Sun Pharma Advanced Research Company 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 unaudited financial results are as per the Regulation 33 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 and have been taken on record by the Board of Directors at its meeting held on February 4, 2019 after being reviewed by the Audit Committee and have been subjected to a limited review by Statutory Auditors of the Company.

2. The Company has only one reportable business segment namely 'Pharmaceutical Research & Development'.

3. Ind AS 115 Revenue from Contracts with Customers is mandatory for reporting periods beginning on or after April 01, 2018 and replaces existing revenue recognition requirements. During the previous quarter, the Company had further evaluated the impact of Ind AS 115 for certain open contracts and in respect of revenue recognized till March 31, 2018, where performance obligation criteria as required by Ind AS 115 was not met, the same had been reversed and impact thereof Rs. 1,877 lakhs was adjusted to retained earnings as at April 01, 2018. The Company had recognised the said revenue during the previous quarter on meeting the performance obligation criteria and accordingly Revenue from Operations is higher by Rs. 1,877 lakhs, Loss is lower by Rs. 1,877 lakhs and Basic and Diluted earnings per share is higher by Rs. 0.73 per share for the quarter ended September 30, 2018 and nine months ended December 31, 2018.

4. Previous period figures have been regrouped / rearranged, wherever necessary, to correspond to current period's presentation.