Pfizer Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Dec 2018
Auditor and Management Disclosures and Notes for the quarterly results dated 31 Dec 2018
1. The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its Meeting held on January 24, 2019 and were approved and taken on record at the Meeting of the Board of Directors of the Company held on that date.
2. The financial results of the Company have been prepared in accordance with Indian Accounting Standards (‘Ind AS”) prescribed under Section 133 of the Companies Act, 2013 read with relevant rules thereunder and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated July 5, 2016. Effective April 1, 2018, the Company adopted Ind AS 115 “Revenue from Contracts with Customers” using the cumulative retrospective transition method. There was no material effect on the financial statements on the adoption of Ind AS 115.
3. The financial results for quarter and nine months ended December 31, 2018 have been subjected to limited review by the statutory auditors of the Company. The limited review report does not contain any modifications. The limited review report will be filed with the Stock Exchanges and will also be available on the Company’s website - www.pfizerindia.com
4. The Government of India has implemented Goods and Service Tax (GST) with effect from July 1, 2017 which replaced Excise Duty and various other indirect taxes. As per Ind AS 115, the revenue for the quarter and nine months ended December 31, 2018 is reported net of GST. The sales for the period up to June 30, 2017 were reported inclusive of Excise duty. Sales for the nine months ended December 31, 2017 includes Excise duty up to June 30, 2017. Accordingly, sales for the period are not comparable.
5. During the quarter, the Company divested rights and interests in two brands for a consideration of `30 crore. The income, net of related expenses, is included in Other income for the quarter and nine months ended December 31, 2018
6. The Company has only one segment which is ‘Pharmaceuticals’. Therefore disclosure relating to segments is not applicable and accordingly not made.
7. Figures for previous quarters / year have been regrouped / recasted where necessary.