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:

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% (±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: Eliquis® (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.

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: Eliquis® (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.

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:

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

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

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

• 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.

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 the best practices followed in other markets. The right tone from the top leadership and regular training and awareness also provides frequent

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:

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

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

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

• 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:

• 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.

• 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.

• 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.

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 "Pfizer

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:

• Clean drinking water and sustainability of water sources.

• Quality education for all, (primary education).

• Safe food and nutritional security for all.

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

• Livelihood security and financial inclusion.

• 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: 'corporate.compliance@pfizer.com.' In appropriate and exceptional cases, concerns may be raised directly to the Chairman of the Audit Committee at Chairman.IndiaAuditcom@pfizer.com.' 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:

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:

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:

• 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;

• 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;

• 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;

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

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

• 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