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Philips India Limited Unlisted Shares

Annual Report: 2023

Year: 2023

Annual Report Summary

The document is the Annual Report for Philips India Limited for the year 2022-23. It outlines the company's financial performance, strategic initiatives, and corporate governance practices. The report emphasizes "Making Care Accessible & Affordable" as its key mission.

Financial Highlights (2022-23):

  • Sales: Increased to ₹56,682 million from ₹54,290 million in the previous year.
    • Health Systems contributed 47% of sales.
    • Innovation Services contributed 38%.
    • Personal Health contributed 14%.
    • Other activities contributed 1%.
  • Profit Before Tax: Decreased to ₹3,208 million from ₹3,642 million in the previous year.
  • Net Worth: ₹22,775 million
  • Interim Dividend: ₹222 per share was declared. No final dividend was recommended.
  • Retained Earnings: Showed a decline, mainly due to the interim dividend payout.
  • Cash in Hand: At year end was ₹2,118 million.

Key Areas of Business Performance:

  • Health Systems: A modest performance considering global economic headwinds and a high single-digit degrowth in the addressable market.
  • Personal Health: Marginal growth of 7.5% despite economic volatility and competitive pressures. New product ranges were launched, focusing on consumer centricity and digital engagement.
  • Innovation Campus (PIC-B), Bengaluru: Played a critical role in developing cutting-edge technologies, software solutions, and patient-centric healthcare solutions and also is emerging as a Digital Solutions partner for the Businesses, Markets & customers.

Strategic Objectives & Initiatives:

  • Building a sustainable business for long-term value creation, focusing on agility, leveraging brands and product expertise, and driving market development.
  • Emphasis on "Make in India" initiatives and innovation through Bangalore (PIC) and Pune (HIC) centers.
  • Digital transformation to maintain competitive edge.
  • Focus on continuous improvement of products, services, and operational efficiency.

Corporate Governance & Compliance:

  • The Board of Directors consists of a mix of executive and non-executive independent directors, including S.M. Datta (Chairman), Daniel Mazon (Vice Chairman and Managing Director), Pooja Bedi (Whole-Time Director & Company Secretary), and Sudeep Agrawal (Whole-Time Director and Chief Financial Officer).
  • The report details the constitution and meetings of various board committees, including the Audit Committee, Corporate Social Responsibility Committee, Stakeholders' Relationship Committee, and Nomination and Remuneration Committee.
  • The Company affirms compliance with Secretarial Standards and the Prevention, Prohibition and Redressal against Sexual Harassment of Women Employees at Workplace Policy.
  • Details regarding the upcoming Annual General Meeting (AGM), including e-voting procedures, are provided.
  • Internal financial controls are deemed adequate and operating effectively.
  • The Company has appointed Dr. Asim Kumar Chattopadhyay as the Scrutinizer for the AGM through VC/OAVM.
  • Auditors M/s S.R. Batliboi & Co. LLP were re-appointed.
  • Internal review and benchmarking on processes, policies, infrastructural changes, required to provide “reasonable accommodation” to Persons with Disabilities (PwD)

Human Resources & Employee Relations:

  • Focus on workforce development, inclusive environment, and empowering employees.
  • Emphasis on strategic workforce planning, talent development, and leadership programs.
  • Commitment to diversity and inclusion, including initiatives for women and the LGBTQ+ community.

Corporate Social Responsibility (CSR):

  • CSR focus on healthcare and related issues, specifically maternal, child, and adolescent health.
  • Collaborations with NGOs like Smile Foundation and PCOS Society of India.
  • The company’s CSR policy is accessible via its website.

Financial Statement Details:

  • Balance Sheet, Statement of Profit and Loss, Statement of Changes in Equity, and Cash Flow Statement are included.
  • Detailed notes on accounting policies, key estimates, financial instruments, and segment information are provided.
  • Information on related party transactions, remuneration of key personnel, and contingencies is disclosed.

Key Financial Ratios (FY 2022-23):

  • Current Ratio: 1.40
  • Return on Equity: 14.81%
  • Net Capital Turnover Ratio: 9.14
  • Net Profit Ratio: 4.53%
  • Return on Capital Employed: 23.99%
  • Return on Investment: 6.86%

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What are unlisted shares?

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Unlisted shares are stocks of companies that are not listed on any stock exchange, meaning they are not publicly traded. These shares are typically available for trade in the private market through brokers, and can offer unique investment opportunities.

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The share prices of unlisted companies can fluctuate based on various factors like market demand, company performance, and private transactions. You can check the latest share prices for unlisted companies on our website for real-time updates.

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Are unlisted shares taxed?

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Gains from unlisted shares are subject to capital gains tax in India. Short-term capital gains (if held for less than 24 months) are taxed at your applicable income tax rate, while long-term capital gains (if held for more than 24 months) are taxed at 20% with indexation benefits. Always consult a tax advisor for precise tax implications.

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