
32.69
27.29
6277.59
5329.97
10929.56
9931.06

` in crore
4
2015
2014
0.41
0.43
0.41
0.43
/RQJ7HUP%RUURZLQJV
8QVHFXUHG
'HIHUUHG3D\PHQW/LDELOLW\6DOHV7D['HIHUUDO/RDQ
6DOHVWD[GHIHUUDOORDQLVLQWHUHVWIUHHDQGUHSD\DEOHLQHTXDOLQVWDOPHQWVIURP
the 10th year
` in crore
2015
2014
5
'HIHUUHG7D[/LDELOLWLHV
'HIHUUHG7D[/LDELOLWLHVDULVLQJRQDFFRXQWRI
'LHUHQFHVEHWZHHQERRNDQGWD[GHSUHFLDWLRQ
330.59
311.20
330.59
311.20
` in crore
2015
2014
6
2WKHU/RQJ7HUP/LDELOLWLHV
Security Deposits
40.00
30.00
40.00
30.00
` in crore
2015
2014
7
/RQJ7HUP3URYLVLRQV
3URYLVLRQIRU(PSOR\HH%HQHWV
/HDYH(QFDVKPHQW1RWH
101.93
73.99
50.00
151.93
73.99
Others
3D\DEOHIRU$FTXLVLWLRQRI%XVLQHVV1RWH

` in crore
2015
8
2014
6KRUW7HUP%RUURZLQJV
Loans Repayable on demand
Secured

&DVK&UHGLWIURP%DQNV6HFXUHGE\K\SRWKHFDWLRQRIWUDGH
UHFHLYDEOHVDQGLQYHQWRULHV
8QVHFXUHG
3DFNLQJ&UHGLWIURP%DQNV
Buyers' Credit from Banks
b
b
0.67
1156.25
223.28
876.91
-
1380.20
876.91
` in crore
9
2015
2014
2.72
1493.88
7.28
955.28
1496.60
962.56
7UDGH3D\DEOHV
0LFUR6PDOODQG0HGLXP(QWHUSULVHV
Others
7KHLQIRUPDWLRQUHJDUGLQJ0LFURDQG6PDOO(QWHUSULVHVKDVEHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQ
LGHQWLHG RQ WKH EDVLV RI LQIRUPDWLRQ DYDLODEOH ZLWK WKH &RPSDQ\ 7KLV KDV EHHQ UHOLHG XSRQ E\ WKH DXGLWRUV
Amounts due as at 31st 0DUFK LQ UHVSHFW RI HQWHUSULVHV FRYHUHG XQGHU WKH 0LFUR 6PDOO DQG 0HGLXP
(QWHUSULVHV 'HYHORSPHQW $FW LV ` FURUH 3UHYLRXV \HDU ` FURUH 7KH DPRXQW RI LQWHUHVW GXH DQG
SD\DEOHIRUWKHSHULRGRIGHOD\LQPDNLQJSD\PHQWZKLFKKDYHEHHQSDLGEXWEH\RQGWKHDSSRLQWHGGD\GXULQJ
WKH\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLHGXQGHUWKLV$FWLV1LO3UHYLRXV\HDU1LO

` in crore
b
10
2015
2014
0.01
13.29
40.18
83.35
61.93
0.01
2.20
46.89
103.89
0.67
352.42
0.06
15.87
42.94
89.17
44.35
0.01
1.97
38.94
99.85
0.04
333.20

&XUUHQWPDWXULWLHVRI/RQJ7HUP'HEW6DOHV7D['HIHUUDO/RDQ
Unclaimed Dividend*
Statutory Dues
'XHVWR(PSOR\HHV
&UHGLWRUVIRU&DSLWDO([SHQGLWXUH
8QFODLPHG3UHIHUHQFH6KDUH&DSLWDO
Security Deposits
Book Overdraft
Advance from Customers
QWHUHVW3D\DEOH
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWRQYHVWRU
(GXFDWLRQ 3URWHFWLRQ)XQG
b
` in crore
11

2015
2014
16.36
57.58
13.26
36.69
5.42
160.59
32.69
76.88
6.25
160.58
27.29
-
349.52
244.07
6KRUW7HUP3URYLVLRQV
/HDYH(QFDVKPHQW1RWH
*UDWXLW\1RWH
Others
3URYLVLRQIRU%RQXV
3URSRVHG'LYLGHQG
7D[RQ3URSRVHG'LYLGHQG
3D\DEOHIRU$FTXLVLWLRQRI%XVLQHVV1RWH
96.73
130.66
4.96
4.96
4.96
-
6RIWZDUH
Total
3UHYLRXV\HDU
0.88
0.88
'HOHWLRQV
Adjustments
28.20
28.30
0.60
9.37
0.34
0.19
17.80
100.81
4.96
134.74
-
0.36
0.36
8.83
25.10
Upto
31.03.14
1565.52
1870.17
4.21
233.51
48.70
16.32
1554.36
13.07
Upto
31.03.14
As at
31.03.15
5389.76
5810.34
9.11
1712.42
135.73
95.30
3748.65
76.40
32.73
As at
31.03.15
Adjustment
in retained
earnings
60.86
0.15
2.75
2.13
14.72
41.11
Adjustment
in retained
earnings
0.36
9.13
8.01
0.83
0.29
)RUWKH
year
2014-15
323.25
424.07
1.17
43.75
18.91
22.13
336.41
1.70
)RUWKH
year
2014-15
LLL )UHHKROG/DQGDW0XPEDL&HQWUDODQG9LNKUROLZHUHUHYDOXHGRQth0DUFKDQGZDVDJDLQUHYDOXHGRQst0DUFKDORQJZLWK
)UHHKROG/DQGDW%HQJDOXUXZKLFKVWRRGDW`9.07 crore on the basis of valuation report of approved valuers resulting in increase in book
value by `8.97 crore.
4.60
4.60
As at
31.03.14
3519.59
5.05
1339.57
75.83
66.49
1937.63
62.29
32.73
As at
31.03.14
LL 7KHDERYHDGGLWLRQVWR[HGDVVHWVGXULQJWKH\HDULQFOXGHV`FURUH3UHYLRXV\HDU`FURUHXVHGIRU5HVHDUFKDQG'HYHORSPHQW
125.29
92.48
24.27
8.54
As at
31.03.15
3468.33
3.92
1433.30
66.18
42.29
1828.28
61.63
32.73
As at
31.03.15
1(7%/2&.
0.36
9.45
8.33
0.83
0.29
8SWR
31.03.15
1870.17
2342.01
5.19
279.12
69.55
53.01
1920.37
14.77
8SWR
31.03.15
0.04
0.04
'HOHWLRQV
Adjustments
18.60
13.09
0.34
0.89
0.19
0.16
11.51
'HOHWLRQV
Adjustments
'(35(&$721$02576$721
Notes: L 7KHJURVVYDOXHRI%XLOGLQJVDQG)ODWVLQFOXGHVWKHFRVWRIVKDUHVLQ&RRSHUDWLYH+RXVLQJ6RFLHWLHV
8.83
*RRGZLOO
0DUNHWLQJQWDQJLEOHV

25.10
As at
01.04.14
-
434.15
Additions
4983.81
Intangible Assets
3UHYLRXV\HDU
Total
448.88
0.45
5389.76
148.71
9.26
9HKLFOHV
1573.08
%XLOGLQJVDQG)ODWV
11.54
12.68
82.81
)XUQLWXUHDQG)L[WXUHV
124.53
2FH(TXLSPHQWV
274.46
3491.99
3ODQWDQG(TXLSPHQWV
75.36
1.04
32.73
)UHHKROG/DQG
Leasehold Land
'HOHWLRQV
Adjustments
*5266%/2&.
Additions
As at
01.04.14
7DQJLEOH$VVHWV
Fixed Assets
12
` in crore

` in crore
b
Non-Current Investments
13
b
b
b
QYHVWPHQWVLQ(TXLW\QVWUXPHQWV8QTXRWHG
Investment in Subsidiaries
3UHYLRXV\HDU(TXLW\6KDUHVRI&LSOD)=(RI$('HDFK
fully paid
3UHYLRXV\HDU(TXLW\6KDUHVRI*ROGHQFURVV3KDUPD
3YW/WGRI`HDFKIXOO\SDLG
3UHYLRXV\HDU(TXLW\VKDUHVRI0HGLWDE
6SHFLDOLWLHV3YW/WGRI`HDFKIXOO\SDLG
3UHYLRXV\HDU2UGLQDU\6KDUHVRI&LSOD
0DXULWLXV/WGRI86'HDFKIXOO\SDLG
3UHYLRXV\HDU1LO6KDUHVRI&LSOD(8/WGRI*%3HDFK
fully paid
3UHYLRXV\HDU2UGLQDU\6KDUHVRI&LSOD
0HGSUR6RXWK$IULFD3URSULHWDU\/WGRI&HQWHDFKIXOO\SDLG
3UHYLRXV\HDU6KDUHVRI&LSOD+ROGLQJ%9RI(85
HDFKIXOO\SDLG
3UHYLRXV\HDU(TXLW\6KDUHVRI0DESKDUP
3UHYLRXV\HDU1LO6KDUHVRI6DEDQYHVWPHQW/WGRI86'
HDFKIXOO\SDLG
3UHYLRXV\HDU1LO6KDUHVRI-D\3UHFLVLRQ3KDUPDFHXWLFDOV
Investment in Associates
3UHYLRXV\HDU2UGLQDU\6KDUHVRI%LRPDE
+ROGLQJ/WGRI86'HDFKIXOO\SDLG
Investment in Joint Venture
1LO3UHYLRXV\HDU2UGLQDU\6KDUHRI$VSHQ&LSOD$XVWUDOLD3W\/WGRI
$8'IXOO\SDLG1LO3UHYLRXV\HDU`
Other Investments
3UHYLRXV\HDU(TXLW\6KDUHVRI7KH6DUDVZDW&RRSHUDWLYH
Bank Ltd. of `HDFKIXOO\SDLG`3UHYLRXV\HDU`
QYHVWPHQWVLQ*RYHUQPHQWDQG7UXVWVHFXULWLHV
1DWLRQDO6DYLQJV&HUWLFDWHV`3UHYLRXV\HDU`
Investment property (at cost less accumulated depreciation)
Cost of Building given on Operating Lease
Less$FFXPXODWHG'HSUHFLDWLRQ
Net Block
'XULQJWKH\HDUWKH&RPSDQ\DFTXLUHGDQDGGLWLRQDOVWDNHLQ0DESKDUP
3YW/WG0DESKDUP&RQVHTXHQWWRWKHDFTXLVLWLRQRIDIRUHVDLGDGGLWLRQDOVWDNH
0DESKDUPKDVEHFRPHDZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\
Aggregate amount of unquoted investments `4036.66 crore
3UHYLRXV\HDU`FURUH
0RGHRIYDOXDWLRQ5HIHU1RWH+
2014
7UDGHQYHVWPHQWV
2015
18.69
18.69
191.12
191.12
155.72
133.72
129.42
8.08
37.76
2756.74
2756.74
172.69
53.07
105.81
51.74
257.69
96.24
b
114.78
b
114.78
0.00
0.00
b
0.00
b
b
b
0.33
4036.99
0.00
b
b
0.52
0.19
0.00
0.52
0.18
0.34
3328.28

` in crore
2015
14

/RQJ7HUP/RDQVDQG$GYDQFHV
Secured, Considered Good
Capital Advances#
8QVHFXUHG&RQVLGHUHG*RRG
Capital Advances*
Security Deposits
/RDQVWR6XEVLGLDULHVQFOXGHVDPRXQWUHIHUUHGWRLQ1RWH
$GYDQFH7D[HVDQG7'61HWRI3URYLVLRQIRU7D[`1610.34 crore;
3UHYLRXV\HDU`FURUH
9$75HFHLYDEOH
Other Loans and Advances
#
6HFXUHGDJDLQVW%DQN*XDUDQWHHV

QFOXGHV`FURUH3UHYLRXV\HDU`FURUHSDLGWRZKROO\RZQHG

VXEVLGLDU\0HGLWDE6SHFLDOLWLHV3YW/WG
2014
b
b
b
4.74
b
98.12
31.00
259.15
114.65
36.29
234.15
138.04
45.51
0.15
108.42
39.37
0.84
576.71
535.30
b
b
1.58
` in crore
2015
15
)L[HG'HSRVLWVDV0DUJLQ0RQH\ZLWKPDWXULW\PRUHWKDQPRQWKV
Capital Subsidy Receivable
2014
b
b
b
3.89
61.24
0.33
61.24
65.13
61.57

` in crore
No. of units
16
Current Investments
b
b
QYHVWPHQWLQ0XWXDO)XQGV8QTXRWHG
b
b
2015 No. of units
2014
%DURGD3LRQHHU0XWXDO)XQG%DURGD3LRQHHU
/LTXLG)XQG3ODQ%*URZWK
2,80,546
45.00

21.45
%LUOD6XQ/LIH0XWXDO)XQG%LUOD6XQ/LIH&DVK
3OXV*URZWK'LUHFW3ODQ
20,05,213
45.00

40.33
2,39,539
50.00

15.50
85,62,289
25.00
&&3UXGHQWLDO0XWXDO)XQG&&3UXGHQWLDO
0RQH\0DUNHW)XQG'LUHFW3ODQ*URZWK

10.00
QGLDEXOOV0XWXDO)XQGQGLDEXOOV/LTXLG)XQG
'LUHFW3ODQ*URZWK

21.41
-30RUJDQ0XWXDO)XQG-30RUJDQQGLD/LTXLG
)XQG'LUHFW3ODQ*URZWK

20.05
3HHUOHVV0XWXDO)XQG3HHUOHVV/LTXLG)XQG
'LUHFW3ODQ*URZWK

30.05
3ULQFLSDO0XWXDO)XQG3ULQFLSDO&DVK
0DQDJHPHQW)XQG'LUHFW3ODQ*URZWK2SWLRQ
3,30,868
45.00
5HOLDQFH0XWXDO)XQG5HOLDQFH/LTXLGLW\)XQG
'LUHFW*URZWK3ODQ
2,11,177
44.50

20.04

20.00
92,339
28.51

40.02
1,73,22,750
51.10
3,30,391
50.00

20.00
)UDQNOLQ7HPSOHWRQ0XWXDO)XQG7HPSOHWRQ
QGLD7UHDVXU\0DQDJHPHQW$FFRXQW6XSHU
QVWLWXWLRQDO3ODQ'LUHFW*URZWK
+')&0XWXDO)XQG+')&&DVK0DQDJHPHQW
)XQG6DYLQJV3ODQ'LUHFW3ODQ*URZWK2SWLRQ
5HOLJDUHQYHVFR0XWXDO)XQG5HOLJDUHQYHVFR
/LTXLG)XQG'LUHFW3ODQ*URZWK
6%0XWXDO)XQG6%0DJQXPQVWD&DVK)XQG
'LUHFW3ODQ*URZWK
6XQGDUDP%133DULEDV0XWXDO)XQG6XQGDUDP
0RQH\)XQG'LUHFW3ODQ*URZWK
7DXUXV0XWXDO)XQG7DXUXV/LTXLG)XQG'LUHFW
3ODQ6XSHUQVWLWXWLRQDO*URZWK
b
Aggregate amount of unquoted investments `384.11
FURUH3UHYLRXV\HDU`FURUH
0RGHRIYDOXDWLRQ5HIHU1RWH+
384.11
b
258.85
b

` in crore
2015
17
2014
b
b
b
Inventories 5HIHU1RWHF
5DZ0DWHULDOVDQG3DFNLQJ0DWHULDOVLQFOXGLQJ6WRFNLQWUDQVLWRI
`FURUH3UHYLRXV\HDU`FURUH
:RUNLQ3URFHVVLQFOXGLQJ6WRFNLQWUDQVLWRI`20.66 crore;
1470.28
1068.51
3UHYLRXV\HDU`FURUH
)LQLVKHG*RRGVLQFOXGLQJ6WRFNLQWUDQVLWRI`65.34 crore;
874.31
641.69
3UHYLRXV\HDU`FURUH
6WRFNLQ7UDGHLQFOXGLQJ6WRFNLQWUDQVLWRI`6.71 crore;
668.41
571.21
3UHYLRXV\HDU`FURUH
6WRUHV6SDUHVDQG&RQVXPDEOHV
248.98
27.22
229.75
-
3289.20
2511.16
0RGHRIYDOXDWLRQ5HIHU1RWH*
` in crore
b
2014
b
b
b
b
18 7UDGH5HFHLYDEOHV
2XWVWDQGLQJRYHU6L[0RQWKVIURPGDWHWKH\ZHUHGXH
for payment
Others
8QVHFXUHG&RQVLGHUHG'RXEWIXO
2XWVWDQGLQJRYHU6L[0RQWKVIURPGDWHWKH\ZHUHGXH
for payment
Less: $OORZDQFHIRU'RXEWIXO'HEWV
2015
163.53
1895.38
b
64.13
64.13
68.65
1659.45
57.79
57.79
-
2058.91
1728.10
b
b

` in crore
2015
19

b
b
b
b
63.14
1.20
b
13.29
5.13
&DVKDQG%DQN%DODQFHV
Cash and Cash Equivalents
%DODQFHVZLWK%DQNVLQFOXGLQJPRQH\LQWUDQVLW
Cash on Hand
2WKHU%DQN%DODQFHV
Balance earmarked for Unclaimed Dividend
)L[HG'HSRVLWVDV0DUJLQ0RQH\PDWXULW\OHVVWKDQPRQWKV
82.76
2014
28.11
1.46
15.87
0.60
46.04
` in crore
20
6KRUW7HUP/RDQVDQG$GYDQFHV
8QVHFXUHG&RQVLGHUHGJRRGXQOHVVRWKHUZLVHVWDWHG
QWHU&RUSRUDWH/RDQV
&RQVLGHUHG*RRG
Considered Doubtful
Less:$OORZDQFHIRU'RXEWIXO/RDQV
QWHUHVW$FFUXHGRQQWHU&RUSRUDWH/RDQV
&RQVLGHUHG*RRG
Considered Doubtful
Less:$OORZDQFHIRU'RXEWIXOQWHUHVW
6KDUH$SSOLFDWLRQ0RQH\3HQGLQJ$OORWPHQW
%DODQFHVZLWK6WDWXWRU\5HYHQXH$XWKRULWLHV
Others*
&RQVLGHUHG*RRG
Considered Doubtful
Less: $OORZDQFHIRU'RXEWIXO$GYDQFHV
QFOXGHVDGYDQFHVWRVXQGU\FUHGLWRUVHPSOR\HHORDQV
DQGSUHSDLGH[SHQVHV
0.80
2.25
3.05
2.25
0.36
0.46
0.82
0.46
209.38
209.38
-
2015
2014
b
b
b
b
b
b
b
b
b
0.80
b
b
b
b
b
b
0.36
b
12.69
366.73
b
b
b
b
b
209.38
164.34
4.59
168.93
4.59
164.34
589.96
515.56
0.80
2.25
3.05
2.25
0.80
0.36
0.46
0.82
0.46
0.36
350.06

` in crore
b
21
([SRUWQFHQWLYHV5HFHLYDEOH
Other Current Assets*
*
3HUWDLQVWRUHFHLYDEOHVIURPVXEVLGLDULHV
2015
2014
b
b
b
144.79
8.93
153.72
b
35.02
3.24
38.26
b
` in crore
2015
22
Revenue from Operations
6DOHRI3URGXFWV
Rendering of Services
Other Operating Revenue
([SRUWQFHQWLYHV
7HFKQLFDO.QRZKRZDQG/LFHQVLQJ)HHV
Scrap Sales
Others

b
b
9776.23
55.65
b
159.48
163.81
46.90
22.65
10224.72
2014
9210.68
40.89
47.62
202.52
39.12
15.19
9556.02
yDetails of Products sold

` in crore
2015

Manufactured Goods
Bulk Drugs
Tablets and Capsules
Liquids
Creams
$HURVROVQKDODWLRQ'HYLFHV
QMHFWLRQV6WHULOH6ROXWLRQV
Others
6WRFNLQ7UDGH
Bulk Drugs
Liquids
Creams
Others
b
844.33
5130.41
273.54
168.91
1033.56
957.51
85.79
8494.05
b
96.95
626.06
233.53
67.24
63.57
162.41
32.42
1282.18
9776.23
2014
965.90
4870.22
271.81
146.57
952.01
874.76
72.67
8153.94
96.03
516.70
171.06
50.30
47.94
122.47
52.24
1056.74
9210.68

22
Revenue from Operations contd.

yEarnings in Foreign Exchange
` in crore
b
2015
2014

b
4736.33
156.82
17.25
4910.40
4947.96
187.39
14.53
5149.88
)2%9DOXHRI([SRUWV
7HFKQLFDO.QRZKRZDQG/LFHQVLQJ)HHV
2WKHUV6HUYLFHIHHVHWF
` in crore
2015
23
Other Income
QWHUHVW
Bank Deposits
Others
'LYLGHQGRQ&XUUHQWQYHVWPHQW
1HW*DLQRQ6DOHRI&XUUHQWQYHVWPHQW
QVXUDQFH&ODLPV
Rent
Sundry Balances Written Back
Miscellaneous Receipts
1HW*DLQRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQDQG7UDQVODWLRQ

2014
b
b
b
0.50
5.48
21.00
45.07
6.48
3.07
6.83
19.65
39.83
0.77
13.15
71.41
8.01
2.64
2.70
24.38
17.36
139.86
147.91
280.28
` in crore
24a
&RQVXPSWLRQRI5DZDQG3DFNLQJ0DWHULDOV
Opening Stock
Add3XUFKDVHV
Less&ORVLQJ6WRFN
2015
2014
3426.74
1058.84
3155.01
4213.85
1068.51
3145.34
3426.74
3145.34
b
b
b
b
1068.51
3828.51
4897.02
1470.28

24a Cost
of Materials Consumed contd.
y%UHDNXSRI0DWHULDOV&RQVXPHG
` in crore
2014
Less:5HFRYHUDEOH'XWLHVLQFOXGHGLQWKHDERYHFRVW
1567.24
942.06
891.11
127.84
3528.25
101.51
1367.62
963.98
857.01
94.04
3282.65
137.31
7RWDO&RQVXPSWLRQ1HWRI&HQYDW
3426.74
3145.34
&ODVVRI*RRGV

6HPL)LQLVKHG*RRGV
5DZ0DWHULDO
3DFNLQJ0DWHULDO
Others
2015
y&RQVXPSWLRQRI5DZDQG3DFNLQJ0DWHULDOV6SDUHVDQG&RPSRQHQWV
` in crore
&ODVVRI*RRGV

3XUFKDVHGQGLJHQRXVO\
PSRUWHG
Less 5HFRYHUDEOH'XWLHVLQFOXGHGLQWKHDERYH&RVW

7RWDO&RQVXPSWLRQ1HWRI&HQYDW
2015
Value
2004.38
1523.87
3528.25
101.51
3426.74
%
57
43
100
2014
9DOXH
1537.46
1745.19
3282.65
137.31
3145.34
%
47
53
100
b
` in crore
b
2015
2014
b
b
72.65
405.08
166.31
48.06
51.79
144.13
15.39
903.41
104.93
345.27
144.09
32.86
34.42
96.04
15.79
773.40
24b 3XUFKDVHVRI6WRFNLQ7UDGH

Bulk Drugs
Liquids
Creams
Others

` in crore
b
2015
2014
24c
Changes in Inventories of Finished Goods,


Opening Stock
:RUNLQ3URFHVV
)LQLVKHG*RRGV
Stock-in-Trade
641.69
571.21
229.75

Less: Closing Stock

:RUNLQ3URFHVV
)LQLVKHG*RRGV
Stock-in-Trade
874.31
668.41
248.98
b
b
b
b
b
1442.65
b
b
b
b
b
1791.70
(349.05)
563.52
513.84
207.17
1284.53
641.69
571.21
229.75
1442.65

y%UHDNXSRIQYHQWRU\
` in crore
b

:RUNLQ3URFHVV
)RUPXODWLRQV
Bulk Drugs
Finished Goods
Bulk Drugs
Liquids
Creams
Others
6WRFNLQ7UDGH
Bulk Drugs
Liquids
Creams
Others
2015
2014
b
320.97
553.34
169.16
472.53
874.31
641.69
b
25.21
419.73
18.28
21.41
64.79
115.21
3.78
12.77
337.46
22.15
19.83
62.25
107.65
9.10
668.41
571.21
b
10.45
118.91
36.60
11.37
9.49
57.35
4.81
248.98
16.83
108.78
43.83
7.72
4.38
37.40
10.81
229.75

` in crore
2015
25

Salaries and Wages

&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV
6WD*UDWXLW\
([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHV1RWH
6WD:HOIDUH([SHQVHV
2014
b
b
b
1259.01
63.74
25.80
39.44
117.59
1075.12
54.60
21.38
18.41
115.24
1505.58
1284.75
y(PSOR\HH%HQHWV
L 6KRUW7HUP(PSOR\HH%HQHWV
$OOHPSOR\HHEHQHWVSD\DEOHZKROO\ZLWKLQWZHOYHPRQWKVRIUHQGHULQJWKHVHUYLFHDUHFODVVLHGDV
VKRUWWHUPHPSOR\HHEHQHWV%HQHWVVXFKDVVDODULHVZDJHVVKRUWWHUPFRPSHQVDWHGDEVHQFHV
HWFDQGWKHH[SHFWHGFRVWRIERQXVH[JUDWLDDUHUHFRJQLVHGLQWKHSHULRGLQZKLFKWKHHPSOR\HH
renders the related service.
LL /RQJ7HUP(PSOR\HH%HQHWV
7KHGLVFORVXUHVDVSHUWKHUHYLVHG$6DUHDVXQGHU
D %ULHIGHVFULSWLRQRIWKHSODQV
'HQHG&RQWULEXWLRQ3ODQ
7KH&RPSDQ\VGHQHGFRQWULEXWLRQSODQLV(PSOR\HHV3HQVLRQ6FKHPHXQGHUWKHSURYLVLRQVRI
(PSOR\HHV3URYLGHQW)XQGVDQG0LVFHOODQHRXV3URYLVLRQV$FWVLQFHWKH&RPSDQ\KDVQR
further obligation beyond making the contributions.
'HQHG%HQHWDQGRWKHU/RQJWHUP%HQHW3ODQV
7KH&RPSDQ\KDVWZRVFKHPHVIRUORQJWHUPEHQHWVQDPHO\3URYLGHQW)XQGDQG*UDWXLW\
y 7KH3URYLGHQW)XQGSODQDIXQGHGVFKHPHLVRSHUDWHGE\WKH&RPSDQ\V3URYLGHQW)XQGZKLFK
LVUHFRJQLVHGE\WKHLQFRPHWD[DXWKRULWLHVDQGDGPLQLVWHUHGWKURXJKWUXVWHHVDSSURSULDWH
DXWKRULWLHV7KH*XLGDQFH1RWHRQLPSOHPHQWLQJWKHUHYLVHG$6(PSOR\HH%HQHWV
UHYLVHGLVVXHGE\$FFRXQWLQJ6WDQGDUGV%RDUG$6%VWDWHVEHQHWLQYROYLQJHPSOR\HU
HVWDEOLVKHGSURYLGHQWIXQGVZKLFKUHTXLUHLQWHUHVWVKRUWIDOOVWREHUHFRPSHQVHGDUHWREH
FRQVLGHUHGDVGHQHGEHQHWSODQV$FFRUGLQJO\WKH&RPSDQ\KDVFRQVLGHUHGWKHSURYLGHQW
IXQGDVGHQHGEHQHWSODQ
y 7KH&RPSDQ\SURYLGHVIRUJUDWXLW\DGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQDV
RIWKH%DODQFH6KHHWGDWHEDVHGXSRQZKLFKWKH&RPSDQ\FRQWULEXWHVDOOWKHDVFHUWDLQHG
OLDELOLWLHVWRWKHQVXUHU0DQDJHG)XQGV
The employees of the Company are also entitled to leave encashment. The provision is made
based on actuarial valuation for leave encashment at the year end.

25
(PSOR\HH%HQHWV([SHQVH contd.
E &KDUJHWRWKH6WDWHPHQWRI3URWDQG/RVV
L %DVHGRQFRQWULEXWLRQ
` in crore
2015
2014
(PSOR\HHV3HQVLRQ6FKHPH
21.21
13.15
3URYLGHQW)XQG
41.05
40.01
62.26
53.16
ii. &KDUJHWRZDUGVOHDYHHQFDVKPHQWWRWKH6WDWHPHQWRI3URWDQG/RVVDPRXQWVWR`57.28 crore

3UHYLRXV\HDU`FURUH
F 'LVFORVXUHVIRUGHQHGEHQHWSODQVEDVHGRQDFWXDULDOUHSRUWVDVRQst March 2015
` in crore
b
i. &KDQJHLQGHQHGEHQHWREOLJDWLRQ
2SHQLQJGHQHGEHQHWREOLJDWLRQ
QWHUHVWFRVW
Current service cost
$FWXDULDOJDLQORVVRQREOLJDWLRQV
%HQHWVSDLG
Liability at the end of the year
ii. Change in fair value of assets
Opening fair value of plan assets
([SHFWHGUHWXUQRQSODQDVVHWV
$FWXDULDOJDLQORVV
Contributions by employer
Transfer of plan assets
$VVHWVWUDQVIHUUHGRXWGLYHVWPHQWV
%HQHWVSDLG
Closing fair value of plan assets
iii. $PRXQWUHFRJQLVHGLQ%DODQFH6KHHW
3UHVHQWYDOXHRIREOLJDWLRQVDVDW\HDUHQG
Direct Obligations
)DLUYDOXHRISODQDVVHWVDVDW\HDUHQG
1HWDVVHWOLDELOLW\UHFRJQLVHG
iv. ([SHQVHVUHFRJQLVHGLQ6WDWHPHQWRI3URWDQG/RVV
QWHUHVWRQGHQHGEHQHWREOLJDWLRQ
1HWDFWXDULDOJDLQORVVUHFRJQLVHGLQWKHFXUUHQW\HDU
'LUHFW3D\PHQWV
Direct Obligations
7RWDOH[SHQVHUHFRJQLVHGLQ6WDWHPHQWRI3URWDQG/RVV
2015
2014
Gratuity
*UDWXLW\
(Funded Plan) )XQGHG3ODQ
b
74.43
6.92
16.23
6.42
(4.64)
99.36
b
41.23
3.83
(0.16)
5.00
(3.48)
(4.64)
41.78
b
(99.36)
41.78
(57.58)
b
16.23
6.92
(3.83)
6.58
25.90
59.39
4.90
9.80
3.86

74.43
33.74
2.78

10.00

41.23

41.23

9.80
4.90

5.63
0.35
3.48
21.38

25
` in crore
b
2015
2014
Gratuity
*UDWXLW\
(Funded Plan) )XQGHG3ODQ
v. Actual return on plan assets

$FWXDULDOJDLQORVVRQSODQDVVHWV
Actual return on plan assets
vi. Asset information
QVXUHUPDQDJHGIXQGV
vii. Experience adjustments
'HQHGEHQHWREOLJDWLRQ
3ODQDVVHWV
'HFLW6XUSOXV
([SHULHQFHDGMXVWPHQWRQSODQOLDELOLWLHVJDLQORVV
([SHULHQFHDGMXVWPHQWRQSODQDVVHWVJDLQORVV
viii. Expected employer's contribution for the next year
b
3.83
(0.16)
3.67
b
100%
b
99.36
(41.78)
57.58
(0.53)
0.16
45.10
2.78

1.01
100%
74.43

33.20
3.95
1.77
40.36
7KHDFWXDULDOFDOFXODWLRQVXVHGWRHVWLPDWHFRPPLWPHQWVDQGH[SHQVHVLQUHVSHFWRIJUDWXLW\
DQGFRPSHQVDWHGDEVHQFHVDUHEDVHGRQWKHIROORZLQJDVVXPSWLRQVZKLFKLIFKDQJHGZRXOG
DHFWWKHFRPPLWPHQWVVL]HIXQGLQJUHTXLUHPHQWVDQGH[SHQVH
Principal Actuarial assumptions used
2015
2014
'LVFRXQWHGUDWHSHUDQQXP
8.01%
9.30%
([SHFWHGUDWHRIUHWXUQRQSODQDVVHWV
8.01%
9.30%
([SHFWHGUDWHRIIXWXUHVDODU\LQFUHDVH
5.00% p.a.*
5.00%
IRUWKHQH[W\HDUVDQGSDWKHUHDIWHU
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRI
LQDWLRQVHQLRULW\SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQGGHPDQGLQ
employment market.
y $PRXQWIRUFXUUHQWDQGSUHYLRXVIRXUSHULRGVDUHDVIROORZV
` in crore
2015
2014
2013
2012
2011
99.36
74.43
59.39
46.52
33.23
(41.78)

6XUSOXV'HFLW
57.58
33.20
25.65
17.49
6.87
([SHULHQFHDGMXVWPHQWRQSODQOLDELOLWLHV
JDLQORVV
(0.53)
3.95
0.20
11.22
9.36
0.16
1.77

0.56
Gratuity
3ODQDVVHWV
([SHULHQFHDGMXVWPHQWRQSODQDVVHWV
JDLQORVV

25


G7KHIROORZLQJWDEOHVHWVRXWWKHVWDWXVRIWKHSURYLGHQWIXQGSODQDQGWKHDPRXQWV
UHFRJQLVHGLQWKHJURXSVQDQFLDOVWDWHPHQWVDVRQst March 2015
` in crore
b
QWHUHVWFRVW
3DVWVHUYLFHFRVW
(PSOR\HH&RQWULEXWLRQ
Liability transferred in
$FWXDULDOJDLQORVVRQREOLJDWLRQV
%HQHWVSDLG
$FWXDULDOJDLQORVV
%HQHWVSDLG
3UHVHQWYDOXHRIREOLJDWLRQVDVDW\HDUHQG
)DLUYDOXHRISODQDVVHWVDVDW\HDUHQG
)XQGHGVWDWXV
8QUHFRJQLVHGDFWXDULDOJDLQORVV
1HWDVVHWOLDELOLW\UHFRJQLVHG
3DVWVHUYLFHFRVW
QWHUHVWFRVW
1HWDFWXDULDOJDLQORVVUHFRJQLVHGLQWKHFXUUHQW\HDU
$FWXDULDOJDLQORVVRQSODQDVVHWV
2014
2015
Provident Fund 3URYLGHQW)XQG
)XQGHG3ODQ
(Funded Plan)
b
b
392.12
283.12
36.65
26.71
40.89
40.48
71.22
60.03
8.44
7.50
(32.95)

516.37
392.12
b
397.84
287.57
36.65
26.71
2.33
1.26
112.20
100.52
8.44
7.50
(32.95)

524.51
397.84
b
(516.37)

524.51
397.84
(8.14)

b
40.89
40.48
36.65
26.71
(36.65)

40.89
40.48
b
36.65
(2.33)
34.32
26.71

25.45

25
` in crore
b

QYHVWPHQWLQ368ERQGV
QYHVWPHQWLQ*RYHUQPHQW6HFXULWLHV
Bank Special deposit
QYHVWPHQWLQRWKHUVHFXULWLHV
3ULYDWH6HFWRU%RQGV
(TXLW\QVXUHU0DQDJHG)XQGV0XWXDO)XQGV
Total Assets at the end of the year
vii. Principal Actuarial assumptions used
'LVFRXQWHGUDWHSHUDQQXP
([SHFWHGUDWHRIUHWXUQRQSODQDVVHWVSHUDQQXP
7KH HVWLPDWHV RI IXWXUH VDODU\ LQFUHDVHV FRQVLGHUHG LQ
DFWXDULDO YDOXDWLRQ WDNH DFFRXQW RI LQDWLRQ VHQLRULW\
SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUVVXFKDVVXSSO\DQG
demand in employment market.
viii. Experience adjustments
3ODQDVVHWV
'HFLW6XUSOXV
([SHULHQFHDGMXVWPHQWRQSODQOLDELOLWLHVJDLQORVV
([SHULHQFHDGMXVWPHQWRQSODQDVVHWVJDLQORVV
2015
2014
Provident Fund 3URYLGHQW)XQG
(Funded Plan)
)XQGHG3ODQ
b
259.39
210.89
15.58
27.05
11.10
0.50
524.51
b
8.01%
8.75%
5.00% p.a.*
b
516.37
(524.51)
(8.14)
2.33
188.90
157.55
15.58
24.23
11.08
0.50
397.84
9.30%
8.75%
5.00%
392.12

1.26
IRUWKHQH[W\HDUV SDWKHUHDIWHU
` in crore
b
26
Finance Costs

QWHUHVW([SHQVH
2WKHU%RUURZLQJ&RVWV
$SSOLFDEOH/RVVRQ)RUHLJQ&XUUHQF\7UDQVDFWLRQDQG7UDQVODWLRQ
2015
2014
b
b
b
39.32
1.04
95.69
37.83
15.38
74.65
136.05
127.86

` in crore
b
27
Depreciation and Amortisation Expense
Depreciation on Tangible Assets

$PRUWLVDWLRQRIQWDQJLEOH$VVHWV
2015
2014
b
b
b
424.07
9.13
323.25
0.36
433.20
323.61
` in crore
2015
28
Other Expenses
0DQXIDFWXULQJ([SHQVHV
Stores and Spares
3RZHUDQG)XHO
Repairs and Maintenance
Machinery
Buildings
7UDYHOOLQJ([SHQVHV
6DOHV3URPRWLRQ([SHQVHV
Commission on Sales
5DWHVDQG7D[HV
)UHLJKWDQG)RUZDUGLQJ
Rent
QVXUDQFH
3D\PHQWWR$XGLWRUV
$XGLW)HHV
7D[DWLRQ0DWWHUV
)RU2WKHU6HUYLFHV
3URIHVVLRQDO)HHV
3RVWDJHDQG7HOHSKRQH([SHQVHV
'LUHFWRUV
6LWWLQJ)HHV
Contractual Services
&RUSRUDWH6RFLDO5HVSRQVLELOLW\([SHQGLWXUH1RWH
Charitable Donations
%DG'HEWVSURYLVLRQIRUGRXEWIXOGHEWVDQGDGYDQFHV1HW
5HVHDUFK&OLQLFDO7ULDOV6DPSOHVDQG*UDQWV
0LVFHOODQHRXV([SHQVHV

2014
b
b
b
349.64
84.22
198.19
b
51.01
28.50
278.25
229.90
214.21
35.04
197.46
46.78
19.81
51.37
29.92
264.39
199.62
234.12
39.45
165.47
44.09
16.49
0.67
0.22
0.21
330.53
22.08
0.14
120.91
12.79
0.09
10.23
8.01
128.06
316.84
0.67
0.05
0.30
344.55
21.74
0.08
88.64
9.98
27.54
6.95
94.36
256.02
2683.79
2422.00
250.31
84.05
191.84

` in crore
b
29

Amount eligible for weighted deduction under section

$%RIWKHQFRPH7D[$FW
&DSLWDO([SHQGLWXUH
5HYHQXH([SHQGLWXUH
(PSOR\HH%HQHW([SHQVH
5DZ0DWHULDOVDQG&RQVXPDEOHV
5HVHDUFK&OLQLFDO7ULDOVDQG*UDQWV
2WKHU([SHQGLWXUH

2014
b
b
Research and Development Expenditure

7KHDPRXQWRIH[SHQGLWXUHDVVKRZQLQWKHUHVSHFWLYH
KHDGVRIDFFRXQWLVDVXQGHU
&DSLWDO([SHQGLWXUH
5HYHQXH([SHQGLWXUH&KDUJHGWRWKH6WDWHPHQWRI3URW
and Loss
Materials Consumed
(PSOR\HH%HQHWV([SHQVHV
3RZHUDQG)XHO
0DQXIDFWXULQJ([SHQVHV
3URIHVVLRQDO)HHV
Depreciation
5HVHDUFK&OLQLFDO7ULDOV6DPSOHVDQG*UDQWV
3ULQWLQJDQG6WDWLRQHU\
7UDYHOOLQJ([SHQVHV
2WKHU5HVHDUFKDQG'HYHORSPHQW([SHQVHV
2015
127.61
197.64
27.70
28.70
23.95
74.09
76.48
74.95
1.92
13.58
67.42
128.25
127.61
75.16
158.99
130.10
b
5.58
b
b
b
b
b
b
b
b
b
b
b
714.04
844.14
b
b
72.88
148.95
21.38
24.23
21.82
46.38
39.29
62.92
1.73
8.97
63.38
511.93
517.51
39.93
b
b
b
b
b
490.01
4.95
70.35
72.88
62.92
86.17
292.32
529.94
297.27
` in crore
2015
2014
30
1HW'LHUHQFHLQIRUHLJQH[FKDQJHGHELWHGFUHGLWHG

WRWKH6WDWHPHQWRI3URWDQG/RVV
(55.86)
65.21
(55.86)
65.21

` in crore
2015
31
Value of Imports on C.I.F. basis
5DZ0DWHULDOVDQG3DFNLQJ0DWHULDOV
&RPSRQHQWVDQG6SDUH3DUWV
&DSLWDO*RRGV
2014
b
b
1515.43
1330.64
23.73
30.70
123.75
64.71
1662.91
1426.05
` in crore
2015
32
Expenditure in Foreign Currency
/HJDODQG3URIHVVLRQDOFKDUJHV
QWHUHVW
Commission
33
2WKHU0DWWHUV7UDYHOOLQJ5HJLVWUDWLRQIHHVHWF
2014
b
b
397.01
239.82
0.74
1.67
75.51
131.15
112.17
95.61
585.43
468.25
Lease Accounting
Where the Company is a Lessee
7KH &RPSDQ\ KDV REWDLQHG FHUWDLQ SUHPLVHV IRU LWV EXVLQHVV RSHUDWLRQV LQFOXGLQJ IXUQLWXUH DQG [WXUHV
WKHUHLQ DV DSSOLFDEOH XQGHU FDQFHOODEOH RSHUDWLQJ OHDVH RU OHDYH DQG OLFHQVH DJUHHPHQWV UDQJLQJ IURP
PRQWKV WR \HDUV RU ORQJHU ZKLFK DUH VXEMHFW WR UHQHZDO DW PXWXDO FRQVHQW 7KH FDQFHOODEOH OHDVH
arrangements can be terminated by either party after giving due notice. Lease payments are recognised in
WKH6WDWHPHQWRI3URWDQG/RVVXQGHU
5HQW
LQ1RWH
Where the Company is a Lessor
The Company has given certain premises under operating lease or leave and license agreement. The
&RPSDQ\UHWDLQVVXEVWDQWLDOO\DOOULVNVDQGEHQHWVbRIRZQHUVKLSRIWKHOHDVHGDVVHWDQGKHQFHFODVVLHG
DV RSHUDWLQJ OHDVH /HDVH LQFRPH RQ VXFK RSHUDWLQJ OHDVH LV UHFRJQLVHG LQ 6WDWHPHQW RI 3URW DQG /RVV
XQGHU5HQWLQ1RWH

34
Foreign Exchange Derivatives and Exposures outstanding at the year end

` in crore
Currency
Cross Currency
2015
2014
)RUZDUGFRQWUDFWV6ROG
USD
15
b
799.43
1261.14
)RUZDUGFRQWUDFWV6ROG
=$5
15
225.99
)RUZDUGFRQWUDFWV%RXJKW
USD
15
535.78
826.83
Receivables
782.52
311.72
3D\DEOHV
548.06
452.70
843.75
1DWXUHRIQVWUXPHQW
8QKHGJHGIRUHLJQH[FKDQJHH[SRVXUHV
6KRUW7HUP%RUURZLQJV
Note7KH&RPSDQ\XVHVIRUZDUGFRQWUDFWVGHULYDWLYHVIRUKHGJLQJSXUSRVHVDQGRUUHGXFLQJLQWHUHVWFRVWV
35
Segment Information
QDFFRUGDQFHZLWK$66HJPHQW5HSRUWLQJVHJPHQWLQIRUPDWLRQKDVEHHQJLYHQLQWKH&RQVROLGDWHG
)LQDQFLDO6WDWHPHQWVRI&LSOD/WGDQGWKHUHIRUHQRVHSDUDWHGLVFORVXUHRQVHJPHQWLQIRUPDWLRQLVJLYHQLQ
WKHVHQDQFLDOVWDWHPHQWV
` in crore
36
Commitments
(VWLPDWHGDPRXQWRIFRQWUDFWVXQH[HFXWHGRQ&DSLWDO
Account
Other Commitments
2014
b
b
Contingent Liabilities and Commitments

(to the extent not provided for)
Contingent Liabilities
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEW
*XDUDQWHHV
Letters of Credit
5HIXQGRI7HFKQLFDO.QRZKRZDQG/LFHQVLQJ)HHVRQ
account of non-compliance of certain obligations as per
respective agreements
QFRPH7D[RQDFFRXQWRIGLVDOORZDQFHVDGGLWLRQV
([FLVH'XW\6HUYLFH7D[RQDFFRXQWRIYDOXDWLRQFHQYDW
credit
6DOHV7D[RQDFFRXQWRIFUHGLWFODVVLFDWLRQ
2015
15.85
126.95
49.30
b
b
b
b
4.82
152.38
9.32
108.42
b
b
2.95
100.29
108.47
5.66
b
b
414.65
b
80.93
5.46
356.15
367.10
978.61
b
b
1345.71
200.88
644.33
845.21
1760.36
1201.36

37 7KH *RYHUQPHQW RI QGLD KDV VHUYHG GHPDQG QRWLFHV LQ 0DUFK DQG 0D\ RQ WKH &RPSDQ\ LQ
UHVSHFWRIVL[EXONGUXJVFODLPLQJWKDWDQDPRXQWRI`FURUHDORQJZLWKLQWHUHVWGXHWKHUHRQLVSD\DEOH
LQWR WKH '3($ XQGHU WKH 'UXJV 3ULFHV &RQWURO 2UGHU RQ DFFRXQW RI DOOHJHG XQLQWHQGHG EHQHW
HQMR\HG E\ WKH &RPSDQ\ 7KH &RPSDQ\ KDV OHG LWV UHSOLHV WR WKH QRWLFHV DQG KDV FRQWHQGHG WKDW QR
DPRXQWLVSD\DEOHLQWRWKH'3($XQGHUWKH'UXJV3ULFHV&RQWURO2UGHU
38 Q WKH &RPSDQ\ UHFHLYHG QRWLFH RI GHPDQG IURP WKH 1DWLRQDO 3KDUPDFHXWLFDO 3ULFLQJ $XWKRULW\
*RYHUQPHQWRIQGLDRQDFFRXQWRIDOOHJHGRYHUFKDUJLQJLQUHVSHFWRIFHUWDLQGUXJVXQGHUWKH'UXJV3ULFH
&RQWURO 2UGHU 7KLV ZDV FRQWHVWHG EHIRUH WKH MXULVGLFWLRQDO +LJK &RXUWV LQ 0XPEDL .DUQDWDND DQG
$OODKDEDGZKHUHLQLWZDVKHOGLQIDYRXURIWKH&RPSDQ\7KHRUGHUVRI+RQEOH+LJK&RXUWRI$OODKDEDGDQG
%RPED\ZHUHFKDOOHQJHGEHIRUHWKH+RQEOH6XSUHPH&RXUWRIQGLDE\WKH*RYHUQPHQW$OWKRXJKLQWKH
FKDOOHQJHWRWKHGHFLVLRQRIWKH+RQEOH%RPED\+LJK&RXUWWKH+RQEOH6XSUHPH&RXUWRIQGLDUHVWRUHG
WKHPDWWHUWRWKH+RQEOH%RPED\+LJK&RXUWLQ$XJXVWIRULQWHUSUHWLQJWKH'UXJ3ROLF\RQWKHEDVLV
RIGLUHFWLRQVDQGSULQFLSOHVODLGGRZQE\WKHPDQGWKHVDPHZDVSHQGLQJLQWKHFKDOOHQJHWRWKH+RQEOH
+LJK &RXUW RI $OODKDEDGV RUGHU LQ )HEUXDU\ WKH +RQEOH 6XSUHPH &RXUW RI QGLD WUDQVIHUUHG WKH
%RPED\+LJK&RXUWSHWLWLRQDOVREHIRUHLWVHOIIRUDQDOKHDULQJRQERWKWKHPDWWHUVQDQHDUOLHURUGHUWKH
+RQEOH6XSUHPH&RXUWKDVDOUHDG\UHVWUDLQHGWKH*RYHUQPHQWIURPWDNLQJDQ\FRHUFLYHDFWLRQDJDLQVWWKH
Company. The Company has been legally advised that on the basis of these orders there is no probability of
demand crystallising. Hence no provision is considered necessary in respect of notice of demand received
by the Company up to date aggregating to `1768.51 crore.
39
Details of Loans given, Investments made and Guarantees given covered

under section 186 (4) of the Companies Act, 2013
a) Loans and Advances in the nature of Loans given to Subsidiaries and Associates
` in crore
Sr. Name of the Company
No.
1.
2.
3.
4.
*ROGHQFURVV3KDUPD3YW/WG
0HGLWDE6SHFLDOLWLHV3YW/WG
0DESKDUP3YW/WG
-D\3UHFLVLRQ3KDUPDFHXWLFDOV
3YW/WG
Nature
Subsidiary
Subsidiary
Subsidiary
Subsidiary
As at
31st March
2015
Maximum
balance
during the
year
As at
31st March
2014
0D[LPXP
balance
during the
year
224.15
-
242.60
12.22
234.15
-
26.75
234.15
-
35.00
35.00
E/RDQVJLYHQWR2WKHU%RG\&RUSRUDWHV
Sr. Name of the Company
No.
1. %DNXO3KDUPD3YW/WG
2. 8 6\VWHP'HVLJQ/WG
As at
31st March
2015
b
0.80
2.25
Maximum
balance during
the year
As at
31st March
2014
` in crore
0D[LPXP
balance during
the year
0.80
2.25
0.80
2.25
0.80
2.25
* The loan is considered doubtful and has been fully provided for.
Notes L

LL
LLL
iv.
$OOWKHDERYHORDQVKDYHEHHQJLYHQIRUEXVLQHVVSXUSRVHV
7KHORDQVDQGDGYDQFHVVKRZQDERYHIDOOXQGHUWKHFDWHJRU\RI/RQJ7HUP/RDQV $GYDQFHVDQGDUH
UHSD\DEOHZLWKLQWR\HDUVH[FHSW6KRUW7HUP/RDQVDQG$GYDQFHVWR%DNXO3KDUPD3YW/WG
$OOWKHDERYH/RDQVDQG$GYDQFHVDUHLQWHUHVWEHDULQJH[FHSWIRUDQDPRXQWRI`224.15 crore given to
Loans given to employees as per the Companys policy are not considered.

39
Details of Loans given, Investments made and Guarantees given covered

under section 186 (4) of the Companies Act, 2013 contd.
c) Investments made are given under the respective heads.
G7KH&RPSDQ\KDVQRWJLYHQDQ\JXDUDQWHHRUSURYLGHGDQ\VHFXULW\LQFRQQHFWLRQZLWKDORDQWR
any other body corporate or person.
No. of Shares
0HGLWDE6SHFLDOLWLHV3YW/WGKDVPDGHWKHIROORZLQJLQYHVWPHQWVLQLWVVXEVLGLDULHV
Dbb0HGLWDE+ROGLQJV/WG
Ebb0HGLVSUD\/DERUDWRULHV3YW/WG
Fbbb6LWHF/DEV3YW/WG

0HGLWDE6SHFLDOLWLHV3YW/WGKDVPDGHWKHIROORZLQJLQYHVWPHQWVLQLWVDVVRFLDWHV
Dbb6WHPSHXWLFV5HVHDUFK3YW/WG#

0HGLWDE+ROGLQJV/WGKDVPDGHWKHIROORZLQJLQYHVWPHQWVLQLWVVXEVLGLDULHV
Dbb0HGLWDE3KDUPDFHXWLFDOV6RXWK$IULFD3W\/WG
E&LSOD4XDOLW\&KHPLFDOQGXVWULHV/WG

* Loan outstanding `FURUH3UHYLRXV\HDU`FURUHDQGLQWHUHVWIUHH0D[LPXPORDQRXWVWDQGLQJ`FURUH3UHYLRXV

year `FURUH
#
/RDQRXWVWDQGLQJ1LO3UHYLRXV\HDU`FURUHEHDULQJLQWHUHVW#SD0D[LPXPORDQRXWVWDQGLQJ`2.94 crore
3UHYLRXV\HDU`FURUH
40
Related Party Disclosures

L $V SHU $6 5HODWHG 3DUW\ 'LVFORVXUHV WKH UHODWHG SDUWLHV ZKHUH FRQWURO H[LVWV RU ZKHUH VLJQLFDQW
LQXHQFHH[LVWVDQGZLWKZKRPWUDQVDFWLRQKDYHWDNHQSODFHDUHDVEHORZ
D 6XEVLGLDU\&RPSDQLHVLQFOXGLQJVWHSGRZQVXEVLGLDULHVDVVRFLDWHFRPSDQLHVDQGMRLQWYHQWXUH
Sr. No. Name of the Company
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
16.
17.
18.
19.
Subsidiaries (held directly)

&LSOD)=(
&LSOD0DXULWLXV/WG
&LSOD0HGSUR6RXWK$IULFD3URSULHWDU\/WG
&LSOD+ROGLQJ%9
0DESKDUP3YW/WG*
&LSOD(8/WG
6DEDQYHVWPHQW/WG
-D\3UHFLVLRQ3KDUPDFHXWLFDOV3YW/WG#
Subsidiaries (held indirectly)
&LSOD8./WG
&LSOD$XVWUDOLD3W\/WG
0HGLVSUD\/DERUDWRULHV3YW/WG
6LWHF/DEV3YW/WG
)RXU03URSDFN3YW/WG
Meditab Holdings Ltd.
0HGLWDE6SHFLDOLWLHV1HZ=HDODQG/WG
0HGLWDE3KDUPDFHXWLFDOV6RXWK$IULFD3URSULHWDU\/WG
&LSODOD7LFDUHW$QRQLPLUNHWL

40
Related Party Disclosures contd.

Sr. No. Name of the Company
20.
21.
22.
23.
24.
25.
26.
27.
28.
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
40.
41.
42.
43.
44.
45.
46.
47.
48.
49.
50.
51.
52.
53.
54.
55.
56.
57.
58.
59.
60.
61.
62.
63.
&LSOD86$QF
Cipla Kenya Ltd.
Cipla Malaysia Sdn. Bhd.
&LSOD(XURSH19
&LSOD4XDOLW\&KHPLFDOQGXVWULHV/WG
&LSOD&URDWLDGRR)RUPHUO\NQRZQDV&HOHULVGRR
Q\DQJD7UDGLQJ3URSULHWDU\/WG
;HUDJHQ/DERUDWRULHV3URSULHWDU\/WG
*DOLOHH0DUNHWLQJ3URSULHWDU\/WG
&LSOD0HGSUR0DQXIDFWXULQJ3URSULHWDU\/WG
&LSOD0HGSUR+ROGLQJV3URSULHWDU\/WG
&LSOD1XWULWLRQ3URSULHWDU\/WG
&LSOD+HDOWK&DUH3URSULHWDU\/WG
&LSOD0HGSUR'LVWULEXWLRQ&HQWUH3URSULHWDU\/WG
&LSOD0HGSUR3URSULHWDU\/WG
0HGSUR3KDUPDFHXWLFD3URSULHWDU\/WG
&LSOD/LIH6FLHQFHV3URSULHWDU\/WG
&LSOD3HUVRQDO&DUH3URSULHWDU\/WG
&LSOD9HW3URSULHWDU\/WG
&LSOD$JULPHG3URSULHWDU\/WG
&LSOD'LEFDUH3URSULHWDU\/WG
&LSOD0HGSUR%RWVZDQD3URSULHWDU\/WG
0HG0DQ&DUH3URSULHWDU\/WG
0HGSUR3KDUPDFHXWLFD$IULFD3URSULHWDU\/WG
&DSHWR&DLUR([SRUWV3URSULHWDU\/WG
&LSOD0HGSUR$593URSULHWDU\/WG
&LSOD0HGSUR&DUGLR5HVSLUDWRU\3URSULHWDU\/WG
&LSOD0HGSUR5HVHDUFKDQG'HYHORSPHQW3URSULHWDU\/WG
*DUGLDQ&LSOD3URSULHWDU\/WG
0HGSUR*HQ3URSULHWDU\/WG
0HGSUR+ROGLQJV3URSULHWDU\/WG
0HGSUR2Q/LQH3URSULHWDU\/WG
6PLWKDQG&RX]LQ3URSULHWDU\/WG
%UHDWKH)UHH/DQND3ULYDWH/WG
&LSOD&DQDGDQF
0HGLFD3KDUPDFHXWLFDOQGXVWULHV&RPSDQ\/WG
$O-DEDO)RU'UXJVDQG0HGLFDO$SSOLDQFHV&RPSDQ\/WG
&LSOD3KDUPD/DQND3ULYDWH/WG
&LSOD3KDUPD1LJHULD/WG
Associates
6WHPSHXWLFV5HVHDUFK3YW/WG
Biomab Holding Ltd.
-LDQJVX&G\PD[3KDUPDFHXWLFDOV&R/WG#
0DESKDUP3YW/WG**
Joint Venture
$VSHQ&LSOD$XVWUDOLD3W\/WG
:LWKHHFWIURPth July 2014

#
:LWKHHFWIURPth)HEUXDU\
#
Upto 30th March 2015
**
Upto 16th July 2014

40

LL 7UDQVDFWLRQVGXULQJWKH\HDUZLWKUHODWHGSDUWLHV
Eb .H\0DQDJHPHQW3HUVRQQHO
0U6XEKDQX6D[HQD0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
2. Mr. S. Radhakrishnan Whole-time Director
0U5DMHVK*DUJ([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
F (QWLWLHVRYHUZKLFK.H\0DQDJHPHQW3HUVRQQHODUHDEOHWRH[HUFLVHVLJQLFDQWLQXHQFH
&LSOD)RXQGDWLRQ
` in crore
Particulars
Subsidiaries
b
QWHUHVWUHFHLYHG
Loans repaid
QYHVWPHQWLQ(TXLW\
Loans given
Associates/Joint
Venture
Key Management
Personnel
including
transactions with
relatives of Key
Management
Personnel
Entities over
which Key
Management
Personnel exercise
VLJQLFDQW
LQXHQFH
7RWDO
2015
2014
2015
2014
2015
2014
2015
2014
2015
0.34
0.67
0.34
2014
0.67
30.67
34.65
30.67
34.65
708.72
57.19
708.72
57.19
55.67
117.57
55.67
117.57
21.98
36.10
21.98
36.10
303.50
287.21
66.44
303.50
353.65
3URFHVVLQJFKDUJHVSDLG
65.42
22.16
23.47
65.42
45.63
Testing and Analysis

charges paid
62.45
48.00
62.45
48.00
)UHLJKWFKDUJHVSDLG
0.99
1.57
0.99
1.57
Remuneration
3XUFKDVHRI*RRGV
830.54
549.44
28.34
30.17
830.54
607.95
6DOHRI)L[HG$VVHWV
1.42
1.90
1.17
1.42
3.07
3XUFKDVHRI)L[HG$VVHWV
0.06
0.01
0.04
0.06
0.05
3URFHVVLQJFKDUJHVUHFHLYHG
3.64
2.40
0.71
3.64
3.11
158.60
167.94
0.00*
1.82
158.60
169.76
14.34
13.62
14.34
13.62
Donations given
9.28
9.59
9.28
9.59
Rent paid
0.40
0.40
3.00
2.95
6DOHRI*RRGV
Service charges paid

Service charges received
Rent received
3.00
2.95
Reimbursement of
RSHUDWLQJRWKHUH[SHQVHV
0.46
0.04
0.47
0.46
0.51
13.22
8.03
0.08
0.03
13.22
8.14
46.21
52.51
0.02
0.02
19.93
46.23
72.46
874.82
619.43
14.39
10.12
874.82
643.94
Reimbursement received of
RSHUDWLQJRWKHUH[SHQVHV
0.00
Balances at end of the year

2XWVWDQGLQJ3D\DEOHV
Outstanding Receivables
* `25000
#
`20040

40
'LVFORVXUHVLQUHVSHFWRIUHODWHGSDUW\WUDQVDFWLRQVGXULQJWKH\HDU
` in crore
2015
b
A. Interest received
-D\3UHFLVLRQ3KDUPDFHXWLFDOV3YW/WG
0DESKDUP3YW/WG
% /RDQV5HSDLG
0DESKDUP3YW/WG
C. Investment in Equity
&LSOD0DXULWLXV/WG
&LSOD+ROGLQJ%9
0DESKDUP3YW/WG
&LSOD(8/WG
6DEDQYHVWPHQW/WG
D. Loans given
0DESKDUP3YW/WG
E.
F.
Remuneration
Dr. Y. K. Hamied5
Mr. M. K. Hamied4
Mr. Kamil Hamied5
0V6DPLQD9D]LUDOOL5
0U6XEKDQX6D[HQD
0U5DMHVK*DUJ
Purchase of Goods
)RXU03URSDFN3YW/WG
2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
2014
b
0.02
0.19
0.13
0.34
b
18.45
12.22
30.67
b
121.34
119.62
54.07
37.76
257.69
22.00
96.24
708.72
b
35.00
8.45
12.22
55.67
b
3.69
13.31
4.98
21.98
b
237.18
33.49
0.24
10.41
-
0.67
0.67
26.75
7.90
34.65
4.12
53.07
57.19
117.57
117.57
2.00
6.88
3.67
0.96
0.90
21.69
36.10
252.07
13.11
0.73
7.89
44.38
22.06

40

` in crore
b
6LWHF/DEV3YW/WG
G. Processing charges paid
2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
+ 7HVWLQJDQG$QDO\VLVFKDUJHVSDLG

6LWHF/DEV3YW/WG
I.
J.
Freight charges paid

)RXU03URSDFN3YW/WG
Sale of Goods
)RXU03URSDFN3YW/WG
2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
6LWHF/DEV3YW/WG
&LSOD(8/WG
0HGSUR3KDUPDFHXWLFD3URSULHWDU\/WG
&LSOD86$QF
6DEDQYHVWPHQW/WG
2015
2014
0.42
0.31
9.59
11.86
303.50
b
9.11
19.51
36.80
65.42
b
62.45
62.45
b
0.49
0.50
0.99
b
2.16
6.62
16.31
11.21
0.02
95.34
5.57
41.68
5.33
511.95
7.76
0.85
36.60
31.77
57.37
830.54
12.34
1.07
353.65
3.23
5.42
13.51
8.73
14.74
45.63
48.00
48.00
0.37
0.74
0.46
1.57
2.06
2.77
0.001
12.82
27.64
2.53
28.34
0.01
3.52
0.54
17.78
2.57
507.37
607.95

40

` in crore
2015
b
K. Sale of Fixed Assets
2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
)RXU03URSDFN3YW/WG
6LWHF/DEV3YW/WG
L.
Purchase of Fixed Assets

2NDVD3KDUPD3YW/WG6
M. Processing charges received

2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
N. Service charges paid
0DESKDUP3YW/WG
&LSOD(8/WG
&LSOD8./WG
&LSOD86$QF
Cipla Kenya Ltd.
&LSOD(XURSH19
&LSOD&DQDGDQF
+DPLHG)RXQGDWLRQ
O. Service charges received
0DESKDUP3YW/WG
P. Donations given
&LSOD)RXQGDWLRQ7
&LSOD&DQFHUDQG$'6)RXQGDWLRQ6
b
0.08
0.01
1.33
1.42
b
0.05
0.01
0.06
b
0.91
2.73
3.64
b
0.65
40.23
8.76
10.56
0.82
33.99
4.68
3.80
52.24
2.87
158.60
b
1.70
12.64
14.34
9.28
9.28
2014
0.79
0.69
1.00
0.17
0.04
0.22
0.16
3.07
0.01
0.04
0.05
0.38
2.02
0.45
0.26
3.11
0.002
49.99
65.71
13.30
1.02
31.38
1.51
5.03
1.82
169.76
1.64
11.98
13.62
7.27
2.32
9.59

40

` in crore
2015
b
Q. Rent paid
2NDVD3YW/WG6
R. Rent received
Dr. Y.K. Hamied5
0DESKDUP3YW/WG
S.
Reimbursement of Operating/Other Expenses

2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
7 5HLPEXUVHPHQWUHFHLYHGRI2SHUDWLQJ2WKHU([SHQVHV
2NDVD3KDUPD3YW/WG6
2NDVD3YW/WG6
&LSOD(8/WG
&LSOD8./WG
&LSOD86$QF
)RXU03URSDFN3YW/WG
0DESKDUP3YW/WG
6LWHF/DEV3YW/WG
&LSOD(XURSH19
&LSOD+ROGLQJ%9
8 2XWVWDQGLQJ3D\DEOHV
)RXU03URSDFN3YW/WG
6LWHF/DEV3YW/WG
2NDVD3KDUPD3YW/WG6
&LSOD8./WG
2014
0.40
0.40
3.00
3.00
b
0.28
0.18
0.46
b
0.01
0.01
0.28
0.39
2.12
1.07
4.91
0.01
0.04
0.01
4.21
0.16
13.22
b
16.08
1.06
12.33
6.51
1.58
0.15
0.003
2.95
2.95
0.02
0.37
0.10
0.02
0.51
0.15
0.02
0.03
0.41
0.11
1.12
0.01
0.26
0.10
4.51
0.04
1.29
0.01
0.04
0.04
8.14
23.21
0.55
7.55
19.93
4.87
0.69
0.07

40

` in crore
b
Cipla Kenya Ltd.
&LSOD86$QF
&LSOD&DQDGDQF
&LSOD0DXULWLXV/WG
6WHPSHXWLFV5HVHDUFK3YW/WG
V. Outstanding Receivables
$O-DEDO)RU'UXJVDQG0HGLFDO$SSOLDQFHV&RPSDQ\/WG
2NDVD3YW/WG6
0DESKDUP3YW/WG
&LSOD(8/WG
&LSOD86$QF
&LSOD3KDUPD/DQND3YW/WG
&LSOD(XURSH19
&LSOD+ROGLQJ%9
Cipla Croatia d.o.o.
2015
2014
0.34
0.04
0.30
2.86
2.81
2.15
0.02
46.23
0.53
2.49
12.04
0.51
0.02
72.46
b
39.03
268.74
10.44
19.07
0.01
3.77
76.74
4.82
30.13
1.68
259.96
0.08
59.53
96.45
4.21
0.16
874.82
287.48
6.06
10.12
9.18
5.21
0.63
0.53
14.24
1.66
305.94
2.89
643.94
`19459.21
`25000
3
`20040
4
1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
5
5HODWLYHVRI1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
6
(QWLWLHVRQZKLFK1RQ([HFXWLYH&KDLUPDQRU1RQ([HFXWLYH9LFH&KDLUPDQKDYHVLJQLFDQWLQXHQFH
7
(QWLW\RQZKLFK:KROHWLPH'LUHFWRUKDVVLJQLFDQWLQXHQFH
1
2
41 'XULQJ WKH \HDU WKH &RPSDQ\ DFTXLUHG VWDNH LQ 6DED QYHVWPHQW /WG 8$( ZKLFK LQ WXUQ KROGV
VWDNH LQ WZR HQWLWLHV LQ <HPHQ $FFRUGLQJO\ WKH &RPSDQ\
V HHFWLYH VWDNH LQ WKH <HPHQ HQWLWLHV LV
50.49%.
$V SHU WKH VKDUH SXUFKDVH DJUHHPHQW D SURYLVLRQ RI 86' PLOOLRQ HTXLYDOHQW WR ` FURUH KDV
EHHQ DFFRXQWHG IRU DQG JLYHQ HHFW LQ WKHVH QDQFLDO VWDWHPHQWV WRZDUGV DGGLWLRQDO FRQVLGHUDWLRQ WR EH
paid on achievement of agreed milestones.

42
%DVLFDQG'LOXWHG(DUQLQJVSHUVKDUHKDVEHHQFRPSXWHGDVXQGHU
2015
2014
b
1181.09
80,29,29,709
`14.71
26,58,008
80,55,87,717
`14.66
`2.00
1388.34

`17.29

`17.27
`2.00
b
3URWIRUWKH<HDU` LQFURUH
Basic Weighted Average No. of Shares Outstanding
%DVLF(DUQLQJVSHUVKDUH
(626VRXWVWDQGLQJ
Diluted Weighted Average No. of Shares Outstanding
'LOXWHG(DUQLQJVSHUVKDUH
)DFHYDOXHSHUVKDUH
43
(PSOR\HH6WRFN2SWLRQ6FKHPHV
7KH&RPSDQ\KDVLPSOHPHQWHG(626(626$DQG(626%DVDSSURYHGE\WKH
Shareholders on 8th$SULOnd August 2013 and 22nd August 2013 respectively. Details of the Options
JUDQWHGGXULQJWKH\HDUXQGHUWKH6FKHPHVDUHDVJLYHQEHORZ

Scheme
Details
(626$
(626$
(626$
(626$
(626$
Grant date
08-Sep-14
31-Oct-14
)HE
)HE
)HE
No. of
Options
Granted

522
Exercise
Price (`) per
option
2.00
2.00
2.00
2.00
2.00
Vesting
period
1
1
1
1
1
to
to
to
to
to
2
2
2
2
2
years
years
years
years
years
Exercise Period
\HDUVIURP9HVWLQJGDWH
7KH RSWLRQV DUH JUDQWHG DW DQ H[HUFLVH SULFH ZKLFK LV LQ DFFRUGDQFH ZLWK WKH UHOHYDQW 6(% UHJXODWLRQV LQ
IRUFHDWWKHWLPHRIVXFKJUDQWV(DFKRSWLRQHQWLWOHVWKHKROGHUWRH[HUFLVHWKHULJKWWRDSSO\IRUDQGVHHN
allotment of one equity share of `2 each.
6WRFN2SWLRQDFWLYLW\XQGHUWKH6FKHPHVIRUWKH\HDUHQGHGst0DUFKLVVHWRXWEHORZ
ESOS 2013
Particulars
Outstanding at the beginning of the year

*UDQWHGGXULQJWKH\HDU
)RUIHLWHG&DQFHOOHGGXULQJWKH\HDU
([HUFLVHGGXULQJWKH\HDU
Outstanding at the end of the year
([HUFLVDEOHDWWKHHQGRIWKH\HDU
No. of
options

-
Range of
Weighted
Exercise
Average
Exercise Price (`) per
option
Price (`) per
option
197.50
197.50
197.50
197.50
b
Weighted
Average
remaining
Contractual
life (years)
7.23
6.23
-

43
(PSOR\HH6WRFN2SWLRQ6FKHPHV contd.
ESOS 2013 - A
Particulars
No. of
options


2.00
2.00
2.00
Weighted
Average
remaining
Contractual
life (years)
6.36
5.98
4.76
Range of
Weighted
Exercise
Average
Exercise Price (`) per
option
Price (`) per
option
220.78
220.78
220.78
220.78
b
Weighted
Average
remaining
Contractual
life (years)
7.67
6.67
-
Weighted
Average
Exercise
Price (`)
per option
2.00
2.00
2.00
Range of
Exercise
Price (`)
per option
(626%
Particulars
No. of
options


-
7KH %ODFN 6FKROHV YDOXDWLRQ PRGHO KDV EHHQ XVHG IRU FRPSXWLQJ ZHLJKWHG DYHUDJH IDLU YDOXH FRQVLGHULQJ
WKHIROORZLQJLQSXWV
Particulars
([SHFWHGGLYLGHQG\LHOG
([SHFWHGYRODWLOLW\
Risk-free interest rate
:HLJKWHGDYHUDJHVKDUHSULFH`
([HUFLVHSULFH`
([SHFWHGOLIHRIRSWLRQVJUDQWHGLQ\HDUV
ESOS 2013
No Options
*UDQWHGGXULQJ
the Year
ESOS 2013 - A
0.31%
23.80%
8.34%
641.78
2.00
4.50
:HLJKWHGDYHUDJHIDLUYDOXHRIRSWLRQV`
631.48
(626%
No Options
*UDQWHGGXULQJ
the Year

43
The stock-based compensation cost calculated as per the intrinsic value method for the period 1st April
2014 to 31st March 2015 is `FURUHH[FOXGLQJ`11.45 crore pertaining to options granted to employees
RIVXEVLGLDU\FRPSDQLHVDQGVWHSGRZQVXEVLGLDU\FRPSDQLHVIWKHVWRFNEDVHGFRPSHQVDWLRQFRVWZDV
FDOFXODWHGDVSHUWKHIDLUYDOXHPHWKRGSUHVFULEHGE\6(%WKHWRWDOFRVWWREHUHFRJQLVHGLQWKHQDQFLDO
statements for the period 1st April 2014 to 31st 0DUFK ZRXOGEH`FURUH 7KH HHFW RIDGRSWLQJ
WKHIDLUYDOXHPHWKRGRQWKHQHWLQFRPHDQGHDUQLQJVSHUVKDUHLVSUHVHQWHGEHORZ
` in crore
Particulars
2015
2014
1181.09
1388.34
Add(626FRVWXVLQJLQWULQVLFYDOXHPHWKRG
39.45
18.40
Less(626FRVWXVLQJIDLUYDOXHPHWKRG
42.74
21.26
1177.80
1385.48
3URWDIWHUWD[DVUHSRUWHG
$GMXVWHGSURWDIWHUWD[
44
Earnings per share
Basic
As reported
`14.71
`17.29
Adjusted
`14.67
`17.26
Diluted
As reported
`14.66
`17.27
Adjusted
`14.62
`17.23
Corporate Social Responsibility (CSR) Expenditure

7KH&RPSDQ\KDVLQFXUUHGDWRWDOH[SHQGLWXUHRI`FURUHZKLFKLVEHLQJGHELWHGWRWKHSURWDQGORVV
account for the year ended 31st March 2015.
Nature of expenses
6FKHGXOHLQWKHQDQFLDOVWDWHPHQWV
Donation to the trusts set for CSR purposes
2WKHUH[SHQVHV1RWH
$GPLQLVWUDWLYHH[SHQVHVLQFXUUHGLQ
FRQQHFWLRQZLWKVXSHUYLVLQJWKHSURMHFWV
handled by the trusts
6DODULHVDQGZDJHV1RWH
7RWDO
Amount
(` in crore)
12.79
0.64
13.43
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act
VXSHUYLVHV DOO WKH H[SHQGLWXUH LQFXUUHG IRU &65 SXUSRVHV 7KH &RPSDQ\ PDNHV FRQWULEXWLRQ WR WUXVWV
EHLQJVHWXSWRH[HFXWHDQGPDQDJHWKHSURMHFWVEHLQJXQGHUWDNHQDVGLUHFWHGDQGPRQLWRUHGE\WKH&65
committee.

44
Corporate Social Responsibility (CSR) Expenditure contd.

)ROORZLQJLVWKHLQIRUPDWLRQUHJDUGLQJSURMHFWVXQGHUWDNHQDQGH[SHQVHVLQFXUUHGRQ&65DFWLYLWLHVGXULQJ
the year ended 31st0DUFK
i. *URVVDPRXQWUHTXLUHGWREHVSHQWE\WKH&RPSDQ\GXULQJWKH\HDU`34.86 crore
ii. $PRXQWVSHQWGXULQJWKH\HDURQE\ZD\RIFRQWULEXWLRQWRWKHWUXVWVDQGSURMHFWVXQGHUWDNHQ
` in crore
Particulars
Amount paid in cash Amount yet to be paid

in cash
Construction of asset
4.58
4.58
Other projects
8.21
8.21
$GPLQLVWUDWLYHH[SHQVHV
0.64
0.64
13.43
13.43
7RWDO
45
7RWDODPRXQW
3UHYLRXV \HDU
V JXUHV KDYH EHHQ UHJURXSHGUHFODVVLHG ZKHUHYHU QHFHVVDU\ WR FRUUHVSRQG ZLWK WKH
FXUUHQW\HDU
VFODVVLFDWLRQGLVFORVXUH
)RU96DQNDU$L\DU &R
)LUP5HJ1R:
)RU5*13ULFH &R
)LUP5HJ1R6
90RKDQ
Partner
R. Rangarajan
Partner
0XPEDLth May 2015
6XEKDQX6D[HQD
5DMHVK*DUJ
Mital Sanghvi
Company Secretary
0XPEDLth May 2015
21
20
19
18
17
16
15
14
13
12
11
9
10
7
8
1
2
3
4
5
6
Cipla (EU) Ltd.

Cipla (Mauritius) Ltd.
Cipla (UK) Ltd.
Cipla Australia Pty. Ltd.
Cipla FZE
Cipla Ila Ticaret
$QRQLPLUNHWL
Cipla Kenya Ltd.
Cipla Malaysia Sdn.
Bhd.
Cipla USA Inc.
Cipla Medpro South
Africa Proprietary Ltd.
Cape To Cairo Exports
Proprietary Ltd.
Cipla Agrimed
Proprietary Ltd.
Cipla Dibcare
Proprietary Ltd.
Cipla Health Care
Proprietary Ltd.
Cipla Life Sciences
Proprietary Ltd.
Cipla Medpro ARV
Proprietary Ltd.
Cipla Medpro Cardio
Respiratory Proprietary
Ltd.
Cipla Medpro
Manufacturing
Proprietary Ltd.
Cipla Medpro Research
and Development
Proprietary Ltd.
Cipla-Medpro
Proprietary Ltd.
Cipla Personal Care
Proprietary Ltd.
Sr. Name of the Subsidiary

No. Company
16.8750
62.5000
5.1175
MYR
USD
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
23.9654
0.6761
TRY
KES
ZAR
47.5350
17.0150
AUD
AED
0.23
0.98
15.00
0.12
0.01
1.19
25.52
92.4700 32.64
62.5000 134.69
92.4700
1.39
4.82
257.86
0.27
132.67
7.85
0.21
39.57
304.40
0.27
(13.99)
0.10
0.06
0.74
(2.39)
(9.94)
2.53
3.30
Exchange Share Reserves

Rate on Capital & Surplus
31.03.2015
GBP
USD
GBP
Reporting
Currency
4.82
281.89
0.27
134.75
7.86
0.21
71.41
770.34
1.31
106.51
0.34
0.91
2.34
23.24
140.69
137.30
10.35
24.03
2.08
0.01
31.84
465.71
0.06
105.50
0.12
0.84
0.41
0.11
117.99
0.07
5.66
Total
Total
Assets Liabilities
46.57
9.98
77.90
93.62
3.50
37.91
0.74
4.56
9.50
-
88.26
8.60
41.07
0.01
9.85
15.00
(15.85)
0.16
(23.92)
0.09
0.21
0.46
(0.02)
(13.32)
3.29
0.26
Investment Turnover
3URW
other than
before
Taxation
investment in
subsidiary
12.04
2.87
0.01
(0.02)
4.76
(3.36)
0.04
(8.44)
0.02
0.12
0.12
-
(0.56)
(0.01)
29.03
0.01
6.98
(0.01)
0.02
10.24
(12.49)
0.12
(15.48)
0.07
0.09
0.34
(0.02)
(12.76)
3.29
0.27
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
100
Provision 3URWDIWHU Proposed

% of
for
Taxation Dividend shareTaxation
holding
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Malaysia
U.S.A.
7XUNH\
Kenya
Australia
U.A.E.
U.K.
Mauritius
U.K.
Country
` in crore
Salient Features of Financial Statements of

Subsidiaries/Associates/Joint Ventures
Statement pursuant to section 129(3) of the Companies Act, 2013 related to Subsidiaries and Associates Companies
Part A: Information on Subsidiaries
22 Cipla Vet Proprietary

Ltd.
23 Cipla-Medpro
Distribution Centre
Proprietary Ltd.
24 *DOLOHH0DUNHWLQJ
Proprietary Ltd.
25 Gardian Cipla
Proprietary Ltd.
26 Inyanga Trading 386
Proprietary Ltd.
27 Medpro Gen
Proprietary Ltd.
28 Medpro Holdings
Proprietary Ltd.
29 Medpro Pharmaceutica
30 Medpro Pharmaceutica
Proprietary Ltd.
31 Medpro-On-Line
Proprietary Ltd.
32 Cipla Nutrition
Proprietary Ltd.
33 Smith And Couzin
Proprietary Ltd.
34 Xeragen Laboratories
Proprietary Ltd.
35 Cipla Medpro
Botswana Proprietary
Ltd.
36 Cipla Medpro Holdings
Proprietary Ltd.
37 Med man Care
Proprietary Ltd.
38 Cipla Holding B.V.
39 Cipla Europe NV
40 Cipla Croatia d.o.o.
41 Cipla Quality Chemical
Industries Ltd.

No. Company
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
5.1175
67.1900 144.71
67.1900 47.70
67.1900
0.02
47.8321
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
ZAR
EUR
EUR
EUR
UGX
95.44
5.1175
72.76
(2.77)
(71.69)
5.14
5.11
7.01
(7.57)
194.88
155.37
78.20
19.31
318.31
7.01
4.52
392.81 1447.32
711.96
0.11
3.91
36.53
26.68
13.43
102.19
14.15
313.20
12.09
1054.51
684.70
0.01
3.63
2.56
Total
Total
Assets Liabilities
27.26
0.11
(0.01)
0.28
33.97

31.03.2015
ZAR
Reporting
Currency
18.59
244.53
7.84
57.50
13.14
3.86
1187.05
32.57
22.97
70.38
(0.99)
(66.85)
(0.82)
0.13
(4.87)
64.76
(0.01)
12.15
Investment Turnover
3URW
other than
before
investment in
Taxation
subsidiary
0.02
-
(1.37)
22.97
0.03
2.49
70.38
(0.99)
(66.87)
(0.82)
0.13
(3.50)
41.79
(0.03)
(0.01)
9.66
51.05
100
100
100
100
100
100
100
100
80
100
100
100
100
100
100
100
100
100
100

% of
for
holding
Uganda
South Africa
Netherlands
Belgium
Croatia
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
Country
` in crore

Subsidiaries/Associates/Joint Ventures contd.
1.0000
1.0000
0.05
62.5000 278.88
5.1175
46.7600
1.0000
0.62
1.0000
0.01
1.0000 100.00
62.5000 190.63
1.0000
0.4669
49.0325
62.5000
0.2893
0.4669
0.3134
INR
INR
USD
ZAR
NZD
INR
INR
INR
USD
INR
LKR
CAD
USD
YR
LKR
NGN
0.05
1.45
26.45
6.07
-
4.01
0.29
0.05
0.05
1.0000
0.06
(3.26)
32.94
(23.93)
0.01
0.30
35.86
147.99
11.19
38.51
(0.11)
(0.22)
(0.05)
111.53
61.44
247.72
14.99

31.03.2015
INR
Reporting
Currency
58.20
133.42
193.29
55.88
2.85
98.67
443.10
65.57
141.73
190.86
0.08
0.01
209.26
340.33
286.09
15.89
61.41
99.03
190.77
49.80
2.55
58.80
294.49
54.37
3.22
0.34
0.01
0.01
97.68
0.01
38.33
0.84
Total
Total
Assets Liabilities
Notes: i. UHSUHVHQWVDPRXQWVOHVVWKDQFURUHDQGURXQGHGR

ii. * The reporting period of the Company is 31st December.
42 )RXU03URSDFN3YW
Ltd.
43 Goldencross Pharma
Pvt. Ltd.
44 Medispray
Laboratories Pvt. Ltd.
45 Meditab Holdings Ltd.
46 Meditab
Pharmaceuticals South
Africa (Pty) Ltd.
47 Meditab Specialities
New Zealand Ltd.
48 Meditab Specialities
Pvt. Ltd.
49 Sitec Labs Pvt. Ltd.
50 Mabpharm Pvt. Ltd.
51 Saba Investment Ltd.
52 Jay Precision
Pharmaceuticals Pvt.
Ltd.
53 %UHDWKH)UHH/DQND
(Pvt.) Ltd.
54 Cipla Canada Inc.
55 Medica Pharmaceutical
Industries Company
Ltd.
56 Al-Jabal For Drugs and
Medical Appliances
Company Ltd.
57 &LSOD3KDUPD/DQND
(Pvt.) Ltd.
58 Cipla Pharma Nigeria
Ltd.

No. Company
54.93
-
0.78
118.75
5.00
0.16
56.54
117.89
57.52
2.85
77.84
53.18
66.38
0.77
-
109.38
-
226.44
11.10
(3.30)
32.50
(7.55)
0.03
0.37
26.62
12.84
8.79
(21.49)
(0.11)
(0.05)
(0.01)
44.24
(9.37)
22.19
1.15
Investment Turnover
3URW
other than
before
Taxation
investment in
subsidiary
(0.04)
6.38
0.02
0.07
9.45
3.06
2.89
(7.01)
-
15.00
-
3.76
0.08
(3.26)
26.12
(7.55)
0.01
0.30
17.17
9.78
5.90
(14.48)
(0.11)
(0.05)
(0.01)
29.24
(9.37)
18.43
1.07
South Africa
India
Mauritius
India
India
Country
100
60
50.49
50.49
100
100
60
100
100
100
51
Nigeria
6UL/DQND
Yemen
Yemen
6UL/DQND
Canada
India
India
India
India
U.A.E.
100 New Zealand
100
100
100
100
100

% of
for
holding
` in crore

Name of
Associates/Joint
Ventures
31.03.2015
25.00
49.00
63.56
9.97
(0.76)
(2.62)
(3.00)
(18.92)
- Note - i
- Note - i
- Note - i
- Note - i
- Note - i
Reason why
the Associate/
Joint Venture
is not
consolidated
R. Rangarajan
Partner
V. Mohan
Partner
Mumbai, 29th May 2015
For R.G.N. Price & Co.,

Firm Reg. No. 002785S
)RU96DQNDU$L\DU &R
Firm Reg. No. 109208W
Subhanu Saxena
Mital Sanghvi
Company Secretary
Rajesh Garg
7KHUHLVVLJQLFDQWLQXHQFHGXHWRSHUFHQWDJHRI6KDUH&DSLWDO
7KHDERYHVWDWHPHQWDOVRLQGLFDWHVSHUIRUPDQFHDQGQDQFLDOSRVLWLRQRIHDFKRIWKHDVVRFLDWHV
'LYHVWHGRQst March 2015
'XULQJWKH\HDUWKH&RPSDQ\DFTXLUHGDQDGGLWLRQDOVWDNHLQ0DSKDUP3YW/WG&RQVHTXHQWWRWKHDFTXLVLWLRQRIDIRUHVDLG
DGGLWLRQDOVWDNH0DESKDUP3YW/WGLVZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\
@
$SSOLFDWLRQIRUGHUHJLVWUDWLRQRIWKH&RPSDQ\ZDVPDGHGXULQJWKHQDQFLDO\HDUDQGWKH&RPSDQ\ZDVGHUHJLVWHUHGRQth April 2015.
UHSUHVHQWVDPRXQWVOHVVWKDQFURUHDQGURXQGHGR
31.12.2014
30.06.2014
107.63
87,33,333
31.12.2013
13.82
31.03.2014 1,84,23,578
Latest
audited
Balance
Sheet Date
v.
vi.
Notes L

LL

LLL

LY
1 Aspen-Cipla
Australia Pty.
Ltd.@
1 Stempeutics
Research Pvt.
Ltd.
2 Biomab Holding
Ltd.
3 Jiangsu Cdymax
Pharmaceuticals
&R/WG
4 Mabpharm Pvt.
Ltd.#
Joint Ventures
Associates
Sr.
No.
Shares of Associate/Joint Ventures held by the Company on

3URW/RVVIRUWKH\HDU
the year end
Considered in
Not
Description
No.
Amount of
Extent
Net worth
Investment
attributable to Consolidation Considered of how there
of
LVVLJQLFDQW
(` in crore)
in
in Associates/ Holding
Shareholding
Consolidation LQXHQFH
Joint Ventures
%
as per latest
(` in crore)
audited Balance
Sheet (` in crore)

Part B: Associates and Joint Ventures
Independent Auditors Report on the

Consolidated Financial Statements
To the Members of Cipla Limited
Report on the Consolidated Financial Statements
:HKDYHDXGLWHGWKHDFFRPSDQ\LQJFRQVROLGDWHGQDQFLDOVWDWHPHQWVRI&LSOD/LPLWHGWKH+ROGLQJ&RPSDQ\
and its subsidiaries (the Holding Company and its subsidiaries together referred to as the Group), its
associates and jointly controlled entities which comprise the Consolidated Balance Sheet as at 31st March
WKH &RQVROLGDWHG 6WDWHPHQW RI 3URW DQG /RVV DQG &RQVROLGDWHG &DVK )ORZ 6WDWHPHQW IRU WKH \HDU
WKHQHQGHGDQGDVXPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHVDQGRWKHUH[SODQDWRU\LQIRUPDWLRQKHUHLQDIWHU
referred to as the Consolidated Financial Statements).
Managements Responsibility for the Consolidated Financial Statements
7KH +ROGLQJ &RPSDQ\V%RDUG RI 'LUHFWRUV LV UHVSRQVLEOH IRU WKHSUHSDUDWLRQ RIWKHVHFRQVROLGDWHGQDQFLDO
statements in terms of the requirements of Companies Act, 2013 (the Act) that give a true and fair view of the
FRQVROLGDWHGQDQFLDOSRVLWLRQFRQVROLGDWHGQDQFLDOSHUIRUPDQFHDQGFRQVROLGDWHGFDVKRZVRIWKH*URXS
including its associates and jointly controlled entities in accordance with the accounting principles generally
accepted in India including Accounting Standards referred under section 133 of the Act, read with Rule 7 of the
Companies (Accounts) Rules, 2014. The respective Board of Directors of the companies included in the Group
and of its associates and jointly controlled entities are responsible for the maintenance of adequate accounting
records in accordance with the provisions of the Act for safeguarding the assets of the Company and for
preventing and detecting frauds and other irregularities; selection and application of appropriate accounting
SROLFLHVPDNLQJMXGJHPHQWVDQGHVWLPDWHVWKDWDUHUHDVRQDEOHDQGSUXGHQWDQGGHVLJQLPSOHPHQWDWLRQDQG
PDLQWHQDQFHRIDGHTXDWHLQWHUQDOQDQFLDOFRQWUROVWKDWZHUHRSHUDWLQJHHFWLYHO\IRUHQVXULQJWKHDFFXUDF\
DQG FRPSOHWHQHVV RI WKH DFFRXQWLQJ UHFRUGV UHOHYDQW WR WKH SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKH QDQFLDO
statements that give a true and fair view and are free from material misstatement, whether due to fraud or
HUURU ZKLFK KDYH EHHQ XVHG IRU WKH SXUSRVH RI SUHSDUDWLRQ RI WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV E\ WKH
Directors of the Holding Company, as aforesaid.
Auditors Responsibility
2XUUHVSRQVLELOLW\LVWRH[SUHVVDQRSLQLRQRQWKHVHFRQVROLGDWHGQDQFLDOVWDWHPHQWVEDVHGRQRXUDXGLW
:H KDYH WDNHQ LQWR DFFRXQW WKH SURYLVLRQV RI WKH $FW WKH DFFRXQWLQJ DQG DXGLWLQJ VWDQGDUGV DQG PDWWHUV
which are required to be included in the audit report under the provisions of the Act and the Rules made there
under.
:H FRQGXFWHG RXU DXGLW LQ DFFRUGDQFH ZLWK WKH 6WDQGDUGV RQ $XGLWLQJ VSHFLHG XQGHU VXEVHFWLRQ RI
section 143 of the Act. Those standards require that we comply with ethical requirements and plan and
SHUIRUP WKH DXGLW WR REWDLQ UHDVRQDEOH DVVXUDQFH DERXW ZKHWKHU WKH QDQFLDO VWDWHPHQWV DUH IUHH IURP
material misstatement.
6. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the
FRQVROLGDWHGQDQFLDOVWDWHPHQWV7KHSURFHGXUHVVHOHFWHGGHSHQGRQWKHDXGLWRUVMXGJHPHQWLQFOXGLQJWKH
DVVHVVPHQW RI WKH ULVNV RI PDWHULDO PLVVWDWHPHQW RI WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV ZKHWKHU GXH WR
IUDXG RU HUURU Q PDNLQJ WKRVH ULVN DVVHVVPHQWV WKH DXGLWRU FRQVLGHUV LQWHUQDO QDQFLDO FRQWURO UHOHYDQW
WR WKH *URXSV SUHSDUDWLRQ DQG SUHVHQWDWLRQ RI WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV WKDW JLYH D WUXH DQG
fair view in order to design audit procedures that are appropriate in the circumstances, but not for the
SXUSRVHRIH[SUHVVLQJDQRSLQLRQRQZKHWKHUWKH+ROGLQJ&RPSDQ\KDVDQDGHTXDWHLQWHUQDOQDQFLDOFRQWURO
V\VWHP RYHU WKH QDQFLDO UHSRUWLQJ LQ SODFH DQG WKH RSHUDWLQJ HHFWLYHQHVV RI VXFK FRQWUROV $Q DXGLW DOVR
includes evaluating the appropriateness of accounting policies used and the reasonableness of the accounting
estimates made by the Holding Companys Board of Directors, as well as evaluating the overall presentation
RIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
7. We believe that the audit evidence obtained by us and the audit evidence obtained by the other auditors in
WHUPVRIWKHLUUHSRUWVUHIHUUHGWRLQVXESDUDJUDSKDRIWKHRWKHUPDWWHUVSDUDJUDSKEHORZLVVXFLHQWDQG
DSSURSULDWHWRSURYLGHDEDVLVIRURXUDXGLWRSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV

Consolidated Financial Statements contd.
Opinion
8. In our opinion and to the best of our information and according to the explanations given to us, the aforesaid
FRQVROLGDWHGQDQFLDOVWDWHPHQWVJLYHWKHLQIRUPDWLRQUHTXLUHGE\WKH$FWLQWKHPDQQHUVRUHTXLUHGDQGJLYH
a true and fair view in conformity with the accounting principles generally accepted in India:

L LQ WKH FDVH RI WKH &RQVROLGDWHG %DODQFH 6KHHW RI WKH FRQVROLGDWHG VWDWH RI DDLUV RI WKH *URXS LWV
associates and jointly controlled entities as at 31st March 2015;
LL LQWKHFDVHRIWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVRIWKHFRQVROLGDWHGSURWRIWKH*URXSIRU
the year ended on that date, and
LLL LQWKHFDVHRIWKH&RQVROLGDWHG&DVK)ORZ6WDWHPHQWRIWKHFRQVROLGDWHGFDVKRZVRIWKH*URXSIRUWKH
year ended on that date.
Other Matters
)LQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKLFKUHHFWWRWDODVVHWVRI`954.38 crore as at 31st March 2015, total
revenue of `FURUHDQGQHWFDVKLQRZRI`62.99 crore for the year then ended, have been audited by
one of us.
:HGLGQRWDXGLWWKHQDQFLDOVWDWHPHQWVFRQVROLGDWHGQDQFLDOVWDWHPHQWVRIVXEVLGLDULHVZKRVHQDQFLDO
VWDWHPHQWV UHHFW WRWDO DVVHWV RI `2315.94 crore as at 31st March 2015, total revenue of `2066.80 crore and
QHW FDVK LQRZ RI `248.82 crore for the year then ended on that date as considered in the consolidated
QDQFLDO VWDWHPHQWV 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DOVR LQFOXGH WKH *URXSV VKDUH RI ORVV RI `0.76
crore for the year ended 31st March 2015 in respect of 1 Associate for the period from 1st April 2014 upto
16th -XO\ UHVSHFWLYHO\ WKH GDWH RI FRQYHUVLRQ IURP DVVRFLDWH WR VXEVLGLDU\ ZKRVH QDQFLDO VWDWHPHQWV
KDYHQRWEHHQDXGLWHGE\XV7KHVHQDQFLDOVWDWHPHQWVFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQDXGLWHG
by other auditors (hereinafter referred to as "the other auditors") whose reports have been furnished to us
E\ WKH 0DQDJHPHQW DQG RXU RSLQLRQ RQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ VR IDU DV LW UHODWHV WR WKH
amounts and disclosures included in respect of these subsidiaries and associates, and our report in terms
of sub-sections (3) and (11) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries and
associates, is based solely on the reports of those other auditors.
:H GLG QRW DXGLW WKH QDQFLDO VWDWHPHQWVFRQVROLGDWHG QDQFLDO VWDWHPHQWV RI VXEVLGLDULHV DQG MRLQWO\
FRQWUROOHG HQWLW\ ZKRVH QDQFLDO VWDWHPHQWV UHHFW WRWDO DVVHWV RI `441.40 crore as at 31st March 2015,
total revenue of `FURUHDQGQHWFDVKLQRZVRI`43.30 crore for the year then ended on that date as
FRQVLGHUHG LQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV DOVR LQFOXGH WKH
Groups share of loss of `24.53 crore for the year ended 31st March 2015 as is considered in the consolidated
QDQFLDO VWDWHPHQWV LQ UHVSHFW RI $VVRFLDWHV ZKRVH QDQFLDO VWDWHPHQWV KDYH QRW EHHQ DXGLWHG E\ XV
7KHVHQDQFLDOVWDWHPHQWVDUHXQDXGLWHGZKRVHUHSRUWVKDYHEHHQIXUQLVKHGWRXVE\WKH0DQDJHPHQWDQG
RXU RSLQLRQ RQ WKH FRQVROLGDWHG QDQFLDO VWDWHPHQWV LQ VR IDU DV LW UHODWHV WR WKH DPRXQWV DQG GLVFORVXUHV
included in respect of these subsidiaries and associates, and our report in terms of sub-sections (3) and
(11) of section 143 of the Act, in so far as it relates to the aforesaid subsidiaries, jointly controlled entities
DQG DVVRFLDWHV LV EDVHG VROHO\ RQ VXFK XQDXGLWHG QDQFLDO VWDWHPHQWV Q RXU RSLQLRQ DQG DFFRUGLQJ WR WKH
LQIRUPDWLRQDQGH[SODQDWLRQVJLYHQWRXVE\WKH0DQDJHPHQWWKHVHQDQFLDOVWDWHPHQWVDUHQRWPDWHULDOIRU
the Group.
2XURSLQLRQRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVDQGRXUUHSRUWRQRWKHUOHJDODQGUHJXODWRU\UHTXLUHPHQWV
EHORZ LV QRW TXDOLHG LQ UHVSHFW RI WKH DERYH PDWWHUV ZLWK UHVSHFW WR RXU UHOLDQFH RQ WKH ZRUN GRQH DQG WKH
UHSRUWVRIRWKHUDXGLWRUVDQGWKHQDQFLDOVWDWHPHQWVQDQFLDOLQIRUPDWLRQFHUWLHGE\WKH0DQDJHPHQW

Consolidated Financial Statements contd.
Report on Other Legal and Regulatory Requirements
12. As required by the Companies (Auditors Report) Order 2015 (the Order) issued by the Central Government
of India in terms of sub-section (11) of section 143 of the Act, based on the comments in the audit reports
of the Holding Company, subsidiary companies, associate companies incorporated in India (Group and its
Associates), excluding one of the associates which have been consolidated based on management accounts,
ZHJLYHLQWKH$QQH[XUHDVWDWHPHQWRQWKHPDWWHUVVSHFLHGLQSDUDJUDSKDQGRIWKH2UGHUWRWKHH[WHQW
applicable.
13. As required by sub-section (3) of section 143 of the Act, we report that:
D :H KDYH VRXJKW DQG REWDLQHG DOO WKH LQIRUPDWLRQ DQG H[SODQDWLRQV ZKLFK WR WKH EHVW RI RXU NQRZOHGJH
DQGEHOLHIZHUHQHFHVVDU\IRUWKHSXUSRVHVRIRXUDXGLWRIWKHDIRUHVDLGFRQVROLGDWHGQDQFLDOVWDWHPHQWV
E Q RXU RSLQLRQ SURSHU ERRNV RI DFFRXQW DV UHTXLUHG E\ ODZ UHODWLQJ WR SUHSDUDWLRQ RI WKH DIRUHVDLG
FRQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH EHHQ NHSW VR IDU DV LW DSSHDUV IURP RXU H[DPLQDWLRQ RI WKRVH
ERRNVDQGWKHUHSRUWVRIWKHRWKHUDXGLWRUV
F 7KH&RQVROLGDWHG%DODQFH6KHHWWKH&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVVDQGWKH&RQVROLGDWHG&DVK
)ORZ6WDWHPHQWGHDOWZLWKE\WKLV5HSRUWDUHLQDJUHHPHQWZLWKWKHUHOHYDQWERRNVRIDFFRXQWPDLQWDLQHG
IRUWKHSXUSRVHRISUHSDUDWLRQRIWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWV
G Q RXU RSLQLRQ WKH DIRUHVDLG FRQVROLGDWHG QDQFLDO VWDWHPHQWV FRPSO\ ZLWK WKH $FFRXQWLQJ 6WDQGDUGV
VSHFLHGXQGHUVHFWLRQRIWKH$FWUHDGZLWK5XOHRIWKH&RPSDQLHV$FFRXQWV5XOHV
e.
On the basis of the written representations received from the directors of the Holding Company as on
31st 0DUFK WDNHQ RQ UHFRUG E\ WKH %RDUG RI 'LUHFWRUV RI WKH +ROGLQJ &RPSDQ\ DQG WKH VWDWXWRU\
auditors of its subsidiary companies, associate companies incorporated in India, none of the directors of
WKHJURXSFRPSDQLHVLWVDVVRFLDWHVLQFRUSRUDWHGLQQGLDLVGLVTXDOLHGDVRQst March 2015 from being
appointed as a director in terms of sub-section (2) of section 164 of the Act.
f.
With respect to the other matters to be included in the Auditors Report in accordance with Rule 11 of
the Companies (Audit and Auditors) Rules, 2014, in our opinion and to the best of our information and
according to the explanations given to us:
L 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV GLVFORVH WKH LPSDFW RI SHQGLQJ OLWLJDWLRQV RQ LWV FRQVROLGDWHG
QDQFLDOSRVLWLRQRIWKH*URXSLWVDVVRFLDWHV5HIHU1RWHVDQGWRWKHQDQFLDOVWDWHPHQWV
ii. The Group, its associates did not have any material foreseeable losses on long term contracts including
derivative contracts.
iii. There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Holding Company and there were no amounts required to be transferred
to Investor Education and protection fund by the subsidiary companies incorporated in India.
)RU96DQNDU$L\DU &R
Firm Reg No. 109208W
)RU5*13ULFH &R
Firm Reg No. 002785S
V. Mohan
Partner
R. Rangarajan
Partner

Report on the Consolidated Financial
Statements
(Referred to paragraph 1 under Report on Other Legal and Regulatory Requirements of our Independent Auditors'
Report to the Members of Cipla Limited on the Consolidated Financial Statements for the year ended 31st March 2015.)
1.
a.
The Group and its associates have generally maintained proper records showing full particulars, including
TXDQWLWDWLYH GHWDLOV DQG VLWXDWLRQ RI [HG DVVHWV RWKHU WKDQ VLWXDWLRQ RI IXUQLWXUH DQG [WXUHV DQG
RFH HTXLSPHQW ZKHUH WKH VLWXDWLRQ UHFRUGHG LV WKH ORFDWLRQ RI WKH UHVSHFWLYH FRPSDQLHV GLHUHQW
establishments.
E 7KH *URXS DQG LWV DVVRFLDWHV KDYH D SROLF\ RI SK\VLFDOO\ YHULI\LQJ LWV [HG DVVHWV LQ D SKDVHG PDQQHU WR
FRYHU DOO WKH DVVHWV LQ D EORFN RI WKUHH \HDUV ZKLFK LQ RXU RSLQLRQ LV UHDVRQDEOH KDYLQJ UHJDUG WR WKH
VL]H RI WKH *URXS DQG LWV DVVRFLDWHV DQG WKH QDWXUH RI LWV EXVLQHVV 'XULQJ WKH \HDU VRPH RI WKH [HG
DVVHWV KDYH EHHQ SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DQG GLVFUHSDQFLHV QRWLFHG GXULQJ WKH SK\VLFDO
YHULFDWLRQZKLFKZHUHQRWPDWHULDO KDYHEHHQDSSURSULDWHO\GHDOWZLWKLQWKHERRNVRIDFFRXQW
D Q UHVSHFW RI WKH *URXS DQG LWV DVVRFLDWHV LQYHQWRU\ KDV EHHQ SK\VLFDOO\ YHULHG E\ WKH 0DQDJHPHQW DW
UHDVRQDEOH LQWHUYDOV GXULQJ WKH \HDU 7KH YHULFDWLRQ ZDV GRQH RQ WKH EDVLV RI WKH SHUSHWXDO LQYHQWRU\
V\VWHP Q FDVH RI PDWHULDOV O\LQJ ZLWK WKLUG SDUWLHV FHUWLFDWHV FRQUPLQJ VXFK LQYHQWRU\ KDYH EHHQ
obtained from most of the third parties.
3.
b.
In our opinion and on the basis of the information and explanations given to us, the procedures for
SK\VLFDOYHULFDWLRQRILQYHQWRU\IROORZHGE\WKH0DQDJHPHQWZHUHUHDVRQDEOHDQGDGHTXDWHLQUHODWLRQ
to the size of each of the Company and the nature of its business.
c.
In our opinion and on the basis of the information and explanations given to us, the Group and its
DVVRFLDWHVKDYHPDLQWDLQHGSURSHUUHFRUGVRILQYHQWRU\7KHGLVFUHSDQFLHVQRWLFHGRQSK\VLFDOYHULFDWLRQ
RILQYHQWRU\DVFRPSDUHGZLWKWKHERRNUHFRUGVZHUHQRWPDWHULDODQGKDYHEHHQSURSHUO\GHDOWZLWKLQ
WKHERRNVRIDFFRXQWRIWKHUHVSHFWLYHFRPSDQLHV
The Holding Company and subsidiary companies incorporated in India have granted loans, secured or
XQVHFXUHGWRFRPSDQLHVUPVRURWKHUSDUWLHVFRYHUHGLQWKH5HJLVWHUPDLQWDLQHGXQGHUVHFWLRQRIWKH
Act:
a.
The receipts of principal amounts and interest have been regular/as per stipulations.
E 7KHUHDUHQRRYHUGXHDPRXQWVLQH[FHVVRIUXSHHVRQHODNKUHPDLQLQJRXWVWDQGLQJDVDWWKH\HDUHQG
4.
In our opinion and according to the information and explanations given to us and the other auditors, having
UHJDUGWRWKHH[SODQDWLRQWKDWSXUFKDVHRIFHUWDLQLWHPVRILQYHQWRU\DQG[HGDVVHWVDUHIRUWKH*URXSDQG
its associates specialized requirements and similarly, certain goods sold are for the specialized requirements
of the buyers and suitable alternate sources are not available to obtain comparable quotations, there are
generally adequate internal control systems commensurate with the size and the nature of their business, for
SXUFKDVHRILQYHQWRU\DQG[HGDVVHWVDQGIRUWKHVDOHRIJRRGVDQGVHUYLFHV)XUWKHUGXULQJWKHFRXUVHRI
DXGLWQRFRQWLQXLQJIDLOXUHWRFRUUHFWPDMRUZHDNQHVVHVLQVXFKLQWHUQDOFRQWUROV\VWHPVZDVREVHUYHG
5.
In our opinion and the opinion of the other auditors according to the information and explanations given
to us, the Group and its associates have not accepted any deposits from the public within the meaning of
sections 73 to 76 or any other relevant provisions of the Act and the Rules framed thereunder.
%RRNV RI DFFRXQW PDLQWDLQHG E\ WKH *URXS DQG LWV DVVRFLDWHV SXUVXDQW WR WKH 5XOHV PDGH E\ WKH &HQWUDO
Government for the maintenance of cost records under sub-section (1) of section 148 of the Act in respect
of its products have been reviewed, are of the opinion that, prima facie, the prescribed accounts and records
have been made and maintained. However, detailed examination of the accounts and records with a view to
determine whether these are accurate or complete have not been carried out by us and by the other auditors.
7.
a.
According to the information and explanations provided to us and the records of the Group and its
associates examined by us, in our opinion, the Group and its associates were regular in depositing
undisputed statutory dues including Provident Fund, Employees State Insurance, Income Tax, Sales
Tax, Wealth Tax, Service Tax, Customs Duty, Excise Duty, Value Added Tax, Cess and any other material

Report on the Consolidated Financial
Statements contd.
statutory dues applicable to it with the appropriate authorities. There were no undisputed arrears that
were outstanding as at 31st March 2015 for a period of more than six months from the date they became
SD\DEOHH[FHSWQFRPH7D[GHGXFWHGRQZRUNFRQWUDFWWD[DPRXQWLQJWR`0.01 crore.
b.
According to the information and explanations given to us for the Group and its associates, as on
31st March 2015, there were no dues in respect of Wealth Tax, Income Tax, Customs Duty, Cess that have
not been deposited with the appropriate authorities on account of dispute.
The particulars of dues towards Excise Duty, Sales Tax and Service Tax that have not been deposited on
account of dispute as at 31st March 2015 and the forum where these disputes are pending in case of group
and its associates are as follows:
c.
Name of the statute
Nature of
dues
Financial years to
which the matter
pertains
Forum where the

dispute is pending
Amount
` in crore
The Central Excise Act, 1944
Excise Duty
2000-01 to 2012-13
CESTAT/High Court
80.04
Finance Act, 1994
Service Tax
2004-05 to 2012-13
Commissioner
25.09
State Sales Tax Acts
Sales Tax
2001-02 to 2013-14
State Sales Tax Tribunal/

Joint Commissioner
5.77
There has been no delay in transferring amounts, required to be transferred, to the Investor Education
and Protection Fund by the Group and its associates in accordance with the relevant provisions of the
Companies Act, 1956 (1 of 1956) and rules made thereunder has been transferred to such fund within
time.
8.
The Group and its associates do not have cash losses on consolidated basis and consolidated accumulated
losses, this clause is not applicable to consolidated audit report.
9.
According to the information and explanations given to us and the other auditors, the Group and its associates
KDYHQRWGHIDXOWHGLQUHSD\PHQWRIGXHVWRDQ\QDQFLDOLQVWLWXWLRQRUEDQN
10. According to the information and explanations given to us and the other auditors, the Group and its associates
KDYHQRWJLYHQDQ\JXDUDQWHHIRUORDQVWDNHQE\RWKHUVIURPEDQNVRUQDQFLDOLQVWLWXWLRQV
11. The Group and its associates have not availed any term loan during the year. Accordingly, Clause XI of the
order is not applicable.
'XULQJ WKH FRXUVH RI RXU H[DPLQDWLRQ RI WKH ERRNV RI DFFRXQW DQG UHFRUGV RI WKH *URXS DQG LWV DVVRFLDWHV
and according to the other auditors, no material fraud on or by the respective companies has been noticed or
reported by the respective companies during the year.
)RU96DQNDU$L\DU &R
Firm Reg No. 109208W
)RU5*13ULFH &R
Firm Reg No. 002785S
V. Mohan
Partner
R. Rangarajan
Partner
Consolidated Balance Sheet

` in crore
st
As at 31 March 2015
Notes
Equity and Liabilities

Shareholders' Funds
Share Capital
Share application money pending allotment
2
3
Minority Interest
Non-Current Liabilities
Long Term Borrowings
Deferred Tax Liabilities (Net)
Other Long Term Liabilities
Long Term Provisions
4
5
6
7
Current Liabilities
Short Term Borrowings
Trade Payables
Short Term Provisions
8
9
10
11
Assets
Non-Current Assets
Fixed Assets
Tangible Assets
Intangible Assets
Goodwill on Consolidation (Net)

&DSLWDO:RUNLQ3URJUHVV
Intangible Assets under Development
Deferred Tax Assets (Net)
Long Term Loans and Advances
13
14
15
16
Current Assets
Current Investments
Inventories
Trade Receivables
&DVKDQG%DQN%DODQFHV
Short Term Loans and Advances
17
18
19
20
21
22
12
12
1 to 43
2015
b
b
b
b
160.59
10628.65
12.25
b
180.48
b
b
309.28
331.74
40.58
160.35
b
b
1392.48
1577.24
503.68
420.21
15717.53
b
b
b
b
b
4140.56
130.62
2558.46
534.88
46.02
249.76
47.11
296.96
121.72
b
b
390.02
3780.62
2004.25
564.26
707.37
144.92
15717.53
b
2014
160.58
9889.77
49.58
317.87
311.85
32.57
77.44
910.47
979.53
408.67
264.91
13403.24
3995.94
7.44
2493.09
353.64
88.20
397.14
2.88
301.49
111.45
311.43
2895.26
1638.89
175.76
595.49
35.14
13403.24
)RU96DQNDU$L\DU &R

V. Mohan
Partner
R. Rangarajan
Partner
Subhanu Saxena
Rajesh Garg
Mital Sanghvi
Company Secretary
&RQVROLGDWHG6WDWHPHQWRI3URWDQG/RVV
` in crore
st
For the year ended 31 March 2015
Notes
Income
Revenue from Operations (Gross)
Less: Excise Duty
Revenue from Operations (Net)
Other Income
23
24
Expenditure
3XUFKDVHVRI6WRFNLQ7UDGH
Finance Costs
Other Expenses
25a
25b
26
27
28
29
3URW%HIRUH7D[
7D[([SHQVH
Current Tax
Deferred Tax
Prior Period Tax
3URWDIWHUWD[IRUWKH\HDUEHIRUHVKDUHRI
3URW/RVVIURP$VVRFLDWHVDQG0LQRULW\
Interest
6KDUHRI3URW/RVVIURP$VVRFLDWHV
Share of Minority Interest
3URWIRUWKH<HDU
Earnings per share of face value of `2 each
Basic
Diluted
40
40
1 to 43
2015
2014
b
b
b
11454.47
109.03
10290.53
117.14
11345.44
165.55
11510.99
b
b
b
3740.24
793.68
10173.39
265.37
10438.76
(344.22)
1973.67
168.29
504.71
3020.37
9856.74
1654.25
b
(64.25)
1542.96
145.74
372.64
2622.55
8558.72
1880.04
403.61
(3.71)
0.13
b
436.96
26.42
-
1254.22
b
(25.30)
(48.15)
1180.77
1416.66
`14.71
`14.66
`17.29
`17.27
3376.22
562.86
(12.32)
(15.93)
1388.41
)RU96DQNDU$L\DU &R

V. Mohan
Partner
R. Rangarajan
Partner
Subhanu Saxena
Rajesh Garg
Mital Sanghvi
Company Secretary
Consolidated Cash Flow Statement

` in crore
For the year ended 31st March 2015
2014
1654.25
1880.04
630.05
2284.30
372.64
145.74
(20.19)
(20.98)
22.36
23.19
(17.11)
(73.89)
86.99
(7.86)
30.77
13.89
(2.75)
552.8
2432.84
(718.61)
1565.69
(392.26)
1173.43
(135.17)
(174.66)
(251.43)
(561.26)
1871.58
(308.27)
1563.31
(646.21)
20.63
(569.55)
2.94
(314.10)
(2578.49)
(98.81)
99.59
(8.44)
(1.40)
(20555.68)
20525.40
9.80
22.09
0.45
5.53
(10.78)
(3.53)
(18028.63)
19842.06
18.75
73.89
5.40
(1.92)
(941.15)
(1249.86)
Cash Flow from Operating Activities

1HWSURWEHIRUHWD[
Adjustments for:
Depreciation and amortisation expense
Finance costs
Unrealised foreign exchange gains (Net)
Unrealised foreign exchange gain on translation (Net)
([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHV(626V
Bad debts and provision for doubtful debts and advances (Net)
Interest income
Dividend income
Impairment loss
3URWRQVDOHRIFXUUHQWLQYHVWPHQWV1HW
Other non-cash adjustments
Rent income
2SHUDWLQJSURWEHIRUHZRUNLQJFDSLWDOFKDQJHV
Adjustments for:
Increase/(Decrease) in trade payables and other liabilities
(Increase) in inventories
(Increase) in trade and other receivables
Cash generated from operations
Direct taxes paid (Net of refunds)
Net cash from operating activities
2015
504.71
168.29
(3.53)
(25.89)
51.07
14.25
(9.81)
(22.09)
(49.51)
1.84
1.17
(0.45)
556.87
(832.55)
(442.93)
(A)
Cash Flow from Investing Activities

3XUFKDVHRI[HGDVVHWVFDSLWDOZRUNLQSURJUHVVDQG
intangibles
6DOHRI[HGDVVHWV
Cash paid for acquisition of subsidiary companies, net of cash
acquired
3XUFKDVHFRQVLGHUDWLRQIRUDFTXLVLWLRQRIXQGHUWDNLQJQHWRI
cash acquired
Sale/(Purchase) of investment in associates (Net)
Purchase of other non-current investments
Share application money
Purchase of current investments
Sale of current investments
Interest received
Dividend received
Rent received
Short term deposits (given)/repaid (Net)
Net cash used in investing activities
Consolidated Cash Flow Statement contd.

` in crore
For the year ended 31st March 2015
2015
2014
0.01
Cash Flow from Financing Activities

Proceeds from issue of equity shares (ESOSs)
Share application money
Proceeds from/(Repayment of) short term borrowings (Net)
Proceeds from long term borrowings (Net)
12.25
500.91
(112.47)
6.90
155.79
Finance costs paid
(167.42)
(121.08)
Dividend paid
(160.58)
(160.58)
Tax paid on dividend
(27.29)
(27.29)
(C)
164.78
(265.63)
$%&
397.06
47.82
175.76
143.01
(8.56)
(15.07)
564.26
175.76
1HWFDVKIURPXVHGLQQDQFLQJDFWLYLWLHV

Net increase in cash and cash equivalents
Cash and Cash Equivalents as at the beginning of the year
([FKDQJH GLHUHQFH RQ WUDQVODWLRQ RI IRUHLJQ FXUUHQF\ FDVK
and cash equivalents
Cash and Cash Equivalents as at the end of the year
Notes: i. The above Cash Flow Statement has been prepared under the Indirect Method as set out in AS-3,
Cash Flow Statement.
LL &DVKDQG&DVK(TXLYDOHQWVUHSUHVHQWFDVKDQGEDQNEDODQFHVDQG[HGGHSRVLWVZLWKEDQNV
iii. Cash and Cash Equivalents include `13.29 crore (Previous year `15.87 crore) on account of unclaimed
dividend, which are not available for use by the Company.
iv. Details on CSR expenditure, Refer Note 42.
)RU96DQNDU$L\DU &R

V. Mohan
Partner
R. Rangarajan
Partner
Subhanu Saxena
Rajesh Garg
Mital Sanghvi
Company Secretary
Notes to the Consolidated Accounts

1
6LJQLFDQW$FFRXQWLQJ3ROLFLHV
$ %DVLVRI3UHSDUDWLRQ
7KH QDQFLDO VWDWHPHQWV KDYH EHHQ SUHSDUHG DQG SUHVHQWHG XQGHU WKH KLVWRULFDO FRVW FRQYHQWLRQ RQ
an accrual basis of accounting and in accordance with Generally Accepted Accounting Principles (GAAP)
in India. GAAP comprises mandatory Accounting Standards as prescribed under section 133 of the
Companies Act, 2013 ("Act") read with Rule 7 of the Companies (Accounts) Rules, 2014 and guidelines
issued by Securities and Exchange Board of India (SEBI).
% 8VHRI(VWLPDWHV
7KHSUHSDUDWLRQRIQDQFLDOVWDWHPHQWVUHTXLUHVWKH0DQDJHPHQWWRPDNHHVWLPDWHVDQGDVVXPSWLRQV
WKDWDHFWWKHUHSRUWHGEDODQFHRIDVVHWVDQGOLDELOLWLHVUHYHQXHDQGH[SHQVHVDQGGLVFORVXUHVUHODWLQJ
to contingent liabilities. The Management believes that the estimates used in the preparation of the
QDQFLDOVWDWHPHQWVDUHSUXGHQWDQGUHDVRQDEOH)XWXUHUHVXOWVFRXOGGLHUIURPWKHVHHVWLPDWHV$Q\
revision of accounting estimates is recognised prospectively in the current and future periods.
C. Operating Cycle
$OO DVVHWV DQG OLDELOLWLHV KDYH EHHQ FODVVLHG DV FXUUHQW RU QRQFXUUHQW DV SHU HDFK &RPSDQ\V QRUPDO
operating cycle and other criteria set out in Schedule III of the Act.
D. Principles of Consolidation
7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVUHODWHWR&LSOD/WGWKH&RPSDQ\LWVVXEVLGLDULHVMRLQWYHQWXUH
DQG DVVRFLDWHV WRJHWKHU UHIHUUHG WR DV WKH *URXS 7KH FRQVROLGDWHG QDQFLDO VWDWHPHQWV KDYH EHHQ
prepared on the following basis:
D 7KHQDQFLDOVWDWHPHQWVRIWKH&RPSDQ\DQGLWVVXEVLGLDULHVKDYHEHHQFRPELQHGRQDOLQHE\OLQH
EDVLV E\ DGGLQJ WRJHWKHU WKH ERRN YDOXHV RI OLNH LWHPV RI DVVHWV OLDELOLWLHV LQFRPH DQG H[SHQVHV
after fully eliminating intra-group balances and intra-group transactions and resulting unrealized
SURWV8QUHDOLVHGORVVHVUHVXOWLQJIURPLQWUDJURXSWUDQVDFWLRQVDUHHOLPLQDWHGXQOHVVFRVWFDQQRW
be recovered.
E 7KHGLHUHQFHEHWZHHQWKHFRVWRILQYHVWPHQWLQWKHVXEVLGLDULHVRYHUWKH&RPSDQ\VVKDUHRIHTXLW\
DWWKHWLPHRIDFTXLVLWLRQRIWKHVKDUHVLQWKHVXEVLGLDULHVLVUHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWV
as Goodwill/Capital Reserve as the case may be.
F (QWLWLHVLQZKLFKWKH&RPSDQ\KDVVLJQLFDQWLQXHQFHEXWQRWDFRQWUROOLQJLQWHUHVWDUHFRQVLGHUHG
as associates and investment therein are reported according to the equity method i.e. the investment
is initially recorded at cost identifying any Goodwill/Capital Reserve arising at the time of acquisition.
The carrying amount of the investment is adjusted thereafter for the post acquisition change in the
investors share of net assets of the associate, based on the available information. The Consolidated
6WDWHPHQW RI 3URW DQG /RVV LQFOXGHV WKH LQYHVWRUV VKDUH RI SURWORVV RI WKH RSHUDWLRQV RI WKH
associate.
d. Interest in Joint Venture have been accounted by using the proportionate consolidation method.
H 7KHQDQFLDOVWDWHPHQWVRIWKHVXEVLGLDULHVDQGDVVRFLDWHVXVHGIRUWKHSXUSRVHRIFRQVROLGDWLRQDUH
drawn up to the same reporting date as of the Company.
I 7KHFRQVROLGDWHGQDQFLDOVWDWHPHQWVKDYHEHHQSUHSDUHGXVLQJXQLIRUPDFFRXQWLQJSROLFLHVIRUOLNH
transactions and other events in similar circumstances and are presented to the extent possible, in
WKHVDPHPDQQHUDVWKH&RPSDQ\VVHSDUDWHQDQFLDOVWDWHPHQWV
Notes to the Consolidated Accounts contd.

J 7KHVXEVLGLDULHVDVVRFLDWHVDQGMRLQWYHQWXUHFRQVLGHUHGLQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWDUH
Name of the Company
Country of
% ownership % ownership :LWKHHFW
Incorporation interest as
interest as
from
at 31st March at 31st March
2015
2014
Subsidiaries (held directly)

Cipla FZE
Golden Cross Pharma Pvt. Ltd.
Meditab Specialities Pvt. Ltd.
Cipla Medpro South Africa
Proprietary Ltd.
Cipla Holding B.V.2
Mabpharm Pvt. Ltd.3
Cipla (EU) Ltd.
United Arab
Emirates
India
Mauritius
India
South Africa
100
100
04/10/2006
100
100
100
100
100
100
100
100
14/05/2010
27/01/2011
01/10/2010
15/07/2013
Netherlands
India
United
Kingdom
United Arab
Emirates
India
100
100
100
100
100
28/08/2013
24/07/2014
27/01/2011
51
02/10/2014
60
26/02/2015
India
United
Kingdom
Australia
India
India
Mauritius
South Africa
100
100
100
100
14/05/2010
27/01/2011
100
100
100
100
100
100
100
100
100
100
04/03/2011
01/10/2010
01/10/2010
01/10/2010
14/01/2011
Subsidiaries (held indirectly)

)RXU03URSDFN3YW/WG
Cipla (UK) Ltd.
Medispray Laboratories Pvt. Ltd.
Sitec Labs Pvt. Ltd.
Meditab Pharmaceuticals South
Meditab Specialities New Zealand Ltd.
&LSODOD7LFDUHW$QRQLPLUNHWL1
Cipla USA Inc.
Cipla Kenya Ltd.
Cipla Europe NV2
Cipla Quality Chemical Industries Ltd.
Cipla Croatia d.o.o.2
Cipla Medpro Manufacturing
Proprietary Ltd.
Inyanga Trading 386 Proprietary Ltd.
Xeragen Laboratories Proprietary Ltd.
Cipla Medpro Holdings Proprietary Ltd.
Cape to Cairo Exports Proprietary Ltd.
Cipla Agrimed Proprietary Ltd.
New Zealand
7XUNH\
USA
Kenya
Malaysia
United
Kingdom
Uganda
Croatia
South Africa
100
100
100
100
100
100
100
100
100
100
100
100
21/01/2011
20/02/2012
12/09/2012
08/10/2012
20/03/2013
30/09/2013
51.05
100
100
51.05
100
100
20/11/2013
04/12/2013
15/07/2013
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
100
100
100
100
100
100
100
100
100
100
100
100
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013

Name of the Company
Cipla Dibcare Proprietary Ltd.

Cipla Health Care Proprietary Ltd.
Cipla Life Sciences Proprietary Ltd.
Cipla-Medpro Proprietary Ltd.
Cipla-Medpro Distribution Centre
Proprietary Ltd.
Cipla Medpro ARV Proprietary Ltd.
Cipla Medpro Botswana Proprietary
Ltd.
Cipla Medpro Cardio Respiratory
Proprietary Ltd.
Cipla Medpro Research and
Development Proprietary Ltd.
Cipla Nutrition Proprietary Ltd.
Cipla Personal Care Proprietary Ltd.
Cipla Vet Proprietary Ltd.
Gardian Cipla Proprietary Ltd.
Medpro Gen Proprietary Ltd.
Medpro Holdings Proprietary Ltd.
Medpro Pharmaceutica Proprietary Ltd.
Medpro Pharmaceutica Africa
Proprietary Ltd.
Medpro-On-Line Proprietary Ltd.
Med Man Care Proprietary Ltd.
Smith and Couzin Proprietary Ltd.
%UHDWKH)UHH/DQNDPrivate) Ltd.
Cipla Canada Inc.2
Medica Pharmaceutical Industries
Company Ltd.2
Al-Jabal For Drugs and Medical
Appliances Company Ltd.2
&LSOD3KDUPD/DQNDPrivate) Ltd.
Associates
Stempeutics Research Pvt. Ltd.2
Biomab Holding Ltd.1
Jiangsu Cdymax Pharmaceuticals
Co.Ltd.1
Country of
% ownership % ownership
Incorporation interest as
interest as
at 31st March at 31st March
2015
2014
South Africa
100
100
South Africa
100
100
South Africa
100
100
South Africa
100
100
South Africa
100
100
:LWKHHFW
from
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
South Africa
South Africa
100
100
100
100
15/07/2013
15/07/2013
South Africa
100
100
15/07/2013
South Africa
100
100
15/07/2013
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
South Africa
80
100
100
100
100
100
100
100
80
100
100
100
100
100
100
100
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
15/07/2013
South Africa
South Africa
South Africa
6UL/DQND
Canada
Yemen
100
100
100
100
100
50.49
100
100
100
-
15/07/2013
15/07/2013
15/07/2013
16/06/2014
27/08/2014
02/10/2014
Yemen
50.49
02/10/2014
6UL/DQND
Nigeria
60
100
17/11/2014
06/02/2015
India
Hong Kong
China
49
25
-
49
25
48.22
01/10/2010
01/09/2011
10/02/2012
India
25
29/10/2012
Australia
50
50
18/10/2011
(Divested on 31st March 2015)
Mabpharm Pvt.Ltd.3
Joint Venture
Aspen-Cipla Australia Pty. Ltd.4
1

2

3

4
8QDXGLWHGQDQFLDOVIRUPRQWKVHQGLQJRQst March 2015 have been considered for consolidation purposes.

8QDXGLWHGQDQFLDOVIRUWKHQDQFLDO\HDUKDYHEHHQFRQVLGHUHGIRUFRQVROLGDWLRQSXUSRVHV
'XULQJWKH\HDUWKH&RPSDQ\DFTXLUHGDQDGGLWLRQDOVWDNHLQ0DSKDUP3YW/WG&RQVHTXHQWWRWKHDFTXLVLWLRQRIDIRUHVDLG
DGGLWLRQDOVWDNH0DESKDUP3YW/WGLVZKROO\RZQHGVXEVLGLDU\RIWKH&RPSDQ\
Application for de-registration of the Company was made during the year and the Company was de-registered on 6th April 2015.

E. Additional information as required under Schedule III of the Companies Act, 2013, of enterprises
FRQVROLGDWHGDV6XEVLGLDU\$VVRFLDWHV
Name of the Entity
1HW$VVHWV7RWDO$VVHWV 6KDUHLQSURWRUORVV

OHVV7RWDO/LDELOLWLHV
As % of
Amount
As % of
Amount
consolidated ` in crore consolidated ` in crore
net assets
SURWRUORVV
Parent
Cipla Ltd.
100.99
11090.15
94.17
1181.09
Goldencross Pharma Pvt. Ltd.
2.26
247.76
1.47
18.43
Meditab Specialities Pvt. Ltd.
1.35
148.61
0.78
9.78
Mabpharm Pvt. Ltd.
1.26
138.51
(0.91)
(11.43)
0.36
39.87
0.20
2.52
)RXU03URSDFN3YW/WG
0.14
15.05
0.08
1.07
Medispray Laboratories Pvt. Ltd.
1.02
111.58
2.33
29.23
Sitec Labs Pvt. Ltd.
0.10
11.20
0.47
5.89
Cipla FZE
0.21
23.13
(0.02)
1.25
137.23
0.26
3.22
Cipla Medpro South Africa Proprietary Ltd.
2.77
304.63
(1.08)
(13.48)
Cipla Holding B.V.
1.29
141.94
(0.09)
(1.14)
Cipla (EU) Ltd.
0.21
22.70
(1.08)
(13.60)
1.74
190.52
(0.01)
(0.11)
Subsidiaries
Indian
Foreign
Cipla (UK) Ltd.
0.04
4.69
0.03
0.32
0.02
1.93
0.03
0.38
3.10
340.32
(0.73)
(9.17)
0.07
(0.01)
(0.05)
0.22
0.01
0.08
0.01
1.01
(1.21)
(15.14)
Meditab Pharmaceuticals South Africa

Proprietary Ltd.
Meditab Specialities New Zealand Ltd.
Cipla USA Inc.
Cipla Kenya Ltd.
Cipla Europe NV
0.07
0.01
0.09
0.01
1.25
0.01
0.13
(0.22)
(23.99)
(6.15)
(77.10)
Cipla Quality Chemical Industries Ltd.
1.53
168.20
6.18
77.54
Cipla Croatia d.o.o.
0.05
5.16
(0.08)
(0.94)
0.01
Cipla Medpro Manufacturing Proprietary Ltd.
(0.01)
(0.01)
Inyanga Trading 386 Proprietary Ltd.
0.25
27.26
(0.03)
Xeragen Laboratories Proprietary Ltd.
0.06
7.01

Name of the Entity
Cipla Medpro Holdings Proprietary Ltd.

Cape to Cairo Exports Proprietary Ltd.
Cipla Agrimed Proprietary Ltd.
Cipla Dibcare Proprietary Ltd.
Cipla Health Care Proprietary Ltd.
Cipla Life Sciences Proprietary Ltd.
Cipla-Medpro Proprietary Ltd.
Cipla-Medpro Distribution Centre Proprietary Ltd.
Cipla Medpro ARV Proprietary Ltd.
Cipla Medpro Botswana Proprietary Ltd.
Cipla Medpro Cardio Respiratory Proprietary Ltd.
Cipla Medpro Research and Development
Proprietary Ltd.
Cipla Nutrition Proprietary Ltd.
Cipla Personal Care Proprietary Ltd.
Cipla Vet Proprietary Ltd.
Gardian Cipla Proprietary Ltd.
Medpro Gen Proprietary Ltd.
Medpro Holdings Proprietary Ltd.
Medpro Pharmaceutica Proprietary Ltd.
Medpro Pharmaceutica Africa Proprietary Ltd.
Medpro-On-Line Proprietary Ltd.
Med Man Care Proprietary Ltd.
Smith and Couzin Proprietary Ltd.
Cipla Canada Inc.
Medica Pharmaceutical Industries Company Ltd.
Al-Jabal For Drugs and Medical Appliances
Company Ltd.
&LSOD3KDUPD/DQND3ULYDWH/WG
Joint Venture
Aspen-Cipla Australia Pty. Ltd.
Subtotal
Inter-company Elimination and Consolidation
Adjustments
*UDQG7RWDO
Share application money pending allotment
Minority Interest in Subsidiaries
6KDUHRI3URWLQ$VVRFLDWHV
1HW$VVHWV7RWDO$VVHWV 6KDUHLQSURWRUORVV

OHVV7RWDO/LDELOLWLHV
As % of
Amount
As % of
Amount
consolidated ` in crore consolidated ` in crore
net assets
SURWRUORVV
0.05
5.11
0.01
0.14
0.36
39.57
0.88
11.05
0.21
0.02
0.07
7.85
(0.01)
1.21
132.67
0.60
7.53
2.35
257.86
2.50
31.33
0.28
0.27
-
(0.07)
0.04
0.31
3.58
0.06
0.02
(7.57)
4.82
33.97
0.11
392.81
6.08
0.30
2.52
(0.30)
0.83
3.60
0.03
(0.59)
(3.78)
0.01
10.42
45.11
0.01
0.32
(7.39)
0.31
(0.03)
-
34.39
(3.21)
-
2.07
(0.22)
-
26.03
(2.72)
-
14064.11
1305.62
(28.06)
100.00
(3082.14)
10981.97
(12.25)
(180.48)
(4.10)
100.00
(51.39)
1254.23
(48.15)
(25.30)

F. Fixed Assets
Tangible assets are stated at the cost of acquisition and includes amount added on revaluation, less
accumulated depreciation, Government grants, other subsidies and impairment losses, if any. Cost of
tangible assets comprises purchase price, non-refundable taxes, levies and any directly attributable
FRVWRIEULQJLQJWKHDVVHWWRLWVZRUNLQJFRQGLWLRQIRUWKHLQWHQGHGXVH:KHUHVHYHUDO[HGDVVHWVDUH
DFTXLUHGIRUDFRQVROLGDWHGSULFHWKHFRQVLGHUDWLRQLVDSSRUWLRQHGWR[HGDVVHWVRQIDLUYDOXHEDVLV
&DSLWDOZRUNLQSURJUHVVLQFOXGHVFRVWRI[HGDVVHWVWKDWDUHQRWUHDG\IRUWKHLULQWHQGHGXVH
Intangible assets are stated at the cost of acquisition, less accumulated amortisation and impairment
losses if any. Cost of intangible assets comprises purchase price, non-refundable taxes, levies and any
GLUHFWO\DWWULEXWDEOHFRVWRIPDNLQJWKHDVVHWUHDG\IRULWVLQWHQGHGXVH
* %RUURZLQJ&RVWV
Borrowing costs consists of interest, ancillary costs and other costs in connection with the borrowing
RI IXQGV DQG H[FKDQJH GLHUHQFHV DULVLQJ IURP IRUHLJQ FXUUHQF\ ERUURZLQJV WR WKH H[WHQW WKH\ DUH
regarded as an adjustment to interest costs.
Borrowing costs attributable to acquisition and/or construction of qualifying assets are capitalised as
a part of the cost of such assets, up to the date such assets are ready for their intended use. Other
ERUURZLQJFRVWVDUHFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
H. Depreciation and Amortisation
Depreciation on tangible assets is provided on the Straight Line Method over the useful life of assets as
prescribed under part C of Schedule II of the Act.
In case of assets whose useful life is already exhausted as on 1st April 2014, the carrying value, net
of residual value and deferred tax has been adjusted in retained earnings in accordance with the
requirements of Schedule II of the Act.
Depreciation on tangible assets in Indian subsidiaries is provided on Written Down Value Method over
the useful life as prescribed under part C of Schedule II to the Act. Depreciation on tangible assets in
foreign subsidiaries is provided on a systematic basis over the estimated useful life of the assets.
Cost of Leasehold Land including premium is amortised over primary period of lease.
Intangible assets are amortised on a systematic basis over the best estimate of their useful lives,
commencing from the date the asset is available to the Group for its use.
The Management estimates the useful lives for the various intangible assets as follows:
Category
<HDUV
Software
3 to 10
*RRGZLOObDQG0DUNHWLQJQWDQJLEOHV$FTXLUHG
I. Inventories
5DZPDWHULDOVDQGSDFNLQJPDWHULDOVDUHYDOXHGDWORZHURIFRVWRUQHWUHDOLVDEOHYDOXHDIWHUSURYLGLQJ
IRU REVROHVFHQFH LI DQ\ +RZHYHU WKHVH LWHPV DUH FRQVLGHUHG WR EH UHDOLVDEOH DW FRVW LI WKH QLVKHG
products, in which they will be used, are expected to be sold at or above cost.
:RUNLQSURFHVVVWRFNLQWUDGHDQGQLVKHGJRRGVDUHYDOXHGDWORZHURIFRVWDQGQHWUHDOLVDEOHYDOXH
)LQLVKHG JRRGV DQG ZRUNLQSURFHVV LQFOXGH FRVWV RI UDZ PDWHULDO ODERXU FRQYHUVLRQ FRVWV DQG RWKHU
costs incurred in bringing the inventories to their present location and condition.
&RVWRIQLVKHGJRRGVLQFOXGHVH[FLVHGXW\ZKHUHYHUDSSOLFDEOH

Cost of inventories is computed on weighted average basis.
During the year, the Company and its Indian subsidiaries implemented an enterprise resource planning
software enabling inventorisation of stores, spares and consumables. This has now enabled the Company
and its Indian subsidiaries to include in the inventory, in the Balance Sheet from this year, sub-category
of stores, spares and consumables amounting to `FURUH7KHDPRXQWRISURWEHIRUHWD[IRUWKH
year, stands increased commensurately.
J. Investments
Long term investments, other than investment in associates, are carried at cost, less any provision for
diminution (other than temporary) in value.
Current investments are carried at lower of cost and fair value.
Investments in Associates are accounted and disclosed as per AS-23, "Investment in Associates".
Investment property is carried at cost, less depreciation computed in a manner prescribed for Fixed
Assets.
. )RUHLJQ([FKDQJH7UDQVDFWLRQV
Transactions in foreign currencies are recorded at the exchange rates prevailing on the date of the
transaction.
Foreign currency monetary assets and liabilities and forward contracts are restated at year end exchange
UDWHV([FKDQJHGLHUHQFHVDULVLQJRQWKHVHWWOHPHQWRIIRUHLJQFXUUHQF\PRQHWDU\LWHPVRURQUHSRUWLQJ
&RPSDQ\V IRUHLJQ FXUUHQF\ PRQHWDU\ LWHPV DW UDWHV GLHUHQW IURP WKRVH DW ZKLFK WKH\ ZHUH LQLWLDOO\
UHFRUGHGGXULQJWKH\HDURUUHSRUWHGLQWKHSUHYLRXVQDQFLDOVWDWHPHQWVDUHUHFRJQLVHGDVLQFRPHRU
expense in the year in which they arise.
Non-monetary foreign currency items are carried at the rates prevailing on the date of the transaction.
In respect of forward contracts, the premium or discount on these contracts is recognised as income or
H[SHQGLWXUHRYHUWKHSHULRGRIWKHFRQWUDFW$Q\SURWRUORVVDULVLQJRQFDQFHOODWLRQRUUHQHZDORIVXFK
contracts is recognised as income or expense of the year.
)RUHLJQ EUDQFKHV DUH LGHQWLHG DV LQWHJUDO IRUHLJQ RSHUDWLRQV $OO WUDQVDFWLRQV DUH WUDQVODWHG DW UDWHV
prevailing on the date of transaction. Monetary assets and liabilities of the branch are restated at the
year end rates.
)RUHLJQ VXEVLGLDULHV DUH FODVVLHG DV QRQ LQWHJUDO RSHUDWLRQV DV SHU $6 7KH (HFWV RI &KDQJHV LQ
Foreign Exchange Rates". All the assets and liabilities are translated at the closing rate as on the Balance
Sheet date and income/expenditure are translated using average exchange rate prevailing during the
reporting period. The resultant translation exchange gain/loss, have been disclosed as Foreign Currency
Translation Reserve under Reserves and Surplus.
L. Provisions, Contingent Liabilities and Contingent Assets
A provision is recognised when the Group has a present obligation as a result of a past event, it is
SUREDEOH WKDW DQ RXWRZ RI UHVRXUFHV ZLOO EH UHTXLUHG WR VHWWOH WKH REOLJDWLRQ LQ UHVSHFW RI ZKLFK D
reliable estimate can be made. Provisions are not discounted to its present value and are determined
based on best estimate required to settle the obligation at the Balance Sheet date.
Disclosure of contingent liabilities is made when there is a possible obligation or a present obligation
WKDWPD\EXWSUREDEO\ZLOOQRWUHTXLUHDQRXWRZRIUHVRXUFHV:KHUHWKHUHLVSRVVLEOHREOLJDWLRQRU
D SUHVHQW REOLJDWLRQ LQ UHVSHFW RI ZKLFK WKH OLNHOLKRRG RI RXWRZ RI UHVRXUFHV LV UHPRWH QR SURYLVLRQ
or disclosure is made.
&RQWLQJHQW$VVHWVDUHQHLWKHUUHFRJQLVHGQRUGLVFORVHGLQWKHQDQFLDOVWDWHPHQWV

M. Revenue Recognition
5HYHQXHLVUHFRJQLVHGWRWKHH[WHQWWKDWLVSUREDEOHWKDWWKHHFRQRPLFEHQHWVZLOORZWRWKH*URXS
and the revenue can be reliably measured.
5HYHQXH IURP VDOH RI JRRGV LV UHFRJQLVHG ZKHQ VLJQLFDQW ULVNV DQG UHZDUGV RI RZQHUVKLS RI WKH
goods have been passed to the buyer, which ordinarily coincides with despatch of goods to customers.
Revenues are recorded at invoice value net of excise duty, sales tax, returns and trade discount.
Revenue from rendering of services are recognised on completion of services.
%HQHWVRQDFFRXQWRIHQWLWOHPHQWRIH[SRUWLQFHQWLYHVDUHUHFRJQLVHGDVDQGZKHQWKHULJKWWRUHFHLYH
is established.
Technical Know-how and Licensing Fees are recognised as and when the right to receive such income is
established as per terms and conditions of relevant agreement.
Interest income is recognised on time proportion basis.
Dividend income is recognised when the right to receive is established.
1 (PSOR\HH%HQHWV
/LDELOLW\RQDFFRXQWRIVKRUWWHUPHPSOR\HHEHQHWVLVUHFRJQLVHGRQDQXQGLVFRXQWHGDQGDFFUXDOEDVLV
GXULQJWKHSHULRGZKHQWKHHPSOR\HHUHQGHUVVHUYLFHYHVWLQJSHULRGRIWKHEHQHW
Post retirement contribution plans such as Employees Pension scheme and Employees Provident Fund
(for employees other than those who are covered under Employees Provident Fund Trust) are charged
WRWKH6WDWHPHQWRI3URWDQG/RVVIRUWKH\HDUZKHQWKHFRQWULEXWLRQVWRWKHUHVSHFWLYHIXQGVDFFUXH
3RVWUHWLUHPHQWEHQHWSODQVVXFKDVJUDWXLW\OHDYHHQFDVKPHQWDQGSURYLGHQWIXQGDUHGHWHUPLQHGRQ
the basis of actuarial valuation made by an independent actuary as at the balance sheet date. Actuarial
JDLQVDQGORVVHVDUHUHFRJQLVHGLPPHGLDWHO\LQWKH6WDWHPHQWRI3URWDQG/RVV
3HULRGLF FRQWULEXWLRQV WRZDUGV SRVW UHWLUHPHQW EHQHW SODQ VXFK DV SURYLGHQW IXQG DGPLQLVWHUHG
WKURXJKDQ(PSOR\HHV3URYLGHQW)XQG7UXVWDUHFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
O. (PSOR\HH6WRFN2SWLRQ6FKHPHV
QDFFRUGDQFHZLWKWKH6(%UHJXODWLRQVWKHFRPSHQVDWLRQFRVWRIVWRFNRSWLRQVJUDQWHGWRHPSOR\HHV
LVFDOFXODWHGEDVHGRQLQWULQVLFYDOXHPHWKRGLHWKHH[FHVVRIWKHPDUNHWSULFHRIVKDUHVLPPHGLDWHO\
prior to dates of grant over the exercise price to be paid by the option holders. The compensation cost
LVDPRUWLVHGWRWKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHYHVWLQJSHULRGRIWKHVWRFNRSWLRQ
3 QFRPH7D[
Current income tax is measured at the amount expected to be paid to the tax authorities in accordance
ZLWKWKHSURYLVLRQVRIORFDOQFRPH7D[/DZVDVDSSOLFDEOHWRWKHQDQFLDO\HDU
'HIHUUHG LQFRPH WD[HV UHHFW WKH LPSDFW RI FXUUHQW \HDU WLPLQJ GLHUHQFHV EHWZHHQ WD[DEOH LQFRPH
DQG DFFRXQWLQJ LQFRPH RI WKH \HDU DQG UHYHUVDO RI WLPLQJ GLHUHQFHV RI HDUOLHU \HDUV 'HIHUUHG WD[ LV
measured based on the tax rates and the tax laws enacted or substantively enacted at the Balance Sheet
date.
7KH *URXS RVHWV RQ D \HDURQ\HDU EDVLV WKH FXUUHQW WD[ DVVHWV DQG OLDELOLWLHV GHIHUUHG WD[ DVVHWV
and liabilities, where it has a legally enforceable right and where it intends to settle such assets and
liabilities on a net basis.

Q. Impairment of Assets
At each Balance Sheet date, the Group assesses whether there is any indication that any asset may
be impaired. If any such indication exists, the carrying value of such assets is reduced to its estimated
UHFRYHUDEOHDPRXQWDQGWKHDPRXQWRIVXFKLPSDLUPHQWORVVLVFKDUJHGWRWKH6WDWHPHQWRI3URWDQG
Loss. If, at the Balance Sheet date, there is an indication that a previously assessed impairment loss no
ORQJHUH[LVWVWKHUHFRYHUDEOHDPRXQWLVUHDVVHVVHGDQGWKHDVVHWLVUHHFWHGDWWKHUHFRYHUDEOHDPRXQW
subject to a maximum of depreciated historical cost.
R. Research and Development
Revenue expenditure on Research and Development is recognised as expense in the year in which it is
incurred.
Capital expenditure on Research and Development is shown as addition to Fixed Assets.
S. Expenditure on Regulatory Approvals
Expenditure incurred for obtaining regulatory approvals and registration of products for overseas
PDUNHWVLVFKDUJHGWRWKH6WDWHPHQWRI3URWDQG/RVV
7 Government Grants and Subsidies
Capital subsidy/Government grants are accounted for where it is reasonably certain that the ultimate
collection will be made.
&DSLWDOVXEVLG\*RYHUQPHQWJUDQWVUHODWHGWRVSHFLFGHSUHFLDEOHDVVHWVDUHVKRZQDVGHGXFWLRQIURP
WKHJURVVYDOXHRIWKHDVVHWFRQFHUQHGLQDUULYLQJDWLWVERRNYDOXH7KHJUDQWVXEVLG\LVWKXVUHFRJQLVHG
LQWKH6WDWHPHQWRI3URWDQG/RVVRYHUWKHXVHIXOOLIHRIVXFKGHSUHFLDEOHDVVHWVE\ZD\RIDUHGXFHG
depreciation charge.
8 /HDVHV
Where the Company is Lessee
/HDVHUHQWDOVRQDVVHWVWDNHQRQRSHUDWLQJOHDVHDUHUHFRJQLVHGDVH[SHQVHLQWKH6WDWHPHQWRI3URW
and Loss on straight line basis over the lease term in accordance with the lease agreement.
$VVHWVDFTXLUHGXQGHUOHDVHZKHUHWKH*URXSKDVVXEVWDQWLDOO\DOOWKHULVNVDQGUHZDUGVRIRZQHUVKLS
DUH FODVVLHG DV QDQFH OHDVHV 8SRQ LQLWLDO UHFRJQLWLRQ WKH OHDVHG DVVHW LV PHDVXUHG DW DQ DPRXQW
equal to the lower of its fair value and the present value of the minimum lease payments. The rent
REOLJDWLRQVQHWRILQWHUHVWFKDUJHVDUHUHHFWHGDVVHFXUHGORDQV
Where the Company is Lessor
/HDVH UHQWDOV RQ DVVHWV JLYHQ RQ RSHUDWLQJ OHDVH DUH UHFRJQLVHG DV LQFRPH LQ WKH 6WDWHPHQW RI 3URW
and Loss on straight line basis in accordance with the lease agreement.
V. Earnings Per Share
%DVLF HDUQLQJV SHU VKDUH LV FDOFXODWHG E\ GLYLGLQJ WKH QHW SURW RU ORVV IRU WKH SHULRG DWWULEXWDEOH WR
equity shareholders by the weighted average number of equity shares outstanding during the period.
)RU WKH SXUSRVH RI FDOFXODWLQJ GLOXWHG HDUQLQJV SHU VKDUH WKH QHW SURW DWWULEXWDEOH WR HTXLW\
VKDUHKROGHUV DQG WKH ZHLJKWHG DYHUDJH QXPEHU RI VKDUHV RXWVWDQGLQJ DUH DGMXVWHG IRU WKH HHFW RI
all dilutive potential equity shares from the exercise of options on unissued share capital. The number
of equity shares is the aggregate of the weighted average number of equity shares and the weighted
average number of equity shares are to be issued on the conversion of all the dilutive potential equity
shares into equity shares.

` in crore
2015
2014
175.00
175.00
175.00
175.00
160.79
160.79
160.78
160.78
160.59
160.59
160.58
160.58
Share Capital
Authorised
87,50,00,000 Equity Shares of `2 each
(Previous year 87,50,00,000 Equity Shares of `2 each)
Issued
80,39,63,835 Equity Shares of `2 each
(Previous year 80,39,24,752 Equity Shares of `2 each)
Subscribed & Paid-up
80,29,60,440 Equity Shares of `2 each fully paid
(Previous year 80,29,21,357 Equity Shares of `2 each fully paid)
Reconciliation of the number of shares and amount outstanding at the beginning and at the end
of the reporting period
Particulars
Equity Shares at the beginning of the year
Add(TXLW\6KDUHVLVVXHGRQH[HUFLVHRIHPSOR\HHVWRFNRSWLRQV
Equity Shares at the end of the year
2015
2014
80,29,21,357
80,29,21,357
39,083
80,29,60,440
80,29,21,357
Details of Shareholders holding more than 5 percent shares in the Company

2015
2014
Number of shares % Holding Number of shares
Dr. Y. K. Hamied
12,48,27,750
15.55
12,48,27,750
Mrs. Farida Hamied
4,19,14,937
5.22
4,19,14,937
Mrs. Sophie Ahmed
4,59,82,000
5.73
4,59,82,000
Life Insurance Corporation of India
4,42,13,904
5.51
5,24,97,490
% Holding
15.55
5.22
5.73
6.54
y 7HUPVDQG5LJKWVDWWDFKHGWR(TXLW\6KDUHV
The Company has only one class of equity shares having a par value of `2 per share. Each holder of
equity share is entitled to one vote per share. The Company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential amounts. The distribution will be
in proportion to the number of equity shares held by the shareholder.
y (TXLW\VKDUHVUHVHUYHGIRULVVXHXQGHUHPSOR\HHVWRFNRSWLRQV
5HIHU1RWHIRUQXPEHURIVWRFNRSWLRQVDJDLQVWZKLFKHTXLW\VKDUHVDUHWREHLVVXHGE\WKH&RPSDQ\
XSRQYHVWLQJDQGH[HUFLVHRIWKRVHVWRFNRSWLRQVE\WKHRSWLRQKROGHUVDVSHUWKHUHOHYDQWVFKHPHV.

` in crore

2014
0.33
0.08
1430.59
8.97
1428.96
1428.96
8.97

Capital Reserve
Securities Premium Reserve
Add: Additions during the year on ESOS exercised
Revaluation Reserve
Add: Options granted during the year (net of
cancellations)
Less: Exercised during the year
Balance at the end of the year (a)
'HIHUUHG(PSOR\HH6WRFN2SWLRQ&RVW
Add: Options granted during the year
Less: Amortisations during the year
Less: Exercised during the year
Balance at the end of the year (b)
Net Balance at the end of the year (a-b)
General Reserve
Add:7UDQVIHUUHGIURPWKH6WDWHPHQWRI3URWDQG/RVV
2015
)RUHLJQ&XUUHQF\7UDQVODWLRQ5HVHUYH
Add([FKDQJHUDWHGLHUHQFHVRQWUDQVODWLRQVGXULQJ
the year (Net)
6XUSOXVLQWKH6WDWHPHQWRI3URWDQG/RVV
Add3URWIRUWKH\HDU
Less: Adjustment of Depreciation [Refer Note 1(H)]
Less: Appropriations
Transferred to General Reserve
Proposed Dividend
Tax on Dividend
1428.96
1.63
92.05
56.57
1.63
146.99
92.05
92.05
70.40
56.57
50.89
76.08
70.91
92.05
21.65
70.40
21.65
3141.43
3001.43
140.00
3141.43
3141.43
-
(123.22)
39.24
(257.98)
(381.20)
(162.46)
(123.22)
5411.90
1180.77
41.77
6550.90
4351.36
1388.41
5739.77
160.59
32.69
140.00
160.58
27.29
5411.90
9889.77
6357.62
10628.65

` in crore

2014
287.09
-
316.96
0.48
7.78
14.00
0.41
0.43
309.28
317.87
/RQJ7HUP%RUURZLQJV
Secured
7HUP/RDQVIURPEDQNV1RWHL
Finance Lease (Note ii)
8QVHFXUHG
7HUP/RDQVIURPEDQNV1RWHLLL
Other loans and advances (Note iv)
Deferred Payment Liability-Sales Tax Deferral Loan (Note v)
2015
Notes: i. Loans of a subsidiary company located in South Africa amounting to `287.09 crore (Previous Year `316.96
crore). These loans carry interest at JIBAR + 1.45% to 1.95% p.a. and are secured through guarantees and
the cession of trade receivables, cash balances, insurances and the pledge and hypothecation of rights
in intellectual property held by subsidiaries. The loans are repayable in full by 2019.
LL /LDELOLWLHV KHOG XQGHU QDQFH OHDVH DUUDQJHPHQWV RI D VXEVLGLDU\ FRPSDQ\ ORFDWHG LQ 6RXWK $IULFD
amounting to Nil (Previous Year `0.48 crore), secured by plant and machinery which are repayable over
DSHULRGRIYH\HDUVDWSULPHOHVV
LLL /RDQVRIDVXEVLGLDU\FRPSDQ\ORFDWHGLQ6UL/DQNDDPRXQWLQJWR`7.78 crore (Previous Year Nil) carries

interest at SLIBOR + 3.25% p.a. and repayable starting from February 2016.
iv. Loan of a subsidiary company located in India amounting to `14.00 crore (Previous Year Nil) carries
interest at 11% p.a. and repayable by March 2018.
v. Sales tax deferral loan is interest free and repayable in 3 equal installments from the 10th year.
` in crore
5

2015
2014
333.43
0.01
409.29
0.61
0.76
0.87
0.07
5.13
89.14
3.78
331.74
311.85
'HIHUUHG7D[/LDELOLWLHV1HW
7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[/LDELOLWLHV
2QGLHUHQFHVEHWZHHQERRNDQGWD[GHSUHFLDWLRQ
Others
Less:7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[$VVHWV
Expenses allowable on cash basis
Carry forward of losses
Others

` in crore
2015
2014
40.00
30.00
0.58
2.57
40.58
32.57
2WKHU/RQJ7HUP/LDELOLWLHV
Security Deposits
Others
` in crore
7
2015
2014
109.79
0.56
77.41
0.03
50.00
160.35
77.44
/RQJ7HUP3URYLVLRQV
Leave Encashment (Note 26)
Gratuity (Note 26)
Others
Payable for Acquisition of Business (Note 37)
` in crore
2014
0.67
0.36
12.28
4.57
28.63
1156.25
223.28
876.91
-
1392.48
910.47
6KRUW7HUP%RUURZLQJV
Loans Repayable on demand
Secured
&DVK&UHGLWIURP%DQNV6HFXUHGDJDLQVWUHFHLYDEOHDQGPRYHDEOHDVVHWV
LQFOXGLQJVWRFNVERWKSUHVHQWDQGIXWXUH
&XUUHQWPDWXULWLHVRIQDQFHOHDVHREOLJDWLRQV
Other loans and advances
8QVHFXUHG
3DFNLQJ&UHGLWIURP%DQNV
%X\HUV
&UHGLWIURP%DQNV

2015
` in crore
2015
2014
2.77
1574.47
1577.24
8.10
971.43
979.53
7UDGH3D\DEOHV
Micro, Small and Medium Enterprises
Others

9
7UDGH3D\DEOHV contd.
The information regarding Micro and Small Enterprises has been determined to the extent such parties have been
LGHQWLHGRQWKHEDVLVRILQIRUPDWLRQDYDLODEOHZLWKWKH*URXS7KLVKDVEHHQUHOLHGXSRQE\WKHDXGLWRUV
Amounts due as at 31st March 2015 in respect of enterprises covered under the 'Micro, Small and Medium
Enterprises Development Act, 2006' is `2.77 crore (Previous year `8.10 crore).
7KH DPRXQW RI LQWHUHVW GXH DQG SD\DEOH IRU WKH SHULRG RI GHOD\ LQ PDNLQJ SD\PHQW ZKLFK KDYH EHHQ SDLG EXW
EH\RQGWKHDSSRLQWHGGD\GXULQJWKH\HDUEXWZLWKRXWDGGLQJWKHLQWHUHVWVSHFLHGXQGHUWKLV$FWLV1LO3UHYLRXV
year Nil).
` in crore
10

2015
2014
0.01
1.56
13.29
50.52
98.58
63.58
0.01
2.33
49.10
106.37
0.72
117.61
503.68
0.06
19.51
15.87
56.25
96.51
44.56
0.01
2.06
38.95
106.59
0.04
28.26
408.67

Current maturities of Long Term Debt
Sales Tax Deferral Loan
7HUP/RDQIURP%DQN
8QFODLPHG'LYLGHQG
Statutory Dues
Dues to Employees
Creditors for Capital Expenditure
Unclaimed Preference Share Capital
Security Deposits
%RRN2YHUGUDIW
Advance from Customers
Interest Payable
Other Payables#
7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWRQYHVWRU
Education & Protection Fund.
#
Includes Lease equalisation reserve, creditors for expenses, etc.
` in crore
11
2015
2014
26.33
60.08
26.63
37.38
25.69
160.59
32.69
0.41
37.54
76.88
420.21
12.28
160.58
27.29
0.75
264.91
6KRUW7HUP3URYLVLRQV
Leave Encashment (Note 26)
Gratuity (Note 26)
Others
Provision for Bonus
Proposed Dividend
Tax on Proposed Dividend
Others
Provision for Tax (Net of advance tax)
Payable for Acquisition of Business (Note 37)
97.36
3982.62
99.65
159.72
1700.05
Leasehold
Buildings
Plant and
Equipments
2FH
Equipments
Furniture and
Fixtures
Buildings and
Flats
475.50
574.09
1.50
191.94
18.03
14.10
335.20
8.71
4.61
40.97
37.34
1.14
10.89
1.82
0.41
22.66
0.31
0.11
5.46
6.45
134.79
99.58
25.10
10.11
0.89
0.89
0.00
0.00
Additions Additions
Deletions/
on
Adjustments
Acquisition
446.88
197.36
4.92
38.18
2.84
2.24
122.48
26.70
GROSS BLOCK
Additions Additions
Deletions/
on
Adjustments
Acquisition
6171.62
6858.36
20.35
1915.09
176.50
114.02
4388.90
95.95
86.74
60.81
(0.35)
(0.73)
(0.73)
11.56
144.73
109.52
25.10
10.11
Foreign
As at
currency 31.03.15
translation
adjustments
(27.31)
(47.37)
(0.67)
(4.19)
(2.27)
(1.56)
(28.74)
(9.81)
(0.13)
Foreign
As at
currency 31.03.15
translation
adjustments
4.12
4.12
Upto
31.03.14
1707.55
2175.68
9.18
281.88
66.94
28.58
1750.97
24.59
13.54
Upto
31.03.14
2.35
Additions
on
Acquisition
129.75
19.20
2.13
1.42
0.69
0.93
14.03
Additions
on
Acquisition
Adjustment
in retained
earnings
b
62.59
0.15
2.75
2.22
15.07
42.40
2.13
11.13
9.96
0.83
0.34
0.13
0.68
0.68
(0.23)
(0.46)
(0.46)
Foreign
currency
translation
adjustments
For the
Deletions/
year Adjustments
2014-15
(16.67)
(0.58)
(1.16)
(1.20)
(1.20)
(9.77)
(2.76)
(8.28)
16.56
0.65
1.39
0.30
0.31
13.91
Foreign
currency
translation
adjustments
23.75
370.41
493.56
2.52
51.33
23.91
23.22
384.76
6.04
1.78
DEPRECIATION/AMORTISATION
Adjustment
For the
Deletions/
in retained
year Adjustments
earnings
2014-15
4140.56
7.60
1580.26
84.24
47.73
2220.42
68.08
71.42
60.81
3995.94
6.56
1418.17
92.78
71.07
2231.65
72.77
68.83
34.11
4.12
14.11
12.94
0.83
0.34
130.62
96.58
24.27
9.77
7.44
7.44
8SWR
As at
As at
31.03.15 31.03.15 31.03.14
2175.68
2717.80
12.75
334.83
92.26
66.29
2168.48
27.87
15.32
NET BLOCK
8SWR
As at
As at
31.03.15 31.03.15 31.03.14
Notes: i. The gross value of Buildings & Flats includes the cost of shares in Co-operative Housing Societies.

LL 7KHDERYHDGGLWLRQVWR[HGDVVHWVGXULQJWKH\HDULQFOXGHV`121.11 crore (Previous year `5.58 crore) used for Research and Development.

LLL )UHHKROG/DQGDW0XPEDL&HQWUDODQG9LNKUROLZHUHUHYDOXHGRQth March 1985 and was again revalued on 21st March 1990 along with
Freehold Land at Bengaluru which stood at `FURUHRQWKHEDVLVRIYDOXDWLRQUHSRUWRIDSSURYHGYDOXHUVUHVXOWLQJLQLQFUHDVHLQERRN
value by `8.97 crore.
11.56
Total
Previous year
11.56
0DUNHWLQJ
Intangibles
Software
Goodwill
As at
01.04.14
5317.52
Previous year
Intangible
Assets
6171.62
Total
15.74
82.37
Leasehold
Land
Vehicles
34.11
As at
01.04.14
Fixed Assets
Freehold Land
b
7DQJLEOH
Assets
12
` in crore

` in crore
13
7UDGHQYHVWPHQWV
Investment in Associates
87,33,333 (Previous year 87,33,333) Ordinary Shares
of Biomab Holding Ltd. of USD 1 each, fully paid
[including Goodwill of `54.31 crore (Previous year
`54.31 crore)
Nil (Previous year 48.22%) Equity Interest in Jiangsu
Cdymax Pharmaceuticals Co. Ltd. (Previous year Net
of Capital Reserve of `5.17 crore)
1,84,23,578 (Previous year 1,58,44,233 ) Equity
Shares of Stempeutics Research Pvt. Ltd. of `10
each, fully paid [including Goodwill of `3.58 crore
(Previous year `8.52 crore)]
Nil (Previous year 1,70,48,597) Equity Shares of
Mabpharm Pvt. Ltd. of `10 each, fully paid (Previous
year includes Goodwill of `26.07 crore)
2015
2014
107.63
110.39
106.72
13.82
13.14
50.82
118.75
113.84
0.00
0.00
8.44
0.01
0.00
0.00
1.12
2.67
0.45
2.22
249.76
397.14
Other Investments
16.50% (Previous year 16.50%) Equity Interest in
Shanghai Desano Pharmaceuticals Co. Ltd.
1,000 (Previous year 1,000) Equity Shares of The
6DUDVZDW&RRSHUDWLYH%DQN/WG`10 each fully paid
`10000 (Previous year `10000)
11,02,941 (Previous year Nil) Series B-1 Preferred
6WRFNSDUbYDOXHSHUVKDUHRI&KDVH
Pharmaceuticals Corporation Inc.
Nil (Previous year 500) Shares of Old Mutual Plc
ZAR 12245
QYHVWPHQWVLQ*RYHUQPHQWDQG7UXVWVHFXULWLHV
1DWLRQDO6DYLQJV&HUWLFDWHV`42000
(Previous year `41000)
Investment property (at cost less accumulated
depreciation)
Cost of Building given on Operating Lease
Less: Accumulated Depreciation
1HW%ORFN
1.60
0.48

(Previous year `394.92 crore)
Mode of valuation - Refer Note 1(J)

` in crore
14
'HIHUUHG7D[$VVHWV1HW
7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[$VVHWV
Expenses allowable on cash basis
Carry forward of losses
Depreciation
Others
Less7D[HHFWRILWHPVFRQVWLWXWLQJ'HIHUUHG7D[/LDELOLWLHV
2QGLHUHQFHVEHWZHHQERRNDQGWD[GHSUHFLDWLRQ
Others
2015
2014
1.84
75.33
1.26
22.56
1.70
1.81
-
53.88
47.11
0.51
0.12
2.88
` in crore
15
2015
2014
5.30
2.20
47.23
33.47
61.57
36.99
163.95
46.52
0.49
296.96
153.29
40.29
7.15
301.49
/RQJ7HUP/RDQVDQG$GYDQFHV
Secured, Considered Good
Capital Advances#
Capital Advances
Security Deposits
Advance Taxes and TDS (Net of Provision for Tax `1610.34 crore;
Previous year `1291.20 crore)
VAT Receivable
Other Loans and Advances
#
6HFXUHGDJDLQVW%DQN*XDUDQWHHV
` in crore
16
2015
2014
13.88
0.43
107.41
121.72
3.70
0.34
107.41
111.45

Fixed Deposits as Margin Money (with maturity more than 12 months)
Interest Accrued on deposits but not due
Capital Subsidy Receivable

` in crore
No. of units
17
2015
No. of units
2014
Current Investments
QYHVWPHQWVLQ0XWXDO)XQGV8QTXRWHG
Baroda Pioneer Mutual Fund "Baroda Pioneer Liquid
Fund" - Plan B - Growth
2,80,546
45.00
1,46,096
21.45
Birla Sun Life Mutual Fund "Birla Sun Life Cash Plus" Growth - Direct Plan
22,38,812
45.16
19,87,698
40.82
)UDQNOLQ7HPSOHWRQ0XWXDO)XQG7HPSOHWRQQGLD
Treasury Management Account" - Super Institutional
Plan - Direct - Growth
2,57,696
55.00
2,31,856
44.29
HDFC Mutual Fund "HDFC Cash Management Fund" Savings Plan - Direct Plan - Growth Option
85,62,289
25.00
ICICI Prudential Mutual Fund "ICICI Prudential Money

0DUNHW)XQG'LUHFW3ODQ*URZWK
5,64,290
10.00
Indiabulls Mutual Fund "Indiabulls Liquid Fund" Direct Plan Growth
1,71,883
21.41
JP Morgan Mutual Fund "JP Morgan India Liquid

Fund" - Direct Plan - Growth
1,20,64,636
20.05
Peerless Mutual Fund "Peerless Liquid Fund" - Direct

Plan Growth
2,13,97,244
30.05
Principal Mutual Fund "Principal Cash Management

Fund" - Direct Plan - Growth Option
3,30,868
45.00
Reliance Mutual Fund "Reliance Liquidity Fund" Direct Growth Plan
2,11,177
44.50
1,03,852
20.04
1,13,465
20.00
92,339
28.51
1,41,139
40.02
1,73,22,750
51.10
3,30,391
50.00
1,44,481
20.00
37,604
0.75
23,29,221
23.30
Religare Invesco Mutual Fund "Religare Invesco

Liquid Fund" - Direct Plan Growth
SBI Mutual Fund "SBI Magnum Insta Cash Fund" Direct Plan - Growth
Sundaram BNP Paribas Mutual Fund "Sundaram
Money Fund" - Direct Plan - Growth
Taurus Mutual Fund "Taurus Liquid Fund" - Direct
Plan - Super Institutional Growth
ICICI Prudential Mutual Fund "ICICI Prudential Liquid
Plan" - Direct Plan - Growth
390.02
311.43

(Previous year `311.43 crore)
Mode of valuation - Refer Note 1(J)

` in crore
18
2015
2014
1588.77
1138.92
899.36
653.63
655.84
579.10
607.82
28.83
523.61
-
3780.62
2895.26
Inventories (Refer Note - 25b)

5DZ0DWHULDOVDQG3DFNLQJ0DWHULDOVLQFOXGLQJ6WRFNLQWUDQVLWRI
`115.26 crore; Previous year `153.25 crore)
:RUNLQ3URFHVVLQFOXGLQJ6WRFNLQWUDQVLWRI`20.66 crore;
)LQLVKHG*RRGVLQFOXGLQJ6WRFNLQWUDQVLWRI`65.34 crore;
6WRFNLQ7UDGHLQFOXGLQJ6WRFNLQWUDQVLWRI`73.26 crore;
Stores, Spares and Consumables
Mode of valuation - Refer Note 1(I)
` in crore
19
2015
2014
155.90
1848.35
70.31
1568.58
2004.25
59.17
59.17
1638.89
7UDGH5HFHLYDEOHV
Outstanding over Six Months from date they were due
for payment
Others
8QVHFXUHG&RQVLGHUHG'RXEWIXO
Outstanding over Six Months from date they were due
for payment
Less: Allowance for Doubtful Debts
72.40
72.40
` in crore
20
2015
2014
472.02
11.93
140.81
1.79
13.29
5.50
61.52
564.26
15.87
17.29
175.76
&DVKDQG%DQN%DODQFHV
Cash and Cash Equivalents
%DODQFHVZLWK%DQNVLQFOXGLQJPRQH\LQWUDQVLW
Cash on Hand
2WKHU%DQN%DODQFHV
%DODQFHHDUPDUNHGIRU8QFODLPHG'LYLGHQG
Fixed Deposits as Margin Money (maturity less than 12 months)
Fixed Deposits (maturity less than 12 months)

` in crore
2015
21
6KRUW7HUP/RDQVDQG$GYDQFHV
8QVHFXUHG&RQVLGHUHG*RRGXQOHVVRWKHUZLVHVWDWHG
2014
Inter Corporate Loans

Considered Good
0.80
Considered Doubtful
2.25
2.25
3.05
18.12
Less: Allowance for Doubtful Loans
15.87
2.25
2.25
0.80
15.87
Interest Accrued on Inter Corporate Loans

Considered Good
0.68
0.36
Considered Doubtful
0.46
0.46
1.14
0.82
Less: Allowance for Doubtful Interest
0.46
Share Application Money - Pending Allotment

Balances with Statutory/Revenue Authorities
0.46
0.68
0.36
1.40
3.53
419.29
369.10
2WKHUV
Considered Good
Considered Doubtful
Less: Allowance for Doubtful Advances
285.20
206.63
1.62
6.37
286.82
213.00
1.62
6.37
285.20
206.63
707.37
595.49
QFOXGHVDGYDQFHVWRVXQGU\FUHGLWRUVHPSOR\HHORDQVDQG
prepaid expenses
` in crore
22
2015
2014
144.92
35.14
144.92
35.14

Export Incentives Receivable

` in crore
23
2015
2014
10991.44
68.35
9942.94
46.62
161.01
175.65
48.02
10.00
11454.47
48.14
202.52
40.01
10.30
10290.53
Revenue from Operations

Sale of Products
Rendering of Services
Other Operating Revenue
Export Incentives
Technical Know-how and Licensing Fees
Scrap Sales
Others
` in crore
24
Other Income
2015
2014
4.01
5.80
22.09
49.51
19.17
0.45
6.90
14.62
43.00
165.55
6.11
11.00
73.89
7.86
2.64
2.75
24.42
21.28
115.42
265.37
Interest
%DQN'HSRVLWV
Others
Dividend on Current Investment
Net Gain on Sale of Current Investment
Insurance Claims
Rent
6XQGU\%DODQFHV:ULWWHQ%DFN
Miscellaneous Receipts
Net Gain on Foreign Currency Transaction and Translation
` in crore
25a

&RQVXPSWLRQRI5DZDQG3DFNLQJPDWHULDOV
2SHQLQJ6WRFN
Add2SHQLQJ6WRFNRI6XEVLGLDULHVDFTXLUHGGXULQJWKH\HDU
Add: Purchases
Less&ORVLQJ6WRFN
2015
2014
3740.24
3740.24
1096.03
50.69
3368.42
4515.14
1138.92
3376.22
3376.22
1138.92
2.54
4187.55
5329.01
1588.77

` in crore
2015
25b


2SHQLQJ6WRFN
:RUNLQ3URFHVV
Finished Goods
6WRFNLQ7UDGH
Add 2SHQLQJ6WRFNRI6XEVLGLDULHV$FTXLUHGGXULQJWKH\HDU
:RUNLQ3URFHVV
Finished Goods
6WRFNLQ7UDGH

Less: &ORVLQJ6WRFN
:RUNLQ3URFHVV
Finished goods
6WRFNLQ7UDGH
2014
653.63
579.10
523.60
569.56
514.31
207.17
0.98
61.49
1818.80
16.82
11.76
372.46
1692.08
2163.02
(344.22)
653.63
579.10
523.60
1756.33
(64.25)
899.36
655.84
607.82
` in crore
26

Salaries and Wages

Contribution to Provident and Other Funds
6WD*UDWXLW\
6WD:HOIDUH([SHQVHV
([SHQVHRQ(PSOR\HH6WRFN2SWLRQ6FKHPHV1RWH
2015
2014
1695.69
74.77
27.57
124.57
51.07
1973.67
1298.90
71.27
21.64
128.79
22.36
1542.96
(PSOR\HH%HQHWV
L 6KRUW7HUP(PSOR\HH%HQHWV
$OO HPSOR\HH EHQHWV SD\DEOH ZKROO\ ZLWKLQ WZHOYH PRQWKV RI UHQGHULQJ WKH VHUYLFH DUH FODVVLHG DV
VKRUWWHUPHPSOR\HHEHQHWV%HQHWVVXFKDVVDODULHVZDJHVVKRUWWHUPFRPSHQVDWHGDEVHQFHVHWF
and the expected cost of bonus, ex-gratia are recognised in the period in which the employee renders
the related service.

26
LL /RQJ7HUP(PSOR\HH%HQHWV
The disclosures as per the revised AS-15 are as under:
D %ULHIGHVFULSWLRQRIWKH3ODQV
'HQHG&RQWULEXWLRQ3ODQ
7KH &RPSDQ\V GHQHG FRQWULEXWLRQ SODQ DUH (PSOR\HHV 3HQVLRQ 6FKHPH XQGHU WKH SURYLVLRQV RI
Employees Provident Funds and Miscellaneous Provisions Act, 1952) and Government Provident
)XQGVLQFHWKH&RPSDQ\KDVQRIXUWKHUREOLJDWLRQEH\RQGPDNLQJWKHFRQWULEXWLRQV
'HQHG%HQHWDQGRWKHU/RQJWHUP%HQHW3ODQV
7KH&RPSDQ\KDVWZRVFKHPHVIRUORQJWHUPEHQHWVQDPHO\3URYLGHQW)XQGDQG*UDWXLW\
y
The provident fund plan, a funded scheme is operated by the Cipla Employees Provident Fund
for certain employees, which is recognised by the income tax authorities and administered
through trustees/appropriate authorities. The Guidance Note on implementing the revised
$6 (PSOR\HH %HQHWV UHYLVHG LVVXHG E\ $FFRXQWLQJ 6WDQGDUGV %RDUG $6% VWDWHV
EHQHW LQYROYLQJ HPSOR\HU HVWDEOLVKHG SURYLGHQW IXQGV ZKLFK UHTXLUH LQWHUHVW VKRUWIDOOV WR EH
UHFRPSHQVHG DUH WR EH FRQVLGHUHG DV GHQHG EHQHW SODQV $FFRUGLQJO\ WKH &RPSDQ\ KDV
FRQVLGHUHGWKHSURYLGHQWIXQGDVGHQHGEHQHWSODQ
y
7KH&RPSDQ\SURYLGHVIRUJUDWXLW\DGHQHGEHQHWSODQEDVHGRQDFWXDULDOYDOXDWLRQDVRIWKH
Balance Sheet date, based upon which, the Company contributes all the ascertained liabilities to
the Insurer Managed Funds.
The employees of the Company are also entitled to leave encashment. The provision is made
based on actuarial valuation for leave encashment at the year end.
E &KDUJHWRWKH6WDWHPHQWRI3URWDQG/RVV
L %DVHGRQFRQWULEXWLRQ
` in crore
2015
2014
Employees Pension Scheme
22.40
13.87
Provident Fund
43.29
42.03
65.69
55.90
ii. &KDUJHWRZDUGVOHDYHHQFDVKPHQWWRWKH6WDWHPHQWRI3URWDQG/RVVDPRXQWVWR`58.97 crore

(Previous year `52.29 crore).

26
F 'LVFORVXUHVIRUGHQHGEHQHWSODQVEDVHGRQDFWXDULDOUHSRUWVDVRQst March 2015
i.
ii.
iii.
iv.
&KDQJHLQGHQHGEHQHWREOLJDWLRQ
Interest cost
Actuarial (gain)/loss on obligations
%HQHWVSDLG
Actuarial (gains)/losses on obligations - due to change in
demographic assumptions
Actuarial (gains)/losses on obligations - due to change in
QDQFLDODVVXPSWLRQV
$VVHWWUDQVIHUUHGRQSXUFKDVHRIXQGHUWDNLQJ
Actuarial (gains)/losses on obligations - due to experience
Change in fair value of assets
Expected return on plan assets
Actuarial gain/(loss)
$VVHWWUDQVIHUUHGRQSXUFKDVHRIXQGHUWDNLQJ
Assets transferred out/divestments
%HQHWVSDLG
Actuarial gains/(losses) on plan assets - due to experience
$PRXQWUHFRJQLVHGLQ%DODQFH6KHHW
Present value of obligations as at year end
Direct Obligations
Fair value of plan assets as at year end
Net asset/(liability) recognised
([SHQVHVUHFRJQLVHGLQ6WDWHPHQWRI3URWDQG/RVV
/LDELOLW\WUDQVIHUUHGRQSXUFKDVHRIXQGHUWDNLQJ
Net actuarial (gain)/loss recognised in the current year
Direct Payments
Direct Obligations
2015
Gratuity
(Funded Plan)
` in crore
2014
Gratuity
(Funded Plan)
78.71
7.32
17.09
6.20
(4.90)
62.94
5.18
10.69
3.20
(3.57)
(0.44)
0.57
3.10
0.92
108.57
78.44
44.72
4.16
(0.16)
3.40
5.03
0.07
(3.49)
(4.90)
0.22
49.05
36.82
3.03
(1.83)
10.08
(3.57)
44.53
(108.57)
49.05
(59.52)
(78.45)
(3.48)
44.52
(37.41)
17.09
7.09
(3.95)
(3.09)
10.63
27.77
10.69
5.18
(3.03)
5.03
0.35
3.48
21.70

26
v.
2015
Gratuity
(Funded Plan)
` in crore
2014
Gratuity
(Funded Plan)
4.16
0.05
4.21
3.03
(1.83)
1.20
100%
100%
108.57
(49.05)
59.52
(0.50)
0.39
46.22
78.45
(44.52)
33.93
4.02
1.83
40.82

Actuarial gain/(loss) on plan assets
Asset information
Insurer managed funds
Experience adjustments
Plan assets
'HFLW6XUSOXV
Experience adjustment on plan liabilities - (gain)/loss
Experience adjustment on plan assets - gain/(loss)
Expected employer's contribution for the next year
vi.
vii.
viii.
The actuarial calculations used to estimate commitments and expenses in respect of gratuity and
FRPSHQVDWHG DEVHQFHV DUH EDVHG RQ WKH IROORZLQJ DVVXPSWLRQV ZKLFK LI FKDQJHG ZRXOG DHFW
the commitment's size, funding requirements and expense:
Principal Actuarial assumptions used
Discounted rate (per annum)
Expected rate of return on plan assets (per annum)
Expected rate of future salary increase
2015
2014
8.01%
9.30%
8.01%
9.30%
5.00% p.a.*
5.00%
7KH HVWLPDWHV RI IXWXUH VDODU\ LQFUHDVHV FRQVLGHUHG LQ DFWXDULDO YDOXDWLRQ WDNH DFFRXQW RI
LQDWLRQ VHQLRULW\ SURPRWLRQ DQG RWKHU UHOHYDQW IDFWRUV VXFK DV VXSSO\ DQG GHPDQG LQ
HPSOR\PHQWPDUNHW
Amount for current and previous four periods are as follows:

Gratuity
Plan assets
6XUSOXV'HFLW
Experience adjustment on plan
liabilities - (gain)/loss
Experience adjustment on plan assets (gain)/loss
2015
2014
2013
2012
` in crore
2011
108.57
(49.05)
59.52
(0.50)
78.45
(44.52)
33.93
4.02
62.95
(36.82)
26.13
0.19
49.27
(31.88)
17.39
11.40
35.16
(29.01)
6.15
10.19
0.39
1.83
1.26
0.19
(0.43)

26
G 7KHIROORZLQJWDEOHVHWVRXWWKHVWDWXVRIWKHSURYLGHQWIXQGSODQDQGWKHDPRXQWVUHFRJQLVHGLQ
WKHJURXS
VQDQFLDOVWDWHPHQWVDVRQst March 2015
` in crore
Interest cost
Past Service Cost
Employee Contribution
Liability transferred in
Actuarial (gain)/loss on obligations
%HQHWVSDLG
Actuarial gain/(loss)
%HQHWVSDLG
Present value of obligations as at year end
Fair value of plan assets as at year end
Funded status
Unrecognised actuarial gain/(loss)
Net asset/(liability) recognised
Past service cost
Interest cost
Net actuarial (gain)/loss recognised in the current year
2015
Provident Fund
(Funded Plan)
2014
Provident Fund
(Funded Plan)
392.12
36.65
40.89
71.22
8.44
(32.95)
516.37
283.12
26.71
40.48
60.03
7.50
(25.72)
392.12
397.84
36.65
2.33
112.20
8.44
(32.95)
524.51
287.57
26.71
1.26
100.52
7.50
(25.72)
397.84
(516.37)
524.51
(8.14)
-
(392.12)
397.84
(5.72)
-
40.89
36.65
(36.65)
40.89
40.48
26.71
(26.71)
40.48

26
` in crore

Actuarial gain/(loss) on plan assets
Investment in PSU bonds
Investment in Government Securities
%DQN6SHFLDO'HSRVLW
Investment in other securities
Private Sector Bonds
Equity/Insurer Managed Funds/Mutual Funds
Total Assets at the end of the year
vii. Principal Actuarial assumptions used
Discounted rate (per annum)
Expected rate of return on plan assets (per annum)
The estimates of future salary increases, considered in
DFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\
promotion and other relevant factors, such as supply and
GHPDQGLQHPSOR\PHQWPDUNHW
viii. Experience adjustments
Plan assets
'HFLW6XUSOXV
Experience adjustment on plan liabilities - (gain)/loss
Experience adjustment on plan assets - gain/(loss)
2015
Provident Fund
(Funded Plan)
2014
Provident Fund
(Funded Plan)
36.65
(2.33)
34.32
26.71
(1.26)
25.45
259.40
210.89
15.58
27.05
11.10
0.50
524.51
188.90
157.55
15.58
24.23
11.08
0.50
397.84
8.01%
8.75%
5.00% p.a.*
9.30%
8.75%
5.00%
516.37
(524.51)
(8.14)
2.33
392.12
(397.84)
(5.72)
1.26
` in crore
27
2015
2014
71.27
1.33
95.69
168.29
55.71
15.38
74.65
145.74
Finance Costs
Interest Expense
Other Borrowing Costs
Applicable Loss on Foreign Currency Transaction and Translation

` in crore
28
2015
2014
493.58
11.08
0.05
504.71
370.51
2.13
372.64

Depreciation on Tangible Assets
Amortisation of Intangible Assets
Amortisation of Goodwill on Acquisition
` in crore
29
2015
2014
293.80
247.54
Other Expenses
Manufacturing Expenses
Stores and Spares
Power and Fuel
98.68
91.49
228.29
218.63
60.60
63.47

Machinery
Buildings
Travelling Expenses
37.61
35.78
299.67
275.38
Sales promotion Expenses
309.67
258.71
Commission on Sales
225.17
239.51
Rates and Taxes
39.72
40.19
204.02
182.10
Rent
77.46
70.64
Insurance
27.17
25.54
Audit Fees
4.27
3.24
Taxation Matters
0.23
0.07
Freight and Forwarding
Payment to Auditors
For Other Services

Professional Fees
Postage and Telephone Expenses
Directors' Sitting Fees
Contractual Services
Corporate Social Responsibility Expenditure (Note 42)
Charitable Donations
Bad debts, provision for doubtful debts and advances (Net)
/RVVRQ6DOH'LVFDUGRI[HGDVVHWV1HW
Research - Clinical Trials, Samples and Grants
Miscellaneous Expenses
0.21
0.30
259.32
197.82
26.78
24.77
0.19
0.13
134.42
100.30
12.79
9.98
0.20
0.32
14.25
23.19
1.17
13.89
111.98
105.84
550.20
393.72
3020.37
2622.55

` in crore
2015
2014
(52.69)
(52.69)
40.77
40.77
30 1HW'LHUHQFHLQIRUHLJQH[FKDQJHGHELWHGFUHGLWHG
WRWKH6WDWHPHQWRI3URWDQG/RVV
31
Lease Accounting
Where Company is a Lessee
7KH &RPSDQ\ KDV REWDLQHG FHUWDLQ SUHPLVHV IRU LWV EXVLQHVV RSHUDWLRQV LQFOXGLQJ IXUQLWXUH DQG [WXUHV
therein as applicable) under cancellable and non cancellable operating lease or leave and license agreements
ranging from 11 months to 5 years or longer which are subject to renewal at mutual consent. The
cancellable lease arrangements can be terminated by either party after giving due notice. Lease payments
DUHUHFRJQLVHGLQWKH6WDWHPHQWRI3URWDQG/RVVXQGHU
5HQW
LQ1RWH
The details of non-cancellable operating leases contracted by subsidiaries/step down subsidiaries, but not
UHFRJQLVHGLQWKHQDQFLDOVWDWHPHQWVDUHDVEHORZ
` in crore
Minimum lease payments:
Not later than 1 year
Later than 1 year but not later than 5 years
Later than 5 years
2015
2014
15.59
33.42
32.22
81.23
15.72
45.55
20.01
81.28
7KHGHWDLOVRIQDQFHOHDVHVFRQWUDFWHGE\VXEVLGLDULHVVWHSGRZQVXEVLGLDULHVEXWQRWUHFRJQLVHGLQWKH
QDQFLDOVWDWHPHQWVDUHDVEHORZ
` in crore
2015
2014
Minimum lease payments:

Later than 5 years
Total minimum lease payments
4.80
0.48
5.28
Interest
Later than 5 years
Present Value
(0.21)
(0.02)
5.05
Where Company is Lessor

The Company has given certain premises under operating lease or leave and license agreement. The
&RPSDQ\UHWDLQVVXEVWDQWLDOO\DOOULVNVDQGEHQHWVRIRZQHUVKLSRIWKHOHDVHGDVVHWDQGKHQFHFODVVLHG
DV RSHUDWLQJ OHDVH /HDVH LQFRPH RQ VXFK RSHUDWLQJ OHDVH LV UHFRJQLVHG LQ 6WDWHPHQW RI 3URW DQG /RVV
under 'Rent' in Note 24.

` in crore
2015
32
2014
Contingent Liabilities and Commitments

(to the extent not provided for)
Contingent Liabilities
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEW
Guarantees
Letters of Credit
Refund of Technical Know-how and Licensing Fees on
account of non-compliance of certain obligations as per
respective agreements
Income Tax on account of disallowances/additions
Excise Duty/Service Tax on account of valuation/cenvat
credit
6DOHV7D[RQDFFRXQWRIFUHGLWFODVVLFDWLRQ
Commitments
Estimated amount of contracts unexecuted on Capital
Account
Other Commitments
15.85
132.96
49.30
4.82
156.09
9.32
110.13
2.95
102.01
111.83
5.79
425.86
82.00
5.46
362.65
1394.38
1820.24
203.25
754.16
957.41
1320.06
388.51
1005.87
33
The Government of India has served demand notices in March 1995 and May 1995 on the Company in
UHVSHFWRIVL[EXONGUXJVFODLPLQJWKDWDQDPRXQWRI`5.46 crore along with interest due thereon is payable
LQWR WKH '3($ XQGHU WKH 'UXJV 3ULFHV &RQWURO 2UGHU RQ DFFRXQW RI DOOHJHG XQLQWHQGHG EHQHW
HQMR\HG E\ WKH &RPSDQ\ 7KH &RPSDQ\ KDV OHG LWV UHSOLHV WR WKH QRWLFHV DQG KDV FRQWHQGHG WKDW QR
amount is payable into the DPEA under the Drugs (Prices Control) Order, 1979.
34
In 2003, the Company received notice of demand from the National Pharmaceutical Pricing Authority,
Government of India on account of alleged overcharging in respect of certain drugs under the Drugs (Price
&RQWURO 2UGHU 7KLV ZDV FRQWHVWHG EHIRUH WKH MXULVGLFWLRQDO +LJK &RXUWV LQ 0XPEDL .DUQDWDND DQG
Allahabad wherein it was held in favour of the Company. The orders of Hon'ble High Court of Allahabad and
Bombay were challenged before the Hon'ble Supreme Court of India by the Government. Although in the
challenge to the decision of the Hon'ble Bombay High Court, the Hon'ble Supreme Court of India restored
the matter to the Hon'ble Bombay High Court in August 2003 for interpreting the Drug Policy on the basis
of directions and principles laid down by them and the same was pending, in the challenge to the Hon'ble
High Court of Allahabad's order, in February 2013, the Hon'ble Supreme Court of India transferred the
%RPED\+LJK&RXUWSHWLWLRQDOVREHIRUHLWVHOIIRUDQDOKHDULQJRQERWKWKHPDWWHUVQDQHDUOLHURUGHUWKH
+RQ
EOH6XSUHPH&RXUWKDVDOUHDG\UHVWUDLQHGWKH*RYHUQPHQWIURPWDNLQJDQ\FRHUFLYHDFWLRQDJDLQVWWKH
Company. The Company has been legally advised that on the basis of these orders there is no probability of
demand crystallising. Hence, no provision is considered necessary in respect of notice of demand received
by the Company up to date aggregating to `1768.51 crore.

35
In March 2006, Meditab Specialities Pvt. Ltd. (the Subsidiary Company) acquired on lease, land admeasuring
KHFWDUHV LQ .HULP QGXVWULDO (VWDWH DW %KXW .KDPE 7DOXND 3RQGD *RD IURP *RD QGXVWULDO
Development Corporation (GIDC) for setting up and development of Special Economic Zone (SEZ) for
pharmaceutical products. Thereafter, the Subsidiary Company entered into sub-lease of this land with an
6(= RFFXSLHU ZLWK DQ XQGHUWDNLQJ WR SURYLGH LQIUDVWUXFWXUDO IDFLOLWLHV )ROORZLQJ SXEOLF DJLWDWLRQ WKH 6WDWH
Government of Goa brought about changes in policy regarding SEZ in the State of Goa which had the
HHFW RI WKH 6XEVLGLDU\ &RPSDQ\ QRW SXUVXLQJ LWV GHYHORSPHQW DFWLYLW\ DQG *'& RQ LQVWUXFWLRQV RI WKH
6WDWH *RYHUQPHQW RI *RD LVVXHG VKRZ FDXVH IRU UHYRNLQJ DOORWPHQW RI ODQG 7KH 6XEVLGLDU\ &RPSDQ\V
writ petition on the challenge to the show cause was disposed by Honble Bombay High Court stating that
the decision of State Government of Goa was competent to alter the SEZ policy. It was also held that the
Subsidiary Company may apply for re-allotment of the same land to be utilised for purpose other than SEZ.
7KH6XEVLGLDU\&RPSDQ\OHG6SHFLDO/HDYH3HWLWLRQEHIRUHWKH+RQEOH6XSUHPH&RXUWDQGLQZKLFKSDUWLHV
were directed to maintain status quo.
The Subsidiary Company has been legally advised that it has good case both on facts and on law in
VXFFHHGLQJLQLWVDSSHDOb7KH0DQDJHPHQWLVWKHUHIRUHRIWKHYLHZWKDWQRSURYLVLRQLVUHTXLUHGWREHPDGH
on the amount incurred so far towards cost of land and on the development of SEZ amounting to `b
crore (Previous year `26.68 crore) as at 31st March 2015.
36
Related Party Disclosures

i.
$V SHU $6 5HODWHG 3DUW\ 'LVFORVXUHV WKH UHODWHG SDUWLHV ZKHUH FRQWURO H[LVWV RU ZKHUH VLJQLFDQW
LQXHQFHH[LVWVDQGZLWKZKRPWUDQVDFWLRQKDYHWDNHQSODFHDUHDVEHORZ
a. Associates
1. Mabpharm Pvt.Ltd. (upto 16th July 2014)
2. Stempeutics Research Pvt. Ltd.
3. Biomab Holding Ltd.
4. Jiangsu Cdymax Pharmaceuticals Co. Ltd. (upto 30th March 2015)
b. Key Management Personnel
0U6XEKDQX6D[HQD0DQDJLQJ'LUHFWRUDQG*OREDO&KLHI([HFXWLYH2FHU
0U65DGKDNULVKQDQ:KROHWLPH'LUHFWRU
0U5DMHVK*DUJ([HFXWLYH'LUHFWRUDQG*OREDO&KLHI)LQDQFLDO2FHU
F (QWLWLHVRYHUZKLFK.H\0DQDJHPHQW3HUVRQQHODUHDEOHWRH[HUFLVHVLJQLFDQWLQXHQFH
1. Cipla Foundation

36

ii. Transactions during the year with related parties:
` in crore
Particulars
Investment in Equity
7RWDO
$VVRFLDWHV-RLQW Key Management Personnel Entities over which
Key Management
Venture
including transactions with
relatives of Key Management Personnel exercise
VLJQLFDQWLQXHQFH
Personnel
2015 2014
2015
2014
2015
2014 2015 2014
19.60
9.90
19.60
9.90
Loan given
2.94
2.94
Remuneration
21.98
36.40
21.98
36.40
Purchase of Goods
66.52
66.52
Processing charges paid
23.67
23.67
Sale of Goods
30.32
30.32
Sale of Fixed Assets
1.17
1.17
Purchase of Fixed Assets
0.04
0.04
2.94
2.94
Processing charges received
0.80
0.80
Service charges received
1.64
1.64

1.82
1.82
Testing and Analysis charges

received

0.34
0.34
Donations given
9.28
9.59
9.28
9.59
Rent paid
0.40
0.40
2.95
Loan repaid
Rent received
2.95
Reimbursement of
operating/other expenses
0.00
0.48
0.48
Reimbursement received of
operating/other expenses
0.04
0.03
0.07
Outstanding Payables
0.02
20.28
20.30
Outstanding Receivables
9.18
12.74
21.92
Balances at end of the year
`25000
#
`20040
`17977

36

Disclosures in respect of related party transactions during the year:
` in crore
2015
2014
19.60
19.60
9.90
9.90
2.94
2.94
3.69
13.31
4.98
21.98
2.30
6.88
3.67
0.96
0.90
21.69
36.40
44.38
22.14
66.52
8.91
14.76
23.67
27.79
2.53
30.32
1.00
0.17
1.17
A. Investment in Equity
Stempeutics Research Pvt. Ltd.1
% /RDQJLYHQ
Stempeutics Research Pvt. Ltd.
C. Remuneration
Dr. Y. K. Hamied6
Mr. M. K. Hamied5

0U65DGKDNULVKQDQ
Mr. Kamil Hamied6
Ms. Samina Vaziralli6
Mr. Subhanu Saxena
Mr. Rajesh Garg
D. Purchase of Goods

2NDVD3KDUPD3YW/WG7

2NDVD3YW/WG7
E.

Processing charges paid

2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
F.

Sale of Goods
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
G. Sale of Fixed Assets

2NDVD3KDUPD3YW/WG7

2NDVD3YW/WG7

36

` in crore
H. Purchase of Fixed Assets

2NDVD3KDUPD3YW/WG7
I.
J.

Loan repaid
Processing charges received

2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
K. Service charges received

Mabpharm Pvt. Ltd.
L.

Mabpharm Pvt. Ltd.
Hamied Foundation
0 7HVWLQJDQG$QDO\VLVFKDUJHVUHFHLYHG
Mabpharm Pvt. Ltd.

2NDVD3KDUPD3YW/WG7

2NDVD3YW/WG7
N. Donations given
Cipla Cancer & AIDS Foundation7
Cipla Foundation8
O. Rent paid

2NDVD3YW/WG7
2015
2014
0.04
0.04
2.94
2.94
0.48
0.32
0.80
1.64
1.64
0.002
1.82
1.82
0.003
0.16
0.18
0.34
9.28
9.28
2.32
7.27
9.59
0.40
0.40

36

` in crore
P. Rent received
Dr. Y. K. Hamied6
Mabpharm Pvt. Ltd.
4 5HLPEXUVHPHQWRIRSHUDWLQJRWKHUH[SHQVHV

2NDVD3KDUPD3YW/WG7

2NDVD3YW/WG7
5 5HLPEXUVHPHQWUHFHLYHGRIRSHUDWLQJRWKHUH[SHQVHV

2NDVD3KDUPD3YW/WG7
Mabpharm Pvt. Ltd.
S.

Outstanding Payables
2NDVD3KDUPD3YW/WG7
2NDVD3YW/WG7
7 2XWVWDQGLQJ5HFHLYDEOHV
Mabpharm Pvt. Ltd.

2NDVD3KDUPD3YW/WG7

2NDVD3YW/WG7
2015
2014
0.004
2.95
2.95
0.37
0.12
0.49
0.03
0.04
0.07
0.02
20.24
0.04
20.30
9.18
0.10
12.64
21.91
includes share application money of `1.40 crore (Previous year `3.53 crore)
`25000
3
`17977
4
`20040
5
1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
6
5HODWLYHVRI1RQ([HFXWLYH9LFH&KDLUPDQHHFWLYHst April 2014
7
(QWLWLHVRQZKLFK1RQ([HFXWLYH&KDLUPDQRU1RQ([HFXWLYH9LFH&KDLUPDQKDYHVLJQLFDQWLQXHQFH
8
(QWLW\RQZKLFK:KROHWLPH'LUHFWRUKDVVLJQLFDQWLQXHQFH
1
2
37
'XULQJ WKH \HDU WKH &RPSDQ\ DFTXLUHG VWDNH LQ 6DED QYHVWPHQW /WG 8$( ZKLFK LQ WXUQ KROGV
VWDNH LQ WZR HQWLWLHV LQ <HPHQ $FFRUGLQJO\ WKH &RPSDQ\
V HHFWLYH VWDNH LQ WKH <HPHQ HQWLWLHV LV
50.49%.
As per the share purchase agreement, a provision of USD 20.3 million (equivalent to `126.88 crore) has
EHHQ DFFRXQWHG IRU DQG JLYHQ HHFW LQ WKHVH QDQFLDO VWDWHPHQWV WRZDUGV DGGLWLRQDO FRQVLGHUDWLRQ WR EH
paid on achievement of agreed milestones.
Foreign Exchange Derivatives and Exposures outstanding at the year end
38
` in crore
Nature of Hedging Instrument
Currency
Cross Currency
2015
2014
USD
ZAR
INR
799.43
1261.14
INR
225.99
USD
INR
535.78
826.83
Receivables
898.97
327.92
Payables
575.59
457.91
Short Term Borrowings
843.75
Forward contracts - Sold

Forward contracts - Bought
Unhedged foreign exchange exposures
Note: The Company uses forward contracts/derivatives for hedging purposes and/or reducing interest costs.
Segment Information
39
i. Information about Primary Business Segments:

The Company is exclusively in the pharmaceutical business segment.
ii. Information about Secondary Geographical Segments:
` in crore
India
South Africa
86$
Rest of the World
2015
2014
2015
2014
2015
2014
2015
Segment Revenue
4893.88
4147.40
1237.91
861.38
1443.49
1402.09
Carrying Amount of
Segment Assets
9811.16
8145.67
81.62
233.88
882.57
Carrying Amount of
Other unallocated
Assets
Capital Expenditure
840.00
475.61
Notes:
a.
7RWDO
2014
2015
2014
3551.13
3591.07 11126.41
10001.94
804.16
665.98
203.40 11441.33
9387.11
79.99
77.28
32.78
271.66
160.02
118.99
1032.80
866.26
The Segment Revenue in the geographical segments considered for disclosure are as follows:
y
Segment Revenue on the basis of location of customers.
Segment Assets and Capital Expenditure on the basis of location of assets
E 6HJPHQW5HYHQXHDQG$VVHWVLQFOXGHWKHUHVSHFWLYHDPRXQWVLGHQWLDEOHWRHDFKRIWKHVHJPHQWV

40
%DVLFDQG'LOXWHG(DUQLQJVSHUVKDUHKDVEHHQFRPSXWHGDVXQGHU
2015
2014
1180.77
1388.41
80,29,29,709
80,29,21,357
`14.71
`17.29
26,58,008
11,58,193
80,55,87,717
80,40,79,550
`14.66
`17.27
`2.00
`2.00
3URWIRUWKH<HDU` in crore)
Basic Weighted Average No. of Shares Outstanding
Basic Earnings per share
ESOSs outstanding
Diluted Weighted Average No. of Shares Outstanding
Diluted Earnings per share
Face value per share
41
(PSOR\HH6WRFN2SWLRQ6FKHPHV
The Company has implemented "ESOS 2013", "ESOS 2013 - A" and "ESOS 2013 - B" as approved by the
shareholders on 8th April 2013, 22nd August 2013 and 22nd August 2013 respectively. Details of the Options
granted during the year under the Scheme(s) are as given below:
Scheme
Details
Grant date
No. of options
Granted
Exercise
Price (`) per
option
Vesting
Period
Exercise Period
ESOS 2013 - A
08-Sep-14
95,248
2.00
1 to 2 years
5 years from Vesting date
ESOS 2013 - A
31-Oct-14
9,22,230
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
43,495
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
18,131
2.00
1 to 2 years
ESOS 2013 - A
11-Feb-15
233
2.00
1 to 2 years
The options are granted at an exercise price, which is in accordance with the relevant SEBI regulations in
IRUFHDWWKHWLPHRIVXFKJUDQWV(DFKRSWLRQHQWLWOHVWKHKROGHUWRH[HUFLVHWKHULJKWWRDSSO\IRUDQGVHHN
allotment of one equity share of `2 each.

41
6WRFN2SWLRQDFWLYLW\XQGHUWKH6FKHPHVIRUWKH\HDUHQGHGst March 2015 is set out below:

ESOS 2013
Particulars
Outstanding at the beginning of

the year
Granted during the year
Forfeited/Cancelled during the year
Exercised during the year
Outstanding at the end of the
year
Exercisable at the end of the year
Range of Weighted Average

Exercise Price
remaining
(`) per option
Contractual life
<HDUV
No. of
options
Weighted
Average
Exercise Price
(`) per option
10,00,000
-
197.50
-
197.50
-
7.23
-
10,00,000
-
197.50
-
197.50
-
6.23
-
No. of
options
Weighted
Average
Exercise Price
(`) per option
Range of
Exercise Price
(`) per option
Weighted Average
remaining
Contractual life
<HDUV
14,71,797
10,79,626
2,81,313
39,083
2.00
-
2.00
-
6.36
-
22,31,027
2,18,014
2.00
2.00
2.00
2.00
5.98
4.76
No. of
options
Weighted
Average
Exercise Price
(`) per option
Range of
Exercise Price
(`) per option
Weighted Average
remaining
Contractual life
<HDUV
5,22,194
-
220.78
-
220.78
-
7.67
-
5,22,194
-
220.78
-
220.78
-
6.67
-
ESOS 2013 - A
Particulars

the year
year
(626%
Particulars

the year
year

41
7KH%ODFN6FKROHVYDOXDWLRQPRGHOKDVEHHQXVHGIRUFRPSXWLQJZHLJKWHGDYHUDJHIDLUYDOXHFRQVLGHULQJ
the following inputs:
Particulars
Expected dividend yield
Expected volatility
5LVNIUHHLQWHUHVWUDWH
ESOS 2013
ESOS 2013 - A
(626%
No options
granted during
the year
0.31%
23.80%
No options
granted during
the year
Weighted average share price (`)
8.34%
641.78
Exercise price (`)
2.00
Expected life of options granted in years
4.50
Weighted average fair value of options (`)
631.48
7KHVWRFNEDVHGFRPSHQVDWLRQFRVWFDOFXODWHGDVSHUWKHLQWULQVLFYDOXHPHWKRGIRUWKHSHULRGst April 2014

to 31st March 2015 is `50.90 crore (Standalone ` FURUH I WKH VWRFNEDVHG FRPSHQVDWLRQ FRVW ZDV
FDOFXODWHGDVSHUWKHIDLUYDOXHPHWKRGSUHVFULEHGE\6(%WKHWRWDOFRVWWREHUHFRJQLVHGLQWKHQDQFLDO
statements for the period 1st April 2014 to 31st March 2015 would be `53.99 crore (Standalone `42.74 crore).
7KHHHFWRIDGRSWLQJWKHIDLUYDOXHPHWKRGRQWKHQHWLQFRPHDQGHDUQLQJVSHUVKDUHLVSUHVHQWHGEHORZ
` in crore
Particulars
2015
2014
1180.77
1388.41
Add: ESOS cost using intrinsic value method
50.90
21.64
Less: ESOS cost using fair value method
53.99
24.44
1177.68
1385.61
As reported
`14.71
`17.29
Adjusted
`14.67
`17.26
As reported
`14.66
`17.27
Adjusted
`14.62
`17.23
3URWDIWHUWD[DVUHSRUWHG
$GMXVWHGSURWDIWHUWD[
Earnings per share
Basic
Diluted

Corporate Social Responsibility (CSR) Expenditure
42
The Company has incurred a total expenditure of `FURUHZKLFKLVEHLQJGHELWHGWRWKHSURWDQGORVV

account for the year ended 31st March 2015.
` in crore
Nature of expenses
6FKHGXOHLQWKHQDQFLDOVWDWHPHQWV
Donation to the trusts set for CSR purposes
Other expenses (Note 29)
Administrative expenses incurred in connection

with supervising the projects handled by the trusts
Salaries and wages (Note 25)
Amount
12.79
0.64
13.43
7RWDO
The CSR committee constituted by the Board of Directors of the Company under section 135 of the Act
VXSHUYLVHV DOO WKH H[SHQGLWXUH LQFXUUHG IRU &65 SXUSRVHV 7KH &RPSDQ\ PDNHV FRQWULEXWLRQ WR WUXVWV
EHLQJVHWXSWRH[HFXWHDQGPDQDJHWKHSURMHFWVEHLQJXQGHUWDNHQDVGLUHFWHGDQGPRQLWRUHGE\WKH&65
committee.
)ROORZLQJLVWKHLQIRUPDWLRQUHJDUGLQJSURMHFWVXQGHUWDNHQDQGH[SHQVHVLQFXUUHGRQ&65DFWLYLWLHVGXULQJ
the year ended 31st March 2015:
i. Gross amount required to be spent by the Company during the year - `34.86 crore
LL $PRXQWVSHQWGXULQJWKH\HDURQE\ZD\RIFRQWULEXWLRQWRWKHWUXVWVDQGSURMHFWVXQGHUWDNHQ

` in crore
Particulars
Amount paid in cash
Amount yet to be paid in cash
7RWDODPRXQW
Construction of asset
4.58
4.58
Other projects
8.21
8.21
Administrative expenses
0.64
0.64
13.43
13.43
7RWDO
43
3UHYLRXV\HDUVJXUHVKDYHEHHQUHJURXSHGUHFODVVLHGZKHUHYHUQHFHVVDU\WRFRUUHVSRQGZLWKWKHFXUUHQW
\HDUVFODVVLFDWLRQGLVFORVXUH
)RU96DQNDU$L\DU &R

V. Mohan
Partner
R. Rangarajan
Partner
Subhanu Saxena
Rajesh Garg
Mital Sanghvi
Company Secretary
CIPLA LIMITED
5HJLVWHUHG2FH&LSOD+RXVH3HQLQVXOD%XVLQHVV3DUN*DQSDWUDR.DGDP0DUJ/RZHU3DUHO0XPEDL
3KRQH)D[(PDLOFRVHFUHWDU\#FLSODFRP:HEVLWHZZZFLSODFRP
&RUSRUDWHGHQWLW\1XPEHU/0+3/&
127&(
127&( LV KHUHE\ JLYHQ WKDW WKH 6(9(17<117+ $118$/ *(1(5$/ 0((71* RI &3/$ /07(' ZLOO EH KHOG DW
<%&KDYDQ$XGLWRULXP*HQHUDO-DJDQQDWK%KRVDOH0DUJ0XPEDLRQ7KXUVGD\WK August 2015 at
SPWRWUDQVDFWWKHIROORZLQJEXVLQHVV
ORDINARY BUSINESS:
7RFRQVLGHUDQGDGRSW
D WKH DXGLWHG QDQFLDO VWDWHPHQW RI WKH &RPSDQ\ IRU WKH \HDU HQGHG st 0DUFK WKH UHSRUWV RI WKH
%RDUGRI'LUHFWRUVDQG$XGLWRUVWKHUHRQ
E WKHDXGLWHGFRQVROLGDWHGQDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH\HDUHQGHGst0DUFKDQGWKH
UHSRUWRIWKH$XGLWRUVWKHUHRQ
7RGHFODUH'LYLGHQGIRUWKH\HDUHQGHGst0DUFK
7R DSSRLQW D 'LUHFWRU LQ SODFH RI 0U 6XEKDQX 6D[HQD '1 ZKR UHWLUHV E\ URWDWLRQ DQG EHLQJ
HOLJLEOHRHUVKLPVHOIIRUUHDSSRLQWPHQW
7RFRQVLGHUDQGLIWKRXJKWWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQ2UGLQDU\5HVROXWLRQ
5(62/9(' 7+$7 SXUVXDQW WR WKH SURYLVLRQV RI VHFWLRQ DQG RWKHU DSSOLFDEOH SURYLVLRQV LI DQ\ RI WKH
&RPSDQLHV $FW UHDG ZLWK WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV LQFOXGLQJ DQ\ VWDWXWRU\
PRGLFDWLRQV RU UHHQDFWPHQW WKHUHRI IRU WKH WLPH EHLQJ LQ IRUFH 0V 9 6DQNDU $L\DU &R &KDUWHUHG
$FFRXQWDQWV )LUP 5HJ 1R : DQG 0V 5*1 3ULFH &R &KDUWHUHG $FFRXQWDQWV )LUP 5HJ 1R
6EHDQGDUHKHUHE\UHDSSRLQWHGDV-RLQW6WDWXWRU\$XGLWRUVRIWKH&RPSDQ\WRKROGWKHRFHIURP
WKHFRQFOXVLRQRIWKLV$QQXDO*HQHUDO0HHWLQJXQWLOWKHFRQFOXVLRQRIWKHQH[W$QQXDO*HQHUDO0HHWLQJXSRQ
VXFK UHPXQHUDWLRQ WD[HV DQG RXW RI SRFNHW H[SHQVHV DV PD\ EH [HG E\ WKH %RDUG RI 'LUHFWRUV RI WKH
&RPSDQ\LQPXWXDOFRQVXOWDWLRQZLWKWKH$XGLWRUV
5(62/9(' )857+(5 7+$7 SXUVXDQW WR WKH SURYLVLRQ RI VHFWLRQ DQG RWKHU DSSOLFDEOH SURYLVLRQV RI
WKH &RPSDQLHV $FW UHDG ZLWK WKH &RPSDQLHV $XGLW DQG $XGLWRUV 5XOHV LQFOXGLQJ DQ\ VWDWXWRU\
PRGLFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFHWKH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\
EH DQG LV KHUHE\ DXWKRULVHG WR DSSRLQW $XGLWRUV IRU WKH &RPSDQ\V EUDQFK RFHV RXWVLGH QGLD ZKHWKHU
QRZRUDVPD\EHHVWDEOLVKHGKHUHDIWHULQWHUPVRIVHFWLRQRIWKH&RPSDQLHV$FWLQFRQVXOWDWLRQ
ZLWKWKH$XGLWRUVRIWKH&RPSDQ\WRH[DPLQHDQGDXGLWWKHQDQFLDOVWDWHPHQWVIRUWKHQDQFLDO\HDUHQGLQJ
RQst0DUFKXSRQVXFKUHPXQHUDWLRQWHUPVDQGFRQGLWLRQVDVWKH%RDUGRI'LUHFWRUVPD\GHHPW
SPECIAL BUSINESS:
5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRIVHFWLRQDQGRWKHUDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV
$FW UHDG ZLWK WKH &RPSDQLHV $SSRLQWPHQW DQG 4XDOLFDWLRQ RI 'LUHFWRUV 5XOHV LQFOXGLQJ
Notice
contd.
DQ\ VWDWXWRU\ PRGLFDWLRQV RU UHHQDFWPHQW WKHUHRI IRU WKH WLPH EHLQJ LQ IRUFH 0V 6DPLQD 9D]LUDOOL
'1 DSSRLQWHG DV DQ $GGLWLRQDO 'LUHFWRU RI WKH &RPSDQ\ SXUVXDQW WR WKH SURYLVLRQV RI VHFWLRQ
RI WKH &RPSDQLHV $FW DQG WKH $UWLFOHV RI $VVRFLDWLRQ RI WKH &RPSDQ\ DQG ZKR KROGV RFH XS WR
WKHGDWHRIWKLV$QQXDO*HQHUDO0HHWLQJEHDQGLVKHUHE\DSSRLQWHGDVD'LUHFWRURIWKH&RPSDQ\OLDEOHWR
UHWLUHE\URWDWLRQZLWKHHFWIURPWKHFRPPHQFHPHQWRIWKLV$QQXDO*HQHUDO0HHWLQJ
5(62/9(' 7+$7 SXUVXDQW WR WKH SURYLVLRQV RI VHFWLRQV DQG RWKHU DSSOLFDEOH SURYLVLRQV RI WKH
&RPSDQLHV$FWWKH$FWDQGWKH&RPSDQLHV$SSRLQWPHQWDQG5HPXQHUDWLRQRI0DQDJHULDO3HUVRQQHO
5XOHV UHDG ZLWK 6FKHGXOH 9 WR WKH $FW LQFOXGLQJ DQ\ DPHQGPHQWV WKHUHWR RU UHHQDFWPHQW WKHUHRI
IRU WKH WLPH EHLQJ LQ IRUFH WKH &RPSDQ\ LQ JHQHUDO PHHWLQJ KHUHE\ DSSURYHV FRQUPV DQG UDWLHV WKH
DSSRLQWPHQW RI 0V 6DPLQD 9D]LUDOOL '1 DV D :KROHWLPH 'LUHFWRU RI WKH &RPSDQ\ GHVLJQDWHG
DV ([HFXWLYH 'LUHFWRU ZLWK WKH EHQHW RI FRQWLQXLW\ RI VHUYLFH IRU D SHULRG RI YH \HDUV FRPPHQFLQJ IURP
10WK -XO\ DQG FRQFOXGLQJ RQ WK -XO\ RQ WKH WHUPV DQG FRQGLWLRQV DV VWLSXODWHG LQ HPSOR\PHQW
DJUHHPHQWGDWHGWK-XO\HQWHUHGLQWREHWZHHQWKH&RPSDQ\DQG0V6DPLQD9D]LUDOOLZKLFKDJUHHPHQW
EH DQG LV KHUHE\ DSSURYHG UDWLHG DQG FRQUPHG 7KH WHUPV DQG FRQGLWLRQV RI 0V 6DPLQD 9D]LUDOOLV
HPSOR\PHQWLQFOXGLQJUHPXQHUDWLRQDVVWLSXODWHGLQWKHVDLGHPSOR\PHQWDJUHHPHQWLVDEVWUDFWHGEHORZ
$ )L[HG 6DODU\ ` SHU DQQXP ZLWK WKH OLEHUW\ WR WKH %RDUG WR VDQFWLRQ VXFK LQFUHDVH DV LW PD\
GHWHUPLQHIURPWLPHWRWLPHSURYLGHGWKDWWKH[HGVDODU\GRHVQRWH[FHHG`SHUDQQXP7KH
)L[HG6DODU\LVJURVVRILQFRPHWD[DQGDQ\FRQWULEXWLRQWREHPDGHXQGHUWKHSURYLVLRQVRIWKH(PSOR\HH
3URYLGHQW)XQGDQG0LVFHOODQHRXV3URYLVLRQV$FW
% 9DULDEOH %RQXV 7DUJHW YDULDEOH ERQXV # RI )L[HG 6DODU\ DV SHU QDQFLDO \HDU GHSHQGLQJ RQ PXWXDOO\
DJUHHGTXDOLWDWLYHDQGTXDQWLWDWLYH.H\3HUIRUPDQFHQGLFDWRUV.3V
& $FFRPPRGDWLRQ5HQWIUHHIXUQLVKHGDFFRPPRGDWLRQRUKRXVHUHQWDOORZDQFHLQOLHXRIDFFRPPRGDWLRQ
7KLVDPRXQWKDVEHHQLQFOXGHGLQWKH)L[HG6DODU\0V6DPLQD9D]LUDOOLVKDOODOVREHHOLJLEOHIRUPDLQWHQDQFH
RIDFFRPPRGDWLRQLQFOXGLQJIXUQLWXUH[WXUHVDQGIXUQLVKLQJVDQGUHLPEXUVHPHQWRIH[SHQVHVLQFXUUHG
RQJDVHOHFWULFLW\ZDWHUDQGWHOHSKRQHELOOV
' 2WKHU3HUTXLVLWHV
L
/LIH LQVXUDQFH IRU 0V 6DPLQD 9D]LUDOOL DQG KHDOWK LQVXUDQFH IRU 0V 6DPLQD 9D]LUDOOL DQG KHU
LPPHGLDWHIDPLO\$SSURSULDWHGLUHFWRUVDQGRFHUVLQVXUDQFHSROLF\IRU0V6DPLQD9D]LUDOOL
LL
$SSURSULDWHFRUSRUDWHFOXEPHPEHUVKLSIRU0V6DPLQD9D]LUDOOL
LLL
3URYLVLRQRIFDUVPDLQWHQDQFHRIFDUVDQGGULYHUVIRU0V6DPLQD9D]LUDOOL
LY
5HLPEXUVHPHQWRIPHGLFDOH[SHQVHVLQFXUUHGE\0V6DPLQD9D]LUDOOLDQGKHULPPHGLDWHIDPLO\
( 7KH %RDUG LV DXWKRULVHG WR [ DFWXDO UHPXQHUDWLRQ DQG UHYLVH LW IURP WLPH WR WLPH ZLWKLQ WKH DIRUHVDLG
FHLOLQJV
) ILQDQ\QDQFLDO\HDUGXULQJWKHFXUUHQF\RIWHQXUHRI0V6DPLQD9D]LUDOOLWKH&RPSDQ\KDVQRSURWVRU
LWVSURWVDUHLQDGHTXDWH0V6DPLQD9D]LUDOOLVKDOOEHHQWLWOHGWRPLQLPXPUHPXQHUDWLRQE\ZD\RI[HG
VDODU\ SHUTXLVLWHV DQG DOORZDQFHV QRW H[FHHGLQJ WKH FHLOLQJ OLPLW VSHFLHG XQGHU VHFWLRQ RI 3DUW RI
6FKHGXOH9WRWKH$FWDQGLQDGGLWLRQWKHUHWR0V6DPLQD9D]LUDOOLVKDOODOVREHHOLJLEOHWRWKHSHUTXLVLWHV
DQGDOORZDQFHVQRWH[FHHGLQJWKHOLPLWVVSHFLHGXQGHUVHFWLRQ9RI3DUWRI6FKHGXOH9WRWKH$FW
* 7KLVDSSRLQWPHQWRI0V6DPLQD9D]LUDOOLLVOLDEOHIRUWHUPLQDWLRQE\HLWKHUSDUW\JLYLQJWKUHHPRQWKVSULRU
QRWLFHLQZULWLQJWRWKHRWKHURUSURUDWD)L[HG6DODU\LQOLHXRIQRWLFH
Notice
contd.
5(62/9(')857+(57+$7WKH%RDUGRI'LUHFWRUVEHDQGLVKHUHE\DXWKRULVHGWRGRDOOVXFKDFWVGHHGVDQG
WKLQJV DQG H[HFXWH DOO VXFK GRFXPHQWV LQVWUXPHQWV DQG ZULWLQJV DV PD\ EH UHTXLUHG DQG WR GHOHJDWH DOO RU
DQ\RILWVSRZHUVKHUHLQFRQIHUUHGWRDQ\&RPPLWWHHRI'LUHFWRUVRUDQ\'LUHFWRURU2FHUWRJLYHHHFWWR
WKHUHVROXWLRQKHUHRI
5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRIVHFWLRQDQGDOORWKHUDSSOLFDEOHSURYLVLRQVRIWKH&RPSDQLHV
$FWUHDGZLWKDOODSSOLFDEOHUXOHVLQFOXGLQJWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVLQFOXGLQJDQ\
DPHQGPHQWVWKHUHWRRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFH0U'+=DYHULWKH&RVW$XGLWRU
DSSRLQWHG E\ WKH %RDUG RI 'LUHFWRUV RI WKH &RPSDQ\ WR DXGLW WKH FRVW UHFRUGV RI SKDUPDFHXWLFDO SURGXFWV
PDQXIDFWXUHG E\ WKH &RPSDQ\ IRU WKH QDQFLDO \HDU HQGLQJ st 0DUFK EH SDLG D UHPXQHUDWLRQ RI
` SOXV DSSOLFDEOH WD[HV DV ZHOO DV WKH UHLPEXUVHPHQW RI RXW RI SRFNHW H[SHQVHV LQFXUUHG IRU WKH
SXUSRVHRIFRVWDXGLW
5(62/9(')857+(57+$7WKH%RDUGRI'LUHFWRUVEHDQGLVKHUHE\DXWKRULVHGWRGRDOOVXFKDFWVDQGWDNHDOO
VXFKVWHSVDVPD\EHQHFHVVDU\SURSHURUH[SHGLHQWWRJLYHHHFWWRWKLVUHVROXWLRQ
%\2UGHURIWKH%RDUGRI'LUHFWRUV
0XPEDLWK-XO\
0LWDO6DQJKYL
Company Secretary
NOTES:
$0(0%(5(177/('72$77(1'$1'927($77+(0((71*6(177/('72$33217$352;<72$77(1'
$1' 927( 21 32// 167($' 2) +06(/) $1' $ 352;< 1((' 127 %( $ 0(0%(5 2) 7+( &203$1< $
SHUVRQFDQDFWDVSUR[\RQEHKDOIRIPHPEHUVQRWH[FHHGLQJIW\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQ
WHQSHUFHQWRIWKHWRWDOVKDUHFDSLWDORIWKHFRPSDQ\FDUU\LQJYRWLQJULJKWV$PHPEHUKROGLQJPRUHWKDQWHQ
SHUFHQWRIWKHWRWDOVKDUHFDSLWDORIWKH&RPSDQ\FDUU\LQJYRWLQJULJKWVPD\DSSRLQWDVLQJOHSHUVRQDVSUR[\
DQGVXFKSHUVRQVKDOOQRWDFWDVDSUR[\IRUDQ\RWKHUSHUVRQRUVKDUHKROGHU
3UR[LHVWREHHHFWLYHVKRXOGEHGHSRVLWHGDWWKH5HJLVWHUHG2FHRIWKH&RPSDQ\QRWOHVVWKDQKRXUV
EHIRUHWKHFRPPHQFHPHQWRIWKH0HHWLQJ
7KH6WDWHPHQWSXUVXDQWWRVHFWLRQRIWKH&RPSDQLHV$FWWKH$FWLVDQQH[HGKHUHXQGHUDQGIRUPV

SDUWRIWKH1RWLFH
7KH 5HJLVWHU RI 0HPEHUV DQG WKH 6KDUH 7UDQVIHU %RRNV RI WKH &RPSDQ\ ZLOO UHPDLQ FORVHG IURP 7KXUVGD\
WK$XJXVWWR7KXUVGD\WK$XJXVWERWKGD\VLQFOXVLYH
7KHGLYLGHQGIRUWKH\HDUHQGHGst0DUFKDVUHFRPPHQGHGE\WKH%RDUGLIVDQFWLRQHGDWWKH0HHWLQJ
ZLOOEHSDLGWRWKRVHPHPEHUVZKRVHQDPHVDSSHDULQWKH&RPSDQ\V5HJLVWHURI0HPEHUVRQ:HGQHVGD\
12WK$XJXVWQUHVSHFWRIVKDUHVKHOGLQGHPDWHULDOLVHGIRUPWKHGLYLGHQGZLOOEHSD\DEOHRQWKHEDVLVRI
EHQHFLDORZQHUVKLSDVSHUGHWDLOVIXUQLVKHGE\1DWLRQDO6HFXULWLHV'HSRVLWRU\/LPLWHGDQG&HQWUDO'HSRVLWRU\
6HUYLFHVQGLD/LPLWHG
$QQXDO5HSRUW_
Notice
contd.
0HPEHUVKROGLQJVKDUHVLQSK\VLFDOIRUPDUHUHTXHVWHGWRIRUZDUGDOODSSOLFDWLRQVIRUWUDQVIHUVDQGDOORWKHU
VKDUHVUHODWHG FRUUHVSRQGHQFH LQFOXGLQJ LQWLPDWLRQ IRU FKDQJH RI DGGUHVV WR WKH 6KDUH 7UDQVIHU $JHQWV RI
WKH&RPSDQ\DWWKHIROORZLQJDGGUHVV
.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG
8QLW&LSOD/LPLWHG
.DUY\6HOHQLXP7RZHU%3ORW1R *DFKLERZOL
)LQDQFLDO'LVWULFW
1DQDNUDPJXGD6HULOLQJDPSDOO\
+\GHUDEDG7HODQJDQD
7HO
)D[
0HPEHUV KROGLQJ VKDUHV LQ GHPDWHULDOLVHG IRUP PD\ SOHDVH QRWH WKDW WKH EDQN GHWDLOV DV IXUQLVKHG E\ WKH
UHVSHFWLYH 'HSRVLWRULHV WR WKH &RPSDQ\ ZLOO EH XVHG IRU WKH SXUSRVH RI GLVWULEXWLRQ RI GLYLGHQG DV GLUHFWHG
E\ WKH 6WRFN ([FKDQJHV Q WKH DEVHQFH RI HOHFWURQLF FUHGLW IDFLOLW\ WKH EDQN DFFRXQW GHWDLOV LI DYDLODEOH ZLOO
EHSULQWHGRQWKHGLYLGHQGZDUUDQWV0HPEHUVKROGLQJVKDUHVLQGHPDWHULDOLVHGIRUPPXVWJLYHLQVWUXFWLRQV
UHJDUGLQJEDQNDFFRXQWVLQZKLFKWKH\ZLVKWRUHFHLYHGLYLGHQGWRWKHLU'HSRVLWRU\3DUWLFLSDQWV7KH&RPSDQ\
RU WKH 6KDUH 7UDQVIHU $JHQWV ZLOO QRW DFW RQ DQ\ GLUHFW UHTXHVW IURP VXFK PHPEHUV IRU FKDQJHGHOHWLRQ LQ
VXFKEDQNGHWDLOV
0HPEHUVZKRKROGVKDUHVLQSK\VLFDOIRUPFDQQRPLQDWHDSHUVRQLQUHVSHFWRIDOOWKHVKDUHVKHOGE\WKHP
VLQJO\ RU MRLQWO\ 0HPEHUV ZKR KROG VKDUHV LQ VLQJOH QDPH DUH DGYLVHG LQ WKHLU RZQ LQWHUHVW WR DYDLO RI WKH
QRPLQDWLRQ IDFLOLW\ E\ OOLQJ )RUP 1R 6+ LQ GXSOLFDWH ZLWK WKH 6KDUH 7UDQVIHU $JHQWV ZKLFK RQ UHTXHVW
ZLOO VXSSO\ EODQN IRUPV 0HPEHUV KROGLQJ VKDUHV LQ WKH GHPDWHULDOLVHG IRUP PD\ FRQWDFW WKH 'HSRVLWRU\
3DUWLFLSDQWIRUUHFRUGLQJQRPLQDWLRQLQUHVSHFWRIWKHLUVKDUHV
0HPEHUVPD\SOHDVHQRWHWKDW6HFXULWLHVDQG([FKDQJH%RDUGRIQGLD6(%KDVPDGH3HUPDQHQW$FFRXQW
1XPEHU 3$1 DV WKH VROH LGHQWLFDWLRQ QXPEHU IRU DOO SDUWLFLSDQWV WUDQVDFWLQJ LQ WKH VHFXULWLHV PDUNHW
LUUHVSHFWLYHRIWKHDPRXQWRIVXFKWUDQVDFWLRQV6(%KDVDOVRPDQGDWHGWKDWIRUVHFXULWLHVPDUNHWWUDQVDFWLRQV
DQGRPDUNHWSULYDWHWUDQVDFWLRQVLQYROYLQJWUDQVIHURIVKDUHVLQSK\VLFDOIRUPLWVKDOOEHQHFHVVDU\IRUWKH
WUDQVIHUHHV WR IXUQLVK FRS\ RI 3$1 FDUG WR WKH &RPSDQ\6KDUH 7UDQVIHU $JHQWV IRU UHJLVWUDWLRQ RI VXFK
WUDQVIHURIVKDUHV
0HPEHUVPD\SOHDVHQRWHWKDW6(%KDVDOVRPDGHLWPDQGDWRU\IRUVXEPLVVLRQRI3$1LQWKHIROORZLQJFDVHV
YL]L'HOHWLRQRIQDPHRIWKHGHFHDVHGVKDUHKROGHUVLL7UDQVPLVVLRQRIVKDUHVWRWKHOHJDOKHLUVDQGLLL
7UDQVSRVLWLRQRIVKDUHV
$OOXQFODLPHGGLYLGHQGVXSWRWKHQDQFLDO\HDUHQGHGst0DUFKKDYHEHHQWUDQVIHUUHGWRWKH*HQHUDO
5HYHQXH $FFRXQW RI WKH &HQWUDO *RYHUQPHQW 0HPEHUV ZKR KDYH QRW HQFDVKHG WKH GLYLGHQG ZDUUDQWV IRU
WKH VDLG SHULRGV DUH UHTXHVWHG WR FODLP WKH DPRXQW IURP WKH 5HJLVWUDU RI &RPSDQLHV 0DKDUDVKWUD &*2
&RPSOH[&%'%HODSXU1DYL0XPEDLE\VXEPLWWLQJDQDSSOLFDWLRQLQ)RUP1R
3XUVXDQW WR WKH SURYLVLRQV RI VHFWLRQ $ DQG & RI WKH &RPSDQLHV $FW GLYLGHQGV WKDW UHPDLQ
XQFODLPHGIRUDSHULRGRIVHYHQ\HDUVVKDOOEHWUDQVIHUUHGWRQYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQG(3)
$FFRUGLQJO\XQFODLPHGGLYLGHQGVIURPWKHQDQFLDO\HDUHQGHGst0DUFKWLOOst0DUFKKDYHEHHQ
WUDQVIHUUHGE\WKH&RPSDQ\WR(3)
0HPEHUV PD\ QRWH WKDW XQFODLPHG GLYLGHQG IRU WKH QDQFLDO \HDU HQGHG st 0DUFK VKDOO EHFRPH GXH
IRU WUDQVIHU WR (3) RQ WK 6HSWHPEHU 0HPEHUV VKRXOG DOVR QRWH WKDW DQ\ VXP WUDQVIHUUHG WR (3)
VKDOO VWDQG IRUIHLWHG DQG QR FODLP VKDOO OLH HLWKHU DJDLQVW (3) RU WKH &RPSDQ\ 7KRVH PHPEHUV ZKR KDYH
QRWHQFDVKHGWKHLUGLYLGHQGVIRUWKHQDQFLDO\HDUHQGHGst0DUFKDUHUHTXHVWHGWRFODLPLWIURPWKH
$QQXDO5HSRUW_
Notice
contd.
6KDUH 7UDQVIHU $JHQWV LPPHGLDWHO\ 6XFK RI WKRVH PHPEHUV ZKR KDYH QRW VR IDU FODLPHG WKHLU GLYLGHQG IRU
WKHVXEVHTXHQWQDQFLDO\HDUVDUHDOVRDGYLVHGWRFODLPLWIURPWKH6KDUH7UDQVIHU$JHQWV
7KHIDFHYDOXHRIVKDUHVKDVEHHQVXEGLYLGHGIURP`10 to `SHUHTXLW\VKDUHLQWKH\HDU0HPEHUVZKR
KDYH QRW \HW H[FKDQJHG VKDUH FHUWLFDWHV RI ` IDFH YDOXH DUH UHTXHVWHG WR VXUUHQGHU WKHLU ROG FHUWLFDWHV
WRWKH6KDUH7UDQVIHU$JHQWVDWWKHDGGUHVVVWDWHGDERYHIRUH[FKDQJHZLWKQHZVKDUHFHUWLFDWHVRI`IDFH
YDOXH
7KH 0LQLVWU\ RI &RUSRUDWH $DLUV 0&$ KDV WDNHQ D *UHHQ QLWLDWLYH LQ &RUSRUDWH *RYHUQDQFH E\ DOORZLQJ
FRPSDQLHVWRVHQGGRFXPHQWVWRWKHLUVKDUHKROGHUVLQHOHFWURQLFPRGH7RVXSSRUWWKLVJUHHQLQLWLDWLYHDQGWR
UHFHLYHFRPPXQLFDWLRQVIURPWKH&RPSDQ\LQHOHFWURQLFPRGHPHPEHUVZKRKDYHQRWUHJLVWHUHGWKHLUHPDLO
DGGUHVVHVDQGDUHKROGLQJVKDUHVLQSK\VLFDOIRUPDUHUHTXHVWHGWRFRQWDFWWKH6KDUH7UDQVIHU$JHQWVRIWKH
&RPSDQ\DQGUHJLVWHUWKHLUHPDLOLG0HPEHUVKROGLQJVKDUHVLQGHPDWHULDOLVHGIRUPDUHUHTXHVWHGWRFRQWDFW
WKHLU'HSRVLWRU\3DUWLFLSDQW0HPEHUVPD\SOHDVHQRWHWKDWQRWLFHVDQQXDOUHSRUWVHWFZLOOEHDYDLODEOHRQ
WKH&RPSDQ\VZHEVLWHwww.cipla.comDQGWKHVDPHVKDOODOVREHDYDLODEOHIRULQVSHFWLRQGXULQJRFHKRXUV
DWWKH5HJLVWHUHG2FHRIWKH&RPSDQ\0HPEHUVZLOOEHHQWLWOHGWRUHFHLYHWKHVDLGGRFXPHQWVLQSK\VLFDO
IRUPIUHHRIFRVWDWDQ\WLPHXSRQUHTXHVW
$VUHTXLUHGXQGHU6HFUHWDULDO6WDQGDUGDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQWWKHUHOHYDQWLQIRUPDWLRQ
LQUHVSHFWRIWKH'LUHFWRUVHHNLQJUHDSSRLQWPHQWDWWKH$QQXDO*HQHUDO0HHWLQJLVHQFORVHGDV$QQH[XUH
9RWLQJWKURXJK(OHFWURQLFPHDQV
L
Q WHUPV RI WKH SURYLVLRQV RI VHFWLRQ DQG RWKHU DSSOLFDEOH SURYLVLRQV LI DQ\ RI WKH &RPSDQLHV
$FWUHDGZLWK5XOHRIWKH&RPSDQLHV0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHVDVDPHQGHG
DQG &ODXVH % RI WKH /LVWLQJ $JUHHPHQW WKH &RPSDQ\ LV SOHDVHG WR SURYLGH WR LWV PHPEHUV IDFLOLW\ WR
H[HUFLVHWKHLUULJKWWRYRWHRQUHVROXWLRQVSURSRVHGWREHSDVVHGDWWKH0HHWLQJE\HOHFWURQLFPHDQV7KH
PHPEHUVPD\FDVWWKHLUYRWHVXVLQJDQHOHFWURQLFYRWLQJV\VWHPIURPDSODFHRWKHUWKDQWKHYHQXHRIWKH
0HHWLQJUHPRWHHYRWLQJ
LL 7KHIDFLOLW\IRUYRWLQJWKURXJKHOHFWURQLFYRWLQJV\VWHPVKDOOEHPDGHDYDLODEOHDWWKHYHQXHRIWKH0HHWLQJ
QVWD3ROODQGWKHPHPEHUVDWWHQGLQJWKH0HHWLQJZKRKDYHQRWFDVWWKHLUYRWHE\UHPRWHHYRWLQJVKDOO
EHDEOHWRYRWHDWWKH0HHWLQJWKURXJKQVWD3ROO
LLL 7KHPHPEHUVZKRKDYHFDVWWKHLUYRWHE\UHPRWHHYRWLQJPD\DOVRDWWHQGWKH0HHWLQJEXWVKDOOQRWEH
HQWLWOHGWRFDVWWKHLUYRWHDJDLQ
LY 7KH&RPSDQ\KDVHQJDJHGWKHVHUYLFHVRI.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG.DUY\DVWKH$JHQF\WR
SURYLGHHOHFWURQLFYRWLQJIDFLOLW\
Y 7KH%RDUGRI'LUHFWRUVRIWKH&RPSDQ\KDVDSSRLQWHG0U%1DUDVLPKDQ3UDFWLVLQJ&RPSDQ\6HFUHWDU\
RU IDLOLQJ KLP 0U .H\RRU %DNVKL 3UDFWLVLQJ &RPSDQ\ 6HFUHWDU\ DV WKH 6FUXWLQL]HU WR VFUXWLQL]H WKH
UHPRWH HYRWLQJ SURFHVV DQG QVWD3ROO LQ D IDLU DQG WUDQVSDUHQW PDQQHU DQG WKH\ KDYH FRPPXQLFDWHG
WKHLUZLOOLQJQHVVWREHDSSRLQWHGDQGZLOOEHDYDLODEOHIRUVDPHSXUSRVH
YL 9RWLQJ ULJKWV VKDOO EH UHFNRQHG RQ WKH SDLGXS YDOXH RI VKDUHV UHJLVWHUHG LQ WKH QDPH RI WKH PHPEHU
EHQHFLDORZQHULQFDVHRIHOHFWURQLFVKDUHKROGLQJDVRQWKHFXWRGDWHLH7KXUVGD\WK $XJXVW
YLL $ SHUVRQ ZKRVH QDPH LV UHFRUGHG LQ WKH UHJLVWHU RI PHPEHUV RU LQ WKH UHJLVWHU RI EHQHFLDO RZQHUV
PDLQWDLQHGE\WKHGHSRVLWRULHVDVRQWKHFXWRGDWHLH7KXUVGD\WK$XJXVWRQO\VKDOOEHHQWLWOHG
WRDYDLOWKHIDFLOLW\RIUHPRWHHYRWLQJQVWD3ROO
$QQXDO5HSRUW_
Notice
contd.
YLLL $Q\ SHUVRQ ZKR EHFRPHV D PHPEHU RI WKH &RPSDQ\ DIWHU GLVSDWFK RI WKH 1RWLFH RI WKH 0HHWLQJ DQG
KROGLQJVKDUHVDVRQWKHFXWRGDWHLH7KXUVGD\WK$XJXVWPD\REWDLQWKH8VHU'DQGSDVVZRUG
LQWKHPDQQHUDVPHQWLRQHGEHORZ
D IWKHPRELOHQXPEHURIWKHPHPEHULVUHJLVWHUHGDJDLQVW)ROLRQR'3'&OLHQW'WKHPHPEHUPD\
VHQG6060<(3:'VSDFH!(9RWLQJ(YHQW1XPEHU)ROLRQRRU'3'&OLHQW'WR
([DPSOHIRU16'/
0<(3:'63$&(!1
([DPSOHIRU&'6/
0<(3:'63$&(!
([DPSOHIRU3K\VLFDO
0<(3:'63$&(!;;;;
E I HPDLO DGGUHVV RU PRELOH QXPEHU RI WKH PHPEHU LV UHJLVWHUHG DJDLQVW )ROLR 1R '3 ' &OLHQW '
WKHQ RQ WKH KRPH SDJH RI https://evoting.karvy.com WKH PHPEHU PD\ FOLFN )RUJRW 3DVVZRUG DQG
HQWHU)ROLR1RRU'3'&OLHQW'DQG3$1WRJHQHUDWHDSDVVZRUG
F 0HPEHUPD\FDOO.DUY\VWROOIUHHQXPEHU
G 0HPEHUPD\VHQGDQHPDLOUHTXHVWWRevoting@karvy.com
IWKHPHPEHULVDOUHDG\UHJLVWHUHGZLWK.DUY\HYRWLQJSODWIRUPWKHQKHFDQXVHKLVH[LVWLQJ8VHU'
DQGSDVVZRUGIRUFDVWLQJWKHYRWHWKURXJKUHPRWHHYRWLQJ
L[ 7KHUHPRWHHYRWLQJIDFLOLW\ZLOOEHDYDLODEOHGXULQJWKHIROORZLQJSHULRG
&RPPHQFHPHQWRIUHPRWHHYRWLQJ)URPDP67RQ0RQGD\WK August 2015
(QGRIUHPRWHHYRWLQJ8SWRSP67RQ:HGQHVGD\WK August 2015
7KHUHPRWHHYRWLQJZLOOQRWEHDOORZHGEH\RQGWKHDIRUHVDLGGDWHDQGWLPHDQGWKHYRWLQJPRGXOHVKDOO
EHGLVDEOHGE\.DUY\XSRQH[SLU\RIDIRUHVDLGSHULRG
[ $ SHUVRQ ZKR LV QRW D PHPEHU DV RQ WKH FXWR GDWH VKRXOG WUHDW WKLV 1RWLFH IRU LQIRUPDWLRQ SXUSRVHV
RQO\
[L QVWUXFWLRQVDQGRWKHULQIRUPDWLRQUHODWLQJWRUHPRWHHYRWLQJ
A. In case a member receives an e-mail from Karvy:
D /DXQFKLQWHUQHWEURZVHUE\W\SLQJWKH85/https://evoting.karvy.com
E (QWHU WKH ORJLQ FUHGHQWLDOV LH 8VHU ' DQG SDVVZRUG PHQWLRQHG LQ WKH HPDLO 7KH (OHFWURQLF
9RWLQJ(YHQW1XPEHU)ROLR1RRU'3'&OLHQW'ZLOOEH\RXU8VHU'+RZHYHULI\RXDUHDOUHDG\
UHJLVWHUHGZLWK.DUY\IRUHYRWLQJ\RXFDQXVH\RXUH[LVWLQJ8VHU'DQGSDVVZRUGIRUFDVWLQJ\RXU
YRWH
F $IWHUHQWHULQJWKHVHGHWDLOVDSSURSULDWHO\FOLFNRQ/2*1
G I \RX DUH ORJJLQJ LQ IRU WKH UVW WLPH \RX ZLOO UHDFK SDVVZRUG FKDQJH 0HQX ZKHUHLQ \RX DUH
UHTXLUHG WR PDQGDWRULO\ FKDQJH \RXU SDVVZRUG 7KH QHZ SDVVZRUG VKDOO FRPSULVH PLQLPXP
FKDUDFWHUV ZLWK DW OHDVW RQH XSSHU FDVH $= RQH ORZHU FDVH D] RQH QXPHULF DQG D
VSHFLDO FKDUDFWHU #HWF 7KH V\VWHP ZLOO SURPSW \RX WR FKDQJH \RXU SDVVZRUG DQG XSGDWH
\RXUFRQWDFWGHWDLOVOLNHPRELOHQXPEHUHPDLO'HWFRQUVWORJLQ<RXPD\DOVRHQWHUDVHFUHW
TXHVWLRQ DQG DQVZHU RI \RXU FKRLFH WR UHWULHYH \RXU SDVVZRUG LQ FDVH \RX IRUJHW LW W LV VWURQJO\
UHFRPPHQGHG WKDW \RX GR QRW VKDUH \RXU SDVVZRUG ZLWK DQ\ RWKHU SHUVRQ DQG WKDW \RX WDNH
XWPRVWFDUHWRNHHS\RXUSDVVZRUGFRQGHQWLDO
$QQXDO5HSRUW_
Notice
contd.
H <RXQHHGWRORJLQDJDLQZLWKWKHQHZFUHGHQWLDOV
I
2QVXFFHVVIXOORJLQWKHV\VWHPZLOOSURPSW\RXWRVHOHFWWKH(9RWLQJ(YHQW1XPEHUIRU&LSOD/LPLWHG
J 2QWKHYRWLQJSDJHHQWHUWKHQXPEHURIVKDUHVZKLFKUHSUHVHQWVWKHQXPEHURIYRWHVDVRQWKH

FXWRGDWHXQGHU)25$*$167RUDOWHUQDWLYHO\\RXPD\SDUWLDOO\HQWHUDQ\QXPEHULQ)25
DQG SDUWLDOO\ LQ $*$167 EXW WKH WRWDO QXPEHU LQ )25 $*$167 WDNHQ WRJHWKHU VKRXOG QRW
H[FHHG\RXUWRWDOVKDUHKROGLQJDVRQWKHFXWRGDWH<RXPD\DOVRFKRRVHWKHRSWLRQ$%67$1
DQGWKHVKDUHVKHOGZLOOQRWEHFRXQWHGXQGHUHLWKHUKHDG
K 0HPEHUVKROGLQJVKDUHVXQGHUPXOWLSOHIROLRVGHPDWDFFRXQWVVKDOOFKRRVHWKHYRWLQJSURFHVV
VHSDUDWHO\IRUHDFKRIWKHIROLRVGHPDWDFFRXQWV
L
9RWLQJ KDV WR EH GRQH IRU HDFK LWHP RI WKH 1RWLFH VHSDUDWHO\ Q FDVH \RX GR QRW GHVLUH WR FDVW
\RXUYRWHRQDQ\VSHFLFLWHPLWZLOOEHWUHDWHGDVDEVWDLQHG
M
<RXPD\WKHQFDVW\RXUYRWHE\VHOHFWLQJDQDSSURSULDWHRSWLRQDQGFOLFNRQ6XEPLW
N $ FRQUPDWLRQ ER[ ZLOO EH GLVSOD\HG &OLFN 2. WR FRQUP HOVH &$1&(/ WR PRGLI\ 2QFH \RX
FRQUP\RXZLOOQRWEHDOORZHGWRPRGLI\\RXUYRWH'XULQJWKHYRWLQJSHULRGPHPEHUVFDQORJLQ
DQ\QXPEHURIWLPHVWLOOWKH\KDYHYRWHGRQWKH5HVROXWLRQV
O
&RUSRUDWH QVWLWXWLRQDO 0HPEHUV LH RWKHU WKDQ QGLYLGXDOV +8) 15 HWF DUH DOVR UHTXLUHG
WR VHQG VFDQQHG FHUWLHG WUXH FRS\ 3') )RUPDW RI WKH %RDUG 5HVROXWLRQ 3RZHU RI $WWRUQH\
$XWKRULW\ /HWWHU HWF WRJHWKHU ZLWK DWWHVWHG VSHFLPHQ VLJQDWXUHV RI WKH GXO\ DXWKRUL]HG
UHSUHVHQWDWLYHVWRWKH6FUXWLQL]HUDWHPDLO'ciplascrutinizer@gmail.com7KH\PD\DOVRXSORDG
WKH VDPH LQ WKH HYRWLQJ PRGXOH LQ WKHLU ORJLQ 7KH VFDQQHG LPDJH RI WKH DERYH PHQWLRQHG
GRFXPHQWVVKRXOGEHLQWKHQDPLQJIRUPDW&RUSRUDWH1DPHB(9(1712
B. In case a member receives physical copy of the Notice of AGM:

D /DXQFKLQWHUQHWEURZVHUE\W\SLQJWKH85/https://evoting.karvy.com
E (QWHUWKHORJLQFUHGHQWLDOVLH8VHU'DQGSDVVZRUGPHQWLRQHGLQWKHHOHFWURQLFYRWLQJIRUP
F 3OHDVHIROORZDOOVWHSVIURPFWRODVPHQWLRQHGLQ$DERYHWRFDVW\RXUYRWH
2QFHWKHYRWHRQDUHVROXWLRQLVFDVWE\DPHPEHUWKHPHPEHUVKDOOQRWEHDOORZHGWRFKDQJHLWVXEVHTXHQWO\
RUFDVWWKHYRWHDJDLQ
QFDVHRIDQ\TXHU\JULHYDQFHSHUWDLQLQJWRHYRWLQJSOHDVHYLVLW+HOS )$4VVHFWLRQDYDLODEOHDW.DUY\VZHEVLWH
https://evoting.karvy.comRUFRQWDFW0U0596XEUDKPDQ\DPRI.DUY\RQFRQWDFWQRRUZULWH
WRKLPDW.DUY\&RPSXWHUVKDUH3ULYDWH/LPLWHG8QLW&LSOD/LPLWHG.DUY\6HOHQLXP7RZHU%3ORW1R
*DFKLERZOL)LQDQFLDO'LVWULFW1DQDNUDPJXGD6HULOLQJDPSDOO\+\GHUDEDG7HODQJDQD
7KH6FUXWLQL]HU
VGHFLVLRQRQWKHYDOLGLW\RIWKHYRWHVVKDOOEHQDODQGELQGLQJ
7KH6FUXWLQL]HUDIWHUVFUXWLQLVLQJWKHYRWHVFDVWWKURXJKUHPRWHHYRWLQJDQGQVWD3ROOQRWODWHUWKDQKRXUV
IURP WKH FRQFOXVLRQ RI WKH DQQXDO JHQHUDO PHHWLQJ PDNH D VFUXWLQL]HUV UHSRUW DQG VXEPLW WKH VDPH WR WKH
&KDLUPDQRUDQ\DXWKRULVHGSHUVRQZKRVKDOOFRXQWHUVLJQWKHVDPH
7KH5HVXOWVRQUHVROXWLRQVVKDOOEHGHFODUHGRQRUDIWHUWKH$*0RIWKH&RPSDQ\DQGWKHUHVROXWLRQVZLOOEH
GHHPHG WR EH SDVVHG RQ WKH $*0 GDWH VXEMHFW WR UHFHLSW RI WKH UHTXLVLWH QXPEHU RI YRWHV LQ IDYRXU RI WKH
UHVROXWLRQV
7KH 5HVXOWV GHFODUHG DORQJ ZLWK WKH VFUXWLQL]HUV UHSRUW VKDOO EH SODFHG RQ WKH ZHEVLWH RI WKH &RPSDQ\
www.cipla.comDQGRQWKHZHEVLWHRI.DUY\https://evoting.karvy.com7KHUHVXOWVVKDOODOVREHFRPPXQLFDWHG
WRWKH6WRFN([FKDQJHV
$QQXDO5HSRUW_
Notice
contd.
STATEMENT UNDER SECTION 102 OF THE COMPANIES ACT, 2013 SETTING OUT ALL
MATERIAL FACTS CONCERNING THE SPECIAL BUSINESS IN THE NOTICE DATED 9TH JULY 2015
Item No. 5 and 6: Ordinary Resolution
0V6DPLQD9D]LUDOOLDJHG\HDUVLVWKHGDXJKWHURI0U0.+DPLHG1RQ([HFXWLYH9LFH&KDLUPDQDQGQLHFH
RI'U<.+DPLHG1RQ([HFXWLYH&KDLUPDQ
6KHLVSDUWRIWKHFRUHOHDGHUVKLSWHDPDQGKDVEHHQZLWKWKH&RPSDQ\VLQFH6KHKDVSOD\HGDVLJQLFDQW
UROHLQWKH&RPSDQ\VRQJRLQJWUDQVIRUPDWLRQMRXUQH\6KHKDVDJRRGXQGHUVWDQGLQJRIERWKRSHUDWLQJOHYHUVRI
WKHEXVLQHVVWRGD\DQGNH\GULYHUVIRUIXWXUHJURZWKDQGVXVWDLQDELOLW\b
6KHKDVEHHQUHVSRQVLEOHIRUVXFFHVVIXOO\LQFXEDWLQJDQGVKDSLQJ&LSODV&RQVXPHU+HDOWKFDUHEXVLQHVVDVSDUWRI
&LSOD1HZ9HQWXUHV6KHKDVDOVRUHFHQWO\WDNHQRQDQH[SDQGHGUROHOHDGLQJJOREDOVWUDWHJLFDOOLDQFHDQGHQDEOLQJ
&LSODVSHRSOHVWUDWHJ\DQGOHDGHUVKLSGHYHORSPHQW
+HUDUHDVRIH[SHUWLVHLQFOXGHVWUDWHJ\EXVLQHVVGHYHORSPHQWDQGKXPDQUHVRXUFHVIXQFWLRQ
6KHKDVHDUOLHUZRUNHGZLWKWKHLQYHVWPHQWPDQDJHPHQWGLYLVLRQRI*ROGPDQ6DFKVDQGEULQJVGLYHUVHH[SHULHQFH
RIZRUNLQJLQWKH8QLWHG6WDWHVWKH8QLWHG.LQJGRPDQGPRUHUHFHQWO\QGLD
6KH KROGV D %&RP GHJUHH IURP 0XPEDL 8QLYHUVLW\ DQG KDV FRPSOHWHG 06F LQ QWHUQDWLRQDO $FFRXQWLQJ DQG
)LQDQFHIURP7KH/RQGRQ6FKRRORI(FRQRPLFVDQG3ROLWLFDO6FLHQFH
7KH %RDUG RI 'LUHFWRUV DV SHU WKH UHFRPPHQGDWLRQ RI 1RPLQDWLRQ DQG 5HPXQHUDWLRQ &RPPLWWHH DSSRLQWHG
0V 6DPLQD 9D]LUDOOL DV DQ $GGLWLRQDO 'LUHFWRU ZLWK HHFW IURP WK -XO\ SXUVXDQW WR VHFWLRQ RI WKH
&RPSDQLHV $FW UHDG ZLWK WKH &RPSDQ\V $UWLFOHV RI $VVRFLDWLRQ 6KH KROGV WKH RFH XS WR WKH GDWH RI
HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ 7KH &RPSDQ\ KDV UHFHLYHG DORQJ ZLWK WKH UHTXLVLWH GHSRVLW D QRWLFH XQGHU
VHFWLRQ RI WKH &RPSDQLHV $FW LQ ZULWLQJ IURP D PHPEHU SURSRVLQJ KHU DSSRLQWPHQW DV D 'LUHFWRU RI
WKH&RPSDQ\
7KH%RDUGRI'LUHFWRUVDOVRDSSRLQWHG0V6DPLQD9D]LUDOOLDVD:KROHWLPH'LUHFWRURIWKH&RPSDQ\GHVLJQDWHG
DV([HFXWLYH'LUHFWRUXQGHUVHFWLRQVDQGUHDGZLWK6FKHGXOH9WRWKH&RPSDQLHV$FWIRUDSHULRG
RI\HDUVFRPPHQFLQJIURPWK-XO\VXEMHFWWRWKHDSSURYDORIPHPEHUVLQWKH*HQHUDO0HHWLQJ
+HUODVWGUDZQVDODU\LQFOXVLYHRIDOODOORZDQFHVDQGSHUTXLVLWHVZDV`SHUPRQWKDQGVKHZDVHQWLWOHG
WRSHUIRUPDQFHERQXVRIXSWRRIKHUDQQXDOVDODU\
$VRQWKHGDWHRI1RWLFHVKHKROGVHTXLW\VKDUHVLQWKH&RPSDQ\
$VRQWKHGDWHRI1RWLFHVKHKROGVGLUHFWRUVKLSVLQWKHIROORZLQJFRPSDQLHV-D\3UHFLVLRQ3KDUPDFHXWLFDOV3ULYDWH
/LPLWHGDQG7ZLVW3KDUPD3ULYDWH/LPLWHG
$VRQWKHGDWHRI1RWLFHVKHGRHVQRWKROGPHPEHUVKLSFKDLUPDQVKLSRIDQ\RIWKH&RPPLWWHHVRIWKH%RDUGLQ
ZKLFKVKHLVD'LUHFWRU
$JUHHPHQWH[HFXWHGEHWZHHQWKH&RPSDQ\DQG0V6DPLQD9D]LUDOOLIRUKHUDSSRLQWPHQWDV:KROHWLPH'LUHFWRULV
DYDLODEOHIRULQVSHFWLRQDWWKH5HJLVWHUHG2FHRIWKH&RPSDQ\GXULQJQRUPDOEXVLQHVVKRXUVRQDOOZRUNLQJGD\V
XS WR WKH GDWH RI HQVXLQJ $QQXDO *HQHUDO 0HHWLQJ &RS\ RI WKH DJUHHPHQW VKDOO DOVR EH DYDLODEOH IRU LQVSHFWLRQ
DWWKH$QQXDO*HQHUDO0HHWLQJ
([FHSW0V6DPLQD9D]LUDOOL'U<.+DPLHGDQG0U0.+DPLHGDQGWKHLUUHODWLYHVQRQHRIWKH'LUHFWRUVDQG
.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\DQGWKHLUUHODWLYHVDUHFRQFHUQHGRULQWHUHVWHGQDQFLDOO\RURWKHUZLVH
LQWKHUHVROXWLRQVVHWRXWLQLWHPQRVDQG
7KLV6WDWHPHQWPD\EHUHJDUGHGDVGLVFORVXUHXQGHU6HFUHWDULDO6WDQGDUGDQG&ODXVHRIWKH/LVWLQJ$JUHHPHQW
$QQXDO5HSRUW_
Notice
contd.
Item No. 7: Ordinary Resolution

7KH %RDUG RQ WKH UHFRPPHQGDWLRQ RI WKH $XGLW &RPPLWWHH KDV DSSURYHG WKH DSSRLQWPHQW RI 0U ' + =DYHUL
DV WKH &RVW $XGLWRU WR DXGLW WKH FRVW UHFRUGV RI SKDUPDFHXWLFDO SURGXFWV PDQXIDFWXUHG E\ WKH &RPSDQ\ IRU
WKH QDQFLDO \HDU HQGLQJ st 0DUFK RQ D UHPXQHUDWLRQ RI ` SOXV DSSOLFDEOH WD[HV DV ZHOO DV WKH
UHLPEXUVHPHQWRIRXWRISRFNHWH[SHQVHVLQFXUUHGIRUWKHSXUSRVHRIFRVWDXGLW
QDFFRUGDQFHZLWKWKHSURYLVLRQVRIVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV$XGLWDQG
$XGLWRUV5XOHVWKHUHPXQHUDWLRQSD\DEOHWRWKH&RVW$XGLWRUVKDVWREHUDWLHGE\WKHVKDUHKROGHUVRIWKH
&RPSDQ\
1RQH RI WKH 'LUHFWRUV DQG .H\ 0DQDJHULDO 3HUVRQQHO RI WKH &RPSDQ\ DQG WKHLU UHODWLYHV DUH FRQFHUQHG RU
LQWHUHVWHGQDQFLDOO\RURWKHUZLVHLQWKHUHVROXWLRQ
%\2UGHURIWKH%RDUGRI'LUHFWRUV
0XPEDLWK-XO\
0LWDO6DQJKYL
Company Secretary
ANNEXURE 1
RELEVANT INFORMATION IN RESPECT OF THE DIRECTOR SEEKING RE-APPOINTMENT AT
THE ANNUAL GENERAL MEETING AS REQUIRED UNDER SECRETARIAL STANDARD - 2 AND
CLAUSE 49 OF THE LISTING AGREEMENT IS AS UNDER:
0U6XEKDQX6D[HQDDJHG\HDUVKDVD%$+RQVLQ(QJLQHHULQJ6FLHQFHIURP2[IRUG8QLYHUVLW\DQGDQ0%$
IURP 16($' 3DULV $ 8. &LWL]HQ 0U 6XEKDQX6D[HQD KROGV 2YHUVHDV &LWL]HQRI QGLD 2&FDUG +H LV XHQW LQ
(QJOLVK+LQGLDQG6DQVNULWDQGKDVDZRUNLQJNQRZOHGJHRI)UHQFK*HUPDQDQG5XVVLDQ
7KH &RPSDQ\ KDG LQLWLDOO\ DSSRLQWHG 0U 6XEKDQX 6D[HQD DV WKH &KLHI ([HFXWLYH 2FHU RI WKH &RPSDQ\ ZLWK
HHFWIURPst)HEUXDU\
0U 6XEKDQX 6D[HQD ZDV DSSRLQWHG DV 0DQDJLQJ 'LUHFWRU RI WKH &RPSDQ\ GHVLJQDWHG DV 0DQDJLQJ 'LUHFWRU
DQG *OREDO &KLHI ([HFXWLYH 2FHU IRU D SHULRG RI YH \HDUV FRPPHQFLQJ IURP WK -XO\ DQG FRQFOXGLQJ
on 15WK -XO\ RQ WKH WHUPV DQG FRQGLWLRQV DV VWLSXODWHG LQ HPSOR\PHQW DJUHHPHQW GDWHG WK -XO\ DQG
DPHQGPHQW WR WKH HPSOR\PHQW DJUHHPHQW GDWHG WK -XO\ DV DSSURYHG E\ WKH PHPEHUV DW WKH $QQXDO
*HQHUDO0HHWLQJKHOGRQnd$XJXVWDQGrd6HSWHPEHU
0U 6D[HQD KDV ULFK ZRUN H[SHULHQFH RI RYHU \HDUV LQ LQGXVWULHV DV YDULHG DV )DVW 0RYLQJ &RQVXPHU *RRGV
)0&*FRQVXOWLQJEDQNLQJDQGSKDUPDFHXWLFDOV3ULRUWRMRLQLQJWKH&RPSDQ\DV&KLHI([HFXWLYH2FHUKHZDV
ZRUNLQJ ZLWK 1RYDUWLV $* ZKHUH KH OHG WKH *OREDO 3URGXFW 6WUDWHJ\ DQG &RPPHUFLDOL]DWLRQ IXQFWLRQ D SRVLWLRQ
KHKHOGIRUWKUHH\HDUV
7KHGHWDLOVRI%RDUGPHHWLQJVDWWHQGHGE\KLPGXULQJWKH\HDUDUHVWDWHGLQWKH&RUSRUDWH*RYHUQDQFH
5HSRUW
+H LV WKH &KDLUPDQ RI 5LVN 0DQDJHPHQW &RPPLWWHH DQG 0HUJHUV DQG $FTXLVLWLRQV &RPPLWWHH RI WKH &RPSDQ\
+HLVWKHPHPEHURI&RUSRUDWH6RFLDO5HVSRQVLELOLW\&RPPLWWHHRIWKH&RPSDQ\
+HGRHVQRWKROGGLUHFWRUVKLSLQDQ\RWKHU&RPSDQ\
+HLVQRWUHODWHGWRDQ\'LUHFWRUDQGRWKHU.H\0DQDJHULDO3HUVRQQHORIWKH&RPSDQ\
$VRQWKHGDWHRI1RWLFH0U6XEKDQX6D[HQDGRHVQRWKROGDQ\HTXLW\VKDUHLQWKH&RPSDQ\
$QQXDO5HSRUW_
CIPLA LIMITED
ATTENDANCE SLIP
3/($6(&203/(7(7+6$77(1'$1&(6/3$1'+$1'729(5$77+((175$1&(2)7+(0((71*+$//
)ROLR1RBBBBBBBBBBBBBBBBBBBBBBBBBBBB'3'1RBBBBBBBBBBBBBBBBBBBBBBBBBBBB&OLHQW'1RBBBBBBBBBBBBBBBBBBBBBBBBBBBB
1DPHV BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
stQDPH
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
-RLQW+ROGHU
:H UHFRUG P\RXU SUHVHQFH DW WKH 6HYHQW\1LQWK $QQXDO *HQHUDO 0HHWLQJ RI WKH &RPSDQ\ DW < % &KDYDQ
$XGLWRULXP*HQHUDO-DJDQQDWK%KRVDOH0DUJ0XPEDLRQ7KXUVGD\WK$XJXVW
6LJQDWXUHVRIWKH6KDUHKROGHUV3UR[\BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$QQXDO5HSRUW_
Route map to the venue of the AGM
Ma
da
me
Ca
Mantralaya
ma
Ro
Maharshi Karve Road
Y. B. Chavan Auditorium,
General Jagannath Bhosale Marg,
Mumbai - 400 021.
ad
oM
Pr
es
Fre
e
BEST Building
ar
g
Cooperage
Road
Buena Vista
Maharshi Karve Road
Ra
Gen. Jagannat
VV
sJ
ou
rn
al
Ro
ad
h Bhosale Mar
Y.B. Chavan
Centre
Mad
ame
Cam
a Ro
ad
Cooperage
Football Ground
CIPLA LIMITED
PROXY FORM
>3XUVXDQWWRVHFWLRQRIWKH&RPSDQLHV$FWDQGUXOHRIWKH&RPSDQLHV
0DQDJHPHQWDQG$GPLQLVWUDWLRQ5XOHV@
1DPHRIWKHPHPEHUVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
5HJLVWHUHGDGGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
(PDLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
)ROLR1RBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB&OLHQW'DQG'3'1RBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
:HEHLQJWKHPHPEHUVRIBBBBBBBBBBBBBBBBBBBBBBBBBBVKDUHVRIWKHDERYHQDPHG&RPSDQ\KHUHE\DSSRLQW
1DPHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB(PDLOBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$GGUHVVBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB6LJQDWXUHBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
RUIDLOLQJKLP
RUIDLOLQJKLP
$QQXDO5HSRUW_
DV P\RXU SUR[\ WR DWWHQG DQG YRWH RQ D SROO IRU PHXV DQG RQ P\RXU EHKDOI DW WKH 6HYHQW\1LQWK $QQXDO
*HQHUDO0HHWLQJRIWKH&RPSDQ\WREHKHOGRQ7KXUVGD\WK$XJXVWDWSPDW<%&KDYDQ$XGLWRULXP
*HQHUDO-DJDQQDWK%KRVDOH0DUJ0XPEDLDQGDWDQ\DGMRXUQPHQWWKHUHRILQUHVSHFWRIVXFKUHVROXWLRQV
DVDUHLQGLFDWHGEHORZ
Resolution
Number
Resolution
&RQVLGHUDQGDGRSW
D WKHDXGLWHGQDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH\HDUHQGHGst0DUFKWKH

UHSRUWVRIWKH%RDUGRI'LUHFWRUVDQG$XGLWRUVWKHUHRQ
E WKHDXGLWHGFRQVROLGDWHGQDQFLDOVWDWHPHQWRIWKH&RPSDQ\IRUWKH\HDUHQGHG

st0DUFKDQGWKHUHSRUWRIWKH$XGLWRUVWKHUHRQ
'HFODUDWLRQRI'LYLGHQG
5HDSSRLQWPHQWRI0U6XEKDQX6D[HQDUHWLULQJE\URWDWLRQ
5HDSSRLQWPHQWRI$XGLWRUVDQG[LQJWKHLUUHPXQHUDWLRQ
$SSRLQWPHQWRI0V6DPLQD9D]LUDOOLDVD'LUHFWRURIWKH&RPSDQ\
$SSRLQWPHQWRI0V6DPLQD9D]LUDOOLDV:KROHWLPH'LUHFWRUGHVLJQDWHGDV([HFXWLYH'LUHFWRU
RIWKH&RPSDQ\
$SSURYDORIUHPXQHUDWLRQRIWKH&RVW$XGLWRU
6LJQHGWKLVBBBBBBBBBGD\RIBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
$[
5HYHQXH
6WDPS
BBBBBBBBBBBBBBBBBBBBBBBBBBBBBBBB
6LJQDWXUHRIWKHSUR[\KROGHU
6LJQDWXUHVRIWKH
6KDUHKROGHUV
Notes:
7KLVIRUPRISUR[\LQRUGHUWREHHHFWLYHVKRXOGEHGXO\FRPSOHWHGDQGGHSRVLWHGDWWKH5HJLVWHUHG
2FHRIWKH&RPSDQ\QRWOHVVWKDQKRXUVEHIRUHWKHFRPPHQFHPHQWRIWKH0HHWLQJ
$PHPEHUHQWLWOHGWRDWWHQGDQGYRWHDWWKH0HHWLQJLVHQWLWOHGWRDSSRLQWDSUR[\WRDWWHQGDQGYRWH
on poll instead of himself and proxy need not be a member of the Company.
3XUVXDQWWRWKHSURYLVLRQVRI6HFWLRQRIWKH&RPSDQLHV$FWUHDGZLWKWKH&RPSDQLHV0DQDJHPHQW
DQG $GPLQLVWUDWLRQ 5XOHV D SHUVRQ FDQ DFW DV D SUR[\ RQ EHKDOI RI PHPEHUV QRW H[FHHGLQJ IW\ DQG
KROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQWHQSHUFHQWRIWKHWRWDOVKDUHFDSLWDORIWKH&RPSDQ\FDUU\LQJYRWLQJ
ULJKWV $ PHPEHU KROGLQJ PRUH WKDQ WHQ SHUFHQW RI WKH WRWDO VKDUH FDSLWDO RI WKH &RPSDQ\ FDUU\LQJ YRWLQJ
ULJKWVPD\DSSRLQWDVLQJOHSHUVRQDVSUR[\DQGVXFKSHUVRQVKDOOQRWDFWDVDSUR[\IRUDQ\RWKHUSHUVRQRU
VKDUHKROGHU
1RWZLWKVWDQGLQJWKHDERYHWKH3UR[LHVFDQYRWHRQVXFKRWKHULWHPVZKLFKPD\EHWDEOHGDWWKHPHHWLQJE\
WKHVKDUHKROGHUVSUHVHQW
$QQXDO5HSRUW_
Notes
$QQXDO5HSRUW_
Notes
$QQXDO5HSRUW_
Notes
$QQXDO5HSRUW_
Notes
$QQXDO5HSRUW_
TEN-YEAR HIGHLIGHTS
` in crore
Consolidated
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
Income Statement Data

Income from Operation
11345.44 10173.39 8279.33
7020.71 6323.84 5359.52 4960.60 4010.38 3438.24
2891.36
Total Income
11510.99 10438.76 8501.47
7160.23 6415.52 5713.02 5315.09 4349.66 3668.62
3079.63
Prot for the Year

Dividend
1180.77
1388.41 1544.85
1144.24
989.57 1082.59
771.02
701.04
667.77
607.64
160.59
160.58
160.58
160.58
160.58
160.58
155.46
155.46
155.46
155.46
160.59
160.58
160.58
160.58
160.58
160.58
155.46
155.46
155.46
155.46
Balance Sheet Data

Equity Share Capital
10628.65
9889.77 8858.10
7478.35 6505.55 5749.99 4192.34 3599.71 3080.55
1923.30
Fixed Assets Gross Block
7003.09
6183.18 5317.52
4626.35 4240.55 2897.26 2693.29 2201.79 1799.71
1366.67
Fixed Assets Net Block
4271.18
4003.38 3609.97
3215.49 3094.18 2011.17 1992.49 1661.36 1388.07
1056.61
639.78
708.57 2532.44
3307.81
2776.96 2389.59
Investments
Net Current Assets
1269.10
590.77
246.41
80.05
93.48
116.53
22.43
2703.10 2520.99 3152.97 3013.33 2456.81 1894.43
1384.08
Additional Data
Earnings per Share - Basic
` 14.71
` 17.29
` 18.75
` 14.25
` 12.32
` 12.50
` 9.92
` 9.02
` 8.61
` 20.26
Earnings per Share - Diluted
` 14.66
` 17.27
` 19.24
` 14.25
` 12.32
` 13.70
` 9.92
` 9.02
` 8.61
` 20.26

Cipla Annual Report 2014 15

Diunggah oleh

Informasi Dokumen

Judul Asli

Hak Cipta

Format Tersedia

Bagikan dokumen Ini

Bagikan atau Tanam Dokumen

Opsi Berbagi

Apakah menurut Anda dokumen ini bermanfaat?

Apakah konten ini tidak pantas?

Hak Cipta:

Format Tersedia

Cipla Annual Report 2014 15

Diunggah oleh

Hak Cipta:

Format Tersedia

Founder

The Hongkong & Shanghai Banking

Managing Director and

Annual Report 2014-15 | 1

FROM THE CHAIRMAN

Annual Report 2014-15 | 2

It is a pleasure to inform you about

The situation will now undergo

We are keenly awaiting our

All governments should therefore

Companies like Cipla should be

FROM THE MANAGING DIRECTOR AND GLOBAL CEO

Strategies for Growth

Annual Report 2014-15 | 4

Over the last 80 years, Cipla has

The last year has been eventful within

Building the Right

Through the last year, we

Strategies for Growth

including Buergers disease, critical

in India and around the world for

Execute our growth

As we celebrate the eightieth

Annual Report 2014-15 | 5

Annual Report 2014-15 | 6

4351 Surplus brought forward from last balance sheet

140 Transfer to general reserve

5412 Surplus carried forward

Annual Report 2014-15 | 7

MANAGEMENT DISCUSSION AND ANALYSIS: 2014-15

Sales and Other Income

The Companys revenue from

India Ratings and Research Private

Annual Report 2014-15 | 8

Annual Report 2014-15 | 9

As one of the largest

Prot before Tax

Annual Report 2014-15 | 10

sales and distribution arrangement

API & others

with ropivacaine under its own

on a worldwide basis, excluding

partners across 120 countries,

Annual Report 2014-15 | 11

STRATEGIC BUSINESS UNITS

Annual Report 2014-15 | 12

continuously adding more with a

Precision Pharmaceuticals Private

Cipla Global Access

Annual Report 2014-15 | 13

Annual Report 2014-15 | 14

In FY 2014-15, Cipla signed a

CIPLA NEW VENTURES

Cipla BioTec driving

CipTec Discovery Engine

repurposing tools available today,

will focus on opportunities arising

Annual Report 2014-15 | 15

INTEGRATED PRODUCT DEVELOPMENT (IPD)

Ciplas Integrated Product

Annual Report 2014-15 | 16

pediatric lopinavir and ritonavir

Annual Report 2014-15 | 17