Sun Pharmaceutical Industries Limited

Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com

Statement of Unaudited Consolidated Financial Results for the Quarter and Half Year ended September 30, 2018
(` In Crore)
Quarter ended Half Year ended Year ended
Particulars 30.09.2018 30.06.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018
Unaudited Unaudited Unaudited Unaudited Unaudited Audited

I Revenue from operations

a. Sale of products 6,846.48 7,138.83 6,590.06 13,985.31 12,756.72 26,065.94
b. Other operating revenues 91.15 85.34 60.28 176.49 102.41 423.52
Total revenue from operations (I) 6,937.63 7,224.17 6,650.34 14,161.80 12,859.13 26,489.46
II Other income 351.15 199.75 254.84 550.90 406.82 838.76
III Total income (I+II) 7,288.78 7,423.92 6,905.18 14,712.70 13,265.95 27,328.22
IV Expenses
Cost of materials consumed 1,065.83 1,217.36 1,245.25 2,283.19 2,536.72 4,462.60
Purchases of stock-in-trade 812.47 787.78 462.86 1,600.25 806.53 2,731.38
Changes in inventories of finished goods, stock-in-trade and work-in-progress (120.61) 101.69 169.41 (18.92) 211.63 230.70
Employee benefits expense 1,470.32 1,433.00 1,323.30 2,903.32 2,653.17 5,367.05
Finance costs 129.53 130.90 157.44 260.43 266.86 517.57
Depreciation and amortisation expense 426.51 401.64 358.65 828.15 705.28 1,499.84
Other expenses 2,178.41 2,077.64 2,073.91 4,256.05 4,179.82 8,089.60
Total expenses (IV) 5,962.46 6,150.01 5,790.82 12,112.47 11,360.01 22,898.74
V Profit before exceptional item and tax (III-IV) 1,326.32 1,273.91 1,114.36 2,600.23 1,905.94 4,429.48
VI Exceptional item (Refer Note 6) 1,214.38 - - 1,214.38 950.50 950.50
VII Profit / (Loss) before tax (V-VI) 111.94 1,273.91 1,114.36 1,385.85 955.44 3,478.98
VIII (i) Tax expense for current period / year 218.91 163.86 111.40 382.77 273.18 590.74
(ii) Tax expense (exceptional - Refer Note 7) - - - - - 254.45
IX Profit / (Loss) for the period before share of profit / (loss) of associates and (106.97) 1,110.05 1,002.96 1,003.08 682.26 2,633.79
joint ventures (VII-VIII)
X Share of profit / (loss) of associates and joint ventures (net) (1.87) 1.01 (1.17) (0.86) (3.07) (25.44)
XI Net Profit / (Loss) after taxes and share of profit / (loss) of associates and (108.84) 1,111.06 1,001.79 1,002.22 679.19 2,608.35
joint ventures but before non-controlling interests (IX+X)
Non-controlling interests 109.98 128.55 89.67 238.53 191.99 446.80
XII Net Profit / (Loss) after taxes, share of profit / (loss) of associates and joint (218.82) 982.51 912.12 763.69 487.20 2,161.55
ventures and non-controlling interests

XIII Other comprehensive income (OCI)

A. (i) Items that will not be reclassified to profit or loss 148.79 (27.80) 73.03 120.99 115.78 207.10
(ii) Income tax relating to items that will not be reclassified to profit or loss (4.26) (3.55) 1.51 (7.81) 3.12 (29.80)
B. (i) Items that may be reclassified to profit or loss 2,067.98 1,681.53 705.49 3,749.51 851.42 345.08
(ii) Income tax relating to items that may be reclassified to profit or loss 12.34 1.88 - 14.22 - 0.87
Total other comprehensive income (A+B) (XIII) 2,224.85 1,652.06 780.03 3,876.91 970.32 523.25
XIV Total comprehensive income for the period (XI+XIII) 2,116.01 2,763.12 1,781.82 4,879.13 1,649.51 3,131.60
Attributable to:
- Owners of the parent 1,734.93 2,476.38 1,574.74 4,211.31 1,300.15 2,637.03
- Non-controlling interests 381.08 286.74 207.08 667.82 349.36 494.57

XV Paid-up equity share capital - face value ` 1 each 239.93 239.93 239.93 239.93 239.93 239.93
XVI Other equity 37,860.63

XVII Earnings per equity share of ` 1 each (not annualised for quarters)
` (Basic) (0.91) 4.09 3.80 3.18 2.03 9.01
` (Diluted) (0.91) 4.09 3.80 3.18 2.03 9.01
See accompanying notes to the unaudited consolidated financial results
Research and development expenses incurred (included above) 441.56 484.91 488.87 926.47 990.32 2,066.94
 Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com
Notes :

1 The above unaudited consolidated financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on
November 13, 2018.

2 These unaudited consolidated financial results relate to Sun Pharmaceutical Industries Limited, its Subsidiaries (together constitute ‘the Group’), Joint Ventures and Associates and are
prepared by applying Ind AS 110 - "Consolidated Financial Statements", and Ind AS 28 - "Investments in Associates and Joint Ventures".

3 The above financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as amended, prescribed under Section 133 of the
Companies Act, 2013, read with relevant rules issued thereunder.

4 During the quarter ended September 30, 2018, 180 equity shares of ` 1 each have been allotted under Employee Stock Option Scheme of the Company. Subsequent to the quarter ended
September 30, 2018 the Company has on November 12 , 2018 allotted 3,600 equity shares of ` 1 each under Employee Stock Option Scheme of the Company.

5 Post implementation of Goods and Service Tax ("GST") with effect from July 1, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier periods
included excise duty which is now subsumed in GST. Revenue from operations for the half year ended September 30, 2017 includes excise duty for the three months ended June 30, 2017.
Accordingly, revenue from operations for the half year ended September 30, 2018 are not comparable with those of the previous periods presented.

6 In respect of an antitrust litigation, relating to a product Modafinil, the Company and one of its wholly-owned subsidiaries had previously entered into settlements with certain plaintiffs (Apotex
Corporation, Retailer Purchasers and end-payor plaintiffs) for an aggregate amount of USD 150.5 Million. The equivalent Indian rupee liability of ` 950.50 Crore and ` 24.00 Crore was
provided in the books of account in year ended March 31, 2018 and quarter ended June 30, 2018 respectively. The amount of ` 950.50 Crore was disclosed as an exceptional item.
During the current quarter, the Company based on management estimates accounted for likely amount payable to remaining plaintiffs in the antitrust litigation relating to the product
Modafinil, which has been charged to the unaudited consolidated financial results of the current quarter and has been disclosed as an exceptional item. The Company has reached an in-
principle agreement for settlement with the Direct Purchaser Plaintiffs; while continuing to litigate as well as negotiate the case with the remaining one plaintiff.

7 Tax expense (exceptional) for the year ended March 31, 2018 includes deferred tax assets of ` 258.57 Crore created on difference on tax and book value on intra-group transfer of certain
intangibles. Further, it also includes an impact of ` 513.02 Crore on account of re-measurement of the group's deferred tax assets as a result of the Tax Cut and Jobs Act enacted in United
States of America on December 22, 2017.

8 The Board of Directors of the Company at its meeting held on November 14, 2017, had approved the Scheme of Arrangement with an appointed date of April 01, 2017 between Company
and Sun Pharma Global FZE (subsidiary of the Company) which inter-alia, envisages demerger of unbranded generic pharmaceutical undertaking of Sun Pharma Global FZE into the
Company. Further, the Board of Directors of the Company at its meeting held on May 25, 2018, approved the Scheme of Arrangement between the Company, Sun Pharma (Netherlands)
B.V. and Sun Pharmaceutical Holdings USA Inc. (both being wholly owned subsidiaries of the Company) with an appointed date of April 01, 2017 which inter-alia, envisages spin-off of the
specified investment undertakings of the Company. Further,the above schemes shall be effective post receipt of required approvals and accordingly, the above results do not reflect the
impact, if any, on account of the schemes.

9 The Group has only one reportable segment namely 'Pharmaceuticals'.

For and on behalf of the Board

Dilip S. Shanghvi
Mumbai, November 13, 2018 Managing Director
 Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com
(` In Crore)
Particulars Quarter ended Half Year ended Year ended
30.09.2018 30.06.2018 30.09.2017 30.09.2018 30.09.2017 31.03.2018

India Formulations 1,859.68 2,151.99 2,220.96 4,011.67 3,981.74 8,029.33

US Formulations 2,397.91 2,543.70 1,986.19 4,941.61 4,250.82 8,746.57
Emerging Market 1,372.02 1,308.73 1,258.21 2,680.75 2,338.61 4,839.20
ROW Formulations 761.54 717.76 711.32 1,479.30 1,453.73 2,974.02
Total Formulations 6,391.15 6,722.18 6,176.68 13,113.33 12,024.90 24,589.12
Bulk 426.27 394.17 388.25 820.44 697.16 1,399.34
Others 29.06 22.48 25.13 51.54 34.66 77.48
Total Sales 6,846.48 7,138.83 6,590.06 13,985.31 12,756.72 26,065.94
Total R&D Expenditure 452.30 500.13 510.60 952.43 1,033.07 2,248.88
Capital 10.74 15.22 21.73 25.96 42.75 181.94
Revenue 441.56 484.91 488.87 926.47 990.32 2,066.94
Exchange Rates : $ 1 = ` 70.20 67.02 64.30
 Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com

Consolidated Statement of Assets and Liabilities

(` in Crore)
Particulars As at As at
30.09.2018 31.03.2018
Unaudited Audited
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 9,635.40 9,159.03
(b) Capital work-in-progress 1,269.07 1,434.47
(c) Goodwill 6,230.59 5,606.71
(d) Other Intangible assets 6,317.93 4,086.91
(e) Intangible assets under development 619.40 1,030.69
(f) Investments in associates 224.09 274.86
(g) Investments in joint ventures 28.33 25.28
(h) Financial assets
(i) Investments 4,178.21 2,752.11
(ii) Loans 2,403.41 2,242.47
(iii) Other financial assets 81.86 104.92
(i) Deferred tax assets (Net) 2,413.23 2,193.78
(j) Income tax assets (Net) 2,878.04 3,189.66
(k) Other non-current assets 571.44 566.01
Total non-current assets 36,851.00 32,666.90

(2) Current assets

(a) Inventories 7,366.65 6,880.69
(b) Financial assets
(i) Investments 4,608.96 4,090.62
(ii) Trade receivables 9,123.81 7,815.28
(iii) Cash and cash equivalents 9,694.35 7,925.37
(iv) Bank balances other than (iii) above 176.47 2,004.01
(v) Loans 70.00 91.43
(vi) Other financial assets 510.94 479.55
(c) Other current assets 2,364.58 2,348.95

Total current assets 33,915.76 31,635.90

TOTAL ASSETS 70,766.76 64,302.80

EQUITY AND LIABILITIES

Equity
(a) Equity share capital 239.93 239.93
(b) Other equity 40,783.39 37,860.63
Equity attributable to owners of the Parent 41,023.32 38,100.56
Non-controlling interests 4,406.95 3,884.16
Total equity 45,430.27 41,984.72

Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 1,377.03 1,772.09
(ii) Other financial liabilities 5.27 31.65
(b) Provisions 188.61 404.46
(c) Deferred tax liabilities (Net) 284.90 218.96
(d) Other Non Financial Liabilities 803.65 26.60
Total non-current liabilities 2,659.46 2,453.76

(2) Current liabilities

(a) Financial liabilities
(i) Borrowings 9,341.40 7,979.70
(ii) Trade payables 3,973.64 4,766.20
(iii) Other financial liabilities 3,681.86 1,337.72
(b) Other current liabilities 410.75 538.21
(c) Provisions 5,115.86 5,109.66
(d) Current tax liabilities (Net) 153.52 132.83
Total current liabilities 22,677.03 19,864.32

Total liabilities 25,336.49 22,318.08

TOTAL EQUITY AND LIABILITIES 70,766.76 64,302.80

 Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.
CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com

Statement of Standalone Unaudited Financial Results for the Quarter and Half year ended September 30, 2018
(` in Crore)
Quarter ended Half year ended Year ended
Particulars 30.09.2018 30.06.2018 30.09.2017 30.9.2018 30.9.2017 31.03.2018
Unaudited Unaudited Unaudited Unaudited Unaudited Audited

I Revenue from operations

a. Sale of products 2,217.42 2,532.61 1,769.86 4,750.03 3,496.56 7,696.33
b. Other operating revenues 81.83 74.91 53.98 156.74 122.63 251.27
Total revenue from operations (I) 2,299.25 2,607.52 1,823.84 4,906.77 3,619.19 7,947.60
II Other income 532.97 31.48 891.82 564.45 917.68 1,128.04
III Total income (I+II) 2,832.22 2,639.00 2,715.66 5,471.22 4,536.87 9,075.64
IV Expenses
Cost of materials consumed 637.85 422.87 338.50 1,060.72 934.07 2,167.52
Purchases of stock-in-trade 249.66 382.60 195.48 632.26 414.72 1,165.99
Changes in inventories of finished goods, stock-in-trade and work-in-progress (20.83) 15.82 366.02 (5.01) 363.79 159.26

Employee benefits expense 383.01 367.33 392.96 750.34 807.04 1,617.69

Finance costs 151.38 136.79 129.58 288.17 213.02 388.31
Depreciation and amortisation expense 122.36 141.19 105.08 263.55 214.71 432.23
Other expenses 989.92 912.80 614.41 1,902.72 1,351.09 2,714.12
Total expenses (IV) 2,513.35 2,379.40 2,142.03 4,892.75 4,298.44 8,645.12
V Profit/(Loss) before exceptional item and tax (III-IV) 318.87 259.60 573.63 578.47 238.43 430.52
VI Exceptional item (Refer Note 6) 1,214.38 - - 1,214.38 950.50 950.50
VII Profit/(Loss) before tax (V-VI) (895.51) 259.60 573.63 (635.91) (712.07) (519.98)
VIII Tax expense / (credit) 10.91 0.21 (3.42) 11.12 (0.72) (25.39)
IX Profit/(Loss) for the period (VII-VIII) (906.42) 259.39 577.05 (647.03) (711.35) (494.59)
X Other comprehensive income (OCI)
a. (i) Items that will not be reclassified to profit or loss 9.30 5.44 (16.39) 14.74 (30.65) 73.15
(ii) Income tax relating to items that will not be reclassified to profit or loss (3.25) (1.90) - (5.15) - (25.31)
b. (i) Items that may be reclassified to profit or loss (39.05) (4.73) (0.20) (43.78) (1.30) 1.11
(ii) Income tax relating to items that may be reclassified to profit or loss 13.64 1.66 - 15.30 - 0.54
Total other comprehensive income (a+b) (X) (19.36) 0.47 (16.59) (18.89) (31.95) 49.49
XI Total comprehensive income for the period (IX+X) (925.78) 259.86 560.46 (665.92) (743.30) (445.10)
XII Paid-up equity share capital - face value ` 1 each 239.93 239.93 239.93 239.93 239.93 239.93
XIII Other equity 19,530.17
XIV Earnings per equity Share of ` 1 each (not annualised for quarters)
` (Basic) (3.78) 1.08 2.41 (2.70) (2.96) (2.06)
` (Diluted) (3.78) 1.08 2.41 (2.70) (2.96) (2.06)
See accompanying notes to the unaudited standalone financial results
Research and development expenses incurred (included above) 221.97 208.80 223.90 430.77 423.56 826.10

Notes:
1 The above unaudited standalone financial results of the Company have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings
held on November 13, 2018.

2 The above financial results have been prepared in accordance with the Companies (Indian Accounting Standards) Rules, 2015 (Ind AS) as amended, prescribed under Section
133 of the Companies Act, 2013, read with relevant rules issued thereunder.

3 During the quarter ended September 30, 2018, 180 equity shares of ` 1 each have been allotted under Employee Stock Option Scheme of the Company. Subsequent to the
quarter ended September 30, 2018 the Company has, on November 12, 2018 allotted 3,600 equity shares of ` 1 each under Employee Stock Option Scheme of the Company.

4 Post implementation of Goods and Service Tax ("GST") with effect from July 1, 2017, revenue from operations is disclosed net of GST. Revenue from operations for the earlier
periods included excise duty which is now subsumed in GST. Revenue from operations for the half year ended September 30, 2017 includes excise duty for the three months
ended June 30, 2017. Accordingly, revenue from operations for the half year ended September 30, 2018 are not comparable with those of the previous periods presented.

5 The Board of Directors of the Company at its meeting held on November 14, 2017, had approved the Scheme of Arrangement with an appointed date of April 01, 2017 between
Company and Sun Pharma Global FZE (subsidiary of the Company) which inter-alia, envisages demerger of unbranded generic pharmaceutical undertaking of Sun Pharma Global
FZE into the Company. Further, the Board of Directors of the Company at its meeting held on May 25, 2018, approved the Scheme of Arrangement between the Company, Sun
Pharma (Netherlands) B.V. and Sun Pharmaceutical Holdings USA Inc. (both being wholly owned subsidiaries of the Company) with an appointed date of April 01, 2017 which
inter-alia, envisages spin-off of the specified investment undertakings of the Company. Further,the above schemes shall be effective post receipt of required approvals and
accordingly, the above results do not reflect the impact, if any, on account of the schemes.
6 In respect of an antitrust litigation, relating to a product Modafinil, the Company and one of its wholly-owned subsidiaries had previously entered into settlements with certain
plaintiffs (Apotex Corporation, Retailer Purchasers and end-payor plaintiffs) for an aggregate amount of USD 150.5 Million. The equivalent Indian rupee liability of ` 950.50 Crore
and ` 24.00 Crore was provided in the books of account in year ended March 31, 2018 and quarter ended June 30, 2018 respectively. The amount of ` 950.50 Crore was
disclosed as an exceptional item.
During the current quarter, the Company based on management estimates accounted for likely amount payable to remaining plaintiffs in the antitrust litigation relating to the
product Modafinil, which has been charged to the unaudited standalone financial results of the current quarter and has been disclosed as an exceptional item. The Company has
reached an in-principle agreement for settlement with the Direct Purchaser Plaintiffs; while continuing to litigate as well as negotiate the case with the remaining one plaintiff.

7 The Company has only one reportable segment namely 'Pharmaceuticals'.

For and on behalf of the Board

Dilip S. Shanghvi
Mumbai, November 13, 2018 Managing Director
 Sun Pharmaceutical Industries Limited
Registered Office: Sun Pharma Advanced Research Centre, Tandalja, Vadodara - 390012.
Corporate Office: Sun House, CTS No. 201 B/1, Western Express Highway, Goregaon (E), Mumbai - 400063 Tel.: +91 22 4324 4324.

CIN: L24230GJ1993PLC019050, Website : www.sunpharma.com

Standalone Statement of Assets and Liabilities

(` in Crore)
Particulars As at As at
30.09.2018 31.03.2018
Unaudited Audited
ASSETS
(1) Non-current assets
(a) Property, plant and equipment 4,588.73 4,375.65
(b) Capital work-in-progress 587.37 830.39
(c) Goodwill 120.80 120.80
(d) Other intangible assets 65.66 62.08
(e) Intangible assets under development 74.72 43.74
(f) Investments in the nature of equity in subsidiaries 18,222.57 18,222.57
(g) Financial assets
(i) Investments 60.78 87.93
(ii) Loans 2.37 3.42
(iii) Other financial assets 63.53 48.97
(h) Deferred tax assets (Net) 751.70 751.70
(i) Income tax assets (Net) 2,094.17 2,074.24
(j) Other non-current assets 383.86 395.36
Total non-current assets 27,016.26 27,016.85

(2) Current assets

(a) Inventories 2,405.47 2,135.64
(b) Financial assets
(i) Investments 2.68 44.76
(ii) Trade receivables 3,205.77 2,846.96
(iii) Cash and cash equivalents 822.51 109.43
(iv) Bank balances other than (iii) above 43.15 45.84
(v) Loans 19.86 52.05
(vi) Other financial assets 59.96 88.29
(c) Other current assets 1,606.22 1,584.55
Total current assets 8,165.62 6,907.52

TOTAL ASSETS 35,181.88 33,924.37

EQUITY AND LIABILITIES

Equity
(a) Equity share capital 239.93 239.93
(b) Other equity 18,384.61 19,530.17
Total equity 18,624.54 19,770.10

Liabilities
(1) Non-current liabilities
(a) Financial liabilities
(i) Borrowings 1,132.14 1,564.69
(ii) Other financial liabilities 1.02 0.91
(b) Provisions 135.35 345.18
Total non-current liabilities 1,268.51 1,910.78

(2) Current liabilities

(a) Financial liabilities
(i) Borrowings 5,913.88 5,213.81
(ii) Trade payables
(a) Total outstanding dues of micro enterprises and small enterprises 15.74 10.55
(b) Total outstanding dues of creditors other than micro enterprises and
small enterprises 2,279.82 2,479.39
(iii) Other financial liabilities 4,357.94 1,856.74
(b) Other current liabilities 216.70 257.51
(c) Provisions 2,504.75 2,425.49
Total current liabilities 15,288.83 12,243.49

Total liabilities 16,557.34 14,154.27

TOTAL EQUITY AND LIABILITIES 35,181.88 33,924.37