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Directors Report of Pfizer Ltd.

Mar 31, 2023

Your Directors take pleasure in presenting this 72^nd Annual Report along with the Audited Financial Statement for the financial year ended March 31,2023. The Company operates only in one business segment that is, "Pharmaceuticals" and this Report covers its pharmaceutical business performance.

DIVIDEND

The Board of Directors (''Board'') at its meeting held on September 6, 2022, declared an Interim (Special) Dividend of ''30/- (300%) per equity share for the financial year ended March 31,2023, in view of the gain on account of the sale of Upjohn Business to Mylan Pharmaceuticals Private Limited. The said Interim (Special) Dividend was paid on September 30, 2022 and the payout was ''137.24 Crores.

The Board of Directors at its Meeting held on May 15, 2023, recommended a final dividend of ''35/-(350%) per equity share and a special dividend of ''5/-(50%) per equity share in view of the gain on account of the sale of business undertaking at Thane, aggregating to total dividend of ''40/- (400%) for the financial year ended March 31, 2023, The payout for the said dividend will be ''182.99 Crores.

The aggregate dividend for the financial year ended March 31, 2023, including the interim (Special) dividend of ''30/- (300%) paid on September 30, 2022 and the final dividend of ''40/- (400%) recommended by the Board, amounts to ''70/- (700%) per equity share and total dividend payout for the financial year ended March 31, 2023, will amount to ''320.23 Crores.

Your Company''s sales for the financial year ended March 31, 2023, stood at ''2,337.63 Crores as compared to ''2,530.28 Crores in the previous year, which represents a decline of 7.6%. The sales for the year under review are strictly not comparable with that of previous year, mainly on account of COVID-19 tailwinds in the financial year 2021-22, impact of National List of Essential Medicines (NLEM) 2022 and of divestment of Upjohn business in the current year.

The Profit before tax for the financial year ended March 31, 2023, was ''824.01 Crores as compared to ''772.89 Crores in the previous year, representing a growth of 6.6%. The profit after tax stood at ''623.93 Crores for the financial year ended March 31, 2023, as compared to ''612.56 Crores in the previous year.

KEY FINANCIAL RATIOS

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we give below the key financial ratios:

Sr. No.	Particulars	FY 2023	FY 2022
1	Debtors Turnover Ratio	17.74	22.41
2	Inventory Turnover Ratio	2.02	2.14
3	Interest Coverage Ratio	N.A.	N.A.
4	Current Ratio	3.84	2.81
5	Debt Equity Ratio	N.A.	N.A.
6	Operating Profit Margin	29%	28%
7	Net Profit Margin	26%	23%
8	Return on Net Worth	21%	23%

FINANCIAL HIGHLIGHTS		(''in crore)
Particulars	Year ended	Year ended
	March 31,	March 31,
	2023	2022
Sales of products	2,337.63	2,530.28
Other Operating	87.13	80.71
Income
Revenue from	2,424.76	2,610.99
Operations
Other Income	101.05	62.65
Profit Before Tax	824.01	772.89
Income Tax Expense	200.08	160.33
Profit for the year	623.93	612.56
Total other	3.61	7.17
comprehensive
income (net of tax)
Total comprehensive	627.54	619.73
income for the year

The Current Ratio has changed by 37% mainly on account of income booked in the year under review for sale of Thane plant against advance received of ''178 Crore, thus decreasing the current liabilities. None of the other aforementioned ratios have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by average shareholders equity. The change in return on net worth was primarily on account of lower sales during the year under review.

ECONOMIC OVERVIEW

India''s growth continues to be resilient despite some signs of moderation in growth. Although significant challenges remain in the global environment, India was one of the fastest growing economies in the world, which is reflection of robust domestic consumption and lesser dependence on global demand and challenges. There are several factors responsible for India''s growth resilience, such as, strong infrastructure spending, export growth driven by services, improved labour market, and robust revenue collections to support public spending.

The World Bank, in its latest India Development Update (IDU) report remarked that the country''s growth is expected to be constrained by slower consumption and challenging external conditions. The World Bank has revised its FY 2023-24 GDP forecast for India to 6.3% from 6.6% (December 2022). Rising borrowing costs and slower income growth will weigh on private consumption growth, and government consumption is projected to grow at a slower pace due to the withdrawal of certain pandemic-related fiscal support measures. A recent spike in international crude oil prices is one of the major worries as India is a net importer of energy.

Despite the ongoing slump in global economic growth, many market analysts believe that this could well be India''s decade. The International Monetary Fund (IMF) expects India to grow by 5.9% in FY 2023-24 and by an average rate of 6.1% over the next five years. In the medium to long term, progress on structural reforms, such as changes to labour laws and strengthening manufacturing through investment incentive schemes, are likely to spur economic growth.

CURRENT HEALTHCARE AND PHARMACEUTICALS ENVIRONMENT

Indian Pharmaceutical Market Overview:

The Indian Pharmaceutical Market (IPM) with a turnover of ''200,507 Crores for the period April 2022 to March 2023 has registered a growth of 7.9% as against 18.2% in the previous year. While the previous year registered robust growth primarily driven by volumes post recovery of the second wave of COVID-19, for the year under review price increase (5%) emerged as a key growth driver for IPM followed by new introductions (2%). Multinational companies hold about 17% market share and have grown at 5%.

therapeutic Growth:

While Chronic segment has slowed down from 13% to 11% over MAT, much larger slowdown is seen for Acute segment where growth has come down from 22% to 6%. This could be attributed to higher Acute base of March, 2022 MAT which was driven by COVID-19. In Acute therapies, lower growth is observed in all therapies compared to March, 2022 MAT with highest drop in growth for Anti-Infectives from 35% to 6%. Vitamin segment also witnessed significant drop from 16% to 3%.

Market Prognosis:

As per the IQVIA Prognosis report for FY 2022 - 23, the Indian Pharmaceutical Market (IPM) is forecast to grow at a CAGR of 8.8% (Â±2.0%) between 2022 and 2027, reaching ''3,08,300 Crores by 2027. However, the healthcare budgetary allocation remains to be low. A total of ''86,175 Crore has been allocated for the Ministry of Health and Family Welfare (MOHFW) under FY2023-24 union budget, an increase of just under 4% on the ''83,000 Crores budgeted for FY2022-23. The expenditure on health as a percentage of GDP has only grown from 1.4% in FY 2018-19 to 2.1% in FY2022-23. The Government continues to work towards its focus area

of targeting spend of 2.5% of its GDP on overall public health by 2025.

Key factors affecting Market Growth:

Expansion of e-pharmacy and chain businesses.

E-pharmacy has emerged as a major source of competition for bricks and mortar pharmacies in the recent years. Several Indian investors have pursued entry into the online channel leading to rapid growth of the sector. During the pandemic, the government also classified e-pharmacies as an essential service and promoted it through the ''Arogya Setu'' app, ''Digital India'' initiatives and the National Digital Health Mission (NDHM). Factors such as rise in internet penetration, improved digital payments infrastructure, rise in industry investments and medicine spending, and the introduction of a formal regulatory framework is likely to fuel sector growth.

increase in health insurance coverage. The Central Government''s flagship Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) health insurance scheme will drive public health insurance coverage. Since its inception, new programs have been launched in a bid to boost efficiency and transparency, including the rollout of digital initiatives, such as electronic health cards for AB-PMJAY affiliates, online physician and health facility registries, and electronic medical records.

Additionally, the introduction of voluntary contributory coverage for 400 million people who cannot afford health insurance at market prices is underway. While coverage under the scheme is limited to hospital in patient care, it will increase access to healthcare, rates of diagnosis and raise disease awareness, thereby also benefiting the private clinic and retail pharmacy sectors. In the short-medium term, the AB-PMJAY is unlikely to have a significant direct impact on major Indian private healthcare providers.

initiatives to improve access to healthcare and essential medicines. Efforts to strengthen public healthcare provision are being pursued under the government''s ''Ayushman Bharat'' (Healthy India) initiative. Government data indicates that the roll-out of 150,000 Health and Wellness Centers (HWCs) was completed by the end of 2022. The central government has launched several schemes such as ''PM Atmanirbhar Swasth Bharat Yojana'', ''PM Ayushman Bharat Health Infrastructure Mission'' and ''PM Swasthya Suraksha Yojana'' to improve public provision across primary, secondary and tertiary care. ''Ayushman Bharat Digital Mission'' (ABDM) is being developed to expand access to digital healthcare services, while subsidized medicines will be made available more widely as the ''Jan Aushadhi'' store network is expanded further. While improved healthcare access will have a positive impact on volume growth, the government''s pro-generic measures to ensure better affordability of drugs are expected to slow down price growth over the prognosis period.

Further, Ayushman Bharat Digital Mission (ABDM), which aims to develop the backbone, necessary to support the integrated digital health infrastructure of the country, was strengthened with enhanced funding for developing the National Digital Health Ecosystem. With the announcement of National Digital Health Ecosystem, the healthcare industry is expected to witness the development of a robust platform for managing digital registries of healthcare providers and facilities, unique health identities and universal access to health facilities. Your Company endorses this initiative as digital health, in years to come, is likely to become the central pillar to influence care models, deliver value-based services throughout the healthcare continuum in India, and have a cascading impact on all stakeholders within the eco system.

Draft New Drugs, Medical Devices and Cosmetics Bill.

Overall, the year witnessed a relatively slow movement in terms of regulatory changes in the pharmaceutical sector. The most significant of these developments is the introduction of the draft New Drugs, Medical Devices and Cosmetics Bill, 2022 to overhaul the existing pharmaceutical regulation. The Draft Bill is intended to be a comprehensive legislation with provisions to regulate drugs, medical devices, cosmetics, clinical trials and online pharmacies, among others. Once enacted, the Draft Bill will replace the Drugs and Cosmetics Act, 1940 India''s primary drug regulation at present. The Ministry notified the Drugs (Seventh Amendment) Rules, 2022 on August 24, 2022, for enabling the parallel submission of applications for marketing approvals and manufacturing licenses for new drugs in India. The Amendment Rules have been issued after taking into consideration various representations from the industry submitting that the entire process of obtaining new drug permission and manufacturing license is sequential and has led to delays in introducing the product in the market.

Implementation of over The counter (''otc'') regulations

The creation of an explicit OTC category, and rules governing the classification and regulation of nonprescription drugs, have been on the government''s agenda for several years. In May 2022, the government published a draft list of 16 drugs to be included in a new OTC category which it plans to expand over time. However, policymakers had not defined an explicit regulatory framework, including approval, pricing, promotion, and rules governing Rx-to-OTC switching procedures. The new framework is also expected to drive a shift in consumer attitude towards self-medication and preferences for OTC drugs over prescription drugs without compromising on patient safety, thereby boosting the OTC market, going forward.

AN oVERVIEW oF THE PHARMA oPERATING environment

The government''s pharmaceutical policy has been driven by three key aspects of accessibility, affordability and quality of drugs. Towards these priorities, deliberations in the Ministry of Health and Department of Pharmaceuticals have been ongoing, focusing on how best to accelerate approval pathways for new drugs to be available in India, innovative mechanisms to enhance affordability and a significant focus on ensuring that medicines made and sold in India, and indeed exported from the country, comply with stringent quality standards. Additionally, research & development aimed at strengthening domestic capabilities and policies supporting domestic production continue to be important features of the government''s policy.

Your Company has been advocating for a consultative process on the National List of Essential Medicines (NLEM) revisions and has also made recommendations on streamlining and rationalizing the Drug Price Control Order (DPCO) such that sustainable affordability and enhanced access can be delivered to patients in the country. The revision in National List of Essential Medicines (NLEM 2022) was released by the Government in September, 2022 after multiple rounds of deliberations. The list has a total of 384 medicines with 34 additions including four patented drugs. While a total of 34 additional drugs have been added to the list, 26 drugs in the previous list have been removed. As a result, all drugs included in the new NLEM are now subject to price control. During the last quarter of 2022-23, the National Pharmaceutical Pricing Authority (NPPA) has issued several orders to refix the ceiling prices of hundreds of drug formulations and ''new drugs''.

Further, the Industry also had multiple discussions with Department of Pharmaceuticals and NPPA for developing a consensus around implementation of Trade Margin Rationalization (TMR). Your Company in-principle supports rationalization of trade margin while advocating for non-trade supplies to be excluded from the working calculations of TMR.

Towards the regulatory regime, your Company has been advocating the need for a predictable, time-bound, transparent and globally aligned regulatory system which would go a long way in expediting access to lifesaving drugs and providing confidence on quality as well. Certain operational challenges around regulatory processes, if resolved, will significantly reduce delays, ensure alignment with best practices around the world and go a long way in helping deliver safe and effective medicines in the least amount of time.

transfer of UPJOHN BUSINESS

Members are aware that Pfizer Inc., USA had announced on July 29, 2019, that it had entered into a definitive agreement to combine its Upjohn business which consists of off-patented branded and generic established medicines with Mylan N.V., thereby creating a new global pharmaceutical company, viz., Viatris Inc. Your Company had thereafter on September 30, 2021 entered into a Business Transfer Agreement (BTA) with Mylan Pharmaceuticals Private Limited (Mylan), a subsidiary of Viatris Inc. to transfer certain primarily off-patented branded and generic established medicines business comprising six brands which included Lyrica, Viagra, Celebrex, Amlogard, Daxid and Dilantin as a going concern to Mylan for a consideration of ?180.48 Crores.

Consequent to the completion of conditions precedent in the BTA, including receipt of regulatory approvals, your Company has completed the transfer of Upjohn business along with related business assets and liabilities to Mylan effective August 1, 2022. The Company recorded a net ''exceptional income'' of ''188.92 Crores (after working capital adjustments) on account of the said transfer.

THANE PLANT - BUSINESS TRANSFER AGREEMENT

Members are also aware that in September 2015, the Company had entered into a Business Transfer Agreement (BTA) for transfer of the Company''s manufacturing facility at Thane as a going concern.

Pursuant to the receipt of all requisite approvals from the concerned authorities, your Company has transferred its Business Undertaking at Thane including the land, plant and machinery and all workmen employed at the said business undertaking to Vidhi Research & Development LLP effective February 24, 2023.

REVIEW OF OPERATIONS

Business Operations:

Your Company''s commercial operations are conducted through distinct business units that focus on clearly defined therapeutic areas. Between these business units, your Company collectively addresses 15 therapy areas with a portfolio of over 150 products that include therapeutics and vaccines.

1. Vaccines:

Your Company''s Vaccine business focuses on Prevenar 13, a pneumococcal conjugate vaccine that is administered to infants who are 6 weeks and older as part of primary vaccination, toddlers, adolescents, adults, and elderly population. This vaccine provides coverage against the most prevalent 13 serotypes of streptococcus pneumoniae. Prevenar 13 is the first and only conjugated vaccine approved for all age groups in India. Moreover, Prevenar 13 is the no. 1 vaccine by revenue in India''s private vaccine market.

Your Company continues to enjoy a leadership position in the private pneumococcal vaccines market with a unit share of 46.2 % and Prevenar 13 becoming the most prescribed pneumococcal vaccine. With 62.5% value market share, your Company maintained a leadership position by value as well in the private pneumococcal vaccine market as of March 2023.

Children below 5 years of age, elderly, those suffering with chronic diseases, and individuals with immunocompromised conditions are highly susceptible to pneumococcal disease. Your Company, being a leader in this market undertook various initiatives to creating awareness amongst diverse stakeholders, including parents, patients, healthcare practitioners, paramedic staff, pediatricians, pulmonologists, physicians, and other specialists to help them recognize the disease burden and vaccination benefits.

Continuing the need to strengthen the adult vaccine ecosystem in India, your Company rolled out initiatives to build conviction among experts such as pulmonologists and infectious disease specialists across the nation. Your Company provided a platform to pulmonologists to establish the need of adult immunization and reduce the burden on vaccine preventable diseases.

2. Inflammation and immunology:

Pfizer is a global leader in discovering and developing novel therapeutics for patients living with chronic autoimmune diseases. Inflammation & Immunology vertical focused on the next generation of therapies in this space. Your Company''s current portfolio includes two advanced therapies, which cater to patients suffering from diseases related to chronic immune system such as Rheumatoid Arthritis, Psoriatic Arthritis, Ankylosing Spondylitis, Juvenile Idiopathic Arthritis, Psoriasis and Ulcerative Colitis.

Enbrel is the first Tumor Necrosis Factor (TNF) inhibitor launched across the globe for chronic indications like Rheumatoid Arthritis (RA), Ankylosing Spondylitis (AS), Psoriatic Arthritis (PsA), Psoriasis (PsO) and Juvenile Idiopathic Arthritis (JIA). This product is available with pre-filled pen and syringe options and is applied subcutaneously among pediatric and adult patients. To date, Enbrel has impacted the lives of over 6 million patients worldwide. Enbrel is backed by more than 500 clinical trials and more than 7,000 publications. Enbrel is currently prescribed by rheumatologists, dermatologists and selected orthopedic treating physicians in India. With a legacy of over 22 years, Enbrel continues to maintain its growth trajectory in your Company. The heritage and trust, backed by years of experience and robust scientific data remain the key drivers for Enbrel, which is further fueled by strong medical and marketing activities focused on experience sharing among HCPs and disease awareness for public.

Your Company expanded its inflammation and immunology portfolio in 2016, with the launch of Xeljanz (Tofacitinib) for RA and PsA. Xeljanz is the first oral Janus Kinase (JAK) Inhibitor, which inhibits the activity of one or more of the Janus Kinase family of enzymes. Based on recent clinical evidence, Xeljanz has been approved for additional indication of Ulcerative Colitis and AS. With these new indications, your Company has expanded coverage to gastroenterologists and has driven advocacy for oral advanced therapies for chronic rheumatic conditions.

Your Company has also initiated several innovative initiatives in the digital space for driving patient awareness to improve disease diagnosis and to help patients achieve a good quality of life during treatment. One of the highlights is the launch of a YouTube Channel, "All About Arthritis" and "Psorted" focusing on disease awareness for rheumatic and psoriatic conditions respectively.

Internal Medicine business of your company represents the Primary Care vertical and serves millions of patients every year. Enhanced HCP connect, meaningful customer engagements and better distribution capabilities are at the core of Internal Medicine business. It is our aim to equip ourselves with the right capabilities to deliver industry-defining customer experience (CX). Staying true to our commitment to a new Go-To-Market (GTM) strategy and to meet CX goals, we now transform the way we engage with patients and physicians through efficient omnichannel marketing. Through the new GTM strategy, Internal Medicine is building the business on three main pillars viz: (a) Productivity enhancement through tailored engagements, improved segmentation, targeting and expansion, (b) Enhanced customer reach to identified government & private medical college HCPs, through an independent and qualified tele-calling team, (c) Improved distribution and reach to ensure ease of access through various channel expansion initiatives.

Eliquis: EliquisÂ® (Apixaban), a Factor Xa Inhibitor Anticoagulant is a leading oral anticoagulant, predominantly prescribed by cardiologists, physicians/ pulmonologists, vascular surgeons, and orthopedic surgeons for the management of Atrial Fibrillation (AF). This year Eliquis witnessed Loss of Exclusivity (LoE) and started witnessing mushrooming of generic brands in the market. Your Company strategized to increase the unit sales significantly through expanded reach complemented by price rationalization. Eliquis continues to out-perform the market and grew by 13%. The team has initiated significant outreach and penetration for the brand through the new GTM co-promotion strategies. This strategy has been able to create traction in prescribers as well as prescriptions.

Neuroscience and Cardiovascular: Your Company''s Neuroscience portfolio represents multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl) leads in its therapeutic category with 67% market share and 32% Rx growth over last year. Ativan (Lorazepam) is one of the largest anxiolytic brands in the Benzodiazepine Tranquilizer market growing at 23% in Rx. Minipress XL continues to hold the leadership position in the uncontrolled hypertension market with 45% market share and 10% growth. Your Company continued to focus on increasing awareness, bridging the knowledge gap among physicians and continued its engagement initiatives in uncontrolled hypertension through medico-marketing initiatives with physicians, nephrologists, and cardiologists.

Respiratory Portfolio: Your Company has presence in the Respiratory portfolio with Cough and Oral Corticosteroids therapies. The flagship brand Corex Dx has maintained its leadership position in the dry cough space with 15.3% market share. Your

Company continued the program "Cough the Right Way" to spread awareness on cough etiquettes among patients. The major focus for Corex DX was aimed at building awareness on the usage of rational cough combinations in the management of dry cough. As part of its future growth strategy, your Company continues to focus on building brands in the productive cough segment with line extensions of Corex LS.

Women''s Healthcare:

Your Company''s portfolio in Women''s Healthcare spans across important life-stages of women such as contraception, pregnancy and menopause with established iconic brands across the continuum of care. These brands are market leaders in the represented market with 12.4% market share, 13.2% growth and 103 EI. Nutritional portfolio is growing at 12.2% with 9.8% market share, contraception range is growing at 15% with 37% market share and menopause portfolio is growing at 22.% with 14.7% market share as at MAT March, 2023.

Brands like Folvite, Ovral L, continue to maintain their leadership position in the represented market and the consolidated portfolio continues to drive strong growth. Adoption of focused digital and physical engagement tools to drive awareness helped drive robust prescription growth, with Folvite being among the top 5 brands and Folvite active and Autrin being among the top 100 brands prescribed by gynecologists. The key focus in your Company''s nutritional portfolio continues to sustain the leadership position for Folvite and strengthening the line extension brands, especially via the "Partners through Parenthood" program that supports HCPs to optimize outcomes in pregnant women in their pre-conception, pregnancy, and lactation phases through the right nutritional support. This on-going flagship program is now geared up to reach consumers through social media platforms partnering with eminent gynecologists for better pregnancy outcomes.

In the Oral Contraceptive space, your Company continues to lead the represented market with Ovral L being the market leader. Pioneering initiatives in the digital space targeted at gynecologists and consumers have been the differentiators. Key focus initiatives aim at driving consumer awareness around contraception and enabling a 100% digital journey from awareness to e-consultation with 20 million Indian consumers this year through #SpilltheBeans campaign on social media. This has resulted in positive traction with consumers HCPs.

Your Company continues its endeavor to increase awareness around Menopause and its management among young gynecologists through partnership with Indian Menopause Society. This has been supported through in-clinic consumer awareness initiatives and through social media platforms to help women in their menopausal age to seek support from gynecologists.

Women''s Healthcare:

Your Company''s commitment towards SCIENCE FIRST is reinforced in the current times by leveraging partnerships with renowned scientific associations such as Family Welfare Committee of Federation of Obstetric and Gynecological Societies of India (FOGSI), Spina Bifida Foundation (SBF) and Indian Society of Perinatology and Reproductive Biology (ISOPARB) to upgrade scientific knowledge of gynecologists through innovative digital channels to spread awareness about importance of folic acid during pregnancy. Your Company pioneers gynecologist education and building resources and tools for advancing better quality of care for patients, with commitment to improve maternal outcomes and reproductive health.

Gastric Portfolio:

Your Company has presence in gastroenterology segment with brands like Neksium, Gelusil and Mucaine. The focus of our Esomeprazole Proton Pump Inhibitor (PPI) - Neksium, has been on delivering excellence by driving strong in-clinic focus on key specialties including gastroenterologists and orthopedicians. Neksium and Neksium D underwent a pack change from a strip of 10s to a strip of 15s to improve adherence to therapy. Your Company launched GERDian campaign to promote rational use of PPIs and is working with international associations like American Society of Gastrointestinal Endoscopy (ASGE) with the Gastro Video Theatre portal for knowledge upgradation and enhanced patient outcomes on the most relevant topics in the gastroenterologist domain. Your Company has intensified focus on nursing homes and small hospitals to sustain momentum. Your Company has launched a Hospital Staff Education and Learning Program (HOPE) - a module-based content platform designed especially for the nursing community and paramedic staff. Neksium D, launched in 2019, continues to build growth for the brand and has been positioned to drive differentiation by targeting patients with symptoms related to Refractory GERD.

Leading brands such as Gelusil and Mucaine have further entrenched your Company''s dominance in the Antacids segment. Gelusil''s position in the Antacids market has strengthened with dominance in the high potential states leading to a 17% market share. With a refreshed GTM strategy and consistent innovation, your Company has increased the on-ground activation to ~50,000 retailers which has helped to improve Gelusil''s visibility and availability to consumers. Additionally, outreach and engagement via awareness campaigns on hyperacidity conditions through social media campaigns on Facebook, Instagram, YouTube have helped reach over 23 million target consumers. Meaningful partnerships with trade partners have enabled the brand to increase its reach. Mucaine has maintained its leadership position in the Antacids market with 18% market share. Mucaine is driven by robust prescription growth of 13% across specialties

within a prescriber base of 52,000. Identifying the needs of the market for patients consuming Mucaine for a longer duration, a line extension of Mucaine 400ml was launched for better adherence to the treatment.

Pain and inflammation Portfolio:

Your Company has a pronounced presence in the pain and inflammation category with brands Dolonex (Piroxicam) and Wysolone (Prednisolone). Both are legacy brands with more than 40 years of presence in India and are leaders in their respective categories, having impacted lives of more than 10 million patients in the country. Dolonex DT and Wysolone have an EI of 98 and 95 respectively, each backed by strong Rx growth of 9% and 33% respectively. Your Company has continued its engagement activities in osteoarthritis (OA) and low back pain (LBP) through medico-marketing initiatives like ''Back in Action'' campaign with orthopedicians and physicians. The portfolio expanded in December 2020, with the introduction of Dolonex E (Etoricoxib) for the treatment of osteoarthritis. Your Company plans to expand the portfolio to provide a range of solutions for management of osteoarthritis and rheumatoid arthritis. Your Company also does digital promotion of Dolonex range at doctor networking platforms and medical journal and associations websites.

Vitamins (VMN) Portfolio:

Your Company has established a strong presence in the VMN market with its Becosules range. Becosules, being a flagship multivitamin brand continues to lead and shape the B-complex vitamins market. With the legacy of more than 60 years, Becosules continues to impact lives of million patients/ consumers every month. Continuous focus on expanding the prescriber base, increasing consumer demand and innovative channel initiatives have been the key pillars to strengthen brand leadership. Taking this one step further, your Company started programmatic consumer promotion campaigns through social media platforms such as Facebook, YouTube, Instagram and reached out to 27 million target consumers. Continued focus on HCPs has been pivotal in increasing prescriber base to ~50,000 HCPs and prescriptions of 12.5 million.

Becosules having over the counter (OTC) brand status coupled with the new GTM model helped to expand its retail reach. This new model helped drive aggressive retail engagement with ~50,000 chemist outlets and build consumer awareness to help consumers boost immunity with Becosules.

4. Hospitals:

Pfizer Hospital Business Unit (HBU) focuses on institutions including hospitals and nursing homes through advanced anti-infectives portfolio. Pfizer''s breakthrough innovation, Zavicefta (ceftazidime-avibactam) continued its spectacular growth driven

by high conviction of HCPs, with increased demand across a greater number of hospitals. This novel drug is indicated for the management of hospital acquired pneumonia including ventilator-associated pneumonia (HAP/VAP), complicated intra-abdominal infection (cIAI), complicated urinary infection (cUTI) and Bacteremia associated or suspected to be associated with any of the three indications in adults. Zavicefta has created significant positive patient impact in India and earned accolades in the Pfizer Global arena. With Zavicefta, the team has strengthened the focus across multiple stakeholders in the value chain such as clinicians and microbiologists to drive diagnosis and early and appropriate usage of Zavicefta in eligible patients. Pfizer''s efforts will continue to focus on driving right drug usage and innovative healthcare solutions for hospitals by partnering with Subject Matter Experts.

The category also has a strong presence across the anti-bacterial continuum, ranging from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to high-end anti-bacterial products. Amongst these, Magnex Forte is the leading brand with 6.7% market share by value in the represented market segment. In 2017, the team acquired and launched the brand Meronem, an injectable antibiotic indicated for the treatment of serious bacterial infections which are difficult to treat due to resistant pathogens. Meronem enjoys 5.5% market share by value in the represented market.

Our endeavor is to build a strong ecosystem of Antimicrobial Stewardship (AMS) from awareness to implementation to ensure appropriate usage of anti-infectives in hospital setups. As part of our broader Antimicrobial Resistance (AMR) objective, HBU has engaged over 200,000 HCPs across the country through various campaigns such as "Take a pledge with Pfizer", which followed an omnichannel approach, spreading awareness through 10 different external and internal channels. Over 3000 HCPs took a pledge with Pfizer in the war against AMR. The platform was used to spread awareness with the public on the right way of consuming anti-microbials. Your Company has pioneered initiatives to boost Diagnostic Stewardship in India by facilitating knowledge dissemination at large & mid-tier hospitals and supported access to diagnosis.

MANUFACTURING OPERATIONS

Your Company''s manufacturing operations are carried out in full compliance with local laws and in line with the stringent Global Pfizer Quality, Compliance and Environment Health & Safety standards.

Your Company has successfully sustained Integrated Manufacturing Excellence Program (IMEx) throughout the Goa site i.e. Pfizer''s internal production system and is recognized for their achievement of delivering value with all colleagues working in Integrated Manufacturing

Excellence Program (IMEx) way. Your Company is also honored with the 2022 PGS Performance Award for their extraordinary efforts in making the site an amazing workplace for all.

Your Company focusses strongly on environmental sustainability through implementation of green energy initiatives and waste minimization projects.

People

Over the past year, your Company set up a Colleague Resource Group (CRG) to improve diversity and inclusion initiatives across the site. The CRG conducted several programs and initiatives to train and motivate employees to foster a DEI (Diversity, Equity & Inclusion) culture. Your Company also continued the quarterly Compliance Champions awards program to strengthen & sustain the compliance and data integrity culture at the site. IMEx way of working is being followed to deliver best-in-class performance.

Your Company imparted Six Sigma Yellow/ Lean Green & Lean Black Belt trainings and other Operational Excellence trainings to improve the competency and capability of site colleagues. The site colleagues have also implemented various Six Sigma and Lean projects.

Environment Sustainability

Your Company follows stringent global safety, environmental health and occupational hygiene standards. We have created an excellent model for environmental sustainability with focus on conservation of resources, green energy and waste minimization.

Your Company has continued its journey towards Green Energy and completed Phase V (100 KWP) Solar project during the year. site''s solar power generation during the period was 662 MWH which is nearly 1.9 times higher compared to 345 MWH in the previous year. Our green energy effort have resulted in ~13% of the total energy demand for the Manufacturing operation at our Goa plant coming from the site''s renewable source. The total carbon footprint of your Company has reduced by 865 tonnes since initiation of the solar project in 2019.

Your Company has continued its drive towards energy conservation through replacement of old manufacturing operations machines with high-efficiency machines. Plants have also reduced their Greenhouse gases from 3720 tons (2021-22) to 3394 tons (2022-23) which is an 8.76% reduction; this is despite a significant growth in production volumes by 6%. The carbon footprint per million tablets has also reduced from 1.01T to 0.98T. These initiatives have resulted in significant reduction in energy utilization.

medical affairs

During the year under review, your Company''s Medical Affairs Team partnered with various business units to help deliver our medicines in a way that would not only create greater impact for our customers, but also for patients and communities.

During the year under review, Medical Affairs focused on increasing the access and reach of vaccines to the most vulnerable groups of patients and population. The team in collaboration with Market Access and Public Affairs team, identified several high-risk population groups vulnerable to pneumococcal disease like elderly, children and adults with Sickle Cell Disease (SCD) and thalassemia, and people living with HIV. Efforts are ongoing in terms of several long-term data generation and external partnerships to build advocacy and policy shaping around adult pneumococcal vaccination. One of the early key wins is the release of national guidelines on management and control of SCD by Indian College of Hematology, the academic wing of Indian Society of Hematology & Blood Transfusion (ISHBT), Indian Council of Medical Research (ICMR) and the implementation of pneumococcal vaccination for patients with SCD in Madhya Pradesh and Maharashtra.

The Medical Affairs, to improve awareness on vaccination and improve advocacy, was able to conduct over 24 meetings with HCPs from diverse specialties covering over 1000 participants in knowledge dissemination and interactive discussions. Through physical, virtual and hybrid engagements, the team was able to connect with over 2000 doctors to discuss and engage them to build a robust scientific messaging around importance of pneumococcal vaccination across different ages and risk factors.

The Medical Affairs continued its partnerships with Medical Associations across portfolios for focused medical education programs like ECHO & C-CON in collaboration with API and AFPI & GUTS in collaboration with Asian Institute of Gastroenterology. Its partnership with IMS (Indian Menopause Society) helped to reach more than 300 HCPs to educate them on the effective management of menopause and its associated symptoms. The Medical Affairs took a lead in patient centric initiatives like creation of the BLOOM booklet, in association with IMS and ISOPARB, for awareness on menarche to menopause, which reached more than 5000 patients.

Antimicrobial resistance (AMR) is a major global health concern and your Company is committed in its efforts towards addressing the challenges posed by AMR in India. Our pillars continue to be surveillance, evidence generation, healthcare system strengthening, diagnostic awareness & stewardship implementation.

The Medical Affairs Team continue to monitor the trends in resistance and the susceptibility of antibiotics in the country through our surveillance program, Antimicrobial Testing Leadership and Surveillance (ATLAS). We periodically publish the data in various national and international forums and journals. The team also continue to generate evidence on the real-world effectiveness of our breakthrough molecules that help tackle the problem of AMR, through our non-interventional studies and supporting investigator sponsored research (ISR). This year we supported four such ISRs.

Improving awareness around diagnostics is important to ensure infections are treated early with the appropriate. Antimicrobials so as to prevent the spread of resistance. We have focused on educating 200 doctors and 900 nurses through digital modules on diagnostic stewardship through our support towards Delhi Society for Promotion of Rational Use of Drugs (DSPRUD).

To understand the behavioral aspects pertaining to implementing AMS in hospitals, we supported the Indian School of Business (ISB) for a study focused on understanding the antimicrobial use practices in health facilities and outline the behavioral barriers and enablers in these practices. We also supported quality improvement grants that focus on demonstrating outcomes from implementing AMS in hospitals through shared resource models.

PEOPLE EXPERIENCE (PX)

The year 2022-23 was a year of transformation. Over the last two years, your Company has embarked on a large-scale change in its GTM model and your People Experience (PX) team extended strong partnership in enabling the business to build the right structures, attract and deploy strong talent into varied roles. Recognizing that our new ways of working would need a mindset shift, requiring our workforce to unlearn old habits and adapt to newer ways of working, the PX team placed appropriate interventions to lead our workforce through the phases of seeing the change to living the change throughout the transformation journey.

The new GTM model also gave rise to several novel roles in the enterprise and your Company consciencely aimed to attract a truly diverse talent pool in these emerging roles from a wide range of backgrounds and industries. Additionally, your Company continues to strive for an inclusive and empowering work environment, adopting practices to simplify processes and remove needless complexity, rewarding both performance and leadership skills, fostering career growth and internal mobility, and offering competitive compensation and benefits programs that encourage mental and physical wellbeing.

Focus on talent diversity: The transformation resulted in the creation of several new roles to offer an elevated experience to our customers and patients. The roles required a wide array of skills from analytics to content, from strategic account management to mining insights and designing and delivering solutions for our customers. The PX team was able to successfully onboard talent from a range of industries such as advertising, HealthTech and medical devices, ensuring the collective skills of this cohort would deliver a seamless experience for our patients and customers.

Activating growth: Your Company launched a transformed talent management framework to address the evolving needs of our employees. The new framework focuses on building a more fluid approach to career development, promoting growth through several distinct pathways

within and outside the home function. Growth gigs were also activated as a means for employees and leaders to gain new skills and experiences, while staying in their current role. As a result, your Company saw strong traction in our colleagues traversing very non-conventional career paths and our leaders receiving talent and skills ''on-demand'' from several corners of the company. The strength of Pfizer''s talent systems has helped your Company nimbly identify and assess high-potential internal talent and offer a fulfilling pathway into traditional as well as emerging job functions.

The CONNECT'' sessions: The PX team headed out to meet and spend time with our field colleagues through a series of roadshows titled ''The CONNECT.'' Panning six cities over 12 days, the sessions were held across all our Regional Centers to steer conversations with nearly 250 colleagues on Growth and Learning, understanding our benefits proposition and gathering candid feedback on what we can do differently. The sessions received tremendous positive feedback, allowing the enterprise to offer perspective, gather feedback and touch our workforce across the length and breadth of our operations.

Diversity, Equity & Inclusion (DEI)

Diversity, Equity, and Inclusion is a key priority for your Company, and it is our constant endeavor to make Pfizer India a truly diverse and inclusive workplace. Towards this, we have prioritized Gender Diversity as a core area of focus and our Leadership team has taken important measures to enable building gender-diverse teams. With the appointment of four women leaders, we have made considerable progress in increasing gender diversity within our Leadership team to ~22%. We continue to work towards our goal of increasing women representation in the field force to 15%.

Fine Balance Workshops: As we continue focusing on building gender-diverse teams in the field, it is important for us to build managerial capability to lead diverse teams successfully. With this objective, we continue our partnership with a leading consulting firm in the DEI space to co-create workshops to equip our managers to exhibit behaviors and develop a leadership style that will help colleagues realize their true potential through all life-stages.

Men as allies to drive social change: Recognizing the critical role men play in being allies to drive social change and recognizing the importance of male partnership to enable women to enter and stay in the workforce, your Company introduced a 12-week paternity break policy for all male colleagues. The policy attempts to enable both parents to celebrate critical moments in their parenting journey, but also share responsibilities equally during this important life-event.

Abha - a community for women @ Pfizer: Recognizing the many facets of a woman and a woman''s life, on International Women''s Day, Pfizer India launched Abha (meaning Radiance). Abha has been established for the empowerment, recognition, and celebration of women across their life-stages. Community, Self-Expression, Health, and Diversity & Inclusion are the founding principles of this program, which has come to life through strong partnership and collaboration between the Medical, Colleague Communications and DEI teams. Abha strives to address critical issues on women''s health, growth & development and steer important conversations that will reinforce our efforts to become a more diverse and culturally inclusive organization. In the time to come, it serves to become the unified voice of and for our women colleagues.

Employee Health & Wellness

Your Company continues its focus on holistic wellness for all employees. In addition to the existing suite of mental and physical health focused offerings, this year saw the introduction of OPD coverage for our employees as part of our insurance offering. We also offered employees the freedom to choose their annual health service, offering flexibility of time and place to ensure that all employees have the opportunity to take control of their health more proactively.

LEGAL

Your Company''s Legal division is committed to providing pragmatic solutions in line with the legal and commercial interests of the Company. Being a specialized department, the Legal Division works proactively with the business to drive compliant and innovative business ideas, strategies and programs right from inception and thereby promotes Pfizer''s commitment to Patients First. Your Company''s Legal Lead also serves as the Risk Counsellor Lead (RCL) and acts as the primary risk management interface for all functions in India. In this capacity, the RCL provides comprehensive risk management advice and counsel to the business and enabling functions, with strong support partnership and in consultation with in-market Compliance and other risk management functions, as appropriate.

The Legal Division continues to spearhead solutions with the business, especially pertaining to digital initiatives to enhance reach to physicians and increase awareness among patients by leveraging technology. It plays a leadership role in the following areas:

â¢ Spearheading proactive litigation against infringers and protecting the IP rights and entitlement of the Company.

â¢ Constant support for business development projects across divisions and enabling functions.

â¢ Mitigation of risks associated with the Company''s business operations and intellectual property rights.

â¢ Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that the Company is insulated from operational risk.

BIOPHARMA OPERATIONS GROUP

The Biopharma Operations organizational structure and service catalog is designed to enable our Biopharma Purpose by delivering excellence in how we operationalize the commercial model. The fundamentals of Biopharma Operations are:

Performance: Capturing and leveraging new insights and data enhances, our ability to optimize and accelerate performance across the organization

Scale: Engaging both a GLocal and cross BU model accelerates the roll out of key learnings and best practices

Efficiency: Consolidating knowledge enables faster, more efficient delivery of solutions and reduces the need for teams to start from square one

Simplification: Streamlining our engagement model and operational expertise reduces the lift required for colleagues

The Biopharma Operations (bio-ops) Group works in close partnership with the business to ensure delivery of key services with enhanced speed, efficiency and agility. The bio-ops team is responsible for strategizing, operationalizing and meeting the needs of key stakeholders and customer facing colleagues at Pfizer. It is this collective advantage of the group that has led to strong partnerships with business and other customers; thereby helping Pfizer to deliver breakthroughs that change patients'' lives.

SUPPLY cHAIN

At Pfizer, the objective of Supply Chain is to deliver breakthroughs that change patients'' lives through interventions that enhance our services across the value chain.

In our efforts to stay ahead of the curve, we have created a framework to capture the voice of our customers and use the inputs to enhance their experience with Pfizer. Predictive analytics to anticipate customer purchase patterns, disease profiles, value added services etc. have been a few of the new initiatives. We have also created a calendar for educating our first paying customers on best practices for safety and handling of temperature-controlled products. All these interventions thereby form pillars in our journey to drive Customer Delight.

To further complement all these initiatives a differentiated logistics network strategy has been put in place to increase the reach of our medicines and to tap wider customer segments beyond our current footprint. All these initiatives have helped us evolve as an agile and sustainable customer supply chain organization. The Supply Chain function is also constantly and successfully developing a talent pool to provide logistics solutions in India.

healthcare solutions partner

Healthcare Solutions Partner (HSP) is the most recent Subject Matter Expert (SME) role in India, created with a vision to lead improvements in healthcare outcomes and

customer experience by bringing innovative solutions that meet and exceed customers'' needs across the patient journey. Healthcare Solutions Partner is a customer facing, commercial, non-demand generating team of scientific experts, who identify unmet HCP & patient needs and partner with internal and external stakeholders to create strategic interventions addressing those identified needs, for a transformed customer experience.

Healthcare Solutions Partners provide insights and solutions to customers across multiple categories including Hospitals and Vaccines. They develop a deep understanding of the customer needs across the patient journey and help categories unlock more value in the ecosystem. This enables categories to have a deeper relationship and differentiated engagement with the customers, resulting in commercial advantage for Pfizer.

Healthcare Solutions Partners also undertake work in areas which impact us and our customers the most. Some of the key areas of value creation are implementation of AMS in hospitals, eliminating barriers and creating opportunities for adult vaccination against pneumococcal disease and enabling early diagnosis & improved outcomes across key therapy areas.

In the first six months, Healthcare Solutions Partners have already identified and sourced capabilities to deliver differentiated engagement with customers, profiled and engaged key stakeholders, built a robust system to capture customer insights and started bringing in innovative solutions to address actionable insights. As your Company continues to transform the way we engage with our customers, the team is committed to championing the voice of our HCPs and patients as we strive to understand them and service them better with innovative ''beyond-the-pill'' offerings.

pfizer healthcare experience studio (PHEx)

When we think differently, we can innovate and innovations lead to breakthroughs. Under Bold Move 3.3 last year, Your Company brought a dynamic group of thinkers under PHEX Studio team, with different skillsets to boost innovative business approach and creative thinking.

The PHEX Studio team is an integral lever of Pfizer''s transformation journey in India. The team comprises four Subject Matter Experts (Patient Experience Specialist, HCP Experience Specialist, Content & Channel Specialist and Data & Omnichannel Specialist) who identify need-gaps of our patients and customers, benchmark our services against our competitors, create informative yet engaging content and utilize Artificial Intelligence and Machine Learning to identify actionable insights.

Within a short span of six months, the team has created an impact by building an omni-channel customer engagement dashboard to enable data driven decision making, built SEO based content strategy for a higher brand presence, conceptualized a first-ever in-house public interest digital campaign, designed innovative digital models to power

Next-Gen Bot driven outreach, won the Emerging Market ''Vaccine Innovation Challenge'' and more.

The PHEX team envisions disrupting innovations within the digital ecosystem that will continue to advance the way we engage with our customers and deliver value ''beyond the pill''.

DIGITAL

As the world adapts to an amalgamation of the old & new, the pharmaceutical sector will need to adopt novel technology and alter its methods of operation. Today digital processes which have enriched operational efficiency and facilitated adherence to standard operating procedures with greater ease have already replaced conventional methods. In the aftermath of the COVID-19 pandemic, the industry is facing challenges arising from fluctuating market demand and changing consumer needs. The team this year embraced a new GTM model and achieved significant milestones, equipped our Customer Facing Colleagues (CFCs) with multiple solutions to better engage with our customers.

Technology has proven to be crucial in keeping the pharma business resilient. As a company we adopted many digital solutions to improve efficiency and streamline operations and continued to make progress on cyber security controls to ensure our company is secure from external threats to our Intellectual Property and mission critical information.

Artificial Intelligence has been one of the most buzzing technologies in recent years. This has led to significant advances in many areas such as speech recognition, natural language processing, robotics, machine learning and computer vision. Keeping up with the times, we Introduced AI-enabled chat bots to our customers and AI and behavioral science-based nudges to our field colleagues as companions to drive winning behavior.

As a Company, we continue to be at the forefront of adopting new and innovative digital technologies. We have recently taken a foot forward to identify use cases to leverage Metaverse and Digital twins to provide immersive and interactive experiences to our customers.

FINANCE

The Finance Division has been a strong and effective business partner to provide guidance and leadership while upholding the highest standards for internal controls and corporate governance. The division has been instrumental in driving performance, managing risks and opportunities, in rolling out new GTM strategies, change management and leading various enterprise-wide initiatives.

During the year under review, your Company''s Finance team partnered strongly with each business units to develop and execute various key projects, the Finance team led the completion of transfer of Upjohn Business and transfer of your Company''s Thane business undertaking and played the role of enabler in multiple high impact business critical matters.

In addition to partnering strongly with business, the Finance division played a pivotal role in ensuring fiduciary integrity, upholding high corporate governance standards, developing governance policies, maintaining good investor relations, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

Your Company''s Annual Report and financial statements for year ended 31^st March 2022 have been adjudged as winner of "ICAI Award for Excellence in Financial Reporting 2021-22" in the Silver Shield category, by The Institute of Chartered Accountants of India in the Manufacturing and Trading Sector with turnover equal to and between ''500 Crores and ''3000 crores. The awardees were selected after reviewing the accounting practices adopted by participating enterprises while preparing their financial statements, the policies adopted for disclosure, and presentation of financial statements, degree of compliance with Indian Accounting Standards and statutory guidelines, among other information contained in the annual report.

Internal Control Systems, their adequacy and Compliance:

The Compliance Controls and Risk (CCR) is responsible for ensuring adequacy and effectiveness of internal controls through continuous monitoring. CCR''s objective is to give senior management, Risk Management Committee and the Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Company''s risk management, control and governance processes. This is achieved through a co-sourced internal audit model wherein audit reviews are performed through an independent Chartered Accountancy firm.

Your Company has laid down Internal Financial Controls that include a risk-based framework to ensure orderly and efficient conduct of its business, safeguarding of its assets, accuracy and completeness of the accounting records and assurance on reliability of financial information. The control environment comprises a mix of preventive and detective controls which are manual, semi-automated and automated in nature. Your Company has followed principles such as segregated duties, authorization, reconciliation, physical inventory, periodic review etc. while designing the internal control framework.

The Risk Management Committee & Audit Committee has evaluated the design framework and operative assessment and deliberated with members of management and Statutory Auditors to ascertain their views or opinions. The Audit Committee has satisfied itself on the adequacy and effectiveness of the internal financial control system laid down by management. The Statutory Auditors have confirmed the adequacy of the internal financial control systems over financial reporting.

The CCR conducts periodic risk assessments during the year wherein all the risks to Company''s objectives are assessed, and mitigating plans are recorded in the risk register. This risk register includes operational, financial, regulatory, legal, business and compliance risks. During

the Risk Assessment exercise, current as well as emerging risks which may impact your Company''s objective achievements are considered and assessed based on their likelihood and impact. All the key risks along with mitigating plans are presented and discussed twice a year/ semiannually with the Risk Management Committee and the Audit Committee.

Based on the risk assessment and findings from previous internal audits, CCR prepares an annual audit plan which is based on the audit universe comprising all business, enabling functions, risk and compliance related requirements and control maturity across the processes. The audit plan is approved by the Risk Management Committee and the Audit Committee. CCR ensures execution of the audit plan throughout the year. As part of the quarterly review, status of the annual audit plan, design assessment, operating effectiveness, key audit findings and remediation status of prior findings are presented and discussed with the Audit Committee.

COMPLIANCE AND ETHICS

Your Company operates ethically and thoughtfully in everything that we do, driven by our responsibility to change lives for the better. Your Company''s ethical decision-making guides us as we work to achieve our purpose of delivering breakthroughs that change patients'' lives. Through proactive, business-led risk management, Pfizer prioritizes integrity, safety, and quality in every aspect of our business.

Your Company has a robust Compliance framework with lightspeed approach. This helps to identify and mitigate emerging compliance risks by adopting a thoughtful risktaking and leadership accountability approach.

During the year under review, the Compliance team introduced various innovative compliance programs to further enhance a culture of ethics & integrity at the grassroot level and implemented a proactive, and robust risk and compliance governance framework. The team enhanced the use of digital approach and adopted data analytics and technology for compliance monitoring and adherence which has led to more effective monitoring and dealing with risks at early stages. With the new GTM strategy, we proactively identify emerging risks and implemented a mitigating framework of controls and governance. With the new SME roles onboard, we have rolled out customized training plans to ensure the activities carried out by SMEs are as per the guidance. The compliance and business processes, tools and system have been further simplified with the use of new technology which has also led to better compliance adherence.

reinforcement of Pfizer''s compliance and ethics values. We continue to enhance and update our policies keeping in mind the evolving environment and emerging risks.

As a way of reinforcing ethics and integrity, your Company has identified around 66 colleagues from various teams as "Compliance Champions". They act as the first point of contact for colleagues when they have policy related questions. These measures have ensured that your Company is well placed to drive the spirit of compliance across its stakeholders.

Compliance cultural is an integral part of your company''s value system. Our culture initiatives like ''Act with Integrity Campaign'', ''Joint Roadshow with PX'' helped inculcate compliance learning with Joy. With 66 Compliance champions on field, the acclaimed framework of the Compliance Champion League (CCL) has gone a long way in ensuring phenomenal success and scripted an unparalleled compliance driven culture for Pfizer India.

Office of the Ombudsman

Your Company offers ''Office of the Ombuds'' and unlike any other resource at Pfizer, it provides a safe place where any colleague can reach out and have a completely private, confidential and unbiased discussion regarding any work-related issue, question or concern. Office of the Ombudsman also provides insights, perspectives and points of view that can help colleagues develop strategies and potential options to resolve workplace concerns or questions. ''Office of Ombuds'' is available to all colleagues regardless of title and role.

CORPORATE AFFAIRS

The Corporate Affairs Division works in the domains of Government Relations, Public Policy, External Communications, Patient Advocacy and Corporate Social Responsibility. During the year under review, the division undertook numerous policy advocacy initiatives; stakeholder engagement outreach; campaigns to build corporate and therapy area reputation and community and colleague engagement programs.

Your Company undertook direct advocacy with the Government and engaged stakeholders through industry associations such as Organization of Pharmaceutical Producers of India (OPPI), Federation of Indian Chambers of Commerce and Industry (FICCI), US India Strategic Partnership Forum (USISPF) and US India Business Council (USIBC) on matters of priority for the business.

Some of the key issues which we advocated included allowing private sector companies to drive public awareness campaigns for vaccine preventable diseases, regulatory modernization for expediting drug approvals, strengthening the existing Intellectual Property Right (IPR) regime to incentivize innovation and research, exemption of our patented/breakthrough drugs from the instructions relating to the Global Tender Enquiry (GTE) issued by the Government, pricing and other matters which came up from time to time.

Your Company played a pivotal role in driving multiple initiatives with the Government including the areas mentioned above. This covered specific recommendations/ representations on the existing challenges with reference to global best practices, import and trade of patented medicines in India, strengthening of Intellectual Property ecosystem, inclusion of innovative therapies under Government programs among others. Your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations on the above-mentioned policy level issues.

CORPORATE SOCIAL RESPONSIBILITY

The purpose of your Company is to promote access to quality healthcare in the country by nurturing innovations, encouraging community involvement of our employees and synergizing efforts in partnership with government and other stakeholders for collective impact.

This year, the team continued to identify and work on projects that are aligned to Pfizer''s CSR priorities as listed below:

â¢ Promote Indian innovation and Indian intellectual property with a focus on healthcare;

â¢ Undertake awareness and access programs in partnership with NGOs, government and healthcare providers in areas such as women and child health, among others;

â¢ Support Government, national and/or state programs and priorities with linkages to healthcare; and

â¢ Participate in disaster relief activities.

Your Company''s flagship CSR initiatives undertaken during the year under review gained significant momentum leading to high-impact outcomes.

Pfizer along with NGO partner, Americares India Foundation (AIF) rolled out two major projects to combat India''s AMR challenges.

1. Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting the development of a model for ''Institutional Capacity Building'' to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India. The project has now completed 2 years reflecting marked positive impact on the IPC & AMS practices across the 11 shortlisted hospitals.

2. Pfizer along with an NGO partner, launched an online learning program called OPEN-AMR for healthcare workers to offer access to quality training on IPC across India. The project provides AMPS/ IPC module as per the WHO guidelines. The platform is accessible free of cost with certification in six languages (English, Hindi, Tamil, Telugu, Malayalam, and Marathi). It is implemented by Americares India Foundation (AIF) with Trained Nursing Association of India (TNAI) as a

certificate partner. 22,000 nurses have enrolled on to the platform. The program is highly appreciated amongst the nurses adding to their skills on AMS & IPC.

The Indian Council of Medical Research (ICMR)- Pfizer collaboration aims at enhancing the existing AMR Stewardship Program with a focus on awareness. The project helps address the growing threat of antimicrobial resistance (AMR) in India.

The Pfizer-ACF (Tata Trusts) Cancer Care Project has

been set up to work with the high-risk population that requires healthcare attention. Overall, this project aims to serve as a one-stop, information and support center for patients and families at Tata Trusts''key cancer hospitals. Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup of a comprehensive healthcare network across India. The program is in the first phase of its operation and includes the following:

â¢ Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide services such as counselling and interactive sessions on preventing cancer and lifestyle-related disorders to reduce the risk of non-communicable diseases (NCD), counselling sessions for smoking cessation and prevention, screening for Oral, Cervical and Breast cancer, general physician examination and basic laboratory investigation including haemotological, serological and bio- chemical tests, etc.

â¢ Community outreach and early detection for NCD, screening of catchment population and referral to the nearest center. Set-up and operationalization of a patient referral and tracking platform.

â¢ Manage and operate a virtual patient helpdesk, complemented by one on-site patient navigator in OPD and day care centers in the four locations.

The project has positively impacted lives of over 500,000 beneficiaries and over 3000 healthcare workers. This project is a breakthrough in providing access and high-quality consistent care as the primary objective of the program.

As a part of the Company''s CSR initiative, your Company has partnered with NGO Doctors for You to set up physical help desks at 14 high burden cancer hospitals across India. 4 of the 14 Aastha help desks have been launched in this financial year. The aim of the initiative is to improve the treatment experience for cancer patients throughout their journey by hand holding them and their caregivers through the diagnosis, treatment and rehabilitation phases. 200,000 patients and their caregivers supported through the help desk.

INDovation" was rolled out in partnership with Social Alpha - a healthcare accelerator company focusing on supporting start-ups with specific themes in healthcare for 24 months. The current focus for the next 24 months would be on Oncology and Digital Health. This unique partnership model is designed to provide funding, resources, expertise and infrastructure to propel India''s healthcare innovations from prototype to market. The program envisages active support for venture acceleration from other market investors. The overarching objective of this programme is to nurture, support, celebrate and reward healthcare innovations that are ''Made in India''. The project funded by Pfizer would be unencumbered in nature, with all rights of innovations being owned by the innovators. 6 start-ups have been selected and are on the journey to commercialization.

The Journey So Far

Supported 28 innovators

5 start-ups graduated

3 start-ups in market

4 start-ups under regulatory and clinical approvals

6 start-ups in oncology and digital health being presently incubated across India

Your Company is working towards developing the village of Kaulale, Jawhar under the Pfizer Sustainable Village

transformation Project with BAIF Institute for Sustainable Livelihoods and Development as the implementation partner. At present, work is ongoing in nine villages of the same Gram Panchayat Kaulale for proposed integration of the key components for holistic village development this year to achieve several development ideals that include, but are not limited to:

â¢ Clean drinking water and sustainability of water sources.

â¢ Quality education for all, (primary education).

â¢ Safe food and nutritional security for all.

â¢ Safe sanitation facilities and access to quality curative and preventive healthcare services through awareness.

â¢ Livelihood security and financial inclusion.

â¢ Optimal use, management, and sustainability of natural resources and conservation of biodiversity.

Shortfall in cSR Spend

The CSR funds were earmarked for five key projects - AMR Parivartan Hospital Transformation Project in partnership with Americares, Pfizer-Tata Trusts Cancer Care project, Village Transformation Project (BAIF), Pfizer INDovation and IP Programs and Cancer helpdesks by Doctors for You.

Given the scale and scope of these projects, the programs could not utilize the full funds earmarked for the financial year under review for some of these projects. These CSR projects are long term and continuing projects which would be supported by the Company during subsequent years. Accordingly, the said CSR funds are being released in a phased manner according to the progress on the projects.

As per the provisions of the Companies Act, the unspent CSR amount of ''4.59 Crores in respect of ongoing projects for the financial year ended March 31, 2023 has been transferred to Pfizer Limited - Corporate Social Responsibility Unspent Account FY 2022 - 23 and will be subsequently spent on the Company''s ongoing CSR projects within a period of three years.

A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by your Company during the financial year under review are provided in the Corporate Social Responsibility Report which forms part of this Report and annexed herewith as "Annexure - A".

Whistle BLOWER / VIGIL MECHANISM

Your Company has established a Whistle Blower/Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behavior, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and direct access to higher level supervisors. The e-mail ID for reporting genuine concerns is: ''[email protected].'' In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at [email protected].'' No person has been denied access to the Audit Committee Chairman. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

PREVENTION OF SEXUAL HARASSMENT POLICY

The ''Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013''(the ''Act'') seeks to protect women colleagues against sexual harassment in their workplace. Your Company has specially designed training modules to help all colleagues and contingent associates understand what constitutes sexual harassment in the workplace, how to address it and Pfizer''s role in preventing it. Your Company has an Internal Complaints Committee constituted under the purview of the Act and has ensured adherence to the Act. The details of complaints filed and disposed of during the Financial Year under review are as under:

Sr. No.	Particulars	Number of complaints
1.	Number of Complaint pending as on beginning of FY 2022-23	NIL
2.	Number of complaints filed during FY 2022-23	1
3.	Number of complaints disposed of during the FY 2022-23	1
4.	Number of Complaints pending as on end of FY 2022-23	NIL

DIRECTORS

In accordance with the provisions of the Companies Act, 2013, Mr. Samir Kazi, (DIN: 07184083) retires by rotation at the ensuing Annual General Meeting, and being eligible, offers himself for re-appointment.

Mr. S. Sridhar (DIN: 05162648), ceased to be Managing Director & Chief Executive Officer of the Company with effect from close of business on March 31, 2023. Your Directors wish to place on record their appreciation of the distinguished association of Mr. S. Sridhar with the Company and the invaluable contributions made by Mr. S. Sridhar during his tenure as the Managing Director & CEO of the Company.

The Board of Directors of the Company at their Meeting held on February 9, 2023, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Ms. Meenakshi Nevatia (DIN: 08235844) as an Additional Director and Managing Director of the Company, for a period of 5 (five) years with effect from April 3, 2023, subject to the approval of Members and Central Government.

All Independent Directors have given the declaration that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors. Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India ("SEBI").

Independent Directors'' Meeting

During the year under review, one Meeting of the Independent Directors was held on May 20, 2022, without the presence of the Executive Directors. At the said Meeting, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

familiarization program for independent directors

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company''s business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategic operations and functions of the Company. Your Company also circulates news and articles related to the industry and provides specific regulatory updates to the Independent Directors on a regular basis.

A summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr.	Particulars of the Programs /	Date	No. of
No	Presentations		Hours
1.	Pharma Market, Industry	20.05.2022	4
	Performance and Regulatory changes update.	05.08.2022
	(Duration one hour each)	11.11.2022
		09.02.2023
2.	Presentation on Internal Medicine Business - market maximization	20.05.2022	0.5
	and expansion opportunity for Eliquis
3.	Business presentation on Vaccines Strategy	20.05.2022	1
	(Duration 30 mins each)	09.02.2023
4.	Presentation on Go to Market Transformation Design Blueprint	20.05.2022	1
	(Duration 30 mins each)	05.08.2022
5.	Presentation on Digital Marketing	05.08.2022	0.5
6.	Presentation on Risk Management	05.08.2022	1.25
	Framework and Key Business Risks	27.01.2023
	Total Duration (Hours)		8.25

NOMINATION AND REMUNERATION POLICY

The Board has, on the recommendation of the Nomination and Remuneration Committee, framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy forms part of this Report annexed herewith as "Annexure - B".

MEETINGS OF THE BOARD

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as "Annexure - G".

DIRECTOR''S RESPONSE TO AUDITOR''S COMMENT

The comment by the Statutory Auditors under para 2A(b) under ''Other Matter'' section of Independent Auditor''s Report dated May 15, 2023, was on account of absence of daily electronic back-up of the books of account and other relevant books and papers on servers located in India during August 11, 2022 till February 22, 2023. The Ministry of Corporate Affairs (MCA) had mandated the frequency of back-up of books of accounts on daily basis (from periodical basis) on servers located in India effective August 11,2022. The Company was carrying periodical back-up of its back of accounts on servers physically located in India and the process to change the frequency from periodical basis to daily basis was under implementation. The mechanism for daily basis back-up was thereafter made live in February 2023.

DIRECTORS'' RESPONSIBILITY STATEMENT

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

â¢ that in the preparation of the annual financial statements for the year ended March 31, 2023 the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

â¢ that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as on March 31, 2023 and of the profit of the Company for the year ended on that date;

â¢ that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

â¢ that the annual financial statements have been prepared on a going concern basis;

â¢ that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

â¢ that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE

The details pertaining to the composition of the Audit Committee are included in the Corporate Governance Report, which forms part of this report.

RISK MANAGEMENT POLICY

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered in during the financial year were on an arm''s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interests of the Company at large. The Company had entered in materially significant related party transactions with Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same is within the limit duly approved by the members at the 65^th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website www.pfizerltd.co.in. The weblink for the Policy is https://www.pfizerltd.co.in/files/ revisedrelatedpartytransactionpolicypfizerwebsite.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC-2 forms part of this Report and annexed herewith as "Annexure - C".

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The Company has not granted any loans, guarantees, or investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2023.

DEPOSITS FROM PUBLIC

During the financial year under review, the Company has not accepted any deposits from the public and as such, no amount on account of principal or interest on deposits from the public was outstanding as on the date of the Balance Sheet.

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company''s operations in future.

GENERAL INFORMATION

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, forms part of this Report and annexed herewith as "Annexure - D".

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and annexed herewith as "Annexure - E".

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees''particulars which is available for inspection by the Members through electronic mode up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company''s Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

Hence, neither the Managing Director nor the Whole-time Directors of your Company received any remuneration or commission during the year, from any of its subsidiaries.

The details of difference between amount of the valuation done at the time of one-time settlement and the valuation done while taking loan from the Banks or Financial Institutions along with the reasons thereof - Not Applicable

The details of application made or any proceeding pending under the Insolvency and Bankruptcy Code, 2016 (31 of 2016) during the year along with their status as at the end of the financial year-Not Applicable

TRANSFER TO RESERVES

During the year, no amount was transferred to the general reserves.

MATERIAL CHANGES AFFECTING THE COMPANY

There have been no material changes and commitments affecting the financial position of the Company between the end of the Financial Year and date of this report.

AUDITORS

The Auditors, Messrs. BSR& Co. LLP, Chartered Accountants (Firm Registration No. 101248W/W-100022), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of the 71^st Annual General Meeting till the conclusion of the 76^th Annual General Meeting.

Accordingly, Messrs. BSR& Co. LLP will continue to hold office till the conclusion of the 76^th Annual General Meeting of the Company. Messrs. BSR& Co. LLP have confirmed their eligibility and that they are not disqualified to hold the office of Statutory Auditor.

The Auditor''s Report for the financial year ended March 31, 2023 does not contain any qualification, reservation or adverse remark.

COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 read with the Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. The Board of Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2023-24 on a remuneration of ''14,70,000/-(Rupees Fourteen Lakhs Seventy Thousand only). As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member''s ratification for the remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2022 on October 11, 2022, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2023 is due to be filed by October 26, 2023.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Company''s records for the financial year ending March 31, 2024. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report forms part of this Report and annexed herewith as "Annexure - F". The Secretarial Audit Report for the financial year ended March 31, 2023, does not contain any qualification, reservation or adverse remark.

ANNUAL SECRETARIAL COMPLIANCE REPORT

The Company has undertaken an audit for the financial year 2022-23 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has been submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Company''s website at www.pfizerltd.co.in

compliance with secretarial standards

Your Directors confirm that the Secretarial Standards issued by the Institute of Companies Secretaries of India, as applicable to the Company and which are mandatory in nature, have been duly complied with.

ANNUAL RETURN

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the Annual Return of the Company as on March 31, 2023 in Form MGT-7 is available on the Company''s website at www.pfizerltd.co.in

corporate governance and business responsibility & SUSTAINABILITY reporting

A Report on Corporate Governance along with a Certificate from B S R & Co. LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as "Annexure - G".

A Business Responsibility & Sustainability Report as stipulated under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, describing the initiatives taken by your Company from an environmental, social and governance perspective, forms part of this Report and annexed herewith as "Annexure-H".

cautionary note

Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future performance of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.

acknowledgments

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company''s suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of Board of Directors

Pradip Shah chairman

Mumbai, May 15, 2023 DIN: 00066242

Mar 31, 2021

Board''s Report

Including Management Discussion and Analysis Report

To the Members,

Your Directors take pleasure in presenting this 70^th Annual Report along with the Audited Financial Statement for the financial year ended March 31,2021. The Company operates only in one business segment that is, "Pharmaceuticals" and this Report covers its Pharmaceutical business performance.

DIVIDEND

The Board of Directors at their meeting held on May 26, 2021 recommended a normal dividend of ''30/- (300%) per equity share and a special dividend of ''5/- (50%) per equity share, aggregating to total dividend of ''35/-(350%) per equity share for the year ended March 31, 2021. The Dividend payout will be ''160.12 Crore.

FINANCIAL HIGHLIGHTS

(Rs.''in Crore)
Particulars	Year ended March 31, 2021	Year ended March 31, 2020
Net Sales	2,190.04	2,096.32
Other Operating Income	48.51	55.33
Revenue from Operations	2,238.55	2,151.65
Other Income	81.12	184.02
Profit Before Tax	668.72	642.49
Income Tax Expense	171.11	133.36
Profit for the year	497.61	509.13
Total other comprehensive income (net of tax)	(0.96)	(8.93)
Total comprehensive income for the year	496.65	500.20

Your Company''s sales for the financial year ended March 31, 2021 stood at ''2,190.04 Crore as compared to ''2,096.32 Crore in the previous year, which represents a growth of 4.48.%. The sales for the year under review are not strictly comparable with that of the previous year on account of the impact of COVID-19.

Profit before tax for the financial year ended March 31, 2021 was ''668.72 Crore as compared to ''642.49 Crore in the previous year. The profit after tax stood at ''497.61 Crore for the financial year ended March 31, 2021 as compared to ''509.13 Crore in the previous year which included prior year tax reversals of ''44 Crore.

ECONOMIC OVERVIEW

One year into the COVID-19 pandemic, economic recoveries continue to diverge across countries and sectors, reflecting variation in pandemic-induced disruptions and the extent of policy support. As per the International Monetary Fund (IMF), after an estimated contraction of 3.3% in 2020, the global economy is projected to grow at 6% in 2021. The contraction for 2020 is 1.1% lesser than projected in the October 2020 World Economic Outlook, reflecting a higher-than-expected growth outturns in the second half of the year for most regions after lockdowns were eased and as economies adapted to new ways of working. For the emerging and developing Asia regional group, projections for 2021 have been revised up by 0.6%, reflecting a stronger recovery than initially expected after lockdowns were eased in some large countries like India.

The IMF raised its growth forecast for Indian economy by 100 basis points in its latest edition of World Economic Outlook projecting growth forecast at 12.5% in FY 2022, the highest among emerging and advanced economies. India is the only country expected to register a double-digit growth this fiscal.

India battled one of its biggest recessions in recent memory. However, signs of recovery were seen in the Indian economy which recorded a marginal growth in the third quarter of the financial year 2021. Till recently, economic activity seemed to be gathering momentum at a sustainable pace with people demonstrating greater confidence in stepping out and spending. The vaccination drive has made good progress too with over 18.2 Crore people inoculated by mid May 2021, mostly from the vulnerable segment.

Much like the previous year, India has suffered on all accounts but at an even greater rate this year. While ascertaining the impact of the second wave of the COVID-19 is difficult, given the various lockdowns imposed in different magnitudes in several states and its economic impact, India is hopeful for a V-shaped recovery, but with its own set of stressful challenges. The rapid pace of vaccination; strong growth in private investment, and its rebound stimulated by reforms and schemes; pent-up demand backed by savings made by high and midincome consumers who are waiting to spend and; fiscal spending on building assets and infrastructure (that have a high multiplier effect on income, jobs, and private investments) will likely start gaining momentum on the ground and is expected to steer growth over the next two years.

The overall recovery will also depend on the path of the health crisis, including whether the new COVID-19 strains prove susceptible to vaccines or they prolong the pandemic; the effectiveness of policy actions to limit persistent economic damage; the evolution of financial conditions and commodity prices and the adjustment capacity of the economy.

Current Healthcare and Pharmaceuticals Environment

According to the Indian Economic Survey 2021, the domestic pharmaceutical market is expected to grow three times in the next decade to US$ 42 billion in 2021 and US$ 65 billion by 2024 and may reach ~US$ 120-130 billion by 2030.

The Union Budget 2021 puts a spotlight on health and well-being. Doubling up healthcare spending and allocating a sizable outlay for developing capacities of primary, secondary and tertiary healthcare systems and promoting new and existing institutions to concentrate on emerging diseases over the next 6 years, is a welcome move. The focus is now on overall well-being of the people including preventive and curative health with a larger emphasis on immunization. Allocating '' 35,000 crore for COVID-19 vaccine and the assurance that any additional spending required would be provided for vaccination, is a welcome step. However, much needs to be done to improve national healthcare spending as a percentage of GDP. Indian Pharmaceutical Industry Market Overview:

The Indian pharma market (IPM) grew at 4.3% over the April 2020 - March 2021 period, with a turnover of ''1,56,797 Crore. The growth was primarily driven by price, which contributed 4.3% to the total, followed by new products at 3.6% and volume at -3.6%. Multinational companies hold about 20% share in the market and have grown at 2.6%.

Therapeutic Growth:

Cardiac has overtaken anti-infectives to emerge as the top therapy. Antivirals have registered highest growth of 161% due to pandemic. The acute care segment is growing at a meager 2% due to low patient volume during the pandemic. Anti-infective, being the most impacted, declined by 12%. Within the acute therapeutic areas, vitamins, minerals & supplements (VMS) was least impacted. Chronic segment has also suffered due to the pandemic as growth slipped to 8.4% (Mar''21 MAT) from 11.7% (Mar''20 MAT). Both cardiac and cardiovascular and neuroscience (CNS) therapies posted double-digit growths.

COVID-19 Impact on Pharmaceutical Industry:

IPM grew faster in March 2021 due to the base effect of lockdown beginning March 25, 2020. IPM growth declined to 4.3% in 2021 as compared to 10.5% growth last year. Loss in potential sales is estimated at approximately ''8,000 Crore.

The impact was higher as the lockdown period overlapped with monsoon season which typically are growth drivers for acute therapeutic areas. With limited face-to-face detailing, new launches were either delayed or saw lower uptake but are now picking up. Vitamins has shown strong recovery driven by consumer awareness and their role in immunity building for COVID-19. The respiratory therapeutic area has shown lower growth levels. A research indicates lockdown linked drop in asthma attacks mainly due to lower levels of air pollution, fewer cold and flu infections. Limited access to healthcare professionals in Tier 1 Cities due to stricter lockdown, reverse migration, lower inter-district travel for medicine purchase and increased focus on rural markets are potential drivers for rural growth. Going forward, health systems needs to be mindful of increasing co-morbidities/ new diagnosis in COVID-19 recovered patients.

AN OVERVIEW OF THE OPERATING ENVIRONMENT

As the pandemic persisted, the Government continued to engage with the Industry to remove possible bottlenecks adversely affecting the availability of medicines to the patients across the country. With the launch of two COVID-19 vaccines in January 2021, the Government embarked upon a massive phase-wise immunization drive.

The Government has undertaken deep structural and sustained reforms to strengthen the healthcare sector and also announced conducive policies for encouraging foreign direct investment. The Aatmanirbhar Bharat Abhiyaan packages includes several short and longer-term measures for the healthcare system, including production-linked incentive (PLI) schemes for boosting domestic manufacturing of pharmaceuticals and diagnostic devices. Your Company welcomes the PLI Scheme which aims at incentivizing the setting up of manufacturing units for patented molecules/drugs in the country and world class Research & Development facility in India by global pharma companies.

The objective of PLI Scheme is to enhance India''s manufacturing capabilities by increasing investment and production in the pharmaceutical sector and contributing to product diversification to innovative and patented drugs. The Scheme also aims to create global champions out of India who have the potential to grow in size and scale using cutting edge technology and thereby penetrate the global value chains. The criteria for releasing the incentive is based on minimum cumulative investment made and percentage growth in sales achieved, each year. Separate thresholds for investments and sales have been defined for each group of companies. The Scheme will be implemented by the Department of Pharmaceuticals through a Project Management Agency. The Empowered Group of Secretaries (EGoS) shall undertake periodic review of the Scheme.

The COVID-19 pandemic has also accelerated the adoption of digital technologies, including telemedicine. The National Digital Health Mission was launched this year with an aim to create a management mechanism to process digital health data and facilitate its seamless exchange; develop registries of public and private facilities, health service providers, laboratories and pharmacies; and support clinical decision-making as well as offer services like telemedicine.

The Ayushman Bharat - Pradhan Mantri Jan Arogya Yojana (AB-PMJAY) is the world''s largest non-contributory Government-sponsored health insurance scheme that enables increased access to inpatient healthcare for poor and vulnerable families in secondary and tertiary facilities. The programme continues to make progress in terms of its population coverage and the number of healthcare institutions that offer treatment and other services to the AB-PMJAY beneficiaries across the country.

However, the adoption of the revised Health Benefit Packages (HBP 2.0) by the states has not been completed and continues to progress slowly during the current year. The AB-PMJAY has the potential to make innovative therapies available to the beneficiaries across the country. The Pharma Industry continues to engage with National Health Authority towards this goal.

Process for Revision of the National List of Essential Medicines (NLEM) and Price Controls: The Standing National Committee Medicines (SNCM) continued the process of consultation with the industry as well as other relevant stakeholders on the NLEM. However, the deliberations have been slowed due to the continuing pandemic situation in the country. We understand that the NLEM-2021 preparations are in its final stages and may be announced soon. Your Company as well as various industry associations have made representation to the SNCM, providing evidence-based arguments for consideration. The industry has represented to the Government to delay the review, finalization and notification of the NLEM since the industry has been involved in ensuring the manufacture and supply of medicines in the pandemic.

Intellectual Property Rights (IPR) Protection:

Your Company advocates for strong IPR protection for innovative companies. The Industry has been in discussion with the Government on various IPR issues at different forums and has raised concerns on pending reforms. Some progress around enforcement of IP which is voluntary, and reduction of patent grants time frame have been steadily improving. However, challenges around lack of clarity around certain sections of the Patent Act which pose a challenge to IP protection and unauthorized exports of

patented molecules from neighboring countries into India remains an area of concern.

Advancing discussions with the Government on Pfizer-BioNTech COVID-19 vaccine: The Government of India has constituted a National Task Force on COVID-19 vaccine under the NITI Aayog and the Ministry of Health and Family Welfare. Your Company continues to engage with this Task Force and the Government to make the Pfizer-BioNTech vaccine available for use in the Country.

Regulatory system strengthening: The Central Drugs Standards and Control Organization (CDSCO) has embarked on three-year action plan to transform the Indian regulatory system to Stringent Regulatory Authority (SRA), as outlined by World Health Organization and at par with the International Council for Harmonization of Technical Requirements for Pharmaceuticals for Human Use (ICH).

Overall, the operating environment in India was defined by an immediate and short-term focus to resolve COVID-19-related bottlenecks and minimise disruption of manufacturing, supply chains and availability of medicines. The regulatory authority of India has adopted multiple agilities including local testing waivers, special import permits, relaxation in import criteria''s and emergency use authorisations to vaccines and therapeutics for use in COVID-19. Overall, it is expected that the internationally aligned practice adopted by Indian regulatory authority will continue to be part of regulatory ecosystem.

UPDATE ON REVIEW OF STRATEGIC ALTERNATIVES FOR PFIZER''S UPJOHN BUSINESS

Pfizer Inc., USA had announced on July 29, 2019, that it had entered into a definitive agreement to combine its Upjohn Business which consists off-patented branded and generic established medicines with Mylan N.V., thereby creating a new global pharmaceutical company, viz., Viatris Inc. It may be noted that six brands currently marketed by Pfizer Limited in India, viz., Lyrica, Amlogard, Daxid, Dilantin Viagra & Celebrex are expected to be a part of this combined entity. While the global transaction closed in November 2020, certain markets, including India, have not been transitioned to Viatris. This local transition is expected to be concluded in the financial year ending March 31, 2022, subject to receipt of all regulatory approvals.

UPDATE ON REVIEW OF STRATEGIC ALTERNATIVES FOR GLOBAL CONSUMER HEALTHCARE BUSINESS

Pfizer Inc., USA had announced on October 10, 2017, that it was considering a review of strategic alternatives for its Global Consumer Healthcare business. Further to this, in December 2018, Pfizer Inc. had announced the formation of a joint venture between Pfizer Inc. and GlaxoSmithKline Plc. to create a premier global consumer healthcare

company with robust iconic brands. On July 31, 2019, Pfizer Inc completed the transaction in which Pfizer Inc and GlaxoSmithKline (GSK) combined its respective consumer healthcare businesses into a new consumer healthcare joint venture that operates globally under the GSK Consumer Healthcare (GSKCH) name.

Subsequent to GSKCH''s deliberations on Pfizer Consumer Health (PCH) India business, Pfizer Limited was requested to take appropriate steps to wind down the PCH business in India. This included two brands - Anacin (a non-narcotic and anti-pyretic product) and Anne French (a depilatory cream).

Your Company thereafter completed the wind down activities. The compensation of ?27.5 Crore derived based on the fair value of Pfizer Consumer Healthcare Products as determined by the independent valuers along with the wind down cost of ?11.6 Crore will be received by the Company.

THANE PLANT - BUSINESS TRANSFER AGREEMENT

In September 2015, the Company entered into a Business Transfer Agreement (BTA) for transfer of the Company''s manufacturing facility at Thane as a going concern. The BTA will be concluded upon receipt of all necessary approvals.

REVIEW OF OPERATIONS:

COVID-19 impact on Business Operations:

While healthcare and health delivery system in the country continue to be under tremendous stress, especially during the second wave of COVID-19, your Company has put in place several proactive measures to ensure uninterrupted supply of essential medicines to the patients. The Company''s state-of-the-art Goa Plant continues to remain operational at its usual capacity while strictly following the protocols on social distancing and providing safe working environment to its workforce at the Plant. Our Field colleagues adopted a hybrid model to engage with customers and healthcare professionals using a mix of virtual and in-person interactions. This helped ensure continued engagement with all external stakeholders while preventing the pandemic from adversely affecting our most important duty - making our medicines available to those in need.

To control the spread and transmission of corona virus, all colleagues under non-essential functions of your Company continued to work from home. Several measures were put in place for communications, technology and productivity improvements to help employees cope with this change. As a responsible corporate citizen, your Company made significant contributions to support Government, health department and public healthcare workers as part of its COVID-19 CSR initiatives.

During the year under review, your Company stood by its Stockists and their employees, who selflessly dedicate their services as a shining example of the nobility of the profession of healthcare. The Company partnered with a leading insurance and risk management service firm, to provide its stockists and their employees a special complimentary COVID Insurance Cover to take care of COVID-19 treatment costs for a period of one year. This has benefitted approximately 18,000 Stockists and their employees across the Country.

The Company also rolled out several initiatives for its employees during these challenging times by way of COVID care insurance including home quarantine cover, telemedicine tie-up, employee assistance programme, etc. The Company also created a task force comprising of senior leaders and representations from the field across the country for providing assistance to employees in case of immediate medical needs. Your Company also granted a week''s leave to all employees under non-essential functions to take break from work during these stressful times and recharge their energies.

Business Operations:

1. Vaccine:

Your Company''s Vaccine business focuses on a pneumococcal conjugate vaccine - Prevenar 13. This vaccine provides broad coverage against the most prevalent 13 serotypes of streptococcus pneumoniae. Prevenar 13 is now ranked 16^th in the Indian Pharma Industry (March 2021). Prevenar 13 is truly the only vaccine for all age groups, as the Drugs Controller General of India in May 2021 has granted approval for 18-49 years age group in addition to the pediatric, adolescent and 50 plus age group.

Your Company continues to enjoy a leadership position in the pneumococcal vaccines market with a share of 55.4%. It is committed towards creating awareness, education and make vaccines available so that more individuals can be protected against devastating pneumococcal infections.

To support Healthcare Professionals (HCPs) with robust scientific updates and global best practices, your Company conducted multiple experience-sharing initiatives by enlisting the support of international speakers.

The Company undertook various initiatives to win the digital race:

â¢ Under the campaign "FIGHT PNEUMO", your Company shared an awareness message on importance of pneumococcal vaccination amongst adults and at-risk patients. Your Company launched the Fight Pneumo YouTube Channel and partnered with Adult Vaccination Specialists (such as infectious disease specialists, pulmonologists, cardiologists, etc.) across the country to create patient awareness in nine regional languages.

â¢ Your Company partnered with parenting health portals to create awareness and education of pneumococcal vaccination amongst parents. Your Company also integrated a toll-free number in these campaigns to help consumers get an additional information on vaccination.

â¢ To leverage the digital presence of HCPs on various social media platforms, your Company initiated Virtual customer discovery programme to increase awareness and acceptance of pneumococcal vaccination amongst HCPs. The campaign also enabled HCPs to seamlessly get in touch with a Company representatives.

With an objective to protect the employees against pneumococcal disease, your Company initiated vaccination awareness amongst the decision makers of organisations through a unique initiative "Build your Corporate Immunity Quotient" and engaged Occupational Health Physicians of leading organisations across the country.

Availability of vaccines for adults is a critical step to complete the circle of protection. Hence, your Company partnered with approximately 100 hospitals across India to encourage them to deploy adult vaccination centers - a dedicated resource from where information on adult immunization can be obtained. Your Company has an ambition to expand such strategic partnership to protect more lives against pneumococcal disease in the future.

2. Inflammation and Immunology:

The Inflammation and Immunology vertical makes available medicines to patients suffering from chronic diseases related to immune system like Rheumatoid Arthritis, Psoriasis, Psoriatic Arthritis, Ankylosing Spondylitis and Internal Bowel Diseases. These advance therapies include drugs made from protein-cytokine, and oral therapies that manage inflammation and pain. The goal of this team is to transform the management of chronic inflammatory diseases, many of which are not well managed by existing treatment options that provide only symptomatic relief. Your Company has two products in the Rheumatology therapy area:

Enbrel is currently prescribed by Rheumatologist, Dermatologist, Pediatric Rheumatologist and selected orthopedic treating physicians in India. Your Company continued to maintain the growth of this 20-year old brand through various medical marketing initiatives like Train the Trainer, Case Based Discussions and Communication campaign focusing on safety and efficacy, etc.

Xeljanz (tofacitinib), launched in India in 2016, is the first oral Janus Kinase (JAK) inhibitor, a type of medication that functions by inhibiting the activity of one or more of the Janus kinase family of enzymes, launched for chronic conditions such as RA. Being Oral Medication, it does not require cold storage, it is safer compared to TNFs and has ease of compliance.

In 2020, Xeljanz received approval for an additional indication of Psoriatic Arthritis (PsA) and active promotion to dermatologists. The launch of the new indication was managed digitally with medicomarketing initiatives such as International Speaker Webinars, Virtual Train the Trainers, Experience Sharing Meeting, Virtual Symposium in national conferences etc.

3. Internal Medicine:

In 2019-20, your Company''s Internal Medicine (IM) team framed a new mission for the next five years and developed a strategic roadmap - "To deliver sustainable, market-beating growth through differentiated go-to-market strategies (GTM)". The key shift in GTM was to create two distinct market segments: Core market, focused on specialists in the urban geographies and Multiplier market, focused on general/family physicians in the extra-urban rural geographies.

During the year under review, this shift in GTM enabled your Company to significantly maximize its presence in specialties like cardiologists, gynecologists, chest physicians, orthopedics etc. in the core geographies and increased reach and penetration in the rural and extra-urban geographies, leading to consistent market beating growth for key brands. Your Company also deployed innovative digital channels to improve trade engagement (retail, semi-stockist, stockist) across core and multiplier markets and ensure availability of key medicines for the patients, especially during lockdown.

Respiratory Portfolio:

Your Company has presence in the Respiratory portfolio with Cough, Oral Corticosteroids and Smoking Cessation therapies. The flagship brand Corex Dx has maintained leadership position in the dry cough Respiratory Portfolio Market with 18.1% value market share. One of the major initiatives taken during the year was ''cough the right way'' -a campaign that aimed to create awareness and educate patients on good practices to be followed to avoid spread of infections. As part of future growth strategy, your Company continues to focus on building brands in the productive cough segment with line extensions of Corex LS and Corex LS Junior.

During the year, there has been continued focus on the smoking cessation drug Champix with launch of #BreakTheStick campaign. The campaign was initiated by your Company in November 2020 with the aim to create an ecosystem to support smokers looking to quit smoking, while also enabling more primary care physicians to address smoking cessation successfully. A detailed omnichannel programme aided outreach to over 1,00,000 consumers, with 14,000 engaging on the microsite-quittoday.in for a deeper understanding of the therapy, and over 330 smokers going through with an actual online consultation. The HCP engagement arm of the programme, designed for primary care physicians and chest physicians, empowered over 2500 doctors through more than 25 Key Opinion Leader (KOL) advisory and certification programs.

Vitamins Portfolio:

Your Company''s flagship brand Becosules continues to lead and shape the B-complex vitamins market with growth of 32%. With a legacy of more than 60 years, the brand is still growing faster than the market with an Evolution Index (EI) of 103, which has resulted in moving its market share to 75.1%. Continuous focus on expanding the prescriber base, increasing consumer demand and innovative channel initiatives have been the key pillars to strengthen brand''s leadership.

With Becosules getting the over the counter (OTC) brand status coupled with the new GTM model helped your Company to expand its retail reach. Your Company also drove aggressive retail engagement and connect at approximately 50,000 chemist outlets and build consumer awareness to help them Boost Immunity with Becosules.

Over the years, Becosules has expanded its range to cater to needs of different patient types with Becosules Z focused on providing Immunity, Becosules Performance to combat Oxidative Stress in Co-morbid patients, Becosules Syrup and Becosules Junior for children and Becosules Women in nutritional needs for women.

Neuroscience and Cardiovascular:

Your Company''s Neuroscience portfolio represents multiple brands that are leaders in their respective segments. Pacitane (Trihexyphenidyl) leads in its therapeutic category with 68% market share with 13% growth over last year. Ativan (Lorazepam) is the second largest anxiolytic brand in the Benzodiazepine Tranquilizer market growing at 14.6%.

The Cardiovascular (CV) team operates in the antihypertensive segment with its brands Minipress XL and Targit Range. Minipress, the leading brand in the market, for uncontrolled hypertension has maintained its market share at 43.9% with growth of 8% and EI of 101. Your Company continued its engagement activities in the area of uncontrolled hypertension through medico-marketing initiatives with physicians, nephrologists and cardiologists.

Eliquis:

EliquisÂ® (Apixaban) a Factor Xa Inhibitor Anticoagulant is a leading oral Anticoagulant, predominantly prescribed by cardiologists, cardio like physicians and orthopedic surgeons. Eliquis is the leader in the Novel Oral Anti-Coagulants (NOAC) Market, with an EI of 125 and it grew by 69% over last year same period as per MAT Mar 2021.

During the year under review, the team has bought in extraordinary reach and penetration for the brand through the new go-to-market strategies. As per this newstructure,Eliquisisnowpromotedbytwoteamsunder one leadership, allowing for increased reach amongst consulting physicians and orthopedic surgeons while sharpening focus and coverage amongst cardiologists. This co-marketing strategy has also helped maximize geographic penetration beyond metro and tier 1 cities which enables your Company to improve lives of more patients across the country than ever before.

Your Company has been on the forefront of leading scientific education programmes like Expert Conclave, International speaker programmes, Masterclasses, AF Live webinars etc. that have helped improve the overall management of patients with Atrial Fibrillation. Over 5,000 cardiologists, cardio-like physicians and vascular surgeons have been engaged in various educational initiatives. During the year in review,

Eliquis has made significant progress to attain No 1 brand position in NOAC category.

Women''s Healthcare:

Your Company''s portfolio in Women''s Healthcare comprises many of the segment''s iconic brands, supporting important life-stages like pregnancy, menopause, reproductive health including contraception. Brands like Folvite, Autrin, Premarin and Ovral L continue to maintain their leadership position in the represented market and the consolidated portfolio continues to grow faster than the market average. Shift in go-to-market strategies and enhanced focus on gynecologists accelerated the prescription growth and now three brands in the portfolio - Folvite, Autrin and Folvite MB feature amongst the top 100 IPM brands prescribed by gynecologists.

Your Company pioneers in gynecologist education and building resources and tools for advancing better quality of care for patients, with commitment to improve maternal outcomes and reproductive health. With this objective, your Company launched its flagship programme "Partners through Parenthood" which supports gynecologists to manage patients in the 24-months journey of parenthood, at various stages including pre-conception, pregnancy and post-partum. In the first year itself, your Company engaged with over 3000 gynecologists, supporting millions of couples in their parenthood journey. Various scientific educational modules in partnership with reputed national and international societies like The Federation of Obstetric and Gynaecological Societies of India, Royal College of Obstetricians and Gynaecologists, Spina Bifida Foundation and patient awareness programmes have been developed to drive this initiative, leveraging innovative digital channels.

These patient-centric programmes have paved the way for your Company to maintain leadership position in the represented market and impact patient lives.

Gastric portfolio:

to build growth for the brand and has been positioned to drive differentiation by targeting patients with symptoms related to Refractory GERD.

Other leading brands such as Gelusil and Mucaine have further entrenched your Company''s dominance in the gastric segment. Gelusil has strengthened its presence in the Antacid category with growth of 24% and increased market share to 24%. This was fueled by the shift in GTM and innovative consumer initiatives to increase demand and channel initiatives for distribution penetration. Consistent, innovative and aggressive consumer visibility and retail engagement at approximately 30,000 chemist outlets helped the brand connect with consumers directly along with Radio campaigns. The objective is to make Gelusil a part of consumer lives and establish Heartburn and Acidity synonymous with Gelusil. Mucaine gained prescriptions amongst multiple specialties including gynecologists, gastroenterologists, leading to prescription leadership in the liquid antacid category.

Pain and inflammation portfolio:

The portfolio expanded in December 2020, with the introduction of Dolonex E (Etoricoxib) for the treatment of osteoarthritis. Your Company plans to further expand the portfolio to provide a range of solutions for management of osteoarthritis.

During the year under review, the team partnered with a technology-driven digital solutions organisation to promote already-established brands in tier-2 and sub-tier 2 markets for wider reach and penetration of the Company''s products. The team also synergized operations for over-the-counter brands like Becosules and Gelusil to leverage the digital expertise of the partner organisation.

4. Hospitals

Your Company''s Hospitals business unit focuses on institutions such as hospitals and nursing homes with

an advanced anti-infectives and sterile injectables portfolio.

Pfizer''s original breakthrough innovative and patented drug Zavicefta 2gm/0.5gm (ceftazidime-avibactam) has recorded an exponential growth driven by increased uptake across more number of hospitals. This novel drug is indicated for the management of hospital-acquired pneumonia including ventilator-associated pneumonia (HAP/VAP), complicated intra-abdominal infection (cIAI) and complicated urinary infection (cUTI) in adults. The emergence and spread of carbapenemase-producing pathogens are a concern and has highlighted the urgent need for new antimicrobial agents.

Community-acquired Pneumonia features second in the list of most common cause of mortality due to infectious diseases in India with 25% mortality rate in the ICU. With its activity against Streptococcus pneumoniae, which is associated with a significant burden of the disease, Zinforo, (ceftaroline fosamil) a novel cephalosporin, provides the benefit of early response. Zinforo is indicated for treatment of adult patients with community-acquired Pneumonia.

The Team believes that these products are an excellent example of how your Company is focusing on key therapeutic areas to achieve our purpose of bringing breakthroughs that change patients'' lives. This is aligned with our commitment to significantly improve our scientific and commercial innovation rates and to deliver medicines faster to the world.

The category also has a strong presence across the anti-bacterial continuum, ranging from beta-lactam/ beta-lactamase-inhibitor (BL/BLI) products to high-end anti-bacterial products. Amongst these, Magnex is the leading brand with 4.3% market share by value in the represented market segment. In 2017, the team acquired and launched the brand Meronem, an injectable antibiotic indicated for the treatment of serious bacterial infections which are difficult to treat due to resistant pathogens. Meronem enjoys close to 5% market share by value in the represented market.

During the year under review, this business unit made significant progress to attain its "Leadership in Hospitals" goal. Several interventions were made to consolidate this leadership position, including roll-out of Antimicrobial Stewardship programmes to encourage appropriate use of antibiotics in hospitals which has been identified as a key requirement for hospitals across. The Hospital category also engaged with stakeholders beyond doctors in the hospital to gain collaborative insights to become value partners for these institutions.

DIGITAL MARKETING

Your Company is dedicated to delivering new and innovative solutions in Digital Marketing. During the year under review, the initiatives continued to focus on scaling Reach and Frequency with HCPs and provide credible human health information to patients and caregivers.

The Vaccines adult portfolio has leveraged the power of partnerships by engaging third party e-pharmacies and build therapy awareness to deliver approximately 8.5 million reach and over 45,000 visitors. Content marketing for Vaccines portfolio on YouTube channels yielded approximately 10 million views and over 1,25,000 website visits. The Team has undertaken social media community building efforts for patients and caregivers on All About Arthritis'' Facebook page and engaged over 5,000 viewers with innovative Facebook Live interactions with HCPs.

Your Company''s Digital Marketing efforts sustained the impact by the COVID-19 pandemic, where your Company has virtually reached over ~2,30,000 HCPs across specialties on third party online initiatives. Further, your Company delivered over ~1.5 million communication impression to covered and uncovered HCPs across online marketing platforms.

MANUFACTURING OPERATIONS Overview:

Your Company''s manufacturing operations are carried out in full compliance with local laws and in line with the stringent Global Pfizer Quality and EHS standards. Your Company has taken stringent measures to ensure that there is no disruption in production due to the COVID-19 pandemic while ensuring all employees maintain a social distance of minimum two meters during manufacturing operations and transportation. Other measures including daily thermal screening of all employees entering the site, provision of mask for all employees and placing of sanitizer dispensers across the site, are being followed. Your Company''s plant in Goa was categorized as an ''essential service'' and thus remained operational even during the lockdown.

People

Over the past year, your Company conducted several programs and initiatives to train and motivate employees to deliver best-in-class performance, including Integrated Manufacturing Excellence Program (IMEx) for leaders and all employees, Six Sigma Green Belt training and Operational Excellence trainings.

Environment Sustainability

Your Company''s continued focus on renewable resources has created an excellent model for environmental sustainability through which effort is made to reduce waste and a strong emphasis is put on conservation of

resources across manufacturing site. The Goa Plant follows stringent global safety, environmental health and hygiene requirements.

Your Company installed one 72 KW Solar Photovoltaic Renewable Energy Plant in addition to 50 KW Solar Energy plant installed last year. Your Company is planning to install another 117 KW Solar energy plant in the coming year.

The Plant continued its drive towards energy conservation initiatives including replacement of old manufacturing operations machines with high-efficiency machines thereby reducing energy consumption. The site also replaced old dehumidifiers with new generation high efficiency units to conserve energy. These initiatives have resulted in significant reduction in power consumption and carbon footprint.

MEDICAL AFFAIRS

In the year under review, the Medical team thought big and focused on what mattered while delivering the first-in-class science. The team gathered meaningful insights and conducted various digital medical education initiatives - also in partnership with medical associations - to update HCPs on recent advances in diverse therapy areas. These initiatives helped bridge the knowledge and practice gaps among the HCPs leading to better patient outcomes. The team increased the share of scientific voice through publications and various data generation activities addressing the unmet medical need. Overall, the team led the conversation with ''Patients First'' mindset and confidence that ''Science Will Win''.

As part of Medical education initiatives, the Team conducted eight regional international speaker programmes for the Vaccine business. The team also trained over 80 key opinion leaders on Pneumococcal sero-epidemiology. It virtually connected with over 1,700 Key Opinion Leaders (KOLs) across different specialties as part of Continuing Medical Education (CME) speaker briefing and query resolution and conducted virtual advisory board meetings on Pneumococcal disease and its prevention in cardiology practice.

The team partnered with medical professional associations for nurses (CCNS) and pharmacists (IPA), and management of fungal diseases (FISF) and continued Antimicrobial Testing Leadership and Surveillance (ATLAS) at ten institutes pan India. The team also conducted advisory board meetings to bring forth insights on Anti-Microbial Stewardship (AMS) implementation and the evolving role of newer anti-infectives like Ceftazidime-Avibactam with ID specialists, intensivists, microbiologists, pharmacists, and nurses. Survey was conducted to understand the perceptions about Ceftaroline fosamil.

In the pursuit of expanding access to a larger set of deserving patients, Board of Health approvals were received for (cSSTI) for Zinforo and Bacteremia associated with HAP/VAP, cUTI, cIAI for Zavicefta.

The project ''Pfizer Orbit: The AMS Revolution'' has been initiated with the vision of reducing Anti-Microbial Resistance with sustainable AMS practices (inclusive of education/digital solution/and monitoring) with a tiered approach adapting to the unmet needs of the hospital.

To strengthen your Company''s leadership position in private hospitals, the team conducted programmes (Pharmacy Academia and Nursing Academia) in nine key institutes across India, training over 130 pharmacists. Basis insights on the lack of training in ventilation, ''Simulation based Ventilation'' workshops were conducted for 350 junior intensivists across the Country.

The Team also collaborated with The Indian Association of Dermatologists, Venereologists and Leprologists (IADVL)âthe national dermatology association with 13000 dermatologists to accelerate uptake of tele-dermatology and update clinicians through online E-dermatology educational modules on disease management and digital forums.

The Medical team connected through "IN IT TOGETHER: Medical to Medical updates" fortnightly to reach over 75 rheumatologists and Dermatologists covering recent safety updates in Rheumatology with guideline updates and Pfizer''s efforts in COVID 19 pandemic.

The entirely virtual launch of Xeljanz Indication expansion on Psoriatic arthritis helped us to reach out to more than 500 dermatologists through a National IADVL launch symposium and key rheumatologists across the country.

The team also conducted four medical advisory board meetings with psychiatrists, chest physicians, orthopedic surgeons, cardiologists, nephrologists, and gastroenterologists, and gathered insights into the current gaps in awareness about relevant therapy areas, and how to address these gaps for better patient outcomes. The team also gathered and provided insights on new clinical evidence on oral anticoagulants such as ARISTOPHANES and CARAVAGGIO studies, delivering first-in-class science to the specialists.

The Medical team successfully completed the first pharmacoeconomic study of oral anticoagulants in stroke prophylaxis in AF from healthcare provider''s as well as patient''s perspectives in India. The team had a publication on "Multidisciplinary consensus document on the management of uncontrolled hypertension in India" in the journal -High Blood Pressure and Cardiovascular Prevention.

HUMAN RESOURCES

The year 2020-21 has been unprecedented in many ways-not only did it redefine ways of working, it also had an everlasting impact on many of our business imperatives. Even during such trying times, your Company responded with agility ensuring safety and well-being of our employees while maintaining business continuity.

With Indian business landscape shifting towards innovative pharma and a significant strategic shift in terms of go-to-market strategies, Access and Affordability and Digital, your Company is focusing more on Organization structure which is Fit for Purpose, Bridging Capability Gaps, innovative means of Talent Engagement and leading from the front. Overall, the HR team focused on five key priorities:

A. Fit for Purpose Org Design

Your Company globally has been undergoing transformation to become a science based, innovative and patient focused organization. The objective of this transformation is to simplify the way we work which will allow us to concentrate on our priorities, take decisions faster and always be a step ahead.

As part of Reimagining the Way we Work, your Company''s HR function is now taking on a broader remit of Colleague Experience and will not only be responsible for Human Resources Strategies but also for Workplace Solutions and Internal Communications. This consolidation of resources under one function will drive the global vision of a more seamless working experience for all our colleagues.

Consequent to this change, your Company''s HR function partnered with other critical Enabling functions like Corporate Affairs, Legal and Finance teams to support them in having the right design and structure which can then be leveraged to build an agile and purpose driven organization. The HR function also closely collaborated with Commercial teams to effectively execute their go-to-market strategies. Within Internal Medicine business, as part of their new operating model, your Company will now focus on mandated brands to deliver sustainable and consistent growth. As a result of this strategic shift, successful transition of colleagues was achieved through redeployment while ensuring business continuity and also extending maximum possible support to the colleagues.

B. Talent Attraction & Engagement:

Co-creating our Employee Value Proposition (EVP): In line with your Company''s Bold vision of Unleashing the Power of our People and making Pfizer an amazing work-place for all, the team started the journey of building and strengthening our Employer Brand in the Indian pharma industry. The team tied up with a leading digital media agency to collaborate in crafting our Employee Value Proposition while also having our internal employees acting as champions of the change by voicing their ideas and perspectives. The newly crafted Employee Value Proposition campaign will bring alive the tenets of your Company''s Purpose and Values in the narrative and will proclaim as an Employer of Choice in the marketplace.

Sales Career Architecture: Keeping with the commitment of developing internal talent and creating holistic experience for our employees, your Company had revamped the Sales Career Architecture for sales colleagues'' basis the feedback received. The core purpose of the revamped Sales Career Architecture is to build a future ready organization, with a workforce which has rich experience, skillsets and agility to consistently win in the marketplace. The Sales Career Architecture enables employees to take charge of their career development while also instilling ownership and accountability at the Manager level. The identified set of high potential colleagues are then put through a structured learning journey to enable them to make a successful transition into the next level roles.

Breakthrough Benefits: Your Company is committed to build an amazing workplace where colleagues can bring their best version of self to work every day. Subsequently, your Company has launched various Breakthrough benefits with a focus on providing flexibility and support to the diverse needs of our colleagues. These benefits aim at making Moments That Matter to our colleagues and their family more special. In line with this, your Company made changes in the Paternity Leave and increased the duration to 2 weeks as compared to 5 days earlier. Your Company also introduced Bereavement Leave for 10 days for colleagues to avail time off on account of an unfortunate event of death of an immediate family member. Additionally, Elective Public Holiday was launched to celebrate our country''s diversity by giving flexibility to our colleagues to opt for 2 Elective Public Holidays basis their cultural and religious importance.

Pfizer Immunization Program: Your Company has always been committed to overall health and well-being of its'' colleagues. This became even more significant in the current challenging times of Covid-19; in order to ensure that the employees and their families continue to stay safe and protected in such times, your Company has launched Pfizer India Immunization program to build our Corporate Immunity Quotient. This program provides access to Quadrivalent Flu Vaccine and Pneumococcal Vaccine to all colleagues in India and their eligible dependents by reimbursing the cost of vaccination.

C. Building Capability

Leadership Effectiveness Journey: Your Company tied up with a leading Management Consulting firm to co-create a transformative journey for the Leadership Team to be aligned to the strategic changes in the long-term vision of the organization. The program focuses on how to make our leaders more effective in terms of Growth Mindset, Agility and Complexity,

Empowering and Collaborating and most importantly building new Leaders. The journey which started in November 2020 with the diagnostic phase had the entire Leadership team going through an exhaustive survey and Behavioral Event Interviews. The objective of the diagnostic phase was to evaluate factors associated with highly effective top leadership teams of an organization. At this stage, the program is now moving into the Action phase with multiple workshops being scheduled with the Leadership team to build leaders for the future.

Talent Planning: As your Company starts focusing on its'' long term strategy of being a science and innovation based organization, it is vital that we identify Mission Critical roles that will play a determining role in our success story and place the right talent in those roles. With this objective in mind, the Talent Planning approach was revamped shifting its'' focus from the individual to the role. This approach enables us to assess any gaps and craft a holistic Build/Buy/Borrow Talent plan to meet talent demands of the new agile organization. This approach would tie in with creating customized learning and development plans focused on building key experiences that will lead to successful outcomes.

D. Diversity Equity, and Inclusion

Leadership Commitment: Diversity, Equity and Inclusion is a key area of focus for your Company and it is our constant endeavor to make Pfizer Limited a truly diverse and inclusive workplace. Towards this, your Company has prioritized Gender Diversity as a core area of focus and the Leadership team has taken significant measures to enable building gender diverse teams. There are two significant goals that have been carved out in this area:

â¢ Increase women representation in the field force to 10% as compared to 7% today

â¢ Increase women representation in Leadership Team to 20% as compared to 14% today

Your Company has also introduced Differentiated Rewards for Diversity Hiring. As part of this initiative, your Company''s referral policy was made more lucrative encouraging women colleagues to refer women peers for field roles and earn double the referral amount. Additionally, your Company also created a differentiated reward scheme for Internal Sourcing team to create a pipeline for diversity profiles for field roles.

Your Company exhibited strong Leadership Commitment to its'' Diversity, Equity & Inclusion agenda in the expansion hiring project for Hospitals and Vaccines team. The expansion saw business and HR teams coming together to champion the cause of Diversity & Inclusion and were able to successfully onboard 100% diversity talent for Vaccines team and 51% diversity talent for Hospitals team.

Transition Coaching:

Your Company understands the significance of not only getting diverse talent on-board but also creating an enabling work environment for them where they get to be at their professional best. As part of this objective, your Company had launched Transition Coaching framework for high potential women leaders taking up new and challenging assignments. In this regard, we partnered with a leading Consulting firm to provide access to external coaches for the identified set of women colleagues. A three-month coaching journey was crafted specifically for these colleagues in discussion with their managers to enable these women leaders to make a successful transition and setting up them for success in their new roles.

Courageous Conversations:

It is important for us that our colleagues feel safe and included as part of the organization. This is also in alignment with Pfizer Values of Courage and Equity, where every person deserves to be seen, heard, and cared for and should be able to Speak Up without any fear. To build a culture of inclusivity, your company globally has initiated a series of dialogue called Courageous Conversations. This workshop focuses on creating a safe space for colleagues where they can share their stories without the fear of judgement. Your Company conducted a workshop with the India Leadership team inviting them to share their Only One stories as part of initiating culture building in this context. These sessions will now be taken forward by the leaders with their respective teams.

E. Create Room for Meaningful Work

HR Digital Assistant: Your Company is continuously striving to create room for meaningful work by identifying opportunities through technology and innovation to digitize the existing HR processes. With regards to this, your company has launched HR Digital Assistant - a chat bot which is now enabling managers to become self-sufficient in completing day to day transactions pertaining to critical life-cycle events of the colleagues without any dependency or support. With managers being the last mile experience of Pfizer for colleagues, HR Digital Assistant has been able to create an employee experience which is enriching and holistic.

HireVue & HiredScore: Your Company has made significant progress in automating its'' Talent Attraction process. In this regard, your Company has introduced tools like HireVue and HiredScore to automate the screening and interview process and simplify the overall hiring cycle for the Hiring Manager as well as the candidates. HireVue launch was accelerated to

ensure seamless transition to digital interviews as pandemic induced realities forced us to move away from in person interactions. To further simplify the ways of working, the Internal Recruitment team was introduced in Q3 of 2020 to standardize the internal hiring process and to act as a one stop solution for all internal movements.

LEGAL

Your Company''s Legal Division is committed to providing pragmatic solutions in line with the legal and commercial interests of the Company. Being a specialized department, the Legal Division works proactively with the business to drive compliant and innovative business ideas, strategies and programs right from inception and thereby promotes your Company''s commitment to Patients First.

During this pandemic phase, the Legal Division continues to forefront solutions with the business with digital initiatives to enhance reach to physicians and awareness to patients leveraging technology.

Few of the areas where the Legal Division played leadership role during the year under review include:

â¢ Spearheading litigation against infringers and protecting the IP rights and entitlement of your Company.

â¢ Guiding the business across Digital initiatives to enhance reach to physicians and awareness to patients using technology.

â¢ Constant support for Projects across divisions and enabling functions.

â¢ Mitigation of risks associated with Company''s business operations and intellectual property rights.

â¢ Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that your Company is insulated from operational risk.

BIOPHARMA OPERATIONS GROUP (BOG)

As part of Pfizer''s REIMAGINE project, the erstwhile Global Commercial Operations (GCO) group, undertook a transformational journey to reorganize itself and its services with the sole mission of delivering ''Breakthroughs That Change Patients'' Lives''. Today, this team is an evolved and stronger outfit; and an integral part of Pfizer''s Commercial Operating Model called the Biopharma Operations Group (BOG).

Over the past year, BOG has been established to function as a fully integrated partner that is more capable of delivering both excellence in our essential operations services and transformational solutions that meet and exceed the ever-changing needs of our business and customers.

Operating on the four key fundamental areas of performance, scale, efficiency and simplification, this

model will empower BOG to significantly focus on creating agile and efficient teams that will deliver next generation solutions and realize the vision of our collective advantage at every opportunity.

The Biopharma Operations Group operates as three key teams:

Biopharma Ops. Partners: "integrators" - A fully-dedicated interface for business units, offering strategic partnership, business operations catalog expertise and accountability at the market level.

Enablement: "service design & delivery" - Designs and delivers strategic solutions that optimize the patient/HCP experience and ensures excellence for our customer facing colleagues

Quality: "quality management" - Develops and manages overall commercial quality strategy. Advises on all aspects of quality trends, opportunities and internal quality capabilities

During the year under review, the BOG''s launched multiple global platforms and channels including Virtual Customer Communications (VCC), Rep. Triggered Emails (RTE) and Self-Service Email (SSE). It played a key role in the launch of MAPP Navigator, a streamlined policy and a glocal system to enable end to end meeting management (80% of day meetings) and transactions with automated controls like contracting and approvals. The team also launched Pfire-Comprehensive integrated analytics capability reporting for HCP Engagement managed by our medical representatives and the 2^nd consumer microsite-Fight Pneumo.

GLOBAL SUPPLY CHAIN

Your Company''s Supply Chain and Distribution orchestrates breakthroughs that change patients'' lives through various interventions by enhancing the service capability across the value chain. Conscious and continuous efforts are made to develop and upgrade your Company''s facilities with digital support that delivers value beyond supply through a robust, flexible and efficient distribution network comprising of 20 CFAs which oversee supplies of medicines to over 7500 stockist and 2100 institutions across India. Through this robust distribution network, the team achieved dual milestones by not only ensuring business continuity during the first outbreak of pandemic but also helping the organization meet market beating growth.

As a Supply Chain team, the focus throughout the year under review has extensively been around augmentation of the go-to-market strategies along with the commercial team to meet changing business needs. Amidst the sudden surge in pandemic situation we are ensuring uninterrupted supply of COVID-19 critical brands from different manufacturing sites across the globe and also by transferring medicines from other markets to India for meeting patient needs.

DIGITAL

The year under review has been a year like no other in our lifetime and it continued to challenge the traditional way of work. While it had unprecedented obstacles, the events over the past year brought renewed emphasis on the core values of Pfizer as we strive for "Breakthroughs that change patients Lives" how we innovate so we can lead the way in developing disruptive Digital Strategy in tackling our greatest challenges.

The year was not just about responding to the challenges posed by the COVID-19 situation. Your Company''s Digital team achieved significant milestones this year including many that were important for the Company business as a whole. The team continued to make progress on cyber security controls to ensure we are secured from external threats to our Intellectual property and mission critical information. We also provided critical support to all colleagues during the lockdown and ensured that work does not suffer for want of Digital support. We delivered many cutting solution for virtual connect with healthcare professionals and patients for the product launches, awareness, companion apps, social media initiatives, etc.

As the pandemic situation continued to pose challenges for physical visits, your Company''s thoughtful, novel and innovative means continue to augur well to connect with HCPs and patients. All the above initiatives will help in keeping your Company ahead of the pack and your Company will continue adopting innovative digital technologies and solutions to support the business.

FINANCE

The Finance Division continues to be a strong and effective business partner to provide guidance and leadership while upholding highest standards for internal controls and governance. As the colleagues transitioned to work from home and learning to adapt the new ways of working, the Finance Division ensured that all internal controls have been adhered to, in spite of working remotely without having access to physical documentation. The Division has been instrumental in driving performance, managing risks and opportunities and leading enterprise wide initiatives.

During the year under review, your Company''s Finance team partnered strongly with business in driving key projects including restructuring of the Internal Medicine Business Unit, launch of innovative medicines, wind down of consumer healthcare products and also played the role of enabler in multiple high impact business critical decisions.

The Finance Division played a key role in ensuring effective cost control measures during the pandemic times which enabled your Company to achieve one the best EBITA margins in the Industry.

The Finance Division also played vital role in ensuring uninterrupted supply of essential medicines during the challenging COVID-19 times by providing thoughtful

leadership to the Management, working capital support to the trade and driving various business decisions.

In addition to the strong business partnering, the Finance division continues to play a pivotal role in ensuring fiduciary integrity, upholding high corporate governance standards, maintaining good investor relations, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

Internal Control Systems, their adequacy and Compliance

The Compliance Controls and Risk (CCR) team is responsible to ensure adequacy and effectiveness of internal controls through continuous monitoring. The team''s objective is to give senior management, Risk Management Committee and the Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Company''s risk management, control, and governance processes. This is achieved through a co-sourced internal audit model wherein audit reviews are performed through an independent Chartered Accountancy firm.

Your Company has laid down Internal Financial Controls that include a risk-based framework to ensure orderly and efficient conduct of its business, safeguarding of its assets, accuracy and completeness of the accounting records and assurance on reliability of financial information. Recently, the team implemented automated system of ''SAP Process Control'' to track, perform and review various key controls performed across processes.

The Audit Committee has evaluated the design framework and operative assessment and deliberated with members of management and Statutory Auditors to ascertain their views or opinion. The Audit Committee has satisfied itself on the adequacy and effectiveness of the internal financial control system laid down by management. The Statutory Auditors have confirmed the adequacy of the internal financial control systems over financial reporting.

The CCR team conducts a risk assessment every year during which all risks to the Company''s objectives are assessed and mitigating plans put in place. These risks include operational, financial, regulatory, legal, business and compliance risks. All the key risks along with mitigating plans are presented and discussed annually with the Risk Management Committee and the Audit Committee.

Annually, based on the risk assessment and findings from previous internal audits, the CCR Team prepares the annual audit plan approved by the Risk Management Committee and the Audit Committee and follows throughout the year. As part of the quarterly review, status of the annual audit plan, design assessment, operating effectiveness, key audit findings and remediation status of prior findings are presented and discussed with the Risk Management Committee and the Audit Committee.

As a way of reinforcing its compliance culture, your Company has identified 70 colleagues as "Compliance Champions"

from various teams who act as first point of contact for colleagues in case they have policy related questions. These measures have ensured that your Company is well placed to drive the spirit of compliance across its stakeholders.

COMPLIANCE AND ETHICS

Ethical values and a sense of personal accountability are core to our culture and foundational to the way we work. We ensure to build and enhance a robust ethical culture so that all colleagues demonstrate integrity and make sure that Integrity is key to delivering on our commitments, priorities and strategies.

Through an effective and integrated compliance management with a robust framework (quality management system), your Company has maintained a proactive approach to manage compliance risks driving thoughtful risk taking and leadership accountability.

During the year under review, the Compliance team introduced various innovative initiatives to promote compliance culture at grassroots level through compliance champions and implemented a holistic and robust risk and compliance governance framework. The team implemented enhanced use of data analytics and technology for compliance monitoring and adherence which has led to more effective monitoring and dealing with the risks at early stages. The compliance and business processes and system have been further simplified with the use of new technology which has also led to better compliance adherence.

Your Company has a well-defined policy covering interaction with Healthcare Professionals and Government officials called ''My Anti-Corruption Policy & Procedures'' (MAPP). The policy addresses both local legal requirements while also leveraging best practices followed in other markets. Right tone from the top by the leadership and regular training and awareness also provides frequent reinforcements of Pfizer compliance and ethics values. These measures have ensured that your Company is well placed to drive the spirit of ethics and compliance across its stakeholders.

As part of various culture enhancing initiatives, a Competition on Compliance (Compliance Champion League)-CCL introduced a new initiative called COMPATHON. The colleagues approached Compliance in a gamified manner with a virtual Compliance marathon from Mumbai to New York (NYHQ). Compliance Champions competed not only on physical step count and health activities, but also on Compliance metrics and projects. This helped inculcate Joy into Compliance learning and provided colleagues with much needed virtual fun and engagement during the pandemic.

Office of the Ombudsman

As a global best practice, your Company continue to provide support of "Office of the Ombudsman" to give guidance on grievances of Pfizer colleagues. Office of the Ombudsman provides Pfizer employees access to multiple platforms and avenues to raise concerns and seek assistance on a variety of matters. This is designed as an ''informal'' service - a mechanism whereby colleagues are able to ask their question in an informal atmosphere and get sound advice back on what to do and how to handle. The Office of the Ombudsman is an independent body that supplements the formal channels of grievance redressal that exist at Pfizer.

CORPORATE AFFAIRS

Government Relations and Public Policy

Your Company''s Managing Director Mr. S. Sridhar was elected as the President of the Organization of Pharmaceutical Producers of India for a two-year term starting February 2021. Consequent to his assuming the President''s office, Mr. Sridhar relinquished the Chair of the Federation of Indian Chambers of Commerce & Industry''s (FICCI) National Pharmaceutical Committee for the current year. Pfizer continued as the Co-Chair of the India Pharma Committee of the Pharmaceutical Research and Manufacturers of America (PhRMA) and the US India Business Council (USIBC).

a) Engagement through industry associations and direct advocacy: Your Company undertook direct advocacy and also engaged with different government stakeholders through industry associations such as the OPPI, FICCI, PhRMA, USIBC and US India Strategic Partnership Forum (USISPF) on several important policy level issues which have a direct impact on the business. Prominent issues which were advocated include the National List of Essential Medicines, Public Procurement Order, Drugs and Magic Remedies (Objectionable Advertisement) Act, authorised import and trade of patented medicines in India and strengthening of Intellectual Property eco-system among others. Your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations on the above-mentioned policy level issues.

b) Ayushman Bharat - Pradhan Mantri Jan Arogya

Yojana (AB-PMJAY): Your Company has been able to make a pitch to the National Health Authority for the inclusion of innovative therapies in the Health Benefit Packages of AB-PMJAY. The National Health Authority (NHA), the implementing arm of the government''s AB-PMJAY has shown interest in engaging with the industry and explore possibilities that would increase

the availability and access to in hospital treatments and medicines for the AB-PMJAY beneficiaries.

c) Adult immunisation: Your Company strongly believes that adult immunization against vaccine preventable pneumococcal disease should be taken up on a large scale. The World Health Organization has also recommended priority immunization against pneumonia for frontline healthcare workers and for those who at risk such as the elderly and those having co-morbid conditions. Your Company has been front ending the discussion on the need for undertaking adult immunization with both the central and the state governments. We have partnered with the US -India strategic Partnership Forum and have launched a series of round tables to engage with key stakeholders from the government, public, NGOs, patient groups, healthcare experts, consumers and the private sector to not only raise awareness about the need for adult immunization but also make recommendations which could lead to the development of a comprehensive policy at the national level for adult immunization. We also continue to explore other avenues for inclusion of adult immunization in specific government programs and by government agencies such as Ayushman Bharat and National AIDS Control Organisation (NACO).

EXTERNAL COMMUNICATIONS

Your Company continued to engage with media and other external stakeholders to share important messages pertaining to business developments and key therapies and products. The team also showcased important corporate responsibility initiatives to a wider universe of external stakeholders, including media, the HCP community, Government and industry stakeholders, through communication and participation in industry events.

CORPORATE SOCIAL RESPONSIBILITY

Your Company continued to stay true to its purpose of promoting access to quality healthcare in the country by nurturing innovation, encouraging community involvement of our colleagues and synergising efforts with government and other stakeholders for collective impact.

This year, the team continued to identify and work on projects that are aligned to Pfizer''s CSR priorities as listed below:

â¢ Encourage and support Indian innovation and Indian intellectual property with a focus on healthcare;

â¢ Undertake awareness and access programmes ourselves or in partnership with NGOs, Government and healthcare providers in areas such as women and child health, among others;

â¢ Support Government national and/or state programs and priorities with linkages to healthcare;

â¢ Enlist employees as volunteers to support activities around health, sanitation and disease awareness; and

â¢ Participate in disaster relief activities.

Your Company''s flagship CSR initiatives undertaken during the year under review gained significant momentum leading to high-impact outcomes.

Pfizer along with NGO partner Americares India Foundation (AIF) has rolled out two major projects to combat India''s AMR challenges.

a. Project Parivartan focusses on addressing the current Infection Prevention and Control (IPC) challenges in healthcare facilities. In this multi-year project, your Company is supporting the development of a model for "Institutional Capacity Building" to deliver facility-based IPC and Anti-Microbial Stewardship among 11 small and mid-size hospitals across India.

b. Pfizer along with AIF, will launch an Online Learning Platform for healthcare workers to ensure that they have access to quality training on IPC across India. The project is currently in the initial phase of building the IPC module as per the WHO guidelines. The platform would be accessible free of cost with certification in six languages (English, Hindi, Tamil, Telugu, Malayalam and Marathi).

c. The Indian Council of Medical Research (ICMR)-Pfizer collaboration aims at enhancing the existing AMR Stewardship Program with a focus on awareness. The project helps to address the growing threat of antimicrobial resistance (AMR) in India. As a part of the project, nine ICMR network hospitals have been adopted and being trained in AMSP (and designated as Nodal Champions) who in turn would adopt and mentor 5-10 small hospitals, both private and government, in their region with a total of 50-70 hospitals on stewardship. Separately, an additional number of nursing homes/hospitals (up to 100) may be considered only for stewardship training.

The Pfizer-ACF (Tata Trusts) Cancer Care Project has been set up to work with the high-risk population that require healthcare attention. Overall, this project aims to serve as a one-stop, information and support centre for patients and families at Tata Trusts'' key cancer hospitals. Alamelu Charitable Foundation (ACF) was established by Tata Trusts to support the setup of a comprehensive healthcare network across India. The program is in the first Phase of its operation and includes the following:

â¢ Health and wellness kiosks in Ranchi, Diphu, Silchar and Tirupati. The kiosks provide services such as counselling and interactive sessions on preventing cancer and

lifestyle- related disorders to reduce the risk of noncommunicable diseases (NCD), counselling session for smoking cessation and prevention, screening for Oral, Cervical and Breast cancer, general physician examination and basic laboratory investigation mainly haemotological, serological and bio- chemical test, etc.

â¢ Community outreach and early detection for NCD, screening of catchment population and referral to the nearest centre

â¢ Set-up and operationalisation of a patient referral and tracking platform

â¢ Manage and operate a virtual patient helpdesk, complemented by one on-site patient navigator in OPD and day care centers in the four locations.

The project in its first year of operation has positively impacted lives of over 10,00,000 beneficiaries and over 1,500 healthcare workers. This project is a breakthrough in providing access and high-quality consistent care as the primary objective of the programme.

As a part of the Company''s CSR initiative, your Company has partnered with NGO Doctors for You to set up physical helpdesks at 10 high burden cancer hospitals across India. The aim of the initiative is to improve the treatment experience for cancer patients throughout their journey by handholding them and their caregivers through the diagnosis, treatment and rehabilitation phases.

Pfizer''s Healthcare Innovation Project, that started in 2015 in partnership with IIT Delhi (Pfizer-IIT Delhi Innovation and IP Program) has supported 34 Indian innovators till date. The programme''s Version 2.0 is being rolled out in partnership with Social Alpha - a healthcare accelerator company focusing on supporting start-ups with specific themes in healthcare for 24 months. In 2021, the focus would be on Oncology and Digital Health. This unique partnership model is designed to provide funding, resources, expertise and infrastructure to propel India''s healthcare innovations from prototype to market. The program envisages active support for venture acceleration from other market investors. The overarching objective of this programme is to nurture, support, celebrate and reward healthcare innovations that are ''Made in India''. The project funded by Pfizer would be unencumbered in nature, with all rights of innovations being owned by the innovators.

Your Company is working towards developing the village of Kaulale, Jawhar under the Pfizer Sustainable Village Transformation Project with BAIF Institute for Sustainable Livelihoods and Development as the implementation partner. At present work is ongoing in nine villages of the same Gram panchayat Kaulale for proposed integration of the key components for holistic village development this year to achieve several development ideals that include, but are not limited to :

â¢ Clean drinking water and sustainability of water sources

â¢ Quality education for all, (primary education)

â¢ Safe food and nutritional security for all

â¢ Safe sanitation facilities and access to quality curative and preventive healthcare services through awareness

â¢ Livelihood security and financial inclusion

â¢ Optimal use, management, and sustainability of natural resources and conservation of biodiversity.

Shortfall in CSR spend

The CSR funds were earmarked for five key projects - AMR Parivartan Hospital Transformation Project in partnership with Americares, Pfizer-Tata Trusts cancer care project, Village transformation project (BAIF), Pfizer-IIT Innovation Program 2.0 and Cancer helpdesks by Doctors for You.

Given the scale and scope of these projects, the programs could not utilize the full funds earmarked on account of COVID-19 pandemic. These CSR projects are long term and continuing projects which would be supported by the Company during subsequent years. Accordingly the said CSR funds are being released in a phased manner. As per the provisions of the Companies Act, the unspent CSR amount of ''10.95 crore was transferred to a dedicated bank account from which it will be utilized within 3 years for aforementioned key projects.

WHISTLE BLOWER / VIGIL MECHANISM

Your Company has established a Whistle Blower/ Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The e-mail ID for reporting genuine concerns is: ''[email protected]''. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at ''[email protected]''. No person has been denied access to the Audit Committee Chairman. A quarterly report on the whistle blower complaints received, and action taken thereon is placed before the Audit Committee for its review.

PREVENTION OF SEXUAL HARASSMENT POLICY

The ''Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013'' ("the Act") seeks to protect women colleagues against sexual harassment in their workplace. Your Company has specially designed training modules to help all colleagues and contingent associates to understand what constitutes sexual harassment in the workplace and how to address it; as well as the organization''s role in preventing it. A Training workshop was held in early 2020 for current and new ICC Members with the view to enable the members. Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Act.

The details of complaints filed and disposed of during the Financial Year under review are as under:

Sr. No.	Particulars	Number of Complaints
1.	Number of Complaints pending as on the beginning of the Financial Year 2020-21	Nil
2.	Number of Complaints filed during the Financial Year 2020-21	Nil
3.	Number of Complaints disposed of during the Financial Year 2020-21	Nil
4.	Number of Complaints pending as on the end of the Financial Year 2020-21	Nil

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013, Mr. Samir Kazi, (DIN: 07184083) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of Directors of the Company at their Meeting held on February 5, 2021, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. S. Sridhar (DIN: 05162648) as the Managing Director of the Company for a further period of 5 years with effect from March 18, 2021 subject to the approval of members at the ensuing Annual General Meeting.

All Independent Directors have given the declarations that they meet the criteria of independence as laid down under Section 149(6) of the Companies Act, 2013 and SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

Independent Directors'' Meeting

During the year under review, one Meeting of the Independent Directors was held on June 15, 2020, without the presence of the Executive Directors and Management Personnel. At the said Meeting, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company''s business to enable them to contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. Your Company also circulates news and articles related to the Industry and provide specific regulatory updates to the Independent Directors on a regular basis.

A brief summary of the Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr.	Particulars of the	Date	No. of
No.	Programmes	Â	Hours
1.	Pharma Market, Industry	15.06.2020	4
Â	Performance and Regulatory	27.07.2020	Â
Â	changes update.	02.11.2020	Â
Â	(Duration one hour each)	05.02.2021	Â
2.	Presentation on Overview of Human Resources Function	15.06.2020	0.75
3.	Presentation on Active Pharmaceutical Ingredients Procurement Strategy	27.07.2020	0.75

Sr. No.	Particulars of the Programmes	Date	No. of Hours
4.	Presentation on Prevnar Vaccines Business	27.07.2020	0.75
5.	Presentation on Internal Medicine Business -go-to-market strategies	02.11.2020	0.75
6.	Presentation on Pfizer Inc.''s Covid-19 Vaccine Development	02.11.2020	0.75
7.	Presentation on Digital Marketing Strategy	05.02.2021	0.75
8.	Presentation on Risk Management Framework and Key Business Risks	29.03.2021	0.75
Â	Total	Â	9.25

NOMINATION AND REMUNERATION POLICY:

The Board has on the recommendation of the Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy forms part of this Report annexed herewith as "Annexure - B".

MEETINGS OF THE BOARD:

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report which forms part of this Report and annexed herewith as "Annexure - G".

DIRECTORS'' RESPONSIBILITY STATEMENT:

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the year ended March 31, 2021, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2021 and of the profit of the Company for the year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other

irregularities;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

KEY FINANCIAL RATIOS:

Pursuant to the SEBI (Listing Obligations and Disclosure

Requirements), Regulations 2015, we give below the key

financial ratios:

Sr. No.	Particulars	FY 2021	FY 2020
1	Debtors Turnover Ratio	14.52	12.20
2	Inventory Turnover Ratio	1.84	1.94
3	Interest Coverage Ratio	N.A.	N.A.
4	Current Ratio	2.49	3.49
5	Debt Equity Ratio	N.A.	N.A.
6	Operating Profit Margin	28%	22%
7	Net Profit Margin	23%	24%
8	Return on Net Worth	21%	15%

None of the aforementioned ratios have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by shareholders equity. The change in return on net worth is primarily on account of high dividend payout of ''1,509 Crore during the year under review.

AUDIT COMMITTEE:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.

RISK MANAGEMENT POLICY:

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS:

The Company had entered into materially significant related party transactions with Pfizer Innovative Supply Point Intl BVBA, Belgium and Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same are within the limits duly approved by the members at the 65^th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website ''www.pfizerindia.com''. The weblink for the Policy is https://www.pfizerindia.com/eNewsWebsite/investor/pdf/ Revised%20Related%20Party%20Transaction%20Policy%20 -%20Pfizer%20website.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The Company has not granted any loans, guarantees and investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31,2021.

DEPOSITS FROM PUBLIC:

During the financial year under review, the Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company''s operations in future.

OTHER INFORMATION:

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies

(Appointment and Remuneration of Managerial Personnel) Rules, 2014, forms part of this Report and annexed herewith as "Annexure - E".

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees'' particulars which is available for inspection by the Members up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company''s Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

AUDITORS:

The Companies (Amendment) Act, 2017 has waived the requirement for ratification of the appointment of statutory auditor by the shareholders at every Annual General Meeting. Hence, the approval of the members is not being sought for the re-appointment of the statutory auditor and in line with their resolution of appointment passed at the previous Annual General Meeting held on September 6, 2018, Accordingly Messrs. Walker Chandiok & Co. LLP will continue to hold office till the conclusion of the 71^st Annual General Meeting of the Company. Messrs. Walker Chandiok & Co. LLP have confirmed their eligibility and submitted the certificate in writing that they are not disqualified to hold the office of the Statutory Auditor.

The Auditor''s Report for the financial year ended March 31,2021 do not contain any qualification, reservation or adverse remark.

COST AUDITORS:

the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member''s ratification for the remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2020 on December 10, 2020, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2021 is due to be filed by October 26, 2021.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Company''s records for the financial year ending March 31, 2022. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report forms part of this Report and annexed herewith as "Annexure - F". The Secretarial Audit Report for the financial year ended March 31, 2021, does not contain any qualification, reservation or adverse remark.

ANNUAL SECRETARIAL COMPLIANCE REPORT

The Company has undertaken an audit for the financial year 2020-21 for all applicable compliances as per SEBI Regulations and Circulars/Guidelines issued thereunder. The Annual Secretarial Compliance Report has submitted to the stock exchanges within 60 days from the end of the financial year under review. The Annual Secretarial Compliance Report is available on the Company''s website at www.pfizerindia.com

COMPLIANCE WITH SECRETARIAL STANDARDS:

ANNUAL RETURN:

Pursuant to Section 92(3) read with Section 134(3)(a) of the Companies Act 2013 and rules made thereunder, the Annual Return of the Company as on March 31, 2021 in Form MGT-7 is available on the Company''s website at https://www.pfizerindia.com/eNewsWebsite/ investor/financial_results.aspx

RESPONSIBILITY REPORTING:

A Report on Corporate Governance along with a Certificate from Messrs. Walker Chandiok & Co LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as "Annexure - G".

A Business Responsibility Report as stipulated under Regulation 34(2) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, describing the initiatives taken by your Company from an environmental, social and governance perspective, forms part of this Report and annexed herewith as "Annexure-H".

CAUTIONARY NOTE

Certain statements in respect to Management Discussion and Analysis may be forward looking and are stated as required by the applicable laws and regulations. The future results of the Company may be affected by many factors, which could be different from what the Directors envisage in terms of future performance and outlook.

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors

R.A. Shah Chairman

Mumbai, May 26, 2021 DIN: 00009851

Mar 31, 2019

To the Members

The Directors take pleasure in presenting this 68th Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2019. The Company operates only in one business segment that is, âPharmaceuticalsâ and this Report covers its Pharmaceutical business performance.

DIVIDEND

Your Directors recommend a dividend of Rs.22.50 (225%) per equity share for the financial year ended March 31, 2019. The dividend payout will be Rs.102.94 crore and the dividend distribution tax payable by the Company would amount to Rs.21.16 crore. This aggregates to a total dividend outgo of Rs.124.10 crore.

FINANCIAL HIGHLIGHTS

(in Rs.crore)

Particulars	Year ended March 31, 2019	Year ended March 31, 2018
Net Sales	2030.49	1,924.86
Other Operating Income	51.01	55.33
Revenue from Operations	2081.50	1,980.19
Other Income	167.39	114.29
Profit Before Tax	659.91	547.91
Income Tax Expense	230.86	187.84
Profit for the year	429.05	360.07
Total other comprehensive income (net of tax)	1.05	6.81
Total comprehensive income for the year	430.10	366.88

Your Companyâs sales for the financial year ended March 31, 2019 stood at Rs.2,030.49 crore as compared to Rs.1,924.86 crore in the previous year, which represents a growth of 5.5%. The sales for the year under review are not strictly comparable with that of the previous year as your Company divested its rights and interests in certain brands in the year under review. Further, sales up to June 30, 2017 in the previous year included excise duty, whereas the sales post July 1, 2017 were net of GST.

Profit before tax for the financial year ended March 31, 2019 was Rs.659.91 crore as compared to Rs.547.91 crore in the previous year. The profit after tax stood at Rs.429.05 crore for the financial year ended March 31, 2019 as compared to Rs.360.07 crore in the previous year. The profit for the financial year under review included Rs.28.93 crore on account of sale of the Companyâs rights and interests in certain brands.

DIGITAL MARKETING

Your Company continued to innovate in digital marketing initiatives. This year, these initiatives have not only achieved scale by reaching over 5 million touchpoints with HCPs but also added value through substantial savings and shorter turnaround times.

The team also on-boarded new âPatient Firstâ capabilities by building partnerships with healthcare ecosystems such as social media agencies and online consumer communities that will help improve patient awareness, adherence and compliance. Therapies with patient first approach to business such as Internal Medicine portfolios have shown interest in these online platforms but early adopters such as Vaccines and Womenâs Healthcare have closely worked with the Digital Marketing team to deliver over 4 Lakh touchpoints direct to customer as part of consumer awareness and reach programs.

In other digital initiatives, the team has demonstrated reach and frequency with trade partners delivering over 1.6 million digital touchpoints for offer promotions, etc. and over 34,000 interactions with Pfizer field colleagues to augment their efforts in the field.

MANUFACTURING OPERATIONS

Overview

Your Companyâs manufacturing operations are carried out in full compliance with local laws and in line with the stringent Global Pfizer Quality and EHS standards.

People

Over the past year, your Company conducted several programs and initiatives to train and motivate colleagues to deliver best in class performance, including Leadership Development Program, Six Sigma Black Belt training and Operational Excellence training.

Environment Sustainability

Your Companyâs continued focus on renewable resources has created an excellent model for environmental sustainability through which effort is made to reduce waste and a strong emphasis is put on conservation of resources across manufacturing sites. The Goa Plant follows stringent Global Safety, Environmental Health and Hygiene requirements and this year has received a number of awards including award for Excellence in Environment Sustainability.

The Plant continued its drive towards energy conservation initiatives including waste heat recovery from compressed air generation process and introduction of variable frequency drive in cooling water and chilled water circulation pumps in the system. These initiatives have resulted in significant reductions in power consumption and reduction of carbon footprint.

MEDICAL AFFAIRS DIVISION

The year under review was a year of transformation for the Medical Team. The Team partnered with a large number of healthcare practitioners, medical institutions and associations as relevant to each business line and remained committed to delivering impactful insights and disseminating medical knowledge to meet the ultimate goal of improving patient care.

A. Medical Education

The Team reached out to over 5200 general physicians (GPs) through face-to-face and virtual meetings. MINERVA, the smart medical e-learning platform, was launched in June 2018 and witnessed 673 GPs registrations in the initial six months. The educational meetings across therapy areas covered six premier Gastroenterology Institutes and 65 Gastroenterologists across India, 32 Young Gynaecologistsâ Programs (YGP) educating 1200 Gynaecologists and 10 Nephro Connect meetings at 22 hospitals with 197 Nephrologists.

Furthermore, the Team partnered with the Academy of Infection Management (AIM), a non-profit UK-based organization, to develop case-based educational modules to combat the menace of AMR. It partnered with medical professional associations for antimicrobial stewardship training of clinicians and continued Antimicrobial Testing Leadership and Surveillance (ATLAS) at nine institutes pan India.

To strengthen the Companyâs leadership position in private hospitals, the Team conducted 28 programs (Pharmacy Academia, Virtual Preceptorship Program with International expert, and Nursing Academia) in 39 key institutes across India, training over 500 pharmacists and 400 nurses.

The team also conducted 64 virtual meetings with 6000 Pediatricians at their clinics disseminating information on Pneumococcal disease and its prevention.

The team also conducted 64 virtual meetings with 6000 Pediatricians at their clinics disseminating information on Pneumococcal disease and its prevention. This provided an excellent opportunity to touch base HCPs by reaching right at their doorstep through technology.

B. Insights Generation

The team gathered structured insights on current attitudes and behaviors regarding the use of Oral Anticoagulants (OACs) from meeting and in-person interactions.

C. Data Generation and Publications

During the year under review, your Company undertook valuable data generation that have been presented at scientific conferences and submitted for publishing in science journals.

For the Gelusil range and Mucaine, new scientific evidence was generated regarding the onset of action of non-systemic antacids in vitro. Other data-based research reports included a paper on âCurrent understanding and practice in menopause hormone therapy: Indian perspectiveâ; a poster on âConsensus statement on management of uncontrolled hypertensionâ was published in the Journal of Hypertension; reports on âReal world Indian clinical evidence of Tofacitinib in Rheumatoid Arthritisâ; âReview of the role of Echinocandins in Biofilmsâ; ârole of tumor necrosis factors in early Axial Spondyloarthritisâ.

Attracting Talent

Your Company aims to attract the best talent for its workforce through various channels. With the objective of introducing young talent to the organization, improving gender diversity and being future ready, the âPfizer Sales Trainee Programâ continues to attract high potential graduates for a meaningful career in pharmaceutical sales. In addition to infusing young talent in the organization, the strategy to attract experienced sales professionals has been strengthened through a new recruitment process.

Your Companyâs employees are also its best ambassadors and have continuously helped scout for the right talent both in and beyond this industry. In order to leverage this strong network, an employee referral policy for non-field colleagues was launched during the year under review, in addition to the existing field referral policy. Your Company is an equal opportunity employer. In line with this, the employee referral policy offers a differentiated reward for referring female candidates to the Company, in order to bring in high caliber female talent to support the diversity and inclusion agenda of your Company. We are endeavoring to build a strong ecosystem where our managers support young women as they take their first step to building their careers.

Developing Talent

Your Company is committed to people development and growing talent from within. The Sales Career Architecture (SCA) framework launched in 2016 has seen the successful transition of several field colleagues into various career opportunities within the Company. During the year under review, an active campaign to garner feedback on the experiences of colleagues and their managers in the career architecture was launched. The feedback received from a large cross section of colleagues has formed the foundation of the design of a revised version of the Sales Career Architecture (SCA 2.0), the tenets of which are deeply rooted in taking ownership of careers, embracing new experiences and focusing on development.

In the ever-changing external and internal environment, your Companyâs capability-development interventions, present platforms for leveraging the opportunity of the evolving roles of field managers by building their leadership capabilities. These programs offer a combination of various forms of learning platforms ranging from classroom training, coaching and introspective learning. During the year under review, these have equipped your frontline managers in building coaching capabilities as well as developing need-specific operating plans independently.

Prevention of Sexual Harassment Policy

The âSexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013â (âthe Actâ) seeks to protect women colleagues against sexual harassment in their workplace. Your company has specially-designed training modules to help all colleagues and contingent associates to understand what constitutes sexual harassment in the workplace and how to address it; as well as the organizationâs role in preventing it.

Your Company has complied with the provisions relating to the constitution of Internal Complaints Committee under the Act. The details of complaints filed and disposed of during the Financial Year under review are as under:

Number of complaints filed during the financial year 2018-19	2
Number of complaints disposed of during the financial year 2018-19	Nil
Number of complaints pending as on end of the financial year 2018-19	2

LEGAL DIVISION

Your Companyâs Legal Division is committed to providing a proactive, qualitative and client-centric service that protects and advances your Companyâs goals in adherence to the law of the land.

The Legal Division is responsible inter alia to protect your Companyâs business interests; ensure compliance with applicable laws; protecting the Companyâs intellectual property and other assets; and assisting various business units in evaluating risks associated with business transactions . The Legal Division plays a partnership role in generating innovative business ideas and strategies from inception, to ensure compliant outreach programs that promote your Companyâs commitment to always keep âPatients Firstâ.

Few of the areas where the Legal Division has played leadership role during the year under review are:

- Growth of your Companyâs business through strategic business development transactions.

- Mitigation of risks associated with Companyâs business operations and intellectual property rights.

- Defending the Company against litigation as well as pro-actively initiating litigation, wherever necessary, to ensure that your Company is insulated from operational risks.

FINANCE

The Finance division is a key partner to the management in upholding internal controls and governance standards, driving performance and leading enterprise wide initiatives.

During the year under review, your Companyâs Finance team partnered strongly with business in driving various projects/ initiatives including portfolio optimization, resource allocation/ reallocation, stabilization of new ERP and GST for the Company and providing innovative solutions in multiple high impact decision making and business critical matters.

Your Finance division was recognized with Pfizer Incâs prestigious Jade Grand Prix Pricing Award for innovative pricing solutions. Further, the Finance division was also awarded with Asiaâs Adam Smith Award for best in class Treasury services.

In addition to the strong business partnering, the Finance division played a pivotal role in ensuring fiduciary integrity, upholding high governance standards, institutionalizing effective internal controls and consistently driving strong business performance and financial prudence.

COMPLIANCE AND ETHICS

Integrity is one of the fundamental values of your Company and it never compromises integrity in its decision making or during the pursuit of its business goals. Through an effective and integrated compliance management with a robust framework (quality management system), Pfizer Limited has maintained a proactive approach to manage compliance risks and drive thoughtful risk taking and leadership accountability.

During the year under review, the Compliance team introduced various innovative initiatives to promote a compliance culture at grassroots level, such as, a Compliance Champions League, through which different teams of Compliance Champions compete to achieve compliance goals and introduction of a compliance ambassador called âCaptain Complianceâ to guide colleagues in an interesting and exiting way.

Office of the Ombudsman

As a global best practice, Pfizer Limited established the âOffice of the Ombudsmanâ during the year under review. Office of the Ombudsman provides Pfizer employees access to multiple formal platforms and avenues to raise concerns and seek assistance on a variety of matters. This is designed as an âinformalâ service - a mechanism whereby colleagues are able to ask their question in an informal atmosphere and get sound advice back on what to do and how to handle.

The Office of the Ombudsman is an independent body that supplements the formal channels of grievance redressal that exist at Pfizer.

CORPORATE AFFAIRS

The Corporate Affairs Division works in the domains of Government Relations, Communications and Corporate Social Responsibility. During the year under review, the division undertook a number of policy advocacy initiatives; stakeholder engagement outreach; image building campaigns; and community and colleague engagement programs.

Government Relations

Your Companyâs Managing Director Mr. S. Sridhar was re-elected as the Chair of the Federation of Indian Chambers of Commerce & Industryâs (FICCI) National Pharmaceutical Committee for the current year. He also continues to serve as an Executive Committee Member in the Organization of Pharmaceuticals Producers of India (âOPPIâ).

a) Engagement through industry associations and direct advocacy

As a member of the OPPI, your Company continued to participate and play an active role in leading the dialogue with relevant government stakeholders and contributing recommendations and comments on key policy matters.

b) Ayushman Bharat - Pradhan Mantri Jan Arogya Yojna (AB-PMJAY)

Your Company continued to be at the forefront of advocacy to strengthen the Ayushman Bharat program. Through various industry associations as well as independent engagement, Pfizer engaged with the National Health Authority to provide recommendations on mechanisms through which innovative therapies may be included in the scope of the program, thereby providing Ayushman Bharat beneficiaries with access to advanced treatments.

c) Tiered pricing concepts for national and state programs

Your Company strongly believes in the concept of tiered pricing and targeted access as a sustainable approach for public-private collaborations. To this end, your Company continued its advocacy with the national Pradhan Mantri Jan Aushadhi Pariyojana (Jan Aushadhi) and similar state-level programs to explore opportunities for participation through the tiered-pricing models.

Communications

Your Companyâs communications team plays the role of a key enabler in communicating the organizationâs growth plans, important decisions and milestones to stakeholders both internally and externally.

Externally, your Company, continued to engage with media to share important messages pertaining to business developments and key therapies and products. The team also showcased important corporate responsibility initiatives to a wider universe of external stakeholders, including media, the HCP community, Government and industry stakeholders, through communication and participation in industry events.

Internally, your Company continued to maintain a high impact communication program, including the launch of a new colleague communication platform.

Talking Straight: A video-interview platform was launched that enable Pfizer leaders in India and globally to field direct questions and share insights, key decisions and new initiatives. In its first episode, your Companyâs Managing Director, in a live video chat, briefed employees about the Companyâs focus areas, new initiatives on simplification and alignment of the India organization to the global business strategy.

Colleague Engagement

Your Company maintained a high-performance culture by engaging employees and aligning them with our values, purpose and strategy. Through an active calendar of activities that focused on the wellness of our colleagues, as well as celebrations of achievements and festivals, your Company worked towards bringing its colleagues together regularly

Highlights of the year under review include:

a) Pfizer Family Day: The Pfizer Family Day was celebrated at the Mumbai headquarters and regional offices to bring together colleagues and their families for an evening of entertainment, engagement and recognitions. The Mumbai Pfizer Family Day event saw participation from nearly 1,200 employees and their family members and over 300 attended at each of the regional centres.

b) Celebrating the larger Pfizer family: Your Company also hosted several in-office initiatives for employeesâ families. The Kidsâ Day Out program saw 55 children aged 4-12 years enjoying a host of activities in the Pfizer India office.

The day also allowed children to gain a wider appreciation for the work their parents do. In June 2018, your Company celebrated Parentsâ Day by giving employees an opportunity to reconnect with their parents in the simplest of ways - by crafting handwritten notes and creating videos through booth installations for their parents.

CORPORATE SOCIAL RESPONSIBILITY

Your Company continued to stay true to its purpose of promoting access to quality healthcare in the country by nurturing innovation, encouraging community involvement of our colleagues and synergizing efforts with government and other stakeholders for collective impact.

This year, the team continued to identify and work on projects that are aligned to Pfizerâs CSR priorities as listed below:

a) Encourage and support Indian innovation and Indian intellectual property with a focus on healthcare;

b) Undertake awareness and access programs ourselves or in partnership with NGOs, government and healthcare providers in areas such as women and child health, among others;

c) Support governmentâs national and/or state programs and priorities with linkages to healthcare;

d) Enlist employees as volunteers to support activities around health, sanitation and disease awareness; and

e) Participate in disaster relief activities.

Your Companyâs flagship CSR initiatives undertaken during the year gained significant momentum leading to high-impact outcomes.

1. Your Companyâs Pfizer-IIT Delhi Innovation and IP Program is now in its third phase with projects incubated in the earlier two phases either launched or in an advanced stage of launch. The program supports Indian innovation and Indian intellectual property with a focus on healthcare. Since inception in 2015-16, the program has incubated five and supported IP filings of nine innovators. During the year under review, one innovator was incubated, and three IP filings supported.

2. The ICMR Pfizer Centre for AMR Research and Education set up in partnership with the Indian Council of Medical Research, launched its first Anti-Microbial Stewardship Program (AMSP) workshop in New Delhi with over 150 participants from the medical fraternity. In January 2019, the partnership launched a high-decibel public awareness campaign titled âAMR ko Aao Milkar Rokeinâ (Let us work together to curb AMR). This public awareness and advocacy program was intended to disseminate information on AMR and promote the responsible use of antibiotics through multiple media platforms. The campaign succeeded in reaching over 100 million people across six metros.

3. During the year under review, your Company adopted 13 schools in Mumbai and Goa under the Pfizer School Sanitation and Development Program. The objective is to look at the complete development of these schools including infrastructure, sanitation facilities, water purifiers, digitalization, menstrual hygiene as well as setting up science labs. Under the program, more than 240 sanitation units in schools across five states have been successfully built and refurbished since its launch in 2017.

4. Your Company contributed towards Disaster Relief by strengthening healthcare infrastructure in wake of the natural calamity that struck the state of Kerala. Through your Companyâs grants, a total of 21 family health centers were restored and upgraded in the state. Pfizerâs contributions were used to buy equipment for these centres including sterilizers, oxygen concentrators, laryngoscopes, ECG machines and cardiac monitors among others. As an instantaneous relief to the community, your Company helped provide healthcare kits and water purifiers, while also supplying a number of essential medicines required for immediate relief.

Your Company fully met its requisite CSR spends obligation by funding novel, scalable and sustainable projects, aligned with national priorities providing maximum impact to the community. A brief outline of the initiatives undertaken during the year and details of CSR projects undertaken by your Company during the financial year under review are provided in the Corporate Social Responsibility Report (Annexure-A).

WHISTLE BLOWER / VIGIL MECHANISM:

Your Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Companyâs code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The e-mail ID for reporting genuine concerns is: âcorporate.compliance@pfizer. comâ. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at âChairman.IndiaAuditcom@pfizer. comâ. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013, Mr. Vivek Dhariwal (DIN: 02826679) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of Directors of the Company at their Meeting held on November 14, 2018, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Mr. Milind Patil (DIN: 02546815) as Executive Director -Finance with effect from November 14, 2018 for a period of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting and approval from the Central Government. The Company has received a Notice for candidature as a Director from a Member pursuant to Section 160 of the Act.

The Board of Directors of the Company at their Meeting held on March 8, 2019, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Ms. Meena Ganesh (DIN: 02546815) as an Additional (Independent Director) Director with effect from March 8, 2019 for a term of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting. The Company has received a Notice for candidature as a Director from a Member pursuant to Section 160 of the Act

The Board of Directors of the Company at their Meeting held on May 28, 2019, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. R. A. Shah (DIN: 00009851) as an Independent Director with effect from November 10, 2019 for a term of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting.

The Board of Directors of the Company at their Meeting held on May 28, 2019, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Pradip Shah (DIN: 00066242) as an Independent Director with effect from November 10, 2019 for a term of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting.

The Board of Directors of the Company at their Meeting held on May 28, 2019, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Uday Khanna (DIN: 00079129) as an Independent Director with effect from November 10, 2019 for a term of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting.

The Board of Directors of the Company at their Meeting held on May 28, 2019, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Sunil Lalbhai (DIN: 00045590) as an Independent Director with effect from February 14, 2020 for a term of 5 (five) years subject to the approval of members at the ensuing Annual General Meeting.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

Independent Directorsâ Meeting

One Meeting of the Independent Directors was held on May 7, 2018, without the presence of the Executive Directors and Management Personnel. At the Independent Directors Meeting held on May 7, 2018, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Companyâs business to enable them contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. Your Company also circulates news and articles related to the Industry and provide specific regulatory updates to the Independent Directors on a regular basis.

A brief summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr. No.	Particulars of the Programmes / Presentations	Date	No of Hours Duration (Hrs.)
1.	Pharma Market, Industry Performance and Regulatory changes update (Duration 1.00 hr each)	Quarterly Board Meetings	4.00
2.	Business Strategy	May 7, 2018	1.00
3.	Manufacturing Operations	January 24, 2019	1.00
	Total Duration (Hrs.)		6.00

NOMINATION AND REMUNERATION POLICY:

MEETINGS OF THE BOARD:

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report (Annexure H to the Boardâs report).

DIRECTORSâ RESPONSIBILITY STATEMENT:

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the year ended March 31, 2019, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2019 and of the profit of the Company for the year ended on that date;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

KEY FINANCIAL RATIOS:

Pursuant to the SEBI (Listing Obligations and Disclosure Requirements), Regulations 2015, we give below the key financial ratios:

Sr. No.	Particulars	FY 2019	FY 2018
1	Debtors Turnover Ratio	12.75	14.94
2	Inventory Turnover Ratio	2.19	2.43
3	Interest Coverage Ratio	N.A.	N.A.
4	Current Ratio	3.05	2.53
5	Debt Equity Ratio	N.A.	N.A.
6	Operating Profit Margin (%)	31%	29%
7	Net Profit Margin (%)	21%	19%
8	Return on Net Worth	14%	13%

None of the aforementioned ratios have undergone a change of more than 25% as compared to the previous financial year.

The return on net worth is computed as net income by shareholders equity. The change in return on net worth is primarily on account of increase in net profit to Rs.429.05 crore from Rs.360.07 crore.

AUDIT COMMITTEE:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this report.

RISK MANAGEMENT POLICY:

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS:

All Related Party Transactions that were entered into during the financial year were on an armâs length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The Company had entered into materially significant related party transactions with Pfizer Innovative Supply Point Intl BVBA, Belgium and Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same are within the limits duly approved by the members at the 65th Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Companyâs website âwww.pfizerindia. comâ. The weblink for the Policy is http://www.pfizerindia.com/ eNewsWebsite/investor/pdf/Revised%20Related%20Party%20 Transaction%20Policy%20-%20Pfizer%20website.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-visthe Company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The Company has not granted any loans, guarantees and investments under Section 186 of the Companies Act, 2013 for the financial year ended March 31, 2019.

DEPOSITS FROM PUBLIC:

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companyâs operations in future.

OTHER INFORMATION:

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, (âthe Actâ) read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as âAnnexure - Eâ.

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employeesâ particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Companyâs Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

AUDITORS:

The Companies (Amendment) Act, 2017 has waived the requirement for ratification of the appointment of statutory auditor by the shareholders at every Annual General Meeting. Hence, the approval of the members is not being sought for the re-appointment of the statutory auditor and in line with their resolution of appointment passed at the previous Annual General Meeting held on September 6, 2018, Accordingly Messrs. Walker Chandiok & Co. LLP will continue to hold office till the conclusion of the 71st Annual General Meeting of the Company. Messrs. Walker Chandiok & Co. LLP have confirmed their eligibility and submitted the certificate in writing that they are not disqualified to hold the office of the Statutory Auditor.

The Auditorâs Report for the financial year ended March 31, 2019 do not contain any qualification, reservation or adverse remark.

COST AUDITORS:

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2019-20 on a remuneration of Rs.12,00,000/- (Rupees Twelve Lakhs only). As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Memberâs ratification for the remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 11 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2018 on October 15, 2018, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2019 is due to be filed by October 26, 2019.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Companyâs records for the financial year ending March 31, 2020. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as âAnnexure - Fâ. The Secretarial Audit Report for the financial year ended March 31, 2019 does not contain any qualification, reservation or adverse remark.

COMPLIANCE WITH SECRETARIAL STANDARDS:

ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as âAnnexure - Gâ. The Annual Return of the Company as required under the Companies Act, 2013, will be available on the website of the Company at www.pfizerindia.com.

CORPORATE GOVERNANCE & BUSINESS RESPONSIBILITY REPORTING:

ACKNOWLEDGMENTS

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Companyâs suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors

R.A. Shah

Chairman

Mumbai, May 28, 2019 DIN: 00009851

Mar 31, 2018

TO THE MEMBERS:

The Directors take pleasure in presenting this 67^th Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2018. The Company operates only in one business segment viz., âPharmaceuticalsâ and this Report covers its Pharmaceutical business performance.

DIVIDEND:

Your Directors recommend a dividend of Rs.20.00 (200%) per equity share for the financial year ended March 31, 2018. The dividend payout will be Rs.91.50 Crore and the dividend distribution tax payable by the Company would amount to Rs.18.63 Crore. This aggregates to a total dividend outgo of Rs.110.13 Crore.

FINANCIAL HIGHLIGHTS:

(Rs. in Crore)

Particulars	Year ended March 31, 2018	Year ended March 31, 2017
Net Sales	1,924.86	2,017.26
Other Operating Income	55.33	24.67
Revenue from Operations	1,980.19	2,041.93
Other Income	114.29	101.16
Profit Before Exceptional Items and Tax	547.91	386.40
Exceptional Items (Expenses)/Income	_-	130.43
Profit Before Tax	547.91	516.83
Income Tax Expense	187.84	180.05
Profit for the year	360.07	336.78
Total other comprehensive income (net of tax)	6.81	(3.91)
Total comprehensive income for the year	366.88	332.87

Your Companyâs sales for the financial year ended March 31, 2018 were Rs.1,924.86 Crore as compared to Rs.2,017.26 Crore in the previous year, which represents a decline of 4.6%. The sales for the year under review are not strictly comparable with that of the previous year, as the sales for the year under review have been impacted by your Companyâs decision to discontinue Corex Cough Syrup (Chlorpheniramine Maleate Codeine Phosphate) and also on account of sale of certain brands. Further, the sales up to June 30, 2017 were reported including excise duty whereas the sales for the period July 1, 2017 up to March 31, 2018 were net of GST. Adjusted for above factors in both the years, the sales would reflect a growth of 13%.

Profit before tax and exceptional items for the financial year ended March 31, 2018 was Rs.547.91 Crore as compared to Rs.386.40 Crore in the previous year, recording an increase of 41.8%.The Profit after tax grew by 6.9% to Rs.360.07 Crore for the financial year ended March 31, 2018 as compared to Rs.336.78 Crore in the previous year. The previous year profit included gain of Rs.103.46 Crore on account of sale of certain brands and profit from sale of property of Rs.26.97 Crore.

Indian Economic Overview

Indiaâs economy is forecasted to grow to 7.4% in the current fiscal from 6.7% in Financial Year 2017 and accelerate further in Financial Year 2020 to 7.8%. (Source: IMF Forecast January 2018). This growth comes on the back of a number of initiatives of the current Government, aimed at enhancing productivity and the ease of doing business. The year was marked by the implementation of the Goods and Services Tax - a significant reform that replaced multiple central and state levies with one unified tax with the promise of simplifying the conduct of business across the country. Equally significant was the announcement of Ayushman Bharat - a major and historic step towards universal healthcare access -that is expected to bring both social and economic benefits for the countryâs population.

Current Healthcare Environment

After several years of ambivalent treatment, Healthcare has indeed emerged as a key and mainstream socio-political issue of the Government. This has resulted in an unprecedented focus on enhancing access to healthcare including services, facilities, drugs, diagnostics and insurance.

India launched the worldâs largest Government funded healthcare assurance program, Ayushman Bharat, to address healthcare challenges holistically across primary, secondary and tertiary care systems in India. The Ayushman Bharat program has two key components viz., (i) Health and Wellness Centers - 15,000 centers to strengthen the primary care infrastructure and (ii) National Health Protection Scheme - which provides Insurance cover of Rs.5 lakhs for approximately 100 million poor and vulnerable families (approximately 500 million beneficiaries).

Importantly, the program builds on previous initiatives, such as the Pradhan Mantri Swasthya Suraksha Yojana and makes several improvements that will ensure successful outcomes. These improvements include mechanisms through which beneficiaries will be enlisted and creation of funding platforms that ensure timely payment of dues to hospitals.

In the short term, the Government may need to enhance its funding allocation towards this program significantly and also find ways to improve the availability of infrastructure (hospital beds) and resources (primary, tertiary medical and paramedical staff) to meet the expected demand.

Over a longer term, Ayushman Bharat should look to expand its scope to cover the full patient journey - from disease awareness, through pre-hospitalization to post-operative care. It should also look to co-opt and improve the Pradhan Mantri Bhartiya Janaushadhi Pariyojana (PMB]P) to fill the void of medicine coverage outside tertiary care settings. Additionally, it should provide incentives to institutions to encourage the use of drugs made to higher quality standards, such as WHO GMP, in much the same as it provides incentives through higher package rates to National Accreditation Board Hospitals and healthcare providers (NABH) accredited hospitals.

Ayushman Bharat is Indiaâs route to Universal Healthcare. As a first step, the program as it has been announced is a long awaited and welcome initiative that will mark a major first step in Indiaâs journey to provide health assurance to the countryâs population. Success of this program will require creative thinking, openness to making policy changes that improve outcomes and creation of innovative public-private partnerships.

After several years of abeyance, the Government announced its commitment to increase the total health expenditure to 2.5 per cent of Gross Domestic Product (GDP) by 2025 from the current 1.15 per cent. (Source: National Health Policy in 2017).

While this attention and deliberation on public health is welcome, it has also brought with it heightened uncertainty with amendments and modifications being implemented in practically all policies governing healthcare and pharmaceuticals. In several cases, such interventions have created challenges for sustainable growth and an unpredictable investment environment for the Industry.

CORPORATE AFFAIRS:

The Corporate Affairs Division through its functions of Government Relations, Internal and External Communications and Corporate Social Responsibility, undertook a number of policy advocacy, stakeholder engagement, image building, community outreach and colleague engagement programs.

Public Affairs & Communications

Your Companyâs Managing Director Mr. S. Sridhar was elected as the Chair of the Federation of Indian Chambers of Commerce & Industryâs (FICCI) National Pharmaceutical Committee for the current year. Through Industry associations such as FICCI and the Organisation of Pharmaceuticals Producers of India (âOPPIâ), and through direct advocacy, your Company has pursued an active stakeholder engagement program throughout the year under review.

( i) Engagement through industry associations and direct advocacy:

As a member of the OPPI Executive Committee, your Company continues to participate and play an active role in leading the engagement with the relevant government stakeholders and advance comments and recommendations on key policy matters. Some of the key subjects on which your Company has actively advocated include:

- Recommendations towards amendments to the Drugs (Prices Control) Order

- Strengthening of IP regulations

- Implementation of GST in the pharmaceuticals sector

- Recommendations for the new National Pharmaceuticals Policy

Showcasing flagship Pfizer initiatives to key stakeholders: During the year, a number of stakeholders were hosted by Pfizer at IIT Delhi to showcase the Pfizer IIT Delhi Innovation and IP Program. The program was also showcased through presentations and video films as part of the Start Up India initiative of the Department of Industrial Policy and Promotion (DIPP);

Global Entrepreneurship Summit: Your Company was invited by NITI Aayog to participate in the landmark 8^th Global Entrepreneurship Summit (GES) held in November 2017 in Hyderabad and showcase the Pfizer IIT Delhi innovation and IP Program. The summit was inaugurated by Honorable Prime Minister Shri Narendra Modi and Ms. Ivanka Trump, Advisor to President of the USA. Senior members of Pfizer Inc. and Pfizer Limited India participated in the meetings with the Honorable Prime Minister and Ministers of his Cabinet and Ms. Kirsten Lund-Jurgemsen, Executive Vice President, Pfizer Inc. shared her views in the Plenary Session of the Summit which was themed âWomen First, Prosperity For Allâ.

Tiered pricing through Jan Aushadhi: Your Company continued its dialogue with key Government stakeholders on fine tuning the Jan Aushadhi model to enhance reliability of supplies, viability of stores and increase adoption among patient segments targeted by this scheme.

Exemption of Customs duty on products imported for patient assistance programs: Your Company successfully partnered with OPPI and engaged with the Ministry of Health and the Ministry of Finance, to provide due relaxations on drugs imported for various patient assistance programs.

(ii) Internal and External Communications: Your Companyâs Communications team plays the role of a key enabler in communicating the organizationâs growth plans, important decisions and milestones to stakeholders both internally and externally.

During the year, the Internal Communications team launched a number of new platforms and refocused existing internal communications assets:

- Newsletters: Two bi-monthly newsletters, The Pulse and Breaking Paradigm were launched. Both these platforms cater to the businesses and capture stories on performance, strategic updates, business stories, leadership messages, and profiles of field colleagues.

- Crucible: The Pfizer Internal e-magazine was relaunched as a âfor and by the field forceâ publication. The magazine profiles real achievers; field colleagues who have gone out of the way and delivered on all counts. It exhibits achievements of such brave hearts and their families.

Externally, your Company partnered the flagship Government of India events such as the FICCI âIndia Pharma 2017â showcasing its leadership in the Anti-Infectives portfolio and its partnerships to combat anti-microbial resistance.

Recognition by Department of Pharmaceuticals:

Your Company was pleased to be recognized and presented the Swachhta Pharma Award from the Department of Pharmaceuticals during the year under review. This award was presented to Mr. S. Sridhar, Managing Director for your Companyâs work in the area of promoting sanitation through its School Sanitation Program.

(iii) Colleague Engagement initiatives: Your Company maintained a high-performance culture by engaging employees and aligning them with our values, purpose and strategy. Through an active calendar of activities that focused on the wellness of our colleagues, as well as celebrations of achievements and festivals, Your Company worked towards bringing its colleagues together regularly. The result is Your Companyâs âBe Happyâ culture that emphasizes that the journey is as important as the destination.

Highlights of the year under review include:

- Pfizer India is All In! - Your Companyâs global celebration of ownership culture was held on April 11, 2018. This year, the OWNIT! Theme âAll in through energy managementâ asked colleagues to go beyond time management to focus more on bringing their best selves to the hours they work. With themed sessions on prioritization, exercise and finding purpose in their work, colleagues felt equipped to give their best to the big goals set for the year ahead. A year-long calendar of engagement activities will leverage this OWNIT! Theme to energize our colleagues throughout the year.

- Providing the best possible workplace environment:

In recent years, our move to the open office environment in Mumbai, Kolkata and New Delhi has shown tremendous benefits. As we hoped, colleagues have reported that their workplace encourages collaboration and ideation, thus driving innovative thinking at every level. This year, we completed a shift to an open office workplace in Hyderabad. In addition, we have seen greater use of our recreational facilities in the Head Office, with colleagues using these spaces in diverse ways, ranging from video-shooting to conducting brainstorming sessions.

CORPORATE SOCIAL RESPONSIBILITY:

Our CSR Purpose

Your Company continued to focus on its two Flagship Projects that align with its core commitment towards community. Your Company was invested in fast tracking the implementation of the achievable milestones while identifying opportunities to showcase these innovative projects to a wider audience and stakeholders.

CSR Priorities

This year your Company continued to identify, choose and work on projects that are aligned to your Companyâs CSR priorities listed below:

i. Encourage and support Indian innovation and Indian Intellectual Property with a focus on Healthcare;

ii. Undertake awareness and access programs ourselves or in partnership with NGOâs, Government and Healthcare Providers in areas such as Women and Child health, among others;

iii. Support Governmentâs national and/or state programs and priorities with linkages to healthcare;

iv. Enlist employees as volunteers to support activities around health, sanitation and disease awareness; and

v. Participate in disaster relief activities.

Some key initiatives undertaken during the year and details of CSR Projects undertaken by the Company during the financial year under review are provided in the Corporate Social Responsibility Report (Annexure A) - on page 75 of the report.

CSR Spend:

Your Company selects CSR programs that are novel, scalable, and sustainable & align with national priorities to positively impact communities. In order to maximize the impact of our CSR spending, we have deliberately decided to focus on large scale flagship initiatives that will be our CSR focus and will be provided with priority attention, resources and continued scale to succeed.

The Pfizer IIT Delhi Innovation and IP Program-one of our key flagship projects started with four phases to be completed within two years of its commencement, to be followed by an opportunity to expand the program through additional funds. The program itself has proven to be a tremendous success with four full time resident incubation projects and six IP filing projects already underway. Each of these innovations is expected to have a significant healthcare impact in the society. The program has also generated positive reputation returns for Pfizer among all the companyâs external stakeholders. The outcome of these projects is based on milestones, and there is a long gestation period for each stage to advance to the next, which extended the project timelines for the first two phases. Subsequently, the third phase of the program was launched in April 2018 with over 90 entries (highest till now) received and the winners being announced in July 2018. Consequently, infusing additional funds into this program for program continuation and possible expansion in 2017-2018 has not been possible and has been delayed by a year. These funds will be infused into the project for the fourth phase shortly.

The second major CSR initiative is the Pfizer ICMR program to combat Antimicrobial resistance. This partnership will be the first of its kind public-private collaboration on anti-microbial resistance in India. Further to signing of this MoU and transfer of funds from your Company in March 2017, the program was expected to be in implementation phase by May 2017. However, the program encountered delays on account of approvals from the governing council and leadership changes at ICMR. Consequently, fund utilization by the program implementation partner did not take place during the year. A significant component of activities under this program - on communication and advocacy - to be carried out directly by your Company too could not be initiated because of this delay in the start of the program.

Overall, the delay in both the flagship programs has impacted your Companyâs ability to infuse the planned additional investments in each of these flagship programs and has delayed these investments by a year.

For the year under review, while your company was required to spend Rs.822 lakhs, there is a short spend of Rs.728 lakhs. However, your Company will look towards meeting its CSR spend in the year 2018-19.

A brief outline of the Corporate Social Responsibility (CSR) Policy of the Company is available on the website of the Company -âwww. pfizerindia.comâ.

WHISTLE BLOWER / VIGIL MECHANISM:

Your Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Companyâs code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The e-mail ID for reporting genuine concerns is: âcorporate.compliance@pfizer. comâ. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at âChairman.IndiaAuditcom@pfizer. comâ. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

DIRECTORS:

In accordance with the provisions of the Companies Act, 2013, Dr. Anurita Majumdar (DIN: 05291758) retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. Ravi Prakash Bhagavathula (DIN: 07282100), ceased to be the Executive Director - Finance and Chief Financial Officer of the Company with effect from close of business on February 28, 2018 and March 31, 2018 respectively Your Directors wish to place on record their appreciation for the valuable contributions made by Mr. Ravi Prakash Bhagavathula.

The Board of Directors of the Company at their meeting held on July 2, 2018 pursuant to the recommendation of Nomination and Remuneration Committee, accorded its approval for continuation of the remaining term of Mr. R. A. Shah (DIN: 00009851) aged 86 years as an Independent Director of the Company, i.e., up to November 9, 2019, subject to the approval of members at the ensuing Annual General Meeting by Special Resolution.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual Director, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India.

Independent Directorsâ Meeting

One Meeting of the Independent Directors was held on May 6, 2017, without the presence of the Executive Directors and Management Personnel. At the Independent Directors Meeting held on May 6, 2017, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS:

A brief summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr. Particulars of the Programs / No. Presentations	Date	No. of Hours Duration (Hrs)
1. Pharma Market, Industry Performance and Regulatory changes update. (Duration - one hour each)	Quarterly Board Meetings	4.0
2. Business Strategy	November 10, 2017	1.0
3. Vaccines Business	November 10, 2017	0.5
4. Meeting with Senior Executives of Pfizer Inc.	December 19, 2017	1.0
Total Duration (Hrs)		6.5

NOMINATION AND REMUNERATION POLICY:

MEETINGS OF THE BOARD:

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report (Annexure H to the Boardâs report).

DIRECTORSâ RESPONSIBILITY STATEMENT:

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the year ended March 31, 2018, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that such accounting policies as mentioned in Notes 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2018 and of the profit of the Company for the year ended on that date;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively; and

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE:

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this Report.

RISK MANAGEMENT POLICY:

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS:

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS:

The Company has not granted any loans, guarantees and investments for the financial year ended March 31, 2018.

DEPOSITS FROM PUBLIC:

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL:

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Companyâs operations in future.

OTHER INFORMATION:

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employeesâ particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Companyâs Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

AUDITORS:

The Auditors, Messrs. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013), were appointed as Statutory Auditors to hold office for a term of 5 (five) years from conclusion of 66^th Annual General Meeting till the conclusion of the 71^st Annual General Meeting subject to ratification by members at every subsequent Annual General Meeting. The appointment of Messrs. Walker Chandiok & Co LLP till the Conclusion of the 71^st Annual General Meeting will be placed before the Members at this Annual General Meeting for ratification.

The Auditorâs Report for the financial year ended March 31, 2018 do not contain any qualification, reservation or adverse remark.

COST AUDITORS:

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2018-19 on a remuneration of Rs.12,00,000/-(Rupees Twelve Lakhs only). As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Memberâs ratification for the remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 5 of the Notice convening the Annual General Meeting.

Your Company is required to maintain the cost records as specified by the Central Government under sub-section (1) of Section 148 of the Companies Act, 2013. Your Company has accordingly maintained the same and has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2017 on October 9, 2017, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2018 is due to be filed by October 26, 2018.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Companyâs records for the financial year ending March 31, 2019. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT:

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as âAnnexure - Fâ. The Secretarial Audit Report for the financial year ended March 31, 2018 does not contain any qualification, reservation or adverse remark.

COMPLIANCE WITH SECRETARIAL STANDARDS:

EXTRACT OF ANNUAL RETURN:

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as âAnnexure - Gâ.

CORPORATE GOVERNANCE & BUSINESS RESPONSIBILITY REPORTING:

CAUTIONARY NOTE

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors

R.A. Shah

Chairman

Mumbai, July 2, 2018 DIN : 00009851

Mar 31, 2017

Including Management Discussion and Analysis TO THE MEMBERS

The Directors take pleasure in presenting this 66^th Annual Report along with the Audited Financial Statement for the financial year ended March 31, 2017. The Company operates only in one business segment viz., âPharmaceuticalsâ and this Report covers its Pharmaceutical business performance.

DIVIDEND

Your Directors recommend a normal dividend of Rs,15.00 (150%) per equity share and a special dividend of Rs,5.00 (50%) per equity share on account of exceptional income, aggregating to total dividend of Rs,20.00 (200%) per equity share for the financial year ended March 31, 2017. The dividend payout will be Rs,9,150 Lakhs and the dividend distribution tax payable by the Company would amount to Rs,1,863 Lakhs. This aggregates to a total dividend outgo of Rs,11,013 Lakhs.

FINANCIAL HIGHLIGHTS

Rs, in Lakhs

	Year ended March 31, 2017	Year ended March 31, 2016
Revenue from Operations (gross)	204,193.14	209,376.02
Other Income	10,116.32	8,699.00
Profit Before Exceptional Items and Tax	38,640.44	46,053.65
Exceptional Items (Expenses)/Income	13,043.45	988.65
Profit Before Tax	51,683.89	47,042.30
Less: Taxation
Current Tax	18,866.43	18,780.84
Deferred Tax (Credit)/Debit	(860.90)	(2,236.67)
Profit for the year	33,678.36	30,498.13
Total other comprehensive income (net of tax)	(390.86)	104.07
Total comprehensive income for the year	33,287.50	30,602.20

Your Company''s sales for the financial year ended March 31, 2017 was Rs,201,726.40 Lakhs as compared to Rs,207,160.03 Lakhs in the previous year, which represents a decline of 3%. The revenue for the financial year was impacted mainly on account of external regulatory factors like impact of price control notifications pursuant to the revision to the National List of Essential Medicines and other internal strategic decisions like (i) the decision to discontinue manufacturing of Corex Cough Syrup (Chlorpheniramine Maleate Codeine Phosphate); (ii) sale of four products to Piramal Enterprises Limited and (iii) transition of certain products consequent to expiry of License Agreement.

Profit before tax and exceptional items for the financial year ended March 31, 2017 was Rs,38,640.44 Lakhs as compared to Rs,46,053.65 Lakhs in the previous year, recording a decline of 16% mainly on account of the external regulatory factors and internal strategic decisions, as stated above. Income from exceptional items of Rs,13,043.45 Lakhs for the year under review includes income from sale of four products of Rs,10,346.21 Lakhs and income from sale of premises of Rs,2,697.24 Lakhs.

Your Company achieved a Net Profit of Rs,33,678.36 Lakhs for the financial year ended March 31, 2017 as compared to Rs,30,498.13 Lakhs in the previous year registering an increase of 10%.

Indian Economic Overview

The Indian Economy has seen certain fundamental structural changes in the past 18 months viz., demonetization and implementation of Goods and Services Tax (GST), which your Company believes will make a positive impact in the long run. While demonetization is expected to foster a more transparent and digitized economy, the implementation of GST is expected to benefit most sectors by making the taxation process easier, as it replaces the current regime of multiple taxes and duties. These structural changes are expected to fundamentally improve the ease of doing business, transparency and compliances in the business operating environment.

While these changes will bring about long term gains and efficiencies, the industry is currently coping with significant short term challenges posed during this transition phase viz., sluggish offtake from wholesalers / retailers and ambiguous regulatory provisions around the overall implementation. Uncertainties in the operating environment have impacted the trade, leading to significant impact on sales and earnings across industries.

In spite of these short term challenges, India is expected to emerge as the fastest growing major economy in the world, with a projected annual growth of 7.5% in 2017-18.@ Private consumption is expected to increase with a rise in public wages and pensions and on account of higher agricultural production which will be an outcome of a predicted good monsoon. It is expected that the reforms by the Government will enable the country to perform better compared to its peers over the medium and long term. Private investments have been low in the last year but are expected to gradually revive as some sectors stabilize in output, infrastructure projects mature, banks clean up their bad debts and the implementation of GST.

Indian Pharma Industry (i) Overview

The short term impact of demonetization has resulted in a slowdown of industry growth to 9.1%. Of the 9.1% growth seen in March MAT 2017 period, new introductions (or products that have been launched in the last 24 months) have contributed 5%, while volumes contributed 2.5% and price increases have added 1.6%. Growth across most therapy areas, has been in the range of 9-10%. However, âLifestyleâ/ Chronic related TAs have shown higher growth such as Anti-diabetics at 17%, Dermatology at 16%, Neurology/ Central Nervous System at 11%. The largest therapy area within the IPM, Anti-Infectives, has seen slow growth of 5% this year, primarily on account of pricing regulations and Fixed Dose Combinations (FDC) issue*.

The Indian Pharmaceutical Market (IPM) is expected to grow at a CAGR of about 12% till 2020 and is expected to surpass the growth of the global pharma industry, pegged at an annual rate of five per cent in the same period. The IPM growth is slower than its historical CAGR of about 14% (2010-2015). The IPM is expected to grow to $55 billion by 2020, thereby emerging as the sixth largest pharma market globally by absolute size#.

This year the government released the National Health Policy 2017 with multiple objectives, right from strengthening primary care services while ensuring improved access and affordability of quality secondary and tertiary care services, to significantly reducing out-of-pocket expenditure and proportion of households experiencing significant health expenditure. Although the said Policy stipulates a commendable reform agenda and proposed increasing public spending on healthcare from 1% to 2.5% of GDP by 2020, the Budget for FY 2016-17 has not significantly increased resources for the healthcare sector. Public resources invested in healthcare continues to be low and inequitably distributed across the country. The policy indicates the Government''s intent to provide universal access to free medicines. While this is an ambitious intent, the road to achieving this is riddled with gaps on access related challenges. Your Company believes that an innovative approach of bridging the access gap is that of âTiered Pricingâ and simultaneously strengthening other pillars of access such as, heightened disease awareness, access to physicians and healthcare facilities. Your Company has been a strong proponent of this approach, that will also enable a more sustainable access model across populations in India.

The government has rolled out a unified Goods and Service Tax (GST) across the country effective July 1, 2017 in line with the concept of âOne Country One Taxâ. This is a significant change from the existing tax structure where the right to levy taxes are divided between Union Government and the State Governments. The Company welcomes this change as it expects a unified tax structure to improve ease of doing business, make cross-country logistics easier and to provide an overall boost to the tax compliance.

This introduction is expected to boost consumption and spur manufacturing as savings are expected in a number of household items. While certain life-saving medicines have been placed in the lower GST slab of 5%, for other pharmaceutical medicines the GST has been pegged at 12% from an existing effective total tax rate of about 9%. The increase in tax rates is expected to be partially offset by savings on account of input tax credit and other operational savings. While the National Pharmaceutical Pricing Authority has allowed the companies to take price increase on scheduled formulations to the extent of increase in the tax rate, your company intends to take an increase of approx. 1% after considering the available tax credit and other operational savings. While the GST implementation resulted in an increased tax incidence, your Company has maintained the MRP for its non-scheduled formulations which constitutes approx. 85% of its portfolio. Your Company has maintained the MRP on the inventory on hand, as on the date of implementation of GST, in order to ensure that the products of the Company continued to be available to the patients at the same price. Your Company had also extended discounts and credit facilities to the trade to avoid any shortages of medicines in the supply chain.

(ii) Operating Environment

The pharmaceutical industry is perhaps among those that continue to face the most volatile and uncertain operating environment in India. The industry continues to witness policy uncertainty and ambiguity that impact the business environment whether it''s the companies'' ability to price their products, labeling norms, regulations around prescription of medicines, etc. Each of these and more are fundamental operating conditions for pharmaceutical manufacturers to be able to meet the growing need of the healthcare sector. Some of the recent key industry challenges are summarized below:

1. Ban on Fixed Dose Combinations (FDCs): Last year, the Government announced a ban on approx 350 FDCs. While the Company supports the intent of the Government in taking action against unsafe and irrational pharmaceutical products that have not received due approvals by the central and state drug regulators, concerns have been raised on including products that have received all requisite approvals, as also on the process followed to arrive at the list. Post this ban your Company challenged the ban in the Hon''ble Delhi Court and obtained an interim injunction. In December 2016, the Hon''ble Delhi High Court set aside the said notification banning the FDCs. The government has recently filed an appeal against the judgment staying the FDC ban and the matter is currently pending before the Supreme Court. The ban and the litigation that followed did see a negative impact on the Industry.

2. MCI Guidelines on generic prescriptions: The Medical Council of India has issued a notification directing physicians to prescribe drugs with generic molecule names. This shift in dynamics of dispensing may result in confusion among consumers, retailers and increased concerns around the quality of medicines.

3. Pricing policy and implementation: During the year under review, your Company has witnessed a series of price notifications pursuant to revision to the National List of Essential Medicines (âNLEM'') along with price reduction for negative Wholesale Price Index (âWPI'') which impacted its revenue. Unpredictable expansion of the price control continues to remain the single most significant challenge for the Industry.

4. Implementation challenges on Goods and Services Tax (âGSTâ): The introduction of GST effective July 1, 2017, has posed short term implementation challenges mainly on account of ambiguous regulatory provisions around the anti-profiteering rules and lack of clarity on consequent price changes.

As a consequence of these and other business environment challenges, there has been a slowdown in the IPM growth, more so the average quarterly growth of 14-15% has now dropped to ~6% for the last 2 quarters (i.e., Oct 2016 - Mar 2017)*.

While the year under review witnessed several operating challenges, your Company commends the positive developments in the regulatory environment, viz.,

1. New Regulations on Clinical Research: The Board of Health (BoH) has initiated certain steps to the shape regulations that would effectively control and promote the conduct of clinical research in the country. The BoH has released new regulations to ensure that adequate responsibilities are absorbed by the Sponsors, Clinical Research Organizations, Ethics Committee and investigators.

2. Additional requirement for Bio-availability/Bio equivalent studies : While applying for manufacturing licenses from state licensing authorities, Bio-availability/Bio equivalent study results are required to be submitted based on Biopharmaceutical Classifications System for class II and IV. This will help in ensuring availability of efficacious medicine to patients.

3. Risk based inspection and self-assessment for GMP compliance: BoH has issued a Biopharmaceutical classifications system check list for self-assessment of manufacturing plants and to submit the same to licensing authorities on annual basis. BoH will adopt a preferential approach for GMP inspection based on self-assessment reports.

4. Steps towards acceptance of electronic submission: Government has taken steps to accept electronic submission of various categories of application like import registration, clinical trials, Fixed Dose Combinations and supplemental New Drug Application, medical devices and cosmetic etc. This has helped in streamlining review and approval process at BoH and also resulted in reduction of approval timelines.

Historic performance of the Indian pharmaceutical industry shows that the industry would still face concerns on the growth which may get impacted due to policy and regulatory challenges. Though there would be a short term setback, the Industry is expected to bounce back given the strong fundamentals of the Indian economy.

REVIEW OF OPERATIONS:

During the year under review, your Company re-aligned its strategy to shape the organization to address the needs in a customer centric go-to-market strategy and to deliver market beating growth. Accordingly, the commercial teams were restructured to bring product, portfolio and channels together, while maintaining a high therapeutic area (TA) focus. The Company also initiated enhanced digital marketing capabilities to engage the customers effectively. Simultaneously your Company formed a specialized marketing function that will be able to drive innovative marketing solutions and strategies for successful execution of the customer facing business model.

In conjunction with realignment of the organizational structure, your Company also brought on board, key leadership members to build future capabilities. With a diverse and rich experience in leadership and business management, they bring with them competence to drive your Company towards its vision for growth.

Your Company as part of the growth plan also focused on the expansion and review of the current portfolio leading to the following strategic developments:

i. Acquisition of the brand âNeksiumâ from AstraZeneca AB, Sweden. This will enhance your Company''s presence in the Gastro Intestinal therapeutic area.

ii. Pursuant to a global agreement between Pfizer Inc. and AstraZeneca PLC, Meronem IV Injection was transitioned to your Company. Meronem compliments and enhances your Company''s Anti-Infectives portfolio.

iii. Your Company undertook a thorough review of its respiratory portfolio with an objective to launch new products that would leverage the equity of our flagship brands while discontinuing those that did not align with our portfolio. Consequent to this, the decision to discontinue the manufacturing of its Corex Cough Syrup (Chlorpheniramine Maleate Codeine Phosphate) was taken; and introduced Corex T (Triprolidine Hydrochloride 1.25mg & Codeine Phosphate 10mg), a new offering that will better address patient and Physician needs.

iv. Sale of four products viz., Neko Soap, Sloans, Ferradol and Waterbury''s Compound to Piramal Enterprises Limited.

Your Company operates through the following six commercial teams and has 12 of its products in leadership position in their represented product markets.

1. Vaccines:

- Your Company continues to enjoy leadership position in Pneumococcal Vaccines Market with a market share of 59.6%. Prevenar13 is our pneumococcal conjugate vaccine for the prevention of pneumococcal disease in children between 6 weeks to 5 years and adult above 50 years of age. Overall revenue of Prevenar13 recorded a 4 year CAGR growth of 25.4% (2014 -2017) strongly driven by private market uptake in pediatric & adult segments. Prevenar13 is currently no. 1 vaccine in Indian vaccine market with 15% market share*.

- The Vaccines team continued to conduct various scientific educational and awareness programs that provides value to healthcare professionals.

- Your Company undertook various innovative initiatives for educating stakeholders which included training of upcoming speakers to enhance scientific knowledge and soft skills, educating nurses on importance of Pneumococcal disease prevention through âNurture the Nurses'' program, engaging Company''s wholesalers on the importance of cold chain best practices through campaigns. Your Company collaborated with Indian Academy of Pediatrics on their initiative âImmunizeIndia'' to improve the vaccine compliance among children.

- Prevenar 13 has been selected for India''s immunization program. The multi-dose vial used for this program has been specifically created by Pfizer Inc for such mass immunization settings. The vaccine will be supplied directly by Pfizer Inc. through UNICEF, under the auspices of the Global Alliance for Vaccines and Immunizations (âGAVI''), to the Government of India.

2. Inflammation and Immunology (âI&Iâ):

Your Company is ranked 3rd in the biologics market in India.#

Enbrel (Etanercept), ranked 3rd in Indian Biologics market, is your Company''s innovator biologic, prescribed for patients with rheumatoid arthritis, ankylosing spondylitis, psoriatic arthritis, juvenile idiopathic arthritis and psoriasis who are intolerant to DMARD (Disease modifying anti-rheumatic drugs like methotrexate) therapy. In August 2016, we introduced Xeljanz the first ever oral therapy with a new patented molecule (Tofacitinib) that is approved for the treatment of adult patients with moderate to severe active rheumatoid arthritis with inadequate response or intolerance to methotrexate. Healthcare professionals have welcomed this new innovative oral therapy, yet being new it will take time to become the preferred biologic for this indication.

The I&I team continued to conduct scientific educational and awareness programs that would provide value to healthcare professionals highlighting recent advances particularly, in the management of diseases like rheumatoid arthritis and ankylosing spondylitis.

3. Consumer Healthcare:

For the year under review, initiatives were undertaken by the Consumer Healthcare team to enhance the distribution coverage into smaller towns in select states. The team initiated campaigns to drive in-store visibility for Anne French & Anacin. Media campaigns were rolled-out to enhance brand equity, current user base retention and growth in key markets.

4. Primary Care focuses on a broad range of products that requires a differentiated route to market and competitive intensity. The Respiratory, Pain and Trade team portfolios form part of this segment.

(i) Respiratory team

- Your Company''s Respiratory portfolio is ranked 3^rd in the represented market. The flagship brand Corex Dx continued its leadership position with 46.3% market share (within molecule) and 30.8% growth. The brand also registered a robust 38.9%* prescription growth. The team continued physician education programs focusing on cough and asthma management with new insights.

- Your Company successfully launched Corex T (Triprolidine Hydrochloride 1.25 mg & Codeine Phosphate 10 mg/ 5 ml) Cough Syrup in December 2016, as part of its organic growth plan. Within four months of its launch, Corex T achieved 72% market share within its molecular segment*.

(ii) Pain team

- Your Company''s Pain portfolio is ranked 6^th in Non-Steroidal Anti Inflammatory Drugs (NSAID) market. Major brands under this portfolio include Dolonex and Dalacin C; both leading with 77.6% & 64.8% market share respectively in their molecule segments*. To leverage growth opportunities in targeted segments, the Pain Management team has implemented scientific initiatives like:

- An innovative digital engagement platform âDigital Gurukul - Know Your Rootsâ for dentists

- âGo Active'' mobile application and launch of mobile Wi-Fi clinics

(iii) Trade team

- With an endeavor of retaining continued market leadership through our major brands like Becosules & Gelusil, the team initiated innovative Healthcare Professionals (âHCP'') engagement and retail engagement activities for ensuring higher repeat consumer purchases. For HCP engagement, a series of multi-center âHub and Spoke'' webinars were conducted for Nutrition range products and engaging doctors through physical meetings and digital reach. Roll outs in new indications and high potential specialties, helped maintain a high âShare of Voice'' on major brands and drive prescription growth.

- Becosules continued its market leadership with 63% Market Share with prescription growth of 7% and prescriber growth of 3%*.

- The team drove high potential usage promotion for Gelusil and multi-channel marketing e-mailers to expand the reach to General Physicians and Chest Physicians. Gelusil retained its market leadership with 26.5% M.S. in the highly cluttered antacid category with a good prescription growth of 12%*.

- To ensure adequate retail availability, a series of innovative âTrade Schemes'' retail sell out activities were implemented for Becosules and Gelusil followed by chemist awareness programs.

5. Specialty Care focuses on products that require therapy area expertise and synergies. The Women Healthcare, Cardio-Vascular, Central Nervous System and Ophthalmology portfolios form a part of this segment.

In order to further optimize the benefits of stronger teams and a compelling product portfolio, your Company formed Chronic Care - a consolidation of CNS and CV teams, within the Specialty Care segment. This consolidation brought together the ability and opportunity to engage with a wider set of healthcare practitioners and offer a broader product portfolio.

(i) Women Healthcare (WHC) Team

- Women Healthcare continues to be one of the most significant therapy areas for your Company. Your Company''s products within this portfolio feature amongst top 3 brands across key categories, namely contraceptives, folic acid supplementation, and Menopausal Hormone Therapy.

- With the aspiration to be the market leader in this therapeutic area, the women healthcare was structured under two distinct business models namely, Maternal Health and Hormonal Health. The Maternal Health includes wellness, gynaec, contraceptives and intimate hygiene. The Hormonal Health includes menstrual disorder, menopause and other hormonal products including hormonal contraceptives.

- Your Company is constantly evaluating its portfolio and has penetrated the market with new products and line extensions. Product Life Cycle (PLC) initiatives to enhance treatment compliance, duration and indication roll outs for efficient and effective usage helped drive volumes for brands like Folvite, Folvite MB and Mucaine. Despite being impacted by pricing regulations during the year under review, Folvite continues to be the market leader with 14.6% market share. In-clinic promotion of Mucaine was strengthened through the digital initiative to maintain high brand visibility. Mucaine Gel continues to be the market leader with 17% market share and is also the most prescribed brand in Liquid Antacids category*. Becosules Women, a line extension of Becosules, launched in December 2015 has performed well in the highly fragmented multivitamin market comprising more than 500 brands.

- WHC focused on driving volumes through prescriptions by enhancing scientific engagement with physicians through sustained medical education programs. The team collaborated with FOGSI (Federation of Obstetrics & Gynecological Societies of India) and IMS (Indian Menopause Society) to conduct several meetings aimed at busting myths associated with long term hormonal use and providing Gynecologists and Physicians an opportunity to interact with key opinion leaders. Twenty five InfOCons (Informative Oral Contraceptives Conclaves) were conducted pan India involving more than 1100 Gynecologists. Being the leader in the contraceptive market with 26.8% market share, educating patients and encouraging them to take an informed decision on contraception in consultation with their doctor continues to be a focus area for your Company*.

(ii) Chronic Care team

- The Company''s Neuroscience portfolio is ranked 6th in the Indian Neuroscience market. Major brands like Ativan, Pacitane and Daxid are leaders in the respective therapeutic category (molecule segment). Despite being impacted by the pricing regulations, Ativan (Lorazepam) continues to be No. 1 anxiolytic brand in the benzodiazepine tranquillizer market with 12.5% volume growth. The volumes were primarily driven by the new promotion viz., âSafety in Maniac Depressal Disorder (âMDD'')/Anxiety patients with co-morbid alcohol useâ. Another original research drug Daxid, the No. 1 brand amongst sertraline segment registered 15.3% growth*. New communication was developed highlighting unique benefits to improve âEnergy, Motivation and Interest in pleasurable activitiesâ in patients with MDD. As part of your Company''s continuous medical education programs, the Neuroscience team sensitized more than 1500 psychiatrists on recent updates/events in psychiatry through multiple innovative, digital and scientific engagements.

- The Cardiovascular team operates in the anti-hypertensive segment with its flagship brand âMinipress XL'', the second largest brand in the category leading through a series of therapy shaping programs in collaboration with International and Indian Societies. The major initiatives during the year were:

- Development of protocol for treating hypertension in patients with chronic kidney disease in collaboration with the Association of Physicians of India (API)

- Generated newer evidence by publishing review article on Alpha-blockers in JAPI (Journal Association of Physicians of India)

- Educational initiatives for physicians to bridge the gap between Guidelines and Clinical practice in partnership with American College of Cardiology (ACC)

- Partnered with Medical Colleges in India to educate young Nephrologists

6. Critical Care focuses on Hospitals and Nursing homes as prime customers of our Critical products and Sterile Injectables, Anti-Infectives portfolio which forms a part of this segment.

Anti-Infectives

- Your Company ranked 5^th in the hospital segment with a wide portfolio covering categories across critical care segment, leads the market in 6 out of the 9 molecules in the portfolio. This position has been built over the years through scientific engagements and strong medical advocacy.

- Your Company has further strengthened this position with the strategy of establishing âLeadership in Hospitalsâ through segmentation of the market and key institutions to ensure optimal focus. For the year under review, the team designed interventions with strong scientific engagement to address needs of each segment and achieve competitive advantage by:

- Working with leading healthcare institutions to increase the Infectious Disease expert base through a Fellowship program

- Connecting small hospitals / nursing homes to select Centres of Excellence for the dissemination of best practices in the field of infection control

- Working with leading institutions across multiple aspects of Healthcare Leadership

- The recent acquisition of âMeronem'' under this segment is expected to further strengthen the Company''s position in this segment.

Multi-Channel Marketing:

Your Company has pioneered several digital initiatives towards enhancing customer engagements and providing result-driven outcomes. This year too, several of our initiatives have achieved its desired outcomes. The Rep-Triggered-Email (RTE) campaign and other digital initiatives have received great support and feedback from Healthcare Professionals (HCPs) and other stakeholders. A total of approx. 18,000 doctors registered on the multi Therapy Area HCP portal - Inquimed and our webcasts including the Meet the Expert (MTE) have seen attendance of approx. 9000 doctors across different product teams.

MANUFACTURING OPERATIONS:

Your Company continued to deliver products to improve patient health and contribute towards creating a healthier world.

Your Company understands that its products impact millions of lives across the Country. At the core of our Manufacturing and Quality Operations, are the people who are one of the core pillar of a patient focused company.

The Company has various levels of stringent quality control systems starting from local quality assurance to global quality audits and approvals that ensure that the same standards of quality are followed across Pfizer worldwide.

The Company''s continued emphasis on conservation of resources and reduction of waste, across manufacturing sites, has created an excellent model for environmental sustainability. As the new economic environment requires high quality cost effective processes, your Company endeavor to ensure that this forms an essential part of our products and manufacturing processes.

The Company has a state-of-art and award winning manufacturing facility at Goa, that manufactures products with the most stringent global quality standards. Besides complying with Schedule M of the Drugs and Cosmetics Rules 1945, the site holds ISO 9001 and WHO GMP accreditation. The site has a Formulation Development Cell that caters to the product enhancement and technology transfer needs of our market. The Plant strictly adheres to Global Safety, environmental Health and Hygiene norms and has received a number of corporate awards. The site also holds accreditation of ISO 14001 & OHSAS 18001. The Plant was the recipient of âFUTURE READY (GOLD) AWARDâ in 2016.

In addition to Goa plant, our manufacturing operations are strengthened by a pan India network of manufacturers, having the requisite technologies to enhance our product portfolio thereby partnering our growth and supporting our goal of meeting the demands of the health care industry. All manufacturers adhere to Pfizer''s global standards of quality, compliance and environment, health and safety norms. All these manufacturing sites periodically undergo audits by Pfizer Global teams.

We understand that in any society, good health is vital to all and finding innovative solutions to the healthcare challenges is paramount within Pfizer. We, at Pfizer are committed to being global leaders in health care and help to change millions of lives by providing access to Safe, Effective, Quality medicines.

Environment Sustainability

Your Company is conducting systematic audits across all the manufacturing facilities (Contract Manufacturing and Own Manufacturing) to assess environmental compliance and impact. This is with added focus on our antibiotics manufacturers and suppliers. Global Experts have been engaged with a purpose of educating suppliers and contractors across the country and also to ensure that our partners do not adversely impact the environment in any way.

Energy Conservation

Goa Site initiated the replacement of conventional CFL/Halogen/Tube lights by LED lightings in a phased manner to conserve energy. Manufacturing Process were modified for some of our products to eliminate high electricity consuming Fluidized Bed Processor operation.

Further, increased capacity utilization initiatives were implemented in Goa Plant to optimize energy usage and to protect environment. Other initiatives like EHS leader workshop and âNear Miss'' program were conducted at the site to strengthen EHS culture and promote injury free Pfizer.

Quality

Product quality is ensured in every aspect of the manufacturing. Input material control, various routine monitoring and oversight controls ensure that the product manufactured at any location meets the required Pfizer Quality Standards over the entire life cycle of our products. All suppliers of input materials and our Manufacturing Plants, undergo periodic on site audit by Pfizer global quality team to ensure each facility meets Pfizer Standards.

Specific Areas for Further Enhancing Quality

The specific focus areas this year are sustaining Quality and meeting Pfizer Standards, Data Integrity Assessment and upgrading overall Quality Compliance. Root Cause Analysis is also done to ensure robust quality system. To further improve on quality and compliance, proactive preparation for regulatory inspections, anticipating changes and aligning with global regulatory trends for all the manufacturing sites is being carried out. Additionally, enhancing systems for early detection of potential Quality concerns are the current focus areas.

Human Resource/ Industrial Relations / CSR

a. During the financial year under review, your Company entered into an settlement agreement with the independent union at Goa plant.

b. Goa Site rolled out âNo Dust and No Rustâ initiative for the colleagues to OWN cleanliness of their own area and ensure dust and rust free environment.

c. Site created sanitation facilities for two schools in Goa under Pfizer''s Doing Good initiative.

MEDICAL AFFAIRS DIVISION:

The Medical Affairs Division through its various scientific engagements with healthcare professionals supports all business units and works towards creating scientific partnerships with stakeholders beyond Key Opinion Leaders through various strategic initiatives

- The General Physicians Education Program: Your Company''s medical affairs team continues to be a knowledge partner for General Physicians by providing relevant information including latest evidence and treatment trends for common clinical conditions seen in their practice. This year too, the medical team initiated a series of face-to-face webinars on âECHO'' (Education to EnhanCe Physicians'' Clinical Outcomes) where these physicians engaged with experts in their respective therapy areas that provided them with certifications through accreditation bodies thereby improving their patients outcomes. The program aims to engage approx 6,000 GP''s in 2017.

- Menopause awareness education program in partnership with Indian Menopause Society: Understanding from the unmet need of âMenopause Awareness'' among Gynecologists and their women patients, your Company launched âMASS Initiative'' (Menopause Awareness through Series of educational Sessions) in partnership with Indian Menopause Society (IMS). This initiative involved an accredited educational module from IMS focusing on Menopausal Hormonal Therapy Management and practical prescription experience through live sessions. The Program aims to engage approx 1,200 Gynecologists in 2017.

- Physician association partnership: Your Company has created strong scientific partnership with physician associations such as FOGSI (Federation of Gynecologists and Obstetricians in India) and International Menopausal Society (IMS) towards conduct of Continuing Medical Education programs with the aim of busting the myths around contraception and hormonal therapy. Your Company was acknowledged by FOGSI as a knowledge partner in this initiative in their annual newsletter

- Young Specialists Program: Your Company''s Medical team launched a âYoung Doctors Programâ which is a multipronged education initiative involving webinars on case discussions, involving experts from reputed Institutes and also developing treatment algorithms in trauma management and infectious diseases for Specialists with less than five years of experience in clinical practice. This initiative aims to benefit over 5000 Doctors across multiple disciplines.

- Antimicrobial Resistance Education Program for Nursing Homes: To combat the emergence of Antimicrobial resistance at the grass root level, the medical team launched a âMeet The Expert- Institute Connectâ program to train Nursing home physicians in tier 2 and 3 cities, on the concepts of Anti-microbial stewardship and Infection control. Experts in Infectious Diseases management from four Centers of Excellence across the country are connected to multispecialty doctors in Nursing Homes every two months, through a series of continual digital webinars. This initiative aims to benefit over 1000 doctors across 50 peripheral Nursing Homes.

- Digital Continual Medical Education (âCMEsâ): To scale up our physician reach in a cost effective way, our Company has developed a unique format of digital CMEs called âMeet The Expertâ in partnership with commercial and business strategy team using an in-house HCP portal called âInquimed''. Till date more than 6000 physicians have benefitted through these programs. This unique model has been adopted as a best practice in other countries within the Pfizer APAC region.

- The Retail pharmacy education program: With an objective of engaging pharmacists to upgrade their knowledge, your Company''s Medical Division conducted educational programs to create a shift in the approach from a product oriented to a patient oriented professional. Another interesting initiative undertaken was ââSTEP - UP'' (Structured Training to Educate Pharmacists - UPskill) for retail pharmacists on accredited educational modules from IPA. Through hybrid engagement models, these programs aim to engage approx. 5000 retail pharmacists both from organized pharmacy chains and unorganized standalone retail outlets throughout the year.

- PneuMasterclass: With an objective to develop new speakers as advocates for pneumococcal disease and prevention, the vaccines medical team conducted Pneu Masterclass (Train the Trainer Program/ Speaker Development Program) in a span of 30 days, training around 80 pediatricians for 2 days across 5 cities who in turn would cascade the key messages and information to their peer group on the importance of preventing pneumococcal disease in children in the country.

The Medical team partnered and provided effective medico-marketing support in conduct of this program. An innovative approach of better Customer Engagement & Patient outcomes with efficiency was demonstrated by bringing all important stakeholders together.

HUMAN RESOURCES (âHRâ)

Your Company''s strategy for People and Human Capital development was focused on supporting business growth through career architecture implementation for the field force, a simplified organizational structure and investment in technology. Your Company also continued to drive leadership development, an integrated talent management approach and OWN IT! culture.

- Sales Career Architecture

To balance organizational objectives, field colleagues'' potential and aspirations, your Company developed a structured framework / career architecture. This framework provides a well-thought out growth path through vertical and lateral opportunities that empowers each field colleague and manager to take charge of their career. The architecture articulates clear direction and choices both within the sales function as also in other allied functions like marketing, supply chain, training, etc.

- Organizational structure

Your Company''s customer facing, business teams were restructured to ensure greater focus on customer and therapy areas, enhance marketing efficacy and provide a clear line of leadership.

- Investment in technology

With the guiding principle that leaders'' ownership of talent is critical to enhancing colleague engagement, your Company has invested in technology that supports greater ownership for managers. A widely used, cloud based, HRIS system - WorkDay - has now replaced the existing platform. This project, called âHR on Demandâ, provides a digital platform to colleagues and managers for independent seamless interface to cover an all employee life-cycle events in one platform.

- Leadership

o Your Company launched a unique framework for leadership development using the Head, Heart & Guts approach, a Pfizer Inc. initiative. This is a holistic leadership framework that supports leaders in delivering strategic goals, while engaging colleagues and taking appropriate risks.

o Your Company''s growth is fueled by an enthusiastic team of 2,156 field force colleagues who communicate the value proposition of our products to healthcare professionals. To ensure continuous engagement and training for a widely spread field force, your Company continues to use differentiated technology enablers including virtual classroom training and mobile applications to drive anytime-anywhere learning.

PREVENTION OF SEXUAL HARASSMENT POLICY

The âSexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal) Act, 2013'' (âthe Actâ) seeks to protect women colleagues against sexual harassment at their workplace. A specially-designed online course was rolled out to help all colleagues and contingent associates to understand what constitutes sexual harassment at workplace and how to address it; as well as the organization''s role in preventing it. During the financial year under review, one complaint was received and the same was duly attended to, in accordance with the Act.

LEGAL DIVISION

Your Company''s Legal Division is committed to providing responsive, client-centric service that protects and advances Pfizer''s goals. The Legal team''s activities include protecting your Company''s interest in every transaction, ensuring compliance with all applicable laws governing the industry, protecting your Company''s intellectual property and other assets, assisting various business units in evaluating the risks associated with completing transactions and other activities.

Some of the areas where your Company''s Legal team partnered are:

- Supported the growth of your company''s business through strategic acquisitions and divestments transactions

- Continuing the active role in mitigating risks relating to litigation of your company''s key brands

- Ensuring your company''s activities and transactions are aligned and in adherence with the statutory requirements

GLOBAL COMMERCIAL OPERATIONS

- Global Commercial Operations (GCO), celebrating its 3^rd anniversary {now known as Commercial Operations (CO)} was formed to centralize and deliver certain commercial operational functions, achieving greater effectiveness and efficiency. CO team strives to make commercial operations easier and more impactful for businesses so that they remain focused on our patients, customers and achieve their goals. The team is committed to provide expert driven commercial operations across various businesses and meet the ever changing needs of our business and customers.

- Field Force has always been and will continue to be at the heart of everything the CO does for the Company. For their progress, the team focused on three themes across all programs and initiatives - âEase of Doing Things'', âCapability Development'' and âCompliance Enhancement''.

- The team focused on driving âEase of Doing Things'' at Pfizer through automation and digitization - introduced a new platform, SARAL for conducting education programs for our customers and an improved integrated Sales Force Automation tool UNIFY to simplify processes and save field force time.

- Our initiative iLEAD (Leadership through Execution, Analysis and Development) is an ongoing 18 - 24 months comprehensive development journey for first line managers capability enhancement. It is identified as one of the key drivers for improving business performance and is a cross functional project.

BUSINESS TECHNOLOGY

Your Company''s Business Technology (BT) Division is in the forefront of implementing cutting edge innovative Information Technology solutions which helps the business grow. The team''s objectives'' are closely aligned to your Company''s growth strategy and the team has been actively partnering with the commercial teams to enhance the technological advancements that help improve customer engagement as well patient outcomes. While doing so, the BT team continues to align the technology function with global standards and processes. GST for India is a historical and long awaited tax transformation initiative and all industries have been impacted by this. The BT team along with Finance and Distribution teams managed this mega-transformation project seamlessly without any impact to the business operations.

Some other technical solutions which were implemented last year are as below.

- Unify - Integrating the reporting and digital detailing module thereby enabling easier daily reporting for field colleagues

- GoActive - India''s first mobile Application for HealthCare Professional engagement

- Innovations in pipeline - Mobile WiFi Clinics, Pfizer Touch, Virtual Reality and Augmented Reality platforms

- Business Analytics for Distribution team and process automation

The BT team is committed to provide best in class solutions to our customers, employees, channel partners and vendors and to that effect, the team continues to explore various world class CRM solutions. Our focus for next year remains on a digital strategy that would cover the whole gamut of social connect, mobile apps, multi-channel marketing and other Virtual and Augmented reality platforms.

FINANCE

The Finance Division is a key partner to the Management in upholding internal controls and governance standards, driving performance and leading enterprise wide initiatives.

In the current year:

- Finance played a key role in the acquisition of Neksium from AstraZeneca AB, Sweden, for a consideration of ''75 Crores, sale of four products to Piramal Enterprises Limited for ''108.76 Crores and the transition of Meronem distribution to your Company from AstraZeneca Pharma India Limited.

- The Finance team successfully led the transition to Goods and Services Tax (GST), a complex initiative impacting all aspects of the Company''s operations. The Finance team conceptualized the project and managed the re-configuration of all IT systems to be GST compliant in partnership with Business Technology. The team also ensured that the massive exercise of changing prices across channels, managing vendors relationships and tax compliances were managed smoothly.

- Finance is also leading the project for transitioning to a new integrated ERP system which will cover all aspects of the value chain -demand planning, supply network planning, direct and indirect procurement, manufacturing, quality, sales and distribution operations and financial accounting. The introduction of this ERP solution is a massive overhaul of all our current systems and processes. The deployment will be based on the parent company''s global model which will help your Company to leverage on global processes, compliances and costs. The transition to the new ERP model is expected to be completed in October 2017.

Despite these multiple major initiatives, the Finance function has ensured that its core focus on ensuring fiduciary integrity, upholding governance standards and providing timely pro-active decision support to the business was maintained at highest levels.

INTERNAL CONTROL SYSTEMS, THEIR ADEQUACY AND COMPLIANCE

Overview: Compliance Controls and Risk (CCR) Team is responsible for continuously monitoring the adequacy and effectiveness of internal controls. The team''s objective is to provide to the Senior Management and Audit Committee, an independent and reasonable assurance on the adequacy and effectiveness of the Company''s risk management, control and governance processes. This is achieved through a co-sourced internal audit model which includes independent reviews performed by CCR team together with audit reviews performed through an independent Chartered Accountant firm.

Internal Financial Control: The Company has laid down Internal Financial Controls that includes a risk based framework to ensure orderly and efficient conduct of its business, safeguarding of its assets, accuracy and completeness of the accounting records and assurance on reliability of financial information. The Audit Committee evaluated the design framework and operative assessment and deliberated with members of management and Statutory Auditors to ascertain their views or opinion. The Audit Committee is satisfied itself with the adequacy and effectiveness of the internal financial control system laid down by management. The Statutory Auditors have confirmed the adequacy of the internal financial control systems over financial reporting.

Risk Assessment: The CCR team conducts a risk assessment every year whereby all risks to the objectives of the company are assessed and mitigating plans are put in place. These risks include operational, regulatory, legal, business and compliance risks. All the key risks along with mitigating plans are presented and discussed annually with Audit Committee. This year the CCR team conducted joint risk assessment with the Corporate Compliance team of Pfizer Inc. to leverage the expertise and learningâs from each other.

Internal Audit Plan: Annually, based on the risk assessment and findings from previous internal audits, the CCR Team prepares the annual audit plan which is approved by the Audit Committee and followed throughout the year. As part of the quarterly review, status of the annual audit plan, design assessment, operating effectiveness, key audit findings and remediation status of prior findings are presented and discussed with Audit Committee.

MAPP: Your Company has a policy covering interaction with Healthcare Professionals and Government officials called âMy Anti-Corruption Policy & Procedures'' (MAPP). The policy addresses both local legal requirements while also leveraging on best practices followed in other markets. As a way of reinforcing its compliance culture, your Company has identified 108 odd colleagues as âCompliance Championsâ from various teams who act as first point of contact for any colleague in case they have policy related questions.

Given all the above, your Company is well placed in driving the spirit of compliance across its colleagues and stakeholders.

CORPORATE AFFAIRS

The Corporate Affairs Division continued to focus on building engagement with key stakeholders through its functions of Government Relations, Communications, Employee Engagement and Corporate Social Responsibility.

Public Affairs & Communications:

As a part of leading industry associations like Organization of Pharmaceuticals Producers of India (âOPPI''), Federation of Indian Chambers of Commerce & Industry (âFICCI''), Confederation of Indian Industries (âCII'') and Associated Chambers of Commerce & Industry (âASSOCHAM''), your Company has driven several stakeholder engagement initiatives in the year under review. Your Company''s Managing Director Mr. S. Sridhar has also been elected as the Vice President of the OPPI and the Co-Chair of the FICCI Pharmaceutical Committee for the current year.

(i) Engagement through industry associations and direct advocacy

- As an OPPI member, your Company continues to participate and play an active role in engaging with the relevant government stakeholders on policy matters including pricing and regulatory amendments that would help in creating a more stable and transparent business environment for your Company as well as the industry to operate in

- Through the US-India Business Council (âUSIBC'') platform on âInnovation Driven Expansion of Healthcare Access'', your Company was able to present its position on innovative models that could aid in bridging the current gap in healthcare access to key government stakeholders and policy experts

- Your Company partnered the flagship Government of India events such as the FICCI âIndia Pharma 2017'' and CII âPartnership Summit'', showcasing its key CSR initiatives and manufacturing footprint respectively

- Your Company through a FICCI engagement was instrumental in programming the conference on - âUnlocking India''s potential as the entrepreneurship hub in Healthcareâ on current need for encouraging an indigenous healthcare innovation landscape with key government stakeholders present

- Your Company independently has initiated several dialogues with policy decision makers to work on a concentrated effort in increasing access to medicines. One such important dialogue in this area continues to be on advancing tiered pricing concepts through which targeted benefits can be extended to socio-economic segments that would benefit the most from them. This continues to be an area of focus where your company will play a leading role - advocating for solutions that provide for a better alternative to blanket price controls.

(ii) Communications: Your Company''s Corporate Communications team plays the role of a key enabler in communicating its growth plans, strategic position to multiple stakeholders both internally and externally. This team is instrumental in ensuring that your Company colleagues are up-to-date on the several initiatives and engagements it pursues externally as well as internally through town halls, messages from the Managing Director, Crucible - Pfizer''s internal newsletter, etc. Externally, the team focuses on gaining visibility through media and non-media platforms for flagship Pfizer initiatives.

(iii) Employee Engagement initiatives: Your Company aims at creating and sustaining a culture of engagement and teamwork that drives high performance and builds a positive work environment. The team achieves that through an active calendar of employee engagement activities that focus on Health and Wellness, Family celebrations and the Annual Own It Day. By winning, celebrating and contributing together, your Company works toward providing happy environment where colleagues bond, collaborate across functions and teams, and above all - look forward to achieving shared goals by doing great work together.

Some of the key highlights for the year under review are:

- Family Fiesta: For the second consecutive year, Pfizer Family Fiesta brought together Your Company''s colleagues and their families to celebrate the One Pfizer spirit. Across head office and regional offices, including Mumbai, Delhi, Goa, Hyderabad and Chennai, the celebrations were organized as fun-filled days at amusement theme parks

- Rewards & Recognition: Honoring 18 successful projects and more than 120 members of project teams, your Company conducted the Rewards & Recognition program in combination with Family Fiesta celebrations. Both the One Pfizer Jury Awards and the Country Manager Awards distinguished teams and individuals for their significant contributions to achieving business results

- Year of the Field Force (YFF): Dedicated to the field colleagues, who continue their commitment and determination to make your Company stand tall in front of its stakeholders, the institution of YFF has allowed many ideas to be implemented that help the field colleagues. From the Sales Career Architecture which charted a growth path for their role aspirations, to a âStay Hydrated'' campaign that aimed at helping them beat the heat and stay healthy during summer, as well as the YFF special edition of internal magazine Crucible, these initiatives boosted field force morale and effectiveness

- Enhancement of Workplace Environment: Your Company''s move into a new open and vibrant office premises, having completed a year, continues to encourage ideation and cross-functional collaboration that has tremendously enhanced the work culture and the collective output from teams. Adding new recreational facilities, including an indoor games room, gym and garden, have provided the colleagues a chance to refresh and recharge at work thereby contributing to enhanced results. Similarly, the move to new offices at Delhi and Kolkata, brings the benefits of an open workplace environment and innovative space branding to these regional centers. Your Company''s continued investment in its workplaces ensures that its colleagues have a great environment to innovate and collaborate to do their best work

CORPORATE SOCIAL RESPONSIBILITY

Our CSR Purpose

Your Company continued to stay true to its stated purpose of promoting access to quality healthcare in the country by nurturing innovations, encouraging community involvement of our employees and synergizing efforts in partnerships with government and other stakeholders for collective impact.

CSR Initiatives

Your Company''s initiatives undertaken for the year under review is a demonstration of our commitment to its CSR purpose. Giving back to the society is embedded in our culture. With the intent of providing access to safe, effective and affordable medicines and healthcare services, your Company has undertaken several outreach initiatives that aligns to the global imperative of earning greater respect from society. These programs allows your Company colleagues to volunteer their time that instills a sense of pride and purpose going much beyond the conduct of everyday business.

This year Your Company continued to identify, choose and work on projects that are aligned to your Company''s CSR priorities listed below:

i. Encourage and support Indian innovation and Indian Intellectual Property with a focus on Healthcare;

ii. Undertake awareness and access programs ourselves or in partnership with NGO''s, Government and Healthcare Providers in areas such as Women and Child health, among others;

iii. Support Government''s national and/or state programs and priorities with linkages to healthcare;

iv. Enlist employees as volunteers to support activities around health, sanitation and disease awareness;

v. Participate in disaster relief activities.

Some key initiatives undertaken during the year were:

1. Project to encourage healthcare innovations Made in India

The Pfizer IIT Delhi Innovation and IP Program launched in 2015-16, aims at encouraging innovators to create healthcare innovations Made in India. We partnered with the Foundation for Innovation and Technology Transfer (FITT) at the Indian Institute of Technology, Delhi to launch an incubation accelerator initiative -- Pfizer IIT Delhi Innovation & IP Program.

Aligning with the Company''s ethos of bringing healthcare innovative solutions that significantly improve lives, The Pfizer IIT-Delhi Innovation and IP Program is an example of an industry-academia collaboration that aligns with the âStartup India, Stand up Indiaâ program launched by the Hon''ble Prime Minister of India.

The Phase 1 of this project selected and awarded two full time innovators with an unencumbered funding of upto ''50 Lakhs per incubatee. These innovators are incubated at IIT Delhi where they are currently developing the prototype of their innovation. The program also awarded grants to three innovators towards IP Filing support services. The two noteworthy projects selected under the resident incubation are the novel wearable device for air purification and portable device for early diagnosis of Typhoid and antibiotic susceptibility.

Further to the success of Phase 1, your Company rolled out Phase 2 of the program by calling in entries at a national level. This phase has selected the next two innovators for resident incubation and three innovators for IP filing support services. The second phase winners of the program have been identified and will shortly awarded the grants.

2. Project on combating Anti-Microbial resistance

India being the largest consumer of antibiotics, the government in 2016 committed to tackling AMR by taking further steps towards a new National Action Plan on AMR. Globally, Pfizer has been aligning with governments, medical societies and healthcare institutions to enhance antibiotic surveillance programs and improve awareness.

In India, during the last couple of years, your Company has been conducting several antimicrobial stewardship education programs and workshops to promote rational use of antibiotics and infection control practices in smaller hospitals and nursing homes. This year, your Company will be working with government stakeholders to expand existing surveillance programs and enhance stewardship programs to combat Anti-Microbial resistance.

3. Sanitation Project

As part of its contribution towards the Swachh Vidyalaya/Swachh Bharat Campaign, your Company continued its efforts in building and refurbishing sanitation facilities in schools across the country. This year, your Company continued its sanitation programs in Maharashtra, Goa, Delhi, Mewat (Haryana) and Luck now (UP) taking the number of schools covered to a total of 31. Your Company would be expanding its sanitation drive to Andhra Pradesh and Chennai in 2017-18.

4. During the year under review, your Company also provided grants worth Rs,88.39 Lakhs to institutions that work in the area of healthcare development.

The total amount spent by the Company towards CSR activities during the year is Rs,788.19 Lakhs. Your Company is proud to exceed its mandated CSR spending for the year.

A brief outline of the Corporate Social Responsibility (CSR) Policy of the Company and the initiatives undertaken by the Company on CSR activities during the year are set out in âAnnexure - Aâ of this Report in the format prescribed in the Companies (Corporate Social Responsibility Policy) Rules, 2014. The policy is available on the website of the Company - âwww.pfizerindia.com''.

WHISTLE BLOWER / VIGIL MECHANISM

Your Company has established a Whistle Blower / Vigil Mechanism through which its Directors, Employees and Stakeholders can report their genuine concerns about unethical behaviour, actual or suspected fraud or violation of the Company''s code of conduct or ethics policy. The said Policy provides for adequate safeguards against victimization and also direct access to the higher levels of supervisors. The E-mail ID for reporting genuine concerns is: â[email protected]''. In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at â[email protected]''. A quarterly report on the whistle blower complaints received and action taken thereon is placed before the Audit Committee for its review.

DIRECTORS

Ms. Lu Hong (DIN: 07358719), resigned as Non-Executive Woman Director from the Board of the Company with effect from November 4, 2016. Your Directors wish to place on record their appreciation for the valuable contributions made by Ms. Lu Hong.

The Board of Directors of the Company at their meeting held on November 4, 2016, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Dr. Anurita Majumdar (DIN: 05291758) as an Executive Director, Medical of the Company with effect from November 4, 2016 for a period of 5 (five) years, subject to the approval of members at the ensuing Annual General Meeting. The Company has received a Notice for candidature as a Director from a Member pursuant to Section 160 of the Act.

The Board of Directors of the Company at their meeting held on January 30, 2017, pursuant to the recommendation of Nomination and Remuneration Committee, appointed Mr. Ravi Prakash Bhagavathula (DIN: 07282100) as an Executive Director, Finance of the Company with effect from January 30, 2017, for a period of 5 (five) years, subject to the approval of members at the ensuing Annual General Meeting. The Company has received a Notice for candidature as a Director from a Member pursuant to Section 160 of the Act.

The Board of Directors of the Company at their meeting held on May 6, 2017, pursuant to the recommendation of Nomination and Remuneration Committee, re-appointed Mr. Vivek Dharival (DIN: 02826679) as an Executive Director, Technical Operations of the Company with effect from May 21, 2017, for a period of 5 (five) years, subject to the approval of members at the ensuing Annual General Meeting.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Framework and Policy.

The performance evaluation of each individual directors, the Board and Committees was carried out through deliberations. The said performance evaluation was done based on the parameters stated in the templates designed under the aforesaid Framework and after taking into consideration the guidance note issued by the Securities and Exchange Board of India on January 5, 2017.

Independent Directorsâ Meeting

One Meeting of the Independent Directors was held on May 6, 2016, without the presence of the Executive Directors and Management Personnel. At the Independent Directors Meeting held on May 6, 2016, the Independent Directors carried out performance evaluation of Non-Independent Directors and the Board of Directors as a whole, performance of Chairman of the Company, the quality, content and timeliness of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were present at the aforesaid Meeting.

FAMILIARIZATION PROGRAM FOR INDEPENDENT DIRECTORS

Your Company has in place a Familiarization Program for Independent Directors to provide insights into the Company''s business to enable them contribute significantly to its success. The Executive Directors and Senior Management make presentations periodically to familiarize the Independent Directors with the strategy operations and functions of the Company. Your Company also circulates news and articles related to the Industry and provide specific regulatory updates to the Independent Directors on a regular basis.

A brief summary of the major Familiarization Programs carried out during the year for the Independent Directors is given below:

Sr. No.	Particulars of the Programs / Presentations	Date	No. of Hours Duration(Hrs)
1.	Presentation on business update and regulatory developments	October 17, 2016	1.5
2.	Meeting with Ms. Janine Small, Regional President for discussion on the Pfizer''s outlook for India.	October 27, 2016	1.5
3.	Presentation on the Medical Affairs Division	November 4, 2016	0.5
4.	Presentation on the Goods and Service Tax and ERP implementation	November 4, 2016	1
5.	Presentation on Business Strategy	January 30, 2017	1.5
	Total Duration (Hours)		6

Nomination and Remuneration Policy

Meetings of the Board

The details of the meetings of the Board and Committees are provided in the Corporate Governance Report (Annexure H to the Board''s report). DIRECTORSâ RESPONSIBILITY STATEMENT

Your Directors make the following statements in terms of Section 134(3)(c) of the Companies Act, 2013:

a. that in the preparation of the annual financial statements for the year ended March 31, 2017, the applicable accounting standards have been followed along with proper explanation relating to material departures, if any;

b. that such accounting policies as mentioned in Note 2 and 3 of the Notes to the Financial Statements have been selected and applied consistently and judgments and estimates have been made that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company as at March 31, 2017 and of the profit of the Company for the year ended on that date;

d. that the annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and that the financial controls were adequate and were operating effectively.

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this Report.

RISK MANAGEMENT POLICY

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report.

RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered into during the financial year were on an arm''s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The Company had entered into materially significant related party transactions with Pfizer Export Company, Ireland, Pfizer Innovative Supply Point Intl BVBA, Belgium and Pfizer Service Company BVBA, Belgium for purchase of raw materials, bulk drugs and finished goods. The same are within the limits duly approved by the members at the 63^rd Annual General Meeting for Pfizer Export Company, Ireland and 65^th Annual General Meeting for Pfizer Innovative Supply Point Intl BVBA, Belgium and Pfizer Service Company BVBA, Belgium.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website âwww.pfizerindia.com''. The we blink for the Policy is http://www.pfizerindia.com/eNewsWebsite/investor/pdf/Revised % 20Related % 20Party % 20Transaction % 20Pol icy % 20 -%20Pfizer%20website.pdf

None of the Directors have any material pecuniary relationships or transactions vis-a-vis the Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made there under, particulars of transactions with related parties as required under Section 188 (1) of the Companies Act, 2013, in the prescribed Form AOC-2 is annexed herewith as âAnnexure - Câ.

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The Company has not granted any loans, guarantees and investments for the financial year ended March 31, 2017.

DEPOSITS FROM PUBLIC

DISCLOSURES OF ORDERS PASSED BY REGULATORS OR COURTS OR TRIBUNAL

No orders have been passed by any Regulator or Court or Tribunal which can have impact on the going concern status and the Company''s operations in future.

OTHER INFORMATION

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 136 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees'' particulars which is available for inspection by the Members at the Registered Office of the Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company''s Registered Office.

The Company does not have any subsidiary company or associate company or joint venture company.

AUDITORS

The Auditors, Messrs. B S R & Co. LLP, were appointed as Statutory Auditors to hold office for a term of 3 (three) years from conclusion of 63^rd Annual General Meeting till the conclusion of the 66^th Annual General Meeting subject to ratification by members at every subsequent Annual General Meeting. Accordingly, the Statutory Auditors Messrs. B S R & Co. LLP would be completing their maximum term permitted under Section 139 of the Companies Act, 2013 and the Rules made thereunder at the ensuing Annual General Meeting.

The Auditor''s Report for the financial year ended March 31, 2017 do not contain any qualification, reservation or adverse remark.

The Board of Directors of the Company at their meeting held on May 6, 2017 have recommended, the appointment of Messrs. Walker Chandiok & Co LLP, Chartered Accountants (Firm Registration No. 001076N/N500013) as the statutory auditors of the Company. Messrs. Walker Chandiok & Co LLP have confirmed their eligibility for appointment under Section 139 read with Section 141 of the Companies Act, 2013.

Messrs. Chandiok & Co LLP, will hold office for a period of 5 (five) consecutive years from the conclusion of the ensuing 66^th Annual General Meeting of the Company till the conclusion of the 71^st Annual General Meeting, subject to ratification by shareholders at every subsequent Annual General Meeting.

COST AUDITORS

Pursuant to Section 148 of the Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the cost audit records maintained by the Company is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA & Co., to audit the cost accounts of the Company for the financial year 2017-18 on a remuneration of Rs,11.50 Lakhs. As required under the Companies Act, 2013, the remuneration payable to the Cost Auditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member''s ratification for the remuneration payable to Messrs. RA & Co., Cost Auditors is included at Item No. 10 of the Notice convening the Annual General Meeting.

The Company has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended March 31, 2016 on September 27, 2016, which is within the stipulated timeline prescribed under the applicable regulations. The Cost Audit Report for Formulations for the financial year ended March 31, 2017 is due to be filed by September 27, 2017.

Messrs. R. A. & Co., have confirmed their eligibility to be the Cost Auditors and have been appointed to conduct Cost Audit of the Company''s records for the financial year ending March 31, 2018. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Secretarial Audit Report is annexed herewith as âAnnexure - Fâ. The Secretarial Auditor Report for the financial year ended March 31, 2017 does not contain any qualification, reservation or adverse remark.

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as âAnnexure - Gâ.

CORPORATE GOVERNANCE & BUSINESS RESPONSIBILITY REPORTING

A Report on Corporate Governance along with a Certificate from Messrs. B S R & Co. LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Regulation 34(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 forms part of this Report and annexed herewith as âAnnexure - Hâ.

CAUTIONARY NOTE

ACKNOWLEDGMENTS

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors

R. A. Shah

Mumbai, July 29, 2017

Chairman

Mar 31, 2015

TO THE MEMBERS

The Directors take pleasure in presenting this 64th Annual Report along with the Audited Financial Statements for the financial year ended 31st March, 2015. The Company operates only in one business segment viz., "Pharmaceuticals" and this Report covers its Pharmaceutical business performance. The audited figures given hereunder for the financial year under review and the previous year are not comparable, as the current year includes figures of Wyeth Limited which amalgamated with the Company effective 1st December, 2014. The prior year figures are only of standalone Pfizer Limited. The Appointed date for the said Amalgamation was 1st April, 2013.

DIVIDEND

Your Directors recommended a dividend of Rs.12.50 per share (125%) for the period under review. The dividend payout will be Rs.5,718 Lakhs and the dividend distribution tax payable by the Company would amount to Rs.1,154 Lakhs. This aggregates to Rs.6,882 Lakhs.

FINANCIAL HIGHLIGHTS

Rs in lakhs Year ended Year ended 31st March,2015 31st March, 2014

RevenuefromOperations 182,774 100,427

Operatingandotherlncome 9,292 21,692

Profit Before Tax and Exceptional ltems 31,846 33,958

Exceptional Items (Expenses) /Income (8,045) -

ProfitBeforeTax 23,801 33,958

Less: Taxation

CurrentTax 15,100 11,304

Deferred Tax (Credit)/Debit (1,332) 568

Profit before impact of Scheme of Amalgamation 10,034 22,086

ImpactofSchemeofAmalgamation (3,052) -

Profit for the year after impact of Scheme of Amalgamation 6,982 22,086

BalanceofProfitfromPriorYears 30,387 136,197

Surplus available for Appropriation 37,369 158,283

Appropriations:

Transfer to General Reserve - 2,209

Adjustment on account of Depreciation 19 -

Interim Dividend - 107,429

Proposed Dividend 5,718 -

Tax on Dividend 1,164 18,258

Surplus as per Balance Sheet 30,467 30,387

The Scheme of Amalgamation of Wyeth Limited with the Company ("the Scheme") received approval of the Hon''ble High Court of Judicature at Bombay on 31st October, 2014 and, subsequent to approvals by other relevant regulatory authorities, the Scheme has become effective 1st December, 2014. Since the Scheme received all the requisite approvals after the financial statements for the year ended 31st March, 2014 were adopted and approved by the shareholders of the respective companies, the impact of amalgamation has been given in the current financial yearwith effect from the appointed date i.e., 1st April, 2013.

In terms of the Scheme of Amalgamation, your Company allotted and issued 15,906,292 equity shares of Rs.10/- each to the shareholders of Wyeth Limited. Accordingly, the paid up equity share capital of your Company now stands increased to Rs.4,575 Lakhs.

Your Company''s net sales for the year ended 31st March, 2015 was Rs.182,774 Lakhs. Your Company achieved a Net Profit of Rs.10,034 Lakhs before giving effect to the Scheme.

The Company had announced a Voluntary Retirement Scheme ("VRS") during the year under review in its Plant at Thane. The expenses in relation to VRS and other related costs are reflected as Exceptional item.

As stated earlier, the audited figures for 31st March, 2015 are not comparable with that of 31st March, 2014. However, on a like to like comparison, the pharmaceutical revenue from operations for the year under review was Rs.182,774 Lakhs as compared to Rs.163,223 Lakhs in the previous year, registering a growth of 12%. Higher expenses and depreciation/amortization as a result of amalgamation have impacted profit from operations for the year.

Profit after tax has been impacted by the comparatively lower bank interest income and higher expenses. On a like to like comparison, Profit from operations for the year after adjusting for the incremental impact on depreciation / amortization and other income would be Rs.37,032 Lakhs, reflecting a growth of17% overthe previous year ended 31st March, 2014.

The profit for the year ended 31st March, 2014 of erstwhile Wyeth Limited ofRs.8,792 Lakhs, depreciation on tangible assets, amortization of goodwill and intangible assets arising from the amalgamation for the period 1st April, 2013 to 31st March, 2014, aggregating to Rs.11,844 Lakhs, have been accounted for in the current year''s statement of profit and loss. Accordingly, the profit for the year under review after giving effect to the Scheme was Rs.6,982 Lakhs.

DIRECTORS

In accordance with the provisions of the Companies Act, 2013, Mr. S. Sridhar retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. AijazTobaccowalla, Managing Director has been offered a global role with Pfizer Inc. USA which he intends to accept. He will continue in his current position as the Managing Director until his successor has been appointed by the Board of Directors of the Company. Mr.Aijaz Tobaccowalla was appointed as the Managing Directorforthe period of 3 years effective 16th August, 2012.

The Board of Directors at the meeting held on 14h February, 2015, based on the recommendation of Nomination and Remuneration Committee appointed Mr. Sunil Lalbhai as an Additional Director who will hold the office till the date of the ensuing Annual General Meeting. The Board of Directors at the said meeting also appointed Mr. Sunil Lalbhai as an Independent Director for a term of five years with effect from 14h February, 2015, subject to the approval of the members at the ensuing Annual General Meeting.

The Board of Directors at their meeting held on 14h February, 2015, based on the recommendation of Nomination and Remuneration Committee, appointed Dr. Lakshmi Nadkarni as an Additional Director who will hold the office till the date ofthe ensuing Annual General Meeting. The Board of Directors at the said meeting also appointed Dr. Lakshmi Nadkarni as a Whole-time Director for a period of five years with effect from 14h February, 2015, subject to the approval ofthe members at the ensuing Annual General Meeting.

All Independent Directors have given the declarations that they meet the criteria of independence as laid down under Section 149(5) of the Companies Act, 2013 and Clause 49 of the Listing Agreement.

Board Performance Evaluation

The Company has devised a Performance Evaluation Framework and Policy, which sets a mechanism for the evaluation of the Board, Board Committees and Directors.

Performance Evaluation of the Board, Committees and Directors was carried out through an evaluation mechanism in terms of the aforesaid Performance Evaluation Frameworkand Policy.

Independent Directors'' Meeting

Two Meetings of the Independent Directors were held on14h February, 2015 and 5th May, 2015, without the presence of the Executive Directors or management personnel. On 5th May, 2015, the Independent Directors carried out performance evaluation of Non- Independent Directors and the Board of Directors as a whole, performance of Chairman ofthe Company, the quality, content and timelines of flow of information between the Management and the Board, based on the Performance Evaluation framework of the Company. All the Independent Directors were presentatthe aforesaid Meetings.

Nomination and Remuneration Policy

The Board has on the recommendation ofthe Nomination and Remuneration Committee framed a policy for selection and appointment of Directors, Senior Management, Key Managerial Personnel and their remuneration. The Nomination and Remuneration Policy is annexed herewith as

"Annexure - B".

Meetings of the Board

During the year, five Board Meetings and five Audit Committee Meetings were held and convened. The details of which are given in the Corporate Governance Report. The intervening gap between the Meetings was within the period prescribed under the Companies Act, 2013 and Clause 49 ofthe Listing Agreement.

To the best of their knowledge and belief and according to the information and explanations obtained by them, your Directors make the following statements in terms of Section 134(3)(c) ofthe CompaniesAct, 2013:

a. that in the preparation ofthe annual financial statements for the year ended 31st March, 2015, the applicable accounting standards have been followed along with properexplanation relating to material departures, if any;

b. that such accounting policies as mentioned in Note 2 of the Notes to the Financial Statements have been selected and applied consistently and judgment and estimates have been made that are reasonable and prudent so as to give a true and fair view ofthe state of affairs of the Company as at31st March, 2015 and ofthe profit of the Company forthe year ended on that date;

c. that proper and sufficient care has been taken for the maintenance of adequate accounting records in accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities;

d. thatthe annual financial statements have been prepared on a going concern basis;

e. that proper internal financial controls were in place and thatthe financial controls were adequate and were operating effectively.

f. that systems to ensure compliance with the provisions of all applicable laws were in place and were adequate and operating effectively.

AUDIT COMMITTEE

The details pertaining to composition of Audit Committee are included in the Corporate Governance Report, which forms part of this Report.

FAMILIARIZATION PROGRAMME FOR INDEPENDENT DIRECTORS

The details pertaining to Familiarization Programme for Independent Directors are included in the Corporate Governance Report, which forms part of this Report.

RISK MANAGEMENT POLICY

The details pertaining to the Risk Management Policy are included in the Corporate Governance Report, which forms part of this Report. RELATED PARTY TRANSACTIONS

All Related Party Transactions that were entered into during the financial year were on an arm''s length basis and were in the ordinary course of business. There are no materially significant related party transactions made by the Company with Promoters, Directors, Key Managerial Personnel or other designated persons which may have a potential conflict with the interest of the Company at large. The Company had entered into materially significant related party transactions with Pfizer Export Company, Ireland for purchase of raw materials, bulk drugs and finished goods. The same is within the limits duly approved by the members at the 53rd Annual General Meeting.

All Related Party Transactions are placed on a quarterly basis before the Audit Committee for approval and before the Board for consideration and noting.

The Policy on Related Party Transactions as approved by the Board is uploaded on the Company''s website ''www.pfizerindia.com''. The weblinkforthe Policy is http://www.pfizerindia.com/eNewsWebsite/ investor/pdf/Related%20Party%20Transaction%20Policy.pdf

None ofthe Directors have any material pecuniary relationships ortransactions ws-a-wsthe Company.

Pursuant to Section 134 of the Companies Act, 2013 and Rules made thereunder, particulars of transactions with related parties as required under Section 188(1) ofthe CompaniesAct, 2013, in the prescribed Form AOC-2 is annexed herewith as "Annexure - C".

PARTICULARS OF LOANS, GUARANTEES AND INVESTMENTS

The Company has not granted any loans, guarantees and investments forthe financial year ended 31st March 2015.

DEPOSITS FROM PUBLIC

The Company has not accepted any deposits from public and as such, no amount on account of principal or interest on deposits from public was outstanding as on the date of the Balance Sheet.

OTHER INFORMATION

The information on conservation of energy, technology absorption and foreign exchange earnings and outgo stipulated under Section 134(3)(m) of the Companies Act, 2013 read with Rule 8 of The Companies (Accounts) Rules, 2014, is annexed herewith as "Annexure - D".

A table containing particulars of employees in accordance with the provisions of Section 197(12) of the Companies Act, 2013, ("the Act") read with Rule 5(1) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, is annexed herewith as "Annexure - E".

The information required pursuant to Section 197(12) of the Act read with Rule 5(2) of The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014 in respect of employees of the Company, forms part of this Report. However, as per the provision of Sections 134 and 135 of the Act, the Report and Accounts are being sent to the Members and others entitled thereto, excluding the information on employees'' particulars which is available for inspection by the Members atthe Registered Office ofthe Company during business hours on working days of the Company up to the date of the ensuing Annual General Meeting. Any member interested in obtaining a copy of such statement may write to the Company Secretary at the Company''s Registered Office.

AUDITORS

The Auditors, Messrs. B S R & Co. LLP, were appointed as Statutory Auditors to hold office for a term of 3 (three) years from conclusion of 63rd Annual General Meeting till the conclusion of the 66th Annual General Meeting subject to ratification by members at every subsequent Annual General Meeting.

The appointment of Messrs. BSR&Co. LLP will be placed before the members at this Annual General Meeting for ratification.

COST AUDITORS

Pursuant to Section 148 ofthe Companies Act, 2013 read with The Companies (Cost Records and Audit) Rules, 2014, as amended from time to time, the costaudit records maintained by the Company is required to be audited. Your Directors had, on the recommendation of the Audit Committee, appointed Messrs. RA &Co., to audit the cost accounts ofthe Company for the financial year 2015-15 on a remuneration of Rs.10.40 Lakhs. As required under the CompaniesAct, 2013, the remuneration payable to the CostAuditor is required to be placed before the Members in a general meeting for their ratification. Accordingly, a Resolution seeking Member''s ratification for the remuneration payable to Messrs. RA & Co., CostAuditors is included at Item No. 8 ofthe Notice convening theAnnual General Meeting.

The Company has filed the Cost Audit Report for Formulations and Compliance Report for the financial year ended 31st March, 2014 on 24th September, 2014, due date being 27th September, 2014. The Cost Audit Report Formulations and Compliance Report for the financial year ended 31st March, 2015 is due to be filed by 27th September, 2015.

Messrs. R.A.& Co., have confirmed their eligibility to be the CostAuditors and have been appointed to conduct Cost Audit ofthe Company''s records forthe financial year ending 31st March, 2015. The remuneration is subject to ratification by the shareholders.

SECRETARIAL AUDIT

Pursuant to the provisions of Section 204 of the Companies Act, 2013 and The Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, the Company has appointed Messrs. Saraf & Associates, a firm of Company Secretaries in Practice to undertake the Secretarial Audit of the Company. The Report of the Secretarial Audit Report is annexed herewith as "Annexure - F".

EXTRACT OF ANNUAL RETURN

The details forming part of the extract of the Annual Return in Form MGT 9 is annexed herewith as "Annexure - G".

CORPORATE GOVERNANCE

A Report on Corporate Governance along with a Certificate from Messrs. B S R & Co. LLP, regarding compliance with the conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement with Stock Exchanges forms part of this Report and annexed herewith as "Annexure - H".

ACKNOWLEDGEMENTS

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company''s suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record theirappreciation forthe supportand guidance provided by its Parent Company, Pfizer Inc. USA.

For and on behalf of the Board of Directors

R.A. Shah Mumbai, 12th June, 2015 Chairman

Mar 31, 2013

TO THE MEMBERS

The Directors have pleasure in presenting this 62nd Annual Report together with the Audited Accounts for the year ended 31st March, 2013. Your Company has, on 2nd April, 2012 transferred its animal health business to its wholly-owned subsidiary and hence the audited figures for the financial year under review with the previous year are not comparable. The prior year''s figures in the financial statements have been regrouped/rearranged where necessary.

DIVIDEND

Your Directors recommend a dividend of Rs.32.50 per equity share (325%) for the financial year ended 31st March, 2013 which includes a one-time special dividend of Rs.20.00 per equity share (200%) in view of the gain on sale of the animal health business. The proposed dividend, if approved at the ensuing Annual General Meeting, will aggregate to Rs.9699 Lakhs and the tax on distributed profits payable by the Company would amount to Rs.1648 Lakhs.

FINANCIAL HIGHLIGHTS

Your Company''s revenue from operations for the year under review stood at Rs.94798 Lakhs as compared to Rs.101732 Lakhs in the previous year. As highlighted earlier, the previous year''s figures are not comparable in view of the divestment of the animal health business on 2nd April, 2012. On a comparable basis, i.e., excluding animal health sales from the previous year, the Company''s Pharmaceutical sales grew at 4%.

For the year under review, your Company achieved a Profit Before Tax of Rs.69377 Lakhs as compared to Rs.27753 Lakhs for the previous year. On a comparable basis, i.e., after excluding the profit attributable to the animal health business in the previous year, the Profit Before Tax and Exceptional Items grew by 6%.

The Company made a gain of Rs.38252 Lakhs on account of sale of the animal health business to Pfizer Animal Pharma Private Limited (PAPPL), the erstwhile wholly-owned subsidiary of the Company and Rs.3160 Lakhs on account of transfer of investment in PAPPL.

The Company reported Other Income of Rs.10524 Lakhs for the year under review showing an increase of 13% over the previous year.

Rs. in Lakhs Particulars Year ended Year ended 31st March, 2013 31st March, 2012

Revenue from Operations 94798 101732

Operating and other Income 20733 16870

Profit Before Tax and Exceptional Items 28407 27790

Exceptional Items (Expenses)/Income 40970 (37)

Profit Before Tax 69377 27753

Less: Taxation

Current Tax 19543 9447

Deferred Tax (Credit)/Debit (486) (155)

Profit After Tax carried to Balance Sheet 50320 18461

Balance of Profit from Prior Years 102256 89977

Surplus available for Appropriation 152576 108438

Appropriations:

Transfer to General Reserve 5032 1846

Proposed Dividend 9699 3730

Tax on Dividend 1648 605

Surplus as per Balance Sheet 136197 102257

DIRECTORS

In accordance with the Articles of Association of the Company, Mr. R.A. Shah retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. Sunil Madhok, Executive Director - Business Operations, retired from the services of the Company with effect from 31st January, 2013 and has also resigned from the Board of Directors effective the said date. Your Directors wish to place on record their appreciation for the valuable contributions made by Mr. Madhok.

At the 61st Annual General Meeting of your Company, Mr. Aijaz Tobaccowalla was appointed as Managing Director of the Company with effect from commencement of business on 16th August, 2012, subject to the approval of the Central Government, which has been received.

The Board of Directors at their meeting held on 14th May, 2013 appointed Mr. S. Sridhar as Additional Director pursuant to Section 260 of the Companies Act, 1956 ("the Act") who will hold office till the date of the ensuing Annual General Meeting. The Company has received a notice for his candidature as a Director from a member pursuant to Section 257 of the Act. The Board of Directors at their meeting held on 14th May, 2013 also appointed Mr. S. Sridhar as a Whole-time Director of the Company for a period of 5 years. Mr. Sridhar''s appointment and remuneration are being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49IV(G) of the Listing Agreement is given in the Notice of the 62nd Annual General Meeting.

DIRECTORS'' RESPONSIBILITY STATEMENT

Pursuant to Section 217(2AA) of the Companies Act, 1956, your Directors confirm the following:

i. In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

ii. Your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year ended 31st March, 2013 and of the profit of the Company for that period.

iii. Your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of the Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. Your Directors have prepared the attached Statement of Accounts for the financial year ended 31st March, 2013, on a ''going concern'' basis.

CORPORATE GOVERNANCE

The Company has taken requisite steps to comply with the recommendations concerning Corporate Governance. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of this Report.

A separate report on Corporate Governance forms part of this Annual Report.

SUBSIDIARY COMPANY

Members are aware that your Company had incorporated a wholly-owned subsidiary in the previous year viz., Pfizer Animal Pharma Private Limited for the purpose of divesting its Animal Health business. On 7th December, 2012, your Company transferred its 100% ownership in the said subsidiary to Pfizer Animal Health India Limited, a 100% indirect subsidiary of Pfizer Inc., USA, for a consideration of Rs.47160 Lakhs. Accordingly, Pfizer Animal Pharma Private Limited ceased to be your Company''s subsidiary effective 7th December, 2012.

OTHER INFORMATION

As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, information pertaining to Conservation of Energy, Technology Absorption and Exports is given as Annexure to this Report. The information required under Section 217(2A) of the Companies Act, 1956 ("the Act") read with the Companies (Particulars of Employees) Rules, 1975, as amended, forms part of this Report. However, as per provision of Section 219(1)(b)(iv) of the Act, the Report and Accounts are being sent to all shareholders excluding the statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the said statement may write to the Company Secretary at the Company''s Registered Office.

AUDITORS

The Auditors, M/s. B S R & Co., retire at the conclusion of this Annual General Meeting and offer themselves for re-appointment. M/s. B S R & Co. have confirmed their eligibility for re-appointment under Section 224(1B) of the Companies Act, 1956.

M/s. B S R & Co., if appointed, will hold office up to the conclusion of the next Annual General Meeting of the Company.

COST AUDITORS

Pursuant to the provisions of Section 233B of the Companies Act, 1956, read with General Circular No. 2/2013 dated 31st January, 2013 issued by the Ministry of Corporate Affairs, companies were required to file their Cost Audit Reports and Compliance Reports by 28th February, 2013. The Company filed the said Reports for the financial year ended 31st March, 2012, on 31st January, 2013.

The Cost Audit Report for the financial year ended 31st March, 2013 is due to be filed by 27th September, 2013. M/s. RA & Co., who have confirmed their eligibility under Section 224(1 B) of the Companies Act, 1956, have been appointed as Cost Auditors to conduct Cost Audit of the Company''s records for the year ending 31st March, 2014.

ACKNOWLEDGEMENTS

Your Directors record their sincere appreciation to the Company''s employees at all levels for their dedication and commitment throughout the year.

Your Directors would like to place on record their appreciation for the support and assistance extended by all its external stakeholders. Your Directors are also thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., USA.

For and on behalf of the Board of Directors

of Pfizer Limited

R.A. SHAH

Mumbai, 26th July, 2013 Chairman

Mar 31, 2012

The Directors have pleasure in presenting this 61st Annual Report together with the Audited Accounts for the year ended March 31, 2012. The Report reviews the Company's operations covering Pharmaceutical and Animal Health Products. The audited figures given hereunder for the financial year under review and the previous period are not comparable, as the current period is for 12 (twelve) months from 1st April, 2011 to 31st March, 2012, while the previous period was for a period of 16 (sixteen) months from 1st December, 2009 to 31st March, 2011. The prior year's figures in the financial statements have been regrouped/re-arranged where necessary.

DIVIDEND

Your Directors recommended a dividend of Rs12.50 per share (125%) for the period under review. The dividend payout will aggregate to Rs 3730 Lakhs and the tax on distributed profits payable by the Company would amount to Rs 605 Lakhs.

FINANCIAL RESULTS

Your Company's net sales were Rs 101730 Lakhs recording a growth of 13% on an annualised basis. Your Company achieved a Net Profit of Rs 18461 Lakhs showing an increase of 8.75% on an annualized basis.

Rs in Lakhs

Particulars Year ended 16 Months Period March 31, 2012 ended March 31, 2011

Sales (Net of Excise Duty & Sales Tax) 101730 116956

Operating and Other Income 16870 17579

Profit Before Tax and Exceptional Items 27790 34764

Exceptional Items (Expenses)/Income (37) (303)

Profit Before Tax 27753 34461

Less: Taxation

- Current Tax 9447 12631

- Fringe Benefit Tax - -

- Deferred Tax (Credit)/Debit (155) (804)

Profit After Tax 18461 22634

Balance of Profit from Prior Years 89977 75329

Surplus available for Appropriation 108438 97963

Appropriations:

Transfer to General Reserve 1846 2263

Interim Dividend - 3730

Proposed Dividend 3730 1194

Tax on Dividend (proposed dividend & interim dividend) 605 799

Balance carried to Balance Sheet 102257 89977

PHARMA INDUSTRY OVERVIEW & OUTLOOK

India is at an exciting phase where the challenging dynamics of growth provide opportunities to innovate and progress. As a country, we continue to battle inflation with Gross Domestic Product (GDP) growth projected to dip below 6.9 percent in 2011-12 from 8.4 percent growth achieved during the two preceding years. The pharmaceutical industry however retains a healthy growth rate despite signs of deceleration in the larger economy. The audited pharmaceutical market in India grew by 16.34 percent to reach USD 13.3 billion in 2011-12 (Source: IMS MAT March 2012). The retail sector accounted for USD 11.2 billion and grew at 15.02 percent, while the hospital sector accounted for USD 1.3 billion and grew by 28.3 percent , (Source: IMS MAT March 2012). IMS ranks Indian pharmaceutical industry 14th in terms of value and 3rd in volume globally (Jan-Dec 2011).

A kaleidoscopic view of India in the coming years show favourable demographics that will fuel the growth of the healthcare and pharmaceutical sector - rising disposable income levels, increasing population and shift in disease patterns. Yet on the other hand, private expenditure on health as a percentage of total expenditure on health is 69.7 percent (2009) as per World Health Statistics 2012 by WHO. Health care - both at primary and secondary level will be driven by private providers. Changes in lifestyle, morbidity patterns and increasing penetration of private hospital based health care services will all call for a dynamic and evolving approach to healthcare. The pharmaceutical industry will have to seize the opportunities and challenges that this change will stimulate and will have to find innovative ways to address them. Ernst & Young has forecast that India will be one of the top 10 pharmaceutical markets in the world by 2015, along with Brazil and China.

Given the present inequities that exist in healthcare, the pharmaceutical industry will need to consolidate its growth story by expanding beyond cities to smaller towns.

OPPORTUNITIES, THREATS, RISKS & CONCERNS

The Government website on 'India - Opportunities - a guide to do business in India' states that 'the government, along with participation from the private sector, is planning to invest USD 1 billion to USD 2 billion in an effort to make India one of the top five global pharmaceutical innovation hubs by 2020. This clearly emphasizes the opportunities that will unfold for pharmaceutical sector in the coming years. Growth drivers like increased awareness of health care technology and focus on accessibility will drive innovation for the industry. The promising intent shown by the government when coupled with other pieces of the health pie like health insurance, improved health care delivery and diagnostic services can be harnessed to redefine the contributions of pharmaceutical sector for a healthier India.

The pharmaceutical sector will continue to attract investments with Mergers & Acquisitions paving growth; giving it substantial value. However, the recent government curbs on FDI in pharma will keep the M&A story in the background with India well missing the bus. Policy reforms are critical to ensure the growth of the pharmaceutical sector but the recent regulatory uncertainties like the proposed new drug policy coupled with the policy paralysis and economic downturn could cripple the growth curve.

The need of the hour is to develop integrated approaches to provide solutions that go beyond the pill and bring in value across the health care delivery chain. The intent of the government needs to be translated into increased budgetary spends on healthcare, R&D, positive reforms for the pharmaceutical sector and by ensuring transparent processes and systems that provide a level field for all players in the sector. Unless that happens, reforms will be fragmented, thus denying the vast population the benefit of innovation and research based quality drugs that the industry can bring to the country.

REVIEW OF OPERATIONS - BUSINESS SEGMENT: PHARMACEUTICAL

Your Company continued to record double digit growth for the year under review and has grown faster than the therapeutic segments in Respiratory, Pain, Neuro CNS (Source: IMS TSA MAT MAR '12) Currently, your Company is growing at 12.6% and has a market share of 2.3% (Source: IMS-TSA MAT MAR '12). As was the case last year, a significant proportion of the growth has come from increased volumes by revitalizing growth in core brands. Our current portfolio includes some of India's best known brands, with six of our key brands being in the list of top 100 brands in the industry.

Your Company's aggressive investment in geographic expansion, increased focus on key prescribers and emphasis on performance management has resulted in increased market share of these brands.

The pharmaceutical division has been aligned and is better positioned to address our customer needs. In addition to new products, your Company also entered into chronic segments such as neuroscience which is one of the fastest growing markets in India. Given the high prevalence of neuropsychiatric illness and low awareness and diagnosis, this segment can drive growth for your Company. The Pfizer Neuroscience team have a 150 strong field force with an augmented and fortified portfolio consisting of branded generics and global brands.

The business imperative of the Rx to OTC Business Unit (BU) is to engage three stakeholders - doctors, trade channel partners like stockists, pharmacies and consumers through a revitalized and augmented Rx to OTC portfolio for wellness and common ailments. This BU has a presence in Gastro, Cough, Food Supplement and Personal Care. The key growth drivers for this BU are lifecycle management of existing mature products like Gelusil and Corex Dx, launch of new Branded Value Offerings (BVOs) to augment the portfolio, focus on customer reach and customer engagement.

Some of the Company's established brands like Corex, Becosules, Minipress XL, Lyrica, Gelusil showed double digit growth. The slow down in the Anti - infective segment impacted Magnex Growth during the year and we expect that this trend will soon be reversed. Your Company has launched 26 Branded Value Offerings (BVOs) during the year under review mainly in the anti- infective, analgesic, CNS, CVS and diabetes segment. The Pharmaceutical Segment of your Company recorded a growth of 14%. Consequent to the global termination of the agreement with Biocon, the Company withdrew Insulin products from the market which had a marginal impact on the revenue and cost.

BUSINESS SEGMENT: ANIMAL HEALTH

Indian animal health market is growing at 5% growth rate. Dairy, Poultry and Companion animals are three major verticals that make up more than 95% of the market. During the financial year under review, your Company's Animal Health division recorded a revenue growth of 12% on an annulized basis.

The Dairy Sector in India is one of the fastest growing in the world, with milk production growing at a CAGR of 3.5% over the last decade. Considering the demands of the growing population, the country is going to need 172.2 MMT of milk by 2021-22. The Government has plans to ramp up per capita milk productivity in the country to WHO standards, and has already initiated the process of growth enablers, in the form of the National Dairy Plan, with special emphasis on increasing productivity of dairy animals, improving genetic potential of the animals, improving access to fodder and market penetration by creating and improving the broad-based veterinary infrastructure in the country. These initiatives will help in achieving the dual objective of self sufficiency in domestic milk production and inclusive growth in rural areas. Growth opportunities are being leveraged through field force expansion to increase market reach.

India ranks 3rd in global egg production and 5th in global broiler meat production.Population rise, increasing incomes and lower prices are key growth drivers. Growing influence of food service and retail chains on poultry production and end-consumer preferences are slowly shifting from live bird markets to processed and chilled products. Biological products are a focus area of the Poultry team.

The Companion Animal business is growing at 12% per annum and Pfizer continues to be a major player in the biological segment. Growth stimulators in this segment are the need for companionship, higher disposable income, responsible pet ownership and media attention. Targeted focus on the top brands and improved market penetration has yielded positive results for the business during the year under review.

In July 2011, Pfizer Inc, USA, ("Pfizer") the Ultimate Holding Company, announced that it was reviewing strategic alternatives for its global animal health business. In connection with the strategic review Pfizer undertook certain internal reorganization steps that were intended to give Pfizer the broadest possible flexibility to pursue a range of possible transactions in the future.

On April 2, 2012, your Company transferred its Animal Health Business to its wholly owned subsidiary, Pfizer Animal Pharma Private Limited by way of a slump sale for a consideration of Rs 440 crores, subject to adjustment for working capital.

BUSINESS SEGMENT: SERVICES - CLINICAL OPERATIONS

The Clinical Operations group is responsible for all clinical trials conducted by the Company within the country. The Clinical Operations group comprises four segments: Study Management; India Regional Monitoring Group; Business Operations and Clinical Quality Services. Your Company has contributed greatly to the development of clinical research in the country and holds a position of leadership in this area. Initiatives such as the establishment of preferred research centers, core research sites and earning trust initiative helped to establish training partnerships that are key to Pfizer's commitment to develop research capacity and supporting scientific and medical professionalism.

Your Company has partnered with other pharmaceutical companies, contract research organizations and investigators through the Indian Society for Clinical Research (ISCR) - a professional society aimed at raising the standards of clinical research in the country as well as Academy for Clinical Excellence.

MEDICAL RESEARCH DIVISION:

Medical Affairs and Research (MAR) Division consists of about 50 medical doctors that represent the medical conscience of your Company and they support scientific presentations to the medical community, investigator- initiated research, medical information, design of local clinical programs and scientific engagements with physicians to the product training of sales force and new product evaluations.

The medical team is responsible for ensuring compliance of promotional practices to international and local industry standards as well as regulatory requirements. The team also provides medical support to regulatory registration as well as safety review and labeling activities.

Notable contributions have been made by MAR Division in evaluation, differentiation and positioning of Branded Value Offerings and medico-marketing activities for in- line and line extensions.

This year, a team of Medical Research Specialists was taken on board to focus on knowledge dissemination to clinicians and improve health outcomes for patients. The key initiatives of the MAR Division were focused around World Kidney Day in March, World Hypertension Day in May, World Heart Day in September and World Diabetes Day in November. Around these days, activities like patient awareness camps, Continuous Medical Education (CME) programs and educational sessions were conducted in institutions and teaching hospitals. By associating with these events throughout the year, the Company emphasized on the management of hypertension and also on protecting the vital organs that may be affected by hypertension thus projecting our vision of working together for a healthier world. A novel concept of antibiotic stewardship was disseminated this year by conducting international speaker programs and advisory board meetings. The Medical Division also contributed to overall leadership development in physicians through LOGOS initiative and a number of other therapy shaping activities.

Noteworthy contributions were made for the Rx to OTC BU through initiation of CMEs for their doctors for the first time on "Clinical Insights - Cough Management", which was highly appreciated by the physicians.

HUMAN RESOURCES DIVISION

Globally, the HR function was involved in redesigning the HR structure and processes to make the function more agile and adaptable to deliver HR solutions to the business. Some of the initiatives made are HR Operating Model, Global Shared Service, Talent Acquisition, OWN IT Culture. While being aligned to our budgetary commitments, we are also committed to standardization, automation and consolidation of processes to efficiently and effectively manage an increasing workforce across multiple locations.

Diversity

To further the objective of Diversity through Women's Allies (DIWA), a three-year-old program to harness the unique potential of women, your Company established an India Women's Council. It has three work streams - one focused on attracting and engaging women in sales; and the second to engage women customers who are becoming important decision makers in Indian healthcare. The third work stream, which focuses on networking and communication, created a women's blog and conducted several career guidance workshops during the year. A training program on 'Empowering women for Field Force Effectiveness' customized for women sales colleagues has been launched with the support of business units and enabling functions.

Talent Management Process

Your Company has a robust talent management process, supported by on-line assessment and development resources, to ensure that we have the right people to take the company forward. Colleagues in the Talent Pool are involved in high level projects identified by the organization.

We continue our practice of infusing good talent, by inducting Management Graduates from leading India business schools and putting them through a year-long structured program.

Employee Relations

Overall, Employee Relations were cordial. Your Company's present employee strength is 3151.

MANUFACTURING OPERATIONS

Your Company's manufacturing is an integral part of Pfizer Global Supply Operations which focuses its activities towards ensuring that quality products are available as per business requirements. With more than 150 years of manufacturing experience in markets across the world, your Company today is one of the most trusted names in the manufacture and supply of high quality products in the world.

Your Company has always endeavored to bring newer drugs to the market to improve patient health and contribute to a better standard of living. Last year your Company launched several new Branded Value Offerings (BVOs) and new products.

Manufacturing operations are carried out in full compliance with local statutory laws and Pfizer standards. The Company's continued focus on non-renewable resources has created an excellent model for environmental sustainability. There is a constant emphasis on conservation of resources across manufacturing sites and to reduce waste. The excellent Environment, Health and Safety standards of the Company have earned Pfizer India recognition in the form of ISO 14001:2004 and OHSAS 18001:2007. The ISO 14001 certification reiterates the Company's focus on Environment, Health and Safety.

Your Company's Manufacturing Operations have fully embraced the company-wide culture initiative OWN IT, to create an Ownership culture. This initiative will provide us an opportunity to instill a culture where we can maximize our potential. The new initiative revolves around Owning the Business and Winning at the Market place with a focus on results and creating a culture of trust.

Various initiatives such as Kaizen Schemes, Rewards and Recognition, 'Continuous Improvement' programs, now better known as Operational Excellence (OE) have been initiated and are contributing to employee involvement, improved efficiency and productivity. These initiatives have resulted in successful completion of many Yellow Belt, Green Belt and Black Belt projects. Training and skill enhancement are also ongoing initiatives that are the core of our manufacturing operations.

We value the confidence and faith reposed by the patients in support of 'Pfizer Quality' products. We continue to have a leading portfolio of medicines that prevent, treat and cure diseases across a broad range of therapeutic areas.

CORPORATE AFFAIRS

The Corporate Affairs Function (CAF) is a blend of regulatory and policy shaping activities, coupled with activities that fulfill the Company's strategic role as a conscientious Corporate. Your Company continued to develop innovative partnership programs that demonstrate the Company's support to addressing the challenges of the UN Millennium Development Goals (MDGs). For instance, the Tuberculosis (TB) treatment centre in an urban slum in New Delhi empowers the disadvantaged through intensive education, ensuring treatment compliance and reduction of stigma. In the partnership project by your Company with OpAsha, your Company has supported a TB centre in the urban slums of New Delhi. The Government provides free medicines and services under the National TB Control Program and your Company puts in an investment that together works to educate more than 40,000 urban slum dwellers on the need for proper treatment against TB. OpAsha runs several such centers across the country.

The nearly decade old Arpana Mother and Child Project continues with its focus on holistic approach to healthcare and economic empowerment of the community, the Arpana Mother and Child Project'. The program has had 94 percent coverage for its antenatal check up activities, resulting in better all round healthcare and awareness of health needs of pregnant women and children less than five years of age.

The Community Pharmacy in Orissa has completed one year and your Company in relationship with its partners - the Micro Insurance Academy (MIA) and Mahashakti, has demonstrated the true value of sustainable programs that can run on Private Public Partnership platform. The innovative program establishes your Company's thought leadership to develop sustainable holistic approaches to advance healthcare goals of the country by piloting innovative healthcare access model making quality medicines and service delivery available at remote areas and to empower community in accessing health services.

The goal of The District Integrated Health & Family Welfare Society (DIHFWS), Zilla Parishad, Thane is to improve the availability of and access to quality health care by people, especially for those residing in rural areas, the poor, women and children, in accordance with the National Rural Health Mission (NRHM). The DIHFWS, in partnership with Impact India Foundation (IIF) and your Company is working towards upgrading and maintenance of the Parli Primary Health Centres (PHCs), Parli and Mangrul Sub Centre located in Thane District, Maharashtra. This pilot project is an outcome of your Company's endeavor to enable access to healthcare to remote areas in the country.

CAF in association with OPPI, FICCI, CII and ASSOCHAM continued its engagement of external stakeholders on various policy issues like patents, pricing and FDI. Abiding by the credo 'One voice, One strategy', your Company made several joint representations to senior government officials to enforce the industry dialogue and views on several critical policy areas.

CAF oversaw charitable contributions, product donations and participated in various initiatives to promote corporate governance, environment and social responsibility.

Your Company has been recognized as one of the Best Companies to Work for in India by the Business Today- Indicus-PeopleStrong survey in 2011. This is the second consecutive year in which Your Company has received this recognition from the leading business publication.

The Pharma Leaders Magazine named Your Company as the Multinational Company of the Year 2011 and Managing Director Mr. Kewal Handa as the Business Leader of the Year 2011.

INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY

Your Company has clearly laid down policies, guidelines and procedures that form part of internal control system, which provide for automatic checks and balances. Your Company has maintained a proper and adequate system of internal controls. This is to ensure that all assets are safeguarded and protected against loss from unauthorized use or disposition, and that transactions are authorized, recorded and reported diligently. Your Company's internal control systems are commensurate with the nature and size of its business operations.

An extensive program of Compliance, Control and Risk Team (CCR) further supplements the Company's internal control systems. This is done by the CCR, which is supported by an independent firm of chartered accountants, who review the effectiveness and efficiency of these systems and procedures. The management periodically reviews reports of internal auditors. All significant Internal Audit observations and follow-up actions thereon are brought to the notice of the Audit Committee of the Board and corrective steps recommended for implementation. The Audit Committee of the Board addresses significant issues raised by the CCR, Cost Auditors and Statutory Auditors.

Your Company has a well defined Standard Operating Procedure for identifying and mitigating risks across all divisions of the Company. The Company periodically identifies all risks and prioritizes the major risk and develops appropriate plans for its mitigation. The senior management has ownership of the major risks and its management and mitigation plans.

The internal control system is designed to ensure that all financial and other records are reliable for preparing financial statements and other data, and for maintaining accountability of assets.

DIRECTORS

In accordance with the Articles of Association of the Company, Mr. Pradip Shah retires by rotation at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Dr. Bomi Gagrat, Executive Director - Technical Operations, retired from the services of the Company with effect from June 30 2011. Dr. Gagrat continued as Non-Executive Director on the Board with effect from July 1, 2011. Dr. Gagrat resigned from the Board with effect from May 21, 2012. Your Directors wish to place on record their appreciation for the valuable contributions made by Dr. Gagrat.

The Board of Directors at their meeting held on June 28, 2012 appointed Mr. Aijaz Tobaccowalla as Additional Director pursuant to Section 260 of the Companies Act, 1956 ("the Act") who will hold office till the date of the ensuing Annual General Meeting. The Company has received his candidature as a Director from a member pursuant to Section 257 of the said Act. Mr. Tobaccowalla's appointment is being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 61st Annual General Meeting.

Mr. Kewal Handa, resigned as the Director and Managing Director of the Company with effect from end of day of August 15, 2012. Your Directors wish to place on record their appreciation for the valuable contributions made by Mr. Handa.

The Board of Directors at the meeting held on June 28, 2012 appointed Mr. Aijaz Tobaccowalla as the Managing Director of the Company with effect August 16, 2012. Mr. Tobaccowalla's appointment and remuneration will be subject to approval of the members at the ensuing Annual General Meeting and also will be subject to approval of the Central Government.

The Board of Directors at their meeting held on May 21, 2012 appointed Mr. Uday Khanna as Additional Director pursuant to Section 260 of the Act, who will hold office till the date of the ensuing Annual General Meeting. The Company has received his candidature as a Director from a member pursuant to Section 257 of the said Act. Mr. Khanna's appointment is being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 61st Annual General Meeting.

The Board of Directors at their meeting held on May 21, 2012 appointed Mr. Vivek Dhariwal as Additional Director pursuant to Section 260 of the Act, who will hold office till the date of the ensuing Annual General Meeting. The Company has received his candidature as a Director from a member pursuant to Section 257 of the said Act. The Board of Directors at their meeting held on May 21, 2012 also appointed Mr. Dhariwal as a Whole-time Director designated as Executive Director, Technical Operation for a period of 5 years. Mr. Dhariwal's appointment and remuneration are being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 61st Annual General Meeting.

The Board of Directors at their meeting held on May 21, 2012 appointed Mr. Sunil Madhok as Additional Director pursuant to Section 260 of the Act, who will hold office till the date of the ensuing Annual General Meeting. The Company has received his candidature as a Director from a member pursuant to Section 257 of the said Act. The Board of Directors at their meeting held on May 21, 2012 also appointed Mr. Madhok as a Whole-time Director designated as Executive Director, Business Operation for a period of 3 years or till the date of his retirement, whichever is earlier. Mr. Madhok's appointment and remuneration are being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 61st Annual General Meeting.

DIRECTORS' RESPONSIBILITY STATEMENT

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confirm the following.

i. In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

ii. Your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the Financial Year ended March 31, 2012 and of the profit of the Company for that period.

iii. Your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. Your Directors have prepared the attached Statement of Accounts for the Financial Year ended March 31, 2012, on a going 'concern basis'.

CORPORATE GOVERNANCE

The Company has taken requisite steps to comply with the recommendations concerning Corporate Governance. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of this Report.

A separate report on Corporate Governance forms part of this Annual Report.

SUBSIDIARY COMPANY

As per Section 212 of the Companies Act, 1956 ("the Act") the Company is required to attach the to Directors' Report, Balance Sheet and Statement of Profit and Loss of its Subsidiary. However, the Central Government has granted general exemption from complying with Section 212 of the Act to all companies vide Notification No.5/ 12/2007-CL-III dated February 8, 2011. Further In terms of Para 11 (a) of Accounting Standard (AS 21), the Company is not required to consolidate the accounts of its wholly-owned subsidiary company, Pfizer Animal Pharma Private Limited, since the control of the same is held for a temporary period as a pre-step for subsequent sale/divestment.

In view of the above, the Company has not consolidated the accounts of its subsidiary, which was incorporated on February 10, 2012, and has not attached the Directors' Report, Balance Sheet and statement of Profit & Loss of its Subsidiary. The statement of accounts as on March 31, 2012 and related information of the Subsidiary will be made available upon request by any shareholders of the Company and the Subsidiary. The statement of accounts as on March 31, 2012 of the Subsidiary Company will be available for inspection by any member at the Registered Office of the Company between 11.00 a.m. to 1.00 p.m. on any working day.

OTHER INFORMATION

As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules 1988, information pertaining to Conservation of Energy, Technology Absorption and Exports is given as Annexure 'I' to this Report.

The information required under Section 217(2A) of the Companies Act, 1956 ("the Act") read with the Rules framed thereunder forms part of this Report and marked as Annexure 'II'. However, as per provision of Section 219 (1)(b)(iv) of the Act, the Report and Accounts are being sent to all shareholders excluding the statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the statement may write to the Company Secretary at the Company's Registered Office.

AUDITORS

M/s. B S R & Co., the Company's Auditors, will retire at the conclusion of the ensuing Annual General Meeting. They have given their consent to continue to act as Auditors of the Company for the current year, if re- appointed.

COST AUDITORS

Pursuant to the provisions of Section 233B of the Companies Act, 1956, necessary application has been submitted to the Ministry of Corporate Affairs, for the appointment of M/s. RA & Co. as Cost Auditors to audit the cost accounts maintained by the Company in respect of Formulations for the year ending March 31, 2013. The Company has filed its Cost Audit Report for the sixteen months ended March 31, 2011 on 26th September, 2011 and the due date for filling the Cost Audit Report for the financial year ended March 31, 2012 is on 27th September, 2012.

ACKNOWLEDGEMENTS

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Company's suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., USA.

For and on behalf of the

Board of Directors of Pfizer Limited

R.A. SHAH

Mumbai, June 28, 2012 Chairman

Mar 31, 2011

The Directors have pleasure in presenting this 60th Annual Report together with the Audited Accounts for the 16 months period ended March 31, 2011. The Report reviews the Companys operations covering Pharmaceutical and Animal Health Products. Members may please note that your Company has changed the Accounting Year of the Company from December 1 Ã November 30 to April 1 Ã March 31 with effect from December 1, 2009. The prior years figures in the financial statements have been regrouped / re-arranged where necessary and are strictly not comparable with those of the current period which are for 16 months ended March 31, 2011.

DIVIDEND

During the period under review, your Directors had declared an interim dividend of Rs.12.50 per share (125%)

which was paid to the shareholders on January 31, 2011. Your Directors are pleased to recommend a final dividend of Rs. 4.00 per share (40%) for the period under review. Thus the total dividend payout for the 16 months period ended March 31, 2011 would be Rs. 16.50 per share (165%), aggregating to Rs. 4924 Lakhs and the tax on distributed profits payable by the Company would amount to Rs. 799 Lakhs.

FINANCIAL RESULTS

Your Companys sales (net of excise duty and sales tax) amounted to Rs.116956 Lakhs for the 16 months period ended March 31, 2011. On a 12 months comparison, i.e., March 31, 2010 and March 31, 2011, the sales recorded a growth of 11.5%. Your Company achieved a Net Profit of Rs. 22634 Lakhs for the 16 months period ended March 31, 2011 showing an increase of 24% on an annualised basis.

Rs. in Lakhs

Particulars 16 Months Period Ended 12 Months Ended March 31, 2011 November 30, 2009

Sales (Net of Excise Duty & Sales Tax) 116956 77227

Operating and other Income 17579 10074

Profit Before Tax and Exceptional Items 34764 22093

Exceptional Items (Expenses)/Income (303) (1092)

Profit Before Tax 34461 21001

Less: Taxation

- Current Tax 12631 7705

- Fringe Benefit Tax - 91

- Deferred Tax Credit (804) (483)

Profit After Tax 22634 13688

Balance of Profit from Prior Years 75329 67545

Adjustment on account of amalgamation of erstwhile Duchem Laboratories Limited - (171)

Surplus available for Appropriation 97963 81062

Appropriations:

Transfer to General Reserve 2263 1369

Interim Dividend 3730 -

Final Dividend Proposed 1194 3730

Tax on Dividend (interim & final proposed dividend) 799 634

Balance carried to Balance Sheet 89977 75329

DIRECTORS:

In accordance with the Articles of Association of the Company, Mr. R.A. Shah retires by rotation as a Director at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

Mr. Richard Gane, who was appointed as a Non-Executive Director at the 57th Annual General Meeting of the Company, resigned from the Board with effect from January 11, 2011. Your Directors wish to place on record their appreciation for the valuable contribution made by Mr. Richard Gane.

DIRECTORS RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, 1956, your Directors confirm the following:

i. In the preparation of the Annual Accounts, the applicable accounting standards have been followed.

ii. Your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the 16 months period ended March 31, 2011 and of the profit of the Company for that period.

iii. Your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv. Your Directors have prepared the attached Statement of Accounts for the 16 months period ended March 31, 2011, on a Ãgoing concern basis.

CORPORATE GOVERNANCE:

The Company has taken requisite steps to comply with the recommendations concerning the Corporate Governance. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate

Governance as stipulated under Clause 49 of the Listing Agreement forms part of this Report.

A separate report on Corporate Governance forms part of this Annual Report.

OTHER INFORMATION:

As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, information pertaining to Conservation of Energy, Technology Absorption and Exports is given as Annexure ÃI to this Report.

The information required under Section 217(2A) of the Companies Act, 1956 ("the Act") read with the Rules framed thereunder forms part of this Report and marked as Annexure ÃII. However, as per provision of Section 219 (1)(b)(iv) of the Act, the Report and Accounts are being sent to all shareholders excluding the statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the statement may write to the Company Secretary at the Companys Registered Office.

AUDITORS:

M/s. B S R & Co., the Companys Auditors will retire at the conclusion of the ensuing Annual General Meeting. They have given their consent to continue to act as Auditors of the Company for the current year, if re- appointed.

COST AUDITORS:

Pursuant to the provisions of Section 233B of the Companies Act, 1956, necessary application is being submitted to the Department of Corporate Affairs for the appointment of M/s. RA & Co. as Cost Auditors to audit the cost accounts maintained by the Company in respect of Formulations for the year ending March 31, 2012.

ACKNOWLEDGEMENTS:

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the Companys suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., USA.

For and on behalf of the Board of Directors of Pfizer Limited

R.A. SHAH Chairman

Mumbai, May 3, 2011

Nov 30, 2009

The Directors have pleasure in presenting this 59th Annual Report together with the Audited Accounts for the year ended November 30, 2009. The Report reviews the CompanyÃs operations covering Pharmaceutical and Animal Health Products.

DIVIDEND

Your Directors are pleased to recommend a dividend of Rs.12.50 per share (125%) for the fnancial year ended November 30, 2009. The dividend payout will aggregate to Rs.3730.18 Lakhs and the tax on distributed profits payable by the Company would amount to Rs.634.13 Lakhs.

FINANCIAL RESULTS Rupees in Lakhs

Year Ended Year Ended November 30, 2009 November 30, 2008

Sales (Net of Excise Duty & Sales Tax) 77227 67771

Operating and other Income 9542 9342

Profit Before Tax and Exceptional Items 22093 21066

Exceptional Items (Expenses) / Income (1092) 20790

Profit Before Taxation 21001 41856

Less: Taxation

- Current Tax 7705 12451

- Fringe Benefit Tax 91 228

- Deferred Tax (Credit) / Debit (483) (735)

Profit After Taxation 13688 29912

Balance of Profit from Prior Years 67545 44989

Adjustment on account of amalgamation of erstwhile Duchem Laboratories Limited(171) Surplus available for Appropriation 81062 74901

Appropriations:

Transfer to General Reserve 1369 2991

Proposed Dividend 3730 3730

Tax on Dividend 634 634

Balance carried to Balance Sheet 75329 67545

Your CompanyÃs sales (net of excise duty and sales tax) amounted to Rs.77227 Lakhs (Previous year Ã Rs.67771 Lakhs) recording an impressive growth of 14% over the previous year. Your Company achieved a Net Profit of Rs.13688 Lakhs as compared to Rs.29912 Lakhs showing a decline of 54%. This decline is mainly due to the impact of Exceptional Income in the previous year. The profit before exceptional items however, recorded an increase of 5%.

DIRECTORS:

In accordance with the Articles of Association of the Company, Dr. Bomi Gagrat retires by rotation as Director at the ensuing Annual General Meeting and being eligible, offers himself for re-appointment.

The Board of Directors at their meeting held on February 25, 2010 re-appointed Mr. Kewal Handa as the Managing Director of the Company for a further period of 5 years or till the date of his retirement, whichever is earlier. Mr. HandaÃs appointment and remuneration are being placed before the shareholders for their approval at the ensuing Annual General Meeting The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 59th Annual General Meeting

The Board of Directors at their meeting held on February 25, 2010 appointed Dr. Gagrat as a Whole- time Director designated as Executive Director - Technical Operation for a further period of 3 years or till the date of his retirement, whichever is earlier. Dr. GagratÃs appointment and remuneration are being placed before the shareholders for their approval at the ensuing Annual General Meeting. The information required to be furnished under Clause 49 IV (G) of the Listing Agreement is given in the Notice of the 59th Annual General Meeting

DIRECTORSÃ RESPONSIBILITY STATEMENT:

Pursuant to Section 217 (2AA) of the Companies Act, your Directors confirm the following

In the preparation of the Annual Accounts, the applicable accounting standards have been followed

i. Your Directors have selected such accounting policies and applied them consistently and made judgments and estimates that are reasonable and prudent so as to give a true and fair view of the state of affairs of the Company at the end of the financial year and of the profit of the Company for that period

iii. Your Directors have taken proper and sufficient care for the maintenance of adequate accounting records in accordance with the provisions of this Act for safeguarding the assets of the Company and for preventing and detecting fraud and other irregularities.

iv Your Directors have prepared the attached Statement of Accounts for the year ended November 30, 2009 on a Ãgoing concern basisÃ

CORPORATE GOVERNANCE:

The Company has taken requisite steps to comply with the recommendations concerning the Corporate Governance. A certificate from the Auditors of the Company regarding compliance of conditions of Corporate Governance as stipulated under Clause 49 of the Listing Agreement forms part of this Report.

A separate report on Corporate Governance forms part of this Annual Report.

OTHER INFORMATION:

As required by the Companies (Disclosure of Particulars in the Report of Board of Directors) Rules, 1988, information pertaining to Conservation of Energy, Technology Absorption and Exports is given as Annexure ÃIÃ to this Report.

The information required under Section 217(2A) of the Companies Act, 1956 (Ãthe ActÃ) read with the Rules framed thereunder forms part of this Report and marked as Annexure ÃIIÃ. However, as perprovision of Section 219 (1)(b)(iv) of the Act, the Report and Accounts are being sent to all shareholders excluding the statement of particulars of employees under Section 217(2A) of the Act. Any shareholder interested in obtaining a copy of the statement may write to the Company Secretary at the CompanyÃs Registered Office.

AUDITORS:

M/s. B S R & Co., the CompanyÃs Auditors will retire at the conclusion of the ensuing Annual General Meeting. They have given their consent to continue to act as Auditors of the Company for the current year, if re-appointed.

COST AUDITORS:

Pursuant to the provisions of Section 233B of the Companies Act, 1956, necessary applications have been submitted to the Department of Company Affairs for the appointment of M/s. RA & Co. as Cost Auditors to audit the cost accounts maintained by the Company in respect of Formulations for the year ending November 30, 2010.

ACKNOWLEDGEMENTS:

Your Directors would like to place on record their sincere appreciation for the support and assistance extended by the CompanyÃs suppliers and business associates. Your Directors are thankful to the esteemed shareholders for their continued support and the confidence reposed in the Company and its Management.

Your Directors wish to place on record their appreciation for the support and guidance provided by its Parent Company, Pfizer Inc., U.S.A.

For and on behalf of the Board of Directors

R. A. SHAH Mumbai, March 19, 2010 Chairman

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