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Zydus Lifesciences Ltd. Notes to Accounts
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You can view the entire text of Notes to accounts of the company for the latest year
Market Cap. (Rs.) 101964.38 Cr. P/BV 5.82 Book Value (Rs.) 173.05
52 Week High/Low (Rs.) 1028/484 FV/ML 1/1 P/E(X) 52.01
Bookclosure 28/07/2023 EPS (Rs.) 19.37 Div Yield (%) 0.60
Year End :2023-03 

Explanations:

a In "Face Value [*]", figures in Indian Rupees unless stated otherwise.

b In "Nos. [**]" figures of previous year are same unless stated in [ ].

[$] The net worth of these subsidiaries as on March 31, 2023 is eroded. However, in view of the strategic nature of the investment in these companies and also considering the future business and cash flow projections of these companies, the same are valued at Cost and no impairment allowance is required to be provided for.

["] In line with the philosophy of enhancing the share of renewable power source in its operations, the Company had entered into a Power Purchase Agreement [PPA] during the previous year with AMP Energy Green Nine Private Limited [AMP] to procure agreed output of wind and solar energy. Further, to comply with regulatory requirement for being a "captive user" under the Electricity Laws, 2003, during the previous year, the Company had entered into the Share Purchase, Subscription and Shareholder's Agreement [SPSSA] to acquire upto 11.86% stake and during the year, the same has been amended to acquire up to 12.17% of the stake on a fully diluted basis in AMP in one or more tranches, throughout the term of the definitive agreements i.e. PPA and SPSSA.

Further, the Company had also subscribed to, in aggregate, 122,306 Compulsorily Convertible Debentures [CCD] of AMP of '

1,000 each carrying interest of 0.01% for a total consideration of ' 122 Million.

For details of inventories pledged as security, refer Note-22.

[*] Net of one time provision for inventory of products related to covid treatment and inventory of Covid vaccine of ' 2,002 Million for the year ended March 31, 2023 [for the year ended March 31, 2022: 1,344 Million].

In respect of goods where provision had been made for expected returns within the expiry period, the Company recognises an asset, i.e., right to the returned saleable goods [included in inventories] for the products expected to be returned in saleable condition. The Company initially measures this asset at the original carrying amount of the inventory, less any expected costs to recover the goods, including any potential decreases in the value of returned goods. The Company updates the measurement of the asset recorded for any revision to its expected level of returns, as well as any further decrease in value of the returned products. The value of such goods is ' 37 [as at March 31, 2022: ' 72] Million.

The Company has only one class of equity shares having a par value of ' 1/- per share. Each holder of equity share is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in the case of interim dividend. In the event of liquidation of the Company, the equity shareholders shall be entitled to proportionate share of their holding in the assets remaining after distribution of all preferential amounts.

[$] The Board of Directors, at its meeting held on May 20, 2022 had approved a proposal to buyback 11,538,461 fully paid-up equity shares amounting to ' 7,500 Million [Buyback Size, excluding transaction costs and applicable taxes] at a price of ' 650 per share from the eligible equity shareholders. The buyback was offered to all eligible equity shareholders of the Company on proportionate basis through the “Tender offer” route in accordance with Securities and Exchange Board of India [Buyback of Securities] Regulations, 2018, as amended and other applicable laws. The Buyback period was from May 20, 2022 to July 15, 2022. The Company had bought back and extinguished 11,538,461 equity shares, comprising of 1.13% of pre-buyback paid up equity share capital of the Company on July 19, 2022. The buyback resulted in a cash outflow of ' 8,632 Million [including applicable taxes and transaction costs]. The Company has utilized its General Reserve for Buyback of shares. In accordance with Section 69 of the Companies Act, 2013, the Company has credited "Capital Redemption Reserve” with an amount of ' 12 Million, being amount equivalent to the face value of the Equity Shares bought back as an appropriation from General Reserve.

A Terms of Repayment for Unsecured Borrowings: a Foreign Currency Loans:

i ECB of USD 30 Million is repayable in three yearly instalments starting from January 23, 2022. Interest on loan is payable on monthly basis. The outstanding amount as at March 31, 2023 is ' 822 [as at March 31, 2022: ' 1,517] Million. b Other loans:

i Loan of ' 14,130 Million from one of the subsidiary companies will be repaid within 3 years from the date of first disbursement and can be further extended as may be mutually decided between the parties. Interest on loan is payable on half yearly basis.

The outstanding amount as at March 31, 2023 is ' 14,130 Million [as at March 31, 2022: Nil].

ii Loan of ' 800 Million from one of the subsidiary companies will be repaid within 3 years from the date of first disbursement and can be further extended as may be mutually decided between the parties. Interest on loan is payable on half yearly basis.

The outstanding amount as at March 31, 2023 is ' 800 Million [as at March 31, 2022: Nil].

iii Loan of ' 22,780 Million from one of the subsidiary companies will be repaid within 3 years from the date of first disbursement and can be further extended as may be mutually decided between the parties. Interest on loan is payable on half yearly basis.

The outstanding amount as at March 31, 2023 is ' 22,780 Million [as at March 31, 2022: Nil].

Defined benefit plan and long term employment benefit A General description:

Leave wages [Long term employment benefit]:

The leave encashment scheme is administered through Life Insurance Corporation of India's Employees' Group Leave Encashment cum Life Assurance [Cash Accumulation] Scheme. The employees of the company are entitled to leave as per the leave policy of the company. The liability on account of accumulated leave as on last day of the accounting year is recognised [net of the fair value of plan assets as at the balance sheet date] at present value of the defined obligation at the balance sheet date based on the actuarial valuation carried out by an independent actuary using projected unit credit method.

Gratuity [Defined benefit plan]:

The Company has a defined benefit gratuity plan. Every employee who has completed continuous services of five years or more gets a gratuity on death or resignation or retirement at 15 days salary [last drawn salary] for each completed year of service. The scheme is funded with an insurance company in the form of a qualifying insurance policy.

The plans typically expose the Company to actuarial risks such as: investment risk, interest rate risk, longevity risk and salary increment risk.

Investment risk:

The present value of the defined benefit plan liability is calculated using a discount rate which is determined by reference to market yields at the end of the reporting period on government bonds.

Interest risk:

A decrease in the bond interest rate will increase the plan liability; however, this will be partially offset by an increase in the return on the plan's debt investments.

Longevity risk:

The present value of the defined benefit plan liability is calculated by reference to the best estimate of the mortality of plan participants both during and after their employment. An increase in the life expectancy of the plan participants will increase the plan's liability.

Salary risk:

The present value of the defined benefit plan liability is calculated by reference to the future salaries of plan participants. As such, an increase in the salary of the plan participants will increase the plan's liability.

B The Net Deferred Tax of ' 412 Million [Previous Year ' 458 Million] has been charged in the Statement of Profit and Loss.

C The Company offsets tax assets and Liabilities if and only if it has a Legally enforceable right to set off current tax assets and

current tax Liabilities and the deferred tax assets and deferred tax Liabilities relate to income taxes Levied by the same tax authority.

D The Company did not have any MAT Credit outstanding as at March 31, 2023 [as at March 31, 2022: ' 1,013] Million. The Company did not recognise such MAT credit in the past as a component of deferred tax asset in the balance sheet, on the basis of the then assessment made by the Company's management of the profitability and operational plans in the foreseeable future, and the Company's management was of the view, at various points of time, that there was no convincing evidence supporting the probability that the Company would be liable to pay income tax under the normal provisions of the Income-tax Act, 1961 [the

Act] for the periods up to which the Company is eligible to utilise the unused MAT credit, specifically considering the available

deductions/ benefits etc. under the normal provisions under the Act.

However, during the year, the Company was once again in a situation where it ended up utilising unrecognised MAT credit of ' 1,013 [Previous year: ' 2,065] Million as it had to pay income tax under the normal provisions under the Act. 1 2

Note: 28-Contingent Liabilities and Commitments [to the extent not provide

As at March 31 2023

' in Million

As at March 31 2022

A Contingent Liabilities:

a Claims against the Company not acknowledged as debts

128

124

- Net of advance of

-

-

- Includes in respect of Amalgamated {3} Companies

2

2

b 1 n respect of corporate guarantees given by the Company to Banks for the outstanding dues of loans availed by some of the subsidiary companies

-

15,769

c Other money for which the company is contingently liable:

i 1 n respect of the demands raised by the Goods and Service Tax, Central Excise, State Excise, Customs & Service Tax Authority

1,781

1,772

- Net of advance of

92

73

ii 1 n respect of the demands raised by the Ministry of Chemicals & Fertilizers, Govt. of India under Drug Price Control Order, 1979/ 1995 for difference in actual price and price of respective bulk drug allowed while fixing the price of certain formulations and disputed by the Company, which the Company expects to succeed based on the legal advice

86

111

- Net of advance of

67

69

- Includes in respect of Amalgamated {3} Companies

7

25

iii In respect of Income Tax matters pending before appellate authorities which the Company expects to succeed, based on decisions of Tribunals/ Courts

1,090

71

- Net of advance of

82

103

iv In respect of Sales Tax matters pending before appellate authorities/ Court which the Company expects to succeed, based on decisions of Tribunals/ Courts

103

104

- Net of advance of

13

18

v Letters of Credit for Imports

11

20

vi The Company has imported certain capital equipment at concessional rate of custom duty under "Export Promotion of Capital Goods Scheme” of the Central Government. The Company has undertaken an incremental export obligation to the

- extent of US $ Million 15 [Previous Year: 1]

- equivalent to ' Million approx. 1,201 [Previous Year: 94] to be fulfilled during a specified period as applicable from the date of imports. The unprovided liability towards custom duty payable thereon in respect of unfulfilled export obligations where the specified period to fulfil the obligation has not expired

194

15

C Commitments:

' in Million

As at March 31 2023

As at March 31 2022

a Estimated amount of contracts remaining to be executed on capital account and not provided for

3,868

4,345

- Net of advance of

1,087

521

Note: 29-Dividend proposed to be distributed:

The Board of Directors, at its meeting held on May 18, 2023, recommended the final dividend of ' 6.00 per equity share of ' 1/- each. The recommended dividend is subject to the approval of the shareholders at the ensuing Annual General Meeting.

Note: 43-Financial Instruments:

A Fair values hierarchy:

Financial assets and financial liabilities measured at fair value in the statement of financial position are grouped into three Levels of a fair value hierarchy. The three Levels are defined based on the observability of significant inputs to the measurement, as follows:

Level 1: Quoted prices [unadjusted] in active markets for financial instruments.

Level 2: Inputs other than quoted prices included within Level 1 which are observable for the assets or liabilities, either directly or indirectly.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.

Financial Assets:

The carrying amounts of trade receivables, loans and advances to related parties and other financial assets [other than referred above], cash and cash equivalents are considered to be the approximately equal to the fair values.

Financial Liabilities:

Fair values of loans from banks, other financial liabilities and trade payables are considered to be approximately equal to the carrying values.

Fair values of investment in preference shares were calculated based on cash flows discounted using the applicable adjusted market interest rates.

Fair values of investment in compulsorily convertible debentures were calculated based on cash flows discounted using the applicable adjusted market interest rates.

D Valuation process and technique used to determine fair value:

Specific valuation techniques used to value financial instruments include: a The use of quoted market prices for similar instruments.

b Fair value of Forward Contract value related to investment in a Joint Venture has been determined considering the estimated exercise price and value of the underlying entity. The valuation has been derived using the Present Value technique under Income Approach.

The valuation includes significant unobservable inputs like Weighted Average Cost of Capital [WACC], revenue forecast, etc.

B Risk Management:

The Company's activities expose it to market risk, Liquidity risk and credit risk. This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and the related impact in the financial statements.

The Company's risk management is done in close co-ordination with the board of directors and focuses on actively securing the Company's short, medium and long-term cash flows by minimizing the exposure to volatile financial markets. Long-term financial investments are managed to generate lasting returns. The Company does not actively engage in the trading of financial assets for speculative purposes nor does it write options. The most significant financial risks to which the Company is exposed are described below: a Credit risk:

Credit risk arises from the possibility that counter party may not be able to settle its obligations as agreed. The Company is exposed to credit risk from investment in preference shares measured at amortised cost, loans and advances to related parties, trade receivables, bank deposits and other financial assets. The Company periodically assesses the financial

reliability of the counter party taking into account the financial condition, current economic trends, analysis of historical

bad debts and ageing of accounts receivable. Individual customer limits are set accordingly.

i Investments at Amortised Cost : They are strategic investments in the normal course of business of the company.

ii Bank deposits : The Company maintains its Cash and cash equivalents and Bank deposits with reputed and highly rated banks. Hence, there is no significant credit risk on such deposits.

iii Loans to related parties : They are given for business purposes. The Company reassesses the recoverability of loans periodically. Interest recoveries from these loans are regular and there is no event of defaults.

iv The counter party to the forward contract value related to the Investment in a Joint Venture is the associate entity of co-venturer of one of Joint Ventures. The contract is governed by a shareholders' agreement which has the needful representations by the counter party. The Company is exposed to insignificant credit risk in relation to the same.

v Trade Receivables: The Company trades with recognized and credit worthy third parties. It is the Company's policy that all customers who wish to trade on credit terms are subject to credit verification procedures. In addition, receivable balances are monitored on an on-going basis with the result that the Company's exposure to credit losses is not significant.

vi There are no significant credit risks with related parties of the Company. The Company is exposed to credit risk in the event of non-payment by customers. Credit risk concentration with respect to trade receivables is mitigated by the Company's large customer base. Adequate expected credit losses are recognized as per the assessments. No single third party customer contributes to more than 10% of outstanding accounts receivable [excluding outstanding from subsidiaries] as at March 31, 2023 and March 31, 2022.

The Company has used lifetime expected credit loss [ECL] model for assessing the impairment loss. For the purpose, the

Company uses a provision matrix to compute the expected credit loss amount. The provision matrix takes into account

external and internal risk factors and historical data of credit losses from various customers.

b Liquidity risk:

a Prudent liquidity risk management implies maintaining sufficient cash and marketable securities and the availability of funding through an adequate amount of committed credit facilities to meet obligations when due. Due to the nature of the business, the Company maintains flexibility in funding by maintaining availability under committed facilities.

b Management monitors rotting forecasts of the Company's liquidity position and cash and cash equivalents on the basis of expected cash flows. The Company takes into account the liquidity of the market in which it operates. In addition, the Company's liquidity management policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these, monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt financing plans.

Maturities of financial liabilities:

The tables below analyse the Company's financial liabilities into relevant maturity groupings based on their contractual maturities for all non-derivative financial liabilities. The amounts disclosed in the table are the contractual undiscounted cash flows.

c Foreign currency risk:

The Company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the US Dollar.

Foreign exchange risk arises from recognised assets and liabilities denominated in a currency that is not the Company's functional currency. The Company's operations in foreign currency creates natural foreign currency hedge. This results in insignificant net open foreign currency exposures considering the volumes and operations of the Company.

d Interest rate risk:

The Company's policy is to minimize interest rate cash flow risk exposures on long-term financing. As at March 31, 2023, the Company is exposed to changes in market interest rates through bank borrowings at variable interest rates. The Company's investments in Fixed Deposits are at fixed interest rates.

e Price risk:

Exposure:

The Company's exposure to price risk arises from investments in equity and mutual funds held by the Company and classified in the balance sheet as fair value through OCI and at fair value through profit or loss respectively. To manage its price risk arising from investments in equity securities and mutual funds, the Company diversifies its portfolio. Diversification of the portfolio is done in accordance with the limits set by the Company.

C Hedge:

Disclosure of effects of hedge accounting on financial position:

Hedged item - Changes in fair value of trade receivables and loan receivables from overseas entity attributable to changes in foreign exchange rates

Hedging instrument - Changes in fair value of forward contracts attributable to foreign exchange rates [including foreign currency borrowings in previous year]

Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective effectiveness assessments to ensure that an economic relationship exists between the hedged item and hedging instrument. The Company enters into hedge relationships where the critical terms of the hedging instrument match exactly with the terms of the hedged item, and so a qualitative assessment of effectiveness is performed. If changes in circumstances affect the terms of the hedged item such that the critical terms no longer match exactly with the critical terms of the hedging instrument, the Company uses the dollar offset method to assess effectiveness. There was no hedge ineffectiveness in any of the periods presented above.

Loan covenants:

Under the terms of the major borrowing facilities, the Company is required to comply with the following financial covenants, based

on consolidated financial information:

- Gross Debt to Equity must be less than 2:1

This is in line with the Company's covenants as agreed with external Lenders.

Note: 46-Exceptional Items:

A The Company has made provision for impairment of ' 2,038 Million in the value of investment in the equity shares of Sentynl Therapeutics Inc. [STI], a wholly owned subsidiary of the Company in USA, due to change in the business plans of STI during the year, which resulted into fair value of net assets of STI being lower than their carrying value. Consequently, there has been a diminution in the value of Company's investment in the equity shares of STI.The provision for impairment has been disclosed as exceptional item for current year.

B Pursuant to closure of business operations by Zydus Noveltech Inc., a wholly owned subsidiary of the Company in the USA, the Company had made provision for impairment of ' 3,193 Million in the value of investment in the common stock of Zydus Noveltech Inc. The same has been disclosed as exceptional item for previous year.

Description of lease activities:

Real estate lease:

The Company leases buildings for it's offices and warehouse space. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. Leases are typically made for a fixed period of 3- 10 years and may include extension options which provide operational flexibility. Majority of the leases are cancellable by either parties by serving notice period.

Note: 50-Disclosure of transactions with Struck off Companies:

The Company did not have any material transaction with companies struck off under Section 248 of the Companies Act, 2013 or Section 560 of Companies Act, 1956 during the current and previous financial year.

Note: 51:

Figures of previous reporting year have been regrouped/ reclassified to conform to current year's classification.

1

Working Capital Loans which are repayable on demand, are secured by hypothecation of inventories of all types, save and except stores and spares relating to plant and machineries [consumable stores and spares], including goods in transit, bills receivables and book debts. The value of such current assets is ' 52,877 [as at March 31, 2022'42,040] Million. Quarterly statements of current assets filed by the Company with bank are in agreement with the books of accounts.

2

PCFC and Packing Credit loans in ' [PCRE] loans are payable during April, 2023 to September, 2023. The outstanding amount of loans as at March 31, 2023 is ' 9,693 [as at March 31, 2022: ' 13,607] Million.

3

represents contingent Liabilities taken over by the Company under the Scheme of Arrangement and Amalgamation of Cadila Laboratories Limited and erstwhile Cadila Chemicals Limited, Cadila Antibiotics Limited, Cadila Exports Limited and Cadila Veterinary Private Limited with the Company w.e.f. June 1, 1995.

B Legal proceedings:

The Company and/or its subsidiaries are involved in various Legal proceedings including product Liabilities, employment claims, contracts and other legal and regulatory matters relating to the conduct of its business. The Company believes it has meritorious defenses to these lawsuits.


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