Veeda Clinical Research Limited Shares

Financial Year: 2022

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Financial Year: 2022

Financial Report Summary

VEEDA CLINICAL RESEARCH LIMITED Consolidated Financial Statements for period 01/04/2021 to 31/03/2022

Unless otherwise specified, all monetary values are in Millions of INR

Disclosure of General Information about the Company: Veeda Clinical Research Limited is domiciled in India. Previously known as Veeda Clinical Research Private Limited, it carries on the business of clinical research for pharmaceuticals. The consolidated financial statements comprise the Company, its subsidiaries (Bioneeds India Private Limited and its step-down subsidiaries Amthera Life Sciences Private Limited and Activin Chemicals & Pharmaceuticals Private Limited), and its joint venture, Ingenuity Biosciences Private Limited.

Auditors Report: SRBC&CO LLP is the name of the audit firm. Mehta Shardul Sukrut signed the report. The firm's registration number is 324982E/E300003, and the membership number of the auditor is 101974. The auditors' address is 21st Floor, B Wing, Privilon, Ambli BRT Road, Behind Iskon Temple, Off S G Highway, Ahmedabad-380059. The order of the companies auditor report is not applicable on the company. The auditor's report contains a qualification, reservation, or adverse remark.

Financial Performance (Statement of Profit and Loss):

Total Income: ₹2,931.09 (FY21-22) vs ₹2,343.83 (FY20-21).
Total Expenses: ₹2,616.35 (FY21-22) vs ₹1,488.49 (FY20-21).
Total profit (loss) for period: ₹504.58 (FY21-22) vs ₹629.67 (FY20-21).
Basic earnings per share: 10.26 INR/share (FY21-22) vs 15.39 INR/share (FY20-21)
Total comprehensive income: ₹505.23 (FY21-22) vs ₹628.5 (FY20-21). The company has presented comprehensive income OCI components net of tax.
Share of profit/loss of associates and joint ventures: ₹3.44 (FY21-22) vs -₹3.22 (FY20-21)
Income tax: Income tax expense is ₹154.77 (FY21-22) vs ₹222.45 (FY20-21).
Attributable to Other Comprehensive income, attributable to owners of parent is ₹0.23 (FY21-22) vs -₹1.17 (FY20-21)

Financial Position (Balance Sheet):

Total Assets: ₹6,775.41 (FY21-22) vs ₹2,851.76 (FY20-21).
Total Equity: ₹4,372.82 (FY21-22) vs ₹1,694.35976 (FY20-21).
Total Liabilities: ₹2,402.59 (FY21-22) vs ₹1,157.40024 (FY20-21).
Non-current assets: ₹3,577.94 (FY21-22) vs ₹1,646.56 (FY20-21).
Current assets: ₹3,197.47 (FY21-22) vs ₹1,205.2 (FY20-21).
Equity share capital: ₹105.787972 (FY21-22) vs ₹358.30976 (FY20-21).
Non-current liabilities: ₹889.09 (FY21-22) vs ₹409.89 (FY20-21).
Current liabilities: ₹1,513.5 (FY21-22) vs ₹747.51024 (FY20-21).

Cash Flow Statement:

Net cash flows from operating activities: ₹359.13 (FY21-22) vs ₹766.28 (FY20-21).
Net cash flows from investing activities: ₹-1,536.66 (FY21-22) vs ₹-925.81 (FY20-21).
Net cash flows from financing activities: ₹1,626.3 (FY21-22) vs ₹170.67 (FY20-21).
Cash and cash equivalents at end of period: ₹595.89 (FY21-22) vs ₹149.61 (FY20-21).

Equity Changes:

Increase in equity through other contributions by owners: ₹3,017.24 (FY21-22) vs ₹179.79 (FY20-21)
Total Equity at the end of period: ₹4,267.03 (FY21-22) vs ₹1,336.05 (FY20-21)

Subsidiaries, Associates and Joint Ventures:

Bioneeds India Private Limited became a subsidiary of Veeda Clinical Research Limited w.e.f. July 15, 2021. As of March 31, 2022, the Veeda holds 75.10% control.
Activin Chemicals & Pharmaceuticals Private Limited and Amthera Life Sciences Private Limited are subsidiaries of Bioneeds.
Veeda has a 50% stake in Joint venture - Ingenuity Biosciences Private Limited.

Accounting Policies:

Financial statements are prepared in accordance with Indian Accounting Standards (Ind AS).
The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities measured at fair value/amortized cost.
The accrual basis of accounting has been followed.
Foreign currency transactions are recorded at functional currency spot rates.
Fair value is measured at each balance sheet date.
Intragroup balances and transactions are eliminated in consolidation.
Equity method is used for investments in associates and joint ventures.
Property, plant and equipment are stated at cost net of accumulated depreciation.
Intangible assets are amortized over their useful economic life.
Revenue from contract with customers is recognized when control of the services is transferred to the customer.
Government grants are recognized when reasonable assurance is received that conditions will be complied with.
Inventories are valued at the lower of cost and net realizable value.
There are no new standards that are notified, but not yet effective, up to the date of issuance of the Group's financial statements.

Additional Points:

The company had outstanding share options that affected earnings per share calculations.
The report includes a reconciliation of equity, profit, and comprehensive income.
There are certain income tax and service tax related contingent liabilies.
The company uses derivatives like forward contracts to hedge its foreign currency risks.

This summary encapsulates the financial standing and operations of Veeda Clinical Research Limited as of March 31, 2022, highlighting key aspects of its financial performance, position, and accounting practices.

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