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Cipla Ltd

BSE Code : 500087 | NSE Symbol : CIPLA | ISIN:INE059A01026| SECTOR : Pharmaceuticals |

NSE BSE
 
SMC up arrow

869.10

5.70 (0.66%) Volume 1865868

23-Mar-2023 EOD

Prev. Close

863.40

Open Price

868.00

Bid Price (QTY)

869.10(609)

Offer Price (QTY)

0.00(0)

 

Today’s High/Low 870.90 - 861.25

52 wk High/Low 1,185.25 - 852.00

Key Stats

MARKET CAP (RS CR) 70181.74
P/E 25.36
BOOK VALUE (RS) 291.7616653
DIV (%) 250
MARKET LOT 1
EPS (TTM) 34.28
PRICE/BOOK 2.98017218645208
DIV YIELD.(%) 0.57
FACE VALUE (RS) 2
DELIVERABLES (%) 32.01
4

News & Announcements

20-Mar-2023

Cipla Ltd - Cipla Limited - ESOP/ESOS/ESPS

17-Mar-2023

Cipla allots 6,663 equity shares under ESOS

17-Mar-2023

Cipla Ltd - ESOP/ESOS/ESPS

17-Mar-2023

Cipla Ltd - Cipla Limited - ESOP/ESOS/ESPS

17-Mar-2023

Cipla allots 6,663 equity shares under ESOS

14-Mar-2023

Cipla to divest its 51.18% stake in Cipla Quality Chemical Industries, Uganda

18-Jan-2023

Cipla launches its point-of-care testing device - Cippoint

30-Dec-2022

Cipla to conduct board meeting

Corporate Actions

Bonus
Splits
Dividends
Rights
Capital Structure
Book Closure
Board Meeting
AGM
EGM
 

Financials

Income Statement

Standalone
Consolidated
 

Peers Comparsion

Select Company Name BSE Code NSE Symbol
Aarti Pharmalabs Ltd 543748 AARTIPHARM
Alembic Ltd 506235 ALEMBICLTD
Alembic Pharmaceuticals Ltd 533573 APLLTD
Alkem Laboratories Ltd 539523 ALKEM
ANG Lifesciences India Ltd 540694
Anglo-French Drugs & Industries Ltd 40169
Astron Drugs & Industries Ltd 524206
Aurobindo Pharma Ltd 524804 AUROPHARMA
Bajaj Healthcare Ltd 539872 BAJAJHCARE
Bal Pharma Ltd 524824 BALPHARMA
Biocon Ltd 532523 BIOCON
Bombay Drugs & Pharma Ltd (Merged) 524512
Brooks Laboratories Ltd 533543 BROOKS
Cebon India Ltd 524272
Celestial Biolabs Ltd 532871 CELESTIAL
Cepham Organics Ltd 507756
Cian Healthcare Ltd 542678
Claris Lifesciences Ltd 533288
Concord Drugs Ltd 538965
Dee-Pharma Ltd 507722 DEEPHARMA
Dishman Carbogen Amcis Ltd 540701 DCAL
Dr Reddys Laboratories Ltd 500124 DRREDDY
Dr Sabharwals Manufacturing Labs Ltd 507743
Dr.Datsons Labs Ltd 533412 DRDATSONS
Druid Pharma Ltd 40430
Earum Pharmaceuticals Ltd 542724
Eupharma Laboratories Ltd 530409 EUPHARMLAB
FDC Ltd 531599 FDC
Glenmark Life Sciences Ltd 543322 GLS
Glenmark Pharmaceuticals Ltd 532296 GLENMARK
Gufic BioSciences Ltd 509079 GUFICBIO
Hindustan Bio Sciences Ltd 532041
Hindustan Biotech Ltd 40162
Indoco Remedies Ltd 532612 INDOCO
Ind-Swift Laboratories Ltd 532305 INDSWFTLAB
IOL Chemicals & Pharmaceuticals Ltd 524164 IOLCP
Ipca Laboratories Ltd 524494 IPCALAB
J B Chemicals & Pharmaceuticals Ltd 506943 JBCHEPHARM
Jagsonpal Pharmaceuticals Ltd 507789 JAGSNPHARM
Jayant Vitamins Ltd 506518
Jupiter Bioscience Ltd 524826 JUPITER
KDL Biotech Ltd 532291 KOPDRUGS
Kopran Ltd 524280 KOPRAN
Kothari Phytochemicals & Industries Ltd 40136
Lasa Supergenerics Ltd 540702 LASA
Lupin Laboratories Ltd (Merged) 500258 LUPINLAB
Lyka Labs Ltd 500259 LYKALABS
Mangalam Drugs and Organics Ltd 532637 MANGALAM
Medico Remedies Ltd 540937 MEDICO
Mercury Phytochem Ltd 524498
Merind Ltd 506895 MARIND
Mesco Pharmaceuticals Ltd 500274 MESCOPHARM
Morepen Laboratories Ltd 500288 MOREPENLAB
Mylan Laboratories Ltd 524794 MATRIXLABS
Natco Pharma Ltd 524816 NATCOPHARM
Natural Capsules Ltd 524654
Natural Capsules Ltd Partly Paidup 890161
Oriental Remedies & Herbals Ltd 526989
Ortin Laboratories Ltd 539287 ORTINLAB
P C I Chemicals & Pharmaceuticals Ltd 524792
Pan Drugs Ltd 531440
Panacea Biotec Ltd 531349 PANACEABIO
Parnax Lab Ltd 506128
Phaarmasia Ltd 523620
Pharmaceutical Products of India Ltd 524113 PPIL
Piramal Pharma Ltd 543635 PPLPHARMA
Ranbaxy Laboratories Ltd (Merged) 500359 RANBAXY
RPG Life Sciences Ltd 532983 RPGLIFE
Saamya Biotech (India) Ltd 532905
Sakar Healthcare Ltd 538377 SAKAR
Sandoz (India) Ltd (Merged) 531990
Sharda Drugs & Industries Ltd 24206
Shree Ganesh Biotech India Ltd 539470
Shree Ganesh Remedies Ltd 540737
Shree Ganesh Remedies Ltd Partly Paidup 890181
Siddhartha Pharmachem Ltd 532122
SMS Lifesciences India Ltd 540679 SMSLIFE
Socrus Bio Sciences Ltd 524719
SOL Pharmaceuticals Ltd 500393 SOLPHARMA
Solara Active Pharma Sciences Ltd 541540 SOLARA
Source Natural Foods & Herbal Supplements Ltd 531398
Strides Pharma Science Ltd 532531 STAR
Sudarshan Pharma Industries Ltd 543828
Sumitra Pharmaceutical & Chemicals Ltd (Merged) 524133 SUMITRAPHA
Sun Pharmaceuticals Industries Ltd 524715 SUNPHARMA
Supriya Lifescience Ltd 543434 SUPRIYA
Supriya Pharmaceuticals Ltd 524784
Surya Pharmaceutical Ltd 532516 SURYAPHARM
Suven Pharmaceuticals Ltd 543064 SUVENPHAR
Syngene International Ltd 539268 SYNGENE
Syschem (India) Ltd 531173
Themis Medicare Ltd 530199 THEMISMED
Titan Biotech Ltd 524717
Tonira Pharma Ltd(merged) 530155
Torrent Pharmaceuticals Ltd 500420 TORNTPHARM
Trident Lifeline Ltd 543616
Triochem Products Ltd 512101
TTK Healthcare Ltd 507747 TTKHLTCARE
Unichem Laboratories Ltd 506690 UNICHEMLAB
Unicorn Pharmaceuticals (India) Ltd 524334
Valencia Nutrition Ltd 542910
Vardhaman Laboratories Ltd 524796
Vikram Thermo (India) Ltd 530477
Vineet Laboratories Ltd 543298 VINEETLAB
Vivimed Labs Ltd 532660 VIVIMEDLAB
Welcure Drugs & Pharmaceuticals Ltd 524661
Wintac Ltd 524758
Wockhardt Ltd 532300 WOCKPHARMA
Zillion Pharmachem Ltd 524476 ZILONPHARM
Zota Health Care Ltd 538426 ZOTA
Zydus Lifesciences Ltd 532321 ZYDUSLIFE

Share Holding

Category No. of shares Percentage
Total Foreign 239732403 29.70
Total Institutions 169498340 21.00
Total Govt Holding 19500 0.00
Total Non Promoter Corporate Holding 4284429 0.53
Total Promoters 269635378 33.41
Total Public & others 123969118 15.36
Total 807139168 100
  • Total Foreign
  • Total Institutions
  • Total Govt Holding
  • Total Non Promoter Corporate Holding
  • Total Promoters
  • Total Public & others

About Cipla Ltd

Cipla Ltd is one of the leading pharmaceutical companies in India. The Company is in the business of manufacturing, developing, and marketing wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). Cipla's product portfolio spans complex generics as well as drugs in the respiratory, anti-retroviral, urology, cardiology, anti-infective, CNS, and various other key therapeutic segments. With a rich portfolio, it is deepening presence in the home markets of India, as well as South Africa, North America, and other key regulated and emerging markets. Its 47 manufacturing sites around the world produce more than 50 dosage forms and over 1,500 products across wide range of therapeutic categories. Cipla Ltd was incorporated in the year 1935 with the name Chemical, Industrial & Pharmaceutical Laboratories Ltd. Khwaja Abdul Hamied, the founder of Cipla gave the company all his patent and proprietary formulas for several drugs and medicines, without charging any royalty. On August 17, 1935, Cipla was registered as a public limited company with an authorized capital of Rs 6 lakh. From its first manufacturing unit at Bombay Central in 1936, Cipla now has over 40 state-of-the art manufacturing facilities across the globe including India, USA, China and South Africa. In the year 1941, as the Second World War cuts off drug supplies, the company starts producing fine chemicals, dedicating all its facilities for the war effort. In the year 1952, the company set up first research division for attaining self-sufficiency in technological development. In the year 1960, they started operations at second plant at Vikhroli, Mumbai, producing fine chemicals with special emphasis on natural products. In the year 1968, the company manufactured ampicillin for the first time in the country. In the year 1972, the company started Agricultural Research Division at Bangalore, for scientific cultivation of medicinal plants. In the year 1976, they launched medicinal aerosols for asthma. In the year 1980, the company won Chemexcil Award for Excellence for exports. In the year 1982, the company started operations in their fourth factory at Patalganga, Maharashtra. In the year 1984, they developed anti-cancer drugs, vinblastine and vincristine in collaboration with the National Chemical Laboratory, Pune. Also, they won Sir P C Ray Award for developing in-house technology for indigenous manufacture of a number of basic drugs. In the year 1985, US FDA approved the company's bulk drug manufacturing facilities. In the year 1988, they won National Award for Successful Commercialisation of Publicly Funded R&D. In the year 1991, the company launched etoposide, a breakthrough in cancer chemotherapy, in association with Indian Institute of Chemical Technology. Also, they manufactured antiretroviral drug, zidovudine, in technological collaboration with Indian Institute of Chemical Technology, Hyderabad. In the year 1994, the company commenced commercial operations in their fifth factory at Kurkumbh, Maharashtra. In the year 1997, they launched transparent Rotahaler, the world's first such dry powder inhaler device. In the year 1998, they launched lamivudine. The company becomes one of the few companies in the world to offer all three component drugs of retroviral combination therapy. In the year 1999, the company launched Nevirapine, antiretroviral drug, used to prevent the transmission of AIDS from mother to child. In the year 2000, the company became the first company, outside the USA and Europe to launch CFC-free inhalers - ten years before the deadline to phase out use of CFC in medicinal products. In the year 2002, the company set up four state-of-the-art manufacturing facilities in Goa. In the year 2003, they launched TIOVA (Tiotropium bromide), a novel inhaled, long-acting anticholinergic bronchodilator that is employed as a once-daily maintenance treatment for patients with chronic obstructive pulmonary disease (COPD). Also, they commissioned second phase of manufacturing operations at Goa. In the year 2005, the company set up state-of-the-art facility for manufacture of formulations at Baddi, Himachal Pradesh. In the year 2007, they set up state-of-the-art facility for manufacture of formulations at Sikkim. In February 2007, the company entered into a development and supply agreement with Drugs for Neglected Diseases Initiative (DNDi), a global non-profit organization, for a new anti-malarial combination drug as a global initiative. During the year 2009-10, the company sold their intellectual property rights and technical know-how of 'i-pill', an emergency contraceptive brand, to Piramal Healthcare Ltd, for the territory of India, at an aggregate consideration of Rs 95 crore. Also, they entered into a strategic alliance with Stempeutics Research Pvt. Ltd., promoted by the Manipal Group, for the marketing rights of stem-cell-based products being developed by Stempeutics. Cipla is sponsoring up to Rs.50 crore, in the initial phase, for research and development of these products. In April 2010, the company commenced commercial production of pharmaceutical formulations at the Special Economic Zone (SEZ) project, at Indore, Madhya Pradesh. This project includes facilities for the manufacture of aerosols, respules, liquid orals, pre-filled syringes (PFS), nasal sprays, large volume parenterals (LVP), eye drops, tablets and capsules. The total investment for this project is about Rs 900 crore. In May 2010, the company acquired an undertaking for Rs 30.64 crore, by way of a slump sale arrangement. The undertaking has a manufacturing facility, approved by US FDA and WHO, for APIs and intermediates. It is located at Kurkumbh (Pune district). Also, the company set up a wholly-owned subsidiary, 'Cipla Singapore Pte Ltd', in Singapore to aid logistics and distribution of the company's export business. In May 2010, the company acquired 100% shareholding of a company for Rs 51.38 crore. This company has a state-of-the-art formulations manufacturing facility at Sikkim with capabilities to manufacture tablets, capsules, oral liquids, injections, dry syrup and ointments/creams. During the year 2010-11, the company introduced a number of new drugs and formulations, such as Entavir (entecavir tablets), an antiviral for hepatitis B; Febucip (febuxostat tablets), a drug for gout; Flosoft (fluorometholone acetate ophthalmic suspension), a topical steroid for eye inflammation; Foracort (formoterol and budesonide autohaler), an asthma controller therapy in a new easy-to-use breath actuated inhaler; Furamist AZ (fluticasone furoate and azelastine hydrochloride nasal spray), a nasal spray for allergic rhinitis, and Montair FX (montelukast and fexofenadine tablets), an antiallergic combination for rhinitis. During the year, Cipla (Mauritius) Ltd, Cipla (UK) Ltd, Cipla-Oz Pty Ltd, Four M Propack Pvt Ltd, Goldencross Pharma Pvt Ltd, Medispray Laboratories Pvt Ltd, Meditab Holdings Ltd, Meditab Pharmaceuticals South Africa (Pty) Ltd, Meditab Specialities New Zealand Ltd, Meditab Specialities Pvt Ltd, Sitec Labs Pvt Ltd and STD Chemicals Ltd. The company is setting up API facilities at Bengaluru and Kurkumbh. They are also upgrading the API facilities at Patalganga. The total investment for these projects is about Rs 400 crore. The company proposes to subscribe to the share capital of two biotechnology companies, located in India and Hong Kong, to obtain a 40 per cent and a 25 per cent share, respectively. The total investment will be about USD 65 million, in a phased manner, for setting up state-of-the-art facilities for biosimilar products in Goa and China. On 3 May 2012, Cipla announced a major price reduction in selected cancer drugs. On 21st July 2012, Cipla announced collaboration with Drugs for Neglected Diseases initiative (DNDi), a not-for-profit research and development (R&D) organization, to develop and produce an improved first-line antiretroviral (ARV) combination therapy specifically adapted to meet the treatment needs of infants and toddlers living with HIV/AIDS. On 14 August 2012, Cipla announced the launch of Qvir', a novel 4 drug kit priced at Rs 158 for treating HIV/AIDS. On 8 November 2012, Cipla announced a major price reduction on select anti-cancer drugs. On 27 February 2013, Cipla announced an offer to the shareholders of Cipla Medpro South Africa Ltd. (Medpro) to acquire 100% of the ordinary share capital of Medpro for ZAR 10.0 per share via a scheme of arrangement. The Board of Directors of Medpro unanimously resolved to support and facilitate Cipla's offer and recommended to Medpro shareholders that they vote in favour of all resolutions required to implement the scheme of arrangement. Cipla Medpro South Africa is a leading provider of chronic medicines to the public and private sectors. On 16 July 2013, Cipla announced that it had completed the acquisition of 100% of the issued shares of Cipla Medpro South Africa Ltd. for an aggregate consideration of ZAR 4507mn (Rs 2707 crore). On 17 April 2013, Cipla announced the launch of the first biosimilar of Etanercept in India for the treatment of rheumatic disorders. On 20 February 2014, Cipla and MSD announced the formation of an India-specific strategic partnership whereby Cipla will have a non-exclusive license to market, promote and distribute MSD's raltegravir 400mg tablet, under a different brand name in India. The drug is used for the treatment of HIV-1 infection in adult patients as part of combination HIV therapy. On 12 May 2014, Cipla through its wholly owned subsidiary, Cipla (EU) Limited announced $21 million two-phase investment in Chase Pharmaceuticals Corporation Inc., US (Chase) to support Alzheimer's disease drug development. On 19 June 2014, Cipla announced that it has collaborated with Hetero to launch a biosimilar of the drug Darbepoetin alfa' under the brand name Actorise'. The product is indicated for the treatment of anaemia caused due to chronic kidney disease. On 7 July 2014, Cipla announced its intention to make investments of up to 100 million in its UK subsidiary over the next few years. The investment will fund the launch of a range of drugs in the areas of respiratory, oncology and antiretroviral medicines as well as research and development, clinical trials and further expansion internationally and in the UK. In its bid to enter the markets of Czech Republic and Slovaki, Cipla on 8 September 2014 announced commercial collaboration with UK-based S&D Pharma. On 15 September 2014, Cipla announced that it had signed a non-exclusive licensing agreement with Gilead Sciences, Inc. for manufacturing and distribution of Sofosbuvir mono, Ledipasvir mono, the fixed-dose combination of Ledipasvir/Sofosbuvir with each other and the combination of Sofosbuvir or Ledipasvir with other active substances, for the treatment of hepatitis C. On 18 September 2014, Cipla announced that it has granted Salix Pharmaceuticals, Inc., a US-based speciality pharmaceutical company, 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. On 8 October 2014, Medpro Pharmaceutica (Pty) Ltd - a subsidiary company of Cipla Medpro announced that it had entered into sales and distribution arrangement with Teva Pharmaceuticals (Pty) Ltd, an affiliate of Teva Pharmaceutical Industries Ltd (Teva) - the largest generic pharmaceutical manufacturer in the world for the territory of South Africa. As per the tie-up, Cipla Medpro, a 100% subsidiary of Cipla Limited, will exclusively market Teva's broad pharmaceutical product portfolio in South Africa. On 9 February 2015, Cipla announced that its wholly owned subsidiary, Cipla (EU) Limited, U.K. has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI). This JV is aimed at strengthening Cipla's presence in Morocco, which is in-line with its global growth strategy to build front-end presence in key markets. On 13 February 2015, Cipla announced that it has been awarded USD 188.95 million of Global Fund ARV Tender for anti-retrovirals drugs. The Global Fund is a 21st- century partnership designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics. On 21 July 2015, Cipla announced that its board of directors approved an investment by Fidelity Growth Partners India and US-based Fidelity Biosciences, through FIL Capital Investments (Mauritius) II Limited or its affiliates, in its newly launched consumer healthcare business which is under incorporation. On 4 September, 2015, Cipla announced that its UK arm, Cipla EU has entered into definitive agreements to acquire two US-based companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc for $550 million in an all cash transaction. InvaGen Pharmaceuticals is a leading generic pharmaceutical company in the US. Exelan Pharmaceuticals is a privately held sales and marketing company, with a focus on generic pharmaceuticals for the government and institutional market in the US. On 18 February 2016, Cipla announced that its UK arm, Cipla (EU) Limited had successfully completed the acquisition of InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc. The acquisition was made by Cipla (EU) Limited through a wholly owned special purpose vehicle which would merge into InvaGen Pharmaceuticals Inc. after the acquisition. On 8 October 2015, Cipla announced that its South African subsidiary Cipla Medpro (Pty) Ltd. entered into an exclusive agreement with the world's largest vaccine manufacturer, Serum Institute of India (SII) to provide vaccines in South Africa. On 29 October 2015, Cipla announced that it had entered into a definitive agreement to sell its entire 25% stake in Biomab Holding Limited, Hong Kong (BHL) to Biomab Brilliant Limited, British Virgin Islands which holds the remaining 75% stake in BHL, for a total consideration of USD 25,775,000. Biomab Holding Limited is focused on developing Biosimilars for the Chinese market. On 21 December 2015, Cipla announced the launch of generic drug Ledipasvir-Sofosbuvir in India under the brand name Hepcvir-L. Hepcvir-L is the first once-a-day, fixed-dose oral combination therapy that has been approved for chronic hepatitis C genotype 1 patients. On 6 January 2016, BioQ Pharma Incorporated, a specialty pharmaceutical company focused on the development and commercialization of single-use, large-volume ready-to-use infusible pharmaceuticals, and Cipla announced the signing of a strategic distribution, supply and development agreement for the registration and commercialization of BioQ Pharma's Ropivacaine infusion pharmaceutical in India. On 12 October 2016, Cipla announced that it has received Establishment Inspection Report (EIR) from the US FDA for its Indore facility, indicating formal closure of the US FDA inspection conducted in July/August, 2015. On 23 November 2016, Cipla announced that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase) in which Cipla Limited's UK arm, Cipla (EU) Limited (Cipla UK) has 16.7% stake, has been acquired by a subsidiary of Allergan, plc. Allergan agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment. On 17 February 2017, Cipla announced the launch of adult Hepatitis B vaccine in India. Under a co-exclusive agreement with Serum Institute of India Private Limited (SII), Cipla will market the vaccine for adults while SII will market it for adults and children. On 4 March 2017, Cipla announced that it had entered into agreements, through its Wholly Owned Subsidiary Inyanga Trading 386 Proprietary Limited (Inyanga), with the group companies of Ascendis Health Limited, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa. On 6 April 2017, Cipla announced that its wholly owned subsidiary in USA Cipla USA Inc. signed a worldwide licensing agreement (except for East Asia) with MEDRx Company Limited (MEDRx) to further develop and commercialize MRX-4TZT, a Tizanidine patch for the management of Spasticity. On 30 November 2017, Cipla announced that it had received an approval for its product Q-TIB from World Health Organisation (WHO). Q-TIB is a novel fixed dose combination in a single tablet. This is the first time that such a combination has been made available in the world. During FY18, Anmarat (Pty) Limited was acquired in South Africa as a part of strategy to strengthen OTC portfolio and Cipla Technologies LLC was incorporated in USA to build speciality product portfolio for Cipla. During FY18, two non-operating companies viz., Meditab Specialities New Zealand Ltd and Cipla Pharma Nigeria Ltd were deregistered. As a part of strategy, the Company has divested its entire stake in Cipla Croatia d.o.o., Croatia, Al Jabal For Drugs And Medical Appliances Company Ltd, Yemen, Cipla Agrimed Proprietary Ltd and Cipla Vet Proprietary Ltd., in South Africa. As on 31st March, 2018, it has 49 subsidiaries and 1 associate. During the FY18,the company invested Rs 816 crore on capital expenditure, over Rs 300 crore lower than the previous year. During the FY19, Madison Pharmaceuticals Inc. was incorporated in USA and Cipla Gulf FZ- LLC in Dubai for strengthening its business operations. In South Africa, Mirren (Pty) Limited was acquired as a part of strategy to strengthen its OTC portfolio. In USA, 33.3% stake was acquired in Avenue Therapeutics Inc. for building specialty business in USA. The Company's wholly owned subsidiary Goldencross Pharma Private Limited acquired minority stake i.e. 11.71% in Wellthy Therapeutics Private Limited. During the 2018-19, 4 non-operating subsidiaries viz. Xeragen Laboratories (Pty) Limited, Galilee Marketing (Pty) Ltd, Med Man Care (Pty) Ltd in South Africa and Cipla FZE in Dubai were liquidated. The company had 48 subsidiaries and 2 associates as on 31st March, 2019. During the FY2019, the Company invested Rs 504 crore in capital expenditure (net off sales proceeds), which is lower by Rs 200 crore from the previous year. During the FY2020, Incorporation of Cipla Pharmaceuticals Limited in India for setting up facilities for DPI dosage and for further expansion of MDI and FFS Respule Dosage, Cipla (Colombia) SAS in Colombia and Cipla (China) Pharmaceutical Co. Limited in China for strengthening its business portfolio in foreign markets. Also incorporation of Cipla (Jiangsu) Pharmaceutical Co, Limited as Joint venture between Cipla (EU) Limited and Jiangsu Acebright Pharmaceutical Co. Limited for exploring business opportunities and manufacture of pharmaceutical products in China. The company also acquired the remaining 40% stake in Cipla Pharma Lanka Private Limited (CPL) by Cipla (EU) Limited, to further strengthen its presence in Sri Lanka. Upon acquisition CPL has become a wholly owned subsidiary of Cipla (EU) Limited. Also acquired 30% stake in Brandmed (Pty) Limited by Cipla Medpro South Africa (Pty) Limited to enhance its diversified portfolio in the noncommunicable diseases area. The company also acquired 26% stake in AMPSolar Power Systems Private Limited to enhance the proportion of renewable (solar) based power consumption, and to comply with regulatory requirement for captive power consumption under electricity laws. The company also liquidated Tasfiye Halinde Cipla ila Ticaret Anonim Sirketi, Turkey. The company had 51 subsidiaries and 4 associates as on 31st March, 2020. Cipla won the Digital Supply Chain Enterprise Award' at the 9th edition of the Manufacturing Supply Chain Awards 2020. During the FY2021, The Group has divested its stake in two of its subsidiaries namely Quality Chemical Limited (Group share - 51.18%) and Anmarat Proprietary Limited (wholly owned subsidiary). The Board in its meeting held on 29th January, 2021 has approved a draft scheme of arrangement (Scheme) which entails demerger of the US business undertaking (Demerged Undertaking 1) of Cipla Limited (Demerged Company) into its wholly-owned subsidiary, Cipla BioTec Limited (Resulting Company 1) and consumer business undertaking (Demerged Undertaking 2) of Cipla Limited into its wholly-owned subsidiary, Cipla Health Limited (Resulting Company 2) pursuant to Sections 230 to 232 and the other relevant provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said Scheme would be subject to the receipt of requisite approvals including from the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited and Securities and Exchange Board of India, the shareholders and/or creditors of the Demerged Company, Resulting Company 1 and Resulting Company 2. On 30th March 2021, the Company made a strategic investment of Rs 40 Crore in ABCD Technologies LLP. On 3rd May, 2021, GoApptiv Private Limited, existing associate of Cipla, incorporated wholly-owned subsidiary - Iconphygital Private Limited for providing manpower staffing services. On 10th May, 2021, Cipla Technologies LLC (Ciptec'), a subsidiary of the Group has received an anticipatory material breach notice under Development and Commercialization Agreement with Pulmatrix on co-development of Pulmazole. The Company will suitably respond to the said notice. Inyanga Trading 386 (Pty) Limited was voluntarily deregistered /dissolved as wholly-owned step down subsidiary as was operationally inactive and not required effective from 10th December, 2021. As on 31 March 2021,the company had 55 subsidiaries and 5 associate companies under its roof. In FY'22, the Company launched multiple respiratory products in Spain, including Fluticasone MDI, Fluticasone + Salmeterol MDI and Ipratropium MDI, through its recently established front-end presence. More than 55,000 patients were trained as a part of the digital programme that provides live video counselling to patients on the right technique of inhalers and other devices, such as nebulisers and nasal spray, etc. It launched India's first pneumotach based portable, wireless Spirometer, on World COPD Day. It received approval for Lanreotide injection based on a New Drug Application submitted under the 505(b)(2) filing pathway. It also received approval of its Abbreviated New Drug Application (ANDA) for Lanthanum Carbonate Chewable Tablets, 500 mg, 750 mg and 1000 mg. It received USFDA approval for generic therapeutic equivalent version of Sunovion Pharmaceuticals Inc.'s Brovana@ (Arformoterol Tartrate). It launched Spirofy@, India's first pneumotech-based wireless, portable device capable of performing lung function tests outdoors and in remote areas, for better diagnosis of people with chronic obstructive pulmonary disease (COPD) and asthma. During FY'22, Company evaluated 40+ anti-infective medicines, of which five anti-infective medicines are being selected for launch in India in the coming four to five years. It extended the coverage of last year initiatives of Internet of Things (IoT), and Modelling & Simulation (M&S). IoT was implemented for critical laboratory instruments such as chormatography and particle size analyser. M&S was initiated in the formulation R&D centre at Vikhroli to help in reduction of product development cycle time. Robotic Process Automation (RPA) and Artificial Intelligence (AI) were implemented for searching custom based targeted information in the regulatory space. This not only saved manual search time, but helped to stay ahead of the curve in obtaining almost real time information published by various authorities. It collaborated with renowned companies and academic institutions to enhance R&D capabilities specially in the science frontier for computational methods of assessing dry powder inhaler performance for Cipla assets and develop new platform technologies for anti-cancer agents and skin treatments. The Company augmented R&D capabilities by partnering with renowned government institutions such as the Indian Institute of Science Education and Research, National Chemical Laboratory, Raja Ramanna Centre for Advanced Technology for solid state studies, novel polymorph and peptide characterization. In FY 2022, Cipla signed a joint venture agreement with Kemwell Biopharma Private Limited to develop, manufacture and commercialize biosimilars with focus on respiratory therapy. It established nearly 25,000 sq. ft. facility in Fall River Industrial Park, US extending Cipla's respiratory manufacturing footprint. In FY 2021-22, the Company received an approval for the first 505b2 version of lanreotide injection. It continued R&D investments for the US market, which has resulted in pipeline expansion to include multiple differentiated assets. It filed 11 ANDAs and received 9 final approvals (including conversion from tentative approval to final approval). These include ANDAs owned by Cipla and InvaGen Pharmaceuticals Inc. only. During the year 2022, the Company acquired 32.49% stake in AMP Energy Green Eleven Private Limited and 33% partnership interest in Clean Max Auriga Power LLP, to enhance the share of renewable power source in its operation and comply with regulatory requirement for being a captive user under Indian electricity laws. Cipla Digital Health Limited was incorporated as a wholly owned subsidiary of the Company on 25th February, 2022 for creation of patient-facing Digital Therapeutics platform. Cipla Biotec South Africa (Pty) Limited, was voluntarily deregistered /dissolved as wholly-owned step down subsidiary as was operationally inactive and not required with effect from 3rd February, 2022.

Cipla Ltd Chairman Speech

Dear Shareholders,

Last year, the COVID-19 pandemic caused a major upheaval globally. Today, we can look back at the past three years and applaud the efforts of the pharma and healthcare industry to tackle COVID-19, which continues to affect many countries even today.

The social and economic impact on people and communities globally has been devastating. In the midst of all the disruption, science has provided us with solutions to combat COVID-19 through diagnostics, vaccines, drugs and various therapies. Fortunately, humanity is winning the battle against COVID-19.

During the year, we witnessed worldwide solidarity and co-operation among pharma companies, research scientists, doctors, regulatory bodies and governments. All concerned are still tackling newer and changing variants of the virus. My sincere plea to you all is to be careful, look after yourselves, your families, your friends and colleagues and be as disciplined as possible.

The financial year ended 31st March, 2022, has been a commendable one for Cipla. We have been recognised and awarded the 'Company of the Year, 2021' by Business Standard and our Executive Vice-Chairperson, Samina Hamied was conferred with The Economic Times 'Businesswoman of the Year' 2021 award. Such recognitions reflect the interest and passion of all our employees, who are dedicated, committed and motivated to uphold our legacy of 'Caring for Life'.

My earnest hope is to see the progress of Cipla as a major global healthcare organisation in the near future. Cipla remains committed to provide access to affordable quality medicines and services towards overall healthcare. For Cipla, patients are at the core of what we do. We strive to create capacity in our Company across many fronts - manufacturing, quality, regulatory, commercial and R&D development areas. We look for the best possible talent - financial, commercial and technical to join us in our pursuit of progress and growth, be it in science, health, corporate responsibility or patient care.

Our founder, Dr K A Hamied started Cipla in 1935 from humble beginnings, committing himself and the Company to India's quest for self-reliance and selfsufficiency, in the area of healthcare. From our first manufacturing unit at Bombay Central in 1936, Cipla now has over 40 state-of-the art manufacturing facilities across the globe including India, USA, China and South Africa. To reiterate, Cipla's purpose of 'Caring for Life' has been our guiding principle. As we move forward, we will remain true to this legacy.

As always, Cipla will follow a compassionate and humanitarian approach to healthcare that goes beyond the pursuit of profit. Access to medicines at affordable prices has been the main objective that has seen the growth of Cipla over the past 86 years. In 1997, we set up the Cipla Palliative Care and Training Centre in Pune that provides free-of-cost services for terminally ill patients. Till date, we have cared for approximately 20,000 patients and this effort will continue in the future. Teaching advanced nursing is imperative to caring for patients and we will continue to conduct trainings for health care professionals. We believe that palliative care must be integrated into the treatment protocol early on to improve the quality of life of patients and caregivers.

Finally, I would like to assure all of you that your Company will do the best possible to contribute towards the health and welfare of our nation. My sincere gratitude to all stakeholders in the Company, Directors, the Management, shareholders, health care professionals and society for their continuing faith and trust in us. The recent pandemic has taught us many important lessons, among these is our need to focus on new innovative developments and work in partnership with our colleagues in the industry, both in India and globally. We firmly believe that Cipla will contribute and improve the quality of lives everywhere.

Warm Regards,
Y K Hamied
Chairman

   

Cipla Ltd Company History

Cipla Ltd is one of the leading pharmaceutical companies in India. The Company is in the business of manufacturing, developing, and marketing wide range of branded and generic formulations and Active Pharmaceutical Ingredients (APIs). Cipla's product portfolio spans complex generics as well as drugs in the respiratory, anti-retroviral, urology, cardiology, anti-infective, CNS, and various other key therapeutic segments. With a rich portfolio, it is deepening presence in the home markets of India, as well as South Africa, North America, and other key regulated and emerging markets. Its 47 manufacturing sites around the world produce more than 50 dosage forms and over 1,500 products across wide range of therapeutic categories. Cipla Ltd was incorporated in the year 1935 with the name Chemical, Industrial & Pharmaceutical Laboratories Ltd. Khwaja Abdul Hamied, the founder of Cipla gave the company all his patent and proprietary formulas for several drugs and medicines, without charging any royalty. On August 17, 1935, Cipla was registered as a public limited company with an authorized capital of Rs 6 lakh. From its first manufacturing unit at Bombay Central in 1936, Cipla now has over 40 state-of-the art manufacturing facilities across the globe including India, USA, China and South Africa. In the year 1941, as the Second World War cuts off drug supplies, the company starts producing fine chemicals, dedicating all its facilities for the war effort. In the year 1952, the company set up first research division for attaining self-sufficiency in technological development. In the year 1960, they started operations at second plant at Vikhroli, Mumbai, producing fine chemicals with special emphasis on natural products. In the year 1968, the company manufactured ampicillin for the first time in the country. In the year 1972, the company started Agricultural Research Division at Bangalore, for scientific cultivation of medicinal plants. In the year 1976, they launched medicinal aerosols for asthma. In the year 1980, the company won Chemexcil Award for Excellence for exports. In the year 1982, the company started operations in their fourth factory at Patalganga, Maharashtra. In the year 1984, they developed anti-cancer drugs, vinblastine and vincristine in collaboration with the National Chemical Laboratory, Pune. Also, they won Sir P C Ray Award for developing in-house technology for indigenous manufacture of a number of basic drugs. In the year 1985, US FDA approved the company's bulk drug manufacturing facilities. In the year 1988, they won National Award for Successful Commercialisation of Publicly Funded R&D. In the year 1991, the company launched etoposide, a breakthrough in cancer chemotherapy, in association with Indian Institute of Chemical Technology. Also, they manufactured antiretroviral drug, zidovudine, in technological collaboration with Indian Institute of Chemical Technology, Hyderabad. In the year 1994, the company commenced commercial operations in their fifth factory at Kurkumbh, Maharashtra. In the year 1997, they launched transparent Rotahaler, the world's first such dry powder inhaler device. In the year 1998, they launched lamivudine. The company becomes one of the few companies in the world to offer all three component drugs of retroviral combination therapy. In the year 1999, the company launched Nevirapine, antiretroviral drug, used to prevent the transmission of AIDS from mother to child. In the year 2000, the company became the first company, outside the USA and Europe to launch CFC-free inhalers - ten years before the deadline to phase out use of CFC in medicinal products. In the year 2002, the company set up four state-of-the-art manufacturing facilities in Goa. In the year 2003, they launched TIOVA (Tiotropium bromide), a novel inhaled, long-acting anticholinergic bronchodilator that is employed as a once-daily maintenance treatment for patients with chronic obstructive pulmonary disease (COPD). Also, they commissioned second phase of manufacturing operations at Goa. In the year 2005, the company set up state-of-the-art facility for manufacture of formulations at Baddi, Himachal Pradesh. In the year 2007, they set up state-of-the-art facility for manufacture of formulations at Sikkim. In February 2007, the company entered into a development and supply agreement with Drugs for Neglected Diseases Initiative (DNDi), a global non-profit organization, for a new anti-malarial combination drug as a global initiative. During the year 2009-10, the company sold their intellectual property rights and technical know-how of 'i-pill', an emergency contraceptive brand, to Piramal Healthcare Ltd, for the territory of India, at an aggregate consideration of Rs 95 crore. Also, they entered into a strategic alliance with Stempeutics Research Pvt. Ltd., promoted by the Manipal Group, for the marketing rights of stem-cell-based products being developed by Stempeutics. Cipla is sponsoring up to Rs.50 crore, in the initial phase, for research and development of these products. In April 2010, the company commenced commercial production of pharmaceutical formulations at the Special Economic Zone (SEZ) project, at Indore, Madhya Pradesh. This project includes facilities for the manufacture of aerosols, respules, liquid orals, pre-filled syringes (PFS), nasal sprays, large volume parenterals (LVP), eye drops, tablets and capsules. The total investment for this project is about Rs 900 crore. In May 2010, the company acquired an undertaking for Rs 30.64 crore, by way of a slump sale arrangement. The undertaking has a manufacturing facility, approved by US FDA and WHO, for APIs and intermediates. It is located at Kurkumbh (Pune district). Also, the company set up a wholly-owned subsidiary, 'Cipla Singapore Pte Ltd', in Singapore to aid logistics and distribution of the company's export business. In May 2010, the company acquired 100% shareholding of a company for Rs 51.38 crore. This company has a state-of-the-art formulations manufacturing facility at Sikkim with capabilities to manufacture tablets, capsules, oral liquids, injections, dry syrup and ointments/creams. During the year 2010-11, the company introduced a number of new drugs and formulations, such as Entavir (entecavir tablets), an antiviral for hepatitis B; Febucip (febuxostat tablets), a drug for gout; Flosoft (fluorometholone acetate ophthalmic suspension), a topical steroid for eye inflammation; Foracort (formoterol and budesonide autohaler), an asthma controller therapy in a new easy-to-use breath actuated inhaler; Furamist AZ (fluticasone furoate and azelastine hydrochloride nasal spray), a nasal spray for allergic rhinitis, and Montair FX (montelukast and fexofenadine tablets), an antiallergic combination for rhinitis. During the year, Cipla (Mauritius) Ltd, Cipla (UK) Ltd, Cipla-Oz Pty Ltd, Four M Propack Pvt Ltd, Goldencross Pharma Pvt Ltd, Medispray Laboratories Pvt Ltd, Meditab Holdings Ltd, Meditab Pharmaceuticals South Africa (Pty) Ltd, Meditab Specialities New Zealand Ltd, Meditab Specialities Pvt Ltd, Sitec Labs Pvt Ltd and STD Chemicals Ltd. The company is setting up API facilities at Bengaluru and Kurkumbh. They are also upgrading the API facilities at Patalganga. The total investment for these projects is about Rs 400 crore. The company proposes to subscribe to the share capital of two biotechnology companies, located in India and Hong Kong, to obtain a 40 per cent and a 25 per cent share, respectively. The total investment will be about USD 65 million, in a phased manner, for setting up state-of-the-art facilities for biosimilar products in Goa and China. On 3 May 2012, Cipla announced a major price reduction in selected cancer drugs. On 21st July 2012, Cipla announced collaboration with Drugs for Neglected Diseases initiative (DNDi), a not-for-profit research and development (R&D) organization, to develop and produce an improved first-line antiretroviral (ARV) combination therapy specifically adapted to meet the treatment needs of infants and toddlers living with HIV/AIDS. On 14 August 2012, Cipla announced the launch of Qvir', a novel 4 drug kit priced at Rs 158 for treating HIV/AIDS. On 8 November 2012, Cipla announced a major price reduction on select anti-cancer drugs. On 27 February 2013, Cipla announced an offer to the shareholders of Cipla Medpro South Africa Ltd. (Medpro) to acquire 100% of the ordinary share capital of Medpro for ZAR 10.0 per share via a scheme of arrangement. The Board of Directors of Medpro unanimously resolved to support and facilitate Cipla's offer and recommended to Medpro shareholders that they vote in favour of all resolutions required to implement the scheme of arrangement. Cipla Medpro South Africa is a leading provider of chronic medicines to the public and private sectors. On 16 July 2013, Cipla announced that it had completed the acquisition of 100% of the issued shares of Cipla Medpro South Africa Ltd. for an aggregate consideration of ZAR 4507mn (Rs 2707 crore). On 17 April 2013, Cipla announced the launch of the first biosimilar of Etanercept in India for the treatment of rheumatic disorders. On 20 February 2014, Cipla and MSD announced the formation of an India-specific strategic partnership whereby Cipla will have a non-exclusive license to market, promote and distribute MSD's raltegravir 400mg tablet, under a different brand name in India. The drug is used for the treatment of HIV-1 infection in adult patients as part of combination HIV therapy. On 12 May 2014, Cipla through its wholly owned subsidiary, Cipla (EU) Limited announced $21 million two-phase investment in Chase Pharmaceuticals Corporation Inc., US (Chase) to support Alzheimer's disease drug development. On 19 June 2014, Cipla announced that it has collaborated with Hetero to launch a biosimilar of the drug Darbepoetin alfa' under the brand name Actorise'. The product is indicated for the treatment of anaemia caused due to chronic kidney disease. On 7 July 2014, Cipla announced its intention to make investments of up to 100 million in its UK subsidiary over the next few years. The investment will fund the launch of a range of drugs in the areas of respiratory, oncology and antiretroviral medicines as well as research and development, clinical trials and further expansion internationally and in the UK. In its bid to enter the markets of Czech Republic and Slovaki, Cipla on 8 September 2014 announced commercial collaboration with UK-based S&D Pharma. On 15 September 2014, Cipla announced that it had signed a non-exclusive licensing agreement with Gilead Sciences, Inc. for manufacturing and distribution of Sofosbuvir mono, Ledipasvir mono, the fixed-dose combination of Ledipasvir/Sofosbuvir with each other and the combination of Sofosbuvir or Ledipasvir with other active substances, for the treatment of hepatitis C. On 18 September 2014, Cipla announced that it has granted Salix Pharmaceuticals, Inc., a US-based speciality pharmaceutical company, 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. On 8 October 2014, Medpro Pharmaceutica (Pty) Ltd - a subsidiary company of Cipla Medpro announced that it had entered into sales and distribution arrangement with Teva Pharmaceuticals (Pty) Ltd, an affiliate of Teva Pharmaceutical Industries Ltd (Teva) - the largest generic pharmaceutical manufacturer in the world for the territory of South Africa. As per the tie-up, Cipla Medpro, a 100% subsidiary of Cipla Limited, will exclusively market Teva's broad pharmaceutical product portfolio in South Africa. On 9 February 2015, Cipla announced that its wholly owned subsidiary, Cipla (EU) Limited, U.K. has entered into a joint venture (JV) agreement with Cipla's existing business partners in Morocco - Societe Marocaine De Cooperation Pharmaceutique (Cooper Pharma) and The Pharmaceutical Institute (PHI). This JV is aimed at strengthening Cipla's presence in Morocco, which is in-line with its global growth strategy to build front-end presence in key markets. On 13 February 2015, Cipla announced that it has been awarded USD 188.95 million of Global Fund ARV Tender for anti-retrovirals drugs. The Global Fund is a 21st- century partnership designed to accelerate the end of AIDS, tuberculosis and malaria as epidemics. On 21 July 2015, Cipla announced that its board of directors approved an investment by Fidelity Growth Partners India and US-based Fidelity Biosciences, through FIL Capital Investments (Mauritius) II Limited or its affiliates, in its newly launched consumer healthcare business which is under incorporation. On 4 September, 2015, Cipla announced that its UK arm, Cipla EU has entered into definitive agreements to acquire two US-based companies, InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc for $550 million in an all cash transaction. InvaGen Pharmaceuticals is a leading generic pharmaceutical company in the US. Exelan Pharmaceuticals is a privately held sales and marketing company, with a focus on generic pharmaceuticals for the government and institutional market in the US. On 18 February 2016, Cipla announced that its UK arm, Cipla (EU) Limited had successfully completed the acquisition of InvaGen Pharmaceuticals Inc., and Exelan Pharmaceuticals Inc. The acquisition was made by Cipla (EU) Limited through a wholly owned special purpose vehicle which would merge into InvaGen Pharmaceuticals Inc. after the acquisition. On 8 October 2015, Cipla announced that its South African subsidiary Cipla Medpro (Pty) Ltd. entered into an exclusive agreement with the world's largest vaccine manufacturer, Serum Institute of India (SII) to provide vaccines in South Africa. On 29 October 2015, Cipla announced that it had entered into a definitive agreement to sell its entire 25% stake in Biomab Holding Limited, Hong Kong (BHL) to Biomab Brilliant Limited, British Virgin Islands which holds the remaining 75% stake in BHL, for a total consideration of USD 25,775,000. Biomab Holding Limited is focused on developing Biosimilars for the Chinese market. On 21 December 2015, Cipla announced the launch of generic drug Ledipasvir-Sofosbuvir in India under the brand name Hepcvir-L. Hepcvir-L is the first once-a-day, fixed-dose oral combination therapy that has been approved for chronic hepatitis C genotype 1 patients. On 6 January 2016, BioQ Pharma Incorporated, a specialty pharmaceutical company focused on the development and commercialization of single-use, large-volume ready-to-use infusible pharmaceuticals, and Cipla announced the signing of a strategic distribution, supply and development agreement for the registration and commercialization of BioQ Pharma's Ropivacaine infusion pharmaceutical in India. On 12 October 2016, Cipla announced that it has received Establishment Inspection Report (EIR) from the US FDA for its Indore facility, indicating formal closure of the US FDA inspection conducted in July/August, 2015. On 23 November 2016, Cipla announced that Chase Pharmaceuticals Corporation, a Delaware based corporation (Chase) in which Cipla Limited's UK arm, Cipla (EU) Limited (Cipla UK) has 16.7% stake, has been acquired by a subsidiary of Allergan, plc. Allergan agreed to pay $125 million upfront plus potential regulatory and commercial milestones of up to $875 million to the shareholders of Chase. Cipla UK acquired a minority stake in Chase in May 2014 via a syndicated venture investment. On 17 February 2017, Cipla announced the launch of adult Hepatitis B vaccine in India. Under a co-exclusive agreement with Serum Institute of India Private Limited (SII), Cipla will market the vaccine for adults while SII will market it for adults and children. On 4 March 2017, Cipla announced that it had entered into agreements, through its Wholly Owned Subsidiary Inyanga Trading 386 Proprietary Limited (Inyanga), with the group companies of Ascendis Health Limited, South Africa for divesting its animal health business in South Africa and Sub-Saharan Africa. On 6 April 2017, Cipla announced that its wholly owned subsidiary in USA Cipla USA Inc. signed a worldwide licensing agreement (except for East Asia) with MEDRx Company Limited (MEDRx) to further develop and commercialize MRX-4TZT, a Tizanidine patch for the management of Spasticity. On 30 November 2017, Cipla announced that it had received an approval for its product Q-TIB from World Health Organisation (WHO). Q-TIB is a novel fixed dose combination in a single tablet. This is the first time that such a combination has been made available in the world. During FY18, Anmarat (Pty) Limited was acquired in South Africa as a part of strategy to strengthen OTC portfolio and Cipla Technologies LLC was incorporated in USA to build speciality product portfolio for Cipla. During FY18, two non-operating companies viz., Meditab Specialities New Zealand Ltd and Cipla Pharma Nigeria Ltd were deregistered. As a part of strategy, the Company has divested its entire stake in Cipla Croatia d.o.o., Croatia, Al Jabal For Drugs And Medical Appliances Company Ltd, Yemen, Cipla Agrimed Proprietary Ltd and Cipla Vet Proprietary Ltd., in South Africa. As on 31st March, 2018, it has 49 subsidiaries and 1 associate. During the FY18,the company invested Rs 816 crore on capital expenditure, over Rs 300 crore lower than the previous year. During the FY19, Madison Pharmaceuticals Inc. was incorporated in USA and Cipla Gulf FZ- LLC in Dubai for strengthening its business operations. In South Africa, Mirren (Pty) Limited was acquired as a part of strategy to strengthen its OTC portfolio. In USA, 33.3% stake was acquired in Avenue Therapeutics Inc. for building specialty business in USA. The Company's wholly owned subsidiary Goldencross Pharma Private Limited acquired minority stake i.e. 11.71% in Wellthy Therapeutics Private Limited. During the 2018-19, 4 non-operating subsidiaries viz. Xeragen Laboratories (Pty) Limited, Galilee Marketing (Pty) Ltd, Med Man Care (Pty) Ltd in South Africa and Cipla FZE in Dubai were liquidated. The company had 48 subsidiaries and 2 associates as on 31st March, 2019. During the FY2019, the Company invested Rs 504 crore in capital expenditure (net off sales proceeds), which is lower by Rs 200 crore from the previous year. During the FY2020, Incorporation of Cipla Pharmaceuticals Limited in India for setting up facilities for DPI dosage and for further expansion of MDI and FFS Respule Dosage, Cipla (Colombia) SAS in Colombia and Cipla (China) Pharmaceutical Co. Limited in China for strengthening its business portfolio in foreign markets. Also incorporation of Cipla (Jiangsu) Pharmaceutical Co, Limited as Joint venture between Cipla (EU) Limited and Jiangsu Acebright Pharmaceutical Co. Limited for exploring business opportunities and manufacture of pharmaceutical products in China. The company also acquired the remaining 40% stake in Cipla Pharma Lanka Private Limited (CPL) by Cipla (EU) Limited, to further strengthen its presence in Sri Lanka. Upon acquisition CPL has become a wholly owned subsidiary of Cipla (EU) Limited. Also acquired 30% stake in Brandmed (Pty) Limited by Cipla Medpro South Africa (Pty) Limited to enhance its diversified portfolio in the noncommunicable diseases area. The company also acquired 26% stake in AMPSolar Power Systems Private Limited to enhance the proportion of renewable (solar) based power consumption, and to comply with regulatory requirement for captive power consumption under electricity laws. The company also liquidated Tasfiye Halinde Cipla ila Ticaret Anonim Sirketi, Turkey. The company had 51 subsidiaries and 4 associates as on 31st March, 2020. Cipla won the Digital Supply Chain Enterprise Award' at the 9th edition of the Manufacturing Supply Chain Awards 2020. During the FY2021, The Group has divested its stake in two of its subsidiaries namely Quality Chemical Limited (Group share - 51.18%) and Anmarat Proprietary Limited (wholly owned subsidiary). The Board in its meeting held on 29th January, 2021 has approved a draft scheme of arrangement (Scheme) which entails demerger of the US business undertaking (Demerged Undertaking 1) of Cipla Limited (Demerged Company) into its wholly-owned subsidiary, Cipla BioTec Limited (Resulting Company 1) and consumer business undertaking (Demerged Undertaking 2) of Cipla Limited into its wholly-owned subsidiary, Cipla Health Limited (Resulting Company 2) pursuant to Sections 230 to 232 and the other relevant provisions of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015. The said Scheme would be subject to the receipt of requisite approvals including from the National Company Law Tribunal, BSE Limited, National Stock Exchange of India Limited and Securities and Exchange Board of India, the shareholders and/or creditors of the Demerged Company, Resulting Company 1 and Resulting Company 2. On 30th March 2021, the Company made a strategic investment of Rs 40 Crore in ABCD Technologies LLP. On 3rd May, 2021, GoApptiv Private Limited, existing associate of Cipla, incorporated wholly-owned subsidiary - Iconphygital Private Limited for providing manpower staffing services. On 10th May, 2021, Cipla Technologies LLC (Ciptec'), a subsidiary of the Group has received an anticipatory material breach notice under Development and Commercialization Agreement with Pulmatrix on co-development of Pulmazole. The Company will suitably respond to the said notice. Inyanga Trading 386 (Pty) Limited was voluntarily deregistered /dissolved as wholly-owned step down subsidiary as was operationally inactive and not required effective from 10th December, 2021. As on 31 March 2021,the company had 55 subsidiaries and 5 associate companies under its roof. In FY'22, the Company launched multiple respiratory products in Spain, including Fluticasone MDI, Fluticasone + Salmeterol MDI and Ipratropium MDI, through its recently established front-end presence. More than 55,000 patients were trained as a part of the digital programme that provides live video counselling to patients on the right technique of inhalers and other devices, such as nebulisers and nasal spray, etc. It launched India's first pneumotach based portable, wireless Spirometer, on World COPD Day. It received approval for Lanreotide injection based on a New Drug Application submitted under the 505(b)(2) filing pathway. It also received approval of its Abbreviated New Drug Application (ANDA) for Lanthanum Carbonate Chewable Tablets, 500 mg, 750 mg and 1000 mg. It received USFDA approval for generic therapeutic equivalent version of Sunovion Pharmaceuticals Inc.'s Brovana@ (Arformoterol Tartrate). It launched Spirofy@, India's first pneumotech-based wireless, portable device capable of performing lung function tests outdoors and in remote areas, for better diagnosis of people with chronic obstructive pulmonary disease (COPD) and asthma. During FY'22, Company evaluated 40+ anti-infective medicines, of which five anti-infective medicines are being selected for launch in India in the coming four to five years. It extended the coverage of last year initiatives of Internet of Things (IoT), and Modelling & Simulation (M&S). IoT was implemented for critical laboratory instruments such as chormatography and particle size analyser. M&S was initiated in the formulation R&D centre at Vikhroli to help in reduction of product development cycle time. Robotic Process Automation (RPA) and Artificial Intelligence (AI) were implemented for searching custom based targeted information in the regulatory space. This not only saved manual search time, but helped to stay ahead of the curve in obtaining almost real time information published by various authorities. It collaborated with renowned companies and academic institutions to enhance R&D capabilities specially in the science frontier for computational methods of assessing dry powder inhaler performance for Cipla assets and develop new platform technologies for anti-cancer agents and skin treatments. The Company augmented R&D capabilities by partnering with renowned government institutions such as the Indian Institute of Science Education and Research, National Chemical Laboratory, Raja Ramanna Centre for Advanced Technology for solid state studies, novel polymorph and peptide characterization. In FY 2022, Cipla signed a joint venture agreement with Kemwell Biopharma Private Limited to develop, manufacture and commercialize biosimilars with focus on respiratory therapy. It established nearly 25,000 sq. ft. facility in Fall River Industrial Park, US extending Cipla's respiratory manufacturing footprint. In FY 2021-22, the Company received an approval for the first 505b2 version of lanreotide injection. It continued R&D investments for the US market, which has resulted in pipeline expansion to include multiple differentiated assets. It filed 11 ANDAs and received 9 final approvals (including conversion from tentative approval to final approval). These include ANDAs owned by Cipla and InvaGen Pharmaceuticals Inc. only. During the year 2022, the Company acquired 32.49% stake in AMP Energy Green Eleven Private Limited and 33% partnership interest in Clean Max Auriga Power LLP, to enhance the share of renewable power source in its operation and comply with regulatory requirement for being a captive user under Indian electricity laws. Cipla Digital Health Limited was incorporated as a wholly owned subsidiary of the Company on 25th February, 2022 for creation of patient-facing Digital Therapeutics platform. Cipla Biotec South Africa (Pty) Limited, was voluntarily deregistered /dissolved as wholly-owned step down subsidiary as was operationally inactive and not required with effect from 3rd February, 2022.

Cipla Ltd Directors Reports

Dear Members,

The Board of Directors are pleased to submit its report on the performance of the Company along with the audited standalone and consolidated financial statements for the year ended 31st March, 2022.

Financial Summary and State of Affairs

(Rs in crores)

Year ended 31st March, 2021 Particulars Year ended 31st March, 2022
Standalone Consolidated Standalone Consolidated 1
11,302.71 19,159.59 Gross total revenue 13,091.79 21,763.34
2,784.00 3,290.06 Profit before tax and exceptional item from continuing operations 3,546.23 3,675.39
566.66 - Profit before tax from Discontinuing/Restructuring Operations 358.85 -
2,044.65 2,404.87 Profit for the year (after tax and attributable to shareholders) from continuing operations 2,689.39 2,516.75
423.63 - Profit for the year (after tax and attributable to shareholders) Discontinuing/Restructuring Operations 268.54 -
13.14 (37.46) Other Comprehensive Income for the year (not to be reclassified to P&L) from continuing operations 12.56 111.54
27.75 198.95 Other Comprehensive Income for the year (to be reclassified to P&L) from continuing operations (7.01) 272.13
0.57 - Other Comprehensive Income for the year (not to be reclassified to P&L) Discontinuing/Restructuring Operations 0.55 -
12,479.72 11,117.88 Surplus brought forward from last balance sheet 14,961.71 13,536.98
14,961.71 13,536.98 Profit available for appropriation 17,938.12 16,072.42
Appropriations:
- - Dividend (403.35) (403.35)
14,961.71 13,536.98 Surplus carried forward 17,534.77 15,669.07

The financial results and the results of operations, including major developments have been discussed in detail in the Management Discussion and Analysis report.

The standalone, as well as the consolidated financial statements, have been prepared in accordance with the Indian Accounting Standards ("Ind AS").

Share Capital1

During the year under review, the Company issued and allotted 3,50,757 equity shares to its employees under the Employee Stock Option Scheme 2013-A. As a result, the issued, subscribed and paid-up share capital of the Company increased from Rs 1,61,29,26,558 (divided into 80,64,63,279 equity shares of Rs 2 each) to Rs 1,61,36,28,072 (divided into 80,68,14,036 equity shares of Rs 2 each). The equity shares issued under the Employee Stock Option Scheme 2013-A rank pari- passu with the existing equity shares of the Company.

Dividend

In line with the Dividend Distribution Policy of the Company, we recommend a final dividend of Rs 5 per equity share (250% of face value) for the financial year ended 31st March, 2022. The dividend is subject to the approval of members at the ensuing Annual General Meeting and shall be subject to deduction of income tax at source.

Upon approval, the dividend will be paid to those members whose names will appear in the Register of Members as on the close of 10th August, 2022. The total dividend pay-out will be approximately Rs 403.41 crores, resulting in a pay-out of 13.64% of the Standalone profit after tax of the Company. The Dividend Distribution Policy is uploaded on the website and is available on the Company's website at https://www.cipla.com/sites/ default/files/2019-01/Dividend%20Distribution%20Policy.pdf

Management Discussion and Analysis Report

Pursuant to Regulation 34 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 ("Listing Regulations"), the Management Discussion and Analysis Report for the year under review, has been presented in a separate section on page no. 107, forming a part of this report.

Corporate Social Responsibility (CSR)

A detailed report on Company's CSR initiatives has been provided in the Social Capital section forming a part of the Integrated Report on page no. 92 and Annual Report on CSR initiatives, as required under Section 135 of the Companies Act, 2013 ("Act") which is annexed as Annexure I to this report on page no. 130. Details of the CSR Committee composition, role and meetings, etc. have been provided in the Report on Corporate Governance on page no. 178.

Integrated Report

The Company has voluntarily provided the Integrated Report, which includes both financial and non-financial information. The Integrated Report also covers aspects such as stakeholder engagement, enterprise risk management, materiality assessment, value creation model, strategic business objective, strategy for sustainable growth, performance and prospects of value creation based on the six forms of capitals viz. financial capital, manufactured capital, intellectual capital, human capital, social and relationship capital and natural capital.

The assurance report of DNV Business Assurance India Private Limited, an independent assurance partner is provided on page no. 193 The Report confirms that the non-financial information has been adequately presented.

Business Responsibility & Sustainability Report

The Company for FY 2021-22 has voluntarily presented a Business Responsibility & Sustainability Report ("BRSR"), in lieu of the Business Responsibility Report, provided under a separate section on page no. 145 of this report.

Corporate Governance

In compliance with Regulation 34 read with Schedule V of the Listing Regulations, a Report on Corporate Governance for the year under review, has been presented in a separate section on page no. 164 of this report.

A certificate from M/s. BNP & Associates, Company Secretaries, confirming compliance with corporate governance norms, as stipulated under the Listing Regulations, is annexed as Annexure II to this report.

Directors' Responsibility Statement

Pursuant to section 134(3)(c) of the Act, it is confirmed that the Directors have: i.

i. in the preparation of the annual accounts for the year ended 31st March, 2022, followed the applicable accounting standards and there are no material departures from the same;

ii. selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as of 31st March, 2022 and of the profit of the Company for the year ended on that date;

iii. taken proper and sufficient care 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 fraud and other irregularities;

iv. prepared the annual accounts on a going concern basis;

v. laid down internal financial controls to be followed by the Company and that such internal financial controls are adequate and were operating effectively; and

vi. devised proper systems to ensure compliance with the provisions of all applicable laws and that such systems were adequate and operating effectively.

Conservation of Energy, Technology Absorption, Foreign Exchange Earnings and Outgo

The details of Energy Conservation, Technology Absorption and Foreign Exchange Earnings and Outgo as required under section 134(3)(m) of the Act, read with Rule 8(3) of the Companies (Accounts) Rules, 2014 is annexed as Annexure III to this report.

Share-based incentive schemes

The Company has the following share-based incentive schemes in force:

Employee Stock Option Scheme 2013-A ("ESOS 2013 - A")

Cipla Employee Stock Appreciation Rights Scheme 2021 ("ESAR Scheme 2021")

The Nomination and Remuneration Committee ("NRC") administers the ESOS 2013 - A and the ESAR Scheme 2021 (collectively referred to as "Schemes"). The Schemes are compliant with the Securities and Exchange Board of India (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 ("SEBI ESOP Regulations"). Details of the Schemes have been provided in Note No. 40 of the standalone financial statements. The disclosure in compliance with the SEBI ESOP Regulations is available on the Company's website at https://www.cipla.com/investors/annual-reports.

Pursuant to the provisions of the SEBI ESOP Regulations and the shareholders' approval dated 22nd August, 2013 for ESOS 2013 - A and 25th March, 2021 for ESAR Scheme 2021, the NRC, being authorised, approved the following non-material and non-detrimental amendments to the Schemes, for the welfare of employees:

allowed vesting of unvested options / ESARs till the last working day which earlier was restricted to the date of submission of resignation;

allowed the separated employees to exercise the vested options / ESARs within 3 months post separation which was earlier restricted to a day prior to the last working day of the employees with the Company;

allowed immediate vesting of unvested options / ESARs on the date of retirement (subject to a minimum one-year vesting period) which were earlier lapsed on such date. The employees are allowed to exercise the vested options within 6 months post retirement.

clarified to consider separation as formal termination and cancel all unexercised options / ESARs in case of misconduct/ breach of the Company policies/employment.

In compliance with the requirements of the SEBI ESOP Regulations, a certificate from the secretarial auditor, confirming implementation of the Schemes in accordance with the said regulations and shareholder's resolution is uploaded on the website of the Company at https://www.cipla.com/investors/ annual-reports. The certificate will also be available for electronic inspection by the members during the AGM of the Company.

Human Resources

Information required under Section 197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in Annexure IV to this report.

Information required under Section 197(12) of the Act read with Rule 5(2) and Rule 5(3) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 is provided in a separate exhibit forming part of this report and is available on the website of the Company at https://www.cipla.com/ investors/annualreports.

Particulars of Loans, Guarantees and Investments

Particulars of loans, guarantees and investments under Section 186 of the Act have been provided in Note No. 42 to the standalone financial statements.

Annual Return

The Annual return for the FY 2021-22 has been placed on the website of the Company at https://www.cipla.com/investors/ annual-reports.

Vigil Mechanism

The Company has a Whistle Blower Policy, which lays down the process to convey genuine concerns and seek resolution towards the same without fear of retaliation.

A detailed update on the functioning of the Whistle Blower Policy and weblink of the Policy has been provided in the Report on Corporate Governance, on page no. 180.

Prevention of Sexual Harassment of Women at Workplace

The Company is committed to providing a safe and conducive work environment to all its employees and associates. The Company has

a policy on Prevention of Sexual Harassment at Workplace in place, which is available on the Company website at https://www.cipla. com/sites/default/files/1558508425_POSH-%20Cipla.pdf.

All employees, consultants, trainees, volunteers, third parties and/ or visitors at all business units or functions of the Company, its subsidiaries and/or its affiliated or group companies are covered by the said policy. Adequate workshops and awareness programmes against sexual harassment are conducted across the organisation.

The Company has constituted an Internal Complaints Committee in compliance with the provisions of the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013 and is fully compliant of the Committee composition requirements. The Audit Committee periodically reviews the complaints.

Details of complaints received/disposed during FY 2021-22 are provided in the Report on Corporate Governance on page no. 184.

Related Party Transactions

A detailed note on procedure adopted by the Company in dealing with contracts and arrangements with related parties has been provided in the Report on Corporate Governance on page no. 181.

All contracts, arrangements and transactions entered by the Company with related parties during FY 2021-22 were in the ordinary course of business and on an arm's length basis. During the year, the Company did not enter into any transaction, contract or arrangement with related parties, which could be considered material, in accordance with the Company's Policy on dealing with Related Party Transactions ("RPT Policy"). Accordingly, the disclosure of related party transactions in Form AOC-2 is not applicable. The disclosure on related party transactions as per Ind AS-24 has been provided under Note No. 39 of the standalone financial statements on page no. 262 and Note No. 48 of the consolidated financial statements on page no. 368

During the year, the Company revised its RPT Policy to align it with amendments in the RPT framework under the Listing Regulations. The RPT policy is available on the Company's website at https://www.cipla.com/sites/default/files/2022-05/ Policy-on-Related-Party-Transaction.pdf.

Internal Financial Controls and their adequacy

Cipla has laid down an adequate system of internal controls, policies and procedures for ensuring orderly and efficient conduct of the business, including adherence to the Company's policies, safeguarding of its assets, prevention and detection of frauds and errors, accuracy and completeness of the accounting records and timely preparation of reliable financial disclosures.

The current system of internal financial controls is aligned with the statutory requirements and is in line with the globally- accepted risk-based framework issued by the Committee of Sponsoring Organisations ("COSO") of the Treadway Commission. The internal financial controls are adequate and operating effectively.

Effectiveness of internal financial controls is ensured through management reviews, controlled self-assessment and independent testing by the internal audit team.

Risk Management

The Board of Directors has an Investment and Risk Management Committee ("IRMC") which oversees the Enterprise Risk Management ("ERM") process. An update on ERM activities is presented and deliberated upon in the IRMC meetings on a quarterly basis and periodically at the Board level at least once a year. The Audit Committee has an additional oversight in the area of financial risks and controls. The major risks identified by the businesses and functions are systematically addressed through mitigating actions on a continuing basis. In terms of the provisions of Section 134 of the Act, a detailed note on Risk Management has been provided on page no. 42 of this report.

Board Evaluation

A detailed disclosure on the parameters and the process of Board evaluation as well as the outcome has been provided in the Report on Corporate Governance on page no. 168.

Subsidiaries, Associates and Joint Ventures

At the beginning of the year, the Company had 46 subsidiaries and 5 associates as against 45 subsidiaries and 8 associates as on 31st March, 2022. Changes during the year were as follows:

Acquisition of 32.49% stake in AMP Energy Green Eleven Private Limited and 33% partnership interest in Clean Max Auriga Power LLP, in line with Cipla's commitment to enhance the share of renewable power source in its operation and to comply with regulatory requirement for being a captive user under Indian electricity laws.

Incorporation of Cipla Digital Health Limited as a wholly- owned subsidiary of the Company on 25th February, 2022 for creation of patient-facing Digital Therapeutics platform.

On 3rd May, 2021, GoApptiv Private Limited, existing associate of Cipla, incorporated wholly-owned subsidiary - Iconphygital Private Limited for providing manpower staffing services.

The following wholly-owned step down subsidiaries were voluntarily deregistered /dissolved as these were operationally inactive and not required:

• Cipla Biotec South Africa (Pty) Limited with effect from 3rd February, 2022.

• Inyanga Trading 386 (Pty) Limited with effect from 10th December, 2021.

Details of these subsidiaries and associates are set out on page no. 292 of the Annual Report. Pursuant to Section 129(3) of the Act read with Rule 5 of the Companies (Accounts) Rules, 2014, a statements containing the salient features of the financial statement of the subsidiary and associate companies in Form no. AOC-1 is provided on page no. 377 of the Annual Report.

The statement also provides details of the performance and the financial position of each of the subsidiaries and associates. The consolidated financial statements presented in this annual report include financial results of the subsidiary and associate companies.

Copies of the financial statements of the subsidiary companies will be available on the Company's website www.cipla.com.

Transfer of undertaking by way of a slump sale on a going concern basis

The Board approved a draft scheme of arrangement ("Scheme") which entailed the following:

(i) Demerger of the India-based US business undertaking (Demerged Undertaking 1) of Cipla Limited (Demerged Company) into its wholly-owned subsidiary, Cipla Pharma and Life Sciences Limited (formerly known as Cipla BioTec Limited) (herein after referred to as "CPLS") and

(ii) Demerger of the Consumer Business Undertaking (Demerged Undertaking 2) of Cipla Limited into its wholly- owned subsidiary, Cipla Health Limited (herein after referred to as "CHL").

Post approval, due to certain regulatory developments which made it feasible for this transaction to be effected through an alternate option, the Audit Committee and the Board approved to effect the above transfer of undertakings by way of a slump sale on a going concern basis instead of a Scheme of Arrangement.

The details of the proposed transactions are disclosed in Note No. 36 to the standalone financial statements.

Nomination, Remuneration and Board Diversity Policy

The Board has on the recommendation of the NRC, framed a Nomination Remuneration and Board Diversity Policy ('NRC Policy') for selection, appointment and remuneration of directors, key managerial personnel and senior management employees and other matters as provided under Section 178(3) of the Act.

During the year under review, the Board, based on the recommendation of the NRC Committee, revised the NRC Policy for including the revised sitting fees for non-executive directors for attending the board and board committee meetings.

The salient features of the NRC Policy are as follows:

To provide criteria and terms and conditions with regard to identifying persons who are qualified to become directors (executive and non-executive including independent directors), key managerial personnel and persons who may be appointed in senior management positions.

To recommend the remuneration of the directors, key managerial personnel and senior management personnel and align with the Company's business strategies, values, key priorities and goals.

To provide rewards linked directly to the effort, performance, dedication and achievement of the Company's targets by the employees.

To monitor and periodically review the Board Diversity and recommend to the Board to improve one or more aspects of its diversity and measure progress accordingly.

Undertake any other matters as the Board may decide from time to time.

The Policy is available on the website of the Company at https://www.cipla.com/sites/default/files/2021-06/Nomination- Remuneration-and-Board-Diversity-Policy.pdf.

Directors and Key Managerial Personnel

At the 85th Annual General Meeting of the Company held on 25th August, 2021 the shareholders approved (i) the reappointment of Mr M K Hamied as Non-executive Director liable to retire by rotation, (ii) the re-appointment of Mr Umang Vohra as Managing Director and Global Chief Executive Officer for a period of five years with effect from 1st April, 2021 (iii) the appointment of Mr Robert Stewart as an Independent Director for a period of five years with effect from 14th May, 2021 (iv) the appointment of Mr P R Ramesh as an Independent Director for a period of five years with effect from 1st July, 2021.

In accordance with the provisions of the Act and the Articles of Association of the Company, Ms Samina Hamied, is due to retire by rotation at the ensuing 86thAnnual General Meeting and being eligible, has offered herself for re-appointment. Based on the recommendation of the NRC, the Board of Directors recommends her re-appointment as Director, liable to retire by rotation.

In the opinion of the Board, all the directors, as well as the directors appointed / re-appointed during the year possess the requisite qualifications, experience and expertise and hold high standards of integrity. All Independent Directors, except Mr Robert Stewart, are exempt from the requirement of passing the proficiency test. Unless exempted, Mr Robert Stewart will be required to pass the proficiency test within the permissible time limit. The list of key skills, expertise and core competencies of the Board of Directors is provided in the Report on Corporate Governance at page no. 166 of this Annual Report.

Criteria for determining qualification, positive attributes and independence of a director is given under the NRC Policy.

Ms Naina Lal Kidwai resigned from the position of Independent Director of the Company w.e.f close of business hours on 31st March, 2022. The Board placed on record its sincere appreciation for the contribution made by her as a member of the Board.

Mr Kedar Upadhye, resigned from the position of Global Chief Financial Officer and Key Managerial Personnel of the Company w.e.f. close of business hours on 3rd May, 2022. The Board placed on record its sincere appreciation for the contribution made by him over the years.

Mr Dinesh Jain, Senior Vice-President and Head - Corporate Finance, was appointed by the Board as the Interim Chief Financial Officer, effective 10th May, 2022

As on the date of this report, the Company has the following Key Managerial Persons as per section 2(51) and 203 of the Act:

Sr. Name No. Designation
1 Ms Samina Hamied Executive Vice-Chairperson
2 Mr Umang Vohra Managing Director & Global Chief Executive Officer
3 Mr Dinesh Jain* Interim Chief Financial Officer
4 Mr Rajendra Chopra Company Secretary & Compliance officer

* Mr Dinesh Jain appointed as Interim Chief Financial Officer w.e.f. J0lh May 2022

Ms Samina Hamied, Mr Umang Vohra, Dr Peter Mugyenyi, Mr Ashok Sinha, Mr Robert Stewart and Mr S Radhakrishnan received remuneration/sitting fees from the Company's subsidiaries during FY 2021-22.

Declaration by Independent Directors

All Independent Directors have submitted requisite declarations confirming that they (i) continue to meet the criteria of independence as prescribed under Section 149(6) of the Act and Regulation 16(1)(b) of the Listing Regulations and are independent; and (ii) continue to comply with the Code of Conduct laid down under Schedule IV of the Act. Details on the same have also been provided in the Report on Corporate Governance, which forms a part of this report.

The Directors have further confirmed that they are not debarred from holding the office of director under any SEBI order or any other such authority.

Board Committees and number of meetings of the Board and Board Committees

As on the date of this report the Board has the following committees:

i) Audit Committee

ii) Nomination and Remuneration Committee

iii) Corporate Social Responsibility Committee

iv) Stakeholders Relationship Committee

v) Investment and Risk Management Committee

vi) Operations and Administrative Committee

The Committee of Independent Directors was constituted specifically for the purpose of the Scheme of Arrangement in FY 2020-21. The Committee was dissolved on 25th January, 2022 since it was approved to effect the transaction by way of slump sale and hence, no longer required.

All the recommendations made by the Board committees, including the Audit Committee, were accepted by the Board.

The Board met seven times during the year under review. The details of the meetings are provided in the Report on Corporate Governance, which forms a part of this report.

Statutory Auditor and their report

M/s Walker Chandiok & Co LLP, Chartered Accountants, (Firm Registration No 001076N/ N500013) were re-appointed as the Statutory Auditor of the Company at the 85th AGM held on 25th August, 2021, to hold the office till the conclusion of the 90th AGM to be held in year 2026.

The Statutory Auditor's Report does not contain any qualification, reservation, adverse remarks or observation.

Secretarial Auditor and their reports

M/s BNP & Associates, Company Secretaries, was appointed as the Secretarial Auditor for the financial year ended 31st March, 2022. The Secretarial Auditors have furnished their report annexed as Annexure V to this report.

Further, in compliance with Regulation 24A of the Listing Regulations, the Annual Secretarial Compliance Report issued by the Secretarial Auditor, was submitted to the stock exchanges within the statutory timelines.

The Secretarial Audit Report and the Secretarial Compliance Report does not contain any qualification, reservation, observation or adverse remarks.

The Board of Directors, on the recommendation of the Audit Committee, has re-appointed M/s BNP & Associates, Company Secretaries, to conduct the secretarial audit of the Company for FY 2022-23. They have confirmed their eligibility for the said re-appointment.

Cost Auditor and their report

Mr D H Zaveri, practising Cost Accountant (Fellow Membership No. 8971), was appointed as the Cost Auditor to conduct the audit of Company's cost records for the financial year ended 31st March, 2022. Mr Zaveri has confirmed his eligibility for the said appointment.

The Cost Auditor will submit their report by the due date. The Cost Audit Report, for the year ended 31st March, 2021, was filed with the Central Government within the prescribed time. The Company maintains the cost records as per the provisions of Section 148(1) of the Act.

In accordance with the provisions of Section 148 of the Act read with the Companies (Audit and Auditors) Rules, 2014, since the remuneration to be paid to the Cost Auditor for FY 2022-23 is required to be ratified by the members, the Board of Directors recommends the same for approval by members at the ensuing AGM. The proposal forms a part of the notice of the AGM.

During the year under review, the Statutory, Secretarial and Cost Auditors have not reported to the Audit Committee, under Section 143(12) of the Act, any instances of fraud committed against the Company by its officers or employees, the details of which need to be mentioned in the Board's report.

Other Disclosures

During the financial year under review:

There was no amount proposed to be transferred to the Reserves;

There were no changes made in the nature of business of the Company;

The Company has complied with the applicable Secretarial Standards, i.e., SS-1 and SS-2, relating to 'Meetings of the Board of Directors' and 'General Meetings', respectively;

The Company issued and allotted equity shares as per its ESOS 2013-A Scheme and there was no instance wherein the Company failed to implement any corporate action within the statutory time limit;

The Company did not accept any deposit within the meaning of Sections 73 and 74 of the Act read with the Companies (Acceptance of Deposits) Rules, 2014 and accordingly no amount on account of principal or interest on public deposits was outstanding as on 31st March, 2022;

The Company has not issued shares with differential voting rights and sweat equity shares during the year under review;

There were no significant or material orders passed by the regulators or courts or tribunals which could impact the going concern status of the Company and its future operations;

There were no material changes and commitments which occurred after the close of the year till the date of this report, which may affect the financial position of the Company.

Acknowledgements

We wish to place on record our appreciation to the Government of various countries where the Company has its operations. We thank the Ministry of Chemicals and Fertilisers, India; Central Government; State Government and other regulatory bodies / authorities; banks; business partners; shareholders; medical practitioners and other stakeholders for the assistance, cooperation and encouragement extended to the Company. We would also like to place on record our deep sense of appreciation to the employees for their contribution and services.

On behalf of the Board of Directors
Date: 10th May, 2022 Y K Hamied
Place: London Chairman

   

Cipla Ltd Company Background

Y K HamiedUmang Vohra
Incorporation Year1935
Registered OfficeCipla House Peninsula Buss Par,Ganpatrao Kadam Mg Lower Parel
Mumbai,Maharashtra-400013
Telephone91-22-24826000,Managing Director
Fax91-22-24826120
Company SecretaryRajendra Chopra
AuditorWalker Chandiok & Co LLP
Face Value2
Market Lot1
ListingBSE,Luxembourg,MSEI ,NSE,
RegistrarKFin Techologies Ltd
Karvy Selenium Tow-B,31&32 Financial Dist,Nanakramguda ,Hyderabad-500032

Cipla Ltd Company Management

Director NameDirector DesignationYear
Y K Hamied Chairman (Non-Executive) 2022
M K Hamied Vice Chairman 2022
S Radhakrishnan Non-Exec & Non-Independent Dir 2022
Ashok Sinha Non-Exec. & Independent Dir. 2022
Peter Mugyenyi Non-Exec. & Independent Dir. 2022
Adil Zainulbhai Non-Exec. & Independent Dir. 2022
Punita Lal Non-Exec. & Independent Dir. 2022
Samina Hamied Executive Vice Chairperson 2022
Umang Vohra Managing Director & Global CEO 2022
Rajendra Chopra Company Sec. & Compli. Officer 2022
Robert A Stewart Independent Director 2022
P R Ramesh Independent Director 2022
Mandar Purushottam Vaidya Independent Director 2022

Cipla Ltd Listing Information

Listing Information
NIFTY
BSE_500
BSE_HC
BSE_100
BSE_200
BSEDOLLEX
CNX500
CNXPHARMA
CNX100
CNX200
BSECARBONE
NI15
NFT100EQWT
BSEALLCAP
BSELARGECA
BSEMANUFAC
SENSEX50
ESG100
LMI250
BSEDSI
BSELVI
NFT50EQWT
NFT100LV30
BSE100LTMC
NFTYLM250
NFTYALV30
NFTYHEALTH
NF500M5025

Cipla Ltd Finished Product

Product NameUnit Installed
Capacity
Production
Quantity
Sales
Quantity
Sales
Value
Sales NA 00012827.29
Royalty NA 000106.47
Technical Know-how fees NA 00060.46
Export Incentives NA 00035.54
Scrap Sales NA 00032.42
GST area Based Incentive NA 00021.85
Marketing & Other Product Lic.NA 00010.17
Rendering of Services NA 0003.67
Service Income NA 0000
Others-Traded NA 0000
Excise Duty NA 0000
Bulk Drugs (Including Malts) MT 0000
Bulk Drugs-Traded NA 0000
Aerosols No 0000
Aerosols-Traded NA 0000
Creams MT 0000
Creams-Traded NA 0000
Injections/Sterile Solutions KL 0000
Injections-Traded NA 0000
Liquids KL 0000
Liquids-Traded NA 0000
Tablets & Capsules No 0000
Tablets & Capsules NoM0000
Tablets & Capsules-Traded NA 0000
Agro Chemical Formulations MT 0000
Others No 0000
Other Operating Revenue NA 000-6.08

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