Philips India Limited Unlisted Shares

Annual Report Summary

Here is a comprehensive summary of the provided PDF document:

Overview:

The PDF document is the Annual Report for 2021-22 of Philips India Limited, a publicly listed company operating in Healthcare Systems, Personal Health, and Innovation Services. The report details the company's financial performance, key business strategies, corporate social responsibility initiatives, and other statutory information. The financial statements are compliant with Indian Accounting Standards (Ind AS). The Annual General Meeting is scheduled for September 23, 2022.

Financial Performance:

• Sales: Sales increased to ₹54,290 Mln in 2021-22, up from ₹48,070 Mln in 2020-21. Health Systems account for 51.1% of sales, Personal Health 16.6%, and Innovation Services 31.4%.
• Profit: Profit before tax stood at ₹3,642 Mln in 2021-22 compared to ₹2,531 Mln in 2020-21. Profit after tax reached ₹2,659 Mln versus ₹1,760 Mln.
• Net Worth: Net worth increased from ₹22,775 Mln (Mar-22) compared to ₹23,950 Mln (Mar-21).
• Assets: Gross property, plant, and equipment increased, but after accounting for accumulated depreciation, net property, plant and equipment showed a slight change from ₹8.794 Mln to ₹9.574 Mln. Current assets increased to ₹31,703 Mln (Mar-22), up from ₹22,852 Mln (Mar-21).
• Dividend: The Directors recommend a dividend of ₹3 per share for the financial year ended March 31, 2022.

Business Operations and Strategy:

• Health Systems: Experienced revenue growth exceeding 60% driven by market growth and customer requirements during the pandemic. Focus is on multi-modality deals and government tenders. Product launches included MR 5300 and Spectral CT 7500.
• Personal Health: Achieved 16.3% growth (excluding domestic appliances business dis-entanglement). Launched new products like Beard Trimmer Power adapt, Sonicare electric toothbrushes, and locally manufactured Value-segment Hair Dryer. Utilized digital mediums and celebrity endorsements to enhance brand relevance.
• Innovation Campus (PIC-B): This Bengaluru-based center is a key software research and development hub, involved in developing innovative healthcare solutions, experience-centric products and service innovations. It is shifting towards being a Digital Solutions partner. It contributes significantly to Philips' global healthcare platforms and engages with international markets, focusing on the solutions and ‘value-based care’ journey. Innovations include Health-suite Platform (HSP) enhancements, MR SmartSpeed for MRI, the Dhwani ultrasound product, and hospital patient monitoring software.

Corporate Social Responsibility (CSR):

• CSR initiatives focus on healthcare and related issues, aiming to improve maternal and child health, nutrition, accessibility of healthcare, and reduce childhood pneumonia. Key initiatives include community-based health awareness, mobile medical vans, lactation management centers, and disaster relief. The company works with NGOs like Smile Foundation, Oxfam India, and Piramal Swasthya.
• The CSR policy is available on the company website. The total amount spent on CSR in the financial year 2021-22 was ₹32.1 Million.

Corporate Governance & Statutory Information:

• Board of Directors: The report lists the names and designations of the Board of Directors, including S.M. Datta (Chairman), Daniel Mazon (Vice-Chairman and Managing Director), Pooja Bedi (Whole-Time Director and Company Secretary), and Sudeep Agrawal (Whole-Time Director and Chief Financial Officer).
• AGM Details: The 92nd Annual General Meeting is scheduled for September 23, 2022, via Video Conference (VC) / Other Audio Visual Means (OAVM). Instructions for e-voting are provided.
• Directors’ Report: Covers financial performance, sectoral sales, finance and accounts, dividend recommendations, and transfer to reserves.
• Auditors: S.R. Batliboi & Co. LLP are the statutory auditors. The Independent Auditor's Report provides an opinion on the financial statements and addresses compliance with legal and regulatory requirements.
• Committees: The Board has several committees, including the Audit Committee, Corporate Social Responsibility Committee, and Stakeholders' Relationship Committee, Nomination and Remuneration Committee.
• Internal Control: The company maintains adequate internal financial controls with reference to financial statements.

Other Key Highlights:

• The company has a diverse and inclusive workforce. The report details initiatives towards diversity, equity, and inclusion.
• Key managerial personnel changes: Mr. Rajiv Mathur resigned as Company Secretary and Ms. Pooja Bedi was appointed in his place.
• The report includes annexures providing additional information on CSR activities, conservation of energy, technology absorption, foreign exchange outgo, and related party transactions.
• The Secretarial Audit Report from CS Ashok Tyagi confirms compliance with applicable statutory provisions.
• A Composite Scheme of Arrangement for Demerger of the Domestic Appliance business was approved by the National Company Law Tribunal, leading to the transfer of assets and liabilities to Philips Domestic Appliances India Limited.

The Annual Report gives a comprehensive view of Philips India Limited’s performance, strategic initiatives, and compliance measures during the financial year 2021-22, demonstrating its commitment to sustainable growth and stakeholder value.