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Notes to Accounts of Apollo Hospitals Enterprise Ltd.

Mar 31, 2023

Trade receivables represent the amount outstanding on sale of pharmaceutical products, hospital services and project consultancy fees which are considered as good by the management. The Company believes that the carrying amount of allowance for expected credit loss with respect to trade receivables is adequate.

Majority of the Company''s transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables from Insurance Companies, Corporate customers and Government Undertakings (both domestic and international).

Average credit Period

The average credit period on sales of goods and services ranges from 30-60 days from the date of the invoice.

Customer Concentration

No single customer represents 10% or more of the company''s total revenue during the year ended March 31, 2023 and March 31, 2022. Therefore the customer concentration risk is limited due to the large and unrelated customer base

Impairment Methodology

The Company has used a practical expedient by computing the expected credit loss allowance for receivables based on a provision matrix . The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix.

(i) During the previous year, '' 49 million is transferred pursuant to reorganisation of pharmacy distribution business (Refer note 53.4)

(ii) Refer note 44.1 in respect of advances extended to related parties.

13.1 Leasing arrangements

The Company entered into finance lease arrangements with Apollo Hospitals Education and Research Foundation (AHERF) for its Building in Hyderabad. The lease is denominated in Indian Rupees. The average term of finance lease entered into is 99 years. During the year the Company has entered into Finance Lease Arrangement with Apollo Speciality Hospitals Ltd for Sub-lease of its building in Karapakkam, Chennai. The lease is denominated in Indian Rupees. The term of finance lease entered into is 16 years 8.5 months.

18.2 Rights, preferences and restrictions attached to equity shares

The Company has equity shares having a nominal value of '' 5 each. All equity shares rank equally with regard to dividend and share in the Company''s residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

18.4 As on March 31,2022, the total outstanding GDRs was 88,607 representing 0.06% of the paid up share capital of the Company. All the GDRs were subsequently converted into underlying equity shares.There are no outstanding GDRs as on date and the GDR programme was terminated and delisted from the Luxembourg Stock Exchange.

18.5 During the financial year 2020-21, pursuant to the approval accorded by the members through Postal Ballot to raise equity proceeds upto a sum of '' 15,000 million, the Company completed a Qualified Institutional Equity (QIP) placement in January 2021, allotting an additional 46,59,498 equity shares at a price of '' 2,511 per share (face value '' 5/- each) aggregating to a sum of '' 11,700 Million. Consequently, paidup share capital increased by '' 23 million.

(i) The average credit period on purchases of goods ranges from immediate payments to credit period of 45 days based on the nature of the expenditure. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms.

(ii) Amounts payable to related parties is disclosed in note 44.1

(iii) Refer note 53.4 for the amount transferred to Apollo Healthco Limited during the previous year pursuant to reorganisation of pharmacy distribution business.

(iv) Refer note 53.1 for the amounts transferred to Apollo Speciality Hospitals Limited during the year pursuant to business transfer agreement The information pertaining to liquidity risks related to trade payables is disclosed in note 43.

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31,2023 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (âThe MSMED Actâ) is not expected to be material. The Company has not received any claim for interest from any supplier.

37 Segment information

The Company has reorganised its pharmacy distribution business including the online technology platform Apollo 24/7 and the Company''s shareholding in Apollo Medicals Private limited (AMPL) (an associate) to Apollo Healthco Limited, a wholly owned subsidiary of the Company, which was effected on March 16, 2022.

segment as at the March 31, 2022, in accordance with IND AS 108 "Operating Segments". On account of the said change in the composition of reportable segments, the corresponding information relating to earlier periods / year have been restated as prescribed by IND AS 108.

Employee Benefit Plans39 Defined contribution plans

The Company makes contributions towards provident fund and employees state insurance as a defined contribution retirement benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. The amount recognised as expense towards contribution to provident fund amount was '' 428 million (Previous year '' 414 million). The Employee state insurance is operated by the Employee State Insurance corporation. Under these schemes, the Company is required to contribute a specific percentage of the payroll cost as per the statute. The amount recognised as expense towards contribution to Employee State Insurance was '' 67 million (Previous year '' 73 million).

The Company has no further obligations in regard of these contribution plans.

40 Defined benefit plans

Gratuity

The Company operates post-employment defined benefit plan that provide gratuity. The gratuity plan entitles an employee, who has rendered at least five years of continuous service, to receive one-half month''s salary for each year of completed service at the time of retirement/exit. The Company''s obligation in respect of the gratuity plan, which is a defined benefit plan, is provided for based on actuarial valuation carried out by an independent actuary using the projected unit credit method. The Company recognizes actuarial gains and losses immediately in other comprehensive income, net of taxes. The Company accrues gratuity as per the provisions of the Payment of Gratuity Act, 1972 as applicable as at the balance sheet date.

The Company contributes all ascertained liabilities towards gratuity to the Fund. The plan assets have been primarily invested in insurer managed funds. The company provides for gratuity , a defined benefit retiring plan covering eligible employees. The Gratuity plan provides a lump sum payment to the vested employees at retirement, death, incapacitation or termination of employment based on the respective employees salary and tenure of the employment with the company.

42 Financial Instruments

42.1 Capital management

The Company manages its capital to ensure it will be able to continue as going concern while maximising the return to stakeholders through the optimisation of the debt and equity balance.The capital structure of the Company consists of net debt and total equity of the Company. The Company is not subject to any externally imposed capital requirements.

The Company''s risk management committee reviews the capital structure of the Company on a semi-annual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Company has a target gearing ratio of 100% of net debt determined as the proportion of net debt to total equity. The gearing ratio at March 31, 2023 of 25% (see below) was within the target range.

42.3 Financial risk management objectives

The Company''s Corporate Treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk.

The company''s exposure to credit risk is primarily from trade receivables which are in the ordinary course of business influenced mainly by the individual characteristic of each customer.

The company''s exposure to currency risk is on account of borrowings and other credit facilities denominated in currency other than Indian Rupees. The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Company''s policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non -derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes.

The Corporate Treasury function reports quarterly to the Company''s risk management committee, an independent body that monitors risks and policies implemented to mitigate risk exposures.

The Company''s activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. For the purpose of managing its exposure to foreign currency and interest rate risk, the Company enters into a variety of derivative financial instruments, i.e. cross currency interest rate swaps.

42.4 Market risk

The Company''s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk using currency cum interest swaps.

The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts

42.6 Interest rate risk management

The Company is exposed to interest rate risk because the Company borrow funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied.

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company''s:

Profit for the year ended March 31, 2023 would decrease/increase by '' 83 Million (Previous year- decrease/ increase by '' 101 million). This is mainly attributable to the Company''s exposure to interest rates on its variable rate borrowings

Interest rate sensitivity analysis

Under interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts for borrowings in foreign currency. Such contracts enable the Company to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The average interest rate is based on the outstanding balances at the end of the reporting period.

42.7 Equity price sensitivity analysis

As at March 31, 2023 the company has quoted investments in Indraprastha Medical Corporation Limited, investment in joint venture measured at cost. Hence, the Company does not have exposure to equity price risks at the end of the reporting period regarding this investment. Apart from this there are two other equity investments one in Karur Vysya Bank Ltd. and another is in Cholamandalam Investment and Finance Co Ltd as at March 31,2023.

If equity prices had been 5% higher/lower:

â¢ profit for the year ended March 31, 2023 would increase/decrease by '' 0.62 (previous year '' 0.37) as a result of the changes in fair value of equity investments which have been designated as FVTPL."

42.8 Credit risk management

Credit risk is a risk of financial loss to the Company arising from counterparty failure to repay according to contractual terms or obligations. Majority of the Company''s transactions are earned in cash or cash equivalents. The Trade Receivables comprise mainly of receivables from Insurance Companies, Corporate customers, Public Sector Undertakings, State/Central and International Governments . The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises with high credit ratings. Accordingly, the Company''s exposure to credit risk in relation to trade receivables is considered low. Before accepting any new credit customer, the Company uses an internal credit scoring system to assess the potential customer''s credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed annually. The outstanding with the debtors is reviewed periodically.

Refer Note 12 For the credit risk exposure , ageing of trade receivable and impairment methodology for financial assets.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

I n addition to the aforementioned, the company also has credit risk exposure in respect of financial guarantee for a value of '' 35 Million issued to the bank on behalf of its subsidiary company, Future Parking Private Limited as a security to the financing facilities secured by the subsidiary company. As at March 31, 2023, an amount of '' 0.39 Million (Previous year '' 0.39 Million) has been recognised as the fair value through profit/loss.

43 Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Company''s short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

The amounts included above for financial guarantee contracts represents the fair value. The maximum amounts the Company could be forced to settle under the arrangement for the full guaranteed amount is '' 35 miilion,if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

The following table details the Companyâs expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion of information on non -derivative financial assets is necessary in order to understand the Companyâs liquidity risk management as the liquidity is managed on a net asset and liability basis.

45 Fair Value Measurements

Fair Value of Companyâs financial assets and liabilities that are measured at fair value on a recurring basis

The following guidance has been followed for classification and measurement of financial assets that are measured at fair value:

Level 1 : Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2 : The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the- counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3

Fair Value of Financial Assets and Financial Liabilities that are not measured at fair value (but fair value disclosure are required)

The company considers that the carrying amounts of financial assets and financial liabilities recognised in the financial statements at amortized cost will reasonably approximate their fair values.

53 Scheme of arrangement/Amalgamation/Business transfer

53.1 During the year, the company has entered into a business transfer agreement (BTA) with Apollo Speciality Hospitals Private Limited (ASHPL) a wholly owned subsidiary of Apollo Health & Lifestyle Limited (AHLL) (a subsidiary company) for transfer of Karapakam Cradle Centre business on October 01, 2022. With effect from the said date, the Company has trasferred all assets and liabilities as per BTA to ASHPL for a consideration of '' 331 million. The excess of consideration over the net assets of '' 113 million (net of taxes) has been transferred to capital reserve, the transaction being a common control transaction as per IND AS 103 "Business Combinations".

53.2 During the year, the company has executed definitive agreements on 5th October 2022 in connection with the acquisition of 60% equity stake in Kerala First Health Services Private Lmited (âââKFSHLââ) which offers quality systems driven ayurveda medical care services under ""AyurVAID Hospitaslââ brand through a combination of primary and secondary equity investment with the overall transaction consideration of '' 264 million.

The primary investment will be used to upgrade existing centres, set up new centres, strengthen enterprise platforms, and for digital health initiatives.

Consequent to this aquisition, KFHSL has become a subsidiary of the company w.e.f. December 2, 2022.

53.3 During the previous year, the Company had received approval from the Regional Director, Ministry of Corporate Affairs on June 28, 2021, for the Scheme of Amalgamation of its wholly owned subsidiaries Western Hospitals Corporation Private Limited (Transferor Company-01), Apollo Home Healthcare (India) Limited (Transferor Company-02) with Apollo Hospitals Enterprise Limited (Transferee Company) and their respective shareholders and creditors under the provisions of Section 233 and the applicable provisions of the Companies Act, 2013, with effect from the Appointed Date of April 1, 2020 ("Scheme"). The above merger being a common control transaction has been accounted for under pooling of interest method as prescribed by Appendix C of Indian Accounting Standard (IND AS) 103 on Business Combinations. There is no consideration involved in this Scheme of Amalgamation as the Transferor Companies are wholly owned subsidiaries of the Transferee Company.

As per the said Scheme:

â¢ The transferee company shall record all the assets and liabilities of the Transferor Companies (01 and 02) transferred to and vested in Transferee company at their respective carrying amount and in same form

â¢ The investment in the share capital of the Transferor Companies (01 and 02) in the books of accounts of the Transferee company shall stand cancelled

Consequent to giving effect to the said Scheme of Amalgamation, the Company has created a provision against loan of '' 67 Million extended by Western Hospitals Corporation Private Limited, in earlier years, to Apollo Lavasa Health Corporation Limited, a subsidiary, due to its adverse business conditions. This provision has been disclosed under Exceptional Items in the standalone financial statements (Refer Note 52).

53.4 During the previous year, the Board of Directors in their meeting held on June 23, 2021 approved the acquisition of 70000 equity shares of Apollo Healthco Limited (AHL) at face value of '' 10 each aggregating to '' 0.7 Million from their existing shareholders. Consequently AHL became a wholly owned subsidiary of the Company with effect from the said date.

The Company reorganised its pharmacy distribution business including the online technology platform Apollo 2417 and the Company''s shareholding in Apollo Medicals Private Limited (AMPL) (an associate) to Apollo Healthco Limited, a wholly owned subsidiary of the Company, for a consideration of '' 12,100 million which was effected on March 16, 2022. The excess of the above-mentioned consideration over the net assets of '' 2,832 million (net of taxes) has been transferred to capital reserve, the transaction being a common control transaction as per IND AS 103 "Business Combinations".

During the year, the company has finalised the computation of capital gain tax on profit on Reorganisation of pharmacy distribution business which has resulted in an additional capital gain tax of '' 157 million and the same is accounted under capital reserve. The additional tax liability is discharged by utilising the available MAT credit balance.

53.5 The Company completed the acquisition of an additional 50% stake held by Gleneagles Development Pte Limited (erstwhile joint venturer) in Apollo Multi Speciality Hospitals Limited (AMSHL) (formerly known as Apollo Gleneagles Hospitals Limited), Kolkata on 22 April 2021 for a consideration of '' 41,000 lakhs. Consequently, AMSHL became a wholly owned subsidiary of the Company.

The closing board meeting where the nominees of the Company have been onboard in place of nominees of erstwhile shareholder and share transfer has been executed, was held on April 22, 2021. Therefore, the Company considers this date as the acquisition date from when the Company obtained control and consequently AMSHL has become a wholly-owned subsidiary of the Company with effect from April 22, 2021.

(iii) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

(iv) No funds have been advanced or loaned or invested (either from borrowed funds or share premium or any other sources or kind of funds) by the Company to or in any other person(s) or entity(ies), including foreign entities ("Intermediaries"), with the understanding, whether recorded in writing or otherwise, that the Intermediary shall, directly or indirectly lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Company ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries except as disclosed below,

(a) During the year ended March 31, 2023, the Company has invested '' 350 million in Apollo Health and Lifestyle Limited by subscribing to rights shares of 26,31,579 equity shares at a premium of '' 123 per share and Apollo Health and Lifestyle Limited have inturn invested the funds in Apollo Specialty Hospitals Pvt Ltd by way of subscribing to the rights issue of 5,088 equity shares at a premium of '' 68,770.23 per share.

(b) During the year ended March 31, 2023, the Company has invested '' 55 million in Apollo Rajshree Hospitals Private Limited by subscribing to rights issue of 9,10,449 equity shares at a premium of '' 50 per share and Apollo Rajshree Hospitals Private Limited have in turn invested the funds to acquire a new subsidiary Sobhagya Hospital and Research Centre Pvt Ltd.

(v) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"), with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(vi) The Company has not operated in any crypto currency or Virtual Currency transactions.

(vii) There were no transactions not recorded in the Books of Accounts that has been surrendered or disclosed as income during the year in the tax assessments under The Income Tax Act 1961.

(viii) There are no transactions with the Companies whose name are struck off under Section 248 of The Companies Act, 2013 or Section 560 of the Companies Act, 1956 during the year ended 31st March 2023 and 31st March 2022

56 Subsequent Events after the reporting period

The Board of Directors of the Company on their meeting dated May 30, 2023, recommended a dividend of '' 9 per share (of face value of '' 5/- per share) for the financial year ended 31st March 2023, which is subject to members approval at the forthcoming Annual General Meeting.

Mar 31, 2022

(i) During the year the Company reorganised its pharmacy distribution business including the online technology platform Apollo 24/7 and the Companyâs shareholding in Apollo Medicals Private limited (AMPL) (an associate) to Apollo HealthCo Limited, a wholly owned subsidiary of the Company.The balance amount of goodwill attributable to pharmacy distribution business has been derecognised and included in the net assets value for the purpose of computation of gain/loss on disposal.

(ii) During the previous year and pursuant to the Scheme of Arrangement as described in Note 54.1, the front end portion of the Retail Pharmacy segment (âDivestment businessâ) has been disposed to an associate company, Apollo Pharmacies Limited. Consequently, the value of goodwill was measured based on the relative values of portion of the CGU disposed and portion of CGU retained. The value attributable to the portion of CGU disposed to the tune of ''107 million was de-recognised and included in the carrying amount of the divestment business for the purpose of computation of gain/loss on disposal.The balance amount of goodwill after de-recognition of portion attributable to divestment business was allocated to Pharmacy Distribution CGU.

which are considered as good by the management. The Company believes that the carrying amount of allowance for expected credit loss with respect to trade receivables is adequate.

Average credit Period

The average credit period on sales of goods and services ranges from 30-60 days from the date of the invoice.

Customer Concentration

No single customer represents 10% or more of the company''s total revenue during the year ended March 31, 2022 and March 31, 2021. Therefore the customer concentration risk is limited due to the large and unrelated customer base

Impairment Methodology

18.2 Rights, preferences and restrictions attached to equity shares

The Company has equity shares having a nominal value of ''5 each. All equity shares rank equally with regard to dividend and share in the Company''s residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except interim dividend. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders.

18.4 The Board of Directors of the Company at its meeting held on February 12, 2021 had resolved to terminate the GDR program. The notice of termination of GDR program was sent to all holders of GDR on 25th February 2021 by Bank of New York Mellon, Custodian of GDR informing that the GDR facility would be terminated with effect from March 26, 2021. The holders could surrender their GDRs to Bank of New York Mellon, for delivery of underlying equity shares upto the period of March 31, 2022, subsequent to which Bank of New York Mellon, Custodian may attempt to the sell the underlying shares and distribute the net proceeds to the respective GDR Holders

As on March 31,2022, the total outstanding GDRs was 88,607 representing 0.06% of the paid up share capital of the Company. All the GDRs were subsequently converted into underlying equity shares. There are no outstanding GDRs as on date and the GDR programme was terminated and delisted from the Luxembourg Stock Exchange.

18.5 During the previous year, pursuant to the approval accorded by the members through Postal Ballot to raise equity proceeds upto a sum of ''15,000 million, the Company completed a Qualified Institutional Equity (QIP) placement in January 2021, allotting an additional 46,59,498 equity shares at a price of ''2,511 per share (face value ''5/- each) aggregating to a sum of ''11,700 Million. Consequently, paidup share capital increased by ''23 million

Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Indian Companies Act, 2013 (the âCompanies Actâ). Pursuant to the approval accorded by the members through Postal Ballot to raise equity proceeds upto a sum of ''15,000 million, the Company completed a Qualified Institutional Equity (QIP) placement in January 2021, allotting an additional 46,59,498 equity shares at a price of ''2,511 per share (face value ''5/- each) aggregating to a sum of ''11,700 Million. Consequently, during the previous year securities premium increased by ''11,677 million. Eligible and directly attributable costs as per the Companies Act and accounting standard have been adjusted against the premium generated upon issuance of shares.

The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares.

(i) There is no breach of loan covenants as at March 31,2022 and March 31,2021

(ii) The Company has used the borrowings from banks and financial institutions for the purpose for which it was taken as at March 31, 2022 and March 31,2021

(iii) The Company has sanctioned facilities from banks on the basis of security of current assets. The periodic returns filed by the Company with such banks are in agreement with the books of accounts of the Company

(iv) The Company has adhered to debt repayment and interest service obligations on time. Willful defaulter related disclosures required as per Additional Regulatory Information of Schedule III (revised) to the Companies Act, is not applicable

(v) The secured listed non-convertible debentures of the Group aggregating to Rs.2,000 million as on March 31, 2021 are secured by way of first mortgage/charge on the Groupâs properties.The asset cover on the secured listed non-convertible debentures of the Group exceeds hundred percent of the principal amount of the said debentures.These debentures were redeemed on 7th March 2022.

(ii) Amounts payable to related parties is disclosed in note 45.1

(iii) Refer note 54.3 for the amount transferred to Apollo HealthCo Limited pursuant to reorganisation of pharmacy distribution business.

The information pertaining to liquidity risks related to trade payables is disclosed in note 44.

The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2022 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (âThe MSMED Actâ) is not expected to be material. The Company has not received any claim for interest from any supplier.

38 Segment information

The Company has reorganised its pharmacy distribution business including the online technology platform Apollo 24/7 and the Company''s shareholding in Apollo Medicals Private limited (AMPL) (an associate) to Apollo HealthCo Limited, a wholly owned subsidiary of the Company, which was effected on March 16, 2022.

Consequent to the above reorganisation, the company is engaged only in Healthcare business and therefore the Company''s CODM (Chief Operating Decision Maker; which is the Board of Directors of the company) decided to have only one reportable segment as at the March 31, 2022, in accordance with IND AS 108 "Operating Segments". On account of the said change in the composition of reportable segments, the corresponding information relating to earlier periods / year have been restated as prescribed by IND AS 108.

39 Earnings per Share (EPS)

EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The earnings and the weighted average number of shares used in calculating basic and diluted earnings per share is as follows:

Employee Benefit Plans40 Defined contribution plans

The Company makes contributions towards provident fund and employees state insurance as a defined contribution retirement benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. The amount recognised as expense towards contribution to provident fund amount was ''414 million (Previous year ''463 million). The Employee state insurance is operated by the Employee State Insurance corporation. Under these schemes, the Company is required to contribute a specific percentage of the payroll cost as per the statute. The amount recognised as expense towards contribution to Employee State Insurance was ''73 million (Previous year ''118 million).

The Company has no further obligations in regard of these contribution plans.

41 Defined benefit plans

Gratuity

Disclosures of Defined Benefit Plans based on actuarial valuation reports

The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method.

43 Financial instruments

43.1 Capital management

43.3 Financial risk management objectives

The company''s exposure to credit risk is primarily from trade receivables which are in the ordinary course of business influenced mainly by the individual characteristic of each customer.

The Corporate Treasury function reports quarterly to the Company''s risk management committee, an independent body that monitors risks and policies implemented to mitigate risk exposures.

43.4 Market risk

43.5 Foreign currency risk management

Foreign currency sensitivity analysis

The following table details the Company''s sensitivity to a 10% increase and decrease in the '' against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the ''strengthens 10% against the relevant currency. For a 10%

43.6 Interest rate risk management

Interest rate sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and nonderivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management''s assessment of the reasonably possible change in interest rates.

If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Company''s:

Profit for the year ended March 31, 2022 would decrease/increase by ''101 Million (Previous year- decrease/ increase by ''104 million). This is mainly attributable to the Company''s exposure to interest rates on its variable rate borrowings Interest rate sensitivity analysis

43.7 Equity price sensitivity analysis

As at March 31, 2022 the company has quoted investments in Indraprastha Medical Corporation Limited, investment in joint venture measured at cost. Hence, the Company does not have exposure to equity price risks at the end of the reporting period regarding this investment. Apart from this there are two other equity investments one in Karur Vysya Bank Ltd. and another is in Cholamandalam Investment and Finance Co Ltd as at March 31,2022.

If equity prices had been 5% higher/lower:

â¢ profit for the year ended March 31, 2022 would increase/decrease by ''0.37 (previous year Nil) as a result of the changes in fair value of equity investments which have been designated as FVTPL.

43.8 Credit risk management

Refer Note 12 For the credit risk exposure , ageing of trade receivable and impairment methodology for financial assets.

The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies.

In addition to the aforementioned, the company also has credit risk exposure in respect of financial guarantee for a value of ''35 Million issued to the bank on behalf of its subsidiary company, Future Parking Private Limited as a security to the financing facilities secured by the subsidiary company. As at March 31, 2022, an amount of ''0.39 Million (Previous year ''0.39 Million) has been recognised as the fair value through profit/loss.

44 Liquidity risk management

Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Companyâs short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

44.1 Liquidity and interest risk tables

The amounts included above for financial guarantee contracts represents the fair value. The maximum amounts the Company could be forced to settle under the arrangement for the full guaranteed amount is ''35 miilion,if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

The following table details the Company''s expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion of information on non-derivative financial assets is necessary in order to understand the Company''s liquidity risk management as the liquidity is managed on a net asset and liability basis.

46 Fair Value Measurements

Fair Value of Companyâs financial assets and liabilities that are measured at fair value on a recurring basis

The following guidance has been followed for classification and measurement of financial assets that are measured at fair value:

Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period.

Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the-counter derivatives) is determined using valuation techniques which maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

The fair value of the financial assets and liabilities is included at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale. The fair-value of the financial-instruments factor the uncertainties arising out of COVID-19, where applicable.

Fair Value of Financial Assets and Financial Liabilities that are not measured at fair value (but fair value disclosure are required

The company considers that the carrying amounts of financial assets and financial liabilities recognised in the financial statements at amortized cost will reasonably approximate their fair values.

(i) During the current year, consequent to giving effect to the Scheme of Amalgamation (Refer Note 54.2), the Company has created a provision against loan of ''67 million extended by Western Hospitals Corporation Private Limited, in earlier years, to Apollo Lavasa Health Corporation Limited, a subsidiary, due to its adverse business conditions. During the previous year, the company has impaired its equity investment of ''80 million held in an Associate, Stemcyte Therapeutics India Private Limted in view of adverse business conditions

54 Scheme of arrangement/Amalgamation/Business transfer

54.1 The Scheme of Arrangement (''the Scheme'') for transfer of front-end retail pharmacy business included in the standalone pharmacy segment (''divestment business'') to Apollo Pharmacies Limited (''APL'' or ''Transferee Company''), a wholly owned subsidiary of Apollo Medicals Private Limited (''AMPL'') for an overall cash consideration of ''5,278 million was approved by the National Company Law Tribunal vide their Order dated August 3, 2020. The Scheme was effective from September 1, 2020 (''effective

date''). As per the Scheme, accounting in the books of the Company is given effect as on the effective date considering the transfer of the divestment business with effect from April 1, 2019 (''appointed date'').

Pursuant to the Scheme becoming effective, the Company invested ''365 million and its ownership interest in AMPL changed to 25.50%, resulting in loss of control with effect from September 1, 2020. Net gain on disposal of divestment business of ''845 million has been included under exceptional items. (Refer note i)

As per the Scheme, accounting in the books of the Company is given effect as on the effective date considering the transfer of the divestment business with effect from April 1, 2019 (''appointed date''). Consequently, the net economic benefit transferred from the appointed date till the effective date related to divestment business of ''856 million has been included under exceptional items. (Refer Note ii)

The Standaone financial statement for the year ended March 31,2022, are not comparable with the standalone financial statement for the year ended March 31,2021 which included the front-end retail pharmacy business included in the standalone pharmacy segment until its effective date of transfer, i.e; September 1,2020.

54.2 The Company had received approval from the Regional Director, Ministry of Corporate Affairs on June 28, 2021, for the Scheme of Amalgamation of its wholly owned subsidiaries Western Hospitals Corporation Private Limited (Transferor Company-01), Apollo Home Healthcare (India) Limited (Transferor Company-02) with Apollo Hospitals Enterprise Limited (Transferee Company) and their respective shareholders and creditors under the provisions of Section 233 and the applicable provisions of the Companies Act, 2013, with effect from the Appointed Date of April 1, 2020 ("Scheme"). The above merger being a common control transaction has been accounted for under pooling of interest method as prescribed by Appendix C of Indian Accounting Standard (IND AS) 103 on Business Combinations. There is no consideration involved in this Scheme of Amalgamation as the Transferor Companies are wholly owned subsidiaries of the Transferee Company.

As per the said Scheme:

â¢ The investment in the share capital of the Transferor Companies (01 and 02) in the books of accounts of the Transferee company shall stand cancelledConsequent to giving effect to the said Scheme of Amalgamation, the Company has created a provision against loan of ''67 Million extended by Western Hospitals Corporation Private Limited, in earlier years, to Apollo Lavasa Health Corporation Limited, a subsidiary, due to its adverse business conditions. This provision has been disclosed under Exceptional Items in the standalone financial statements (Refer Note 53).

54.3 The Board of Directors in their meeting held on June 23, 2021 approved the acquisition of 70,000 equity shares of Apollo HealthCo Limited (AHL) at face value of ''10 each aggregating to ''0.7 Million from their existing shareholders. Consequently AHL became a wholly owned subsidiary of the Company with effect from the said date.

The Company reorganised its pharmacy distribution business including the online technology platform Apollo 2417 and the Company''s shareholding in Apollo Medicals Private Limited (AMPL) (an associate) to Apollo HealthCo Limited, a wholly owned subsidiary of the Company, for a consideration of ''12,100 million which was effected on March 16, 2022. The excess of the above-mentioned consideration over the net assets of ''2,832 million (net of taxes) has been transferred to capital reserve, the transaction being a common control transaction as per IND AS 103 "Business Combinations".

54.4 The Company completed the acquisition of an additional 50% stake held by Gleneagles Development Pte Limited (erstwhile joint venturer) in Apollo Multi Speciality Hospitals Limited (AMSHL) (formerly known as Apollo Gleneagles Hospitals Limited), Kolkata on 22 April 2021 for a consideration of ''4,100 million. Consequently, AMSHL became a wholly owned subsidiary of the Company.

(iii) The Company has complied with the number of layers prescribed under clause (87) of Section 2 of the Companies Act, 2013 read with Companies (Restriction on number of Layers) Rules, 2017.

(v) No funds have been received by the Company from any person(s) or entity(ies), including foreign entities ("Funding Parties"),

with the understanding, whether recorded in writing or otherwise, that the Company shall, directly or indirectly, lend or invest in

other persons or entities identified in any manner whatsoever by or on behalf of the Funding Party ("Ultimate Beneficiaries") or provide any guarantee, security or the like on behalf of the Ultimate Beneficiaries

(vi) The Company has not operated in any crypto currency or Virtual Currency transactions.

(vii) There were no transactions not recorded in the Books of Accounts that has been surrendered or disclosed as income during the year in the tax assessments under The Income Tax Act 1961.

57 Subsequent Events after the reporting period

T he Board of Directors of the Company on their meeting dated May 25, 2022, recommended a dividend of ''11.75 per share (235% of face value of ''5/- per share) for the financial year ended 31st March 2022, on the paid up equity shares of the Company to the members, subject to members approval at the forthcoming Annual General Meeting.

Mar 31, 2021

3.17 Contingent liabilities

Contingent liability is a possible obligation arising from past events and whose existence will be confirmed only by the occurrence or non-occurrence of one or more uncertain future events not wholly within the control of the entity or a present obligation that arises from past events but is not recognized because it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation or the amount of the obligation cannot be measured with sufficient reliability.

Contingent liabilities acquired in a business combination are initially measured at fair value at the acquisition date. At the end of subsequent reporting periods, such contingent liabilities are measured at the higher of the amount that would be recognised in accordance with Ind AS 37 and the amount initially recognised less cumulative amortisation recognised in accordance with Ind AS 115 Revenue from contracts with customers.

3.18 Earnings per Share

Basic earnings per share is computed by dividing the profit/(loss) after tax (including the post tax effect of exceptional items, if any) by the weighted average number of equity shares outstanding during the year. The weighted average number of ordinary shares outstanding during the year is number of shares outstanding at the beginning of the year, adjusted by the number of ordinary shares issued during the year multiplied by a time-weighting factor.

3.19 Financial instruments

Financial assets and financial liabilities are recognised when a Company becomes a party to the contractual provisions of the instruments.

Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit and loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit and loss are recognised immediately in statement of profit and loss.

3.19.1 Financial assets

Excluded are trade accounts receivables. At initial recognition trade accounts receivables (in accordance with Ind AS 115) are measured at their transaction price and subsequently measured at carrying value as of initial recognition less impairment allowance (if any)

I nvestments in equity instruments are recognized and subsequently measured at fair value. The Company''s equity investments are not held for trading. In general, changes in the fair value of equity investments are recognized in the income statement. However, at initial recognition the Company elected, on an instrument-by-instrument basis, to represent subsequent changes in the fair value of individual strategic equity investments in other comprehensive income (loss) ("OCI").

The Company''s investment in debt securities with the objective to achieve both collecting contractual cash flows and selling the financial assets, and initially measured at fair value. Some of these securities give rise on specified dates to cash flows that are solely payments of principle and interest. These securities are subsequently measured at FVOCI. Other securities are measured at FVPL.

Cash and Cash Equivalents

The Company considers all highly liquid financial instruments which are readily convertible into known amounts of cash that are subject to an insignificant risk of change in value and having original maturities of three months or less from the date of purchase, to be cash equivalents. Cash and Cash Equivalents consist of balances with banks which are unrestricted for withdrawal and usage. Restricted cash and bank balances are classified and disclosed as other bank balances.

Amortised Cost and Effective interest method

The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the debt instrument, or, where appropriate, a shorter period, to the net carrying amount on initial recognition.

Income is recognised on an effective interest basis for debt instruments other than those financial assets classified as at FVTPL. Interest income is recognised in the statement of profit and loss and is included in the "Other income" line item.

Instruments at FVTOCI

On initial recognition, the Company can make an irrevocable election (on an instrument-by-instrument basis) to present the subsequent changes in fair value in other comprehensive income pertaining to investments in equity instruments. This election is not permitted if the equity investment is held for trading. These elected investments are initially measured at fair value plus transaction costs. Subsequently, they are measured at fair value with gains and losses arising from changes in fair value recognised in other comprehensive income and accumulated in the ''Reserve for equity instruments through other comprehensive income''. The cumulative gain or loss is not reclassified to statement of profit and loss on disposal of the investments.

A financial asset is held for trading if:

â¢ it has been acquired principally for the purpose of selling it in the near term; or

â¢ on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or

â¢ it is a derivative that is not designated and effective as a hedging instrument or a financial guarantee.

Dividends on these investments in equity instruments are recognised in statement of profit and loss when the Company''s right to receive the dividends is established, it is probable that the economic benefits associated with the dividend will flow to the entity, the dividend does not represent a recovery of part of cost of the investment and the amount of dividend can be measured

reliably. Dividends recognised in statement of profit and loss are included in the ''Other income'' line item.

Impairment of financial assets

The Company applies the expected credit loss model for recognising impairment loss on financial assets measured at amortised cost, debt instruments at FVTOCI, lease receivables, trade receivables, other contractual rights to receive cash or other financial asset, and financial guarantees not designated as at FVTPL.

The expected credit loss approach requires that all impacted financial assets will carry a loss allowance based on their expected credit losses. Expected credit losses are a probability-weighted estimate of credit losses over the contractual life of the financial assets.

For trade receivables or any contractual right to receive cash or another financial asset that result from transactions that are within the scope of Ind AS 115, the Company measures the loss allowance at an amount equal to lifetime expected credit losses.

The impairment provisions for trade receivables is based on reasonable and supportable information including historic loss rates, present developments such as liquidity issues and information about future economic conditions, to ensure foreseeable changes in the customer-specific or macroeconomic environment are considered.

Significant increase in credit risk

In assessing whether the credit risk on a financial instrument has increased significantly since initial recognition, the Company compares the risk of a default occurring on the financial instrument at the reporting date with the risk of a default occurring on the financial instrument at the date of initial recognition. In making this assessment, the Company considers both quantitative and qualitative information that is reasonable and supportable, including historical experience and forward-looking information that is available without undue cost or effort. Forward-looking information considered includes the future prospects of the industries in which the Company''s debtors operate, obtained from economic expert reports, financial analysts, governmental bodies, relevant think-tanks and other similar organisations, as well as consideration of various external sources of actual and forecast economic information that relate to the Company''s core operations.

Derecognition of financial assets

The Company derecognises a financial asset when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership of the asset to another party. If the Company neither transfers nor retains substantially all the risks and rewards of ownership and continues to control the transferred asset, the Company recognises its retained interest in the asset and an associated liability for amounts it may have to pay. If the Company retains substantially all the risks and rewards of ownership of a transferred financial asset, the Company continues to recognise the financial asset and also recognises a collateralised borrowing for the proceeds received.

Foreign exchange gains and losses

The fair value of financial assets denominated in a foreign currency is determined in that foreign currency and translated at the spot rate at the end of each reporting period.

â¢ For foreign currency denominated financial assets measured at amortised cost and FVTPL, the exchange differences are recognised in statement of profit and loss except for those which are designated as hedging instruments in a hedging relationship.

â¢ Changes in the carrying amount of investments in equity instruments at FVTOCI relating to changes in foreign currency rates are recognised in other comprehensive income.

Net gain / (loss) on foreign currency transactions and translation during the year recognised in the statement of Profit and Loss account is presented under Other Income.

3.19.2 Financial liabilities and equity instruments Classification as debt or equity

Debt and equity instruments issued by a Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.

Equity instruments

An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by a Company are recognised at the proceeds received, net of direct issue costs.

Repurchase of the Company''s own equity instruments is recognised and deducted directly in equity. No gain or loss is recognised in statement of profit and loss on the purchase, sale, issue or cancellation of the Company''s own equity instruments.

Financial liabilities

All financial liabilities are subsequently measured at amortised cost using the effective interest method

In general, financial liabilities are classified and subsequently measured at amortized cost, with the exception of contingent considerations resulting from a business combination, noncontrolling interests subject to put provisions as well as derivative financial liabilities.

Financial liabilities subsequently measured at amortised cost

The carrying amounts of financial liabilities that are subsequently measured at amortised cost are determined based on the effective interest method. Interest expense that is not capitalised as part of costs of an asset is included in the ''Finance costs'' line item.

The effective interest method is a method of calculating the amortised cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition.

Financial guarantee contracts

A financial guarantee contract is a contract that requires the issuer to make specified payments to reimburse the holder for a loss it incurs because a specified debtor fails to make payments when due in accordance with the terms of a debt instrument.

Financial guarantee contracts issued by a Company are initially measured at their fair values and, if not designated as at FVTPL, are subsequently measured at the higher of:

â¢ the amount of loss allowance determined in accordance with impairment requirements of Ind AS 109; and

â¢ the amount initially recognised less, when appropriate, the cumulative amount of income recognised in accordance with the principles of Ind AS 18.

Derecognition of financial liabilities

The Company derecognises financial liabilities when, and only when, the Company''s obligations are discharged, cancelled or have expired. An exchange with a lender of debt instruments with substantially different terms is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. Similarly, a substantial modification of the terms of an existing financial liability is accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable is recognised in the statement of profit and loss.

3.19.3 Derivative financial instruments

The Company enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risks, including interest rate swaps and cross currency swaps.

Derivatives are initially recognised at fair value at the date the derivative contracts are entered into and are subsequently remeasured to their fair value at the end of each reporting period. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.

The change in fair value of derivatives is recorded in the statement of profit and loss.

Derivatives embedded in host contracts are accounted for as separate derivatives if their economic characteristics and risks are not closely related to those of the host contracts. These embedded derivatives are measured at fair value with changes in fair value recognized in the statement of profit and loss.

3.20 Segment Reporting

In accordance with Ind AS 108, Segment Reporting, the Group''s chief operating decision maker ("CODM") has been identified as the board of directors. The Company''s CODM evaluates segment performance based on revenues and profit by Healthcare, Retail Pharmacy (till August 31, 2020) and Pharmacy Distribution (with effect from September 1, 2020) segments.

3.21 Non Current Asset Held for Sale

The company classifies non-current assets held for sale if their carrying amounts will be principally recovered through a sale rather than through continuing use of assets and action required to complete such sale indicate that it is unlikely that significant changes to the plan to sell will be made or that the decision to sell will be withdrawn. Also, such assets are classified as held for sale only if the management expects to complete the sale within one year from the date of classification.

Non-current assets held for sale are measured at the lower of carrying amount and the fair value less cost to sell. Non-current assets are not depreciated or amortised.

3.21.1 Discontinued operations

A discontinued operation is a ''component'' of the Company''s business that represents a separate line of business that has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a discontinued operation occurs upon the earlier of disposal or when the operation meets the criteria to be classified as held for sale.

The Company considers the guidance in Ind AS 105 Non-Current assets held for sale and discontinued operations to assess whether a divestment asset would qualify the definition of ''component'' prior to classification into discontinued operation.

3.22 Government Grants

Government grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and that the grants will be received.

Government grants are recognised in statement of profit and loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are recognised as deferred revenue in the standalone balance sheet and transferred to statement of profit and loss on a systematic and rational basis over the useful lives of the related assets

Government grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the Company with no future related costs are recognised in the statement of profit and loss in the period in which they become receivable.

Government grants are recognised in statement of profit and loss on a systematic basis over the periods in which the Company recognises as expenses the related costs for which the grants are intended to compensate. Specifically, government grants whose primary condition is that the Company should purchase, construct or otherwise acquire non-current assets are recognised as deferred revenue in the balance sheet and transferred to statement of profit and loss on a systematic and rational basis over the useful lives of the related assets.

3.23 Dividend

A final dividend, including tax thereon, on equity shares is recorded as a liability on the date of approval by the shareholders. An interim dividend, including tax thereon, is recorded as a liability on the date of declaration by the board of directors.

3.24 Operating Cycle

Based on the nature of products / activities of the Company and the normal time between acquisition of assets and their realisation in cash or cash equivalents, the Company has determined its operating cycle as 12 months for the purpose of classification of its assets and liabilities as current and non-current

4 Critical accounting judgements and key sources of estimation uncertainty

Use of estimates

The preparation of these standalone financial statements in conformity with Ind AS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Company''s financial statements include, but are not limited to, expected credit loss, impairment of goodwill, useful lives of property, plant and equipment and leases, realization of deferred tax assets, unrecognized tax benefits, incremental borrowing rate of right-of-use assets and related lease obligation, the valuation of the Company''s acquired equity investments. Actual results could materially differ from those estimates.

4.1 Key sources of estimation uncertainty

The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4.1.1 Impairment of goodwill

Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use is determined using a discounted cash flow approach based upon the cash flow expected to be generated by the CGU. In case that the value in use of the CGU is less than its carrying amount, the difference is at first recorded as an impairment of the carrying amount of the goodwill.

4.1.2 Impairment of Financial Assets

The impairment provisions for trade receivables is based on assumptions about risk of default and expected loss rates. The Company uses judgements in making certain assumptions and selecting inputs to determine impairment of these trade receivables, based on ton reasonable and supportable information including historic loss rates, present developments such as liquidity issues and information about future economic conditions, to ensure foreseeable changes in the customer-specific or macroeconomic environment are considered.

4.1.3 Impairment of investments in subsidiaries, associates and joint ventures:

The Company conducts impairment reviews of investments in subsidiaries / associates / joint arrangements whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable or tests for impairment annually. Determining whether an asset is impaired requires an estimation of the recoverable amount, which requires the Company to estimate the value in use determined using a discounted cash flow approach based upon the cash flow expected to be generated by the investment. In case that the value in use of the investment is less than its carrying amount, the difference is at first recorded as an impairment of the carrying amount of the goodwill.

4.1.5 Employee Benefits - Defined benefit plans

The cost of the defined benefit plans are based on actuarial valuation using the projected unit credit method. An actuarial valuation involves making various assumptions that may differ from actual developments in the future. These include the determination of the discount rate, future salary increases, attrition and mortality rates. Due to the complexities involved in the valuation and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All assumptions are reviewed at each reporting date.

4.1.6 Litigations

The amount recognised as a provision shall be the management''s best estimate of the expenditure required to settle the present obligation arising at the reporting period.

4.1.7 Revenue Recognition

The Company''s contracts with customers could include promises to render multiple services to a customer. The Company assesses the services promised in a contract and identifies distinct performance obligations in the contract. Identification of distinct performance obligation involves judgement to determine the deliverables and the ability of the customer to benefit independently from such deliverables.

Judgement is applied in the assessment of principal versus agent considerations with respect to contracts with customers and doctors which is determined based on the substance of the arrangement.

Judgement is also applied to determine the transaction price of the contract. The transaction price shall include a fixed amount of customer consideration and components of variable consideration which constitutes amounts payable to customer, discounts, commissions, disallowances and redemption patterns of loyalty point by the customers. The estimated amount of variable consideration is adjusted in the transaction price only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognised will not occur and is reassessed at the end of each reporting period.

4.1.8 Useful lives of property plant and equipment

TheCompany depreciates property, plantand equipment on astraight-line basis overestimated useful l ives of the assets.The charge i n respect of periodic depreciation is derived based on an estimate of an asset''s expected useful life and the expected residual value at the end of its life. The lives are based on historical experience with similar assets as well as anticipation of future events, which may impact their life, such as changes in technology. The estimated useful life is reviewed at least annually.

4.1.9 Point of Capitalisation

Management has set in parameters in respect of its medical equipments specific to the stability and reaching the contractual availability goals. The property, plant & equipment shall be capitalised upon reaching these parameters at which stage the asset is brought to the location and condition necessary for it to be capable of operating in the manner intended by management.

In respect of internally generated intangible assets, management has defined the criteria for capitalisation based on the version released for each feature to be deployed on the digital platform. The point in time at which the version release contain all the

essential features as defined by the mangement and qualifies to be a Minimum Viable Product (MVP), the feature is considered eligible for capitalisation.

4.1.10 Impairment of Non - Financial Assets

Determining whether the asset is impaired requires to assess the recoverable amount of the asset or Cash Generating Unit (CGU) which is compared to the carrying amount of the asset or CGU, as applicable. Recoverable amount is the higher of fair value less costs of disposal and value in use. Where the carrying amount of an asset or CGU exceeds the recoverable amount, the asset is considered impaired and is written down to its recoverable amount.

4.1.11 Leases

Ind AS 116 defines a lease term as the non-cancellable period for which the lessee has the Right-to- use an underlying asset including optional periods, when an entity is reasonably certain to exercise an option to extend (or not to terminate) a lease. The Company considers all relevant facts and circumstances that create an economic incentive for the lessee to exercise the option when determining the lease term. The option to extend the lease term is included in the lease term, if it is reasonably certain that the lessee would exercise the option. The Company reassesses the option when significant events or changes in circumstances occur that are within the control of the lessee.

4.1.12 Uncertainty relating to the global health pandemic on COVID-19

The Management has considered the possible effects if any that may result from the pandemic relating to COVID-19 on recoverability of receivables, Property, plant & equipment including Capital work in progress and certain investments. The Company has considered internal and external information up to the date of approval of these financial results.

Based on the current indicators of future economic conditions, the Company expects to recover the carrying amount of these assets. The actual outcome of these assumptions and estimates may vary in future due to the impact of the pandemic. The Company will continue to monitor any material changes to future economic conditions and the consequent impact on its business, if any, and any significant impact of these changes would be recognized in the financial results as and when these material changes to economic conditions arise.

Mar 31, 2019

Notes to the Standalone financial statements as at and for the year ended March 31, 2019

(All amounts are in Rs. million unless otherwise stated)

Outstanding Contracts	Average Exchange Rates	Foreign Currency	Nominal Amount	Fixed Interest Rate	Fair Value
Contract 1	66.41	USD 20,000,000	1,328,200,000	9.20%	192.39
Contract 2	54.56	USD 30,000,000	1,636,800,000	9.20%	39.72
Contract 3	54.2	USD 25,000,000	1,355,000,000	9.50%	56.09

40.8 Equity price sensitivity analysis

The sensitivity analyses below have been determined based on the exposure to equity price risks at the end of the reporting period.

If equity prices had been 5% hiqher/lower:

â¢ profit for the year ended March 31, 2019 would increase/decrease by Rs.38.72 (for the year ended March 31, 2018: increase/decrease by Rs.52.45) as a result of the changes in fair value of equity investments which have been designated at FVTPL As at 31 March 2019 the company has quoted investments only in Indraprastha Medical Corporation Limited.

40.9 Credit risk management

Credit risk is a risk of financial loss to the Company arising from counterparty failure to repay according to contractual terms or obligations. Majority of the Company''s transactions are earned in cash or cash equivalents. The Trade Receivables comprise mainly of receivables from Insurance Companies, Corporate customers, Public Sector Undertakings, State/Central Governments etc. The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises with high credit ratings. Accordingly, the Company''s exposure to credit risk in relation to trade receivables is considered low. Before accepting any new credit customer, the Company uses an internal credit scoring system to assess the potential customer''s credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed annually. The outstanding with the debtors is reviewed periodically.

Refer Note 10 For the credit risk exposure, ageing of trade receivable and impairment methodology for financial assets

The credit risk on liquid funds and derivative financial instruments is limited because the counter parties are banks with high credit-ratings assigned by international credit-rating agencies.

In addition to the aforementioned, the company also has credit risk exposure in respect of financial guarantee for a value of Rs.35 Million issued to the bank on behalf of its subsidiary company, Future Parking Private Limited as a security to the financing facilities secured by the subsidiary company. As at March 31, 2019, an amount of Rs.0.39 Million (Previous year Rs.0.39 Million ) has been recognised as the fair value through profit/ loss.

41. Liquidity Risk Management

41.1 Liquidity and interest risk tables

The following tables detail the Company''s remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay.

Particulars	Weighted average effective '' interest rate( %)	Less than 1 year	1 Year to 5 years	> 5 years
March 31, 2019
Non-interest bearing		7,761.66	41.50
Variable interest rate instruments	8.43%	5,571.47	4,212.61	13,315.36
Fixed interest rate instruments	9.07%	13.43	2,000.00	5,000.00
Financial guarantee contracts		0.03	0.09	0.27
Total		13,346.59	6,254.20	18,315.63

Particulars	Weighted average effective interest rate ( %)	Less than 1 year	1 Year to 5 years	> 5 years
March 31, 2018
Non-interest bearing		7,247.62	54.25	-
Variable interest rate instruments	8.47%	2,136.34	3,573.01	12,214.72
Fixed interest rate instruments	9.05%	2,948.02	4,137.61	5,000.00
Financial guarantee contracts		0.03	0.09	0.24
Total		12,332.01	7,764.96	17,214.96

Non Interest bearing includes Trade Payables, Current Financial Liabilities, Non Current Financial liabilities excluding current maturities of Long term debts

Variable interest rate instruments and Fixed Interest rate instruments includes Long Term and Short Term Borrowings and current maturities of long term debt

The carrying amounts of the above are as follows:

Particulars	March 31, 2019	March 31, 2018
Non-interest bearing	7,803.16	7,301.87
Variable interest rate instruments	23,099.44	17,924.07
Fixed interest rate instruments	7,013.43	12,085.63
Financial guarantee contracts	0.39	0.36
Total	37,916.42	37,311.93

The amounts included above for financial guarantee contracts represents the fair value. The maximum amounts the Company could be forced to settle under the arrangement for the full guaranteed amount is Rs.35 miilion, if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses.

	Less than 1 year	1 Year to 5 years	> 5 years
March 31, 2019
Non-interest bearing	10,377.51		2,112.29
Fixed Interest Rate Instruments		195.92
	10,377.51	195.92	2,112.29
	Less than 1 year	1 Year to 5 years	> 5 years
March 31, 2018
Non-interest bearing	13,185.00		2,673.70
Fixed Interest Rate Instruments		426.40
	13,185.00	426.40	2,673.70

Non Interest bearing includes Trade Receivables, Current Financial assets and Non current financial assets Fixed Interest Rate Instruments includes Loans

The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period.

The following table details the Company''s liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis, and the undiscounted gross inflows and outflows on those derivatives that require gross settlement. When the amount payable or receivable is not fixed, the amount disclosed has been determined by reference to the projected interest rates as illustrated by the yield curves at the end of the reporting period.

Particulars	Less than 1 year	1-5 years	5 years
March 31, 2019
- Cross Currency interest rate swaps	1,278.79	999.40
Total	1,278.79	999.40	-
Particulars	Less than 1 year	1-5 years	5 years
March 31, 2018
- Cross Currency interest rate swaps	928.96	2,137.61	-
Total	928.96	2,137.61	-

41.2 Financing facilities

The Company has access to financing facilities as described below. The Company expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets.

Particulars	As at March 31, 2019	AS at March 31, 2018
Secured bank loan facilities
- amount used	30,710.00	27,796.00
- amount unused	3,350.00	5,905.00
Total	34,060.00	31,849.16
Unsecured bank loan facilities
- amount used	2,014.34	2,213.70
- amount unused	713.86	210.00
Total	2,728.20	31,849.16

42. Information on Related Party Transactions as required by Ind AS 24 -Related Party Disclosures for the year ended March 2019

S.No.	- Name of the company	Country of Incorporation	% of Holding as at March 31, 2019	% of Holding as at March 31, 2018
A)	Subsidiary Companies: (where control exists)
1	Apollo Home Healthcare (India) Limited	India	100	100
2	AB Medical Centres Limited	India	100	100
3	Apollo Health and Life Style Limited	India	70.25	68.64
4	Apollo Nellore Hospitals Limited	India	79.44	79.44
5	Imperial Hospitals and Research Centre Limited	India	90	90
6	Samudra Health Care Enterprises Limited	India	100	100
7	Western Hospitals Corporation (P) Limited	India	100	100
8	Apollo Hospitals (UK) Limited	United Kingdom	100	100
9	Sapien Biosciences Private Limited	India	70	70
10	Assam Hospitals Limited	India	62.32	61.24
11	Apollo Lavasa Health Corporation Limited	India	51	51
12	Apollo Rajshree Hospitals Private Limited	India	54.63	54.63
13	Total Health	India	100	100
14	Apollo Home Healthcare Limited	India	58.12	74
15	Apollo Healthcare Technology Solutions Limited	India	40	40
16	Apollo Hospitals International Limited	India	50	50
17	Future Parking Private Limited	India	49	49
18	Apollo Hospitals Singapore Private Limited	Singapore	100	100
19	Apollo Medicals Private Limited	India	100	-
B)	Step Down Subsidiary Companies
1	Alliance Dental Care Limited	India	70	70
2	Apollo Dialysis Private Limited	India	70	70
3	Apollo Sugar Clinics Limited	India	80	80
4	Apollo Specialty Hospitals Pvt Ltd	India	100	100
5	Apollo CVHF Limited	India	66.67	63.74
6	Apollo Bangalore Cradle Limited	India	100	100
7	Kshema Health Care Private Limited	India	100	100
8	Apollo Pharmacies Limited	India	100
9	AHLL Diagnostics Limited	India	100
10	AHLL Risk Management Private Limited	India	100	-
c)	Joint Ventures
1	Apollo Gleneagles Hospital Limited	India	50	50
2	Apollo Gleneagles PET-CT Private Limited	India	50	50
3	Apokos Rehab Private Limited	India	50	50
4	Medics International Lifesciences Limited	India	50	-
D)	Associates
1	Family Health Plan Insurance TPA Limited	India	49	49
2	Indraprastha Medical Corporation Limited	India	22.03	22.03
3	Apollo Munich Health Insurance Company Limited	India	9.96	9.96
4	Stemcyte India Therapeutics Private Limited	India	24.5	24.5
5	Apollo Amrish Oncology Services (P) Limited	India	50	50
E)	Key Management Personnel
1	Dr. Prathap C Reddy		-	-
2	Smt. Suneeta Reddy
3	Smt. Preetha Reddy
4	Smt. Sangita Reddy		-
5	Smt. Shobana Kamineni
6	Shri. Krishnan Akhileswaran
7	Shri.S M Krishnan		-
F)	Directors
1	Shri Vinayak Chatterjee		-
2	Dr T Rajgopal		-
3	Shri N Vaghul (Refer note i)
4	Shri Deepak Vaidya (Refer note ii)
5	Shri BVR Mohan Reddy (Refer note iii)		-	-
6	Shri G Venkatraman (Refer note iv)
7	Dr Murali Doraiswamy (Refer note v)		-	-
8	Smt V Kavitha Dutt (Refer note vi)		-	-
9	Shri MBN Rao (Refer note vii)
10	Shri Sanjay Nayar (Refer note viii)		-	-
11	Shri. Habibullah Badsha (Refer note ix)
12	Shri. Rafeeque Ahamed (Refer note x)
13	Shri. Rajkumar Menon (Refer note xi)		-	-
	Note:
	(i) Shri N Vaghul ceased to be a director w.e.f 1st April 2019
	(ii) Shri Deepak Vaidya resigned w.e.f 5th September 2018
	(iii) Shri BVR Mohan Reddy resigned w.e.f 20th August 2018
	(iv) Shri G Venkatraman ceased to be a director w.e.f 1st April
	2019
	(v) Dr Murali Doraiswamy appointed as a director w.e.f 27th
	September 2018
	(vi) Smt V Kavitha Dutt appointed as a director w.e.f 9th
	February 2019
	(vii) Shri MBN Rao appointed as a director w.e.f 9th February
	2019
	(viii) Shri Sanjay Nayar resigned w.e.f 9th February 2019
	(ix) Shri Habibullah Badsha resigned w.e.f 14th August 2017
	(x) Shri Rafeeque Ahamed resigned w.e.f 14th August 2017
	(xi) Shri Rajkumar Menon resigned w.e.f 14th August 2017
G)	Enterprises over which key managerial personnel
	and their relatives are able to exercise significant
	influence / control / joint control
1	Adeline Pharma Private Limited		-	-
2	AMG Health Care Destination Private Limited
3	Apollo Hospitals Educational Research Foundation
4	Apollo Hospitals Educational Trust		-	-
5	Apollo Institute of Medical Sciences and Research
6	Apollo Medical Centre LLC
7	Apollo Medskills Limited		-	-
8	Apollo Shine Foundation
9	Apollo Sindoori HoteLs Limited		-	-
10	Apollo TeLe Health Services Private Limited		-	-
11	Apollo Teleradiology Private Limited
12	Dhruvi Pharma Private Limited		-	-
13	Apollo Proton Therapy Cancer Centre Private Limited
14	EmedLife Insurance Broking Services Limited
15	Faber Sindoori Management Services Private Limited		-	-
16	Focus Medisales Private Limited
17	Health Net Global Limited
18	Indian Hospital Corporation Limited		-	-
19	Indo-National Limited
20	Keimed Private Limited		-	-
21	Kurnool Hospital Enterprise Limited		-	-
22	Lifetime Wellness Rx InternationaL Limited
23	Lucky Pharmaceuticals Private Limted		-	-
24	Matrix Agro Private Limited
25	Medihauxe Healthcare Private Limited
26	Medversity Online Limited		-	-
27	Meher Distributors Private Limited
28	Neelkanth Drugs Private Limited		-	-
29	P. Obul Reddy & Sons		-	-
30	Palepu Pharma Private Limited
31	PCR Investments Limited		-
32	Sanjeevani Pharma Distributors Private Limited
33	Srinivasa Medisales Private Limited
34	Vardhman Pharma Distributors Private Limited		-
35	Vasu Agencies HYD Private Limited
36	Vasu Pharma Distributors HYD Pvt Ltd
37	Vasu Vaccines & Speciality Drugs Private Limited		-

42.1 Details of Related Party Transactions during the year ended March 2019:

SI. No	Entity Name	Type of transaction	For Financial Year ended March 31, 2019	For Financial Year ended March 31, 2018
1	Apollo Rajshree Hospitals Pvt. Ltd.	Investments in equity	327.36	327.36
		Reimbursement of expenses	1.13	5
		Revenue from operations	153.40	88
		Receivable as at year end	135.25	95
2	Kurnool Hospital Enterprise Limited	Salary - PF	0.04	-
		Investments in equity	1.73	1.73
		Revenue from operations	0.97	2.51
		Receivable as at year end	7.60	9
3	Samudra Health Care Enterprise Limited	Investments in equity	250.60	251
		Revenue from operations	81.00	30
		Reimbursement of expenses	84.31	10
		Receivable as at year end	141.21	174
4	Apollo Home Health Care Limited	Investments in equity	125.00	100
		Investment in debentures	72.00	97
		Revenue from operations	6.72	3
		Reimbursement of expenses	5.04	4
		Interest receivable	26.77	17
		Interest Income	10.44	17
		Receivable as at year end	17.12	19
5	Apollo Gleneagles Hospital Limited	Investments in equity	393.12	393.12
		Revenue from operations	210.86	173.16
		Reimbursement of expenses	58.68	111.70
		Receivable as at year end	988.46	754.50
6	Apollo Health Care Technology Solutions Limited	Investments in equity Receivable as at year end	0.20	0.20 3.80
7	Apollo Sugar Clinics Limited	Rental Income	14.23	14
		Share of revenue from operations	290.08	234
		Lab cost	126.90	103
		Pharmacy Income	0.10	-
		IT Cost	19.05	9
		Marketing Cost	11.80
		Consultancy fee to doctors	5.84	-
		Investigation Expenses	-	-
		Payable as at year end	48.04	32
8	Apollo Hospital International Limited	Investments in equity	480.44	480.44
		Investments in preferences	110.40	110.40
		Reimbursement of expenses	28.94	34.29
		Revenue from operations	0.67	0.81
		Receivable as at year end	73.37	64.81
9	Apollo Medskills Limited	Investigation Income	0.94
		Reimbursement of expenses	1.14	8
		Receivable as at year end	0.07	7
10	Apollo Gleneagles PET-CT Private Limited	Investments in equity	85.00	85
		Services availed	37.34	-
		Revenue from operations	3.93
		Reimbursement of expense	42.38	3
		Receivable as at year end	6.98	1
11	APOKOS Rehab Pvt Ltd	Investments in equity	84.75	85
		Rental Income	15.96	-
		Reimbursement of expense	10.96	18
		Revenue from operations	3.54	0
		Receivable as at year end	12.33	3
12	Apollo Hospitals Educational Research Foundation	Reimbursement of expenses Receivable as at year end	33.54 20.77	605
13	Medversity Online Limited	Reimbursement of expense	0.63	0.05
		Revenue from Operation during the year (Dem Course)	0.62
		Receivable as at year end	5.24	8
14	Apollo Institute of Medical Sciences And Research	Rental Income Power charges paid	12.96 17.71	40.01
		Revenue from Operations	0.65	-
		Receivable as at year end	10.36
15	Lifetime Wellness Rx International Limited	Revenue from Operations	20.27
		Loan Receivable	92.00
		Reimbursement of expense	30.06	40
		Receivable as at year end	147.47
16	Apollo Tele-health Services Private Limited	Revenue from Operations	10.30	0.06
		Reimbursement of expenses	25.57	12.64
		Receivable as at year end	(8.61)	1.34
17	Apollo Health & Lifestyle Limited	Investment in equity	3,839.84	3,039.84
		Pharmacy Income	53.99	51.56
		Commission on turnover	10.38
		Reimbursement of expense	2.01	-
		during the year
		Interest expenses	12.03	13
		Interest receivable		278
		Security deposit	35.00	35
		Interest payable	12.03
		Receivable as at year end	19.88	102
18	Apollo Specialty Hospital Private Limited	Revenue from Operation during the year (Lab Tests)	110.97	60.60
		Pharmacy Income	123.00
		Commission on turnover	10.03	6.44
		Sponsorship income	1.50	-
		Reimbursement of expenses	0.78
		Lease deposit	12.65	12.65
		Receivable as at year end	159.61	38.98
19	Indraprastha Medical Corporation Limited	Dividend received	30.29	30
		Reimbursement of expenses	177.95	-
		Revenue of Operations	141.31	280
		Licence Fees	12.00	12
		Investment in equity	393.72	394
		Receivable as at year end	338.77	36
20	Imperial Cancer Hospital & Research Centre	Investment in equity	1,272.62	1,272.62
	Limited	Reimbursement of expenses	37.14	95.73
		Revenue of Operations	535.77	81.93
		Receivable as at year end	325.31	305.02
21	Apollo Teleradiology Private Limited	Project revenue	6.31
		Payable as on 31.03.2019	2.07
		Payable as at year end	4.45	-
22	Apollo Medical Centre LLC	Reimbursement of expense	2.15
		during the year (Travel)
		Doctors Consultancy Fees	0.12	-
		Payable as at year end	17.49	-
23	Family Health Plan Insurance (TPA) Limited	Investments	4.90	4.90
		Pharmacy Income -Departmental sales	0.02	-
		Receivable as at year end	16.60	44.71
24	Apollo Hospitals Educational Trust	Rent expenses	16.91	32.36
		Lease deposit	-	70.00
		Reimbursement of expenses		7.05
		Receivable as at year end	(1.78)	181.73
25	Apollo Sindoori Hotels Limited	Maintenance Service charges	991.76	1,014
		Payable as at year end	188.11	78
26	Health Net Global Limited	Service Charges	0.47	-
		Payable as at year end	(0.82)
27	Faber Sindoori Management Services Private Limited	Outsourcing expenses Payable as at year end	906.42 139.24	753 98
28	Sapien Bio Sciences Private Limited	Investments in equity	0.10	0
		Investments in preference	26.00	26
		Reimbursement expenses	1.72	-
		Rent	1.24
		Interest receivable	1.17	1.30
		Receivable as at year end	5.96	4
29	Apollo Munich Health Insurance Company Limited	Investments in equity Investments in debentures	357.09 80.00	357.09 80
		Interest receivable	6.15
		Interest income	6.72	-
		Group Mediclaim expenses incurred	108.58	112
		Receivable as at year end	(2.01)	23
30	Alliance Dental Care Limited	Share of revenue	70.88	58.96
		Reimbursement expenses
		Payable as at year end	19.73	0.47
31	Matrix Agro Pvt Limited	Power charges paid	34.95	-
		Payable as at year end	2.81
32	Western Hospitals Corporation Private Limited	Investments In equity	153.66	154
		Reimbursement of expense during the year (Travel)	0.06	-
		Loan Receivable	87.92	(94)
		Interest expenses	0.85
		Interest Income	4.52	-
		Interest Payable		6
		Interest receivable	4.86	-
		Payable as at year end	0.06	3
33	Assam Hospitals Limited	Investments In equity	699.49	665
		Dividend received	3.11	4
		Management Fees	21.46	16
		Receivable as at year end	9.24	4
34	Stemcyte India Therapeutics Private Limited	Investments In equity	80.00	80
35	Medics International Lifesciences Limited	Interest income	13.49
		Investments	910.25
		Interest receivable	12.14	-
		Receivable as at year end	1.87
36	Apollo Lavasa Health Corporation Limited	Investments	312.20	312
		Reimbursement of expenses	0.11	-
		Rent expenses	0.17
		Departmental sales	0.05	-
		Receivable as at year end	3.79	0
37	Meher Distributors Private Limited	Medicine purchases during the year	779.56	638
		Payable as at year end	34.54	35
38	P. Obul reddy & Sons	Transactions	0.43	2
39	Future Parking Private Limited	Investments in equity	24.01	26
		Investments in preference	210.00	210
		Rental Exp for the year	25.69	26
		Corporate Guarantee paid	55.00	55
		Lease Deposit given	170.00	170
		Payable as at year end	9.44	(1)
40	Total Health	Purchase of Jute bags	3.14	-
		Purchase of medicines	0.90
		CSR Expenses	20.00	30
		Receivable as at year end	5.10	1
41	Apollo Nellore Hospitals Limited	Investments in equity	53.96	54
		Rent	8.17	8
		Payable as at year end	29.30	24
42	AB Medicals Centers Limited	Investments in equity	21.80	22
		Rent	9.18	7
		Payable as at year end	46.01	40
43	Apollo Singapore Pte Ltd	Investments	1.45	1
44	Apollo Hospitals (UK) Ltd	Investments	0.39	0
45	Apollo Home Health Care (I) Limited	Investments	297.40	297
		ReceivabLe as at year end	-	2
46	Keimed Private Limited	Purchases	6,110.56	4,764
		(ReceivabLe)/PayabLe as at year end	156.23	Mar 31, 2018 1 Corporate Information Apollo Hospitals Enterprise Limited (âthe Companyâ) is a public Company incorporated in India. The address of its registered office and principal place of business is at 19, Bishop Gardens, Raja Annamalaipuram, Chennai, Tamilnadu. The main business of the Company is to enhance the quality of life of patients by providing comprehensive, high-quality hospital services on a cost-effective basis and providing / selling high quality pharma and wellness products through a network of pharmacies. The principal activities of the Company include operation of multidisciplinary private hospitals, clinics, and pharmacies. 2 Application of new and revised Ind ASs The company has applied all the Ind ASs notified by the MCA. Standards issued but not yet effective I. Appendix B to Ind AS 21, Foreign currency transactions and advance consideration: On March 28, 2018, Ministry of Corporate Affairs (âMCAâ) has notified the Companies (Indian Accounting Standards) Amendment Rules, 2018 containing Appendix B to Ind AS 21, Foreign currency transactions and advance consideration which clarifies the date of the transaction for the purpose of determining the exchange rate to use on initial recognition of the related asset, expense or income, when an entity has received or paid advance consideration in a foreign currency. The amendment will come into force from April 1, 2018. The company is in the process of assessing the impact of the said standard on its financial statements. II. Ind AS 115- Revenue from Contract with Customers: On March 28, 2018, Ministry of Corporate Affairs (MCA) has notified the Ind AS 115, Revenue from Contract with Customers. The core principle of the new standard is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Further the new standard requires enhanced disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from the entityâs contracts with customers. The amendments are applicable to the Company from April 1, 2018. The company is the process of assessing the impact of the said standard on its financial statements. 3 Critical accounting judgements and key sources of estimation uncertainty The preparation of these financial statements in conformity with recognition and measurement principles of IND AS requires the management of the company to make estimates and assumptions that affect the reported balances of assets and liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amount of income and expenses for the periods presented The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 3.1 Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 3.1.1 Impairment of goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. 3.1.2 Fair value measurements and valuation processes Some of the Companyâs assets and liabilities are measured at fair value for financial reporting purposes. The business acquisitions made by the company are also accounted at fair values. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party qualified valuers to perform the valuation. The management works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model. The Chief Financial Officer reports the findings to the board of directors of the Company every quarter to explain the cause of fluctuations in the fair value of the assets and liabilities. 3.1.3 Employee Benefits - Defined benefit obligations The cost of defined benefit plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, expected rates of return on assets, future salary increases, mortality rates and future pension increases. 3.1.4 Litigations The amount recognised as a provision shall be the managementâs best estimate of the expenditure required to settle the present obligation arising at the reporting period. 3.1.5 Revenue Recognition Revenue from fees charged for inpatient and outpatient hospital/clinical services rendered to insured and corporate patients are subject to approvals for the insurance companies and corporates. Accordingly, the Company estimates the amounts likely to be disallowed by such companies based on past trends. Estimations based on past trends are also required in determining the value of consideration from customers to be allocated to award credits for customers. 3.1.6 Useful lives of property plant and equipment The Company reviews the useful life of property plant and equipment at the end of each reporting period. This reassessment may result in depreciation expense in future periods. 3.1.7 Recoverability of Deferred Tax Asset The deferred tax assets recognised primarily relate to business losses, Minimum Alternate Tax (MAT) credit and other deductible temporary differences. The deferred tax asset has been recognized on the basis of management estimate that its recovery is probable in the foreseeable future. 3.1.8 Impairment of Financial Assets The impairment provisions for trade receivables is based on assumptions about risk of default and expected loss rates. The Company uses judgements in making certain assumptions and selecting inputs to determine impairment of these trade receivables, based on the Companyâs historical experience towards potential billing adjustments, delays and defaults at the end of each reporting period. 3.1.9 Impairment of Non - Financial Assets Determining whether the asset is impaired requires to assess the recoverable amount of the asset or Cash Generating Unit (CGU) which is compared to the carrying amount of the asset or CGU, as applicable. Recoverable amount is the higher of fair value less costs of disposal and value in use. Where the carrying amount of an asset or CGU exceeds the recoverable amount, the asset is considered impaired and is written down to its recoverable amount. Discount Rate- Management estimates discount rates using pre-tax rates that reflect current market assessments of the risks specific to the CGU, taking into consideration the time value of money and individual risk of the underlying asset that have not been incorporated in the cash flow estimates. The discount rate calculation is based on the specific circumstances of the Company and its operating segments and is derived from its weighted average cost of the capital (WACC). Growth Rates- The growth rates are based on the industry growth forecasts. Management determines the budgeted growth rate based on past performance and its expectation on its market development. The weighted average growth rate used were consistent with industry reports. Based on the assessment, the management has concluded that there is no impairment of goodwill in respect of Standalone Pharmacy. The management believes that any reasonably possible further change in key assumptions on which recoverable amount is based would not cause the carrying amount to exceed its recoverable amount. i. Trade Receivables represent the amounts outstanding on sale of pharmaceutical products, hospital services and project consultancy fees which are considered as good by management. The entity holds no other securities other than the personal security of the debtors. ii. Majority of the Companyâs transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables from Insurance Companies, Corporate customers and Government Undertakings (both domestic and international). The entityâs exposure to credit risk in relation to trade receivables is low. Average Credit Period: The average credit period on sales of services is 30-60 days. Customer concentration No single customer represents 10% or more of the companyâs total revenue during the year ended March 31, 2018 and March 31, 2017. Therefore the customer concentration risk is limited due to the large and unrelated customer base. Impairment Methodology The Company has used a practical expedient by computing the expected credit loss allowance for receivables . The provision matrix takes into account historical credit loss experience and is adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. 4.1 Leasing arrangements The Company entered into finance lease arrangements with Apollo Hospitals Education and Research Foundation (AHERF) for its Building in Hyderabad. The lease is denominated in Indian Rupees. The average term of finance lease entered into is 99 years. The mode of valuation of inventories has been stated in note 3.15 The cost of inventories recognised as an expenses includes Rs.12,680 Million as at March 31, 2018 (Previous year Rs.1 1,824 Million). Note (i) : Refer note 45 (iii) for amounts deposited with the statutory authorities in respect of disputed dues. Note (ii) : Includes Rs.603.65 million (Previous year Rs.615.52 million) being the upfront lease premium paid to the City and Industrial Development Corporation of Maharashtra Limited (âCIDCOâ) by the Company for granting a leasehold right for a period of 60 years to use the allotted land for developing a multi speciality hospital at Navi Mumbai. 4.2 Rights, Preferences and restrictions attached to equity shares The Company has equity shares having a nominal value of Rs.5 each. Accordingly, all equity shares rank equally with regard to dividend and share in the Companyâs residual assets. Each holder of equity shares is entitled to one vote per share. The equity shares are entitled to receive dividend as declared from time to time. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by shareholders. The company had issued 9,000,000 Global Depository Reciepts of Rs.10 (now 18,000,000 Global Depository Reciepts of Rs.5) each with two-way fungibility during the year 2005-06. Total GDRs converted into underlying Equity shares for the year ended 31st March 2018 is 762,690 (31st March 2017 is 83,138) of Rs.5 each and total Equity shares converted back to GDR for the year ended 31st March 2018 is 83,784 (31st March 2017 is 384,562) of Rs.5 each. Total GDRs outstanding as at 31st March 2018 is 423,866 (Previous year 1,102,772). 4.3 The Company has not bought back any shares during the period of five years immediately preceding the last balance sheet date. The general reserve is used from time to time to transfer profits from retained earnings for appropriation purposes. As the general reserve is created by a transfer from one component of equity to another and is not an item of other comprehensive income, items included in general reserve will not be reclassified subsequently to profit or loss. Securities premium is used to record premium received on issue of shares. The reserve is utilised in accordance with the provisions of the Indian Companies Act, 2013 (the âCompanies Actâ). In respect of the year ended March 31, 2018, the directors propose that a dividend of Rs.5 per share be paid on fully paid equity shares. This equity dividend is subject to approval by shareholders at the Annual General Meeting and has not been included as a liability in these financial statements. For the previous year, dividend of Rs.6 per share was paid. The Companies Act requires that where a Company purchases its own shares out of free reserves or securities premium account, a sum equal to the nominal value of the shares so purchased shall be transferred to a capital redemption reserve account and details of such transfer shall be disclosed in the balance sheet. The capital redemption reserve account may be applied by the Company, in paying up unissued shares of the Company to be issued to shareholders of the Company as fully paid bonus shares. Debenture Redemption Reserve is created out of the profits of the company as per the regulations of the Companies Act, 2013 and is not available for the payment of dividends and such reserve shall be utilised only for redemption of debentures. Debenture Redemption Reserve is created out of the profits of the company as per the regulations of the Companies Act, 2013 and is not available for the payment of dividends and such reserve shall be utilised only for redemption of debentures. (i) There is no breach of loan covenants as at March 31, 2018 and March 31, 2017 (ii) The secured listed non-convertible debentures of the company aggregating to Rs.7,000 million as on March 31, 2018 are secured by way of first mortgage/charge on the companyâs properties. The asset cover on the secured, listed non-convertible debentures of the company exceeds hundred percent of the principal amount of the said debentures. Notes (i) During the year 2017-18 , the amount transferred to the Investors Education and Protection Fund of the Central Government as per the provisions of Section 124 (5) and 124 (6) of the Companies Act, 2013 is Rs.2.76 Million (Previous year Rs.2.40 Million) (ii) The financial guarantee contract represents guarantee given to ICICI Bank Limited on behalf of Future Parking Private Limited to secure financing facilities for which the Company charges an armsâ length price. The Fair Value of the Guarantee was taken at 1% of the value of guarantee extended. Notes: (i) The average credit period on purchases of goods ranges from immediate payments to credit period of 45 days based on the nature of the expenditure. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. (ii) Amounts payable to related parties is disclosed in note 41. (iii) The information pertaining to liquidity risks related to trade payable is disclosed in note 39. 5.1 Due to Micro, Small and Medium Enterprises The Ministry of Micro, Small and Medium Enterprises has issued an office memorandum dated 26 August 2008 which recommends that the Micro and Small Enterprises should mention in their correspondence with its customers the Entrepreneurs Memorandum Number as allocated after filing of the Memorandum. Accordingly, the disclosure in respect of the amounts payable to such enterprises as at March 31, 2018 has been made in the financial statements based on information received and available with the Company. Further in view of the management, the impact of interest, if any, that may be payable in accordance with the provisions of the Micro, Small and Medium Enterprises Development Act, 2006 (âThe MSMED Actâ) is not expected to be material. The Company has not received any claim for interest from any supplier. During the year, the company has capitalised borrowing costs of Rs.349 Million (Previous year Rs.575 Million) relating to projects, included in Capital Work in Progress. The capitalisation rate used is the weighted average interest of 8.59% (previous year 9.17%). Note (i) : Consequent to the requirements of section 135 of Companies Act 2013, the company has made contributions as stated below . The same is in line with activities specified Schedule VII of Companies Act, 2013. a) Gross amount required to be spent by the company during the year is Rs.104.02 Million (Previous year Rs.86.44 Million) 6 Segment Information T he Board of Directors have been identified as the Chief Operting Decision Maker (CODM) by the company. Information reported to the CODM for the purposes of resource allocation and assessment of segment performance focuses on the types of goods or services delivered or provided. Healthcare, Retail Pharmacy and Others have been identified as the operating segments. No operating segments have been aggregated in arriving at the reportable segments of the Company. Company operates mainly in India. Accordingly, there are no additional disclosures to be provided under Ind AS 108, other than those already provided in the financial statements. The following are the accounting policies adopted for segment reporting : a. Assets, liabilities, revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment. b. Healthcare segment includes hospitals and hospital based pharmacies. Retail pharmacies include pharmacy retail outlets and Others Segment includes Investments and Fixed Deposits and their related Income. c. Inter segment revenue and expenses are eliminated. The Company has disclosed this Segment Reporting in Financial Statements as per Ind AS 108. 7.1 Segment revenues and results The following is an analysis of the companyâs revenue and results from continuing operations by reportable segment. 7.2 For the purpose of monitoring segment performance and allocating resources between segments: (i) all assets are allocated to reportable segments other than current and deferred tax assets under unallocable assets. Goodwill is allocated to reportable segments as described in note 6. (ii) all liabilities are allocated to reportable segments other than borrowings, current maturities, interest accrued and not due on these borrowings, current and deferred tax liabilities which are grouped as unallocated liabilities. 7.3 Refer note 8 for information on investments in associates and joint ventures accounted under equity method. 8 Earnings per Share EPS is calculated by dividing the profit attributable to equity shareholders by the weighted average number of equity shares outstanding during the year. The earnings and the weighted average number of shares used in calculating basic and diluted earnings per share is as follows: 9 Defined Contribution Plans Employee Benefit Plans The Company makes contributions towards provident fund and employees state insurance as a defined contribution reirement benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. The amount recognised as expense towards contribution to provident fund amount to Rs.468 Million. The Employee state insurance is operated by the employee state insurance corporation. Under these schemes, the Company is required to contribute a specific percentage of the payroll cost as per the statute. The amount recognised as expense towards contribution to Employee State Insurance amount to Rs.208 Million.The Company has no further obligations in regard of these contribution plans. 10 Defined Benefit Plans a) Gratuity The Company operates post-employment defined benefit plan that provide gratuity. The gratuity plan entitles an employee, who has rendered at least five years of continuous service, to receive one-half monthâs salary for each year of completed service at the time of retirement/exit. The Companyâs obligation in respect of the gratuity plan, which is a defined benefit plan, is provided for based on actuarial valuation carried out by an independent actuary using the projected unit credit method. The Company recognizes actuarial gains and losses immediately in the statement of profit and loss. The Company accrues gratuity as per the provisions of the Payment of Gratuity Act, 1972 as applicable as at the balance sheet date. The company contributes all ascertained liabilities towards gratuity to the Fund. The plan assets have been primarily invested in insurer managed funds. The company provides for gratuity , a defined benefit retiring plan covering eligible employees. The Gratuity plan provides a lump sum payment to the vested employees at retirement, death,incapacitation or termination of employment based on the respective employees salary and tenure of the employment with the company. Disclosures of Defined Benefit Plans based on actuarial valuation reports The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method. Each year Asset Liability matching study is performed in which the consequences of strategic investments policiies are analysed in terms of risk and returns profiles. Investments and Contributions policies are integrated within this study. The actual return on plan assets including interest income was Rs.24.64 Million (Previous year Rs.57.49 Million). H. Sensitivity Analysis Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. When calculating the sensitivity of the defined benefit obligation to significant actuarial assumptions the same method (present value of the defined benefit obligation calculated with the projected unit credit method at the end of the reporting period) has been applied as when calculating the defined benefit liability recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. The defined benefit obligation shall mature in next 3 years. The Company expects to make a contribution of Rs.170 Million (Previous year Rs.148.09 Million) to the defined benefit plans during the next financial year. 11 Long Term Benefit Plans Leave Encashment The company pays leave encashment benefits to employees as and when claimed subject to the policies of the company. The company provides leave benefits through annual contributions to the fund managed by HDFC Life. 12 Financial Instruments 12.1 Capital management The Company manages its capital to ensure that entities in the Company will be able to continue as going concerns while maximising the return to stakeholders through the optimisation of the debt and equity balance. The capital structure of the Company consists of net debt and total equity of the Company. The Company is not subject to any externally imposed capital requirements. The Companyâs risk management committee reviews the capital structure of the Company on a semiannual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Company has a target gearing ratio of 100% of net debt to total equity determined as the proportion of net debt to total equity. The gearing ratio at March 31, 2018 of 73% (see below) was within the target range. 12.3 Financial risk management objectives The Companyâs Corporate Treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Companyâs policies approved by the board of directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non -derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The Corporate Treasury function reports quarterly to the Companyâs risk management committee, an independent body that monitors risks and policies implemented to mitigate risk exposures. The Companyâs activities expose it to the financial risks of changes in foreign currency exchange rates and interest rates. For the purpose of managing its exposure to foreign currency and interest rate risk, the Company enters into a variety of derivative financial instruments, i.e. cross currency interest rate swaps. 12.4 Market risk The Companyâs activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk using curreny cum interest swaps. 12.5 Foreign currency risk management The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising forward foreign exchange contracts. The carrying amounts of the Companyâs foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows. Foreign currency sensitivity analysis Of the above, The borrowings of USD 47.15 Million as at March 31, 2018 and USD 57.43 Million as at March 31, 2017 are completely hedged against foreiign currency fluctation using forward contracts and Interest rate swaps. Therefore the exposure of the company of foreign exchange risk is limited to unhedged borrowings for which below sensitivity is provided. The Company is mainly exposed to currency dollars The following table details the Companyâs sensitivity to a 10% increase and decrease in the â against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the â strengthens 10% against the relevant currency. For a 10% weakening of the â against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative. The Company has entered into derivative contracts with banks for its External Commercial Borrowings for interest and currency risk exposure to manage and mitigate its exposureto foreign exchange rates. In managementâs opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year. 12.5 Interest rate risk management The Company is exposed to interest rate risk because the Company borrow funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward rate contracts. Hedging activities are evaluated regularly to align with interest rate views and defined risk appetite, ensuring the most cost-effective hedging strategies are applied. Interest rate sensitivity analysis The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis point increase or decrease is used when reporting interest rate risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in interest rates. If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Companyâs: Profit for the year ended March 31, 2018 would decrease/increase by Rs.89.61 Million (Previous year- decrease/ increase by Rs.72.83 million). This is mainly attributable to the Companyâs exposure to interest rates on its variable rate borrowings. Cross Currency Interest rate swap contracts Under interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. Such contracts enable the Company to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt.The average interest rate is based on the outstanding balances at the end of the reporting period. The Cross Currency Interest Rate Swaps on External Currency Borrowings hedges the interest rate risk on the USD Borrowing. 12.6 Credit risk management Credit risk is a risk of financial loss to the Company arising from counterparty failure to repay according to contractual terms or obligations. Majority of the Companyâs transactions are earned in cash or cash equivalents. The Trade Receivables comprise mainly of receivables from Insurance Companies, Corporate customers, Public Sector Undertakings, State/Central Governments etc. The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises with high credit ratings. Accordingly, the Companyâs exposure to credit risk in relation to trade receivables is considered low. Before accepting any new credit customer, the Company uses an internal credit scoring system to assess the potential customerâs credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed anually. The outstanding with the debtors is reviewed periodically. Refer Note 10 For the credit risk exposure, ageing of trade receivable and impairment methodology for financial assets. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. In addition to the aforementioned, the company also has credit risk exposure in respect of financial guarantee for a value of Rs.35 Million issued to the bank on behalf of its subsidiary company, Future Parking Private Limited as a security to the financing facilities secured by the subsidiary company. As at March 31, 2018, an amount of Rs.0.39 Million (Previous year Rs.0.39 Million ) has been recognised as the fair value through profit/loss. 13 Liquidity Risk Management Ultimate responsibility for liquidity risk management rests with the board of directors, which has established an appropriate liquidity risk management framework for the management of the Companyâs short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. 13.1 Liquidity and interest risk tables The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay. The amounts included above for financial guarantee contracts are the maximum amounts the Company could be forced to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses. The following table details the Companyâs expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will he earned on those assets. The inclusion of information on non -derivative financial assets is necessary in order to understand the Companyâs liquidity risk management as the liquidity is managed on a net asset and liability basis. The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period. The following table details the Companyâs liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted gross outflows on settlement of these derivatives. These derivatives are taken by the company as against the External Commercial Borrowings (ECB) which have already been included as part of the Fixed rate instruments under the financial liabilities section. 14 Financing Facilities The Company has access to financing facilities as described below. The Company expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets. 15 Fair Value Measurements Fair Value of Companyâs financial assets and liabilities that are measured at fair value on a recurring basis The following guidance has been followed for classification and measurement of financial assets that are measured at fair value : Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the- counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3. Note (i): Included above cost of investments amounting to Rs.107.70 million as disclosed in note 8.1 whose fair value approximates to Nil (previous year nil). 15.1 Fair Value of Financial Assets and Financial Liabilities that are not measured at fair value (but fair value disclosure are required) The company considers that the carrying amounts of financial assets and financial liabilities recognised in the financial statements at amortized cost will reasonably approximate their fair values.. 16 Operating Lease Arrangements 16.1 The Company as lessee - Leasing arrangement The company has taken various medical equipment, hospital premises, office and residential premises under Operating leases. The leases typically run for a term ranging from 25-30 years for Hospitals and 1-3 years for Pharmacy with an option to renew the lease after term completion. The escalation clause range from 5 to 10% per annum effectively. Note (i) With respect to the proceedings pending before the relevant income tax authority for the assessment years 2009-10 to 2016-17, the Company is of the opinion that no additional provision for tax expense is considered necessary in the financial statements. Note (ii) : Details of comfort letters issued on behalf of related parties are as follows: The purpose of the above comfort letters issued was towards securing financing facilities to the above mentioned related parties. Note (iii): Out of the total amount of contingent liability disclosed against Service Tax, value added tax and Income, Rs.101.31 million has been deposited before the respective statutory authorities as at March 31, 2018 and Rs.110.55 million as at March 31, 2017. 17 Scheme of A rrangements The Proton Therapy System equipment which represents the latest advancement in Oncology Care was originally planned to be imported and procured from Ion Beam Applications S.A. Belgium by Apollo Healthcare Technology Solutions Limited (âAHTSLâ),a wholly owned subsidiary of Apollo Hospitals Enterprise Limited[AHEL]. The Board of the AHTSL has subsequently decided to enterinto a Scheme of Compromise and Arrangement with Apollo Hospitals Enterprise Limited (âAH ELâ) with a view to transfer the ProtonTherapy System under the ownership of AH EL. The National Company Law Tribunal sanctioned the Scheme of Compromise of Arrangement on June 23, 2017 and the scheme was given effect to in the books of accounts during the financial year 2017-18, effectively involving the transfer of the ownership of the Proton Therapy System from Apollo Healthcare Technology Solutions Limited to Apollo Hospitals Enterprise Limited. Accordingly the Non-Cumulative Redeemable Preference Shares amounting to Rs.957.50 million subscribed in AHTSL by AHEL and the Unsecured Loan of Rs.100 million provided by AHEL for financing the equipment related advances paid by AHTSL to the supplier, has been settled by transferring the advance paid by AHTSL towards the Purchase of Proton Beam Therapy amounting to Rs.1,040.44 Million and bank balance of Rs.944.28 Million reflected in the books of account of AHTSL, with such assets vesting in AHEL as part of full and final settlement of AHELâs outstanding investment and loan made to AHTSL. 18 The Company has advanced loans to its subsidiary companies. The disclosures pursuant to Regulation 34(3) read with para A of Schedule V to Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. 19 Particulars of Loans, Guarantees & Investments Details of loans, Guarantees and Investments covered under the provisions of section 186 of the Companies Act, 2013 are provided in notes 8,9,11,17 and 41 to the financial statements. 20 Events after the Reporting Period There are no subsequent events after the reporting period. 21 Figures for the previous year are reclassified / regrouped wherever necessary. Mar 31, 2017 1 Corporate Information Apollo Hospitals Enterprise Limited (âthe Companyâ) is a public Company incorporated in India. The address of its registered office and principal place of business are disclosed in the introduction to the annual report. The main business of the Company is to enhance the quality of life of patients by providing comprehensive, high-quality hospital services on a cost-effective basis. The principal activities of the Company include operation of multi disciplinary private hospitals, clinics, and pharmacies. Application of new and revised Ind ASs The company has applied all the Ind AS standards notified by the Ministry of Corporate Affairs (MCA) to the extent applicable to the Company. 2 First-time adoption - mandatory exceptions, optional exemptions 2.1 Overall principle The Company has prepared the opening balance sheet as per Ind AS as of April 1, 2015 (the transition date) by recognising all assets and liabilities whose recognition is required by Ind AS, not recognising items of assets or liabilities which are not permitted by Ind AS, by reclassifying items from previous GAAP to Ind AS as required under Ind AS, and applying Ind AS in measurement of recognised assets and liabilities. However, this principle is subject to the certain exception and certain optional exemptions availed by the Company as detailed below. 2.1.1 Derecognition of Financial Assets and Financial Liabilities The Company has applied the derecognition requirements of financial assets and financial liabilities prospectively for transactions occurring on or after April 1, 2015 (the transition date). 2.1.2 Classification of Debt Instruments The Company has determined the classification of debt instruments in terms of whether they meet the amortised cost criteria or the FVTOCI criteria based on the facts and circumstances that existed as of the transition date. 2.1.3 Impairment of Financial Assets The Company has applied the impairment requirements of Ind AS 109 retrospectively; however, as permitted by Ind AS 101, it has used reasonable and supportable information that is available without undue cost or effort to determine the credit risk at the date that financial instruments were initially recognised in order to compare it with the credit risk at the transition date. Further, the Company has not undertaken an exhaustive search for information when determining, at the date of transition to Ind ASs, whether there have been significant increases in credit risk since initial recognition, as permitted by Ind AS 101. 2.1.4 Past business combinations The Company has elected not to apply Ind AS 103 Business Combinations retrospectively to past business combinations that occurred before the transition date of April 1, 2015. Consequently, The Company has kept the same classification for the past business combinations as in its previous GAAP financial statements; The Company has not recognised assets and liabilities that were not recognised in accordance with previous GAAP in the consolidated balance sheet of the acquirer and would also not qualify for recognition in accordance with Ind AS in the separate balance sheet of the acquiree; The Company has excluded from its opening balance sheet those items recognised in accordance with previous GAAP that do not qualify for recognition as an asset or liability under Ind AS; The Company has tested the goodwill for impairment at the transition date based on the conditions as of the transition date; The effects of the above adjustments have been given to the measurement of non controlling interests and deferred tax. The above exemption in respect of business combinations has also been applied to past acquisitions of investments in associates, interests in joint ventures and interests in joint operations in which the activity of the joint operation constitutes a business, as defined in Ind AS 103. 2.1.5 Deemed cost for Property, Plant and Equipment, Investment Property, and Intangible Assets For transition to Ind AS, the Company has elected to adopt fair value of the Buildings, Medical equipment and Furnitures recognised as of April 1, 2015 as the deemed cost as of the transition date. For the other assets, it has elected to continue with the carrying value of all of its property, plant and equipment recognised as of April 1, 2015 (transition date) measured as per the previous GAAP and use that carrying value as its deemed cost as of the transition date. Accordingly, certain pre-operative costs and other ineligible items have been charged off upon transition. 2.1.6 Determining whether an arrangement contains a lease The Company has applied Appendix C of Ind AS 17 determining whether an arrangement contains a lease to determine whether an arrangement existing at the transition date contains a lease on the basis of facts and circumstances existing at that date. 3 Critical accounting judgements and key sources of estimation uncertainty The preparation of these financial statements in conformity with recognition and measurement principles of Ind AS requires the Management of the Company to make estimates and assumptions that affect the reported balances of Assets and Liabilities, disclosures relating to contingent liabilities as at the date of the financial statements and the reported amount of income and expenses for the periods presented. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 3.1 Critical judgements in applying Accounting Policies The company renders the service as a principal, the gross amounts collected from customer shall be recorded as revenue. The amounts payable to the facilitators in return for the services received shall be recorded as expenses 3.2 Key sources of estimation uncertainty The following are the key assumptions concerning the future, and other key sources of estimation uncertainty at the end of the reporting period that may cause a material adjustment to the carrying amounts of assets and liabilities within the next financial year. 3.2.1 Impairment of Goodwill Determining whether goodwill is impaired requires an estimation of the value in use of the cash-generating units to which goodwill has been allocated. The value in use calculation requires the directors to estimate the future cash flows expected to arise from the cash-generating unit and a suitable discount rate in order to calculate present value. Where the actual future cash flows are less than expected, a material impairment loss may arise. 3.2.2 Fair value measurements and valuation processes Some of the Companyâs assets and liabilities are measured at fair value for financial reporting purposes. The business acquisitions made by the company are also accounted at fair values. In estimating the fair value of an asset or a liability, the Company uses market-observable data to the extent it is available. Where Level 1 inputs are not available, the Company engages third party qualified valuers to perform the valuation. The management works closely with the qualified external valuers to establish the appropriate valuation techniques and inputs to the model. 3.2.3 Employee Benefits Defined Benefit Plans The cost of defined benefit plans are determined using actuarial valuations. The actuarial valuation involves making assumptions about discount rates, expected rates of return on assets, future salary increases, mortality rates and future pension increases. 3.2.4 Litigations The amount recognised as a provision shall be the best estimate of the expenditure required to settle the present obligation arising at the reporting period. 3.2.5 Revenue Recognition Revenue from fees charged for inpatient and outpatient hospital/clincial services rendered to insured and corporate patients are subject to approvals from the insurance companies and corporates. Accordingly, the Company estimates the amounts likely to be disallowed by such companies based on past trends. Estimations based on past trends are also required in determining the value of consideration from customers to be allocated to award credits for customers. 3.2.6 Useful lives of Property Plant and Equipment The Company reviews the useful life of property, plant and equipment at the end of each reporting period. This re-assessment may result in depreciation expense in future periods. 3.2.7 Loyalty Points Estimations based on past trends of redemption of customer loyalty points is made to determine the value of revenue to be deferred. 3.2.8 Expected Credit Loss The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision matrix considering the nature of receivables and the risk characteristics. The provision matrix takes into accounts historical credit loss experience and adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the day of the receivables are due and the rates as given in the provision matrix. 3.3 Controls Assessment Apollo Hospitals International Limited The Company owns 50% equity stake in Apollo Hospitals International Limited (AHIL). The Company has control over AHIL and has exposure to variable returns which are the licence fee, share of market cost and also has an unsecured loan in the form of preference shares. The Company has exisiting rights that give the current ability to direct relevant activities through Board of Directors. Since the company has control over AHIL, it has considered it as a subsidiary. Future Parking Private Limited The Company owns 49% equity stake in Future Parking Private Limited (FPPL). The company has control over FPPL and has exposure to variable returns The company has exisiting rights that give the current ability to direct relevant activities through Board of Directors. Since the company has control over FPPL, it has considered it as a subsidiary. Apollo Healthcare Technology Solutions Limited The Company owns 40% equity stake in Apollo Health Care Technology Solutions Limited (AHTSL). The company has control over AHTSL and has exposure to variable returns. The company has exisiting rights that give the current ability to direct relevant activities through Board of Directors. Since the company has control over AHTSL, it has considered it as a subsidiary. 4.1 Leasing arrangements The Company entered into finance lease arrangements with Apollo Hospitals Educational and Research Foundation for its Building in Hyderabad. All leases are denominated in Indian Rupees. The term of finance leases entered into is 99 years. The interest rate inherent in the leases is considered as the average incremental borrowing rate which is approximately 12% per annum (as at March 31, 2016:12% per annum; as at April 1, 2015:12% per annum). 5 Trade Receivables i. Sundry Debtors represent the debt outstanding on sale of pharmaceutical products, hospital services and project consultancy fees is considered good. The entity holds no other securities other than the personal security of the debtors. 5.1 Trade Receivables Majority of the Companyâs transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables from Insurance Companies, Corporate customers and Government Undertakings. The entityâs exposure to credit risk in relation to trade receivables is low. The average credit period on sales of services is 30-60 days from the date of the invoice. The Company has computed the expected credit loss allowance for receivables excluding Group Companies and amount receivable from Tanzania Government. A direct confirmation is obtained from Tanzania Government confirming the Receivable amount outstanding. The provision matrix takes into account historical credit loss experience and adjusted for forward looking information. The expected credit loss allowance is based on the ageing of the days the receivables are due and the rates as given in the provision matrix. The provision matrix at the end of the reporting period is as follows: 5.2 Ageing 6 Cash and Cash Equivalents For the purposes of the statement of cash flows, cash and cash equivalents include cash on hand and in banks, net of outstanding bank overdrafts. Cash and cash equivalents at the end of the reporting period as shown in the statement of cash flows can be reconciled to the related items in the balance sheet as follows: The company had issued 9,000,000 Global Depository Receipts of Rs.10 (now 18,000,000 Global Depository Receipts of Rs.5) each with two-way fungibility during the year 2005-06. Total GDRs converted into underlying equity shares for the year ended on 31st March 2017 is 83,138 (2015-16: 259,856) of Rs.5 each and total Equity shares converted back to GDR for the year ended 31st March 2017 is 384,562 (2015-16: 22,114) of Rs.5 each. Total GDRs converted into equity shares upto 31st March 2017 is 25,444,526 (2015-16: 25,361,388) of Rs.5 each. On 31 March 2016 an interim dividend of Rs.6 per share was paid to holders of fully paid equity shares (total dividend Rs.1003.79 including Dividend Distribution Tax). For the year 2014-15, the Board of Directors proposed a dividend of Rs.5.75 per share which was paid in the year 2015-16 (total dividend Rs.963.76 including Dividend Distribution Tax). The average credit period on purchases of goods ranges from immediate payments to credit period of 45 days based on the nature of the expenditures. The Company has financial risk management policies in place to ensure that all payables are paid within the pre-agreed credit terms. The amount due to Micro, Small and Medium Enterprises for the financial year ended 31st March 2017 TU6.12 million (Rs. 254.70 million). No interest in terms of Section 16 of Micro, Small and Medium Enterprises Development Act, 2006 or otherwise has either been paid or payable or accrued and remaining unpaid as at 31st March 2017. 7 Segment Information The Directors of the Company are directly involved in the operations of the Company. Accordingly, the Board of DirectorshasbeenidentifiedastheChiefOperatingDecisionMaker(CODM). Information reported to the CODM for the purposes of resource allocation and assessment of segment performance focuses on the model of healthcare services delivered. The Directors of the Company have chosen to organise the Company around differences in products and services. Accordingly, hospitals and pharmacies have been identified as the operating segments. No operating segments have been aggregated in arriving at the reportable segments of the Company. The Company operates mainly in India, and the drugs sold in the pharmacies, are regulated under the Drugs Cosmetics Act, which applies uniformly all over the Country. The following are the accounting policies adopted for segment reporting a. Revenue and expenses have been identified to segments on the basis of their relationship to the operating activities of the segment. Revenue and expenses, which relate to the enterprise as a whole and are not allocable to segments on a reasonable basis, have been included under âunallocable expensesâ. b. Inter segment revenue and expenses are eliminated. The Company has disclosed this Segment Reporting in Financial Statements as per Ind AS 108 8.1 Segment Revenues and Results The following is an analysis of the Companyâs revenue and results from continuing operations by reportable segment. Segment profit represents the profit before tax earned by each segment without allocation of central administration costs and directorsâ salaries, other income, as well as finance costs. This is the measure reported to the chief operating decision maker for the purposes of resource allocation and assessment of segment performance. 8.2 Revenue from major products and services No single customer represents 10% or more of the companyâs total revenue during the year ended March 31, 2017 and March 31, 2016. 8.3 The Company is geographically diversified within India. 9.1 Basic Earnings Per Share The Earnings and weighted average number of Equity Shares used in the calculation of Basic Earnings Per Share are as follows. 9.2 Diluted Earnings Per Share The Earnings used in the calculation of diluted earnings per share are as follows. The weighted average number of equity shares for the purpose of diluted earnings per share reconciles to the weighted average number of equity shares used in the calculation of basic earnings per share as follows: 10 Defined contribution plans The Company makes contributions towards provident fund and employees state insurance as a defined contribution retirement benefit fund for qualifying employees. The provident fund is operated by the regional provident fund commissioner. The Employees state insurance is operated by the Employees State Insurance Corporation. Under these schemes, the Company is required to contribute a specific percentage of the payroll cost as per the statute. The Company has no further obligations in this regard. The total expenses recognised in the statement of profit or loss of Rs.632.73 million (for the year ended March 31, 2016: Rs.536.09 million) represents contributions payable to these plans by the Company at rates specified in the rules of the plans. Defined benefit plans 10.1 Gratuity The company contributes all ascertained liabilities towards gratuity to the Fund. The plan assets have been primarily invested in insurer managed funds. The company provides for gratuity, a defined benefit retiring plan covering eligible employees. The Gratuity plan provides a lump sum payment to the vested employees at retirement, death incapacitation or termination of employment based on the respective employees salary and tenure of the employment with the company. In respect of the plan in India, the most recent actuarial valuation of the plan assets and the present value of the defined benefit obligation were carried out as at March 31, 2017 by Ms. Seethakumari, Fellow of the Institute of Actuaries of India. The present value of the defined benefit obligation, and the related current service cost and past service cost, were measured using the projected unit credit method. The current service cost and the net interest expense for the year are included in the âEmployee Benefits Expenseâ line item in the statement of profit and loss. The remeasurernent of the net defined benefit liability is included in other comprehensive income. Each year, Asset and Liability matching study is performed in which the consequences of strategic investments policiies are analysed in terms of risk and returns profiles. Investments and Contributions policies are integrated within this study. The actual return on plan assets including interest income was Rs.57.49 million (for the year ended March 31, 2016: Rs.41.21 million). Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of the reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognised in the balance sheet. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. The defined benefit obligation shall mature in next 3 years. The Company expects to make a contribution of Rs.148.09 million (as at March 31, 2016: Rs.113.52 million) to the defined benefit plans during the next financial year. 10.2 Leave Encashment Benefits The Company pays leave encashment benefits to employees as an when claimed subject to the policies of the Company. The Company provides leave benefits through annual contributions to the fund managed by HDFC Life The principal assumptions used for the purposes of the actuarial valuations were as follows. The current service cost and the net interest expense for the year are included in the âEmployee benefits expenseâ line item in the statement of profit and loss. The remeasurement of the net defined benefit liability is included in other comprehensive income. The amount included in the balance sheet arising from the entityâs obligation in respect of its defined benefit plans is as follows: Each year Asset Liability matching study is performed in which the consequences of strategic investments policies are analysed in terms of risk and returns profiles. Investments and Contributions policies are integrated within this study. The actual return on plan assets including interest income was Rs.81.36 million (for the year ended March 31, 2016: Rs.23.29 million). Significant actuarial assumptions for the determination of the defined obligation are discount rate, expected salary increase and mortality. The sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. The sensitivity analysis presented above may not be representative of the actual change in the defined benefit obligation as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. The Company expects to make a contribution of Rs.156.87 million (as at March 31, 2016: Rs.53.03 million) to the defined benefit plans during the next financial year. 11 Financial instruments 11.1 Capital management The Company manages its capital with the objective to maximize the return to stakeholders through the optimisation of the debt and equity mix. The Companyâs risk management committee reviews the capital structure of the Company on a semiannual basis. As part of this review, the committee considers the cost of capital and the risks associated with each class of capital. The Company intends to limit gearing ratio to an outer limit of 100% of net debt to total equity determined as the proportion of net debt to total equity. The gearing ratio at March 31, 2017 of 70% was below the target range, 11.2 Financial risk management objectives The Companyâs Corporate Treasury function provides services to the business, co-ordinates access to domestic and international financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyse exposures by degree and magnitude of risks. These risks include market risk (including currency risk, interest rate risk and other price risk), credit risk and liquidity risk. The Company seeks to minimise the effects of these risks by using derivative financial instruments to hedge risk exposures. The use of financial derivatives is governed by the Companyâs policies approved by the Board of Directors, which provide written principles on foreign exchange risk, interest rate risk, credit risk, the use of financial derivatives and non -derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is reviewed by the internal auditors on a continuous basis. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. 11.3 Market risk The Companyâs activities expose it primarily to the financial risks of changes in foreign currency exchange rates (see note 32.5 below) and interest rates (see note 32.6 below). The Company enters into a variety of derivative financial instruments to manage its exposure to foreign currency risk and interest rate risk, including currency cum interest rate swaps. 11.4 Foreign currency risk management The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange rate exposures are managed within approved policy parameters utilising appropriate derivative contracts. The carrying amounts of the Companyâs foreign currency denominated monetary assets and monetary liabilities at the end of the reporting period are as follows. Foreign currency sensitivity analysis Of the above, borrowings of USD 57.43 million as at March 31, 2017, USD 65.72 million as at March 31, 2016 and USD 94 million as at April 1, 2015 is completely hedged against foreign currency fluctuation using forward contracts and Interest rate swaps. The Company is mainly exposed to US Dollars currency fluctuation risk. The following table details the Companyâs sensitivity to a 10% increase and decrease in the Rs. against the relevant foreign currencies. 10% is the sensitivity rate used when reporting foreign currency risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in foreign exchange rates. The sensitivity analysis includes only outstanding foreign currency denominated monetary items and adjusts their translation at the period end for a 10% change in foreign currency rates. A positive number below indicates an increase in profit or equity where the Rs. strengthens 10% against the relevant currency. For a 10% weakening of the Rs. against the relevant currency, there would be a comparable impact on the profit or equity, and the balances below would be negative. (i) This is mainly attributable to the exposure to outstanding USD payable at the end of the reporting period. The Company has entered into derivative Contracts for its External Commercial Borrowings for interest and currency risk exposure to manage and mitigate its exposure to foreign exchange rates. The Counterparty is generally a bank. In managementâs opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the end of the reporting period does not reflect the exposure during the year. 11.5 Interest rate risk management The Company is exposed to interest rate risk because the Company borrow funds at both fixed and floating interest rates. The risk is managed by the Company by maintaining an appropriate mix between fixed and floating rate borrowings, and by the use of interest rate swap contracts and forward interest rate contracts. Interest rate sensitivity analysis The sensitivity analyses below have been determined based on the exposure to interest rates for both derivatives and non-derivative instruments at the end of the reporting period. For floating rate liabilities, the analysis is prepared assuming the amount of the liability outstanding at the end of the reporting period was outstanding for the whole year. A 50 basis points increase or decrease is used when reporting interest rate risk internally to key management personnel and represents managementâs assessment of the reasonably possible change in interest rates. If interest rates had been 50 basis points higher/lower and all other variables were held constant, the Companyâs profit for the year ended March 31, 2017 would decrease/increase by Rs.72.83 million (for the year ended March 31, 2016: decrease/ increase by Rs.67.17 million). This is mainly attributable to the Companyâs exposure to interest rates on its variable rate borrowings. Interest rate swap contracts Under interest rate swap contracts, the Company agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts for borrowings in foreign currency. Such contracts enable the Company to mitigate the risk of changing interest rates on the fair value of issued fixed rate debt and the cash flow exposures on the issued variable rate debt. The average interest rate is based on the outstanding balances at the end of the reporting period. 11.6 Credit risk management Credit risk refers to the risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company. Majority of the Companyâs transactions are earned in cash or cash equivalents. The trade receivables comprise mainly of receivables from Insurance Companies, Corporate customers and Government Undertakings. The Insurance Companies are required to maintain minimum reserve levels and the Corporate Customers are enterprises with high credit ratings. Accordingly, the Companyâs exposure to credit risk in relation to trade receivables is considered low. Before accepting any new credit customer, the Company uses an internal credit scoring system to assess the potential customerâs credit quality and defines credit limits by customer. Limits and scoring attributed to customers are reviewed annually. The outstanding with the debtors is reviewed periodically. The credit risk on liquid funds and derivative financial instruments is limited because the counterparties are banks with high credit-ratings assigned by international credit-rating agencies. In addition, the Company is exposed to credit risk in relation to financial guarantees given to banks provided by the Company. The Companyâs maximum exposure in this respect is the maximum amount the Company could be liable to pay if the guarantee is exercised on. As at March 31, 2017, an amount of Rs.0.39 million (as at March 31,2016: Rs.0.39 mi Hi on) has been recognised in the balance sheet as financial liabilities (see note 6). These financial guarantees have been issued to banks under the financing facilities agreements entered into with Future Parking Private Limited 12 Liquidity Risk Management Ultimate responsibility for liquidity risk management rests with the Board of Directors, which has established an appropriate liquidity risk management framework for the management of the Companyâs short-term, medium-term and long-term funding and liquidity management requirements. The Company manages liquidity risk by maintaining adequate reserves, banking facilities and reserve borrowing facilities, by continuously monitoring forecast and actual cash flows, and by matching the maturity profiles of financial assets and liabilities. Note 33.2 below sets out details of additional undrawn facilities that the Company has at its disposal to further reduce liquidity risk. 12.1 Liquidity and interest risk tables The following tables detail the Companyâs remaining contractual maturity for its non-derivative financial liabilities with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest date on which the Company can be required to pay. The tables include both interest and principal cash flows. To the extent that interest flows are based on floating rate, the undiscounted amount is derived from interest rate curves at the end of the reporting period. The contractual maturity is based on the earliest date on which the Company may be required to pay. The amounts included above for financial guarantee contracts are the maximum amounts the Company could be forced to settle under the arrangement for the full guaranteed amount if that amount is claimed by the counterparty to the guarantee. Based on expectations at the end of the reporting period, the Company considers that it is more likely than not that such an amount will not be payable under the arrangement. However, this estimate is subject to change depending on the probability of the counterparty claiming under the guarantee which is a function of the likelihood that the financial receivables held by the counterparty which are guaranteed suffer credit losses. The following table details the Companyâs expected maturity for its non-derivative financial assets. The table has been drawn up based on the undiscounted contractual maturities of the financial assets including interest that will be earned on those assets. The inclusion of information on non -derivative financial assets is necessary in order to understand the Companyâs liquidity risk management as the liquidity is managed on a net asset and liability basis. The amounts included above for variable interest rate instruments for both non-derivative financial assets and liabilities is subject to change if changes in variable interest rates differ to those estimates of interest rates determined at the end of the reporting period. The following table details the Companyâs liquidity analysis for its derivative financial instruments. The table has been drawn up based on the undiscounted contractual net cash inflows and outflows on derivative instruments that settle on a net basis. 12.2 Financing facilities The Company has access to financing facilities as described below, of which Rs.5,067.20 million were unused at the end of the reporting period (as at March 31, 2016: Rs.6,289.54 million; as at April 1, 2015: Rs.6,705.50 million). The Company expects to meet its other obligations from operating cash flows and proceeds of maturing financial assets. 13 Fair Value of Financial Assets and Financial Liabilities All financial assets and financial liabilities have been fair valued using Level 3 hierarchy except cash and bank balance which is fair valued using Level 1 hierarchy. Level 1: Level 1 hierarchy includes financial instruments measured using quoted prices. This includes listed equity instruments, traded bonds and mutual funds that have quoted price. The fair value of all equity instruments (including bonds) which are traded in the stock exchanges is valued using the closing price as at the reporting period. Level 2: The fair value of financial instruments that are not traded in an active market (for example, traded bonds, over-the- counter derivatives) is determined using valuation techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Level 3: If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities, contingent consideration and indemnification asset included in level 3. Hetero Pharmacy The fair value of the above acquired assets and liabilities were determined by a registered valuer. This fair value was estimated by applying an income approach. The following were the key model inputs used in determining the fair value: - discount rate of 13.8%; - long-term sustainable growth rates of 6% Goodwill arose in the acquisition of Hetero Pharmacy because the cost of the combination included a control premium. In addition, the consideration paid for the combination effectively included amounts in relation to the benefit of expected synergies, revenue growth, future market development and the assembled workforce of Hetereo Pharmacy. These benefits are not recognised separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. None of the goodwill arising on these acquisitions is expected to be deductible for tax purposes. 14 Operating Lease arrangements 14.1 The Company as lessee Leasing arrangement Operating leases relates to leases of land with lease terms of between 25-50 years for Hospitals and 1-3 years for Pharmacy. The Company does not have an option to purchase the leased land at the expiry of the lease periods. 15 Events after the reporting period The Board of Directors have recommended dividend of Rs.6 per fully paid up equity share of Rs.5 each, aggregating Rs.1,004.69 million, including Rs.169.94 million Dividend Distribution Tax for the financial year 2016-17, which is based on the share capital as on 31st March 2017. The actual dividend amount will be dependant on the relevant share capital outstanding as on the record date/ book closure. 16 Approval of financial statements The financial statements were approved for issue by the Board of Directors on May 30, 2017. Note: Under previous GAAP, total comprehensive income was not reported. Therefore, the above reconciliation starts with profit under the previous GAAP. a) Under previous GAAP, Financials Assets or Financial Liabilities were measured at cost. On the date of transition to Ind AS, these financial assets or Financial Liabilities have been measured at their fair value, resulting in an net increase in the carrying amount. Financial Assets includes Investments which were carried at cost under previous GAAP. As per Ind AS, these investments are carried at Fair Value through the Statement of Profit and Loss or at amortised cost. b) Under previous GAAP, the Fixed Assets were measured at cost. As per Ind AS, the company fair valued its Buildings, Medical Equipment and Furnitures resulting in increase in the carrying value of the Property Plant and Equipment. c) Under previous GAAP, dividends on equity shares recommended by the Board of Directors after the end of the reporting period but before the financial statements were approved for issue were recognised in the financial statements as liability. Under Ind AS, such dividends are recognised as Liability when approved by the members in a general meeting. d) Under previous GAAP lease deposits were carried at transaction value. Whereas under Ind AS deposits lease deposits are discounted for the non-cancellable period in a lease exceeding one year at an incremental borrowing rate. e) As part of the Ind AS assessment, building leased to Apollo Hospitals Education Research Foundation being a part of composite lease is treated as finance lease under Ind AS , whereas under previous GAAP, it was treated as an operating Lease. f) Under Previous GAAP, on redemption of loyalty points by the customer, expense were recognised . Ind AS requires that based on award credits or loyalty points that are expected to be redeemed by customers against future goods/services, revenue be deferred based on a trend of redemption of such point. g) Ind AS prescribes the use of a provision matrix for expected credit loss ( ECL based on past trend). Following an assessment of past settlement trends, the company has determined a fixed % of the receivables to be provided. h) The sale of equity stake in Alliance Dental Care Limited and Alliance Medical Corp (I) Limited to Apollo Health and Lifestyle Limited is a Common Control Transactions. Since Apollo Health and Lifestyle Limited is a group company, the gain on sale of share is eliminated because of it being a common control transactions. i) This includes the Interest income on Lease deposit, Rent on lease deposits, Deferred Income on Loyalty points and Rental income on finance lease. This adjustment is made as per previously explained Ind AS Adjustments. j) This includes the Deferred Tax Adjustments recognised for above GAAP Adjustments. k) Ind AS prescribes that the Actuarial gain or loss on Gratuity and leave encashment should be recognised in Other Comprehensive Income as remeasurements of the defined benefit liabilities/(assets) under items that will not be reclassified to statement of Profit and Loss. Mar 31, 2016 1. During the year 2002-03, on a review of fixed assets, certain selected medical equipments were identified and impaired. For the current year, on a review as required by Accounting Standard 28 â Impairment of Assetsâ, the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. 2. Pursuant to section 129 of the Act and Rule 5 of companies (Accounts) Rules 2014, the financial statements for twenty one of the company subsidiaries including fellow subsidiaries, six joint ventures and three associates are furnished Form AOC 1. 3. On review of the operations of setting up the Hospital in Noida, the Company has re-assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27th October 2001. 4. Unrealised amounts on project development and pre-operative project expenses incurred at Bilaspur Hospital amounting to Rs.56.62 million are included in advances and deposits account. The above expenses incurred on project will be amortised over the balance lease period of 4 years. The balance yet to be amortised as on 31.03.2016 is Rs.12.58 million (Rs.15.73 million). 5. Figures of the current year and previous year have been shown in millions. 6. Figures in brackets relate to the figures for the previous year. 7. Previous year figures have been regrouped and reclassified wherever necessary to confirm with current year classification. Mar 31, 2014 1. Contingent Liabilities (Rs. in million) Particulars 31.03.2014 31.03.2013 Contingent liabilities and commitments (to the extent not provided for) (i) Contingent Liabilities (a) Claims against the company not acknowledged as debt 65.85 77.40 (b) Guarantees Bank Guarantees 262.97 268.36 Corporate Guarantees / Letter of comfort 475.00 35.00 (c) Other money for which the company is contingently liable Sales Tax 0.52 1.04 Customs Duty 99.70 99.70 Income Tax 336.73 293.92 Service Tax 27.76 Letter of Credits - 36.56 EPCG 1,524.68 708.00 Value Addded Tax 2.27 2.27 2,795.49 1,522.25 (ii) Commitments (a) Estimated amount of contracts remaining to be executed 9,871.76 10,644.93 on capital account and not provided for 9,871.76 10,644.93 Total 12,667.24 12,167.18 2. Utilisation of Amounts From Securities Issued The company has not raised any sum by way of issue of securities during the year 2013-14. Hence disclosure regarding utilisation of amounts from securities issued is not applicable. 3. Leases In respect of Non-cancellable Operating Leases Lease payments recognized in the Statement of Profit and Loss is Rs. 1,252.87 million ( Rs. 980.37 million) Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the lessor and AHEL. Variation/Escalation clauses in lease rentals are made as per mutually agreed terms and conditions by the lessor and AHEL. 4. During the year 2002-03, on a review of fixed assets, certain selected medical equipments were identified and impaired. For the current year, on a review as required by Accounting Standard 28 '' Impairment of Assets'', the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. 5. The Company has been exempted from publishing the financial statements for fifteen of its subsidiaries including fellow subsidiaries which are required to be attached to the Company''s accounts, under Sec.212(1) of the Companies Act, 1956 for the financial year ended 31st March 2014. 6. In the process of acquiring Apollo Gleneagles Hospitals Limited (AGHL) in Kolkata, Apollo Hospitals Enterprise Limited had initially invested Rs. 30 million [ Rs. 5 million towards equity and Rs. 25 million to discharge other liabilities of AGHL, erstwhile Duncan Gleneagles Hospital Limited (DGHL)] to acquire 50.26% holding in DGHL (subsequently reduced to 49%, now increased to 50%). AGHL assigned an unsecured debt of Rs. 163.70 million existing in its books to Apollo Hospitals Enterprise Limited, out of which Rs. 150 million was received till FY 2012-13 and taken to income, leaving a balance unsecured debt of Rs. 13.70 million. As a measure of prudence the balance amount was not recognized as an advance or investment in the books of Apollo Hospitals Enterprise Limited and will be accounted for as and when the amount(s) are received. During the year 2013-14, the balance amount of Rs. 13.70 million has been received and the same has been duly accounted for in the books of accounts. 7. On review of the operations of setting up the Hospital in Noida, the Company has re-assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27th October 2001. 8. Unrealised amounts on project development and pre-operative project expenses incurred at Bilaspur Hospital amounting to Rs. 56.62 million are included in advances and deposits account. The above expenses incurred on the project will be amortised over the balance lease period of 6 years. The balance yet to be amortised as on 31.03.2014 is Rs. 18.88 million ( Rs. 22.03 million). 9. Figures of the current year and previous year have been shown in million. 10. Figures in brackets relate to the figures for the previous year. 11. Previous year figures have been regrouped and reclassified wherever necessary to confirm with current years classification. Mar 31, 2013 1. Details of Trade payables are based on the information available with the Company regarding the status of Suppliers as defined under the ''Micro, Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year ended 31st March 2013 is Rs. 230.60 million 113.31 million). No interest in terms of Section 16 of Micro, Small and Medium Enterprises Development Act, 2006 or otherwise has either been paid or is payable or accrued or remaining unpaid as at 31st March 2013. 2. Capital Work -in-Progress Rs. 3, 727.29 million (Rs. 1,893.15 million) comprises of amounts spent on assets under construction and directly related pre-operative expenses. The amount of interest included in capital work in progress is Rs. 377.39 million (Rs. 250.41 million). Includes Interest on Borrowings Capitalised for the year ended 31st March 2013 of Rs. 252 million (Rs.183 million). 3. LEASES In respect of Non- cancellable Operating Leases Lease payments recognized in the Statement of Profit and Loss is Rs. 980.37 million (Rs. 992.37 million) Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the lessor and the Company. Variation/Escalation clauses in lease rentals are made as per mutually agreed terms and conditions by the lessor and the Company. 4. (a) The jointly Controlled Entities considered in the Consolidated Financial Statements are: "Inclusive of 27% (42.09%) shares held by Unique Home Health Care Limited, a 100% subsidiary of Apollo Hospitals Enterprise Limited. 5. During the year 2002-03, on a review of fixed assets, certain selected medical equipments were identified and impaired. For the current year, on a review as required by Accounting Standard 28 '' Impairment of Assets'', the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. 6. The Company has been exempted from publishing the financial statements for sixteen of its subsidiaries including fellow subsidiaries which are required to be attached to the Company''s accounts, under Sec.212(1) of the Companies Act, 1956 for the financial year ended 31st March 2013. 7. In the process of acquiring Apollo Gleneagles Hospitals Limited (AGHL) in Kolkata, Apollo Hospitals Enterprise Limited had initially invested Rs. 30 million [Rs. 5 million towards equity and Rs. 25 million to discharge other liabilities of AGHL, erstwhile Duncan Gleneagles Hospital Limited (DGHL)] to acquire 50.26% holding in DGHL (subsequently reduced to 49%, now increased to 50%). AGHL assigned an unsecured debt of Rs. 163.70 million existing in its books to Apollo Hospitals Enterprise Limited, out of which Rs. 150 million was received till FY 2012-13 and taken to income, leaving a balance unsecured debt of Rs. 13.70 million. As a measure of prudence, the balance amount is not recognized as an advance or investment in the books of Apollo Hospitals Enterprise Limited currently and will be accounted for as and when the amount(s) are received. 8. On review of the operations of setting up the Hospital in Noida, the Company has re-assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27th October 2001. 9. Unrealised amounts on project development and pre-operative project expenses incurred at Bilaspur Hospital amounting to Rs. 56.62 million are included in advances and deposits account. The above expenses incurred on the project will be amortised over the balance lease period of 7 years. The balance yet to be amortised as on 31.03.2013 isRs. 22.03 million (Rs. 25.17 million). 10. Figures of the current year and previous year have been shown in millions. 11. Figures in brackets relate to the figures for the previous year. 12. Previous year figures have been regrouped and reclassified wherever necessary to conform to the current years classification. Mar 31, 2012 A. The Company has issued Foreign Currency Convertible Bonds (FCCBs) to International Finance Corporation (IFC), Washington, to the value of US$ 15 million on 28th January 2010. These bonds are convertible into equity shares based on the rupee dollar parity exchange rate at any time before the end of Final Repayment date. On 9th December 2010, the Company converted FCCBs equivalent to $ 7.5 million into 1,140,992 equity shares of Rs 5 each. The underlying number of Equity shares as on 31st March 2012 is 1,268,343 Equity shares is based on the exchange rate ($1 = Rs 51.1565) and if the option is not exercised, the Loan shall be repayable in full in two approximately equal semi-annual instalments commencing from the Final Repayment Date by way of redemption of such number of FCCBs in respect of which IFC has not exercised its Conversion option. b. The Company had issued 9,000,000 Global Depository Receipts of Rs 10 (now 18,000,000 Global Depository Receipts of Rs 5) each with two way fungibilty during the year 2005-06. Total GDR's converted into underlying Equity Shares for the year ended on 31st March 2012 is 5,396,660 (2010-11: 6,263,200) of Rs 5 each and total equity shares converted back to GDR for the year ended 31st March 2012 is 7,689,329 (2010-11: Nil) of Rs 5 each. Total GDR's converted into equity shares upto 31st March 2012 is 12,644,531 (2010-11: 14,937,200) of Rs 5 each. 1. The Company has issued and allotted 3,276,922 equity warrants convertible into equity shares of nominal value of Rs 5/- each at premium of Rs 467.46 per share on 5th February 2011 to Dr. Prathap C Reddy, one of the promoters of the Company on a preferential allotment basis. The issue price is at minimum price of Rs 472.46 fixed in accordance with the guidelines for preferential issues of the Securities Exchange Board Of India (Issue of Capital and Disclosure Requirements)Regulations 2009. Accordingly the promoter has paid 25% of the consideration @ Rs 472.46 per warrant on the date of allotment. The Balance 75% is payable on the exercise of option for conversion within 18 months of date of allotment. a. 10.30% Non Convertible Debentures The Company has issued 500 Nos. 10.30% Non Convertible Redeemable Debentures of Rs 1 million each on 28th December 2010 which will be redeemed on 28th December 2020 and 500 Nos. 10.30% Non Convertible Redeemable Debentures of Rs 1 million each on 22nd March 2011 which will be redeemed on 22nd March 2021 to Life Insurance Corporation of India. The Debentures are secured by way of pari passu first charge on the Fixed Assets of the Company existing and future along with Canara Bank and International Finance Corporation, Washington; such pari passu first charge ensuring atleast a cover of 1.25 times the value of outstanding principal amount of the loan. c. Canara Bank The loan is secured by way of pari passu first charge on the fixed assets of the Company existing and future along with Debenture Trustee and International Finance Corporation, Washington. d. International Finance Corporation (External Commercial Borrowings) The Company has been sanctioned a sum of US$ 35 million from International Finance Corporation, Washington by way of External Commercial Borrowings (ECB). The Company has withdrawn the full amount of US$ 35 million as of 31st March 2012 on the above loan. The ECB loan is secured by way of pari passu first ranking charge on the entire movable plant and machinery and equipment including all the spare parts and all other fixed assets such as furniture, fixtures, fittings, installations, vehicles, office equipments, computers and all other fixed assets owned by the Company (excluding immovable property), both present and future belonging or hereafter belonging to or at the disposal of the Company. The Loan is repayable in 15 equal semi-annual Instalments starting from 15th September, 2012. Pari passu charge in favour of IFC over the immovable assets of the Company; such pari passu charge ensuring atleast a cover of 1.25 times the value of outstanding principal amount of the loan. e. International Finance Corporation has granted a loan of US$ 35 million during the year 2009-10. The Company has drawn full US$ 35 million of the sanctioned amount of US$ 35 million and the Company has entered into Currency Cum Interest Rate Swap (CCIRS) with HDFC Bank in Indian rupee and hedged the loan for interest rate and foreign currency fluctuation risk. The derivative contract is secured by a second charge on the immovable assets of the Company to the extent of Rs 1.100 million. The tenure of this derivative contract matches with the tenure of the loan outstanding as of 31st March 2012. 2. Details of Trade payables are based on the information available with the Company regarding the status of Suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year ended 31st March 2012 is Rs 113.31 million (Rs 48.76 million). No interest in terms of Section 16 of Micro, Small and Medium Enterprises Development Act, 2006 or otherwise has either been paid or payable or accrued and remaining unpaid as at 31st March 2012. During the year, the amount transferred to Investors Education and Protection Fund of the Central Government as per the provisions of Section 205A and 205C of the Companies Act, 1956 is Rs 1.67 million (Rs 1.33 million) in aggregate which comprises of Rs 1.54 million (Rs 1.32 million) as unpaid dividend and Rs 0.13 million (Rs 0.01 million) as unpaid deposit. 3. Capital Work-in-Progress Rs 1,893.15 million (Rs 3,411.61 million) comprises amounts spent on assets under construction and directly related pre-operative expenses. The amount of interest included in capital work in progress is Rs 250.41 million (Rs 325.02 million). Includes Interest on Borrowings Capitalised for the year ended 31st March 2012 is Rs 183 million (Rs 154.42 million). i. Accrued patient collections constitute Rs 273.97 million (Rs 233.56 million) of Trade receivables. ii Confirmation of balance from Debtors, Creditors are yet to be received in a few cases though the group has sent letters of confirmation to them. The balances adopted are as appearing in the books of accounts of the group. iii Sundry Debtors represent the debt outstanding on sale of pharmaceutical products, hospital services and project consultancy fees for and is considered good. The group holds no other securities other than personal security of the Debtors. a. Gain on Forward Contract during the year ended 31st March 2012 accounted for in the Statement of Profit and Loss is Nil (Rs 11.77 million) b. For the year ended 31st March 2012, the Foreign Exchange gain (the difference between the spot rates on the date of the transactions, and the actual rates at which the transactions are settled) is Rs 4.29 million (2010-11: Foreign Exchange Loss Rs 8.86 million). i. Expected return on plan assets is based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations. The Gratuity scheme is invested in Gratuity Pay plan offered by ICICI. ii. The estimate of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as demand and supply in the employment market. 4. CONTINGENT LIABILITIES Particulars 31.03.2012 31.03.2011 Contingent liabilities and commitments (to the extent not provided for) (i) Contingent Liabilities (a) Claims against the company not acknowledged as debt 275.03 268.71 (b) Guarantees Bank Guarantees 55.39 146.39 Corporate Guarantees 242.50 207.50 (c) Other money for which the company is contingently liable Sales Tax 1.41 1.85 Customs Duty 99.70 99.70 Income Tax 396.79 384.47 Letter of Credits 150.42 120.69 EPCG 1,010.20 1,114.96 Redemption premium on FCCB 11.28 5.31 Value added Tax 2.27 2.27 2,244.99 2,351.85 (ii) Commitments (a) Estimated amount of contracts remaining to be executed on capital 12,436.38 7,601.47 account and not provided for 12,436.38 7,601.47 Total 14,681.37 9,953.32 Lease agreements are renewable for further period or periods on terms and conditions mutually agreed between the lessor and AHEL. Variations/Escalation clauses in lease rentals are made as per mutually agreed terms and conditions by the lessor and AHEL. 5. During the year 2002-03, on a review of fixed assets, certain selected medical equipments were identified and impaired. For the current year, on a review as required by Accounting Standard 28 'Impairment of Assets', the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. 6. The Company has been exempted from publishing the financial statements for fourteen of its subsidiaries including fellow subsidiaries which are required to be attached to the Company's accounts, under Sec.212(1) of the Companies Act, 1956 for the financial year ended 31st March 2012. 7. In the process of acquiring Apollo Gleneagles Hospitals Limited (AGHL) in Kolkata, Apollo Hospitals Enterprise Limited had initially invested Rs 30 million [Rs 5 million towards equity and Rs 25 million to discharge other liabilities of AGHL, erstwhile Duncan Gleneagles Hospital Limited (DGHL)] to acquire 50.26% holding in the DGHL (subsequently reduced to 49%, now increased to 50%). AGHL assigned an unsecured debt of Rs 163.7 million existing in its books to Apollo Hospitals Enterprise Limited. During the year the Company received Rs 90 million out of which Rs 25 million has been adjusted against the advance and balance taken to income. As a measure of prudence, balance amount is not recognized as an advance or investment in the books of Apollo Hospitals Enterprise Limited currently and will be accounted for as and when the amount(s) are received. 8. On review of the operations of setting up the Hospital in Noida, the Company has re-assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27th October 2001. 9. Unrealised amounts on project development and pre-operative project expenses incurred at Bilaspur Hospital amounting to Rs 56.62 million are included in advances and deposits account. The above expenses incurred on project will be amortised over the balance lease period of 8 years. The balance yet to be amortised as on 31.03.2012 is Rs 25.17 million (Rs 28.31 million). 10. Figures of the current year and previous year have been shown in million. 11. Figures in brackets relate to the figures for the previous year. 12. Previous year figures have been regrouped and reclassified wherever necessary to confirm with current years classification. Mar 31, 2011 1. RELATED PARTY DISCLOSURES A. List of Related Parties where control exists and other related parties with whom the Company had transactions and their relationships Sl Name of Related Parties Nature of relationship No 1 Unique Home Health Care Limited 2 AB Medical Centres Limited 3 Samudra Healthcare Enterprises Limited 4 Apollo Hospital (UK) Limited 5 Apollo Health and Lifestyle Limited 6 Imperial Hospital and Research Centre Limited Subsidiary Companies 7 Pinakini Hospitals Limited (control exists) 8 Apollo Cosmetic Surgical Centre Private Limited 9 Alliance Medicorp (India) Limited 10 ISIS Healthcare India Private Limited 11 Mera Healthcare Private Limited 12 Alliance Dental Care Private Limited 13 Apollo Hospitals International Limited 14 Apollo Gleneagles Hospitals Limited 15 Apollo Gleneagles PET-CT Private Limited 16 Western Hospitals Corporation Pvt. Limited Joint Ventures 17 Apollo Munich Health Insurance Company Limited 18 Apollo Lavasa Health Corporation Limited 19 Quintiles Phase One Clinical Trials India Private Limited 20 Family Health Plan Limited 21 Apollo Health Street Limited 22 Indraprastha Medical Corporation Limited Associates 23 Stemcyte India Therapautics Private Limited 24 Dr. Prathap C Reddy 25 Smt. Preetha Reddy Key Management 26 Smt. Suneeta Reddy Personnel 27 Smt. Sangita Reddy 28 Smt. Shobana Kamineni 29 PCR Investments Limited Enterprises over which 30 Indian Hospitals Corporation Limited Key Management Personnel 31 Apollo Sindoori Hotels Limited are able to exercise 32 PPN Power Generating Company significant influence Private Limited 33 Health Super Hiway Private Limited 34 FaberSindoori Management Services Private Limited 35 Ashok Birla Apollo Hospitals Private Limited 36 Apollo Mumbai Hospital Limited 37 Lifetime Wellness Rx International Limited 38 Apollo Clinical Excellence Solutions Limited Enterprises over which 39 PPN Holding Private Limited Key Management Personnel 40 Preetha Investments Private Limited are able to exercise 41 PPN Power Generation (Unit II) Private Limited significant influence 42 PDR Investments Private Limited 43 TRAC India Private Limited 44 PPN Holdings (Alfa) Private Limited 45 Aircel Limited 46 Aircel Cellular Limited 47 Dishnet Wireless Limited 48 Apollo Infrastructure Project Finance Company Limited 49 Vasumathi Spinning Mills Limited 50 Kalpatharu Infrastructure Development Company Private Limited 51 Sindya Power Generating Company Private Limited 52 Sindya Holdings Private Limited 53 Sindya Resources Pte.Ltd. Singapore 54 Garuda Energy Private Ltd 55 Deccan Digital Networks Private Limited 56 Kalpatharu Enterprises Private Limited 57 Sirkazhi Port Private Limited 58 Sindya Builders Private Limited 59 Tharani Energy India Private Limited 60 Apollo Energy Company Ltd Enterprises over which 61 KARAuto Private Limited Key Management Personnel 62 Healthnet Global Ltd are able to exercise 63 Sindya Infrastructure Development Company Private Limited significant influence 64 Associated Electrical Agencies 65 P. Obul Reddy & Sons 66 Apex builder67 Apex Construction 68 Kei Energy Private Limited 69 Kamineni Builders Private Limited 70 Primetime Recreations Private Limited 71 Kiddy Concepts Private Limited 72 Kei Vita Private Limited 73 Kei Rajamahendri Resorts Private Limited 74 KEI-RSOS Petroleum and Energy Private Limited 75 KEI-RSOS Shipping Private Limited 76 Peninsular Tankers Private Limited 77 Kei Health Highway Private Limited 78 Keimed Limited Enterprises over which 79 Medvarsity Online Limited Key Management Personnel 80 Spectra Clinical Laboratory are able to exercise 81 Kamineni Builders significant influence 82 Universal Quality Services LLC 83 Apollo Health Resources Limited 2 Contingent Liabilities a. Claims against the Company not acknowledged as debts- Rs. 268.71 million (Rs. 242.24 million) b. The Company has to pay a sum of Rs. 5.31 million by way of Redemption premium to International Finance Corporation (IFC), Washington as on 31st March 2011 if the FCCB conversion option is not exercised by IFC. On 9th December 2010, the Company converted FCCBs equivalent to US $ 7.5 million into 1.14 million equity shares of Rs. 5 each. For the balance US $ 7.5 million the Company has not received any conversion request from IFC, so the same has not been provided in the books and has been treated as a Contingent Liability (Also refer Note 8 in the Notes forming part of Accounts). c. Demand raised by Deputy Commissioner of Commercial Taxes (Enforcement) for VAT payable on the sale of Food and Beverages to patients, against which the Company has preferred an appeal with the Joint Commissioner of Commercial Taxes(Appeals) Mysore is Rs. 2.27 million (Rs. 1.27 million) d. The Company filed a Special Leave Petition on 6th May 2008 before the Honourable Supreme Court against the judgement of the Divisional Bench of the Madras High Court dated 10th March 2008 allowing the reopening of the assessment for Assessment Year 2000-01 and disallowing the claim for set off of unabsorbed depreciation. The Special Leave Petition has been admitted by the Honourable Supreme Court on 15th May 2008. The Assessment Officer completed the assessment and raised a demand of Rs. 136.76 million which has since been stayed by the Honourable Supreme Court in its order dated 16th June 2008. This amount has been treated as a contingent liability for the year ended 31st March 2011 until the disposal of the case by the Honourable Supreme Court. e. Estimated amount of contracts remaining to be executed on capital account not provided for on account of the expansion cum diversification programme of the Company Rs. 7,601.47 million (Rs. 4,391.86 million). f. Export obligation to be fulfilled in the next eight years on availing of concessional excise duty on imports under 3% EPCG Scheme to the extent of eight times the duty saved, amounts to Rs.1,114.96 million (Rs. 905.46 million). The amount of duty saved for the year ended 31st March 2011 was Rs. 16.01 million (Rs. 37.00 million). g. The estimated customs duty guarantees given by the Company in favour of the Assistant Collector of Customs, pending receipt of customs duty exemption certificates amounts to Rs. 99.70 million (Rs. 99.70 million). - This is subject to the result of writ petition pending in the Madras High Court with respect to the Chennai Hospital division Rs. 73.71 million (Rs. 73.71 million). - Application has been made for duty exemption certificates by the erstwhile Indian Hospitals Corporation Limited (Pharmaceutical division), which is pending with the Government. The estimated customs duty is Rs. 14.83 million (Rs. 14.83 million). - The Company has executed bonds in favour of the President of India to the extent of Rs. 11.16 million (Rs. 11.16 million) pending its application for receipt of customs duty exemption certificates from the Government. h. Letters of credit opened by various banks in favour of foreign suppliers for consumables, spares, medicines and medical equipments amounts to Rs. 120.69 million (Rs. 135.28 million). a. Bank Guarantees as on 31.03.2011 is Rs.146.39 million (Rs.151.51 million). i. Additional liability for payment of sales tax on work orders pursuant to court proceedings between contractors and the State governments amounts to Rs. 0.20 million (Rs.0.20 million). In respect of the claim for sales tax made by the Commercial Tax Department for Rs. 1.65 million (Rs. 1.01 million) for the various assessment years, the matter is under contest. 3. The Company has pledged its 20.77 million (20.77 million) shares in Apollo Gleneagles Hospitals Limited as a security for the loan advanced by IDFC and HDFC to Apollo Gleneagles Hospitals Limited. 4. Capital Work -in-Progress comprises amounts spent on assets under construction and directly related pre-operative expenses. The amount of interest included in capital work in progress is Rs. 325.02 million (Rs. 170.60 million). Includes Interest on Borrowings Capitalised for the year ended 31.03.2011 is Rs.154.42 million (Rs. 198.68 million) . 5. Details of utilization of funds received on preferential allotment of equity share warrants. 6. Details of Secured Loans and Security a. Indian Bank Loan from Indian Bank is secured by way of: Hypothecation to the bank by way of first charge of inventory of goods, produce and merchandise, vehicles, plant & machinery, consumer durables which are now in the possession of the company and/or to be purchased out of the banks loan, book debts, outstanding monies, recoverable claims, bills, contracts, engagements, securities, investments and rights. Pari passu charge on the Fixed Assets of the Company existing and future along with Bank of India, Canara Bank, Debenture Trustee and International Finance Corporation, Washington. b. Bank of India Loan from Bank of India is secured by way of pari passu charge on the Fixed Assets of the Company existing and future along with Indian Bank, Canara Bank, Debenture Trustee and International Finance Corporation, Washington. c. Canara Bank The loan is secured by way of pari passu charge on the Fixed Assets of the Company existing and future along with Indian Bank, Bank of India, Debenture Trustee and International Finance Corporation, Washington. d. International Finance Corporation (External Commercial Borrowings) The Company has been sanctioned a sum of US$ 35 million from International Finance Corporation (IFC), Washington by way of External Commercial Borrowings (ECB). The Company has withdrawn the full amount of US $ 35 million as of 31st March 2011 on the above loan. The ECB is secured by way of pari passu first ranking charge on the entire movable plant and machinery and equipment including all the spare parts and all other fixed assets such as furniture, fixtures, fittings, installations, vehicles, office equipments, computers and all other fixed assets owned by the company (excluding immovable property), both present and future belonging or hereafter belonging to or at the disposal of the Company. The Loan is repayable in 15 equal semi-annual Instalments starting from 15th September 2012. Pari passu charge in favour of IFC over the immovable assets of the Company ; such pari passu charge ensuring atleast a cover of 1.25 times the value of outstanding principal amount of the loan. e. 10.3% Non Convertible Debentures The Company has issued 500 Nos. 10.3% Non Convertible Debentures of Rs.1 million each on 28th December 2010 and 500 Nos. 10.3% Non Convertible Debentures of Rs.1 million each on 22nd March 2011 to the Life Insurance Corporation of India. The Debentures are secured by way of pari passu charge on the Fixed Assets of the Company existing and future along with Indian Bank, Bank of lndia,Canara Bank and International Finance Corporation, Washington. ; such pari passu charge ensuring atleast a cover of 1.25 times the value of outstanding principal amount of the loan. f. Cash Credit facilities from Banks are secured by hypothecation of inventories and book debts, and a second charge on specified fixed assets of the Company. g. The Companys Fixed Deposit receipts amounting to Rs. 45.94 million (Rs. 24.43 million)are under lien with the bankers for obtaining Letters of credit and Bank Guarantee. 7. The Company has issued Foreign Currency Convertible Bonds (FCCBs) to International Finance Corporation, Washington (IFC), to the value of US$ 15 million on 28th January 2010. These bonds are convertible into Equity Shares based on the rupee dollar parity exchange rate at any time before the end of the final repayment date. On 9th December 2010, the Company converted FCCBs equivalent to US $ 7.5 million into 1.14 million equity shares of Rs. 5 each. The underlying number of Equity shares as on 31st March 2011 is 1.10 million equity shares is based on the exchange rate ($1 = Rs. 44.65) and if the option is not exercised, the Loan shall be repayable in full in two approximately equal semi-annual instalments commencing from the final repayment date by way of redemption of such number of FCCBs in respect of which IFC has not exercised its conversion option. 8. As per the requirements of Accounting Standard 15 Employee Benefits (Revised 2005) as notified under the Companies (Accounting Standards) Rules, 2006, the contribution to the gratuity is determined using the projected unit credit method with actuarial valuation being carried out at each Balance Sheet date. Only the additional provision as required is charged to the Profit and Loss Account for the relevant year Rs. 79.56 million (Rs. 57.55 million). (Also refer Clause (I) of Notes Forming part of Accounts.) i. Expected return on plan assets is based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations. The Gratuity scheme is invested in the Gratuity Pay plan offered by ICICI Bank. ii. The estimate of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as demand and supply in the employment market. 9. a) For the period ended 31st March 2011, the Foreign Exchange loss (the difference between the spot rates on the date of the transactions, and the actual rates at which the transactions are settled) amounted to Rs. 8.86 million (Rs. 15.04 million). b) The Foreign Exchange gain arising out of the restatement of the monetary items as on the Balance Sheet date is Rs. 14.51 million (Rs.22.20 million) The above Exchange differences have been adjusted in the Profit and Loss Account, which is in conformity to the Accounting Standard 11 on Accounting for the effects of changes in Foreign Exchange rates as notified under the Companies (Accounting Standards) Rules, 2006. 10. Leases In respect of Non- cancellable Operating Leases Lease agreements are renewable for a further period or periods on terms and conditions mutually agreed between the lessor and the Company. Variations/Escalation clauses in lease rentals are made as per mutually agreed terms and conditions by the lessor and the Company. 11. The Company has issued and allotted 1.54 million equity warrants convertible into equity shares of nominal value of Rs. 10/- each at premium of Rs 761.76 per share on 12th June 2010 to Dr. Prathap C Reddy, one of the promoters of the company on a preferential allotment basis. The issue price is at minimum price of Rs 771.76 fixed in accordance with the guidelines for preferential issues of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements)Regulations 2009 .Accordingly the promoter has paid 25% of the consideration @ 771.76 per warrant on the date of allotment. The balance 75% is payable on the exercise of option for conversion within 18 months of date of allotment. Consequent to the splitting of one Rs.10 equity share into two Rs.5/- equity shares the warrants outstanding as on 31st March 2011 is 3.08 million. The Company has issued and allotted 3.27 million equity warrants convertible into equity shares of nominal value of Rs. 5/- each at premium of Rs 467.46 per share on 5th February 2011 to Dr. Prathap C Reddy, one of the promoters of the company on a preferential allotment basis. The issue price is at a minimum price of Rs 472.46 fixed in accordance with the guidelines for preferential issues of the Securities Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations 2009. Accordingly the promoter has paid 25% of the consideration @ 472.46 per warrant on the date of allotment. The balance 75% is payable on the exercise of option for conversion within 18 months of date of allotment. 12. The Company had issued 9.00 million Global Depository Receipts with two way fungibilty during the year 2005-06. Total GDRs converted into underlying Equity Shares for the year ended on 31st March 2011 is 3.13 million (2009-10: 0.02 million) and the total GDRs converted upto 31st March 2011 is 7.46 million (2009-10: 4.33 million). Consequent to the splitting of each equity share of face value of Rs. 10/- into two equity shares of face value of Rs. 5/- each, the total Global Depository Receipts converted to equity shares is 14.93 million. 13. During the year 2002-03, on a review of fixed assets, certain selected medical equipments were identified and impaired. For the current year, on a review as required by Accounting Standard 28 Impairment of Assets, the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. * Pharmacy sales are sales made within India to inpatients that have paid in foreign currency. 14. Directors travelling included in travelling and conveyance amounts to Rs.19.26 million (Rs. 5.83 million). 15. Unclaimed Dividend During the year, the amount transferred to Investors Education and Protection Fund of the Central Government as per the provisions of Section 205A and 205C of the Companies Act, 1956 is Rs.1.33 million (Rs. 1.23 million) in aggregate which comprises of Rs. 1.32 million (Rs. 1.12 million) as unclaimed dividend and Rs. 0.01 million (Rs. 0.11 million) as unclaimed deposit. Net of book depreciation for the assets claimed as deduction u/s 35AD of the Income Tax Act 1961 The company adjusts the amount of deferred tax liability carried forward by applying the tax rate that has been enacted or substantively enacted at the date of the Balance Sheet on accumulated timing differences. Surcharge rates has been revised from 7.5% to 5% for Fiscal 2011 -12 The effects on such Deferred Tax Liability, if any, arising out of assessments completed but under contest under various stages will be made on the appeals being decided. 16. International Finance Corporation has granted a loan of US$ 35 million during the year 2009-10. For the year ended 31st March 2011 the Company has drawn full US$ 35 million of the sanctioned amount of US$ 35 million and the Company has entered into Currency Cum Interest Rate Swap (CCIRS) with HDFC Bank in Indian rupee and hedged the loan for interest rate and foreign currency fluctuation risk. The derivative contract is secured by a second charge on the immovable assets of the Company to the extent of Rs. 1,100 million The tenure of this derivative contract matches with the tenure of the loan outstanding as of 31st March 2011. 17. Gain on Forward Contract during the year ended 31st March 2011 accounted for in the Profit and Loss Account is Rs.11.77 million (Rs. 31.35 million) 18. Sundry Debtors, Loans and Advances i. Confirmations of balances from Debtors, Creditors and for Deposits are yet to be received in a few cases though the Company has sent letters of confirmation to them. The balances adopted are as appearing in the books of accounts of the Company. ii. Sundry Debtors represent the debt outstanding on sale of pharmaceutical products, hospital services and project consultancy fees and are considered good. The Company holds no other securities other than the personal security of the debtors. iii. Sundry Debtors and Loans and Advances shown under the head Current Assets includes the amounts due from concerns which are under same management or in which some of the Directors are interested as Directors, which amounts to Rs.818.43 million (Rs. 629.49 million). iv. Accrued patient collections constitute Rs. 233.56 million (Rs. 123.86 million) of Sundry Debtors. v. Advances and deposits represent the advances recoverable in cash or in kind or for value to be received. The amounts of these advances and deposits are considered good for which the Company holds no security other than the personal security of the debtors. 19. Power Generation The Electricity charges incurred in respect of the Hospital is net of Rs. 6.94 million (Rs. 7.47 million) [units qualified KWH -1.39 million (1.59 million)], being the rebate received from TNEB for Wind Electric Generators owned & run by the Company. 20. The Company has been exempted by the Ministry of Corporate Affairs, vide order No. 46/115/2011 -CL III from publishing the quantitative particulars as per para 3(ii) (d) of Part II of Schedule VI of the Companies Act, 1956 with respect to the total value of turn over, purchases, goods traded, sales, consumption of raw materials etc. for the year ended 31st March 2011 and hence the same is not disclosed for this financial year. 21. The Company has been exempted from publishing the financial statements for twelve of its subsidiaries including fellow subsidiaries which are required to be attached to the Companys accounts, under Sec.212(1) of the Companies Act, 1956 for the financial year ended 31st March 2011 22. In the process of acquiring Apollo Gleneagles Hospitals Limited (AGHL) in Kolkata, Apollo Hospitals Enterprise Limited had initially invested Rs. 30 million [Rs. 5 million towards equity and Rs.25 million to discharge other liabilities of AGHL, erstwhile Duncan Gleneagles Hospital Limited (DGHL)] to acquire 50.26% holding in DGHL (subsequently reduced to 49%, now increased to 50%). AGHL assigned an unsecured debt of Rs.176 million existing in its books to Apollo Hospitals Enterprise Limited. As a measure of prudence, this amount is not recognized as an advance or investment in the books of Apollo Hospitals Enterprise Limited currently and will be accounted for as and when the amount(s) are received. 23. On review of the operations of setting up the Hospital in Noida, the Company has re-assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27th October 2001. The Company has issued Foreign Currency Convertible Bonds (FCCBs) to International Financial Corporation (IFC), Washington convertible to Equity shares at the option of IFC during the year 2009-10. The Bonds are convertible at any time during the tenure of the loan. To comply with the requirements of Accounting Standard-20 (Earnings Per Share) the underlying number of Equity shares equivalent to 1.10 million Equity shares (computed on the basis of exchange rates prevailing on the date of 31st March 2011) have been considered for the purpose of computing potential number of Equity Shares. 24. In respect of the Income Tax claims of Rs. 384.46 million (Rs. 243.73 million) by the Income Tax Department, the amount is under contest. - Provision for taxation is determined after availing concession under Section 35AD of the Income Tax Act 1961. 25. National Saving Certificates shown under investments are pledged with the Chief Ration Officer, Government of Andhra Pradesh. 26. Details of Sundry Creditors under Current Liabilities are based on the information available with the Company regarding the status of Suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year ended 31st March 2011 is Rs. 48.76 million (Rs. 153.26 million). No interest interms of section 16 of Micro, Small and Medium Enterprises Development Act, 2006 or otherwise has either been paid or payable or accrued and remaining unpaid as at 31st March 2011. 27. The hospital collections of the Company are net of discounts of Rs. 37.09 million (Rs. 59.99 million). 28. Unrealised amount on project development and pre oprerative project expenses incurred at Bilaspur Hospital amounting to Rs. 56.62 million are included in advances and deposits account. The above expenses incurred on project will be amortised over the balance lease period of 9 years. The balance yet to be amortised as on 31st March 2011 is Rs. 28.31 million (Rs. 31.45 million). 29. Figures of the current year and previous year have been shown in million. 30. Figures in brackets relate to the figures for the previous year. 31. Previous year figures have been regrouped and reclassified wherever necessary to confirm with current years classification. Mar 31, 2010 1. Contingent Liabilities a. Claims against the company not acknowledged as debts- Rs. 242,240,183/- (Rs. 267,121,672/-). b. The Company has to pay a sum of Rs. 1,601,887 by way of Redemption premium to International Finance Corporation, Washington as on March 31, 2010 if the FCCB conversion option is not exercised by IFC. Till this date the company has not received any Conversion request from IFC so the same has not been provided in the books and has been treated as a contingent liability. c. Demand raised by Deputy Commissioner of Commercial Taxes (Enforcement) for VAT payable on the sale of food and beverages to patients, against which the Company has preferred an appeal with the Joint Commission of Commercial Taxes(Appeals) Mysore is Rs. 1,273,277/- (Rs. 1,273,277/-) d. The Company filed a Special Leave Petition on 6th May 2008 before the Honourable Supreme Court against the judgement of the Divisional Bench of the Madras High Court dated 10th March 2008 allowing the reopening of the assessment for Assessment Year 2000-01 and disallowing the claim for set off of the unabsorbed depreciation. The Special Leave Petition has been admitted by the Honourable Supreme Court on 15th May 2008. The Assessment Officer completed the assessment and raised a demand of Rs. 136,760,038/- which has since been stayed by the Honourable Supreme Court in its order dated 16th June 2008. Since in our opinion the amount is subjudice, the same has been treated as a contingent liability for the financial year ended 31st March 2010. e. Estimated amount of contracts remaining to be executed on capital account not provided for on account of the expansion cum b. Corporate Guarantees diversification programme of the company Rs. 4,391,857,496/- (Rs. 4,986,109,680/-). f. Export obligation to be fulfilled in the next eight years on availing of concessional excise duty on imports under 5% EPCG Scheme to the extent of eight times the duty saved, amounts to Rs. 905,455,224/- (Rs. 884,188,176/-). The amount of duty saved during the year was Rs. 36,999,059/- (Rs. 65,522,104/-). g. The estimated customs duty guarantees given by the company in favour of the Assistant Collector of Customs, pending receipt of customs duty exemption certificates amounts to Rs. 99,700,026/- (Rs. 99,700,026/-). - This is subject to the result of writ petition pending in the Madras High Court with respect to the Chennai Hospital division Rs. 73,709,545/- (Rs. 73,709,545/-). - Application has been made for duty exemption certificates by the erstwhile Indian Hospitals Corporation Limited (Pharmaceutical division), which is pending with the Government. The estimated customs duty is R. 14,825,739/- (Rs.14,825,739/-). - The Company has executed bonds in favour of the President of India to the extent of Rs. 11,164,742/- (Rs. 11,164,742/-) pending its application for receipt of customs duty exemption certificates from the Government. h. Letters of credit opened by various banks in favour of foreign suppliers for consumables, spares, medicines and medical equipments amounts to Rs. 135,288,815/- (Rs. 267,407,927/-). a. Bank Guarantees as on 31.03.2010 Rs. 151,514,600/- (Rs. 36,231,640/-) i. Additional liability for payment of sales tax on work orders pursuant to court proceedings between contractors and the State Governments amounts to Rs. 206,076/- (Rs.206,076/-) In respect of the claim for sales tax made by the Commercial Tax Department for Rs. 1,013,687/- (Rs. 1,013,687/-) for the various assessment years, the matter is under contest. 2. The Company has pledged its 20,775,197 (20,775,197) shares in Apollo Gleneagles Hospitals Limited as a security for the loan advanced by IDFC and HDFC to Apollo Gleneagles Hospitals Limited. 3. Capital work -in-progress comprises amounts spent on assets under construction and related pre-operative expenses. The amount of interst included in capital work-in-progress is Rs. 170.60 million. * Includes Interest on borrowings capitalised during the year amounts Rs. 198,677,302/- (Rs. 254,643,471/-) 4. Details of Secured Loans and Security a. Indian Bank Loan from Indian Bank is secured by way of: Equitable mortgage by deposit of title deeds/ registered mortgage of unencumbered property of the Company at Greams road, Chennai, Teynampet, Chennai and all fixed assets on pari passu basis. Hypothecation to the bank by way of First Charge of inventory of goods, produce and merchandise, vehicles, plant & machinery, consumer durables which are now in the possession of the company and/or to be purchased out of the banks loan, book debts, outstanding monies, recoverable claims, bills, contracts, engagements, securities, investments and rights. Pari passu charge on the fixed assets of the Company existing and future along with Bank of India, Canara Bank and International Finance Corporation, Washington. b. Bank of India Loan from Bank of India is secured by way of: Hypothecation by way of first charge on all tangible movable properties, all tangible movable machineries and plants (both present and future), assets and stocks (both present and future), all the present and future book debts, outstandings, money receivables, claims, bills which are now due and owing or which may at any time during the continuance of this security become due and owing to the Company. Pari passu charge on the fixed assets of the Company existing and future along with Indian Bank, Canara Bank and International Finance Corporation, Washington. c. Canara Bank The loan is secured by way of Pari passu charge on the fixed assets of the Company existing and future along with Indian Bank, Bank of India and International Finance Corporation, Washington. d. International Finance Corporation (External Commercial Borrowings) The Company has been sanctioned a sum of 35 million US$ from International Finance Corporation, Washington by way of External Commercial Borrowings (ECB). The Company has withdrawn a sum of 15 million US$ as of March 31, 2010 on the above loan. The ECB loan is secured by way of pari passu first ranking charge on the entire movable plant and machinery and equipment including all the spare parts and all other fixed assets such as furniture, fixtures, fittings, installations, vehicles, office equipment, computers and all other fixed assets owned by the company (excluding immovable property), both present and future belonging or hereafter belonging to or at the disposal of the Company. The Loan is repayable in 15 equal Semi- annual Instalments starting from September 15, 2012. Pari passu charge in favour of IFC over specified fixed assets of the Company (identified mutually by the Company and IFC), such pari passu charge ensuring at least a cover of 1.25 times the value of the outstanding principal amount of the Loan. e. Loans and advances/Credit facilities from Banks are secured by hypothecation of inventories and book debts, and a second charge on specific fixed assets of the company. f. The Companys Fixed Deposit receipts as detailed below are under lien with the bankers for obtaining Letters of credit and Bank Guarantee. 5. The Company has issued Foreign Currency Convertible Bonds (FCCBs) to International Finance Corporation, Washington to the value of US $ 15 million on January 28, 2010. These bonds are convertible into equity shares based on the rupee dollar parity exchange rate at any time before the end of final repayment date. The underlying number of Equity shares as on March 31, 2010 is 1,120,740 equity shares based on the exchange rate ($1 = Rs.45.20) and if the option is not exercised, the same shall be repayable in full in two approximately equal semi-annual instalments commencing from the final repayment date by way of redemption of such FCCBs in respect of which IFC has not exercised its Conversion option. 6. As per the requirements of Accounting Standard 15 Employee Benefits (Revised 2005) issued by the Institute of Chartered Accountants of India, the contribution to the gratuity is determined using the projected unit credit method with actuarial valuation being carried out at each balance sheet date. Only the additional provision as required is charged to the profit and loss account for the relevant year -Rs. 57,559,179/- (Rs. 500,000/-). (Also refer Clause (I) of Notes Forming part of Accounts.) i. Expected return on plan assets is based on expectation of the average long term rate of return expected on investments of the fund during the estimated term of the obligations. The Gratuity scheme is invested in Gratuity Pay plan offered by ICICI. ii. The estimate of future salary increase, considered in actuarial valuation, take account of inflation, seniority, promotion and other relevant factors such as demand and supply in the employment market. 7. During the year, the Foreign Exchange loss (the difference between the spot rates on 8. The 1,549,157 Share warrants issued to Dr. Prathap C Reddy on 19th October 2007 was converted into 1,549,157 equity shares of Rs. 10/-each fully paid up at a price of Rs. 497.69 per equity share including premium of Rs.487.69 per equity share on 18th April 2009. 9. The Company had issued 9,000,000 Global Depository Receipts during the year 2005-06. Total GDRs converted into underlying equity shares during the year is 24,800 (2008-09: 173,510) and the total GDRs the date of the transactions, and the actual rates at which the transactions are settled) amounting to Rs. 15,049,826/- (31,087,438/) and the Foreign Exchange gain arising out of the restatement of the monetary items as on the Balance Sheet date is Rs. 22,200,000/-. The above exchange difference have been adjusted to the Profit and Loss Account, which is in conformity to the Accounting Standard 11 on Accounting for the effects of changes in Foreign Exchange rates issued by the Institute of Chartered Accountants of India. converted upto 31st March 2010 is 4,337,000 (2008-09: 4,312,200). 10. During the year 2002-03, on a review of fixed assets, certain selected medical equipment were identified and impaired. For the current year, on a review as required by Accounting Standard 28 Impairment of Assets, the management is of the opinion that no impairment loss or reversal of impairment loss is required, as conditions of impairment do not exist. During the year, the amount transferred to Investors Education and Protection Fund of the Central Government as per the provisions of Section 205A and 205C of the Companies Act, 1956 is Rs. 1,231,097/- (Rs. 1,668,843/-) in aggregate which comprises of Rs. 1,122,139/-(Rs. 1,386,843/) as unclaimed dividend and Rs. 133,958/- (Rs. 282,000/-) as unclaimed deposit. 11. Additional net deferred tax liability of Rs. 124,894,914/- (Rs. 36,863,326/-) for the period has been recognized in the Profit & Loss account. The company adjusts the amount of deferred tax liability carried forward by applying the tax rate that has been enacted or substantively enacted at the date of the Balance Sheet on accumulated timing differences. Such adjustment has not been effected this year since the tax rates have not changed for the fiscal year 2010. The effects on such Deferred Tax Liability, if any, arising out of assessments completed but under contest under various stages will be made on the appeals being decided. 11. International Finance Corporation has granted a loan US$ 35 million during the year. During the year the company has drawn a sum of 15 million US$ of the sanctioned amount of 35 million US$ and the company had entered into a forward contract with HDFC Bank for draw down and hedged the loan for interest rate and foreign currency fluctuation risk. The tenure of this derivative contract matches with the tenure of the loan outstanding as of March 31, 2010. 12. Gain /loss on forward contract during the year ended 31st March 2010 accounted for in the Profit and Loss Account is Rs. 31,350,000/- (Nil). 13. Sundry Debtors, Loans and Advances i. Confirmations of balances from Debtors, Creditors and for Deposits are yet to be received in a few cases though the company has sent letters of confirmation to them. The balances adopted are as appearing in the books of accounts of the Company. ii. Sundry Debtors represent the debt outstanding on sale of pharmaceutical products, hospital services and project consultancy fees and is considered good. The company holds no other securities other than the personal security of the debtors. iii. Sundry Debtors and Loans and Advances shown under the head Current Assets includes the amounts due from concerns which are under the same management or in which some of the Directors are interested as Directors, which amounts to Rs. 629,493,062/- (Rs. 449,633,277/-). iv. Accrued patient collections constitute Rs. 123,855,977/- (Rs. 85,110,193/-) of Sundry Debtors. 14. Power Generation The Electricity charges incurred in respect of main hospital is net of Rs. 7,473,635/- (Rs.8,078,300/-) [units qualified KWH- 1,590,948 (1,615,660)], being the rebate received from TNEB for Wind Electric Generators owned & run by the Company. 15. The company has been exempted by the Ministry of Corporate Affairs, vide Order No: 46/66/2010 - CL-III, from publishing the quantitative particulars as per Para 3(ii)d of Part II of Schedule VI of the Companies Act, 1956 with respect to the total value of turnover, purchases, goods traded, sales, consumption of raw materials etc., for the financial year ended 31.03.2010 and hence the same is not disclosed for this financial year. 16. The Company has been exempted from publishing the financial statements for ten of its subsidiaries which are required to be attached to the companys accounts, under Sec.212(1) of the Companies Act, 1956 for the financial year ended 31.03.2010. 17. In the process of acquiring Apollo Gleneagles Hospitals Limited (AGHL) in Kolkata, Apollo Hospitals Enterprise Limited had initially invested Rs. 30 million (5 million towards equity and Rs.25 million to discharge other liabilities of AGHL, erstwhile Duncan Gleneagles Hospital Limited (DGHL)] to acquire 50.26% holding in DGHL (subsequently reduced to 49%,now increased to 50%). AGHL assigned an unsecured debt of Rs. 176 million existing in its books to Apollo Hospitals Enterprise Limited. As a measure of prudence, this amount is not recognized as an advance or investment in the books of Apollo Hospitals Enterprise Limited currently and will be accounted for as and when the amount(s) are received. 18. On review of the operations of setting up the Hospital in Noida, the Company has re- assigned the lease agreement between itself and the lessor to its associate, Indraprastha Medical Corporation Limited by extinguishing its rights and privileges in the original lease deed dated 27.10.2001. The Company has issued Foreign Currency Convertible Bonds (FCCBs) to International Financial Corporation (IFC), Washington convertible to equity shares at the option of IFC during the year. The Bonds are convertible at any time during the tenure of the loan. To comply with the requirements of Accounting Standard-20 (Earnings Per Share) the underlying number of equity shares equivalent to 1,120,740 equity shares (computed on the basis of exchange rates prevailing on the date of March 31, 2010) have been considered for the purpose of computing potential number of equity shares. 19. In respect of the Income Tax claims of Rs. 315.28 million (Rs. 243.73 million) by the Income Tax Department, the amount is under contest. The disputed dues other than Rs. 136.70 million stayed by supreme court has been adjusted by the Income Tax Department from various amounts refundable to the Company. 20. National Saving Certificates shown under investments are pledged with the Chief Ration Officer, Government of Andhra Pradesh. 21. Details of Sundry Creditors under Current Liabilities are based on the information available with the Company regarding the status of Suppliers as defined under the Micro, Small and Medium Enterprises Development Act, 2006. The amount due to Micro, Small and Medium Enterprises for the financial year ended 31st March 2010 is Rs.153,257,088/-. 22. Figures of the current period and previous year have been rounded off to the nearest rupee. 23. Figures in brackets relate to the figures for the previous year. 24. Previous year figures have been regrouped and reclassified wherever necessary to conform with current years classification. 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