Jubilant Pharmova - Annual Report 2018-19

213472

Annual Report 2018-191

Contents

Board of Directors

02

Senior Leadership Team

03

Chairmen's Message

04

Management Discussion & Analysis

08

Directors' Report

60

Report on Corporate Governance

98

Business Responsibility Report

128
Independent Auditors' Report on Financial Statements 139

Balance Sheet and Statement of Prot and Loss

146

Statement of Changes in Equity

148

Cash Flow Statement

150

Notes to the Financial Statements

152

Independent Auditors' Report on

Consolidated Financial Statements

204

Consolidated Balance Sheet and

Consolidated Statement of Prot and Loss

210

Consolidated Statement of Changes in Equity

212

Consolidated Cash Flow Statement

214

Notes to the Consolidated Financial Statements

216

Salient Features of Financial Statements of

Subsidiaries/Associates/ Joint Ventures (Form AOC-1) 276

Corporate Information

280

Jubilant Life Sciences Limited 2

Board of Directors

S Sridhar

Director

Dr. Ashok Misra

Director

Sushil Kumar Roongta

Director

Sudha Pillai

Director

Arun Seth

Director

Vivek Mehra

Director

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and

Managing Director

Rajesh Kumar Srivastava

Whole-time Director

Anant Pande

Whole-time Director

Arjun Shanker Bhartia

Director

Priyavrat Bhartia

Director

Annual Report 2018-193

Senior Leadership Team

Marcel Velterop

President

Drug Discovery Solutions

& CDMO

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and

Managing Director

R Sankaraiah

Executive Director

Finance

Dr. Rajesh Kapoor

Chief of Quality

Ajay Khanna

Group Ombudsman

and Chief Strategic & Public A?airs

Pramod Yadav

CEO

Jubilant Pharma

Rajesh Kumar Srivastava

CEO

Life Science Ingredients

Jubilant Life Sciences Limited 4

Chairmen's Message

We are focused on our strategy of maintaining a de-risked business model and being closer to the customer with integrated operations and leadership in key products.

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and Managing Director

Annual Report 2018-195

Dear Fellow Shareholders,

The Company reported strong ?nancial performance

in FY 2019 with record sales and pro?tability driven by robust growth in the Pharmaceuticals segment. Our strategic focus on de-risked business model and being closer to the customer with leadership in key products, and our global competitive edge due to vertical integration drives our continued strong performance. As per the International Monetary Fund (IMF), the global economy is expected to grow at 3.2% and 3.5% in 2019 and 2020. Key economies such as the US, European Union (EU) and China are expected to witness slowdown in growth in 2019, which has resulted in governments and centrals banks of these economies to adopt stimulus measures along with accommodative monetary policies to support economic growth. On the other hand, India is the fastest growing major economy in the world for the second consecutive year. IMF expects India's GDP growth in FY 2020 and FY 2021 at 7.0% and 7.2%, respectively. The global pharmaceuticals market is expected to grow at 6.4% Compound Annual Growth Rate (CAGR) between

2018-2024 to reach US$ 1.2 trillion in 2024. This growth

is expected to be driven by novel therapies addressing key unmet needs, growth in core therapeutic areas and increase in access to medicines globally. The Indian pharmaceutical market is the third largest in the global pharmaceutical industry in terms of volume and the largest exporter of generic drugs in the world, accounting for about 20% of the global generic drug exports. India is also the second largest contributor of global biotech and pharmaceutical workforce and labor

Annual Report 2018-191

Contents

Board of Directors

02

Senior Leadership Team

03

Chairmen's Message

04

Management Discussion & Analysis

08

Directors' Report

60

Report on Corporate Governance

98

Business Responsibility Report

128
Independent Auditors' Report on Financial Statements 139

Balance Sheet and Statement of Prot and Loss

146

Statement of Changes in Equity

148

Cash Flow Statement

150

Notes to the Financial Statements

152

Independent Auditors' Report on

Consolidated Financial Statements

204

Consolidated Balance Sheet and

Consolidated Statement of Prot and Loss

210

Consolidated Statement of Changes in Equity

212

Consolidated Cash Flow Statement

214

Notes to the Consolidated Financial Statements

216

Salient Features of Financial Statements of

Subsidiaries/Associates/ Joint Ventures (Form AOC-1) 276

Corporate Information

280

Jubilant Life Sciences Limited 2

Board of Directors

S Sridhar

Director

Dr. Ashok Misra

Director

Sushil Kumar Roongta

Director

Sudha Pillai

Director

Arun Seth

Director

Vivek Mehra

Director

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and

Managing Director

Rajesh Kumar Srivastava

Whole-time Director

Anant Pande

Whole-time Director

Arjun Shanker Bhartia

Director

Priyavrat Bhartia

Director

Annual Report 2018-193

Senior Leadership Team

Marcel Velterop

President

Drug Discovery Solutions

& CDMO

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and

Managing Director

R Sankaraiah

Executive Director

Finance

Dr. Rajesh Kapoor

Chief of Quality

Ajay Khanna

Group Ombudsman

and Chief Strategic & Public A?airs

Pramod Yadav

CEO

Jubilant Pharma

Rajesh Kumar Srivastava

CEO

Life Science Ingredients

Jubilant Life Sciences Limited 4

Chairmen's Message

We are focused on our strategy of maintaining a de-risked business model and being closer to the customer with integrated operations and leadership in key products.

Shyam S Bhartia

Chairman

Hari S Bhartia

Co-Chairman and Managing Director

Annual Report 2018-195

Dear Fellow Shareholders,

The Company reported strong ?nancial performance

in FY 2019 with record sales and pro?tability driven by robust growth in the Pharmaceuticals segment. Our strategic focus on de-risked business model and being closer to the customer with leadership in key products, and our global competitive edge due to vertical integration drives our continued strong performance. As per the International Monetary Fund (IMF), the global economy is expected to grow at 3.2% and 3.5% in 2019 and 2020. Key economies such as the US, European Union (EU) and China are expected to witness slowdown in growth in 2019, which has resulted in governments and centrals banks of these economies to adopt stimulus measures along with accommodative monetary policies to support economic growth. On the other hand, India is the fastest growing major economy in the world for the second consecutive year. IMF expects India's GDP growth in FY 2020 and FY 2021 at 7.0% and 7.2%, respectively. The global pharmaceuticals market is expected to grow at 6.4% Compound Annual Growth Rate (CAGR) between

2018-2024 to reach US$ 1.2 trillion in 2024. This growth

is expected to be driven by novel therapies addressing key unmet needs, growth in core therapeutic areas and increase in access to medicines globally. The Indian pharmaceutical market is the third largest in the global pharmaceutical industry in terms of volume and the largest exporter of generic drugs in the world, accounting for about 20% of the global generic drug exports. India is also the second largest contributor of global biotech and pharmaceutical workforce and labor