Pfizer Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2017
Auditor and Management Disclosures and Notes for the annual results dated 31 Mar 2017
1. The above results were reviewed and recommended by the Audit Committee, for approval by the Board, at its Meeting held on May 6, 2017 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 there under and in terms of Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and SEBI circular dated July 5, 2016. Accordingly, the figures for corresponding quarter and year ended March 31, 2016 have been presented after incorporating the applicable Ind AS adjustments.
3. The financial results for year ended March 31, 2017 have been audited by the statutory auditors of the Company. The audit report does not contain any qualifications.
4. The figures for the quarter ended March 31, 2017 and quarter ended March 31, 2016 as reported in these financial results are the balancing figures between the audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the relevant financial year. Also, the figures up to the end of the third quarter were only reviewed and not subjected to audit.
5. Exceptional items for the year ended March 31, 2017 includes i) income from sale of premises during the quarter ended June 30, 2016 and December 31, 2016, ii) income from assignment of trademarks, net of related expenses during the quarter ended September 30, 2016.
Exceptional items for the year ended March 31, 2016 included income from surrender of lease rights, net of related expenses and expenses incurred in relation to proposed transfer of business undertaking at Thane.
6. Reconciliation between financial results as previously reported under previously applicable Generally Accepted Accounting Principles ('Previous GAAP') and Ind AS for the quarter and year ended March 31, 2016 is as below - (For Table, kindly refer Corporate Announcements on www.bseindia.com).
7. Reconciliation of Equity as on March 31, 2016 as previously reported under Previous GAAP to Ind AS is as below - (For Table, kindly refer Corporate Announcements on www.bseindia.com).
8. The Company had entered into an agreement for sale of business undertaking at Thane as a going concern to Vidhi Research & Development LLP ("Vidhi"), on a slump sale basis for consideration of Rs 17,800 lakhs, to be paid in installments, subject to fulfilment of the conditions precedent to the closing. The impact of the transaction would be reflected upon closure of the transaction. Other current liabilities include Rs 15,000 lakhs and Rs 9,000 lakhs received from Vidhi as at March 31, 2017 and March 31, 2016 respectively.
9. The Company has discontinued the manufacturing of Corex cough syrup formulation' effective this quarter. The said formulation recorded revenue of Rs 18,645 lakhs for the year ended March 31, 2017.
10. The Company has only one segment which is 'Pharmaceuticals'. Therefore disclosure relating to segments is not applicable and accordingly not made.
11. The Board of Directors of the Company has recommended a normal dividend of 150% (Rs 15 per equity share of Rs 10 each) and a special dividend of 50% (Rs 5 per equity share of Rs 10 each) on account of exceptional income during the year, aggregating to total dividend of 200% (Rs 20 per equity share of Rs 10 each) for the year ended March 31, 2017.