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) 2.32: EMPLOYEE STOCK OPTION SCHEME (CONTINUED) The date of grant, number of options granted, exercise price fixed by the Committee for respective options and the market price of the shares of the Company on the day prior to the date of grant is given below: DATE OF GRANT NUMBER OF OPTIONS GRANTED EXERCISE PRICE ` MARKET PRICE ` (AS PER SEBI GUIDELINES) 25 May 2014 40,096 5.00 2,308.70 15 June 2014 4,700 5.00 2,445.15 14 July 2014 1,000 5.00 2,700.70 Stock option activity under the DRL 2007 Plan was as follows: CATEGORY B – PAR VALUE OPTIONS YEAR ENDED 31 MARCH 2015 PARTICULARS SHARES ARISING OUT OF OPTIONS RANGE OF EXERCISE PRICES WEIGHTED-AVERAGE EXERCISE PRICE WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (MONTHS) Outstanding at the beginning of the year 97,463 ` 5.00 ` 5.00 79 Granted during the year 45,796 5.00 5.00 90 Expired / Forfeited during the year (10,515) 5.00 5.00 - Exercised during the year (34,394) 5.00 5.00 - Outstanding at the end of the year 98,350 ` 5.00 ` 5.00 72 Exercisable at the end of the year 6,730 ` 5.00 ` 5.00 42 CATEGORY B – PAR VALUE OPTIONS YEAR ENDED 31 MARCH 2014 PARTICULARS SHARES ARISING OUT OF OPTIONS RANGE OF EXERCISE PRICES WEIGHTED-AVERAGE EXERCISE PRICE WEIGHTED- AVERAGE REMAINING CONTRACTUAL LIFE (MONTHS) Outstanding at the beginning of the year 98,608 ` 5.00 ` 5.00 73 Granted during the year 44,240 5.00 5.00 90 Expired / Forfeited during the year (14,132) 5.00 5.00 - Exercised during the year (31,253) 5.00 5.00 - Outstanding at the end of the year 97,463 ` 5.00 ` 5.00 79 Exercisable at the end of the year 7,265 ` 5.00 ` 5.00 44 The Company has not granted any options under Category A of “the DRL 2007 Plan”. The Company has followed intrinsic method of accounting based on which a compensation expense of `519 (previous year: `468) has been recognized in the statement of profit and loss. 2.33: OPERATING LEASE The Company has leased offices and vehicles under various operating lease agreements that are renewable on a periodic basis at the option of both the lessor and the lessee. Total expense recognised in statement of profit and loss on account of operating leases during the year amounts to ` 822 (previous year: ` 749). The schedule of future minimum rental payments in respect of non-cancellable operating leases is set out below: PARTICULARS AS AT 31 MARCH 2015 AS AT 31 MARCH 2014 Not later than one year 384 359 Later than one year and not later than five years 1,259 1,007 Beyond five years 852 937 2,495 2,303 During the year ended 31 March 2014, the Company entered into a non-cancellable operating lease for an office and laboratory facility in the United States of America. The future minimum rental payments in respect of this lease are ` 1,458 (USD 23 million) and ` 1,556 (USD 26 million) as at 31 March 2015 and 31 March 2014, respectively. 208
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) 2.34: FINANCE LEASE The Company has taken buildings, vehicles and plant and machinery under finance lease. Future minimum lease payments under finance leases as at 31 March 2015 are as follows: PARTICULARS PRESENT VALUE OF MINIMUM LEASE PAYMENTS FUTURE INTEREST MINIMUM LEASE PAYMENTS Not later than one year 87 117 204 Later than one year and not later than five years 263 249 512 Beyond five years 512 185 697 862 551 1,413 Future minimum lease payments under finance leases as at 31 March 2014 were as follows: PARTICULARS PRESENT VALUE OF MINIMUM LEASE PAYMENTS FUTURE INTEREST MINIMUM LEASE PAYMENTS Not later than one year 100 122 222 Later than one year and not later than five years 263 272 535 Beyond five years 684 206 890 1,047 600 1,647 2.35: EMPLOYEE BENEFIT PLANS 2.35.1 Gratuity Plan of Dr. Reddy’s Laboratories Limited In accordance with applicable Indian laws, the Company provides for a lump sum payment to eligible employees, at retirement or termination of employment based on the last drawn salary and years of employment with the Company. Effective 1 September 1999, the Company established the Dr. Reddy’s Laboratories Gratuity Fund (the “Gratuity Fund”). Liabilities in respect of the Gratuity Plan are determined by an actuarial valuation, based upon which the Company makes contributions to the Gratuity Fund. Trustees administer the contributions made to the Gratuity Fund. Amounts contributed to the Gratuity Fund are primarily invested in Indian government bonds and corporate debt securities. A portion of the fund is also invested in Indian equities. The following table sets out the status of the aforesaid funded gratuity plan as required under AS-15 (Revised): Reconciliation of the present value of the defined benefit obligation PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Opening defined benefit obligation 1,040 875 Current service cost 136 117 Interest cost 99 74 Actuarial losses / (gains) 45 45 Benefits paid (84) (70) Closing defined benefit obligation 1,236 1,040 Change in the fair value of assets: PARTICULARS FOR THE YEAR ENDED 31 MARCH 2015 FOR THE YEAR ENDED 31 MARCH 2014 Opening fair value of plan assets 908 707 Expected return on plan assets 80 56 Actuarial gains / (losses) 43 14 Contributions by employer 210 201 Benefits paid (84) (70) Closing fair value of plan assets 1,157 908 209
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ANNUAL REPORT 2014-15 Good Health C
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