Good Health Can’t Wait.

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Good Health Can’t Wait. Dr. Reddy’s Laboratories Limited NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (All amounts in Indian Rupees millions, except share data and where otherwise stated) 2.22: TAX EXPENSE PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Current tax expense Domestic taxes 4,457 5,090 MAT credit entitlement (644) - Foreign taxes 2,429 1,478 6,242 6,568 Deferred tax expense/ (benefit) Domestic taxes 40 295 Foreign taxes (650) (32) (610) 263 (a) Pursuant to a favourable order from Income Tax Appellate Tribunal, Hyderabad over a previously litigated matter, the company has reversed a tax provision of ` 684 during the year ended 31 March 2014. 2.23: RESEARCH AND DEVELOPMENT EXPENSES Details of research and development expenses (excluding depreciation and amortisation expense) incurred during the year and included under various heads of expenditure are given below: PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Employee benefits expense (included in note 2.19) 4,310 2,624 Other expenses (included in note 2.21) Materials and consumables 2,936 2,250 Clinical trials and other R&D expenses 9,605 7,758 16,851 12,632 2.24: EARNINGS PER SHARE (EPS) PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Earnings Profit for the year 23,364 19,632 Shares Number of shares at the beginning of the year 170,108,868 169,836,475 Add: Equity shares issued on exercise of vested stock options 272,306 272,393 Total number of equity shares outstanding at the end of the year 170,381,174 170,108,868 Weighted average number of equity shares outstanding during the year – Basic 170,314,506 170,044,518 Add: Weighted average number of equity shares arising out of outstanding stock options (net of the stock options forfeited) that have dilutive effect on the EPS 742,463 813,171 Weighted average number of equity shares outstanding during the year – Diluted 171,056,969 170,857,689 Earnings per share of par value ` 5/- – Basic (`) 137.18 115.45 Earnings per share of par value ` 5/- – Diluted (`) 136.59 114.90 192
Consolidated Financial Statements Annual Report 2014 - 15 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (All amounts in Indian Rupees millions, except share data and where otherwise stated) 2.25: DEFERRED TAXATION PARTICULARS AS AT 31MARCH2015 AS AT 31MARCH2014 Deferred tax assets / (liabilities) Operating tax loss and interest loss carry-forward 581 281 Inventories 240 211 Trade receivables & Other current assets 916 1,040 Current Liabilities & Provisions 868 711 Stock based compensation (288) (207) Tangible and Intangible assets (1,274) (1,360) Deferred tax assets, net 1,043 676 The net deferred tax assets of ` 1,043 (previous year: `676) have the following breakdown: PARTICULARS AS AT 31MARCH2015 AS AT 31MARCH2014 Deferred tax assets 2,450 1,917 Deferred tax liabilities (1,407) (1,241) Deferred tax assets, net 1,043 676 2.26 (a): DESCRIPTION OF THE GROUP Dr. Reddy’s Laboratories Limited (“DRL” or the “parent company”) together with its subsidiaries (collectively, “the Company” or “the Group”) is a leading India-based pharmaceutical company headquartered and having its registered office in Hyderabad, Telangana, India. Through its three businesses - Pharmaceutical Services and Active Ingredients, Global Generics and Proprietary Products – the Company offers a portfolio of products and services, including Active Pharmaceutical Ingredients (“APIs”), Custom Pharmaceutical Services (“CPS”), generics, biosimilars, differentiated formulations and New Chemical Entities (“NCEs”). The Company’s principal research and development facilities are located in Andhra Pradesh, India; Cambridge, United Kingdom; and Leiden, the Netherlands; its principal manufacturing facilities are located in Telangana, India; Andhra Pradesh, India; Himachal Pradesh, India; Cuernavaca-Cuautla, Mexico; Mirfield, United Kingdom; Louisiana, United States and Tennessee, United States; and its principal markets are in India, Russia, the United States, the United Kingdom, Venezuela and Germany. The Company’s shares trade on the Bombay Stock Exchange and the National Stock Exchange in India and, since 11 April 2001, also on the New York Stock Exchange in the United States. Subsidiaries, step-down subsidiaries and joint ventures of the parent company are listed below: ENTITY COUNTRY OF INCORPORATION PERCENTAGE OF HOLDING (%) Subsidiaries Aurigene Discovery Technologies Limited A Company organised under the laws of India 100 Cheminor Investments Limited A Company organised under the laws of India 100 Dr. Reddy’s Bio-sciences Limited A Company organised under the laws of India 100 Dr. Reddy’s Farmaceutica Do Brasil Ltda. A Company organised under the laws of Brazil 100 Dr. Reddy’s Pharma SEZ Limited A Company organised under the laws of India 100 Dr. Reddy’s Laboratories SA A Company organised under the laws of Switzerland 100 DRL Impex Limited A Company organised under the laws of India 100 Idea2Enterprises (India) Private Limited A Company organised under the laws of India 100 Industrias Quimicas Falcon de Mexico S.A.de C.V A Company organised under the laws of Mexico 100 Reddy Antilles N.V. A Company organised under the laws of Netherlands 100 Reddy Cheminor S.A. (under liquidation) A Company organised under the laws of France 100 Reddy Pharma Iberia SA A Company organised under the laws of Spain 100 Step-down subsidiaries Aurigene Discovery Technologies (Malaysia) SDN BHD Aurigene Discovery Technologies Inc. A subsidiary of Aurigene Discovery Technologies Limited organised under the laws of Malaysia A subsidiary of Aurigene Discovery Technologies Limited organised under the laws of USA beta Institut gemeinnützige GmbH A subsidiary of Reddy Holding GmbH organised under the laws of Germany 100 betapharm Arzneimittel GmbH A subsidiary of Reddy Holding GmbH organised under the laws of Germany 100 100 100 193
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ANNUAL REPORT 2014-15 Good Health C
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