Annual Report: 2022
Consolidated financial statements for API Holdings Limited (formerly known as API Holdings Private Limited) include an independent auditor's report and financial statements as of March 31, 2022.
Independent Auditor's Report
The report expresses an opinion on the consolidated financial statements of API Holdings Limited and its subsidiaries and associate companies, stating that they give a true and fair view in conformity with accounting principles generally accepted in India and providing the information required by the Companies Act, 2013. The audit was conducted in accordance with Standards on Auditing (SAs). The report also includes sections on the responsibilities of management and auditors, other information, and other legal and regulatory requirements, including compliance with the Companies (Auditor’s Report) Order, 2020 (CARO 2020). The audit opinion is not modified with respect to reliance on reports of other auditors of subsidiaries and associate companies. The report states that the Holding Company, its subsidiaries and its associate companies have, in all material respects, an adequate internal financial controls system with reference to consolidated financial statements and such internal financial controls with reference to financial statements were operating effectively as at March 31, 2022.
Consolidated Balance Sheet Highlights (as of March 31, 2022):
Consolidated Statement of Profit and Loss Highlights (Year Ended March 31, 2022):
Consolidated Statement of Changes in Equity (Year Ended March 31, 2022):
The statement provides details on changes in share capital, instruments entirely in the nature of equity, and other equity components such as securities premium, retained earnings, capital reserve, amalgamation deficit balance, employee stock option outstanding, equity component of compound financial instruments, money received against share warrants, and non-controlling interest. The total equity as of March 31, 2022, is Rs. 70,224.81 million.
Consolidated Statement of Cash Flows (Year Ended March 31, 2022):
Notes to Financial Statements:
*API Holdings Limited (API) is a public company primarily involved in diversified businesses like trading pharmaceutical and cosmetic goods, mobile applications, diagnostic services, teleconsulting and more.
*Basis of Preparation and significant accounting policies including:
*going concern and use of estimates and judgements;
consolidation;
segment reporting and more.
*Details of property, plant and equipment; goodwill, intangible assets, investments, financial assets, trade receivables, cash and cash equivalents, provisions, current and non-current liabilities, equity, revenue, expenses, financial instruments, leases, employee benefits, taxation, business combinations, share-based payments, earnings per share, segment reporting, foreign currency translation and other significant items are explained in detail.
*Acquisitions:
*Akna Medical Private Limited, effective September 17, 2021, for a total consideration of Rs 11,650.93 million.
*Impairment testing was performed, resulting in impairment charges for distribution to chemists/institutions, IT operations and Diagnostics CGUs.
*Additional details on ESOP plans, related party transactions and subsequent events are also noted.
*The financial statements were authorized for issue on 13 September 2022.
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