Force for Good

Pioneering | Innovative | Rooted in Care Cipla Limited | Annual Report 2022-23

Standalone Balance Sheet

as at 31st March, 2023
H in crores
As at As at
Particulars Notes
31st March, 2023 31st March, 2022*
Assets
1. Non-current assets
(a) Property, plant and equipment 2.1 3,449.67 3,554.91
(b) Right-of-use assets 2.2 98.16 75.70
(c) Capital work-in-progress 2.4 441.53 186.26
(d) Investment properties 3 61.72 63.35
(e) Intangible assets 4 199.45 215.96
(f) Intangible assets under development 4 62.72 81.42
(g) Financial assets
(i) Investments 5 9,137.91 8,934.88
(ii) Loans 6 131.09 -
(iii) Other financial assets 7 55.54 372.10
(h) Income tax assets (net) 8 460.72 377.12
(i) Other non-current assets 9 126.83 153.44
Total non-current assets 14,225.34 14,015.14
2. Current assets
(a) Inventories 10 3,277.36 3,485.81
(b) Financial assets
(i) Investments 11 2,771.44 2,038.80
(ii) Trade receivables 12 2,888.49 2,794.48
(iii) Cash and cash equivalents 13 29.48 177.29
(iv) Bank balances other than cash and cash equivalents 14 936.98 1,250.74
(v) Loans 15 772.73 0.89
(vi) Other financial assets 16 2,065.14 871.94
(c) Other current assets 17 629.51 715.09
Total current assets 13,371.13 11,335.04
3. Assets classified as held for sale/transfer 2.3 & 37 - 98.87
Total assets 27,596.47 25,449.05
Equity and liabilities
1. Equity
(a) Equity share capital 18 161.43 161.36
(b) Other equity 19 24,476.66 22,352.19
Total equity 24,638.09 22,513.55
2. Liabilities
Non-current liabilities
(a) Financial liabilities
(i) Lease liabilities 2.2 35.53 15.53
(ii) Other financial liabilities 20 53.81 53.13
(b) Provisions 21 81.73 81.63
(c) Deferred tax liabilities (net) 8 36.13 79.25
(d) Other non-current liabilities 22 51.44 46.62
Total non-current liabilities 258.64 276.16
Current liabilities
(a) Financial liabilities
(i) Lease liabilities 2.2 14.56 7.92
(ii) Trade payables 23
- Total outstanding dues of micro enterprises and small enterprises 189.30 146.52
- Total outstanding dues of creditors other than micro enterprises and 1,404.82 1,423.21
small enterprises
(iii) Other financial liabilities 24 238.34 202.93
(b) Other current liabilities 25 205.98 220.40
(c) Provisions 21 646.74 631.39
Total current liabilities 2,699.74 2,632.37
3. Liabilities directly associated with assets classified as held for sale/transfer 2.3 & 37 - 26.97
Total liabilities 2,958.38 2,935.50
Total equity and liabilities 27,596.47 25,449.05
*Restated refer note 37
The accompanying notes form an integral part of these standalone financial statements. 1-54

As per our report of even date attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP

Chartered Accountants Umang Vohra Samina Hamied
Firm Reg. No. 001076N/N500013 Managing Director and Executive
Global Chief Executive Officer Vice-Chairperson
DIN: 02296740 DIN: 00027923

Ashish Gupta Ashish Adukia Rajendra Chopra

Partner Global Chief Financial Officer Company Secretary
Membership No. 504662
New Delhi, 12th May, 2023 Mumbai, 12th May, 2023

210
 Corporate Overview & Integrated Report | Statutory Reports | Financial Statements

Standalone Statement of Profit and Loss

for the year ended 31st March, 2023 H in crores
For the year ended For the year ended
Particulars Notes
31st March, 2023 31st March, 2022*
A. Continuing Operations :
1. Revenue from operations
(a) Revenue from sale of products 26 14,518.79 15,052.48
(b) Other operating revenue 27 1,271.81 328.34
Total revenue from operations 15,790.60 15,380.82
2. Other income 28 456.79 666.70
3. Total income (1+2) 16,247.39 16,047.52
4. Expenses
(a) Cost of materials consumed 29 3,502.77 3,616.69
(b) Purchases of stock-in-trade 30 1,993.39 2,850.85
(c) Changes in inventories of finished goods, work-in-progress and 31 205.26 (541.93)
stock-in-trade
(d) Employee benefits expense 32 2,377.27 2,113.78
(e) Finance costs 33 27.02 26.93
(f) Depreciation, impairment and amortisation expense 34 595.91 546.62
(g) Other expenses 35 (a) 3,919.33 3,630.20
Total expenses 12,620.95 12,243.14
5. Profit before exceptional items and tax from continuing operations (3-4) 3,626.44 3,804.38
6. Exceptional item 35 (b) (185.90) -
7. Profit before tax from continuing operations (5+6) 3,440.54 3,804.38
8. Tax expense (net) 8
(a) Current tax 1,011.10 949.49
(b) Deferred tax (40.09) (27.69)
Total tax expense 971.01 921.80
9. Profit for the year from continuing operations (7-8) 2,469.53 2,882.58
B. Discontinuing/Restructuring Operations : 37
10. Profit before tax 58.73 100.70
11. Tax expense 8 14.79 25.35
12. Profit for the year from discontinuing/restructuring operations (10-11) 43.94 75.35
13. Profit for the year (9+12) 2,513.47 2,957.93
14. Other comprehensive income / (loss) for the year 19
I . In respect of continuing operations:
a) (i) Items that will not be reclassified to profit or loss (13.47) 16.78
(ii) Income tax relating to these items 3.41 (4.22)
b) (i) Items that will be reclassified to profit or loss 1.69 (9.38)
(ii) Income tax relating to these items (0.43) 2.37
Sub-total (I) (8.80) 5.55
II . In respect of discontinuing/restructuring operations: 19 & 37
(i) Items that will not be reclassified to profit or loss (0.22) 0.73
(ii) Income tax relating to these items 0.05 (0.18)
Sub-total (II) (0.17) 0.55
Other comprehensive income for the year (I+II) (8.97) 6.10
15. Total comprehensive income for the year (13+14) 2,504.50 2,964.03
16. Earnings per equity share from continuing operations of face value of 48
J 2 each
Basic (in H) 30.61 35.73
Diluted (in H) 30.58 35.70
17. Earnings per equity share from Discontinuing/Restructuring operations of face value
of J 2 each
Basic (in H) 0.54 0.94
Diluted (in H) 0.54 0.93
18. Earnings per equity share from total operations of face value of J 2 each
Basic (in H) 31.15 36.67
Diluted (in H) 31.12 36.63
*Restated refer note 37
The accompanying notes form an integral part of these standalone financial 1-54
statements.

As per our report of even date attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP

Chartered Accountants Umang Vohra Samina Hamied
Firm Reg. No. 001076N/N500013 Managing Director and Executive
Global Chief Executive Officer Vice-Chairperson
DIN: 02296740 DIN: 00027923

Ashish Gupta Ashish Adukia Rajendra Chopra

Partner Global Chief Financial Officer Company Secretary
Membership No. 504662
New Delhi, 12th May, 2023 Mumbai, 12th May, 2023

211
 Force for Good
Pioneering | Innovative | Rooted in Care Cipla Limited | Annual Report 2022-23

Standalone Statement of Changes in Equity

for the year ended 31st March, 2023

(a) Equity share capital (refer note 18)

H in crores
As at As at
Particulars
31st March, 2023 31st March, 2022
Balance at the beginning of the year 161.36 161.29
Changes in equity share capital during the year on exercise of employee stock options (ESOSs) 0.07 0.07
Balance at the end of the year 161.43 161.36

(b) Other equity (refer note 19)

H in crores
Attributable to the owners of the Company
Items of other
Reserves and surplus
comprehensive income
Other
Particulars Employee Investments Cash
Securities equity
Capital General stock Retained through other flow
premium
reserve reserve options / earnings comprehensive hedge
reserve
ESAR income reserve
Balance as at 1st April, 2021 0.08 1,613.31 3,144.64 35.69 14,961.71 - 10.84 19,766.27
Profit for the year for continuing and - - - - 2,957.93 - - 2,957.93
discontinuing operations
Other comprehensive income/(loss) - - - - 12.93 0.18 (7.01) 6.10
(net of tax) for continuing and discontinuing
operations
Payment of dividend (refer note 47) - - - - (403.35) - - (403.35)
Refund of excess Dividend Distribution Tax - - - - 5.55 - - 5.55
(DDT) paid in earlier years
Exercise of employee stock options - 18.38 - (18.38) - - - -
Transfer to general reserve - - 0.16 (0.16) - - - -
Share based payments expense (refer note 41) - - - 19.69 - - - 19.69
Balance as at 31st March, 2022 0.08 1,631.69 3,144.80 36.84 17,534.77 0.18 3.83 22,352.19
Profit for the year for continuing and - - - - 2,513.47 - - 2,513.47
discontinuing operations
Other comprehensive income/(loss) (net - - - - (10.52) 0.29 1.26 (8.97)
of tax) for continuing and discontinuing
operations
Payment of dividend (refer note 47) - - - - (403.50) - - (403.50)
Exercise of employee stock options - 21.08 - (21.08) - - - -
Transfer to general reserve - - 0.12 (0.12) - - - -
Share based payments expense (refer note 41) - - - 23.47 - - - 23.47
Balance as at 31st March, 2023 0.08 1,652.77 3,144.92 39.11 19,634.22 0.47 5.09 24,476.66

The accompanying notes form an integral part of these standalone financial statements (note 1-54).

There are no prior period errors, and hence disclosure with respect to the restatement of the opening balance of “Equity share capital” and
“Other equity” is not applicable.

As per our report of even date attached For and on behalf of the Board of Directors

For Walker Chandiok & Co LLP

Chartered Accountants Umang Vohra Samina Hamied
Firm Reg. No. 001076N/N500013 Managing Director and Executive
Global Chief Executive Officer Vice-Chairperson
DIN: 02296740 DIN: 00027923

Ashish Gupta Ashish Adukia Rajendra Chopra

Partner Global Chief Financial Officer Company Secretary
Membership No. 504662
New Delhi, 12th May, 2023 Mumbai, 12th May, 2023

212
 Corporate Overview & Integrated Report | Statutory Reports | Financial Statements

Standalone Statement of Cash Flows

for the year ended 31st March, 2023
H in crores
For the year ended For the year ended
Particulars
31st March, 2023 31st March, 2022
Cash flow from operating activities
Profit before exceptional item and tax from:
Continuing operations 3,626.44 3,804.38
Discontinuing/Restructuring operations (refer note 37) 58.73 100.70
Adjustments for:
Depreciation, impairment and amortisation expense 595.91 546.62
Interest expense 27.02 26.93
Unrealised foreign exchange (gain)/loss (net) (43.69) (1.45)
Share based payment expense 23.47 19.68
Allowances for credit loss (net) (7.78) 14.19
Interest income on bank deposits and others (133.50) (57.25)
Interest income on income tax refund (25.24) (15.64)
Dividend income (14.92) (403.32)
Sundry balance written off (net) 0.45 24.05
Net gain on sale of current investments carried at fair value through profit or loss (118.13) (64.00)
Net fair value (gain)/loss on financial instruments at fair value through profit or loss (13.89) (3.23)
Net gain on sale/disposal of property, plant and equipment (11.02) (0.72)
Rent income (9.11) (12.60)
Operating profit before working capital changes 3,954.74 3,978.34
Adjustments for working capital:
Decrease /(increase) in inventories 185.18 (433.56)
(Increase)/decrease in trade and other receivables (51.56) 225.70
Increase/ (decrease) in trade payables and other liabilities 30.95 (63.02)
Cash generated from operations 4,119.31 3,707.46
Income taxes paid (net of refunds) (1,084.26) (934.03)
Net cash flow generated from operating activities (a) 3,035.05 2,773.43
Cash flow from investing activities
Purchase of property, plant and equipment {refer note (ii) below} (586.40) (305.04)
Purchase of intangible assets (including intangible asset under development) (97.75) (26.64)
Proceeds from sale of property, plant and equipment {refer note (ii) below} 29.93 11.18
Investments in associates (50.90) (15.43)
Investments in subsidiaries (337.77) (1,173.43)
(Purchase)/Sale of current investments (net) (600.63) 33.27
Change in other bank balance and cash not available for immediate use (463.63) (1,444.21)
Interest received 113.77 40.65
Long term loan given to subsidiaries (71.20) -
Short term loan given to subsidiaries (772.40) -
Proceeds from loan given to subsidiaries 55.00 -
Dividend received 14.92 403.32
Rent received 9.11 12.60
Net cash flow used in investing activities (b) (2,757.95) (2,463.73)
Cash flow from financing activities
Proceeds from issue of equity shares (ESOSs) 0.07 0.07
Interest paid (7.80) (3.84)
Payment of lease liabilities (13.54) (19.60)
Dividend paid (403.50) (403.35)
Net cash flow used in financing activities (c) (424.77) (426.72)
Net decrease in cash and cash equivalents (a+b+c) (147.67) (117.02)
Cash and cash equivalents at the beginning of the year 177.29 294.72
Exchange difference on translation of foreign currency cash and cash equivalents (0.14) (0.41)
Cash and cash equivalents at the end of the year (refer note 13) 29.48 177.29

The accompanying notes form an integral part of these standalone financial statements (note 1-54).

213