Piramal Ar Full 2015 16

Contents
Change is the only thing constant in

the world. Companies which are able
to embrace continuous change to
grow faster have come out as better
performers than the rest. Change
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carries out its activities, however,
it may or may not encompass the
whole organisation.
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implementing a portfolio of
initiatives. More importantly, the
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or revised business model, based
on a vision for the future.
What distinguishes high performers

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to move from the maturity stage of
one business, to the growth stage of
another business. Companies that
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longer period are the ones that make
re-invention a regular part of their
business strategy.
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followed this philosophy by demonstrating
our ability to consistently transform, evolve
and create positive changes. This applies
throughout our history. We have displayed
foresight and entrepreneurial acumen by
identifying opportunities ahead of time and
pursuing them diligently. The breadth and
depth of our evolution over the years is a
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story of evolution and value-delivery.
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growth. With its three distinct and attractive
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is all set to emerge as market leaders in these
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consistent transformation and value creation.
It also gives readers a glimpse of what to
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STRATEGIC OVERVIEW
Piramal Enterprises at a Glance
Healthcare
Financial Services
Information Management
Chairman's Message
FY2016 Highlights
Our Journey of Transformation
Journey of Evolution - FY1989 to FY2010
Corporate Structure in FY2011
Journey of Evolution FY2011 to FY2016
Corporate Structure in FY2016
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Grown Consistently Every Quarter
Unparalleled Track Record
Near-Term Goal
Governance and Review Mechanism
Delivering Value to Stakeholders
2-35
2
4
6
8
10
14
15
16
18
20
22
24
25
26
27
28
32
MANAGEMENT DISCUSSION AND ANALYSIS

Financial Review
Operational Review-Healthcare
Operational Review-Financial Services
Operational Review-Information Management
Risk Management
Human Resources
Information Technology
Environment, Health and Safety
Corporate Social Responsibility
10-Year Financial Highlights
36-93
37
40
59
69
75
78
82
85
87
93
BOARD & MANAGEMENT PROFILES

Board of Directors
Management Team
94-101
94
99
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102
STATUTORY REPORTS
Report on Corporate Governance
Board's Report
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103-154
104
118
126
FINANCIAL STATEMENTS
STANDALONE
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Balance Sheet
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Cash Flow Statement
Notes to Financial Statements
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155-275
154
162
163
164
166
212
CONSOLIDATED
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Consolidated Balance Sheet
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Consolidated Cash Flow Statement
Notes to Consolidated Financial Statements
217
222
223
224
226
Notice
276
Piramal Enterprises Limited$QQXDO5HSRUW
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conglomerate, with its presence in Healthcare, Financial Services
and Information Management sectors, across 100 countries and
manufacturing bases in India, US, Europe and Canada.
Our Purpose
Our Values
Doing Well and Doing Good

The values that guide our unique culture are embodied in our
purpose: Doing Well and Doing Good. We believe that individual
success and organisational growth cannot be exclusive of
responsible and ethical business practices. Our purpose provides
clear guidance to our people and ensures that we identify the right
partners to create mutual, enduring value.
We stay true to our purpose of Doing Well and Doing Good by
following three simple tenets:
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services, customer focus and innovation led research.
Serving people
We aim to serve people; our customers, community,
employees, partners and stakeholders by putting their needs
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Living our values
We live our values in our everyday actions, decisions and
conduct at a personal as well as a corporate level.
At Piramal Group, our core values of Knowledge, Action and Care

have been an integral part of our guiding philosophy. These values
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well as organisational levels.
Shaped by our past and collective experience, they determine how
we engage with others, what we identify with and what we love and
value.
We encourage a deep understanding of these core values and
believe in institutionalising them across our entire organisation so
as to build a distinctive Piramal culture.
Knowledge
Expertise/Innovation
We strive for a deeper understanding of our domain.
We aspire to do things creatively.
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Entrepreneurship/Integrity
We are empowered to act decisively and create value.
We are consistent in our thought, speech and action.
Care
The philosophy of Doing Well and Doing Good, along with our core
values of Knowledge, Action & Care have been constant in our
journey and serve as guideposts to help us become the company
we would like to be.
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integrated global CDMOs
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Formulations
Trusteeship/Humility
We protect and enhance the interests of our customers,
community, employees, partners and shareholders.
We aspire to be the best, yet strive to be humble.
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estate developers in India
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players in Inhalation
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STRATEGIC OVERVIEW
OUR BUSINESSES
Financial
Services
Pharma Solutions
Critical Care
Consumer Products
Information
Management
Wholesale Lending
Alternative Asset Management
Investments in Shriram Group
Decision Resources Group
FY 2011
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over last few years
FY 2013
FY 2016
18%
20%
18%
Healthcare
11%
Financial
services
Information
management
80%
28%
71%
Movement in revenue mix (%)
MANAGEMENT DISCUSSION & ANALYSIS
Healthcare
54%
Others*
`2,009 Crores
`3,544 Crores
`6,610 Crores
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capital employed to the
sectors generating high
growth and strong returns
As on
March, 2016
24%
As on
March, 2010
100%
48%
28%
across globe in terms

of quality, reliability and
regulatory compliance in
CMO space
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OTC players in India
Gold standard
service provider of
healthcare data, analytics,
and insights
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STATUTORY REPORTS
* Others include treasury income.
Healthcare
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in Pharma Solutions, Critical Care and Consumer
Products businesses.
Piramal Enterprises Limited Annual Report 2015-16
FY2016 Revenues
`2,290 Crores
FY2016 Revenues
`876 Crores
18%
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FY2016 Revenues
`393 Crores
18%
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Strong brand portfolio - include key brands such as Saridon, i-pill

and Lacto Calamine
Most brands are among the top two in their respective markets
In Indias OTC market, the business has moved up from the 40th
position in 2007 to 7th position currently
Reaching to 3,50,000 outlets across 1,500 towns with 20,000+
population
JV with Allergan is the India leader in ophthalmology
STATUTORY REPORTS
Consumer Products
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Among top three players in Inhalation Anaesthesia segment

globally
Only global company with all four generations of inhalation
anaesthetic products
Rapidly grew its global market share from 3% in FY2009 to 12%
currently
Presence in 118 countries, including a strong presence across
major markets such as US, Europe and Japan
State-of-the-art manufacturing facilities located in the US and
India, in adherence to global standards
Critical Care
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Among the top integrated global Contract Development and

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Formulations
10 manufacturing facilities across the eastern and western parts
of the world
All key sites are periodically approved by USFDA
Address customers needs across the drug life cycle
Serve most of the top 7 global pharma companies
Worlds leader in Antibody Drug Conjugates (ADCs)
Growing faster-than-market over years
STRATEGIC OVERVIEW
Pharma Solutions
336
Financial Services
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needs of its customers.
Wholesale
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Currently manages 7 funds, 3 third party mandates and

2 managed accounts
Invested in 57 projects across 7 cities with 25 leading developers
25%+ RoE
$80
`8,717 Crores
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20% stake in Shriram Capital (SCL).

Invested `2,146 Crores.
~10% stake in Shriram Transport Finance (STFC).
Invested `1,636 Crores.
~10% stake in Shriram City Union Finance (SCUF).
Invested `801 Crores.
Mr. Ajay Piramal is the Chairman of Shriram Capital.
`4,583 Crores
Through investments in Shriram Group companies, the Company

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new commercial vehicles, small and medium enterprises, consumer
and gold loans, and other products such as life Insurance and
general insurance.
STATUTORY REPORTS
Investment in
Shriram Group
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Management
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`13,048 Crores
Lending to real estate developers and under special situation

opportunities (in various sectors including renewables,
cement, transportation, infrastructure, etc.)
Largely invested in Mumbai, Pune, Bengaluru, Chennai, NCR
and Hyderabad
Entered 145 transactions with 81 leading developers
Entered into Construction Finance during FY2015
Managed by highly talented and experienced teams of 140
professionals, with a healthy mix of investing and operating
experience
Strategic alliances with large reputed partners like APG and
CPPIB
~60% of the team is engaged in monitoring of assets
STRATEGIC OVERVIEW
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presence in the following sub-segments:
Information
Management
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market leading, decision support platform in the
healthcare information services sector.
`1,516 Crores
13.4% Y-o-Y Growth
Portfolio is structured into three product

categories - Data and Analytics, Research Products
and Consulting Services
Headquartered in the US, with presence in Canada,
Europe, Hong Kong, Japan, China and India
Provider of gold standard solutions for healthcare
customers, for more than two decades
Clients include most of the top 50 pharma
companies
Strong revenue visibility
75% of revenue is recurring in nature
97% revenue retention by value across entire
customer base
FY2016 Revenues
STRATEGIC OVERVIEW
Decision
Resources Group
PEL's Information Management business provides

indispensable insights and business oriented
analytics, enabling customers to make informed
investment and cost containment decisions in each
phase of the product life cycle.
STATUTORY REPORTS
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My warm greetings to all of you.
Our Company has achieved another set of excellent

results for FY2016, delivering strong revenue and
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for the year was 29% higher at `6,610 Crores. We
KDYHJHQHUDWHGQHWSURWRI`951 Crores for the year.
Consistent improvement in our performance is a clear
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on execution of our long-term growth plans.
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and superior asset quality
delivering strong returns
The Financial Services segment delivered robust growth
during the year. Our loan book grew 174% to `13,048
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Our partnership with the Shriram Group has enabled

us to diversify across wholesale and retail segments
of Financial Services. As you are aware, last year, I took
additional responsibility as the Chairman of Shriram
Capital, the holding company of Shriram Groups
Financial Services businesses. We are currently working
with the Shriram team to assist them in developing a
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of the Shriram group.
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during the year. Revenues for the year were 29% higher at
`&URUHVDQGWKHQHWSURWZDV`951 Crores.
STATUTORY REPORTS
We paid a dividend of `17.5 per share for the year. The

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(including dividend distribution tax thereon) was `363.5
Crores.
We have built stringent controls to maintain our asset

quality. These controls, amongst others, include bringing
industry experts on investment committees, following
strict criteria on developer and project selection,
ensuring independence of legal and risk functions,
building project developmental capabilities within the
platform, and having independent local asset monitoring
teams to monitor projects and detect early warning
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performing assets stood at only 0.91%. Robust growth
and superior asset quality performance have enabled this
business segment to deliver an ROE of over 25% during
the year.
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We continue to work towards expanding our product

suite under this segment. During the year, we extended
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estate to commercial projects. Under Special Situations,
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infrastructure. We now have a strong team of 140
members within our Financial Services businesses across
investment, asset monitoring, fund raising & investor
relations, risk management, legal and other functions.
The Piramal Group has re-invented itself multiple

times in the last three decades. In 1988, we entered
pharmaceuticals space and in over a period of two
decades, we became one of the top pharma companies
in India. Consequent to the sale of our Domestic
Formulations business to Abbott in 2010, we have once
again demonstrated our ability to successfully re-invent
and transform our business model. Apart from scaling
our existing healthcare businesses, both organically and
through acquisitions, we entered into new businesses,
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in their respective areas. This exciting journey has
enabled us to deliver an annualised shareholder return
of 28.5% over last twenty-eight years, a track record
achieved by few companies in India.
is attributable to our entry into Construction Finance in

2015. Total funds under management of the Company
stood at `8,717 Crores as at the year end. With the scale
achieved during the year, we are now placed among the
top providers of capital for residential real estate projects
in India, with ability to provide capital across all stages of
the life-cycle of a project under a single platform.
STRATEGIC OVERVIEW
Dear Shareholders,
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businesses have grown at a CAGR of 17%. We continue to
maintain a strong focus on quality and compliance. The
quality team works independent from operations and
reports directly to a Board member. In the last one year,
there were 25 regulatory agency inspections, including
4 USFDA audits across plant locations. All of these audits
were cleared successfully.
The Pharma Solutions business has been awarded at
multiple world class forums for their strong performance.
Apart from being awarded CMO Leadership Award in
terms of reliability, regulatory and quality in 2014 and
2015, the business head was recognised as CEO of the
Year at the CPhI in 2015.
At Pharma Solutions, we continue to build our capacities
for future growth. We recently expanded the capacity at
Grangemouth, API plants and Discovery Services facility.
The US-based Coldstream facility, which we acquired last
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team is working towards expanding its capacity.
At Critical Care, our global market share has increased
from 3% in FY2009 to 12% currently. The Critical
Care business entered the UK market during the year
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We continue to work towards adding more products to
better leverage our global distribution network. We plan
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anaesthesia product, in 2017.
The Consumer Product business expanded its
geographical presence to 3.5 Lakh outlets across 1,500
towns of India as compared with 2.3 Lakh outlets in
481 towns last year. Leveraging this large distribution
network, we have added more products both organically
and through acquisitions. During the year, the business
launched new brands such as Throatsil, Stop AllerG and
Untox. It also consummated three brand acquisitions, i.e.
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Intestinal segment from MSD & Organon and four brands
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divested a non-core Bio-orthopaedics division to Smith &
Nephew.
In the last one year, there

were 25 regulatory agency
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audits across plant locations.
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successfully.
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Globally, the increasing cost of bringing drugs and
devices to the market and greater regulatory scrutiny
are resulting in an increased demand for high-quality
information and analytical decision support tools. DRG
is progressing well on its strategy to position itself as
a leading provider of data & analytics, research and
knowledge-based services.
During the year, DRG entered into two new segments
by expanding its services to Payer and Provider markets.
DRG acquired HBI, a provider of services to over 1,400
hospitals across the US, enabling our entry into the
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to foray into the Payer segment of insurance companies.
The entry into these two new segments is expected to
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Gurugram, hiring over 160 high quality employees
comprising PHDs, data scientists and statisticians. This
initiative will enable the Company to accelerate growth
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strong presence in Healthcare, Financial Services and
Information Management. It is our intent to simplify the
structure going forward and create focused businesses.
13
STRATEGIC OVERVIEW
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technology infrastructure. We laid down our technology
roadmap for the next three years in supporting growth
and digitisation of our businesses.
Doing Well and Doing Good

Our purpose at the Piramal Group is Doing Well and Doing
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living our values.
We remain committed in acting as trustee to create

long-term value for our stakeholders. I thank our
shareholders and other stakeholders employees,
customers, partners and Government for their
continued trust and support.
Sincerely,
Ajay G. Piramal
Chairman
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states besides operating the National AIDS Helpline.
Piramal Swasthya has been awarded a 3-year project to
operate 275 Mobile Medical Units across the state of
Andhra Pradesh covering 13,900 villages every month
for serving more than 60 lakh patients every year. During
the year, the team also renewed its partnership with the
World Diabetes Foundation (for Assam) and launched a
new project with Plan International (India) in 17 districts
of Rajasthan.
The Foundation continued to be recognised for its

initiatives in addressing key social issues.
STATUTORY REPORTS
Risk and Legal teams strengthened their independent

roles in evaluating various transactions. During the
year, our Risk Management and Treasury teams also
strengthened the Asset-Liability Management process
for Financial Services.
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units and water ATMs. Piramal Sarvajal has actively
collaborated with the Government of Rajasthan in
developing a Public Private Partnership model to serve
remote villages through an active partnership with
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We had launched a comprehensive HR Transformation

Journey christened as SEEDS Strategy for Employee
Engagement and Development Support. We are
progressing well on this initiative. We also launched
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of which comprises 150 top performers from middle
to senior management levels across the Company. We
believe that these initiatives will help identify future
leaders for continued success of our businesses.
Piramal Foundation for Education Leadership (PFEL)

and its associates continue to work with over 1,000
government schools and over 300,000 students,
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Outcomes. PFEL has attracted high quality talent through
its Fellowship, having received over 4,000 applications
for 250 positions in FY2016. During the year, PFEL
supported other NGOs towards implementation of the
Principal Leadership Development Program (PLDP)
and entered into 4 MoUs with Rajasthan and New Delhi
governments in implementing their CSR commitment.
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strong presence in Healthcare, Financial Services and
Information Management. It is our intent to simplify the
structure going forward and create focused businesses.
14
Piramal Enterprises Limited$QQXDO5HSRUW
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Healthcare
Pharma Solutions
Recognised multiple times at world-class forums for good performance in quality, reliability and compliance
Successfully integrated Coldstream acquisition - currently investing in its capability & capacity expansion
Capacity expansion at Discovery Services and Grangemouth completed
Critical Care
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Launched co-promotion of two of Cumberlands branded hospital products in the United States
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Consumer Products
Acquired Littles - a baby care brand portfolio
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Expanded distribution network to 1,500 towns from 481 towns till last year
Financial
Services
Loan Book grew by 174% to `13,048 Crores as on 31 Mar 2016 vs. `4,766 Crores
as on 31 Mar 2015
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Real Estate loan book
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Special Situations loan book grew to `1,515 Crores as on 31 Mar 2016 vs. `425 Crores
as on 31 Mar 2015
Among best-in-class NPA performance
Alternative AUM was up at `8,717 Crores
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Information
Management
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Entry in provider market through acquisition of HBI
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Revenue
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29%
111%
126%
growth in revenues
during FY2016
growth in operating
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during FY2016
`6,610 Crores
`1,872 Crores
`951 Crores
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of how the company re-invented itself multiple times, constantly
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Before 1988, the Group was involved in Textile and other
businesses. In 1988, the Group started the journey of its
re-invention by entering into the pharma space through
the acquisition of Nicholas Laboratories, a multinational
company. This was a contrarian move taken by the
Group, as most of the global pharmaceutical companies
were exiting India due to its challenging business
environment and patent regime.
-2851(<2)(92/87,21
FROM FY1989 TO FY2010
'RPHVWLF
Formulations
FY1989-FY1996
FY1997-FY2003
Commissioned manufacturing facilities at Pithampur
JV with Ambalal Sarabhai Enterprises
Acquired Roche India operations
Acquired Rhone Poulenc India
In-licensing agreement with FHL Roche, Basel
Global Bulk Drugs and Fine Chemicals merged with PEL
Acquired Bulk Drug Division of Sumitra Pharmaceuticals

including Digwal facility
Acquired Boehringer Mannheim
Closed high cost plants in Mumbai & Thane. Transferred

SURGXFWLRQWRFRVWHHFWLYHSODQWVDW3LWKDPSXU 0DKDG
Triple merger of the Piramal Healthcare, Boehringer Mannheim

and Nicholoas Piramal
Acquired pharma business of ICI India Limited
Closed four acquired plants, consolidated their manufacturing at
3LWKDPSXUDQGLQWHJUDWHGGLVWULEXWLRQWRGHULYHVLJQLFDQWFRVW
synergies
Pharma
Solutions
Upgraded and expanded capacity at Pithampur facility to cater to

the export markets
Upgraded and expanded capacity at Digwal facility to cater to the
export markets and comply with US FDA standards
Commissioned manufacturing facility at Ennore, including
laboratories for early phase API development
Acquisition of ICI India Limited gave entry in Inhalation

Anaesthetics: Halothane
&ULWLFDO&DUH
Consumer
3URGXFWV
Entered JV with Allergan - Ophthalmic product
JV with Reckitt from FY1998 to FY2002

JV with Boots Plc in FY1999
Note : The above table is not covering evolution of Diagnostics Pathlabs, Diagnostics Equipments and India NCE businesses.
Market Capitalisation
(`Crores)
`6 Crores
As on 30th June 1988

* Book Value
`1,643 Crores
$VRQ0DUFK
Acquired balance 50% in JV with Ambalal Sarabhai Enterprises

&UHDWHGWKHODUJHVWHOGIRUFHLQ,QGLD
Invested in a new state of the art formulations manufacturing facility at
Baddi
3,624
Revenues
(` Crores)
28%
\HDU&$*5
675$7(*,&29(59,(:
FY2004-FY2010
Launched 32 new products/extensions

Became 3rd largest player in India with a market share of 4.4%
535
Acquired Avecia Pharmaceuticals (UK) - gave access to :

o Grangemouth (Scotland) for ADCs
o Torcan (Canada) For APIs
R +XGGHUVHOG8.)RU$3,V
17
6KXWGRZQ+XGGHUVHOG8.DQGVKLHGPDQXIDFWXULQJWR'LJZDO
FY1988
103
FY1993
FY1998
FY2003
FY2010
$FTXLUHG0RUSHWK8.IDFLOLW\IURP3]HU,QF
Commissioned an early phase formulation development facility at
Ahmedabad and introduced Clinical Trial Packaging services at Morpeth
Acquired Inhalation Anaesthetics business of Rhodia Organique, UK Distribution network across 58 countries and manufacturing technology
IRU+DORWKDQH ,VRXUDQHDQG%HWKOHKHPPDQXIDFWXULQJVLWH
741
PBDIT
(` Crores)
%2$5' 0$1$*(0(17352),/(6
3]HUUHQHZHGPDQXIDFWXULQJFRQWUDFWDW0RUSHWKIDFLOLW\IRUDQ
LQGHQLWHSHULRG
30%
\HDU&$*5
Acquisition of brand Haemaccel from Plasmaselect, Germany

$FTXLUHG0LQUDG,QF86*DYHDFFHVVWR6HYRXUDQH 'HVXUDQH
Acquired Rxelite Inc., US - Gave direct presence in the region
333
6HYRXUDQH86PDUNHWVKDUHLQFUHDVHGWR
Acquired balance 51% in JV with Boots in FY2007 and independently
started OTC business
97
Launched Itchmosol, Jungle Magic
20
FY1988
FY1993
FY1998
FY2003
FY2010
Acquired i-pill
Towns Presence - 221 towns
482
PAT
Chemist outlets - 35,000
67$78725<5(32576
Product portfolio included Saridon, Lacto and Polycrol
Retail outlets - 1,00,000
0$1$*(0(17',6&866,21 $1$/<6,6
1,367
(` Crores)
34%
\HDU&$*5
),1$1&,$/67$7(0(176
`8,878 Crores
116
$VRQ0DUFK
57
1
FY1988
10
FY1993
FY1998
FY2003
FY2010
18
FY2011
8QORFNHGVLJQLFDQWYDOXHE\H[LWLQJ
Domestic Formulations.
At the time of acquisition, Nicholas Laboratories was ranked 48th
among the pharmaceutical companies in India. From FY1988-FY2010,
the Company entered into a series of value accretive M&As, JVs and
DOOLDQFHVDQGGHULYHGV\QHUJLHVE\EULQJLQJHFLHQFLHVLQGLVWULEXWLRQ
and cost reduction. Through various organic and inorganic initiatives,
it transformed to become 3rd largest pharma company of India. During
WKHSHULRGWKHUHYHQXHDQGQHWSURWVJUHZDWD&$*5RIDQG
respectively.
During FY2011, the Company sold its Domestic Formulations business to
Abbott for a total consideration of US$ 3.8 billion. At 9x FY2010 Sales and
30x FY2010 EBITDA, the transaction established a new benchmark for
valuation in global pharmaceutical space.
19
STRATEGIC OVERVIEW
CORPORATE STRUCTURE IN FY2011
Critical Care
Revenue:
`1,021 Crores
Revenue:
`388 Crores
OTC
India NCE
Revenue:
`196 Crores
R&D based out of

Mumbai
Domestic
Formulations
Revenue: `2,000 Crores1
Diagnostic
Services
Revenue: `206 Crores1
Note: 1. Revenue for Domestic Formulations and
Diagnostic Services have been taken for FY2010
Exited Businesses
Continued Businesses
6ROG'RPHVWLF)RUPXODWLRQV
business for $ 3.8 billion (@ 30x
EBITDA and 9x Sales) to Abbott
6ROG'LDJQRVWLF6HUYLFHV
business for `600 Crores to
Super Religare Labs
`8,712 Crores
Market Capitalisation as on
March 31, 2011
`3,391 Crores
Capital Returned till
March 31, 2011
`12,103 Crores
Total value created till
March 31, 2011
ANOTHER TRANSFORMATIONAL JOURNEY COMMENCED...
STATUTORY REPORTS
5HPDLQLQJKHDOWKFDUH
EXVLQHVVHVFRQWULEXWHG
of revenues in FY2010
Pharma Solutions
Piramal Healthcare
-2851(<2)(92/87,21
FROM FY2011 TO FY2016
Pharma
Solutions
FY2011-FY2012
FY2013-FY2014
Upgraded various facilities to meet FDA & EHS standards
Customer segmentation consolidated relationship with big

SKDUPDFRPSDQLHVDQGVWDUWHGORRNLQJIRUVPDOOPLGVL]H
FRPSDQLHVDQG%LRWHFKUPIRUDSSURSULDWHVHJPHQWVRIWKH
business.
Enhanced capacity utilisation of Digwal and Pithampur plants

Acquired Oxygen Bio-Research enhanced capability of
Discovery Services
Strengthened investments in R&D

Commenced investments to double capacity at Discovery
services, and to expand capacity & capability at Grangemouth
&ULWLFDO&DUH
Global market share increased to 8%

6HYRXUDQH86PDUNHWVKDUHLQFUHDVHGWR
5HJLVWHUHG6HYRXUDQHLQPRVW(XURSHDQFRXQWULHV
,QFUHDVHG6HYRXUDQHSURGXFWLRQDW%HWKOHKHP
,QFUHDVHGPDUNHWVKDUHIRU6HYRXUDQHLQ86WRLQYROXPH
terms
>50% market share in key EMs
6HYRXUDQHODXQFKHGLQ(XURSHDQFRXQWULHV
'RXEOHG,VRXUDQHSURGXFWLRQFDSDFLW\DW'LJZDO
Consumer
3URGXFWV
Launched TRI-ACTIV, i-can and i-know during the period
Acquired Caladryl from Valeant Pharmaceuticals
Towns Presence - 481 towns
Launched Lacto Calamine Reneu, Lacto Calamine Sun Screen,

extensions of Jungle Magic brand of perfumes, Jungle Magic
0RVTXLWR%DQGWL]DQG4XLN.RRO
Retail outlets - 200,000

Towns presence - 481 towns

Retail outlets - 2,30,000
Chemist outlets - 1,40,000
)LQDQFLDO
6HUYLFHV
Entered Financial Services by acquiring Indiareit
Entered strategic alliance with CPPIB
Commenced lending to real estate sector
Started Special Situations investment arm
Acquired stake in Vodafone India for `5,864 Crores
Acquired ~10% stake in STFC
Closing Loan book was `350 Crores
Closing Loan book `2,861 Crores
Closing AUM was `3,857 Crores
Closing AUM was `7,569 Crores
Information
Management
Entered Information Management business by acquiring DRG

Acquired Abacus International, UK
Acquired Relay Technologies Management
Note : NCE R&D Unit was shut down in FY2015
(`Crores)
`7,566 Crores
$VRQ0D\
`11,666 Crores
$VRQ0D\
Business-wise Revenue Trend (` Crores)

Healthcare
Others
Acquired Coldstream and expanding capacity & capability

Completed capacity expansion at Discovery Services and Grangemouth
Increased investments in APIs business
6,610
29%
4-year CAGR
1,156
STRATEGIC OVERVIEW
Financial Services
FY2015-FY2016
5,123
Improved development business pipeline with several Phase III

opportunities.
4,503
Recognised multiple times for quality and compliance
3,544
Launched QUEST initiative towards creating a Quality culture
1,020
890
3,558
651
2,352
3,121
2,820
Entered in UK and took Sevoflurane market share to 42%

Sevoflurane market share in Japan increased to 56%
Sevoflurane launched in Saudi Arabia, Germany & Malaysia
Co-promotion agreement with Cumberland to sell branded hospital
products in the US
2,441
1,987
1,864
393
FY2013
273
FY2012
726
937
FY2014
FY2015
FY2016
Acquired Baby-care brand Little's,

Acquired 5 brands in gastro-Intestinal segment
Agreed to acquire 4 brands from Pfizer in May 2016
Towns presence - 1,500 towns

Retail outlets - 350,000
OPBIDTA
(` Crores)
28%
OPBIDTA Margin
(%)
76%
4-year CAGR

Integrated Real Estate PE & lending arms
17%
Special Situations commenced investing in sectors other than

infrastructure
14%
13%
Sold stake in Vodafone for `8,900 Crores

Acquired 20% stake in SCL and ~10% stake in SCUF
Entered strategic alliance with APG
885
639
8%
456
193
FY2012
FY2013
FY2014
FY2015
FY2016
Started construction financing

Closing Loan book - `13,048 Crores
Closing AUM - `8,717 Crores
Net Profit and Margin Trend

Net Profit (` Crores)
14%
Net Profit Margin (%)
STATUTORY REPORTS
Mr. Ajay Piramal became Chairman of SCL
1,872
Launched Stop AllerG, Thoratsil & Untox
Operating Profit and Margin Trend
Global market share increased to 12%
Business restructured as integrated organisation

Entered payers and providers market
Opened two India offices
71%
4-year CAGR
8%
Acquired Activate Networks, Healthcare Business Insights and

Adaptive Software
951
421
5%
112
(227)
(6%)
(501)
`24,948 Crores
As on May 31, 2016
(11%)
FY2012
FY2013
FY2014
FY2015
FY2016
Note: 1. FY2015 Net profit includes exceptional gain on sale of 11% stake in Vodafone India partly
offset by the amount written down on account of scaling back of our investments in NCE Research
22
FY2016
Created a large diversified company

with strong positioning in Financial
Services, Healthcare and Information
Management businesses
Post the Company started its next transformational journey in 2011,
in last five years, we have built a large and robust Financial Services
platform, with significant exposure to both wholesale and retail financing.
The Companys total investments and funds under management have
increased from `4,207 Crores in FY2012 to `26,348 Crores in FY2016.
Simultaneously, we significantly scaled up our remaining healthcare
businesses. The revenue of Healthcare businesses has grown at a CAGR
of 17% over last five years, from `1,987 Crores in FY2012 to `3,588
Crores in FY2016.
In 2012, the Company also entered the US-based Information
Management business, with an objective of geographical and currency
diversification. Contrary to the market, we expected the US dollar to
appreciate in future, while carrying out this acquisition.
Since FY2012, the Companys revenue and net profits grew at a CAGR of
29% and 71%, respectively.
23
STRATEGIC OVERVIEW
CORPORATE STRUCTURE IN FY2016
Piramal Enterprises
Total Revenue:
`3,558 Crores
Financial
Services
Information
Management
Total Deployment:
`26,348 Crores
Total Revenue:
`1,156 Crores
Revenue:
`2,290 Crores
Loan Book:
`13,048 Crores
Critical Care
Alternative AUM
Revenue:
`876 Crores
AUM:
`8,717 Crores
Consumer Products
Investments in
Shriram
Revenue:
`393 Crores
DRG
CY2015 Revenue:
$178 million
STATUTORY REPORTS
Wholesale Lending
Pharma Solutions
Healthcare
Amount Invested:
`4,583 Crores
Imaging
Molecular Imaging R&D Portfolio
`5,591 Crores
`30,539 Crores
as on 31 May, 2016
Capital Returned till

31 May, 2016
Total value created till

31 May, 2016
`24,948 Crores
24
()),&,(17&$3,7$/$//2&$7,21
One of the key reasons of our success in transforming this organisation multiple
WLPHVZDVRXUDSSURDFKRIHFLHQWO\DOORFDWLQJFDSLWDODFURVVRXUEXVLQHVVSRUWIROLR
Throughout our journey of last 28 years, we have always remain committed towards
HFLHQWO\DOORFDWLQJFDSLWDOZKLOHXQGHUWDNLQJFRQWUROOHGULVNWRFRQVLVWHQWO\JHQHUDWH
KLJKHUSURWDELOLW\DQGGHOLYHUVXSHULRUVKDUHKROGHUUHWXUQV
6LQFHWKHVDOHRI'RPHVWLF)RUPXODWLRQVEXVLQHVVZHKDYHEHHQH[WUHPHO\HFLHQW
in allocating our capital to existing as well new businesses for funding their organic
DQGLQRUJDQLFRSSRUWXQLWLHV2XUVLJQLFDQWLPSURYHPHQWLQJURZWKDQGSURWDELOLW\
LVDFOHDUWHVWLPRQ\RIWKLVHHFWLYHDOORFDWLRQ'XULQJWKHSHULRGZHDOVRH[LWHGIHZ
businesses that were either non-strategic/non-core in nature or required investments
IRUDORQJHUWLPHKRUL]RQLQYROYLQJKLJKHUULVN
~`15,000 CRORES REALISED (NET OF

TAXES) FROM ABBOTT
ON SALE OF OUR DOMESTIC
FORMULATIONS BUSINESS
CASH FLOW REALISED FROM

OUR OPERATIONS OVER
LAST FEW YEARS
KEY CAPITAL ALLOCATIONS

Invested `13,048 Crores
(on B/S) & `8,717
&URUHVR%6LQ)6
Average yields on loan

- 17%
RoE in FS business
- 25%+
Vodafone deal
- Realised IRR @ 19% p.a
`4,583 Crores invested

in
Shriram Group
Mr. Ajay Piramal now

Chairman of Shriram
Capital (Holdco)
Contributing to
Shrirams long-term
growth strategy
`4,866 Crores of
FDSLWDOUHWXUQHGWR
shareholders
~`3,600 Crores invested

LQ+HDOWKFDUH
~`4,300 Crores
invested in Information
Management
5 Year Revenue CAGR~17%
Business, geographic,
FXUUHQF\GLYHUVLFDWLRQ
Capital returned to
shareholders through:
Selective acquisitions
in OTC and Pharma
Solutions
6WURQJSURWDELOLW\
margins
Buyback
Discontinued NCE
research
Exited non-strategic
businesses
Annual dividends
Special dividend
25
STRATEGIC OVERVIEW
*52:1&216,67(17/<(9(5<48$57(5
Another important reason of our success in this transformational journey was our
consistency of growth across businesses. Despite a trend of muted growth across global
and domestic companies over last few years, the Company has been able to constantly
improve its performance across all three business segments almost every quarter, over
ODVWYH\HDUV
REVENUE GROWTH IN LAST 20 QUARTERS

Metrics showing Y-o-Y revenue growth
FY12
Businesses
Q2
Q3
Q4
Q1
Q2
Q3
FY14
Q4
Q1
Q2
Q3
FY15
Q4
Q1
Q2
Q3
FY16
Q4
Q1
Q2
Q3
Healthcare
Financial
Services
Information
Management
Before acquisition of DRG
Q4
Q1
FY13
Total Revenues
11%-20%
1%-10%
0%
* Investment income from treasury operations for various periods has been clubbed under Financial Services to make numbers more comparable
Below 0%
STATUTORY REPORTS
21% and above
HIGHLIGHTS
*URZWKLQDOOWKHWKUHHEXVLQHVVVHJPHQWVLQODVWTXDUWHUV
)LQDQFLDO6HUYLFHVJUHZDW!LQRXWRIODVWTXDUWHUV
+HDOWKFDUHJUHZLQRXWRIODVWTXDUWHUV
,QIRUPDWLRQ0DQDJHPHQWJUHZLQDOOTXDUWHUVVLQFHDFTXLVLWLRQ
GHVSLWHHFRQRPLFYRODWLOLW\LQWKH:HVW
,Q)<RYHUDOOJURZWKKDVEHHQKLJKHUWKDQLQDOOIRXUTXDUWHUV
26
UNPARALLELED TRACK RECORD

CONSISTENTLY TRANSFORMING TO CREATE SIGNIFICANT LONG-TERM VALUE
VALUE CREATION OVER LAST 28 YEARS

Capital returned
through buyback
Dividend Paid
Incremental
Market Cap
Capital Raised1
A. Before sale of our Domestic Formulations business to Abbott
B. Sale period
C. Post Sale
A+B+C
18,436
30,539
2012-2016
As on date
7,396
3,736
26
257
1988
1989-1992
1993-1997
680
1998-2003 2004-2009
2010-2011
Note:
1.
Company raised less than `500 Crores during the entire period (includes initial capital invested in the company in 1988)
2.
All numbers till 1992 represents book value
3.
Analysis carried out based on market information till May 31, 2016
`1 Lakh
invested in the company
in 1988 has generated
total value of
Over
28%
annualised return for

last 28 years*
`11 Crores*
* Assumed dividend reinvested in the stock
* Assumed dividend reinvested in the stock
27
675$7(*,&29(59,(:
1($57(50*2$/
SIMPLIFYING AND CREATING FOCUSED BUSINESSES
Healthcare and
related businesses
Pharma Solutions
Critical Care
Consumer Products
Revenue:
`2,290 Crores
Revenue:
`876 Crores
Revenue:
`393 Crores
DRG
Molecular Imaging R&D Portfolio
Revenue:
`1,156 Crores
%2$5' 0$1$*(0(17352),/(6
Imaging
Total Deployment:
`26,348 Crores
Loan Book:
`11,533 Crores
Special Situations
Lending
Investments in
Shriram
Loan Book:
`1,515 Crores
Amount Invested:
`4,583 Crores
AUM:
`8,192 Crores
Note: Above numbers are for FY2016
Special Situations
AUM
AUM:
`525 Crores
),1$1&,$/67$7(0(176
Real Estate AUM
67$78725<5(32576
Financial Services business
Real Estate Lending
0$1$*(0(17',6&866,21 $1$/<6,6
Total Revenue:
`4,717 Crores
28
*29(51$1&($1'5(9,(:0(&+$1,60
BOARD OF DIRECTORS
EXECUTIVE DIRECTORS
AJAY PIRAMAL
CHAIRMAN
AWARDED 'ENTREPRENEUR OF THE

YEAR' BY UK TRADE & INVESTMENT
COUNCIL
AWARDED 'CEO OF THE YEAR'
BY WORLD STRATEGY FORUM
AWARDED 'GLOBAL LEADER OF
TOMORROW' BY WORLD ECONOMIC
FORUM
AWARDED 'FORBES PHILANTHROPY
AWARD' IN 2013 AND 2014
SERVED ON PM TASK FORCE ON
KNOWLEDGE BASED INDUSTRIES AND
PM COUNCIL FOR TRADE & INDUSTRY
DR. SWATI PIRAMAL

VICE-CHAIRPERSON
EMINENT SCIENTIST
AWARDED PADMA SHRI
1RWH)RUGHWDLOHGSUROHRI'LUHFWRUVSOHDVHUHIHU3DJH
NANDINI PIRAMAL
LEADS OTC, HR, ETC.

MBA, STANFORD
VIJAY SHAH
25+ YEARS WITH GROUP

TURNAROUND BUSINESSES
29
STRATEGIC OVERVIEW
INDEPENDENT DIRECTORS
N VAGHUL
DEEPAK M SATWALEKAR
KEKI DADISETH
GAUTAM BANERJEE
PROF. GOVERDHAN MEHTA
FORMER PRESIDENT & CEO

TRANSUNION
FORMER CHAIRMAN,
ICICI BANK
DR. RAGHUNATH
MASHELKAR
EMINENT SCIENTIST
FORMER DG, CSIR
AWARDED PADMA VIBHUSHAN
SIDDHARTH (BOBBY)
MEHTA
EMINENT SCIENTIST
)250(5',5(&725,,6F
AWARDED PADMA SHRI
S RAMADORAI
FORMER VICE-CHAIRMAN,
TCS
SENIOR MD & Co-CHAIRMAN,

ASIA OPERATING COMMITTEE,
BLACKSTONE, SINGAPORE
FORMER CHAIRMAN,
HINDUSTAN UNILEVER
STATUTORY REPORTS
FORMER MD & CEO,

HDFC STANDARD LIFE
30
BOARD COMMITTEES
PEL BOARD OF DIRECTORS
Ajay Piramal
(Chairman)
4 Executive and 8 Independent
Board Committees
AUDIT & RISK
NOMINATION &
REMUNERATION
STAKEHOLDERS
RELATIONSHIP
CORPORATE SOCIAL
RESPONSIBILITY
N. Vaghul
N. Vaghul
D. Satwalekar
G. Mehta
(Chairman)
(Chairman)
(Chairman)
(Chairman)
3 Independent
1 Executive and
3 Independent
1 Executive and
1 Independent
2 Executive and
1 Independent
BUSINESS BOARDS / INVESTMENT COMMITTEES

2SHUDWLQJRXUEXVLQHVVVHJPHQWVDVYLUWXDOFRPSDQLHV
HEALTHCARE
INFORMATION
MANAGEMENT
FINANCIAL SERVICES
Pharma Operations
Board
Investment
Committee for Real
Estate Lending
Investment
Committee for RE
Asset Management
Investment &
Advisory Committees
IRU6SHFLDO6LWXDWLRQ
WUDQVDFWLRQV
Information
Management
Board
Executive Director
External Experts
Business CEO
Executive Directors
External Expert
Key Business CEOs
Management Members
Executive Directors
Independent Directors
External Experts
Business CEO
Management
Members
Executive Directors
External Experts
Business Heads
Management Members
Independent Director
External Expert
Business CEO
Management Members
31
Khushru Jijina
Rajesh Laddha
MD, Piramal Fund

Management
Almost 3 decades of
experience in the field of
Real Estate, Corporate
Finance and Treasury Management.
Member of Board at Shriram City
Union and Shriram Housing
Finance.
Jon Sandler
Vivek Sharma
CEO, DRG
Also serves as Managing
Director of IndUS
Growth Partners.
Formerly Vice Chairman
of The Kessler Group, founding CEO of
Kessler International and founding CEO of
Kessler Capital.
Jayesh Desai
Co-Head, Structured
Investments Group
EXTERNAL EXPERTS
COO, Consumer
Products
20+ years of experience
with Consumer
businesses.
Earlier experience with Hindustan
Unilever.
Shantanu
Nalavadi
Dr. Dinkelborg
Ludger
Co-Head, Structured
Investments Group
MD, Imaging

in financial services,
banking and corporate finance.
Former Partner at New Silk Route
Advisors.
Former Head of
Diagnostic Imaging
Research and Head of
Molecular Imaging at Bayer HealthCare.
Shikhar Ghosh
Bharat D. Shah
Worked with Mckinsey and Intel.

MBA from INSEAD, France.
Professor of Entrepreneurial Management

at HBS. Founder and CEO/Chairman of
eight companies.
Chairman, HDFC Securities.

Advisor HDFC Bank.
Ashish Dalal
Rajesh Khanna
Tara Subramaniam
Former Partner with PWC.

Practicing in M&A.
Founder & CEO of Arka Capital Advisors.

Former MD of Warburg Pincus.
Director - Sun Group.

Past experience in HDFC Limited.
Shitin Desai
Suhail Nathani
Ex. Vice Chairman of DSP Merrill Lynch.

Member of SEBI and RBI Committees.
Among panel of lawyers for SEBI, CCI.

WTO Panel for the Government of India.
Harish Engineer
R A Shah
Former ED & Head-Wholesale Banking,

HDFC Bank. Worked for 26 years in Bank of
America.
Solicitor and senior partner at

M/s Crawford Bayley & Co.
Note: For detailed profile of Management Team please refer Page 99
Niraj Bhukhanwala
STATUTORY REPORTS

in the field of corporate
finance, financial
services and infrastructure advisory.
Kedar Rajadnye
CEO, Pharma
Solutions
Former Managing
Director
at THL Partners.
Recently awarded CEO of the Year
at CPhI.
CEO, Critical Care

Earlier experience with
McKinsey &
Company and
Blackstones
Private Equity Group.
MBA, Stanford.
CFO, Piramal Group

25+ years of
experience in
Corporate Finance,
M&A, Strategy,
Investments, Structuring and Taxation.
Member of Board at Shriram
Capital.
Peter DeYoung
STRATEGIC OVERVIEW
MANAGEMENT TEAM
32
DELIVERING VALUE
TO OUR SOCIETY
ip
In
no
v
at
sh
er
tn
io
r
Pa
Vision: Piramal Foundation

transforming Health, Education,
Water and social sector ecosystems
through high impact solutions, thought
leadership and partnerships.
OUR CSR
APPROACH
Sustainability & Scalability

Contribution from our CSR initiatives:
Healthcare
Education
Water
Women
Empowerment
54 million+
Beneficiaries
3,00,000+
Children
2,90,000+
Beneficiaries
450+
Beneficiaries
11 States
36 million Calls - HIHL
178 Mobile Health Vans
69 Telemedicine Centres
3 States
1,000+ Schools/
Headmasters
257 Piramal Fellows
13 States
9.19 billion litres
water dispensed
406 Purification Units
180 Water ATMs
2 States
70% Women
KEY AWARDS/RECOGNITION
Piramal Udgam won the Tatva ICICI Prudential
Award - Best Service Provider in New Business
Acquisition - April 2015
Piramal Foundation recognised as one of

Indias Best NGOs to Work for 2015, by Great
Place to Work Institute - August 2015
Piramal Sarvajal received Corporate

Trailblazer Award from Prime Minister
Narendra Modi - October 2015
Piramal Sarvajal awarded Best Smart Water

System Implementation by the World CSR
Congress- February 2016
Ajay Piramal received the SEN Sustainability

Award in Philanthropy Category
- February 2016
Piramal Swasthya awarded Express Public

Healthcare Award- March 2016
In line with our purpose of 'Doing Well and Doing Good', we believe in delivering
significant value to all our stakeholders including our society at large. Piramal
Foundation, our CSR platform aims to transform health, education, water and social
sector ecosystems through high impact and innovative solutions, thought leadership
and partnerships. Some of the reputed organisations that support us in our initiatives
include Harvard Graduate School of Education, New York University, Michael & Susan
Dell Foundation, UNICEF and USAID. We have expanded our CSR footprints across 19
states and touched over 54 million lives.
Dr. Swati Piramal
Vice - Chairperson, PEL
33
STRATEGIC OVERVIEW
'(/,9(5,1*9$/8(
TO OUR PEOPLE
&UHDWLQJDKLJKSHUIRUPDQFHFXOWXUHGULYHQE\SDVVLRQ
empathy and shared future goals.
.H\LQLWLDWLYHVXQGHUWDNHQ
2XUIRFXVLVRQEHFRPLQJDQ
(PSOR\HURI&KRLFH through
FRQVLVWHQWHRUWVWRQXUWXUHWKH
spirit of entrepreneurship and overall
employee well-being through policies
such as Flexi-Working,
Flexi-Pay, Parental Support and
Learning Assistance programmes.
STATUTORY REPORTS
Over 6,000+ employees have

EHHQRHUHGFXVWRPLVHGOHDUQLQJ
solutions through our in-house
/HDUQLQJ8QLYHUVLW\WKDWRHUV
learning solutions delivered over
300+ cohorts. Partnerships with
organisations such as Harvard
Business Publishing, McKinsey,
Towers Watson and Aon-Hewitt
enable us to deliver cutting edge
development experiences
to our employees.
:HKDYHDVKDUSIRFXVRQ
strengthening the leadership
pipeline by identifying high potential
employees across levels, giving
WKHPGLHUHQWLDWHGGHYHORSPHQW
opportunities including crossfunctional and cross-business
projects, experiential learning,
external and internal leadership
interaction sessions and technologybased blended learning solutions.
The Career Opportunity

3URJUDPinitiative provides career
opportunities to employees who seek
WRH[SORUHDGLHUHQWFDUHHUSDWK
within the Piramal Group.
SEEDS (Strategy for Employee

Engagement & Development
Support), a 3 year Human Capital
Transformation project, is enabling
employees to reach greater
heights through a focus on talent
development and focused capability
building.
Nandini Piramal
([HFXWLYH'LUHFWRU3(/
6LQFHWKH$EERWWGHDODVZHZHUHFRQVWDQWO\WUDQVIRUPLQJRXURUJDQLVDWLRQRQHRI
the imperative needs of our organisation was to get the best talent across levels from
GLHUHQWVHFWRUVWKDWFDQGHYHORSQHZEXVLQHVVHVDQGFRQVLVWHQWO\JURZRXUH[LVWLQJ
businesses. We took a series of initiatives around hiring best people, developing them
IRUHHFWLYHO\H[HFXWLQJWKHLUMREVDQGLGHQWLI\LQJIXWXUHOHDGHUVDQGJURZLQJWKHP
IRUOHDGHUVKLSSRVLWLRQV:HKDYHFKDQJHGWKHZD\ZHORRNDWRXUQHZDQGH[LVWLQJ
SHRSOHWKHLUFRPSHQVDWLRQUHZDUGV UHFRJQLWLRQHWF1RZRXU+5SUDFWLFHVDUHD
ORWPRUHDOLJQHGZLWKEXVLQHVVDQGDUHPXFKFORVHUWRLQGXVWU\VEHVWSUDFWLFHV
34
'(/,9(5,1*9$/8(
TO OUR CUSTOMERS
OUR CUSTOMER
BASE INCLUDES:
ODNKRXWOHWVDFURVV~1,500
WRZQVLQ&RQVXPHU3URGXFWV
Most of the top 7 global

SKDUPDFRPSDQLHVDW3KDUPD
6ROXWLRQVVLQFHODVWPDQ\
years
Over 6,000 hospitals in the

ZRUOGDW&ULWLFDO&DUH
Grade A real estate developers

LQNH\FLWLHVRI,QGLD
1HDUO\DOOWRSOLIHVFLHQFHV
FRPSDQLHVDW'5*1RZ
VWDUWHGSURYLGLQJVHUYLFHV
to payer and provider
FRPSDQLHV
Key initiatives undertaken:

1.
Created a 3-year Roadmap for &XVWRPHU&HQWULFLW\

,PSOHPHQWHGPHFKDQLVPWRJHQHUDWH&XVWRPHU([SHULHQFH,QVLJKWVb
Designed & rolled out DXWRPDWHGFXVWRPHUVDWLVIDFWLRQVXUYH\DFURVVEXVLQHVVHV
&RQGXFWHGZRUNVKRSVGHYHORSHGFXVWRPHUMRXUQH\PDSSLQJDQGLGHQWLHGLPSURYHPHQWSURMHFWVWRHQKDQFHFXVWRPHU
H[SHULHQFHDFURVVVLWHV
Conducted employee survey to FDSWXUHIHHGEDFNRQFXVWRPHUWRXFKSRLQWVSHUIRUPDQFH and customer centric behaviour
Conducted UHJXODUWUDLQLQJSURJUDPWRHQKDQFHHPSOR\HHNQRZOHGJHTXRWLHQWon customer centricity and enhance their

engagement in customer journey mapping.
Governance structure created to UHYLHZ&XVWRPHU6DWLVIDFWLRQ,QGH[&6,, developed an improvement action plan and
XQGHUWDNHQ&XVWRPHUH[SHULHQFHLPSURYHPHQWSURMHFWV
Initiating 3600FXVWRPHUYLHZ FXVWRPHUGDWDDQDO\WLFVLQWHUQDOFXVWRPHUFHQWULFLW\FHUWLFDWLRQ&;DXGLW VFRUHFDUG

and key account analysis & customer segmentation
Won Best Customer

([SHULHQFH$ZDUGof the year
3KDUPDFHXWLFDODW&XVWRPHU
)HVW,QGLD)HEUXDU\
&XVWRPHU&HQWULF3DUWQHU$ZDUG
IURP$EERWWRQHRIRXUNH\
FOLHQWVWRRXU*HQHULFV7HDPDW
&3K,0XPEDL'HFHPEHU
35
STRATEGIC OVERVIEW
'(/,9(5,1*9$/8(
TO OUR INVESTORS
Total shareholder returns13(/YV,QGLFHV

Sensex
BSE100
1L\
BSE200
385%
PEL
295%
41%
$QQXDOLVHGVKDUHKROGHU
UHWXUQGHOLYHUHGE\3(/
between June 1, 2012
to May 31, 2016
213%
The Company has delivered a strong track record of generating superior shareholder
returns over the last three decades. Post the Abbott deal, during the phase of
developing new businesses and growing the remaining Healthcare businesses, the
&RPSDQ\KDVGHOLYHUHGRXWVWDQGLQJVKDUHKROGHUUHWXUQVLQODVWYH\HDUVVLJQLFDQWO\
higher than benchmarked indices.
140%
75%
61%
41%
56%
14%
-3%
1 year
2 years
3 years
4 years
5 years
`4,866 Crores2,3 returned to shareholders since sale of Domestic Formulations

business in 2010
Normal dividend
Special dividend
`Crores
Buyback
302
4,866
FY16
Total
345
604
302
302
302
2,508
201
FY11
$QQXDOLVHGUHWXUQ
GHOLYHUHGE\1L\
between June 1, 2012
to May 31, 2016
STATUTORY REPORTS
13%
5HWXUQHGVLJQLFDQWFDSLWDOWRVKDUHKROGHUV
FY12
FY13
FY14
FY15
Note:
1. Total shareholder return numbers are as on May 31, 2016. Assumes re-investment of dividend in the stock (Source : Bloomberg)
2. Of the buy back of 41.8 mn shares shown in FY11, buyback of 0.7 mn shares happened in FY12
3. Capital returned to shareholders through dividends doesnt include amount paid under Dividend Distribution Tax
MANAGEMENT
DISCUSSION AND
ANALYSIS
Business Structure
Piramal Enterprises Limited's (PEL) business structure is broadly categorised in three segments:
Piramal Enterprises
FY2016 Revenues: `6,610 Crores
Healthcare
54% *
Financial Services
28% *
Pharma Solutions
Wholesale Lending
Critical Care
Alternative Asset Management
Consumer Products
* Revenue Share
Note: Healthcare revenues include revenues from other businesses contributing 0.5% of the total revenues for FY2016
18% *
DRG
Financial Review
Business-wise Revenue Performance
PELs consolidated revenues grew by 29% to `6,609.9
Crores in FY2016, compared with `5,122.6 Crores in
FY2015, driven by growth across all business segments.
61% of PELs FY2016 revenues were generated in foreign
currencies.
the Consumer Products business was at `392.6 Crores

as compared with `356.7 Crores in FY2015, registering
a 10.1% growth, driven by various organic and inorganic
initiatives undertaken during the year.
The Healthcare business grew 14% in FY2016. Within

this, Piramal Pharma Solutions business grew by 14.1%
to `2,290 Crores, compared with `2,007.7 Crores in
FY2015. This was owing to good traction in both the
Active Pharmaceutical Ingredients (API) and Formulations
businesses, besides contribution from the Coldstream
facility acquired in FY2015. Revenue from the Critical Care
business grew 15.7% to `875.8 Crores as against `756.8
Crores in FY2015 on account of access to new geographies,
growth of market share in existing geographies and
positive impact of Indian Rupee depreciation. Sales from
Income from the Financial Services business grew by

98.9% to `1,863.8 Crores in FY2016 as compared with
`937.1 Crores in the previous year. This growth was
primarily on account of increase in the size of the loan
book from `4,766 Crores in FY2015 to `13,048 Crores in
FY2016.
Revenue from the Information Management business
grew 13.4% to `1,156.2 Crores in FY2016 as compared
with `1,019.6 Crores in FY2015, driven by growth across
entire range of products and services.
% Change in Consolidated Revenues

FY2016 vs. FY2015
Total
Revenue
Healthcare
+29%
+14%
Financial
Services
Information
Management
+99%
+13%
TOTAL OPERATING INCOME BREAKUP

Revenue break-up
Healthcare
Pharma Solutions
Critical Care
Consumer Products*
Financial Services
Others
TOTAL
(`Crores or as stated)
% Sales
53.8%
28.2%
17.5%
0.5%
100%
FY2016
3,558.3

875.8

1,863.8
1,156.2
31.5

FY2015
3,121.2
2,007.7
756.8
356.7
937.1
1,019.6
44.8
5,122.6
% Change
14.0%
14.1%
15.7%
10.1%
98.9%
13.4%
29.0%
*Including Ophthalmology
In FY2016, PEL delivered a robust revenue performance

across all three business segments. This is remarkable
when seen in the context of an environment of muted
earnings growth across sectors. At PEL, all our three
business segments have been consistently improving
WKHLUSHUIRUPDQFHDFURVVWKHODVWYH\HDUV7KLVUHHFWV
the strength of our business model and the successful
execution of our proven growth strategy.
Vijay Shah
Executive Director, PEL
38
Consolidated Financial Performance

P&L STATEMENT
Particulars
FY2016
FY2015
% Change
Total Revenues

5,122.6
29.0%
R&D Expenses
136.7
266.7
(48.8%)
Other Operating Expenses
4,601.0
3,970.4
15.9%
OPBITDA
1,872.3
885.5
111.4%
OPBITDA Margin %
28.3%
17.3%
Non-operating Other Income
242.5
254.2
(4.6%)
Interest Expenses

510.6
83.9%
Depreciation
327.4
289.9
13.0%
3URW%HIRUH7D[ ([FHSWLRQDO,WHPV
848.5
339.2
150.2%
Exceptional items (Expenses)/ Income
45.7
2,696.2
Income Tax
103.2
345.0
(70.1%)
3URW$HU7D[EHIRUHPLQRULW\LQWHUHVW SULRUSHULRGLWHPV

2,690.4
(70.6%)
Minority Interest
(0.3)
(0.3)
6KDUHRI3URW/RVVRI$VVRFLDWHV

159.3
1HW3URW$HU7D[

2,850.0
(66.6%)
EPS (`/share)
55.1
165.2
(66.6%)
2SHUDWLQJSURWDQGPDUJLQ
)<RSHUDWLQJSURWJUHZE\WR`1,872.3
Crores as compared with `885.5 Crores in FY2015. This
growth was on account of strong revenue performance
across all three segments and fall in R&D expenses. R&D
expenses were lower during the year due to scaling
back of the Companys investments in NCE research in
FY2015. OPBITDA margin was higher at 28.3% in FY2016
as compared with 17.3% in FY2015.
Finance costs
Finance costs for the year were higher by 83.9% at
`938.8 Crores as compared with `510.6 Crores in
FY2015. This was primarily on account of increase in
borrowings for making investments in the Financial
Services segment.
Depreciation
Depreciation for FY2016 was higher at `327.4 Crores
as compared with `289.9 Crores in FY2015. This was
primarily on account of capitalisation of amount invested
in capacity expansion and acquisitions within the
Healthcare and Information Management businesses.
Taxation
Tax expenses were lower at `103.2 Crores in FY2016 as
compared with `345 Crores in FY2015. In FY2015, `267
&URUHVRIWD[HVZHUHSDLGRQWKHSURWPDGHRQWKHVDOH
of the Companys stake in Vodafone India.
([FHSWLRQDOLWHPV
([FHSWLRQDOJDLQIRU)<LQFOXGHGSURWRQVDOHRI
certain properties. Exceptional gain for FY2015 included
SURWRQVDOHRIVWDNHLQ9RGDIRQH,QGLDIRU`8,900.5
Crores (an investment of `5,864.4 Crores made in
)<SDUWO\RVHWE\WKHDPRXQWZULWWHQGRZQRQ
account of scaling back of investments in NCE research.
1HWSURWDHUWD[
1HWSURWDHUWD[IRU)<ZDV`950.6 Crores vis--vis
`2,850.0 Crores in the previous year. In FY2015, there
was an exceptional gain on sale of 11% stake in Vodafone
,QGLDSDUWO\RVHWE\WKHDPRXQWZULWWHQGRZQRQ
account of scaling back of investments in NCE research.
([FOXGLQJWKHVHLWHPVWKHQHWSURWIRU)<ZDV
`420.8 Crores. EPS for FY2016 was at `55.1 per share
as against an EPS of `24.4 for FY2015 (excluding major
exceptional items mentioned above).
39
STRATEGIC OVERVIEW
BALANCE SHEET
Particulars
As at Mar 31, 2016
As at Mar 31, 2015
Shareholders' Funds
(A) Share Capital
Minority Interest
Loan Funds
Deferred Tax Liability
34.5
34.5
12,387.6
11,701.4
33.7
29.1
16,254.5
7,306.1
2.6
28,710.2
19,073.8
Fixed Assets
8,367.2
7,342.4
Investments
14,800.2
7,767.9
14.1
29.5
Inventories
735.4
674.9
Sundry Debtors

831.7
Cash and Bank Balances
443.4
460.1
Other Current Assets
675.0
354.5
Loans and Advances
4,875.7
3,474.8

1,228.8

633.2
28,710.2
19,073.8
TOTAL
Deferred Tax Asset

Current Assets, Loans and Advances
Less: Current Liabilities and Provisions

Current Liabilities
Provisions
TOTAL
)L[HG$VVHWV
'XULQJ)<WRWDO[HGDVVHWVLQFUHDVHGE\`1,024.9
Crores, primarily on account of acquisitions and increase
LQ[HGDVVHWVLQWKH+HDOWKFDUHDQG,QIRUPDWLRQ
Management segments.
/RDQ)XQGV
Total borrowings as on March 31, 2016 were `16,254.5
Crores as compared with `7,306.1 Crores as on March
31, 2015. Increase in borrowings during the year was
primarily on account of higher investments in the
Financial Services segment.
,QYHVWPHQWV
Book Value of investments as on March 31, 2016 was
higher at `14,800.2 Crores, compared to `7,767.9
Crores as on March 31, 2015. This increase was largely
on account of higher investments in the Financial
Services business.
Rajesh Laddha
CFO, PEL
3(/KDGDQRWKHU\HDURIH[FHOOHQWSURWDELOLW\SHUIRUPDQFH
2XUSHUVLVWHQWIRFXVRQHFLHQWFDSLWDODOORFDWLRQDQG
XQUHOHQWLQJHRUWVIRUJURZWKDFURVVRXUEXVLQHVVHVDUH
yielding results. This is enabling us to improve our underlying
bottom-line performance every year.
STATUTORY REPORTS
'LYLGHQG
The Company paid an interim Equity Dividend of `17.5
SHUVKDUH7KHWRWDOFDVKRXWRZRQDFFRXQWRIGLYLGHQG
payment including dividend distribution tax thereon was
`363.5 Crores.
(B) Reserves & Surplus
Healthcare Business
40
3LUDPDO(QWHUSULVHV/LPLWHG Annual Report 2015-16
3(/IRUD\HGLQWRWKHKHDOWKFDUHVSDFHLQ Over the

years, the Company has successfully established itself as one
of the most recognised and respected names in the healthcare
industry. Its manufacturing units are located across India,
Europe, the US and Canada. PELs culturally diverse team of
over 5,000 people from over 20 nationalities, is its primary
strength. The Company has reported a strong trend of revenue
growth over years across all Healthcare businesses. In the last
YH\HDUVWKH+HDOWKFDUHUHYHQXHVKDYHJURZQDWD&$*5RI
17%, touching `3,558.3 Crores during FY2016.
3,558.3 Crores
Healthcare revenues in FY2015-16
The Healthcare segment broadly operates in four

businesses:
3KDUPD6ROXWLRQV
The Pharma Solutions business is amongst the
few large integrated Contract Development and
Manufacturing Organisations (CDMOs) in the world,
RHULQJERWK$3,VDQG)RUPXODWLRQV
2. Critical Care
PELs Critical Care business is the third largest player
in the global Inhalation Anaesthesia market, with
products sold across 118 countries. It is the worlds
only company with a complete product portfolio of all
generations of inhalation anaesthetics.
&RQVXPHU3URGXFWV
The Companys Consumer Products business is
primarily an India-centric consumer healthcare
business with a strong brand portfolio. Most of its
brands feature among the top two in their respective
markets and product categories.
,PDJLQJ
The Companys lead commercial stage product,
NeuraCeq (INN: Florbetaben) received approvals from
US FDA in March 2014, European Commission in
February 2014 and MFDS (South Korea) in December
2014. The business is selling its commercial doses
in the US, Germany, France, Austria, Spain, the
Netherlands and Italy.
)RFXVHGFDSLWDODOORFDWLRQVWUDWHJ\
The Company remains focused on its strategy of
HFLHQWO\DOORFDWLQJFDSLWDOZKLOHXQGHUWDNLQJFRQWUROOHG
ULVNWRFRQVLVWHQWO\DFKLHYHKLJKHUSURWDELOLW\DQG
deliver superior shareholder returns. During the year,
WKH+HDOWKFDUHVHJPHQWHFLHQWO\GHSOR\HGWKHFDSLWDO
for future growth through various organic as well as
inorganic initiatives. Key initiatives taken during the year
include:
Implemented debottlenecking and capacity

H[SDQVLRQDWGLHUHQWORFDWLRQVRI3KDUPD6ROXWLRQV
business
Expanded global presence and increased market

share in Critical Care business
Acquired three brand portfolios and organically

launched three new brands in Consumer Products
business
In line with PELs strategy to rationalise the overall

business structure, it decided to exit the businesses
which were either non-strategic/non-core in nature or
required investments for a longer time horizon, involving
higher risk. In January 2016, the Company sold its
Canada-based cartilage repair product, BST-CarGel to
Smith & Nephew.
41
0DUNHWVFHQDULRDQGEXVLQHVV
positioning
([FHOOHQWJOREDOUHSXWDWLRQ
PELs Pharma Solutions (PPS) business is among
the leading Contract Development & Manufacturing
Organisations (CDMO) with an excellent reputation in
the global market. It has also received numerous global
recognitions.
The Company won API Supplier of the Year award at the

Global Generics and Biosimilar Awards during FY2016.
7KHVHUHFRJQLWLRQVQRWRQO\UHHFWWKH&RPSDQ\V
constant desire to improve but also highlight the trust
that clients have placed on the business.
STATUTORY REPORTS
The consistent focus of PPS on customer centricity,

quality, and innovation has established the business
as the partner of choice for both large pharma and
ELRWHFKUPV,WZDVYRWHGDPRQJWKHWRSJOREDO
contract manufacturing organisations (CMO) for both
2014 and 2015 in categories of quality, reliability
and compliance. PELs leadership in Anti-body Drug
Conjugates (ADCs) has also been widely recognised in
the industry.
In FY2016, PPS was recognised at CPhI, one of the largest

global trade shows for the contract manufacturing
business. The Company won two prestigious awards
(a) the business CEO was awarded the CEO of the
Year-2015 and (b) the Company was recognised for
Excellence in Global Supply Chain-2015. Besides, the
&RPSDQ\VHRUWVWRPDLQWDLQTXDOLW\KDYHEHHQZHOO
recognised in the pharma space. The Global Head of
4XDOLW\ZDVUHFRJQLVHGDVRQHRIPRVW,QXHQWLDO
People in Quality by the World Quality Congress, 2015.
The global pharmaceutical industry continues to face

KHDGZLQGVRQERWKWRSOLQHJURZWKDQGSURWDELOLW\
Factors like patent expiry of blockbuster drugs, a leaner
development pipeline, and reducing exclusivity period
due to aggressive generic penetration have resulted in
revenue deceleration. On the other hand, increasing
drug development expenses and higher regulatory
scrutiny has resulted in additional compliance and
quality assurance costs, thereby impacting the bottom
line, while increasing the time it takes to bring a New
&KHPLFDO(QWLW\LQWRWKHPDUNHWb7KHLQGXVWU\FRQWLQXHV
to embrace strategies that optimise costs and increase
HFLHQF\WRPLWLJDWHWKHLPSDFWRIWKHVHIDFWRUV
These strategies include increased outsourcing (in
functions such as research, manufacturing, and clinical
trial management), adopting novel R&D models, and
migrating of non-core business functions to low-cost
countries (like China and India).
STRATEGIC OVERVIEW
Piramal Pharma Solutions (PPS)
The global pharmaceutical outsourcing market is

H[SHFWHGWRJURZDWD&$*5RIWRUHDFKb86
ELOOLRQbE\6RXUFH5HVHDUFKDQG0DUNHWV:LWKKLJK
quality development and manufacturing assets (located
both in eastern and western parts of the world), strong
VFLHQWLFWDOHQWVROLGFOLHQWUHODWLRQVKLSVLPPHQVHWUXVW
from innovators and an excellent regulatory track record,
PEL is well-placed to gain from this growing outsourcing
trend.
.H\GLIIHUHQWLDWRUV
Strong customer relationships:
PPS has continued to serve most of the top
VHYHQJOREDOSKDUPDUPVRYHUWKHSDVWWZR
decades. Besides, the Company has strong
partnerships with several leading mid-size, small,
YLUWXDOSKDUPDUPVLQWKH:HVWDQGLQ-DSDQ
from pre-clinical through clinical development
and from commercialisation through life cycle
management.
(QGWRHQGVHUYLFHRHULQJ
The business has a global network of quality contract
development, with manufacturing facilities in North
LVH[SHFWHGWRUHDFK86ELOOLRQLQDW
10% CAGR. Generic companies are looking at
tapping into these high-value sterile injectable
markets in the US, Europe, besides other markets
like Brazil, Australia, South Korea and Taiwan. In
FY2015, PEL acquired the US-based Coldstream
Laboratories Inc., a specialty pharmaceutical CDMO
focused on the development and manufacturing
of sterile injectable products. This acquisition
has strengthened the position of PPS in the
injectable market, complementing well with
its sterile injectable development capability at
0XPEDL,WDOVRRHUVOODQGQLVKRSWLRQVWR$'&
customers at Grangemouth. Besides, the Company
KDVH[SDQGHG336VRHULQJVWRUHDFKWRQHZ
FXVWRPHUVDQGEURXJKWVLJQLFDQWV\QHUJLHVZLWK
H[LVWLQJRSHUDWLRQV7KHUHLVDVLJQLFDQWWUDFWLRQDW
Coldstream site with its order book running full. To
cater to the commercial demand from existing and
QHZSURMHFWVD86PLOOLRQFDSDFLW\H[SDQVLRQ
project is currently underway.
$PHULFD(XURSHDQG$VLD,WRHUVDQLPSUHVVLYH
array of services covering the entire drug-lifecycle
from discovery to development and commercial
PDQXIDFWXULQJWRRSDWHQWVXSSOLHVRI$3,VDQG
Formulations. The Company is uniquely positioned
DQGLVDPRQJWKHVHOHFWIHZ&'02VRHULQJ
services in both early development and late phase
commercialisation. Its capability as an integrated
service provider, along with its experience in various
technologies has enabled it to serve several innovator
and generic companies worldwide.
Getting well positioned in injectables space:

The global market for generic sterile injectable
World leader in ADC Manufacturing, a promising

HOG
The global ADC market is estimated to grow rapidly
DWD&$*5RIWRUHDFKWR86ELOOLRQE\
2024. The growth will be fuelled by the launch
of new products even though investment in
development activities continues to remain high.
Despite the increase in development targets for
ADCs, the global contract manufacturing sector
UHPDLQVVLJQLFDQWO\XQGHUUHVRXUFHGGXHWR
lack of requisite players with proper experience
and regulatory accreditations. With 10 years of
presence in ADC market, PPS has become the
most experienced manufacturer of ADCs. It aims
to meet the growing demand from development
customers as well as support customers, as their
products are being commercialised. PPS is in its
K\HDURIFRPPHUFLDOSURGXFWLRQRQWKHUVWHYHU
commercial ADC. The Company expects the next
YH\HDUVZLOOEHDQH[FLWLQJWLPHIRUWKH$'&V336
has expanded its capacity by investing 3.0 million
at Grangemouth site to handle larger batch sizes for
ADC manufacturing.
In FY2016, Pharma Solutions reinforced its standing in the

industry through a relentless focus on its core pillars of
Quality, Reliability and Customer Centricity. We have been
recognised at various global forums for our excellence in
these areas. We are on track towards expanding capacities
and capabilities at our most recent acquisition, Coldstream
Laboratories and we expect it to be a cornerstone in
accomplishing our long-term strategic goals. We believe that
our initiatives towards Operational Excellence, Productivity
enhancement and continued addition of niche capabilities
will hold us in good stead towards being the partner of
choice for our valued customers.
Vivek Sharma
CEO, Pharma Solutions
43
STRATEGIC OVERVIEW
Governance
People
Execution
Execution: )RXUZHOOGHQHGZRUNRZVWUDFN3(/VTXDOLW\SUDFWLFHVWHFKQRORJ\SURFHVVV\VWHPVDQGSHRSOH(DFKRI
these is led by a subject matter expert from the Quality Leadership team. Over the years, the Company has improved upon
WKHVHZRUNRZVERWKE\LQFRUSRUDWLQJLQGXVWU\EHVWSUDFWLFHVDQGGHYHORSLQJQRYHOLQWHUQDOVROXWLRQV
This focus has led to an excellent track record with the regulatory authorities. Over the last many quarters, the
Companys sites have been inspected by global regulatory authorities including USFDA with no major observations.
7KH*OREDO+HDGRI4XDOLW\ZDVUHFRJQLVHGDVRQHRIWKHPRVW,QXHQWLDO3HRSOHLQ4XDOLW\E\WKH:RUOG4XDOLW\
Congress, 2015.
PEL remains focused on continuous improvement and recognises that its primary obligation is to customers and
patients. Quality Empowering Strategic Transformation (QUEST) an organisation-wide initiative enables the
Company to further imbibe Quality as a Culture.
Review: 7KH&RPSDQ\KDVDZHOOGHQHGDQGUHJXODUUHYLHZDQGHVFDODWLRQSURFHVV(DFKVLWHLVDVVLJQHGWRD
GHVLJQDWHGFRUSRUDWHFRRUGLQDWRUZKRNHHSVDFORVHWUDFNRITXDOLW\SURFHVVHVDQGLGHQWLHVDUHDVIRULPSURYHPHQWLI
DQ\$Q\VLJQLFDQWTXDOLW\GHYLDWLRQWKDWUHTXLUHVHVFDODWLRQLVSURPSWO\VKHSKHUGHGWKURXJKDGHQHGSURWRFRODQG
then acted upon with highest priority.
STATUTORY REPORTS
Review
People: The best strategies still need the best people. To

achieve the vision of quality leadership, PEL has always
focused on bringing the best global talent on board to build
a Quality function that stands out both on its experience
and execution. The quality leadership at the Companys
various manufacturing and development sites have a team
that is in line with the organisations vision. The team is
trained on a regular basis to keep them abreast of the latest
regulatory developments.
Quality
management
model
Governance: Quality is part of the Key Result Areas

(KRAs) of employees including the business CEO and the
entire leadership team. The Company has a strong quality
governance model, with the Quality function reporting to
a Board member. This autonomy provides quality with the
necessary authority to focus solely on compliance and
product safety. The Global Head of Quality determines the
resource and capital allocation for the Quality function, which
are subsequently placed for approval to the Board.
6WURQJIRFXVRQ4XDOLW\
PELs quality management model is
based on four key pillars:
44
Evolution of Pharma Solutions Business
The Company has aggressively grown its Pharma Solutions business since 2003. With a series of acquisitions
DQGRUJDQLFJURZWKLQLWLDWLYHV3(/FUHDWHGRQHRIWKHWRSLQWHJUDWHG&'02VRHULQJVHUYLFHVERWKLQ$3,VDQG
Formulations. Now, its services comprise the entire drug-lifecycle, right from discovery to development and
FRPPHUFLDOPDQXIDFWXULQJWRRSDWHQWVXSSOLHVRI$3,VDQG)RUPXODWLRQV2YHUWKH\HDUVLWKDVDOVRDGGHGQLFKH
products including antibody drug conjugates and sterile injectables, among others.
FY2003 and earlier
`136 Crores
3HULRG(QG5HYHQXH
FY2003
5 sites in India; 1 approved by FDA.
0$18)$&785,1*/2&$7,216
3,7+$0385
Formulation
manufacturing
080%$,
API &
Formulation
development
0$+$'
Vitamins and
Minerals Premixes
Precli
Pre
liinic
i all
Discovery
6(59,&(62))(5('
',*:$/
API development
and manufacturing
USFDA
Phase
Pha
Ph
se 1
Phase
Pha
Ph
se 2
Phase
Pha
Ph
se 3
Launch
Lau
h
ENNORE
API development
& manufacturing
On pattentt
OnOn
'HYHORSPHQW&52
&RPPHUFLDO&02
Early phase API
Late phase API
India - Ennore
India - Digwal, Ennore
Early phase Formulations
Late phase Formulations
India - Mumbai
India - Pithampur
2SDWWHQWW
2
SPECIAL SERVICES
5HJXODWRU\3KDUPDFRYLJLODQFH
Patents
India - Mumbai
45
FY2004 - FY2010
FY2011 - FY2016
`885 Crores
`2,290 Crores
*5$1*(0287+
ADC Manufacturing
USFDA, MHRA
3,7+$0385
Formulation
manufacturing
USFDA, MHRA
MORPETH
API & Formulation
development &
manufacturing
USFDA, MHRA
$8525$
API development
& manufacturing
USFDA, MHRA
$+0('$%$'
Drug discovery
and Formulation
development
080%$,
API &
Formulation
development
',*:$/
API development
and manufacturing
USFDA
0$+$'
Vitamins and
Minerals Premixes
WHO-GMP
Discovery
Medicinal &
Synthetic
Chemistry
Phase
Pha
Ph
se 1
Phase
Pha
Ph
se 2
Phase
Pha
Ph
se 3
Launch
Lau
h
On pattentt
OnOn
2SDWWHQWW
2
'HYHORSPHQW&52
&RPPHUFLDO&02
Early phase API
Late phase API
India - Ennore
Canada - Aurora
India - Digwal, Ennore

Canada - Aurora
UK - Morpeth
Early phase Formulations
Late phase Formulations (OSDs & Steriles)
India - Mumbai
India - Ahmedabad
UK - Grangemouth(ADC)
US - Kentucky
India - Pithampur
UK - Grangemouth (ADC)
UK - Morpeth,
US - Kentucky
SPECIAL SERVICES
$QWLERG\'UXJ&RQMXJDWHV
%LRFDWDO\VLV
Clinical Trial
6XSSOLHV
UK - Grangemouth
UK - Billingham
UK - Morpeth
5HJXODWRU\3KDUPDFRYLJLODQFH
Patents
India - Mumbai
India Ahmedabad
Precli
Pre
liinic
i all
STATUTORY REPORTS
Discov
Dis
Di
i cov
covery
ery
ENNORE
API development
& manufacturing
.(178&.<
Sterile Development
and Manufacturing
USFDA
&+,1$
Sourcing
RFH
FY2016
10 sites in North America, Europe and India; all key sites approved by FDA.
STRATEGIC OVERVIEW
From 5 manufacturing facilities in India in 2003, PPS now has 10 manufacturing facilities spread across North
$PHULFD(XURSHDQG,QGLDZLWKDVRXUFLQJRFHLQ&KLQD$OONH\FRPPHUFLDOVLWHVDUH86)'$DSSURYHG6LQFH
the growth has been largely driven by organic initiatives including debottlenecking and capacity expansion at various
facilities, addition of new clients and improving capacity utilisations, among others. PPS have grown at a robust CAGR
of 24% over FY2003 - FY2016.
46
6WURQJRSHUDWLQJSHUIRUPDQFH
GXULQJWKH\HDU
$HUFURVVLQJWKHUHYHQXHPLOHVWRQHRI`2,000
&URUHVGXULQJ)<IRUUVWWLPH336UHSRUWHGD
revenue growth of 14% to `2,290 Crores in FY2016.
This growth was primarily driven by good traction
in both API and Formulations, besides contribution
from the Coldstream acquisition. PPS has grown at a
&$*5RIRYHUWKHODVWYH\HDUVRXWSDFLQJWKH
global CDMO market which has grown at 9% CAGR
over the same period.
The following debottlenecking and capacity
expansion initiatives were undertaken by PPS during
the year:
:D\IRUZDUG
Doubled capacity at Discovery Services facility

in Ahmedabad; it has already commenced
operations
Expanded capacity at Grangemouth
site to handle larger batch sizes for ADC
manufacturing
Capacity expansion at Coldstream currently
underway and the execution of capex is on
track
Executed debottlenecking at API plants to
handle higher volumes
The business successfully cleared the USFDA audits

at its manufacturing locations with no observations
during the year a commendable performance in
current stricter regulatory environment.
Revenue growth of PPS Business

(`Crores)
18%
2,290
5-year CAGR
2,008
1,786
1,553
1,355
1,021
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
The business will continue to operate across the life

cycle, leveraging the Companys wide network of
relationships across a broad spectrum of customers.
Also, the focus will be on growing organically as

ZHOODVLQRUJDQLFDOO\LQDUHDVWKDWRHUJURZWK
opportunities, and are synergistic with the existing
RHULQJ
It will further strive to expand the customer base,

and target new segments/geographies.
47
Trusted customer relationships:

PCC maintains strong relationships with hospitals,
doctors and end-customers which it serves and
has high credibility among them. It serves over
6,000 hospitals through a combination of a direct
sales force (the US and select European markets)
and marketing partners. The Company works
collaboratively with over 150 marketing partners in
countries where it does not have direct sales force.
Strong team:
The Companys leadership has rich industry
experience in the critical care and generics
business. Its nimble and focused team acts
collaboratively to meet customer and partner
expectations. PCCs strength also lies in its
culturally diverse team of ~350 members from
20 nationalities, in 15 countries, with major
operations in the US.
Piramal Critical Care (PCC)
0DUNHWVFHQDULRDQG3(/V
positioning
PCC is a leading player in the global anaesthesia market.
With a varied range of inhalation anaesthetic products,
PCC provides customers with an access to superior
quality critical care drugs across the world.
The global inhalation anaesthesia market is estimated
DW86ELOOLRQUGRIWKLVLVFRQFHQWUDWHGLQWKH
86DQG(XURSH6HYRXUDQH'HVXUDQHDQG,VRXUDQH
make up for more than 99% of the global inhalation
anaesthesia market. PCC is one of the top three global
players in inhaled anaesthetics.
.H\GLHUHQWLDWRUV
End-to-end product coverage:

PCCs product portfolio includes inhalation
DQDHVWKHWLFVVXFKDV+DORWKDQH,VRXUDQHDQG
6HYRXUDQH,WLVWKHPDUNHWOHDGHULQ,VRXUDQH
and Halothane globally. With the addition of
'HVXUDQH3&&LVSURMHFWHGWREHFRPHWKHRQO\
$EE9LH
%D[WHU
3LUDPDO
2006
2014
2017
Desflurane
Sevoflurane
STATUTORY REPORTS
ONLY COMPANY WITH ENTIRE PORTFOLIO OF INHALATION ANAESTHESIA
Global reach:
The Company is globally renowned in the domain
of anaesthesia and critical care and sells its products
across 118 countries. It has a strong presence
across major regulated markets including the US,
Europe and Japan and over 50% market share in key
emerging markets. A strong distribution network
enables it to serve over 6,000 hospitals worldwide.
STRATEGIC OVERVIEW
FRPSDQ\WRRHUDFRPSOHWHSURGXFWSRUWIROLRRI
inhalation anaesthetics. PCC expects to launch
'HVXUDQHLQ
Isoflurane
Halothane
Desflurane
Sevoflurane
Isoflurane
Halothane
*Only Inhalation Anaesthesia products of AbbVie and Baxter have been compared
PEL'S PERFORMANCE
48
Manufacturing and supply chain excellence:

The Companys focus on manufacturing and supply
chain excellence and its strategic decision to
YHUWLFDOO\LQWHJUDWHNH\LQSXWVHQDEOHLWWRSURWDEO\
gain share in a market with declining prices. It also
ensures consistent high-quality product supply.
Established track record:
In the past 10 years, PCCs revenue has grown
at a robust CAGR of 29%, exceeding the market
average. Until 2009, growth was driven primarily by
successful M&As. PCCs recent growth was organic
as it integrated and capitalised on the products and
capabilities it had acquired.
0DQXIDFWXULQJIDFLOLWLHV
PCC operates state-of-the-art manufacturing facilities
in the US (Bethlehem) and India (Digwal), ensuring
adherence to world-class operational standards. The
strategic location of these facilities enables PCC to
reliably produce superior-quality products at the lowest
FRVWLQWKHLQGXVWU\RHULQJDVLJQLFDQWFRPSHWLWLYH
advantage in this generic market. PCCs commitment
towards quality resonates through global regulatory
approvals (including USFDA approval), accorded to its
manufacturing facilities. A strong team, global practices
and appropriate use of technology ensure that its
products are in conformity with international standards.
PCCs commitment towards quality resonates through

global regulatory approvals (including USFDA approval),
accorded to its manufacturing facilities.
49
Increasing strong presence in

6HYRXUDQHFDSWXULQJDURXQG
RIWKHPDUNHW
6HYRXUDQHWKHFXUUHQWJHQHUDWLRQSURGXFWDFFRXQWV
for ~ 70% of the global inhalation anaesthesia market.
The US and Europe are the largest markets for this
business.
Revenue growth of PCC Business

(`Crores)
>90 times 18%
5-year CAGR
876
720
757
616
STATUTORY REPORTS
growth in revenue
in last 11 years
3&&DOUHDG\KDVDODUJHVKDUHLQWKH866HYRXUDQH
market and gaining traction in key European and
emerging markets. At present, it ranks as the second

ODUJHVWVHOOHURI6HYRXUDQHE\YROXPH/DVW\HDUDHU
the Companys entry into the UK, its market share has
JURZQWR7KH&RPSDQ\V6HYRXUDQHPDUNHW
VKDUHLQWHUPVRIYROXPHKDVJURZQVLJQLFDQWO\LQ
the US, from 20% in 2011 to 30% currently. During the
\HDU6HYRXUDQHVPDUNHWVKDUHLQ-DSDQVXUJHGWR
1HZ6HYRXUDQHFRQWUDFWVZHUHZRQIROORZLQJWKH
registrations and launches done in last few quarters in
several new markets, including Saudi Arabia, Germany
and Malaysia.
Peter DeYoung
CEO, Critical Care
STRATEGIC OVERVIEW
2XUWHDPVVWURQJHRUWWRZDUGVDGGLQJQHZJHRJUDSKLHV
and expanding presence in existing geographies has
GHOLYHUHGUHVXOWV'HVSLWHVLJQLFDQWJOREDOYRODWLOLW\ZHKDYH
reported good growth for the year. Simultaneously, we are
working towards further optimising costs and continuing to
improve customer service to gain additional market share.
:HORRNIRUZDUGWRODXQFKLQJ'HVXUDQH$SDUWIURPWKLV
ZHDUHDOVRDLPLQJWRHQKDQFHRXURHULQJVLQFULWLFDOFDUHWR
leverage our global distribution strengths.
413
388
328
132
9
FY2005
71
FY2006
83
82
FY2007
FY2008
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
50
%HWKOHKHP6HYRXUDQHWXUQDURXQG
3LUDPDO&ULWLFDO&DUH3&&DFTXLUHGWKHLQKDODWLRQDQDHVWKHWLFV6HYRXUDQHIDFLOLW\IURP0LQUDG,QFLQ
At the time, there were several issues with manufacturing. The processing and packaging lines were manually
operated and product chemistry was not well understood. This made production and quality variable. In addition,
RSHUDWLRQVZHUHLQHFLHQWGXHWRIUHTXHQWEUHDNGRZQVDQGPRUDOHZDVORZ7KHUHVXOWLQJXQUHOLDEOHSURGXFW
supply and high cost limited our ability to gain market share.
Under PCC, a transformation began. The initial focus was to build the knowledge base at the facility and establish
DOHYHORIH[SHUWLVH7KH[HGFRVWRIWKHIDFLOLW\ZDVVRKLJKWKDWXQOHVVWKHSURGXFWLYLW\ZDVUDLVHGVLJQLFDQWO\LW
ZRXOGKDYHEHHQGLFXOWWRUHPDLQFRPSHWLWLYH7KHWUDQVIRUPDWLRQSURFHVVFDQEHYLHZHGLQWKUHHSKDVHV
3KDVH$GGUHVVLQJNQRZQLVVXHVZLWKPLQLPDOFDSH[
7KHUVWSKDVHIRFXVHGRQLQFUHDVLQJSURGXFWLYLW\DQGLPSURYLQJUHJXODWRU\FRPSOLDQFHODUJHO\ZLWKWKHH[LVWLQJ
team and equipment. The team focused on reducing quality failure rates by adjusting critical manufacturing
SURFHVVSDUDPHWHUV,WDOVRFKDQJHGWKHFRQJXUDWLRQRIWKHHTXLSPHQWWRGHERWWOHQHFNNH\SURFHVVVWHSV)LQDOO\
they implemented a maintenance program to improve critical equipment reliability to reduce unplanned outages.
7KHVHVWHSVFROOHFWLYHO\UHVXOWHGLQDVLJQLFDQWLQFUHDVHLQSURGXFWLRQFDSDFLW\DQGTXDOLW\ZLWKRXWDQ\PDMRU
investments.
3KDVH*RLQJWRWKHQH[WVWHSRISURFHVVLQQRYDWLRQE\LQYROYLQJVKRSRRUSHRSOH
The success achieved in Phase 1 was tremendous. It encouraged us to further tap the human element to look
for innovative ideas to further improve productivity and reduce costs. It was clear that we would need to train the
production crew to look for opportunities beyond the obvious. This would help us migrate to the next level in cost
leadership. PELs Operational Excellence team helped to rollout the Shop Floor Transformation Initiative program
DWWKHVLWHWUDLQLQJSHRSOHRQKRZWRLGHQWLI\DQGDQDO\VHSUREOHPVDQGKHOSQGVROXWLRQV7KHVLWHWHDPWKHQ
conducted an ideation and value stream mapping exercise to come up with improvement opportunities. Plant
RSHUDWRUVZHUHPRWLYDWHGDQGHQFRXUDJHGWRFRPHXSZLWKFUHDWLYHDQGLQQRYDWLYHLGHDV)RULQVWDQFHDVKL
supervisor came up with a suggestion to run a bottleneck step semi-continuously instead of batch. This increased
the output instantaneously without any major investment. These changes further increased capacity and also
UHGXFHGWKHDPRXQWRIUDZPDWHULDOQHHGHGSHUWRQRIQLVKHGSURGXFW
Phase 3: Investing in a new line
Having earned the right to invest based on the success achieved in the initial phase; the team came up with
LQQRYDWLYHLGHDVIRUDQHZOLQHLQFRUSRUDWLQJDOOWKHOHDUQLQJVIURPWKHODVWYH\HDUV7KHREMHFWLYHLVWRHQVXUH
DQHQKDQFHGSODQWFDSDFLW\WRVHUYLFHVLJQLFDQWO\KLJKHUVKDUHDWJOREDOO\FRPSHWLWLYHFRVWVZLWKFRQVLVWHQWO\
high quality. The team designed a process for continuous manufacturing two important bottleneck steps, which
were previously in batch manufacturing mode. This was an important innovation in the new line. These changes
required an investment in new custom equipment which is under implementation. Once operational, the line will
SURYLGHDQXPEHURIEHQHWVLQFOXGLQJHQKDQFHGFDSDFLW\EHWWHU\LHOGORZHUSURGXFWLRQFRVWVKLJKHUDXWRPDWLRQ
and lower cycle time.
7KHUVWWZRSKDVHVRIWKHWUDQVIRUPDWLRQKDYHLQFUHDVHGWKH
DQQXDOSURGXFWLRQE\DIDFWRURIPRUHWKDQVHYHQWLPHVLQYH
years without any increase in personnel in the production area.
The third phase of transformation will boost this further.
51
Evolution of Critical Care Business

Since 2009, PCC has grown largely organically at a robust CAGR of 31% over FY2009-FY2016, taking its revenues
from `132 Crores in FY2009 to `876 Crores in FY2016. The organic growth has resulted from entering into newer
JHRJUDSKLHVH[SDQGLQJLQWRH[LVWLQJJHRJUDSKLHVFRQVWDQWO\DFKLHYLQJFRVWHFLHQFLHVDQGWKHUHE\LPSURYLQJ
market share.
STRATEGIC OVERVIEW
The acquisition of ICI Limited in 2002 enabled PEL to enter into the business of Inhalation Anaesthesia. Since then,
the Company made a few more value-accretive acquisitions until 2009. These acquisitions were critical in shaping the
&RPSDQ\VRHULQJVSURYLGLQJDFFHVVWRJOREDOPDUNHWVDQGLQWHJUDWLQJVWDWHRIWKHDUWPDQXIDFWXULQJFDSDELOLWLHV
As a result, PCCs market share has grown from 3% in FY2009 to 12% in FY2016. Its market share in the US increased
from 20% in FY2011 to 30% in FY2016.
FY2003-FY2006
)<)<
FY2010-FY2016
Period-end
revenues
(`Crores)
<9
71
132
876
Organic /
Inorganic
initiatives
Acquired pharma business

of ICI India Limited Entry
in Inhalation Anaesthetics:
Halothane
Acquired Inhalation
Anaesthetics business of Rhodia
Organique, UK Distribution
network across 58 countries
and manufacturing technology
IRU+DORWKDQH ,VRXUDQH
Acquired Minrad Inc., US

*DYHDFFHVVWR6HYRXUDQH
'HVXUDQHDQG%HWKOHKHP
manufacturing site
6LJQLFDQWLQFUHDVHLQ
6HYRXUDQHPDUNHWVKDUHLQ8.
(42%) and Japan (56%)
Entry in new markets like UK,
Saudi Arabia, Germany and
Malaysia
Various cost-reduction
initiatives to gain market share
Ennore, India
Rhodia, UK
Digwal, India
Bethlehem, USA
Digwal, India
Bethlehem, USA
Inhalation
Anaesthesia
Products
Halothane
Halothane
,VRXUDQH
Halothane
,VRXUDQH
6HYRXUDQH
Halothane
,VRXUDQH
6HYRXUDQH
'HVXUDQH
Global Market
Share (%)
NA
NA
3%
12%
Total No. of
countries
present
118
Major countries covered
Egypt
Israel
Jordan
United Arab Emirates
Japan
Turkey
Vietnam
Colombia
Senegal
United Kingdom
Iran
Kazakhstan
Kenya
Taiwan
South Africa
Thailand
Argentina
Brazil
Zambia
Italy
Malaysia
Chile
Sri Lanka
Mexico
India
Ecuador
Philippines
Netherlands
Germany
Indonesia
Canada
Venezuela
Malta
Spain
South Korea
Peru
Saudi Arabia
Switzerland
Australia
* Expected to be launched in 2017

NA-Not Available
USA
STATUTORY REPORTS
Manufacturing
facilities
Acquired Rxelite Inc., US

Gave direct sales presence in
the region
FY2002 and earlier
52
GXULQJWKH\HDU
Revenues from PCC business grew 16% Y-o-Y to
`876 Crores in FY2016 from `757 Crores in FY2015.
This development was on account of access to new
geographies, growth of market share in existing
geographies along with positive impact of Indian Rupee
GHSUHFLDWLRQ3&&EHFDPHWKHODUJHVWSOD\HULQ,VRXUDQH
LQWKH86DQGLQFUHDVHGWKHVDOHVYROXPHRI6HYRXUDQH
The Company is progressing well on the initiatives to
reduce costs and improve EBITDA margins.
Investments made in the Bethlehem site are yielding

results. The execution of capacity and yield improvement
project is on track. The focus on manufacturing and
operational excellence has enabled the Company
to maintain its cost leadership through productivity
improvements and volume growth.
During the year, PCC also entered into a co-promotion
agreement with Cumberland Pharmaceuticals Inc., a
specialty pharmaceutical company focused on hospital
acute care and gastroenterology. As part of this agreement,
PCC started promoting two branded hospital products,
Caldolor and Vaprisol to top customers in US. PCC will
help expand Cumberlands reach for these products by
providing coverage to an additional group of hospitals
where its sales force has relationships. The multi-year
collaboration is expected to enhance sales promotion for
these two brands with increased communication to medical
professionals to support patient care across the US.
:D\IRUZDUG
PCC is in the process of registering and launching
LWVQH[WJHQHUDWLRQSURGXFW'HVXUDQHE\
'HVXUDQHKDVXQWDSSHGPDUNHWSRWHQWLDOZLWKRQO\
one competitor. PCCs strong customer relationships,
global reach and cost competitiveness are likely to make
'HVXUDQHDQRWKHUVXFFHVVVWRU\IRU3(/V&ULWLFDO&DUH
business. Going forward, its core focus areas will continue
to include:
Increasing market share in inhalation anaesthesia

markets where it currently operates
Registering and launching existing products in new

geographies and further penetration in European
countries
Expanding portfolio beyond inhalation anaesthetics

both organically and inorganically injectable
anaesthetics, pain management, other hospital and
veterinary injectable products, which are used in
the critical care setting will leverage the Companys
strong global network
Continuing to improve cost leadership to increase

SURWDELOLW\DQGJDLQPDUNHWVKDUH
Note: All market data is based on internal estimates
53
Consumer Products (OTC)
Market scenario
6WULQJHQWTXDOLW\FRQWUROV
PEL follows a stringent protocol to select its vendors
for manufacturing. Each vendor is evaluated on a
set of key parameters comprising manufacturing
.H\GLHUHQWLDWRUV
6WURQJGLVWULEXWLRQQHWZRUN
The Indian drug distribution channel is large and
quite fragmented with roughly seven lakh chemists
across India. As the OTC market is largely a branded
generic market, product availability is extremely
important to prevent product substitution at
the point of sale. PELs OTC division is capable of
Revenue growth of Consumer Products Business
393
(`Crores)
357
STATUTORY REPORTS
7LHXSVZLWKPDQXIDFWXUHUV
To maximise competitiveness in terms of lower
PDQXIDFWXULQJFRVWVDQGZLGHUUDQJHH[LELOLW\
PELs OTC business has tied up with some of the
industrys best third-party manufacturers.
This strategic choice of using third-party vendors
KDVKHOSHGWKHEXVLQHVVWRPD[LPLVHLWVH[LELOLW\
and increase responsiveness towards its consumers,
while minimising the need for capital investment.
The size of the Indian self-care market is over `15,000

Crores with 12-13% annual growth. The market is
witnessing exciting times with strong trends owing to
ULVLQJLQFRPHVOHYHOVLQFUHDVLQJFRQVXPHUFRQGHQFH
in self-care along with easy access to information, rural
penetration and channel development. The market
LVFRPSHWLWLYHZLWKOLPLWHGGLHUHQWLDWLRQDPRQJWKH
RHULQJVRQDSURGXFWOHYHO7KLVKRZHYHUPHDQVWKDW
there are enough opportunities for players who go the
extra mile to address consumer needs. PEL, through
LWVUDQJHRISURGXFWVWDUJHWVVSHFLFFRQVXPHUQHHGV
This has made the Consumer Product business one of
the fastest growing players in the domestic consumer
healthcare market.
STRATEGIC OVERVIEW
ensuring availability of any new product in stores

within 21 days of its launch. To become one of
the top 3 players in the OTC market by 2020, the
Company has expanded its distribution reach to
3.5 lakh retail outlets, of which 2.2 lakh are chemist
RXWOHWVWKURXJKDHOGIRUFHRISHRSOH
This development will support the Companys
robust growth going forward. Till 2015, OTCs
organisational presence was limited to 481 towns
comprising a population of over one lakh. However,
with the rapid growth in the portfolio and growing
demand from next-tier of towns, the business took
the strategic step of increasing its presence to
towns with a population of over 20,000. To meet
the service levels, the Company has a pan-India
network of carrying and forwarding agents. They use
automated systems for reporting point of sales to
maintain optimal inventories, which minimises both
loss of sales and working capital.
313
271
\HDU&$*5
18%
177
220
196
124
PEL
12%
Market
FY2009
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
54
capability, regulatory compliance, quality standards

and competitive pricing. Vendor has to score well
on each of these parameters to qualify as business
SDUWQHU2QFHTXDOLHGTXDOLW\LVPRQLWRUHGDWHDFK
stage, with detailed checks at all critical points in the
FKDLQULJKWIURPVRXUFLQJWRQLVKHGSURGXFWV
6WURQJEUDQGSRVLWLRQLQJ
The business has a strong brand portfolio with most
of its brands among the top two in their respective
markets. PELs six brands are among Indias top 100
OTC brands. Positioning of the major brands are as
follows:
1.
2.
Saridon India's largest-selling headache

analgesic brand with over 14% of the market
share and rated the largest oral analgesic brand
by value. It is recognised as a Super Brand in
the list of top 100 brands. Saridon is Piramal
&RQVXPHU3URGXFW
VUVW`100 Crore+ brand
and is growing rapidly.
Lacto Calamine Recognised as a Super
Brand, Lacto Calamine has strong footprints in
the skincare market with its unique oil-control
formulation. It is available in various formats,
such as lotion, facewash, sunscreen and antiaging cream. Being the oldest calamine brand
in India, Lacto Calamine continues to be the
largest brand among calamine skin lotions.
3.
i-pill/i-know i-pill was acquired from Cipla. It

is the second-largest brand in the emergency
FRQWUDFHSWLYHPDUNHWLNQRZLV,QGLD
VUVW
ovulation strip and extends i-pill equity to other
adjacent markets.
4.
Polycrol An antacid brand, which is a distinct

leader in the Eastern region and among top
three brands at an India level. Strong equity exists
for the brand. It is going through a revamping
exercise to target leadership beyond east.
5.
Tetmosol India's number one doctorprescribed soap for skin-related disorders. It has
experienced a healthy double-digit growth over
last few years.
Multiple growth engines:

The Company has improved its market positioning
through both organic and inorganic routes. During
FY2016, PEL further expanded its portfolio by adding
the following products:
Organic initiatives
1.
Untox:$QDWXUDOGHWR[LFDWLRQSURGXFW
ZKLFKGHWR[LHVWKHDHUHHFWVRIVRFLDOLVLQJ
late night outs and binge eating. It helps wake
up fresh to daily routine.
2.
Stop AllerG: An anti-allergy OTC brand. It is a

non-drowsy formula, providing relief in minutes.
3.
Throatsil: 7HVWODXQFKHG,QGLDVUVWHYHU
Benzocaine-based throat spray Throatsil, a
sore throat pain relief product.
Acquisitions
1.
Baby-Care brand Littles: In November 2015,

PEL acquired the baby-care brand Littles. This
portfolio includes the entire product range
across six categories including feeding bottles,
skin-care range, grooming accessories, apparels
and toys for babies. The brand operates in the
`1,000 Crores non-food baby-care category,
currently growing at 13%. The brand is available
at chemists, cosmetics and kids stores as well
as modern trade and e-commerce formats.
Littles is preferred by mothers of babies in the
age group of 0-4 years. Earlier, the Company
used to cater to children between the age
group of 5-10 years through the Jungle Magic
brand. With this acquisition, PEL now has an
RHULQJIRUEDELHVEHWZHHQ\HDUV
55
STRATEGIC OVERVIEW
Ferradol, launched in 1982, a leading

nutritional supplement for children and
adults.
Neko, launched in 1967, a medicated

soap indicated for body odour and minor
skin infections.
Sloans, launched in 1982, a muscular

pain reliever that is available in balm and
liniment forms.
Waterburys Compound, launched in

1970, used for building cough and cold
immunity.
Nandini Piramal
Executive Director, PEL
Over the last few years, the business has invested

VLJQLFDQWO\LQFUHDWLQJDSRUWIROLRRI,FRQLFEUDQGVZKLFKDUH
either No. 1 or No. 2 in their categories. The combination of
growing our existing core brands and strategically acquiring
accretive brands has created a powerful portfolio which will
put us on a path towards our aspirational goal of being one
of the top three players by 2020. To achieve this goal, in
last two years, we have created a large distribution network
comparable with leading OTC players, which will further
boost our future growth. I feel the strategy that we had laid
out few years back for this business, is executing very well
and the business is now clearly evolving as a leader in the
Indian OTC market.
STATUTORY REPORTS
)RXUEUDQGVIURP3]HU/WG In May 2016,

PEL entered into an agreement to acquire four
EUDQGVIURP3]HU/LPLWHGQDPHO\)HUUDGRO
Neko, Sloans and Waterburys Compound.
The agreement includes the trademark rights

for Ferradol and Waterburys Compound also
for Bangladesh and Sri Lanka. Currently, these
brands operate in a market estimated at `7,000
Crores. They hold a rich legacy of 30+ years and
have a high consumer pull.
3.
Five brands in Gastro-Intestinal segment:

,Q'HFHPEHU3(/DFTXLUHGYHEUDQGV
from Organon India Pvt. Ltd. and MSD BV.
The acquisition primarily includes brands like
Naturolax, Lactobacil and Farizym, which PEL
intends to continue in the Gastro-Intestinal (GI)
segment through the over-the-counter (OTC)
route. These brands have a rich legacy in India
and a high consumer pull. GI is a ~`2,000 Crores
market, addressing constipation, diarrhoea and
appetite-stimulant categories. The market is
growing at 15-16%. The Company already has
an antacid brand Polycrol in GI segment, which
is the number one brand in Eastern India. With
WKHVHDGGLWLRQV3(/VEDVNHWRIRHULQJVLQWKH
GI market will become even larger.
2.
56
+RZ3(/SODQVWREHFRPHDWRSSOD\HULQWKH27&
PDUNHWE\"
PELs Consumer Product business developed a

strategy in 2012 and has grown substantially over
the last few years as a result of successful execution
of the same.
7KHUHDUHIRXUOHYHUVWRWKH&RPSDQ\VVWUDWHJ\LQFOXGLQJb
1. %XLOGLQJVWURQJGLVWULEXWLRQFDSDELOLW\ From a small reach of 24,000 chemists in FY2008, PELs
Consumer Products division today reaches ~3.5 lakh outlets in towns with population of over 20,000. PEL made
VLJQLFDQWLQYHVWPHQWVLQLQIUDVWUXFWXUHWRPDNHWKLVSRVVLEOH7KH&RPSDQ\KDVLQFUHDVHGWKHHOGIRUFH
from 80 people in FY2008 to 2,000 people in FY2016 to provide best-in-class service levels to its customers.
7RGD\WKH&RPSDQ\VGLVWULEXWLRQQHWZRUNDQGHOGIRUFHVWDQGVDPRQJWKHWRSWKUHH27&SOD\HUVLQ,QGLD
Distribution capability initially conceptualised for own use, today has become a key strength with many
companies approaching PEL to partner in distributing their products across India.
2. ,QYHVWLQH[LVWLQJFRUHEUDQGVDQGRUJDQLFDOO\GHYHORSDQGODXQFKQHZRQHV Six of PELs brands
feature in the top 100 Indian OTC brands. The objective for each brand is to be either No. 1 or No. 2 in its
respective category. The large portfolio increases the Companys importance to a large set of consumers,
while reducing PELs dependence on any single brand. The Company has made strategic investments over the
years in marketing of these brands to enable them to reach their present position. Some of the new brands
organically developed and launched during FY2016 have been discussed separately.
3. )RFXVHGRQDFTXLULQJQHZEUDQGV Growing existing brands, while acquiring newer value-accretive brands
has helped PEL to build a strong portfolio of 11 brands representing eight categories. The Company has set
strict criteria for brand acquisition, key among which is PELs ability to add value to the brand. The brands that
the Company has purchased from large companies have strong legacy and brand recall. However, they were
considered non-core by their previous owners at the time PEL acquired them. Some of the brands purchased
E\WKH&RPSDQ\IURPVPDOOHUSULYDWHFRPSDQLHVZHUHFRQVWUDLQHGE\OLPLWHGQDQFLDOUHVRXUFHV3(/V
EXVLQHVVPRGHODOORZVLWWRLQWHJUDWHDFTXLVLWLRQVLQDQHFLHQWPDQQHUZKLOHDOVRSURYLGLQJRSSRUWXQLWLHVWR
UHDOLVHVLJQLFDQWFRVWVDYLQJV,QOLQHZLWKWKLVVWUDWHJ\3(/KDVPDGHWKUHHVHWVRIDFTXLVLWLRQVGXULQJ)<
(discussed separately).
4. 0LQLPLVHFDSLWDOH[SHQGLWXUHDQGNHHSORZRYHUKHDGV The strategic choice of using third party
vendors has helped the business to maximise competitiveness through lower manufacturing cost and wider
UDQJHH[LELOLW\ZKLOHLQFUHDVLQJUHVSRQVLYHQHVVWRZDUGVLWVFRQVXPHUV7KHEXVLQHVVDOVRKDVDKLJKYDULDEOH
FRPSHQVDWLRQVWUXFWXUHIRULWVVDOHVVWDWRNHHSRYHUKHDGVORZDQGLQFHQWLYLVHKLJKHUSHUIRUPDQFH
2YHUWKHODVWPRQWKVWKHEXVLQHVVKDVLQYHVWHGVLJQLFDQWO\LQJURZWKOHYHUV7KHVWUDWHJ\KDV
worked well and the Consumer Products business is evolving into a strong player in the Indian OTC
market. PELs ambition is to become one of the top three OTC player by 2020 and create strong value
for all stakeholders in the business.
Evolution of Consumer Products Business
7KHUDQNLQJRIWKHEXVLQHVVMXPSHGIURPWKbSRVLWLRQLQWRWKbSRVLWLRQFXUUHQWO\b7KH&RPSDQ\QRZKDV
brands in its portfolio with most of them being No. 1 or No.2 in their respective categories, and six of them being
DPRQJWKHWRS27&EUDQGVLQ,QGLD,WVHUYLFHVRXWOHWVRQDZHHNO\EDVLVWKURXJKDVWURQJHOGIRUFHRI
2,000 people.
FY2008 and earlier
)<)<
FY2013-FY2016*
113
177
393
No. of towns
present
16
481
1,500
Total outlets
24,000
2,00,000
3,50,000
Chemist
outlets
16,000
1,00,000
2,20,000
Period-end
revenues
(`Crores)
Acquisitions
To leverage its India-wide distribution network, PEL is in a mode of rapidly adding more products organically and
inorganically. Apart from launching new brands, the Company has recently acquired 3 brand portfolios to scale up the
business to achieve the target to be among the top 3 players by 2020.
STRATEGIC OVERVIEW
Post dissolution of JV with Boots, PEL independently started its Consumer Product Division in 2007. At that time,
the business had only three brands in its portfolio, catering to just 24,000 outlets through a team of 80 people. It
ZDVUDQNHGWKDPRQJ27&FRPSDQLHVLQ,QGLD6LQFHWKHQWKHEXVLQHVVKDVJURZQVLJQLFDQWO\ERWKRUJDQLFDOO\
and inorganically. Growth of existing brands, launch of new products and acquisition of some of the top brands have
boosted the Companys revenue and business positioning in the industry. The business has grown at a CAGR of 21%
over FY2008-2016 as against 12% CAGR reported by the addressable market.
57
STATUTORY REPORTS
Brands
launched
organically
)HUUDGRO1HNR6ORDQ
VDQG:DWHUEXU\
V&RPSRXQGDUHWKHIRXUEUDQGVWKDWZHDJUHHGWRDFTXLUHIURP3]HU/WGLQ0D\
58
The Salesforce automation programme was

successfully rolled out during the year in India, across
all channels.
-RLQW9HQWXUHZLWK$OOHUJDQ
Allergan India, a 51:49 Joint Venture between Allergan
Inc. and PEL, for ophthalmic products, commenced
commercial operations in 1996. It has emerged as the
market leader in the fast-growing ophthalmic category,
with the successful launches of a series of hightechnology medication and devices for diseases like
JODXFRPDGU\H\HLQIHFWLRQVDQGLQDPPDWLRQV7RGD\
Allergan India is the partner of choice for majority of the
countrys ophthalmologists, and is poised to grow at
a rapid pace. It is an undisputed leader in the eye-care
pharma market with dominance in all major disease
segments.
GXULQJWKH\HDU
Revenues from OTC and Ophthalmology business grew
by 10% during the year to `393 Crores, compared with
`357 Crores in FY2015. Allergan India continues to
remain Indias leader in ophthalmology with 21% market
share. The Company undertook several organic and

inorganic initiatives during the year to boost growth
DQGHQVXUHIXWXUHSURWDELOLW\,WFRPPHQFHGH[SRUWV
of few brands to nearby countries that have reach to
Indian media. Besides, the Company is increasing its
digital presence with an exclusive launch of Untox with
Snapdeal. Products and brands launched earlier are now
showing traction. The Salesforce automation programme
was successfully rolled out during the year in India, across
all channels. This has enabled improved productivity at
each retailer level under direct coverage.
Saridon continues to maintain number one rank in
headache category. Lacto Calamine and i-pill continue
to sustain their demand in their respective categories
by adapting a focused geographical approach strategy.
Quikkool became a respected brand for mouth ulcer
in less than a year of launch. Caladryl doubled its
distribution during the year.
Note: All market data and positioning are based on independent
syndicated research providers.
In the last year we acquired three brand portfolio and also

launched several new brands which are recognised and
valued by our customers and consumers. These initiatives
are backed by a strong plan and our future success will
depend upon strong execution of these plans. A strong
H[HFXWLRQZLOOHQDEOHHHFWLYHXWLOLVDWLRQRIRXUGLVWULEXWLRQ
set-up and thereby will prove to be margin-accretive due to
KLJKHU[HGFRVWDEVRUSWLRQ:LWKDVWURQJDQGH[HFXWLRQ
IRFXVHGWHDPWKDWZHKDYH,DPFRQGHQWWKDWZHZLOO
VLJQLFDQWO\LPSURYHWRSOLQHDQGERWWRPOLQHSHUIRUPDQFH
LQWKHFRPLQJ\HDUVDQGFUHDWHVLJQLFDQWYDOXHIRURXU
stakeholders.
Kedar Rajadnye
COO, Consumer Products
Financial Services Business
3(/V)LQDQFLDO6HUYLFHVVHJPHQWRHUV
DFRPSOHWHVXLWHRIQDQFLDOSURGXFWVWR
meet diverse needs of its customers.
1,863.8 Crores
Revenues in FY2015-16
The Company has created its unique positioning in

QDQFLDOVHUYLFHVVSDFHWKURXJKLWVVWURQJSUHVHQFHLQ
the following sub-segments:
:KROHVDOH/HQGLQJ
`13,048 Crores of lending to real estate developers and
under special situation opportunities in sectors, including
infrastructure, renewables, cement, transportation,
among others.
$OWHUQDWLYH$VVHW0DQDJHPHQW
`8,717 Crores of alternative Assets Under Management
through private equity funds that invest in real estate
sector, and special situation investments under
the Companys strategic alliance with APG Asset
Management. The Company currently manages 7 funds,
3 third party mandates and 2 managed accounts. It is one
RIWKHUVWLQVWLWXWLRQVHDUOLHUQDPHGDV,1',$5(,7LQ
India to enter in real estate fund management business.
,QYHVWPHQWVLQ6KULUDP*URXS
`4,583 Crores has been invested in Shriram Group of
Companies. This has enabled the Company to enter
into a long-term association with Shriram Group and
VWUHQJWKHQLWVSUHVHQFHLQWKHQDQFLDOVHUYLFHVVSDFH
by diversifying into various areas. These include retail
and Small and Medium Enterprises (SME) lending, life and
general insurance, broking and retail asset management.
Following were the key milestone transactions of the
Companys investments in the Shriram Group :
In May 2013, PEL acquired ~10% equity stake in

Shriram Transport Finance Company Limited (STFC)
for a consideration of `1,636 Crores.
In April 2014, PEL acquired 20% equity stake in

Shriram Capital Limited (SCL), the holding company
for Financial Services and Insurance entities of
Shriram Group. The total amount invested in SCL is
`2,146 Crores.
In June 2014, PEL acquired ~10% equity stake

in Shriram City Union Finance (SCUF). The total
amount invested in SCUF is `801 Crores.
In November 2014, Mr. Ajay Piramal, the Chairman

of Piramal Enterprises, was appointed as
Chairman of Shriram Capital.
60
PELS FINANCIAL SERVICES BUSINESS

Complete suite of products to meet diverse customers needs
:KROHVDOH/HQGLQJ
$OWHUQDWLYH
$VVHWVXQGHU
0DQDJHPHQW
,QYHVWPHQWVLQ
6KULUDP*URXS
Financing for:
Real Estate
Special Situations
Third party funds

invested in:
Real Estate
Special Situations
5HWDLOQDQFLQJ
8VHG&9QDQFLQJ
060(QDQFLQJ
Gold and home loan
Personal loan
Life and general insurance
Broking
/RDQERRN
`&URUHV
$80
`&URUHV
,QYHVWHG
`&URUHV
20% stake in Shriram Capital

10% stake in STFC
10% stake in SCUF
Market leaders in
Used CV, MSME Financing
6WURQJSRUWIROLRZLWKDWRWDOLQYHVWPHQWVORDQVDQGDVVHWVXQGHUPDQDJHPHQWRI`&URUHV
.H\GLHUHQWLDWRUV
Strong positioning:
PEL is one of the largest deployers of capital across
all stages of the life-cycle of residential real estate
projects. During FY2016, it announced its intention
to initiate funding towards commercial spaces
as well. PEL is also among the top providers of
structured mezzanine funding in India. Its exposure
LVZHOOGLYHUVLHGDFURVVJHRJUDSKLHVDVZHOODV
product types in India.
Established track record:

PEL has a well-established track record in wholesale
OHQGLQJ,QODVWYH\HDUVWKH&RPSDQ\KDV
VLJQLFDQWO\JURZQWKHVL]HRILWVORDQERRN7KH
Company currently has a loan book of `13,048
Crores under real estate and special situations.
In real estate lending, it has entered into 145
transactions till date, with 81 development partners
located in Tier 1 cities Mumbai, Pune, Bengaluru,
NCR and Chennai, to reach this scale. Under the
Special Situations arm, the Company entered into
series of transactions. Further, its real estate private
equity fund has an AUM of `8,717 Crores, created
through investments in 57 projects across seven
cities, with 25 leading developers. A seasoned team

of professionals with a local presence in all the
markets of operation gives PEL an in-depth local
expertise to maximise long-term investment returns
for its investor partners. Given PELs reputation,
skill sets, network and track record of success,
GHYHORSHUVUHFRJQLVHWKHEHQHWVRIZRUNLQJZLWK
3(/7KH&RPSDQ\LVDPRQJWKHUVWDQGIHZ,QGLDQ
players to have demonstrated a full cycle of fund
raising, deployment, exits and distributions from the
residential real estate projects and continues to do
so across the capital stack.
Strong governance:
The business has stringent oversight by a highly
H[SHULHQFHG%RDUGDQGVSHFLF,QYHVWPHQW
Committees that includes external industry experts
as well. All investment proposals are reviewed by
the Investment Committee members, who provide
strategic inputs and oversight governance to ensure
that an opportunity meets the investment criteria.
They also ensure that investment guidelines have
been thoroughly and appropriately evaluated,
downside risks have been mitigated and that the
LQYHVWPHQWRHUVVXSHULRUULVNDGMXVWHGUHWXUQV
61
Growing Alternative Asset

Management business
13,048
(`Crores)
(`Crores)
Of the total 174%
increase over
FY15 loan book,
101% is driven by
FRQVWUXFWLRQQDQFH
8,441
8,717
7,569
876
876
3,800
2,861
3,857
2,016
4,257
2016
0
FY2013
FY2014
FY2015
FY2016
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
Note: 1. Excludes our investment in Vodafone India, which was exited during
FY2015 and includes special situation investments
Management depth:
PEL has highly talented and experienced teams of
140 professionals, with a healthy mix of investing
and operating experience, operating in six cities. This
UHHFWVWKHGHSWKDQGVFDOHRILWVRSHUDWLRQVDQGWKH
belief that real estate is a locally focused business
that requires constant eyes and ears on the ground.
~60% of the team is engaged in monitoring of assets.
Strong relationships providing an access to

patient and intelligent capital:
Over the years, PEL has established strong
relationships with large reputed partners (including
APG Asset Management and CPPIB Credit
Investments) as well as various domestic ultra-high
QHWZRUWKLQGLYLGXDOVDQGIDPLO\RFHVWKDWJLYHVLW
an edge to access long-term patient and intelligent
capital. Alliances with these large, known partners
UHDUPFUHGLELOLW\DQGVHUYHDVDQH[WHUQDOPHDVXUH
of validation for the Companys business mechanism.
STATUTORY REPORTS
Domain expertise:
PEL has long-standing expertise in alternate
QDQFLQJDFURVVDVVHWFODVVHVSULYDWHHTXLW\
mezzanine equity, mezzanine debt, senior lending,
DQGFRQVWUXFWLRQQDQFHDPRQJRWKHUVDQGWKH
ability to quickly identify and capitalise on new
QDQFLQJRSSRUWXQLWLHV7KH*URXSDOVRKDVDVWURQJ
track record of developing large real estate projects
in India.
4,766
350
0
FY2011 FY2012
STRATEGIC OVERVIEW
7UHQGVKRZLQJVLJQLFDQW
scaling up of loan book
62
REAL ESTATE: END-TO-END DEVELOPER FINANCING PLATFORM

PARTICULARS
ALTERNATIVE ASSETS
MANAGEMENT
WHOLESALE LENDING
6WDJHVRIDOHQGLQJ
IRUDSURMHFW
Primarily for land

purchase
Post land purchase till

commencement of
construction (Phase of
obtaining approvals)
For construction of
projects
3URGXFWV
RHUHG
Pure / Preferred /
Mezzanine Equity
Senior Secured /
Structured Debt
Construction Finance
Capital
$OORFDWLRQ
2%DODQFH6KHHW7KLUG
Party Funds with PEL
sponsor commitment
upto 7.5%)
On Balance Sheet
On Balance Sheet
<HDURI
FRPPHQFHPHQW
Started in 2006;
acquired by PEL in 2011
2011
2015
&XUUHQW6L]H
`8,192 Crores
`6,733 Crores
`4,800 Crores
<LHOG,55
20-24%
18-20%
14-16%
Tenor
4-6 years
3-5 years
4-6 years
$UHDVRIRSHUDWLRQ
The Company has its Financial Services businesses

operating in following areas of national and economic
VLJQLFDQFH
Real Estate
Piramal Fund Management (PFM), an arm of PEL, is one
of the largest deployers of capital across all stages of
the life-cycle of residential real estate projects in India.
'XULQJWKH\HDULWDQQRXQFHGHQWU\LQWRQDQFLQJ
of commercial space. It deploys both internal and
third party capital in most attractive opportunities
in real estate to provide attractive returns for all its
stakeholders. With `21,765 Crores of loan book and

assets under management, it is one of the Indias largest
real estate funding platforms. PEL is the only Indian
company to have an integrated platform providing an
exposure to the entire capital stack across real estate,
including private equity, structured mezzanine equity,
structured debt, senior secured debt and construction
QDQFH7KHXQLTXHFRPELQDWLRQRIDGHEWDQGHTXLW\
practice within the same platform facilitates engagement
with development partners across their entire capital
requirement through the project life cycle, right from
longer tenure/initial stage equity funding to more
PDWXUHVKRUWHUWHQXUHFRQVWUXFWLRQQDQFH3)0LV
uniquely positioned to deliver superior risk adjusted
returns to investors, by leveraging its unparalleled skill
sets, sector experience and industry relationships.
PEL is the only Indian company to have an integrated

platform providing an exposure to the entire capital
stack across real estate.
63
Alliance with CPPIB

PEL has a strategic alliance with CPPIB Credit
Investments Inc., a wholly-owned subsidiary of
Canada Pension Plan Investment Board (CPPIB) to
SURYLGHUXSHHGHEWQDQFLQJWRUHVLGHQWLDOSURMHFWV
across Indias major urban centres and made
investments under this alliance.
Special Situation Investments
Khushru Jijina
MD, Piramal Fund Management
)<ZDVDVLJQLFDQW\HDUIRUXV,WHQDEOHGXVWR
uniquely position ourselves among the top players within
5HDO(VWDWHIXQGLQJWKURXJKRXUVXLWHRIQDQFLDOSURGXFWV
and relationships. We have focused relentlessly on building
HHFWLYHFRQWUROVWRPDLQWDLQRXUUREXVWDVVHWTXDOLW\:LWK
60% of our team involved primarily in monitoring existing
assets, the platform clearly stands out from the industry in
ensuring the quality of each individual asset account. I feel
we will continue down the path of delivering strong growth
as well as superior risk adjusted returns in the future by
adding more products to our portfolio.
STATUTORY REPORTS
PEL believes that mezzanine capital can play an

important role in the capital structure of companies and
LWLVZHOOSRVLWLRQHGWRRHUFRPSRVLWHQDQFLQJVROXWLRQV
to cover multiple situations. It believes structured
solutions work well in situations such as last mile
UHQDQFLQJSURPRWHUQDQFLQJDFTXLVLWLRQQDQFLQJ
etc. In FY2016, the Company expanded the coverage of
its Special Situation arm to include sectors other than
infrastructure.
Innovative Investment Opportunities

Last year, the Company entered into construction
QDQFHIRUUHVLGHQWLDOSURMHFWV'XULQJWKH\HDULW
DQQRXQFHGWKHH[SDQVLRQRILWVRHULQJVWRLQFOXGH
QDQFLQJIRUFRPPHUFLDOSURMHFWVFRQVFLRXVO\
completing its entire suite of products. Typically,
structured equity or structured debt investments
RHQJHWUHQDQFHGE\EDQNVRURWKHU1%)&V
once the projects achieve certain milestones.
&RQVWUXFWLRQQDQFHJLYHV3)0WKHDELOLW\WR
extend the overall tenure of the relationship
with a project, by not requiring the development
SDUWQHUWRUHQDQFHRQFHWKHSURMHFWPDWXUHV7KH
fund management business has, over the years,
separately introduced several innovative products
for its investors, harnessing the unique skill-set of its
investment professionals.
STRATEGIC OVERVIEW
Unique features
64
Indian Infrastructure space is now seeing a recovery

DHUDORQJVOXPS7KHUHLVDGHQLWLYHSLFNXSVHHQ
in government capex with increased allocation of
`2.2 trillion to infrastructure in the FY2017 Budget.
Moreover, to meet its infrastructure targets India
ZLOOQHHGWRVSHQG86ELOOLRQRYHUWKHQH[WYH
years. Additionally, with increasing focus on renewable
HQHUJ\WKHUHLVVLJQLFDQWUHTXLUHPHQWRIHTXLW\
mezzanine capital and debt. PEL will continue to focus
on this segment through the APG platform.
The Companys evaluation of sectors other than
LQIUDVWUXFWXUHWHQGVWREHVLWXDWLRQVSHFLF$VWKH
economy turns around, companies would need
QDQFLQJWRLQFUHDVHWKHLUFDSDFLWLHVDQGKHQFHZRXOG
need providers of long-term capital, who are able to
work with them as partners. The Special Situation arm
RIWKH&RPSDQ\ZLOOORRNWRSURYLGHQDQFLQJVROXWLRQV
to such companies.
$3*ERWKKDYHLQLWLDOO\FRPPLWWHG86PLOOLRQ
for investments under this strategic alliance. This is
one of the largest private sector commitments to the
infrastructure sector in India. This alliance accentuates
WKHFRQGHQFHUHSRVHGE\LQVWLWXWLRQDOLQYHVWRUVLQ
Piramal Groups capabilities. This strategic pool of
capital is focusing on operational and near-completion
projects with limited execution risks and high visibility
RIFDVKRZVFRPLQJIURPDSRUWIROLRRISURMHFWV8QGHU
this 50:50 strategic alliance, PEL and APG have jointly
invested `1,050 Crores till March 31, 2016. Of this
amount, `525 Crores have been disbursed by APG under
the alliance.
PEL stands among the top providers of structured

mezzanine funding in India. A series of transactions have
been entered under Special Situation in FY2016. The
total amount deployed from the Companys balance
sheet under this segment is `1,515 Crores as on March
31, 2016.
Launch of Piramal India Resurgent Fund

The Piramal Group has a long standing history of spotting
early trends and acting decisively on them. The Company
believes that this is a perfect time to explore the
thematic opportunity of investing in turn around assets
especially as banks are actively working on resolving
the issue of high level of restructured / non-performing
assets in their portfolio. Further, the recently introduced
EDQNUXSWF\FRGHZLOOEULQJLQHFLHQF\ERWKLQWHUPV
of associated timelines and costs in default / insolvency
UHVROXWLRQIUDPHZRUNWKHUHE\VLJQLFDQWO\DVVLVWLQJ
lenders in decision-making.
Strategic Investment Alliance with APG Asset

Management
PEL and APG Asset Management, (a Dutch pension fund
asset manager in the Netherlands with an AUM of 417
billion as on March 2016), has a strategic alliance for
investing in rupee denominated mezzanine instruments
issued by Indias infrastructure companies. PEL and
*LYHQ3(/VVWURQJRSHUDWLQJDQGQDQFLQJFUHGHQWLDOV
WKH&RPSDQ\EHOLHYHVLWFDQHHFWLYHO\WDLORUDVWUDWHJ\
centered around the turn around potential in good
quality assets and sound businesses that require both
QDQFLDODQGRSHUDWLRQDOUHVWUXFWXULQJ7RH[SORUH
evaluate and invest in such opportunities, the Company
LVFRQVLGHULQJWRORRNDWLQYHVWLQJLQVSHFLFDVVHWV
65
Investment in Shriram City Union Finance

(SCUF): In June 2014, PEL acquired ~10% equity
stake in SCUF. The total amount invested in SCUF
is `801 Crores. Shriram City Union is among the
more established players in the retail financing
space with an AUM of around `20,851 Crores.
SCUF is the largest small enterprise finance
company in India in the small loans segment. It is
also a prominent provider of loans against gold,
financing for two wheelers, pre-owned and new
vehicle loans, personal loans and housing loans.
Currently, SCUF has its presence in over 976
branches across the country.
,QYHVWPHQWVLQ6KULUDP*URXS
To strengthen its presence in the financial services
industry, PEL aimed at being in a well-diversified play.
Wholesale lending is done in-house and exposure to
retail is through its investments in the Shriram Group
of Companies. PELs long-term partnership with
Shriram diversifies its exposure into the retail and SME
customer segments through its lending business, life
and general insurance, distribution, broking and retail
asset management.
Investment in Shriram Capital (SCL): In April

2014, PEL acquired 20% equity stake in SCL.
The total amount invested in SCL is `2,146 Crores.
SCL is the holding company for the Financial Services
and Insurance entities of the Shriram Group.
Investment in Shriram Transport Finance (STFC):

In May 2013, PEL acquired ~10% equity stake in
STFC for a consideration of `1,636 Crores. STFC,
with a consolidated AUM of `72,761 Crores, is one
of Indias leading players in commercial vehicle
QDQFHZLWKDQLFKHSUHVHQFHLQQDQFLQJSUH
owned trucks and lending to small truck owners.
It has pan-India presence with a network of 853
EUDQFKRFHVUXUDOFHQWUHVHPSOR\HHV
partnership with ~SULYDWHQDQFLHUVDQGDODUJH
customer base of over 1.3 million.
STRATEGIC OVERVIEW
through multiple tiers of capital and vehicles. This is done

in a manner such that the fungible capital and structure
helps meets the requirements of various stakeholders in
each of these potential transactions. The investment will
be done through a dedicated fund or co-invest structure
in partnership with institutions/investors of global
repute.
STATUTORY REPORTS
3(/VORQJWHUPSDUWQHUVKLSZLWK6KULUDPGLYHUVLHVLWV
exposure into the retail and SME customer segments.
66
+RZ3(/HQVXUHVDKHDOWK\DVVHWTXDOLW\"
'LOLJHQFHEHIRUHWUDQVDFWLRQ
The Company provides funding to very selective developers based on their track record, market reputation, status
of current projects, etc. More than 70% of the portfolio comprises of grade A developers.
The Company selects project located mostly in Tier-1 cities having intrinsic end-user demand.
Given PELs long experience in real estate, it has the ability to mine primary data from existing portfolio that enables
it to make better informed decisions about product, pricing, cost and sales mix, while analysing new transactions.
The Company is targeting quality developers through its innovative approach such as Preferred Partner Program.
'XH&DUHZKLOVW8QGHUZULWLQJ
,WVWUXFWXUHVHDFKWUDQVDFWLRQXQLTXHO\WRDGGUHVVDQ\VSHFLFULVNVDVVRFLDWHGZLWKWKHSURMHFW7KLVHQDEOHVWKH
Company to enforce security in event of default and ensure that its risk adjusted returns are achieved.
The Company ensures strong independence to prevent bias from any person or team.
For example:
The Risk and Legal teams are separate from Investment Function and have the ability to veto investment
decision, if required;
The Company has Independent Directors & External Experts in the investment committees apart from the
business team;
It has developed a proprietary risk scoring system so that no personal bias creeps in whilst pricing
transactions.
Strategic alliances with large funds like CPPIB and APG, who independently assess each investment, serves as
external validation of underwriting and re-assures the Companys investment thesis.
The Company is highly conservative in its assumptions while modelling a base case so as to ensure that the target
returns are achieved without reliance on market re-rating. For example, it does scenario analysis based on velocity
and not just sales and cost.
8QUHOHQWLQJIRFXVRQ0RQLWRULQJDQG$VVHW0DQDJHPHQW
The Company has set up dedicated local teams in all cities where it has invested to constantly assess the
performance of each project right from investment to exit stage.
7KH&RPSDQ\KDVVHSDUDWHDQGGHGLFDWHG$VVHW0DQDJHPHQWWHDPRIQDQFLDODQGWHFKQRFRPPHUFLDOSHRSOH
across these cities that act as check and balance and further enhances its focus on asset quality.
6LJQLFDQWWLPHLVVSHQWIRUSRVWGLVEXUVHPHQWPRQLWRULQJE\ERWKWKHVHLQYHVWPHQWDQGDVVHWPDQDJHPHQW
teams to detect and react to early warning signals.
Monthly site visits are conducted to ascertain the physical progress of project, the quality of the project and
also to estimate cost overruns and delays if any.
Monthly performance is monitored with regard to sales units, sales value, sales price, collections, physical
progress, construction cost and other cost.
Computes monthly cash covers to ascertain if it is above the minimum stipulated cash cover and highlight if
additional security is required at any stage.
+HDOWK\VHFXULW\DQGEDODQFHGSRUWIROLR
The Company maintains healthy security and cash cover of 1.5x-2x at all times based on its conservative
underwriting assumptions and have the ability to enforce security.
Piramal Group has a history of strong project development capabilities and can take over, complete and sell
project, if required.
7KH&RPSDQ\LVFRQVWDQWO\GHULVNLQJLWVSRUWIROLRE\FKDQJLQJRYHUDOOPL[WRZDUGVFRQVWUXFWLRQQDQFHDQGVHQLRU
debt vis-a-vis structured equity / mezzanine transactions.
The Risk team maps and monitors portfolio level risk and adjust exposure to city, project or region accordingly.
67
Evolution of Financial Services Business
The total investments made by PEL under its Financial Services segment also include `4,583 Crores invested in various
companies of Shriram Group.
STRATEGIC OVERVIEW
2YHUWKH\HDUV3(/KDVFUHDWHGDUREXVW)LQDQFLDO6HUYLFHVSRUWIROLR7KHWRWDODPRXQWLQYHVWHGXQGHUQDQFLDOVHUYLFHV
LQFOXGHVRQEDODQFHVKHHW REDODQFHVKHHWKDVJURZQIURP`4,207 Crores in FY2012 to `26,348 Crores. The Company
has correspondingly delivered a strong trend of income growth over last few years. The Company has also demonstrated
a solid exit track record, with cumulative exits and repayments of `8,532 Crores. Every year, it has been consistently
H[SDQGLQJLWVSURGXFWSRUWIROLRWRERRVWLWVJURZWKDQGRSWLPLVHWKHRYHUDOOULVNUHWXUQSUROHRILWVORDQERRN
Total AUM under Financial Services1
4,207
12,066
26,348
Cumulative Exits/Repayments1
830
2,150
8,532
Total Income (including Dividend and

Associate Income from Shriram)
82
726
2,017
350
2,861
13,048
Period-end Loan Book
350
1,936
11,533
Cumulative No. of transactions
37
145
Period-end Loan Book1
925
1,515
Cumulative No. of transactions
Period end AUM
3,857
7,569
8,717
Total No. of funds/third party mandates/

managed accounts
10
12
Loan Book
3HULRGHQG/RDQ%RRN1
5HDO(VWDWHOHQGLQJ
6SHFLDO6LWXDWLRQVLQYHVWPHQWV
Alternate Assets
STATUTORY REPORTS
FY2015-FY2016
FY2013-FY2014
FY2012 and earlier
Products
Note:
1. Excludes Vodafone investment
2. Excludes one fund which was launched in September 2014 and successfully exited in December 2015
7RWDO,QYHVWPHQWV
1,636
4,583
Investment in Shriram Transport
1,636
1,636
Investment in Shriram City Union
801
Investment in Shriram Capital
2,146
68
EXPANDING PRODUCT PORTFOLIO TO BOOST GROWTH

FY2012 and earlier
FY2013-FY2014
FY2015-FY2016
Real Estate
Residential projects
Pure / Preferred / Mezzanine Equity
Senior Secured / Structured Debt
Commercial projects
6SHFLDO6LWXDWLRQV5HQHZDEOHV&HPHQW7UDQVSRUWDWLRQHWF
Mezzanine Lending
Loan Against Shares
Senior Lending
GXULQJWKH\HDU
Income from Financial Services was 99% higher at
`1,864 Crores for FY2016, from `937 Crores in FY2015.
The growth was primarily driven by increase in the size
of loan book. Loan book grew by 174% to `13,048
Crores from `4,766 Crores in FY2015, aided by entry
LQWR&RQVWUXFWLRQ)LQDQFH&RQVWUXFWLRQQDQFLQJQRZ
constitutes 42% of the Real Estate loan book. Asset
quality continued to remain robust with a GNPA ratio
of just 0.91%. Gross Assets under Management grew
to `8,717 Crores during the year. The Company exited
almost 100% of corpus in all 3 vintage funds.
:D\IRUZDUG
Going forward, the Company plans to continue its
VWURQJJURZWKPRPHQWXPLQQDQFLDOVHUYLFHV7KH
future growth will come through expanding product
SRUWIROLRHHFWLYHO\OHYHUDJLQJWKHEDODQFHVKHHWE\
WDUJHWLQJDGLYHUVLHGOLDELOLW\PL[DQGH[SORULQJGRZQ
selling opportunities, and thereby enhancing returns to
shareholders. Construction Finance would continue to
UHPDLQWKHPDLQJURZWKGULYHULQUHDOHVWDWHQDQFLQJ
The Company announced Construction Financing
in commercial space as well. It will continue to look
for more long-term partnerships like CPPIB and APG
that will enable the Company to get access to patient
capital and generate more fee income. It will continue
to strengthen its system and processes to handle the
potential scale and keep the asset quality under check.
The Company will continue to remain nimble to new
DQGDWWUDFWLYHRSSRUWXQLWLHVLQLGHQWLHGEXVLQHVV
segments that arise as an outcome of the prevailing
market environment.
Construction Finance will

continue to remain the
main growth driver in
UHDOHVWDWHQDQFLQJ
Information Management Business
3(/V,QIRUPDWLRQ0DQDJHPHQWEXVLQHVV'HFLVLRQ
5HVRXUFHV*URXS'5*LVDPDUNHWOHDGLQJ
GHFLVLRQVXSSRUWSODWIRUPLQWKHKHDOWKFDUH
LQIRUPDWLRQVHUYLFHVVSDFHDRG provides
indispensable insights to life sciences companies as
well as healthcare providers and payers through a
variety of high value-added data and analytics, research
UHSRUWVDQGNQRZOHGJHEDVHGVHUYLFHV7KHVHRHULQJV
enable customers to make informed investment, cost
containment and strategic business decisions in their
chosen markets. DRGs products and services are built
around proprietary data, algorithms, primary research
and domain expertise. Most of its branded product lines
have a leading market share in their respective niches.
1,156.2 Crores
Revenues in FY2015-16
5REXVW,QGXVWU\2XWORRN
In the US, national health expenditures surged to
86WULOOLRQLQIURP86WULOOLRQLQ,WLV
IXUWKHUH[SHFWHGWRJURZDWDUDWHRIWRWRXFK86
trillion in 2020 (Source: Centers for Medicare & Medicaid
Services). Regulations like The Patient Protection and
$RUGDEOH&DUH$FW33$&$RIDUHH[SHFWHGWR
expand coverage to 32 million uninsured individuals
6RXUFH&RQJUHVVLRQDO%XGJHW2FH,QWKHZDNHRIWKH
PPACA and the increasing healthcare spending trends,
the primary constituents in healthcare are changing
the way healthcare costs are reimbursed. The focus is
VKLLQJIURPYROXPHRIVHUYLFHVWRWKHYDOXHDQGHFDF\
RIWKHVHUYLFHVRHUHG
The preceding factors, the increasing cost to bring
drugs and devices to market, and greater regulatory
scrutiny have resulted in an increased demand for
high-quality information and analytical decision support
tools. Besides, third-party insight from experts has

gained importance to navigate the healthcare industrys
increasing market and regulatory complexity. DRG,
through its proprietary data, strong analytical capabilities
and industry insight, enables stakeholders across
the healthcare value chain to solve critical business
questions and challenges. This, in turn, will enhance the
value of their products and services.
PEL acquired the DRG core business in 2012, which
VHUYHGD86ELOOLRQPDUNHWSURYLGLQJV\QGLFDWHG
content to life sciences customers. Since the acquisition,
the business has expanded its addressable market to
86ELOOLRQOLIHVFLHQFHVSD\HUVDQGSURYLGHUVPDUNHW
as per Company management estimates. With escalating
global healthcare expenditures (driven by, among
other factors, ageing populations in G7 countries), new
regulations and the expansion of improved treatments,
DRG expects that demand and market for its products
and services will witness a steady increase.
70
SIGNIFICANT FOCUS TO BOOST GROWTH

Expanding Into New End Markets, Products and Geographies
PAST
FUTURE
PRESENT
86EQ
86EQ
86EQ
/LIH6FLHQFHV
Data
Research Products
/LIH6FLHQFHV
Feb 2016
$FTXLUHG$GDSWLYH6RZDUH
Leading Solutions for

Health Plans and Pharmacy
%HQHW0DQDJHUV
Marks Company's entry into

payer space
May 2015
$FTXLUHG+%,
Trusted provider of best

practice research training
and services to >1,400
hospitals in US
Marks Company's entry into

provider space
/LIH6FLHQFHV | 3URYLGHU | 3D\HU
Solutions
Solutions
Consulting Services
Research Products
Data and Analytics
Consulting Services
Research Products
Data and Analytics
Source: Based on proprietary market research and internal DRG estimation
.H\GLHUHQWLDWRUV
&RPSUHKHQVLYHSURGXFWVXLWH
DRGs product and services portfolio comprises
three categories Data and Analytics, Research
Products and Global Consulting Services. These
RHULQJVKDYHWUHPHQGRXVV\QHUJ\HQDEOLQJ
DRG to provide end-to-end expertise, including
bespoke solutions to address the most challenging
customer problems. Moreover, the diversity and
GHSWKRI'5*VRHULQJVDUHORQJWHUPFRPSHWLWLYH
GLHUHQWLDWRUV
6WURQJSUHVHQFH
Headquartered in Burlington, Massachusetts (USA),
DRG operates across North America, Europe and
$VLD,WVSURGXFWDQGVHUYLFHRHULQJVFRYHU*
countries, along with all major emerging markets.
'5*VJUHDWHVWVWUHQJWKLVLWVWDOHQWHGDQGGLYHUVLHG
ZRUNIRUFHORFDWHGLQRFHVDFURVVVL[FRXQWULHV
/RQJWHUPUHYHQXHYLVLELOLW\
DRGs comprehensive product suite and the breadth
of coverage have enabled it to establish strong
relationships with its customers, embedding its

VHUYLFHVZLWKLQWKHLUSURGXFWVDQGZRUNRZV'5*V
GLHUHQWLDWHGKLJKYDOXHRHULQJVKDYHFRQWULEXWHG
to 10+ year relationships with its top ten customers.
Data & Analytics and Research Products which are
highly recurring in nature comprise over 75% of
total revenue. The Company has a stable revenue
base with 100% retention among top 50 customers,
contributing to around 80% of revenues. Total
revenue retention by value is ~97% across the entire
customer base.
6LQJOHLQWHJUDWHGJOREDOSODWIRUP
'5*KDVVKLHGWRLQWHJUDWHGKHDOWKFDUHLQIRUPDWLRQ
services and analytics business, from a portfolio of
brands accumulated through a roll-up acquisition
strategy. The business has been restructured
DVDQLQWHJUDWHGRUJDQLVDWLRQZLWKVLJQLFDQW
opportunity to scale. This is a result of various
factors including investments in global sales and
marketing, distributed production technologies and
global capacity, cross-functional data and analytic
talent, and a new product delivery platform. The
71
STRATEGIC OVERVIEW
Revenue Growth of Information Management Business

($ million)
178
164
151
139
131
116
103
94
62
51
37
CY2007
CY2008
CY2009
CY2010
CY2011
CY2015
The acquisitions include:

1. Activate Networks (Activate):
In February 2015, DRG acquired Activate, a
leading provider of network analytics that
maps, analyses, and activates networks for
healthcare/life sciences companies. Activate
helps identify the key connections that drive
commercial success, and will enable DRG to
augment its Data and Analytics practice.
2.
Healthcare Business Insights (HBI): In May

2015, DRG acquired HBI, a trusted provider of
best-practice research, trainings and services
to over 1,400 hospitals across the US. This
acquisition marked DRGs entry into the
provider space.
3.
$GDSWLYH6RZDUH$GDSWLYH In February

2016, DRG acquired Adaptive, developers
RIPDUNHWOHDGLQJSKDUPDF\EHQHWDQG
IRUPXODU\PDQDJHPHQWVRZDUHSODWIRUPV
Through this acquisition, DRG made its entry
into the payer space to enhance its ability to
SURYLGHGDWDLQVLJKWDQGVRZDUHVROXWLRQV
required to answer critical questions. Primarily,
VXFKTXHVWLRQVDUHUHODWLQJWRGUXJHFDF\
pricing, market access, contracting strategies
DQGEHQHWGHVLJQ$GDSWLYHVFXVWRPHUV
PDQDJHSKDUPDF\EHQHWVIRURYHUPLOOLRQ
US lives.
0 $FUXFLDOIRUJURZWK
Growth through acquisitions is fundamental to
every business information services company, and
has also been an essential component of DRGs
development. Markets place a premium value on
business information companies that demonstrate
the ability to scale successfully through acquisitions.
As a high-growth business information company,
DRG also relies on acquisitive growth. This
VWUDWHJ\IRUWLHVH[LVWLQJRHULQJVIRVWHUVSURGXFW
innovation, adds capabilities and expands reach
to new markets. In CY2015 and early 2016, DRG
made various acquisitions, which helped bolster its
analytics capabilities and created an entry into the
healthcare provider and payer customer market.
CY2014
STATUTORY REPORTS
CY2013
3RVW$FTXLVLWLRQ
3UH$FTXLVLWLRQ
VKLWRZDUGVFRQVROLGDWLRQKDVUHVXOWHGLQUHYHQXH
and cost synergies. Previously, this opportunity was
unrealised, because until PEL acquired DRG, the
individual companies acquired previously were kept
separate. By bringing together all DRG products,
data, analytics, and services under one roof, the
Companys prospects and customers now have
access to holistic solution sets that can address
multiple questions and complex business problems.
CY2012
Source
CY2006
CY2005
72
'5*,QGLD$QHZWUDQVIRUPDWLRQDOLQLWLDWLYH
In July 2014, DRG launched a new initiative to transform

its global talent pool by investing and expanding
operations in India. In January 2015, the business opened
LWVUVWRFHLQ:KLWHHOG%HQJDOXUX6XEVHTXHQWO\LQ
February 2016, it expanded to Northern India with a new
RFHDW&\EHU&LW\*XUXJUDP%\PLGRI)<'5*
LVH[SHFWHGWRKDYHQHDUO\RILWVVWDLQWKHQHZ
%HQJDOXUXDQG*XUXJUDPRFHV
DRG has set a goal to substantially its revenue in the coming years. This would require operational and strategic
investments, scaling its India operations quickly with clear goals to:
,PSURYHFXVWRPHUGHOLJKWGHOLYHU\DQGUHVSRQVHWLPHVWKURXJKEXLOGLQJDQGVWDQJFDSDELOLWLHVZLWKWKH
industrys most knowledgeable workers
Access a large pool of educated professionals with substantial expertise to invigorate growth within DRGs Data
Sciences and Research & Operations domains and develop and apply new technologies to embolden data and
insight products and services of the business
(VWDEOLVKQHZLQWHUQDWLRQDORFHVLQDNH\JURZWKPDUNHWIXUWKHUFHPHQWLQJWKH&RPSDQ\VUHSXWDWLRQDVD
SURYLGHURIEHVWLQFODVVJOREDOLQVLJKWVDQGDQDO\VLVbb
$FFHOHUDWH'5*VSURWJURZWKWKURXJKWKHFRVWHHFWLYHH[SDQVLRQRIWHDPVDQGFHQWUHVRIH[FHOOHQFHb
Over the years, DRG has grown rapidly with multiple acquisitions as well as organic growth. DRG India follows a
strategic build from scratch initiative, enabling the Company to expand and develop capabilities that fuel and fortify
all business segments of DRG. The India teams work is an extension of DRGs operating model across various product
lines. With cross-team synergies and 24/7 capabilities, DRG India enhances the DRGs global delivery excellence and
ability to create future products and services in a shorter time.
DRG is a knowledge business, built on a foundation of the best knowledge workers in the business, spread across
WKHJOREHLQRFHVDQGVL[FRXQWULHV7KHODWHVWDGGLWLRQVWRWKLVNQRZOHGJHZRUNIRUFHDORQJZLWKWKH&RPSDQ\V
new teams in India have transformed DRG into a global player from a talent prospective. India has a young, dynamic,
growing, educated and knowledgeable workforce. Approximately 30 million college students graduate every year and
HQWHUWKHZRUNIRUFH%HVLGHVDURXQGPLOOLRQSHRSOHZRUNLQWKHRVKRULQJLQGXVWU\DVHFWRUWKDWFRQWULEXWHVWR
8% of Indias national GDP. For the past decade, the healthcare information sector of Indias knowledge industry has
ERRPHGZLWKVLJQLFDQWWDOHQWEHLQJGHYHORSHGDWOHDGLQJPXOWLQDWLRQDOVDVZHOODVLQQRYDWLYHVWDUWXSV7KHUHIRUH
DRGs strategic imperative has been entering into India and recruiting the countrys best talent.
'5*KDVFUHDWHGYLEUDQWQHZRFHVLQ:KLWHHOG%HQJDOXUXDQG&\EHU&LW\*XUXJUDPWRDWWUDFWWKHLQGXVWU\VEHVW
WDOHQW7KHVHRFHVSURYLGHDG\QDPLFKLJKHQHUJ\FXOWXUHDQGFRPSHOOLQJFDUHHURSSRUWXQLWLHVDWDOOOHYHOVRIWKH
organisation. DRG India is fortunate to employ exemplary college graduates and top quality professionals for nearly
every product and service line. The employees include PhDs, doctors, and masters in pharmaceuticals and other
disciplines with relevant industry experience with leading healthcare players.
Through this talent pool, DRG has augmented its existing product and service capabilities, thereby
GULYLQJERWKUHYHQXHDQGSURWJURZWKIRU3(/'5*,QGLDZLOOEHWKHVRXUFHIRUPDQ\QHZLGHDVDQG
SURGXFWSURWRW\SHVLQFRPLQJ\HDUVDQGZLOOSOD\DQLQYDOXDEOHUROHLQIXHOOLQJORQJWHUPSURWDEOH
JURZWKb,QGLDKDVEHFRPHDQLQWHJUDOSDUWRI'5*VSUHVHQWDQGIXWXUH
73
STRATEGIC OVERVIEW
Evolution of
Information Management Business
Revenues (US$ mn) Period End
CY2008 and earlier
&<&<
CY2013-May 2016
94
139
178
M&As during the period
,Q-XQH3(/HQWHUHGLQWR,QIRUPDWLRQ0DQDJHPHQWEXVLQHVVWKURXJKWKHDFTXLVLWLRQRI'5*,Q'5*KDGRFHVDFURVV
FRXQWULHV7KHEXVLQHVVKDVH[SDQGHGVLJQLFDQWO\RYHU\HDUVDQGQRZKDVRFHVDFURVVFRXQWULHV3RVWWKHDFTXLVLWLRQRI'5*
the business was further strengthened through various organic and inorganic initiatives. Growth through acquisition is fundamental to
such businesses and has been an essential component of DRGs evolution. The Company has made few acquisitions over last few years
WKDWHQDEOHGLWWRH[SDQGLWVRHULQJVDQGDGGUHVVDEOHPDUNHWVL]H)URPSURYLGLQJVHUYLFHVWRWKH/LIHVFLHQFHVLQGXVWU\HDUOLHUWKH
Company now also caters to the provider and payer markets.
7RWDO1XPEHURI2FHV
10
13
17
Retention Rate
Period End (%)
NA*
96.3%
96.7%
*Retention rate not tracked for this time period.
Total Number of Countries
STATUTORY REPORTS
Data & Analytics | Research Products | Consulting Services
6HUYLFHV2HUHG
74
Growth through acquisition is fundamental to every

business information services company, and has been an
essential component of DRGs development.
segments. Through this continued ideation and
emphasis on technology-enabled innovation,
the Company expects to continue its legacy of
business transformation, both for itself and its
customers.
GXULQJWKH\HDU
Revenue from Information Management business
grew to `1,156 Crores in FY2016 from `1,020 Crores in
FY2015, registering 13% Y-o-Y growth. The acquisitions
of Activate, HBI and Adaptive increased the Companys
DGGUHVVDEOHPDUNHWVL]HWR86ELOOLRQHQKDQFHGWKH
GHSWKRIRHULQJVDQGFUHDWHGQHZPDUNHWRSSRUWXQLWLHV
During the year, the Company continued with its
initiative to transform its global talent pool by expanding
WR,QGLD,WRSHQHGRFHVLQ%HQJDOXUX-DQXDU\
and Gurugram (February 2016) and hired over 160
employees. This initiative will enable the Company to
accelerate growth through accessing talent, increasing
capabilities beyond existing products and services,
improving customer delivery & response time and
UHDOLVLQJFRVWHFLHQFLHV
:D\IRUZDUG
Growing organically
DRG has a successful history of launching new
products, delivery formats and accretive crossbrand portfolio solutions to drive substantial
organic growth. It continuously leverages
the insights that it gains from its customer
engagements and interactions. This helps it to
design and implement novel and compelling
RHULQJVDFFRUGLQJWRWKHGHPDQGVRIPDUNHW
Growing inorganically
DRGs combined sales, products, data, and content
platforms provide a unique foundation which also
grows through accretive acquisitions. Acquisitions
are fundamental to DRGs growth strategy.
Accordingly, DRG expects to continue making
value accretive acquisitions that complement and
VXSSOHPHQWLWVH[LVWLQJRHULQJVZKLOHSURPRWLQJ
the long-term strategy of the business.
DRG India
DRG will continue to capitalise on India operations
to drive innovation, enhance revenue, expand
PDUJLQDQGSURPRWHFRVWHFLHQFLHV
Insight Platform
DRGs new, dynamic and web-based insight platform
for DRG research reports is expected to launch in
July 2016. The DRG Insights Platform combines
Google-like search capabilities with a highly-intuitive
user interface. This will help customers identify and
explore highly-relevant content. The platform will
transform the way customers access and consume
DRG content.
Note: All market data are based on proprietary market
research and internal estimates.
DRG sits at the intersection of two of the 'great waves' of our time,
health value on the one hand and data & analytics on the other.
What's more, our recent acquisitions, which pave our entry into
the payer and provider markets, have meaningfully expanded our
total addressable market. Furthermore, our strategic initiative of
HPSOR\LQJDOPRVWDKRIRXUZRUNIRUFHLQ,QGLDZLOOVLJQLFDQWO\
boost margins. The implementation of these initiatives is on track
DQG,IHHOYHU\FRQGHQWWKDWWKHEXVLQHVVZLOOGHOLYHUVWURQJ
performance in the years to come.
Jon Sandler
CEO, DRG
75
$ZHOOGHQHGULVNPDQDJHPHQWIUDPHZRUNLVLQWHJUDO
to any business. PEL has an independent and dedicated
(QWHUSULVH5LVN0DQDJHPHQW(50V\VWHPWRLGHQWLI\
PDQDJHDQGPLWLJDWHEXVLQHVVULVNV5LVNPDQDJHPHQW
internal controls and assurance processes are
HPEHGGHGLQWRDOODFWLYLWLHVRIWKH&RPSDQ\
Liquidity risk: ALCO deliberates on the static

liquidity gap statement, future asset growth plans,
tenor of assets, market liquidity and pricing of
various sources of funds. It decides on the optimal
funding mix taking into consideration the asset
strategy and a focus on diversifying sources of
funds.
Interest rate risk: ALCO reviews the interest rate

JDSVWDWHPHQWDQGWKHPL[RIRDWLQJDQG[HGUDWH
assets and liabilities. The Risk Management Group
has also initiated a scenario analysis to assess the
short-term impact of interest rates on net interest
income (NII).
Transfer pricing: The Treasury Group has started

publishing a transfer pricing curve based on the cost
of borrowing and negative carry on liquid assets.
Over the period, the Risk Management Group has

managed to streamline risk processes and present a
holistic view of risks to the management.
%XVLQHVVVSHFLF5LVN
0DQDJHPHQW$SSURDFKHV
The next focus area is to improve portfolio analytics and

use the insights for better credit underwriting. The Risk
1RQQDQFLDO6HUYLFHV%XVLQHVVHV
5LVNDVVHVVPHQWDW1RQQDQFLDO6HUYLFHVEXVLQHVV
units is carried out using risk registers. Risks across
GLHUHQWEXVLQHVVXQLWVWKHLUSUREDELOLW\LPSDFWDQG
mitigation plans are properly documented at regular
frequency. These risks are then aggregated and top
three risks across each business units along with the
proposed mitigants are presented and reviewed by the
Board on periodic basis.
STATUTORY REPORTS
)LQDQFLDO6HUYLFHV%XVLQHVV
The Risk Management Group independently assesses
all investments of PELs Financial Services business.
The Group used customised risk assessment models to
evaluate credit, market and concentration risks embedded
in any deal. All executed deals are re-valued by the Group
at regular frequency to provide the Management with an
updated view on the portfolio performance.
PELs ERM framework makes the Company aware of

potential risks and helps the Board as well as the senior
management to align their strategies accordingly. A clear
distinction is maintained between Risk Management
Group and business units. While the Risk Management
Group establishes the risk policy and the processes for
risk evaluation and measurement, business units focus
on developing and implementing mitigation measures,
ZKLOHWDNLQJFRQWUROOHGULVN6SHFLFULVNDSSURDFKHVDUH
LQSODFHIRUQDQFLDODQGQRQQDQFLDOEXVLQHVVHV
Management team and the Treasury team have initiated

the ALM process for the Financial Services business.
The Board has approved the Asset Liability Management
Policy and the formation of Asset Liability Management
Committee (ALCO). The ALCO includes the Companys
senior management and an external industry expert. It
GHQHVWKHVWUDWHJ\IRUPDQDJLQJOLTXLGLW\DQGLQWHUHVW
rate risks in the business.
STRATEGIC OVERVIEW
Risk Management
LIQUIDITY RISK
TRANSFER
PRICING
INTEREST
RATE RISK
ALCO
76
MEASURES TAKEN BY THE RISK MANAGEMENT GROUP

)<DQGHDUOLHU
)<
)<
(503ROLF\ in place
Introduced Asset Liability

Management (ALM) Policy
and managed its phase-wise
implementation
Initiated portfolio
analytics
)RUPXODWHGULVN
evaluation model for
structured transactions
Presented risk registers for

various other businesses
Introduced IXQGVWUDQVIHUSULFLQJ
approach for
Financial Services
Initiated risk rating for individual

transactions in Financial Services
Initiated model development

for new products
Constant focus on
PRGHOFDOLEUDWLRQ
The major risks perceived by PEL along with the measures taken to mitigate the same are highlighted below:
RISK
CLIENT AND PRODUCT
CONCENTRATION RISK
IMPACT
PELs primary businesses are based

on contracts with customers. In few
businesses, a large portion is transacted
with a few major customers. Therefore, any
setback at customers end may adversely
DHFWWKH&RPSDQ\VQDQFLDOV
MITIGATING MEASURES
PELs business development teams

continue to actively seek to diversify
the client base and products to mitigate
concentration risk.
While some particular products generate

DVLJQLFDQWSRUWLRQRIWKH&RPSDQ\V
overall revenue, any drop in demand for
WKHVHSURGXFWVPD\DGYHUVHO\DHFWSURW
margins.
PRODUCT AND QUALITY RISK
PEL is expected to maintain global quality

standards in manufacturing. Some of PELs
products are directly consumed / applied
by the consumers. Therefore, any deviation
with regards to quality compliance of
products would impact the consumers
ZRUOGZLGHDQGKHQFHDGYHUVHO\DHFWWKH
Companys performance.
A dedicated corporate quality assurance

group actively monitors the adherence to
prescribed quality standards.
RISK
In the Financial Services businesses, the risk

of default and non-payment by borrowers
PD\DGYHUVHO\DHFWSURWDELOLW\DQGDVVHW
quality.
The Group may also be exposed to
concentration risks across sectors,
counterparties and geographies.
MITIGATING MEASURES
At PEL, each investment is assessed by the

investment team as well as independent
risk team on the risk-return framework.
The combined analysis of these teams is
presented to the Investment Committee for
investment decision.
INTEREST RATE RISK
Volatility in interest rates in PELs

investment and treasury operations
could cause the net interest income to
decline. As a result, this would adversely
DHFWSURWDELOLW\RIWKH)LQDQFLDO6HUYLFHV
business.
ALCO actively reviews the interest rate risk

and ensures that interest rate gaps are
maintained as per ALCOs interest rate view.
TENOR MISMATCH
Early redemption or delay in coupons and

principal payments from Financial Services
businesses can cause mismatch in the
tenor of assets and liabilities.
ALCO reviews the gap statements and

formulates appropriate strategy to manage
the risk.
REGULATORY RISK
PEL requires certain statutory and

regulatory approvals for conducting
businesses. Any failure to obtain, retain
or renew them in a timely manner, may
DGYHUVHO\DHFWRSHUDWLRQV$FKDQJH
in laws or regulations made by the
government or a regulatory body can
increase the costs of operating a business,
reduce the attractiveness of investment
and / or change the competitive landscape.
Also, PEL is structured through various
subsidiaries across various countries
LQDWD[HFLHQWPDQQHU&KDQJHVLQ
regulations in terms of repatriation and
IXQGLQJPD\OHDGWRDGYHUVHQDQFLDO
impacts.
The applicable regulatory framework is

continuously tracked by various teams
within PEL. Appropriate action as necessary
is being undertaken to ensure compliance
with all regulatory requirements.
INVESTMENT RISK
PEL has equity investments in various

companies in India. Like any other equity
investment, these are subject to market
conditions.
7KH&RPSDQ\FRQWLQXHWRHHFWLYHO\
evaluate various risks involved in underlying
DVVHWVEHIRUHDQGDHUPDNLQJDQ\VXFK
strategic investments.
The centralised treasury function

aggregates the foreign exchange exposure
and takes prudent measures to hedge
the exposure based on prevalent macroeconomic conditions.
STATUTORY REPORTS
3(/KDVVLJQLFDQWUHYHQXHVLQIRUHLJQ
currencies through exports and foreign
operations. Therefore, the Company is
exposed to risks arising out of changes in
foreign exchange rates.
ADVERSE FLUCTUATIONS IN
FOREIGN EXCHANGE RISK
The risk is being partly mitigated by setting

up a concentration risk framework, which
incentivises business units to diversify
portfolio across counterparties, sectors and
geographies.
STRATEGIC OVERVIEW
DEFAULT AND CONCENTRATION

RISK IN FINANCIAL SERVICES
BUSINESS
IMPACT
78
Human Resources
3(/GHULYHVLWVVWUHQJWKIURPLWV9DOXHV.QRZOHGJH
Action and Care. These values drive Pel's overall
RUJDQLVDWLRQVSXUSRVHRI'RLQJ:HOODQG'RLQJ*RRG
ZKLFKIRUPVDFRUHRILWVSHRSOHSUDFWLFHVDFURVVWKH
Group.
To live the purpose of Doing Well and Doing Good and to
be able to deliver on the organisations growth blueprint,
PEL has been focusing on strengthening its talent
pipeline. Besides, it emphasises on culture and capacity
building. PELs HR function has evolved rapidly over
the last few years. In line with the ambitious business
PDQGDWHV3(/
VMRXUQH\KDVEHHQDURXQGYHSHRSOH
imperatives:
1.
Creating a high performance culture
2.
Building people capability across levels
3.
Building a One Piramal culture
4.
,QFUHDVHGHFLHQF\LQ+5V\VWHPV
5.
Attracting and retaining high quality talent
6LJQLFDQWHRUWVKDYHEHHQXQGHUWDNHQLQODVW
few years on all these areas, resulting in positive
movements on employee engagement, HR satisfaction
survey scores and business metrics, including customer
satisfaction indices.
Steering Committee comprising Chairman and

Executive Directors
Advisory Committee comprising CEOs and Business

Heads
6(('63URMHFW0DQDJHPHQW2FH302LQFOXGLQJ

an HR subject matter expert and two operational
excellence experts
Five work streams aligned with the key people

imperatives each consisting of 2-3 HR
representatives and 2-3 business representatives
(YROXWLRQRI3HRSOH3URFHVVHVDQG
&DSDELOLW\
In last few years, PELs HR focus remained on building
the fundamentals, deliver quick wins and create a
strong base to transform the Company into a truly
global conglomerate. A year back, PEL embarked on a
comprehensive HR Transformation Journey called SEEDS
(Strategy for Employee Engagement and Development
Support), along with its business stakeholders and the
senior leadership team. This structured journey covers
YHSHRSOHLPSHUDWLYHV7KHIRFXVZDVRQGLDJQRVLQJWKH
existing situation, identifying the gaps and implementing
improvements to address the same. Now, the focus will
be on reviewing sustainability of these improvements,
measuring impact and making necessary adjustments to
drive accelerated growth.
7KH6(('6*RYHUQDQFH6WUXFWXUH
The SEEDS Governance structure consists of the
following elements:
$QRYHUYLHZRIYHSHRSOH
LPSHUDWLYHV
1. &UHDWLQJD+LJK3HUIRUPDQFH&XOWXUH
Performance management has been an area
that consistently reported low satisfaction scores
across businesses and geographies. Therefore,
a six sigma black belt project was done to deep
dive into the Performance Management System
306DQGLGHQWLHVWKHSDLQSRLQWV&KDQJHV
brought in included streamlining processes and
standardisation, better alignment to business,
socialising and communicating elements of the
performance management process and tightening
79
planning and aligning the job roles internally

through job levelling and career pathing techniques.
2. %XLOGLQJ3HRSOH&DSDELOLW\DFURVV/HYHOV
To build people capability, the focus areas revolves
around:
Identifying and developing high potential

across levels
Building a leadership pipeline of ready now
leaders for critical roles
Strengthening employee capability across

levels in line with business needs, to enable the
Company to do more with less
consequence management. These changes have

UHVXOWHGLQEHWWHUSHUIRUPDQFHGLHUHQWLDWLRQ
greater focus on performance dialogue, and
improved perception of fairness and process
UHOLDELOLW\,WKDVVLJQLFDQWO\KHOSHGLQLQFUHDVLQJWKH
PMS satisfaction score (on a scale of 10) from 6.3
(November 2012) to 8.5 (September 2015) as well
as employee-engagement score (on a scale of 10)
from 7.4 (November 2012) to 9.2 (September 2015).
Going forward, the Companys focus areas will
include e-enablement of the PMS process, moving
transactional elements of the process to the internal
shared services team, strengthening the quality
of talent dialogues on potential and succession
STRATEGIC OVERVIEW
A GROUP-LEVEL HIGH-POTENTIAL
IDENTIFICATION AND DEVELOPMENT
PROGRAMME WAS LAUNCHED DURING THE YEAR
FOR 114 CONSISTENT HIGH-PERFORMERS AT
MIDDLE-MANAGEMENT LEVEL.
STATUTORY REPORTS
80
The key elements of this plan include:

/HDUQLQJ8QLYHUVLW\
The Learning University focuses on the learning
needs of employees across levels. There has been
DVLJQLFDQWWUDQVLWLRQIURPEDVLFVNLOOEXLOGLQJWR
business-aligned programmes with a sharp focus
on learning outcomes. Another key change has
been around spreading out learning over the longterm, bringing in on-the-job elements rather than
focusing on classroom training alone. It started
DVDVPDOOVFDOHLQLWLDWLYHRHULQJIRXUXQLTXH
programmes covering ~600 employees in 2012.
1RZLWRHUVRYHUXQLTXHOHDUQLQJVROXWLRQV
over 300+ batches reaching out to over 6,000+
employees across businesses and geographies.
6WDUWLQJIURPWKHOHDUQLQJQHHGVLGHQWLFDWLRQ
process, the design and development of learning
solutions, to the impact measurement approach,
all aspects of learning are now much more closely
dovetailed to business outcomes.
$6&(1'
$JURXSOHYHOKLJKSRWHQWLDOLGHQWLFDWLRQDQG
development programme was launched during the
year for 114 consistent high-performers at middlemanagement level. The ASCENDers were put on two
development tracks the ASCEND Entrepreneur
track that focuses on grooming a Chairmans
cadre to take on larger general management
roles, and the ASCEND Explorer track that builds
functional specialists. The programme includes
various elements such as Development Centre,
cross-business projects sponsored by PELs CEOs,
Social Impact Projects with the Piramal Foundation,
Learning Labs and external / internal leader
connects, among others.
6800,7
The Companys key priority is to strengthen the
capability of its senior leadership. PEL has partnered
with McKinsey through SUMMIT to work on
business mandates and development mandates
of each of the selected leaders through a oneyear development journey. Through SUMMIT, the
&RPSDQ\ZLOOIRUPXODWHDFOHDUO\GHQHGVXFFHVVLRQ
heat map for critical positions at senior levels.
%XLOGLQJD2QH3LUDPDOFXOWXUH
PELs core values comprising Knowledge, Action
and Care continue to be the Companys driving
force and promotes the Groups immense diversity.
The Companys focus has been on values in action
by involving its employees across businesses and
geographies through signature activities like House
of Values and Pecha Kucha, among others. The
values have been translated into a set of everyday
high-performance behaviours called Piramal
Success Factors. It is enhancing the competency
framework in line with the Companys 2020
business goals.
Each people process across the employee life cycle
is aligned to the values and the Piramal Success
Factors to bring in harmonisation into recruitment,
learning & development, performance management
and succession planning, among others.
,QFUHDVHGHFLHQF\LQSHRSOHV\VWHPV
For HR to deliver on the people imperatives, PEL
recognised a need to free up time to understand
and add value to business. Therefore, an enabling
VWUXFWXUHDQGJUHDWHUHFLHQF\LQ+5SURFHVVHVZDV
LGHQWLHGE\WKH&RPSDQ\DVDIRFXVDUHD
HEADCOUNT UPDATE
Function
31.03.2016
31.03.2015
Change
Field
1,080
477
603
R&D
664
661
Others
3,288
2,874
414
Pharmaceuticals Total
5,032
4,012
1,020
Financial Services
140
112
28
981
729
252
6,153
4,853
1,300
Grand Total
81
STRATEGIC OVERVIEW
The key thrust areas include:

HR structure: An HR function service delivery
strategy has been articulated along with a
corresponding HR structure comprising:
A Shared Services Unit that brings in
HFLHQFLHVRIVFDOHWRDGPLQLVWUDWLYH
transactional activities such as sourcing,
increment letter processing, Learning &
Development (L&D) admin, among others.
7KLVKDVLPSURYHGWKHRSHUDWLRQDOHFLHQF\
within HR and has also resulted in much shorter
turnaround times.
A Community of Excellence (CmoE)

comprising experts in areas such as learning &
development, performance management and
FRPSHQVDWLRQ EHQHWV
Consistent communication around the EVP

to the internal and external audience to
strengthen the Piramal employer brand equity.
This includes revamping the Companys careers
microsite and strengthening its presence on
social media, among others.
Aligning the employee experience to the EVP

through the introduction of brand signatures
across processes such as recruitment,
performance management, learning &
development and working environment,
among others.
HR business partners working in close

partnership with business stakeholders.
HRHFLHQF\: The Company is also in the process

of automating key HR systems like performance
management, recruitment, learning and
development through an integrated HRMS module.
$WWUDFWLQJDQGUHWDLQLQJKLJKTXDOLW\
talent
PEL needs a steady pipeline of high-quality talent
across businesses and geographies to spearhead
its long-term growth plans. The primary focus is
on building the employer brand equity to attract
high-quality talent. Communicating a distinctive and
Additionally, PEL is also in the process of building a

structured entry level management trainee programme
through a group-level future leaders programme and a
business level management trainee programme.
STATUTORY REPORTS
PEL conducted extensive research with over 300+

employees across businesses and geographies to
identify the attributes that were not only distinctive
about the Piramal employment experience
EXWDOVRRHUHGDGLHUHQWLDWRUZLWKUHVSHFWWR
the Companys talent competitors. The core
attribute that emerged was Entrepreneurship
and Empowerment, resulting in the Companys
Employer Value Proposition (EVP) statement of
Entrepreneur @ Piramal. It describes the working
FXOWXUHDQGWKHNLQGRIHPSOR\HHSUROHZKRLVPRVW
likely to thrive at Piramal. The next steps include:
GLHUHQWLDWLQJHPSOR\HUYDOXHSURSRVLWLRQLVHTXDOO\
important.
82
Information Technology
3(/KDVDOLJQHGLWV,QIRUPDWLRQ7HFKQRORJ\6WUDWHJ\
WRLWVORQJWHUPYLVLRQ,QIRUPDWLRQ7HFKQRORJ\LVDQ
LPSRUWDQWSDUWRIWKHEXVLQHVVWUDQVIRUPDWLRQMRXUQH\
where innovative technology solutions (including digital
WUDQVIRUPDWLRQDUHHQDEOLQJWKH&RPSDQ\WRDFKLHYH
its business goals.
PEL increased its capital investments in various
technology-driven transformation initiatives across
businesses. The Company is preparing itself for nonlinear business growth and making it future ready.
Healthcare
In todays digital era, technology is playing an important
role in the healthcare sector. The healthcare industry
relies on technology for process management, content
management and data analytics. Besides, it focuses
RQLGHQWLI\LQJFRVWHHFWLYHZD\VWRFRQQHFWZLWKWKH
customers. The emphasis is on innovation and building
new products, providing better technology foundation.
PEL is focused on providing innovative technology
solutions considering the dynamic and ever improving
regulatory requirements as well as scalability, considering
the inorganic as well as organic business growth. Its

technology solutions have yielded higher stakeholder
YDOXHE\FUHDWLQJEHWWHURSHUDWLRQDOHFLHQF\LPSURYHG
margins and higher customer satisfaction.
PEL has implemented comprehensive and cutting-edge
technology solutions that have enabled it to strengthen
RHULQJVDQGPHHWFXVWRPLVHGUHTXLUHPHQWVRIJOREDO
clients across the value chain.
)RUSODQWVWDPHPEHUV3(/KDVWDNHQXSPXOWLSOH
SURGXFWLYLW\DQGHFLHQF\LPSURYHPHQWLQLWLDWLYHVRQ
its core ERP system as well as other enabling systems.
This ensures that the business process automation
level increases year-on-year and the Company is able to
improve its productivity per employee.
PEL has also initiated many technology initiatives to
transform its supply chain processes, which will not only
help improve internal performance but also support its
suppliers.
With technology solutions and processes, PEL has been
able to manage current regulatory and compliance
requirements. It has been continuously upgrading
technology solutions to meet future needs of computer
system validation and data integrity.
83
Enhanced customer experience: Superior

Customer Relationship Management (CRM) system
for internal and external customer servicing
2SHUDWLRQDOHFLHQF\Reduction in process
turnaround and increase in productivity across
business system through various business process
automation initiatives
Process standardisation and best

practices: (QGWRHQGZRUNRZLQWHJUDWLRQDQGXVH
of standardised best practices across locations
Regulatory requirements compliance:
Compliance to regulatory requirements across all
the plants
Complaint Management: Customer grievances

are addressed, resulting in improved customer
satisfaction
Currently, in the midst of the solution implementation,

the business is targeting to go live during FY2017. Once
LPSOHPHQWHGWKHNH\EHQHWVH[SHFWHGIURPWKLV
technology-enablement include:
Enhanced customer experience: Superior CRM
and service for investors, investee companies and
channel partners
2SHUDWLRQDOHFLHQF\ Reduction in process

turnaround, increase in productivity across business
system, elimination of data duplication and
reduction in physical paperwork
Process standardisation and best practices:

(QGWRHQGZRUNRZLQWHJUDWLRQDQGDFFRXQWDELOLW\
and the use of standardised best practices across
locations
Superior risk management and internal controls:

Stronger portfolio risk management and control
and dashboards and data analytics to detect early
stresses
Data-driven insights for underwriting:

Micro-market data, project sales and developer
insights, learnings from past assumptions for more
robust underwriting decisions, as well as proprietary
insights to identify future lending opportunities
)LQDQFLDO6HUYLFHV
PEL has been managing the Financial Services business
with high productivity per person. PEL has challenged itself
WRDFKLHYHVLJQLFDQWQRQOLQHDUJURZWKZKHUHWKHDLPLV
to increase the Companys revenue considerably, without
VLJQLFDQWLQFUHDVHLQLWVPDQSRZHU7RDFKLHYHWKLV3(/
embarked upon a business transformation initiative to
ensure end-to-end business process automation.
PEL adopted a thorough approach that involved
understanding long-term growth plans, assessing current
state architecture for operations and technology, and
then designing the target state operations and technology
architectures. Detailed cross-functional business
UHTXLUHPHQWVZHUHFRGLHGIURPWKHRSWLPLVHGEXVLQHVV
processes, and a best-in-class technology solution was
selected following a rigorous evaluation of global marketleading technology solutions.
PEL increased its capital investments in various

technology-driven transformation initiatives across
businesses. The Company is preparing itself for nonlinear business growth and making it future ready.
STATUTORY REPORTS
The target technology platform is envisioned to

cover the entire business system of the real estate
QDQFLQJEXVLQHVVLQFOXGLQJIXQGDGPLQLVWUDWLRQ&50
for investors, distributors and investee companies,
ZRUNRZVGRFXPHQWPDQDJHPHQWDVVHWPRQLWRULQJ
operations, compliance, collections, accounting, portfolio
management, data analytics and risk management,
adopting global best practices of the worlds leading
QDQFLDOLQVWLWXWLRQV
A detailed roadmap has been created for implementing

changes required to move to the end-state architecture
for operations and technology.
STRATEGIC OVERVIEW
Few of the key technology initiatives implemented this

\HDUDUHH[SHFWHGWREULQJIROORZLQJEHQHWVWREXVLQHVV
84
5REXVWQDQFLDOPDQDJHPHQWDQGFRPSOLDQFH
Reduced operational risk in collections,
reconciliation and accounting, system-driven
tracking of compliances and regulatory limits on
exposure
,QIRUPDWLRQ0DQDJHPHQW
In the DRG business, PEL maintains a large number of
existing products and launches new products each year.
To continuously evolve and enhance these products,
and bring new products to market, the technology that
underpins them must similarly evolve with them. As such,
the DRG technology team focuses on both streamlining
existing investments and building new infrastructure.
Below are the key technology initiatives implemented
during the year:
An entire new publishing platform that leverages

technology used by the largest content publishers,
combined with website publishing, data visualisation
and multiple export capabilities
Several market access tools of the pharmaceutical

company that are part of the core of its market
DFFHVVRHULQJKDYHEHHQUHEXLOWRQDFRPPRQDQG
modern technology platform
The initial development of a large real-world data

platform that consolidates electronic medical
record and claims data from many sources. These
data assets and the platform, itself, will form the
backbone of several future products
3(/HYDOXDWHVDQGMXVWLHVWHFKQRORJ\LQYHVWPHQWVLQ
GLHUHQWZD\V
For new technology investments, which present a

ground-breaking opportunity for the Company, the
5HWXUQRQ,QYHVWPHQWV52,DQGEHQHWVRIWKH
technology investment are directly correlated with
the revenue that the new technology will generate
For each investment made to upgrade existing

technology, PEL assesses its criticality in terms of
maintaining core technology on which the Company
relies to conduct its business, the cost savings
associated with reducing or eliminating vendor
costs that the Company otherwise would incur
without the technology upgrade, and the human
capital time-savings associated with upgrades
that enable automation and eliminate tasks that
ZHUHSUHYLRXVO\PDQXDOO\SHUIRUPHGb7RFRQFOXGH
technology investments are assessed and valued
much like any other business investments, i.e., the
extent to which they can increase revenue and
reduce the actual or indirect costs.
85
The EHS management systems overall performance is

regularly evaluated and reviewed throughout the year.
7KHV\VWHPVHHFWLYHQHVVFDQEHUHDUPHGE\WKH
fact that PEL is in compliance with all Indian and global
standards.
Recognising the importance of preserving the

environment, PEL remains committed towards
conserving resources. Quality environmental
performance is a key component of PELs facility
operations. During the year, PELs manufacturing sites
maintained their applicable environmental regulations.
Reuse and recycle of natural resources is one of the
primary objectives for which adequate infrastructure to
treat wastewater and reuse it has been developed.
Various initiatives were undertaken to upgrade the

infrastructure for environment management at the
manufacturing sites. PEL is focused on the upgradation
of Waste Treatment Plant to reach beyond compliance.
Besides, installation of online monitoring system
for process emissions and ambient air quality and
switchover from fossil fuel to carbon neutral fuel
are some other initiatives to ensure environment
management.
STATUTORY REPORTS
(QYLURQPHQW
At PEL, Environment, Health and Safety (EHS) are three

crucial pillars for sustainable growth of businesses. The
Corporate EHS team develops policies and guidelines,
providing technical support and assistance to all sites to
maintain compliance with EHS. The EHS function ensures
that products are manufactured in a safe environment
and in compliance with national and international
regulations and customer expectations. Regular audits
at sites not only ensure compliance but also provide a
strong and robust system for continuous improvement.
Besides, continuous audits of various locations by PELs
global customers help raise standards even further.
6XVWDLQDELOLW\LVDWFRUHRIZKDW3(/GRHVDQGLV
LQWHJUDOWRLWVVWUDWHJ\&DUHLVRQHRIWKHYDOXHVRI
3(/DQGDVDUHVSRQVLEOHFRPSDQ\LWLVFRPPLWWHG
towards protecting the environment where it
RSHUDWHVEHVLGHVIRFXVLQJRQSURPRWLQJKHDOWK
VDIHW\DQGZHOOEHLQJRIDOOHPSOR\HHVVWDNHKROGHUV
and society at large.
STRATEGIC OVERVIEW
Environment, Health
and Safety
86
In 2016, PEL started feeding condensed and hot water

generated during the heat operations to the boiler, in
RUGHUWRLQFUHDVHERLOHUHFLHQF\DQGFXWIRVVLOIXHO
consumption. Site construction activities are carried
out with utmost safety, while recycling and reusing
ROGIDFLOLW\ZDVWHPDWHULDO/HRYHUXVDEOHUHGXQGDQW
chemicals of R&D were reused by donating to colleges
for study and analysis.
and Longest Accident Free Period Award from National

Safety Council - Maharashtra Chapter. PEL also received
four National EHS Awards in the following areas:
Most of PELs facilities are sustaining various

FHUWLFDWLRQVVXFKDV,62(QYLURQPHQW
Management System and OHSAS-18001.
2FFXSDWLRQDO+HDOWKDQG6DIHW\
PEL actively promotes a policy and culture of workplace
risk elimination and prevention to guarantee a safe
and healthy work environment. As a company, it has
undertaken numerous initiatives to enhance safety
VWDQGDUGVDWPDQXIDFWXULQJVLWHVRFHSUHPLVHVWR
ensure that all stakeholders, including employees feel
safe at PEL.
$VDQDFNQRZOHGJPHQWRIWKHVHHRUWVWKH(QQRUH
Plant received Safe organisation of the year award 2015
from the OSHAI association and the Mumbai R&D facility
received Lowest Average Accident Frequency Rate
Outstanding contribution for Energy Conservation
Outstanding contribution for Carbon Emission

Reduction
Best Pharmaceutical Industry
Best Innovation & Environment Management

Practices
2UJDQLVDWLRQDO(+6,QLWLDWLYHV
Following are some of the organisational EHS initiatives
undertaken by PEL to ensure the safety of all its
employees and stakeholders:
EHS Governance Model: Corporate senior

operations leaders started EHS governance model,
which monitors the EHS performance. It guides
and motivates the Piramal site leaders towards
sustainable improvements.
DuPont Engagement: Engaged DuPont for safe

behaviour transformation, continuing training to
VHQLRUOHDGHUVDQGVKRSRRUHPSOR\HHV%HKDYLRXU
Base Safety observations are taken by observers;
and risk behaviours are corrected by personal
counselling.
Structured Safety Tool Box Talk: It is an everyday

programme in which all employees stand at shop
RRUDQGVDIHW\WRSLFVDUHGLVFXVVHGZLWKWKHJURXS
Operators get the opportunity to talk openly on EHS
points.
Transporters Safety Meet: Focused on providing

safety awareness for transporters who are engaged
with Piramal and transporting hazardous goods.
(+67UDLQLQJ6WDWLVWLFV
PEL promotes a culture of risk

elimination and prevention to
guarantee a safe and healthy
work environment.
At PEL, EHS training is an important aspect to follow the

Piramal values of Knowledge, Action, and Care. The total
EHS training hours grew to 35,513 man-hours in FY2016
from 29,480 man-hours in FY2015.
87
STRATEGIC OVERVIEW
Corporate Social Responsibility

3LUDPDO)RXQGDWLRQLVWKHSKLODQWKURSLFDUPRIWKH
Piramal Group. It develops innovative solutions to
resolve issues that are critical roadblocks towards
unlocking Indias economic potential.
EDUCATION
Core areas
of Focus
HEALTH
Vision
Piramal Foundation transforming Health,
Education, Water and social sector
ecosystems through high impact solutions,
thought leadership and partnerships.
WOMEN
EMPOWERMENT
The Groups core values of Knowledge, Action

and Care guide the organisation in carrying out its
responsibilities towards society. It believes that
considerable positive change can occur, when we
collaborate with like-minded partners and nurture
projects that are scalable, ensuring a long-term impact.
WATER
STATUTORY REPORTS
88
Healthcare Initiatives
Piramal Swasthya
Piramal Swasthya is Piramal Foundations health initiative
working towards making healthcare services accessible,
DRUGDEOHDQGDYDLODEOHWRDOOPiramal Swasthyas
services are spread across 11 states in the country.
Piramal Swasthyas technological and management
VWUHQJWKVDORQJZLWKPHGLFDOH[SHUWLVHKDYHEHQHWHG
RYHUPLOOLRQEHQHFLDULHV,WRHUVWKUHHGLVWLQFW
services including:
Health Information Helpline (HIHL)
It is a health contact centre that aims to reduce
minor ailment load on the public health system. It
provides medical information and advice as well as
counselling services. Besides, people can request
directory information, or lodge a service complaint
against any public health facility. HIHL has received
over 36 million calls across seven states.
Telemedicine Services
This service brings specialist healthcare services
to remote areas. It ensures comfort to both the
EHQHFLDU\DQGWKHGRFWRUE\SURYLGLQJWKHPZLWK
high-quality specialists with proper medical data.
Piramal Swasthyas latest technology, Dox-in-Box,
VXSSRUWVWKLVWHOHPHGLFLQHRHULQJE\YLUWXDOO\
connecting doctor and patient, thereby reducing
the need for highly skilled workers where they are
scarce.
Asara was launched in 2010, Piramal Swasthya and
it works towards decreasing maternal mortality
among tribal people in Araku Valley, Andhra
Pradesh.
It trains traditional birth attendants, raises health
awareness, conducts village outreach using Dox-inBox and connects pregnant tribal women with an
obstetrician/gynaecologist in Hyderabad through
telemedicine services. Currently, there are 69
telemedicine centres across six states.
Mobile Health Services (MHS)
0+6FUHDWHVDQGIRUWLHVOLQNDJHVZLWKLQWKHSXEOLF
health system. It tackles barriers in accessing
primary healthcare in rural areas. Piramal Swasthya
deploys mobile health vans equipped with
technology, medical devices, medicines and health
workers to villages where public health system is not
easily accessible. MHS primarily focuses on chronic
diseases, maternal, child health and minor ailments
by providing:
Screening and referrals
Patient education
Medication
Monitoring and follow up
Electronic health records
(GXFDWLRQDO,QLWLDWLYHV
Piramal Foundation for Education Leadership (PFEL)
PFEL acknowledges the importance of imparting
knowledge to school principals to inculcate the right
mindset and leadership skills. This positively impacts the
education quality in public schools. To improve student
performance, its necessary to create a vision for schools,
manage stakeholders, resolve problems and conduct
reviews and assessments. Currently, PFEL is working in
EORFNVDFURVVIRXUGLVWULFWVLQ5DMDVWKDQEHQHWLQJ
~90,000 students.
89
District Leadership Development Program

(DLDP)
It leverages the experience of PLDP to the entire
hierarchy of educational system. DLDP aims to
impact an entire education cadre and foster
comprehensive growth in the learning outcome of
children. Along with improved learning level, the
programme engages children to write and solve
FRPSOH[PDWKSUREOHPV'DLO\HOGVXSSRUWDQG
expert coaching will assure quality and sustainability
across the public education system by building
capacity of the engaged government education
RFLDOV
The Piramal School of Leadership (PSL)

PSL is established with the intent of taking the
PFEL initiative a step further. PSL collaborates with
all sectors of society around the world including
government, academics and corporates to sensitise
educational leadership across India. So far, 1,000+
schools, 1,000+ headmasters, 300,000+ children
and 250+ Piramal Fellows have been impacted.
Piramal Fellowship
This two-year fellowship programme is for fresh
college graduates who work with the rural
school principals enrolled in PLDP. They impart
knowledge to school principals and help them
turnaround failing schools and in turn recognise
and develop their leadership skills. The fellows
work as SahyogisDQGHDFKIHOORZDVVLVWVYH
school principals. These fellows bring in positivity,
Principal Leadership Development Program

(PLDP)
PLDP is a three-year programme, providing holistic
training and development to school principals to
improve the learning quality in their schools. The
programme aims to develop leadership skills of
primary government school principals through
forum training, onsite coaching and peer learning
QHWZRUNVWRHHFWLYHO\PDQDJHDQGOHDGWKHLU
schools. As a new initiative in PLDP, a set of block
HGXFDWLRQGHSDUWPHQWRFLDOVKDYHDOVREHHQ
included in the programme for developing and
honing the leadership abilities in Udaipur and
Dungarpur districts, Rajasthan. It is also in the
process of getting the same replicated in Jhunjhunu
and Churu districts.
STRATEGIC OVERVIEW
creativity, problem solving skills and address

issues like teacher motivation, community-school
relationships and maintain the school leaders own
sense of identity and purpose.
PFEL runs the following programmes:
STATUTORY REPORTS
90
Water
Piramal Sarvajal
Piramal SarvajalsPLVVLRQLVWRSURYLGHDRUGDEOH
accessible, and safe drinking water to populations
in India, where water quality is poor and availability
is limited. It is committed to providing pure and safe
GULQNLQJZDWHUIRUWKHXQGHUVHUYHGDWDQXOWUDDRUGDEOH
price. SarvajalSURYLGHVDRUGDEOHFOHDQGULQNLQJZDWHU
to around 290,000 people on a daily basis. It primarily
conducts business through a franchise format, wherein it
LGHQWLHVDSSRLQWVDQGWUDLQVYLOODJHOHYHOHQWUHSUHQHXUV
to operate state-of-the-art water treatment systems.
Franchisees sell water to customers in one of three ways
through sales outlets, door-step delivery, or through
electronic point-of-sale technology (using its latest
innovation, the Water ATM).
Sarvajal employs patent-pending proprietary technology
in monitoring and controlling machine operations. A
PLC-based device called the Soochak is installed on
each of Sarvajals Water Treatment Plants to monitor
the source water quality, product water quality, litres
produced (both rate and total), the overall health of the
PDFKLQHDQGWKHDPRXQWRIHXHQWFUHDWHGLQWKH
process. Using this technology, Sarvajal is able to assure
a great amount of machine usage uptime and ensure
durability of machines.
Currently, Sarvajal operates in 13 states including

Gujarat, Rajasthan, Madhya Pradesh, Uttar Pradesh,
Delhi, Haryana, Himachal Pradesh, Jammu & Kashmir,
Chhattisgarh, Bihar, Jharkhand, Karnataka and
Maharashtra. It has dispensed over 9.19 billion litres of
clean drinking water.
:RPHQ(PSRZHUPHQW
Piramal Udgam
Located at Bagar in Rajasthan, Piramal Udgam is a fullHGJHGVWDWHRIWKHDUW%32WKDWSURYLGHVWRSTXDOLW\
BPO services to global clients at competitive prices. It
empowers rural women with employment opportunities.
Despite being an educational centre hosting about 35
schools, Bagar has very limited job opportunities. Udgam
aims to break this anomaly by creating opportunities for
WKHVHZRPHQWROHDUQJURZDFKLHYHQDQFLDODQGVRFLDO
freedom, and earn renewed respect of the community.
It provides comprehensive and rigorous training
programme wherein all associates undergo two modules
RIWUDLQLQJFRUHWUDLQLQJLQFRPSXWHUVNLOOVDQGVR
skills training. Over 450 associates have been trained and
have earned a livelihood in Piramal Udgam.
91
Successful partnerships have been the driving force

behind Piramal Groups success.
In the course of its implementation, the Piramal

Foundation has endeavoured to build a learning
organisation. Lessons learnt from both successes and
failures are analysed to evolve new solutions or replicable
models.
Engaging with government policymakers, based on
practical experiences brings a level of trust and integrity
WRWKHUHODWLRQVKLSZKLFKLVUHHFWLYHRIWKHFRUHYDOXHRI
the Piramal Group.
Piramal Foundations objective to address large social

problems through innovative solutions makes it
indispensable to partner with governments and likeminded organisations. Piramal believes that partnerships
can create meaningful impact through synergistic
HRUWVDQGRSWLPLVHOLPLWHGUHVRXUFHV
Over the last many years, the Foundation has been

HQJDJHGLQLPSOHPHQWLQJVROXWLRQVWRDGGUHVVVSHFLF
focus areas. The experience and expertise built up by
the team is now combined with a deep understanding
of factors that help drive change in the community. A
combination of innovative solutions, smart deployment
of technology, driving change of behaviour among
stakeholders and a committed passionate team is
making this happen.
Partnerships
For example, public-private partnerships in the social

VSDFHKDYHDOVRUHVXOWHGLQLPSURYLQJHFLHQF\ZKLOH
utilising an existing network and infrastructure that has
been set up by successive governments over decades.
STRATEGIC OVERVIEW
Piramal Uttarakhand Rehabilitation Project (PURP)

3853ZRUNVWRZDUGVSURYLGLQJUHOLHIWRGLVDVWHUDHFWHG
communities in the villages across Kalimath Valley.
This projects primary objective is to promote income
JHQHUDWLRQDFWLYLWLHVIRUZRPHQLQRRGDHFWHGDUHDV
These women are between the age group of 18-35 years.
PURP enables them to develop skills in four key areas
comprising agriculture, food processing, enterprise
development and animal husbandry. PURP works
through Self Help Groups (SHGs). Currently, PURP is
present in eight villages, engaging 152 members in food
processing and agriculture.
STATUTORY REPORTS
92
Current Partner List

PFEL
6DUYDMDO
6ZDVWK\D
DONOR PARTNERS
Delhi Jal Board (DJB)

Himachal Governments Irrigation
and Public Health department
Shimla Municipal Corporation
Delhi Transport Corporation (DTC)
Delhi Integrated Multi-modal Transit
System (DIMTS)
Michael and Susan Dell Foundation
Cairn Energy
Honda
DLF Foundation
Adani Foundation
Desh Bhandu
Madhu Gupta Foundation
Lupin Laboratories
NTPC
HSBC
Nestle
HDFC ERGO
Asian Paints
BASF
Apollo Foundation
New Holland
GOVERNMENT
Piramal Foundation
USAID
Michael Susan Dell Foundation (MSDF)
Porticus and Central Square Foundation
PEDAGOGY PARTNERS
Harvard Graduate School of Education
New York University
GOVERNMENT PARTNERS
The Government of Rajasthan
Thane Municipal Corporation
Nagar Prathmik Shikshan Samiti, Surat
'LVWULFW3ULPDU\(GXFDWLRQ2FH6XUDW
Andhra Pradesh
Rajasthan
Arunachal Pradesh
Assam
Chhattisgarh
Maharashtra
Himachal Pradesh
Karnataka
Jharkhand
NRHM
NATIONAL/INTERNATIONAL ORGANISATIONS
WISH Foundation
NACO
Plan International (India) and Telemedicine
Society of India
CORPORATES & PUBLIC SECTOR UNDERTAKINGS
Oil India Ltd
Department of Atomic Energy
(DVWHUQ&RDOHOGV/WG
0DKDQDGL&RDOHOGV/WG
Steel Authority of India Ltd
IL&FS
93
STRATEGIC OVERVIEW
10-YEAR FINANCIAL HIGHLIGHTS

(ìn Crores)
Details
FY2007
FY2008
)<
FY2010
FY2011
FY2012
FY2013
FY2014
FY2015
FY2016
2,472
2,879
3,288
3,777
2,009
2,352
3,544
4,503
5,123
6,610
EBITDA
384
548
589
833
379
471
611
860
1,140
2,115
Interest
31
46
84
184
89
215
575
1,050
511

267
373
341
500
16,415
121
-193
-435
3,035

3URWDQG/RVV$FFRXQW
Total Income
3URWDHU7D[
228
334
316
482
12,736
115
-227
-501
2,850

Earnings per Share
10.3
15.9
15.1
21.4
572.2*
6.6
-13.2
-29.1
165.2**
55.1
FY2014
FY2015
* Includes gain on account of sale of the healthcare solutions business and sale of subsidiary - Piramal Diagnostics Services Private Limited
** Majorly includes gain on sale of 11% equity stake in Vodafone India and amount written down on account of scaling back of investments in NCE research
(ìn Crores)
Details
FY2008
)<
FY2010
FY2011
FY2012
FY2013
FY2016
801
422
42
42
343
354
35
35
35
35
1,006
1,051
1,275
1,643
11,803
11,208
10,689
9,287
11,701
12,388
10
15
29
34
16,254
Balance Sheet
Share Capital
Reserves and Surplus
Minority Interest
Debt
639
716
1,339
1,295
757
2,047
7,688
9,552
7,306
Net Deferred Tax
89
90
73
57
48
50
-46
-41
-27
-14
Total Liabilities
1,815
1,903
2,736
3,037
12,647
13,349
18,381
18,832
19,044

Net Fixed Assets
1,224
1,259
2,039
2,113
1,582
2,089
6,081
6,682
7,342
8,367
29
65
28
33
1,482
6,964
7,877
9,446
7,768
14,800
563
580
669
891
9,584
4,297
4,419
2,704
3,934

1,815
1,903
2,736
3,037
12,647
13,349
18,381
18,832
19,044

Investments
Net Current Assets
Total Assets
Redemption of 15,00,000 Preference Shares of `100 each.

Redemption of 15,00,000 Preference Shares of `100 each and 2,33,72,280 Preference Shares of `10 each along with proportionate dividend.
Buyback of 4,10,97,100 Equity Shares of `2 each at `600 per Equity Share.
Net increase in Equity Share Capital on account of :
- Allotment of 53,52,585 Equity Shares of `2 each to the shareholders of Piramal Life Sciences Limited (now known as Piramal Phytocare Limited) on demerger of its R&D NCE division into
PEL.
- Buyback of remaining 7,05,529 Equity Shares of `2 each. With this, total number of shares bought back aggregate to 4,18,02,629.
STATUTORY REPORTS
1.
2.
3.
4.
FY2007
3URW%HIRUH7D[
94
BOARD OF DIRECTORS
AJAY PIRAMAL
Chairman
DR. SWATI A PIRAMAL

Vice-Chairperson
Born on August 3rd 1955, Mr. Ajay Piramal is one of Indias leading
industrialists, philanthropists and social entrepreneurs. He is the
&KDLUPDQRI3LUDPDO*URXSZLWKDFWLYLWLHVLQKHDOWKFDUHQDQFLDO
services, real estate, information services, glass packaging, etc. Apart
from India, the Group has set-ups in the US, UK, European Union,
-DSDQ3DFLFDQG6RXWK$VLDZLWKLWVSURGXFWVEHLQJVROGLQPRUHWKDQ
100 countries. He is also the Chairman of Shriram Capital, the holding
Company for Financial Services and Insurance entities of Shriram Group.
'U0UV6ZDWL3LUDPDOLVWKH9LFH&KDLUSHUVRQRI3LUDPDO(QWHUSULVHV

/LPLWHGDQGD:KROHWLPH'LUHFWRU6KHLVRQHRI,QGLDVOHDGLQJVFLHQWLVWV
DQGLQGXVWULDOLVWVDQGLVLQYROYHGLQSXEOLFKHDOWKDQGLQQRYDWLRQ6KH
HDUQHGKHUPHGLFDOGHJUHHIURP0XPEDL8QLYHUVLW\DQGFRPSOHWHGKHU
0DVWHUVLQ3XEOLF+HDOWKIURPWKH+DUYDUG6FKRRORI3XEOLF+HDOWK6KH
KDVXVHGKHUEDFNJURXQGLQPHGLFLQHSXEOLFKHDOWKDQGEXVLQHVVWR
FKDQJHWKHWUDMHFWRU\RIKHDOWKFDUHHGXFDWLRQDQGSXEOLFSROLF\LQ,QGLD
'U3LUDPDOLVDPHPEHURIWKH+DUYDUG%RDUGRI2YHUVHHUVDQG'HDQV
$GYLVRUWR+DUYDUG%XVLQHVV6FKRRO 3XEOLF+HDOWK
7KH*URXSLVLQYROYHGLQYDULRXV&RUSRUDWH6RFLDO5HVSRQVLELOLW\&65
DFWLYLWLHVLQWKHVSDFHRISULPDU\HGXFDWLRQSRWDEOHZDWHUVXSSO\
leadership development, empowerment of women in rural India, rural
healthcare and provision of mid-day meals to school children, etc. The
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$ZDUGODXQFKHGE\WKH,QGLD7RGD\*URXS6DIDLJLUL$ZDUGVDVD
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SUHVHQWHGE\WKH+RQEOH3ULPH0LQLVWHURI,QGLD0U1DUHQGUD0RGL
7KLVDZDUGZDVJLYHQLQUHFRJQLWLRQRIWKHH[FHOOHQWZRUNEHLQJGRQHE\
Piramal Sarvajal in the social entrepreneurship space.
In addition to her other commitments, Dr. Piramal is deeply committed

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projects across healthcare, education, livelihood creation and youth
HPSRZHUPHQW6KHDLPVWRUHVROYHLVVXHVWKDWDUHFULWLFDOURDGEORFNV
WRZDUGVXQORFNLQJ,QGLDVHFRQRPLFSRWHQWLDOE\QGLQJLQQRYDWLYH
solutions. She also looks at avenues for promoting health in rural India
ZLWKPRELOHKHDOWKVHUYLFHVZRPHQVHPSRZHUPHQWSURMHFWVDQG
supporting community education that create young leaders.
Directorships: Apart from Group Companies, he serves on the Harvard

Business Schools Board of Deans Advisors and the Chairman of the
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+HZDVD0HPEHURIWKH+RQEOH3ULPH0LQLVWHUV&RXQFLOIRU7UDGH
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Awards: Recipient of several national and international awards such
as Entrepreneur of the Year Award of UK Trade & Investment Council
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$ZDUGVLQWKH2XWVWDQGLQJ3KLODQWKURSLVWFDWHJRU\LQDQG
+HDOVRUHFHLYHGWKH6(16XVWDLQDELOLW\$ZDUG3KLODQWKURS\DQG%HVWRI
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8QLYHUVLW\0DVWHULQ0DQDJHPHQW6WXGLHVIURP-DPQDODO%DMDM,QVWLWXWH
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+DUYDUG+HKDVEHHQFRQIHUUHGZLWKDQ+RQRUDU\'RFWRUDWH'HJUHHLQ
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She served as an adviser to the Indian Prime Minister in science,
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Following are some of her achievements:
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Technology from the Prime Minister of India, and was the recipient
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Board of Overseers. She also received the Alumni Merit Award from
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most viewed CEOs on LinkedIn, India.
GAUTAM BANERJEE
Mr. Gautam Banerjee is a Senior Managing Director and Co-chairman of
the Blackstone Asia Operating Committee. He is also the Chairman of
Blackstone Singapore.
He is a fellow of the Institute of Chartered Accountants in England

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Singapore Institute of Directors. He graduated with a Bachelor of Science
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Mr. Dadiseth was appointed Director on the Board of Unilever plc and
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years.
In India, Mr. Dadiseth is closely associated with various industry,
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Candy Hospital Trust. He is on the Boards of The Indian Hotels Company
Limited, Britannia Industries, Piramal Healthcare, Siemens, ICICI
Prudential Life Insurance, ICICI Prudential Asset Management Trust,
Godrej Properties Limited, JM Financial Limited, JM Financial Services
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of Indian Hotels. He is a Director on the Board of the Indian Business
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Governance committees in some of these companies.
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and Chairman of the Convening Board of Marsh & McLennan
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PricewaterhouseCoopers Pvt Ltd, Accenture Services Pvt Ltd, and India
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DR. RAGHUNATH ANANT MASHELKAR

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Previously, Mr. Banerjee served as Executive Chairman of

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various leadership roles in Singapore, India and East Asia. His previous
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Manager in the Audit Department. His tenure in the Company included
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Mr. Banerjees non-executive corporate roles outside of Blackstone

include serving as an Independent Director of Singapore Airlines, GIC
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and Piramal Enterprises. He also serves as a Vice Chairman of the
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Commission and Chairman of raiSE, the Centre for Social Enterprise in
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College.
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BOARD OF DIRECTORS
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Academy.
Dr. Mashelkar is on the Board of Directors of several reputed companies
such as Reliance Industries Ltd., Tata Motors Ltd., Thermax Ltd., Piramal
Enterprises Ltd., KPIT Technologies Ltd, etc. He is deeply connected with
the innovation movement in India and at present, he is the Chairman
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KPIT Cummins Innovation Council and Marico Innovation Foundation.
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universities have honoured him with honorary doctorates, which include
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Asian scientist to receive it.
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the Prime Minister over the past three decades. The President of India
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PROF. GOVERDHAN MEHTA

Prof. Goverdhan Mehta is a leading researcher in the area of Chemical
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his present position.
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of the Russian Academy of Sciences. He is also a Fellow of all the three
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International Council for Science. He is a recipient of Padma Shri from
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Presidents of France and Germany, respectively.
SIDDHARTH N. (BOBBY) MEHTA

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Mr. Mehta held a variety of senior positions at Household International,
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to that, he was a Senior Vice President at the Boston Consulting Group
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Currently, he is on the Boards of AllState Insurance, TransUnion LLC,
Datacard, Piramal Enterprises and Avant Credit. Additionally he serves
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the Myelin Repair Foundation.
S. RAMADORAI
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the Government and the private sector to achieve the skilling targets
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in India, under the Ministry of Skill Development & Entrepreneurship
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led the Company through some of its most exciting phases, including
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Company.
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Systems Limited, Tata Technologies Limited and Tata STRIVE, which
is the Tata Groups CSR skill development initiative that aims to
address the pressing national need of skilling youth for employment,
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STRATEGIC OVERVIEW
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Limited, Asian Paints Limited and Piramal Enterprises Limited.
His academic credentials include a Bachelors degree in Physics from

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and Telecommunications from the Indian Institute of Science, Bangalore
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of Managements highly acclaimed Senior Executive Development
Programme.
DEEPAK M. SATWALEKAR
Mr. Satwalekar is a recipient of the Distinguished Alumnus Award from

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industries, governments and the Reserve Bank of India expert groups.
Mr. Vaghul was deeply interested in spreading education, particularly

to the under-privileged sections of society. He was the Chairman of
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foundations dedicated to the cause of primary education. He is deeply
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Knowledge Park. He is associated with Institute of Technology in Jaipur.
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research centres engaged in a variety of economic and social research.
He is the recipient of numerous awards and honours. He was chosen
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During his tenure in ICICI, he created several new institutions laying the
foundation for the development of the Universal Banking. He started
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He was also instrumental in setting up ICICI Securities, an Investment
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institution catering to the diverse needs of all segments of customers.
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CRISIL. He was the Founder Chairman of CRISIL for close to 10 years and
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STATUTORY REPORTS
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mature industry today. He captured this exciting journey in a wonderfully
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In recognition of Mr. Ramadorais commitment and dedication to the

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which is the second largest Commercial Bank in the country. He is widely
recognised in India for his role in pioneering the concept of the Universal
Banking Model that laid the foundation for a new era in Indian Banking.
Given his keen passion to work for the social sector and community
initiatives, he also serves as the Chairman of the Council of Management
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BOARD OF DIRECTORS
NANDINI PIRAMAL
Executive Director
VIJAY SHAH
Executive Director
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functions at Piramal Enterprises.
Mr. Vijay Shah is an Executive Director on the Board of Piramal

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EBITDA. She has recently initiated an HR transformation strategy, with
renewed focus on service delivery, customer centricity and operational
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and develop the existing talent and to attract new talent.
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Planning function in Piramal Enterprises. He took over as Managing
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of Pharmaceutical Formulations in India. He then took over as the
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philanthropic arm of Piramal Group. She directs implementation strategy
across Piramal Foundation Education Leadership programmes, Piramal
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from Stanford Graduate School of Business.
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charge of Piramal Glass Limited as its Managing Director and successfully
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recessionary trend.
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was appointed as the Chairman of the Pharma Operations Board of
Piramal Enterprises Limited and Chairman of Investment Committee of
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Mr. Shah is a Commerce Graduate and a rank holder from the Institute
of Chartered Accountants of India. He has completed his Management
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He has extensive experience in areas such as Corporate Finance, M&A,

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PETER DeYOUNG
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Prior to joining Piramal, he worked in a range of investing and consulting

roles in healthcare in the US, Europe and India. He joined McKinsey
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East Asia and Africa. He then returned to McKinsey as an Engagement
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pharmaceutical and healthcare practice. He helped clients address a
range of strategic, organisational, and operational challenges. He then
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industry sectors in India.
KHUSHRU JIJINA
Managing Director, Piramal Fund Management
Mr. Khushru Jijina is the Managing Director of Piramal Fund Management
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management platform in India. As Managing Director, he oversees the
entire spectrum of activities ranging from origination, investments, asset
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for PFM, Mr. Jijina also serves as Group Treasurer and leads the Family
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for more than 15 years. Prior to PFM, Mr. Jijina was spearheading the
Groups foray into real estate development as the Managing Director
of Piramal Realty. Previously, he was an Executive Director in Piramal
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all aspects of their execution. He started his career with Rallis, where he
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He completed his Bachelors of Science in Engineering from Princeton

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Piramal Imaging SA.
STATUTORY REPORTS
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Board of Shriram Capital Limited.
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India Limited, purchase of strategic stake in Shriram Group Companies
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at Shriram Group since Piramal Groups investment in Shriram.
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of Finance. He currently oversees the entire Finance function for
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The Piramal Fund Management platform, under his leadership, is

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VIVEK SHARMA
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Mr. Vivek Sharma currently serves as the CEO of Piramal Pharma
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Development and Manufacturing services towards the life sciences
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development and commercialisation, with research and manufacturing
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it as the third largest and the fastest growing Inhalation Anesthetics
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held senior leadership positions in Finance and Operations at AMD and
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Consumer Products division, which is consistently growing faster than
the market. Over the years in the Indian OTC market, it has moved up
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Prior to joining the Group, Mr. Rajadnye has worked at Hindustan
Unilever for eight years in the sales and marketing division. He is an
alumnus of Jamnalal Bajaj Institute of Management Studies and has also
completed the Executive Development programme from the Harvard
Business School.
JAYESH DESAI
Co-Head, Structured Investments Group
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Mr. Jayesh Desai is the Managing Partner of Structured Investments

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Group CFO, founding CEO of Kessler International and founding CEO of
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MBA from Harvard University. He is on the Board of Piramal Imaging
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Philanthropies.
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corporates in various sectors, including infrastructure.
KEDAR RAJADNYE
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Mr. Desai is a Chartered Accountant with professional experience of

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Mr. Desai was instrumental in conceptualising and implementing the
Structured Investments Group at Piramal Enterprises Limited. He was
instrumental in concluding a strategic alliance with the worlds secondODUJHVWSHQVLRQIXQGYL]$3*$VVHW0DQDJHPHQW7KHDOOLDQFHKDVMRLQWO\
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Over the last four years he has concluded investments in excess of
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and cement.
101
STRATEGIC OVERVIEW
DR. LUDGER DINKELBORG

Managing Director, Imaging
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the Molecular Imaging Research and Development Portfolio of Bayer
Pharma AG.
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Chartered Accountant in 1993.
Before co-founding Piramal Imaging, Dr. Ludger served as Head of

Diagnostic Imaging Research and Head of Molecular Imaging at
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pharmaceutical industry.
He received his PhD in Biology from Heinrich-Heine-University,
Dsseldorf, and stayed as guest researcher at the Max-Planck-Institute
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University course for managers and also attended the Executive
Programme at Stanford School of Business, CA.
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services, consumer products, media, logistics and manufacturing. In
creating value for his portfolio companies, he actively participated
in partnering with managements for operational improvements,
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SHANTANU NALAVADI
Co-Head, Structured Investments Group
STATUTORY REPORTS

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OPERATIONS
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Piramal Pharma Solutions CEO Vivek Sharma

received CEO of the Year award at CPhI Awards
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API Generics won Customer Centricity Award and

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Pharma Solutions team won two awards at the

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The Operational Excellance team received

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Chain award
Ennore unit received award for Achievement in

Continuous Improvement
Both Saridon and Lacto Calamine were once again

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Chain Award at the CPhI India Pharma Awards 1RYHPEHU
Decision Resources Group was ranked 15th in Best

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Digwal site won Golden Peacock HR Excellence

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Decision Resources Group was ranked 15th in

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Pharma Solutions won Best Customer Experience

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Pharma Solutions received Excellence Awards at

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and Shared Services Excellence Conclave 1RYHPEHU
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Safety Excellence from Frost & Sullivan at its 'Green
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Polycrol Plus won the India Star Award for Packaging

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Ennore Plant received Safe organisation of the year

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CORPORATE SOCIAL
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Piramal Udgam won the Tatva ICICI Prudential Award

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Piramal Foundation recognised as one of Indias

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STRATEGIC OVERVIEW
STATUTORY REPORTS
STATUTORY
REPORTS
Contents
Boards Report
Annexures to Boards Report
104

Report on Corporate Governance
103
104
REPORT ON CORPORATE GOVERNANCE

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1.
COMPANYS PHILOSOPHY ON CORPORATE GOVERNANCE

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B.
Executive Directors Promoter Group

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Executive Director Non Promoter Group
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Non-Executive, Independent Directors
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2.
BOARD OF DIRECTORS
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A.
Changes in the Board of Directors

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Composition and Size of the Board

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Name of Director

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Other Directorships1
Membership of
other Board Committees2
as Member
as Chairman
as Member
as Chairman

1

1

1

8
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5

1

5

1

4

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C.
Board Meetings and Procedures

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Meetings Held
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STATUTORY REPORTS
Meeting of Independent Directors

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Board Evaluation
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Inter-se relationships among Directors

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Role of Non-Executive / Independent Directors

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STRATEGIC OVERVIEW

II.
Details of Directors attendance at Board Meetings and at the last Annual General Meeting (AGM) held on August 6, 2015 are given in
the following table:
Board Meetings
Held during tenure
Attended

5

5
4

4

5

Name of Director
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Shareholding of Non-Executive Directors

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5.
GENERAL BODY MEETINGS

A.
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Time
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Financial Calendar
Financial reporting for:
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8.
GENERAL INFORMATION FOR SHAREHOLDERS

A. Company Registration Details:

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STATUTORY REPORTS
G.
F.
Annual General Meeting

Day, Date and Time:
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Annual Report:
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STRATEGIC OVERVIEW
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Stock Market Data

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BSE Limited (BSE)
National Stock Exchange of India Limited (NSE)
Month
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Average monthly closing price of the Companys shares on BSE

as compared to S&P BSE Sensex
Average monthly closing price of the Companys shares on NSE as

compared to NSE 50

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Distribution of Shareholding by size as on March 31, 2016

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Number
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86,629
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STRATEGIC OVERVIEW
Liquidity
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Category of Shareholder
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No. of shareholders
Total no. of shares
% to total no.
of shares

1
1

1

815

858

1

1

86,611
86,629

8,14,76,758
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Total Public Shareholding
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10. ENVIRONMENT, HEALTH AND SAFETY (EHS)
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SUBSIDIARY COMPANIES
9.
STRATEGIC OVERVIEW
P.
118
BOARDS REPORT
Dear Shareholders,
Your Directors have pleasure in presenting their 69th Annual Report on the business and operations of the Company and the Audited Financial Statements
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PERFORMANCE HIGHLIGHTS (STANDALONE)

(` in Crores)
Particulars
Revenue from operations
FY2016
FY2015
3,516.53

Other Income
305.38

Total Revenue
3,821.91

60.82

Other Expenses
R&D Expenses
1,988.06

EBIDTA excluding FOREX impact
1,773.03

Foreign Exchange Gain / (Loss)
119.71

1,892.74

49.52

Finance Costs
792.21

Depreciation
79.62

1,020.91

EBIDTA
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70.19

1,091.10

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29.95

Current
29.95

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1,061.15

27.76

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4,165.30

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Appropriation:
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Equity Shares

Dividend Distribution Tax thereon

301.99
Interim dividend
Equity Shares
Dividend Distribution Tax thereon
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Balance carried to Balance Sheet
Earnings Per Share (Basic / Diluted) (`)
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61.48
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3,363.25

61.49

119
STRATEGIC OVERVIEW
DIVIDEND
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CHANGES IN SUBSIDIARIES, JOINT VENTURES AND

ASSOCIATE COMPANIES
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referred to as Group Companies) in Form AOC 1 is attached to the
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SIGNIFICANT EVENTS DURING THE FINANCIAL YEAR 2016

Sale of Piramal Clinical Research
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Entered into a co-promotion agreement with Cumberland

Pharmaceuticals Inc.
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Launch of Stop AllerG

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SUBSIDIARY COMPANIES
Piramal Healthcare Inc.
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STRATEGIC OVERVIEW
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appreciation and gratitude for the invaluable contributions made by
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they are eligible for having their appointment as Statutory Auditors
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CORPORATE SOCIAL RESPONSIBILITY

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Company has implemented a system of evaluating performance of the
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NUMBER OF MEETINGS OF THE BOARD OF DIRECTORS

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VIGIL MECHANISM / WHISTLE BLOWER POLICY FOR

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AUDIT & RISK COMMITTEE

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CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION

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The Company has received declarations from all its Independent

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DIRECTORS AND KEY MANAGERIAL PERSONNEL

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NOMINATION AND REMUNERATION POLICIES

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pursuant to the omnibus approval so granted and a statement giving
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PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS

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Sr.
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Remuneration to Directors and Key Managerial Personnel

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median remuneration of the employees of the Company for
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Company are as under:
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% increase/decrease
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Ratio of remuneration of
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STRATEGIC OVERVIEW
Sr.
No.
Name of Director/KMP
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% increase/decrease
in Remuneration
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Ratio of remuneration of
each Whole-Time Director
to median remuneration
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DIRECTORS RESPONSIBILITY STATEMENT

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Annual Report on Corporate Social Responsibility Activities
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TOTAL (B)
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Not Applicable
7.
Responsibility Statement of the Corporate Social Responsibility Committee

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Sd/Goverdhan Mehta
(Chairman - CSR Committee)
Sd/Nandini Piramal
(Executive Director)

STRATEGIC OVERVIEW
$11(;85(&
Particulars of Conservation of Energy, Technology Absorption and
Foreign Exchange Earnings and Outgo required under
the Companies (Accounts) Rules, 2014 for the year ended
March 31, 2016
Conservation of Energy
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at its plant locations to conserve energy:

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The Companys Plants have collectively made capital investments

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energy
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STRATEGIC OVERVIEW
$11(;85('
FORM NO. MGT 9
EXTRACT OF ANNUAL RETURN
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CIN
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Registration Date
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iii
Name of the Company
Piramal Enterprises Limited
iv
Category/Sub-category of the Company
Company Limited by Shares/Indian Non Government Company
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% to total turnover
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PARTICULARS OF HOLDING, SUBSIDIARY & ASSOCIATE COMPANIES

Name of the
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% of Shares
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Piramal Systems &

Technologies Private
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BOARDS REPORT
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STRATEGIC OVERVIEW
Holding/
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Name of the
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BOARDS REPORT
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Name of the
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Bluebird Aero Systems

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Services Private
Limited
%:LQJ6KLY&KDPEHUV6HFWRU
&%'%HODSXU1DYL0XPEDL
80+37&
-RLQW9HQWXUH
@

Shriram Capital
Limited
6KULUDP+RXVH1R%XUNLW5RDG
71DJDU&KHQQDL
8713/&
Associate
@

Shrilekha Financial
Services (partnership
UP
6KULUDP+RXVH1R%XUNLW5RDG
71DJDU&KHQQDL
NA
-RLQW9HQWXUH
@
7KHVHFRPSDQLHVDUHOLPLWHGE\JXDUDQWHHVDQGDUHZKROO\FRQWUROOHGVXEVLGLDULHVRI3(/
@ Representing controlling interest
5HSUHVHQWLQJDJJUHJDWHRIVKDUHVKHOGE\WKH&RPSDQ\DQGRULWVVXEVLGLDULHV
% of Shares
Held #
Applicable
Section
(1) Indian
D ,QGLYLGXDO+8)
b) Central Government / State
Government
c) Bodies Corporates
d) Bank/FI
e) Any other - Trusts
SUB TOTAL (A) (1):
)RUHLJQ
a) NRIs - Individuals
b) Other Individuals
F %RGLHV&RUS
d) Banks/FI
e) Any other
SUB TOTAL (A) (2):
TOTAL SHAREHOLDING OF PROMOTER
(A)= (A)(1)+(A)(2)
(1) Institutions
D 0XWXDO)XQGV
b) Banks/FI
F &HQWUDO*RYW
G 6WDWH*RYW
H 9HQWXUH&DSLWDO)XQG
f) Insurance Companies
g) FIIs / FPIs
K ) RUHLJQ9HQWXUH&DSLWDO)XQGV
i) Others (specify)
SUB TOTAL (B) (1):
1RQ,QVWLWXWLRQV
a) Bodies corporates
i) Indian
ii) Overseas
b) Individuals
i) Individual shareholders
holding nominal share
capital upto ` 1 lakh
ii) Individual shareholders
holding nominal share
capital in excess of ` 1 lakh
c) Others (specify)
i) Non Resident Indians (Repat)
ii) Non Resident Indians (Non
Repat)
B. Public Shareholding

0
0

0
91,193,073

0

91,193,073

5,648

53,294,151

Physical
% of Total
Shares

52.85

0.00
52.85

30.89

Total

91,193,073

0
91,193,073

53,299,799

STATUTORY REPORTS
A. Promoters
Demat
No. of Shares held at the beginning of the year

52,578,247

0
88,999,933

88,999,933

Total

88,999,933

0
88,999,933

52,583,851

Physical

0

0
0

5,604

(1.27)

0.00
(1.27)

(0.42)

51.58

0.00
51.58

30.47

% change
during the
year

% of Total
Shares
No. of Shares held at the end of the year

Demat
Category of Shareholders
SHAREHOLDING PATTERN (Equity Share Capital Break up as % to Total Equity)
Category - wise shareholding
(i)
STRATEGIC OVERVIEW
IV

7KH6UL.ULVKQD7UXVW>7UXVWHHV$MD\*3LUDPDODQG
6ZDWL$3LUDPDO@
3LUDPDO:HOIDUH7UXVW>)RUPHUO\NQRZQDV3LUDPDO(QWHUSULVHV
([HFXWLYH7UXVW@>7UXVWHH3LUDPDO&RUSRUDWH6HUYLFHV/LPLWHG@
7KH$MD\*3LUDPDO)RXQGDWLRQ
0U$MD\*3LUDPDO.DUWDRI*RSLNLVDQ3LUDPDO+8)
0U$MD\*3LUDPDO
0V1DQGLQL3LUDPDO
0U$QDQG3LUDPDO
0U3HWHU'H<RXQJ
0V$Q\D3LUDPDO'H<RXQJ
0DVWHU'HY3LUDPDO'H<RXQJ
0U$MD\*3LUDPDO.DUWDRI$MD\*3LUDPDO+8)
'U0UV6ZDWL$3LUDPDO
0UV/DOLWD*3LUDPDO
Piramal Life Sciences Limited Senior Employees Option Scheme

>7UXVWHH$MD\*3LUDPDO@
$DVDQ,QIR6ROXWLRQV,QGLD/WG

11

Shareholders Name
Sl.
No.
3LUDPDO (QWHUSULVHV /LPLWHG 6HQLRU (PSOR\HHV :HOIDUH 7UXVW

>)RUPHUO\ NQRZQ DV 3LUDPDO +HDOWKFDUH /LPLWHG 6HQLRU (PSOR\HH
2SWLRQ6FKHPH@>7UXVWHHV0U5$6KDKDQG0U*%'RVKL@
Classifed as Non Promoter Non Public during the year
TOTAL
Shareholding of Promoters
(ii)
172,563,100

28,070,228
81,370,027
Total
100.00

16.26
47.15
% of Total
Shares

89,025,814

No. of shares

51.59

% of total
shares of the
company
Demat

0.00

172,563,100

28,892,907
81,476,758
Total
No. of
shares

88,999,933

51.58

% of total shares
of the Company
100.00

16.74
47.21
% of Total
Shares

0.00

% of shares
pledged /
encumbered to
total shares
Shareholding at the end of the year
8,593,387

163,969,713

8,587,783
8,593,387
Physical
No. of Shares held at the end of the year

20,305,124
72,883,371
% of shares
pledged /
encumbered to
total shares
Shareholding at the beginning of the year
8,759,923
163,803,177

8,754,275
8,759,923
Physical

19,315,953
72,610,104
Demat
No. of Shares held at the beginning of the year
&ODVVLHGDV1RQ3URPRWHU1RQ3XEOLFGXULQJWKH\HDU
(
PSOR\HH%HQHW7UXVW>XQGHU6(%,
6KDUH%DVHG(PSOR\HH%HQHWV
5HJXODWLRQV@
GRAND TOTAL (A+B+C+D)
C. Shares held by Custodian for

GDRs & ADRs
D. Non Promoter Non Public
iii) Foreign Companies

LY &
OHDULQJ0HPEHU
v) Trusts
vi) Foreign Nationals
vii) Foreign Banks
YLLL+LQGX8QGLYLGHG)DPLO\
SUB TOTAL (B)(2):
TOTAL PUBLIC SHAREHOLDING
(B)= (B)(1)+(B)(2)
Category of Shareholders

0.01

% change in
shareholding
during the year
0.00

0.48
0.06
% change
during the
year

BOARDS REPORT

STRATEGIC OVERVIEW
LLL &KDQJHLQ3URPRWHUV6KDUHKROGLQJDVDWWKHUHVSHFWLYHZHHNO\EHQHFLDOSRVLWLRQGDWH

Sl.
No.
Cumulative Shareholding
during the year
% of total shares
of the Company
No. of shares
% of total shares
of the Company
3,550,176
2.06
3,550,176
2.06
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

3,472,285
2.01
3LUDPDO:HOIDUH7UXVW>)RUPHUO\NQRZQDV3LUDPDO(QWHUSULVHV
([HFXWLYH7UXVW@>7UXVWHH3LUDPDO&RUSRUDWH6HUYLFHV/LPLWHG@
At the beginning of the year
At the end of the year

3LUDPDO(QWHUSULVHV/LPLWHG6HQLRU(PSOR\HHV:HOIDUH7UXVW
>)RUPHUO\NQRZQDV3LUDPDO+HDOWKFDUH/LPLWHG6HQLRU(PSOR\HH
2SWLRQ6FKHPH@>7UXVWHHV0U5$6KDKDQG0U*%'RVKL@
1.26
2,167,259
1.26
(2,500)

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

2,086,409
1.21
0.06

Anand Piramal
,QWHUVH7UDQVIHU
95,653
0.06
95,653

265,406
0.15
0.03

Peter DeYoung
63,000
0.03
63,000

88,000
0.05
0.00
$DVDQ,QIR6ROXWLRQV,QGLD/WG

7UDQVIHU
0.00

52,010
0.03

6
Anya Piramal DeYoung

33,000
0.02
33,000
0.02
,QWHUVH7UDQVIHU


,QWHUVH7UDQVIHU

STATUTORY REPORTS
2,167,259
7UDQVIHU
No. of shares
Shareholding at the
beginning of the year

BOARDS REPORT
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company

43,000
0.02
0.02
28,000
0.02
28,000
,QWHUVH7UDQVIHU

38,000
0.02
6ZDWL$3LUDPDO
1,167
0.00
1,167
0.00
,QWHUVH7UDQVIHU

,QWHUVH7UDQVIHU

1,167
0.00
48.75

9
% of total shares
of the Company
Dev Piramal DeYoung

8
No. of shares
7KH6UL.ULVKQD7UXVW>7UXVWHHV$MD\*3LUDPDODQG
6ZDWL$3LUDPDO@
,QWHUVH7UDQVIHU
84,120,694
48.75
84,120,694

83,905,941
48.62

&ODVVLHGDV1RQ3URPRWHU1RQ3XEOLFGXULQJWKH\HDU
^W^W,'ZZ
Sl.
No.
For each of the Top 10 Shareholders
Shareholding at the
No. of shares
during the year
% of total shares
of the Company
No. of shares
% of total shares
of the Company
Aberdeen Global Indian Equity Limited

10,237,882
5.93
10,237,882
5.93
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

STRATEGIC OVERVIEW
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company
7,600,000
4.41
Morgan Stanley Asia (Singapore) PTE.

7,039,932
4.08
7,039,932
4.08

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

6,827,060
3.96
704,413
0.41

East Bridge Capital Master Fund Limited*

0.41
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

704,413
STATUTORY REPORTS
7UDQVIHU
7UDQVIHU
% of total shares
of the Company
No. of shares

BOARDS REPORT
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company
4,316,911
2.50
4,623,690
2.68
4,316,911
2.50
4,316,911
2.50
Life Insurance Corporation of India

4,305,405
2.49
4,305,405
2.49
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

4,079,301
2.37
% of total shares
of the Company
Indiahold Limited
No. of shares
9DQJXDUG(PHUJLQJ0DUNHWV6WRFN,QGH[)XQG$
VHULHVRI9DQJXDUG,QWHUQDWLRQDO(TXLW\,QGH[)XQG
1,647,617
0.95
1,647,617
0.95
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

STRATEGIC OVERVIEW
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company
0.81
1.09
1,875,949
1.09

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

1,377,003
0.80

0.87
1,495,575
0.87

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

1,273,368
0.74
General Insurance Corporation of India*

1,446,794
0.84
1,446,794
0.84
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

1,495,575
7UDQVIHU
STATUTORY REPORTS
Elara India Opportunities Fund Limited

1,875,949
7UDQVIHU
1,395,017
$EX'KDEL,QYHVWPHQW$XWKRULW\*XODE
% of total shares
of the Company
No. of shares

BOARDS REPORT
Sl.
No.
Shareholding at the
during the year
No. of shares
% of total shares
of the Company
No. of shares
% of total shares
of the Company
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

1,242,420
0.72
10
*RYHUQPHQWRI6LQJDSRUH
845,077
0.49
845,077
0.49
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU
(696)

7UDQVIHU

7UDQVIHU

1,146,625
0.66
11
Ashish Dhawan#
7UDQVIHU
1,485,979
0.86
1,485,979
0.86

STRATEGIC OVERVIEW
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

876,228
0.51
0.72
1,235,255
0.72

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

803,938
0.47
1.00
Route One Fund i, L.P. #

1.00
1,718,096

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

0.00
14
5RXWH2QH2VKRUH0DVWHU)XQG/3
7UDQVIHU
1,673,381
0.97
1,673,381
0.97

1,718,096
7UDQVIHU
STATUTORY REPORTS
1,235,255
7UDQVIHU
$EHUGHHQ*OREDO(PHUJLQJ0DUNHWV6PDOOHU
Companies Fund

7UDQVIHU
13
% of total shares
of the Company
7UDQVIHU
12
No. of shares

BOARDS REPORT
Sl.
No.
Shareholding at the
No. of shares
during the year
% of total shares
of the Company
No. of shares
% of total shares
of the Company
7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU

7UDQVIHU


0.00
1RWLQWKHOLVWRI7RSVKDUHKROGHUVDVRQ7KHVDPHLVUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDVRQHRIWKH7RSVKDUHKROGHUVDVRQ
&HDVHGWREHLQWKHOLVWRI7RSVKDUHKROGHUVDVRQ7KHVDPHLVUHHFWHGDERYHVLQFHWKHVKDUHKROGHUZDVRQHRIWKH7RSVKDUHKROGHUVDVRQ
Y 6KDUHKROGLQJRI'LUHFWRUV .03
Sl.
No.
For each of the Directors & KMP
Shareholding at the
during the year
No. of shares
% of total shares
of the Company
No. of shares
% of total shares
of the Company
108,923
0.06
108,923
0.06
108,923
0.06
0U$MD\*3LUDPDOPHPEHURI3URPRWHU*URXS
Dr. (Mrs.) Swati A. Piramal (member of Promoter

Group)
1,167
0.00
1,167
0.00
,QWHUVH7UDQVIHU

,QWHUVH7UDQVIHU

1,167
0.00
0U'HHSDN6DWZDOHNDU
10,000
0.01
5,000
0.00

5,000
0.00
5,000
0.00
5,000
0.00
5,000
0.00

10,000
0.01
10,000
0.01
8,125
0.00
0U19DJKXO
10,000
0.01
0.01
0U.HNL'DGLVHWK
0.01
10,000
3URI*RYHUGKDQ0HKWD
10,000
'U5$0DVKHONDU
8,125
0.00

STRATEGIC OVERVIEW
Sl.
No.
For each of the Directors & KMP
Shareholding at the
No. of shares
during the year
% of total shares
of the Company

96,406
0.06
30,687
0.02
Nil
Nil
NIL
NIL
NIL
NIL
0.02
30,687
0.02
Nil
Nil
Nil
Nil
NIL
NIL
NIL
NIL
NIL
NIL
NIL
NIL
5,000
0.00
5,000
0.00
Mr. S. Ramadorai
5,000
0.00
0U5DMHVK/DGGKD
43,917
0.03
43,917
0.03

(623

72,834
0.04
Mr. Leonard D'Souza

4,500
0.00
4,500
0.00
(623

7,822
0.00
7UDQVIHU
(623
STATUTORY REPORTS

(623
15
30,687
Mr. Siddharth Mehta

14
0.06
13
0.06
96,406
0U*DXWDP%DQHUMHH
12
96,406
Mr. Amit Chandra*

11
0.00
0U9LMD\6KDK
10
8,125
Ms. Nandini Piramal (member of Promoter Group)

% of total shares
of the Company
No. of shares
&HDVHGWREH'LUHFWRURIWKH&RPSDQ\ZHI'HFHPEHU

BOARDS REPORT
INDEBTEDNESS
(` in Crores)
,QGHEWHGQHVVRIWKH&RPSDQ\LQFOXGLQJLQWHUHVWRXWVWDQGLQJDFFUXHGEXWQRWGXHIRUSD\PHQW
Secured Loans
excluding deposits
Unsecured
Loans
Deposits
Total
Indebtedness

531.75
3,342.39
3,874.14
,QGHEWHGQHVVDWWKHEHJLQQLQJRIWKHQDQFLDO\HDU
i)
Principal Amount
ii)
Interest due but not paid
iii)
Interest accrued but not due

TOTAL (i+ii+iii)
&KDQJHLQ,QGHEWHGQHVVGXULQJWKHQDQFLDO\HDU
Addition
Reduction
([FKDQJH'LHUHQFHJDLQ/RVV
NET CHANGE

1,853.38
7,709.96
9,563.35

,QGHEWHGQHVVDWWKHHQGRIWKHQDQFLDO\HDU
i)
Principal Amount
ii)
Interest due but not paid
iii)
Interest accrued but not due

TOTAL (i+ii+iii)

2,397.49
11,218.51
13,615.99
VI
ZDhEZd/KEK&/ZdKZÊ<zDE'Z/>WZ^KEE>
$
5HPXQHUDWLRQWR0DQDJLQJ'LUHFWRU:KROHWLPHGLUHFWRUDQGRU0DQDJHU
(`)
Sl.
No
Particulars of Remuneration
Gross salary
Name of the MD/WTD/Manager
Total Amount
Ajay G. Piramal
Swati A. Piramal
Nandini Piramal
Vijay Shah
(a)
Salary as per provisions

FRQWDLQHGLQVHFWLRQRIWKH
,QFRPH7D[$FW

E
9
DOXHRISHUTXLVLWHVXVRI
WKH,QFRPH7D[$FW

F
3
URWVLQOLHXRIVDODU\XQGHU
VHFWLRQRIWKH,QFRPH7D[
$FW
Stock option
6ZHDW(TXLW\
Commission
DVRISURW
others (specify)

115,666,224
45,528,028
35,869,436
60,247,508
257,311,196

2WKHUVSOHDVHVSHFLI\
3HUIRUPDQFH3D\IRU)<
TOTAL (A)
Ceiling as per the Act:
#RI3URWVIRUHDFK'LUHFWRU
#RI3URWVIRUDOO'LUHFWRUV

-
2,550,000
-
0
2,550,000

-
2,700,000
-
2,700,000

-
2,600,000
-
0
2,600,000

-
3,200,000
-
0
3,200,000
2,850,000
2,850,000

WZ
Gross Salary
Sl.
No.
TOTAL
Others, specify
- Others (specify)
2,700,000
2,700,000

Siddharth
Mehta
Deepak
Satwalekar

-
3,650,000
-
0
3,650,000
S. Ramadorai

-
2,900,000
-
0
2,900,000
(`)
2,67,50,000
3,600,000

275,311,196
26,750,000
3,600,000

-

Total
Amount

N. Vaghul
7,787,181
37,389,306

Mr. Leonard D'Souza

Company Secretary
Key Managerial Personnel

Mr. Rajesh Laddha
CFO

STATUTORY REPORTS
RIWKH&RPSDQLHV$FWDJDLQVWWKH&RPSDQ\RULWV'LUHFWRUVRURWKHURFHUVLQGHIDXOWLIDQ\GXULQJWKH\HDU
45,176,487

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BOARDS REPORT
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NOMINATION POLICY
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The Nomination and Remuneration Committee (NRC) of Piramal
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BOARDS REPORT
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STRATEGIC OVERVIEW
STATUTORY REPORTS
Independent Auditors Report

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Cash Flow Statement
Notes to Financial Statements
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166

Contents
156
STANDALONE FINANCIAL STATEMENTS
INDEPENDENT AUDITORS REPORT

TO THE MEMBERS OF PIRAMAL ENTERPRISES LIMITED
Report on the Standalone Financial Statements

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STRATEGIC OVERVIEW
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Annexure B to Independent Auditors Report
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STATUTORY REPORTS
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Note
No.
EQUITY AND LIABILITIES

Shareholders' Funds

6KDUHFDSLWDO
5HVHUYHVDQGVXUSOXV
Non-current Liabilities
5
6
7
8
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ASSETS
Non-current Assets

11
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2WKHUQRQFXUUHQWDVVHWV
Current Assets

12,176.60
5,640.35
5.60
259.38

96.79
5,905.33

6,761.06

3.13

292.72

1,521.81
60.13

8,638.85

26,720.78

701.36
259.15
91.76
11.12
1,063.39

56.97

15
16,522.11
5,244.15
392.04

16
17
18
19

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As at
March 31, 2015
(` in Crores)
34.51
12,142.09
TOTAL
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7DQJLEOHDVVHWV
,QWDQJLEOHDVVHWV
&DSLWDO:RUNLQSURJUHVV
,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQW
TOTAL
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6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
7KHDFFRPSDQ\LQJQRWHVDUHDQLQWHJUDOSDUWRIWKH)LQDQFLDO6WDWHPHQWV
As at
March 31, 2016
(` in Crores)
626.96
375.15
340.13
39.48
1,999.53
117.84
23,221.69

3,499.09

26,720.78

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Ajay G. Piramal
Rajesh Laddha
Leonard DSouza
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2WKHU,QFRPH

Total Revenue
Expenses
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3XUFKDVHVRIVWRFNLQWUDGH
&KDQJHVLQLQYHQWRULHVRIQLVKHGJRRGVZRUNLQSURJUHVVDQGVWRFNLQWUDGH
(PSOR\HHEHQHWVH[SHQVH
Finance costs
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2WKHUH[SHQVHV
Total Expenses
3URW%HIRUH([FHSWLRQDO,WHPVDQG7D[
([FHSWLRQDO,QFRPH([SHQVHV1HW

Year Ended
March 31, 2015
(` in Crores)

425.09
3,941.62

859.45
70.35
(44.43)
363.65
792.21
79.62
799.86

3URWEHIRUH7D[
3URWIRUWKH<HDU
Earnings Per Share (Basic and Diluted) (`) (Face value of ` 2/- each)
(Refer Note 44)
2,920.71
1,020.91
70.19
1,091.10

260.17
(230.22)

29.95
29.95
1,061.15
61.49

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Less: Tax Expenses

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Year Ended
March 31, 2016
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3,556.50
39.97
3,516.53
STRATEGIC OVERVIEW
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CASH FLOW FROM OPERATING ACTIVITIES

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Cash (Used in) Operations
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Net Cash (Used in) Operating Activities
B.
CASH FLOW FROM INVESTING ACTIVITIES

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Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)
1,020.91

79.62
220.11
(240.21)
(47.31)
(5.74)
2.19
4.17
167.59
3.93
(89.94)
1,115.32

(17.64)
(78.80)
(195.03)
(881.18)
(58.24)
(6,965.38)
(1.28)

23.86
4.89
0.84
247.01
4.50
(6,801.13)
(289.10)
(7,090.23)

(35.49)
(7,125.72)

(340.40)
0.55

9.85
(10,482.92)

10,582.96
344.70

(73.00)
53.00
(1,491.17)
47.31
5.74
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5,819.98
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24,485.34

(20,333.59)
(232.31)
(640.71)
(131.74)
8,558.65

(7.32)
27.32
20.00

0.04
7.68
12.28
20.00

CASH FLOW FROM FINANCING ACTIVITIES

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STATUTORY REPORTS
5.00
3.71
11.30
(1,440.25)
Year Ended
March 31, 2015
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Exceptional Items:
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Year Ended
March 31, 2016
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(45.99)
STRATEGIC OVERVIEW
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STRATEGIC OVERVIEW
NOTES
TO FINANCIAL STATEMENTS (CONTD.)
for the Year Ended March 31, 2016
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Forward Exchange Contracts:

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STRATEGIC OVERVIEW
NOTES

NOTES
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3.
SHARE CAPITAL
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
50.00
30.00
24.00
21.00
125.00

34.51
34.51

$87+25,6('
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TOTAL
171
STRATEGIC OVERVIEW
NOTES
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(TXLW\6KDUHV
As at March 31, 2016
No. of shares
(` in Crores)

No. of shares
(` in Crores)
172,563,100
172,563,100
34.51
34.51

No. of shares
% Holding
No. of shares
% Holding
83,905,941
48.62%

7,600,000
4.40%

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Financial Year
No. of shares
2013-14

2011-12

2011-12
2010-11

STATUTORY REPORTS
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NOTES
4.
RESERVES AND SURPLUS

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
&$3,7$/5(6(59(
2,358.39
-
$VSHUODVW%DODQFH6KHHW
$GG$GMXVWHGRQ0HUJHU5HIHU1RWH

2,358.39

6(&85,7,(635(0,80$&&2817
3.69
-
$GG&UHGLWHGRQ0HUJHU5HIHU1RWH

3.69

&$3,7$/68%6,'<
0.40

0.40

&$3,7$/5('(037,215(6(59(
61.73

61.73

'(%(1785(5('(037,215(6(59(
85.42
438.58
$GG7UDQVIHUGXULQJWKH\HDU

524.00

*(1(5$/5(6(59(
5,798.55
-
$GG7UDQVIHUGXULQJWKH\HDU

5,798.55

)25(,*1&855(1&<75$16/$7,215(6(59(
32.08
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32.08
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3,104.15
1,061.15
-

7.65
301.99
61.48
438.58

3,363.25
12,142.09
TOTAL
5.

6853/86,167$7(0(172)352),7$1'/266

LONG TERM BORROWINGS

Secured
1,546.42
7HUP/RDQ)URP%DQNV
6HFXUHG5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHV

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7HUP/RDQV

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1,546.42
600.00

Unsecured
300.00
398.93
TOTAL

698.93
2,795.00
5,640.35

STRATEGIC OVERVIEW
NOTES
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100.00

500.00

250.00

200.00

250.00

100.00
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As at
March 31, 2016
(` in Crores)
500.00
As at
March 31, 2015
(` in Crores)
100.00

Particulars
STATUTORY REPORTS
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As at
March 31, 2015
(` in Crores)
Terms of Repayment
As at
March 31, 2016
(` in Crores)
Nature of Security

NOTES
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A.
Unsecured Loans
Particulars
Payment terms
/RQJWHUP8QVHFXUHGUXSHHORDQVIURPEDQNV
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As at
March 31, 2016
(` in Crores)
250.00
As at
March 31, 2015
(` in Crores)
100.00
200.00
249.47
149.46

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B.

Unsecured Debentures
As at
March 31, 2016
(` in Crores)
-
As at
March 31, 2015
(` in Crores)
500.00

400.00

100.00

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235.00

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6HULHV,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH-XQHDQG6HULHV,,`FURUHVUHGHHPDEOH
DWSDUDWWKHHQGRIGD\VIURPWKHGDWHRIDOORWPHQWLH-XQH
DQG6HULHV,,,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH-XQH
6HULHV,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH-XO\
385.00

155.00

250.00

245.00

200.00

Particulars
Terms of Repayment
1,/3UHYLRXV<HDUSD\DEOH

DQQXDOO\8QVHFXUHG5HGHHPDEOH1RQ
&RQYHUWLEOH'HEHQWXUHVRI`HDFK
3UHYLRXV<HDU8QVHFXUHG
5HGHHPDEOH1RQ&RQYHUWLEOH'HEHQWXUHVRI
`HDFK
5HGHHPDEOHDWSDUDWWKHHQGRIWK\HDUIURPWKHDOORWPHQWGDWH
)HEUXDU\
7KHVDPHKDVEHHQUHGHHPHGRQ)HEUXDU\
6HULHV$`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH0DUFKDQG6HULHV%`FURUHV
UHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKHGDWHRIDOORWPHQWLH
0DUFK6HULHV&`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH0DUFK
6HULHV$`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH$SULODQG6HULHV%`FURUHVUHGHHPDEOH
DWSDUDWWKHHQGRIGD\VIURPWKHGDWHRIDOORWPHQWLH$SULO
DQG6HULHV&`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH$SULO
6HULHV'`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH$SULO
3UHYLRXV<HDU1,/SD\DEOH

&RQYHUWLEOH'HEHQWXUHV`HDFK


6HULHV,9`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH-XQHDQG6HULHV9`FURUHVUHGHHPDEOH
DWSDUDWWKHHQGRIGD\VIURPWKHGDWHRIDOORWPHQWLH-XQH
6HULHV,,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH

175
STRATEGIC OVERVIEW
NOTES
Terms of Repayment

PRQWKO\8QVHFXUHG5HGHHPDEOH1RQ
6HULHV,,,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH

As at
March 31, 2016
(` in Crores)
200.00
As at
March 31, 2015
(` in Crores)
700.00

100.00

2SWLRQ,`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH1RYHPEHUDQG2SWLRQ,,`FURUHV
UHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKHGDWHRIDOORWPHQWLH
1RYHPEHU
7KHDPRXQWRI`FURUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH0DUFK

2XWRIWKHDERYH'HEHQWXUHVRI`FURUHV3UHYLRXV<HDU1,/DUHUHFODVVLHGWR&XUUHQW0DWXULWLHVRI/RQJWHUPORDQV5HIHU1RWH

,QWHUHVWRQ6HULHV$ %LVSD\DEOHDQQXDOO\,QWHUHVWRQ6HULHV&LVSD\DEOHDWPDWXULW\
6.
DEFERRED TAX LIABILITIES (NET) (REFER NOTE 2 (xi))
As at
March 31, 2015
(` in Crores)
D 'HIHUUHG7D[/LDELOLWLHVRQDFFRXQWRIWLPLQJGLHUHQFHV

140.11
'HSUHFLDWLRQ

140.11

0.37
86.81
11.04
41.89
3URYLVLRQIRU2QHURXV&RQWUDFWV
3URYLVLRQIRUDVVHWVRIQDQFLDOVHUYLFHV
8QDEVRUEHG'HSUHFLDWLRQORVVHV
2WKHUWLPLQJGLHUHQFHV

OTHER LONG-TERM LIABILITIES

0.69
4.91
Deposits Received
,QWHUHVW$FFUXHGEXWQRWGXHRQERUURZLQJV
TOTAL
8.

5.60

STATUTORY REPORTS
140.11
TOTAL
'HIHUUHG7D[$VVHWVDQG'HIHUUHG7D[/LDELOLWLHVKDYHEHHQRVHWDVWKH\UHODWHWRWKHVDPHJRYHUQLQJWD[DWLRQODZV
'HIHUUHG7D[$VVHWVKDYHEHHQUHFRJQLVHGRQO\WRWKHH[WHQWRI'HIHUUHG7D[/LDELOLWLHVLQUHVSHFWRIXQDEVRUEHGGHSUHFLDWLRQORVVHV
7.

E 'HIHUUHG7D[$VVHWVRQDFFRXQWRIWLPLQJGLHUHQFHV
As at
March 31, 2016
(` in Crores)
Particulars
LONG-TERM PROVISIONS
18.32
227.32
0.35
13.39
3URYLVLRQIRUHPSOR\HHEHQHWV5HIHU1RWH
3URYLVLRQRQ$VVHWVRI)LQDQFLDO6HUYLFHV
3URYLVLRQIRU2QHURXVFRQWUDFWV
3URYLVLRQIRU/LWLJDWLRQDQGGLVSXWHV
259.38
TOTAL
5HIHU1RWHIRUPRYHPHQWVGXULQJWKH\HDU

96.79
176
127(672),1$1&,$/67$7(0(176
&217'
9.
SHORT-TERM BORROWINGS
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
Secured

/RDQVIURPEDQNV

5HSD\DEOHRQGHPDQG

2WKHUV
35.00
101.64

136.64

Unsecured

&RPPHUFLDO3DSHUV
/RDQVIURP5HODWHG3DUWLHV5HIHU1RWH
/RDQVIURPEDQNV
5HSD\DEOHRQGHPDQG

2WKHUV
6,060.00
26.00

525.00
13.42

TOTAL
6HFXUHG/RDQVIURPEDQNVDUHVHFXUHGE\K\SRWKHFDWLRQRILQYHQWRULHVDQGERRNGHEWV
6,624.42

6,761.06

1,023.57
186.10
21.90
19.46
1.95

10. OTHER CURRENT LIABILITIES

&XUUHQWPDWXULWLHVRIORQJWHUPGHEW5HIHU1RWH
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV
$GYDQFHVIURP&XVWRPHUV
8QSDLGGLYLGHQGV5HIHUQRWHDEHORZ
8QDPRUWL]HG3UHPLXPRQ)RUZDUG&RQWUDFWV
2WKHUSD\DEOHV

(PSOR\HH5HODWHG/LDELOLWLHV

$FFUXHG([SHQVHV

3D\DEOHVIRUSXUFKDVHRI)L[HG$VVHWV

6WDWXWRU\'XHVLQFOXGLQJWD[GHGXFWHGDWVRXUFH

5HWHQWLRQPRQH\

'HSRVLWVUHFHLYHG
62.76
194.54
7.53
1.73
1.50
0.77

171.87

268.83
TOTAL
1,521.81
D7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDWWKH\HDUHQG

11. SHORT-TERM PROVISIONS

3URSRVHG'LYLGHQGRQ(TXLW\6KDUHV
7D[3D\DEOHRQ3URSRVHG'LYLGHQG
3URYLVLRQRQ$VVHWVRI)LQDQFLDO6HUYLFHV+
3URYLVLRQIRU,QFRPH7D[>1HWRI$GYDQFH7D[RI`FURUHV
3UHYLRXV<HDU`FURUHV@
3URYLVLRQIRU:HDOWK7D[
3URYLVLRQIRU2QHURXVFRQWUDFWV+
TOTAL
5HIHU1RWHIRUPRYHPHQWVGXULQJWKH\HDU
22.36
23.52
17.86

13.33

0.21
0.71
60.13

On Merger

Opening
As at
April 1,
2015

1,217.24

244.23

1,461.47

TOTAL (II)
PREVIOUS YEAR
GRAND TOTAL (I+II)

PREVIOUS YEAR
308.15

183.58

19.18

124.57

Additions
##
COST
142.63

10.76

11.16

131.87

Deductions /
Adjustments

1.96

555.20

150.18

705.38

16.89
21.46
221.34
2.14
877.61
37.17
6.60
1.50
10.97
14.26
1,209.94
1,217.24
277.51
99.79
36.91
2.84
417.05
244.23
1,626.99
1,461.47
As at March Opening As
at April 1,
31, 2016
2015
(A)
15.91

On Merger
79.62

18.22

1.89

7.79

61.40

For the
Year #

10.50

118.52

11.56

9.67

108.02

11.56
`LQ&URUHV
666.48
705.38
0.71
157.90
150.18
20.39
52.91
83.89
10.78
67.51
1.25
400.74
15.00
2.55
0.56
1.91
8.28
508.58
555.20

94.05
16.52
2.13
259.15
94.05
960.51 756.09
756.09

224.60
15.90
6.11

21.46
153.83
0.89

476.87
22.17
4.05

0.94

9.06

5.98

701.36 662.04
662.04
As at
March
31,
2015
NET BLOCK
Write-down As at March As at March
^^
31, 2016
31, 2016
(B)
(A-B)
Deductions /
Adjustments
Amount
charged to
Reserves
DEPRECIATION / AMORTIZATION

STATUTORY REPORTS
5HIHU1RWHLL
5HIHU1RWHL[

'HSUHFLDWLRQIRUWKH\HDULQFOXGHVGHSUHFLDWLRQDPRXQWLQJWR`FURUHV3UHYLRXV<HDU`FURUHVRQDVVHWVXVHGIRU5HVHDUFKDQG'HYHORSPHQW
'XULQJWKH\HDU&RPSDQ\LQFXUUHG`FURUHV3UHYLRXV<HDU`FURUHVWRZDUGVFDSLWDOH[SHQGLWXUHIRU5HVHDUFKDQG'HYHORSPHQW5HIHU1RWH
'XULQJWKHSUHYLRXV\HDU&RPSDQ\UHYLVHGGHSUHFLDWLRQUDWHVRQWDQJLEOH[HGDVVHWVZHI$SULODVSHUWKHXVHIXOOLIHVSHFLHGLQWKH6FKHGXOH,,RIWKH&RPSDQLHV$FWRUDVUH
DVVHVVHGE\WKH&RPSDQ\$VSUHVFULEHGLQVDLG6FKHGXOH,,DQDPRXQWRI`FURUHVQHWRIGHIHUUHGWD[`FURUHVKDVEHHQFKDUJHGWRWKHRSHQLQJEDODQFHRIUHWDLQHGHDUQLQJVIRU
WKHDVVHWVLQUHVSHFWRIZKLFKWKHUHPDLQLQJXVHIXOOLIHLV1,/DVRQ$SULODQGLQUHVSHFWRIRWKHUDVVHWVRQWKDWGDWHGHSUHFLDWLRQKDVEHHQFDOFXODWHGEDVHGRQWKHUHPDLQLQJXVHIXO
OLIHRIWKRVHDVVHWV

&HUWDLQ%UDQGVDUHLQWKHSURFHVVRIEHLQJUHJLVWHUHGLQWKHQDPHRIWKH&RPSDQ\IRUZKLFKWKHQHFHVVDU\DSSOLFDWLRQKDVEHHQPDGHZLWKWUDGHPDUNUHJLVWU\

7KHUHPDLQLQJDPRUWL]DWLRQSHULRGRI%UDQGVDQG7UDGHPDUNVUDQJHIURP\HDUVWR\HDUV
A
7KH&RPSDQ\KDVDVKDUHLQMRLQWRZQHUVKLSRI+HOLFRSWHU
AA :ULWHGRZQGXULQJSUHYLRXV\HDUUHSUHVHQWV
D &RVWDVVRFLDWHGZLWKWKH7DQJLEOH$VVHWV`FURUHVDQG,QWDQJLEOH$VVHWV`FURUHV5HIHU1RWH
E &RVWDVVRFLDWHGZLWK5 'VFDOHGRZQ7DQJLEOH$VVHWV`FURUHVDQG,QWDQJLEOH$VVHWV`FURUHV5HIHU1RWH
3URGXFW.QRZKRZ
,QWDQJLEOH$VVHWV
,QWHUQDOO\*HQHUDWHG
%UDQGVDQG7UDGHPDUNV +
&RS\ULJKWV.QRZKRZDQG
,QWHOOHFWXDOSURSHUW\ULJKWV
&RPSXWHU6RZDUH
,QWDQJLEOH$VVHWV$FTXLUHG
TOTAL (I)
PREVIOUS YEAR
Land Leasehold
/DQG)UHHKROG
Buildings
Roads
3ODQW (TXLSPHQW
)XUQLWXUHDQG[WXUHV
0RWRU9HKLFOHV
Ships
+HOLFRSWHUA
2FHHTXLSPHQW
Tangible Assets
Particulars
12. FIXED ASSETS (OWNED UNLESS OTHERWISE STATED)
STRATEGIC OVERVIEW
127(672),1$1&,$/67$7(0(176
&217'
177
93.44

89.74

3.68

1.11
86.06

87.29

2.63

84.66

Deductions /
Adjustments
1,461.47
1,365.58
585.32

119.74

18.59
37.22
2.84
244.23
242.20

6.16
465.58

104.91
99.26
16.93
28.87
250.66
2.14
844.71
44.25
3.97
1.50
10.97
13.24
1,217.24
1,123.38
As at Opening As
at April 1,
March 31,
2014
2015
(A)
15.91

0.53

15.38

88.84

17.47
17.67

7.91

71.37
58.55
11.56

11.56

44.71
5.19

2.24

1.95

42.47
5.19
48.46

14.68

33.78

DEPRECIATION / AMORTIZATION
On Merger
For the
Amount Deductions / Write-down
Year # charged to Adjustments
^^
Reserves
705.38
585.32
0.52
150.18
119.74
27.12
40.54
82.00
10.72
103.71
1.09
404.26
21.09
1.96
0.46
1.37
10.54
555.20
465.58
As at
March 31,
2015
(B)

76.89

111.68
1.89

756.09 780.26
780.26
2.32

94.05 122.46
122.46
10.10
64.37
17.26
6.21
28.87
146.95
1.05
440.45
23.16
2.01
1.04
9.60
2.70
662.04
657.80
`LQFURUHV
NET BLOCK
As at
As at
March 31, March
31,
2015
2014
(A-B)
5HIHU1RWHLL
5HIHU1RWHL[

'HSUHFLDWLRQIRUWKH\HDULQFOXGHVGHSUHFLDWLRQDPRXQWLQJWR`FURUHV3UHYLRXV<HDU`FURUHVRQDVVHWVXVHGIRU5HVHDUFKDQG'HYHORSPHQW
'XULQJWKH\HDU&RPSDQ\LQFXUUHG`FURUHV3UHYLRXV<HDU`FURUHVWRZDUGVFDSLWDOH[SHQGLWXUHIRU5HVHDUFKDQG'HYHORSPHQW5HIHU1RWH
7KH&RPSDQ\UHYLVHGGHSUHFLDWLRQUDWHVRQWDQJLEOH[HGDVVHWVZHI$SULODVSHUWKHXVHIXOOLIHVSHFLHGLQWKH6FKHGXOH,,RIWKH&RPSDQLHV$FWRUDVUHDVVHVVHGE\WKH
&RPSDQ\$VSUHVFULEHGLQVDLG6FKHGXOH,,DQDPRXQWRI`FURUHVQHWRIGHIHUUHGWD[`FURUHVKDVEHHQFKDUJHGWRWKHRSHQLQJEDODQFHRIUHWDLQHGHDUQLQJVIRUWKHDVVHWVLQ
UHVSHFWRIZKLFKWKHUHPDLQLQJXVHIXOOLIHLV1,/DVRQ$SULODQGLQUHVSHFWRIRWKHUDVVHWVRQWKDWGDWHGHSUHFLDWLRQKDVEHHQFDOFXODWHGEDVHGRQWKHUHPDLQLQJXVHIXOOLIHRIWKRVH
DVVHWV+DGWKH&RPSDQ\FRQWLQXHGZLWKWKHSUHYLRXVO\DSSOLFDEOH6FKHGXOH;,9UDWHVFKDUJHIRUGHSUHFLDWLRQIRUWKH\HDUHQGHG0DUFKZRXOGKDYHEHHQORZHUDQGWKHQHWSURW
ZRXOGKDYHEHHQKLJKHUE\`FURUHV


7KHUHPDLQLQJDPRUWL]DWLRQSHULRGRI%UDQGVDQG7UDGHPDUNVUDQJHIURP\HDUVWR\HDUV
A
7KH&RPSDQ\KDVDVKDUHLQMRLQWRZQHUVKLSRI+HOLFRSWHU
AA :ULWHGRZQUHSUHVHQWV
D
&RVWDVVRFLDWHGZLWKWKH7DQJLEOH$VVHWV`FURUHVDQG,QWDQJLEOH$VVHWV`FURUHV5HIHU1RWH
E &RVWDVVRFLDWHGZLWK5 'VFDOHGRZQ7DQJLEOH$VVHWV`FURUHVDQG,QWDQJLEOH$VVHWV`FURUHV5HIHU1RWH
1,365.58

GRAND TOTAL (I+II)

Previous Year

0.98

242.20

92.46

On Merger

1,123.38

TOTAL (II)
PREVIOUS YEAR
3URGXFW.QRZKRZ
,QWDQJLEOH$VVHWV
,QWHUQDOO\*HQHUDWHG
%UDQGVDQG7UDGHPDUNV
,QWHOOHFWXDOSURSHUW\ULJKWV
&RPSXWHU6RZDUH
,QWDQJLEOH$VVHWV$FTXLUHG
TOTAL (I)
PREVIOUS YEAR
Land Leasehold
/DQG)UHHKROG
Buildings
Roads
3ODQW (TXLSPHQW
)XUQLWXUHDQG[WXUHV
0RWRU9HKLFOHV
Ships
+HOLFRSWHUA
2FHHTXLSPHQW
Tangible Assets
Particulars
Opening
As at
April 1,
2014
COST
Additions
##
12 A. FIXED ASSETS AS ON MARCH 31, 2015 (OWNED UNLESS OTHERWISE STATED)
127(672),1$1&,$/67$7(0(176
&217'
178
179
STRATEGIC OVERVIEW
NOTES
13. NON-CURRENT INVESTMENTS (LONG TERM) (REFER NOTE 2(iii))
Nos. as at
March 31,
2015
Face Value
`
(unless stated
otherwise )
As at
March 31,
2016
(` in Crores)
As at
March 31,
2015
(` in Crores)

TRADE INVESTMENTS
,QYHVWPHQWVLQ(TXLW\,QVWUXPHQWVDWFRVW
a) 6XEVLGLDU\&RPSDQLHV8QTXRWHG
i.
3LUDPDO,QWHUQDWLRQDO0DXULWLXV
1,025,000

1 USD
3.59
ii.
3+/)LQLQYHVW3ULYDWH/LPLWHG
6,726,052

7.17
7.17
iii.
3LUDPDO+ROGLQJV6XLVVH6$
21,000

&+)
106.70

iv.
100,000

86'
55.67
55.67
v.
3LUDPDO6\VWHPVDQG7HFKQRORJLHV3ULYDWH/LPLWHG
vi.
3LUDPDO'XWFK+ROGLQJV19
3(/)LQKROG3ULYDWH/LPLWHG
3LUDPDO)XQG0DQDJHPHQW3ULYDWH/LPLWHGHUVWZKLOH
,1',$5(,7)XQG$GYLVRUV3ULYDWH/LPLWHG
L[
3LUDPDO)LQDQFH3ULYDWH/LPLWHGHUVWZKLOH3+/)LQDQFH
3ULYDWH/LPLWHG
[
3LUDPDO,QYHVWPHQW$GYLVRU\6HUYLFHV3ULYDWH/LPLWHG
[L
&RQYHUJHQFH&KHPLFDOV3ULYDWH/LPLWHG
[LL
'5*+ROGFR,QF
[LLL
3LUDPDO$VVHWV5HFRQVWUXFWLRQ3ULYDWH/LPLWHG
[LY 3(/$VVHW5HVXUJHQFH$GYLVRU\3ULYDWH/LPLWHG
[Y
b)
3LUDPDO&RQVXPHU3URGXFWV3ULYDWH/LPLWHG

10,000

0.01

190,000

108.26

425,420,000

425.66

2,700,000

2.70

35,705,100

35.71

7,150

86'
47.85

2,000,000

2.00

5,000,000

5.00

20,000

0.02

3,920,000

3.92

4,550,000

4.55

6,579,840

800.74

22,600,000

1,582.00

2WKHUV8QTXRWHG

&$'
22.32

4,114

6KULUDP&DSLWDO/LPLWHG7RWDO,QYHVWPHQWLV`

3UHYLRXV<HDU`
1,000

0.01

230,858

1.07

115,000

115.00

%LRV\QWHFK,QF&DQDGD
+HDOWK6XSHUKLZD\3ULYDWH/LPLWHG7RWDO,QYHVWPHQWLV`
3UHYLRXV<HDU1LO
,QYHVWPHQWVLQ3UHIHUHQFH6KDUHVDWFRVW
6XEVLGLDU\&RPSDQLHV8QTXRWHG
3LUDPDO)XQG0DQDJHPHQW3ULYDWH/LPLWHGIRUPHUO\
NQRZQDV,1',$5(,7)XQG$GYLVRUV3ULYDWH/LPLWHG
&XPXODWLYH2SWLRQDOO\&RQYHUWLEOH3DUWLFLSDWLYH
3UHIHUHQFH6KDUHV
7,500,000
1DYD\XJD5RDG3URMHFWV3ULYDWH/LPLWHG7RWDO,QYHVWPHQWLV
`3UHYLRXV<HDU`
STATUTORY REPORTS
6KULUDP&LW\8QLRQ)LQDQFH/LPLWHG
6KULUDP7UDQVSRUW)LQDQFH&RPSDQ\/LPLWHG

4.50
1,390.54
Others (Quoted)
3LUDPDO3K\WRFDUH/LPLWHGIRUPHUO\NQRZQDV3LUDPDO/LIH
6FLHQFHV/LPLWHG
d)

1 EURO
-RLQW9HQWXUH8QTXRWHG
$OOHUJDQ,QGLD3ULYDWH/LPLWHG
c)

vii.
viii.
4,500,000
203,189,531
Nos. as at
March 31,
2016

NOTES

a)
Nos. as at
March 31,
2016
Nos. as at
March 31,
2015
Face Value
`
(unless stated
otherwise )
As at
March 31,
2016
(` in Crores)
As at
March 31,
2015
(` in Crores)
,QYHVWPHQWVLQ'HEHQWXUHV
,QYHVWPHQWVLQ'HEHQWXUHV4XRWHGDWFRVW
Redeemable Non-Convertible Debentures
24,580

195.79

+DDPLG5HDO(VWDWHV3ULYDWH/LPLWHG
5,500

20.63

+DDPLG5HDO(VWDWHV3ULYDWH/LPLWHG65,,
1,700

12.32

9*1'HYHORSHUV3ULYDWH/LPLWHG
,QWHUQDWLRQDO/DQG'HYHORSHUV3ULYDWH/LPLWHG
635&RQVWUXFWLRQ3ULYDWH/LPLWHG
1,170

96.00

7KUHH&*UHHQ'HYHORSHUV3ULYDWH/LPLWHG
8,812

88.12

*05+ROGLQJV3ULYDWH/LPLWHG65$
2,125

212.50

*05+ROGLQJV3ULYDWH/LPLWHG65&75$1&+,
1,150

115.00

*05+ROGLQJV3ULYDWH/LPLWHG65&75$1&+,,
1,225

122.50

360

36.00

b)
i)
,QYHVWPHQWVLQ'HEHQWXUHV8QTXRWHGDWFRVW

Subsidiary Companies
Optionally Fully Convertible Debentures
ii)
Others
Redeemable Optionally Convertible Debentures
3LUDPDO6\VWHPV 7HFKQRORJLHV3ULYDWH/LPLWHG
1DYD\XJD5RDG3URMHFWV3ULYDWH/LPLWHG65,
4,250

425.00

&KLWUD+ROGLQJV3ULYDWH/LPLWHG
1,268

3.53

2,000

189.92

6,450

365.00

750

750.00

%DDVK\DDP&RQVWUXFWLRQV3ULYDWH/LPLWHG65,
7,110

43.50

%DDVK\DDP&RQVWUXFWLRQV3ULYDWH/LPLWHG65,,
$QLOLQH&RQVWUXFWLRQ&RPSDQ\3ULYDWH/LPLWHG
5HJHQ,QIUDVWUXFWXUH3ULYDWH/LPLWHG

2PNDU5HDOWRUV 'HYHORSHUV3ULYDWH/LPLWHG
2PNDU&LW\'HYHORSPHQW3ULYDWH/LPLWHG
3,900

39.00

7UXH9DOXH+RPHV,QGLD3ULYDWH/LPLWHG

2]RQH'HYHORSHUV%DQJDORUH3ULYDWH/LPLWHG

'DURGH-RJ5HDOLWLHV3ULYDWH/LPLWHG

&HQWXU\-RLQW'HYHORSPHQWV3ULYDWH/LPLWHG

210

210.00

/DQGFUD'HYHORSHUV3ULYDWH/LPLWHG
3,150

6.25

10,450

84.80

2]RQH+RPHV3ULYDWH/LPLWHG

6N\ODUN$UFDGLD3ULYDWH/LPLWHG

9LMD\*URXS+RXVLQJ3ULYDWH/LPLWHG

10,560

105.60

15.71
7,600

38.00

520

47.81

1,000

100.00

8UEDQL]H'HYHORSHUV,QGLD3ULYDWH/LPLWHG

$FPH+RXVLQJ,QGLD3ULYDWH/LPLWHG
.ULVKQD(&DPSXV3ULYDWH/LPLWHG
+DOGKDU'HYHORSHUV3ULYDWH/LPLWHG
5DMHVK(VWDWHDQG1LUPDQ3ULYDWH/LPLWHG65,
10

5.00

5DMHVK(VWDWHDQG1LUPDQ3ULYDWH/LPLWHG65,,
80

40.00

15.75
951

47.50
95.11
9LUJR3URSHUWLHV3ULYDWH/LPLWHG
$GDUVK+DYHQ3ULYDWH/LPLWHG
181
STRATEGIC OVERVIEW
NOTES
$ULKDQW8QLWHFK5HDOW\3URMHFW/LPLWHG
Nos. as at
March 31,
2016
Nos. as at
March 31,
2015

Face Value
`
(unless stated
otherwise )

As at
March 31,
2016
(` in Crores)
44.00
As at
March 31,
2015
(` in Crores)

4,827

123.12

3,500

20.83

%HVWHFK,QGLD3ULYDWH/LPLWHG
8,250

82.50

17,329

158.84

2,300

20.52

%KDYHVKZDU3URSHUWLHV3ULYDWH/LPLWHG

159

99.50

.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65%
192

106.00

.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65&
280

28.00

2]RQH8UEDQD,QIUD'HYHORSHUV3ULYDWH/LPLWHG65,
4,250

400.00

2]RQH8UEDQD,QIUD'HYHORSHUV3ULYDWH/LPLWHG65,,
1,500

150.00

22,500,000

195.00

2,390

239.00

835

74.74

(NWD3DUNVYLOOH+RPHV3ULYDWH/LPLWHG
1,376

123.26

/RJL[&LW\'HYHORSHUV3ULYDWH/LPLWHG
11,850

118.50

60

60.00

1,550

155.00

172

154.80

3KRHQL[+RGX'HYHORSHUV3ULYDWH/LPLWHG
9,500

95.00

1LONDQWK7HFK3DUN3ULYDWH/LPLWHG)DFLOLW\
7,800

78.00

(VVHP,QIUD3ULYDWH/LPLWHG
:DGKZD*URXS+ROGLQJV3ULYDWH/LPLWHG
(NWD+RXVLQJ3ULYDWH/LPLWHG
)RUXP+RPHV3ULYDWH/LPLWHG
:DGKZD&RQVWUXFWLRQV ,QIUDVWUXFWXUH3ULYDWH/LPLWHG
1LUPDO/LIHVW\OH/LPLWHG

60.00

321.75

175

175.00

1LUDM.XPDU$VVRFLDWHV3ULYDWH/LPLWHG
3,200

31.54

*XDUGLDQ3URPRWHUV 'HYHORSHUV3ULYDWH/LPLWHG
6,900

65.61

$UXQ([FHOOR+RPHV3ULYDWH/LPLWHG
1,995

199.50

$UXQ([FHOOR5HDOW\3ULYDWH/LPLWHG
990

99.00

%RXOHYDUG3URMHFWV3ULYDWH/LPLWHG
22,500

216.56

)ODJVKLS,QIUDVWUXFWXUH3ULYDWH/LPLWHG
10,000

100.00

6,969

63.00

31,800

314.81

100

100.00

15,000

150.00

0DUYHO0HJD5HDOWRUV3ULYDWH/LPLWHG
100,000

103.92

.XPDU$JUR3URGXFWV3ULYDWH/LPLWHG
30,531,013

305.31

5DJKXOHHOD/HDVLQJDQG&RQVWUXFWLRQV3ULYDWH/LPLWHG
$PEH7UDGH&RUS3ULYDWH/LPLWHG
3DUDQMDSH6FKHPHV&RQVWUXFWLRQ/LPLWHG
Emami Realty Limited
$NDUVKDN5HDOW\3ULYDWH/LPLWHG
580

50.75

.DQDNLD.LQJ6W\OH&RQVWUXFWLRQV3ULYDWH/LPLWHG
7,400

74.00

2]RQH,QIUD'HYHORSHUV3ULYDWH/LPLWHG
8,500

85.00

21,000

190.91

.H\VWRQH5HDOWRUV3ULYDWH/LPLWHG
63

63.00

160

160.00

9DWLND,QIUDFRQ3ULYDWH/LPLWHG
16,673

166.73

$76+HLJKWV3ULYDWH/LPLWHG
19,000

190.00

70

65.00

,GHDO5HDO(VWDWH3ULYDWH/LPLWHG
(YLH5HDO(VWDWH3ULYDWH/LPLWHG
9DOGHO5HDO(VWDWH3ULYDWH/LPLWHG

$76+RPHV3ULYDWH/LPLWHG
STATUTORY REPORTS
6,000
32,175
1LONDQWK7HFK3DUN3ULYDWH/LPLWHG)DFLOLW\
.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65$
7ULGKDDWX&RQVWUXFWLRQ3ULYDWH/LPLWHG65, ,,
13,763
1HHONDQWK9LQD\DN5HDOWRUV3ULYDWH/LPLWHG
1HHONDQWK0DQVLRQV$QG,QIUDVWUXFWXUH3ULYDWH/LPLWHG

NOTES
1&/,QGXVWULHV/LPLWHG
6DQJKL,QGXVWULHV/LPLWHG
(VVHO*UHHQ(QHUJ\/LPLWHG
Nos. as at
March 31,
2016
Nos. as at
March 31,
2015
400,000

Face Value
`
(unless stated
otherwise )

As at
March 31,
2016
(` in Crores)
40.00
As at
March 31,
2015
(` in Crores)

2,564,829

256.48

75

75.00

2,146.16

12.62

12.62

150,000

15.00

16,548.02

OTHER INVESTMENTS
,QYHVWPHQWVLQ3DUWQHUVKLS)LUP
6KULOHNKD)LQDQFLDO6HUYLFHV
,QYHVWPHQWLQ$OWHUQDWLYH,QYHVWPHQW)XQG
&ODVV$8QLWVRI3LUDPDO,QYHVWPHQW2SSRUWXQLWLHV)XQG6FKHPH,
&ODVV$8QLWVRI)DHULQJ&DSLWDO,QGLD(YROYLQJ)XQG,,
TOTAL (A)
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRI,QYHVWPHQW
3.59

22.32

TOTAL (B)
25.91

TOTAL (A-B)
16,522.11

3LUDPDO,QWHUQDWLRQDO0DXULWLXV
%LRV\QWHFK,QF&DQDGD
$PRXQWVDUHEHORZWKHURXQGLQJRQRUPDGRSWHGE\WKH&RPSDQ\
1RWH7RWKHH[WHQWRIGHEHQWXUHVUHGHHPDEOHZLWKLQPRQWKVRIWKHUHSRUWLQJGDWHWKHDPRXQWKDVEHHQSUHVHQWHGDVSDUWRIFXUUHQWLQYHVWPHQWV
DVSHUWKHUHTXLUHPHQWVRI6FKHGXOH,,,7KHEDODQFHDPRXQWKDVEHHQSUHVHQWHGDVQRQFXUUHQW
Particulars
$JJUHJDWHYDOXHRITXRWHGLQYHVWPHQWV
$JJUHJDWHYDOXHRIXQTXRWHGLQYHVWPHQWV
TOTAL
Cost
0DUNHW9DOXH
` in Crores
(` in Crores)
3,250.15
4,037.76
13,271.96
16,522.11

Cost
0DUNHW9DOXH
` in Crores
(` in Crores)

,QYHVWPHQWLQ3DUWQHUVKLSUP6KULOHNKD)LQDQFLDO6HUYLFHV
Name of Partners
3LUDPDO(QWHUSULVHV/LPLWHG
6KULUDP2ZQHUVKLS7UXVWDQGLWV1RPLQHHV
7RWDOFDSLWDORIWKHSDUWQHUVKLSUP
6KDUHLQSURWV

` FURUHV
183
STRATEGIC OVERVIEW
NOTES
14. LONG-TERM LOANS AND ADVANCES
As at
March 31, 2015
(` in Crores)
144.73
185.17
Secured and Considered Good (Unless otherwise stated):

Term Loans
1,499.28
Inter Corporate Deposits
583.33
1,644.01
768.50
Unsecured and Considered Good (Unless otherwise stated)

2,980.20
Loans to related parties (Refer Note 36)
33.78
Current Account balances with related parties (Refer Note 36)
3,013.98
Capital Advances
6.67
9.91
Security Deposits
37.42
31.75
Others
MAT Credit Entitlement
Advances recoverable in cash or in kind or for value to be received
Advance Tax [Net of Provision of ` 4,268.65 Crores (Previous year ` 3,754.38 Crores)]
TOTAL
45.99
236.30
27.11
0.27
0.27
259.51
210.65
5,244.15
1,048.19
370.04
176.96
2.00
20.00
392.04
0.05
177.01
15. OTHER NON - CURRENT ASSETS

Interest accrued on Investments
Restricted Deposit - Escrow Account
As at
March 31, 2016
(` in Crores)
Unsecured and Considered Good (Unless otherwise stated):
TOTAL
16. CURRENT INVESTMENTS (REFER NOTE 2(iii))

Nos. as at
March 31,
2016
1)
a.
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)
CURRENT PORTION OF LONG-TERM INVESTMENTS

Investments in Debentures (Quoted) (at cost)
SPR Construction Private Limited

Three C Green Developers Private Limited
24,580
5,500
1,700
1,170
-
5,500
22,500
100,000
100,000
100,000
100,000
100,000
50.01
27.50
7.04
21.00
-
6.88
22.50
1,268
465
4,400
680
2,000
2,000
7,700
2,500
13,591
680
-
100,000
100,000
100,000
100,000
1,000,000
1,000,000
7.32
24.00
10.08
7.32
46.54
1.60
135.91
42.00
-
Investments in Debentures (Unquoted) (at cost)

Chitra Holdings Private Limited
Aniline Construction Company Private Limited
Ashvi Developers Private Limited
Kohinoor Planet Constructions Private Limited
Regen Infrastructure Private Limited
VGN Developers Private Limited

Haamid Real Estates Private Limited
Haamid Real Estates Private Limited - SR - II
b.
Nos. as at
Face Value
March 31,
`
2015 (unless stated
otherwise )
STATUTORY REPORTS

Long-term deposits with banks having maturity period more than 12 months
184
NOTES
Nos. as at
March 31,
2016
Nos. as at
Face Value
March 31,
`
2015 (unless stated
otherwise )
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)

Omkar Realtors & Developers Private Limited
Omkar Realtors & Developers Private Limited
Vijay Citispace Private Limited
Baashyaam Constructions Private Limited -SR - I
True Value Homes (India) Private Limited
Ozone Developers Bangalore Private Limited
Darode Jog Realities Private Limited
Century Joint Developments Private Limited
Ozone Homes Private Limited
Skylark Arcadia Private Limited
Vijay Group Housing Private Limited
Vijay Group Housing Private Limited
Urbanize Developers (India) Private Limited
Acme Housing India Private Limited
Krishna E Campus Private Limited
Adarsh Haven Private Limited
Virgo Properties Private Limited
Arihant Unitech Realty Project Limited
Neelkanth Mansions And Infrastructure Private Limited
Neelkanth Vinayak Realtors Private Limited
Bhaveshwar Properties Private Limited
Ozone Urbana Infra Developers Private Limited - SR - I
Essem Infra Private Limited
Ekta Housing Private Limited
Ekta Parksville Homes Private Limited
Nirmal Lifestyle Limited
Boulevard Projects Private Limited
Ambe Trade Corp Private Limited
Ideal Real Estate Private Limited
Evie Real Estate Private Limited
Valdel Real Estate Private Limited
2)
6,450
7,110
704,000
3,150
10,450
-
15,450
3,830
7,000
2,000
10,000
1,600,000
8,500
5,000
3,800
5,000
6,000
100,000
100,000
100,000
100,000
1,000,000
100,000
1,000
100,000
100,000
100,000
100,000
100,000
100,000
67.03
15.11
70.38
25.00
19.70
-
261.08
14.57
8.10
26.07
17.38
83.42
31.88
16.97
18.50
25.00
23.00
10,560
7,600
520
951
4,827
13,763
3,500
2,300
4,250
22,500,000
835
1,376
145
22,500
6,969
5,800
21,000
70
2,000
8,300
450
1,070
1,800
-
100,000
100,000
100,000
1,000,000
1,000,000
100,000
100,000
100,000
100,000
100,000
1,000,000
100
1,000,000
1,000,000
10,000,000
100,000
100,000
100,000
100,000
100,000
3.40
38.00
9.19
47.60
3.76
29.51
6.17
6.48
25.00
29.96
7.63
12.42
17.20
8.44
6.69
7.25
19.09
5.00
4.29
16.60
4.15
11.89
2.25
-
1,996,993
100
20.01
14,106,891
10
15.00
2,499,375
100
25.01
196,310
1,000
30.01
98,125
1,000
10.00
626.96
927.93
INVESTMENTS IN MUTUAL FUNDS (AT LOWER OF

COST OR MARKET VALUE) (UNQUOTED)
Birla Sun Life Cash Plus - Daily Dividend Direct Plan - Reinvest
HDFC Cash Management Fund - Saving Plan - Direct Plan - Daily
Dividend Reinvestment - Reinvest
ICICI Prudential Liquid - Direct Plan - Daily Dividend - Reinvest
Reliance Liquid Fund - Treasury Plan - Direct Daily Dividend
Option - Reinvest
UTI-Liquid Cash Plan- Institutional - Direct Plan - Daily Dividend Reinvest
TOTAL
Note: To the extent of debentures redeemable within 12 months of the reporting date, the amount has been presented as part of current
investments as per the requirements of Schedule III. The balance amount has been presented as non-current
185
STRATEGIC OVERVIEW
NOTES
Cost
(` in Crores)
Market Value
(` in Crores)
105.55
Cost
(` in Crores)
Market Value
(` in Crores)
29.38
29.38
Aggregate value of quoted investments
105.55
2.
Aggregate value of unquoted investments
521.41
898.55
626.96
927.93
TOTAL
17. INVENTORIES (REFER NOTE 2 (iv)]

As at
March 31, 2015
(` in Crores)
Raw and Packing Materials [includes in Transit ` 6.28 Crores (Previous year ` 1.10 Crores)]
145.57
133.36
Work-in-Progress
142.03
118.28
Finished Goods
59.94
41.55
Stock-in-trade
11.46
7.17
Stores and Spares
16.15
20.72
375.15
321.08
118.31
96.62
5.44
4.51
13.05
12.42
TOTAL
Details of Inventories
i.
Work-in-Progress
Bulk Drugs
Liquids, Drops & Solutions
Tablets & Capsules
Vitamin A in various forms & Combinations
TOTAL
ii.
4.73
142.03
118.28
26.87
16.20
Finished Goods
Tablets & Capsules
8.58
7.45
Bulk Drug & Intermediates
15.77
13.05
Vitamin A in various Forms & Combinations
8.71
4.83
Personal Care Products
0.01
0.01
0.01
59.94
41.55
Tablets & Capsules
0.85
0.38
0.64
0.24
Consumer Care Products
9.46
6.41
Others
0.51
0.14
11.46
7.17
TOTAL
STATUTORY REPORTS
Others
iii.
5.23
As at
March 31, 2016
(` in Crores)
1.
Stock-in-trade
Note:
1.
Inventories are net of breakages and unsaleable stock.
2.
Opening and Closing Inventories are net of physician samples
TOTAL
186
NOTES
18. TRADE RECEIVABLES
As at
March 31, 2016
(` in Crores)
i.
Outstanding for a period exceeding 6 months from the date they are due for payment
Secured
- considered good
Unsecured
- considered good
- considered doubtful
Less: Provision for doubtful debts
As at
March 31, 2015
(` in Crores)
0.11
2.75
17.56
20.42
17.56
0.10
14.61
13.63
28.34
13.63
2.86
ii.
Others - Considered good

Secured
Unsecured
0.09
337.18
TOTAL
14.71
0.10
312.78
337.27
340.13
312.88
327.59
0.04
0.09
19. CASH AND BANK BALANCES

- Cash and Cash equivalents
i.
ii.
Cash on Hand
Balance with Banks
- Current Accounts
7.68
27.18
7.68
7.72
27.18
27.27
- Other bank balances

i.
Earmarked balances with banks

- Unclaimed Dividend Account
19.46
ii.
13.05
0.02
- Others
0.02
19.48
12.28
31.76
39.48
Margin Money
TOTAL
13.07
0.05
13.12
40.39
20. SHORT-TERM LOANS AND ADVANCES

45.64
1,227.48
Term Loans
35.12
1,331.67
1,273.12
1,366.79

449.12
2.67
Loans to related parties (Refer Note 36)

Current Account balances with related parties (Refer Note 36)
1,777.78
141.93
451.79
1,919.71
Others
Unsecured and Considered Good
Considered Doubtful
228.97
0.08
229.05
0.08
Less: Provision for Doubtful Advances
98.67
0.08
98.75
0.08
228.97
8.30
8.30

Less : Provision for Doubtful Inter Corporate Deposits
Security Deposits
Balance with Government Authorities
TOTAL
98.67
8.30
8.30
4.22
41.43
1,999.53
6.29
36.53
3,427.99
187
STRATEGIC OVERVIEW
NOTES
21. OTHER CURRENT ASSETS
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)

Interest Receivable
Claims Receivable
TOTAL
0.52
6.74
82.60
30.08
0.61
3,343.71
3,316.85
677.76
144.25
14.43
10.36
0.39
4.05
8.50
66.30
12.61
740.04
144.25
15.41
18.29
0.42
4.05
8.50
78.70
10.58
21.61
19.71
1,257.45
439.95
15.44
798.94
60.00
100.00
21.64
Contingent liabilities
Claims against the Company not acknowledged as debt:

Vide Demand dated June 5, 1984, the Government has asked for payment to the credit
RIWKH'UXJV3ULFHV(TXDOLVDWLRQ$FFRXQWWKHGLHUHQFHEHWZHHQWKHFRPPRQVDOHSULFH
and the retention price on production of Vitamin A Palmitate (Oily Form) from January 28,
1981 to March 31, 1985 which is not accepted by the Company. The Company has been
legally advised that the demand is untenable.
2
Guarantees issued to Government authorities and various parties including guarantees
issued on behalf of subsidiaries.
3
Others
i.
$SSHDOVOHGLQUHVSHFWRIGLVSXWHGGHPDQGV
Income Tax
- where the Company is in appeal
- where the Department is in appeal
Sales Tax
Central / State Excise
Labour Matters
Stamp Duty
Legal Cases
ii.
Bills Discounted
iii.
Unexpired Letters of Credit
1RWH)XWXUHFDVKRXWRZVLQUHVSHFWRIDQGLDERYHDUHGHWHUPLQDEOHRQO\RQUHFHLSWRI
judgments/decisions pending with various forums/authorities.
Commitments
a.
b.
Estimated amount of contracts remaining to be executed on capital account and

not provided for;
Other Commitments
Commitment to invest in non-convertible debentures
Commitment to invest in Inter Company Deposits
Commitment to invest in Optionally Convertible Debentures
The Company has imported raw materials at concessional rates, under the Advance
/LFHQFH6FKHPHRIWKH*RYHUQPHQWRI,QGLDXQGHUWDNLQJWRIXOOTXDQWLHGH[SRUWV
in stipulated period
0.61
22. CONTINGENT LIABILITIES AND COMMITMENTS
STATUTORY REPORTS
13.33
50.15
34.72
117.84
Forward Exchange Contract Receivable
188
NOTES
23. REVENUE FROM OPERATIONS
Sale of products
Sale of Services
Income from Financing Activities +
TOTAL
Other operating revenues
Interest Income on loans
Processing Charges Received
Miscellaneous Income
Year Ended
March 31, 2016
(` in Crores)
1,746.72
120.35
1,650.43
3,517.50
15.63
2.89
20.48
Less: Excise duty

TOTAL
Year Ended
March 31, 2015
(` in Crores)
1,604.37
108.28
602.84
2,315.49
95.31
3.07
23.30
39.00
3,556.50
39.97
121.68
2,437.17
35.76
3,516.53
2,401.41
+ Includes interest of ` 1,144.33 Crores (Previous year - ` 478.98 Crores) on long term investments.
Tablets & Capsules

Bulk Drugs & Intermediates
Vitamin A in various Forms & Combinations
Others
TOTAL
Manufactured
Traded
Manufactured
Traded
411.31
220.68
743.84
143.99
*
1,519.82
42.36
13.14
126.86
4.57
186.93
385.86
192.15
646.30
143.08
0.15
4.37
1,371.91
47.22
12.81
108.27
28.40
196.70
$PRXQWVDUHEHORZWKHURXQGLQJRQRUPVDGRSWHGE\WKH&RPSDQ\
24. OTHER INCOME

Interest Income
- On Current Investments
- On Loans and Bank Deposits
240.21
6.08
202.54
240.21
Dividend Income
- On Non-current Investments
47.31
5.74
3.92
28.22
53.05
3URWRQ6DOHRI,QYHVWPHQW1HW
Exchange Gain (Net) (Refer Note 35)
TOTAL
208.62
32.14
0.42
119.71
48.41
12.12
9.00
425.09
298.59
189
STRATEGIC OVERVIEW
NOTES
25. COST OF RAW AND PACKING MATERIALS CONSUMED
Year Ended
March 31, 2015
(` in Crores)
Opening Inventory
133.36
122.24
Add: Purchases (Net)
871.66
808.92
Less: Closing Inventory
145.57
133.36
859.45
797.80
70.35
80.24
70.35
80.24
4.13
3.13
TOTAL
26. PURCHASES OF STOCK-IN-TRADE

Traded Goods
TOTAL
Purchases of Stock-in-Trade comprises of

Tablets & Capsules
5.35
5.26
57.75
47.30
3.12
24.55
70.35
80.24
Others
TOTAL
27. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

OPENING STOCKS :
118.28
41.55
7.17
1.34
Work-in-Progress
Finished Goods
Stock-in-trade
Less : Excise Duty
108.09
41.21
13.35
2.14
160.51
142.03
59.94
11.46
3.34
Work-in-Progress
Finished Goods
Stock-in-trade
Less : Excise Duty
118.28
41.55
7.17
1.34
TOTAL
210.09
(44.43)
165.66
(5.15)
TOTAL
315.24
12.52
5.22
30.67
363.65
235.02
9.99
9.22
22.90
277.13
STATUTORY REPORTS
165.66
CLOSING STOCKS :
Year Ended
March 31, 2016
(` in Crores)
28. EMPLOYEE BENEFITS EXPENSE

Salaries and Wages

Contribution to Provident and Other Funds
Contribution to Gratuity Fund
6WD:HOIDUH
190
NOTES
29. FINANCE COSTS
Interest Expense
Interest on Income Tax
Other borrowing costs
TOTAL
Year Ended
March 31, 2016
(` in Crores)
779.83
0.02
12.36
792.21
Year Ended
March 31, 2015
(` in Crores)
3.41
34.44
13.84
61.18
8.25
36.32
12.04
56.51
304.18
2.73
306.91
30. OTHER EXPENSES

Processing Charges
Consumption of Stores and Spares Parts
Consumption of Laboratory Materials
Power, Fuel and Water Charges
Repairs and Maintenance
Buildings
Plant and Machinery
Others
17.41
18.58
0.25
13.80
14.75
0.19
36.24
28.74
Rent
24.78
8.81
Premises
Other Assets
Rates & Taxes (includes Excise Duty)
Insurance
Travelling Expenses
Directors' Commission
Directors' Sitting Fees
Provision for Doubtful Debts
Provision on Assets of Financial Services
Loss on Sale of Fixed Assets (Net)
Advertisement and Business Promotion Expenses
Expenditure towards Corporate Social Responsibility activities (Refer Note below)
Donations
Freight
Export Expenses
Clearing and Forwarding Expenses
Communication and Postage
Printing and Stationery
Claims
Legal Charges
Professional Charges
Royalty Expense
Service Charges
Information Technology Costs
R & D Expenses (Net)
Miscellaneous Expenses
TOTAL
Note:
Details in respect of Corporate Social Responsibility Expenditure:
Gross amount required to be spent during the year NIL .
Amount spent during the year on Revenue Expenditure ` 25.86 Crores.
20.00
8.29
33.59
32.05
7.62
31.90
1.80
0.87
3.93
167.59
2.19
98.88
25.86
1.01
20.04
2.98
5.21
10.76
5.92
3.65
2.52
50.91
16.75
35.74
10.45
60.82
17.71
799.86
28.29
28.61
6.62
27.01
2.88
0.90
0.50
49.12
3.69
112.72
19.66
8.93
30.29
9.54
6.39
9.36
3.27
3.56
2.61
38.91
11.59
42.46
3.04
183.12
31.80
806.73
191
STRATEGIC OVERVIEW
NOTES
31. EXCEPTIONAL INCOME/(EXPENSES) - NET
Year Ended
March 31, 2016
(` in Crores)
Gain on Sale of Properties [(Refer Note 31(a)]
Loss on Sale of Investment (Refer Note 31(c) and 33)
Loss on Sale of Piramal Clinical Research Business [(Refer Note 31(d)]
70.23
3,036.08
(2,423.28)
(2.60)
2.56
(299.45)
Costs associated with write-down of Tangible / Intangible Assets (Refer Note 12)
(17.07)
Gain on sale of Lab Diagnostics and Point of Care Business [(Refer Note 31(e)]
2.60
70.19
298.88
(Costs)/ Income associated with R&D scale down (Refer Note 45)
TOTAL
During the year, the Company has sold certain properties having a written down value of ` 11.07 Crores for ` 81.30 Crores resulting in a net gain
of ` 70.23 Crores.
b)
During the previous year, the Company had divested its entire equity stake, comprising of 45,425,328 shares, in Vodafone India Limited to Prime
Metals Limited, an indirect subsidiary of Vodafone Group Plc., for a total consideration of ` 8,900.45 Crores, resulting in a gain of ` 3,036.08 Crores.
c)
During the previous year, consequent to the scheme of amalgamation referred in Note 33, the Company had sold its investments in PHL
,QIUDVWUXFWXUH)LQDQFH&RPSDQ\3ULYDWH/LPLWHGDQGWKHGLHUHQFHEHWZHHQVDOHFRQVLGHUDWLRQDQGWKHFRVWRILQYHVWPHQWDPRXQWLQJWR
` 2,423.28 Crores was recognized and disclosed under Exceptional Expenses.
d)
The Company sold its clinical research business known as PCR business. Fixed assets of this division along with the employees were transferred
on a slump sale basis as a part of the transaction for a consideration of ` 4.64 Crores, resulting in a loss of ` 2.60 Crores.
During the previous year, the Company sold its Lab Diagnostics and Point of Care business for a consideration of ` 13.00 Crores, resulting in a
gain of ` 2.60 Crores.
e)
a)
Gain on Sale of Vodafone Investment [(Refer Note 31(b)]
Year Ended
March 31, 2015
(` in Crores)
32. PROPOSED DIVIDEND

Particulars
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
On Equity Shares of ` 2/- each

- Amount of dividend proposed
- Dividend Per Equity Share
345.13
NA
` 20 per share
&RQVHTXHQWO\DOOWKHDVVHWVDQGOLDELOLWLHVRIWUDQVIHURUFRPSDQLHVZHUHWUDQVIHUUHGWRDQGYHVWHGLQWKH&RPSDQ\ZLWKHHFWIURP$SULO
(the Appointed Date).
The amalgamation was accounted for under the pooling of interest method referred to in Accounting Standard 14 - Accounting for
Amalgamation, as prescribed by the Scheme.
Accordingly, all the assets, liabilities and other reserves of transferor companies as on April 01, 2014 were aggregated with those of the Company
at their respective book values. As prescribed by the Scheme no consideration was paid as the transferor Companies were wholly owned step
GRZQVXEVLGLDULHVRIWKH&RPSDQ\$FFRUGLQJO\WKHUHVXOWDQWGLHUHQFHDPRXQWLQJWR` 2,339.14 Crores was credited to capital reserve account
during the previous year.
33. The Scheme of Amalgamation (the Scheme) of Oxygen Bio Research Private Limited (O2H), Piramal Pharmaceutical Development Services
Private Limited (PPDSPL) and PHL Capital Private Limited (PHL Capital) (collectively referred to as transferor companies) with the Company,
under Sections 391 to 394 of the Companies Act, 1956 was sanctioned by the Honble High Courts of Gujarat and Bombay on November 11,
DQG1RYHPEHUUHVSHFWLYHO\7KH6FKHPHEHFDPHHHFWLYHRQ'HFHPEHUDQG'HFHPEHUXSRQOLQJRIWKHVDLG
orders with the Registrar of Companies, Gujarat and Maharashtra respectively.
STATUTORY REPORTS
7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV
192
NOTES
The book value of assets and liabilities taken over from the transferor companies as on the appointed date were transferred to the Company as
mentioned below:
(` in Crores)
Particulars
Assets
Non-Current Assets
Tangible Assets
Intangible Assets
Capital Work-in-Progress
Intangible Assets under development
Investments
Loans and Advances
Current Assets
Inventories
Trade Receivables
Cash and bank balances
Short-term loans and advances
Other current assets
77.08
0.45
1.98
0.15
2,348.33
6.95
2.21
22.58
21.32
3.18
0.25
(I)
2,434.94
49.54
2,484.48
Liabilities
Non-Current Liabilities
Deferred tax liabilities
Long-term provisions
Current Liabilities
Short-term provisions
Trade payables
Other current liabilities
3.88
0.92
0.92
22.87
3.32
(II)
4.80
27.11
31.91
Reserves
3.69
27.23
Securities Premium
6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
(III)
Net Assets (I-II-III)

Less: Adjustment of Inter-group investments
Credited to Capital Reserves (Refer Note 4)
30.92
30.92
2,421.65
82.51
2,339.14
34 EMPLOYEE BENEFITS :
Brief description of the Plans:

7KH&RPSDQ\KDVYDULRXVVFKHPHVIRUORQJWHUPEHQHWVVXFKDV3URYLGHQW)XQG6XSHUDQQXDWLRQ*UDWXLW\/HDYH(QFDVKPHQW3HQVLRQDQG
Long-term Service Award. In case of funded schemes, the funds are recognized by the Income tax authorities and administered through trustees.
7KH&RPSDQ\VGHQHGFRQWULEXWLRQSODQVDUH3URYLGHQW)XQGLQFDVHRIFHUWDLQHPSOR\HHV6XSHUDQQXDWLRQ(PSOR\HHV6WDWH,QVXUDQFH
Fund and Employees Pension Scheme (under the provisions of the Employees Provident Funds and Miscellaneous Provisions Act, 1952). The
&RPSDQ\KDVQRIXUWKHUREOLJDWLRQEH\RQGPDNLQJWKHFRQWULEXWLRQVWRVXFKSODQV7KH&RPSDQ\VGHQHGEHQHWSODQVLQFOXGH3URYLGHQW)XQG
(in case of certain employees), Gratuity, Leave Encashment and Long-term Service Award.
,
&KDUJHWRWKH6WDWHPHQWRI3URWDQG/RVVEDVHGRQFRQWULEXWLRQV
Particulars
(PSOR\HUVFRQWULEXWLRQWR5HJLRQDO3URYLGHQW)XQG2FH
Employers contribution to Superannuation Fund
Employers contribution to Employees State Insurance
Employers contribution to Employees Pension Scheme 1995
Included in Contribution to Provident and Other Funds and R&D Expenses (Refer Note 28 and 30).
Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)
0.62
0.49
0.35
3.85
0.64
0.69
0.20
2.93
193
STRATEGIC OVERVIEW
NOTES
,,
'LVFORVXUHVIRUGHQHGEHQHWSODQVEDVHGRQDFWXDULDOYDOXDWLRQUHSRUWVDVRQ0DUFK
$
&KDQJHLQ'HQHG%HQHW2EOLJDWLRQ
(` in Crores)
(Funded)
B.
Long -term Service Award

Year Ended March 31,
2016
2015
2016
2015
2016
2015
35.08
26.97
133.56
123.72
0.88
1.31
2.79
3.29
(3.78)
1.92
39.30
2.51
2.24
(5.68)
9.04
35.08
10.61
8.56
13.49
7.07
(7.72)
(13.88)
151.69
9.52
7.71
11.86
3.63
(2.36)
(20.52)
133.56
0.07
0.06
1.10
(0.19)
0.05
1.97
0.12
0.09
(0.08)
(0.56)
0.88
2016
2015
2016
2015
2016
2015
25.58
2.04
5.00
(3.78)
(0.54)
28.30
25.04
2.18
3.16
(5.68)
0.88
25.58
133.56
10.61
22.05
7.07
(7.72)
(13.88)
151.69
123.72
9.52
19.57
3.63
(2.36)
(20.52)
133.56
STATUTORY REPORTS
3UHVHQW9DOXHRI'HQHG%HQHW2EOLJDWLRQ
as at the end of the year
Provident Fund
Contributions by the employees

Liability Transferred In for employees joined
/LDELOLW\7UDQVIHUUHG2XWIRUHPSOR\HHVOH
%HQHWV3DLG
Actuarial (gain) / loss
Gratuity
Changes in the Fair Value of Assets

(` in Crores)
(Funded)
Fair Value of Plan Assets as at beginning of the year

Expected Return on Plan Assets
Contributions
Liability Transferred In for employees joined
/LDELOLW\7UDQVIHUUHG2XWIRUHPSOR\HHVOH
%HQHWV3DLG
Actuarial gain / (loss)
Fair Value of Plan Assets as at the

end of the year
&
3UHVHQW9DOXHRI'HQHG%HQHW2EOLJDWLRQDVDW
Interest Cost
Current Service Cost
Past Service Cost
(Non-Funded)
(Non-Funded)
Gratuity
Provident Fund
Long -term Service Award

5HFRQFLOLDWLRQRI3UHVHQW9DOXHRI'HQHG%HQHW2EOLJDWLRQDQGWKH)DLU9DOXHRI$VVHWV
(` in Crores)
(Funded)
Funded Liability/(Asset) recognized in the

%DODQFH6KHHW5HIHU1RWHVDQG
Present Value of Unfunded Obligation as at
end of the year
Unrecognized Actuarial gain / (loss)
Unfunded Liability recognized in the

%DODQFH6KHHW5HIHU1RWHVDQG
Gratuity
Provident Fund
Long-term Service Award

2016
39.30
2015
35.08
2016
151.69
2015
133.56
2016
-
2015
-
28.30
11.00
25.58
9.50
151.69
-
133.56
-
1.97
0.88
1.97
0.88
Present Value of Funded Obligation as at

end of the year
Fair Value of Plan Assets as at end of the year
(Non-Funded)
194
NOTES
D.
Amount recognized in the Balance Sheet

(` in Crores)
(Funded)
Gratuity
Provident Fund
2016
39.30
3UHVHQW9DOXHRI'HQHG%HQHW2EOLJDWLRQDVDWWKH
end of the year
Fair Value of Plan Assets as at end of the year
Net Liability/(Asset) recognized in the

%DODQFH6KHHW5HIHU1RWHDQG
5HFRJQL]HGXQGHU
/RQJWHUPSURYLVLRQ5HIHUQRWH
6KRUWWHUPSURYLVLRQ5HIHUQRWH
(
(Non-Funded)
2015
2016
2015
2016
2015
35.08
151.69
133.56
1.97
0.88
28.30
11.00
25.58
151.69
133.56
9.50
1.97
0.88
1.89
1.74
1.67
0.77
9.11
7.76
0.30
0.11
([SHQVHVUHFRJQL]HGLQ6WDWHPHQWRI3URWDQG/RVV
(` in Crores)
(Funded)

Past Service Cost
Interest Cost
Curtailments Cost / (Credit)
Settlements Cost / (Credit)
Net Actuarial (gain) / loss
Total Expenses / (Income) recognized in

WKH6WDWHPHQWRI3URW$QG/RVV
(Non-Funded)
Gratuity
Provident Fund
2016
3.29

2015
2016
2015
2016
2015
2.24
8.56
7.71
0.06
0.09
1.10
2.79
2.51
10.61
9.52
0.07
0.12
(2.04)
(2.18)
(10.61)
(9.52)
2.46
6.50
8.16
10.73
8.56
7.71
0.05
1.28
(0.56)
(0.35)
*Included in Salaries and Wages, Contribution to Provident and Other Funds, Gratuity Fund and R&D Expenses (Refer Notes 28 and 30).
F.
Actual Return on Plan Assets

(` in Crores)
(Funded)
(Non-Funded)
Gratuity
Provident Fund

2016
2.04
2015
2016
2015
2016
2015
2.18
10.61
9.52
Actuarial gain / (loss) on Plan Assets
(0.54)
0.88
1.50
3.06
10.61
9.52
195
STRATEGIC OVERVIEW
NOTES
G.
Major Category of Plan Assets as a % of total Plan Assets

(%)
(Funded)
Gratuity
Provident Fund

2016
2015
2016
2015
44.70
37.41
36.14
Corporate Bonds
36.25
44.59
10.47
7.11
9.63
10.71
0.80
Fixed Deposits under Special Deposit Schemes of

Central Government
18.95
21.65
Public Sector Unit Bonds
32.37
35.10
Principal actuarial assumptions used:

(%)
(Funded)
Gratuity
Provident Fund

2016
2015
2016
2015
2016
2015
Discount Rate (per annum)
7.80
7.96
7.56
7.96
7.80
7.96
Expected Rate of return on Plan Assets (per annum)
7.80
7.96
8.80
8.75
Amounts recognized in the current year and previous four years:

(` in Crores)
Gratuity (Funded)
As at March 31,
2015
2014
2013
2012
'HQHG%HQHW2EOLJDWLRQ
39.30
35.08
26.97
24.17
18.35
Plan Assets
28.30
25.58
25.04
23.59
15.35
'HFLW6XUSOXV
11.00
9.50
1.93
0.58
3.00
2.52
1.24
3.39
4.73
2.47
(0.53)
0.88
(0.59)
(0.10)
0.63
Experience adjustment on plan liabilities loss

Experience adjustment on plan assets gain/ (loss)
(` in Crores)
STATUTORY REPORTS
2016
I.
(Non-Funded)
2015
Government Securities (Central and State)
2016
54.12
Equity Shares of Listed Companies
H.
(Non-Funded)
Provident Fund (Funded)

As at March 31,
2016
2015
2014
2013
2012
151.69
133.56
123.72
104.95
96.18
Plan Assets
133.56
123.72
104.95
96.18
Experience adjustment on plan liabilities loss
151.69
'HFLW6XUSOXV
196
NOTES
(` in Crores)
Long Term Service Award (Non-Funded)
As at March 31,
2016
2015
2014
2013
2012
1.97
0.88
1.31
0.39
0.31
Plan Assets
'HFLW6XUSOXV
1.97
0.88
1.31
0.39
0.31
Experience adjustment on plan liabilities (gain) / loss
0.18
(0.26)
0.16
0.01
0.23
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQDQGRWKHUUHOHYDQWIDFWRUV
such as supply and demand in the employment market.
J.
Expected employers contribution for the next year is ` 9.11 Crores (Previous Year ` 7.76 Crores) for Gratuity.
K.
The liability for Leave Encashment (NonFunded) as at year end is ` 27.67 Crores (Previous year ` 24.89 Crores) (Refer Notes 8 and 11).
The expected rate of return on plan assets is based on market expectations at the beginning of the year. The rate of return on long-term
government bonds is taken as reference for this purpose.
35. 7 KH&RPSDQ\KDVZLWKHHFWIURP2FWREHUUHFODVVLHGWKHIRUHLJQFXUUHQF\ORDQVJLYHQWRFHUWDLQIRUHLJQVXEVLGLDULHVDVORQJWHUPORDQV
forming part of the Companys net investment in an non-integral foreign operation. Accordingly, the Company has accounted for the exchange
gain on revaluation of these loans amounting to ` 32.08 Crores (Previous year NIL) in Foreign Exchange Translation Reserve during the year.
36. Information in accordance with the requirements of Accounting Standard 18 on Related Party Disclosures.
1. List of related parties
A. Controlling Companies
The Ajay G. Piramal Foundation @
Piramal Healthcare Limited-Senior Employee Option Scheme@
Piramal Enterprises Limited-Trustees of Piramal Enterprises Executive Trust@
Piramal Life Sciences Limited - Senior Employees Stock Option Trust @
The Sri Krishna Trust through its Trustees, Mr.Ajay Piramal and Dr.(Mrs.) Swati A. Piramal (Previously held through its Corporate Trustees, Piramal Management
Services Private Limited) @
@There are no transactions during the year.
% Subsidiary Companies/ Step down subsidiaries / Jointly Controlled Entities/ Associates and its intermediates
Located in India
Allergan India Private Limited (Allergan)
Convergence Chemicals Private Limited (Convergence)
Novus Cloud Solutions Private Limited @ (Upto April 1, 2015) +
Zebra Management Services Private Limited @ (w.e.f. April 1, 2015) +
PEL Finhold Private Limited
PEL Asset Resurgence Advisory Private Limited (w.e.f. February 22, 2016)
Piramal Asset Reconstruction Private Limited (w.e.f. January 29, 2016)
Piramal Consumer Products Private Limited (w.e.f. March 23, 2016)
PHL Fininvest Private Limited (PHL Fininvest)
Piramal Finance Private Limited (formerly known as PHL Finance Private Limited (PHL Finance)) (Piramal Finance)
Piramal Foundation for Educational Leadership (PFEL)
Piramal Fund Management Private Limited (formerly known as Indiareit Fund Advisors Private Limited) (Piramal Fund)
Piramal Healthcare Foundation
Piramal Investment Advisory Services Private Limited (PIASPL)
Piramal Swasthya Management and Research Institute (formerly known as "Health Management and Research Institute") (PSMRI)
Piramal Systems & Technologies Private Limited (Piramal Systems)
197
STRATEGIC OVERVIEW
NOTES
Piramal Udgam Data Management Solutions (Udgam)
6KULOHNKD)LQDQFLDO6HUYLFHV3DUWQHUVKLSUP6KULOHNKD
Shriram Capital Limited (Shriram Capital) +
Shriram Transport Finance Company Limited (w.e.f. July 21, 2015) (Shriram Transport) ++
Shriram City Union Finance Limited (w.e.f. July 21, 2015) (Shriram City Union) ++
Shriram General Insurance Company Limited (w.e.f. July 21, 2015) @ ++
Shriram Credit Company Limited (w.e.f. July 21, 2015) @ ++
Bharat Re-insurance Brokers Private Limited (w.e.f. July 21, 2015) @ ++
Shriram Overseas Investment Private Limited (w.e.f. July 21, 2015) @ ++
Shriram Investments Holdings Limited (w.e.f. July 21, 2015) @ ++
Located Outside India

Activate Networks Inc. ## @
Bluebird Aero Systems Limited @
Coldstream Laboratories Inc **
Decision Resources Group Asia Limited ## @
Decision Resources Inc. (formerly Decision Resources LLC) ** @
Decision Resources International Inc. ## @
DR/ Decision Resources LLC ## @
DR/MRG Holdings LLC ## @
DRG Analytics & Insights Private Limited (w.e.f. May 11, 2015) ## @
DRG Holdco Inc (w.e.f. August 26, 2015) (DRG Holdco) **
DRG UK Holdco Limited ## @
Healthcare Business Insights LLC (w.e.f. May 14, 2015 ) ##
Indiareit Investment Management Company # @
Decision Resources Group UK Limited ## @
Shriram Life Insurance Company Limited (w.e.f. July 21, 2015) (Shriram Life) ++
Millennium Research Group ## @

Piramal Asset Management Private Limited ( formerly known as 'INDIAREIT Asset Management Private Limited') # @
Piramal Critical Care Deutschland GmbH ** @
Piramal Dutch Holdings N.V. (Dutch Holdings)
Piramal Dutch IM Holdco BV (w.e.f. March 7, 2016) @
Piramal Imaging GmbH *
Piramal Imaging SA *
STATUTORY REPORTS
PEL-DRG Dutch Holdco BV (w.e.f. March 7, 2016) @
Piramal IPP Holdings LLC (w.e.f. November 6, 2015) ** @

Piramal Technologies SA $ @
Piramal Critical Care Inc (PCCI) **
Piramal Critical Care Italia, SPA *
Piramal Critical Care Limited (formerly known as Piramal Life Sciences (UK) Limited) ** @
Piramal Healthcare Inc. **
Piramal Healthcare Pension Trustees Limited ** @
Piramal Healthcare UK Limited (Piramal Healthcare UK) **
Piramal Holdings (Suisse) SA (Piramal Holdings)
Piramal Imaging Limited (formerly known as Oxygen Healthcare Limited) (Imaging UK) *
Piramal International @
Piramal Pharma Inc **
Sigmatic Limited ## @
+ Held through Shrilekha
Piramal Healthcare (Canada) Limited (Piramal Healthcare, Canada) **
198
NOTES
++ Held through Shriram Capital
* Held through Piramal Holdings (Suisse) SA
** Held through Piramal Dutch Holdings N.V.
# Held through Piramal Fund Management Private Limited
$ Held through Piramal Systems & Technologies Private Limited
## Held through Decision Resources Inc
@ There are no transactions during the year with the above companies.
C. Other related parties where common control exists

Aasan Developers and Constructions Private Limited (Demerged from Piramal Estates) (Aasan Developers)
Gopikrishna Piramal Memorial Hospital (GPMH)
Piramal Corporate Services Limited (PCSL)
Piramal Estates Private Limited (Piramal Estates)
Piramal Glass Limited (PGL)
Piramal Phytocare Limited (formerly known as Piramal Life Sciences Limited (PPL))
Piramal Realty Private Limited @
Piramal Water Private Limited @
Piramal Forging Private Limited (Piramal Forging)
Piramal Security Private Limited (Piramal Security)
Piramal Hospitality Private Limited (Piramal Hospitality)
Topzone Mercantile Company LLP (Topzone)
D. .H\0DQDJHPHQW3HUVRQQHODQGWKHLUUHODWLYHV
Mr. Ajay G. Piramal
Dr. (Mrs.) Swati A. Piramal
Ms. Nandini Piramal
Mr. Vijay Shah
Mr. Peter De Young [husband of Ms. Nandini Piramal]
2.
Details of transactions with related parties.

(` in Crores)
Details of Transactions
Subsidiaries /
Jointly Controlled
Entities/ Associates &
Intermediates
Other Related Parties
Key Management
Personnel
Total
2016
2015
2016
2015
2016
2015
2016
2015
4.12
3.20
4.12
3.20
25.68
10.50
25.68
10.50
25.68
10.50
4.12
3.20
29.80
13.70
- Allergan
59.24
37.49
59.24
37.49
- Piramal Healthcare UK
26.90
30.08
26.90
30.08
1.70
11.56
1.70
11.56
56.76
29.24
56.76
29.24
- Piramal Critical Care Italia, SPA
2.53
2.53
- Others
0.38
0.38
144.60
111.28
144.60
111.28
Purchase of Goods
- PGL
- PCCI
TOTAL
Sale of Goods
- Piramal Healthcare, Canada

- PCCI
TOTAL
Rendering of Services
- Piramal Finance
2.00
2.00
2.00
2.00
- Piramal Healthcare, Canada
0.14
0.69
0.14
0.69
- Allergan
0.94
0.53
0.94
0.53
0.22
0.88
0.22
0.88
199
STRATEGIC OVERVIEW
NOTES
(` in Crores)
Subsidiaries /
Jointly Controlled
Intermediates
2015
2016
0.50
0.25
3.80
4.35
2.46
2.46
- Piramal Pharma Inc

- Others
TOTAL
Key Management
Personnel
2015
2016
0.01
0.03
0.01
0.03
4.21
4.21
20.36
23.32
14.60
19.87
0.12
Total
2015
2016
2015
0.51
0.28
3.81
4.38
2.46
4.21
2.46
4.21
20.36
23.32
14.60
19.87
0.12
Guarantee commission received

- Piramal Finance
TOTAL
Receiving of Services
- Imaging UK
- Others
0.10
43.31
35.06
43.31
15.89
10.82
15.89
10.82
15.89
10.82
15.89
10.82
- Piramal Estates
9.34
11.64
9.34
11.64
- Aasan Developers
1.76
1.76
- Others
0.44
0.34
0.44
0.34
11.54
11.98
11.54
11.98
Royalty Paid
- PCSL
TOTAL
Rent Paid
TOTAL
Reimbursement of expenses recovered

-
1.41
1.41
- PCCI
1.60
1.28
1.60
1.28
0.56
0.56
2.21
1.17
2.21
1.17
- Others
1.00
0.39
0.18
0.19
1.18
0.58
4.81
3.40
0.18
1.60
4.99
5.00
0.28
2.74
0.28
2.74
- Piramal Imaging Gmbh
0.44
0.44
- GPMH
1.52
1.52
- Others
0.08
0.06
0.04
0.08
0.10
0.36
3.24
1.52
0.04
1.88
3.28
- Piramal Imaging SA
TOTAL
Reimbursement of expenses paid
TOTAL
- PFEL
15.88
13.62
15.88
13.62
- Udgam
0.57
0.89
0.57
0.89
- PSMRI
1.10
1.10
17.55
14.51
17.55
14.51
0.27
0.27
0.52
0.52
0.52
0.27
0.52
0.27
TOTAL
Donation Paid
- Piramal Water
- PSMRI
TOTAL
Expenditure towards Corporate Social

Responsibility activities
STATUTORY REPORTS
- PGL
0.10
35.06
TOTAL
2016
200
NOTES
(` in Crores)
Subsidiaries /
Jointly Controlled
Intermediates
2016
2015
2016
- Piramal Forging
- Piramal Security
- Piramal Hospitality
Key Management
Personnel
2015
2016
70.00
70.00
0.01
Total
2015
2016
2015
70.00
70.00
0.01
0.01
0.01
60.63
60.63
60.63
60.63
36.06
36.06
36.06
36.06
- Allergan
3.92
3.92
- Shriram Capital
22.60
22.60
Sale of Assets
- Topzone
TOTAL
Purchase of Securities
TOTAL
Sale of Securities
- Piramal Fund
TOTAL
6KDUHRI3URW
- Shrilekha
TOTAL
Dividend Income
- Shriram Transport
- Shriram City Union
10.20
10.20
- Piramal Healthcare Inc.
47.31
47.31
80.11
3.92
80.11
3.92
2,117.45
TOTAL
Finance granted /(repayments) - Net

(including loans and Equity contribution
in cash or in kind)
- Shrilekha
2,117.45
0.75
(27.15)
0.75
(27.15)
796.39
521.41
796.39
521.41
- Piramal Holdings
410.42
280.96
410.42
280.96
- DRG Holdco
325.19
325.19
- Convergence
12.29
30.61
12.29
30.61
- Piramal Fund
62.50
81.25
62.50
81.25
(38.00)
38.00
(38.00)
38.00
7.76
6.72
7.76
6.72
1,577.30
3,049.25
1,577.30
3,049.25
- PHL Fininvest
- Piramal Finance
- Others
TOTAL
201
STRATEGIC OVERVIEW
NOTES
(` in Crores)
Subsidiaries /
Jointly Controlled
Intermediates
Key Management
Personnel
Total
2015
2016
2015
2016
2015
2016
2015
21.00
21.00
5.00
5.00
26.00
26.00
Loan Taken /(repayments) - Net

- Piramal Finance
- Shriram Life
TOTAL
Interest Received on Loans

- PHL Fininvest
0.70
82.72
62.15
96.27
62.15
- Piramal Holdings
45.92
34.35
45.92
34.35
14.96
7.76
14.96
7.76
157.85
186.98
157.85
186.98
2.16
2.16
2.16
2.16
2.16
2.16
2.16
2.16
- Piramal Finance
0.57
1.72
0.57
1.72
- Shriram Life
0.02
0.02
0.59
1.72
0.59
1.72
- Mr. Ajay G. Piramal
6.93
11.65
6.93
11.65
- Dr. (Mrs.) Swati A. Piramal
3.33
4.57
3.33
4.57
- Ms. Nandini Piramal
2.34
3.53
2.34
3.53
- Mr. Vijay Shah
3.82
6.57
3.82
6.57
- Mr. Peter De Young
2.35
2.52
2.35
2.52
18.77
28.84
18.77
28.84
- Others
TOTAL
Interest Received on debentures

- Piramal System
TOTAL
Interest paid on loans
TOTAL
Remuneration
TOTAL
(` in Crores)
Account Balances
Subsidiaries /
Jointly Controlled
Intermediates
Key Management
Personnel
STATUTORY REPORTS
82.72
96.27
0.70
2016
Total
2016
2015
2016
2015
2016
2015
2016
2015
- Mr. Ajay G. Piramal
- Dr. (Mrs.) Swati A. Piramal
10.24
10.24
3.08
3.08
2.09
2.09
- Mr. Vijay Shah
5.08
5.08
20.49
20.49
1,947.24
- Piramal Holdings
1,032.96
1,067.45
1,947.24
1,067.45
569.40
1,032.96
569.40
449.12
140.93
449.12
140.93
3,429.32
1,777.78
3,429.32
1,777.78
Remuneration payable
- Others
TOTAL
TOTAL
Loans to related parties
202
NOTES
(` in Crores)
Account Balances
Subsidiaries /
Jointly Controlled
Intermediates
Key Management
Personnel
Total
2016
2015
2016
2015
2016
2015
2016
2015
132.08
132.08
33.78
7.35
33.78
7.35
4.21
2.50
4.21
2.50
37.99
141.93
37.99
141.93
21.20
19.83
21.20
19.83
- PCCI
24.73
24.73
3.63
3.63
Current Account balances with related

parties
- Piramal Healthcare Inc
- Piramal Holdings
- Others
TOTAL
Trade Receivables
- Piramal Healthcare Canada

- PGL
0.81
0.81
0.60
3.02
0.05
0.65
3.02
TOTAL
46.53
26.48
0.05
0.81
46.58
27.29
TOTAL
2.87
2.87
2.87
2.87
TOTAL
70.00
70.00
70.00
70.00
TOTAL
21.00
5.00
26.00
21.00
5.00
26.00
7.28
7.28
6.72
6.72
7.28
7.28
6.72
TOTAL
6.72
TOTAL
0.39
0.39
0.39
0.39
TOTAL
34.10
2.05
22.84
58.99
31.18
4.12
4.62
39.92
4.89
0.71
5.60
0.45
0.45
34.10
2.05
22.84
4.89
0.71
64.59
31.18
4.12
5.07
40.37
- Others
Advance from Customer

- Allergan
Consideration Receivable
- Topzone
Loans from Related Parties

- Piramal Finance
- Shriram Life
Long-Term Loans and Advances

- Piramal Estates
- Aasan Developers
Short-Term Loans and Advances

- Shriram Life
Trade Payable
- Piramal Pharma Inc
- PCCI
- PCSL
- Others
203
STRATEGIC OVERVIEW
NOTES
(` in Crores)
For the year ended
March 31, 2016
For the year ended

March 31, 2015
37. a. Value of imports calculated on CIF basis:

388.09
359.74
Capital Goods
38.40
46.11
iii.
Traded Goods
9.91
31.54
Expenditure in Foreign Currency

i.
Service charges
34.97
42.46
ii.
Professional Fees
11.74
11.58
iii.
Travelling
1.08
6.67
iv.
Laboratory Consumables
9.75
9.41
v.
Books, periodicals & subscriptions
1.71
7.71
vi.
Commission
1.89
2.29
vii.
Interest Expense
0.35
1.18
viii.
Export Expenses
0.15
6.71
ix.
Clinical Expenses
1.11
6.93
x.
Others
10.39
18.97
Dividend paid during the year (` In Crores)
8.71
22.73
Number of non-resident shareholders
233
232
4,330,370
4,330,186
2014-15
201314
7.58
Dividend Remitted in Foreign Currency

A]
Final dividend:
Number of equity shares held by such non-resident shareholders

Year to which the dividends relate to
B]
Interim dividend:
Dividend paid during the year (` In Crores)
Number of non-resident shareholders
Year to which the dividends relate to
229
4,330,251
2015-16
1,136.15
1,000.85
47.31
38. EARNINGS IN FOREIGN CURRENCY

i.
Exports of Goods calculated on FOB basis
ii.
Dividend received from subsidiaries
iii.
Interest
142.20
96.50
iv.
Service Income
117.88
103.64
STATUTORY REPORTS
Number of equity shares held by such non-resident shareholders
c.
Raw Materials
ii.
b.
i.
39. Miscellaneous Expenditure in Note 30 includes Auditors Remuneration in respect of:

Statutory Auditors:
Audit Fees
1.00
0.84
b)
Other Services
0.09
0.10
c)
Reimbursement of Out of pocket Expenses
0.03
0.01
a)
204
NOTES
40.
Particulars
Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as at
year-end
Interest due to suppliers registered under the MSMED Act and remaining unpaid as at year end
Principal amounts paid to suppliers registered under the MSMED Act, beyond the appointed day
during the year
Interest paid, other than under Section 16 of MSMED Act, to suppliers registered under the
MSMED Act, beyond the appointed day during the year
Interest paid, under Section 16 of MSMED Act, to suppliers registered under the MSMED Act,
beyond the appointed day during the year
Interest due and payable towards suppliers registered under MSMED Act, for payments already made
Further interest remaining due and payable for earlier years
(` in Crores)
Disclosures as required by the Micro, Small and Medium Enterprises Development Act, 2006 are as under:
As at
March 31, 2016
As at
March 31, 2015
3.46
0.58
2.49
1.11
89.75
47.31
1.38
1.11
0.56
0.55
7KHDERYHLQIRUPDWLRQUHJDUGLQJ0LFUR6PDOODQG0HGLXP(QWHUSULVHVKDVEHHQGHWHUPLQHGWRWKHH[WHQWVXFKSDUWLHVKDYHEHHQLGHQWLHGRQ
the basis of information available with the Company.
41. The Company has advanced loans to its subsidiary companies. The disclosures pursuant to Regulation 34(3) read with para A of Schedule V to
SEBI Listing Regulations, 2015:
Amounts outstanding as at the year-end were:
(` in Crores)
Piramal Holdings (Suisse) SA
PHL Fininvest Private Limited
Piramal Systems & Technologies Private Limited
Piramal Dutch Holdings N.V.
Piramal Fund Management Private Limited
Piramal Finance Private Limited
Convergence Chemicals Private Limited
DRG Hold Co Inc.
As at
March 31, 2016
1,032.96
8.60
1,947.24
14.06
0.55
143.75
7.19
274.98
As at
March 31, 2015
569.40
7.85
1,067.45
13.70
0.13
81.25
38.00
-
The maximum amounts due during the year were:

(` in Crores)
As at
March 31, 2016
As at
March 31, 2015
8.60
1,815.08
1,947.24
1,067.45
Piramal Holdings (Suisse) SA
1,032.96
617.34
143.75
81.25
151.00
38.00
14.06
15.52
2.43
PHL Fininvest Private Limited
Piramal Systems & Technologies Private Limited

PHL Infrastructure Finance Company Private Limited
Piramal Dutch Holdings N.V.
0.55
0.16
Convergence Chemicals Private Ltd
7.19
20.00
0.50
318.52
Piramal Investment Advisory Services Private Limited

DRG Hold Co Inc.
205
STRATEGIC OVERVIEW
NOTES
42. 7 KH&RPSDQ\VVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWVDUHPDLQO\LQUHVSHFWRIUHVLGHQWLDORFHSUHPLVHVDQGFRPSXWHUV7KHDJJUHJDWH
lease rentals payable on these leasing arrangements are charged as rent under Other Expenses in Note 30.
7KHVHOHDVHDUUDQJHPHQWVDUHIRUDSHULRGQRWH[FHHGLQJYH\HDUVDQGDUHLQPRVWFDVHVUHQHZDEOHE\PXWXDOFRQVHQWRQPXWXDOO\DJUHHDEOH
terms. The Company has placed a refundable deposit of ` 32.01 Crores (Previous Year ` 27.41 Crores) in respect of these leasing arrangements.
Future lease rentals payable in respect of non-cancellable operating leases have been mentioned below:
As at
March 31, 2016
As at
March 31, 2015
22.32
37.23
62.13
8.33
Not later than one year

/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV
/DWHUWKDQYH\HDUV
43. DERIVATIVES INSTRUMENTS AND UNHEDGED FOREIGN CURRENCY (FC) EXPOSURE

a)
Derivatives outstanding as at the reporting date

i.
FC in Crores
` In Crores
FC in Crores
` In Crores
Forward contracts to sell USD / INR
3.90
267.17
7.28
473.92
Forward contracts to sell EUR / USD
1.20
91.38
Forward contracts to sell GBP / USD
1.20
114.57
0.95
87.28
Hedge of Receivable of Loan to related parties
FC in Crores
4.33
Forward contracts to sell USD
iii.
6.02
Cross currency interest rate swap USD/INR
296.94
` In Crores
3.07
194.36

FC in Crores
` In Crores
398.93
` In Crores
-
For the year ended

March 31, 2016
` In Crores
For the year ended

March 31, 2015
` In Crores
9.40
Mark-to-market losses provided for
STATUTORY REPORTS
Mark-to-market losses on the above

Particulars
c)

FC in Crores
` In Crores
Hedge of loans payable to banks
FC in Crores
b)
ii.
+HGJHRIUPFRPPLWPHQWDQGKLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQ
(` in Crores)
Payable
Particulars of unhedged foreign currency exposures as at the reporting date

Currencies
March 31, 2016

Advances from
customers
` In Crores
FC in
Crores
Advances from
customers
` In Crores
Trade receivables
FC in
Crores
` In Crores
FC in ` In Crores
Crores
AUD
0.09
0.01
0.47
EUR
0.04
2.69
0.42
31.55
0.01
0.91
0.82
54.79
GBP
0.14
0.73
69.22
0.01
0.65
0.66
61.15
USD
0.46
30.56
2.82
187.15
0.28
17.53
2.37
147.87
CAD
0.02
0.78
SGD
0.16
FC in
Crores
March 31, 2015
Trade receivables
206
NOTES
Currencies
March 31, 2016

Advances to vendors
FC in
Crores
` In Crores
` In Crores
FC in
Crores
Trade payables
` In Crores
FC in
Crores
` In Crores
CAD
0.03
0.10
7.12
0.03
2.04
0.31
0.04
2.83
EUR
0.09
6.70
0.11
8.11
0.13
8.49
0.07
4.56
GBP
0.02
1.57
0.03
2.77
0.02
1.96
0.05
4.83
THB
0.04
0.07
0.04
0.04
SEK
0.13
1.03
0.04
0.28
0.13
0.97
0.04
0.26
USD
0.29
19.18
1.87
124.13
0.29
18.13
1.58
98.74
NZD
0.03
0.02
0.02
0.01
SGD
Currencies
March 31, 2016
March 31, 2015
Loan from Banks
Loan from Banks
FC in Crores
` In Crores
FC in Crores
` In Crores
1.12
73.94
0.85
52.94
USD
Currencies
March 31, 2016

Loans
FC in
Crores
Advances to vendors
CHF
JPY
March 31, 2015
Trade payables
March 31, 2015
Current Account
Balances
Loans
Current Account
Balances
FC in
Crores
` In
Crores
FC in
Crores
Rs. In
Crores
FC in
Crores
` In
Crores
FC in
Crores
` In
Crores
USD
34.76
2,293.53
0.12
7.88
17.33
1,080.46
2.51
134.69
GBP
2.06
196.78
1.08
99.73
0.01
1.28
EUR
5.94
447.90
0.32
24.42
3.64
244.45
0.05
3.22
CHF
0.30
20.57
0.02
1.51
0.28
17.98
0.24
44. (DUQLQJV3HU6KDUH(36(36LVFDOFXODWHGE\GLYLGLQJWKHSURWDWWULEXWDEOHWRWKHHTXLW\VKDUHKROGHUVE\WKHZHLJKWHGDYHUDJHQXPEHURI

equity shares outstanding during the year. Numbers used for calculating basic and diluted earnings per equity share are as stated below:
Particulars
1.
3URWDHUWD[` in Crores)
2.
Weighted Average Number of Shares (nos.)
3.
Earnings Per Share - Basic and Diluted (`)
4.
Face value per share (`)
For the year ended

March 31, 2016
For the year ended

March 31, 2015
1,061.15
372.74
172,563,100
172,563,100
61.49
21.60
2.00
2.00
45. 7KH&RPSDQ\FRQGXFWVUHVHDUFKDQGGHYHORSPHQWWRQGQHZVXVWDLQDEOHFKHPLFDOURXWHVIRUSKDUPDFHXWLFDODQGKHUEDOSURGXFWV7KH
Company is undertaking development activities for Oral Solids and Sterile Injectables, apart from other Active Pharmaceutical Ingredients.
The Company has research and development centres in Mumbai, Ennore and Ahmedabad.
207
STRATEGIC OVERVIEW
NOTES
'HWDLOVRIDGGLWLRQVWR[HGDVVHWVDQGTXDOLI\LQJ5HYHQXH([SHQGLWXUHIRU'HSDUWPHQWRI6FLHQWLF ,QGXVWULDO5HVHDUFK'6,5DSSURYHG

research and development facilities / division of the Company at Mumbai and Ennore for the year ended March 31, 2016 are as follows;
(` in Crores)
For the year ended
March 31, 2015
Revenue Expenditure
&DSLWDO([SHQGLWXUH1HW
35.36
90.47
$GGLWLRQVWR[HGDVVHWV5HIHU1RWH
30.28
10.17
Description
Less: Sale proceeds of the assets and Transfer of the Assets
3.75
9.60
Less: Credit for transfer of R&D assets out of R&D centre
6.74
11.75
19.79
(11.18)
TOTAL
Accordingly, Costs and write-downs associated with the scale-down incurred during the year, disclosed under Exceptional Income / (Expenses)
(Refer Note 31), are mentioned below:
(` in Crores)
For the year ended
March 31, 2016
For the year ended

March 31, 2015
Costs associated with Voluntary Early Settlement Scheme
16.98
Provision for Onerous contracts
52.04
Write-down of Intangible assets under development
148.68
Write-down of Tangible and Intangible Assets
31.39
(2.56)
25.69
Description
(Gain)/Loss on sale of Tangible assets

TOTAL (Refer Note 31)
24.67
(2.56)
299.45
(` in Crores)
46. MOVEMENT IN PROVISIONS:

Particulars
Litigations / Disputes
As at
As at
Onerous Contracts
As at
March
31, 2015
March
31, 2016
March
31, 2015
March
31, 2016
83.25
34.13
13.39
12.89
36.55
167.59
49.12
0.50
52.04
Amount used
(35.49)
(15.49)
Unused amounts reversed
%DODQFHVDVDWWKHHQGRIWKH\HDU
250.84
83.25
13.39
13.39
1.06
36.55
&ODVVLHGDV1RQFXUUHQW5HIHU1RWH
227.32
64.86
13.39
13.39
0.35
1.06
23.52
18.39
0.71
35.49
250.84
83.25
13.39
13.39
1.06
36.55
Additions
&ODVVLHGDV&XUUHQW5HIHU1RWH
TOTAL
March
31, 2015
The Company assesses all investments in Debentures, Term loans and Inter-corporate Deposits given for their recoverability and accordingly,
makes provisions on these Assets of Financial Services Segment in respect of likely non-performing assets, as considered necessary. As a matter
of prudence, the Company has provided for such assets based on past experience, emerging trends and estimates.
Provision for Onerous contracts represents the amounts provided for contracts where the unavoidable costs of meeting the obligations under
WKHFRQWUDFWH[FHHGWKHHFRQRPLFEHQHWVH[SHFWHGWREHUHFHLYHGXQGHULW
March
31, 2016
Balances as at the beginning of the year
Assets of Financial Services
STATUTORY REPORTS
Other costs associated with scale-down
During the previous year, the Company had decided to curtail investments in New Chemical Entity research. The Company continued the
development of two molecules P11187 and P7435 till the end of its current stage i.e. Phase I. As part of this expenditure curtailment and
UHDOORFDWLRQRIIXQGVLQLWLDWLYHHPSOR\HHVFRQQHFWHGZLWK1&(5 'ZHUHRHUHGD9ROXQWDU\(DUO\6HSDUDWLRQ6FKHPHZKLFKZDVH[HFXWHGLQD
fair and transparent manner.
For the year ended

March 31, 2016
208
NOTES
47. JOINT VENTURES
The Company has the following investments in jointly controlled entities.

Particulars
Allergan India Private Limited (Allergan)

Proportion of ownership in the Company

March 31, 2016
March 31, 2015
49.00%
49.00%
74.95%
74.95%
7KH&RPSDQ\VVKDUHRIHDFKRIWKHDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVZLWKRXWHOLPLQDWLRQRIWKHHHFWRILQWUDJURXSWUDQVDFWLRQVLQ
$OOHUJDQEDVHGRQDXGLWHGQDQFLDOVWDWHPHQWVDUHDVIROORZV
(` in Crores)
Particulars
March 31, 2016
March 31, 2015
Assets
2.50
1.72
Intangible Assets
0.06
Intangible Assets under Development
0.49
3.46
1.72
Tangible Assets
Deferred Tax Asset (net)
5.27
5.59
Inventories
11.59
18.91
Trade Receivables
19.80
10.03
Cash and Cash Equivalents
75.45
38.92
Other Non-Current Assets
3.52
3.05
1.79
1.12
Long-Term Loans and Advances
Liabilities
-
Trade Payables
17.71
13.54
Other Current Liabilities
23.43
3.87
8.27
2.42
165.30
137.04
2.78
1.74
47.59
57.64
7.33
(8.85)
22.41
22.04
Long-Term Provisions
Short-Term Provisions
Income
Revenue from operations (Net)
Other Income
Expenses
Purchases of stock-in-trade
0.98
0.97
Other Expenses
34.38
32.38
Provision for Taxation (including Deferred Tax)
19.59
11.93
Contingent Liabilities
13.73
11.75
Capital Commitments
0.08
Depreciation and amortization expense
Contingent Liabilities & Commitments
7KH&RPSDQ\VVKDUHRIHDFKRIWKHDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVZLWKRXWHOLPLQDWLRQRIWKHHHFWRILQWUDJURXSWUDQVDFWLRQVLQ
209
STRATEGIC OVERVIEW
NOTES
Shrilekha based on audited Financial Statements for the year ended March 31, 2016 are as follows(` in Crores)
March 31, 2016
Particulars
March 31, 2015
Assets
*
Investments
1,588.23
1,588.21
0.41
0.43
0.06
0.05
Loan Account
0.02
0.02
Trade Payables
0.02
0.02
36.06
0.07
Interest received on Bank Deposits
Expenditure
Liabilities
Income
Dividend Income
%HORZWKHURXQGLQJRWKUHVKROGDSSOLHGE\WKHFRPSDQ\
48. The Company is engaged in pharmaceutical business (mainly consisting of manufacturing and sale of own and traded bulk drugs and
formulations) and Financial services which are considered the Primary reportable business segments. The Secondary Segments based on
geographical segmentation are considered to be businesses outside India and within India.
(` in Crores)
Details
Pharmaceuticals
manufacturing and services
Financial services
Total
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
1,827.10
1,676.89
1,650.43
602.84
3,477.53
2,279.73
23.37
26.37
15.63
95.31
39.00
121.68
1,850.47
1,703.26
1,666.06
698.15
3,516.53
2,401.41
388.67
(382.51)
900.12
1,176.66
Fixed Assets
Revenues
- Other Operating Revenues
Revenue from Operations

Segment Results
1,288.79
794.15
Add: Exchange Gain
119.71
48.41
$GG8QDOORFDWHGLQFRPHQHWRXQDOORFDWHGH[SHQVHV
(97.29)
79.50
Less: Finance Cost
(220.11)
(275.68)
3URW%HIRUH7D[
1,091.10
646.38
Less: Tax Expenses
(29.95)
(273.64)
3URW$HU7D[
1,061.15
372.74
STATUTORY REPORTS
- External
210
NOTES
Included in the above Segment results, are the Exceptional Items as mentioned below:
(` in Crores)
Pharmaceuticals
Details
Financial services
Total
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
70.23
70.23
Gain on Sale of Vodafone Investment (Refer Note 31(b))
3,036.08
3,036.08
Loss on Sale of Investment (Refer Note 31(c) and 33)
(2,423.28)
(2,423.28)
Gain on sale of properties (Refer Note 31(a))
(2.60)
(2.60)
2.56
(299.45)
2.56
(299.45)
Costs associated with write-down of Tangible /

Intangible Assets (Refer Note 12)
(17.07)
(17.07)
Gain on sale of Lab Diagnostics and Point of Care

Business (Refer Note 31(e))
2.60
2.60
70.19
(313.92)
612.80
70.19
298.88
Loss on Sale of PCR Business (Refer Note 31(d))

(Costs) / Income associated with R&D scale down
(Refer Note 45)
TOTAL
Other Information
(` in Crores)
Pharmaceuticals
Details
Segment Assets
Financial services
Total
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
4,708.24
3,689.04
18,210.33
9,740.21
22,918.57
13,429.25
Unallocable Corporate Assets

TOTAL ASSETS
639.87
Segment Liabilities
611.04
10,769.37
83.25
Unallocable Corporate Liabilities

TOTAL LIABILITIES
Capital Expenditure
Depreciation and amortization
Non Cash expenditure other than depreciation and
amortization
3,802.21
3,003.33
26,720.78
16,432.58
11,409.24
694.29
3,134.94
4,291.45
14,544.18
4,985.74
349.62
135.43
349.62
135.43
79.62
88.84
79.62
88.84
8.10
18.33
167.59
49.12
175.69
67.45
Secondary Segments
(` in Crores)
Details
Within India
March
2016

Carrying amounts of Segment Assets
Additions to Tangible and Intangible Assets
Outside India
Total
March
2015
March
2016
March
2015
March
2016
March
2015
2,262.51
1,296.92
1,254.02
1,104.49
3,516.53
2,401.41
21,505.95
13,003.43
5,214.83
3,429.16
26,720.78
16,432.58
349.62
135.43
349.62
135.43
:LWKLQFUHDVLQJFRPSOH[LW\JURZWKGLYHUVLW\DQGWKHFXUUHQWQDWXUHRIWKH&RPSDQ\VEXVLQHVVHVDQGYDULRXVLQLWLDWLYHVXQGHUWDNHQWREHQHW
the Company, the Company considers it impracticable to allocate the corporate expenses attributable to the Company as a whole, to individual
211
STRATEGIC OVERVIEW
NOTES
business segments on a reasonable basis. As per the revised internal management reporting system, the evaluation of the business segment
performance and the decision to allocate resources to business segments are carried out without factoring Corporate Expenses. Accordingly
HHFWLYHIURP&XUUHQW\HDUWKHFRUSRUDWHH[SHQVHVDUHWUHDWHGDV8QDOORFDEOHH[SHQGLWXUH+DGWKH&RPSDQ\FRQWLQXHGWRDOORFDWHWKH&RUSRUDWH
expenses to individual business segments as done in earlier periods the segment results for the current year would have been ` 311.93 Crores for
Pharmaceuticals manufacturing and services segment and ` 819.99 Crores for Financial services.
Materials Consumed
(` in Crores)
For the year ended
March 31, 2016
For the year ended

March 31, 2015
Carvedilol USP (Teva)
62.36
69.08
Vitamin A Acetate 2.8 Mio IU/G Unstab
32.26
37.03
FADCP
27.23
26.99
Cis Tosylate
26.25
35.60
Cis + Hydroxylactam
24.05
12.80
687.30
616.30
859.45
797.80
Others *
TOTAL
Whereof:
For the year ended

March 31, 2016
Imported at Landed Cost

Indigenous
TOTAL
b)
For the year ended

March 31, 2015
(` in Crores)
(` in Crores)
375.31
44%
367.58
46%
484.14
56%
430.22
54%
859.45
797.80
Stores and Spares Parts Consumed
Whereof:
Imported at Landed Cost

Indigenous
TOTAL
For the year

ended March 31, 2015
(` in Crores)
(` in Crores)
0.08
0%
0.03
0%
34.36
100%
36.29
100%
34.44
36.32
50. 'XULQJWKH\HDUWKH&RPSDQ\LGHQWLHGDIUDXGFRPPLWWHGE\DQHPSOR\HHLQRQHRILWVGLYLVLRQV7KH&RPSDQ\LQLWLDWHGDQLQWHUQDOLQYHVWLJDWLRQ
in the matter. Based on the results of the investigation, it was concluded that the employee had misrepresented to various customers and raised
forged invoices and credit notes to the extent of `&URUHV7KH&RPSDQ\KDVOHGDFULPLQDOFRPSODLQWZLWKDSSURSULDWHDXWKRULWLHVDQG
will pursue the matter further. The Company has taken appropriate measures and has further strengthened internal processes and controls to
prevent such cases.
6LJQDWXUHWRQRWHWRRIQDQFLDOVWDWHPHQWV
For Price Waterhouse
Firm Registration Number: 301112E
Chartered Accountants
Ajay G. Piramal
Rajesh Laddha
Leonard DSouza
Chairman
&KLHI)LQDQFLDO2FHU
Company Secretary
-HHWHQGUD0LUFKDQGDQL
Partner
Membership Number: 048125
Mumbai, May 16, 2016
Mumbai, May 16, 2016
51. 3UHYLRXV\HDUVJXUHVKDYHEHHQUHJURXSHGUHFODVVLHGZKHUHYHUQHFHVVDU\WRFRUUHVSRQGZLWKWKHFXUUHQW\HDUVFODVVLFDWLRQGLVFORVXUH
STATUTORY REPORTS
For the year ended

March 31, 2016
* Containing various raw materials, none of which represents more than 5% of total consumption of raw materials.
49. a)
Piramal
Dutch
Holdings
N.V.
31.12.2015*
Name of the Subsidiary Company
Reporting period for the subsidiary
100
Proposed dividend
% of shareholding
100
2.14
(62.11)
Provision for taxation
450.42
(59.97)
3URWDHUWD[DWLRQ
190.98
174.51
450.42
2,127.52
Investments
3,337.21
4,298.90
(839.84)
1,801.53
66.26
USD
31.12.2015*
Piramal
Healthcare
Inc.
31.03.2016
USD
66.26
3.68
(3.68)
100
Piramal
International
3URWEHIRUHWD[DWLRQ
145.02
Total liabilities
Turnover
2,127.65
Total assets
449.79
1,532.84
Share capital
Reserves & Surplus
75.44
Exchange rate
EUR
31.03.2016
INR
6.73
1.90
17.23
8.60
5.17
(0.71)
0.09
(0.80)
100

Reporting currency
Exchange rate
Share capital
Reserves & Surplus
Total assets
Total liabilities
Investments
Turnover
3URWEHIRUHWD[DWLRQ
3URWDHUWD[DWLRQ
Proposed dividend
% of shareholding
Reporting currency
PHL
Fininvest
Private
Limited
100
64.20
32.23
96.43
708.92
760.93
803.88
(56.67)
99.62
66.26
USD
31.12.2015*
Piramal
Critical
Care, Inc.
31.12.2015*
CHF
69.02
144.94
(256.43)
1,562.79
1,674.29
498.47
48.85
(124.92)
(124.92)
100
Piramal
Holdings
(Suisse) SA
100
3.98
1.25
5.22
52.19
89.97
72.49
(21.69)
4.22
66.26
USD
31.12.2015*
Piramal
Pharma
Inc.
31.12.2015*
CHF
69.02
68.78
(378.87)
564.98
875.07
11.03
11.84
(102.79)
(102.79)
98.34
Piramal
Imaging SA
31.12.2015*
EUR
75.44
26.40
(13.80)
16.60
4.00
5.96
(3.88)
(3.88)
100
Piramal
Critical Care
Deutschland
GmbH
31.12.2015*
EUR
75.44
15.09
0.46
24.17
8.62
25.49
(31.69)
(31.69)
100
Piramal
Critical Care
Italia, S.P.A
31.12.2015*
GBP
95.35
91.53
42.03
133.65
0.09
2.72
2.72
100
Piramal
Critical Care
Limited
31.12.2015*
GBP
95.35
9.53
(158.35)
59.77
208.59
5.75
(135.30)
(135.30)
100
Piramal
Imaging
Limited
100
(60.09)
(88.18)
(148.27)
1,167.95
3,439.79
4,943.83
(240.19)
1,744.23
66.26
USD
31.12.2015*
100
(10.21)
2.55
(7.66)
118.21
182.98
252.84
(10.21)
80.07
66.26
USD
31.12.2015*
100
8.14
4.29
12.42
105.12
293.85
175.23
338.82
162.25
1.34
INR
31.03.2016
100
2.16
0.07
2.23
9.27
0.07
0.52
49.08
48.28
0.28
66.26
USD
31.03.2016
100
(0.56)
(0.56)
0.93
0.08
0.47
(3.69)
4.08
66.26
USD
31.03.2016
Decision Coldstream Piramal Fund

INDIAREIT
Piramal
Resources Laboratories Management
Investment
Asset
Inc.
Inc.
Private Management Management
Consolidated
Limited
Co.
Private
Limited
31.12.2015*
EUR
75.44
0.19
5.66
11.11
5.26
49.20
2.81
0.87
1.94
100
Piramal
Imaging
GmbH
100
37.22
20.04
57.26
142.46
173.01
788.29
189.86
425.42
INR
31.03.2016
Piramal
Finance
Private
Limited
31.12.2015*
CAD
51.19
165.79
(107.72)
240.27
182.20
159.71
36.99
15.31
21.68
100
(` in Crores)
Piramal
Healthcare
Pension
Trustees
Limited
31.12.2015*
GBP
95.35
GBP 1
GBP 1
100
(` in Crores)
100
0.02
**
0.02
0.11
2.76
0.05
3.12
0.37
2.70
INR
31.03.2016
100
1.37
1.37
4.79
19.71
53.55
54.56
(3.49)
4.50
INR
31.03.2016
Piramal
Piramal
Investment Systems and
Advisory Technologies
Services
Private
Private
Limited
Limited
31.12.2015*
GBP
95.35
168.50
92.39
647.94
387.05
719.55
40.04
0.26
39.78
100
Piramal
Piramal
Healthcare Healthcare
(Canada) (UK) Limited
Limited
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/JOINT VENTURES

PART A: SUBSIDIARIES
FORM
AOC-1
3XUVXDQWWRUVWSURYLVRWRVXEVHFWLRQRIVHFWLRQUHDGZLWKUXOHRI&RPSDQLHV$FFRXQWV5XOHV
212
(0.67)
-
0.01
0.01
-
69.02
22.78
(10.86)
45.33
33.42
45.00
0.07
(2.71)
-
(2.71)
Decision
Resources Inc.
31.12.2015*
1,206.25
-
Piramal IPP
Holdings LLC
31.12.2015*
USD
66.26
1,716.11
1,716.11
DRG Holdco
Inc.
31.12.2015*
USD
66.26
474.08
(23.40)
3,755.80
3,305.12
1,716.11
Share capital
Reserves & Surplus
Total assets
Total liabilities
Investments
100
(23.40)
-
100
3URWDHUWD[DWLRQ
Proposed dividend
% of shareholding
(347.45)
100
182.96
(164.49)
5.21
(23.40)
3URWEHIRUHWD[DWLRQ
4,135.73
5,115.86
(762.05)
1,742.20
66.26
USD
(267.89)
372.92
100
0.39
8.39
100
66.26
66.26
105.03
USD
USD
933.79
31.12.2015*
31.12.2015*
8.78
Decision
DR/Decision
Resources Resources, LLC
International,
Inc.
93.21
100
100
476.28
(0.05)
(0.05)
(0.02)
(0.01)
1,897.93
(0.07)
(0.06)
3,845.06
714.54
699.87
0.07
0.06
66.26
2.02
5.01
976.68
31.12.2015*
(0.05)
(0.05)
DR/MRG
Holdings, LLC
2.00
5.00
(14.67)
100
100
9.85
9.85
337.28
6.18
533.94
51.48
0.02
0.02
INR
INR
INR
31.03.2016
31.03.2016
31.03.2016
STATUTORY REPORTS
Turnover
Exchange rate
Reporting currency
51
100
(0.67)
80.14
148.88
(1.27)
70.01
INR
INR
CHF
31.03.2016
31.03.2016
31.12.2015*
100
% of shareholding
Proposed dividend
3URWDHUWD[DWLRQ
3URWEHIRUHWD[DWLRQ
Turnover
Investments
Total liabilities
Total assets
Reserves & Surplus
Share capital
Exchange rate
Reporting currency
PEL Asset
Piramal Asset
Piramal
Resurgence Reconstruction
Consumer
Advisory Private Limited
Products
Private Limited
Private Limited
Piramal
PEL Finhold
Convergence
Technologies Private Limited
Chemicals
SA
Private Limited
100
4.80
15.52
10.72
20.26
(1.35)
(1.35)
0.40
0.46
0.06
1.20
0.05
0.10
(0.05)
142.61
22.86
218.09
52.63
200.04
11.51
(10.90)
142.61
142.00
142.61
Decision
Resources
Group Asia Ltd
31.12.2015*
USD
66.26
Millennium
Research
Group Inc.
31.12.2015*
USD
66.26
100
100
100
100
0.81
(6.78)
2.20
(0.05)
(0.62 )
(6.81)
0.76
(7.40)
2.20
8.86
105.11
4.77
20.24
180.25
18.96
188.48
(6.81)
95.35
(1.28)
GBP
95.35
GBP
337.28
31.12.2015*
31.12.2015*
(329.05)
Decision
Resources
Group UK
Limited
DRG UK Holdco
Limited
(` in Crores)
**
^
4.00
4.00
**
58.77
15.88
**
-
26.61
**
-
10.73
**
INR
31.03.2016
INR
INR
INR
31.03.2016
31.03.2016
31.03.2016
Piramal
Swasthya
Management
and Research
Institute ^
(` in Crores)
Piramal
Healthcare
Foundation ^
Piramal
Foundation
for Education
Leadership ^
Piramal
Udgam Data
Management
Solutions ^
STRATEGIC OVERVIEW
FORM
AOC-1 (CONTD.)
213
0.82
4.25
2.13
7.81
-
100
3URWDHUWD[DWLRQ
Proposed dividend
% of shareholding
100
16.07
16.07
41.01
37.45
252.29
16.07
66.26
100
2.36
0.61
2.98
22.74
17.52
22.71
5.18
0.01
INR
31.03.2016
*For the purposes of the Consolidated Financial Statements included in this annual report, the accounts of the Company have been rolled forward to March 31, 2016. The details provided
KHUHLQKRZHYHUDUHEDVHGRQWKHVWDWXWRU\QDQFLDO\HDU
^Companies formed under Section 25 of the Companies Act, 1956 (Section 8 of Companies Act, 2013) and hence have no share capital
1. Name of the subsidiaries which are yet to commence operations
D3LUDPDO'XWFK,0+ROGFR%9'HWDLOVDUHQRWSURYLGHGVLQFHWKHUVWDFFRXQWLQJSHULRGSRVWLQFRUSRUDWLRQZLOOHQGRQ'HFHPEHU
E3(/'5*'XWFK+ROGFR%9'HWDLOVDUHQRWSURYLGHGVLQFHWKHUVWDFFRXQWLQJSHULRGSRVWLQFRUSRUDWLRQZLOOHQGRQ'HFHPEHU
c) PEL Asset Resurgence Advisory Private Limited
d) Piramal Asset Reconstruction Private Limited
e) Piramal Consumer Products Private Limited
2. Name of the subsidiaries which have been liquidated or sold during the year - NONE
100
3.43
9.94
3URWEHIRUHWD[DWLRQ
2.73
Investments
7.12
35.22
11.18
34.59
Total liabilities
4.25
23.85
66.26
USD
31.12.2015*
USD
31.12.2015*
(` in Crores)
Healthcare DRG Analytics
Business
& Insights
Insights LLC Private Limited
(Consolidated)
Activate
Networks Inc.
77.07
50.72
Total assets
Turnover
16.13
0.00
Share capital
Reserves & Surplus
95.35
Exchange rate
GBP
31.12.2015*
Reporting currency
Sigmatic
Limited
FORM
AOC-1 (CONTD.)
214
215
STRATEGIC OVERVIEW
STATEMENT CONTAINING SALIENT FEATURES OF THE FINANCIAL STATEMENT OF SUBSIDIARIES/JOINT VENTURES
PART B: ASSOCIATES AND JOINT VENTURES

Statement pursuant to Section 129(3) of the Companies Act, 2013 related to Associate Companies And Joint Ventures
(` in Crores)
Name of the Associates / Joint Ventures
- No.
- Amount of Investment in Associate / Joint Venture
- Extent of Holding %
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Bluebird Aero
Systems Limited
Shriram Capital
Limited
31.03.2016
31.03.2016
31.12.2014
31.03.2015
3,920,000
3.92
49%
Based on
shareholding
NA
74.01
2,146.16
74.95%
Based on
shareholding
NA
1,588.66
67,137
43.95
27.83%
Based on
shareholding
NA
3.86
161,076,548
1,745.64
20%
Based on
shareholding
NA
1,673.09
35.85
NA
**
NA
6.30
NA
152.98
NA
1. Name of the associates / joint ventures which are yet to commence operations - NONE
2. Name of the associates / joint ventures which have been liquidated or sold during the year - Novus Cloud Solutions Private Limited
Reason why the associate / joint venture is not consolidated

Networth attributable to Shareholding as per latest audited Balance Sheet
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i. Considered in Consolidation
ii. Not considered in Consolidation
Shrilekha
Financial Services
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Latest Audited Balance Sheet Date

Shares of Associates / Joint Ventures held by the Company on
the year end
Allergan India
Private Limited
(Allergan)
STATUTORY REPORTS
CONSOLIDATED
FINANCIAL
STATEMENTS
216
CONSOLIDATED FINANCIAL STATEMENTS
Contents
Independent Auditors Report
Consolidated Balance Sheet
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Consolidated Cash Flow Statement
Notes to Consolidated Financial Statements
217
222
223
224
226
217
To the Members of Piramal Enterprises Limited
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authoritative pronouncements issued by the Institute of Chartered Accountants of India. Those Standards and pronouncements require that
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statements are free from material misstatement.

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that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of the accounting policies used and the
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STATUTORY REPORTS
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to be included in the audit report.
Managements Responsibility for the Consolidated Financial Statements

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entities respectively and for preventing and detecting frauds and other irregularities; the selection and application of appropriate accounting
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Report on the Consolidated Financial Statements

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STRATEGIC OVERVIEW
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Inherent Limitations of Internal Financial Controls Over Financial Reporting
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Financial Controls Over Financial Reporting issued by the Institute of Chartered Accountants of India.
STRATEGIC OVERVIEW
STATUTORY REPORTS
222
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Note
No.
EQUITY AND LIABILITIES

Shareholders' Funds
3
4
Share capital
Reserves and surplus
As at
March 31, 2015
(` in Crores)
34.51
12,387.59
34.51

12,422.10
33.68
Minority Interest
Non-current liabilities
5
6
7
8
/RQJWHUPERUURZLQJV
'HIHUUHGWD[OLDELOLWLHV1HW
Other long-term liabilities
Long-term provisions

29.11
7,581.20
49.70
312.71

2.61
7.66
121.17
7,943.61
Current liabilities
6KRUWWHUPERUURZLQJV
Trade payables
Short-term provisions
ASSETS
Non-current Assets
As at
March 31, 2016
(` in Crores)

11
6,869.08
524.33
2,962.04
80.78
12
12
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Non-current investments
'HIHUUHGWD[DVVHWV1HW
Long-term loans and advances
Other non-current assets

10,436.23
30,835.62
TOTAL
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Tangible assets
Intangible assets
Capital Work in progress
,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQW5HIHU1RWH

13
14
15
16

1,344.05
942.98
297.99
68.14
2,653.16
5,714.08
14,172.84
14.06
3,010.43
522.25

239.53
37.61

29.48

278.85
26,086.82
Current Assets
17
18
19

21
22
Current investments
Inventories
Trade receivables
Cash and bank balances
Other current assets
627.38
735.44
926.21
441.79
1,865.25
152.73

674.94
831.73

75.63
4,748.80
30,835.62
TOTAL
Contingent liabilities and commitments
6XPPDU\RIVLJQLFDQWDFFRXQWLQJSROLFLHV
The accompanying notes are an integral part of the Consolidated Financial Statements

23
2
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Rajesh Laddha
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Note
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24
Year Ended
March 31, 2016
(` in Crores)
6,642.33

32.44
/HVV([FLVH'XW\
29.34
6,609.89
25
Total Revenue

242.46
254.19
6,852.35

Expenses
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26
1,237.16
27
156.71
184.18
28
(54.49)

29
1,689.83

Finance costs

938.77

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12
327.44
289.87
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31
1,708.42

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6,003.84
32
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Less: Tax Expenses

848.51

45.67

894.18

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319.71
328.88
(230.49)
89.22
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13.97
328.88

103.19
344.96
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790.99

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159.28
159.27
Minority Interest
(0.33)

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950.60

55.1
165.2
(DUQLQJV3HU6KDUH%DVLF'LOXWHG`) (Face value of `HDFK5HIHU1RWH
STATUTORY REPORTS
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Other Income
Year Ended
March 31, 2015
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STRATEGIC OVERVIEW
CONSOLIDATED STATEMENT OF PROFIT AND LOSS
The accompanying notes are an integral part of the Consolidated Financial Statements
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CASH FLOW FROM OPERATING ACTIVITIES

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CASH FLOW FROM INVESTING ACTIVITIES

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Purchase of Current Investments
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Purchase of Equity Instruments
(A)
Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)
848.51

327.44
344.82
(100.76)
(5.74)
2.77
5.21
6.21
(0.07)
0.21
0.63
23.99
169.36
1.93
8.36
0.30
(21.79)
(0.85)
(45.68)
1,564.85
289.87

4.12

2.65

31.11

681.23
(91.98)
(223.40)
(83.51)
(1,107.61)
(87.13)
(7,003.81)
136.37

2.63

7.42
42.04
29.28
423.91
6.87
(6,386.70)
(347.95)
(6,734.65)

3.73
84.27
7.66

(35.49)
(7.19)
(6,777.33)

(910.04)
1.45

15.26
(11,258.65)

11,358.26

(45.99)
(1.07)
3.75

225
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28.22

781.62
11.30
3.71
5.00
29.85
(876.78)

5,857.98
(1,134.47)

24,771.34
(20,747.68)
4.90
(359.75)
(640.71)
(131.74)
7,619.87

(34.24)
447.01
8.02
1.52
422.31

325.18

13.21

7.16
402.87
12.28
422.31

446.32

CASH FLOW FROM FINANCING ACTIVITIES
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STATUTORY REPORTS
(73.00)
53.00
5.74
36.06
(193.16)
-
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Year Ended
March 31, 2015
(` in Crores)

Interest Received
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- Sale of Investment in Vodafone India Limited
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Year Ended
March 31, 2016
(` in Crores)
100.76
STRATEGIC OVERVIEW
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TO CONSOLIDATED FINANCIAL STATEMENTS
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GENERAL INFORMATION
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viii) Revenue recognition

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the amount outstanding and the rate applicable.
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STATUTORY REPORTS
vii) Provisions and Contingent Liabilities

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a reliable estimate of the amount cannot be made.
STRATEGIC OVERVIEW
NOTES
232
NOTES
ix)
Foreign Currency Transactions

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7
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Research and Development

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xi)
Research
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5
of a molecule till the stage of Pre-clinical studies and till the receipt of regulatory approval for commencing phase I trials are treated as
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Development
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xii) Government Grants

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xiii) Leases
Operating Leases

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233
xiv) Taxes on Income

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xv) Cash and Cash Equivalents

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xvii) Loans

/RDQVDUHFODVVLHGLQWRSHUIRUPLQJDQGQRQSHUIRUPLQJDQGDUHVWDWHGDHUGHGXFWLRQRIVSHFLFSURYLVLRQVDQGLQWHUHVWLQVXVSHQVHLI
DQ\LQDFFRUGDQFHZLWKWKHSUHVFULEHG5HVHUYH%DQNRI,QGLDJXLGHOLQHVLQFDVHRI1%)&VXEVLGLDULHV
xviii) Provision for standard assets

3URYLVLRQRQVWDQGDUGDVVHWVLVPDGHLQOLQHZLWKWKHSUXGHQWLDOQRUPVSUHVFULEHGE\WKH5HVHUYH%DQNRI,QGLDLQFDVHRI1%)&VXEVLGLDULHV
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1
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xix) Deferred Revenue and Unbilled Revenue

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STATUTORY REPORTS
[YL %RUURZLQJ&RVWV

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VXEVWDQWLDOSHULRGRIWLPHWRJHWUHDG\IRUWKHLULQWHQGHGXVHDUHFDSLWDOLVHG2WKHUERUURZLQJFRVWVDUHUHFRJQL]HGDVDQH[SHQVHLQWKH
SHULRGLQZKLFKWKH\DUHLQFXUUHG

STRATEGIC OVERVIEW
NOTES
234
NOTES
xx) Segment Reporting

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DQGH[SHQVHVKDYHEHHQLGHQWLHGWRVHJPHQWVRQWKHEDVLVRIWKHLUUHODWLRQVKLSWRWKHRSHUDWLQJDFWLYLWLHVRIWKHVHJPHQW,QFRPH
&RVWVZKLFKUHODWHWRWKH*URXSDVDZKROHDQGDUHQRWDOORFDEOHWRVHJPHQWVRQDUHDVRQDEOHEDVLVKDYHEHHQLQFOXGHGXQGHU8QDOORFDWHG
,QFRPH&RVWV
3.
SHARE CAPITAL
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
(TXLW\6KDUHVRI` HDFK
50.00

3UHIHUHQFH6KDUHVRI` HDFK
30.00

3UHIHUHQFH6KDUHVRI` HDFK
24.00

8QFODVVLHG6KDUHVRI` HDFK
21.00

125.00

34.51
34.51
34.51
34.51
AUTHORISED
,668('68%6&5,%('$1'3$,'83
(TXLW\6KDUHVRI` HDFKIXOO\SDLGXS
TOTAL
3.1 Reconciliation of number of shares

Equity Shares
3DUWLFXODUV
1RRIVKDUHV
` In Crores
1RRIVKDUHV
` In Crores
172,563,100
34.51

34.51
$GG,VVXHGGXULQJWKH\HDU
/HVV6KDUHVFDQFHOOHGGXULQJWKH\HDU
172,563,100
34.51

34.51
1RRIVKDUHV
+ROGLQJ
1RRIVKDUHV
+ROGLQJ
83,905,941
48.62%

48.75%
7,600,000
4.40%

5.93%

3.2 Details of shareholders holding more than 5% shares in the Company
3DUWLFXODUV
7KH6UL.ULVKQD7UXVWWKURXJKLWV7UXVWHHV0U$MD\3LUDPDODQG'U0UV6ZDWL$
3LUDPDO3UHYLRXVO\KHOGWKURXJKLWV&RUSRUDWH7UXVWHHV3LUDPDO0DQDJHPHQW
Services Private Limited)
$EHUGHHQ*OREDO,QGLDQ(TXLW\0DXULWLXV/LPLWHG
$JJUHJDWHQXPEHURIVKDUHVLVVXHGIRUFRQVLGHUDWLRQRWKHUWKDQFDVKDQGVKDUHVERXJKWEDFNGXULQJWKHSHULRGRIYH\HDUV
LPPHGLDWHO\SUHFHGLQJUHSRUWLQJQDQFLDO\HDU
)LQDQFLDO<HDU
1RRIVKDUHV
i.
(TXLW\6KDUHVDOORWWHGDVIXOO\SDLGXSSXUVXDQWWRPHUJHURI3+/+ROGLQJV3ULYDWH
Limited into the Company
2013-14

ii.
(TXLW\6KDUHVDOORWWHGDVIXOO\SDLGXSSXUVXDQWWRGHPHUJHURI5 '1&(GLYLVLRQRI
3LUDPDO3K\WRFDUH/LPLWHG33/IRUPHUO\NQRZQDV3LUDPDO/LIH6FLHQFHV/LPLWHG
into the Company
2011-12

iii.
Equity shares bought back by the Company
2011-12

iv.
Equity shares bought back by the Company
2010-11

3DUWLFXODUV
235
5LJKWVSUHIHUHQFHVDQGUHVWULFWLRQVDWWDFKHGWRVKDUHV
Equity Shares:
The Company has one class of equity shares having a par value of ` SHUVKDUH(DFKVKDUHKROGHULVHOLJLEOHIRURQHYRWHSHUVKDUHKHOG
7KHGLYLGHQGSURSRVHGE\WKH%RDUGRI'LUHFWRUVLVVXEMHFWWRWKHDSSURYDORIWKHVKDUHKROGHUVLQWKHHQVXLQJ$QQXDO*HQHUDO0HHWLQJ
H[FHSWLQFDVHRILQWHULPGLYLGHQG,QWKHHYHQWRIOLTXLGDWLRQWKHHTXLW\VKDUHKROGHUVDUHHOLJLEOHWRUHFHLYHWKHUHPDLQLQJDVVHWVRIWKH
&RPSDQ\DHUGLVWULEXWLRQRIDOOSUHIHUHQWLDODPRXQWVLQSURSRUWLRQWRWKHLUVKDUHKROGLQJ
4.
RESERVES AND SURPLUS

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
CAPITAL RESERVE
56.66
56.66
56.66
56.66
&$3,7$/68%6,'<
0.40

0.40

61.73
61.73
61.73
61.73
'(%(1785(5('(037,215(6(59(
85.42

438.58
$GG7UDQVIHUGXULQJWKH\HDUIURP6XUSOXVLQ6WDWHPHQWRI3URWDQG/RVV
55.42
524.00
85.42
GENERAL RESERVE
/HVV*RRGZLOORI2[\JHQ%LRUHVHDUFK3ULYDWH/LPLWHGDGMXVWHGRQPHUJHU

55.18
7.44
11.21
5,689.77

5(6(59()81'86,&2)5%,$&7
31.51

7.44
$GG$PRXQWWUDQVIHUUHGIURP*HQHUDO5HVHUYH5HIHU1RWH
11.21
38.95
365.19
)25(,*1&855(1&<75$16/$7,215(6(59(5HIHU1RWH
31.51
266.15
365.19
STATUTORY REPORTS
/HVV7UDQVIHUUHGWR5HVHUYH)XQGXV,&RIWKH5HVHUYH%DQNRI,QGLD$FW
5HIHU1RWH
5,697.21
CAPITAL REDEMPTION RESERVE
STRATEGIC OVERVIEW
NOTES
266.15
SURPLUS IN STATEMENT OF PROFIT AND LOSS

950.60

7.68
/HVV,QWHULP'LYLGHQGRQ(TXLW\6KDUHV
301.99
61.48
Proposed Dividend on Equity Shares
345.13

$GG3URWIRUWKH\HDU
/HVV'HSUHFLDWLRQFKDUJHGWR5HWDLQHG(DUQLQJVDVSHU6FKHGXOH,,5HIHU1RWH
Less: Appropriations
438.58
Debenture Redemption Reserve

TOTAL
55.42
5,650.89
12,387.59

4. 1 'XULQJWKHFXUUHQW\HDUHQGHG0DUFK3+/)LQLQYHVW3ULYDWH/LPLWHGDQG3LUDPDO)LQDQFH3ULYDWH/LPLWHGKDYHWUDQVIHUUHGDQDPRXQW
RI1LO3UHYLRXV<HDU` &URUHVDQG` &URUHV3UHYLRXV<HDU`&URUHVUHVSHFWLYHO\EHLQJRI3URWDHU7D[WR5HVHUYH)XQGDV
UHTXLUHGXV,&RIWKH5HVHUYH%DQNRI,QGLD$FW
5,502.34
236
NOTES
5.
LONG TERM BORROWINGS

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
Secured
7HUP/RDQV
2,593.78
)URP%DQNV

0.13
From Financial Institutions

2,593.91
600.00
Secured Redeemable Non Convertible Debentures

-
Unsecured
/RDQ)URP%DQNV
1,193.36
Term Loans

398.93
Foreign Currency Non Repatriable Loans

Unsecured Redeemable Non-convertible Debentures
TOTAL
1,592.29
2,795.00
7,581.20

7HUPVRIUHSD\PHQWQDWXUHRIVHFXULW\ UDWHRILQWHUHVWLQFDVHRI6HFXUHG/RDQV
$ 6HFXUHG7HUP/RDQVIURP%DQNV
1DWXUHRI6HFXULW\
)LUVW&KDUJHRQWKHSUHVHQWDQGIXWXUH[HGDVVHWVRIWKH&RPSDQ\ZLWKDPLQLPXP
security cover of 1.15 times.
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V
LQYHVWPHQWD,QGHEHQWXUHVSHUWDLQLQJWR5HDO(VWDWH6HFWRU E,QWHUFRUSRUDWHGHSRVLWV
SHUWDLQLQJWR5HDO(VWDWH6HFWRUZLWKDPLQLPXPDVVHWFRYHURIWLPHVIRURYHUDOO
facilities.
)LUVWSDULSDVVXFKDUJHE\ZD\RIK\SRWKHFDWLRQRIUHFHLYDEOHVDULVLQJRXWRILGHQWLHG
QDQFLDODVVHWVLHLQYHVWPHQWLQ'HEHQWXUHV LQWHUFRUSRUDWHGHSRVLWVSHUWDLQLQJWR5HDO
(VWDWH6HFWRUZLWKDPLQLPXPDVVHWFRYHURIWLPHVIRUWKHRYHUDOOIDFLOLWLHV
7HUPVRIUHSD\PHQW
5HSD\DEOHLQVHPLDQQXDO
LQVWDOOPHQWVIURP-XO\
Repayment in seven semi annual
LQVWDOPHQWVIURP0D\
Repayment in 12 equal quarterly
LQVWDOPHQWVVWLQVWDOPHQWUVWGD\
of the 27th month.Final Maturity 5
\HDUVIURPGDWHRIHDFKGUDZGRZQ
Repayment in 3 equal tranches at
WKHHQGRIDQGPRQWKV
IURPWKHGDWHRIUVWGLVEXUVHPHQW
/RDQDYDLOHGRQ'HFHPEHU
+\SRWKHFDWLRQRIDOOPRYDEOHSURSHUWLHVRIWKH&RPSDQ\LHSODQWDQGPDFKLQHU\
5HSD\PHQWLQ+DOI<HDUO\
H[FOXGLQJ&XUUHQW$VVHWVDQG,QWDQJLEOH$VVHWVERWKSUHVHQWDQGIXWXUHDWWKHEHORZ
installments of `&URUHVHDFK
ORFDWLRQVD3LWKDPSXU0DGK\D3UDGHVKE(QQRUH&KHQQDLF'LJZDO9LOODJH0HGDN
FRPPHQFLQJPRQWKVDHUWKH
'LVWULFW$QGKUD3UDGHVKG0DKDG'LVWULFW5DLJDG0DKDUDVKWUDDQGWKH(TXLWDEOH0RUWJDJH UVWGLVEXUVHPHQW/RDQDYDLOHGRQ
RIDOOWKHLPPRYDEOHSURSHUWLHVERWK/HDVH+ROGDQG)UHH+ROGRIWKH&RPSDQ\ERWK
-DQXDU\
SUHVHQWDQGIXWXUH7KHFKDUJHZLOOEHRQSDULSDVVXEDVLVZLWKH[LVWLQJ7HUP/HQGHUVZLWKD
PLQLPXP)LQDQFLDO$VVHW&RYHU)$&5RIWLPHV
)LUVWSDULSDVVXFKDUJHE\ZD\RIK\SRWKHFDWLRQRUUHFHLYDEOHVDULVLQJRXWRILGHQWLHG
Repayment in 14 unequal quarterly
QDQFLDODVVHWVWRWKHVDWLVIDFWLRQRIWKH/HQGHUFRYHUHGXQGHUORDQDJUHHPHQWVRIWKH
LQVWDOOPHQWV7KHUVWRIVXFK
%RUURZHUZLWKDPLQLPXPDVVHWFRYHURIWLPHVIRUWKHRYHUDOOIDFLOLWLHV$WDQ\SRLQW
installment of repayment shall fall
RIWLPHVXFKDVVHWVZLOOQRWLQFOXGHWKRVHDVVHWVZKHUHLQWKHVFKHGXOHGUHSD\PHQWLV
GXHRQWKHUVWGD\RIWKHVW
RYHUGXHIRUPRUHWKDQGD\VRUVXFKRWKHUGD\VRI13$UHFRJQLWLRQDVSHUWKH5%,
PRQWKIURPWKHGDWHRIWKHUVW
JXLGHOLQHVZKLFKHYHULVORZHU
GUDZGRZQ/RDQDYDLOHGRQ
0DUFK
Repayment in 14 unequal quarterly
LQVWDOOPHQWVDHUPRUDWRULXPSHULRG
of 18 months.Loan availed on
0DUFK
First pari passu charge on motor cars of a subsidiary.
Repayable in 48 equal monthly
installments commencing from
2FWREHU
As at March
31, 2016
(` in Crores)
244.99
As at March
31, 2015
(` in Crores)

100.00

500.00
250.00
200.00
250.00
100.00
0.21

237
7HUPVRIUHSD\PHQW
First pari passu charge on the receivables present and future of a subsidiary.
Repayable in 16 equal quarterly

2FWREHU
Repayable in 15 equal quarterly
installments commencing from May

Repayable in 14 quarterly
0DUFK
5HSD\DEOHLQTXDUWHUO\
LQVWDOOPHQWVIURP0DUFK
Repayable in 16 quarterly
LQVWDOOPHQWVIURP-XQH
Repayable in 11 semi annual
LQVWDOOPHQWVIURP0DUFK
+\SRWKHFDWLRQRILPPRYDEOHSURSHUWLHVHTXLSPHQWLQWHOOHFWXDOSURSHUW\LQYHQWRU\
receivables and other movable property of a subsidiary.
)L[HGDQGRDWLQJFKDUJHVRYHUWKHIUHHKROGDQGOHDVHKROGSURSHUW\DQGDOORWKHUDVVHWV
RZQHGE\DVXEVLGLDU\
)LUVWFKDUJHRQDOOPRYDEOHDQGLPPRYDEOH[HGDVVHWVSUHVHQWDQGIXWXUHRIDVXEVLGLDU\
First charge on all tangible and intangible assets both present and future of a subsidiary.
As at March
31, 2016
(` in Crores)
43.75
As at March
31, 2015
(` in Crores)

20.00

77.09
99.24
92.97
92.35
70.00

925.96

2XWRIWKHDERYH7HUP/RDQVRI` &URUHV3UHYLRXV<HDU` &URUHVDUHUHFODVVLHGWR&XUUHQW0DWXULWLHVRI/RQJWHUPORDQV5HIHU1RWH
6DWLVIDFWLRQRIFKDUJHVLQUHVSHFWRIFHUWDLQUHSDLGORDQVDUHVWLOODZDLWHG&UHDWLRQRIFKDUJHVLQUHVSHFWRIFHUWDLQORDQVDUHLQSURFHVV
%
6HFXUHG'HEHQWXUHV
3DUWLFXODUV
1DWXUHRI6HFXULW\

annually) 9.25% Secured Rated
Listed Redeemable Non Convertible
Debentures of `HDFK
As at March
31, 2015
(` in Crores)
Series A - `&URUHVUHGHHPDEOHDW
SDUDWWKHHQGRIGD\VIURPWKHGDWH
RIDOORWPHQWLH-DQXDU\DQG
6HULHV%`&URUHVUHGHHPDEOHDWSDU
at the end of 762 days from the date of
DOORWPHQWLH-DQXDU\
500.00
Option I - `&URUHVUHGHHPDEOHDWSDU
at the end of 729 days from the date of
DOORWPHQWLH0DUFKDQG2SWLRQ
II - `&URUHVUHGHHPDEOHDWSDUDW
WKHHQGRIGD\VIURPWKHGDWHRI
DOORWPHQWLH0DUFK
100.00
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)
250.00
100.00
200.00
132.65
71.58
193.98
1,093.27
-

115.46

41.71
STATUTORY REPORTS
6HFXUHGE\)LUVW3DUL3DVVXQRQH[FOXVLYH
charge by hypothecation over the
VSHFLHGLGHQWLHGUHFHLYDEOHVDQGD
UVWUDQNLQJSDULSDVVXPRUWJDJHRYHU
6SHFLFDOO\0RUWJDJHG3UHPLVHVRUVXFK
RWKHUSURSHUW\DVPD\EHLGHQWLHGE\WKH
Company as set out in the Debenture Trust
'HHGDQGWKH'HHGRI+\SRWKHFDWLRQ
Secured by a First Pari Passu mortgage
DQQXDOO\6HFXUHG5DWHG
RYHUVSHFLFDOO\0RUWJDJHG3UHPLVHV
Listed Redeemable Non Convertible
DQGDUVWSDULSDVVXK\SRWKHFDWLRQRYHU
Debentures of `HDFK
SRUWLRQVRIVSHFLFLGHQWLHG5HFHLYDEOHV
as set out in the Debenture Trust Deed and
WKH'HHGRI+\SRWKHFDWLRQ
Creation of charges in respect of certain debentures are in process.
As at March
31, 2016
(` in Crores)
7HUPVRI5HSD\PHQW
7KHHHFWLYHFRVWVIRUWKHDERYHORDQVDUHLQWKHUDQJHRI>86'/,%25@WRSHUDQQXP3UHYLRXV<HDU>86'/,%25@WR
per annum)
1DWXUHRI6HFXULW\
STRATEGIC OVERVIEW
NOTES
7HUPVRIUHSD\PHQW UDWHRILQWHUHVWLQFDVHRI8QVHFXUHG/RDQV
A.
Unsecured Loans
3D\PHQW7HUPV
Long term Unsecured loans from

banks
5HSD\PHQWIURPWKHGDWHRIGLVEXUVHPHQWLH2FWREHUUHSD\PHQW
at the end of 15th month for `&URUHVDWWKHHQGRIWKPRQWKIRU` 75
Crores and at the end of 17th month for `&URUHV
5HSD\PHQWRQ6HSWHPEHUIRUDQDPRXQWRI`&URUHV
5HSD\PHQWRQ$SULOIRUDQDPRXQWRI`&URUHV
5HSD\DEOHLQVHPLDQQXDOLQVWDOOPHQWVIURP-DQXDU\
5HSD\DEOHLQVHPLDQQXDOLQVWDOOPHQWVIURP1RYHPEHU
5HSD\DEOHLQVHPLDQQXDOLQVWDOOPHQWVIURP-DQXDU\
5HSD\DEOHLQKDOI\HDUO\LQVWDOOPHQWVIURP2FWREHU
5HSD\DEOHLQPRQWK\HTXDOLQVWDOOPHQWVIURP2FWREHU
3DUWLFXODUV
238
NOTES
3DUWLFXODUV
3D\PHQW7HUPV
Long term Unsecured foreign

currency non repatriable loans
from banks
5HSD\PHQWRQ-XQHIRUDQDPRXQWRI`&URUHV
5HSD\PHQWRQ$XJXVWIRUDQDPRXQWRI`&URUHV
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)
249.47
149.46
* This has been repaid before the year-end.

2XWRIWKHDERYH/RDQVRI`&URUHV3UHYLRXV<HDU`&URUHVDUHUHFODVVLHGWR&XUUHQW0DWXULWLHVRI/RQJWHUPORDQV5HIHU1RWH
7KHHHFWLYHFRVWVIRUWKHDERYHORDQVDUHLQWKHUDQJHRI>*%3/,%25@WRSHUDQQXP3UHYLRXV<HDU>*%3/,%25@WRSHUDQQXP
>(85/,%25@
%
8QVHFXUHG'HEHQWXUHV
3DUWLFXODUV
7HUPVRIUHSD\PHQW
1,/3UHYLRXV<HDUSD\DEOHDQQXDOO\8QVHFXUHG

Redeemable Non Convertible Debentures of ` HDFK
Redeemable at par at the end of 5th year from the allottment

GDWH)HEUXDU\
7KHVDPHKDVEHHQUHGHHPHGRQ)HEUXDU\
Series A - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\V
IURPWKHGDWHRIDOORWPHQWLH0DUFKDQG6HULHV%
` &URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH0DUFK6HULHV&`&URUHV
UHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKHGDWHRI
DOORWPHQWLH0DUFK
Series A - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\V
IURPWKHGDWHRIDOORWPHQWLH$SULODQG6HULHV%
` &URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURPWKH
GDWHRIDOORWPHQWLH$SULODQG6HULHV&`&URUHV
redeemable at par at the end of 767 days from the date of
DOORWPHQWLH$SULO
Series D - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH$SULO
Series A - ` 235 Crores redeemable at par at the end of 731
GD\VIURPWKHGDWHRIDOORWPHQWLH0D\
6HULHV%`&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH0D\DQG6HULHV
C - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\VIURP
WKHGDWHRIDOORWPHQWLH0D\
Series I - ` 75 Crores redeemable at par at the end of 532 days
IURPWKHGDWHRIDOORWPHQWLH-XQHDQG6HULHV,,
` 15 Crores redeemable at par at the end of 644 days from the
GDWHRIDOORWPHQWLH-XQHDQG6HULHV,,,` 65 Crores
redeemable at par at the end of 731 days from the date of
DOORWPHQWLH-XQH
Series I - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\V
IURPWKHGDWHRIDOORWPHQWLH-XO\
Series IV - ` 21 Crores redeemable at par at the end of 974 days
IURPWKHGDWHRIDOORWPHQWLH-XQHDQG6HULHV9
` 224 Crores redeemable at par at the end of 1112 days from
WKHGDWHRIDOORWPHQWLH-XQH
Series II - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRIGD\V
IURPWKHGDWHRIDOORWPHQWLH-XO\
Series III - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH-XO\
Option I - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH1RYHPEHUDQG
Option II - `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH1RYHPEHU
The amount of `&URUHVUHGHHPDEOHDWSDUDWWKHHQGRI
GD\VIURPWKHGDWHRIDOORWPHQWLH0DUFK
3UHYLRXV\HDU8QVHFXUHG5HGHHPDEOH

Non-Convertible Debentures of ` HDFK
3UHYLRXV<HDU1,/SD\DEOHDQQXDOO\8QVHFXUHG

Redeemable Non Convertible Debentures ` HDFK

Redeemable Non Convertible Debentures `HDFK
3UHYLRXV\HDU1,/SD\DEOHDQQXDOO\8QVHFXUHG



3UHYLRXV<HDU1,/SD\DEOHPRQWKO\8QVHFXUHG

2XWRIWKHDERYH'HEHQWXUHVRI` &URUHV3UHYLRXV<HDU1,/DUHUHFODVVLHGWR&XUUHQW0DWXULWLHVRI/RQJWHUPORDQV5HIHU1RWH

,QWHUHVWRQ6HULHV$ %LVSD\DEOHDQQXDOO\,QWHUHVWRQ6HULHV&LVSD\DEOHDWPDWXULW\
As at March
31, 2016
(` in Crores)
-
As at March
31, 2015
(` in Crores)

500

400
100
235
385
155
250
245
200
200
700
100
239
6.
STRATEGIC OVERVIEW
NOTES
DEFERRED TAX LIABILITIES (NET) (REFER NOTE 2 ([LY))
(` in Crores)

(` in Crores)
(a) 'HIHUUHG7D[/LDELOLWLHVRQDFFRXQWRIWLPLQJGLHUHQFHV

2.61
140.11

(b) 'HIHUUHG7D[$VVHWVRQDFFRXQWRIWLPLQJGLHUHQFHV
0.37
86.81
11.04
41.89
- Provision for Onerous Contracts

3URYLVLRQIRUDVVHWVRIQDQFLDOVHUYLFHV
8QDEVRUEHG'HSUHFLDWLRQORVVHV
2WKHUWLPLQJGLHUHQFHV
140.11
-
TOTAL

12.59

57.49
33.71

2.61
'HIHUUHG7D[$VVHWVDQG'HIHUUHG7D[/LDELOLWLHVRIWKHUHVSHFWLYHHQWLW\KDYHEHHQRVHWDVWKH\UHODWHWRWKHVDPHJRYHUQLQJWD[DWLRQODZV
'HIHUUHG7D[DVVHWVKDYHEHHQUHFRJQL]HGRQO\WRWKHH[WHQWRI'HIHUUHGWD[OLDELOLWLHVLQUHVSHFWRIXQDEVRUEHGGHSUHFLDWLRQORVVHV
7.
OTHER LONG TERM LIABILITIES
8.
TOTAL
22.99
1.49
235.76
16.48
13.39
22.60
312.71
19.93

69.39

26.42
3.72
121.17
140.83
101.64
121.61
89.92
LONG-TERM PROVISIONS
3URYLVLRQRQVWDQGDUGDVVHWV5HIHU1RWH[YLLL
3URYLVLRQRQ$VVHWVRI)LQDQFLDO6HUYLFHV5HIHU1RWH
3URYLVLRQIRU2QHURXVFRQWUDFWV5HIHU1RWH
3URYLVLRQIRU/LWLJDWLRQDQGGLVSXWHV5HIHU1RWH
Others
9.
STATUTORY REPORTS

2.35

7.66
TOTAL
5.03
0.29
4.91
35.98
3.45
0.04
49.70
*RYHUQPHQW*UDQWUHFHLYHG5HIHU1RWH[LL

Advance from customers
Employee related liabilities
,QWHUHVW$FFUXHGEXWQRWGXHRQERUURZLQJV
$FFUXHGHDUQRXW5HIHU1RWHE
Deposits Received
Others
140.11
-
- Depreciation
- Others
SHORT-TERM BORROWINGS
TOTAL
6,060.00
5.00

-
548.19
13.42
534.41
8.38
6,626.61
6,869.08

Secured
Loans from banks
- Repayable on demand
- Others
Unsecured
Commercial Papers
/RDQVIURPUHODWHGSDUWLHV5HIHU1RWH
Loans from banks
- Repayable on demand
- Others

NOTES
Notes on Secured Loans
1.
2.

Secured Loans from banks are secured by hypothecation of inventories and book debts.
Working capital loan of a subsidiary is secured against pari-passu charge on the receivables present.
%DQNRYHUGUDDQGLQYRLFHQDQFLQJDUUDQJHPHQWRIDVXEVLGLDU\DUHVHFXUHGE\[HGDQGRDWLQJFKDUJHVRYHUWKHIUHHKROGDQGOHDVHKROGSURSHUW\DQGDOORWKHU
DVVHWVRZQHGE\WKDWVXEVLGLDU\
%DQNRYHUGUDIDFLOLW\RIDVXEVLGLDU\LVVHFXUHGE\K\SRWKHFDWLRQRIWKHLPPRYDEOHSURSHUWLHVHTXLSPHQWLQWHOOHFWXDOSURSHUW\LQYHQWRU\UHFHLYDEOHVDQGRWKHU
movable property.
10. OTHER CURRENT LIABILITIES

As at
March 31, 2016
(` in Crores)
&XUUHQWPDWXULWLHVRIORQJWHUPGHEW5HIHU1RWH
,QWHUHVWDFFUXHGEXWQRWGXHRQERUURZLQJV
As at
March 31, 2015
(` in Crores)
1,804.18

196.76
26.25
Interest accrued and due
1.10
1.28
Advance From Customers
47.67
45.11
Deferred Consideration Payable

Deferred Revenue
8QSDLGGLYLGHQGV5HIHUQRWHDEHORZ
8QDPRUWLVHG3UHPLXPRQ)RUZDUG&RQWUDFWV
73.55
384.14

19.46

1.95

Other payables
- Employee Related Liabilities
180.48

$FFUXHG([SHQVHV
194.59
171.87
3D\DEOHVIRUSXUFKDVHRI)L[HG$VVHWV
6WDWXWRU\'XHVLQFOXGLQJWD[GHGXFWHGDWVRXUFH
5.91
39.91
55.34
- Retention money
1.50
- Deposits received
0.77

- Others
7.49
TOTAL
8.49
4.23
433.23
323.97
2,962.04

D7KHUHDUHQRDPRXQWVGXHDQGRXWVWDQGLQJWREHFUHGLWHGWR,QYHVWRU(GXFDWLRQDQG3URWHFWLRQ)XQGDVDWWKH\HDUHQG
11. SHORT-TERM PROVISIONS

Proposed Dividend on Equity Shares
7D[3D\DEOHRQ3URSRVHG'LYLGHQG
3URYLVLRQRQ$VVHWVRI)LQDQFLDO6HUYLFHV5HIHU1RWH
3URYLVLRQIRU:HDOWK7D[
3URYLVLRQIRU,QFRPH7D[>1HWRI$GYDQFH7D[RI`&URUHV3UHYLRXV\HDU` 442.25
Crores)]
24.99
19.66
345.13

26.48
23.49
0.21

26.56
15.91
3URYLVLRQRQVWDQGDUGDVVHWV5HIHU1RWH[YLLL
0.53

3URYLVLRQIRU2QHURXVFRQWUDFWV5HIHU1RWH
0.71
35.49
Others
TOTAL
1.30

80.78

2.84
1,480.50

3,636.94

17.24

363.36
2.14

73.17
6.32

2,156.44

25.75

181.79
142.13
404.39
272.85
775.73
464.91
0.40
1.48
2.19
54.82
77.63
16.69
127.14

74.23
44.59
29.62
2.64
5.84

1.59

49.51

([FKDQJH
'LHUHQFH
14.99
153.37
176.26

7.41

84.47
11.49

156.04
125.93

26.86
326.37
8.76
3.18
6.17
371.34

1.79
53.34
Opening Acquisition Additions Deductions/

As at
## Adjustments
$SULO
2015
COST

58.95
147.55
2.84

1,937.17 801.50
1,480.50
4,360.21 1,810.96
3,636.94
85.18
106.66
449.65

909.05
771.07

158.21
133.79
327.44
289.87
25.69
3.37

52.89

139.82
8.11

2.41
169.23

17.20

101.58

348.23
134.99
2.14

1,837.01
72.23
39.31
9.10
2.97
1.50

10.97
1.37
23.08
15.53
2,423.04 1,009.46
2,156.44

For the
Year #
As at Opening Acquisition
As at
March 31,
2016 $SULO
2015
(A)
11.61
11.61

9.43

1.68
39.33
15.95
64.41

8.46

19.02

144.72
98.21
14.17
35.75
15.09
69.53
14.17

1.46
22.35

25.08

0.92
33.78
([FKDQJH Write-down
'LHUHQFH
^^

68.36
9.49

3.53
125.70
83.61
Amount Deductions /
charged Adjustments
to
Reserves
DEPRECIATION / AMORTISATION
0.71
994.19
801.50
2,073.18
1,810.96
75.76
88.76
553.73
275.23
10.81
1.21
109.32
1.25
896.66
38.93
3.70
0.56
1.91
14.64
1,078.99
1,009.46
As at
March 31,
2016
(B)

STATUTORY REPORTS
(` in Crores)
2.32
679.00
2.13
942.98
679.00
2,287.03
1,825.98
1,825.98

261.44
372.98
355.32
495.84
71.79
6.49

228.37

753.19
33.86
3.35

4.74
1,146.98
6.39
100.37
238.91
0.89
940.35
33.30
5.40
0.94
9.06
8.44
1,344.05
1,146.98
17.90
As at
March 31,
2015
As at
March 31,
2016
(A-B)
NET BLOCK
5HIHU1RWHLLL
5HIHU1RWH[
'HSUHFLDWLRQIRUWKH\HDULQFOXGHVGHSUHFLDWLRQDPRXQWLQJWR`&URUHV3UHYLRXV<HDU` 18.61 Crores) on assets used for Research and Development.
'XULQJWKH\HDU&RPSDQ\LQFXUUHG`&URUHV3UHYLRXV<HDU` &URUHVWRZDUGVFDSLWDOH[SHQGLWXUHIRU5HVHDUFKDQG'HYHORSPHQW5HIHU1RWHD
'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\DQGLWV,QGLDQVXEVLGLDULHVUHYLVHGGHSUHFLDWLRQUDWHVRQWDQJLEOH[HGDVVHWVZHI$SULODVSHUWKHXVHIXOOLIHVSHFLHGLQWKH6FKHGXOH,,RI
WKH&RPSDQLHV$FWRUDVUHDVVHVVHGE\WKH&RPSDQ\DQGLWV,QGLDQVXEVLGLDULHV$VSUHVFULEHGLQVDLG6FKHGXOH,,DQDPRXQWRI` &URUHVQHWRIGHIHUUHGWD[` 3.93 Crores) has
EHHQFKDUJHGWRWKHRSHQLQJEDODQFHRIUHWDLQHGHDUQLQJVIRUWKHDVVHWVLQUHVSHFWRIZKLFKWKHUHPDLQLQJXVHIXOOLIHLV1,/DVRQ$SULODQGLQUHVSHFWRIRWKHUDVVHWVRQWKDWGDWH
depreciation has been calculated based on the remaining useful life of those assets.
7KHUHPDLQLQJDPRUWLVDWLRQSHULRGRI%UDQGVDQG7UDGHPDUNVUDQJHIURP\HDUVWR\HDUV
A7KH&RPSDQ\KDVDVKDUHLQMRLQWRZQHUVKLSRI+HOLFRSWHU
AA:ULWHGRZQUHSUHVHQWV
'XULQJWKHFXUUHQW\HDU
/RVVRQLPSDLUPHQWRIDVVHWVLQ3LUDPDO&ULWLFDO&DUH,WDOLD63$5HIHU1RWHH
D7DQJLEOHDVVHWV`&URUHV
E,QWDQJLEOHDVVHWV` 14.17 Crores)
'XULQJWKHSUHYLRXV\HDU
D&RVWDVVRFLDWHGZLWKWKH7DQJLEOH$VVHWV`&URUHVDQG,QWDQJLEOH$VVHWV`&URUHV5HIHU1RWH
E&RVWDVVRFLDWHGZLWK5 'VFDOHGRZQ7DQJLEOH$VVHWV` 26.88 Crores and Intangible Assets `&URUHV5HIHU1RWHD
F/RVVRQLPSDLUPHQWRILQWDQJLEOHDVVHWV`&URUHV5HIHU1RWH
3URGXFW.QRZKRZ
TOTAL ( II )
Previous Year
GRAND TOTAL ( I + II )
Previous Year
Intangible Assets
(Internally Generated)
%UDQGVDQG7UDGHPDUNV
Intellectual property rights
&RPSXWHU6RZDUH
Intangible Assets
( Acquired )
Land Leasehold
Land Freehold
%XLOGLQJ
Roads
3ODQW (TXLSPHQW
)XUQLWXUH [WXUHV
Motor Vehicles
Ships
+HOLFRSWHUA
2FH(TXLSPHQW
TOTAL ( I )
Previous Year
Tangible Assets
3DUWLFXODUV
12. FIXED ASSETS (OWNED UNLESS OTHERWISE STATED)
STRATEGIC OVERVIEW
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &217'
241
1.48
54.82
-
2.84
1,205.68

3,247.84

272.85

464.91
233.25
13.54
1.48

681.66
336.58

259.31
6.24
45.57
1.11

53.34
-
17.24

2.14

69.17
5.71

2,042.16

192.06
181.22
16.20
4.65
142.13
43.55

4.49
115.76
3.62

1.95
125.93

Opening Acquisition Additions Deductions/

As at
## Adjustments
$SULO
2014
COST
16.69
93.25
11.50
173.32

29.43

1.95

(5.19)

([FKDQJH
'LHUHQFH

72.76
362.84
138.15
3.54

679.63

1.99

11.53
850.33
693.58
2.84

1,480.50 630.08
1,205.68
486.37
3,636.94 1,480.41
3,247.84
80.65
105.74
711.09
580.18
17.24
106.35
363.36
2.14
1,555.12
73.17
6.32
1.50
10.97
20.27
2,156.44
2,042.16
0.53
40.71
-

40.18
-
As at Opening Acquisition
As at
March 31,
2015 $SULO
2014
(A)

133.79

289.87

7.42
69.61
46.27

14.45

128.31
7.16

3.98
156.08

For the
Year #
11.61
-

11.61
-
14.60

98.21
17.57
12.57

1.95

75.32
3.14

1.74
83.61
12.97
Amount Deductions /
charged Adjustments
to
Reserves
15.95
41.21
17.04
71.13

3.15

1.09
29.92
35.75
69.53
-
4.51

21.59
3.49

33.78
-
([FKDQJH Write-down
'LHUHQFH
^^
DEPRECIATION / AMORTISATION
0.52
801.50
630.08
1,810.96
1,480.41
58.95
85.18
449.65
207.20
10.75
1.06
134.99
1.09
801.93
39.31
2.97
0.46
1.37
15.53
1,009.46
850.33
As at
March 31,
2015
(B)
(` in Crores)
2.32
679.00
575.60
1,825.98
1,767.43
21.70
20.56
261.44
372.98
6.49
105.29
228.37
1.05
753.19
33.86
3.35
1.04
9.60
4.74
1,146.98
1,191.83
As at
March 31,
2015
(A-B)
1,767.43
2.51
575.60

318.82
198.43

176.77
1.89
827.23
38.32
3.72
1.14

7.87
1,191.83
As at
March 31,
2014
NET BLOCK
5HIHU1RWHLLL
5HIHU1RWH[
'HSUHFLDWLRQIRUWKH\HDULQFOXGHVGHSUHFLDWLRQDPRXQWLQJWR`&URUHV3UHYLRXV<HDU` 12.14 Crores) on assets used for Research and Development.
'XULQJWKH\HDU&RPSDQ\LQFXUUHG`&URUHV3UHYLRXV\HDU` &URUHVWRZDUGVFDSLWDOH[SHQGLWXUHIRU5HVHDUFKDQG'HYHORSPHQW5HIHU1RWHD
7KH&RPSDQ\DQGLWV,QGLDQVXEVLGLDULHVUHYLVHGGHSUHFLDWLRQUDWHVRQWDQJLEOH[HGDVVHWVZHI$SULODVSHUWKHXVHIXOOLIHVSHFLHGLQWKH6FKHGXOH,,RIWKH&RPSDQLHV$FWRU
DVUHDVVHVVHGE\WKH&RPSDQ\DQGLWV,QGLDQVXEVLGLDULHV$VSUHVFULEHGLQVDLG6FKHGXOH,,DQDPRXQWRI` &URUHVQHWRIGHIHUUHGWD[` 3.93 Crores) has been charged to the opening
EDODQFHRIUHWDLQHGHDUQLQJVIRUWKHDVVHWVLQUHVSHFWRIZKLFKWKHUHPDLQLQJXVHIXOOLIHLV1,/DVRQ$SULODQGLQUHVSHFWRIRWKHUDVVHWVRQWKDWGDWHGHSUHFLDWLRQKDVEHHQFDOFXODWHG
EDVHGRQWKHUHPDLQLQJXVHIXOOLIHRIWKRVHDVVHWV+DGWKH&RPSDQ\DQGLWV,QGLDQVXEVLGLDULHVFRQWLQXHGZLWKWKHSUHYLRXVO\DSSOLFDEOH6FKHGXOH;,9UDWHVFKDUJHIRUGHSUHFLDWLRQIRUWKH\HDU
HQGHG0DUFKZRXOGKDYHEHHQORZHUDQGWKHQHWSURWZRXOGKDYHEHHQKLJKHUE\`&URUHV
7KHUHPDLQLQJDPRUWLVDWLRQSHULRGRI%UDQGVDQG7UDGHPDUNVUDQJHIURP\HDUVWR\HDUV
A7KH&RPSDQ\KDVDVKDUHLQMRLQWRZQHUVKLSRI+HOLFRSWHU
AA:ULWHGRZQUHSUHVHQWV
D&RVWDVVRFLDWHGZLWKWKH7DQJLEOH$VVHWV`&URUHVDQG,QWDQJLEOH$VVHWV`&URUHV5HIHU1RWH
E&RVWDVVRFLDWHGZLWK5 'VFDOHGRZQ7DQJLEOH$VVHWV` 26.88 Crores and Intangible Assets `&URUHV5HIHU1RWHD
F/RVVRQLPSDLUPHQWRILQWDQJLEOHDVVHWV`&URUHV5HIHU1RWH
3URGXFW.QRZKRZ
TOTAL ( II )
Previous Year
GRAND TOTAL ( I + II )
Previous Year
Intangible Assets
(Internally Generated)
%UDQGVDQG7UDGHPDUNV
Intellectual property rights
&RPSXWHU6RZDUH
Intangible Assets
( Acquired )
Land Leasehold
Land Freehold
%XLOGLQJV
Roads
3ODQW (TXLSPHQW
)XUQLWXUHDQG[WXUHV
Motor Vehicles
Ships
+HOLFRSWHUA
2FH(TXLSPHQW
TOTAL ( I )
Previous Year
Tangible Assets
3DUWLFXODUV
12 A. FIXED ASSETS AS ON MARCH 31, 2015 (OWNED UNLESS OTHERWISE STATED)
NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS &217'
242
243
STRATEGIC OVERVIEW
NOTES
13. NON-CURRENT INVESTMENTS (LONG TERM) (REFER NOTE 2(iv))
)DFH9DOXH`
8QOHVVVWDWHG
otherwise)
As at
March 31 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
4,550,000

4.55
4.55
22,600,000
6,579,840

1,635.96
800.74

7,500,000
135,296
4,114

&$'
86'

22.32
0.66
*
22.32

*
1,000

0.01

74,970
2,021,395
230,858

-

0.06
5.17
1.07

5.17
-
1,906.50

TRADE INVESTMENTS
1. Investments in Equity Instruments (at cost)
a) Others (Quoted)
L
ii.
iii.
b)
LUDPDO3K\WRFDUH/LPLWHGIRUPHUO\NQRZQDV3LUDPDO/LIH
3
6FLHQFHV/LPLWHG
Shriram Transport Finance Company Limited
Shriram City Union Finance Limited
Others (Unquoted)
L
LL
LLL

iv.

v.
YL
YLL
%LRV\QWHFK,QF&DQDGD
,QYHVWPHQWLQ3URFXUHG,QF
1DYD\XJD5RDG3URMHFWV3ULYDWH/LPLWHG
7RWDO,QYHVWPHQWLV`3UHYLRXV<HDU`
Shriram Capital Limited
7RWDO,QYHVWPHQWLV` 3UHYLRXV<HDU`
Shriram Financial Ventures Chennai Private Limited
3LUDPDO*ODVV/LPLWHG
+HDOWK6XSHUKLZD\3ULYDWH/LPLWHG
7RWDO,QYHVWPHQWLV` 3UHYLRXV<HDU1LO
2.
Investments in Associates (at cost)
3.
a)
Investments in Debentures
Equity accounted Associates

b)
International Land Developers Private Limited
*05+ROGLQJV3ULYDWH/LPLWHG65$
*05+ROGLQJV3ULYDWH/LPLWHG65&75$1&+,
*05+ROGLQJV3ULYDWH/LPLWHG65&75$1&+,,
24,580
5,500
1,700
1,170
8,812
2,125
1,150
1,225

-

195.79
20.63
12.32
96.00
88.12
212.50
115.00
122.50

48.12
24.36

-
4,250
1,268
2,000

-

425.00
3.53
189.92

-
2

-

365.00
750.00
43.50
39.00
-
2.86
29.91

156.43

53.13
STATUTORY REPORTS

Nos. as at
March 31,
2015
Nos. as at
March 31
2016



Omkar City Development Private Limited
Shriram Retail and Franchisee Private Limited
%DDVK\DDP&RQVWUXFWLRQV3ULYDWH/LPLWHG65,,
6,450
750
7,110
3,900
-
1DYD\XJD5RDG3URMHFWV3ULYDWH/LPLWHG65,
244
NOTES

+DOGKDU'HYHORSHUV3ULYDWH/LPLWHG
5DMHVK(VWDWHDQG1LUPDQ3ULYDWH/LPLWHG65,
5DMHVK(VWDWHDQG1LUPDQ3ULYDWH/LPLWHG65,,
Neelkanth Mansions and Infrastructure Private Limited
7ULGKDDWX&RQVWUXFWLRQ3ULYDWH/LPLWHG65, ,,
.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65$
.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65%
.RWKDUL$XWR3DUWV0DQXIDFWXUHUV3ULYDWH/LPLWHG65&
2]RQH8UEDQD,QIUD'HYHORSHUV3ULYDWH/LPLWHG65,,
:DGKZD*URXS+ROGLQJV3ULYDWH/LPLWHG
/RJL[&LW\'HYHORSHUV3ULYDWH/LPLWHG
)RUXP+RPHV3ULYDWH/LPLWHG
:DGKZD&RQVWUXFWLRQV ,QIUDVWUXFWXUH3ULYDWH/LPLWHG
3KRHQL[+RGX'HYHORSHUV3ULYDWH/LPLWHG
Nilkanth Tech Park Private Limited Facility 1
Nilkanth Tech Park Private Limited Facility 2
$76+RPHV3ULYDWH/LPLWHG
Raghuleela Leasing and Constructions Private Limited
1LUDM.XPDU$VVRFLDWHV3ULYDWH/LPLWHG
*XDUGLDQ3URPRWHUV 'HYHORSHUV3ULYDWH/LPLWHG
$UXQ([FHOOR+RPHV3ULYDWH/LPLWHG
$UXQ([FHOOR5HDOW\3ULYDWH/LPLWHG
Flagship Infrastructure Private Limited
3DUDQMDSH6FKHPHV&RQVWUXFWLRQ/LPLWHG
Emami Realty Limited
Akarshak Realty Private Limited
Nos. as at
March 31
2016
Nos. as at
March 31,
2015
210
3,150
10,450
10,560
7,600
520
1,000
10
80
951
4,827
13,763
3,500
8,250
17,329
2,300
159
192
280
4,250
1,500
22,500,000
2,390
835
1,376
11,850
60
1,550
172
9,500
7,800
6,000
32,175
175
3,200
6,900
1,995
990
22,500
10,000
6,969
31,800
100
15,000

-
)DFH9DOXH`
8QOHVVVWDWHG
otherwise)

As at
March 31 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
210.00
6.25
84.80
105.60
38.00
47.81
100.00
5.00
40.00
47.50
44.00
123.12
20.83
82.50
158.84
20.52
99.50
106.00
28.00
400.00
150.00
195.00
239.00
74.74
123.26
118.50
60.00
155.00
154.80
95.00
78.00
60.00
321.75
175.00
31.54
65.61
199.50
99.00
216.56
100.00
63.00
314.81
100.00
150.00
31.25

15.71

15.75
95.11
22.93

-
245

As at
March 31, 2015
(` in Crores)
100,000
30,531,013
580
7,400
8,500
21,000
63
160
16,673
19,000
70
400,000
2,564,829
75
103.92
305.31
50.75
74.00
85.00
190.91
63.00
160.00
166.73
190.00
65.00
40.00
256.48
75.00
24
1,975
37
50
2,775
1,000,000
28

86'
0.02
19.75
0.04
0.05
27.75
0.07

22.92

26.24

100
7,848
2
50,000,000

2

1 USD

*
7.85
2.34
50.00
*
2.34

5,625

56.25
28.13
7,500

0.01

1,313
100
13
150,000

41
-

1 USD

13.13
*
12.62
15.00

Other non-current investments (Unquoted) (at cost)

Class D units of Indiareit Fund Scheme IV
Class C units of Indiareit Fund Scheme IV
&ODVV%XQLWVRI,QGLDUHLW0XPEDL5HGHYHORSPHQW)XQG
Class D units of Indiareit Fund Scheme V
Class A3 units of Indiareit Mumbai Redevelopment Fund
&ODVV%5HGHHPDEOH3DUWLFLSDWLQJ6KDUHVRI,QGLDUHLW2VKRUH
Fund
0DQDJHPHQWVKDUHVRI,QGLDUHLW2VKRUH)XQG
/,&+)/8UEDQ'HYHORSPHQW)XQG
&ODVV%XQLWVRI3LUDPDO,QYHVWPHQW2SSRUWXQLWLHV)XQG6FKHPH,
&ODVV%XQLWVRI,,)/,QFRPH2SSRUWXQLWLHV)XQG6HULHV6SHFLDO
Situations
Class C units of Indiareit Fund Scheme V
Class C units of IIFL Income Opportunities Fund Series - Special
Situations
Class A Indiareit Apartment Fund
Management shares of IOF - III Pte. Ltd.
Class C Units of Indiareit Apartment Fund
Class A Units of Piramal Investment Opportunities Fund Scheme - I
Class A Units of Faering Capital India Evolving Fund II
TOTAL (A)
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRI,QYHVWPHQW

%LRV\QWHFK,QF&DQDGD
TOTAL (B)
TOTAL (A - B)
14,195.16
22.32
22.32
14,172.84
STATUTORY REPORTS
As at
March 31 2016
(` in Crores)
)DFH9DOXH`
8QOHVVVWDWHG
otherwise)

4.
Nos. as at
March 31,
2015

Marvel Mega Realtors Private Limited

.XPDU$JUR3URGXFWV3ULYDWH/LPLWHG
.DQDNLD.LQJ6W\OH&RQVWUXFWLRQV3ULYDWH/LPLWHG
2]RQH,QIUD'HYHORSHUV3ULYDWH/LPLWHG
Vatika Infracon Private Limited
$76+HLJKWV3ULYDWH/LPLWHG
NCL Industries Limited
Sanghi Industries Limited
(VVHO*UHHQ(QHUJ\/LPLWHG
Nos. as at
March 31
2016
STRATEGIC OVERVIEW
NOTES
22.32
22.32

246
NOTES
Cost
(` in Crores)
As at March
31 2016
0DUNHW9DOXH
(` in Crores)
Cost
(` in Crores)
As at March
31 2015
0DUNHW9DOXH
(` in Crores)
3,304.11
4,037.76

1. Aggregate value of quoted investments

2. Aggregate value of unquoted investments
TOTAL

10,868.73

14,172.84

'HWDLOVRI(TXLW\DFFRXQWHGDVVRFLDWHVDUHDVIROORZV
(` in Crores)
1DPHRIWKH&RPSDQ\
%OXHELUG$HUR6\VWHPV/LPLWHG
2ULJLQDOFRVW
RILQYHVWPHQW
Dividends
Paid
*RRGZLOO $FFXPXODWHG
&DSLWDO SURWORVV
as at March
Reserve)
31, 2016
&DUU\LQJ
DPRXQWRI
investments
as at March
31, 2016
8.98

(1.06)
43.95

43.81
312.41

79.83
311.35

1RWH7RWKHH[WHQWRIGHEHQWXUHVUHGHHPDEOHZLWKLQPRQWKVRIWKHUHSRUWLQJGDWHWKHDPRXQWKDVEHHQSUHVHQWHGDVSDUWRIFXUUHQWLQYHVWPHQWVDVSHUWKH
requirements of Schedule III. The balance amount has been presented as non-current.
14. DEFERRED TAX ASSETS (NET) (REFER NOTE 2 ([LY))

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
(a) 'HIHUUHG7D[$VVHWVRQDFFRXQWRIWLPLQJGLHUHQFHV
- Depreciation
&DUU\IRUZDUGORVVHV
- Others
1.29

12.77

14.06
29.48
14.06
29.48
E'HIHUUHG7D[/LDELOLWLHVRQDFFRXQWRIWLPLQJGLHUHQFHV
- Depreciation
TOTAL
'HIHUUHG7D[$VVHWVDQG'HIHUUHG7D[/LDELOLWLHVRIWKHUHVSHFWLYHHQWLW\KDYHEHHQRVHWDVWKH\UHODWHWRWKHVDPHJRYHUQLQJWD[DWLRQODZV
247
STRATEGIC OVERVIEW
NOTES
15. LONG-TERM LOANS AND ADVANCES
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
659.89
499.36
6HFXUHGDQG&RQVLGHUHG*RRG8QOHVVRWKHUZLVHVWDWHG
1,499.28
583.33
2,159.17

Secured and Considered Doubtful

Term Loans
2.08
/HVV3URYLVLRQIRUGRXEWIXOORDQV
2.08
2.86
2.86
-
Capital Advances
143.91
99.46
Security Deposits
41.09
35.18
236.30

8QVHFXUHGDQG&RQVLGHUHG*RRG8QOHVVRWKHUZLVHVWDWHG
Others
5HVWULFWHG'HSRVLW(VFURZ$FFRXQW
45.99
86.64

297.18
236.57
$GYDQFH7D[>1HWRI3URYLVLRQRI` &URUHV3UHYLRXV\HDU` &URUHV@

%DODQFHZLWK*RYHUQPHQW$XWKRULWLHV
TOTAL
3.19

375.22

0.49
126.52
99.35
20.00
16. OTHER NON - CURRENT ASSETS

Secured and Considered Good
Unsecured and Considered Good
STATUTORY REPORTS
0.15
3,010.43
Term Loans
Others
3HQVLRQ$VVHWV5HIHU1RWH
/RQJWHUPGHSRVLWVZLWKEDQNVKDYLQJPDWXULW\SHULRGPRUHWKDQPRQWKV
Margin Money
0.02
522.25
278.85
TOTAL
248
NOTES
17. CURRENT INVESTMENTS (REFER NOTE 2(iv))
Nos. as at
March 31,
2016
1)
a.
)DFH9DOXH
` 8QOHVV
stated
otherwise)
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)
CURRENT PORTION OF LONG-TERM INVESTMENTS

24,580

50.01
5,500

27.50
6.88
1,700

7.04
1,170

21.00

b.
Nos. as at
March 31,
2015

1,268

7.32
7.32
465

46.54
4,400

135.91
Ashvi Developers Private Limited
680

24.00

2,000

10.08

6,450

67.03

11.43
.RKLQRRU3ODQHW&RQVWUXFWLRQV3ULYDWH/LPLWHG
Mind Space Realty Private Limited

9LMD\&LWLVSDFH3ULYDWH/LPLWHG

14.57
7,110

15.11

17.38
704,000

70.38
83.42

31.88
3,150

25.00
16.97
10,450

19.70



10,560

3.40


4.29
7,600

38.00

520

9.19
4.15
951

47.60
11.89
2.25


4,827

3.76
835

7.63
1,376

12.42
13,763

29.51
3,500

6.17
2,300

6.48
Neelkanth Mansions and Infrastructure Private Limited
249
Nos. as at
March 31,
2016
As at March
31, 2016
(` in Crores)
As at March
31, 2015
(` in Crores)
22,500,000

29.96
145

17.20
4,250

25.00
22,500

8.44
6,969

6.69
5,800

7.25
21,000

19.09
70

5.00
2)
)DFH9DOXH
` 8QOHVV
stated
otherwise)
INVESTMENTS IN MUTUAL FUNDS (AT LOWER OF

COST OR MARKET VALUE) (UNQUOTED)
%LUOD6XQ/LIH&DVK3OXV'DLO\'LYLGHQG'LUHFW3ODQ5HLQYHVW

+')&&DVK0DQDJHPHQW)XQG6DYLQJ3ODQ'LUHFW3ODQ'DLO\
Dividend Reinvestment - Reinvest

Reliance Liquid Fund - Treasury Plan - Direct Daily Dividend

Option - Reinvest

4,141
+')&0XWXDO)XQG
TOTAL (A)
/HVV3URYLVLRQIRUGLPLQXWLRQLQYDOXHRI,QYHVWPHQW%
TOTAL (A-B)
0.42
627.38
947.86

627.38

1RWH7RWKHH[WHQWRIGHEHQWXUHVUHGHHPDEOHZLWKLQPRQWKVRIWKHUHSRUWLQJGDWHWKHDPRXQWKDVEHHQSUHVHQWHGDVSDUWRIFXUUHQWLQYHVWPHQWVDVSHUWKH
requirements of Schedule III. The balance amount has been presented as non-current.
As at March
31 2016
0DUNHW9DOXH
(` in Crores)
1. Aggregate value of quoted investments
105.55
105.55
2. Aggregate value of unquoted investments
521.83
917.63
627.38

TOTAL
Cost
(` in Crores)
As at March
31 2015
0DUNHW9DOXH
(` in Crores)
29.38
29.38
STATUTORY REPORTS
Cost
(` in Crores)
ICICI Prudential Liquid - Direct Plan - Daily Dividend - Reinvest

UTI-Liquid Cash Plan- Institutional - Direct Plan - Daily Dividend
- Reinvest
Nos. as at
March 31,
2015
STRATEGIC OVERVIEW
NOTES
18. INVENTORIES (REFER NOTE 2(v))

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
257.78
248.53
Work-in-Progress
256.53

)LQLVKHG*RRGV
148.19

27.51
31.91
6WRFNLQWUDGH>*RRGVLQ7UDQVLW`&URUHV3UHYLRXV<HDU` 4.49 Crores)]

Stores and Spares
TOTAL
45.43

735.44
674.94
5DZDQG3DFNLQJ0DWHULDOV>LQFOXGHVLQ7UDQVLW`&URUHV3UHYLRXV\HDU` 6.98 Crores)]

NOTES
19. TRADE RECEIVABLES
As at
March 31, 2016
(` in Crores)
i.
As at
March 31, 2015
(` in Crores)
2XWVWDQGLQJIRUDSHULRGH[FHHGLQJPRQWKVIURPWKHGDWHWKH\DUHGXHIRUSD\PHQW
Secured
- considered good
0.11

Unsecured
- considered good
8.09

33.69
24.15
41.89
44.78
- considered doubtful
33.69
/HVV3URYLVLRQIRUGRXEWIXOGHEWV
24.15
8.20
ii.

Others - Considered good

0.09
Secured

917.92
Unsecured
TOTAL

918.01

926.21
831.73
7.16

20. CASH AND BANK BALANCES

- Cash and Cash Equivalents
i.
&DVKRQ+DQG
ii.
%DODQFHZLWK%DQNV
322.32
- Current Account
277.44
80.55
'HSRVLW$FFRXQWOHVVWKDQPRQWKVPDWXULW\
168.88
402.87
446.32
410.03
446.95
- Other bank balances

i.
(DUPDUNHGEDODQFHVZLWKEDQNV
19.46
- Unclaimed Dividend Account

0.02
- Others

19.48
ii.
Margin Money
TOTAL

12.28

31.76
13.13
441.79

251
STRATEGIC OVERVIEW
NOTES
21. SHORT-TERM LOANS AND ADVANCES
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
Secured and Considered Good

255.71

1,227.48

1,483.19

Secured and Considered Doubtful

Term Loans
6.33
/HVV3URYLVLRQIRUGRXEWIXOORDQV
6.33
5.25
5.25
-
Others
8QVHFXUHGDQG&RQVLGHUHG*RRG
214.56
0.08

315.30
214.64
0.08
/HVV3URYLVLRQIRU'RXEWIXO$GYDQFHV

315.22
8.30
/HVV3URYLVLRQIRU'RXEWIXO,QWHU&RUSRUDWH'HSRVLWV
8.30
Security Deposits
%DODQFHZLWK*RYHUQPHQW$XWKRULWLHV
TOTAL
214.56

13.08
12.62

25.20

22. OTHER CURRENT ASSETS

8QVHFXUHGDQG&RQVLGHUHG*RRG8QOHVVRWKHUZLVHVWDWHG
Unbilled revenue
0.52
6.74
Interest Receivable
88.75
33.97
Claims Receivable
36.42
13.33
)RUZDUG([FKDQJH&RQWUDFW5HFHLYDEOH
Others
TOTAL
1.84
1.54
152.73
75.63
STATUTORY REPORTS
53.76
1,865.25
Considered Doubtful
315.22
Term Loans
252
NOTES
23. CONTINGENT LIABILITIES AND COMMITMENTS
As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
'HPDQGGDWHG-XQHWKH*RYHUQPHQWKDVDVNHGIRUSD\PHQWWRWKHFUHGLWRI
WKH'UXJV3ULFHV(TXDOLVDWLRQ$FFRXQWWKHGLHUHQFHEHWZHHQWKHFRPPRQVDOHSULFH
DQGWKHUHWHQWLRQSULFHRQSURGXFWLRQRI9LWDPLQ$3DOPLWDWH2LO\)RUPIURP-DQXDU\
WR0DUFKQRWDFFHSWHGE\WKH&RPSDQ\7KH&RPSDQ\KDVEHHQ
legally advised that the demand is untenable.
0.61

'HPDQGE\1DWLRQDO3KDUPDFHXWLFDO3ULFLQJ$XWKRULW\ZLWKUHVSHFWWRSULFHFRQWURO
on the product V-Ret Plus.
1.43

34.00
18.99
Contingent liabilities
1
&ODLPVDJDLQVWWKH&RPSDQ\QRWDFNQRZOHGJHGDVGHEWV
*XDUDQWHHVLVVXHGWR*RYHUQPHQWDXWKRULWLHVDQGYDULRXVSDUWLHV
Others
L
$SSHDOVOHGLQUHVSHFWRIGLVSXWHGGHPDQGV
,QFRPH7D[
ZKHUHWKH&RPSDQ\LVLQDSSHDO
744.74
754.87
ZKHUHWKH'HSDUWPHQWLVLQDSSHDO
144.25
144.28
6DOHV7D[
14.43
15.41
&HQWUDO6WDWH([FLVH
10.36
18.29
Labour Matters
0.39

Stamp Duty
4.05

Legal Cases
8.50

LL
%LOOV'LVFRXQWHG
66.30

LLL
8QH[SLUHG/HWWHUVRI&UHGLW
12.61

57.85
62.61
1,257.45
798.94
Loan Commitments
115.50

Commitment to invest in Inter Company Deposits
439.95

15.44
21.64
1RWH)XWXUHFDVKRXWRZVLQUHVSHFWRIDQGLDERYHDUHGHWHUPLQDEOHRQO\RQ
UHFHLSWRIMXGJPHQWVGHFLVLRQVSHQGLQJZLWKYDULRXVIRUXPVDXWKRULWLHV
Commitments
a.
b.
(VWLPDWHGDPRXQWRIFRQWUDFWVUHPDLQLQJWREHH[HFXWHGRQFDSLWDODFFRXQWDQGQRW
provided for
Other Commitments
Commitment to Invest in Non-Convertible Debentures
Commitment to invest in Optionally Convertible Debentures

7KH&RPSDQ\KDVLPSRUWHGUDZPDWHULDOVDWFRQFHVVLRQDOUDWHVXQGHUWKH$GYDQFH
/LFHQFH6FKHPHRIWKH*RYHUQPHQWRI,QGLDXQGHUWDNLQJWRIXOOTXDQWLHGH[SRUWVLQ
Stipulated period
253
STRATEGIC OVERVIEW
NOTES
24. REVENUE FROM OPERATIONS
Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)
3,198.56

Sale of Services
1,643.65

Income from Financing Activities*
1,748.43
839.86
6,590.64

Other operating revenues

Interest Income
21.00
2.83
4.06

- On Current Assets
2Q7HUP'HSRVLWVZLWK&RPSDQLHVDQG%DQN'HSRVLWV
Dividend Income
1.94
3.34
Processing Charges Received
2.89

21.80
/HVV([FLVHGXW\
TOTAL
23.34
51.69

6,642.33

32.44
29.34
6,609.89

* Includes interest of `&URUHV3UHYLRXV\HDU` 489.74 Crores) on long term investments.
Sale of products
25. OTHER INCOME


100.76

2.37

- On Current Assets
2Q%DQN'HSRVLWV
- On Receivables and Others
103.13
116.45
5.74
28.22
3URWRQ6DOHRI)L[HG$VVHWV
0.07
1.14

98.21
79.78
1.54

3URYLVLRQQR/RQJHU5HTXLUHG:ULWWHQ%DFN
21.79
22.76
Miscellaneous income
11.98

242.46
254.19
STATUTORY REPORTS
Interest Income
Dividend Income
3URWRQ6DOHRI&XUUHQW,QYHVWPHQW1HW
([FKDQJH*DLQ1HW5HIHU1RWH
TOTAL
Rent Received
254
NOTES
26. COST OF RAW AND PACKING MATERIALS CONSUMED
Opening Inventory
$GG$FTXLVLWLRQ0HUJHU
$GG3XUFKDVHV1HW
/HVV&ORVLQJ,QYHQWRU\
TOTAL
Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)
248.53
249.91
4.23
1,246.41

257.78
248.53
1,237.16

156.71
184.18
156.71
184.18
27. PURCHASES OF STOCK-IN-TRADE

7UDGHG*RRGV
TOTAL
28. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK-IN-PROGRESS AND STOCK-IN-TRADE

Opening Stocks :
Work-in-Progress
)LQLVKHG*RRGV
Stock-in-trade
/HVV([FLVH'XW\
221.03
122.80
31.91
1.34

139.29
16.64
2.14
374.40
356.94
Add: Acquired On Acquisition

-
)LQLVKHG*RRGV

-

Closing Stocks :
Work-in-Progress
)LQLVKHG*RRGV
Stock-in-trade
/HVV([FLVH'XW\
256.53
148.19
27.51
3.34
TOTAL

31.91
1.34
428.89

(54.49)

1,537.64

52.33
23.62
29. EMPLOYEE BENEFITS EXPENSE

Salaries and Wages
&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV5HIHU1RWH
&RQWULEXWLRQWR*UDWXLW\)XQG5HIHU1RWH
6WD:HOIDUH
TOTAL
5.44
9.32
94.42
76.29
1,689.83

925.79
455.72
30. FINANCE COSTS

,QWHUHVW([SHQVH
,QWHUHVWRQ,QFRPH7D[
0.02
2WKHUERUURZLQJFRVWV
12.96
54.88
938.77

TOTAL
255
STRATEGIC OVERVIEW
NOTES
31. OTHER EXPENSES
Processing Charges
Consumption of Stores and Spares Parts
Consumption of Laboratory materials
3RZHU)XHODQG:DWHU&KDUJHV
Repairs and Maintenance

%XLOGLQJV
Plant and Machinery
Others
28.63
62.42
17.48
Year Ended March 31, 2015

(` in Crores)

65.61
22.46
92.15
21.99
52.86
14.11
108.53
88.96
Rent
Premises
Other Assets
78.92
22.09

1.93
-
81.59
71.52
25.82
89.19
2.88
1.44

1.93

&DSLWDO:RUNLQSURJUHVVZULWWHQR
5.21
8.36

169.36


Provision for Doubtful loans and advances
Provision for diminution in value of investments

0.63
0.21
6.21
2.77
161.17
15.68
25.86
39.08
3.85
16.90
32.06
15.46
3.87
13.36
184.40
34.82
0.58
51.08
113.14
136.67
5.02
39.97
1,708.42

2.65
4.12

35.19
49.77
8.98
12.77
24.65
8.44
3.49
14.43

27.66

266.74

52.74

TOTAL

(0.85)
STATUTORY REPORTS
Provision on Standard Assets

/RVVRQ6DOHRI1RQ&XUUHQW,QYHVWPHQWV1HW
$GYDQFHVZULWWHQR
)L[HG$VVHWV:ULWWHQ2
/RVVRQ6DOHRI)L[HG$VVHWV
$GYHUWLVHPHQWDQG%XVLQHVV3URPRWLRQ([SHQVHV
Donations
([SHQGLWXUHWRZDUGV&RUSRUDWH6RFLDO5HVSRQVLELOLW\DFWLYLWLHV
Freight
([SRUWH[SHQVHV
&OHDULQJDQG)RUZDUGLQJ([SHQVHV
Communication and Postage
Printing and Stationery
Claims
Legal Charges
Professional Charges
5R\DOW\([SHQVH
Service Charges
Information Technology Costs
Market research
5 '([SHQVHV
Commission on fund raising
0LVFHOODQHRXV([SHQVHV
0.30
101.01
66.80
27.73
100.88
1.80
1.09
5DWHV 7D[HVLQFOXGHV([FLVH'XW\

Insurance
7UDYHOOLQJ([SHQVHV
Directors Commission
Directors Sitting Fees
%DG'HEWVZULWWHQRGXULQJWKH\HDU
/HVV%DG'HEWVZULWWHQRRXWRI3URYLVLRQIRU'RXEWIXO'HEWV
Year Ended March 31, 2016

(` in Crores)
8.87
77.39
28.36
98.86
256
NOTES
32. EXCEPTIONAL ITEMS INCOME /(EXPENSES) (NET)
Year Ended
March 31, 2016
(` in Crores)
*DLQRQVDOHRISURSHUWLHV5HIHUQRWHD
*DLQRQ6DOHRI9RGDIRQH,QYHVWPHQW5HIHU1RWHE

&RVWVDVVRFLDWHGZLWKZULWHGRZQRI7DQJLEOH,QWDQJLEOH$VVHWV5HIHU1RWH

*DLQRQVDOHRI/DE'LDJQRVWLFVDQG3RLQWRI&DUH%XVLQHVV5HIHU1RWHF

&RVWV,QFRPHDVVRFLDWHGZLWK5 'VFDOHGRZQ5HIHU1RWHD
/RVVRQ6DOHRI3LUDPDO&OLQLFDO5HVHDUFK%XVLQHVV5HIHU1RWHG
/RVVRQLPSDLUPHQWRIDVVHWV5HIHUQRWHH
(2.60)
(15.09)

/RVVRQVDOHRI%67&DUJHO5HIHU1RWHI
(0.16)
6HYHUDQFH3D\5HIHUQRWHJ
(9.27)

45.67

TOTAL
D
E
F
G
e)

I
g)
33. D
70.23
2.56
*DLQRQ6DOHRI,QYHVWPHQW
Year Ended
March 31, 2015
(` in Crores)
XULQJWKH\HDUWKH&RPSDQ\KDVVROGFHUWDLQSURSHUWLHVKDYLQJDZULWWHQGRZQYDOXHRI` &URUHVIRU`&URUHVUHVXOWLQJLQDJDLQ
'
of ` &URUHV
'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGGLYHVWHGLWVHQWLUHHTXLW\VWDNHFRPSULVLQJRIVKDUHVLQ9RGDIRQH,QGLD/LPLWHGWR
3ULPH0HWDOV/LPLWHGDQLQGLUHFWVXEVLGLDU\RI9RGDIRQH*URXS3OFIRUDWRWDOFRQVLGHUDWLRQRI`&URUHVUHVXOWLQJLQDJDLQRI
` &URUHV
'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\VROGLWV/DE'LDJQRVWLFVDQG3RLQWRI&DUHEXVLQHVVIRUDFRQVLGHUDWLRQRI` &URUHVUHVXOWLQJLQ
a gain of ` &URUHV
7KH&RPSDQ\VROGLWVFOLQLFDOUHVHDUFKEXVLQHVVNQRZQDV3&5EXVLQHVV)L[HGDVVHWVRIWKLVGLYLVLRQDORQJZLWKWKHHPSOR\HHVZHUH
transferred on a slump sale basis as a part of the transaction for a consideration of ` &URUHVUHVXOWLQJLQDORVVRI` &URUHV
Loss on impairment of assets of `&URUHVFRPSULVHVLPSDLUPHQWRIFHUWDLQWDQJLEOHDVVHWVDQG$OWDVHOHFWEUDQGLQWKHFXUUHQW\HDU
/RVVRQLPSDLUPHQWRIDVVHWVFRPSULVHVLPSDLUPHQWRI+DHPDFFHOEUDQGGXHWRQRQIXOOOPHQWRIGHPDQGRZLQJWRVXSSO\FRQVWUDLQWVLQ
the previous year.
'XULQJWKHFXUUHQW\HDUWKHEUDQG%67&DUJHOEUDQGZDVVROGIRUDFRQVLGHUDWLRQRI86'0LOOLRQUHVXOWLQJLQDORVVRI`&URUHV
Severance pay of ` &URUHV3UHYLRXV\HDU` 7.44 Crores) consists of amounts paid to employees as a part of management separation
programme.
Q0D\WKH*URXSWKURXJKLWVVXEVLGLDU\'HFLVLRQ5HVRXUFHV,QFDFTXLUHGVWDNHLQ+HDOWKFDUH%XVLQHVV,QVLJKWV//&+%,
2
IRUDFRQVLGHUDWLRQLQFOXGLQJFRVWRIDFTXLVLWLRQRI`&URUHV86'0LOOLRQ7KHH[FHVVRIFRVWRILQYHVWPHQWRYHUWKHQHWZRUWK
RIWKHVXEVLGLDU\DVRQ0D\RI`&URUHV86'0LOOLRQLVUHFRJQL]HGDV*RRGZLOORQFRQVROLGDWLRQLQWKHERRNV
6WDWHPHQWRI1HW$VVHWVDVRQ0D\RI+%,
3DUWLFXODUV
USD in mio
` in Crores
0.3
0.1
2.3
0.2
0.0
1.72

14.78
1.52

18.73
Assets
)L[HGDVVHWV
Tangible assets
Intangible assets
Trade receivables
Cash and cash equivalents
Short term loans and advances
TOTAL ASSETS
2.9
Less: Liabilities
Trade payable
Deferred revenue
0.3
3.7
0.4
TOTAL LIABILITIES
1HWOLDELOLWLHVDFTXLUHG
4.4
(1.5)
1.75
23.81
2.77
28.33

257
E
7KH*URXSWKURXJKLWVVXEVLGLDU\'HFLVLRQ5HVRXUFHV//&KDVDFTXLUHGRQ)HEUXDU\WKHDVVHWVRI$GDSWLYH6RZDUH//&D
FRPSDQ\HQJDJHGLQWKHEXVLQHVVRISURYLGLQJEXVLQHVVSURFHVVPDQDJHPHQWVROXWLRQVWRWKHSKDUPDF\EHQHWPDQDJHPHQWDQGKHDOWK
insurance industry for a consideration of `&URUHV86'0LOOLRQLQFOXGLQJFRQWLQJHQWFRQVLGHUDWLRQRI`&URUHV86'
0LOOLRQ7KHDPRXQWSDLGLQH[FHVVRIWKHYDOXHRIDVVHWVLVUHFRJQL]HGDV*RRGZLOORQDFTXLVLWLRQLQWKHERRNVRIDFFRXQWV
F
0RYHPHQWLQ*RRGZLOORQ&RQVROLGDWLRQGXULQJWKH\HDU
3DUWLFXODUV
Year Ended
March 31, 2016
(` in Crores)
Year Ended
March 31, 2015
(` in Crores)

204.14

$GG([FKDQJHUHYDOXDWLRQ
270.69

5,714.08

As at
March 31, 2016
(` in Crores)
As at
March 31, 2015
(` in Crores)
/HVV*RRGZLOORI2[\JHQ%LRUHVHDUFK3ULYDWH/LPLWHGDGMXVWHGRQPHUJHU
&ORVLQJEDODQFHDVRQ0DUFK
34. PROPOSED DIVIDEND

7KHQDOGLYLGHQGSURSRVHGIRUWKH\HDULVDVIROORZV
3DUWLFXODUV
On Equity Shares of `HDFK

- Amount of dividend proposed
- Dividend Per Equity Share
345.13
NA
` SHUVKDUH
5,239.25
$GG$GGLWLRQVGXULQJWKH\HDULQFOXGLQJ1RWHD
2SHQLQJEDODQFHDVRQ$SULO
STRATEGIC OVERVIEW
NOTES
35. 7KH6FKHPHRI$PDOJDPDWLRQWKH6FKHPHRI2[\JHQ%LR5HVHDUFK3ULYDWH/LPLWHG2+3LUDPDO3KDUPDFHXWLFDO'HYHORSPHQW6HUYLFHV
7KHUHLVQRLPSDFWRQWKHFRQVROLGDWHGQDQFLDOVWDWHPHQWVRQDFFRXQWRIWKHVDLGPHUJHUDVWKHWUDQVIHURU&RPSDQLHVZHUHZKROO\RZQHGVWHS
GRZQVXEVLGLDULHVRIWKH&RPSDQ\
STATUTORY REPORTS
3ULYDWH/LPLWHG33'63/DQG3+/&DSLWDO3ULYDWH/LPLWHG3+/&DSLWDOFROOHFWLYHO\UHIHUUHGWRDVWUDQVIHURUFRPSDQLHVZLWKWKH&RPSDQ\

XQGHU6HFWLRQVWRRIWKH&RPSDQLHV$FWZDVVDQFWLRQHGE\WKH+RQEOH+LJK&RXUWVRI*XMDUDWDQG%RPED\RQ1RYHPEHU
DQG1RYHPEHUUHVSHFWLYHO\7KH6FKHPHEHFDPHHHFWLYHRQ'HFHPEHUDQG'HFHPEHUXSRQOLQJRIWKHVDLG
RUGHUVZLWKWKH5HJLVWUDURI&RPSDQLHV*XMDUDWDQG0DKDUDVKWUDUHVSHFWLYHO\
36. ,QFDVHRIWKHIROORZLQJVXEVLGLDU\LWZDVQRWSUDFWLFDEOHWRXVHXQLIRUPDFFRXQWLQJSROLFLHVIRUGHSUHFLDWLRQRIDVVHWV
&RPSDQ\
0HWKRGRI'HSUHFLDWLRQ
5HGXFLQJ%DODQFH0HWKRG
$FFRXQWLQJ3ROLF\8VHG
%XLOGLQJ
)XUQLWXUHDQG)L[WXUHV
9HKLFOHV
/DQG,PSURYHPHQWV
7KHLPSDFWRIGHSUHFLDWLRQGXHWRGLHUHQFHLQDFFRXQWLQJSROLF\LVQRWPDWHULDODQGKHQFHWKHVDPHLVLJQRUHG
RIWRWDO
Assets*
39.89
2.97%
3ODQWDQGPDFKLQHU\
Written Down
9DOXHRI$VVHWV
(` in Crores)
258
NOTES
37. EMPLOYEE BENEFITS

%ULHIGHVFULSWLRQRIWKH3ODQV
KH*URXSKDVYDULRXVVFKHPHVIRUORQJWHUPEHQHWVVXFKDV3URYLGHQW)XQG6XSHUDQQXDWLRQ*UDWXLW\/HDYH(QFDVKPHQW3HQVLRQDQG
7
/RQJWHUP6HUYLFH$ZDUG,QFDVHRIIXQGHGVFKHPHVWKHIXQGVDUHUHFRJQL]HGE\WKH,QFRPHWD[DXWKRULWLHVDQGDGPLQLVWHUHGWKURXJKWUXVWHHV
7KH*URXSVGHQHGFRQWULEXWLRQSODQVDUH3URYLGHQW)XQGLQFDVHRIFHUWDLQHPSOR\HHV6XSHUDQQXDWLRQ2YHUVHDV6RFLDO6HFXULW\SODQV
(PSOR\HHV6WDWH,QVXUDQFH)XQG(PSOR\HHV3HQVLRQ6FKHPHXQGHUWKHSURYLVLRQVRIWKH(PSOR\HHV3URYLGHQW)XQGVDQG0LVFHOODQHRXV
3URYLVLRQV$FWDQGNSODQFRQWULEXWLRQLQFDVHRI86VXEVLGLDULHV7KH&RPSDQ\KDVQRIXUWKHUREOLJDWLRQEH\RQGPDNLQJWKH
FRQWULEXWLRQV7KH*URXSVGHQHGEHQHWSODQVLQFOXGH3URYLGHQWIXQGLQFDVHRIFHUWDLQHPSOR\HHV*UDWXLW\3HQVLRQ/HDYH(QFDVKPHQWDQG
/RQJWHUP6HUYLFH$ZDUG
,
&+$5*(727+(67$7(0(172)352),7$1'/266%$6('21&2175,%87,216
(` in Crores)
Year Ended
March 31, 2016
3DUWLFXODUV
(PSOR\HUVFRQWULEXWLRQWR5HJLRQDO3URYLGHQW)XQG2FH
3.26
1.93
Employers contribution to Superannuation Fund
0.49

Employers contribution to Employees State Insurance
0.35

Employers contribution to Employees Pension Scheme 1995
Year Ended
March 31, 2015
3.85
2.93
Contribution to Pension Fund
43.72

N3ODQFRQWULEXWLRQ
14.36
11.62
,QFOXGHGLQ&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGVDQG5 '([SHQVHVGLVFORVHGXQGHU2WKHU([SHQVHV5HIHU1RWHVDQG

II.
DISCLOSURES FOR DEFINED BENEFIT PLANS BASED ON ACTUARIAL VALUATION REPORTS AS ON MARCH 31, 2016.
$
&KDQJHLQ'HQHG%HQHW2EOLJDWLRQ
(` in Crores)
(Funded)
Pension
*UDWXLW\
3UHVHQW9DOXHRI'HQHG%HQHW
Obligation as at beginning of the
year
Liability Transferred out on
merger of Piramal Pharmaceutical
Development Services Private
Limited
Interest Cost
Contributions by the employees
Liability Transferred In for
HPSOR\HHVMRLQHG
Liability Transferred Out for
HPSOR\HHVOH
%HQHWV3DLG
Past Service Cost
$FWXDULDO*DLQ/RVV
([FKDQJH'LHUHQFHVRQ
Foreign Plans
2EOLJDWLRQDVDWWKHHQGRIWKH
\HDU
(Non-Funded)
Provident Fund
*UDWXLW\
Long term
Service Award
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
36.44

511.50
477.53
133.56
123.72
2.62
2.35
0.88
1.31

2.89

19.40

10.61
9.52
0.20

0.07

3.51
2.42
1.42
1.33
8.56
7.71
0.31

0.06

13.49
11.86
7.07
3.63
(7.72)

(4.06)

(17.49)

(13.88)

(0.19)

1.10
1.92

(31.29)
63.48
0.49

0.05

17.53

40.70
36.44
501.07

151.69
133.56
3.62
2.62
1.97

259
%
(` in Crores)
&KDQJHVLQWKH)DLU9DOXHRI$VVHWV
(Funded)
(Non-Funded)
Pension
*UDWXLW\
Provident Fund
*UDWXLW\
Long term
Service Award
2015
2016
2015
2016
2015
2016
2015
2016
2015
Fair Value of Plan Assets as at

([SHFWHG5HWXUQRQ3ODQ$VVHWV
26.74
25.34
610.85
538.96
133.56
123.72
2.14
2.24
21.29
28.92
10.61
9.52
Contributions by the employer

Liability Transferred In for
HPSOR\HHVMRLQHG
Liability Transferred Out for
HPSOR\HHVOH
%HQHWV3DLG
5.20
3.91
7.17
7.45
22.05
19.57
7.07
3.63
(7.72)

(17.49)

(13.88)

(14.15)
94.71
19.92

29.46
26.74
627.59

151.69
133.56
(` in Crores)
& 5HFRQFLOLDWLRQRI3UHVHQW9DOXHRI'HQHG%HQHW2EOLJDWLRQDQGWKH)DLU9DOXHRI$VVHWV
(Funded)
Pension
*UDWXLW\
As at March 31,
As at March 31,
Provident Fund
*UDWXLW\
Long term
Service Award
As at March 31,
As at March 31,
As at March 31,
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
40.70
36.44
501.07

151.69
133.56
29.46
26.74
627.59

151.69
133.56
11.24

(126.52)

3.62
2.62
1.97

3.62
2.62
1.97

STATUTORY REPORTS
Present Value of Funded

Obligation as at end of the year
Fair Value of Plan Assets as at end
of the year
)XQGHG/LDELOLW\$VVHW
UHFRJQL]HGLQWKH%DODQFH6KHHW
5HIHU1RWHVDQG
Present Value of Unfunded
Obligation as at end of the year
8QUHFRJQL]HG$FWXDULDOJDLQORVV
8QIXQGHG/LDELOLW\UHFRJQL]HG
LQWKH%DODQFH6KHHW
5HIHU1RWHVDQG
(Non-Funded)
(4.06)
(0.56)
2016
$FWXDULDO*DLQ/RVV
([FKDQJH'LHUHQFHVRQ)RUHLJQ
Plans
)DLU9DOXHRI3ODQ$VVHWDVDWWKH
HQGRIWKH\HDU
STRATEGIC OVERVIEW
NOTES

NOTES
'
(` in Crores)
$PRXQWUHFRJQL]HGLQWKH%DODQFH6KHHW
(Funded)
Pension
*UDWXLW\
As at March 31,
Obligation as at the end of the year
Fair Value of Plan Assets as at end of
the year
1HW/LDELOLW\$VVHWUHFRJQL]HG
LQWKH%DODQFH6KHHW5HIHU
Notes 8, 11 and 16)
(Non-Funded)
As at March 31,
Provident Fund
*UDWXLW\
Long-term
Service Award
As at March 31,
As at March 31,
As at March 31,
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
40.70
36.44
501.07

151.69
133.56
3.62
2.62
1.97

29.46
26.74
627.59

151.69
133.56
11.24

(126.52)

3.62
2.62
1.97

1.89
1.74
2.99
2.26
1.67

9.35
7.96
0.63

0.30

(126.52)

Recognized under:
/RQJWHUPSURYLVLRQ5HIHU
note 8)
Short term provision
5HIHUQRWH
Other Non-current assets
5HIHUQRWH
(
(` in Crores)
([SHQVHVUHFRJQL]HGLQ6WDWHPHQWRI3URWDQG/RVV
(Funded)
Year ended March 31,

Past Service Cost
*UDWXLW\
Long-term
Service Award
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
3.51
2.42
1.42
1.33
8.56
7.71
0.31

0.06

1.10
0.20

0.07

19.40

10.61
9.52
(2.14)

(21.29)

(10.61)

2.48
6.74
8.15

(17.14)
(17.61)

8.56
7.71
0.49
1.00

0.05
1.28

&XUWDLOPHQWV&RVW&UHGLW
1HW$FWXDULDO*DLQ/RVV
7RWDO([SHQVHV,QFRPH
UHFRJQL]HGLQWKH6WDWHPHQWRI
3URW$QG/RVV
Provident Fund
2.89
Interest Cost
(Non-Funded)
Pension
*UDWXLW\
, QFOXGHGLQ6DODULHVDQG:DJHV&RQWULEXWLRQWR3URYLGHQWDQG2WKHU)XQGV*UDWXLW\)XQGDQG5HVHDUFKDQG'HYHORSPHQW([SHQVHV5HIHU
Notes 29 and 31).
F.
(` in Crores)
(Funded)
As at March 31,
$FWXDULDO *DLQ /RVV RQ 3ODQ
Assets
$FWXDO5HWXUQRQ3ODQ$VVHWV
(Non-Funded)
Pension
*UDWXLW\
As at March 31,
Provident Fund
*UDWXLW\
Long term
Service Award
As at March 31,
As at March 31,
As at March 31,
2016
2015
2016
2015
2016
2015
2016
2015
2016
2.14
2.24
21.29
28.92
10.61
9.52
2015
-
(0.56)

(14.15)
94.71
1.58
3.19
7.14
123.63
10.61
9.52
261
G.
Major Category of Plan Assets as a % of total Plan Assets
(%)
(Funded)
As at March 31,
Equity Shares of Listed Companies

)L[HG 'HSRVLWV XQGHU 6SHFLDO
Deposit Schemes of Central
*RYHUQPHQW
,QYHVWPHQWZLWK,QVXUHU
3XEOLF6HFWRU8QLW%RQGV
H.
As at March 31,
Provident Fund
*UDWXLW\
Long term
Service Award
As at March 31,
As at March 31,
As at March 31,
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
51.97
42.74
76.20

37.41
36.14
34.81
42.64
10.47
7.11
9.25

23.80

0.80
18.95
21.65
3.97
4.38
32.37

Principal actuarial assumptions used:

(Non-Funded)
Pension
As at March 31,
As at March 31,
Provident Fund
*UDWXLW\
Long term
Service Award
As at March 31,
As at March 31,
As at March 31,
2016
2015
2016
2015
2016
2015
2016
2015
2016
2015
'LVFRXQW5DWHSHUDQQXP
7.50%7.80%

7.96%
3.00%
3.55%
7.56%
7.96%
7.72%
7.89%
7.80%
7.96%
([SHFWHG 5DWH RI UHWXUQ RQ 3ODQ

$VVHWVSHUDQQXP
7.80%9.00%
7.96%
3.00%
3.27%
8.80%
8.75%
I.
Amounts recognized in the current year and previous four years:
(Funded)
*UDWXLW\
*RYHUQPHQW6HFXULWLHV&HQWUDO
and State)
&RUSRUDWH%RQGV
(Non-Funded)
Pension
*UDWXLW\
STRATEGIC OVERVIEW
NOTES
(` in Crores)
(Funded)
As at March 31,
2016
2015
2014
2013
2012
40.70
36.44

18.94
Plan Assets
29.46
26.74
25.34
23.99
15.74
'HFLW6XUSOXV
11.24

2.68

2.54
1.24
3.25
4.59
2.62
(0.56)

([SHULHQFHDGMXVWPHQWRQSODQOLDELOLWLHV/RVV*DLQ
([SHULHQFHDGMXVWPHQWRQSODQDVVHWV*DLQ/RVV
STATUTORY REPORTS
*UDWXLW\
(` in Crores)
(Funded)
Plan Assets
2016
2015
2014
2013
2012
501.07

477.53

335.79
627.59

538.96
421.51
387.28
(126.52)

(31.29)
63.48

14.81

(14.15)
94.71
9.61
11.83
8.54
'HFLW6XUSOXV
Pension
As at March 31,
262
NOTES
(` in Crores)
(Funded)
Provident Fund
As at March 31,
2016
151.69
Plan Assets
151.69
2015
2014
2013
2012
133.56
123.72

96.18
133.56
123.72

96.18
-
'HFLW6XUSOXV
(` in Crores)
(Non Funded)
*UDWXLW\
As at March 31,
Plan Assets
'HFLW6XUSOXV
2016
2015
2014
2013
2012
3.60
2.62
2.35
2.14

3.60
2.62
2.35
2.14

0.49

1.93

(0.02)

(` in Crores)
(Non Funded)
Long Term Service Award
As at March 31,
2016
2015
2014
2013
2012
1.97

1.31

'HFLW6XUSOXV
1.97

1.31

0.18

Plan Assets
7KHHVWLPDWHVRIIXWXUHVDODU\LQFUHDVHVFRQVLGHUHGLQDFWXDULDOYDOXDWLRQWDNHDFFRXQWRILQDWLRQVHQLRULW\SURPRWLRQDQGRWKHUUHOHYDQW
IDFWRUVVXFKDVVXSSO\DQGGHPDQGLQWKHHPSOR\PHQWPDUNHW
J.
([SHFWHGHPSOR\HUVFRQWULEXWLRQIRUWKHQH[W\HDULV`&URUHV3UHYLRXV<HDU` &URUHVIRU*UDWXLW\DQG3HQVLRQ
K.
7KHOLDELOLW\IRU/HDYH(QFDVKPHQW1RQ)XQGHGDVDW\HDUHQGLV`&URUHV3UHYLRXV\HDU` 26.35 Crores)
KHH[SHFWHGUDWHRIUHWXUQRQSODQDVVHWVLVEDVHGRQPDUNHWH[SHFWDWLRQVDWWKHEHJLQQLQJRIWKH\HDU7KHUDWHRIUHWXUQRQORQJWHUP
7
government bonds is taken as reference for this purpose.
38. 7KH*URXSLVHQJDJHGLQSKDUPDFHXWLFDOEXVLQHVVPDLQO\FRQVLVWLQJRIPDQXIDFWXULQJDQGVDOHRIRZQDQGWUDGHGEXONGUXJVDQGIRUPXODWLRQV

)LQDQFLDOVHUYLFHVDQG,QIRUPDWLRQPDQDJHPHQWZKLFKDUHFRQVLGHUHGWKH3ULPDU\UHSRUWDEOHEXVLQHVVVHJPHQWV7KH6HFRQGDU\6HJPHQWV
EDVHGRQJHRJUDSKLFDOVHJPHQWDWLRQDUHFRQVLGHUHGWREHEXVLQHVVHVRXWVLGH,QGLDDQGZLWKLQ,QGLD
263
STRATEGIC OVERVIEW
NOTES
(` in Crores)
'HWDLOV
3KDUPDFHXWLFDOV
PDQXIDFWXULQJDQG
services
)LQDQFLDOVHUYLFHV
(OLPLQDWLRQV
March
2016
7RWDO
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
March
2015
March
2016
March
2015
3,565.44

1,836.54
921.46
1,156.22

0.08
6,558.20

(0.08)
24.33
26.41
27.36

51.69

3,589.77
1,863.90

1,156.30
(0.08)
6,609.89
931.10

1,271.51
Revenues
([WHUQDO
- Inter - Segment
- Other Operating Revenues
Revenue from Operations

Segment Results
245.58

94.83
79.56
$GG([FKDQJH*DLQ1HW
$GG8QDOORFDWHG,QFRPH1HWRI
unallocated cost)*
/HVV)LQDQFH&RVW
79.78
(130.72)
139.65
344.82

894.18
/HVV7D[([SHQVHV
103.19
344.96
790.99
,QFOXGHGLQWKHDERYH6HJPHQWUHVXOWVDUHWKH([FHSWLRQDO,WHPVDVPHQWLRQHGEHORZ
(` in Crores)
3KDUPDFHXWLFDOV
PDQXIDFWXULQJ
and services
)LQDQFLDOVHUYLFHV
March
31, 2015
March
31, 2016
7RWDO
March
31, 2015
March
31, 2016
March
31, 2015
March
31, 2016
March
31, 2015
70.23
70.23
Sale of Vodafone Investment

*DLQRQ6DOHRI,QYHVWPHQW

*DLQRQVDOHRISURSHUWLHV
2.56

2.56

&RVWVDVVRFLDWHGZLWKZULWHGRZQRI7DQJLEOH,QWDQJLEOH$VVHWV

*DLQRQVDOHRI/DE'LDJQRVWLFVDQG3RLQWRI&DUH%XVLQHVV

(2.60)
(2.60)
(15.09)

(15.09)

(0.16)
(0.16)
(9.27)

(9.27)

54.94

-
(9.27)

45.67
&RVWV,QFRPHDVVRFLDWHGZLWK5 'VFDOHGRZQ
/RVVRQ6DOHRI3LUDPDO&OLQLFDO5HVHDUFK%XVLQHVV
Loss on impairment of assets
/RVVRQVDOHRI%67&DUJHO
Severance Pay
TOTAL
'HWDLOV
(` in Crores)
3KDUPDFHXWLFDOV
PDQXIDFWXULQJDQG
services
Segment Assets
Unallocable Corporate Assets
TOTAL ASSETS
March
2016
March
2015
4,976.77

)LQDQFLDOVHUYLFHV
,QIRUPDWLRQ
Management
(OLPLQDWLRQV
March
2015
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
18,976.95
5,383.77

29,337.49

1,498.13

March
2016
7RWDO
30,835.62
Other Information
STATUTORY REPORTS
March
31, 2016
,QIRUPDWLRQ
Management
3URW/RVVEHIRUHWD[

1HW3URWEHIRUH0LQRULW\
Interest

98.21
,QIRUPDWLRQ
Management
264
NOTES
Other Information
'HWDLOV
(` in Crores)
3KDUPDFHXWLFDOV
PDQXIDFWXULQJDQG
services
Segment Liabilities
)LQDQFLDOVHUYLFHV
,QIRUPDWLRQ
Management
(OLPLQDWLRQV
7RWDO
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
March
2016
March
2015
981.80
885.53
10,953.43

607.59

12,542.82

Unallocable Corporate Liabilities
5,870.70

TOTAL LIABILITIES
18,413.52

&DSLWDO([SHQGLWXUH
593.26

2.49
1.17
271.16

866.91
519.73
Depreciation and amortisation

1RQ&DVKH[SHQGLWXUH
other than depreciation and
amortisation
206.44
56.56
192.71
2.55
169.65
1.73
118.45
4.23
95.43
327.44
230.45
289.87
283.33
49.26
Secondary Segments
(` in Crores)
Within India

Carrying amounts of Segment Assets
Additions to Tangible and Intangible Assets
332.59
March
2016
March
2015
2,734.69

24,736.25
360.87

Outside India
March
2016
March
2015
4,220.76

14,812.48
506.04
427.93
(OLPLQDWLRQV
7RWDO
March
2016
March
2015
(345.56)

(8,713.11)
-
March
2016
March
2015
6,609.89

30,835.62
866.91
519.73
:LWKLQFUHDVLQJFRPSOH[LW\JURZWKGLYHUVLW\DQGWKHFXUUHQWQDWXUHRIWKH*URXSVEXVLQHVVHVDQGWKHYDULRXVLQLWLDWLYHVXQGHUWDNHQWREHQHW
WKH*URXSDVDZKROHWKH*URXSFRQVLGHUVLWLPSUDFWLFDEOHWRDOORFDWHWKH&RUSRUDWHH[SHQVHVDWWULEXWDEOHWRWKH*URXSDVDZKROHWRLQGLYLGXDO
EXVLQHVVVHJPHQWVRQDUHDVRQDEOHEDVLV$VSHUWKHUHYLVHGLQWHUQDOPDQDJHPHQWUHSRUWLQJV\VWHPWKHHYDOXDWLRQRIWKHEXVLQHVVVHJPHQW
SHUIRUPDQFHDQGWKHGHFLVLRQVWRDOORFDWHUHVRXUFHVWRWKHEXVLQHVVVHJPHQWVDUHFDUULHGRXWZLWKRXWIDFWRULQJWKH&RUSRUDWHH[SHQVHV
$FFRUGLQJO\HHFWLYH$SULOWKH&RUSRUDWHH[SHQVHVKDYHEHHQWUHDWHGDVXQDOORFDEOHH[SHQGLWXUH+DGWKH&RPSDQ\FRQWLQXHGWR
DOORFDWHWKH&RUSRUDWHH[SHQVHVWRLQGLYLGXDOEXVLQHVVVHJPHQWVDVGRQHLQHDUOLHUSHULRGVWKHVHJPHQWUHVXOWVIRUWKHFXUUHQW\HDUZRXOGKDYH
been `&URUHVIRU3KDUPDFHXWLFDOVPDQXIDFWXULQJDQGVHUYLFHV` 854.36 Crores for Financial services and `&URUHVIRU,QIRUPDWLRQ
Management.
39. ,QIRUPDWLRQLQDFFRUGDQFHZLWKWKHUHTXLUHPHQWVRI$FFRXQWLQJ6WDQGDUGRQ5HODWHG3DUW\'LVFORVXUHV
1
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List of related parties

Controlling Companies
7KH$MD\*3LUDPDO)RXQGDWLRQ#
3LUDPDO+HDOWKFDUH/LPLWHG6HQLRU(PSOR\HH2SWLRQ6FKHPH#
3LUDPDO(QWHUSULVHV/LPLWHG7UXVWHHVRI3LUDPDO(QWHUSULVHV([HFXWLYH7UXVW#
Piramal Life Sciences Limited - Senior Employees Stock Option Trust @
KH6UL.ULVKQD7UXVWWKURXJKLWV7UXVWHHV0U$MD\3LUDPDODQG'U0UV6ZDWL$3LUDPDO3UHYLRXVO\KHOGWKURXJKLWV&RUSRUDWH7UXVWHHV3LUDPDO0DQDJHPHQW

7
Services Private Limited) @
%
2WKHUUHODWHGSDUWLHVZKHUHFRPPRQFRQWUROH[LVWV
$DVDQ'HYHORSHUVDQG&RQVWUXFWLRQV3ULYDWH/LPLWHG'HPHUJHGIURP3LUDPDO(VWDWHV$DVDQ'HYHORSHUV
3LUDPDO*ODVV/LPLWHG3*/
3LUDPDO*ODVV86$,QF
3LUDPDO3K\WRFDUH/LPLWHGIRUPHUO\NQRZQDV3LUDPDO/LIH6FLHQFHV/LPLWHG33/
3LUDPDO&RUSRUDWH6HUYLFHV/LPLWHG3&6/
3LUDPDO(VWDWHV3ULYDWH/LPLWHG3LUDPDO(VWDWHV
*RSLNULVKQD3LUDPDO0HPRULDO+RVSLWDO*30+
Piramal Realty Private Limited @
265
STRATEGIC OVERVIEW
NOTES
Piramal Water Private Limited @
,QGLD9HQWXUH$GYLVRUV3ULYDWH/LPLWHG,QGLD9HQWXUH
3LUDPDO8GJDP'DWD0DQDJHPHQW6ROXWLRQV8GJDP
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3LUDPDO6ZDVWK\D0DQDJHPHQWDQG5HVHDUFK,QVWLWXWHIRUPHUO\NQRZQDV+HDOWK0DQDJHPHQWDQG5HVHDUFK,QVWLWXWH3605,
3LUDPDO+HDOWKFDUH)RXQGDWLRQ
3LUDPDO)RUJLQJ3ULYDWH/LPLWHG3LUDPDO)RUJLQJ
3LUDPDO6HFXULW\3ULYDWH/LPLWHG3LUDPDO6HFXULW\
3LUDPDO+RVSLWDOLW\3ULYDWH/LPLWHG3LUDPDO+RVSLWDOLW\
7RS]RQH0HUFDQWLOH&RPSDQ\//37RS]RQH
7KHVHDUHFRQWUROOHGHQWLWLHVEXWQRWFRQVROLGDWHG
C.
Associates and its intermediates

6KULUDP7UDQVSRUW)LQDQFH&RPSDQ\/LPLWHG6KULUDP7UDQVSRUWZHI-XO\
6KULUDP&LW\8QLRQ)LQDQFH/LPLWHG6KULUDP&LW\8QLRQZHI-XO\
6KULUDP/LIH,QVXUDQFH&RPSDQ\/LPLWHG6KULUDP/LIHZHI-XO\
6KULUDP*HQHUDO,QVXUDQFH&RPSDQ\/LPLWHGZHI-XO\#
6KULUDP&UHGLW&RPSDQ\/LPLWHGZHI-XO\#
%KDUDW5HLQVXUDQFH%URNHUV3ULYDWH/LPLWHGZHI-XO\#
6KULUDP2YHUVHDV,QYHVWPHQW3ULYDWH/LPLWHGZHI-XO\#
6KULUDP,QYHVWPHQWV+ROGLQJV/LPLWHGZHI-XO\#
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Key Management Personnel and their relatives
0U$MD\*3LUDPDO
STATUTORY REPORTS
D.
'U0UV6ZDWL$3LUDPDO

Ms. Nandini Piramal
0U9LMD\6KDK
0U3HWHU'H<RXQJ>KXVEDQGRI0V1DQGLQL3LUDPDO@

'HWDLOVRIWUDQVDFWLRQVZLWKUHODWHGSDUWLHV
(` in Crores)
'HWDLOVRI7UDQVDFWLRQV
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Associates and Intermediates
2016
2015
.H\0DQDJHPHQW3HUVRQQHO
2016
7RWDO
2015
2016
2015

Purchase of Goods
3*/
4.12

4.12
3LUDPDO*ODVV86$,QF
8.54
3.49
8.54
3.49
12.66
6.69
12.66
6.69
- Piramal Estates
1.52
1.66
1.52
1.66
- Aasan Developers
0.28
0.28
1.80
1.66
1.80
1.66
0.01

0.01

0.01

0.01

TOTAL
Amenities Charges Paid
TOTAL
Rendering of Services
- PPL
TOTAL

266
NOTES
(` in Crores)
2WKHU5HODWHG3DUWLHV
2016
7RWDO
2015
2016
2015
2016
2015
30.00
24.11
30.00
24.11
30.00
24.11
30.00
24.11
10.54
13.24
10.54
13.24
Royalty Paid
- PCSL
TOTAL
Rent Paid
- Piramal Estates
- Aasan Developers
2.00
2.00
- Others
0.54

0.54

13.08
13.59
13.08
13.59
TOTAL
Reimbursements of expenses recovered

3*/
- Piramal Estates
- Others
TOTAL
1.41
1.41
0.36

0.36

0.27

0.27

0.63

0.63

1.15
Reimbursements of expenses paid

3LUDPDO*ODVV86$,QF
1.06
1.15
1.06
*30+
1.52
1.52
- Others

2.58
1.22
2.58
1.22
TOTAL
([SHQGLWXUHWRZDUGV&RUSRUDWH6RFLDO
Responsibility activities
- PFEL
18.76

18.76

- PSMRI
12.71
11.94
12.71
11.94
- Udgam
0.57

0.57

32.04
28.84
32.04
28.84

0.22
0.22
0.22
0.22
70.00
70.00
70.00
70.00
TOTAL
Donation Paid
- Others
TOTAL
Purchase of Fixed Assets

- India Venture Advisors Private Limited
TOTAL
Refund of Security Deposit

- Piramal Estates
TOTAL
Sale of Assets
7RS]RQH
TOTAL
Purchase of Securities
- Piramal Forging
0.01
0.01
- Piramal Security
0.01
0.01
3LUDPDO+RVSLWDOLW\
TOTAL
Dividend Income
- Shriram Transport
22.60
22.60
- Shriram City Union
10.20
10.20
32.80
32.80
TOTAL
267
STRATEGIC OVERVIEW
NOTES
(` in Crores)
/RDQ7DNHQUHSD\PHQWV1HW
2WKHU5HODWHG3DUWLHV
2016
TOTAL
2015
2016
5.00
5.00
0.02
0.02

7RWDO
2015
2016
2015
5.00
5.00
0.02
0.02

6.93
11.65
6.93
11.65
Interest paid on loans

- Shriram Life
TOTAL
Lease Deposit
- Piramal Estates
TOTAL
Remuneration
0U$MD\*3LUDPDO
3.33
4.57
3.33
4.57
2.34
3.53
2.34
3.53
0U9LMD\6KDK
3.82
6.57
3.82
6.57
- Mr. Peter De Young
2.35
2.52
2.35
2.52
18.77
28.84
18.77
28.84
TOTAL
%HORZWKHURXQGLQJRWKUHVKROGDSSOLHGE\WKH&RPSDQ\
(` in Crores)
$FFRXQW%DODQFHV
2WKHU5HODWHG3DUWLHV
2016
2015
7RWDO
2016
2015
2016
2015

'U0UV6ZDWL$3LUDPDO

- Shriram Life
Remuneration payable
-


0U9LMD\6KDK

TOTAL
Trade Receivables
- PCSL
3*/

3LUDPDO*ODVV86$,QF
0.17
0.17
- Piramal Estates
0.83
0.83
0.56
0.56
0.05

0.05

TOTAL
1.61

1.61

70.00
70.00
TOTAL
70.00
70.00
Consideration Receivable
7RS]RQH
- Aasan Developers
- Others
STATUTORY REPORTS
0U$MD\*3LUDPDO
'U0UV6ZDWL$3LUDPDO
268
NOTES
(` in Crores)
$FFRXQW%DODQFHV
2WKHU5HODWHG3DUWLHV
2016
2015
2016
7RWDO
2015
2016
2015
Loans from Related Parties

- Shriram Life
TOTAL
5.00
5.00
5.00
5.00
7.78
Long-term Loans and Advances

- Piramal Estates
7.78
7.28
7.28
TOTAL
7.28
7.78
7.78
7.78
0.39
0.39
TOTAL
0.39
0.39
- Aasan Developers

- Shriram Life
Trade Payables
3LUDPDO*ODVV86$,QF
- Piramal Estates
0.21

0.21

3*/
0.65
0.65
- PCSL
11.45
12.65
11.45
12.65
- Others
TOTAL
0.07

0.07

12.38
13.31
12.38
13.31
40. 7KH*URXSVVLJQLFDQWRSHUDWLQJOHDVHDUUDQJHPHQWVDUHPDLQO\LQUHVSHFWRIUHVLGHQWLDORFHSUHPLVHVFRPSXWHUVPRWRUYHKLFOHVDQG
YDSRUL]HUV7KHDJJUHJDWHOHDVHUHQWDOVSD\DEOHRQWKHVHOHDVLQJDUUDQJHPHQWVDUHFKDUJHGDVUHQWXQGHU2WKHU([SHQVHVLQ1RWH
7KHVHOHDVHDUUDQJHPHQWVDUHIRUDSHULRGUDQJLQJIURPRQH\HDUWRHHQ\HDUVDQGDUHLQPRVWFDVHVUHQHZDEOHE\PXWXDOFRQVHQWRQ
PXWXDOO\DJUHHDEOHWHUPV7KH*URXSKDVSODFHGDUHIXQGDEOHGHSRVLWRI`&URUHV3UHYLRXV<HDU` 33.93 Crores) in respect of these leasing
arrangements.
)XWXUHOHDVHUHQWDOVSD\DEOHLQUHVSHFWRIQRQFDQFHOODEOHRSHUDWLQJOHDVHVKDYHEHHQPHQWLRQHGEHORZ
(` in Crores)
3D\DEOH
Not Later than one year
/DWHUWKDQRQH\HDUEXWQRWODWHUWKDQYH\HDUV
/DWHUWKDQYH\HDUV
As at
March 31, 2016
As at
March 31, 2015
72.30
77.35
213.90
157.63
37.30

41. (DUQLQJV3HU6KDUH(36(36LVFDOFXODWHGE\GLYLGLQJWKHSURWDWWULEXWDEOHWRWKHHTXLW\VKDUHKROGHUVE\WKHZHLJKWHGDYHUDJHQXPEHURI

HTXLW\VKDUHVRXWVWDQGLQJGXULQJWKH\HDU1XPEHUVXVHGIRUFDOFXODWLQJEDVLFDQGGLOXWHGHDUQLQJVSHUHTXLW\VKDUHDUHDVVWDWHGEHORZ
3DUWLFXODUV

3URW/RVVIRUWKH\HDU` in Crores)

:HLJKWHG1XPEHURI6KDUHV1RV

(DUQLQJV/RVVSHUVKDUH%DVLFDQG'LOXWHG`)

)DFHYDOXHSHUVKDUH`)
)RUWKH\HDUHQGHG
March 31, 2016
)RUWKH\HDUHQGHG
March 31, 2015
950.60

172,563,100

55.1
165.2
2.0

269
STRATEGIC OVERVIEW
NOTES
42. (a) 7KH&RPSDQ\FRQGXFWVUHVHDUFKDQGGHYHORSPHQWWRQGQHZVXVWDLQDEOHFKHPLFDOURXWHVIRUSKDUPDFHXWLFDO KHUEDOSURGXFWV7KH
&RPSDQ\LVXQGHUWDNLQJGHYHORSPHQWDFWLYLWLHVIRU2UDO6ROLGVDQG6WHULOH,QMHFWDEOHVDSDUWIURPRWKHU$FWLYH3KDUPDFHXWLFDO,QJUHGLHQWV
7KH&RPSDQ\KDVUHVHDUFKDQGGHYHORSPHQWFHQWUHVLQ0XPEDL(QQRUHDQG$KPHGDEDG
HWDLOVRIDGGLWLRQVWR[HGDVVHWVDQGTXDOLI\LQJ5HYHQXH([SHQGLWXUHIRU'HSDUWPHQWRI6FLHQWLF ,QGXVWULDO5HVHDUFK'6,5DSSURYHG

'
UHVHDUFKDQGGHYHORSPHQWIDFLOLWLHVGLYLVLRQRIWKH&RPSDQ\DW0XPEDLDQG(QQRUHIRUWKH\HDUHQGHG0DUFKDUHDVIROORZV
(` in Crores)
Description
)RUWKH\HDUHQGHG
March 31, 2015
35.36

Revenue Expenditure
&DSLWDO([SHQGLWXUH1HW
$GGLWLRQVWR[HGDVVHWV5HIHU1RWH
30.28

/HVV6DOHSURFHHGVRIWKHDVVHWVDQG7UDQVIHURIWKH$VVHWV
3.75

/HVV&UHGLWIRUWUDQVIHURI5 'DVVHWVRXWRI5 'FHQWUH
6.74
11.75
19.79

TOTAL
'XULQJWKHSUHYLRXV\HDUWKH&RPSDQ\KDGGHFLGHGWRFXUWDLOLQYHVWPHQWVLQ1HZ&KHPLFDO(QWLW\UHVHDUFK7KH&RPSDQ\FRQWLQXHGWKH
GHYHORSPHQWRIWZRPROHFXOHV3DQG3WLOOWKHHQGRILWVFXUUHQWVWDJHLH3KDVH,$VSDUWRIWKLVH[SHQGLWXUHFXUWDLOPHQWDQG
UHDOORFDWLRQRIIXQGVLQLWLDWLYHHPSOR\HHVFRQQHFWHGZLWK1&(5 'ZHUHRHUHGD9ROXQWDU\(DUO\6HSDUDWLRQ6FKHPHZKLFKZDVH[HFXWHGLQD
fair and transparent manner.
$FFRUGLQJO\&RVWVDQGZULWHGRZQVDVVRFLDWHGZLWKWKHVFDOHGRZQLQFXUUHGGXULQJWKH\HDUGLVFORVHGXQGHU([FHSWLRQDO,QFRPH([SHQVHV
5HIHU1RWHDUHPHQWLRQHGEHORZ
)RUWKH\HDUHQGHG
March 31, 2016
(` in Crores)
Description
)RUWKH\HDUHQGHG
March 31, 2015
&RVWVDVVRFLDWHGZLWK9ROXQWDU\(DUO\6HWWOHPHQW6FKHPH
16.98
Provision for Onerous contracts

:ULWHGRZQRI,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQW
148.68
:ULWHGRZQRI7DQJLEOHDQG,QWDQJLEOH$VVHWV
31.39
*DLQ/RVVRQVDOHRI7DQJLEOHDVVHWV
(2.56)
25.69
2WKHUFRVWVDVVRFLDWHGZLWKVFDOHGRZQ
TOTAL
24.67
(2.56)
299.45
E '
XULQJWKHSUHYLRXV\HDUWKH*URXSWKURXJKLWVVXEVLGLDU\3LUDPDO,PDJLQJ6$FRPPHUFLDOO\ODXQFKHGLWVGLDJQRVWLFLPDJLQJDJHQW
1HXUDFHT)ORUEHWDEHQ)LQWKH(XURSHDQPDUNHWV&RQVHTXHQWO\WKHVXEVLGLDU\FDSLWDOLVHGSURGXFWGHYHORSPHQWFRVWVRI` 223.94
&URUHVLQWKHSUHYLRXV\HDUZKLFKZDVHDUOLHULQFOXGHGLQ,QWDQJLEOHDVVHWVXQGHUGHYHORSPHQW
F
7KH*URXSWKURXJKLWVVXEVLGLDU\3LUDPDO,PDJLQJ6$KDVLQYHVWHGLQWKHIROORZLQJPROHFXOHVZKLFKDUHLQSLSHOLQH
)63*WDUJHWLQJDPHWDEROLFSDWKZD\ZKLFKEDODQFHVR[LGDWLYHVWUHVVLQFDQFHUDQGSURYLGHVDQDGGLWLRQDOJURZWKDGYDQWDJHIRUDYDULHW\
of tumours.
STATUTORY REPORTS
)RUWKH\HDUHQGHG
March 31, 2016

NOTES
%RPEHVLQWDUJHWLQJDFFXUDWHDQGHDUOLHUGHWHFWLRQRISURVWDWHFDQFHUDQGLPSURYHGVWDJLQJRIWKHGLVHDVH
*3D)ODEHOOHG3(7WUDFHUWKDWELQGVVSHFLFDOO\WRWKHNH\UHFHSWRULQYROYHGLQSODWHOHWDJJUHJDWLRQDQGWKURPELIRUPDWLRQ
43. 7KH&RQVROLGDWHGUHVXOWVIRUWKH\HDUHQGHG0DUFKLQFOXGHVWKHUHVXOWVIRU3LUDPDO&ULWLFDO&DUH,WDOLD63$3LUDPDO+ROGLQJV6XLVVH6$

3LUDPDO7HFKQRORJLHV6$3LUDPDO&ULWLFDO&DUH'HXWVFKODQG*PE+3LUDPDO&ULWLFDO&DUH/LPLWHGHDUOLHUNQRZQDV3LUDPDO/LIH6FLHQFHV/LPLWHG
DQG3LUDPDO'XWFK+ROGLQJV19EDVHGRQDXGLWHGDFFRXQWVXSWRWKHLUUHVSHFWLYHQDQFLDO\HDUHQGLQJ'HFHPEHUDQGPDQDJHPHQW
HVWLPDWHVSUHSDUHGE\UHVSHFWLYH&RPSDQ\V0DQDJHPHQWIRUWKHLQWHULPSHULRGHQGLQJ0DUFK7KHUHVXOWVRI%OXHELUG$HUR6\VWHPV
/LPLWHG3LUDPDO+HDOWKFDUH3HQVLRQ7UXVWHHV/LPLWHG3LUDPDO'XWFK,0+ROGFR%9DQG3(/'5*'XWFK+ROGFR%9DUHEDVHGRQPDQDJHPHQW
HVWLPDWHVIRUWKH\HDUHQGHG0DUFKDVDXGLWHGUHVXOWVZHUHXQDYDLODEOH7KHSHUFHQWDJHRIFRPELQHG5HYHQXHVIURPRSHUDWLRQVIRUWKH
\HDUHQGHG0DUFKIRUDOOWKHDERYHFRPSDQLHVWRWKH&RQVROLGDWHG5HYHQXHLV7KHSHUFHQWDJHRIFRPELQHGSURW/RVVIRUWKH
\HDUHQGHG0DUFKIRUDOOWKHDERYHFRPSDQLHVWRWKH&RQVROLGDWHG3URWDQG/RVVLV
44. Selected employees of Allergan are granted share based payments in the nature of stock appreciation rights under the Share based payment
plan of its parent company based upon performance and criticality to the business and long-term potential of the parent company.
7KH,QVWLWXWHRI&KDUWHUHG$FFRXQWDQWVRI,QGLDKDVLVVXHGD*XLGDQFH1RWHRQ$FFRXQWLQJIRU(PSOR\HH6KDUHEDVHG3D\PHQWVZKLFKLV
DSSOLFDEOHWRHPSOR\HHVKDUHEDVHGSD\PHQWSODQVWKHJUDQWGDWHLQUHVSHFWRIZKLFKIDOOVRQRUDHU$SULO7KHPDQDJHPHQWLVRIWKH
RSLQLRQWKDWWKH6KDUHEDVHGSD\PHQWSODQVFKHPHLVPDQDJHGDQGDGPLQLVWHUHGE\WKHSDUHQWFRPSDQ\IRULWVRZQEHQHWDQGGRHVQRWKDYH
DQ\VHWWOHPHQWREOLJDWLRQVRQWKH&RPSDQ\$FFRUGLQJO\WKH&RPSDQ\LVRIWKHRSLQLRQWKDWWKHVDPHLVQRWUHTXLUHGWREHDFFRXQWHGIRUDVSHU
WKHVDLG*XLGDQFH1RWH
45. DERIVATIVES INSTRUMENTS AND UNHEDGED FOREIGN CURRENCY (FC) EXPOSURE

a)
L
Derivatives outstanding as at the reporting date

+HGJHRIUPFRPPLWPHQWDQGKLJKO\SUREDEOHIRUHFDVWWUDQVDFWLRQ

)RUZDUGFRQWUDFWVWRVHOO86',15
)RUZDUGFRQWUDFWVWRVHOO(8586'
)RUZDUGFRQWUDFWVWRVHOO*%386'
LL
+HGJHRI5HFHLYDEOHRI/RDQWRUHODWHGSDUWLHV
)RUZDUGFRQWUDFWVWRVHOO86'
LLL +HGJHRIORDQVSD\DEOHWREDQNV
&URVVFXUUHQF\LQWHUHVWUDWHVZDS86',15
b)

FC in Crores
3.90
1.20
1.20
` in Crores
267.17
91.38
114.57

FC in Crores
4.33
` in Crores
473.92
87.28
` in Crores
296.94

FC in Crores
6.02
FC in Crores
7.28

FC in Crores

` in Crores
194.36
` in Crores
398.93
FC in Crores
-
` in Crores
-
Mark-to-market losses on the above
3DUWLFXODUV
Mark-to-market losses provided for
For the Year Ended

March 31, 2016
For the Year Ended

March 31, 2015
9.40
271
c)
Particulars of unhedged foreign currency exposures as at the reporting date
Currencies
March 31, 2016

$GYDQFHVIURPFXVWRPHUV

EUR
USD
*%3
AUD
&+)
CAD
6*'

` in Crores
FC in Crores
` in Crores
FC in Crores
` in Crores
0.04
0.46
*
-
2.73
30.56
0.14
-
0.57
3.72
0.73
*
0.02
*
42.97
246.70
69.31
0.17
0.78
0.16

*
-

17.53

-

3.41

*
67.36

-
March 31, 2016

` in Crores
FC in Crores
` in Crores
FC in Crores
` in Crores
FC in Crores
` in Crores
0.10
1.16
0.04
0.03
0.13
0.44
0.04
*
-
7.12
86.71
3.43
0.02
1.03
29.00
0.07
*
-
0.03
0.35
0.03
0.07
0.04
2.26
*
*
*
2.04
26.07
3.16
0.04
0.28
149.27
0.08
0.05
*
*
1.22

*
-

82.22
1.96

13.89

*
-

1.75

*
*
*
2.94
16.64
5.87

*
March 31, 2016
March 31, 2015
/RDQIURP%DQNV
/RDQIURP%DQNV
FC in Crores
` in Crores
FC in Crores
` in Crores
1.12
73.94

52.94
USD
Currencies
March 31, 2016

Loans
March 31, 2015
&XUUHQW$FFRXQW%DODQFHV
FC in Crores
` in Crores
FC in Crores
USD
29.29
1,931.23
*%3
1.06
101.14
EUR
0.01
&+)
0.30
Loans
&XUUHQW$FFRXQW%DODQFHV
` in Crores
FC in Crores
` in Crores
0.11
7.29

0.16
15.80

0.54
0.02
20.57
0.02
1.51
FC in Crores
` in Crores
878.74
2.57
138.79
58.43

12.53

11.47

7.13

17.98

7UDGHSD\DEOHV
FC in Crores
Currencies
March 31, 2015

Advances to vendors
7UDGHSD\DEOHV
STATUTORY REPORTS
7UDGHUHFHLYDEOHV
FC in Crores

$GYDQFHVIURPFXVWRPHUV
` in Crores
Advances to vendors
&+)
EUR
*%3
-3<
6(.
USD
INR
+.'
7+%
AUD
CAD
6*'
NZD
7UDGHUHFHLYDEOHV
FC in Crores
Currencies
March 31, 2015
STRATEGIC OVERVIEW
NOTES
272
NOTES
Currencies
March 31, 2016
March 31, 2015
/RDQVWDNHQDQG
LQWHUHVWSD\DEOH
/RDQVWDNHQDQG
LQWHUHVWSD\DEOH
FC in Crores
` in Crores
FC in Crores
` in Crores
EUR
2.93
220.59
3.13

USD
1.67
110.85
4.67

*%3
1.96
186.61
1.26

&+)
10.38
716.72
CAD
0.07
Currencies
USD
March 31, 2016
March 31, 2015
2WKHU&XUUHQWOLDELOLWLHV
2WKHU&XUUHQWOLDELOLWLHV
FC in Crores
` in Crores
FC in Crores
` in Crores
0.15
10.00
46. JOINT VENTURES

7KH&RPSDQ\KDVWKHIROORZLQJLQYHVWPHQWVLQMRLQWO\FRQWUROOHGHQWLWLHV
3DUWLFXODUV
3URSRUWLRQRIRZQHUVKLSLQWKH&RPSDQ\
March 31, 2016
March 31, 2015
49%
49%
74.95%
74.95%
7KH*URXSVVKDUHRIHDFKRIWKHDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVZLWKRXWHOLPLQDWLRQRIWKHHHFWRILQWUDJURXSWUDQVDFWLRQVLQ$OOHUJDQEDVHG
RQDXGLWHGQDQFLDOVWDWHPHQWVDUHDVIROORZV
(` in Crores)
March 31, 2016
March 31, 2015
2.50
3.46
5.27
11.59
19.80
75.45
3.52
1.79
1.72

1.72
5.59
18.91

38.92

1.12
17.71
23.43
8.27
13.54
3.87
2.42
165.30
2.78

1.74
47.59
7.33
22.41
0.98
34.38
19.59
57.64

32.38
11.93
13.73
-
11.75

Assets
Tangible Assets
Intangible Assets
Intangible Assets under Development
'HIHUUHG7D[$VVHWQHW
Long-term Loans and Advances
Inventories
Trade Receivables
Liabilities
Trade Payables
Short-term Provisions
Income
Other Income
Expenses
2WKHU([SHQVHV
3URYLVLRQIRU7D[DWLRQLQFOXGLQJ'HIHUUHG7D[
&RQWLQJHQW/LDELOLWLHV &RPPLWPHQWV
Contingent Liabilities
Capital Commitments
273
STRATEGIC OVERVIEW
NOTES
7KH*URXSVVKDUHRIHDFKRIWKHDVVHWVOLDELOLWLHVLQFRPHDQGH[SHQVHVZLWKRXWHOLPLQDWLRQRIWKHHHFWRILQWUDJURXSWUDQVDFWLRQVLQ6KULOHNKD
&RQVROLGDWHGEDVHGRQDXGLWHGDFFRXQWVIRUWKH\HDUHQGHG0DUFKDUHDVIROORZV
(` in Crores)
March 31, 2016
March 31, 2015
*
1,862.61
0.42
0.05
*

0.02
0.04

1.91
Assets
Liabilities
Loan Account
Trade Payables
Income
Income
Expenses
(` in Crores)
029(0(17,13529,6,216
3DUWLFXODUV
$VVHWVRI)LQDQFLDO6HUYLFHV
As at
%DODQFHVDVDWWKHEHJLQQLQJRIWKH\HDU
Additions
Amount used
([FKDQJHGLHUHQFHV
Unused amounts reversed
TOTAL
As at
March
31, 2016
March
31, 2015
92.88
169.36
262.24
235.76
26.48
262.24
Onerous Contracts
As at
March
31, 2015
45.38
49.12

92.88
69.39
23.49
March
31, 2016
26.42
(13.03)
13.39
13.39
-
March
31, 2015

26.42
26.42
-
March
31, 2016
36.55
17.59
(35.94)
(1.01)
17.19
16.48
0.71
92.88
13.39
26.42
17.19
36.55

36.55

35.49
7KH*URXSDVVHVVHVDOOLQYHVWPHQWVLQ'HEHQWXUHV7HUPORDQVDQG,QWHUFRUSRUDWH'HSRVLWVJLYHQIRUWKHLUUHFRYHUDELOLW\DQGDFFRUGLQJO\PDNHV
SURYLVLRQVRQWKHVH$VVHWVRI)LQDQFLDO6HUYLFHV6HJPHQWLQUHVSHFWRIOLNHO\QRQSHUIRUPLQJDVVHWVDVFRQVLGHUHGQHFHVVDU\$VDPDWWHURISUXGHQFH
WKH*URXSKDVSURYLGHGIRUVXFKDVVHWVEDVHGRQSDVWH[SHULHQFHHPHUJLQJWUHQGVDQGHVWLPDWHV
STATUTORY REPORTS
%DODQFHVDVDWWKHHQGRIWKH\HDU
&ODVVLHGDV1RQFXUUHQW5HIHUQRWH
&ODVVLHGDV&XUUHQW5HIHUQRWH
Litigations / Disputes
)L[HG$VVHWV
Investments
3URYLVLRQIRU2QHURXVFRQWUDFWVUHSUHVHQWVWKHDPRXQWVSURYLGHGIRUFRQWUDFWVZKHUHWKHXQDYRLGDEOHFRVWVRIPHHWLQJWKHREOLJDWLRQVXQGHUWKH
FRQWUDFWH[FHHGWKHHFRQRPLFEHQHWVH[SHFWHGWREHUHFHLYHGXQGHULW
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IRUJHGLQYRLFHVDQGFUHGLWQRWHVWRWKHH[WHQWRI` &URUHV7KH&RPSDQ\KDVOHGDFULPLQDOFRPSODLQWZLWKDSSURSULDWHDXWKRULWLHVDQG
ZLOOSXUVXHWKHPDWWHUIXUWKHU7KH&RPSDQ\KDVWDNHQDSSURSULDWHPHDVXUHVDQGKDVIXUWKHUVWUHQJWKHQHGLQWHUQDOSURFHVVHVDQGFRQWUROVWR
prevent such cases.
49. 7KH*URXSKDVZLWKHHFWIURP2FWREHUUHFODVVLHGWKHIRUHLJQFXUUHQF\ORDQVJLYHQWRFHUWDLQIRUHLJQVXEVLGLDULHVDVORQJWHUPORDQV
IRUPLQJSDUWRIWKHFRPSDQLHVQHWLQYHVWPHQWLQDQRQLQWHJUDOIRUHLJQRSHUDWLRQ$FFRUGLQJO\WKH&RPSDQ\KDVDFFRXQWHGIRUWKHH[FKDQJH
gain on revaluation of these loans amounting to ` &URUHVLQ)RUHLJQ([FKDQJH7UDQVODWLRQ5HVHUYHGXULQJWKH\HDU
48. 'XULQJWKH\HDUWKH&RPSDQ\LGHQWLHGDIUDXGFRPPLWWHGE\DQHPSOR\HHLQRQHRILWVGLYLVLRQV7KH&RPSDQ\LQLWLDWHGDQLQWHUQDOLQYHVWLJDWLRQ
274
NOTES
50. DISCLOSURES MANDATED BY SCHEDULE III BY WAY OF ADDITIONAL INFORMATION
1HW$VVHWVLHWRWDODVVHWV
PLQXVWRWDOOLDELOLWLHV
1DPHRIWKHHQWLW\
6KDUHLQSURW
RUORVV
$VDRI
&RQVROLGDWHG
net assets
Amount
(` In Crores)
$VDRI
&RQVROLGDWHG
SURWRUORVV
Amount
(` In Crores)
34.62 %
4,300.14
80.36 %
763.90
Parent
Subsidiaries
Indian
0.14 %
17.23
(0.01)%
(0.10)
2.28 %
282.66
1.32 %
12.59
4.79 %
595.43
4.73 %
45.01
0.02 %
3.07
0.00 %
0.02
0.00 %
0.31
0.24 %
2.24
0.00 %
0.01
0.00 %
0.61 %
75.92
(0.07)%
(0.67)
PEL Asset Resurgence Advisory Private Limited
0.04 %
5.01
(0.01)%
(0.05)
Piramal Consumer Products Private Limited
0.00 %
0.02
0.00 %
Piramal Asset Reconstruction Private Limited
0.02 %
2.03
(0.00)%
(0.04)
Foreign
Piramal Imaging SA
0.00 %
0.00 %
(3.25)%
(403.60)
(6.73)%
(63.99)
2.86 %
355.16
(2.69)%
(25.58)
(0.01)%
(1.56)
(5.00)%
(47.50)
3LUDPDO&ULWLFDO&DUH,WDOLD63$
0.18 %
22.01
(1.31)%
(12.49)
3LUDPDO&ULWLFDO&DUH'HXWVFKODQG*PE+
0.02 %
2.80
(0.13)%
(1.25)
3LUDPDO&ULWLFDO&DUH/LPLWHGIRUPHUO\NQRZQDV3LUDPDO/LIH6FLHQFHV8./LPLWHG
1.20 %
149.03
(0.01)%
(0.10)
Piramal Imaging Limited
0.45 %
55.95
(7.70)%
(73.23)
3LUDPDO,PDJLQJ*PE+
(0.13)%
(16.12)
4.38 %
41.61
3.49 %
433.59
4.41 %
41.91
3LUDPDO+HDOWKFDUH3HQVLRQ7UXVWHHV/LPLWHG
0.00 %
0.00 %
0.28 %
35.16
1.39 %
13.18
(8.58)%
(1,065.73)
(8.82)%
(83.80)
7.81 %
970.60
14.11 %
134.15
Piramal Pharma Inc.
0.00 %
0.24
(5.40)%
(51.29)
Coldstream Laboratories Inc.
1.95 %
241.64
(0.60)%
(5.66)
(15.12)%
(1,878.23)
(2.35)%
(22.33)
3LUDPDO,33+ROGLQJV//&
13.81 %
1,716.11
0.00 %
Decision Resources Inc and its subsidiaries
30.62 %
3,803.21
6.71 %
63.75
3LUDPDO'XWFK,0+ROGFR%9
(0.00)%
(0.04)
(0.00)%
(0.04)
3(/'5*'XWFK+ROGFR%9
(0.00)%
(0.04)
(0.00)%
(0.04)
INDIAREIT Investment Management Co.
1.59 %
197.42
0.78 %
7.41
Piramal Asset Management Private Limited
0.00 %
0.39
(0.05)%
(0.46)
Piramal Technologies SA
0.00 %
0.01
(0.01)%
(0.10)
'5*+ROGFR,QF
275
1HW$VVHWVLHWRWDODVVHWV
PLQXVWRWDOOLDELOLWLHV
1DPHRIWKHHQWLW\
6KDUHLQSURW
RUORVV
Amount
(` In Crores)
$VDRI
&RQVROLGDWHG
SURWRUORVV
Amount
(` In Crores)
(0.27)%
(33.68)
0.03 %
0.33
14.99 %
1,862.55
16.09 %
152.98
0.35 %
43.95
0.66 %
6.30
0.74 %
92.10
5.67 %
53.94
4.49 %
100.00%
557.35
12,422.10
0.00 %
100.00%
950.60
Associates (Investment as per the equity method)

Indian
Foreign
%OXHELUG$HUR6\VWHPV/LPLWHG
-RLQWYHQWXUHVDVSHUWKHSURSRUWLRQDWHFRQVROLGDWLRQLQYHVWPHQWDVSHU
the equity method)
Indian
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TOTAL
51. 3UHYLRXV\HDUVJXUHVKDYHEHHQUHJURXSHGUHFODVVLHGZKHUHYHUQHFHVVDU\WRFRUUHVSRQGZLWKWKHFXUUHQW\HDUVFODVVLFDWLRQGLVFORVXUH
7KHJXUHVIRUWKHSUHYLRXV\HDUDUHQRWFRPSDUDEOHRQDFFRXQWRIYDULRXVDFTXLVLWLRQVDQGGLYHVWLWXUHV
$VDRI
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net assets
Minority Interests in all subsidiaries
STRATEGIC OVERVIEW
NOTES
6LJQDWXUHWRQRWHWRRIQDQFLDOVWDWHPHQWV
Ajay G. Piramal
Rajesh Laddha
Leonard DSouza
Chairman
&KLHI)LQDQFLDO2FHU
Company Secretary
Partner
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0XPEDL0D\
STATUTORY REPORTS

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276
127,&(
to any person(s) or other bodies corporate, giving guarantee(s)
and/or providing security(ies) in connection with loan(s) made
WRDQ\SHUVRQVRURWKHUERGLHVFRUSRUDWHDQGRUbDFTXLULQJE\
way of subscription, purchase or otherwise, the securities of any
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` 11,500 crores over and above 60% of the Companys paid-up
share capital, free reserves and securities premium account or
100% of the Companys free reserves and securities premium
account, whichever is more (Applicable Statutory Limits), consent
of the members be and is hereby accorded to the Board of
Directors of the Company (the Board, which term shall include its
Committee(s) constituted / to be constituted by it for this purpose)
to acquire by way of subscription, purchase or otherwise, the
securities of any one or more bodies corporate, whether directly or
LQGLUHFWO\KHUHLQDHUUHIHUUHGWRDV,QYHVWPHQWV3529,'('7+$7
the aggregate of the Investments made by the Company shall not
H[FHHG` 32,500 crores over and above the limit approved by the
VKDUHKROGHUVE\3RVWDO%DOORWRQ1RYHPEHUDVDIRUHVDLG
NOTICE is hereby given that the 69th Annual General Meeting of the
Members of Piramal Enterprises Limited will be held on Monday, August
1, 2016 at 3.00 p.m. at Walchand Hirachand Hall, Indian Merchants
Chambers Building, 4th Floor, IMC Marg, Churchgate, Mumbai 400 020,
to transact the following business:
ORDINARY BUSINESS
1.
To receive, consider and adopt the Audited Financial Statements

(Standalone & Consolidated) i.e. Balance Sheet as at and the
6WDWHPHQWRI3URW /RVVDQGWKH&DVK)ORZ6WDWHPHQWIRUWKH
QDQFLDO\HDUHQGHGRQ0DUFKDQGWKH5HSRUWVRIWKH
Directors and Auditors thereon.

7RFRQUP,QWHULP'LYLGHQGRI` 17.50/- per equity share declared

and paid in the month of March 2016, as Final Dividend.
3.
To appoint a Director in place of Dr. (Mrs.) Swati A. Piramal (holding

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in terms of section 152(6) of the Companies Act, 2013 and being
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4.
To ratify the appointment of and payment of remuneration to the

Statutory Auditors of the Company and in this regard, to consider
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Resolution:
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142 and other applicable provisions, if any, of the Companies
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and pursuant to the resolution passed by the members at the
Annual General Meeting held on July 25, 2014, the appointment
of M/s. Price Waterhouse, Chartered Accountants, Mumbai
)LUP5HJLVWUDWLRQ1R(DVWKH6WDWXWRU\$XGLWRUVRIWKH
&RPSDQ\WRKROGRFHXQWLOWKHFRQFOXVLRQRIWKHth Annual
General Meeting of the Company, to be held in calendar year 2017
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SPECIAL BUSINESS
5.
Increase in limits for Inter-Corporate Investments

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Special Resolution:
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other applicable provisions, if any, of the Companies Act, 2013
(the Act) read with the Companies (Meetings of the Board and its
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enactment thereof, for the time being in force), and further to the
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whereby approval of shareholders was received for providing loan(s)
5(62/9(')857+(57+$7WKH%RDUGEHDQGLVKHUHE\DXWKRUL]HG
to do all such acts, deeds, matters and things as may be necessary
RUH[SHGLHQWIRURULQFRQQHFWLRQZLWKWKLVUHVROXWLRQDQGWRVHWWOH
DQ\TXHVWLRQRUGLFXOW\WKDWPD\DULVHLQWKLVUHJDUGLQWKHEHVW
interest of the Company and without prejudice to the generality
RIWKHIRUHJRLQJWKH%RDUGEHDQGLVKHUHE\DXWKRUL]HGWRQDOL]H
and approve the terms and conditions, of the Investments and to
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its powers under this resolution to any person(s) as the Board may
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6.
Increase in Borrowing Powers of the Company

Special Resolution:
5(62/9('7+$7SXUVXDQWWRWKHSURYLVLRQVRIVHFWLRQ
(c) and other applicable provisions, if any, of the Companies Act,
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PRGLFDWLRQVRUUHHQDFWPHQWWKHUHRIIRUWKHWLPHEHLQJLQIRUFH
and in supercession of the resolution passed by means of Postal
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hereby accorded to the Board of Directors of the Company (the
Board, which term shall include its Committee(s) constituted / to be
constituted by it for this purpose) to borrow any sum(s) of monies
DQGRUWRUHFHLYHDYDLORIQDQFLDODVVLVWDQFHRUWRXQGHUWDNH
QDQFLDOREOLJDWLRQLQDQ\IRUPIURPWLPHWRWLPHIURPDQ\RQHRU
PRUHQDQFLDOLQVWLWXWLRQVEDQNVIXQGVDQGRUIURPRWKHUSHUVRQV
UPVERGLHVFRUSRUDWHPXWXDOIXQGVRUHQWLWLHVZKHWKHUE\ZD\RI
loans, advances, deposits or bills discounting, issue of debentures,
ERQGVQDQFLDODUUDQJHPHQWRUREOLJDWLRQVRURWKHUZLVHDQG
whether unsecured or secured by mortgage, charge, hypothecation,
lien or pledge of the Companys assets and properties, whether
277
LPPRYDEOHRUPRYDEOHRUVWRFNLQWUDGHLQFOXGLQJUDZPDWHULDOV
VWRUHVVSDUHSDUWVDQGFRPSRQHQWVLQVWRFNRULQWUDQVLWRUZRUN
LQSURJUHVVDQGDOORUDQ\RIWKHXQGHUWDNLQJVRIWKH&RPSDQ\
notwithstanding that the monies to be borrowed together with the
monies already borrowed by the Company (apart from temporary
ORDQVREWDLQHGRUWREHREWDLQHGIURPWKH&RPSDQ\VEDQNHUVLQ
WKHRUGLQDU\FRXUVHRIEXVLQHVVPD\H[FHHGWKHDJJUHJDWHRIWKH
Companys paid-up share capital and free reserves, provided that
the total amounts so borrowed and outstanding at any point of
WLPHVKDOOQRWH[FHHG`&URUHV5XSHHV)RUW\)RXU7KRXVDQG
Crores), over and above the aggregate of the paid-up share capital
of the Company and its free reserves as prevailing from time to time,
H[FOXVLYHRILQWHUHVWDQGRWKHUFKDUJHVDQGWKH%RDUGEHDQGLV
KHUHE\DXWKRUL]HGWRH[HFXWHFDXVHWRH[HFXWHVXFKDJUHHPHQWV
debenture trust deeds, indentures of mortgage, deeds of
hypothecation / charge, lien, promissory notes and other deeds and
instruments or writings containing such conditions and covenants as
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LQWHUHVWRIWKH&RPSDQ\

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7RFRQVLGHUDQGLIWKRXJKWWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQ
Ordinary Resolution:
other applicable provisions, if any, of the Companies Act, 2013 read
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5XOHVFRQVHQWRIWKHPHPEHUVEHDQGLVKHUHE\DFFRUGHG
to the Board of Directors of the Company (the Board, which term
shall include its Committee(s) constituted/to be constituted by
LWIRUWKLVSXUSRVHIRUEX\LQJRFHSUHPLVHVIURP35/$JDVW\D
Private Limited, a company belonging to its promoter group, in
the project named Piramal Agastya being developed by it at Kurla,
0XPEDLIRUDWRWDOFRQVLGHUDWLRQQRWH[FHHGLQJ` &URUHV
5XSHHV)RXU+XQGUHG7KLUW\(LJKW&URUHVDQG6L[W\1LQH/DNKV
H[FOXGLQJDSSOLFDEOHGXWLHVDQGWD[HVLIDQ\
8.
Payment of Commission to Non-Executive Directors of the

Company
Special Resolution:
197 and other applicable provisions, if any, of the Companies
$FWWKH$FWDQGWKHDSSOLFDEOH5XOHVPDGHWKHUHXQGHU
LQFOXGLQJDQ\VWDWXWRU\PRGLFDWLRQVRUUHHQDFWPHQWWKHUHRI
for the time being in force), the applicable provisions of SEBI
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approval of the Members is hereby accorded to the Company
IRUSD\PHQWRIFRPPLVVLRQLQHDFK\HDUWRWKH1RQ([HFXWLYH
'LUHFWRUVFRPPHQFLQJIURPWKH&RPSDQ\VQDQFLDO\HDUHQGHG
RQ0DUFKXSWRDQDPRXQWQRWH[FHHGLQJRQHSHUFHQW
RIWKHQHWSURWVRIWKH&RPSDQ\FRPSXWHGLQWKHPDQQHU
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as the Board of Directors of the Company (the Board) may in its
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for payment of such commission, then, the Company may pay such
commission subject to compliance with the applicable provisions
RIWKH$FW
9.
Issue of Non-Convertible Debentures on Private Placement

Basis
Special Resolution:
and other applicable provisions, if any, of the Companies Act, 2013
(the Act), read with the Companies (Prospectus and Allotment of
6HFXULWLHV5XOHVDQGVXEMHFWWRWKHSURYLVLRQVRIWKH$UWLFOHV
of Association of the Company and in compliance with such other
provisions of law as may be applicable, approval of the members be
and is hereby accorded to the Board of Directors of the Company
(the Board, which term shall include its Committee(s) constituted/
WREHFRQVWLWXWHGE\LWIRUWKLVSXUSRVHWRRHURULQYLWH
subscriptions for secured/unsecured redeemable non-convertible
debentures, in one or more series/tranches, on private placement,
on such terms and conditions as the Board may, from time to
WLPHGHWHUPLQHDQGFRQVLGHUSURSHUDQGPRVWEHQHFLDOWRWKH
Company, including as to when the said Debentures be issued, the

NOTICE
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DOOPDWWHUVFRQQHFWHGWKHUHZLWKRULQFLGHQWDOWKHUHWR3529,'('
THAT the total amount that may be so raised in the aggregate, by
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and outstanding at any point of time, shall be within the overall
borrowing limit as approved by the shareholders from time to time,
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5HPXQHUDWLRQWR&RVW$XGLWRUV

7RFRQVLGHUDQGLIWKRXJKWWWRSDVVWKHIROORZLQJUHVROXWLRQDVDQ
Ordinary Resolution:
all other applicable provisions of the Companies Act, 2013 and
&RPSDQLHV$XGLWDQG$XGLWRUV5XOHV0V*5.XONDUQL
$VVRFLDWHV&RVW$FFRXQWDQWV0XPEDL5HJLVWUDWLRQ1R
the Cost Auditors appointed by the Board of Directors of the
Company (the Board, which term shall include its Committee(s)
constituted/to be constituted by it for this purpose), to conduct
WKHDXGLWRIWKHFRVWUHFRUGVRIWKH&RPSDQ\IRUWKHQDQFLDO\HDU
ending March 31, 2017, be paid a remuneration of
` 5XSHHV6L[ODNKVSOXVVHUYLFHWD[DVDSSOLFDEOHDQG
UHLPEXUVHPHQWRIDFWXDOWUDYHODQGRXWRISRFNHWH[SHQVHV
Company may appoint a single person as proxy. However,

such person shall not act as a proxy for any other person or
shareholder.

&RUSRUDWHPHPEHUVLQWHQGLQJWRVHQGWKHLUDXWKRUL]HG
representatives to attend the Meeting are requested to send to the
&RPSDQ\DFHUWLHGFRS\RIWKH%RDUG5HVROXWLRQDXWKRUL]LQJWKHLU
representative to attend and vote on their behalf at the Meeting.

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4.
In case of joint holders attending the Meeting, only such joint

holder who is higher in the order of names will be entitled to vote.

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6WDWHPHQWDUHRSHQIRULQVSHFWLRQDWWKH5HJLVWHUHG2FHRIWKH
&RPSDQ\RQDOOZRUNLQJGD\VH[FHSW6DWXUGD\VEHWZHHQ
a.m. and 1.00 p.m., upto the date of the Meeting.
6.
The Company paid an interim dividend of ` 17.50 per equity share

LH#RQHTXLW\VKDUHVKDYLQJIDFHYDOXHRI
` 2 each in the month of March 2016, to all its members as on the
UHFRUGGDWH0DUFKIRUWKHQDQFLDO\HDU
,WLVSURSRVHGWKDWWKLVLQWHULPGLYLGHQGEHGHFODUHGDVQDO
GLYLGHQGIRUWKHQDQFLDO\HDUHQGHG0DUFK

5RXWHPDSJLYLQJGLUHFWLRQVWRUHDFKWKHYHQXHRIWKHth AGM is
JLYHQDWWKHHQGRIWKH1RWLFH

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rotation at the ensuing Annual General Meeting and is eligible for
re-appointment.
The information to be provided under Secretarial Standard on
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2EOLJDWLRQV 'LVFORVXUH5HTXLUHPHQWV5HJXODWLRQV/LVWLQJ
5HJXODWLRQVLVJLYHQLQWKH5HSRUWRQ&RUSRUDWH*RYHUQDQFH
IRUPLQJSDUWRIWKH$QQXDO5HSRUW
NOTES:
1.
A member entitled to attend and vote at the Annual General

Meeting (the Meeting) is entitled to appoint a proxy to attend
and to vote on a poll instead of himself and the proxy need not
be a member of the Company. The instrument appointing the
SUR[\VKRXOGKRZHYHUEHGHSRVLWHGDWWKH5HJLVWHUHG2FH
of the Company not less than forty-eight hours before the
commencement of the Meeting.
A person can act as proxy on behalf of members not exceeding
\DQGKROGLQJLQWKHDJJUHJDWHQRWPRUHWKDQWHQSHUFHQW
of the total share capital of the Company. A member holding
more than ten percent of the total share capital of the
9.
Members are requested to bring their Attendance Slip along with

WKHLUFRS\RIWKH$QQXDO5HSRUWWRWKH0HHWLQJ
10. In terms of the applicable provisions of the Companies Act,

1956/Companies Act, 2013, the amount of dividend remaining
unclaimed or unpaid for a period of seven years from the date
of transfer to the unpaid dividend account is required to be
transferred to the Investor Education and Protection Fund. Those
members who have so far not encashed their dividend warrants
for the below mentioned dividends, may claim or approach the
279
Company for the payment thereof as the same will be transferred

to the Investor Education and Protection Fund of the Central
Government on the respective dates mentioned below. Intimation
in this regard is being sent to the concerned shareholders
SHULRGLFDOO\.LQGO\QRWHWKDWDHUVXFKGDWHVWKHPHPEHUVZLOO
have to claim such dividend from such Investor Education and
3URWHFWLRQ)XQGLQDFFRUGDQFHZLWKWKH5XOHVSUHVFULEHGE\WKH
Central Government under the Companies Act, 2013.
Financial Year ended
Due date of transfer
31.03.2009
19.07.2016
31.03.2010

31.03.2011

31.03.2012

31.03.2013

31.03.2014

31.03.2015
06.09.2022
31.03.2016 (Interim Dividend)
09.04.2023
11. Pursuant to section 205C of the Companies Act, 1956 all

XQFODLPHGGLYLGHQGVIRUWKHQDQFLDO\HDUVHQGHG0DUFK
WR0DUFKKDYHEHHQWUDQVIHUUHGWRWKH,QYHVWRU(GXFDWLRQ
and Protection Fund.
12. Pursuant to section 205A of the Companies Act, 1956 all
XQFODLPHGGLYLGHQGVXSWRWKHQDQFLDO\HDUHQGHG0DUFK
KDYHEHHQWUDQVIHUUHGWRWKH*HQHUDO5HYHQXH$FFRXQWRIWKH
Central Government. Shareholders who have not encashed the
dividend warrants for the said period(s) are requested to claim the
same from the Central Government in the prescribed form.
13. Section 72 of the Companies Act, 2013 provides for Nomination
E\WKHVKDUHKROGHUVRIWKH&RPSDQ\LQWKHSUHVFULEHG)RUP1R
SH-13. If a member desires to cancel the earlier nomination and
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14. Both these forms are available on the website of the Company
http://www.piramal.com/investors/forms. Shareholders are
requested to avail this facility.
2YHUWKH\HDUVDVDUHVXOWRIDOORWPHQWRIVKDUHVDULVLQJRXWRI
earlier mergers, it is possible that multiple folios have been created.
We request you to consolidate multiple folios H[LVWLQJLQWKH
same names and in identical order. Many of the shareholders have
already done so. In case you decide to consolidate your folios, you
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Share Transfer Agent.
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their right to vote at the 69th Annual General Meeting (AGM)
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Limited (CDSL).
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under:
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account(s) for which they wish to vote on.

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app can be downloaded from Google Play Store. Apple and
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Store and the Windows Phone Store respectively. Please
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Please note that:
1. The voting period begins on July 29, 2016, at 10.00 a.m.
and ends on July 31, 2016, at 5.00 p.m. During this
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vote electronically. The voting rights of shareholders
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through ballot paper at the AGM in a fair and transparent
manner.
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meeting through ballot paper if they have not availed
the remote e-voting facility. If the vote is cast through
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through remote e-voting in the presence of at least
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www.piramal.com and on the website of CDSL and
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Piramal Tower,
Ganpatrao Kadam Marg,
Lower Parel,
Mumbai - 400 013.
Dated: May 16, 2016
By Order of the Board
Leonard DSouza
Company Secretary
EXPLANATORY STATEMENT UNDER SECTION 102 OF THE

COMPANIES ACT, 2013
ITEM NOS. 5 & 6
Increase in limits for Inter-Corporate Investments and Borrowing
Powers of the Company
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through subsidiaries of the Company. Each of these businesses reported
healthy performances during FY 2015-16.
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comprises investments in debt or quasi-debt instruments. The Company
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business, focused on real estate development and infrastructure and has
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from ` 1,233 crores as on March 31, 2013 to ` 13,206 crores as on
March 31, 2016.
Additionally, PEL has entered into a strategic partnership with APG
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opportunities in infrastructure. Further, the Canadian Pension Plan
Investment Board (CPPIB), one of the largest global pension funds, chose
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also made investments in other Shriram Group companies (i.e. Shriram
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Limited). These are a recognition of the value that PEL has added in this
business segment.
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quality assets.
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its presence in this segment, with a view to achieving further growth in
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board of directors of a company can provide loans to, give guarantees
or provide securities in connection with loans to other bodies corporate
/ persons and/or acquire securities of other bodies corporate, up to
(i) 60% of the aggregate of the paid-up share capital, free reserves and
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and securities premium account of the Company, whichever is more
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where the giving of loans or guarantees or providing any security or

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provides that where a companys borrowings (apart from temporary
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reserves, approval of members by special resolution is required.
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ITEM NO. 7
In compliance with the above requirements, PEL had, by way of Postal

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providing loan(s) to any person(s) or other bodies corporate, giving
guarantee(s) and/or providing security (ies) in connection with loan(s)
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way of subscription, purchase or otherwise, the securities of any one
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` 11,500 crores outstanding at any point of time, over and above the
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Simultaneously, vide the Postal Ballot referred to above, PEL had also
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of the Act for increasing the borrowing limits to ` FURUHV5XSHHV
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the aggregate of the paid-up share capital of the Company and its free
reserves.
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follows:
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The name of the Project being developed at Kurla is Piramal

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is a part of the promoter group of the Company. It is proposed
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with the building for no additional charge, since it is proposed to
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be purchased in an adjacent building, the chargeable area of which
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provided.
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follows:
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` 5,474 crores as on March 31, 2015 to ` 13,206 crores as on March
3(/LVDOVRSXUVXLQJJURZWKDQGH[SDQVLRQRSSRUWXQLWLHV
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asset funding.
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further increasing the investment limit approved by shareholders by
3RVWDO%DOORWRQ1RYHPEHUE\` 32,500 crores i.e. from
` 11,500 crores to ` 44,000 crores over and above the Applicable
Statutory Limits prevailing from time to time. The amount by which
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OLPLWVDSSURYHGE\WKHVKDUHKROGHUVE\ZD\RI3RVWDO%DOORWRQ1RYHPEHU
14, 2015 shall continue to be available for loans made, guarantees
provided, securities issued and investments made by the Company.
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to ` 44,000 crores outstanding at any point of time, over and above
the aggregate of the paid-up share capital of the Company and its free
reserves.
Description
Entire Building
Adjacent Building
Total
Chargeable Carpet
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34,669
1,67,557
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is the general business hub. This location can also be accessed
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and International Airports.
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Larsen & Toubro, one of the reputed building contractors.
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Company.
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The total consideration payable for the chargeable carpet area

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to ` H[FOXGLQJWKHSDUNLQJHQWLWOHPHQWV)XUWKHULIWKH
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the construction on the project at the time such payment is due
and would be as per norms applicable to all purchasers, whether
at the time of signing the agreement or during the course of the
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50% of the consideration amount would become due and payable
by PEL.
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the valuation report dated March 21, 2016 obtained by PEL from
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consideration payable by PEL would not be more than the
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at lower prices or on better payment terms than that offered
to PEL, then, such price or payment terms shall be offered to
PEL, for the premises offered to PEL. These two obligations
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the financial year ending March 31, 2017. In the light of these
factors, the transaction and the terms thereof are reasonable
and on an arms length basis. The same has been approved by
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,QWHUPVRIVHFWLRQRIWKH&RPSDQLHV$FWUHDGZLWK5XOH
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approval of shareholders by way of an ordinary resolution is necessary.
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and consequently approval of shareholders is required only under
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,WPD\DOVREHQRWHGWKDWDFTXLVLWLRQRIRFHSUHPLVHVLVLQWKH
ordinary course of the Companys business and as mentioned above,
WKHVDPHLVEHLQJXQGHUWDNHQRQDQDUPVOHQJWKEDVLV$FFRUGLQJO\
WKH&RPSDQ\ZRXOGEHDEOHWRDYDLORIWKHH[HPSWLRQIURPVHHNLQJ
VKDUHKROGHUVDSSURYDOXQGHU6HFWLRQRIWKH&RPSDQLHV$FW
1HYHUWKHOHVVVKDUHKROGHUVDSSURYDOLVEHLQJVRXJKWE\WKHUHVROXWLRQ
DW,WHP1RRIWKH1RWLFH
&RS\RIWKH9DOXDWLRQ5HSRUWUHIHUUHGWRDERYHLVDYDLODEOHIRULQVSHFWLRQ
E\WKH0HPEHUVDWWKH5HJLVWHUHG2FHRIWKH&RPSDQ\RQDOOZRUNLQJ
GD\VH[FHSW6DWXUGD\VEHWZHHQDPDQGSPXSWRWKHGDWH
of the Meeting.
7KHSDUWLFXODUVRIWKHWUDQVDFWLRQSXUVXDQWWRSDUDRIWKH([SODQDWLRQ
WRVXEUXOHRI5XOHRI&RPSDQLHV0HHWLQJVRI%RDUGDQGLWV
3RZHUV5XOHVDUHDVIROORZV
1DPHRIWKHUHODWHGSDUW\35/$JDVW\D3ULYDWH/LPLWHG
1DPHRIGLUHFWRUVRUNH\PDQDJHULDOSHUVRQQHOZKRDUHUHODWHG
0U$MD\*3LUDPDO'U0UV6ZDWL$3LUDPDODQG0V1DQGLQL
Piramal, Directors of the Company, who are members of the
promoter group.
1DWXUHRIUHODWLRQVKLS35/$JDVW\D3ULYDWH/LPLWHGLVSDUWRIWKH
promoter group.
1DWXUHPDWHULDOWHUPVPRQHWDU\YDOXHDQGSDUWLFXODUVRIWKH
FRQWUDFWRUDUUDQJHPHQW$VSHUGHWDLOVLQFOXGHGLQWKLVH[SODQDWRU\
statement.
5. Any other information relevant to or important for the members to
PDNHDGHFLVLRQRQWKHSURSRVHGWUDQVDFWLRQ1RQH
7KH%RDUGUHFRPPHQGVWKH5HVROXWLRQVHWRXWDW,WHP1RRIWKH
1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
RWKHUZLVHLQWKLVUHVROXWLRQH[FHSW0U$MD\*3LUDPDO'U0UV6ZDWL
$3LUDPDODQG0V1DQGLQL3LUDPDO'LUHFWRUVRIWKH&RPSDQ\DQGWKHLU
relatives), they being members of the promoter group and deemed to be
interested.

NOTICE
ITEM NO. 8
Payment of Commission to Non-Executive Directors of the
Company
%\D6SHFLDO5HVROXWLRQSDVVHGDWWKH$QQXDO*HQHUDO0HHWLQJRIWKH
Company held on July 9, 2010, commission up to one percent of the
QHWSURWVRIWKH&RPSDQ\FRPSXWHGLQWKHPDQQHUODLGGRZQXQGHU
VHFWLRQRIWKH&RPSDQLHV$FWLQHDFK\HDUZDVVDQFWLRQHGIRU
payment to the Directors of the Company, other than the Whole-time
'LUHFWRUVIRUDSHULRGRIYH\HDUVZKLFKZDVYDOLGXSWRWKHQDQFLDO
year ended March 31, 2015.
,QRUGHUWRFRQWLQXHWRDYDLORIWKHEHQHWVRISURIHVVLRQDOH[SHUWLVH
DQGEXVLQHVVH[SRVXUHRIWKHHPLQHQWSHUVRQDOLWLHVRQWKH%RDUGRI
the Company, it is proposed to continue payment of commission to
1RQ([HFXWLYH,QGHSHQGHQWGLUHFWRUV$SSURYDORIPHPEHUVLVWKHUHIRUH
VRXJKWE\ZD\RID6SHFLDO5HVROXWLRQDW,WHP1RRIWKHDFFRPSDQ\LQJ
1RWLFHIRUSD\PHQWRIFRPPLVVLRQWRVXFK'LUHFWRUV
7KH%RDUGUHFRPPHQGVWKH6SHFLDO5HVROXWLRQVHWRXWDW,WHP1RRI
WKH1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
1RQHRIWKH:KROHWLPH'LUHFWRUV.H\0DQDJHULDO3HUVRQQHORIWKH
Company, or their relatives are, in any way, concerned or interested,
QDQFLDOO\RURWKHUZLVHLQWKLVUHVROXWLRQ,QGHSHQGHQW'LUHFWRUVDUH
GHHPHGWREHFRQFHUQHGRULQWHUHVWHGLQWKLVUHVROXWLRQWRWKHH[WHQWRI
the commission that may be received by them.
ITEM NO. 9
Issue of Non-Convertible Debentures on Private Placement Basis
In terms of sections 42, 71 of the Companies Act, 2013 (the Act)
UHDGZLWK5XOHRIWKH&RPSDQLHV3URVSHFWXVDQG$OORWPHQWRI
6HFXULWLHV5XOHVLQFDVHDQRHURIRULQYLWDWLRQWRVXEVFULEH
to non-convertible debentures is made by the Company on a private
placement basis, the Company is required to obtain the previous
DSSURYDORILWVVKDUHKROGHUVE\PHDQVRID6SHFLDO5HVROXWLRQRQDQ
DQQXDOEDVLVIRUDOOWKHRHUVRULQYLWDWLRQVIRUVXFKGHEHQWXUHVGXULQJ
the year.
)RUWKHSXUSRVHRIDYDLOLQJQDQFLDODVVLVWDQFHLQFOXGLQJERUURZLQJVIRU
LWVEXVLQHVVRURSHUDWLRQVWKH&RPSDQ\PD\RHURULQYLWHVXEVFULSWLRQ
to secured / unsecured redeemable non-convertible debentures on
private placement basis (within the meaning of the said section 42 of
the Act) in one or more series / tranches. Hence, the resolution at item
QRRIWKHDFFRPSDQ\LQJ1RWLFHZKLFKZRXOGHQDEOH\RXU%RDUGRI
'LUHFWRUV%RDUGWRRHURULQYLWHVXEVFULSWLRQWRQRQFRQYHUWLEOH
GHEHQWXUHVZLWKLQWKHRYHUDOOERUURZLQJOLPLWXVFRIWKH$FWDV
may be required by the Company, from time to time for a year. Subject
WRDSSURYDORIVKDUHKROGHUVWRWKHUHVROXWLRQDW,WHP1RRIWKLV
1RWLFHWKHUHYLVHGERUURZLQJOLPLWXVFRIWKH$FWLV` 44,000
Crores over and above the paid-up share capital and free reserves of the
Company.
7KH%RDUGUHFRPPHQGVWKH6SHFLDO5HVROXWLRQVHWRXWDW,WHP1RRI
WKH1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
otherwise, in this resolution.
ITEM NO. 10
5HPXQHUDWLRQWR&RVW$XGLWRUV
7KH%RDUGRQWKHUHFRPPHQGDWLRQVRIWKH$XGLW 5LVN&RPPLWWHH
KDVDSSURYHGWKHDSSRLQWPHQWRI0V*5.XONDUQL $VVRFLDWHV&RVW
Accountants, as Cost Auditors for conducting cost audit of the cost
UHFRUGVRIWKH&RPSDQ\IRUWKHQDQFLDO\HDUHQGLQJ0DUFK
at a remuneration of ` 5XSHHV6L[ODNKVSOXVVHUYLFHWD[
DVDSSOLFDEOHDQGUHLPEXUVHPHQWRIDFWXDOWUDYHODQGRXWRISRFNHW
H[SHQVHV
,QDFFRUGDQFHZLWKVHFWLRQRIWKH&RPSDQLHV$FWDQG5XOH
RIWKH&RPSDQLHV$XGLWDQG$XGLWRUV5XOHVWKHUHPXQHUDWLRQVR
SD\DEOHWRWKH&RVW$XGLWRUVLVUHTXLUHGWREHUDWLHGE\WKHVKDUHKROGHUV
of the Company.
7KH%RDUGUHFRPPHQGVWKH5HVROXWLRQVHWRXWDW,WHP1RRIWKH
1RWLFHIRUDSSURYDOE\WKHVKDUHKROGHUV
otherwise, in this resolution.
5HJLVWHUHG2FH
Piramal Tower,
Ganpatrao Kadam Marg,
Lower Parel,
Mumbai - 400 013.
Dated: May 16, 2016
By Order of the Board
Leonard DSouza
Company Secretary
5287(0$3)25$*09(18(
Venue:
Walchand Hirachand Hall,
Indian Merchants Chambers Building,
4th Floor, IMC Marg, Churchgate,
Mumbai - 400 020.
Ph.: 022 2204 6633
PIRAMAL ENTERPRISES LIMITED

CIN: L24110MH1947PLC005719
Registered Office: Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013.
Tel. No.: (91 22) 30466666 Fax No.: (91 22) 30467855
Website: www.piramal.com E-mail Id: complianceofficer.pel@piramal.com
Share Transfer Agent: Link Intime India Pvt. Ltd., C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai - 400 078.
ATTENDANCE SLIP
I/We hereby record my/our presence at the 69th Annual General Meeting of the Company held at Walchand Hirachand
Hall, Indian Merchants Chambers Building, 4th Floor, IMC Marg, Churchgate, Mumbai 400 020 at 3.00 p.m. on Monday,
the 1st day of August, 2016.
DP ID*
Client ID*
Folio No.
No. of Shares
Name and Address of the Shareholder(s)
If Shareholder(s), please sign here
If Proxy, please mention name and sign here

Name of Proxy
Signature
* Applicable for shareholders holding shares in electronic form.

Note:
Shareholder/Proxy holder, as the case may be, is requested to produce the attendance slip duly signed at the
entrance of the Meeting venue.
------------------------------------------------------------------------------------------------------------------------------------------------------------ELECTRONIC VOTING PARTICULARS

Electronic Voting Sequence Number (EVSN)
*Default Sequence Number
* Members who have not updated their PAN with the Company / Depository Participant shall use default Sequence
Number in the PAN field. Other members should use their PAN.
PIRAMAL ENTERPRISES LIMITED

CIN: L24110MH1947PLC005719
Registered Office: Piramal Tower, Ganpatrao Kadam Marg, Lower Parel, Mumbai - 400 013.
Tel. No.: (91 22) 30466666 Fax No.: (91 22) 30467855
Website: www.piramal.com E-mail Id: complianceofficer.pel@piramal.com
Share Transfer Agent: Link Intime India Pvt. Ltd., C-13, Pannalal Silk Mills Compound, LBS Marg, Bhandup (West), Mumbai - 400 078.
PROXY FORM
[Pursuant to section 105(6) of the Companies Act, 2013 and rule 19(3) of the Companies (Management and Administration) Rules,2014]
Name of the Member(s): ..
Registered address: ..
E-mail Id: ....

Folio No/ Client Id: DP ID: .
I/We, being the member(s) holding .. shares of the above named Company, hereby appoint
1. Name: Address: .
E-mail Id: . Signature: , or failing him / her
2. Name: Address: .
E-mail Id: . Signature: , or failing him / her
3. Name: Address: .
E-mail Id: . Signature:
th
as my/our proxy to attend and vote (on a poll) for me/us and on my/our behalf at the 69 Annual General Meeting of the Company to be held at
th
Walchand Hirachand Hall, Indian Merchants Chambers Building, 4 Floor, IMC Marg, Churchgate, Mumbai 400 020 at 3.00 p.m. on Monday, the
st
1 day of August, 2016 and at any adjournment thereof in respect of such resolutions as are indicated below:
** I/We wish my above proxy(ies) to vote in the manner as indicated in the box below:
Sr.
No.
Resolutions
For
1.
Adoption of Audited Financial Statements (Standalone & Consolidated) and the Reports of the Directors
and Auditors thereon for the financial year ended March 31, 2016
2.
Confirmation of Interim Dividend as Final Dividend
3.
Re-appointment of Dr.(Mrs.) Swati A. Piramal, Director who retires by rotation
4.
Ratification of appointment of Auditors
5.
Increase in limits for Inter Corporate Investments
6.
Increase in Borrowing Powers of the Company
7.
Buying office premises at Kurla from PRL Agastya
8.
Payment of Commission to Non-Executive Directors
9.
Issue of Non-Convertible Debentures on Private Placement Basis
10.
Against
Abstain
Remuneration to Cost Auditors
Signed this day of 2016.
Affix
revenue
stamp
_______________________
Signature of shareholder
________________________
Signature of first proxy holder
__________________________
Signature of second proxy holder
________________________
Signature of third proxy holder
** This is only optional. Please put a in the appropriate column against the resolutions indicated in the Box. Alternatively, you may mention the number of shares in the
appropriate column in respect of which you would like your proxy to vote. If you leave all the columns blank against any or all the resolutions, your proxy will be entitled to vote
in the manner as he/she thinks appropriate.
Note:
1. This form of proxy in order to be effective should be duly completed and deposited at the Registered Office of the Company, not less than 48 hours before the
commencement of the Meeting.
2. A proxy need not be a member of the Company.
3. In case the appointer is a body corporate, the proxy form should be signed under its seal or be signed by an officer or an attorney duly authorized by it and an
authenticated copy of such authorisation should be attached to the proxy form.
4. A person can act as proxy on behalf of such number of Members not exceeding fifty and holding in the aggregate not more than ten percent of the total share
capital of the Company. Further, a Member holding more than ten percent, of the total share capital of the Company, may appoint a single person as proxy and
such person shall not act as proxy for any other person or Member.
5. Appointing a proxy does not prevent a member from attending the meeting in person if he so wishes.
6. In case of joint holders, the signature of any one holder will be sufficient, but names of all the joint holders should be stated.
127(6

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Contents

Change is the only thing constant in

What distinguishes high performers

MANAGEMENT DISCUSSION AND ANALYSIS

BOARD & MANAGEMENT PROFILES

Piramal Enterprises Limited$QQXDO5HSRUW

Doing Well and Doing Good

At Piramal Group, our core values of Knowledge, Action and Care

Decision Resources Group

BOARD & MANAGEMENT PROFILES

Movement in revenue mix (%)

MANAGEMENT DISCUSSION & ANALYSIS

across globe in terms

* Others include treasury income.

Piramal Enterprises Limited Annual Report 2015-16

Strong brand portfolio - include key brands such as Saridon, i-pill

Among top three players in Inhalation Anaesthesia segment

BOARD & MANAGEMENT PROFILES

MANAGEMENT DISCUSSION & ANALYSIS

Among the top integrated global Contract Development and

Piramal Enterprises Limited Annual Report 2015-16

Currently manages 7 funds, 3 third party mandates and

20% stake in Shriram Capital (SCL).

Through investments in Shriram Group companies, the Company

BOARD & MANAGEMENT PROFILES

MANAGEMENT DISCUSSION & ANALYSIS

Lending to real estate developers and under special situation

Piramal Enterprises Limited Annual Report 2015-16

BOARD & MANAGEMENT PROFILES

Portfolio is structured into three product

MANAGEMENT DISCUSSION & ANALYSIS

PEL's Information Management business provides

Piramal Enterprises Limited Annual Report 2015-16

My warm greetings to all of you.

Our Company has achieved another set of excellent

Our partnership with the Shriram Group has enabled

We paid a dividend of `17.5 per share for the year. The

We have built stringent controls to maintain our asset

BOARD & MANAGEMENT PROFILES

We continue to work towards expanding our product

MANAGEMENT DISCUSSION & ANALYSIS

The Piramal Group has re-invented itself multiple

is attributable to our entry into Construction Finance in

Piramal Enterprises Limited Annual Report 2015-16

In the last one year, there

Doing Well and Doing Good

We remain committed in acting as trustee to create

The Foundation continued to be recognised for its

Risk and Legal teams strengthened their independent

BOARD & MANAGEMENT PROFILES

We had launched a comprehensive HR Transformation

Piramal Foundation for Education Leadership (PFEL)

MANAGEMENT DISCUSSION & ANALYSIS

Piramal Enterprises Limited$QQXDO5HSRUW

Commissioned manufacturing facilities at Pithampur

JV with Ambalal Sarabhai Enterprises

Acquired Roche India operations

Acquired Rhone Poulenc India

In-licensing agreement with FHL Roche, Basel

Global Bulk Drugs and Fine Chemicals merged with PEL

Acquired Bulk Drug Division of Sumitra Pharmaceuticals

Acquired Boehringer Mannheim

Closed high cost plants in Mumbai & Thane. Transferred

Triple merger of the Piramal Healthcare, Boehringer Mannheim

Piramal Enterprises Limited$QQXDO5HSRUW

Piramal Enterprises Limited$QQXDO5HSRUW