Pfizer Ltd. - Quarterly/Annual Result Disclosures and Notes dated 31 Mar 2020

NOTES:



1. The above results were reviewed and recommended by the Audit Committee, for approval by the

Board, at its Meeting held on 15 June 2020 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.



3. The financial results for year ended 31 March 2020 have been audited by the statutory auditors of

the Company. The audit report does not contain any modifications. The audit report will be filed

with the Stock Exchanges and will also be available on the Company’s website -www.pfizerindia.com



4. Figures for the quarter ended 31 March 2020 and 31 March 2019 represent the difference between

the audited figures in respect of the full financial year and published figures of nine months ended

31 December 2019 and 31 December 2018 respectively which were subject to a limited review by

the statutory auditors.



5. Effective 1 April 2019 the Company adopted Ind AS 116 “Leases” using the modified retrospective

method. Accordingly, comparatives for the year / quarter have not been retrospectively adjusted.



6. The Company elected to exercise the option permitted under Section 115BAA of the Income Tax Act,

1961 as introduced by the Taxation Laws (Amendment) Ordinance, 2019. Accordingly, the Company

has recognized Provision for Income Tax for the year ended 31 March 2020 and remeasured its

deferred tax assets and deferred tax liabilities basis the rate prescribed in the said section. The full

impact of this change has been recognized in the Statement of Profit and Loss.



7. During the year, the Company divested rights and interests in two brands for a consideration of

Rs 37 crore. The income of Rs 31 crore (31 March 2019: Rs 29 crore), net of related expenses and

deferment of revenue as per Ind AS 115 on account of supply arrangement, is included in

‘Other Income’.



8. The Company has only one segment which is ‘Pharmaceuticals’. Therefore, disclosure relating to

segments is not applicable and accordingly not made.



9. The Board of Directors at its Meeting held on 27 April 2020 declared a special (interim) dividend of

Rs 320 per equity share of Rs 10 each (3200%) for the financial year ended 31 March 2020. This being

an event after the reporting date, in accordance with Ind AS 10, no adjustments have been made in

the financial statements for the year ended 31 March 2020.



In addition to the above, the Board of Directors had further at its Meeting held today, recommended

a final dividend of Rs 10 per equity share of Rs 10 each (100%) for the financial year ended 31 March

2020.



10. COVID-19, a pandemic caused by the novel Coronavirus, has emerged as an unprecedented

challenge globally and to the pharmaceutical companies in particular, who have a responsibility

towards public health. As a participant in this eco-system, the Company has taken a number of steps

to respond to this unique situation. The Company has taken effective steps to ensure supply of

essential medicines to its customers. The Company’s Goa Plant continues to remain operational at

almost its usual capacity. The Company has strictly followed the protocols on social distancing and

provided safe working environment at its Goa Plant.



The Company transitioned into a full Work From Home model and several measures were put in

place for communications, technology and productivity improvements to help employees cope with

this change. The Company also made various contributions to Government, health department,

public healthcare workers, etc., as part of its COVID-19 CSR initiatives.

There has been no significant adverse operational impact on the Company’s supply chain during

March 2020 due to the Nationwide lockdown imposed by the Government of India in view of

COVID-19, a pandemic caused by the Novel Coronavirus. The Company has monitored the impact of

COVID-19 on all aspects of its business. The management has exercised due care, in concluding on

significant accounting judgements and estimates, recoverability of receivables, assessment for

impairment of goodwill, intangible assets, inventory based on the information available as on date,

while preparing the financial results as of and for the year ended 31 March 2020.



In view of the continued uncertainties and its inability to predict the extend and duration of

COVID-19 situation, the Company currently is unable to predict any future impact on its business

operations. The Company will continue to ensure supply of essential medicines and take steps to

mitigate any risks associated with COVID-19 pandemic.



11. Figures for previous quarters / year have been regrouped / restated where necessary.



12 The current tax for quarter and year ended March 31, 2020 includes reversal of Rs. 44.5 Crore pertaining to prior years’ income tax provisions.


Amount of Investment is Below Rs. 1 Lakh