Rudra Shares and Stock Brokers LTD.

DIRECTOR'S REPORT

Ipca Laboratories Ltd

Industry : Pharmaceuticals - Indian - Bulk Drugs & Formln

BSE Code:	524494
ISIN Demat:	INE571A01038
Book Value(Rs):	244.5848347

NSE Symbol:	IPCALAB
Div & Yield %:	0.31
Market Cap (Rs Cr.):	32669.49

P/E(TTM):	59.34
EPS(TTM):	21.7
Face Value(Rs):	1

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TO THE MEMBERS

Your Directors have pleasure in presenting the 73^rd Annual Report and Audited Financial Statements for the financial year ended 31^st March, 2023.

STANDALONE AND CONSOLIDATED FINANCIAL RESULTS

(Rs Crores)

	STANDALONE	CONSOLIDATED
	Year ended 31.3.2023	Year ended 31.3.2022	Year ended 31.3.2023	Year ended 31.3.2022
Sales and other Income	5925.81	5491.22	6369.94	5896.36
Profit before finance cost and depreciation	1023.04	1291.00	1052.39	1375.83
Less : Finance cost	43.92	7.24	45.54	7.69
Depreciation and Amortisation	228.63	209.65	261.56	232.42
Profit before tax	750.49	1074.11	745.29	1135. 72
Less : Provision for taxation Current Tax	223.95	197.20	230.14	207.01
Short / (Excess) provision of taxes for earlier years	-	0.08	0.22	0.50
Deferred Tax Liability / (Asset)	20.84	16.46	23.00	17.26
Net Profit	505.70	860.37	491.93	910.95

TRANSFER TO RESERVES

The Company does not propose to transfer any amount to the general reserve out of the amount available for appropriation.

FINANCIAL STATEMENTS

The standalone and consolidated financial statements are prepared in accordance with the Indian Accounting Standards (Ind-AS) as prescribed under Section 133 of the Companies Act, 2013 read with Rule 3 of the Companies (Indian Accounting Standards) Rules, 2015 and Companies (Indian Accounting Standards) Amendment Rules, 2016.

In accordance with Indian Accounting Standard (Ind AS-110), the audited consolidated financial statements are also provided in the Annual Report.

CREDIT RATING

During the year under report, India Ratings & Research (A Fitch Group Company) has reviewed and assigned the following ratings to Company's working capital limit, long term loan and commercial paper :

• Fund / Non-Fund based working capital limit (Rs 17500 Millions) - IND AA+ / Stable / IND A1 +

• Long Term Loan (' 4000 Millions) - IND AA+ / Stable / IND A1 +

• Commercial Paper (' 500 Millions) - IND A1 +

COVID -19 PANDEMIC

The Covid-19 pandemic which began in late 2019 caused unprecedented disruption in economic activities globally. The World Health Organization (WHO) declared Covid-19 as a global health emergency on 30^th January, 2020. India too suffered waves of Covid-19 pandemic.

Covid-19 pandemic is a healthcare crisis that has shaken global economy and has forced countries across the globe to invest more and more in healthcare infrastructure. The Covid-19 pandemic has changed the way we operate. The consumer behavior and consumption pattern have also undergone changes. There is no doubt that Covid-19 pandemic had a profound impact on pharmaceutical industry with demand changes and shift towards telemedicine and online consultancy with doctors.

As on 5^th May, 2023, WHO ended the Covid-19 public health emergency of international concern. Though, the virus causing Covid-19 disease will remain as a permanently established pathogen in humans and animals for the foreseeable future, this pandemic has now nearly reached the endemic stage.