Your Directors have pleasure in presenting the fourteenth Annual Report on business and operations of the Company together
with the Audited Financial Statements of the Company for the Financial Year (F.Y.) ended 31 March 2025

1. Name Change:

Pursuant to the resolutions passed by the Board of Directors (“the Board”) and the members and upon receipt of fresh
certificate of incorporation from Registrar of Companies, Pune, Maharashtra, name of Glenmark Life Sciences Limited
is changed to Alivus Life Sciences Limited with effect from 17 December 2024. The change of name has not affected
any of the rights of the Company or of the members / stakeholders of the Company. Further, with the name change, the
objects and the line of business remains unaltered.

Memorandum of Association and Articles of Association of the Company were altered consequent upon change in name
of the Company.

2. Financial Results:

The Company's financial performance for the year under review along with previous years' figures is given hereunder:

(' in Million)

3. Results of Operations:

Total Income: Our total income increased by
5.5% to ' 24,214.54 million for the F.Y. 2025 from
' 22,952.56 million for the F.Y. 2024, primarily due
to growth momentum across regulated as well as
emerging markets.

Revenue from Operations: Our revenue from
operations increased by 4.5% to ' 23,868.84 million
for the F.Y. 2025 from ' 22,832.14 million for the
F.Y. 2024. Our revenue from the sale of products
increased by 7.1% to ' 23,398.35 million for the

F.Y. 2025 from ' 21,847.70 million for the F.Y. 2024,
majorly due to strong growth momentum across
regulated as well as emerging markets. Our other
operating revenue decreased by 52.2% to ' 470.49
million for the F.Y. 2025 from ' 984.44 million for
the F.Y. 2024, primarily due to absence of production
linked incentive (PLI) in the current year.

Other Income: Our other income increased to
' 345.70 Million for the F.Y. 2025 from ' 120.42
million for the F.Y. 2024, primarily due to interest
earned through investment in the Fixed Deposits and
Mutual Funds.

Expenses:

Cost of Materials: Cost of materials increased by
7.9% to ' 10,808.52 million for the F.Y. 2025 from
' 10,020.10 million for the F.Y. 2024. This increase is
due to product mix.

Employee Benefits Expenses: The expenses
decreased by 2.5% to ' 2,516.96 million for FY25
from ' 2,581.56 million for the FY24, due to absence
of one-time performance bonus to the Senior
Management, slightly offset by annual increment and
rise in headcount.

Depreciation and Amortization Expense: Our

depreciation and amortization expenses increased
by 13.4% to ' 606.09 million for the F.Y. 2025 from
' 534.52 million for the F.Y. 2024, primarily due to
brownfield expansion in the existing plants viz. Dahej
and Ankleshwar and greenfield expansion at the
Solapur (Chincholi) site.

Other Expenses: Other expenses increased by 6.6%
to INR 3,718 million for the financial year 2025
from INR 3,488 million for the financial year 2024,
primarily due to an increase in repair and maintenance
by 31.7% to INR 499 million for the financial year
2025 from INR 379 million for the financial year
2024, an increase in Freight outward by 60.0% to
INR 195 million for the financial year 2025 from INR
122 million for the financial year 2024, an increase
in Sales Promotion expenses by 58.6% to INR 184
million for the financial year 2025 from INR 116
million for the financial year 2024 and an increase
in utility charges by 4.2% to INR 1172 million for
the financial year 2025 from INR 1125 million for
the financial year 2024. Increase in other expenses
slightly offset by decrease in labour charges by 10.6%
to INR 658 million for the financial year 2025 from
INR 737 million for the financial year 2024.

Total Tax Expense: Our total tax expenses increased
to ' 1,685.04 million for the F.Y. 2025 from ' 1,604.02
million for the F.Y. 2024, primarily in line with profit
before tax.

Profit for the Year: As a result of the foregoing, our
net profit increased to ' 4,856.27 million for the
F.Y. 2025 from ' 4,708.88 million for the F.Y. 2024.

4. Dividend:

Pursuant to Regulation 43A of the Securities and
Exchange Board of India (Listing Obligations and
Disclosure Requirements) Regulations, 2015, as
amended (“Listing Regulations”), the Board has
approved and adopted a Dividend Distribution Policy.
The Dividend Distribution Policy are available on the
Company's website at https://bunny-wp-pullzone-
zhbiessutg.b-cdn.net/alivus_pdfs/investors/
corporate_governance/Dividend-distribution-policy.
pdf.

In line with the said Policy, the Board has
recommended a Dividend of 250% (' 5/- per equity
share of ' 2 each) to be appropriated from the profits
of the F.Y. 2024-25 subject to the approval of the
Shareholders at the ensuing Annual General Meeting
('AGM'). The dividend will be paid in compliance with
applicable Section of the Companies Act, 2013 ('Act')
& Listing Regulations. The dividend, if approved,
will result approximately in an outflow of ' 613.15
million.

5. Taxation on Dividend:

As per the provisions of the Income Tax Act, 1961,
as amended by and read with the provisions of the
Finance Act, 2020, with effect from 1 April 2020,
dividend declared and paid by the Company is taxable
in the hands of shareholders. The Company shall,
therefore, be required to calculate deduction of tax
at source (TDS) at the time of payment of dividend at
the applicable rates.

6. Integrated Report:

The Company has voluntarily provided the Integrated
Report, which includes both financial and non¬
financial information.

The Integrated Report also covers aspects such as
materiality assessment, forward looking strategy,
value creation model, corporate governance, risk
management, performance and prospects of value
creation based on the six forms of capitals viz.
Financial, Manufactured, Intellectual, Human, Social
and Relationship and Natural.

7. Amount Proposed to be
Carried to any Reserves:

The Company has not transferred any amount to
general reserves for the F.Y. 2024-25.

8. Corporate Governance:

The Company is committed to follow the best
Corporate Governance practices, including the
requirements under the Listing Regulations and
the Board is responsible to ensure the same from
time to time. The Company has duly complied with
the Corporate Governance requirements. Further,
a separate section on Corporate Governance in
compliance with the provisions of Regulation 34
of the Listing Regulations read with Schedule V of
the said regulations, along with a certificate from
a Practicing Company Secretary confirming that
the Company is and has been compliant with the
conditions stipulated under aforesaid Regulations
forms part of the Annual Report.

9. Subsidiaries, Joint Ventures
and Associate Companies:

The Company does not have any Subsidiary, Joint
Venture or Associate Company as defined in the Act
during the F.Y. under review.

10. Transfer of Unclaimed
Dividend to Investor
Education and Protection
Fund:

In terms of the provisions of Investor Education and
Protection/ Investor Education and Protection Fund
(Awareness and Protection of Investors) Rules, 2001,
there was no unpaid / unclaimed dividends to be
transferred during the F.Y. to the Investor Education
and Protection Fund.

11. Directors and Key Managerial
Personnel:

Resignation of Ms. Gita Nayyar, Independent
Director:

Ms. Gita Nayyar (DIN 07128438) ceased to be the
Independent Director with effect from the closure
of business hours on 22 April 2024. She also ceased
to be the Member of Nomination and Remuneration
Committee of the Company. The Board placed on
record its appreciation for her invaluable contribution
during her tenure.

Demise of Mr. Vijaykumar Ratilal Shah:

Mr. Vijaykumar Ratilal Shah (DIN 00376570)
passed away on 26 February 2025 and ceased
to be the Independent Director with effect from
26 February 2025. He ceased to be the Chairman
of Risk Management Committee and Member of
Stakeholder's Relationship Committee and Corporate
Social Responsibility Committee of the Company.

The Board placed on record its appreciation for his
invaluable contribution during his tenure.

Retirement by Rotation:

Mr. Vinod Naik (DIN: 03635487) will retire by rotation
and being eligible, offers himself for re- appointment
at the ensuing 14th AGM of the Company. A detailed
profile(s) of Mr. Vinod Naik seeking re-appointment
at the forthcoming AGM as required under Secretarial
Standard on General Meetings issued by ICSI is
provided separately by way of an Annexure to the
Notice of the AGM.

Independent Directors:

All Independent Directors have declared that they

meet the criteria of Independence as laid down
under Section 149(6) of the Act and Regulation 16(b)
of Listing Regulations.

In terms of Regulation 25(8) of the Listing Regulations,
all the Independent Directors have confirmed that
they are not aware of any circumstance or situation,
which exists or may be reasonably anticipated, that
could impair or impact their ability to discharge their
duties with an objective independent judgment and
without any external influence.

The Independent Directors of the Company have
confirmed that they have enrolled themselves in
the Independent Directors' Databank maintained
with the Indian Institute of Corporate Affairs ('IICA')
in terms of Section 150 of the Act read with Rule 6
of the Companies (Appointment & Qualification of
Directors) Rules, 2014, as amended. They have also
affirmed compliance to the Conduct for Independent
Directors as prescribed in Schedule IV of the Act.

During the year, the Non-Executive Independent
Directors of the Company had no pecuniary
relationship or transactions with the Company, other
than sitting fees and reimbursement of expenses
incurred by them for the purpose of attending
Meetings of the Board/Committees of the Company.

Independent Directors of the Company are not liable
to retire by rotation.

A note on the familiarisation programme adopted
by the Company for orientation and training of the
Director in compliance with the provisions of the
Act and Listing Regulation is provided in the Report
on Corporate Governance, which forms Part of this
Report.

Key Managerial Personnel:

In terms of Section 203 of the Companies Act, 2013,
the following are the Key Managerial Personnel
(KMP) of the Company:

Dr. Yasir Rawjee - Managing Director & CEO

Mr. Vinod Naik - Whole Time Director

Mr. Tushar Mistry - Chief Financial Officer

Mr. Rudalf Corriea - Company Secretary & Compliance
Officer

12. Application For

Reclassification Under Listing
Regulation 31A:

The Company was in receipt of a request from
Glenmark Pharmaceuticals Limited and Mr. Glenn
Saldanha (collectively as “Outgoing Promoters”) for
reclassification from the 'Promoter and Promoter

Group' category to 'Public' category shareholder
in accordance with Regulation 31A of Securities
and Exchange Board of India (Listing Obligations
and Disclosure Requirements) Regulations, 2015,
as amended (“Listing Regulations”), pursuant to the
disclosure in relation to intent of Outgoing Promoters
to reclassify to public shareholders of the Company.

Pursuant to Regulation 31A of the SEBI Listing
Regulations, BSE Limited ('BSE') and National Stock
Exchange of India Limited ('NSE') vide their respective
letters dated October 22, 2024 granted their
approval for re-classification of outgoing promoters
from 'Promoter & Promoter Group' Category to
'Public Shareholders' of the Company. Consequently,
Glenmark Pharmaceuticals Limited and Mr. Glenn
Saldanha were re-classified as 'public shareholder'.

13. Board and Committee
Meetings:

Details of composition, attendance of the Board
of Directors and other details of the Board &
its Committees are provided in the Corporate
Governance Report. The Intervening gap between
the Meetings was within the period prescribed under
the Act and Listing Regulations.

14. Directors' Responsibility
Statement:

In accordance with the provisions of Section 134(5)
of the Companies Act, 2013 the Directors confirm
that:

a) in the preparation of the annual accounts, the
applicable Accounting Standards have been
followed along with proper explanation relating
to material departures, if any;

b) appropriate accounting policies have been
selected and applied consistently and have 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 as at
31 March 2025 and of the profit of the Company
for the year ended 31 March 2025;

c) proper and sufficient care has been taken for
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) the annual accounts have been prepared on a
going concern basis;

e) they have laid down internal financial controls to
be followed by the Company and such internal
financial controls are adequate and were
operating effectively;

f) proper systems have been devised to ensure
compliance with the provisions of all applicable
laws and such systems were adequate and
operating effectively.

15. Board Performance
Evaluation:

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

Pursuant to the provisions of the Act and Listing
Regulations, the Board had carried out an annual
evaluation of its own performance and the
performance of its Committees as well as the
individual Directors.

16. Meetings of the Members:

During the year under review, the shareholders met
once. Thirteenth Annual General Meeting of the
members was held on 25 September 2024.

17. Separate Meeting of
Independent Directors:

A separate Meeting of the Independent Directors
of the Company, without the attendance of Non¬
Independent Directors and Members of Management,
was held on 7th March 2025 as required under
Schedule IV to the Act (Code for Independent
Directors) and Regulation 25(3) of the SEBI Listing
Regulations. All the Independent Directors attended
the Meeting.

The Independent Directors, inter-alia, reviewed the
performance of Non-Independent Directors, Board
as a whole and Chairman of the Company, taking
into account the views of managing director and
non-executive directors. They also assessed the
quality, quantity, timeliness and adequacy of
information between the Company's management
and the Board.

18. Management Discussion and
Analysis Report:

The Management Discussion and Analysis Report
on the operations of the Company, is presented in a
separate section forming part of this Annual Report.

19. Auditors and Auditors' Report:

A. Statutory Auditors:

M/s. Walker Chandiok & Co LLP, (Firm
Registration no. 001076N/N500013) Chartered
Accountants were appointed as Statutory
Auditors of the Company at the Shareholders
Meeting held on 25 July 2018, for a term of five
consecutive years i.e. upto the conclusion of
ensuing 12th AGM. Further as per the provisions
of Section 139 of the Act, the Board of Directors
of the Company, on the recommendation
of the Audit Committee, recommended the
re-appointment of M/s. Walker Chandiok &
Co LLP, Chartered Accountants for a further
period of five years i.e. upto the conclusion of
17th AGM and at annual general meeting
held on 26 September 2023, the shareholders
had approved re-appointment of M/s. Walker
Chandiok & Co LLP, Chartered Accountants
for a further period of five years i.e. upto the
conclusion of 17th AGM.

Auditor's Report for the year under review forms
part of this annual report. It does not contain any
qualifications, reservations or adverse remarks.

Further, there are no instances of any fraud
reported by the Auditors to the Audit Committee
or to the Board pursuant to Section 143(12) of
the Act.

B. Secretarial Auditor:

Pursuant to provisions of Section 204 of the
Act and the Companies (Appointment and
Remuneration of Managerial Personnel) Rules
2014, the Board had appointed M/s. Bhadresh
Shah and Associates, Practicing Company
Secretaries to undertake the Secretarial Audit of
the Company for the F.Y. 2024 - 25. Secretarial
Audit Report in prescribed Form No. MR-3 is
annexed to this report as “Annexure I”. There
are no qualifications or reservations or adverse
remarks in the Secretarial Audit Report.

Further, pursuant to the provisions of Regulation
24A & other applicable provisions of the SEBI
Listing Regulations read with Section 204 read
with Rule 9 of the Companies (Appointment and
Remuneration of Managerial Personnel) Rules,
2014, the Audit Committee and the Board of
Directors at their respective meetings held on
15 May 2025 have approved & recommended
for approval of Members, appointment of
M/s. Bhadresh Shah and Associates, Practicing
Company Secretaries (COP Number 15957)
as Secretarial Auditor for a term of up to
5 (Five) consecutive years, to hold office from
1 April 2025 up to 31 March 2030.

A detailed proposal for appointment of
Secretarial auditor forms part of the Notice
convening this AGM.

C. Cost Auditor:

The Company maintains cost records as per the
provisions of Section 148(1) of the Act and the
same are audited by the Cost Auditors.

The Board, on recommendation of Audit
Committee, has appointed M/s. Kirit Mehta
& Associates, Practicing Cost Accountants
to audit the cost records of the Company for
the F.Y. 2025 - 26 at a remuneration of ' 0.45
million plus applicable taxes and reimbursement
of actual travel and out of pocket expenses.
Their remuneration is subject to ratification by
shareholders at the ensuing Annual General
Meeting. Accordingly, resolution seeking
Members' ratification of their remuneration,
forms part of the Notice convening the
14th Annual General Meeting. Board
recommends the same for approval of Members.

The Cost Auditors have certified that their
appointment is within the limits of Section 141(3)
(g) of the Act and that they are not disqualified
from appointment within the meaning of the
said Act.

D. Internal Auditor:

Pursuant to the provisions of Section 138 of
the Act and the Companies (Accounts) Rules,
2014, the Board of the Company has appointed
M/s. Shridhar & Associates, to conduct internal
audit for the Company.

The Auditors of the Company have not reported
any fraud as specified under the second proviso
of Section 143(12) of the Act (including any
statutory modification(s) or re-enactment(s)
thereof for the time being in force).

20. Internal Financial Control (IFC)
and its Adequacy:

The Company has laid down an adequate system of
internal controls, policies and procedures for ensuring
orderly and efficient conduct of the business,
including adherence to the Company's policies,
safeguarding of its assets, prevention and detection
of frauds and errors, accuracy and completeness of
the accounting records and timely preparation of
reliable financial disclosures.

The current system of IFC is aligned with the
statutory requirements and are adequate and
operating effectively.

Effectiveness of IFC is ensured through Management
reviews, controlled self-assessment and independent
testing by the Internal Auditor.

21. Risk Management Policy:

The Company has a Risk Management Policy with the
objective to formalise the process of identification of
potential risk and adopt appropriate risk mitigation
measures through a risk management structure.
The Risk Management Policy is a step taken by
the Company towards strengthening the existing
controls. The details of risk management have been
included in the Management Discussion and Analysis
Report, which forms part of this report.

22. Particulars of Loans,
Guarantees or Investments:

There were no loans, guarantees or investments
made by the Company under Section 186 of the
Companies Act, 2013 during the year under review
and hence the said provision is not applicable.

25. Employee Stock Option
Scheme (ESOP):

In compliance with the provisions of Sections 62
of the Act and Rules made thereunder and the
Securities and Exchange Board of India (Share Based
Employee Benefits and Sweat Equity) Regulations,
2021 (“the SEBI SBEB Regulations”), the Company
has formulated an employee stock option scheme,
namely, Glenmark Life Sciences Limited Employee
Stock Option Plan, 2021, (the “ESOP Scheme”). The
ESOP scheme has been implemented in accordance
with the SEBI SBEB Regulations and in accordance
with the resolution passed by the shareholders at
the Extraordinary General Meeting held on 09 April
2021, approving such scheme. ESOP Scheme of
the Company aims to reward employees for their
performance as well as to attract and retain talent in
the organization. The Company views the ESOP as
an instrument that would enable the Employees to

23. Capital Structure:

During the F.Y. 2024-25, the paid-up equity
share capital of the Company has increased from
' 24,50,54,344 to ' 24,50,74,104, consequent to
allotment of 9,880 equity shares of ' 2 each upon
exercise of stock options under the Employee Stock
Options Scheme 2021'.

24. Utilisation of Issue Proceeds:

The net proceeds of the fresh issue were utilised for
payment of outstanding purchase consideration to
Glenmark Pharmaceuticals Limited (“the Promoter”)
for the spin-off of the API business from the
Promoter into our Company pursuant to the Business
Purchase Agreement dated 9 October 2018, funding
the Capital Expenditure requirements and General
Corporate purposes. The details of utilization of
proceeds by the Company are set out in following
table and there was no deviation in utilization of the
proceeds of IPO:
get a share in the value, they create for the Company
in the years to come. 9,51,734 ESOP options have
been granted to the eligible Employees/Directors at
Nomination and Remuneration Committee meeting
held on 17 May 2021.

NRC and Board, in adherence to ESOP Scheme and
on conclusion of the sale of 75% shareholding from
Glenmark Pharmaceuticals Limited to Nirma Limited,
approved the acceleration of vesting of the granted
options that have not vested i.e. 6,11,465 options
under ESOP 2021, with effect from 16 March 2024,
subject to compliance with the minimum statutory
vesting period of one year from the date of grant.

As of 31 March 2024, 8,73,522 options were
outstanding. During the F.Y. 2024-25, 1,18,715
options were cancelled and 9,880 options were
exercised under Employees Stock Options Scheme
viz. ESOS' 2021. As of 31 March 2025, 7,44,927
options were outstanding and are due for exercise.

The information in compliance with Regulation
14 of the Securities and Exchange Board of India
(Share Based Employee Benefits and Sweat Equity)
Regulations, 2021, as amended, is attached as
Annexure-II and forms part of this Annual Report.

26. Related Party Transactions:

The Company did not have any contracts or
arrangements with Related Parties in terms of
Section 188(1) of the Act. Accordingly, the disclosure
of Related Party Transactions as required under
Section 134(3)(h) of the Act in Form AOC-2 is not
applicable to the Company for FY 2024-25 and hence
does not form part of this Report. The disclosure of
transactions with related party for the year is given in
Notes to the Balance Sheet as on 31 March 2025.

All transactions with related parties were reviewed
and approved by the Audit Committee and were
in accordance with the Policy on dealing with and
materiality of related party transactions and the
related party framework, formulated and adopted by
the Company. Prior omnibus approval of the Audit
Committee is obtained for the transactions which are
repetitive in nature.

Related Party Transactions and its materiality Policy
is available on the Company's website at https://
bunny-wp-pullzone-zhbiessutg.b-cdn.net/alivus_
pdfs/investors/corporate_governance/Policy%20
on%20related%20party%20transactions%20
and%20its%20materiality.pdf

In terms of Regulation 23 of the SEBI Listing
Regulations, the Company submits details of related
party transactions as per the format specified in the
relevant accounting standards/ SEBI notification to
the stock exchanges on a half yearly basis.

27. The Conservation of Energy,
Technology Absorption,
Foreign Exchange Earnings &
Outgo:

The information pertaining to Conservation of
Energy, Technology Absorption, Foreign Exchange
Earnings and outgo as required under Section 134(3)
(m) of the Act, read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 is appended herewith as
Annexure III to this report.

28. Corporate Social
Responsibility:

The report on the CSR in the format prescribed in the
Companies (Corporate Social Responsibility Policy)
Amendment Rules, 2021 including the composition

of the CSR Committee is appended herewith as
Annexure IV to this Report.

CSR Policy is available on Company's website at:
https://bunny-wp-pullzone-zhbiessutg.b-cdn.net/
alivus_pdfs/investors/corporate_governance/
Glenmark-Life-Sciences-CSR-Policyb.pdf

29. Annual Return:

Pursuant to Section 92 read with Section 134(3)(a) of
the Act, the Annual Return as on 31 March 2025 is
available on the Company's website at https://www.
alivus.com/

30. Disclosure under the Sexual
Harassment of Women at
Workplace (Prevention,
Prohibition & Redressal)

Act, 2013:

The Company has in place a policy on Prevention,
Prohibition and Redressal of Sexual Harassment
at workplace in line with the requirements of
The Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013. An
Internal Complaints Committee (ICC) has been set
up to redress complaints received regarding sexual
harassment.

The policy has set guidelines on the redressal and
enquiry process that is to be followed by complainants
and the ICC, whilst dealing with issues related to
sexual harassment at the work place. All women
employees (permanent, temporary, contractual and
trainees) are covered under this policy.

There were no complaints reported under the Sexual
Harassment of Women at workplace (Prevention,
Prohibition & Redressal) Act, 2013 during
F.Y. 2024-25.

The Company is committed to providing safe and
conducive work environment to all of its employees
and associates.

31. Vigil Mechanism:

The Company, as required under Rule 7 of Companies
(Meetings of Board and its Powers) Rules, 2014, has
established a Vigil Mechanism for their Directors
and employees to report their genuine concerns or
grievances.

The Audit Committee of the Company shall oversees
the vigil mechanism, which provides for adequate
safeguards against victimization of employees and
Directors who avail of the vigil mechanism.

All the employees and Directors of the Company are
provided direct access to the Chairman of the Audit
Committee.

The details of the Policy are available on the
Company's website at https://bunny-wp-pullzone-
zhbiessutg.b-cdn.net/alivus_pdfs/investors/
corporate_governance/Whistel_Blower_Policy.pdf

32. Human Resources:

Company's industrial relations continued to be
harmonious during the year under review.

33. Particulars of Employees &
Remuneration:

Information required under Section 197(12) of the Act
read with rule 5(1) of the Companies (Appointment
and Remuneration of Managerial Personnel) Rules,
2014 is provided in Annexure V to this report.

Information required under Section 197(12) of the
Act read with rule 5(2) and rule 5(3) of the Companies
(Appointment and Remuneration of Managerial
Personnel) Rules, 2014 is appended herewith and
forming part of this report.

34. Business Responsibility and
Sustainability Report:

In compliance with the provisions of Regulation 34 of
the Listing Regulations, the Business Responsibility
and Sustainability Report (BRSR) to be submitted
by top 1,000 listed entities based on their market
capitalization as on 31 March 2025 is appended
herewith as Annexure VI to this Report.

35. Other Disclosures:

During the F.Y. under review:

a) the Company has complied with the applicable
Secretarial Standards, i.e. SS-1 and SS-2, relating
to 'Meetings of the Board of Directors' and
'General Meetings', respectively.

b) the Company did not accept any deposit
within the meaning of Sections 73 and 74 of
the Act read with the Companies (Acceptance
of Deposits) Rules, 2014 and accordingly no
amount on account of principal or interest on

public deposits was outstanding as on 31 March
2025.

c) the Company has not issued shares with
differential voting rights and sweat equity shares
during the year under review.

d) Neither the Managing Director nor the Whole¬
time Directors of the Company received any
remuneration or commission from any of its
subsidiaries.

e) no significant or material orders were passed by
the regulators or courts or tribunals which could
impact the going concern status of the Company
and its future operations.

f) no material changes and commitments have
occurred after the close of the year till the date
of this report which may affect the financial
position of the Company.

g) There was no change in the nature of business of
the Company;

h) No application has been made under the
Insolvency and Bankruptcy Code; hence the
requirement to disclose 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 is not applicable;

36. Appreciation and
Acknowledgements:

Your Directors express their gratitude to the
Company's customers, business partners' viz.
distributors and suppliers, medical profession,
Company's bankers, financial institutions including
investors for their valuable sustainable support and
co-operation.

Your Directors commend the continuing commitment
and dedication of employees at all levels.

For and on behalf of the Board of Directors

Yasir Rawjee Vinod Naik

Managing Director & CEO Executive Director

DIN:01965174 DIN:03635487

Place: Mumbai

Date: 15 May 2025