PI Industries AR 2018-19

PI Industries Ltd.
Annual Report 2018-19
Deepening Technological Capabilities.

Opening New Horizons...
Our Investor Value Proposition
Strong Business Foundation
72Yrs A rich business legacy of 72 years built on core values

of Trust, Speed, Adaptability and Innovation
Best in class accreditations

including Responsible Care,
NABL, ISO 14001:2001,
OHSAS 18001:2007, EcoVadis
(Gold Category) and ISO
27001:2013 (Information Security)
Rich haul of recognitions
for Innovation, Sustainable
Development, Customer Service
and Business Performance
Presence across the agro-

chemicals value chain –
Global presence with strategic partnerships with from molecule discovery to
globally renowned innovators including KUMIAI farm products and solutions
and MCAG
Unique Business Model
Among top-5 agro-chemicals distribution

companies in India with significant brand
salience and market share
A common talent pool and The largest Indian Agri-sciences Twin business levers of
infrastructure engaged in company with patented Domestic Brand Market &
developing knowledge, products contributing 95% of Export Market
product and processes in export revenues
complex chemistries Multi-locational and world class
manufacturing assets including
8 multi-products plants
Technological Capabilities
A talent powerhouse
of about 350 scientists, process chemist and analytical chemists
Fully integrated operations
spanning across process
evaluation, bench scale
trials, kilo lab, pilot plant and
commercial production
Best in class Research &

Development (R&D) center with
R&D Lab, Pilot Lab and Kilo Lab
Centralised LIMS system

for data and information
management
Consistent Performance
400% dividend Governance and

Sustainable Development
Optimum capital
structure with a strong
consecutively over the last deeply ingrained in the balance sheet to
Business Ethos support future growth
three years (FY17-FY19)
engines including R&D
4-year CAGR (FY15-FY19) of ` 1000 invested on 01 April 2013

11.1% and 17.3% respectively
would have grown to
for revenues and net profit
` 8050 on 31 March 2019
Trust & Brand Equity Pan-India distribution network with
10,000+ channel
Decades-old trust of 2.5 million
PI farmers
partners
A promising bouquet of
Experienced and passionate leadership
market leading brands
Diversified board with
Independent Chairman
Five of PI brands are top selling
in their respective categories
Best in class strong
Governance Framework
Solution centric approach
blends best farm practices with Leadership team
strong products brings deep industry knowledge
Committed 2500+
workforce across functions
PI Industries Limited
Corporate Overview Management Reports Financial Statements
Deepening Technological Capabilities.

Opening New Horizons...
Disrupt or get disrupted!
These four words present the shortest summary of what

hundreds of businesses around the globe have been
through in the last two decades. As disjointed as they
could be – healthcare, education, banking, music, retail,
media, films – a common thread that ran through has
been TECHNOLOGY. Those who rode the technological
wave engulfed the unawares. Disrupters won the race,
leaving the disrupted ones a very little chance of fighting
another day.
In our domain of complex, high end capabilities. As the run intensifies,

chemistry, many a challenges of we are starting to apply our steadily
tomorrow are staring at technology deepening expertise into few adjacent
for viable solutions that are effective, domains beyond agrochemicals with
scalable, affordable and also encouraging impact.
sustainable. Innovators across the
globe are getting into technological Fully conscious of our run being a
collaborations across the entire marathon and hence also needing
chemical value chain with a common endurance besides obvious traits of
aim of shaping a better world. As skill and focus, we are intensifying
an important constituent of this our investments in Research &
innovation club, at PI Industries, we Development. Thanks to consistent
are accelerating our technological strengthening of balance sheet and
advancement in order to play a much steady cash flows from operations,
bigger role than what we would have we are bolstering our wherewithal to
envisaged for ourselves just a few years cross the finish line. It’s a matter of time
ago. The technological marathon that that our deepening technological
we embarked upon 2-3 years ago is capabilities open newer avenues of
helping us deepen our technological sustained growth.
Annual Report 2018-19 3

Contents
Corporate Overview Cautionary Statement Regarding

Forward-Looking Statement
The world of PI 6 Statement in this annual report describing

the Company’s objectives, expectations
Key Milestones 8 or forecasts, may be forward-looking
within the meaning of applicable
Snapshot FY19 10
securities laws and regulations. Actual
Silver Jubilee of Panoli Plant 12 results may differ materially from those
expressed in the statement. Important
Financial Highlights 14 factors that could influence PI Industries
Message from Chairman 16 Limited operations include global and
domestic demand and supply conditions
tête-à-tête with the Managing Director 18 affecting selling prices of finished goods,
input availability and prices, changes
Board of Directors 20
in government regulations, tax laws,
Our Leadership Team 22 economic developments within the
country and other factors, such as
Corporate Information 23 litigation and industrial relations.
Our Human Capital 24
Employee Engagement 26
Sustainability 28
Corporate Social Responsibility 30
Management Reports
Management Discussion and Analysis 34
Directors’ Report 42
Corporate Governance Report &

Certificates 63
Business Responsibility Report 82
Financial Statements
Standalone Financial Statement 92
Consolidated Financial Statement 148
Year in Numbers
Our Marquee Product Revenue EBITDA Profit After Tax (PAT)
Nominee Gold ` 28409 ` 5731 ` 4077

completes million (FY19) million million
v. ` 22771 million (FY18) v. `4920 million; v. `3665 million
10 years Growth of 25% 20.2% EBITDA Margins 14.4% PAT Margins
25+ Years Milestone Revenue

2 3
of Panoli ` 1000+ New Product Launches New Molecules
Manufacturing Unit Crores in COSKO & FANTOM Commercialized
Domestic Business

We are PI Industries
With roots dating back to 1946, we chemistry solutions, resulting in some

are PI Industries Limited - one of the of the most iconic brands in the agri
fastest growing, globally integrated sciences space.
and highly innovative agri sciences
We have built strong technical
solution providers in India.
capabilities in the areas of research
Our offerings encompass the and development, manufacturing
our Vision entire value chain – from R&D, services, brand building, wide
distribution network in India and
to manufacturing, to last-mile
“Building on the distribution, to providing innovative
abroad, which helps us chart a
foundation of trust, solutions in the agri sciences industry.
unique path in value creation for all
our stakeholders.
we shall be at the
With over seven decades of strong
forefront of science- foundation, laid on the core values
From our inception till date, we
continue to leverage value-added
led opportunities by of Trust, Speed, Adaptability and offerings to millions of farmers in
delivering innovative Innovation, we firmly believe in the the country and across the globe,
power of science, to make positive
solutions.” impact in the lives of millions. With our
thereby creating a niche for
ourselves in the market.
pursuit of excellence, we have been
successful in providing complex
our Values
TRUST. SPEED. ADAPTABILITY. INNOVATION.

LIKE THE EARTH, WE ARE BLAZING AHEAD, ADAPTIVE, LIKE WATER ENLIVENING, LIKE
DEPENDABLE LIKE FIRE THE AIR
We work with integrity Quick and agile like Constantly transforming A constant quest for
of purpose, honesty in fire, we constantly strive ourselves like water, reaching new horizons, the
action and fairness in to work with speed in we are free flowing, never-ending search for a
all our dealings. the way we observe, adapting and highly better and novel way to
think and act. responsive to change. do things, Innovation is a
way of life for us.
Geographical FootprintS
Global Offices Registered Office Corporate Office R&D Centre Manufacturing Units Depots
84000+ 10,000+ 04 03
Retails Points Channel Partners Global Offices Manufacturing Units
2,500+ 30 06 30+
People Depots Continents Countries

Key Milestones
A glance at our 72 year science-inspired,
innovation led journey...
1992
••Established 2004
Subsidiary as PILL
••Established
Finance and
subsidiary as
Investments Ltd.
PI Life Science
••Company’s name Research Ltd.
1976 changed to PI 1996 ••Started new
1946 ••Started first
Industries Ltd.
••Started representative
••Founded as Technical ••New manufacturing Custom office in
Mewar Oil & Manufacturing unit at Panoli, Synthesis & Shanghai,
General Mills Ltd. Plant Gujarat Manufacturing China
1961 1989 1993 2001

••Started ••Company’s ••Company’s ••1st Company in
Ag Chem name shares got the Agchem to
Formulation and changed to listed at BSE implement SAP
Marketing Pesticide India Ltd.
Ltd.
Year 2019 witnessed our entry into the vast field of agri solutions,
with mechanised spray machines and services as our prime offerings
2019
••Commissioning
of multi product
facility at
Jambusar Site
••Entered in to
2012 2015 agri-solutions like
••Established new ••Technology mechanised
2010 Manufacturing upgrade to SAP 2017 Spray Machines
site at Jambusar, Hana
••Divested ••PI Kumiai – a ••Silver Jubilee
Gujarat
Polymer ••New Formulation JV with Kumiai celebration
Compounding ••PI-Sony Research site set up at Chemicals, of Panoli
business Initiative Panoli, Gujarat Japan manufacturing unit
2007 2011 2014 2016 2018

••Established ••Obtained GLP ••Established ••Solinnos Agro - ••Recertification of
subsidiary as Certification Office in a JV with Mitsui ISO 14001:2015 and
PI Japan Co. ••Company’s Germany Chemicals OHSAS 18001:2007
Ltd. shares got Agro, Japan
••ISO 27001:2013
listed at ••New R&D certification for
National Stock Centre at implementation of
Exchange Udaipur information security
(NSE)
••2 MPPs at ••Entry into Sugarcane
Jambusar, Crop Protection
Gujarat market with launch of
commissioned COSKO
••The Iconic brand
“NOMINEE GOLD”
completes 10 years

Snapshot FY19
Key events of the year
Lifetime Achievement Award To

Mr. Salil Singhal
Mr. Salil Singhal, Chairman Emeritus, PI Industries Ltd. was
conferred with the Lifetime Achievement Award at CNBC-
AWAAZ Rajasthan Ratna Awards Ceremony held at The Lalit
Hotel, Jaipur.
In the last few docades, Rajasthan has transformed into one of

the most progressive states of India. Besides socio-economic
development, there are individuals and organizations who
have contributed to its abundant glory. CNBC-AWAAZ team,
with their in depth research, identified outstanding contributors
from across the state. Mr. Singhal emerged a clear winner for
being instrumental in creating a positive image for the state
with his exemplary work across different sectors
This year, we marked our entry

into Sugarcane Protection
with Cosko and strengthened
our position in Rice and Chilli
Protection with Fantom
SKOCH Award 2018 for Integrated Community ‘Golden Peacock Environment Management’ award for
Development Panoli Unit
Rated by EcoVadis in
GOLD category for
second consecutive year ISO 27001:2013 certification for implementation
of information security
Milestone success-Revenues from Domestic business Board Members visit the manufacturing facilities during
crossed `1,000 crores February, 2019

People leave traces of themselves where they
feel most comfortable, most worthwhile.
These words by the famous Japanese author, Haruki

Murakami most closely describe the feeling at Panoli
Silver Jubilee celebration week, if not perfectly.
Silver Jubilee of Panoli Plant-

A nostalgic journey
Founder’s Day celebrations become of the veteranwash personally The motivational speech by Mr.
double joyous! invited as a special guest for the Mayank Singhal generated a new
Founder’s Day continues to be event by our Managing Director and wave of passion amongst the team
a much-awaited event of our CEO, Mr. Mayank Singhal. members. This was followed by a
calendar. Celebrated in loving special evening programme - Ay
memory of our founder, Late Shri The fun-filled celebrations were Zindagi Gale Lagale, featuring one
Rajpriye P.P. Singhal, the event thoroughly enjoyed by the of the most celebrated speaker-
renews the bonding of team PI employees and their family writers of Gujarati language, Kaajal
besides aligning them with the members. The presence of the Senior Oza Vidya. Special invitees from
organisational goals. Not surprising, Management and the Board of the local administration were also
the event is eagerly awaited by the Directors at the venue added to the part of the 3000+ attendees. This
management and staff alike. festivities. Our Chairman Emeritus, connect, this feeling of togetherness
Shri Salil Singhal got nostalgic while as one unit, is very rare in today’s
Year 2019 brought a momentous sharing memoirs of early times. His digital era. The whole experience
milestone when our first speech inspired not only veterans was something beyond the words
manufacturing plant, the Panoli but also the new joiners. He also could explain.
unit, clocked 25 years of operations. narrated some of the challenges
To mark this special occasion, that team faced during initial years It was truly a celebration which PI
we decided to double the joy by and how they were successfully family will remember for generations
clubbing Panoli Unit’s Silver Jubilee overcome. to come.
Celebration with our Founder’s Day.
In a first for any of our manufacturing

location, the entire Board and the
leadership team of PI joined in to
make the occasion memorable.
With the employees from Vadodara
and Jambusar also joining in, the
celebration became the largest
confluence of PI minds and spirit.
Long serving employees of Panoli
unit including those who have
served the company in the past
were invited for special recognition
as the ‘Veterans of Panoli’. Once the
founders and pillars of Panoli plant
25 years ago, these veterans were
overwhelmed by this emotive and
humane gesture of the Company.
Recognising the contribution, each

Financial Highlights
Key Figures ` Million
Year Ended March 31 FY 19 FY18 FY17 FY16 FY15 FY14
Revenue from operations * 28,409 23,087 23,829 21,973 20,325 16,806
EBITDA 5,731 4,920 5,505 4,294 3,700 2,856
Profit Before Tax 5,346 4,636 5,065 4,009 3,526 2,580
PAT 4,077 3,665 4,574 3,097 2,432 1,837
Net Fixed Assets 13,667 10,856 10,201 9,430 6,623 5,661
Cash Profit 5,003 4,491 5,300 3,634 2,924 2,151
EBITDA Margins (%) 20.2 21.3 23.1 19.5 18.2 17.0
PAT Margins (%) 14.4 15.9 19.2 14.1 12.0 10.9
ROE (%) 17.9 19.2 28.4 26.8 27.0 26.9
ROCE (%) 23.3 23.5 29.7 31.5 38.1 35.4
D/E Ratio (In times) 0.02 0.04 0.10 0.10 0.10 0.1
EPS (Face Value @ Re.1)(In `) 29.6 26.6 33.3 22.6 17.8 13.5
DPS (Face Value @ Re.1)(In `) 4.0 4.0 4.0 3.1 2.5 2.0
Balance Sheet Summary ` Million

Year Ended March 31 FY 19 FY18 FY17 FY16 FY15 FY14
Non-Current Assets 14,573 11,629 10,769 9,911 7,260 5,812
Current Assets 16,874 14,521 12,062 9,438 8,887 7,279
Total 31,447 26,150 22,831 19,349 16,147 13,091
Shareholder’s Funds 22,747 19,122 16,089 11,547 9,022 6,831
Non-Current Liabilities 578 879 1,229 1,885 754 1,131
Current Liabilities 8,122 6,149 5,513 5,917 6,371 5,129
Total 31,447 26,150 22,831 19,349 16,147 13,091
* Comparative figures of Revenue from operations have been regrouped as per the requirement of Ind AS
Profitability Margins (%) Per Share Earnings (Face Value @ `1) (In `)
33.3
23.1 4.0 4.0
21.3
19.5 20.2
18.2 3.1 4.0
17.0 29.6
2.5 26.6
19.2
2.0 22.6
15.9
14.1 14.4 17.8
12.0
10.9 13.5
2014 2015 2016 2017 2018 2019 2014 2015 2016 2017 2018 2019
PAT Margins EBITDA Margins DPS EPS
Revenue From Operations EBITDA

(` Million) (` Million)
CAGR CAGR
11.07% 14.95%
28,409 5,505
5,731
23,829 23,087 4,920
21,973 4,294
20,325
3,700
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Net Profit Net Worth

CAGR CAGR
17.28% 27.20%
4,574
4,077 22,747
3,665
19,122
3,097
16,089
2,432
11,547
9,022
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019
Net Fixed Assets Cash Profit

CAGR
CAGR 18.39%
19.28%
13,667 5,300
5,003
4,491
10,201 10,856
9,430
3,634
2,924
6,623
2015 2016 2017 2018 2019 2015 2016 2017 2018 2019

Message from Chairman
By understanding not only

the needs, but also the
pain points of Farmers
innovative, comprehensive
and sustainable solutions
are seen to be the only way
forward, and all energies of
the entire organization are
directed to delight PI’s key
end customers, the Farmers.
Dear Shareholders
I take this opportunity to share my
perspectives on your Company’s
unsung hero, the Indian Farmer.
Also, I would like to share how your
Company is working to make him
even more prosperous.
Ever since the green revolution the

Indian Farmer has delivered, time and
again, despite his huge dependency
on irregular and uneven monsoons,
poor infrastructure, and many other
trials and tribulations. Today India’s
food security is largely due to the
immense contribution made by the Mechanization and automation entire sowing to harvesting a lot
Indian Farmer. However, Farmers are are not restricted to manufacturing more efficient. We have introduced
now faced with increasingly new alone but are increasingly being mechanized spraying machines to
challenges and it is time for us to applied in farms. With more focus enable safe, carefully directed and
dwell on these to find new solutions on bringing in mechanization there highly efficient spraying of product
for them and our nation’s prosperity. are new business models that are without being in direct contact. Our
evolving whereby a farmer can use field personnel have been trained to
Managing quality of our soil is tillers, sprayers, harvesters, tractors, coach and inform Farmers in the use
a key point to begin with. Past drones, and more to manage farms of new and safer products for better
indiscriminate use of fertilizers and far more efficiently and not always protection and yields. We continue
extremities of our weather pattern be dependent on scarce human our efforts to bring in more solutions in
takes a huge toll on our land. We resources. many other areas, including working
need to pay more attention in out partnerships and alliances for
managing this invaluable asset. Our Markets for produce is now ever services that would be required by
Government has recognized this, widening with improving ‘farm to farmers.
and the narrative now is on effective plate’ supply chain processes. Large
management and preservation of retail chains across the country, Your Company’s management, I am
land as a resource. Soil testing has on-line grocers and many other proud to say, is totally passionate
become the norm in many areas channels are demanding more and about customer centricity and the
and is expected to become more so high-quality produce to cater to Farmer is at the center of all that
across all regions. increasing and expanding dietary they do. By understanding not only
needs of consumers. the needs, but also the pain points of
Paradoxically, water is scarce and is Farmers innovative, comprehensive
also in abundance! Bringing about Consumption patterns are and sustainable solutions are seen
a healthy and effective balance of to be the only way forward, and all
changing with more emphasis on
water management is now a priority. energies of the entire organization
millets, vegetables, fruits and other
We have seen large swathes of land are directed to delight PI’s key end
horticultural products. Further, to
submerged due to huge flooding, customers, the Farmers.
enhance returns for farmers, there is
washing away not only the crop but
concerted effort to increase exports,
also top soil. On the other hand, I am deeply appreciative of the
especially products peculiar to India
we have seen year after year of enormous contribution made by
and popular worldwide. These
drought leading to erosion of land. management and the wider team
changes again require a re-think of
With the substantial investment at PI in growing your Company from
the way farmers plan their crops.
that the Government is embarking, strength to strength. I also thank my
our soil management, I believe will fellow directors for their objective
Recognizing these and other
dramatically change. and candid input in making PI’s
trends, I am delighted to say that
governance outstanding at a time
PI has walked the entire path a
Digital literacy along with the spread when many other hitherto illustrious
farmer needs to take and worked
of broad band are key objectives businesses have fallen by the
out comprehensive, efficient and
of our new Government. With more wayside. I would be totally amiss
and more villages and rural areas sustainable solutions that would if I did not show my gratitude to all
digitalized, information dissemination be required to fulfil Farmers’ our other stakeholders including
becomes easier and efficient. Audio aspirations. We have gathered vendors, bankers, customers small
and Video delivery of new farm substantial information required for and big, regulators, State and
techniques, information on products, providing better, more effective Central Governments, and last but
crops and their potential pricing and and comprehensive solutions. We not the least, you our shareholders.
many more critical inputs besides have established direct, multiple
seeds, fertilizers and pesticides and multilingual communication With warm regards,
will make the farmer much more channels with the farmers with a Narayan K. Seshadri
discerning and also demanding. view to deliver appropriate and
Only with a demanding customer timely information to make the
can we excel.

tête-à-tête with the
Managing Director
A sharper focus will

now be on margin
improvement. Our
efforts on stabilizing
the raw material
with increased local
sourcing and focusing
on an appropriate
product mix shall help
us improve margins.
Mayank Singhal, our Managing Director and CEO places great emphasis on
using the annual report to share his thoughts and vision to PI’s stakeholders each
year. Our interaction this year reflects upon the opportunities and initiatives that
is expected to usher PI’s business into a new realm. Presented below are excerpts
from our conversation with Mayank Singhal.
AR Team: Are you pleased with the Our existing products and few Global demand scenario will be
way PI’s performance has shaped new commercialization did well supportive for our exports and
up. Would you please take us through during FY19. Further, our domestic provide a significant uptick to sustain
the Company’s performance in business outperformed primarily this momentum.
financial year 2018-19 (FY19). the result of our strong portfolio
of high-performance brands. This Our improved profitability was an
Mayank Singhal: performance was despite deficient outcome of planned product mix,
Our performance in FY19 was in monsoon. effectively addressing supply chain
line with our targeted 25% growth. challenges, and also minimizing
We were of the belief that global From a review of the number and impact of high prices of raw material
markets will revive and hence quality of product commercialization sourced from China. The strong
our exports would scale up. inquiries, I am confident that the free cash flow generation from our
operations puts us in a comfortable advanced chemistry platforms that A sharper focus will now be on
position to invest for future growth. will set new direction. We continue margin improvement. Our efforts
to make our existing manufacturing on stabilizing the raw material
I am encouraged by the progress assets smarter by use of technology with increased local sourcing
on our R&D front, scaling up of new including IoT (internet of things). and focusing on an appropriate
technologies, progress on putting product mix shall help us improve
up new production capacity at With a firm belief of becoming a margins. What will also help is the
Jambusar, product development technology-enabled disrupter, increasing operating leverage as
and launch of new products in India. we are fast realising our blueprint manufacturing throughput increases
These will help in continued growth in a steady yet decisive fashion. with growing demand.
of the Company over several years. Our fast paced technological
advancements, in turn, would open AR Team: You have succinctly
AR Team: You pre-empted our next newer growth avenues for us. answered most of our questions.
question on FY19 growth drivers. Allow us to close with an equally
What are your views on those and Our future is exciting, and we are important one… Please share your
how do you see the operational investing ahead of time in building PI perspectives on PI’s framework of
performance transforming from here of tomorrow. While we will continue sustainable development and the
on? our focused efforts to grow in our progress made during the year?
existing areas of operations and
Mayank: My focus for the future is our achieve excellence, we are also Mayank: PI’s framework on
consistency in delivery, absorbing sustainable development is to ensure
exploring newer avenues for growth
and leveraging new technologies inclusive growth that is socially,
in the longer term. Our R&D efforts
and ensuring adequate investments economically and environmentally
are expected to fuel not only
in building our capabilities for long sustainable. PI continuously
agrochemical growth, but also a
term resilience of the Company. does life cycle assessment of its
host of other speciality chemical
Whilst I appreciate that we need products in order to reduce their
domains.
to take appropriate risks, I also am environmental footprint through
conservative in how I look at finances product stewardship initiatives. Using
AR Team: That’s really exciting to
and leverage. the triple bottom line approach our
know, Mayank! Would you please
socioeconomic initiatives are driven
share with our readers your views on
We have been meticulously with a focus of providing sustainable
strengthening our presence in key what FY 20 has in store for us?
livelihood to the most marginalized
crops with the objective of boosting sections of the society. Some of the
crop yields through impactful Mayank: As I said earlier, the global key initiatives taken by PI include:--
solutions. Our farmer solutions include demand scenario continues to firm • Economic empowerment of
mechanized sprayers, multipurpose up. So the export growth momentum ~26K women through livelihood
drone applications and specific high shall continue. We will continue to opportunities in Agriculture, Dairy
impact products. The introduction prudently plan and build additional & Animal Husbandry.
of our crop spraying equipment capacities to make the most of • Better lifestyle by providing
has been a huge success and has this momentum. In the domestic improved healthcare facilities to
helped the effectiveness of product area, while a lot would depend on ~92K Villagers.
portfolio. Further, our product monsoons, I am confident about • Employment to 600+ rural youth
promotion teams are using gaming the power of our brands, improving through employability linked
techniques to promote a product customer engagement initiatives skill training in areas such as
like ‘Osheen’ with its huge potential. and smart marketing strategies to Hospitality, Retail, BPO’s etc.
deliver growth. Some of the newer • 35 % increase in class appropriate
On the export front, with higher avenues that I talked of shall start to learning levels amongst 18K+
plant utilization rates, increasing fructify towards the end of FY20. primary school children.
pace of commercialization of
new products and adding newer
AR Team: That brings us to the end of this session. Thank you very
capacities will result in delivering
excellent performance as we grow. much, Mayank for this candid tête-à-tête. We are sure of taking up
Technology usage is very pervasive relevant questions that our readers would have liked our Managing
across the organization. At our Director & CEO to answer. Do share your feedback and/or questions
world class research facility, we are that you would like Mayank to answer in his next session. Write to us at
developing a number of novel and [email protected]

Board of Directors
Mr. Narayan K. Seshadri Mr. Mayank Singhal Mr. Rajnish Sarna Dr. Raman Ramachandran
Independent Chairman Managing Director and CEO Executive Director Executive Director
DIN : 00053563 DIN : 00006651 DIN : 06429468 DIN : 00200297
Mr. Narayan K. Seshadri, Having joined PI Industries Mr. Rajnish Sarna is a Dr. Ramachandran, a
a qualified Chartered in 1996, Mr. Mayank qualified Chartered Ph.D from the University of
Accountant, started his Singhal, an Engineering and Accountant and has a Adelaide and an MSc. in
business consultancy career Management graduate diverse experience of Agriculture from the Indian
over 28 years in the areas
with Arthur Anderson. from UK, rose to become its Agricultural Research
of Business Development
Joining KPMG afterwards, Joint Managing Director in Institute, New Delhi, was until
& Strategy, Customer
Mr. Seshadri rose to the 2004 and subsequently its recently the Chairman &
Relationship Mgt.,
position of Managing Managing Director and CEO Operations, Finance, Risk Managing Director of BASF
Partner of its business with effect from December Mgt, Legal Contracting India and Head of the BASF
advisory practice in India. 1, 2009. Leveraging his rich & Compliances, Investor legal entities in South Asia
Besides PI Industries, he experience of over two relations, Information (India, Pakistan, Bangladesh
is also the Chairman of decades in the fields of Technology and Process and Sri Lanka). During his
Magma Fincorp. Ltd.and chemicals, intermediate Reengineering, etc. He has stint of nearly two decades
AstraZeneca Pharma India and agrochemical been associated with PI for with global chemicals
nearly 23 years responsible
Ltd. He serves on the Boards industries, he has played major, Dr. Ramachandran
for the overall transformation
of Halcyon Resources an instrumental role in held many positions of
of the Company over
and Management Pvt. the rapid development responsibility and led the
the last several years by
Ltd., TVS Investments Pvt. of Company’s customer managing numerous strategic evolution of the
Ltd., A2O Software India base. He has also been portfolios from Finance, IT, Company as a leader in
Pvt. Ltd., Kalpataru Power responsible for bringing Business Development, CSM the agricultural products
Transmission Ltd., Wabco in superlative changes in Operations and Merger business across the Asia
India Ltd., Tranzmute Capital policies and transforming & Acquisition related Pacific region. He was a
& Management Pvt. Limited, operations and systems, activities. His current role member of the Company’s
SBI Capital Markets Ltd., thus, providing synergy to is focused on identifying Executive Committee of the
new business opportunities,
Radiant Life Care Pvt. Ltd. various business activities Global Agricultural Products
Mergers & Acquisitions,
(Erstwhile Halcyon Finance of the Company. Besides Division and its Global R&D
evaluate and execute
& Capital Advisors Pvt. PI Industries, he also serves Steering Committee. Dr.
such possibilities apart from
Ltd.), Halcyon Enterprises the boards of PI Life Science various other strategic Ramachandran was a
Pvt. Ltd., The Clearing Research Ltd., PILL Finance initiatives, Investor relations, member of the Asia Pacific
Corporation of India Ltd., and Investment Ltd., TP handling joint-ventures and Business Board and Vice-
Kritdeep Properties Pvt. Ltd. Buildtech Pvt. Ltd. Fratelli key customer relationships President, Crop Life Asia.
(Formerly known as Chanel Wines Pvt. Ltd. and CropLife on behalf of the Company
Estates Pvt. Ltd.), Clearcorp India. and also as Chief Investor
Dealing Systems (India) Ltd., Relation Officer. He is
currently on the Board of PI
CG Power and Industrial
Life Science Research Ltd.,
Solutions Ltd., and TVS
PILL Finance and Investment
Electronics Ltd..
Ltd., Solinnos Agro Sciences
Pvt. Ltd. and PI Kumiai
Pvt. Ltd.
Mr. Arvind Singhal Dr T.S. Balganesh Mrs. Ramni Nirula Mr. Pravin K. Laheri
Non Independent Director Independent Director Independent Director Independent Director
DIN : 00092425 DIN : 00648534 DIN : 00015330 DIN : 00499080
Mr. Arvind Singhal, an Holding a PhD in Medical Mrs. Ramni Nirula holds Mr. Pravin K. Laheri (IAS,
entrepreneur brings in a Microbiology from a Bachelor’s Degree Retd., Gujarat cadre) has
diverse industry experience University of Calcutta, Dr. in Economics and a studied at the St. Xavier’s
of over 4 decades T.S. Balganesh completed Master’s Degree in Business College and Government
across mining & mineral his post-doctoral research Administration from Delhi Law College, Mumbai. He
processing, agrochemicals at Brookhaven National University. Possessing more joined the Indian Railways
& specialised chemicals, Lab, USA and Max Planck than three decades of in 1967 and the Indian
electronic metering system Institute, Germany. He experience in the financial Administrative Services
etc. Having served as the has also been awarded sector, she has held various in 1969. He served the
Joint Managing Director an honorary doctoral leadership positions in the Government of Gujarat
of PI Industries for 22 years, degree from the University areas of Project Financing, in various capacities such
he stepped down in of Uppsala, Sweden. Strategy, Planning and as District Development
December 2001. Besides Possessing more than three Resources and Corporate Officer (Jamnagar),
being the Managing decades of experience Banking. Mrs. Nirula was the Collector (Banaskantha),
Director of Wolkem India in antibacterial drug Managing Director & CEO Director - Cottage
Ltd., he also serves on the discovery, Dr Balganesh of ICICI Securities Ltd. and Industries, Joint Secretary
Board of Secure Meters Ltd., served as Head of also headed the Corporate (Education Department),
Wolkem Lime Ltd., Wolkem Research at AstraZeneca’s Banking Group of ICICI Bank. Industries Commissioner,
Talc Pvt. Ltd. Mynores India antibacterial drug discovery She serves on the Board Principal Secretary to Five
Pvt. Ltd., Wolkem Omega unit in Bangalore before of Utkarsh Coreinvest Ltd., Chief Ministers of Gujarat,
Minerals India Pvt. Ltd., Skill rising to become the DCM Shriram Ltd., Eveready Principal Secretary (Rural
Council for Mining Sector Managing Director and Industries India Ltd., McLeod Development, Information
and Federation of India member of the board of Russel India Ltd., CG Power etc.) and Chief Secretary.
Mineral Industries. Mr. Arvind AstraZeneca India Pvt. Ltd. and Industrial Solutions Ltd. He was CMD of Sardar
Singhal has been actively in the past. Currently, he and HEG Ltd. Sarovar Narmada Nigam
associated with business is holding the position of Limited. Mr. Laheri also
chambers like CII, FICCI and President and a Director on serves on the Board of
ASSOCHAM etc. He serves the board of GangaGen Gujarat Pipavav Port Ltd.,
as the Patron of Udaipur Biotechnologies Pvt. Ltd., Gulmohar Greens Golf &
Chamber of Commerce & Bangalore. He also serves Country Club Ltd., DMCC
Industry and is a Member as a Director on the board Oil Terminal (Navlakhi)
of Federation of Mining of Open Source Pharma Ltd., Ambuja Cements
Associations of Rajasthan. India, Bangalore and IKP, Foundation, Amap
He is the Chairman of Hyderabad. Management Consultancy
Standing Committee for Pvt. Ltd., Sintex Plastic
Non-Metallic Minerals and Technology Ltd., Sintex BAPL
Industries of FIMI. Ltd. and Vision Aviation
Pvt. Ltd.

Our Leadership Team
Dr. K.V.S. Ram Rao Mr. Devendra Kumar Ray Mr. Sankar Ramamurthy Mr. Subhash Anand
CEO – CSM Business President & Head-Mfg Strategy Chief People Officer Chief Financial Officer
Mr. Samir Dhaga Dr Atul Gupta Mr. G.K. Venugopal Mr. Sushil Kharakwal
Chief Information Officer Sr. Vice President-Head Sr. Vice President- Brand Sr. Vice President-EHS
Operation Sales
Mr. Dushyant Sood Mr. Anand Kamat

Sr. Vice President-Agri Sr. Vice President
Inputs Supply Chain & Strategic
Sourcing
Corporate Information
Board of Directors Statutory Auditors Research & Manufacturing

Mr. Narayan K. Seshadri M/s Price Waterhouse Chartered Facilities
Chairman, Independent Director Accountants LLP., Gurugram • Udaisagar Road, Udaipur - 313 001,
Rajasthan
Mr. Mayank Singhal Internal Auditors • Panoli Unit-1: Plot No.237, GIDC,
Managing Director & CEO M/s KPMG India LLP, Gurugram Panoli - 394 116, Ankleshwar,
Gujarat.
Mr. Rajnish Sarna Cost Auditor • Panoli Unit-2: Plot No.3133-3139,
Executive Director M/s K.G. Goyal & Co., Jaipur 3330-3351, 3231-3245,
3517-3524, GIDC, Panoli - 394 116,
Dr. Raman Ramachandran Secretarial Auditor Ankleshwar, Gujarat.
(w.e.f. 01.07.2019) Mr. R.S. Bhatia • Plot No.SPM 28, Sterling SEZ, Village
Executive Director Sarod, Jambusar - 392 180, Gujarat.
Bankers
Mr. Pravin K. Laheri State Bank of India Share Registrar & Transfer Agent
Independent Director Axis Bank Ltd. Karvy Fintech Pvt. Ltd.
Standard Chartered Bank (Formerly known as Karvy
Ms. Ramni Nirula Citibank N.A. Computershare Private Ltd.)
Independent Director HSBC Bank (Mauritius) Ltd. Unit: PI Industries Ltd.
Karvy Selenium Tower-B,
Mr. Ravi Narain (till 01.5.2019) Registered Office Plot No.31 & 32
Independent Director Udaisagar Road, Financial District, Nanakramguda,
Udaipur - 313 001, Rajasthan, India Serilingampally Mandal,
Mr. Arvind Singhal Tel. No.091 294 2492451-55 Hyderabad – 500 032, India.
Non-Executive, Non-Independent Fax No.091 294 2491946 Tel. No.091 40 6716 2222
Director E-mail ID: [email protected] Fax No. 091 40 2300 1153
Website: www.piindustries.com E-mail ID: [email protected]
Dr. T.S. Balganesh Website: www.karvyfintech.com
Independent Director Corporate Office
5th Floor, Vipul Square, B-Block, Share Department
Chairman Emeritus Sushant Lok, Phase-I, 5th Floor, Vipul Square, B-Block,
Mr. Salil Singhal Gurugram - 122 009 Sushant Lok Phase-I,
Haryana, India Gurugram – 122 009 Haryana, India
Chief Financial Officer Tel.No.091 124 6790 000
Mr. Subhash Anand Fax No. 091 124 4081 247 Corporate Identity Number (CIN)
L24211RJ1946PLC000469
Company Secretary
Mr. Naresh Kapoor

Our Human Capital
During the year under review, we augmented our workforce, by welcoming
669 new employees across all businesses, functions and locations. 30%
of our work force is under 30 years of age and 40% of our work force are
post-graduates and above. With a view to enhancing capability and making
the organisation future ready, special emphasis was placed on upgrading
the level and quality of learning and development initiatives.
The Learning Management Solution a rich cornucopia of programmes structured Talent Review was
launched during the year enables to choose from, tailored to their conducted for senior management
employees to own and take charge needs. These were supplemented personnel across businesses. The
of their learning. Participation levels by structured management
review focused on the strengths,
and feedback helps management development and leadership
development areas and potential of
calibrate and make adjustments to development programmes.
the target personnel and identified
the curricula and its deployment. In
addition, embracing technology, we With a repeatedly to systematically action plans for each of them. Inputs
added 104 e-learning courses to the identifying and developing the from this review were used in the
LMS platform, providing employees next generation of leaders, a succession planning process.
Demonstrating
that “we care”,
our company year saw enthusiastic participation. In the field of HR, the year saw the
This was supplemented by health continued implementation of HR
launched a holistic camps, yoga sessions and fitness solutions through Success Factors
wellness initiative for programs, all of which were well and improvements to the modules
employees and their received. implemented in earlier years. Not
all technology initiatives need to be
families focusing on Communication is a key element big and glamorous. By the simple
in employee engagement and
their physical, mental employee town halls were held to
expedient of introducing electronic
increment letters, not only did
and emotional cascade the company’s vision, we ensure quicker transmission to
strategy and performance
well-being. employees but also contributed to
the environment by saving copious
Programmes were Other employee-friendly measures
quantities of paper. To provide our
launched during the year included
held throughout the visitors a richer visitor experience at
our offices and plants, a new tech-
year in accordance - Advancing the pay day from the
5th to the 1st working day of the enabled visitor management system
with a pre-published month, by recasting the payroll was launched during the year.
wellness calendar processing schedule
While much has been done, we are
- Restructuring sales incentives acutely conscious of the fact that
to better align it with industry much remains to be done to make
practice; our financial results us a leading employer. We are
Demonstrating that “we care”, testify to the success of this committed to intensifying our efforts
our company launched a holistic initiative in the coming years to achieve this
wellness initiative for employees objective.
and their families focusing on their - Advancing the dates of
physical, mental and emotional completion and appraisals and
increments
well-being. Programmes were
held throughout the year in Technology is and will be a key game-
accordance with a pre-published changer and we are an industry
wellness calendar. The stepathlon leader in the use of technology to
competition launched during the drive efficiency and performance.

Employee Engagement
Annual Meet
Fire Service Day
Founder’s Day Christmas
We believe that employees are our most important assets and to keep
them motivated is our responsibility. At PI, we practice a healthy work-life
balance. Nothing is as motivating as a team member coming together as
one team – be it a festival or sports event or an organisation-wide meet.
Annual Meet
Independence day
Yoga Day Eye Check-up
It has been woven in our DNA, to celebrate festivals, take care of

our teams through various health check-ups and fitness initiatives.
Above, some of the glimpses into life at PI and how our team members
celebrate, being at PI.

Sustainability
At PI Industries Ltd. sustainability is viewed as being socially conscious and
proactive while maintaining leadership position in the business and delivering
value added products and services to our customers. The company has
always strived to measure its performance against the triple bottom line
framework i.e. economic, social & environmental parameters. Each project
that is undertaken goes through a rigorous methodology of assessment
that delves not only on the cost benefit aspect but also on the social &
environmental benefit aspect.
The business case for sustainability newer technologies that will help it in Safety is integral to the operations of
is being increasingly accepted. reducing its water footprint. the company. The company invests
There is also growing evidence that heavily in terms of efforts & resources
A case in point is the evaluation
consumers are favourably inclined in ensuring that its operations are safe.
of cooling tower water treatment
towards brands and companies Over the years the company has
system with the help of electro-
that have a compelling agenda steadily & continuously improved on its
coagulation wherein it’s possible to
on sustainability. The company is concept of safety. Every new process
operate cooling towers at higher
making constant efforts to ensure that is brought into the company
levels of TDS & conductivity, thereby
that sustainability is imbibed at every goes through both qualitative and
reducing the blowdown quantity and
step of decision making throughout its quantitative assessment to ascertain
make-up water requirement. Energy is
entire value chain. the level of risk involved and the
another area wherein the company
safeguards that needs to be deployed
The ever-increasing stress on natural has invested its resources to bring
to make it safe. PHA (Process Hazard
resources necessitates the need for continuous improvement in efficiency.
Analysis), PSSR (Pre Start up Safety
A committee has been constituted
organizations to adhere to the 4R Review) MOC (Management of
to identify and spearhead various
(Reduce, Recycle, Reuse & Recover) Change), Contractor Safety & Training
initiatives on the energy front.
principles in their operations. The are the key process safety elements
company is no stranger to this concept Initiatives include waste heat recovery that the company has focussed upon.
and has always put in the best foot from boilers & incinerators, providing
forward to adhere to the strictures VFD on pumps, replacing Metal To improve upon the safety culture
of these principles. India being Halide lamps, CFL, Mercury vapour among its cadre, the company is
water stressed nation, it becomes lamps with energy efficient LED lamps, conducting Behaviour Based Safety
necessary in the interest of the replacing inefficient motors etc. These (BBS) program. To address the safety
nation to conserve, reduce & recycle initiatives not only help the company requirements of the large contractual
water. At PI industries manufacturing to reduce the energy intensity but also workforce employed at its premise, it
locations various measures, like have a profound impact on the direct has developed customized training
reducing the water usage in product carbon footprint. Besides these fronts videos and modules. External
manufacturing, recycling the water the company is actively involved in resources have been hired to provide
in cooling towers by increasing the reducing the waste output from each impetus to the safety vision of the
cycle of concentration, recycling of product by various measures like company. The company keeps a tab
MEE condensate in cooling towers, stripping of waste streams to recover on its leading and lagging indicators
reusing the treated waste water for solvent, enzyme-based treatment for and accordingly devices corrective
drum decontamination & cleaning reducing specific pollutant, recycling and preventive actions. To ensure
purposes, conserving rain water of solvents etc. These measures have the healthiness of the systems the
etc. is being actively practiced. The helped the company to increase its company conducts regular internal
company is constantly on the hunt of sustainability quotient. and external audits.
OUR COMMITMENT TO SUSTAINABILITY
Timely certifications & testing of sustainable manner and it has made all and was granted the right to use
equipment’s/instruments form a part possible efforts to voluntary declare its the “Responsible Care” logo for an
of the safety protocol adopted by the intentions. It has voluntarily published extended period of 3 years.
company. The company conducts its first Communication on Progress
regular workplace monitoring to ensure (COP) under the United Nations In the year gone by, the company
that it provides a safe work haven for its Global Compact initiative (UNGC). was lauded for its efforts in the filed
employees. The company recognizes Under “Together for Sustainability” of sustainability. It had applied for
human asset as its biggest strength it has registered with ECOVADIS, an Frost & Sullivan & TERI Sustainability 4.0
and to ensure the well being of its agency that rates supplier companies Awards. The objective of this award
workforce it conducts, regular health based on their reported sustainability is to identify companies that are well
check-ups, motivational programs, parameters within the ambit of supply equipped to respond to the emerging
trainings, mock drills etc. The company chain. The Company has yet again opportunities and risks resulting from
strictly adheres to the mantra “Safety been rated as “GOLD” category the sustainability trends. The company
overrides all Production Targets” supplier with a score of 67 points out was awarded the Certificate of Merit-
of total 100. This is an improvement Safety Excellence for its all round
As stated earlier, employees are at
over its last year’s score of 62. Thus performance.
the core of the business and their
company has moved to an advance
involvement is necessary for the long During the same period the company
category of suppliers within the
term stability of the company. It’s won the prestigious Golden Peacock
domain of CSR performance where
necessary to take into consideration
there are only 9 suppliers out of a total Environment Management award
the perspective of the employee
of 171 registered suppliers worldwide. for its Panoli unit. The coveted award
for carrying out the operations
The company attained an impressive is in recognition of the significant
successfully & efficiently.
score of 80 out of a possible 100 which achievements in the field of
Employees have been provided a places it among the top two suppliers Environment Management. It is indeed
platform for ideation. Ideas that find in the “Safety, Labour & Human a proud moment for the company to
merit are adopted and the employee Rights” vertical, worldwide. Overall, have received this award for the third
is rewarded handsomely. During the the company is among the top 7 time. Previously, it had won for the
year the employees celebrated, supplier companies globally from a manufacturing sites at Jambusar and
“Safety Week”, Fire Safety Day & World group of 171 registered suppliers in Panoli in 2015 and 2016 respectively.
Environment Day with great fanfare. the Pesticides & other agrochemical
Different programs ranging from quiz The company keeps challenging
sector.
competition, slogan completion, itself and is moving from strength
spot the hazard completion, tree During the year the company to strength in its journey towards
plantation etc. were carried out. subjected itself for audit under the sustainability. It aspires to be a role
“Responsible Care” program. In the model for sustainable operations not
The company has always conducted audit the company was lauded for only in the Agrochemical sector but
its business in a transparent & its efforts in the field of sustainability the entire chemical spectrum.

Corporate Social Responsibility
PI through its Corporate Social Responsibility has been incessantly

improving its reach for enhancing the social and economic well being of
the underprivileged and marginalized sections of the society. We strive to
create a positive difference by bringing meaningful change across the less
privileged communities, through a targeted, integrated and environmentally
sustainable approach.
Using the Triple Bottom line framework, review and improve upon the process through various interventions that help
we seek to uplift the socio-economic of new technology development, address the most arduous challenges
conditions of the target communities. incorporating social, ethical and in socio-economic development
This has benefited farmers and environmental considerations. Through of the community. The Company
marginalized population around our continuous life cycle assessment of our engages with the society through
plant locations, and work locations products we emphasize reducing our PI Foundation to leverage its CSR
across the country. environmental footprint by bringing the activities for inclusive growth.
principle of product stewardship in our
We support a cohesive approach to approach. In addition, we discharge The Company’s CSR activities during
sustainability in all our decisions and our corporate social responsibility the year initiatives included:-
work processes. We seek to regularly
Environmental
sustainability
Over 6.84 lac farmers benefited through
leading agronomic practices thus saving over
1.51 Trillion Litres of water through the adoption
of Direct Seeding of Rice (DSR) technique.
PI has been continuously striving economic returns to the farmers, saving up to 1.51 trillion litres of water.
to the optimization of sustainable while protecting the environment Adoption also helped in saving an
agricultural potential and its uptake and conserving the natural average of INR 6,184 / farmer / Acre
through science led approach. PI resources. in the cost of paddy cultivation
has conducted farmers training, field
demonstration and farm extension Our propagation of the DSR We have provided better livelihood
programmes on leading agronomic technique has impacted over 69.47 opportunity for small and marginal
practices that have enhanced Lac Acres of farm land thereby farmers through improved agriculture
around a fully functional Food park which has benefited 11,247 farmers
in Khargone (Madhya Pradesh). The during the current FY.
Programme has benefited over 4000
farmers from 180 villages in the area. In addition to this, we have also
participated in educating and
Our “Mobile Crop Clinic” Project has equipping around 30,000 farmers
created awareness on zero tillage, with alternative technologies to
nutrient deficiency and Soil health burning stubble and have been
and drip irrigation in crops across 40 instrumental in contributing towards
villages of Samastipur district of Bihar the betterment of air quality.
Health, hygiene
and sanitation:
Total 91,439 villagers were treated through our
“SWASTHYA seva” initiative and over 570 toilets
set up in schools & households.
High cost of medical services in rural entitlements to the villagers in remote Bharat Abhiyaan’ initiative. We
& remote areas has been a major villages of Jambusar with the help of worked on a ‘Public-Private
challenge faced by the inhabitants 3 Mobile Health units and provided partnership model’ to build toilets
leading to elevated mortality rates in services like prevention, treatment, in the Bharuch area in Gujarat. So
the region. immunization & counselling on health far a total of 571 households and
issues. In order to ensure successful school toilets have been set up.
PI’s healthcare programmes have
adoption of these initiatives, the Through this program, we have
helped promote preventive and
village development communities sensitized 15,000 people comprising
curative healthcare to more than
were empowered to decide on teachers, children and the villagers
90,000 rural people by taking
the timing, location and eligibility to to the importance of sanitation and
measures to ensure last mile
access these services. This resulted in hygiene in promoting good health
coverage.
tremendous success in administering and preventive illness.
Through PI’s ‘Swasthya Seva’ vaccinations against diseases such
As part of preventive health-care
initiative for the rural community, 3 as Polio, TB and DPT.
programme PI initiated to set-
fully functional Mobile Healthcare
Major noted outcomes have been in up blood bank with the Rotary
Vans are operational for the benefit
Increased Health seeking behavior Ankleshwar Healthcare Society in
of the villagers. Our community
amongst the community in 64 Villages Ankleshwar, Gujarat. The Blood
outreach has brought healthcare to
of Jambusar, Gujarat and thereby Bank will be fully functional within
underprivileged people, including
reduction of Primary health-care six months and will serve over 50,000
women, the elderly and children.
issues in the project intervention area. vulnerable populations living in and
“Swasthya Seva” was initiated under
around 15-20 sq. km of the national
the National Health Mission Project In addition, PI is also supporting the
highway.
aimed at improving the health Government of India’s ‘Swachh

Education and
skill development
Over 12,000 Govt. School Children across
125 Schools benefited from our Learning
Enhancement programme and 650 youth
gained employment through Skill Development
Programmes.
We strongly believe that education in class appropriate learning levels In addition, we have also signed
is the passport to a better future. and >75% Decrease in school MOUs with various reputed
absenteeism in our project area. institutions to initiate livelihood
PI has undertaken an education promotion through employability
initiative whereby around 6,000 We have also imparted employment linked Skill Training Programmes.
children across various government linked skill-development courses on These programmes aim at Skilling
schools were taught reading, writing, chemical plant operations, BPO, the rural youth belonging to weaker
comprehension and arithmetic. To sales & Marketing and Hospitality in sections of the society, so that they
promote comprehensive learning, Gujrat, and Agri-skill development can be gainfully employed by the
our mobile education van has been programmes in AP, Karnataka and Agri. and allied Industries.
imparting learning to the last mile Telangana. These courses have
through interactive techniques. The helped more than 650 Youth gain
students have shown a 35% increase employment in organized sector jobs.
WOMEN
EMPOWERMENT
Improvement in the livelihood of >5,000 women
members & their families through Entrepreneurship
and skills enhancement.
Women across rural India are lack of literacy and education. This To overcome this challenge, we
generally financially dependent on inhibits families to realize their fullest initiated an Entrepreneurship and
their male-counterparts and other earning potential. skill enhancement programme for
family members, majorly due to underprivileged rural women. The
programme has benefited over During the current FY, we have

5000 women across 75 villages achieved the formation of new
in Jambusar region of Gujrat in Self Help groups with the opening
the current financial year. The of bank accounts covering 2,500
programme involves formation of women members and strengthening
Self Help groups with facilitating of 20 existing Self Help Groups with
opening of bank accounts, 334 women members. An Amount
skill development and training totaling more than INR 50 Lakh was
programmes across the dairy, mobilized for SHG members through
agriculture and micro-enterprises. bank.
Rural
Infrastructure
Development
Strengthened rural infrastructure by electrifying
streets in rural villages
Infrastructure services including the poor villagers in travelling long uniform, clothing, school bags,
power, transport, provision of distances from their agricultural fields water bottles, textbooks, storybooks,
water & sanitation, and safe during dark. Owing to the lighting, games, toys etc.) was organized
disposal of wastes are central to women are now able to work safely to help underprivileged children in
the activities of rural households. and efficiently even after the sunset. far-flung villages. PI’s employees
Several public-private initiatives for donated generously and came
infrastructure development have In addition, we have also identified forward as volunteers – once
enabled a progress in facilitating a dearth of basic sanitary facilities again demonstrating our collective
better infrastructure across rural in the villages surrounding our commitment to reach out to the less
India. However, due to differential plant locations. And owing to this fortunate.
performance across states there deficiency, we have also taken up
are numbers of villages still lagging the responsibility to develop and These initiatives ensure that PI
behind. strengthen the sewage system, Industries give back more than what
thereby contributing to the hygiene it has received to the community,
PI has provisioned for rural electricity and cleanliness of the village. to the society at large, making the
by providing suitable, sustainable growth inclusive for all stakeholders.
and efficient LED Street lights in Donate to Educate
Keshampet village of Telangana. A drive to collect school-related
The project has significantly helped material (e.g. stationery, school

Management Discussion
and Analysis
GLOBAL ECONOMIC OVERVIEW There has been trade tensions between India GDP
The Global economic activity witnessed US and China, which took a toll on
7.2
strong growth in 2017 and early 2018. the business confidence. US market, 7.1
6.8 7.0
The second half of 2018, however however grew by 2.9% in 2018 from 2.2%
witnessed a decline, engendered by in 2017, on creation of more jobs and
the convergence of multiple factors the resultant increase in purchasing
that affected major economies. As per power. The market sentiment however
the report of World Economic Outlook got affected, as financial conditions
by IMF, global growth is estimated to cramped in emerging markets. China’s
slow down from 3.6% in 2018 to 3.2% in growth slowed down due to regulatory
2019. tightening in banking. China also
suffered, due to economic sanctions 2016 2017 2018 2019[E]
Due to weak consumer and business imposed by the US. The outlook for India GDP
confidence, following the Brexit emerging Asia has continued to be
Source: WEO, Reprot 2019
uncertainty and a downtrend in the favourable. China’s growth is slowing
automobile industry in Germany, there from 6.8% in 2017 to 6.6% in 2018.
was a slowdown in the Euro area. GDP Further, it is estimated to slow-down to The prime reason for a decline in
grew by 1.9% in 2018, as against 2.4% 6.2% in 2019. growth for Indian market, is due to
in prior year. Going forward, growth is major downside in exports from India.
expected to slow down to 1.3% in 2019. The emerging market and developing Although food inflation is expected to
economies in 2018 witnessed a decline remain low, however these lower prices
Natural disasters slowed down to 4.5% from 4.8% in the prior year. In are expected to negatively impact the
economic activity in Japan. Growth 2019 it is expected to grow by 4.1%. rural income.
almost halved to 0.8% in 2018, from 1.9% India continues to implement structural
INDIAN ECONOMIC OVERVIEW
in 2017. It is expected that Japanese and financial sector reforms. This shall
Indian economy grew by 6.8% in 2018,
growth would remain flattish to 0.9% in decrease public debt and also secure
compared to 7.2% in the earlier year. The
2019. Overall, the economic growth of the economy’s growth prospects. To
economic growth in the India is expected
the developed economies remained strengthen financial sector balance
to rise by 7.0% in 2019, aptly supported
weak. The advanced economies sheets, important measures are taken
by continued recovery in investments.
declined to 2.2% in 2018, from 2.4% in which includes, accelerated resolution
The downward revision of 0.3% for both
2017. Growth is expected to decline to of non-performing assets under a
years reflects a weaker-than-expected
1.9% in 2019. simplified bankruptcy framework.
outlook for domestic demand.
These techniques are reinforced by
governance of public sector banks.
Global Economy 4.8
4.4 4.5 4.1 AGRICULTURE SCENARIO
3.8
3.6
3.2 Global Agricultural Sector
3.2
Overview
2.4 2.2
1.9 2018 has been a year of mixed
1.7
sentiments for the agricultural sector
globally. While, the agricultural
commodity prices witnessed a rise in
early 2018, the second half saw them
World Output Advanced Economies Emerging Market weakening significantly.
2016 2017 2018 2019 [E]

Latin American markets remain a bright
Source: WEO, Report 2019 spot, with demand revival marked
by over 25% higher cotton acreage Worldwide agrochemical mar- the cost of production, though the
in Brazil. Going forward, momentum ket value in 2016 and 2025 (in procurement mechanisms are yet to
is expected to be maintained, with billion U.S. dollars) be tightened.
increase in soybean acreage, wheat
sowing in Argentina and normalization 4.1% The food grains output is expected to
CAGR
of inventories, ultimately leading to come down slightly by 1% to 281 million
308.92
robust demand for insecticides. tons, from a target of 290 million tons. The
Agriculture and allied segment GVA for
The European market was affected 215.18 18-19 is expected to moderate to 2.7%,
with decrease in agrochemical due to slowdown in agriculture activities
consumption due to delayed sowing during the second half of the year, as
and draught-like conditions. North per 2nd advance estimates by CSO.
American corn acreage in 2019 is
expected to be boosting growth. Indian agricultural sector is facing
However, the uncertainty still mounts
adversity due to factors like
over US-China trade tensions, resulting
2016 2025* - shortage of labour supply
in weakened soyabean prices. Asia
- escalated labour costs
Pacific is expected to have a normal Market value in billion U.S. dollars
- marginalized cultivable areas
monsoon for 2019, in turn boosting
- lack of irrigation facilities, among
demand, leading to higher growth.
Fertilisers Association. The global crop other things.
protection market is expected to
In 2016, the world agrochemicals
increase by more than 6% in the same However, the easy availability of
market was valued at 215.18 bn USD.
period. information through mobiles via
A growth of 4.1% CAGR is expected by
cheaper data connections and
2025, valued at 308.92 bn USD.
In addition, with fertiliser prices currently educational initiatives by the
high, farmers are switching spending government through mass media,
The main demand driver for
to crop protection, with the partial including farmer helplines, have
agrochemicals, is the expanding
global population. As per estimates exception of specialty fertilisers which increased the quality consciousness
by Roland Berger, agrochemicals control the amount of moisture contact among Indian farming community.
sales are expected to grow by up to with soil and for which demand should Together with the adversities, these are
2% per year over global GDP until remain strong. Farmers may switch the reasons for a technological shift
2035. Considering the rate of growth, increasingly to specialty fertilisers from in Indian agriculture. India has seen
the sector would likely be among less effective mineral fertilisers. good advancement in the overall
the fastest growing parts of chemical agricultural technology, over past few
industry. According to the World Bank, INDIAN AGRICULTURAL SECTOR years. Technology-based crop advisory
the prices for most soft commodities OVERVIEW including satellite imagery, remote
are expected to rise next year and monitoring using drones are fast gaining
Indian agriculture witnessed a
beyond, which is typically a positive traction among the farmers.
downtrend in sowings during both
sign for agrochemicals suppliers.
Kharif and Rabi seasons, due to
AGROCHEMICAL INDUSTRY
below normal South West Monsoons
Crop protection chemicals are
and deficit North East monsoons, OVERVIEW
expected to grow at a CAGR of 5.5%
respectively. The ongoing Rabi season, The agrochemical production in India
from 2017 to 2025, in terms of revenue.
especially witnessed less sowing, which has risen by 2.9% in FY 19. Historically,
This is due to the rising occurrences
of pest and rodent attacks and crop was the prime reason for increase in the production has witnessed a CAGR
damages. prices for all key crops – wheat, paddy, of 4.3% during FY14-18. With the growth
cotton, maize, chana and soyabean. in population in India, there is a rise
In terms of value, oilseeds and pulses Sugarcane, being the only exception in production of crops, which in turn
which have high protein content, are to this. Combined with an increase enhances demand for agrochemicals.
expected to grow at the highest CAGR in Minimum Support Prices (MSPs) by Food grain and horticulture production
of 4.9% from 2017 to 2025. the Government, the farm incomes grew by 1.8% and 3% CAGR,
are expected to get some amount of respectively during FY14-18.
The application of fertilisers could boost. The MSPs announced during the
grow by up to 5% a year until 2022, year have been fixed with an objective India is a net exporter of agrochemicals.
according to the International to provide minimum 50% returns over In recent years, the exports of

agrochemicals have received a its product portfolio. The spectrum Some of the infrastructural
significant impetus. India is also fast of services that PI provides to its developments at our R&D centre
emerging as a hub for contract customers are interwoven and spread include advanced research and
manufacturing and undertaking across its value chain, ranging from development labs for process and
contract research, due to some research and development, product analytical development, workstations
competitive advantages like and application development, with complete online utilities, in-house
- Low Cost Manufacturing registration, manufacturing, marketing library with a vast array of knowledge
Capability and distribution and customer connect resources, kilo and pilot plants
- Availability of highly skilled initiatives.
with NABL accreditation and GLP
workforce
certification, and green houses for
- Seasonal nature of domestic Over the past several decades, PI has
biological testing. Our IT infrastructure
demand worked relentlessly to provide value-
at the R&D centre includes Electronic
- Idle Capacity availability added solutions to millions of farmers
Lab Notes (ELN) and Centralised LIMS
- Better price realizations in global in the country and across the globe,
markets carving a niche for itself in the market, systems for data and information
- Ease of Doing Business and leaving a lasting impact on the management providing access to
minds of the customers. The strategic, diverse databases.
Agrochemicals exports have grown differentiated and partnership
at a CAGR of 12.8% for FY14-18. approach has enabled the Company We have a strong team of 350+
The steady rise in the demand for to grow at a faster pace, delivering research scientists including more
fungicide and herbicide products, superior returns to all its stakeholders. than 80 Doctorates specialised in-
were the key reason for such growth, process research and complex
even though insecticides exports Discovery, Development and chemistries. Our research & product
declined due to higher usage of GM Scale-up development capability forms
crops. The 9 months ended April – At PI Industries, Research & the core of our partnership with
December, 2018 witnessed a growth Development is one of our key global innovators when it comes
of 11% in exports, whereas the imports strengths and is imperative to our to in-licensing arrangements for
grew by 4.4% in the corresponding business model. The state-of-the- patented / proprietary products
period for agrochemicals and the art R&D centre spread over an area for commercialising. Our in-depth
corresponding growth in exports of 1,20,000 square feet at Udaipur, expertise in process research,
for insecticides, fungicides and Rajasthan, provides excellent process development and analytical
herbicides is 10.2%, 17.2% and 1.8% infrastructure and lab facilities for our references enable us to provide
respectively. research scientists to carry out activities integrated solutions to our global
and specialise in the discovery space,
customers. We continue our focus
While the share of North American including library synthesis, molecule
exports has grown from 13% in FY14 on new innovative chemistries
design, lead optimisation, route
to 17% in FY18, other markets like Latin and processes, cutting- edge
synthesis, biological testing and
America, Europe and Asia have also technologies.
greenhouse testing.
emerged as important markets for
Indian agrochemical exports.
COMPANY OVERVIEW
Your Company is one of India’s leading
agrochemical company providing
integrated and innovative solutions
to its customers. PI enjoys tremendous
brand recognition, a strong global
presence over the years on the
foundation of Trust, Integrity and IP
protection.
PI has exclusive rights from several

global corporations for distribution of
their products in India and is constantly
evaluating prospects to further expand
Product Evaluation &

Registration
PI has a world-class, highly competent
product evaluation team, which is
equipped with the best-in- class tools
for data management, product
characterization and knowledge
generation to help the Indian farmers
reap rich harvests by the use of these
new age chemical ingredients.
The Company also has a highly

knowledgeable, skilled and capable
team of registration professionals
with deep understanding of Indian
regulatory system to register products
in India and also facilitate the
registration services for the innovators
seeking registration in India. The
team specializes in planning and
coordinating studies with CRO’s
recover, recycle and preserve and BIOVITA, ROKET, KEEFUN, VIBRANT,
related to bio-efficacy, residue and
reduce water consumption, which COSKO, ELITE, KITAZIN, HUMESOL have
toxicological studies in compliance
in turn, boost our Green Initiatives. built a strong association with farmers
with the applicable regulations for the
Manufacturing facilities have been and a strong recall value in the minds of
purpose of quality data submission
felicitated with various awards from our consumers. During the year under
and regulatory approvals.
time to time. Award in manufacturing review, we have launched two new
excellence apart from award in all 3 products namely COSKO & FANTOM
Manufacturing
formats of safety, environment and which received positive feedback from
Our Company has invested in quality have been bestowed from time farmers and channels alike.
state-of-the- art technology at our to time.
manufacturing facility in Gujarat With additions in all the key segments in
that is spread over a 100-acre land, Marketing and Distribution Rice crop solutions, PI can now strongly
ensuring the highest level of safety, claim that we provide complete
Our Company has a legacy in building
product quality, productivity and nursery to harvest solutions for Rice
strong brands and delivering our
consistency in the resulting product. crop. Inculcation of digital strategy to
customer promise by leveraging the
The manufacturing facilities include reach our customer base efficiently
strong marketing and distribution set
5 multi-purpose plants at Panoli and, and in time has added an edge to
up. Our marketing teams adopt a
4 multi-purpose plants at Jambusar the marketing strength and we are
three-pronged approach in building
and dedicated high-pressure reaction ever poised to tackle the needs of
powerful brands and creating strong
facilities equipped with futuristic is changing markets.
recall value for our products. Our pre-
automation. The multi-purpose plants
launch efforts include mapping the
give us flexibility to produce new Our Company has a very strong and
target users and markets, on-field
products in a short span of time and wide distribution network spanning
training, generating testimonials, brand
scale up to meet the demand of our across the length and breadth of
awareness and teaser campaigns. Our
clients. Our manufacturing facilities the country. We have 30 stock points
product launch campaigns include
are ISO 9001, ISO 14001, OHSAS 18001, including our own depots and C&F
theme, location and venue finalisation,
ISO 50001 and ISO 17025 certified agents who work on hub-and-spoke
stakeholder involvement and press
that conform to very high safety distribution model to ensure timely
and media coverage. Whilst, the post
and environment management delivery of our products. With 10 zonal
launch efforts include exhaustive
standards. Our formulation facility offices, 30 depots, 1500 experienced
branding and promotional activities,
process agrochemicals in WDG, field force, 5,000 active dealer/
channel handholding, demand
WG, SC, E, EC, DP, GR, etc. and has distributors and more than 40,000
generation activities, geographical
a world-class warehousing facility. retailers spread across the country,
and crop label expansion and product
Our manufacturing facilities are also we reach out to more than a million
stewardship. Some of our significant
equipped with the amenities that help farmers. Our centralised SAP-based
brands like NOMINEE GOLD, OSHEEN,

the ground. PI conducts research to
understand consumers’ perceptions
of its products and know the pain
points and further expectations. The
Company is committed to create and
further strengthen its brands through
sustained campaigns. In the review
year, the major campaigns run were
Badi Misaal for its flagship product
‘Nominee Gold’ and Virtual Reality
(VR) games for brand ‘Osheen’.
Badi Misaal was about the Journey

of ten years of Nominee Gold that
celebrates the bond, renew the pride
and inspire new users. NOMINEE GOLD
is only rice herbicide brand which
has treated maximum acreages and
ERP system provides an efficient last innovators. We continue to further
still grew even in its 10th year. This
mile connectivity. strengthen the relationships through
campaign was very well received
strategic alliances and partnerships.
by the audience/farmers and 4.1
Customer Connect Our business development teams
lakh farmers were directly touched
We believe that investing in an work closely with our global
through ‘BADI MISAAL’.
improved customer experience forms customers on the new enquiries,
the base of our business model. We desktop evaluation, kilo and pilot
VR games were conducted for real time
leverage our extensive presence in the plant operations, commercial scale
engagement grower engagement to
rural areas effectively by combining the up, manufacturing and shipping of
understand the Osheen benefits in
use of latest technology in our outreach goods. Our experience in handling
preventive window. This one-of-a-kind
programs. Our strategic business variety of chemistries, strong in-
campaign received good feedback
partner meets are held at regular house R&D and process research
from growers and industry alike and
intervals wherein the channel partners capabilities, quick turn-around time,
maximum shift of Osheen user base
are informed and trained on the shifting optimised manufacturing processes,
on-time delivery performance help to preventive window was achieved.
paradigms in agriculture. In addition,
us to be a partner of choice for our We could shift 30-40% existing users
necessary trainings are also provided
global customers. from curative to preventive window.
to enable them to be ready to deal
In parallel we have added new
with technological advancement
PI extensively utilises the new age customers in existing window. This
in agriculture. Our channel partners
technologies, in order to provide helped in better positioning of Osheen
along with a strong and experienced
customised solutions for its customers. brand and right application recall for
field force visit the villages and farmers
regularly, conduct group meetings, Our dedicated helpline for farmers longer time in growers mind.
impart knowledge and train them on enables our field representatives to
improved methods of agriculture to connect with new prospects. At the channel level, we conduct
increase yield and productivity. strategic business partner meetings
The Company’s deep rooted and wherein our channel partners are
To further enhance our reach and extensive presence spread in the informed and trained on the shifting
farmer connect, we have taken rural hinterlands is actively supported paradigms in agriculture. We help them
several key initiatives in the digital by strong and effective customer be future ready by providing necessary
space which includes customer connect programme. technical and soft skills trainings.
database creation, CRM tool Channel partners and our strong and
integrated with call centre, messaging PI Industries strives to create enduring experienced field force visit the villages
portal for personalised interactions value for its stakeholders and collect and farmers regularly, conduct one-
and social media marketing. feedback in a variety of ways. PI on-one and group meetings, impart
connects with the farmers through knowledge and training on improved
Our Company has longstanding satisfaction surveys and through methods of agriculture to increase
relationship with more than 18 global direct contact with its sales team on yield and productivity.
different products, technologies, live

samples, posters, etc. for increasing
awareness about modern agricultural
technologies among farmers and other
stakeholders during the event. Around
2,000 farmers and other stakeholders
visited PI stall & gathered information
about our product portfolio.
FINANCIAL REVIEW
Your company’s Revenue from
Operations for the year stood at Rs.
28409 Mn as compared to Rs.23087
Mn last year registering a growth of
24.8 % on YoY basis. The Operating
Profit for the year was at Rs. 5732 Mn
as compared to Rs. 4921 Mn last year
i.e. an increase of 16.5 % YoY. The Net
Profit for the year on stand-alone basis
To further enhance our reach and farmers from across 15 states of the
stood at Rs. 4077 Mn as compared to
farmer connect, we have taken country visited the stall.
Rs. 3665 Mn in the previous year i.e. a
several key initiatives in the digital
growth of 11.3 % YoY on account of
space which includes customer IISES- India International Seaweed
higher effective tax rates during the
database creation, CRM tool Expo & Summit - January 2019
year under review.
integrated with call centre, messaging India International Seaweed expo
portal for personalised interactions & summit was held at World Trade
Earnings per Share (EPS) for the
and social media marketing. Centre, Mumbai. The expo aimed at
year stood at Rs. 29.74 per share as
bringing all stakeholders across the
compared to Rs.26.62 per share for the
PI’s participated in various events corporates, government, academia
previous year and debt equity ratio at
during the year, key events are given and seaweed growers to discuss the
0.02 as compared to 0.04 in previous
below: growth opportunities of seaweed
year.
MRDBS Exhibition - August 2018 industry in the country. Exploring
Organised by Maharashtra Rajya opportunities in the world of Seaweed
As required under new SEBI (LODR)
Draksha Bagaitdar Sangh, this and its application in Agriculture, Food,
Regulations, key financial ratios are
exhibition focused on complete Nutraceuticals, Pharmaceuticals, and
enumerated below as compared to
Cosmetic industry was the major thrust
management of Grape crop through previous year:
during the discussions. PI stall saw major
better nutrient management, canopy
footfall from people of various industry
management, pesticide residue Key Ratios FY 18-19 FY 17-18
for enquiry on our product ‘BIOVITA’.
management etc. PI had around 600 Current Ratio 2.08 2.36
farmers and consultants visiting the Debt Equity Ratio 0.02 0.04
Krishi Kumbh - February 2019
stall. Discussions on positioning of our Operating Profit 20.2 21.3
A three days Mega Agriculture
products- Visma, Biovita & Humesol as Margin (%)
Show, Krishi Kumbh-2019 was jointly
per grape crop phenology happened Net Profit 14.4 15.9
organized by ICAR, ICAR-RCER &
along with interactions with NRCG Margin (%)
RPCAU at Motihari, Bihar.
officials for future developments. Inventory Turnover 5.3 5.1
The event aimed at promoting Debtors turnover 4.3 4.4
CII Agrotech - December 2018
modern techniques and diversification
CII Agro Tech India is CII’s flagship Agri
in agriculture that could help RISK MANAGEMENT
fair that works as an ideal interaction
doubling farmer’s income. PI was Your Company’s risk framework
platform between the Farm Producers
one of the 180 public and private encompasses practices relating to
and the Agro Industry. This year, the
sector organizations including ICAR the identification, analysis, evaluation,
fair was inaugurated by President of
Institutes, SAUs, KVKs, NHB, NGOs, treatment, mitigation and monitoring
India. The stall had major focus on our cooperative societies, seed, fertilizers, of the strategic, operational, and
products- Biovita, Osheen, Nominee farm machinery, pesticide companies legal and compliance risks to
Gold and Melsa. Around 20,000 etc. that put their stalls and displayed achieve its key business objectives.

Risk Management at PI seeks to With a view to systematically solutions through Success Factor
minimize the adverse impact of these identifying and developing the next and improvements to the modules
risks, thus, enabling the Company generation of leaders, a structured implemented in earlier years. Not all
to leverage market opportunities Talent Review was conducted for technology initiatives need be big and
effectively and enhance its long- senior management personnel across glamorous. By the simple expedient
term competitive advantage. The businesses. The review focused on of introducing electronic increment
focus of risk management is to assess the strengths, development areas letters, not only did we ensure quicker
risks and deploy mitigation measures. and potential of the target personnel transmission to employees but also
This is done through periodic review and identified action plans for each contributed to the environment by
meetings of the management. of them. Inputs from this review were saving copious quantities of paper.
Risk Management Committee was used in the succession planning To provide our visitors a richer visitor
formed during the year which also process. experience at our offices and
includes one Independent Director. plants, a new tech-enabled visitor
The primary responsibilities of the Demonstrating that “we care”, your management system was launched
Committee shall include: during the year.
company launched a holistic wellness
initiative for employees and their
Risk Identification and Prioritization: While much has been done, we are
families focusing on their physical,
Review, prioritize and approve the
mental and emotional well-being. acutely conscious of the fact that
results of the risk assessment exercise
Programmes were held throughout much remains to be done to make PI a
Risk Mitigation:
the year in accordance with a pre- leading employer. We are committed
Review and approve the mitigation
published wellness calendar. The to intensifying our efforts in the coming
plans developed for the key risks (Risks
stepathlon competition launched years to achieve this objective.
that matter)
during the year saw enthusiastic
Risk Monitoring and Reporting:
participation. This was supplemented During 2018-19, your Company
Review the root cause analysis of risks,
by health camps, yoga sessions and continued to have cordial relationship
action taken by risk owners along with
fitness programs, all of which were with all its employees and maintained
the implementation timelines and
well received. healthy, cordial and harmonious
status of the mitigation plan.
industrial relations at all levels.
Communication is a key element Total workforce of your Company
HUMAN RESOURCES AND TRADE
in employee engagement and stood at 2331 as on March 31, 2019.
RELATIONS
employee town halls were held to
During the year under review, your
cascade the company’s vision, INFORMATION TECHNOLOGY
company augmented its workforce by
strategy and performance At PI Industries, we believe that the key
welcoming 669 new employees across
all businesses, functions and locations. to our success is our ability to protect
Other employee friendly measures the trust our shareholders, customers,
With a view to enhancing capability
launched during the year included partners and stakeholders, repose in
and making the organisation future
ready, special emphasis was placed us. This aspect is deeply engrained
- Advancing pay day from the 5th to in our values and our DNA. We have
on upgrading the level and quality of
learning and development initiatives. the 1st working day of the month constantly endeavoured to uphold this
The Learning Management Solution by recasting the payroll processing ‘Trust’ by ensuring that our IT Systems
launched during the year enables schedule are best in breed and have the ability
employees to own and take charge - Restructuring sales incentives to efficiently transact business digitally
of their learning. Participation levels to better align it with industry while ensuring the confidentiality,
and feedback helps management practice; our financial results testify integrity and availability of digital
calibrate and make adjustments to to the success of this initiative data. To meet stringent requirements
the curricula and its deployment. In - Advancing the dates of of data protection, your company
addition, embracing technology, completion and appraisals and has strengthened its Cyber Security
your company added 104 e-learning increments environment by building layered
courses to the LMS platform, providing Cyber Defences, data leakage
employees a rich cornucopia Technology is and will be a key game- prevention systems, ensuring internal
of programmes to choose from, changer and your company is an data classification, implementing
tailored to their needs. These industry leader in the use of technology strong internal controls, critical
were supplemented by structured to drive efficiency and performance. transactions logging and monitoring
management development and In the field of HR, the year saw the mechanisms. To this end, and to ensure
leadership development programmes. continued implementation of HR standardisation of cyber security, your
them to be introduced for the first time

in India and will be on exclusive of or
near exclusive basis for marketing and
distribution rights.
These new products will help PI

leverage its presence and position
in the crop segments and create
additional value for the company and
all stakeholders including the farmers.
Products launched in FY 19 had a

very positive acceptance which has
given us a platform to double up the
revenues from these offerings in current
FY. In the FY 19, company very well
withstood with the challenges posed
to the flagship brand Nominee Gold
company has successfully achieved for our employees. We have also by generics. The Company not only
ISO 27001 in February, 2019. strengthened our R&D with world class successfully defended the challenges
tools for Knowledge Management from generics, but also posted highest
‘Digitalization’ has been a key lever in and collaboration in Research ever treated acreages in FY 19.
ensuring that our business aspirations Intelligence. Also, as a part of our
and growth are met via state-of- outreach to customers and partners, Scaling up of newly commercialized
the-art technologies and platforms. we have aggressively exploited molecules, capacity expansion at
Towards this end, we have embarked social media and have the highest Jambusar, acceleration in pickup of
on a slew of digital initiatives – we number of subscribers on YouTube export shipments and Company’s
have launched the first phase of channel amongst Indian Agri Chem continued investment in R&D shall
companies. all help it deliver sustainable growth
our consolidated platform for our
in coming years. Company’s efforts
Agri Business, which will ensure that
OUTLOOK OF THE BUSINESS FOR to transcend beyond agrochemical
we are digitally in touch with our
NEXT YEAR INCLUDING PRODUCT domain, upon fruition, shall open a
partners and customers, developed
new chapter of sustained accelerated
a customized CRM (Customer LAUNCHES, IF ANY
growth.
Relationship Management portal), The company expects favourable
setup a call centre and have logged global and domestic business Company shall be launching new
in more than 2 million farmers. In environment in next financial year. For products as well through its tie-up
order to efficiently manage our the domestic business, early forecast with global innovators on exclusive of
strategic product pipeline, we have of normal monsoon gives hopes for or near exclusive basis for marketing
implemented an intelligent platform normal crop acreages and thus the and distribution rights, which will also
that allows us to track the lifecycle of consumption of inputs. contribute towards incremental sales.
products from conceptualisation to
commercialisation. Enhancement of Well distributed Plan to counter Value CAUTIONARY STATEMENT
internal efficiencies via automation Erosion due to generics and phasing Statements in the Management Discussion
has been a critical focus area thereby out of molecules, through Volume and Analysis report may be ‘forward
bringing about a host of business expansion of existing products, backed looking statements’ within the meaning
improvements in areas of material and of the applicable laws and regulations.
by thrust of New / Future Launches in
Actual results may differ materially from
product movement, schemes, pricing, key segments those expressed or implied. Important
plant asset management, processes factors that could make a difference to
from On-boarding to exit of employees While we expect normal growth curve the Company’s operations include among
other, climatic conditions, economic
etc. For ensuring that we are always to be continued in our key products
conditions affecting demand, supply
‘Up-skilled’ to meet the demand of and newly launched products, and price conditions in the domestic and
knowledge of latest technologies additional growth is expected from overseas markets in which the Company
we have partnered with the best the introduction of new molecules. operates, changes in the Government
regulations, tax laws and other statutes
content providers and implemented In the FY 20, company is expected to
and incidental factors
an e-learning Management System introduce 3-4 new products, some of

Board Report
Dear Members, The Earnings per share (EPS) for the year stood at ` 29.56
per share, a growth of 11.04% as compared to ` 26.62 per
Your Directors are pleased to present the 72nd Annual Report share for the previous year.
on the business and operations of the Company together with
the Audited Financial Statements for the financial year ended Your Company made an addition of ` 3,757 Mn. in gross
March 31, 2019. fixed assets for expansion of manufacturing and Research
& Development capacities.
1. FINANCIAL HIGHLIGHTS
Your Company also commissioned new MPP plant at
(` in Mn)
Jambusar during February 2019.
Particulars FY 2018-19 FY 2017-18
Revenue from Operations 28,409 22,771* 3. PERFORMANCE REVIEW
Other Income 600 600
Domestic revenues grew by 16.5% YOY and achieved
Profit Before Interest, 6,331 5,521
Depreciation and Tax milestone of ` 10000 Mn. In brand sales, growth was
Interest 59 59 recorded across the portfolio which was well supported
Depreciation 926 826 by successful new launches. In Dinotefuran, growth in co-
Profit before Tax & 5,346 4,636 marketing was achieved with increased brand awareness
Exceptional items activities for Osheen. In the herbicide segment, our leading
Less: Current Tax inclusive of 1169 995 brand Nominee Gold despite facing fierce competition
earlier year Tax from generics, expanded its customer base and achieved
Deferred Tax Asset/Liability (it (100) 25 highest ever treated acreages. The products launched
should have been deferred during FY and newly launched COSKO and FANTOM also
tax) contributed to the top line.
Profit after Tax 4,077 3,666
Other Comprehensive 77 (75) The introduction of new innovative products, strengthening
Income of existing partnerships & forging of new ones, channel
Total Comprehensive Income 4,154 3,591 expansion and focus on customer connect are some of
Balance of retained earning 14,908 11,893 the key strategic initiatives expected to drive the growth in
brought forward from coming years.
previous year
- Profit for the year 4,077 3,666 Your Company Introduced two new products in FY 19
- Other Comprehensive (1) 11 viz. COSKO and FANTOM. These launches have given the
Income (OCI) for the year opportunity to leverage the channel presence very well,
Appropriations:- exploit the available market opportunity and gain a better
Final Dividend on Equity 345 344 market share from our stronghold markets. On the other
Shares 2017-18 hand your Company was also able to make an entry in the
Interim Dividend on Equity 345 206 markets with relatively weak presence.
Shares 2018-19
Dividend Distribution Tax on 142 112 Your Company’s exports grew by 29.4% during the year
Equity Shares in line with overall improvement in global sentiment. Your
Transfer to General Reserve 0 0 Company is working with innovator partners to introduce
Balance Profit / (-) Loss 18,368 14,908 novel molecules globally. The Company continued to
carried forward develop alternate vendors in domestic market to reduce
Earning Per Share (EPS) (`) 29.56 26.62 its dependency on Chinese raw material suppliers that shall
Basic Diluted (`) 29.54 26.55
help the Company in the coming years. Commercialisation
* net of excise - 316 Mn
of 3 new molecules during the year along with the enhanced
2. KEY HIGHLIGHTS utilization of multi-purpose plants at Jambusar SEZ and
commissioning of new plant, is expected to provide further
Your Company’s Revenue from Operations for the year
growth momentum to the exports in the coming years.
stood at ` 28,409 Mn as compared to `22,771 Mn (net of
excise) last year registering a growth of 25 % on YoY basis. Your Company also won numerous awards and received
The Operating Profit for the year was at ` 5,731 Mn as much recognition.
compared to ` 4,921 Mn last year i.e. an increase of 16.46 %
YoY. The Net Profit for the year on stand-alone basis stood Your Company’s manufacturing site at Panoli has won
at ` 4,077 Mn as compared to ` 3,666 Mn in the previous ‘Golden Peacock Environment Management’ award for
year i.e. a growth of 11.21 %YoY. third time on account of its significant achievements in the
field of Environment Management. Besides this, awarded
Your Company’s Net Profit on a consolidated basis stood ISO 27001:2013 Certification from British Standards Institute
at ` 4,102 Mn during the year as compared to ` 3,676 Mn in for implementation of information security based on global
the previous year, a growth of 11.58% YoY. standards and frameworks.
For its CSR initiatives, your Company’s CSR arm namely our Company has been credit rated by CRISIL Limited.
Y
PI Foundation won prestigious SKOCH AWARD 2018 for The Company’s credit rating for long term was reaffirmed
Integrated Community Development. to AA/Positive and for short term loans, rating was
reaffirmed at CRISIL A1+. This reflects a very high
Your Company was also rated by ECOVADIS in ‘GOLD degree of safety regarding timely servicing of financial
Category’ for second consecutive year demonstrating obligations and also a vote of confidence reposed in your
Company’s quality in integrating the principles of CSR into Company’s financials.
their business (Environment, Labor/Social, Fair business/
Ethics and Supply Chain. PI in top global 1% in labour 6. DIVIDEND
practices (Safety) amongst pesticides and agrochemical
products sector. During the year, the Board of your Company has declared
an interim dividend of ` 2.50 (250%) per equity share of
4. RESEARCH & DEVELOPMENT (R&D) ` 1/- each in its Board Meeting held on October 26, 2018.
The Directors are pleased to recommend a final dividend of
During the year under review, the Research & Development ` 1.50 (150%) per equity share of ` 1/- each. This will take the
team successfully carried out synthesis of 48 new total dividend for the year to ` 4/- (400%) per equity share
development molecules. Out of these, 18 molecules were of ` 1/- each. If the dividend as recommended above, is
scaled up successfully for their next stage of development declared by the members at the Annual General Meeting
and 6 molecules were transferred to the next stage. the total outflow towards dividend on Equity Shares for
Apart from synthesis and scale up of new products, the the year would be ` 552 Mn (dividend distribution tax of
Research & Development team also undertook process ` 114 Mn) as compared to ` 551 Mn (dividend distribution tax of
improvements for 23 projects in order to identify cost ` 114 Mn) last year. The dividend, if approved at the ensuing
improvement opportunities and then implement 16 such Annual General Meeting, will be paid to those shareholders
project improvements at the plant level. Environment, whose names appear on the register of members of the
Health and Safety (EHS) considerations were given the
Company as on the record date i.e. September 2, 2019.
usual special emphasis in the process development work.
DIVIDEND DISTRIBUTION POLICY
Your Company has state of art R&D set up with green
house facilities for biological testing. This facility supports PI believes in maintaining a fair balance between cash
various R&D projects under disciplines of crop protection retention and dividend distribution. Cash retention is
products. Scientifically, it involves molecular design, required to finance acquisitions and future growth, and
synthesis, structural elucidation, purifications, scale-ups, also as a means to meet any unforeseen contingency.
laboratory testing, green house testing, field testing, SAR’s
(structure activity relationship), knowledge management PI Dividend Policy specifies the financial parameters that
and patenting. The research assignments involve global will be considered when declaring dividends, internal and
innovator partners. external factors that would be considered for declaring
dividends. The Policy has been put up on the website of
Your Company’s research strategy and implementation the Company at
are well supported by a strong team comprising of
more than 250 research scientists having expertise and
http://www.piindustries.com/Media/Documents/
experience in chemistry, analytical techniques, biological Dividend%20Policy%20(f).pdf
testing, mode of action, tox studies, IP management and 7. SUBSIDIARY, ASSOCIATES & JOINT VENTURES
basic / detailed process engineering. During the year, R&D
undertook development work on various new projects As on March 31, 2019, the Company had three (3) Wholly-
covering different sectors i.e. Agro, Pharma and Electronic owned Subsidiary and two (2) Joint Venture Companies.
chemical applications. You will be further glad to know In accordance with Section 129(3) of the Companies
that your Company has identified patentable molecules & Act, 2013, the Company has prepared a consolidated
processes and has initiated the patenting process. financial statement of the Company and all its subsidiary
Companies.
Your Company continues to pursue cost leadership in
which R&D team played vital role on process innovations The key highlights of these subsidiary and associate
for several existing products to identify cost improvement Companies are as under:
opportunities and at the same time maintaining highest
standards of Quality, Health, Safety and Environment SUBSIDIARY COMPANIES
(QHSE). The Company’s R&D and manufacturing team - PI Life Science Research Ltd.
are constantly working together to reduce environmental
load, enhance safety and reduce cost. During the year, the Company posted a net profit of
`19.06 Mn earned on account of various R&D activities for
5. FINANCE developing new products.
Your Company continued to focus on managing cash - PI Japan Co. Ltd.
efficiently and ensured that it has adequate liquidity and
back up lines of credit. Net Cash from operations for the The Company posted a net profit of JPY 3.15 Mn during the
year stood at ` 3,848 Mn. Your Company follows a prudent year ended March 31, 2019. Due to the size of operations
financial policy and aims at maintaining an optimum and local laws, the annual accounts of this Company are
financial gearing. The Company’s Debt to Equity Ratio was not required to be audited. The same have been certified
zero as on March 31, 2019. by the Management of the Company.

- PILL Finance and Investments Ltd. Auditors to perform the internal audit function, assess the
internal controls and statutory compliances in various areas
The Company posted a net profit of ` 1.21 Mn during the and also provide suggestions for improvement.
year ended March 31, 2019.

The Internal Auditors independently evaluate the
JOINT VENTURES adequacy of internal controls and concurrently audit
- Solinnos Agro Sciences Pvt. Ltd the financial transactions and review the various business
processes. Internal Audit reports are periodically placed
Your Company holds 49% equity in Solinnos Agro Sciences before the Audit Committee of the Board. Independence
Pvt. Ltd through its subsidiary Company namely PI Life of internal auditors is ensured through direct reporting to
Science Research Limited and hence an associate Audit Committee.
Company. The Company posted a net profit of ` 0.62 Mn
during the year ended March 31, 2019. 9. INTERNAL FINANCIAL CONTROLS AND ITS ADEQUACY
- PI Kumai Pvt. Ltd The Company has in place an adequate Internal Financial
Controls, with reference to financial statements. The
Your Company holds 50% equity in PI Kumai Pvt. Ltd through Company has identified and documented all key internal
its subsidiary Company namely PI Life Science Research financial controls as part of its Internal Financial Control
Ltd and hence an associate Company. The Company reporting framework. The Company has laid down well
posted a net profit of ` 0.29 Mn during the year ended defined policies and procedures for all critical processes
March 31, 2019. across Company’s plant, offices wherein financial
transactions are undertaken. The policies and procedures
Pursuant to Section 129(3) of the Companies Act, 2013
cover the key risks and controls in all the processes identified
read with Rule 5 of the Companies (Accounts) Rules, 2014,a
to respective process owner. In addition, the Company
statement containing salient features of the financial
has a well-defined financial delegation of authority which
statements of the Subsidiary and Associate Companies is
ensures approval of financial transaction by appropriate
given in form AOC-1. Refer Annexure ‘A’ to this Report.
personnel. The Company uses SAP ERP to process financial
Your Company does not have any material listed subsidiary transactions and maintain its books of accounts to ensure
Company. In accordance with the provisions of Section its adequacy, integrity and reliability.
136 of the Companies Act, 2013, the Annual Report of the
The financial controls are evaluated for operating
Company, containing the Standalone and Consolidated
effectiveness through Management’s ongoing monitoring
Financial Statements along with the Audited Annual
and review process and independently by Internal Auditors.
Accounts of each Subsidiary Company have been placed
on the website of the Company i.e. www.piindustries.com. In our view, the Internal Financial Controls over Financial
Reporting are adequate and operating effectively as on
8. RISK MANAGEMENT POLICY AND INTERNAL CONTROLS
March 31, 2019.
PI Industries’ Risk Management structure spans across 10. RELATED PARTY TRANSACTIONS
different levels and the Company continuously identifies,
classifies and formulates mitigation measures. During All Related Party Transactions entered during the year
the year, Risk Management Committee was formed were in the ordinary course of business and on arms
comprising of 5 members including 3 Directors including length basis. Most of the related party transactions were
one Independent Director. Major risks identified by the undertaken by the Company with its subsidiary Companies
business and functions are systematically addressed engaged in business development activities. There were no
through mitigating actions on continuing basis. Risk materially significant Related Party Transactions made by
assessment is conducted periodically and the Company the Company during the year that would have required
has a mechanism to identify, assess, mitigate and monitor shareholder approval under the Listing Regulations/
various risks to key business objectives. The Internal Audit Companies Act, 2013.
Function regularly reviews various risks and places the
report before the Audit Committee of your Company from Prior omnibus approval of Audit Committee is obtained
time to time. for the transactions which are foreseen and repetitive in
nature. A statement of all Related Party Transactions is
The Board has adopted policies and procedures for ensuring presented before the Audit Committee for its review on a
orderly and efficient conduct of its business, including quarterly basis, specifying the nature, value and terms and
adherence to the Company’s policies, safeguarding of conditions of the transactions.
its assets, prevention and detection of frauds and errors,
accuracy and completeness of the accounting records, The Policy on Materiality of and Dealing with Related Party
and timely preparation of reliable financial disclosures. Transactions as approved by the Board is uploaded on the
Internal Control Systems are commensurate with the Company’s website and can be accessed
nature and size of Company’s business and in view of the
complexity of its business operations, these are designed Related%20Party%20Transactions%20Policy(r).pdf
to meet the challenges. The control system comprises of
continuous audit and compliance by in-house internal
Your Company does not have any contracts or
audit team supplemented by internal audit checks by M/s arrangements with its related parties falling under Section
KPMG India LLP., Internal Auditors of the Company. M/s PKF 188(1) of the Companies Act, 2013. Hence, the details of
Sridhar & Santhanam have been engaged as the Depot such contracts or arrangements with its related parties
are not disclosed in Form AOC-2 as prescribed under the amount of principal or interest was outstanding as on
Companies Act, 2013 and the Rules framed thereunder. March 31, 2019.
Your Directors draw attention of the Shareholders to Note
No. 35 of the standalone financial statements which set out 14.
TRANSFER OF UNCLAIMED DIVIDEND AND SHARES TO
related party disclosures. INVESTOR EDUCATION AND PROTECTION FUND
11. AUDITORS During the year, company had transferred an amount of

` 3,57,530/- towards unclaimed or unpaid dividend pending
Statutory Auditors and Auditor’s Report for more than seven years. Pursuant to the provisions of
Investor Education and Protection Fund (Uploading of
The shareholders of the Company at 70th AGM held on information regarding unpaid and unclaimed amounts
September 06, 2017 had appointed M/s. Price Waterhouse lying with Companies) Rules, 2012, the Company has
Chartered Accountants, LLP, (ICAI Registration No-012754N/ uploaded the details of unpaid and unclaimed amounts
N500016), as the Statutory Auditors of the Company for an lying with the Company as on August 06, 2018 (date of
initial term of 5 years and accordingly they hold their office till last Annual General Meeting) on the Company’s website
the conclusion of Annual General Meeting to be held in 2022. and on the website of the Ministry of Corporate Affairs.
The Auditors’ Report is unmodified i.e. it does not contain any The details can be viewed at company’s website at
qualification, reservation or adverse remark or disclaimer. following link:
Cost Auditor http://www.piindustries.com/sites/default/files/Copy%20
of%20Unpaid%20Div%2015%209%2015%20all.pdf
As per the requirements of the Section 148 of the Act read
with the Companies (Cost Records and Audit) Rules, 2014 In accordance with the provisions of the Companies
as amended from time to time, your Company is required Act, 2013 read with IEPF Authority (Accounting, Audit,
to maintain cost records and accordingly, such accounts Transfer and Refund) Rules, 2016, the Company has
are made and records have been maintained relating to transferred 66,010 equity shares pertaining to shareholders
Insecticides (Technical grade and formulations) every year. in respect of which dividend was unclaimed for seven
consecutive years to IEPF demat account through NSDL
The Board of Directors, on the recommendation of Audit
corporate action pursuant to the provisions as contained
Committee, has appointed M/s K.G. Goyal & Co., Cost
in Sec 124(6) of the Companies Act, 2013 and rules
Accountants, Jaipur, as Cost Auditors to audit the cost
made thereunder.
accounts of the Company for the financial year 2019-20.
As required under the Act, a resolution seeking member’s 15. BOARD AND COMMITTEES
approval for the remuneration payable to the Cost Auditor
forms part of the Notice convening the Annual General a) Board of Directors
Meeting for their ratification.
Your Company is managed and controlled by a Board
Secretarial Auditor comprising an optimum blend of Executive and Non-
Executive Professional Directors. The Chairman of the
The Board had appointed Mr. R.S. Bhatia (CP No.2514), Board is a Non-Executive Independent Director. As on
practicing Company Secretary, to carry out Secretarial March 31, 2019, the Board of Directors comprised of Eight
Audit in accordance with the provisions of Section (8) Directors consisting of Managing Director & CEO,
204 of the Companies Act, 2013 and the Companies Whole-time Director and six (6) Non-executive Directors,
(Appointment and Remuneration of Managerial Personnel) out of which five (5) are Independent Directors including
Rules, 2014, for the financial year ended March 31, 2019. one Woman Director. The composition of the Board
The Secretarial Audit Report for the financial year ended is in conformity with Regulation 17 of the SEBI (Listing
March 31, 2019 has been obtained and does not contain Obligations & Disclosure Requirements) Regulations,
any qualification, which requires any comments from the 2015 and the relevant provisions of the Companies Act,
Board. The Secretarial Audit Report for financial year ended 2013. All the Directors possess requisite qualifications
March 31, 2019 is annexed to this report as Annexure ‘B’. and experience in general corporate management,
operations, technical expertise, strategy, governance,
In terms of SEBI circular no. CIR/CFD/CMD1/27/2019 dated finance, banking and other allied fields which enable
February 08, 2019, your Company has also obtained them to contribute effectively to the Company in their
Secretarial Audit Report for the financial year ended March capacity as Directors of the Company.
31, 2019 issued by Mr. R.S. Bhatia, Practicing Company
Secretary and the same has been submitted with SEBI in Declaration from all Independent Directors has been
accordance with aforesaid circular. received confirming that they meet the criteria
of independence as prescribed both under the
12. PARTICULARS OF LOANS, GUARANTEES OR INVESTMENTS Companies Act, 2013 and the Listing Regulations, 2015.
The details of loans, guarantees and investments covered under Mr. Ravi Narain ceases to be the Non-Executive
the provisions of Companies Act, 2013 are mentioned in Note Independent Director of the Company w.e.f. 1st May,
No. 7(c) forming part of the Notes to the financial statements. 2019 consequent upon the order passed by SEBI in the
matter of National Stock Exchange of India Ltd. on
13. DEPOSITS
April 30, 2019. Board places on record its appreciation
Your Company has not accepted any public deposits for the services rendered by Mr. Ravi Narain during his
during the financial year 2018-19 and as such no association with the Board of the Company.

In accordance with the provisions of the Companies Act, made judgments and estimates that are
2013 and Articles of Association of the Company, Mr. reasonable and prudent so as to give a true and
Rajnish Sarna, shall retire by rotation at the forthcoming fair view of the state of affairs of the company
Annual General Meeting and being eligible, offers as at March 31, 2019 and of the profit of the
himself for re-appointment. The Board recommends his Company for that period;
re-appointment for the approval of the shareholders at
(c) the Directors had taken proper and sufficient care
the ensuing Annual General Meeting.
for the maintenance of adequate accounting
b) Evaluation of the Board’s Performance records in accordance with the provisions of this
Act for safeguarding the assets of the Company
In compliance with the provisions of Companies and for preventing and detecting fraud and
Act, 2013 and Regulation 17 (10) of the SEBI (Listing other irregularities;
Obligations and Disclosure Requirements) Regulations,
2015, the Board has carried out an evaluation of its (d) the Directors had prepared the annual accounts
own performance, Committees and performance of on a going concern basis;
individual Directors during the year under review. The
(e) the Directors, had laid down internal financial
evaluation framework for assessing the performance of
controls to be followed by the Company and
Directors comprised of criteria like quality of contribution
that such internal financial controls are adequate
to the Board deliberations, strategic perspective or
and were operating effectively ensuring the
inputs regarding future growth of Company and its
orderly and efficient conduct of its business
performance, attendance of Board Meetings and
including adherence to Company’s policies, the
Committee Meetings and commitment to shareholder
safeguarding of its assets, the prevention and
and other stakeholder interests. The evaluation involves
detection of frauds and errors, the accuracy
Self-Evaluation by the Board Members and subsequent
and completeness of the accounting records
assessment by the Board. A member of the Board does
and the timely preparation of reliable financial
not participate in the discussion of his/her evaluation.
information and
c)
Number of Board Meetings conducted during the (f)
the Directors had devised proper systems to
year under review ensure compliance with the provisions of all
A calendar of Meetings is prepared and circulated applicable laws and that such systems were
in advance to the Directors. During the year, Board adequate and operating effectively.
of Directors met four (4) times. The details of the 16. CHANGES IN KEY MANAGERIAL PERSONNEL
Board meetings and attendance of the Directors are
provided in the Corporate Governance Report. There has been no change in any Key Managerial Personnel
of the Company during the year ended March 31, 2019.
d) Composition of Committees
17. ANNUAL RETURN
Audit Committee

Pursuant to Sec 92(3) and Section 134 (3) of the Companies
As on March 31, 2019, Audit Committee comprises of Act, 2013 read with Rule 12 of the Companies (Management
Mr. Narayan K. Seshadri as the Chairman, Mr. Rajnish and Administration) Rules, 2014, the extract of Annual
Sarna, Ms. Ramni Nirula and Mr. Ravi Narain as the Return is available on Company’s website and can be
members. Further, details on the Audit Committee accessed at:
reference, meetings held during the year are given
alongwith other committee details as provided in the https://www.piindustries.com/investor-relations/Financials/
Corporate Governance Report. annual-reports
e) Recommendations of Audit Committee 18. EMPLOYEES
There have been no instances during the year when a) Remuneration policy of the Company
recommendations of the Audit Committee were not
The Remuneration policy of your Company comprising
accepted by the Board. Details on other committees
the appointment and remuneration of the Directors,
including their composition, terms of reference are
Key Managerial Personnel and Senior Executives of
given in the Corporate Governance Report.
the Company including the criteria for determining
f) Directors Responsibility Statement qualifications, positive attributes, independence
of a Director and other related matters have been
In accordance with the provisions of Section 134(5) of provided in the Corporate Governance Report, which
the Companies Act, 2013 the Board hereby submits its forms a part of this report.
responsibility statement:-
b) Human Resources and Trade Relations
(a) in the preparation of the annual accounts for
the year ended March 31, 2019, the applicable During the year under review, your Company
accounting standards had been followed; augmented its workforce by welcoming 669 new
employees across all businesses, functions and
(b)
the Directors had selected such accounting locations. With a view to enhancing capability
policies and applied them consistently and and making the organisation future ready, special
emphasis was placed on upgrading the level and new tech-enabled visitor management system was
quality of learning and development initiatives. The launched during the year.
Learning Management Solution launched during the
year enables employees to own and take charge of While much has been done, we are acutely
conscious of the fact that much remains to be done
their learning. Participation levels and feedback helps
to make PI a leading employer. We are committed to
management calibrate and make adjustments to the
intensifying our efforts in the coming years to achieve
curricula and its deployment. In addition, embracing
this objective.
technology, your Company added 104 e-learning
courses to the LMS platform, providing employees During 2018-19, your Company continued to have
a rich cornucopia of programmes to choose from, cordial relationship with all its employees and
tailored to their needs. These were supplemented maintained healthy, cordial and harmonious industrial
by structured management development and relations at all levels.
leadership development programmes.
Total permanent workforce of your Company stood

With a view to systematically identifying and at 2331 as on March 31, 2019.
developing the next generation of leaders, a
structured Talent Review was conducted for senior c)
Policy on Prevention, Prohibition and Redressal of
management personnel across businesses. The Sexual Harassment at Workplace
review focused on the strengths, development areas
Your Company has a zero tolerance for any abuse
and potential of the target personnel and identified against Women at Workplace. Policy on Prohibition,
action plans for each of them. Inputs from this review Prevention and Redressal of Sexual Harassment
were used in the succession planning process. of Women at Workplace and matters connected
therewith or incidental thereto covering all the
Demonstrating that “we care”, your Company
aspects as required under the “The Sexual Harassment
launched a holistic wellness initiative for employees
of Women at Workplace (Prohibition, Prevention and
and their families focusing on their physical, mental
Redressal) Act, 2013”. The Company has constituted
and emotional well-being. Programmes were
Internal Complaints Committee (ICC) known as
held throughout the year in accordance with a
Prevention of Sexual Harassment (POSH) Committee
pre-published wellness calendar. The stepathlon
to enquire in to complaints of Sexual Harassment and
competition launched during the year saw
recommend appropriate action. The Company has
enthusiastic participation. This was supplemented by
not received any complaint of sexual harassment
health camps, yoga sessions and fitness programs, all
during the financial year 2018-19.
of which were well received.
d) Particulars of Employees and related disclosures
Communication is a key element in employee
engagement and employee town halls were held The information required under Section 197(12) of
to cascade the Company’s vision, strategy and the Companies Act, 2013 read with Rule 5(1) of the
performance. Companies (Appointment and Remuneration of
Managerial Personnel) Rules, 2014 forms part of this
Other employee friendly measures launched during Report and annexed as Annexure ‘C’. However, as per
the year included: first proviso to Section 136(1) of the Act and second
proviso of Rule 5(2) of the Companies (Appointment
- Advancing pay day from the 5th to the 1st
and Remuneration of Managerial Personnel) Rules,
working day of the month by recasting the
2014, the Report and Financial Statements are being
payroll processing schedule.
sent to the Members of the Company excluding the
- Restructuring sales incentives to better align it statement of particulars of employees under Rule
with industry practice; our financial results testify 5(2). However, they are available for inspection
to the success of this initiative. during business hours upto the date of the next
Annual General Meeting at the registered office of
-
Advancing the dates of completion and the Company. Any member interested in obtaining a
appraisals and increments. copy of the said statement may write to the Company
Secretary at the Registered Office of the Company.
Technology is and will be a key game-changer and
your Company is an industry leader in the use of Your Directors place on record their appreciation of
technology to drive efficiency and performance. the valuable contribution made by the employees of
In the field of HR, the year saw the continued your Company.
implementation of HR solutions through Success Factor
e) Employee Stock Option Plan / Scheme
and improvements to the modules implemented
in earlier years. Not all technology initiatives need Your Company discontinued in the year 2017-18, grant
be big and glamorous. By the simple expedient of of stock options under PII-ESOP Scheme, 2010 as per
introducing electronic increment letters, not only the recommendations of Nomination & Remuneration
did we ensure quicker transmission to employees Committee of the Board. The stock options already
but also contributed to the environment by saving granted would vest as per the conditions contained
copious quantities of paper. To provide our visitors a in the grant letter. As per the ESOP scheme, stock
richer visitor experience at our offices and plants, a options shall vest after a lock in period of one year

from the date of grant. The stock options vest in - Sustainable Agriculture
graded manner over a vesting period of four (4) years.
- Skill Development
The exercise price of stock options granted have been
arrived by giving discount to the closing market price - Employee Engagement through CSR
of the equity share on National Stock Exchange India
Limited one day prior to the date of grant of option. During the financial year 2018-19, the Company has
Voting rights on the equity shares issued to employees contributed an amount of ` 92.9 Mn. to PI Foundation,
under the ESOP Scheme are either exercised by them aggregating to 2% of its average net profits for preceding 3
or through their appointed proxy. No employee has financial years. The PI Foundation has spent an amount of
been issued stock options equal to or exceeding 1% ` 98.54 Mn during the financial year 2018-19.
of the issued capital of the Company at the time
The details of CSR activities undertaken by the Company
of grant. Details of options as required under SEBI
are highlighted in the report provided under the
regulations is given in Annexure ‘D’.
Companies (Corporate Social Responsibility Policy) Rules,
19. VIGIL MECHANISM – WHISTLE BLOWER POLICY 2014 in Annexure ‘F’ which is attached to this report.
Your Company has established a vigil mechanism for 22. CORPORATE GOVERNANCE
Directors and employees to report their genuine concerns,
Your Company takes pride in its Corporate Governance
as approved by the Board on the recommendation of
structure and strives to maintain the highest possible
the Audit Committee. The Whistle Blower Policy of the
standards. A detailed report on the Corporate Governance
Company is formulated and uploaded on the Company’s
code and practices of the Company along with a
website at the following
certificate from the auditors of the Company regarding

weblink: http://www.piindustries.com/Media/Documents/ compliance of the conditions of Corporate Governance as
Whistle%20Blower%20Policy(r).pdf stipulated under Regulation 34 of SEBI (LODR) Regulations,
2015 forms part of the report. Annexure ‘G’.
The Policy provides for adequate safeguards against
23. MANAGEMENT DISCUSSION AND ANALYSIS
victimization of employees who avail of the mechanism and
also provides for direct access to the Chairman of the Audit A detailed report on the Management Discussion and
Committee. It is affirmed that no personnel of the Company Analysis is provided separately forms part of the Annual
has been denied access to the Audit Committee. Report.
20.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION, 24. BUSINESS RESPONSIBILITY REPORT
FOREIGN EXCHANGE EARNINGS AND OUTGO
SEBI (Listing Obligations and Disclosure Requirements)
The information pertaining to conservation of energy, Regulations, 2015 requires top 500 listed Companies by
technology absorption, foreign exchange earnings Market capitalisation to provide Business Responsibility
and outgo as required under Section 134 (3)(m) of the Report in their Annual Report.
Companies Act, 2013 read with Rule 8(3) of the Companies
(Accounts) Rules, 2014 is furnished in Annexure ‘E’ attached Your Company falls under the top 500 Listed Companies
to this report. by market capitalisation and accordingly a Business
Responsibility Report, describing the initiatives taken by the
21. CORPORATE SOCIAL RESPONSIBILITY (“CSR”) AND RELATED
Company from an environmental, social and governance
MATTERS
perspective, forms part of this Report.
In accordance with the requirements of Section 135 of
25. CHANGES IN SHARE CAPITAL
the Companies Act, 2013, your Company has a CSR
Committee comprising four members with Mr. Pravin K. During the year, your Company had issued 1,23,333 Equity
Laheri as Chairman, Mr. Mayank Singhal, Mr. Rajnish Sarna Shares of Re. 1/- each, which were allotted to PII ESOP Trust
and Ms. Ramni Nirula as Members. Your Company also has (Trust), set up to administer PII Employee Stock Option Plan-
formulated a Corporate Social Responsibility Policy (CSR 2010. The Trust allocates these shares to the employees of
Policy) which is available on the website of the Company at the Company and its subsidiaries upon exercise of stock
http://www.piindustries.com/sustainability/CSR/CSR-Policy options from time to time under the aforesaid Scheme. As
a result of this allotment, the paid-up equity share capital
Your Company carried out the CSR activities through PI of your Company increased to ` 13.80 cr.(comprising of
Foundation, a Trust set up by PI Industries Ltd, During the 13,80,30,651 Equity Shares of ` 1/- each as on March 31,
year, PI Foundation undertook several CSR initiatives under 2019) from ` 13.79 cr. (comprising of 13,79,07,318 Equity
the following few categories: Shares of ` 1/- each as on March 31, 2018).
- Water 26. GENERAL
- Education and Talent Nurturing Your Directors state that no disclosure or reporting is
required in respect of the following items as there were no
- Healthcare
transactions on these items during the year under review:-
- Hygiene & Sanitation
a)
Issue of equity shares with differential rights as to
- Livelihood Enhancement dividend, voting or otherwise.
b)
Issue of shares (including sweat equity shares) to Government of India, as well as the State Governments of
employees of the Company under any scheme saved Rajasthan & Gujarat, the farming community and all our
and except issued under ESOP Scheme as referred to other stakeholders.
in this Report.
The Board places on record its sincere appreciation
c) Neither the Managing Directors nor the Whole-time towards the Company’s valued customers in India and
Director of the Company received any remuneration abroad alongwith its joint venture partners for the support
or commission from any of its subsidiaries and confidence reposed by them in the organization
and looks forward to the continuance of this supportive
d) No significant or material orders were passed by the relationship in the future.
Regulators or Courts or Tribunals, which impact the going
concern status and Company’s operations in future. Your Directors proudly acknowledge the contribution
and hard work of the employees of the Company and its
Further, there have been no material changes and subsidiaries at all levels, who, through their competence,
commitments, if any, affecting the financial position of hard work, solidarity and commitment have enabled the
the Company which have occurred between the end of Company to achieve consistent growth.
the financial year of the Company to which the financial
statements are related and the date of the report.
On behalf of the Board of Director
27. ACKNOWLEDGEMENTS For PI Industries Ltd.
Your Directors wish to express their grateful appreciation Sd/-

for the valuable support and co-operation received Narayan K. Seshadri
from bankers, business associates, lenders, financial Place: Gurugram Chairman
institutions, shareholders, various departments of the Date: May 17, 2019 DIN: 00053563

Annexure - A
Form AOC-I
(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014)
Statement containing salient features of the financial statement of subsidiaries/associate companies/joint ventures
Part “A”: Subsidiaries

(Information in respect of each subsidiary to be presented with amounts in `)
(` in Mn.)
Name of the subsidiaries
S. No. Particulars PI Life Science PILL Finance and PI Japan Co. Ltd
Research Ltd Investments Ltd
1. The date since when subsidiary was acquired 9th December, 2004 17th August, 1992 23rd March, 2007
2. Reporting period for the subsidiary concerned, if NA NA NA
different from the holding company’s reporting period
3. Reporting currency and Exchange rate as on the INR INR JPY;1 = .624175
last date of the relevant Financial year in the case of
foreign subsidiaries
4. Share capital 14.97 3.60 3.12
5. Reserves & surplus 262.31 37.66 13.84
6. Total assets 278.75 41.44 21.61
7. Total Liabilities 1.48 0.18 4.65
8. Investments 165.29 5.03 -
9. Turnover 39.32 2.15 54.66
10. Profit before taxation 26.66 1.73 2.55
11. Provision for taxation 7.60 0.53 0.58
12. Profit after taxation 19.06 1.21 1.97
13. Proposed Dividend - - -
14. Extent of shareholding (In percentage) 100% 100% 100%
Notes: The following information shall be furnished at the end of the statement:
1. Names of subsidiaries which are yet to commence operations Nil
2. Names of subsidiaries which have been liquidated or sold during the year. Nil

For PI Industries Ltd.
Sd/-
Narayan K. Seshadri
Place: Gurugram Chairman
Date: May 17, 2019 DIN: 00053563
Part “B”: Associates and Joint Ventures
Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to
Associate Companies and Joint Ventures
(` in Mn.)
Name of Associate Entity Solinnos Agro Sciences Pvt. Ltd. PI Kumiai Private Ltd.
1. Latest audited Balance Sheet Date 31st March, 2019 31st March, 2019
2. Date on which the Associate was associated 2nd May 2016 4th July, 2017
3. Shares of Associate held by the Company on the year end 5,14,500 equity shares of 9,550,000 equity shares of
No. of shares (No.) `10/- each. `10/- each.
Amount of Investment in Associates (` in Mn.) 5.15 95.50
Extend of Holding (In percentage) 49% 50%
4. Description of how there is significant influence PI Life Science Research Ltd (wholly owned subsidiary Company
of PI Industries Ltd.) holds 49% equity in Solinnos Agro Sciences
Pvt. Ltd and 50% in PI Kumiai Private Ltd and accordingly able to
participate in financial and operating policy decision making of
the Company.
5. Reason why the associate/Joint venture is not consolidated In case of Solinnos, control is with Mitsui Chemicals Agro Inc.,
Japan which holds 51% equity in the Company.
In case of PI Kumiai, PI Life Science Research Ltd. holds 50% equity

and 50% equity is held by Kumiai Chemical Industry Co., Ltd.
Hence, same is not consolidated line by line and is accounted on
equity basis only.
6. Net worth attributable to shareholding as per latest 12.26 191.30
audited Balance Sheet
7. Profit/(Loss) for the year 0.62 0.29
i. Considered in Consolidation - -
ii. Not Considered in Consolidation 0.62 0.29
Notes: The following information shall be furnished at the end of the statement:
1. Names of associates or joint ventures which are yet to commence operations. Nil
2. Names of associates or joint ventures which have been liquidated or sold during the year. Nil

Sd/-
Narayan K. Seshadri
Date: May 17, 2019 DIN: 00053563
Note: It is consolidated as per Equity method.

Annexure ‘B’
Form No.MR - 3
SECRETARIAL AUDIT REPORT
FOR THE FINANCIAL YEAR ENDED March 31, 2019
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
The Members, d. Securities and Exchange Board of India (Share Based

PI Industries Limited, Employee Benefits) Regulations, 2014.
Regd. Office: Udaisagar Road,
Udaipur – 313 001, Rajasthan. e. Securities and Exchange Board of India (Issue and
CIN : L24211RJ1946PLC000469 Listing of Debt Securities) Regulations, 2008 - Not
applicable as the Company has not issued any debt
I have conducted the Secretarial Audit in respect of compliance securities during the financial year under review;
with specific applicable statutory provisions and adherence to
good corporate practices by PI INDUSTRIES LIMITED (hereinafter f. Securities and Exchange Board of India (Registrars to
called the Company). Secretarial Audit was conducted in a an Issue and Share Transfer Agents) Regulations, 1993
manner that provided me with a reasonable basis for evaluating regarding the Companies Act and dealing with client
the corporate conduct /statutory compliance and expressing - Not Applicable as the Company is not registered as
my opinion thereon. Registrar to an Issue and Share Transfer Agent during
the financial year under review;
Based on my verification of the Company’s books, papers,
minute books, forms and returns filed and other records g. Securities and Exchange Board of India (Delisting of
maintained by the Company, the information provided by the Equity Shares) Regulations, 2009 - Not applicable as
Company, its officers, agents and authorized representatives the Company has not delisted its equity shares from
during the conduct of secretarial audit, the explanations and any stock exchange during the financial year under
clarifications given to me and the representations made by the review; and
Management, I hereby report that in my opinion, the Company
h. Securities and Exchange Board of India (Buy back of
has, during the audit period covering the financial year ended
Securities) Regulations, 1998 - Not applicable as the
on March 31, 2019, complied with the statutory provisions
Company has not bought back any of its securities
listed hereunder and also that the Company has proper Board
during the financial year under review.
processes and compliance mechanism in place to the extent,
in the manner and subject to the reporting made hereinafter: vi) The Management has identified and confirmed the
following laws as being specifically applicable to the
I have examined the books, papers, minute books, forms and
Company:
returns filed and other records maintained by the Company for
the financial year ended on March 31, 2019 according to the a. Insecticides Act, 1968
provisions of:
b. Indian Boiler Act, 1932
(i) The Companies Act, 1956 and Companies Act, 2013 (“the
Acts’) and the rules made thereunder, as applicable; c. Explosives Act, 1884
(ii) The Securities Contracts (Regulation) Act, 1956 (‘SCRA’) d. Poison Act, 1919
and the rules made thereunder;
e. Handling of Hazardous Waste Rules, 1988
(iii) The Depositories Act, 1996 and the Regulations and Bye-
f. Petroleum Act, 1934
laws framed thereunder;
I have also examined compliance with the applicable clauses
(iv) Foreign Exchange Management Act, 1999 and the rules
of the following:
and regulations made thereunder to the extent of Foreign
Direct Investment, Overseas Direct Investment and External (i) Secretarial Standards issued by The Institute of Company
Commercial Borrowings; Secretaries of India.
(v) The following Regulations prescribed under the Securities (ii) The Listing Agreement entered into by the Company with
and Exchange Board of India Act, 1992 (‘SEBI Act’):- BSE Limited and National Stock Exchange of India Limited,
and SEBI (Listing Obligations and Disclosure Requirements)
a. Securities and Exchange Board of India (Substantial
Regulations, 2015.
Acquisition of Shares and Takeovers) Regulations,
2011; Based on my verification of the Company’s books, papers,
minute books, forms and returns filed and other records
b. Securities and Exchange Board of India (Prohibition of
maintained by the Company and also the information
Insider Trading) Regulations, 2015;
provided by the Company, its officers, agents and authorized
c. Securities and Exchange Board of India (Issue of representatives during the conduct of Secretarial Audit, I
Capital and Disclosure Requirements) Regulations, hereby report that in my opinion, the Company has, during
2009 - Not applicable as the Company did not issue the financial year ended March 31, 2019 complied with the
any security during the financial year under review; aforesaid laws.
Based on the information received and records made available, has adequate systems and processes commensurate
I further report that: with its size and operations, to monitor and ensure
compliance with the specifically applicable laws, rules,
1. The Board of Directors of the Company is duly constituted regulations and guidelines as mentioned in this report and
with proper balance of Executive Directors, Non-Executive applicable general laws like labour laws competition laws,
Directors and Independent Director; environmental laws, etc.
2. Adequate notice was given to all the Directors regarding I further report that:
holding of the Board Meetings. Agenda was sent in
advance before the meeting. There exists a system for a. The Company has allotted 1,23,333 equity shares to
Directors to seek and obtain further information and PII ESOP Trust on December 5, 2018 under the PII- ESOP
clarifications on the agenda items before the meeting and Scheme 2010.
for meaningful participation at the meeting;
b. The Company has transferred 66,010 equity shares to
3. Decisions at the Board Meetings were carried through with IEPF account in respect of folio where dividend has not
requisite majority & recorded as part of the minutes of the been paid or claimed by the shareholders for seven
meetings. (No dissent was there nor any dissent recorded). consecutive years or more which the shareholders on
which there was unclaimed dividend for last seven
In my opinion there are adequate systems & processes in the years in accordance with IEPF Rules, 2016.
Company commensurate with the size & operations of the
Company to monitor & ensure compliance with applicable
laws, rules, regulations & guidelines & applicable general laws Sd/-
like labour laws, environmental laws & competition laws, etc. R.S. Bhatia
Place: New Delhi Practicing Company Secretary
Based on the compliance mechanism established by the Dated: May 17, 2019 CP No: 2514
Company and on the basis of the Compliance Certificate(s)
of the Managing Director, Company Secretary and Chief Note: This report is to be read with letter of even date by the
Financial Officer taken on record by the Board of Directors Secretarial Auditor, which is annexed to this report and
at its meeting(s), I am of the opinion that the management forms an integral part of this report.

Annexure to the Secretarial Audit Report
The Members,
PI Industries Limited,
Regd. Office: Udaisagar Road,
Udaipur – 313 001, Rajasthan.
CIN: L24211RJ1946PLC000469
Our Secretarial Audit Report of even date is to be read along with this letter.
Management’s Responsibility
1. It is the responsibility of the management of the Company to maintain secretarial records, device proper systems to ensure
compliance with the provisions of all applicable laws and regulations and to ensure that the systems are adequate and operate
effectively.
Auditor’s Responsibility
2. My responsibility is to express an opinion on these secretarial records, standards and procedures followed by the Company with
respect to secretarial compliances.
3. I believe that audit evidence and information obtained from the Company’s management is adequate and appropriate for me
to provide a basis for my opinion.
4. Where ever required, I have obtained the management’s representation about the compliance of laws, rules and regulations
and happening of events, etc.
Disclaimer
5. The Secretarial Audit is neither an assurance as to the future viability of the Company nor of the efficacy or effectiveness with
which the management has conducted the affairs of the Company.
6. I have not verified the correctness and appropriateness of financial records and books of accounts of the Company.
Sd/-
R.S. Bhatia
Place: New Delhi Practicing Company Secretary
Dated: May 17, 2019 CP No: 2514
Annexure - C
Statement of Disclosure of Remuneration under Section 197 of Companies Act, 2013 read with Rule 5 of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014
1.
The ratio of the remuneration of each Director to the 3.
The number of permanent employees on the rolls of
median remuneration of the Employees of the Company Company as on March 31, 2019 : 2331.
for the financial year 2018-19 as well as the percentage
increase in remuneration of each Directors as under: 4. Average percentile increase already made in the salaries
of employees other than the managerial personnel
(Explanation: (i) the expression “median” means the in the last financial year and its comparison with the
numerical value separating the higher half of a population percentile increase in the managerial remuneration
and justification thereof and point out if there are any
from the lower half and the median of a finite list of numbers
exceptional circumstances for increase in the managerial
may be found by arranging all the observations from lowest remuneration:
value to highest value and picking the middle one; (ii) if
there is an even number of observations, the median shall % change in
be the average of the two middle values) remuneration
a)
Average increase in salary of 11%
Name of Director Ratio to % increase in
employees (other than managerial
Median remuneration over
personnel)
Remuneration previous year
b)
Average increase in salary of 7%
Non-Executive
managerial personnel
Director
Mr. Narayan K. 9.53:1 89.71 The increment given to each individual employee is based
Seshadri on the employees’ potential, experience, performance
Mr. Pravin K. Laheri 3.10:1 -3.98 and contribution to the Company’s progress over a period
Ms Ramni Nirula 4.12:1 27.86 of time and also benchmarked against a comparable
basket of relevant companies in India. It may however
Mr. Ravi Narain 4.21:1 33.36
be noted that Executive Directors are also entitled to
Mr. Arvind Singhal 2.88:1 -0.61 commission which is decided by Board on the basis of
Dr. T.S. Balganesh 3.81:1 70.30 the recommendation(s) received from Nomination &
Executive Director Remuneration Committee. Hence, the same is strictly
Mr. Mayank Singhal, 152:1 31.64 not comparable to percentile increase in salary of other
Mg. Director & CEO employees. It is clarified here that value of stock option has
Mr. Rajnish Sarna, 78:1 9.76 not been taken in to account for computing this increase.
Whole-time Director 5. Affirmation that the remuneration is as per the Remuneration
Policy of the Company.
Notes:
It is affirmed that the remuneration paid is as per the
Remuneration to Non-Executive Directors comprises of
Remuneration Policy for Directors, Key Managerial Personnel
Sitting fees and Commission.
and other employees, adopted by the Company.
Remuneration to Executive Directors comprises of salary and
Commission paid during the year ended March 31, 2019.
2.
The percentage increase in median remuneration of
Sd/-
employees in Financial Year 2018-19 : 11%
Narayan K. Seshadri
Date: May 17, 2019 DIN: 00053563

Annexure - D
Details of Shares issued under Employee Stock Option Plan (ESOPs)
The position of the existing scheme is summarized as under:
I. Details of ESOP Scheme
S. No. Particulars Remarks

1. Date of Shareholder’s Approval 21st January, 2011
2. Total number of options approved 62,62,090
3. Vesting Requirements Options shall vest after a Lock-in-period of one year from the date of grant.
Option shall vest in four years as per the Company’s ESOP plan.
4. The Pricing formula 10% discount to market price on NSE a day prior to date of grant.
5. Maximum term of Options granted 10 years
(years)
6. Source of shares Primary -Fresh equity allotment by Company to the Trust
7. Variation in terms of ESOP scheme Nil
II. Option Movement during the year
Sr.No. Particulars Year Ended March 31, 2019 Year Ended March 31, 2018
No. of Options Weighted No. of Weighted
Average Average
Exercise Price Exercise Price
(INR) (INR)
1 No. of Options Outstanding at the beginning of the 6,87,924 492.55 13,60,078 447.36
year
2 Options Granted during the year 0 0 0 0
3 Options Forfeited / Surrendered during the year 84,882 581.35 4,38,658 510.91
4 Total number of shares arising as a result of exercise 1,63,691 177.59 2,33,496 194.84
of options.
5 Money realised by exercise of options (Rs. in Mn.) 29 NA 45.5 NA
6 Number of options Outstanding at the end of the 4,39,351 592.87 6,87,924 492.55
year
7 Number of Options exercisable at the end of the 2,31,187 499.47 2,66,748 255.81
year
III. Weighted Average remaining contractual life
Range of Exercise Price Weighted Weighted

average average
contractual life contractual life
(years) as on (years) as on
March 31, 2019 March 31, 2018
25 to 75 N.A. 1.66
No. of Options Outstanding 0 72,454
75 to 150 4.11 5.22
No. of Options Outstanding 54,716 1,08,893
150 to 450 5.34 6.21
No. of Options Outstanding 45,958 91,839
450 to 750 5.55 6.62
No. of Options Outstanding 3,38,678 4,14,738
IV Weighted average Fair Value of Options granted during the year
During the During the

year ended year ended
March 31, 2019 March 31, 2018
(INR) (INR)
(a) Exercise price equals market price - -
(b) Exercise price is greater than market price - -
(c) Exercise price is less than market price - -
V The weighted average market price of options exercised during the year ended March 31, 2019 Rs.840.68
The weighted average market price of options exercised during the year ended March 31, 2018 Rs.882.59
VI Employee-wise details of options granted during the financial year 2018-19 to:
(i) Senior managerial personnel
Name of employee No. of Options granted

Not Applicable – No options granted during the year -
(ii) Employees who were granted, during any one year, options amounting to 5% or more of the options granted during the year

Not Applicable – No options granted during the year
(iii) Identified employees who were granted option, during any one year equal to or exceeding 1% of the issued capital (excluding
outstanding warrants and conversions) of the company at the time of grant

None
VII Method and Assumptions used to estimate the fair value of options granted during the year ended:
The fair value has been calculated using the Black Scholes Option Pricing model
The Assumptions used in the model are as follows:
Variables March 31, 2019* March 31, 2018 *

Weighted Weighted
Average Average
1. Risk Free Interest Rate N.A. N.A.
2. Expected Life(in years) N.A. N.A.
3. Expected Volatility N.A. N.A.
4. Dividend Yield N.A. N.A.
5. Exercise Price (in Rs.) N.A. N.A.
6. Price of the underlying share in market at the time of the option grant. (Rs.) N.A. N.A.
* No options granted during the year ended March 31, 2019 and March 31, 2018.
VIII Effect of share-based payment transactions on the entity’s Profit or Loss for the period:
(` in Mn.)
Particulars 31-Mar-19 31-Mar-18
1 Employee Option plan expense 13 16.60
2 Total liability at the end of the period 73 102.20

Sd/-
Narayan K. Seshadri
Date: May 17, 2019 DIN: 00053563

Annexure - E
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE

EARNINGS AND OUTGO
[Pursuant to section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the Companies (Accounts) Rules, 2014]
(A) CONSERVATION OF ENERGY (b) Plans for the year 2019-20
(i) Steps Taken or Impact on Conservation of Energy: • Installation of micro turbine in place of Pressure
Reducing Valve to generate auxiliary Power.

Under the continual energy conservation plan, the
Company has continued to improve on energy efficiency • Reduction of power consumption through variable
& conservation efforts. Stricter efforts towards continuous frequency drive & optimization in secondary pump of
monitoring and controls of energy utilization including Brine units.
generation & distribution had been in focus throughout.
• Reduction of power & effluent generation by
With a view on long term sustainability, the Company switching to dry vacuum pump with intermediate
has initiated steps towards utilizing alternate sources/ cooling system in place of oil ring vacuum pumps.
renewable source of energy.
• Aimed to achieve 40% reduction in specific power
(ii) Steps taken by the Company for utilizing alternate sources consumption of breathing air compressor by replacing
of Energy: efficient screw compressor in place of reciprocating
air compressor.
(a) Steps taken during the year (2018-19) to conserve energy
include: • Efficiency improvement in chilled water system
• Introduced 66KV sub-station to reduce line losses. through optimization of heat transfer area.
• 22% reduction in specific energy consumption in Brine • Combustion efficiency enhancement in the Boilers
generation plants. through fuel emulsification system.
• Reduced power consumption in chilled water system by • Steam cost reduction by replacing liquid fuel to solid
optimizing flow in secondary pumps. fuel as an alternate source of energy
• 11% reduction in specific energy consumption in • Reduction in fuel consumption by making a provision
air compressor by replacing with new high efficient in Fume incinerator burner for consuming incinerable
compressors. solvents as fuel.
• Reduced power consumption in constant pressure raw • Introducing heat recovery system from boiler blow
water pumps by configuring pressure transmitters with down to conserve FO consumption.
variable frequency drives.
(c) Steps planned for utilization of alternative sources of
• Reduced power consumption in Effluent Treatment Plant
energy.
(aeration blowers) by interfacing variable frequency drive
with dissolved oxygen meter. • Planned to install roof top solar panels of 1.5 MWp
capacity.
• Conventional lighting fixtures were replaced with LED light
fixtures. • Phase-II & III implementation of replacing conventional
• Lowered the steam consumption, reduced effluent lighting fixtures with LED Lamps in Plant Area.
generation and increased condensate recovery by
(iii) Capital investment on energy conservation equipments:
implementing coil heating system in place of direct
heating system. With a view on long term sustainability, the Company has
invested approx. Rs. 53 million in the FY 18-19 on energy
• Introduced flash steam heat recovery system in Boiler
conservation equipments which resulted in reduction in
house for efficient energy management.
energy footprint on products.
• Incorporated drip irrigation system as an alternate method
to surface irrigation to conserve water in gardening (B) TECHNOLOGY ABSORPTION
activity. 1. Efforts made towards technology absorption
• Reduce water consumption in process cooling tower by
To enhance technological capabilities, various new
replacing wooden drift eliminators by PVC drift eliminator.
technologies are being considered and developmental
• Achieved both water & power consumption reduction by work both at R&D and scale up stage is initiated on the
converting water cooled air compressors to air cooled. following areas:
• Flow-chemistry lab which was commissioned previously • Training sessions among different groups of R&D have
is being utilized with the aim to develop commercially resulted in effective and innovative solutions.
viable products to improve productivity, reduce risk
and plant footprint. Presently work of screening the • Improvement in manufacturing processes for existing
molecules are in progress and expected to deliver molecules and development of new products for
some cost effective alternative process by the year exports have led to wider knowledge base and
end in 2020. capability enhancement of the R & D staff.
• Strengthened developmental facility in the previous • Replacement of hazardous and toxic reagents with
year has resulted into more molecules under scale less hazardous environment friendly substitutes has
studies. In the FY 19-20, it is expected to commercialize helped in pollution abatement and odour control.
about 10 molecules against 6 to 7 in previous years. Thus the Company has been successful in adapting
the national norms and working towards protecting
• The work on setting up facility to undertake fluorination the environment along with other industries.
facility has been initiated and development of one
3. Imported Technology:
molecule (CFT) is in advanced stage and expected
to get commercial in 19-20. • The details of technology imported: Mono methyl
Hydrazene synthesis
• Work on Azide chemistry was initiated and Azide
Chemistry scaled up to Kilo lab scale to grab new • The year of import: 2017-18
opportunities in the area of Tetratzole chemistry
• Whether the technology has been fully absorbed:
Continuous improvement of the commercial Under progress and is expected to get commissioned
production processes have been made possible in 2nd quarter of 19-20.
through technology absorption methods which
include:- • If not fully absorbed, areas where absorption has not
taken place, and the reason thereof:
• Continuous pressure filtration (Rotary pressure filter)
technology was finalized after trials has been ordered, Not Applicable
expected to commercialize by 2nd quarter in 19-20. 4. Expenditure on R&D
Continuous fluidized drying process technology trials
are in progress and expected to commercialize in (` in Mn)
coming time. Particulars Current year Previous year
2018-19 2017-18
• Regular training programs including internal technical
a. Capital Expenditure 50 167
training across groups, troubleshooting and cost
b. Revenue Expenditure 688 566
reduction sessions for our scientists, chemists &
technologists to equip them to cope with new c. Total 738 733
scientific and technical challenges. d. Total R&D expenditure
as percentage
2.60% 3.17%
• Interaction with National Laboratories, IITs, CSIR of Revenue from
Institutions and Universities, R&D laboratories of Operations
various MNCs for upgradation of knowledge and
(C). FOREIGN EXCHANGE EARNINGS AND OUTGO
coordinating with them for development of new
products and training of scientists. Details of total foreign exchange used and earned have
2. Benefits derived like product improvement, cost reduction, been provided below:-
product development or import substitution:
(` in Mn)
• Development of indigenous technology has led to Particulars Current year Previous year
cost reduction, use of environment friendly synthesis 2018-19 2017-18
routes and conservation of foreign exchange. Foreign Exchange Earned 19260.9 13825.2
Outgo of Foreign Exchange 8925.8 5063.8
• IP generation in the name of company through new
technology development by innovative solutions. On behalf of the Board of Director
• Developmental processes have been initiated at
lab scale. This will convert few batch processes Sd/-
into continuous uninterrupted processes which will Narayan K. Seshadri
ultimately result into consistency of the product under Place: Gurugram Chairman
manufacture. Date: May 17, 2019 DIN: 00053563

Annexure - F
ANNUAL REPORT ON CORPORATE SOCIAL RESPONSIBILITY (CSR) ACTIVITIES
1. A brief outline of the Company’s CSR policy, including overview of projects or programs proposed to be undertaken and a
reference to the web-link to the CSR policy and projects or programs.
• Your Company lays special emphasis on livelihood promotion and economic well-being of communities around PI plant
sites and small & marginal farmers across the country. The thrust is on Healthcare, Water, Sanitation & Hygiene, Sustainable
Agricultural Practices, Women Empowerment, Quality Education and Skill Development of rural youth.
• The CSR Policy has been framed for successful and sustainable implementation of projects in accordance with The
Companies Act, 2013. A sustainable CSR plan and agenda is set for a time frame of 3-5 years.
• The CSR Policy as approved by Board of Directors is available on the company’s website.
Weblink:-http://www.piindustries.com/corporate-social-responsibility.html.
2. The Composition of the CSR Committee as on March 31, 2019.
CSR Committee Members comprised of following members as on March 31, 2019
• Mr. Pravin K. Laheri, Independent Director, Chairman of the Committee
• Mr. Mayank Singhal, Managing Director & CEO, Member
• Mr. Rajnish Sarna, Whole-time Director, Member
• Ms. Ramni Nirula, Independent Director, Member
3. Average net profit of the Company for last three financial years: ` 4645 Mn.
4. Prescribed CSR Expenditure (two percent of the amount as in item 3 above): ` 92.90 Mn.
Details of CSR spent during the financial year. ` (In Mn.)

(a) Total amount spent for the F.Y. 98.54
(b) Amount unspent , if any NIL
(c) Manner in which the amount spent Refer to details mentioned in
Annexure to CSR report on the
following page.
5. In case the Company failed to spend the two percent of the average net profit of the last three financial years or any part thereof,
the Company shall provide the reason for not spending the amount in its Board report.
Your Company has contributed an amount of ` 92.90 Mn. during the financial year 2018-19 to PI Foundation (i.e. 2% of average
net profit of 3 preceding financial years) for carrying out CSR activities. The Foundation has spent an amount of ` 98.54 Mn.
during the financial year 2018-19. Further, PI Foundation has shortlisted & is finalizing several new projects to be undertaken under
CSR activities.
6. A responsibility statement of the CSR Committee that the implementation and monitoring of CSR Policy, is in compliance with CSR
objects and Policy of the Company.
The implementation and monitory of CSR Policy is in compliance with CSR objectives and Policy of the Company.
On behalf of the Board of Directors

Sd/- Sd/-
Pravin K. Laheri Mayank Singhal
Place: Gurugram Chairman – CSR Committee Managing Director & CEO
Date: May 17, 2019 DIN : 00499080 DIN : 00006651
Annexure to CSR Report [point 5(c) of CSR Report]
(` In Million / INR)
S. CSR Project or Sector in which Projects or Programs Amount Amount spent Cumulative Amount
No. activity identified the project is (1) Local area or other outlay on the projects expen-diture spent: Direct
covered (2) specify the state and district where (budget) or programs in up to the or through
projects or programs was undertaken project or Mn. (1) Direct reporting implementing
programs Expenditure period in Mn. agency
wise in Mn. on projects or (INR)
(INR) programs
(2) Overheads
1 Environmental Conservation ● Sustainable Rice Production 26.05 21.16 21.16 Spent through
Sustainability of natural with Conservation of Natural PI Foundation
resources, Resources(PAU & NGOs) /Implementing
Promoting ● Awareness Creation amongst Farmers Agency
ecological on Sustainable Rice Production from
balance and Transplanted to Direct Seeded Rice
maintaining (RAU Pusa, Bihar)
quality of soil, air
● Management of CCLV and Whitefly
and water
in cotton crop by community based
approach (PAU, Punjab)
● DSR: An Alternative method of paddy
cultivation and way to mitigate the
climate change (UAS, Raichur)
● Water Conservation through
Accelerating the Adoption of Direct
Seedling of Rice (DSR) Technology in
Punjab, Haryana, Bihar, Karnataka,
AP and Telangana
● Awareness Creation amongst Farmers
on Sustainable production of rice
and vegetable crops in Khargaon,
Madhya Pradesh.
2 Education, Skill Promoting ● Industry Orientation Agri Skill 34.21 27.43 27.43 Amount spent
Development Education and Development for Rural Youth in through PI
and Livelihood employment Telangana, A.P and Karnataka Foundation /
Enhancement enhancing ● Vocational Training Program on Implementing
Projects vocational skills Chemical Plant Operators, Quality Agency
and Livelihood Assurance and Quality control in
Promotion of Dharmsinh Desai University, Nadiad,
economically Gujarat
backward
● Improvement in the learning outcome
community
of school children in the villages near
plant locations.
● Training in IT, Sales & Hospitality
for rural underprivileged Youth in
Jambusar, Gujarat
● Prime Minister’s Fellowship Scheme for
Doctoral Research
● Education, Policy Research and
Advocacy
● Adoption of Primary Schools at Plant
Locations - Jambusar & Panoli -
Improving the school facilities and
infrastructure.
● Providing Supplementary Materials in
surrounding schools at Plant Locations
● Supporting Mobile Education Van
Initiative at Ankleshwar
● Mobile Crop Clinic for Soil Testing,
Crop Advisory, Crop demonstration,
promotion of modern technology in
farming, weather forecasting
● Income generation programme
through sustained agriculture

S. CSR Project or Sector in which Projects or Programs Amount Amount spent Cumulative Amount
No. activity identified the project is (1) Local area or other outlay on the projects expen-diture spent: Direct
covered (2) specify the state and district where (budget) or programs in up to the or through
projects or programs was undertaken project or Mn. (1) Direct reporting implementing
programs Expenditure period in Mn. agency
wise in Mn. on projects or (INR)
(INR) programs
(2) Overheads
3 Health, Hygiene Promoting ● PI Foundation Swasthya Seva through 84.40 36.78 36.78 Amount spent
and Sanitation preventive 3 Mobile Medical Vans in 59 Villages through PI
health-care of Jambusar Foundation /
and Sanitation ● Construction, up keeping and Implementing
& making maintenance of School Toilets in Agency
available safe Schools of Bharuch, Gujarat
drinking water.
● Purified water supply to Villagers in
Bihar
● Address the environmental pollution
and health hazards associated with
stubble burning in Punjab and Haryana
● Strengthening drainage system in two
villages in Jambusar Taluka
● Establishment/ Revival of Kumar pal
Gandhi Blood Bank with component
facility.
● Supporting integrated drinking
water project in the villages under
Swajal dhara programme near plant
location.
4 Women Promoting ● Empowerment of Women through Skill 13.21 8.07 8.07 Amount spent
Empowerment gender equality, Development & marketing support for through PI
empowering dairy Foundation /
women for ● Financial & Legal Literacy of Women Implementing
reducing Agency
inequality faced ● Support to Women Small Farm Holders
& Workers under Dairy Value Chain-
by socially and
Women Entrepreneurship and initiating
economically
Cattle Feed Centres in twenty five
backward
villages of Jambusar Taluka
groups
5 Promotion of Rural Training to ● Promotion of rural sports through 0.25 0.25 0.25 Amount spent
Sports promote rural annual sports meet organized in the through PI
sports, nationally GIDC Ankleshwar Foundation /
recognized Implementing
sports, Agency
Paralympic
sports and
Olympic sports
6 Rural Rural ● Provision of street lighting to increase 0.20 0.20 0.20 Amount spent
development Development the visibility during night and ensuring through PI
Projects safety of villagers Foundation /
Implementing
Agency
Training and 4.69 4.65 4.65 -
7 Capacity Building
of CSR Team and
Administrative
Expenses (5% of
Actual CSR Exp)
Total 163.01 98.54 98.54

Sd/- Sd/-
Pravin K. Laheri Mayank Singhal
Place: Gurugram Chairman – CSR Committee Managing Director & CEO
Date: May 17, 2019 DIN : 00499080 DIN : 00006651
Corporate Governance Report
1.
COMPANY’S PHILOSOPHY ON CODE OF CORPORATE of Directors, which primarily takes care of the business
GOVERNANCE needs and stakeholders’ interest. The Non-Executive
Directors including Independent Directors on the Board are
PI believes in enhancing the shareholder value through
experienced, competent and highly renowned persons
good corporate governance practises which involves
having requisite qualifications and experience in general
transparency, empowerment, accountability and integrity.
corporate management, operations, strategy, banking
The Company’s overall governance framework, systems finance & taxation, economics, law, governance etc. They
and processes reflect and support our Mission, Vision and actively participate at the Board and Committee Meetings
Values. The Company is constantly striving to better them by providing valuable guidance to the Management on
and adopt the best corporate practices and it believes various aspects of business, policy direction, governance,
that good Corporate Governance is essential for achieving compliance etc.
long-term corporate goals and to enhance stakeholders’
value. In this pursuit, the Company’s Corporate Governance As on March 31, 2019, the Board comprised of (8) eight
philosophy is to ensure fairness, transparency and integrity Directors, out of which (6) six are Non-Executive Directors
of the management, in order to protect the interests of all and (2) two are Executive Directors including Managing
its stakeholders. Director & CEO and Whole-time Director. The Chairman of
the Board is the Non-Executive Independent Director. Out
Your Company is in compliance with the requirements of (6) six Non-Executive Directors, (5) five are Independent
mandated by the Securities and Exchange Board of India Directors (including (1) one woman Independent Director),
(Listing Obligations and Disclosure Requirements) Regulations, constituting 63% of the Board strength, more than the
2015 (“Listing Regulations”). A Report on compliance with the requirements of the Companies Act, 2013 and the Listing
Corporate Governance provisions as prescribed under the Regulations, 2015.
Listing Regulations is given herein below:
The name and category of Directors, their attendance at
2. BOARD OF DIRECTORS
the Board Meetings held during the year and at the last
Composition Annual General Meeting alongwith the position of Board/
The Company has a very balanced and diverse Board Committee membership held by them is detailed below:
Name of Director & Designation Category No. of positions held No. of Board Presence at
Meetings last AGM
Board^ Committees^^ Attended
Member/ during
(Chairman) FY 18-19
Mr. Narayan K. Seshadri, Chairman Non-Executive & 7 6(3) 4 Yes
DIN 00053563 Independent
Mr. Mayank Singhal, MD & CEO Executive & 1 1(0) 4 Yes
DIN 00006651 Non-Independent
Mr. Rajnish Sarna, Whole-time Director Executive & 1 2(0) 4 Yes
Mrs. Ramni Nirula, Director Non-Executive & 6 5(0) 4 Yes
Mr. Ravi Narain, Director* Non-Executive & 2 3(0) 4 Yes
Mr. Pravin K. Laheri, Director Non-Executive & 3 2(2) 3 Yes
Mr. Arvind Singhal, Director Non-Executive & 1 0(0) 3 Yes
Dr. T.S. Balganesh, Director Non-Executive & 1 0(0) 3 No
DIN : 00648534 Independent
^ Excludes position of directorships held in Private Limited Companies, Foreign Companies and Government Bodies.
^^ Only Audit Committee and Stakeholders’ Relationship Committee have been considered for the Committee positions.
None of the Directors on the Board is a member of more than 10 committees or Chairperson of more than 5 committees
across all companies in which he/she is a Director.
* Mr. Ravi Narain has resigned from the Board w.e.f May 01, 2019 as he has been debarred from SEBI for holding directorship
in any listed company for a period of 5 years in the matter of National Stock Exchange of India Ltd. Mr. Ravi Narain also
confirmed that there is no other material reason for his resignation other than the recent SEBI order.

Name of listed companies and category of directorship who are unable to attend in person. In addition to the
held by Directors is appended at end of Corporate information required under Part A of Schedule II of
Governance Report. Regulation 17(7) of Listing Regulations,2015, the Board is
kept informed of major events/items and approvals taken
None of the Independent Director on the Board of the
wherever necessary. Board also reviews the status of the
Company serve as an Independent Director in more
compliances relating to various applicable laws and the
than seven (7) Listed Companies nor holds the position of
steps taken by the Company to rectify the instances of
Whole-time Director in any Listed Company.
non-compliance, if any. The Board critically evaluates the
SEBI has further amended the SEBI (Listing Obligations and Company’s strategic directions, management policies
Disclosures Requirements) Regulations, 2015 (hereinafter and their effectiveness. The Board regularly reviews inter-
called SEBI (LODR) Regulations) which had been alia, industry environment, annual business plans and
notified on May 9, 2018. A new sub clause added further performance against the plans, business opportunities
defining independent director as a person who is not a including investments/ divestment, related party
non-independent (non-executive) Director of another transactions, compliance processes including material
Company on the Board of which any non-independent legal issues, strategy, risk management practices and
director of the listed entity is an independent Director. approval of financial statements. Senior executives are
also invited to provide additional inputs at the Board
Independent Directors of the Company have been meetings for the items discussed by the Board of Directors,
appointed in accordance with the applicable provisions as and when required. Frequent and detailed interaction
of the Companies Act, 2013 (“Act”) read with relevant provides a strategic road map for the Company’s
rules. Formal letters of appointment as per Schedule IV of future growth. Compliance certificate with regard to
the Act have been issued to the Independent Directors compliance with applicable laws duly signed by the
and the terms and conditions of their appointment have Managing Director, Chief Financial Officer and Company
been disclosed on the website of the Company. The web Secretary is placed before the Board on quarterly basis.
link of same is given below:-
Separate Meeting of Independent Directors
A separate meeting of Independent Directors was held
Terms%20and%20Condition%20of%20Appointment%20
on February 10 , 2019 without the attendance of Non-
of%20Independent%20Director(R).pdf
Independent Directors and members of the Management
Procedure/Guidelines for Appointment of Directors as required under Schedule IV to the Companies Act,
2013 and Regulation 25(3) of the Listing Regulations, 2015.
The Nomination and Remuneration Committee has been
The Independent Directors:
assigned with the responsibility of developing competency
requirement for the Board which is based on the long • Reviewed the performance of Non-Independent
term strategy of the Company and the competency/ skill Directors and the Board as a whole;
set required for the Industry. The Committee evaluates
the composition of the Board from time to time for gap • Reviewed the performance of the Chairman of the
analysis, if any, in accordance with the prevailing laws Company, taking into account the views of Executive
and makes its recommendation to the Board with respect Director and Non-Executive Directors; and
to the appointment of new Director after reviewing the • Assessed the quality, quantity and timeliness of flow
profiles of potential candidates. The Committee inter- of information between the Company Management
alia considers the criteria of independence, functional and the Board that is necessary for the Board to
knowledge, domain expertise and the experience of the effectively and reasonably perform their duties.
candidate in its selection process.
All Independent Directors attended the meeting.
Board Meetings
Mrs. Ramni Nirula, chaired the meeting.
The Board meets at regular intervals to review the
performance of the Company. During the year under Familiarization Programme for Independent Directors
review, Four (4) Board Meetings were held on May 15,
The Board members are provided with necessary
2018, August 05, 2018, October 26, 2018 and February
documents/ brochures, reports and internal policies to
11, 2019. The maximum gap between any two Board
enable them to familiarise with the Company’s procedures
meetings was less than 120 days.
and practices.
Board Procedure
Periodic presentations are made at the Board and
The annual calendar of the Board/Committee meetings Committee meetings, on business and performance updates
is agreed upon by the board members at the beginning of the Company, global business environment, business
of the year. The Agenda backed by comprehensive strategy and risks involved. Quarterly updates on relevant
information is circulated well in advance to the Board statutory changes /important laws are regularly circulated
members. The facility to participate through video- to the Directors. During the year, Company conducted
conference is provided to board/committee members, special session by experts covering important topics like
IND-AS, Company law and SEBI updates, Risk Management Directors who also reviewed the performance of the
etc., as part of familiarization programme. Apart from same, Board as a whole. This exercise was carried out through a
board members also undertook visit to Company’s plant at structured questionnaire prepared separately for Board,
Panoli & Jambusar during February 2019 for familiarizing with Committees, Chairman and individual Directors.
Company’s manufacturing operations.
3. COMMITTEES OF THE BOARD
The details of such familiarisation programmes for
The Board of Directors has constituted following
Independent Directors are posted on the website of the
Committees of Directors with adequate delegation of
Company and can be accessed at
powers to discharge urgent business requirements of the
http://www.piindustries.com/Media/Documents/ Company:
Familiarisation %20program%20for%20directors(r).pdf
i) Audit Committee
Skill /expertise/competencies identified by the Board of ii) Stakeholder’s Relationship Committee
Directors as required in the context of its business(es) and
sector(s) for it to function effectively and those actually iii) Nomination & Remuneration Committee
available with the board with effect from the financial iv) Corporate Social Responsibility Committee
year ended March 31, 2019.
v) Administrative Committee
The Board comprises of individual members possessing
the required skill/expertise/competencies in general vi) Management Advisory Committee
corporate management operations, technical expertise, vii) Risk Management Committee
strategy, banking finance & taxation, economics, law,
governance etc. that helps Board to function effectively. The Board is responsible for constituting, assigning and
appointing the members of the Committees. The detailed
Board Evaluation composition, terms of reference and other details of the
Committees are as under:
Pursuant to the provisions of the Companies Act, 2013
and Regulation 17(10) of Listing Regulations, 2015, the i) AUDIT COMMITTEE
Board, in accordance with evaluation program laid down
by the Nomination & Remuneration Committee, has The Audit Committee of the Board provides
carried out an annual evaluation of its own performance, reassurance to the Board on the existence of an
performance evaluation of Individual Directors as well as effective internal control environment that ensures:
the evaluation of the working of its Committees. • Efficiency and effectiveness of Company’s
The Board’s functioning was evaluated on various operations.
aspects, including inter-alia degree of fulfilment of • Safeguarding of assets and adequacy of
key responsibilities, Board structure and composition, provisions for all liabilities.
establishment and delineation of responsibilities to • Reliability of financial and other management
various Committees, effectiveness of Board processes, information and adequacy of disclosures.
information and functioning, long term strategic planning,
• Compliance with all relevant statutes.
meeting frequency, agenda discussion and recording of
minutes etc. Terms of reference
Evaluation of Directors was done keeping in view the The powers, roles and terms of reference of the Audit
various aspects such as professional qualification(s), Committee covers areas as contemplated under
experience, knowledge and skills, attendance and Regulation 18 of the Listing Regulations, 2015 and Section
contribution at Board/ Committee Meetings including 177 of the Companies Act, 2013, as applicable, besides
guidance/ support to the Management outside Board/ other terms as referred by the Board of Directors. The
Committee Meetings, fulfilment of obligation(s) and duties terms of reference are:
under law. In addition, the Chairman was also evaluated (a) Oversight of the Company’s financial reporting
on key aspects of his role, including the effectiveness process and disclosure of its financial information
of his leadership and ability to steer meetings, setting to ensure that the financial statements are correct,
the strategic agenda of the Board, encouraging active sufficient and credible.
engagement by all Board members.
(b) Discuss with the Statutory Auditors, before the audit
The Committee evaluation was done on the basis of the commences, about the nature and scope of audit,
degree of fulfilment of key responsibilities, adequacy of as well as post-audit discussion to ascertain any area
Committee composition and effectiveness of meetings. of concern.
The performance evaluation of the Independent Directors (c) Review and monitor the auditor’s independence
was carried out by the entire Board, excluding the Director and performance and effectiveness of audit process,
being evaluated. The performance evaluation of the Non approval of payment to statutory auditors for any
Independent Directors was carried out by the Independent other services rendered by the Statutory Auditor.

(d) Review with the Management the performance of • disclosure of any related party transactions.
statutory and internal auditors and adequacy of • qualifications in the draft audit report, if any.
internal control system.
(n) Review and approve the Related Party Transactions,
(e) Review the adequacy of internal audit function,
Scrutiny of inter-corporate loans and investments,
if any, including the structure of the internal audit
valuation of undertakings or assets of the Company,
department, staffing and seniority of the official
wherever it is necessary.
heading the department, reporting structure
coverage and frequency of internal audit. (o) Looking into the reasons for substantial defaults,
if any, in payment to the depositors, debenture
(f) Review the reports of internal audit for internal
holders, shareholders and creditors.
control weaknesses and discussion with internal
auditors on any significant findings of any internal (p) Review the Management Discussion and Analysis of
investigations by the internal auditors and the financial condition and results of operation.
executive Management’s response on matters and
follow-up thereon. (q) Review, with the Management, the statement of
uses/application of funds raised through an issue,
(g) Review the management letters / letters of internal the statement of funds utilized for purposes other
control weaknesses issued by the statutory auditors. than those stated in the offer document/prospectus/
notice and the report submitted by the monitoring
(h) Review the findings of any internal investigations
agency monitoring the utilization of proceeds of
by the internal auditors into matters where there is
a public or rights issue and making appropriate
suspected fraud or irregularity or a failure of internal
recommendations to the Board to take up steps in
control systems of a material nature and reporting
this matter.
the matter to the Board.
(r) Review the functioning of the Whistle Blower
(i) Evaluation of internal financial controls and risk
Mechanism.
management systems.
(s) Perform such other functions as may be prescribed
(j) Recommend to the Board the appointment, re-
under the Companies Act, 2013, listing regulations,
appointment and if required, the replacement or
2015 or any other law or as may be delegated by
removal of Statutory Auditors/Internal Auditors/Cost
the Board from time to time, to be performed by the
Auditors/Secretarial Auditor, terms of appointment
Audit Committee.
of auditors and fixation of audit fee.
(t) Review the utilization of loans and/or advances
(k) Approve the appointment of CFO after assessing the
from/ investments by the holding company in its
qualifications, experience and background etc.
subsidiaries exceeding Rs. 100 crore or 10% of the
(l) Review with the Management, the quarterly financial asset size of such subsidiary, whichever is lower which
statements and the auditor’s report thereon, before shall include existing loans / advances / investments.
submission to the Board for approval.
Composition and attendance of the members of Audit
(m) Review with the Management the Annual Financial Committee during the financial year 2018-19
Statements and Auditors Report thereon before
The Audit Committee presently comprises of 4 members,
submission to the Board for approval with particular
out of which 3 members are Non-Executive Independent
reference to:
Directors and one is an Executive Director. The Chairman
• matters to be included in the Directors’ of the Committee is an Independent Director. All the
Responsibility Statement to be included in the members of the Audit Committee have accounting and
Board’s report in terms of Clause (c) of sub- financial management expertise.
section (3) of Section 134 of the Companies
The Managing Director & CEO, Chief Financial Officer,
Act, 2013.
the Head of Internal Audit and the representatives of the
• changes, if any, in accounting policies and Statutory Auditors and Internal Auditors are permanent
practices and reasons for the same. Invitees to the meetings of the Audit Committee.
• major accounting entries involving estimates The Company Secretary acts as the Secretary to the
based on the exercise of judgment by Committee.
Management.
During the financial year ended March 31, 2019, the
• significant adjustments made in the financial Committee met Four (4) times on May 15, 2018 August
statements arising out of audit findings. 05, 2018, October 26, 2018 and February 11, 2019 and the
• compliance with listing and other legal gap between two meetings did not exceed 120 days in
requirements relating to financial statements. compliance with the listing regulations, 2015.
The Composition and Attendance record of the members o Review of adherence to the service standards
of the Audit Committee for the financial year 2018-19 is as adopted by the listed entity in respect of various
follows: services being rendered by the Registrar & Share
Transfer Agent.
Name of Director Category Number of
meetings o Review of the various measures and initiatives
during the taken by the listed entity for reducing the
financial year quantum of unclaimed dividends and ensuring
2018 -19 timely receipt of dividend warrants/annual
Held Attended reports/statutory notices by the shareholders of
Mr. Narayan K. Seshadri, Non- 4 4 the company
Chairman Executive &
Independent
Composition and Attendance of the members of
Director Stakeholder’s Relationship Committee during the financial
Mrs. Ramni Nirula, Non- 4 4 year 2018-19
Member Executive &
Independent The Stakeholder’s Relationship Committee presently
Director comprises of 3 Directors of which 2 members are Executive
Mr. Rajnish Sarna, Executive 4 4 Directors and one Non-Executive Independent Director,
Member & Non- who is also nominated as Chairman of the committee.
Independent During the financial year ended March 31, 2019, the
Director Committee met Four (4) times during the year on July 10,
Mr. Ravi Narain , Non- 4 4 2018, September 15, 2018, December 21, 2018 and January
Member* Executive &
28, 2019.
Independent
Director The Composition and Attendance record of the members
* Mr. Ravi Narain ceases to be a member of the of the Stakeholder’s Relationship Committee for the
committee w.e.f May 01, 2019. financial year 2018-19 is as follows:
The Chairman of the Audit Committee, Mr. Narayan K. Name of Director Category Number of
Seshadri was present at the Annual General Meeting meetings
of the Company held on August 6, 2018. during the
financial year
ii) STAKEHOLDER’S RELATIONSHIP COMMITTEE 2018 -19
The Stakeholder’s Relationship Committee of the Held Attended
Board looks into the various aspects of interest of
Mr. Pravin K. Laheri, Non- 4 3
shareholders and also reviews the process of share
Chairman Executive &
transfers/transmission, unclaimed Dividend / Shares, Independent
IEPF & issue of duplicate shares, oversees redressal of Director
grievances of security holders, if any, and also reviews
the working of Company’s Registrar & Share Transfer Mr. Mayank Singhal, Executive 4 4
Agent. Member & Non-
Independent
Terms of reference Director
Pursuant to Part D of Schedule II of Listing Regulations, Mr. Rajnish Sarna, Executive 4 4

2015, the Committee focuses on the following: Member & Non-
Independent
o Reviewing and redressing the complaints, if any, Director
from security holders.
The Company Secretary acts as the Secretary to the
o
Recommending measures for overall Committee and also the Compliance Officer under the
improvement in the quality of services being provisions of the Listing Regulations.
provided to the shareholders/investors.
During the year, the Company received 85 complaints
o
All the matters related to Share transfer/ for issues e.g. non-receipt of Dividend Warrants / Share
transmission/ duplicate issue etc. Certificates, Annual Reports, issue of duplicate certificates/
deletion of joint name due to death, transmission of shares
o Overseeing the Performance of Registrar & Share
etc. which were duly attended and 3 complaints were
Transfer Agents.
pending as on March 31, 2019 for which necessary action
o Review of measures taken for effective exercise taken reports have been submitted by the Company
of voting rights by shareholders with SEBI.

iii) NOMINATION & REMUNERATION COMMITTEE and long-term performance objectives appropriate
to the working of the Company and its goals.
Terms of Reference
The criteria governing the Company’s Remuneration
The powers, roles and terms of reference of the
Policy is as follows:
Nomination & Remuneration Committee covers areas
as contemplated under Regulation 19 of the Listing
Remuneration to Independent Directors and Non-
Regulations, 2015 and Section 178 of the Companies Act, Independent Non-executive Directors
2013, as applicable, besides other terms as referred by the
Board of Directors. The role of the Committee inter-alia Payment of sitting fees is made for attending the meetings
includes the following: of the Board and the Committees of which they may be
members and commission as may be decided by the
a) Formulating the criteria for determining qualifications, Board of Directors within the ceiling limits as specified
positive attributes and independence of a Director by the provisions of the Companies Act, 2013 that have
and recommend to the Board, a policy relating been duly approved by the shareholders. The commission
to the remuneration of Directors, key managerial payable is decided on the basis of the Company’s
personnel and other employees. performance, profits and the contribution made by the
Directors in Company’s growth.
b) Devising a policy on Board diversity.
Remuneration for Managing Director/Whole-time Director/
c) Formulating the criteria for evaluation of Independent
KMP
Directors and Board as a whole.
The remuneration payable to Executive Directors is
d) Identifying the persons who are qualified to become
approved by the Board of Directors based on the
Directors and who may be appointed in senior
recommendation of the Nomination & Remuneration
Management in accordance with the criteria
Committee which takes into account various factors like
laid down, and recommend to the Board for their
the role played by the individual Director, vision in growth
appointment and removal.
of the Company, strategy formulation, planning and
e) Administering the stock options scheme of the direction and contribution to the growth of the Company.
Company. The remuneration paid to Executive Directors is within
the overall limits as approved by the shareholders of
f) Determine whether to extend or continue the term the Company subject to review by the Board members
of appointment of the Independent Director, on annually.
the basis of the report of performance evaluation of
Independent Directors. In addition to the salary and perquisites, the Executive
Directors are also entitled to commission that is calculated
g) Review and ensure organisation structure and with reference to the net profits of the Company in
leadership preparedness to meet the growth accordance with the provisions of Section 197 of
objectives of the Company. the Companies Act, 2013. The same is based on the
performance of individual Director as evaluated by the
h) Provide input and support on HR initiatives &
Nomination & Remuneration Committee and approved
performance.
by the Board.
i) Induction process for new Directors.
Basic salary is provided to all employees commensurate
j) Review succession planning for key roles. with their skills and experience. In addition to the
same, the Company provides employees with certain
Remuneration Policy perquisites, allowances and benefits including stock
The Remuneration policy of the Company is based on options etc. The Company also provides medi-claim and
following principles: personal accident insurance to the employees apart from
retirement benefits like gratuity and provident fund. The
a) The level and composition of remuneration is Company also provides employees a performance linked
reasonable and sufficient to attract, retain and bonus that is driven by the outcome of the performance
motivate Directors of the quality required to run the appraisal process and the performance of the Company.
Company successfully.
Composition & attendance of the members of Nomination
b) Relationship of remuneration to performance is clear & Remuneration Committee during the financial year
and meets appropriate performance benchmarks 2018-19
and
The Nomination & Remuneration Committee presently
c) Remuneration to Directors, key managerial personnel comprises of 3 Non-Executive Independent Directors
and senior Management involves a balance and 1 Non-Executive and Non Independent Director. The
between fixed and incentive pay reflecting short Company Secretary acts as Secretary to the Committee.
During the financial year ended March 31, 2019, the The CSR Committee presently comprises of 4 members,
Committee met two (2 )times on May 15, 2018 and out of which 2 members are Non-Executive Independent
October 26, 2018. Directors. The Chairman of the CSR Committee is a Non-
Executive Independent Director. The Committee met twice
The Composition and Attendance record of the members
during the financial year ended March 31, 2019 on May 15,
of the Nomination & Remuneration Committee for the
2018 and February 10, 2019 respectively.
financial year 2018-19 is as follows:
The Composition and Attendance record of the members
Name of Director Category Number of
of the CSR Committee for the financial year 2018-19 is as
meetings
during the follows:
financial year
2018 -19 Name of Director Category Number of
meetings
Held Attended
during the
Mrs. Ramni Nirula, Non- 2 2 financial year
Chairman Executive & 2018 -19
Independent Held Attended
Director Mr. Pravin K. Laheri, Non- 2 2
Mr. Narayan K. Seshadri, Non- 2 2 Chairman Executive &
Member Executive & Independent
Independent Director
Director Mr. Mayank Singhal, Executive 2 2
Mr. Pravin K. Laheri, Non- 2 1 Member & Non-
Member Executive & Independent
Director Mr. Rajnish Sarna, Executive 2 2
Mr. Arvind Singhal , Non- 2 2 Member & Non-
Member Executive Independent
& Non Director
Independent Mrs. Ramni Nirula, Non- 2 2
Director Member Executive &
iv) CORPORATE SOCIAL RESPONSIBILITY COMMITTEE (CSR) Independent
Director
The CSR Committee seeks to guide the Company in
integrating its social and environmental objectives with its v) ADMINISTRATIVE COMMITTEE
business strategies and assists in crafting unique models to
Terms of reference
support creation of sustainable livelihoods. The role of the
CSR Committee of the Board is inter alia, to review, monitor This Committee facilitates the approvals required for
and provide strategic direction to the Company’s CSR and routine business activities of the Company where the
sustainability practices towards fulfilling its objectives laid powers are delegated by the Board to the Committee
down under CSR Policy. like opening/closing of bank accounts, borrowing powers,
Terms of Reference: creation of security and investment of idle funds lying with
the Company, authorisations for dealing various authorities
a. Formulate and recommend to the Board, a Corporate as may be required by different functions from time to time
Social Responsibility Policy, strategy and goals, which for smooth business operation of the company etc.
shall indicate the activities to be undertaken by the
Company. Composition and Attendance of the members of
Administrative Committee during the financial year 2018-19
b. Recommend the amount of expenditure to be
incurred on CSR activities. The Administrative Committee presently comprises of 3
Directors out of which one is Non-Executive Independent
c. Monitor the implementation of Corporate Social
Director. The Company Secretary acts as Secretary to the
Responsibility Policy of the Company from time to
Committee.
time and
During the financial year ended March 31, 2019, the
d. Monitor the implementation of the CSR projects or
Committee met six (6) times on April 11, 2018, June 28, 2018,
programs or activities undertaken by the Company.
July 18, 2018, October 26, 2018, December 31, 2018 and
Composition and attendance of the members of Corporate March 25, 2019. The Composition and Attendance record
Social Responsibility Committee during the financial year of the members of the Administrative Committee for the
2018-19 financial year 2018-19 is as follows:

Name of Director Category Number of Name of Director Category Number of
meetings meetings
during the during the
financial year financial year
2018 -19 2018 -19
Held Attended Held Attended
Mr. Mayank Singhal, Executive 6 6 Mr. Mayank Singhal, Executive 4 4
Chairman & Non- Chairman and Non-
Independent Independent
Director Director
Mr. Rajnish Sarna , Executive 6 6 Mr. Narayan K. Seshadri, Non- 4 4
Member & Non- Member Executive &
Director Director
Mr. Ravi Narain Non- 6 2 Mr. Rajnish Sarna, Executive 4 4
,Member* Executive & Member & Non-
Director Director
Mr. Ravi Narain, Non- 4 4
* Mr. Ravi Narain ceases to be a member of the
Member* Executive &
committee w.e.f. May 01, 2019.
Independent
vi) MANAGEMENT ADVISORY COMMITTEE Director
Dr. T.S. Balganesh, Non- 4 2
The Management Advisory Committee has a two-fold Member Executive &
responsibility, to assist & support the Management in the Independent
formulation and implementation of the overall business Director
strategy, new initiatives – organic & inorganic for enhancing
the long term business competitiveness and to recommend * Mr. Ravi Narain ceases to be a member of the
to Board on business matters requiring its approval. committee w.e.f May 01, 2019.
Terms of reference vii) RISK MANAGEMENT COMMITTEE
Regulation 21 of the Listing Regulations mandates top

a. To provide input & guidance to Management on
500 listed entities, determined on the basis of market
areas of significant impact to:
capitalization as at the end of the immediate previous
- Strategies & other initiatives with the Company financial year, to constitute a Risk Management Committee
stated vision, mission and goals, business (RMC) from April 01, 2019. The Board in its meeting held
performance, Enterprise Risk, key corporate on February 11, 2019 constituted a Risk Management
actions & policy matters. Committee.
b. To recommend for Board approval: Terms of reference
- Corporate financial objectives, strategic The terms of reference of the RMC are as follows:
business and annual plans, capital allocations
(a) Approve the Risk Management Policy and plan
and expenditures, Capital structuring, fund
integration through training and awareness
raising, investor relations, Strategic alliances and
programmes.
Mergers & Acquisitions.
(b) Approve the process of risk identification.
Composition and attendance of members of Management
Advisory Committee during the financial year 2018-19 (c) Set up risk strategy policies, including agreeing on risk
tolerance and appetite levels, recognizing contingent
Management Advisory Committee presently comprises
risks, inherent and residual risks.
of five (5) Directors, three of whom are Independent
Directors. During the financial year ended March 31, 2019, (d) Monitor the Company’s compliance with the risk
the Committee met four (4) times on April 11, 2018, May 14, structure. Assess whether the current exposure to the
2018, August 1, 2018 and October 25, 2018. risk it faces is acceptable and that there is an effective
remediation of non-compliance on an ongoing basis.
The Composition and Attendance record of the
Management Advisory Committee members for the (e) To approve major decisions affecting the risk profile or
financial year 2018-19 is as follows: exposure and give appropriate directions.
(f) To consider the effectiveness of decision making process in crisis and emergency situations.
(g) Balance risks and opportunities.
(h) Generally, assist the Board in the execution of its responsibility for the governance of risk.
(i) Attend to such other matters and functions as may be prescribed from time to time.
Composition of the members of Risk Management Committee during the financial year 2018-19
Risk Management Committee presently comprises of five (5) Members, i.e. Mr. Mayank Singhal , Mr.Narayan K. Seshadri, Mr.
Rajnish Sarna , Dr. K.V.S Ram Rao and Mr. Sankar Ramamurthy, one of whom is Independent Director. The committee meeting
has not taken place since the committee was formed by Board in its meeting held on February 11, 2019.
4. DIRECTOR’S REMUNERATION
i Remuneration paid to Executive Director(s).
The remuneration of the Executive Director(s) is recommended by the Nomination & Remuneration Committee based on factors
such as Industry benchmarks, the Company’s performance vis-à-vis the industry performance etc, and approved by the Board
within the remuneration slabs approve by the shareholders. Remuneration comprises of fixed component viz. salary, perquisites
and allowances and a variable component viz. commission. The Nomination & Remuneration Committee also recommends
the annual increments within the salary scale approved by the members and also the Commission payable to the Whole-time
Director(s) on determination of profits for the financial year, within the ceilings on net profits prescribed under Section 197 of the
Companies Act, 2013.
Details of remuneration paid to the Executive Directors during the financial year 2018-19 are as follows:
(Rs,/Mn.)
Name of Director Salary PF Perquisites Comm. @ Total
Contribution
Mr. Mayank Singhal
Managing Director & CEO 45.16 2.90 1.33 57.00 106.39
Mr. Rajnish Sarna
Whole-time Director 29.97 1.94 0.04 23.00 54.95
Notes:
@ Commission payable for FY 2018-19
a) Remuneration mentioned above excludes gratuity and leave encashment.
b) Mr. Rajnish Sarna holds 2,20,545 equity shares of the Company as on March 31, 2019.
c) Mr. Mayank Singhal holds 3,20,28,510 equity shares of the Company as on March 31, 2019.
ii. Remuneration to Non-Executive Directors
Sitting fees is paid to Non-executive Directors for attending Board / Committee Meetings. They are also entitled to
reimbursement of actual travel expenses, boarding and lodging, conveyance expenses incurred for attending such
meetings. The Commission payable to Non-Executive Directors is decided by the Board within the limits of 1% of the net
profits as approved by the members of the Company.
The details of sitting fees and commission paid to the Non-Executive Directors for year ended March 31, 2019 and No. of
equity shares held by them as on March 31, 2019 are as under:
Name of Director Sitting Fees Commission No. of Equity

(Rs./Mn.) @ (Rs.) Shares held
Mr. Narayan K. Seshadri 0.45 6.00 4,84,259
Mr. Pravin K. Laheri 0.30 1.80 Nil
Mrs. Ramni Nirula 0.39 2.40 Nil
Dr. T.S. Balganesh 0.18 2.40 Nil
Mr. Ravi Narain 0.45 2.40 Nil
Mr. Arvind Singhal 0.15 1.80 Nil
@ Commission payable for FY 2018-19.

Service Contract and Notice period of the Managing the Balance Sheet in the Note No.35 The policy on
Director(s) and Whole-time Director dealing with Related Party Transactions is available
on Company’s website at following link:
The same is governed by terms of the resolution(s) approved
by the members of the Company while approving their http://www.piindustries.com/sites/default/files/
respective appointment. RPT%20Policy_PI.pdf
5. CODE OF CONDUCT b) No Penalties, Strictures imposed
The Board of Directors has laid down a Code of Conduct The equity shares of the Company are listed on BSE
for all Board members and the senior management of Limited and National Stock Exchange of India Limited
the Company which also includes the model Code of and the Company has complied with all applicable
Conduct for Independent Directors in accordance with requirements of the Capital market. There were no
Schedule IV to the Companies Act, 2013. All Independent instances of non-compliance by the Company,
Directors have affirmed the compliance to aforesaid code. penalties, strictures imposed on the Company by
All the Directors and senior management have affirmed Stock Exchanges or SEBI or any Statutory Authority on
compliance with the Code of Conduct as approved and any matter related to the capital market during the
adopted by the Board of Directors and a declaration to last three years.
this effect signed by the Managing Director & CEO has
been annexed to the Corporate Governance Report. The c) Dematerialisation and Liquidity
code of conduct has been posted on the website of the
The Company’s shares are compulsorily traded in
Company i.e. www.piindustries.com. The weblink of the
dematerialised form and are available for trading
same is http://www.piindustries.com/Media/Documents/
on both the depositories, viz. National Securities
Code-of-Conduct-Independent-Directors.pdf.
Depository Ltd. (NSDL) and Central Depository Services
6. PROHIBITION OF INSIDER TRADING (India) Ltd. (CDSL).
The Company has adopted a Code of Conduct for Percentage of shares held in physical and
Prevention of Insider Trading, under the SEBI (Prohibition dematerialised form as on March 31, 2019 is as follows:-
of Insider Trading) Regulations, 2015. The Code lays down
Physical Form : 0.14%
guidelines for procedures to be followed and disclosures
to be made by insiders while trading in the securities of the Electronic Form with NSDL : 98.38%
Company. Mr. Naresh Kapoor has been appointed as the
Compliance Officer for ensuring compliance with and for Electronic Form with CDSL : 1.48%
the effective implementation of the Regulations and the d) Disclosure of Accounting Treatment
Code across the Company.
The financial statements have been prepared in all
The Company has also adopted a Fair Code of Practices
material aspects in accordance with the recognition
and procedure for Corporate Disclosure, for ensuring
and measurement principals laid down in Indian
timely and adequate disclosure of Unpublished Price
Accounting Standards (‘Ind AS’) as per Companies
Sensitive Information by the Company, to enable the
(Indian Accounting Standard) Rules, 2015 notified
investor community to take informed investment decisions
under Section 133 of the Companies Act, 2013 (‘The
with regard to the Company’s shares. Mr. Rajnish Sarna,
Act’) and other relevant provisions of the Act to the
Executive Director has been designated as the Chief
extend applicable.
Investor Relations Officer to ensure timely, adequate,
uniform and universal dissemination of information and e) Policy for determining Material Subsidiary
disclosure of Unpublished Price Sensitive Information.
The Company has a policy for determining “Material”
The same has been posted on Company’s website. subsidiary with which also incorporates amendments
made in listing Regulation 2015 based on the
http://www.piindustries.com/Media/Documents/PI%20 recommendation of Kotak Committee. Copy of
Code%20of%20Practices%20and%20Procedures%20for%20 aforesaid policy is also available on the company’s
Fair%20Disclosure%20of%20Unpublished%20Price%20 website. The web link for the same is
Sensitive(R).pdf
http://www.piindustries.com/sites/default/files/
Mr. Rajnish Sarna has been nominated as Chief Investor Policy%20_%20Material%20Subsidiaries.pdf
Relations Officer (CIRO) under the aforesaid code.
f) Risk Management
7. OTHER DISCLOSURES
The Company has formulated Risk Management
a)
Related Party Transactions during the year under
in its procedures itself. The Company has further
review
strengthened its Risk Management system and has
There were no transactions of material nature with its laid down procedures to inform Board Members
promoters, the Directors or the Management, their about risk assessment and minimization procedures.
subsidiaries or relatives etc. that may have potential These procedures are being periodically reviewed
conflict with the interest of the Company. Further, and analysed to ensure that executive Management
details of the related party transactions are given in controls risk through means of a properly defined
framework and takes corrective action for managing/ k) Disclosures in relation to the Prohibition and Redressal
mitigating the same. of Sexual Harassment of Women at Workplace
(Prevention, Prohibition and Redressal) Act, 2013 and
g)
Commodity Price Risk and Commodity Hedging the Rules there under.
Activities
The Company has zero tolerance for sexual harassment
During the year under review, the Company had at workplace and has adopted a Policy on Prevention,
managed the foreign exchange risk and hedged to Prohibition and Redressal of Sexual Harassment at the
the extent necessary as laid out in the hedging policy Workplace, in line with the provisions of the Sexual
of the Company. The Company enters into forward Harassment of Women at Workplace (Prevention,
contracts for hedging foreign exchange exposure
Prohibition and Redressal) Act, 2013 and the Rules
against exports and imports.
there under. The Policy aims to provide protection
Details of foreign exchange exposure are disclosed in to employees at the workplace and prevent and
Note no.38 of Financial Statements for the year ended redress complaints of sexual harassment and for
March 31, 2019. matters connected or incidental thereto, with the
objective of providing a safe working environment,
h) Management Discussion and Analysis where employees feel secure. The Company has also
The Management Discussion and Analysis forms the constituted Internal Committees at all its locations,
part of the Annual Report and is given separately. known as the Prevention of Sexual Harassment (POSH)
Committees, to inquire into complaints of sexual
i) Compliances harassment and recommend appropriate action.
All Returns/Reports were generally filed within the The Company has not received any complaint of
stipulated time with the Stock Exchanges/ other sexual harassment during the financial year 2018-19.
authorities.
8. GENERAL BODY MEETINGS
This Corporate Governance Report of the Company
for the year ended March 31, 2019 is in compliance i. Date and Venue of last three Annual General Meetings
with the requirements of Part C of Schedule V of Listing were held as under:
Regulations, 2015.
Date/Venue Time Type of
The status of adoption of the non-mandatory Meeting
requirements as specified in Sub- Regulation 1 of August 6, 2018 10.00 Annual
Regulation 27 of Listing Regulations, 2015 are as P.P. Singhal Memorial A.M General
follows:- Hall, Udaipur Chamber Meeting
of Commerce & Industry,
(i) The Board: The Chairman of the Board is Non-Executive
Madri, Udaipur – 313 001.
Independent Director and maintains separate office,
September 6, 2017 10.00 Annual
for which Company is not required to reimburse any
P.P. Singhal Memorial A.M General
expense.
Hall, Udaipur Chamber Meeting
(ii) Shareholder Rights: Half yearly and other quarterly of Commerce & Industry,
financial statements including summary of the Madri, Udaipur – 313 001.
significant events in the last six/three months September 9, 2016 10.00 Annual
are published in newspapers, uploaded on the P.P. Singhal Memorial A.M General
Company’s website Hall, Udaipur Chamber Meeting
of Commerce & Industry,

https://www.piind ustries.com/investor-relations/ Madri, Udaipur – 313 001.
Financials/Financials-Results
ii. Special resolutions passed during last 3 AGMs
(iii) Modified opinion(s) in audit report: The Company
is in the regime of unmodified opinion on financial Date of AGM Subject matter of Special
statements. Resolutions passed
August 6, 2018 Nil
(iv) Separate posts of Chairperson and CEO: Mr. Narayan
K. Seshadri holds the office of Non-Executive Chairman September 6, 2017 Re-appointment of Mr.
on the board of the Company, whereas Mr. Mayank Narayan K. Seshadri, Mr.
Singhal holds the position of the Managing Director & Pravin K. Laheri and Mrs
CEO of the Company. Ramni Nirula for a term of
5 years from the date of
(v) Reporting of Internal Auditor: The Internal Auditors of Annual General Meeting.
the Company reports to the Audit Committee.
September 9, 2016 Nil
J) Fees payable to Statutory Auditor: Company has paid 9. POSTAL BALLOT
Statutory Auditors, fees for all services paid by the
company and its subsidiaries, on a consolidated basis, The Company has not carried out any postal ballot exercise
to the statutory auditor, Rs. 5.06 Mn. during the financial year 2018-19.

10. MEANS OF COMMUNICATION Registered Office Corporate Office
Udaisagar Road, Vipul Square, 5th Floor,
The Company publishes the quarterly, half yearly and
annual results, in the format prescribed by the Listing Udaipur - 313 001 B-Block, Sushant Lok Phase - I
Regulations, 2015 read with the Circular issued there under, Rajasthan (India) Gurugram -122 009, Haryana
in one National and one Regional Newspaper apart from (India)
displaying it on its website and filing the same on online
Research & Manufacturing Facilities
portals of NSE and BSE.
Udaisagar Road, Udaipur - 313 001 Rajasthan
Official news release/presentations made to Investor
Plot No.237, GIDC, Panoli, Ankleshwar-394 116
analysts are updated on Company’s website www.
piindustries.com and on NEAPS and BSE Online Portal of Bharuch, Gujarat
NSE and BSE respectively. No unpublished price sensitive Plot No. SPM 28 Sterling SEZ, Village Sarod
information is discussed in these presentations. Jambusar-392 180 Bharuch, Gujarat
The NEAPS is a web-based application designed by NSE Plot No. 3133 to 3139, 3330 to 3351, 3231 to 3245 & 3517
for corporates. All exchange filings are disseminated to 3524 GIDC Panoli, Taluka, Ankleshwar, Distt. Bharuch,
electronically on NEAPS and BSE’s Listing Centre is a web- Gujarat
based application designed by BSE for corporates. All
ii.
Name, Address and Contact Number of Compliance
exchange filings are disseminated electronically on the
Officer and Company Secretary.
Listing Centre. The Annual Report containing, inter alia,
Audited Financial Statement, Consolidated Financial Mr. Naresh Kapoor, Company Secretary,
Statements, Board Report, Auditors’ Report is circulated to 5th Floor, Vipul Square, B- Block Sushant Lok, Phase – I,
members and others entitled thereto. The Management’s Gurugram – 122 009, Haryana, India.
Discussion and Analysis (MD&A) Report forms part of the
Phone No: 0124-6790000;
Annual Report and is displayed on the Company’s website.
Email ID: [email protected]
The investor complaints are processed in a centralised web-
iii. Annual General Meeting
based complaints redressal system (SCORES) maintained
by SEBI. Date : September 09, 2019
Time : 11.00 am
The quarterly Shareholding Pattern and Corporate
Venue : P.P. Singhal Memorial Hall, Udaipur Chamber of
Governance Report of the Company are filed with NSE
Commerce and Industry, Madri, Udaipur – 313
through NEAPS and with BSE through BSE Online Portal. The
001 Rajasthan
Shareholding Pattern is also displayed on the Company’s
website under the “Investor Relations” section. iv. Financial Calendar
11.
OUTSTANDING GDRs/ADRs/WARRANTS OR ANY The Company follows the financial year from 1st April to
CONVERTIBLE INSTRUMENTS, CONVERSION DATE AND LIKELY 31st March.
IMPACT ON EQUITY.
The tentative calendar for declaration of financial results in
The Company has not issued any GDR/Warrants or any financial year 2019-20 is as follows:
convertible instruments except stock options granted to
the employees under PII-ESOP Plan 2010. Each option shall Unaudited Financial Results for the on July
entitle one equity share of the Company. For details refer, Qtr. ending June, 2019 24, 2019
Annexure ‘D’ to Directors Report.
Unaudited Financial Results for the on October
12. WHISTLE BLOWER POLICY Qtr. ending September, 2019 23, 2019
Unaudited Financial Results for the on or before
Pursuant to Section 177 of the Companies Act, 2013 and Qtr. ending December, 2019 February
Regulation 22 of Listing Regulations, 2015, the Company 14, 2020
has in place a Whistle Blower Policy for establishing a
Audited Financial Results for the year Before the end
vigil mechanism for Directors and employees to report
ending 31st March, 2020. of May, 2020
instances of unethical and/or improper conduct and
implementing suitable steps to investigate and correct the Annual General Meeting for the On or before
same. It is also affirmed that no member has been denied year. August 31, 2020
access to the Audit Committee. The Whistle Blower Policy v. Book Closure Date
has also been posted at the website of the Company i.e.
www.piindustries.com and the web link for the same is The dates of book closure are from September 03, 2019 to
September 09, 2019 (both days inclusive).
http://www.piindustries.com/sites/default/files/Whistle%20
Blower%20Policy.pdf vi. Dividend
13. GENERAL SHAREHOLDER INFORMATION During the year, the Board of Directors of the Company
declared an interim dividend of 250% in its Board Meeting
i. CONTACT INFORMATION held on October 26, 2018 on 13,79,07,318 equity shares of
PI Industries Ltd. CIN :L24211RJ1946PLC000469 Re. 1/- each which was paid on November 17, 2018. In
addition to same, the Board has recommended a final dividend of 150 % per equity share thereby taking total dividend to Rs. 4/-
per equity share. Final dividend, if approved by shareholders shall be paid to those shareholders who holds equity shares of the
Company as on September 02, 2019.
vii. Stock Exchange Listing
The Company’s equity shares are listed at BSE Limited and National Stock Exchange of India Ltd.
• Stock Code 523642(BSE), PIIND (NSE)
• Demat ISIN INE 603J01030
The annual listing fees of such stock exchanges have been duly paid by the Company.
viii. Stock Market Price data
The monthly high and low of the market price of the equity shares of the Company for the year ended March 31, 2019 at BSE
Limited and National Stock Exchange of India Ltd. were as under:
Stock price in Rs./share
Month BSE NSE NIFTY SENSEX

High Low High Low Closing high Closing high
April, 2018 918.80 839.95 919.95 838.05 10,739.35 35,160.36
May, 2018 892.00 804.00 893.90 803.30 10,806.60 35,322.38
June, 2018 848.95 747.20 849.70 745.00 10,856.70 35,423.48
July, 2018 817.00 748.00 819.35 750.05 11,356.50 37,606.58
August, 2018 843.85 750.00 777.00 747.10 11,738.50 38,645.07
September, 2018 789.00 702.00 791.00 700.00 11,589.10 36,227.14
October, 2018 793.00 691.80 797.25 675.60 11,008.30 34,442.05
November, 2018 875.00 775.00 873.25 780.00 10,876.75 36,194.30
December, 2018 876.25 783.10 880.00 781.55 10,967.30 36,068.33
January, 2019 877.80 828.75 877.50 828.75 10,961.85 36,256.69
February, 2019 932.45 829.60 932.70 824.30 11,069.40 35,867.44
March, 2019 1,038.00 925.20 1,038.90 921.25 11,623.90 38,672.91
(Source: NSE/BSE website)
PERFORMANCE OF COMPANY SHARES VS BSE SENSEX
1,200.00 39,000.00
1,000.00 38,000.00
37,000.00
800.00
36,000.00
600.00
35,000.00 PIIND
400.00 SENSEX
34,000.00
200.00 33,000.00
0.00 32,000.00

PERFORMANCE OF COMPANY SHARES VS NIFTY
1200 12000
11800
1000
11600
800 11400
11200
600 PIIND
11000
NIFTY
400 10800
10600
200
10400
0 10200
ix. Registrar and Transfer Agents by RTA. The details of transfers/ transmission so approved
from time to time, are placed before the Stakeholder's
Karvy Fintech Private Limited
Relationship Committee for noting and confirmation.
Unit: PI Industries Ltd.
Karvy Selenium Tower B, Plot 31-32, A statement summarising the transfer/transmission/remat/
Gachibowli Financial District, demat/sub-Division of securities of the Company duly
Nanakramguda, Hyderabad – 500 032 signed by the Company Secretary is also placed at the
quarterly board meeting
Contact Person: Ms. Shobha Anand
Email: [email protected] Pursuant to Regulation 40 (9) of Listing Regulations,
Tel: 040-67162222 Fax: 040-23001153 2015, Certificate on half-yearly basis confirming due
compliance of share transfer formalities by the Company,
Share Transfer Mechanism
certificates for timely dematerialization of the shares as
The share transfer requests received in physical form are per SEBI (Depositories and Participants) Regulations, 1996
processed through Registrar and Share Transfer Agent and Reconciliation of the Share Capital Audit Report
(RTA), Karvy Fintech Private Limited, within 6-7 days obtained from a practicing Company Secretary have
from the date of receipt, subject to the completeness been submitted to stock exchanges within stipulated
of documents in all aspects. The share certificates duly time and the same have been updated on Company’s
endorsed are returned immediately to the shareholders website.
x. Distribution of Shareholdings (As on March 31, 2019)
Shareholding of Nominal value of Shareholders Share Capital (Amount)
No. % to total In ` % to total
1-5000 35,744 98.63 84,19,664.00 6.10
5001- 10000 194 0.54 13,68,060.00 0.99
10001- 20000 129 0.36 17,32,464.00 1.26
20001- 30000 35 0.10 8,80,073.00 0.64
30001- 40000 17 0.05 5,93,438.00 0.43
40001- 50000 9 0.02 4,05,688.00 0.29
50001- 100000 27 0.07 19,41,184.00 1.41
100001& Above 84 0.23 12,26,90,080.00 88.89
Total 36,239 100.00 13,80,30,651.00 100.00
xi. Demat Status (As on March 31, 2019)
Mode No. of shareholders No. of shares %

Demat 36,161 13,78,32,698 99.86
Physical 78 197,953 0.14
Total 36,239 13,80,30,651 100
xii. Category of Shareholders on PAN basis (As on March 31, 2019)
S. No. Category No. of shareholder No. of shares held Voting strength (%)
1 Promoters 5 7,09,20,110 51.38
2 Mutual Funds/Banks 19 2,54,93,559 18.47
3 Indian Bodies Corporate 729 58,90,373 4.27
4 FPI/FII/FN/NRI/Foreign Bodies 2,245 2,00,12,405 14.50
5 Indian Public 32,537 1,38,94,226 10.06
6 Others – (Clearing members, Trust, 704 18,19,978 1.32
HUF, NBFC, IEPF etc.)
Total 36,239 13,80,30,651 100.00
Others 1.32 of Corporate Affairs. The weblink for the same is http://
www.piindustries.com/Media/Documents/Unpaid%20
Indian Public, 10.06
Div%209_9_16%20Portal.pdf
xv. Transfer of shares to IEPF
FPI/FII/FN/NRI/ Pursuant to the provisions contained in Sec 124 of the

Foreign Bodies, Companies Act, 2013 read with IEPF rules, the Company has
14.5
transferred 66,010 equity shares pertaining to shareholders
in respect of whom there was unclaimed dividend for
Indian Bodies consecutive seven years to demat account held in PNB by
Corporate 4.27 Promoters
IEPF in compliance with the provisions of the Companies
51.38
Act, 2013 read with IEPF Rules made thereunder.
Mutual Fund/ xvi. Credit Rating: CRISIL has upgraded the long term rating to
Banks 18.47
CRISIL AA/Positive and further re-affirmed Short-term rating
A1+ in respect of the various banking facilities availed by
the company.
Shareholding Pattern as on March 31, 2019
Other Material Information: In an effort to improve our
xvii.
xiii. Web-based Redressal System for Investor Grievance
services and to minimize investor grievances, we seek co-
The Company and its Registrar & Share Transfer Agent operation of our esteemed shareholders/ members in the
i.e. Karvy Finetech Private Ltd., expeditiously address following matters:
all the complaints, suggestions, grievances and other
Change of Address: In case of change in the postal
correspondence received and replies are sent usually
address, or if incorrect address has been mentioned in any
within 7-10 days except in case of legal impediments and
of the correspondence, the correct and complete postal
non-availability of documents. The Company endeavours
address (including PIN Code) may kindly be intimated to
to implement suggestions as and when received from the
the Company. If the shares are held in dematerialized form,
investors. Members can access to http://karisma.karvy.
information may be sent to the DP concerned and the RTA.
com for any query and/or grievance and may also access
Such intimation should bear the signature of the shareholder
SEBI Complaints Redressal System (SCORES) for online
and in case of joint holding signature of the first holder.
viewing the status and actions taken by the Company/
Registrar and Share Transfer Agent (RTA). PAN Card of Transferee (For Shares held in Physical form):
xiv. Unclaimed Dividend SEBI vide its circular dated 6th November, 2018 has made it
mandatory to submit a copy of PAN card along with other
Pursuant to the provisions of Investor Education and documents for effecting transfer, transmission, transposition
Protection Fund (Uploading of information regarding and name deletion of deceased holder from share certificate
unpaid and unclaimed amounts lying with companies) (in case of joint holding) in respect of shares held in physical
Rules, 2012, the Company has uploaded the details of form . Shareholders are requested to ensure submission
unpaid and unclaimed amounts lying with the Company as of copy of their PAN Card, as in the absence of the said
on August 6, 2018 (date of last Annual General Meeting) on document, the above said requests in respect of shares held
the Company’s website and on the website of the Ministry in physical form will stand rejected by the Company/ RTA.

Depository System: SEBI vide its Notification dated 08th June shareholdings into one folio /account to facilitate better
2018, SEBI (LODR) (4thAmendment) Reg, 2018 has provided service.
that transmission or transposition of securities, requests for
xviii. Managing Director & CEO and CFO Certification
effecting transfer of securities shall not be processed unless
the securities are held in the dematerialized form with a The Managing Director & CEO and Chief Financial Officer
depository. For shareholder’s convenience, the process for of the Company give quarterly certification on financial
getting shares dematerialized is as follow: results while placing the financial results before the Board in
terms of Regulation 33(2) of the Listing Regulations, 2015.
Shareholder shall submit original share certificate along with
De-materialization request Form (DRF) to the Depository In compliance with Regulation 17(8) of Listing Regulations,
Participant (DP) 2015, an annual declaration by the Managing Director &
CEO and Chief Financial Officer, is also annexed hereinafter
- DP shall process the DRF, generate a Unique De-
which inter-alia certifies to the Board the accuracy of
materialization Request No. and forward the DRF
financial statements and the adequacy of internal controls
along with the share certificate to the Registrar and
for the financial reporting purpose.
Share Transfer Agent (RTA)
xix. Auditor’s Certificate
- RTA after processing the DRF will confirm/ reject the
request to depositories As required under Clause E of Part C of Schedule V of
the Listing Regulations, 2015, the Statutory Auditors of the
- If confirmed by RTA, depositories will credit
Company have verified the compliances of the Corporate
shareholder’s account maintained with DP.
Governance by the Company. Their certificate is annexed
The entire process shall take approximately 10-15 days hereinafter.
from the date of receipt of DRF. All shareholders who hold
shares of the Company in physical form may get their
shares dematerialized to enjoy paperless and easy trading
of shares.
Consolidation of holdings: Members having multiple Sd/-

shareholding/ folios in identical names or joint accounts Narayan K. Seshadri
in the same order are requested to send their share Place: Gurugram Chairman
certificate (s) to the Company for consolidation of all such Date: May17, 2019 DIN: 00053563
To,
The Members
Udaipur
Declaration by the Managing Director under Para D of Schedule V of the SEBI (Listing Obligations and Disclosure Requirements)
Regulations, 2015.
This is to certify that pursuant to the Regulation 17(5) and Clause D of Part C of Schedule V of the Securities and Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015, the Code of Conduct has been laid down for all the
Board Members and Senior Management of the Company. The Board Members and Senior Management personnel have affirmed
compliance with the Company’s code of conduct for the year ended March 31, 2019.
Sd/-
Mayank Singhal
Place: Gurugram Managing Director & CEO
Date: May 17, 2019 DIN: 00006651
CEO and CFO Certificate

To,
The Members
Udaipur
We hereby certify to the best of our knowledge and belief that:
A. We have reviewed the financial statements including the cash flow statement (standalone and consolidated) for the financial
year ended March 31, 2019 and that these statements:
i. do not contain any materially untrue statement or omit any material fact or contain statements that might be misleading;
and
ii. together present a true and fair view of the Company’s affairs and are in compliance with existing accounting standards,
applicable laws and regulations.
B. There are no transactions entered into by the Company during the year, which are fraudulent, illegal or violate the Company’s
Code of Business Conduct.
C. We accept the responsibility for establishing and maintaining internal controls for financial reporting and that we have evaluated
the effectiveness of internal control systems of the Company pertaining to financial reporting and have disclosed to the auditors
and the Audit Committee, deficiencies in the design or operation of such internal controls, if any, of which we are aware and
the steps we have taken or propose to take to address these deficiencies.
D. We further certify that:
- there have been no significant changes in internal control during the aforesaid period.
- the Company has complied with new accounting standard, IND-AS, applicable from April 1, 2016.
- there have been no instance of significant fraud of which, we have become aware and the involvement therein, if
any, of management or an employee having a significant role in the Company’s internal control system over financial
reporting.
Sd/- Sd/-
Place: Gurugram Mayank Singhal Subhash Anand
Date: May 17, 2019 Managing Director & CEO Chief Financial Officer
DIN: 00006651

Annexure to CGR Report
Name of listed companies in which board members hold directorship as on March 31, 2019 alongwith their categories below:-
S.No Name of Director & No. of positions held

Designation
Board Name of the listed company where Category of directorship held in
holding the position of director aforesaid listed company
1. Mr. Narayan K. Seshadri, 7 1. PI Industries Ltd. Non-Executive Independent Chairman

Non-Executive Independent 2. Magma Fincorp Ltd. Non-Executive Independent Chairman
Chairman 3. Kalpataru Power Transmission Ltd. Non-Executive Independent Director
DIN 00053563 4. Wabco India Ltd. Non-Executive Independent Director
5. AstraZeneca Pharma India Ltd. Non-Executive Independent Chairman
6. TVS Electronics Ltd. Non-Executive Non-Independent Director
7.
CG Power and Industrial Solutions Non-Executive Independent Director
Limited
2. Mr. Mayank Singhal, 1 1. PI Industries Ltd. Executive Director

MD & CEO
DIN 00006651
3. Mr. Rajnish Sarna, 1 1. PI Industries Ltd. Executive Director

Whole-time Director
DIN 06429468
4. Mrs. Ramni Nirula, 6 1. PI Industries Ltd. Non-Executive Independent Director

Independent Director 2. DCM Shriram Ltd. Non-Executive Independent Director
DIN 00015330 3. CG Power and Industrial Solutions Ltd. Non-Executive Independent Director
4. Mcleod Russel India Ltd. Non-Executive Independent Director
5. Eveready Industries India Ltd. Non-Executive Independent Director
6. HEG Limited Non-Executive Independent Director
5. Mr. Ravi Narain, 2 1 PI Industries Ltd. Non-Executive Independent Director

Independent Director 2. Escorts Limited Non-Executive Independent Director
DIN 00062596
6. Mr. Pravin K. Laheri, 3 1. PI Industries Ltd Non-Executive Independent Director

Independent Director 2. Gujarat Pipavav Port Ltd. Non-Executive Independent Director
DIN 00499080 3. Sintex Plastics Technology Ltd. Non-Executive Independent Director
7. Mr. Arvind Singhal, 1 1. PI Industries Ltd. Non-Executive Non-Independent Director

Non-Independent Director
DIN 00092425
8. Dr T.S. Balganesh, 1 1. PI Industries Ltd. Non-Executive Independent Director

DIN : 00648534
Independent Auditor’s Certificate on Corporate

Governance
Auditors’ Certificate regarding compliance of conditions of Corporate Governance
To the Members of PI Industries Limited
We have examined the compliance of conditions of Corporate Governance by PI Industries Limited, for the year ended March 31,
2019 as stipulated in Regulations 17, 18, 19, 20, 21, 22, 23, 24, 24A, 25, 26, 27 and clauses (b) to (i) of sub-regulation (2) of regulation 46
and para C , D and E of Schedule V of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 (as amended) (collectively referred to as “SEBI Listing Regulations, 2015”).
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. Our examination was
carried out in accordance with the Guidance Note on Certification of Corporate Governance, issued by the Institute of Chartered
Accountants of India and was limited to procedures and implementation thereof, adopted by the Company for ensuring the
compliance of the conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial statements
of the Company.
In our opinion and to the best of our information and according to the explanations given to us, we certify that the Company has
complied with the conditions of Corporate Governance as stipulated in the SEBI Listing Regulations, 2015.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or effectiveness
with which the management has conducted the affairs of the Company.
For Price Waterhouse Chartered Accountants LLP

Firm Registration Number: FRN 012754N/N500016
Chartered Accountants
Sd/-
Ashok Narayanaswamy
Place of Signature: Gurugram Partner
Date: May 17, 2019 Membership Number: 095665

Business Responsibility Report
[As per Regulation 34 (2)(f) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]
Introduction
The Company firmly believes that good corporate governance practices coupled with the ingredients of the Triple Bottom Line i.e.
economic, environmental and social performance drives the balanced development of your company that not only maximises
shareholder value but also integrates sustainability and responsibility within the organisation.
SECTION A: GENERAL INFORMATION ABOUT THE COMPANY
1. Corporate Identity Number (CIN) of the Company L24211RJ1946PLC000469

2. Name of the Company PI INDUSTRIES LTD.
3. Registered address Udaisagar Road, Udaipur-313001, Rajasthan
4. Website www.piindustries.com
5. E-mail id [email protected]
6. Financial Year reported 2018-19
7. Sector(s) that the Company is engaged in (industrial activity code-wise)
The Company is engaged in Agri-Inputs (NIC Code-3808)
8. List three key products/services that the Company manufactures/provides (as in balance sheet)
i) The Company principally manufactures “Agri Inputs” comprising of crop protection chemicals and plant growth nutrients.
ii) It also manufactures the chemical intermediates and active intermediates for exports to global innovators.
9. Total number of locations where business activity is undertaken by the Company:
i) Number of International Locations:
The Company has three offices located in Japan, China & Germany.
ii) Number of National Locations:
The Company has its research and development facilities in Udaipur and its manufacturing locations in Panoli & Jambusar
in Gujarat. In addition to same, the company has 29 depots and 8 zonal sales offices across India.
10. Markets served by the Company
The Company’s major markets include India, Japan, United States of America, Europe, Australia, Latin America, Asia Pacific,
African and Middle Eastern Countries.
SECTION B: FINANCIAL DETAILS OF THE COMPANY
1. Paid up Capital (INR) ` 13,80,30,651

2. Total Turnover (INR) ` 28409 Mn.
3. Total profit after taxes (INR) ` 4077 Mn.
4. Total Spending on Corporate Social Responsibility (CSR) as percentage ` 98.54 Mn which is more than 2% of the average
of profit after tax (%) net profit of the Company for the last 3 Financial
Year.
5. List of activities in which expenditure in 4 above has been incurred:-
a. Environmental Sustainability
b. Education, Skill Development and Livelihood Enhancement Projects
c. Health, Hygiene and Sanitation
d. Women Empowerment
e. Promotion of Rural Sports
f. Rural development
g. Training and Capacity Building of CSR Team and Administrative Expenses
For details, kindly refer to Principle 8, Section E
SECTION C: OTHER DETAILS

1. Does the Company have any Subsidiary Company/ Companies?
Yes, the Company has 3 subsidiaries.
2. Do the Subsidiary Company/Companies participate in the BR Initiatives of the parent company? If yes, then indicate the number
of such subsidiary Company(s)
Subsidiary Companies are closely integrated with BRR initiatives of PI.
3. Do any other entity/entities (e.g. suppliers, distributors etc.) that the Company does business with, participate in the BR initiatives
of the Company? If yes, then indicate the percentage of such entity/entities?
Yes, few of our distributors participate in safe drinking water initiatives taken up by the Company in Andhra & Karnataka region.
They participate and help in identifying the locations, interaction with the community people, monitoring the progress of the
project and provide their valuable feedback to further strengthen the project. (Less than 30%).
SECTION D: BR INFORMATION
1. Details of Director/Directors responsible for BR
a. Details of the Director/Director responsible for implementation of the BR policy/policies
i. DIN : 00006651
ii. Name : Mr. Mayank Singhal
iii. Designation : Managing Director and CEO
b. Details of the BR head
S. No. Particulars Details

1 DIN (if applicable) N.A
2 Name Mr. Subhash Anand
3 Designation Chief Financial Officer
4 Telephone number +91 124 6790000
5 E-mail ID [email protected]
2. Principle-wise (as per NVGs) BR Policy/policies (Reply in Y/N)
The National Voluntary Guidelines on Social, Environmental and Economic Responsibilities of Business released by the Ministry of
Corporate Affairs has adopted nine areas of Business Responsibility. These are as follows:
P1 Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
P2 Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
P3 Businesses should promote the well-being of all employees.
P4 Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are disadvantaged,
vulnerable and marginalized.
P5 Businesses should respect and promote human rights.
P6 Business should respect, protect and make efforts to restore the environment.
P7 Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
P8 Businesses should support inclusive growth and equitable development.

P9 Businesses should engage with and provide value to their customers and consumers in a responsible manner.
S. Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
No
Ethics & Product Employee Marginalized Human Environment Policy Equitable Customer
accountability life cycle well being stakeholders rights advocacy development value
assessment
1 Do you have a Yes Yes Yes Yes Yes Yes N.A. Yes Yes
policy/policies for....
2 Has the policy Yes Yes Yes Yes Yes Yes N.A. Yes Yes
being formulated
in consultation
with the relevant
stakeholders?
3 Does the policy The Company has not yet benchmarked the same against any standards. The Company has got
conform to any certifications under various categories like ISO 14001, OHSAS 18001, Responsible care etc.
national /international
standards? If yes,
specify? (50 words)
4 Has the policy being Statutory policies are placed before the Board for consideration and approval. All other policies are
approved by the approved by the Managing Director.
Board? If yes, has
it been signed by
MD/owner/CEO/
appropriate Board
Director?
5 Does the Company Yes Yes Yes Yes Yes Yes N.A. Yes Yes
have a specified
Committee of the
Board/ Director/
Official to oversee the
implementation of
the policy?
6 Indicate the link http://www.piindustries.com/sustainability/Governance/Sustainability-Policy
for the policy to be
http://www.piindustries.com/sustainability/CSR/CSR-Policy
viewed online?
http://www.piindustries.com/sustainability/EHS/Climate_Change_Policy
7 Has the policy Yes, the policies have been communicated to all internal stakeholders and external stakeholders.
been formally
communicated to
all relevant internal
and external
stakeholders?
8 Does the Yes, the Company has established in-house structures to implement these policies.
Company have
in-house structure to
implement the policy/
policies?
9 Does the Company Yes, the Company has grievance redressal mechanism related to all such policies. The Whistle Blower Policy
have a grievance provides mechanism to report any concerns or grievances pertaining to potential violation of any policies.
redressal mechanism
related to the policy/
policies to address
stakeholders’
grievances related to
the policy/policies?
10 Has the Company Yes, the implementation of the policies of the Company is reviewed through internal audit function. The
carried out Quality Safety, Health and Environment Policies are subject to internal and external audits as a part of
independent audit/ different certifications process including ISO-9001, ISO-14001 etc.
evaluation of the
working of this policy
by an internal or
external agency?
3. Governance related to BR
(a) Indicate the frequency with which the Board of Directors, Committee of the Board or CEO to assess the BR performance of
the Company. Within 3 months, 3-6 months, Annually, More than 1 year
Same is reviewed annually.
(b) Does the Company publish a BR or a Sustainability Report? What is the hyperlink for viewing this report? How frequently it is
published?
It is published annually and forms part of Annual Report and can be assessed at Company’s website.
SECTION E: PRINCIPLE-WISE PERFORMANCE
Principle 1- Businesses should conduct and govern themselves with Ethics, Transparency and Accountability.
1. Does the policy relating to ethics, bribery and corruption cover only the Company? Yes/ No. Does it extend to the Group/Joint
Ventures/ Suppliers/Contractors/NGOs /Others?
The policy relating to ethics, bribery and corruption has a wide coverage. The Anti-Bribery and Anti-Corruption Policy of the
Company applies to all individuals working for PI and all subsidiaries of PI at all levels and grades, including directors, senior
executives, officers, employees (whether permanent, fixed-term or temporary), consultants, contractors, trainees, casual
workers, volunteers, interns, agents, or any other person and third parties associated with PI.
2. How many stakeholder complaints have been received in the past financial year and what percentage was satisfactorily
resolved by the management? If so, provide details thereof, in about 50 words or so.
The Company has not received any complaint from any stakeholder in last financial year relevant to this principle.
Principle 2 - Businesses should provide goods and services that are safe and contribute to sustainability throughout their life cycle.
1. List up to 3 of your products or services whose design has incorporated social or environmental concerns, risks and/or
opportunities.
The three products are:
a) NOMINEE GOLD is a post emergent, broad spectrum systemic herbicide for all types of rice production i.e. direct sown
rice, rice nursery and transplanted rice. It addresses the social and environmental concerns by offering the following
advantages:-
• Controls major grasses, sedges and broad leaf weeds of rice thus minimising the yield losses caused by weed infestation
• Is environment friendly, cost effective and is safe to the rice crop.
• Results in saving of water, in comparison with the other popular pre-emergent herbicides and other farmer practices.
• NOMINEE GOLD helps in the successful adoption of Direct Sown Rice which requires lesser resources like water, power,
labour etc.
• Coupled with Direct Seeded Rice Technology, use of NOMINEE GOLD has translated into savings of nearly `6,000 per
hectare.
b) BIOVITA is based on seaweed, the finest marine plant available for agricultural use and is recognized world over as an
excellent natural fertilizer and source of organic matter. Due to its natural origin, BIOVITA is an important input towards
sustainable agriculture. Thus, BIOVITA results in higher output price realisation and increased profitability for the farmer with
an additional benefit of improving the soil health.
Major benefits of BIOVITA include:-
• Provides naturally occurring balance nutrition to the crop.
• Application improves farm productivity and soil health.
• Improves the quantity and quality of output.
c) HUMESOL is a concentrated aqueous mixture of humic substances that is suitable for soil (broadcast, band and drip) and
foliar application in food, fruit, vegetables plantations, cash & ornamental crops and turf. Humesol contains Humic Acid
18% Fulvic Acid 1.5% which are found in naturally occurring Leonardite, one the richest naturally available source of humic
substances.
HUMESOL has multiple actions on both plants and in soil thus benefit the overall soil and plant system, sustainably.
Fulvic acid improves the plant metabolism and its stress resisting capabilities by entering inside the plant system, the other components
of HUMESOL, humic acid & humins, improves nutrient bio-availability in the plant root zone and helps in soil conditioning.

2. For each such product, provide the following details in respect of resource use (energy, water, raw material etc.) per unit of
product (optional):
a. Reduction during sourcing/production/ distribution achieved since the previous year throughout the value chain? –
The Company has made efforts in the direction of reducing the energy consumption of its products during their production/
distribution. Each manufacturing unit has registered savings in terms of utility specific consumptions.
b. Reduction during usage by consumers (energy, water) has been achieved since the previous year?
The Direct Seeded Rice (DSR) Technology promoted by the Company contributes to a 25-30% savings in costs related to
energy, water conservation, labour, etc. on the customer’s end, since there is no transplantation apart from benefits on
improved soil porosity and less carbon emission translating to a savings of nearly Rs.6,000 per hectare to the farmer.
3. oes the Company have procedures in place for sustainable sourcing (including transportation)? If yes, what percentage of your
D
inputs was sourced sustainably? Also, provide details thereof, in about 50 words or so.
The company has a well-defined policy for Sustainable Procurement. The same not only reflects our commitment for Environment
as well as Regulatory Compliances but also focuses on Health, Safety related aspects even at our Vendors’ end. The company
has taken many initiatives in this direction, some of which are indicated below :
1. The company organised a Vendor Meet during September 2018 and discussed the sustainability objective with each
supplier in detail. Also suggestions were imparted by the technical team to different suppliers for making their business more
environment friendly, compliant and therefore sustainable in the long run.
2. The company has modified the packing of various products to reduce the usage of plastic sleeves and many components
including labels are getting printed on recycled paper.
3. After initiating the transportation through Railways thereby reducing carbon footprint, the Company has also explored the
possibility of supplying material via waterway and trial supplies using this mechanism will be made during FY 20.
4. The company has drastically changed the Material Handling process and instead of drums, most of the bulk products are
being sourced and stored in tankers / ISO Tanks. This not only helps in reducing the drum handling but also ensures better
adherence to environment and safety guidelines.
4. as the Company taken any steps to procure goods and services from local & small producers, including communities surrounding
H
their place of work? If yes, what steps have been taken to improve their capacity and capability of local and small vendors?
1. The Company has taken several initiatives to develop alternate suppliers in Indian domestic market for several critical raw
materials. As a part of risk mapping of critical supplies from sustainability perspective, more than 65% raw material suppliers
are developed in India which were otherwise being imported.
2. Further to this, extensive efforts are being made to develop suppliers for various packaging materials within Gujarat state
in periphery of 200 Kms which were otherwise being procured from other states at distance of 900 to 1000 Kms. Suppliers
for many such packaging materials like HDPE bottles, Composite Drums, HDPE Drums, Monocartons, Labels etc. are being
developed locally to improve carbon foot print and sustainability in procurement.
5. Does the Company have a mechanism to recycle products and waste? If yes what is the percentage of recycling of products
and waste (separately as <5%, 5-10%, >10%). Also, provide details thereof, in about 50 words or so.
The Company has in place “Sustainability Policy” which lays down the Company’s commitment to Environmental Safety. One of
the focus areas under the Company’s Sustainability policy is “Waste Reduction and Reuse”
A. Solvent Recovery:- Company has taken various initiatives for improvising its solvent recovery by more than 10% over previous year.
B. Water Recycling:-Efforts are being made for making manufacturing sites zero discharge by installation and recycling of
waste water..
C. Recycling Packaging Material:-Company decontaminates its packaging material and recycles part of it for in-house use.
Principle 3- Businesses should promote the well-being of all employees.
1. Total number of permanent employees. 2331
2. Total number of employees hired on temporary/contractual/casual basis. 1814
3. Number of permanent women employees. 56
4. Number of permanent employees with disabilities -
5. Do you have an employee association that is recognized by management?
No, the Company does not have any employee association recognised by the management.
6. What percentage of your permanent employees is members of this recognized employee association? N.A
7. Please indicate the number of complaints relating to child labour, forced labour, involuntary labour, sexual harassment in the last
financial year and pending, as on the end of the financial year.
S. No Category No. of Complaints filed No. of Complaints pending as

during the financial year on end of the financial year
1 Child labour/forced labour/involuntary labour Nil Nil
2 Sexual harassment Nil Nil
3 Discriminatory employment Nil Nil
8. What percentage of your under mentioned employees were given safety & skill up-gradation training in the last year?
• Permanent Employees
• Permanent Women Employees
• Casual/Temporary/Contractual Employees
• Employees with Disabilities
100% employees are covered for various safety trainings undertaken by the Company from time to time.
A substantial proportion of our employees are covered by technical/functional and behavioural skills up-gradation
programmes each year.
Principle 4- Businesses should respect the interests of and be responsive towards all stakeholders, especially those who are
disadvantaged, vulnerable and marginalized.
1. Has the Company mapped its internal and external stakeholders? Yes/No
Yes, the Company mapped its internal and external stakeholders.
2. Out of the above, has the Company identified the disadvantaged, vulnerable & marginalized stakeholders?
Yes, the Company has identified the disadvantaged, vulnerable & marginalized stakeholders.
3. Are there any special initiatives taken by the Company to engage with the disadvantaged, vulnerable and marginalized
stakeholders?. If so, provide details thereof, in about 50 words or so.
The Sustainability Policy of the Company lays down that the capabilities of the business must be strengthened to fulfil various
stakeholder expectations through greater engagement with special focus on those groups that are socially and economically
marginalised. Hence, the Company has identified clusters of stakeholders who are directly and indirectly affected by its
operations and designed suitable target mechanisms for each cluster:-
1. Employees The various engagement platforms for employees include Training Programs,
Conferences, Annual Meet, Sports Meet, Founder’s Day Celebration, In-House
Publications etc.
2. Investors and Stakeholders Engagement platforms include Analysts Meets, Earnings Call, Annual Report, Quarterly
Reports, Press Releases and Investor Presentations.
3. Customers and Partners Engagement platforms include Surveys, Vendor Meets, Plant Visits, Regular Business
Meetings, Training And Development, Dealer/Distributor Meets etc.
4. Society The Company engages with the society through PI Foundation and community
development initiatives that further the cause of inclusive development.
Principle 5 - Businesses should respect and promote human rights.
1. Does the policy of the Company on human rights cover only the Company or extend to the Group/Joint Ventures/Suppliers/
Contractors/NGOs/Others?
The Company makes sure that respect for human rights remains at the forefront of its business, by continually reviewing,
monitoring and addressing the risks of our activities with regard to human rights. The provisions relating to adherence to global
human rights principles and prohibition of human rights abuses have been laid down in the Sustainability Policy of the Company
which applies to the Company and extends to the group, suppliers, NGOs, etc.
2. How many stakeholder complaints have been received in the past financial year and what per cent was satisfactorily resolved
by the management?
The Company has not received any stakeholder complaints pertaining to Human Rights Violation.

Principle 6 - Business should respect, protect and make efforts to restore the environment.
1. Does the policy related to Principle 6 cover only the Company or extends to the Group/Joint Ventures/ Suppliers/ Contractors/
NGOs/others.
The extension of PI Industries Sustainability policy is comprehensive and it addresses all stakeholders who has direct or indirect
stake in the Company’s business activities. To widen the extent of the coverage of the policy it’s placed in the public domain via
hosting it on the Company’s website (www.piindustries.com). For PI sustainability is not a concept but it’s the way the Company
conducts its business. Sustainability perspective is at the core of all business decisions and the Company remains committed
in making all possible efforts to ensure sustainability of operations not only for it but to its suppliers, contractors, partners and
whole group.
2. Does the Company have strategies/ initiatives to address global environmental issues such as climate change, global warming,
etc.? Y/N. If yes, please give hyperlink for webpage etc.
Yes, PI Industries has always endured in addressing global environmental issues like climate change & global warming within
and beyond its sphere of influence. The Company constantly devises plans and strategies to address this perilous issue. Over the
years many actions have been undertaken on this front. A few glimpses of the initiatives undertaken are highlighted below:
a. The Company has drafted a well defined Sustainable Policy that puts forth the way forward in tacking carbon emissions
and global climate change.
b. The Company is monitoring its raw material consumption, energy usage, emissions, and operational efficiencies and is
constantly striving to improve on these parameters.
c. The Company has adopted stringent internal norms to ensure that there’s a marked reduction in the emissions and the
consumption patterns on a year on year basis.
d. The Company has constantly subjected itself to various audits viz. energy, ISO 14001: 2015 etc. to identify the areas for
improvement and has developed detailed action plans based on the outcome of these audits.
e. The Company has undertaken efforts to reduce its environmental footprint in its supply chain by engaging with the
concerned stakeholders.
f. The Company has conducted various awareness sessions, stakeholder engagements to ensure that each and every vertical
of its engagement is aligned to its overall goal of addressing issues pertaining to global warming and climate change.
3. Does the Company identify and assess potential environmental risks? Y/N
Yes, The Company does identify and asses all the potential environmental risks associated with its operations. The Company has
prepared a detailed risk register taking into consideration the worst case scenarios and analysed the potential impact of these
untoward incidents on the environment. Based on the analysis, detailed mitigation plans have been evolved to address the
risks. These risk registers are reviewed on a frequent basis to accommodate the changes in the operations and the subsequent
action plan developed owing to the proposed change. The company has made all round efforts to map the environmental
risks not only in its operations but also other sectors within the value chain viz. transportation, Storage of finished goods, product
application etc.
All the manufacturing units of the Company are guided by the tenets of ISO 14001, 2015 which places emphasis on environmental
risk assessment. Besides these initiatives, before setting up of facilities, the Company carries out Environmental Impact Assessment
(EIA) study to identify & assess all potential environmental risks that will come to the fore owing to the Company’s operations.
Based on this study, specific mitigation plans have been developed to address these environmental risks. The same philosophy
is engaged for brownfield projects as well.
4. Does the Company have any project related to Clean Development Mechanism? If so, provide details thereof, in about 50 words
or so. Also, if yes, whether any environmental compliance report is filed?
The Company has not registered any projects under Clean Development Mechanism.
5. Has the Company undertaken any other initiatives on clean technology, energy efficiency, renewable energy, etc. Y/N. If yes,
please give hyperlink for web page etc.
Yes, the Company has undertaken various initiatives on clean technology, energy efficiency and renewable energy. Such
initiatives are:
a. The Company has installed & commissioned Sewage Treatment Plant (STP) at its Panoli unit. The treated water from the STP
is reused for drum cleaning, gardening and other process applications
b. The Company is upgrading its Effluent Treatment Plant (ETP) at Panoli. This upgradation will ensure better efficiency in waste
water treatment.
c. On the water conservation front the Company has undertaken various initiatives like recycling of ejector steam condensate,
reduction in consumption of soft water for cooling tower makeup due to change in MOC (wood to PVC) of drift eliminators
at JMB, reduction in raw water consumption by substituting raw water with treated ETP water in scrubber applications at
JMB.
d. For improving the reliability of online monitoring devices the company has installed pan tilt zoom cameras near the flow
meters on the final discharge line of ETP and connected it with CPCB server at its Udaipur site.
e. For accurate and reliable monitoring of various environmental attributes, the company has set up a state of the art
environment laboratory at its R&D facility in Udaipur.
f. In one of its products (PCM) the Company through its initiative of recycling solvent has reduced the consumption of fresh
solvent, at its JMB facility.
g. New Scrubber system installed at the R&D facility in Udaipur for reduction of VOC emissions to the atmosphere.
6. Are the Emissions/Waste generated by the Company within the permissible limits given by CPCB/SPCB for the financial year
being reported?
Company’s all manufacturing sites comply with the prescribed permissible limits for air emissions, effluent discharge, and
hazardous waste generation and disposal as per their regulatory consents/ authorizations.
7. Number of show cause/ legal notices received from CPCB/SPCB which are pending (i.e. not resolved to satisfaction) as on end
of Financial Year.
With respect to the current financial year there’s no show cause/legal notice pending for want of action.
Principle 7 - Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible manner.
1. Is your Company a member of any trade and chamber or association? If Yes, Name only those major ones that your business
deals with:
The Company is the member of:-
1. Federation of Indian Chambers of Commerce & Industry (FICCI)
2. Udaipur Chamber of Commerce & Industry (UCCI)
3. Crop Care Federation of India
4. Confederation of Indian Industry (CII)
5. Indian Chemical Council
6. Institute of Directors
7. National Accreditations Board
8. Bureau of Indian Standards
2. Have you advocated/lobbied through above associations for the advancement or improvement of public good? Yes/No; if yes
specify the broad areas
Yes, the Company has been a member in the above institutions for almost two decades and has actively participated and
advocated through the above associations. The Company has also played a part in suggesting reasonable amendments in
various agriculture policies and has provided constructive feedback on various draft rules and regulations.
Principle 8 - Businesses should support inclusive growth and equitable development.
1. Does the Company have specified programmes/initiatives/projects in pursuit of the policy related to Principle 8? If yes details
thereof.
The Company engages with the society through PI Foundation and community development initiatives to leverage its CSR
activities for inclusive growth. These initiatives include:-
1. Environmental sustainability through conservation of natural resources & Sustainable Farming Practices: - Sustained agriculture
through conservation of water, reduction in drudgery, saving input cost and use of technology has led to a 25-30% savings
in costs related to energy, labour etc. Our propagation of Direct Seeding of Rice (DSR) technique has impacted over 18 Lac
Acres of farm land thereby saving up to 400 Billion Gallons of water this year. Our “Mobile Crop Clinic” Project has created
awareness on Zero tillage, nutrient deficiency, and soil health and drip irrigation in crops across 40 villages of Samastipur
district of Bihar benefitting approx. 5,000 farmers. In addition to this, we have also participated in educating and equipping
around 30,000 farmers with alternatives to stubble burning contributing towards improving air quality.

2. Health, Hygiene and Sanitation: - Access to preventive health care by deploying Mobile Health care vans provides
preventive, promotive and curative health services at the beneficiary’s doorstep. More than 90,000 lives impacted through
our “swastha seva” initiative this year.
Construction of toilets in schools and households. Awareness and behaviour change programmes providing training
regarding health and hygiene to school children, their parents and communities in the villages around Jambusar taluka in
Bharuch, Gujarat.
We have also undertaken safe drinking water Initiatives in the villages of Andhra Pradesh, Karnataka, Bihar and Gujarat
to mitigate the challenges of safe drinking water. In states like Andhra Pradesh, Karnataka and Bihar, water has been
made safe for drinking by installing RO water plants. These plants were installed at locations where excessive fluoride and
iron content in the water had adversely affected the health of the rural masses. In Gujarat we have worked with Govt of
Gujarat through Swajal Dhara Yojana. Our intervention has positively impacted the lives of around 50,000 underprivileged
people by making access to safe drinking water.
3.
Education & Skill Development: - We have undertaken age appropriate learning and teaching initiative whereby around
6,000 children across various Govt. schools were taught reading, writing, comprehension and arithmetic. To promote
comprehensive learning our mobile education van has been imparting learning to the last mile through interactive
techniques. This aims at improving the enrolment, reducing dropout, improvement in attendance, passing grades, and
primary completion rates. The students have shown 35% increase in class appropriate learning levels and >75% Decrease
in school absenteeism in our project area. To inculcate the habit of learning; we have also set-up library with a provision of
interesting learning books, maths kits, science kits, sports material, notebooks and stationeries in government schools.
We are increasing the youth employability through employment linked skill-development courses on chemical plant
operations, BPO, sales & Marketing and Hospitality in Gujrat, and Agri-skill development programmes in AP, Karnataka and
Telangana. These courses have helped more than 650 Youth gain employment in organized sector jobs.
4.
Livelihood Creation through Women Empowerment Programmes: - Improving the livelihood opportunities for women
members and their families by providing them enhanced access to credit, bank linkages, skill development opportunities
and entrepreneurship development in dairy value chain through the promotion of Self-help groups and cooperatives
development.
5.
Rural Infrastructure Development: PI has provisioned for rural electricity under the CSR and has been providing suitable,
sustainable and efficient street lights to the rural villages. During the current FY a village in Telangana has been provided
with street lights. The project has significantly helped the poor villagers in travelling long distances from their agricultural
fields during dark and has ensured women safety.
In addition, we have also identified a dearth of basic sanitary facilities in the villages surrounding our plant locations. Hence,
we have taken up the responsibility to develop and strengthen sewage system thereby contributing to the hygiene and
cleanliness of the village.
2. Are the programmes/projects undertaken through in-house team/own foundation/external NGO/government structures/any
other organization?
All the CSR Programmes are undertaken through PI Foundation which is the CSR arm for PI Industries. The foundation collaborates
with reputed universities and organisations to involve experts in order to engage with various communities.
3. Have you done any impact assessment of your initiative?
We appraise our projects and internal assessment through efficient management system from time to time. Impact assessment
is proposed every three years after the inception of the programme with mid-term reviews in the intervening years.
4. What is your Company’s direct contribution to community development projects Amount in INR and the details of the projects
undertaken?
During the financial year 2018-19, the Company has contributed an amount of ` 9.29 Mn. towards community development
projects. For details of the projects undertaken, refer the projects listed in the CSR report forming part of the Board Report.
5. Have you taken steps to ensure that this community development initiative is successfully adopted by the community? Please
explain in 50 words, or so.
a) PI Foundation actively participated in Govt. of India’s Swachh Bharat Abhiyan to supplement and compliment the gap
areas as envisaged in the programme. Our approach was on facilitating clean Water, Sanitation and Hygiene (WASH) in
attaining the overall objective:-
b) Under the National Health Mission Project, “Swasthya Seva” was initiated which aimed at improving the health entitlements
to the villagers in remote villages of Jambusar and Panoli with the help of 3 Mobile Health units, by providing services like
prevention, treatment, immunization & counselling for health issues and facilitating decentralized health delivery system
with intersectoral convergence at all levels.
c) Under the Ayushmaan Bharat: We have disseminated knowledge about the new scheme along with furnishing
documentation required for availing upto 5 Lakh medical insurance under the scheme.
d) Integration with scheme “ATMA: Agriculture technology Management Agency”: Our efforts in revitalizing the extension
system and making available the latest agricultural technologies in agri and allied sector like Dairy value chain, has
witnessed successful adoption evidenced by several micro businesses set up by the women and Self Help Groups.
Principle 9- Businesses should engage with and provide value to their customers and consumers in a responsible manner.
1. What percentage of customer complaints/consumer cases are pending as on the end of financial year.
As on March 31, 2019, 14 consumer complaints were pending before the various forums.
2. Does the Company display product information on the product label, over and above what is mandated as per local laws? Yes/
No/N.A./Remarks (additional information)
The Company displays what is required as per the regulatory requirements. The Company complies with the requirements of the
Insecticides Act, 1968, Insecticides Rules, 1971 and Legal Metrology Act, 2009.
3. Is there any case filed by any stakeholder against the Company regarding unfair trade practices, irresponsible advertising and/
or anti-competitive behaviour during the last five years and pending as on end of financial year. If so, provide details thereof, in
about 50 words or so.
No complaints have been received by the Company under the aforementioned heads during five years.
4. Did your Company carry out any consumer survey/ consumer satisfaction trends?
Customer feedback survey is carried out on a yearly basis by the Quality Assurance Team for Company’s exports business.

Independent Auditors’ Report
To the Members of PI Industries Limited Basis for opinion
Report on the audit of the Standalone financial statements 3. We conducted our audit in accordance with the Standards
on Auditing (SAs) specified under section 143(10) of the
Opinion Act. Our responsibilities under those Standards are further
described in the Auditor’s Responsibilities for the Audit
1. We have audited the accompanying standalone financial
of the Financial Statements section of our report. We
statements of PI Industries Limited (“the Company”),
are independent of the Company in accordance with
which comprise the balance sheet as at March 31, 2019,
the Code of Ethics issued by the Institute of Chartered
and the statement of Profit and Loss (including Other
Accountants of India together with the ethical requirements
Comprehensive Income), statement of changes in equity
that are relevant to our audit of the financial statements
and statement of cash flows for the year then ended, and
under the provisions of the Act and the Rules thereunder,
notes to the financial statements, including a summary
and we have fulfilled our other ethical responsibilities
of significant accounting policies and other explanatory
in accordance with these requirements and the Code
information. of Ethics. We believe that the audit evidence we have
2. In our opinion and to the best of our information and obtained is sufficient and appropriate to provide a basis
according to the explanations given to us, the aforesaid for our opinion.
standalone financial statements give the information Key audit matters
required by the Companies Act, 2013 (“the Act") in
the manner so required and give a true and fair view 4. Key audit matters are those matters that, in our professional
in conformity with the accounting principles generally judgment, were of most significance in our audit of the
accepted in India, of the state of affairs of the Company financial statements of the current period. These matters
as at March 31, 2019, and total comprehensive income were addressed in the context of our audit of the financial
(comprising of profit and other comprehensive income), statements as a whole, and in forming our opinion thereon,
changes in equity and its cash flows for the year then and we do not provide a separate opinion on these
ended. matters.
Key audit matter How our audit addressed the key audit matter
Estimation of provision for sales returns and discounts and
volume rebates on sales impacting revenue on sale of products
(Refer note 19 to the financial statements)
Revenue from sale of products is presented net of returns, In this regard, our audit procedures included:
discounts and volume rebates in the financial statements.
Understanding the policies and procedures applied to
The management determines provision for sales returns, estimate the sales returns, discounts and volume rebates
discounts and rebates on the basis of various factors such as including evaluation and testing of the design and operating
the current and expected operating environment, sales returns effectiveness of controls related to these estimates.
variability and expected achievement of targets against
various ongoing schemes floated. Obtained management’s calculations for the respective
estimates and assessed the reasonableness of assumptions
We determined the estimates associated with sales returns, used by the management in determining the amount of
discounts and volume rebates on sale of products as a key provisions based on understanding of the market conditions.
audit matter in view of it having significant impact on the
recognised revenue and the involvement of management Assessed the reasonableness of estimates made by the
judgment in estimating the amounts at which these are management in the past by comparing the provisions
expected to be settled. recognised in the earlier financial years with their subsequent
settlement, ratio analysis of discounts, volume rebates and
sales returns as a percentage of sale of last few years.
Verified, if any credit notes were issued and/or adjustments

made after the balance sheet date and their impact if any on
the reported amounts.
Based on the above procedures performed, the estimates

made by the management in respect of provision for sales
returns and discounts and rebates on sales were considered
to be reasonable.
Impact assessment of first-time adoption of Ind AS 115 - Revenue

from contracts with customers
(Refer note 41 in the financial statements)
The Ind AS 115 ‘Revenue from Contracts with Customers’ has We performed the following audit procedures:
become applicable to the Company with effect from April 1,
2018 and the Company has recognised cumulative effect of -
Evaluated and tested the design and implementation of
initial application in the Opening Retained Earnings on that the processes and the operating effectiveness of internal
date. controls of the Company surrounding the implementation and
recording adjustments arising from the adoption of Ind AS 115;
The application of this accounting standard has resulted in
material financial impact on account of change in the timing - Examined management’s assessment of the financial
of recognition of revenue. In respect of sale of goods, the impact of change in timing of recognition of revenue on
revenue is now required to be recognised “over the period adoption of Ind AS 115.
of time” instead of being recognised “at a point in time”.
- Verified the adjustments made in the opening balance of
The management has considered various factors such as
retained earnings as well as for the current year’s revenue,
alternative usability of the products, contractual obligation
for a sample of contracts.
under the agreement and the overall margin of the contracts
while making such assessment. -
Evaluated reasonableness of the assumptions and the
margins used for computing percentage of completion.
We have determined this to be a key audit matter in view of
exercise of management judgement and estimates and the - Assessed the appropriateness of disclosures made in the
significance of the amounts involved. financial statements.
Basis the procedures performed, we have not noted any

significant exceptions in the management assessment of
impact of first time adoption of Ind AS 115.
Other Information appropriate accounting policies; making judgments

and estimates that are reasonable and prudent; and
5. The Company’s Board of Directors is responsible for the design, implementation and maintenance of adequate
other information. The other information comprises the internal financial controls, that were operating effectively
information included in the Board report, but does not for ensuring the accuracy and completeness of the
include the financial statements and our auditor’s report
accounting records, relevant to the preparation and
thereon.
presentation of the financial statements that give a true
Our opinion on the financial statements does not cover and fair view and are free from material misstatement,
the other information and we do not express any form of whether due to fraud or error.
assurance conclusion thereon.
7. In preparing the financial statements, management is
In connection with our audit of the financial statements, our responsible for assessing the Company’s ability to continue
responsibility is to read the other information and, in doing as a going concern, disclosing, as applicable, matters
so, consider whether the other information is materially related to going concern and using the going concern
inconsistent with the financial statements or our knowledge basis of accounting unless management either intends to
obtained in the audit or otherwise appears to be materially liquidate the Company or to cease operations, or has no
misstated. If, based on the work we have performed, we realistic alternative but to do so. Those Board of Directors
conclude that there is a material misstatement of this other are also responsible for overseeing the Company’s financial
information, we are required to report that fact. reporting process.
We have nothing to report in this regard. Auditor’s responsibilities for the audit of the financial
statements
Responsibilities of management and those charged with
governance for the financial statements 8. Our objectives are to obtain reasonable assurance about
whether the financial statements as a whole are free from
6. The Company’s Board of Directors is responsible for the material misstatement, whether due to fraud or error, and to
matters stated in section 134(5) of the Act with respect to issue an auditor’s report that includes our opinion. Reasonable
the preparation of these standalone financial statements assurance is a high level of assurance, but is not a guarantee
that give a true and fair view of the financial position, that an audit conducted in accordance with SAs will always
financial performance, changes in equity and cash flows detect a material misstatement when it exists. Misstatements
of the Company in accordance with the accounting can arise from fraud or error and are considered material if,
principles generally accepted in India, including the individually or in the aggregate, they could reasonably be
Accounting Standards specified under section 133 of expected to influence the economic decisions of users taken
the Act This responsibility also includes maintenance of on the basis of these financial statements.
adequate accounting records in accordance with the
provisions of the Act for safeguarding of the assets of 9. As part of an audit in accordance with SAs, we exercise
the Company and for preventing and detecting frauds professional judgment and maintain professional scepticism
and other irregularities; selection and application of throughout the audit. We also:

• Identify and assess the risks of material misstatement of Report on other legal and regulatory requirements
the financial statements, whether due to fraud or error,
design and perform audit procedures responsive to 13. As required by the Companies (Auditor’s Report) Order,
those risks, and obtain audit evidence that is sufficient 2016 (“the Order”), issued by the Central Government of
and appropriate to provide a basis for our opinion. The India in terms of sub-section (11) of section 143 of the Act,
risk of not detecting a material misstatement resulting we give in the Annexure B a statement on the matters
from fraud is higher than for one resulting from error, specified in paragraphs 3 and 4 of the Order, to the extent
as fraud may involve collusion, forgery, intentional applicable.
omissions, misrepresentations, or the override of
14. As required by Section 143(3) of the Act, we report that:
internal control.
(a) We have sought and obtained all the information and
• Obtain an understanding of internal control relevant
explanations which to the best of our knowledge and
to the audit in order to design audit procedures that
belief were necessary for the purposes of our audit.
are appropriate in the circumstances; Under Section
143(3)(i) of the Act, we are also responsible for (b) In our opinion, proper books of account as required by law
expressing our opinion on whether the company has have been kept by the Company so far as it appears from
adequate internal financial controls with reference our examination of those books.
to financial statements in place and the operating
effectiveness of such controls. (c) The Balance Sheet, the Statement of Profit and Loss
(including other comprehensive income), the Statement of
• Evaluate the appropriateness of accounting policies
Changes in Equity and Cash Flow Statement dealt with by
used and the reasonableness of accounting estimates
this Report are in agreement with the books of account.
and related disclosures made by management.
(d) In our opinion, the aforesaid standalone financial
• Conclude on the appropriateness of management’s
statements comply with the Accounting Standards
use of the going concern basis of accounting and,
specified under Section 133 of the Act.
based on the audit evidence obtained, whether
a material uncertainty exists related to events or (e) On the basis of the written representations received from
conditions that may cast significant doubt on the the directors as on March 31, 2019 taken on record by the
Company’s ability to continue as a going concern. If Board of Directors, none of the directors is disqualified as on
we conclude that a material uncertainty exists, we are March 31, 2019 from being appointed as a director in terms
required to draw attention in our auditor’s report to the of Section 164 (2) of the Act.
related disclosures in the financial statements or, if such
disclosures are inadequate, to modify our opinion. Our (f) With respect to the adequacy of the internal financial
conclusions are based on the audit evidence obtained controls with reference to financial statements of the
up to the date of our auditor’s report. However, future Company and the operating effectiveness of such controls,
events or conditions may cause the Company to refer to our separate Report in “Annexure A”.
cease to continue as a going concern.
(g) With respect to the other matters to be included in
• Evaluate the overall presentation, structure and the Auditor’s Report in accordance with Rule 11 of the
content of the financial statements, including the Companies (Audit and Auditors) Rules, 2014, in our opinion
disclosures, and whether the financial statements and to the best of our information and according to the
represent the underlying transactions and events in a explanations given to us:
manner that achieves fair presentation.
i. The Company has disclosed the impact of pending
10. We communicate with those charged with governance litigations on its financial position in its financial
regarding, among other matters, the planned scope and statements – Refer Note 33 to the financial statements;
timing of the audit and significant audit findings, including
any significant deficiencies in internal control that we ii. The Company has long-term contracts including
identify during our audit. derivative contracts as at March 31, 2019 for which
there were no material foreseeable losses.
11. We also provide those charged with governance with
a statement that we have complied with relevant iii. There has been no delay in transferring amounts,
ethical requirements regarding independence, and required to be transferred, to the Investor Education
to communicate with them all relationships and other and Protection Fund by the Company.
matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards. iv. The reporting on disclosures relating to Specified Bank
Notes is not applicable to the Company for the year
12. From the matters communicated with those charged with ended March 31, 2019.
governance, we determine those matters that were of
most significance in the audit of the financial statements of For Price Waterhouse Chartered Accountants LLP
the current period and are therefore the key audit matters. Firm Registration Number: FRN012754/N500016
We describe these matters in our auditor’s report unless law Chartered Accountants
or regulation precludes public disclosure about the matter
or when, in extremely rare circumstances, we determine
that a matter should not be communicated in our report Sd/-
because the adverse consequences of doing so would Ashok Narayanaswamy
reasonably be expected to outweigh the public interest Place: Gurugram Partner
benefits of such communication. Date: May 17, 2019 Membership Number: 095665
Annexure A to Independent Auditors’ Report

Referred to in paragraph 14[f] of the Independent Auditors’ Report of even date to the members of PI Industries Limited on the
standalone financial statements as of and for the year ended March 31, 2019
Report on the Internal Financial Controls with reference to financial opinion on the Company’s internal financial controls system
statements under Clause (i) of Sub-section 3 of Section 143 of the with reference to financial statements.
Act
eaning of Internal Financial Controls with reference to financial
M
1. We have audited the internal financial controls with statements
reference to financial statements of PI Industries Limited
6. A company's internal financial controls with reference
(“the Company”) as of March 31, 2019 in conjunction with
to financial statements is a process designed to provide
our audit of the standalone financial statements of the
reasonable assurance regarding the reliability of financial
Company for the year ended on that date.
reporting and the preparation of financial statements for
Management’s Responsibility for Internal Financial Controls external purposes in accordance with generally accepted
accounting principles. A company's internal financial
2. The Company’s management is responsible for establishing controls with reference to financial statements includes those
and maintaining internal financial controls based on the policies and procedures that (1) pertain to the maintenance
internal control over financial reporting criteria established of records that, in reasonable detail, accurately and fairly
by the Company considering the essential components of reflect the transactions and dispositions of the assets of the
internal control stated in the Guidance Note on Audit of company; (2) provide reasonable assurance that transactions
Internal Financial Controls Over Financial Reporting issued are recorded as necessary to permit preparation of financial
by the Institute of Chartered Accountants of India (ICAI). statements in accordance with generally accepted
These responsibilities include the design, implementation and accounting principles, and that receipts and expenditures
maintenance of adequate internal financial controls that were of the company are being made only in accordance
operating effectively for ensuring the orderly and efficient with authorisations of management and directors of the
conduct of its business, including adherence to company’s company; and (3) provide reasonable assurance regarding
policies, the safeguarding of its assets, the prevention and prevention or timely detection of unauthorised acquisition,
detection of frauds and errors, the accuracy and completeness use, or disposition of the company's assets that could have a
of the accounting records, and the timely preparation of material effect on the financial statements.
reliable financial information, as required under the Act. Inherent Limitations of Internal Financial Controls with reference
to financial statements
Auditors’ Responsibility
7. Because of the inherent limitations of internal financial
3. Our responsibility is to express an opinion on the Company's
controls with reference to financial statements, including
internal financial controls with reference to financial
the possibility of collusion or improper management override
statements based on our audit. We conducted our audit in
of controls, material misstatements due to error or fraud
accordance with the Guidance Note on Audit of Internal
may occur and not be detected. Also, projections of any
Financial Controls Over Financial Reporting (the “Guidance
evaluation of the internal financial controls with reference
Note”) and the Standards on Auditing deemed to be to financial statements to future periods are subject to the
prescribed under section 143(10) of the Act to the extent risk that the internal financial control controls with reference
applicable to an audit of internal financial controls, both to financial statements may become inadequate because
applicable to an audit of internal financial controls and of changes in conditions, or that the degree of compliance
both issued by the ICAI. Those Standards and the Guidance with the policies or procedures may deteriorate.
Note require that we comply with ethical requirements and
plan and perform the audit to obtain reasonable assurance Opinion
about whether adequate internal financial controls with
8. In our opinion, the Company has, in all material respects, an
reference to financial statements was established and
adequate internal financial controls system with reference to
maintained and if such controls operated effectively in all
financial statements and such internal financial controls with
material respects.
reference to financial statements were operating effectively
4. Our audit involves performing procedures to obtain audit as at March 31, 2019, based on the internal control over
evidence about the adequacy of the internal financial financial reporting criteria established by the Company
controls system with reference to financial statements and considering the essential components of internal control
their operating effectiveness. Our audit of internal financial stated in the Guidance Note on Audit of Internal Financial
controls with reference to financial statements included Controls Over Financial Reporting issued by the Institute of
Chartered Accountants of India.
obtaining an understanding of internal financial controls
with reference to financial statements, assessing the risk that For Price Waterhouse Chartered Accountants LLP
a material weakness exists, and testing and evaluating the Firm Registration Number: FRN012754/N500016
design and operating effectiveness of internal control based Chartered Accountants
on the assessed risk. The procedures selected depend on
the auditor’s judgement, including the assessment of the
risks of material misstatement of the financial statements,
whether due to fraud or error. Sd/-
Ashok Narayanaswamy
5. We believe that the audit evidence we have obtained is Place: Gurugram Partner
sufficient and appropriate to provide a basis for our audit Date: May 17, 2019 Membership Number: 095665

Annexure B to Independent Auditors’ Report
Referred to in paragraph 13 of the Independent Auditors’ Report of even date to the members of PI Industries Limited on the standalone
financial statements as of and for the year ended March 31, 2019
i. (a) The Company is maintaining proper records showing iv. In our opinion, and according to the information and
full particulars, including quantitative details and explanations given to us, the Company has complied with
situation, of fixed assets. the provisions of Section 185 and 186, as applicable of the
Companies Act, 2013 in respect of the loans and investments
(b) The fixed assets are physically verified by the made, and guarantees and security provided by it.
Management according to a phased programme
designed to cover all the items over a period of 3 v. The Company has not accepted any deposits from the
years which, in our opinion, is reasonable having public within the meaning of Sections 73, 74, 75 and 76 of the
regard to the size of the Company and the nature Act and the Rules framed there under to the extent notified.
of its assets. Pursuant to the programme, a portion
of the fixed assets has been physically verified vi. Pursuant to the rules made by the Central Government of
by the Management during the year and no India, the Company is required to maintain cost records
material discrepancies have been noticed on such as specified under Section 148(1) of the Act in respect of
verification. its products. We have broadly reviewed the same, and are
of the opinion that, prima facie, the prescribed accounts
(c) The title deeds of immovable properties, as disclosed and records have been made and maintained. We have
in Note 4 on fixed assets to the financial statements, not, however, made a detailed examination of the records
are held in the name of the Company, except for the with a view to determine whether they are accurate or
immovable property mentioned below : complete.
Amount in Rs. Million vii. (a) According to the information and explanations given
Particulars Gross Block Net Block to us and the records of the Company examined by
us, in our opinion, the Company is generally regular
Leasehold Land , 152 151
in depositing undisputed statutory dues in respect of
Jambusar, Gujarat
provident fund, income tax, goods and service tax
The title deed with respect to the aforesaid land, has with effect from July 1, 2017, though there has been a
been subsequently registered in the name of the slight delay in a few cases, and is regular in depositing
Company on April 22, 2019. undisputed statutory dues, including employees’
state insurance, duty of customs, and other material
ii. The physical verification of inventory excluding stocks with statutory dues, as applicable, with the appropriate
third parties have been conducted at reasonable intervals authorities. Also refer note 33 to the financial
by the Management during the year. In respect of inventory statements regarding management's assessment on
lying with third parties, these have substantially been certain matters relating to provident fund.
confirmed by them. The discrepancies noticed on physical
verification of inventory as compared to book records were (b) According to the information and explanations given
not material. to us and the records of the Company examined
by us, there are no dues of sales tax and service-tax
iii. The Company has not granted any loans, secured or which have not been deposited on account of any
unsecured, to companies, firms, Limited Liability Partnerships dispute. The particulars of dues of income tax, duty of
or other parties covered in the register maintained under customs, goods and service tax, duty of excise and
Section 189 of the Act. Therefore, the provisions of Clause value added tax as at March 31, 2019 which have
3(iii), (iii) (a), (iii) (b) and (iii) (c) of the said Order are not not been deposited on account of a dispute, are as
applicable to the Company. follows:
Name of the statute Nature of dues Amount Amount Paid Period to which Forum where the dispute is
Demanded under Protest the amount pending
(Rs in Million) (Rs in Million) relates
Assam Value Added Value Added Tax 0.15 0.04 2007-08 Joint Commissioner Guwahati
Tax Act
Kerala Value Added Value Added Tax 0.34 0.34 2008-09 Deputy Commissioner (Appeals)
Tax Act Earnakulam
Kerala Value Added Value Added Tax 0.18 0.18 2009-10 Deputy Commissioner (Appeals)
Tax Act Earnakulam
Madhya Pradesh Value Added Tax 0.40 0.40 2011-12 Deputy Commissioner (Appeals),
Value Added Tax Act Indore
Gujarat Value Added Value Added Tax 15.68 15.68 2011-12 Joint Commissioner, Vadodara
Tax Act
Name of the statute Nature of dues Amount Amount Paid Period to which Forum where the dispute is
Demanded under Protest the amount pending
(Rs in Million) (Rs in Million) relates
Gujarat Value Added Value Added Tax 18.59 18.59 2012-13 Joint Commissioner, Baroda
Tax Act
West Bengal Value Value Added Tax 0.25 0.25 2013-14 Taxation Tribunal, Kolkata
Added Tax Act
Gujarat Value Added Value Added Tax 11.69 11.69 2013-14 Joint Commissioner, Baroda
Tax Act
Uttar Pradesh Goods Goods and 0.23 0.23 2017-18 Taxation Tribunal, UP
and Service Tax Act Service Tax
Income Tax Act Income Tax 24.61 - 2011-12 Rajasthan High Court
Income Tax Act Income Tax 20.42 3.06 2012-13 Commissioner of Income Tax
(Appeals)
Income Tax Act Income Tax 32.99 5.00 2013-14 Commissioner of Income Tax
(Appeals)
Central Excise Act Excise Duty 4.49 4.49 1987-88 Rajasthan High Court
Central Excise Act Cenvat Credit 15.92 - March, 2011 to CESTAT
June 2013
Central Excise Act Excise Duty 4.82 5.30 December Commissioner (Appeals), Jammu
2014 to July
2015
Custom Act Custom Duty 113.93 -* 2008 Assistant Commissioner of
Customs, Mumbai
*Company has issued Bank Guarantee amounting to Rs 113.93 Million towards custom duty demand.
viii. According to the records of the Company examined 188 of the Act. The details of such related party transactions
by us and the information and explanation given to have been disclosed in the financial statements as required
us, the Company has not defaulted in repayment of under Indian Accounting Standard (Ind AS) 24, Related
loans or borrowings to any financial institution or bank Party Disclosures specified under Section 133 of the Act.
or Government or dues to debenture holders as at the
balance sheet date. xiv. The Company has not made any preferential allotment or
private placement of shares or fully or partly convertible
ix. The company has not raised any moneys by way of initial debentures during the year under review. Accordingly, the
public offer, further public offer (including debt instruments) provisions of Clause 3(xiv) of the Order are not applicable
and term loans. Accordingly, the provisions of Clause 3(ix) to the Company
of the Order are not applicable to the Company.
xv. The Company has not entered into any non cash
x. During the course of our examination of the books and transactions with its directors or persons connected with
records of the Company, carried out in accordance with him. Accordingly, the provisions of Clause 3(xv) of the
the generally accepted auditing practices in India, and Order are not applicable to the Company.
according to the information and explanations given to
us, we have neither come across any instance of material xvi. The Company is not required to be registered under
fraud by the Company or on the Company by its officers or Section 45-IA of the Reserve Bank of India Act, 1934.
employees, noticed or reported during the year, nor have Accordingly, the provisions of Clause 3(xvi) of the Order are
we been informed of any such case by the Management. not applicable to the Company.
xi. The Company has paid/ provided for managerial

remuneration in accordance with the requisite approvals For Price Waterhouse Chartered Accountant LLP
mandated by the provisions of Section 197 read with Firm Registration Number: FRN 012754N/N500016
Schedule V to the Act. Chartered Accountants
xii. As the Company is not a Nidhi Company and the Nidhi
Rules, 2014 are not applicable to it, the provisions of Clause
3(xii) of the Order are not applicable to the Company. Sd/-
Ashok Narayanaswamy
xiii. The Company has entered into transactions with related Place : Gurugram Partner
parties in compliance with the provisions of Sections 177 and Date: May 17, 2019 Membership Number: 095665

Balance Sheet
as at March 31, 2019
(All amount in ` million, unless otherwise stated)
As at As at
Particulars Notes
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
Property, plant and equipment 4 11,773 9,886
Capital work-in-progress 1,544 691
Other intangible assets 5 66 71
Intangible asset under development 6 284 208
Financial assets
(i) Investments 7(a) 110 15
(ii) Loans 7(c) 97 74
(iii) Other financial assets 7(g) 118 42
Deferred tax assets 16 127 252
Other non-current assets 9 454 390
Total non-current assets 14,573 11,629
Current assets
Inventories 8 5,357 4,520
Financial assets
(i) Investments 7(b) 1,119 1,595
(ii) Trade receivables 7(d) 6,618 5,268
(iii) Cash and cash equivalents 7(e) 587 1,152
(iv) Bank balances other than (iii) above 7(f) 244 52
(v) Loans 7(c) 109 78
(vi) Other financial assets 7(g) 219 190
Contract assets 7(h) 520 -
Current tax assets 10 - 2
Other current assets 9 2,101 1,664
Total current assets 16,874 14,521
Total assets 31,447 26,150
EQUITY & LIABILITIES
Equity
Equity share capital 11 138 138
Other equity 12 22,609 18,984
Total equity 22,747 19,122
Liabilities
Non current liabilities
Financial liabilities
(i) Borrowings 14(a) 99 463
(ii) Other financial liabilities 14(c) 190 183
Provisions 15 289 233
Total non current liabilities 578 879
Current Liabilities
(i) Trade payables 14(b)
a) total outstanding dues of micro enterprises and small enterprises 48 47
b) total outstanding dues of creditors other than micro enterprises and 5,093 3,656
small enterprises
(ii) Other financial liabilities 14(c) 2,414 2,140
Other current liabilities 17 435 199
Current tax liabilities 18 6 -
Total current liabilities 8,122 6,149
Total liabilities 8,700 7,028
Total equity and liabilities 31,447 26,150
Notes to accounts 1 to 43
The accompanying notes referred to above formed the integral part of the financial statement
This is the statement of Balance Sheet referred to our report of even date
For Price Waterhouse Chartered Accountants LLP For and on behalf of the Board of Directors
Firm Reg. No. 012754N/N500016 Sd/- Sd/-
Narayan K. Seshadri Mayank Singhal
Chairman Managing Director & CEO
Sd/- DIN: 00053563 DIN: 00006651
Ashok Narayanaswamy Sd/- Sd/-
Partner Subhash Anand Naresh Kapoor
Membership Number: 095665 Chief Financial Officer Company Secretary
Place: Gurugram
Date: May 17, 2019
Statement of Profit & Loss

for the year ended March 31, 2019
Particulars Notes For the For the

Year Ended Year Ended
March 31, 2019 March 31, 2018
Revenue from operations 19 28,409 23,087
Other income 20 600 600
Total income 29,009 23,687
Expenses:
Cost of materials consumed 13,728 10,837
Purchase of stock in trade 1,274 776
Changes in inventories of finished goods, work in progress and stock in trade 21 500 77
Excise duty on sale of goods - 316
Employee benefit expense 22 2,625 2,400
Finance cost 26 59 59
Depreciation and amortisation expense 25 926 826
Other expense 23 4,551 3,760
Total expenses 23,663 19,051
Profit before tax 5,346 4,636
Income tax expense 27
Current tax (1,169) (995)
Deferred tax (100) 25
Total tax expense (1,269) (970)
Profit for the year 4,077 3,666
Other comprehensive income
(i) Items that will not be reclassified to profit or loss
Remeasurements gains/(losses) on defined benefit plans (2) 17
Income tax relating to the above item 1 (6)
(ii) Items that will be reclassified to profit or loss
Effective portion of gains/(losses) on cash flow hedges 120 (131)
Income tax relating to the above item (42) 45
Total comprehensive income for the year 4,154 3,591
Earnings per equity share 29
1) Basic (in ) 29.56 26.62
2) Diluted (in ) 29.54 26.55
Face value per share (in ) 1.00 1.00
This is the statement of profit and loss referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Place: Gurugram
Date: May 17, 2019

Statement of Changes in Equity
a. Equity share capital
Particulars Note As at March 31, 2019 As at March 31, 2018

No. of Shares Amount No. of Shares Amount
Balance at the beginning of the reporting period 11 137,907,318 138 137,586,624 138
Changes in equity share capital during the period 123,333 0 320,694 0
Balance at the end of the reporting period 138,030,651 138 137,907,318 138
b. Other equity
Particulars Note Reserves & Surplus Other Total

Reserves other
equity
Capital Securities Share General Retained Effective
reserve premium option reserve earnings portion of
reserve outstanding cash flow
account hedges
Balance at April 1, 2017 15 1,909 141 1,857 11,893 135 15,950
Profit for the year - - - - 3,666 - 3,666
Other comprehensive income - - - - 11 (86) (75)
Total comprehensive income for - - - - 3,677 (86) 3,591
the year
Transactions with owners in their
capacity as owners:
Premium on issue of equity shares 12 b. - 144 - - - - 144
through ESOP
Shares issued under ESOP scheme 12 c. - - (56) - - - (56)
Expense on Employee Stock 12 c. - - 17 - - - 17
Option Scheme
Dividends paid 13 - - - - (550) - (550)
Dividend Distribution Tax (DDT) 13 - - - - (112) - (112)
Balance at March 31, 2018 15 2,053 102 1,857 14,908 49 18,984
Profit for the year - - - - 4,077 - 4,077
Change in accounting policy- 12 e. - - - - 216 - 216
Adjustment of Ind AS 115
Other comprehensive income 12 e, f - - - - (1) 78 77
Total comprehensive income for - - - - 4,292 78 4,370
the year
Transactions with owners in their
capacity as owners:
Premium on issue of Equity Shares 12 b. - 116 - - - - 116
through ESOP
Shares issued under ESOP scheme 12 c. - - (42) - - - (42)
Expense on Employee Stock 12 c. - - 13 - - - 13
Option Scheme
Dividends paid 13 - - - - (690) - (690)
Dividend Distribution Tax (DDT) 13 - - - - (142) - (142)
Balance at March 31, 2019 15 2,169 73 1,857 18,368 127 22,609
This is the statement of Changes in Equity referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Place: Gurugram
Date: May 17, 2019

Statement of Cash Flow

Particulars For the For the

March 31, 2019 March 31, 2018
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before Income Tax 5,346 4,636
Adjustments for :-
Depreciation and amortisation expense 926 826
Finance costs 59 59
Provision for Bad and Doubtful debts & Advances 179 69
Interest Income on Financial Assets at amortised cost (193) (262)
Unwinding of discount on Security Deposits (10) (2)
Expense on Employee Stock Option Scheme 13 17
(Gain)/Loss on Sale/Retirement of property, plant & equipment (Net) 13 5
(Gain)/Loss on sale of Investments (Net) (198) (8)
(Gain)/Loss on financial assets measured at fair value through profit or loss (Net) 89 (71)
Impact of Ind AS 115 adjustment taken to retained earnings 216 -
Unrealised (Gain)/Loss on foreign currency transactions (Net) 127 (79)
Operating Profit before Working Capital changes 6,567 5,190
(Increase) / Decrease in Trade Receivables (1,493) (905)
(Increase) / Decrease in Current financial assets - Loans (21) 13
(Increase) / Decrease in Current Contract Assets (520) -
(Increase) / Decrease in Non-current financial assets - Loans (23) (47)
(Increase) / Decrease in Other current financial assets (48) (31)
(Increase) / Decrease in Other non-current financial assets (82) (12)
(Increase) / Decrease in Other current assets (437) (740)
(Increase) / Decrease in Other non-current assets (5) 22
(Increase) / Decrease in Other bank balances 16 55
(Increase)/Decrease in Inventories (837) (201)
Increase / (Decrease) in Current provisions and Trade payables 1,490 832
Increase / (Decrease) in Non-current provisions 56 6
Increase / (Decrease) in Other current financial liabilities 119 29
Increase / (Decrease) in Other non-current financial liabilities 7 11
Increase / (Decrease) in Other current liabilities 236 (120)
Cash generated from Operations before tax 5,025 4,102
Income Taxes paid (Includes TDS) (1,177) (957)
Net cash inflow (outflow) from Operating Activities 3,848 3,145
B. CASH FLOW FROM INVESTING ACTIVITIES
Payments for purchase of property, plant & equipment including Capital (3,683) (1,695)
Work in Progress, Intangible Assets and Capital Advances
Proceeds from sale of property, plant & equipment 8 (0)
Purchase of Investment in Subsidiary (95) -
Purchase and Sale of Current Investments 379 (390)
Interest Received 193 262
Net cash used in Investing Activities (3,198) (1,823)
Net cash inflow (outflow) from Operating and Investing Activities 650 1,322

Statement of Cash Flow
Particulars For the For the

March 31, 2019 March 31, 2018
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of Equity Share Capital 0 0
Premium on issue of equity shares under ESOP scheme 75 88
Repayment of Borrowings - Term Loan (399) (365)
Interest paid (Net) (59) (59)
Dividends paid (including Tax) (832) (662)
Net Cash inflow (outflow) from Financing Activities (1,215) (998)
Net Cash inflow (outflow) from Operating, Investing & Financing Activities (565) 324
Net increase (decrease) in Cash & Cash equivalents (565) 324
Opening balance of Cash & Cash equivalents 1,152 828
Closing balance of Cash & Cash equivalents 587 1,152
Note: Cash and cash equivalents included in the Cash Flow Statement comprise of the
following (Refer Note No. 7(e)):-
i) Cash on Hand 1 1
ii) Balance with Banks :
-In Current Accounts 125 142
-In Fixed Deposits 461 1,009
Total 587 1,152
The above Cash Flow Statement has been prepared under the Indirect method as set out in IND AS - 7.
Figures in brackets indicate cash outflows.
This is the statement of Cash Flow referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Place: Gurugram
Date: May 17, 2019
Notes to the Financial Statements

1. Corporate Information above did not have any impact on the amount recognized
in prior periods and are not expected to significantly affect
PI Industries Limited (“PI” or “the Company”) is a public
current or future periods.
limited company domiciled in India and has its registered
office at Udaipur. The shares of the Company are listed on d) Functional and presentation currency
National Stock Exchange and Bombay Stock Exchange.
Items included in the financial statements of the Company
PI is in the field of Agri Sciences having strong presence are measured using the currency of the primary economic
in both Domestic and Export market. It has three environment in which the Company operates (“the
manufacturing facilities in Gujarat and a Research & functional currency”). The financial statements are
Development centre at Udaipur. presented in Indian National Rupee (‘`’), which is the
Company’s functional and presentation currency. All
The registered office of the company is situated at
amounts disclosed in the financial statements and notes
Udaisagar Road, Udaipur – 313001, Rajasthan, India and
have been rounded off to the nearest millions as per the
the corporate office is situated at 5th Floor, Vipul Square,
requirement of Schedule III, unless otherwise stated. The
B-Block, Sushant Lok, Phase-I, Gurugram – 122009, Haryana,
sign ‘0’ in these standalone financial statements indicates
India.
that the amounts involved are below ` five lacs and the
2. Basis of preparation sign ‘-’ indicates that amounts are nil.
The Company has consistently applied the following e) Current or Non- current classification
accounting policies to all periods presented in the financial
All Assets and Liabilities have been classified as current
statements unless otherwise stated.
or non-current as per the Company’s normal operating
a) Statement of compliance cycle and other criteria set out in the Schedule III to the
Companies Act, 2013. Based on the nature of services
These financial statements have been prepared in all
provided and time between the rendering of services
material aspects, in accordance with the recognition and
and their realization in cash and cash equivalents, the
measurement principles laid down in Indian Accounting
Company has ascertained its operating cycle as 12 months
Standard (‘Ind AS’) as per the Companies (Indian
for the purpose of current and non-current classification of
Accounting Standards) Rules, 2015 notified under Section
assets and liabilities.
133 of the Companies Act, 2013 (‘the Act’) and other
relevant provisions of the Act to the extent applicable. f) Use of judgements and estimates
These financial statements were authorised for issue by the In preparing these financial statements, management has
Board of Directors on May 17, 2019. made judgements, estimates and assumptions that affect
the application of accounting policies and the reported
b) Basis of measurement
amounts of assets, liabilities, the disclosures of contingent
The financial statements have been prepared on an liabilities and contingent assets at the date of financial
accrual basis and under the historical cost convention, statements, income and expenses during the period.
except for the following: Actual results may differ from these estimates. Estimates
and underlying assumptions are reviewed on an ongoing
- Certain financial assets and liabilities (including
basis. Revisions to estimates are recognized prospectively.
derivative instruments) and contingent considerations
are measured at fair value; Application of accounting policies that require critical
accounting estimates and assumption judgements having
- Defined benefit plan assets measured at fair value;
the most significant effect on the amounts recognized in
- Share-based payments measured at fair value. the financial statements are:
c) New and Amended standards adopted by the Company - Measurement of defined benefit obligations;
The Company has applied the following standards and - Recognition of deferred tax assets & minimum
amendments for the first time for their annual reporting alternative tax credit entitlement;
period commencing 1 April 2018:
- Useful life and residual value of Property, plant and
- IND AS 115, Revenue from Contracts with Customers equipment and intangible assets;
- Amendment to IND AS 12, Income Taxes - Impairment test of financial and non-financial assets
including recoverability of expenditure on internally-
The Company had to change its accounting policies and
generated intangible assets;
make certain adjustments following the adoption of IND AS
115. This is disclosed in Note 41. The other amendments listed - Measurement of fair value for share based payments;

- Recognition and measurement of provisions and recognized in the carrying amount of the item if it is
contingencies. probable that the future economic benefits embodied
within the part will flow to the Company and its cost
g) The Company recognises revenue over the period of time can be measured reliably. The costs of all other repairs
for contracts wherein the Company's performance for the
and maintenance are recognized in the Statement of
products does not create an asset with alternative use
Profit & Loss as incurred.
to the Company and the Company has an enforceable
right to payment for performance completed till date. Capital work-in-progress includes cost of property,
Management has determined that it is highly probable plant and equipment under installation / under
that there will be no rescission of the contract and a development as at the balance sheet date. Advances
significant reversal in the amount of revenue recognised paid towards the acquisition of property, plant and
will not occur. Accordingly, revenue is recognised for equipment outstanding at each balance sheet date
these contracts based on Input method wherein amount is classified as capital advances under other non-
of revenue to be recognised is determined based on the current assets.
actual cost incurred till date and the estimated margin on
the contract. An item of property, plant and equipment is
derecognised when no future economic benefit are
The Company also recognises Provision for discounts expected to arise from the continued use of the asset
and sales returns based on the current and expected or upon disposal. Any gain or loss on disposal of an
operating environment, Sales returns variability, expected item of property, plant and equipment is recognised
achievement of targets against various ongoing schemes in profit or loss.
floated.
ii) Transition to Ind AS
3. Significant Accounting Policies
On transition to Ind AS, the Company has elected to
a) Property, plant and equipment continue with the carrying value of all its property,
plant and equipment recognised as at April 1, 2015
i) Recognition and measurement
measured as per the previous GAAP and use that
Items of property, plant and equipment are measured carrying value as the deemed cost of the property,
at cost, less accumulated depreciation and plant and equipment.
accumulated impairment losses, if any.
iii) Depreciation
Cost of an item of property, plant and equipment
Depreciation is calculated on cost of items of property,
comprises its purchase price, including import duties
plant and equipment less their estimated residual
and non-refundable purchase taxes, after deducting
values, and is recognised in the statement of profit and
trade discounts and rebates, any directly attributable
loss. Depreciation on property, plant and equipment is
cost of bringing the item to its working condition for its
provided on the Straight Line Method based on the
intended use and estimated costs of dismantling and
useful life of assets estimated by the Management
removing the item and restoring the site on which it is
which coincide with the life specified under Schedule
located.
II of the Companies Act, 2013, which are as follows:
The cost of a self-constructed item of property, plant
and equipment comprises the cost of materials and - Buildings including factory 3 - 60 years
direct labour, any other costs directly attributable to buildings and Roads
bringing the item to working condition for its intended - Plant and machinery 15 years
use, and estimated costs of dismantling and removing - Electrical installations and 10 years
the item and restoring the site on which it is located. equipments
Borrowing costs relating to acquisition of qualifying - Furniture and fixtures 10 years
fixed assets, if material, are also included in cost to - Office equipments 5 years
the extent they relate to the period till such assets are
- Vehicles 8 - 10 years
ready to be put to use.
- Computer and Data Processing 3 - 6 years
If significant parts of an item of property, plant Units
and equipment have different useful lives, then - Laboratory equipments 10 years
they are accounted for as separate items (major
components) of property, plant and equipment. The The Company has estimated the useful lives different
cost of replacing part of an item of property, plant from the lives prescribed in schedule II of Companies
and equipment or major inspections performed, are Act, 2013, in the following cases:

An item of intangible asset is derecognised when no

- Plant and machinery 15 years
future economic benefit are expected to arise from
(Continuous Process Plant)
the continued use of the asset or upon disposal. Any
- Special Plant and machinery 15 years
gain or loss on disposal of an item of intangible assets
(used in manufacture of chemicals)
is recognised in profit or loss.
Leasehold land and Cost of improvement on leasehold ii) Transition to Ind AS
building is being amortised over the lease period or
useful life whichever is shorter. On transition to Ind AS, the Company has elected to
continue with the carrying value of all its Intangible
Based on assessment made by technical experts, the assets recognised as at April 1, 2015 measured as per
Management believes that the useful lives as given the previous GAAP and use that carrying value as the
above best represent the period over which it expects deemed cost of such intangible assets.
to use these assets.
iii) Amortisation
Depreciation methods, useful lives and residual values
are reviewed at each financial year end and changes, Amortization is recognized in the income statement
if any, are accounted for prospectively. Depreciation on a straight-line basis over the estimated useful lives
on additions to or on disposal of assets is calculated of intangible assets or on any other basis that reflects
on pro-rata basis i.e. from (upto) the date on which the pattern in which the asset’s future economic
the property, plant and equipment is available for use benefits are expected to be consumed by the entity.
(disposed off). Intangible assets that are not available for use are
amortized from the date they are available for use.
b) Intangible assets
The estimated useful lives are as follows:
Software 6 years
Intangible assets acquired separately
Intangible assets that are acquired by the Company Product development 5 years
are measured at cost, less accumulated amortization The amortization period and the amortization method
and accumulated impairment losses, if any. for intangible assets are reviewed at each reporting
Internally generated intangible assets - Research and date.
development c) Impairment of non-financial assets
Research costs are expensed as incurred. Development
At each reporting date, the Company reviews the carrying
costs are capitalised only if the expenditure can be
amounts of its non-financial assets (other than inventories
measured reliably, the product or process is technically
and deferred tax assets) to determine whether there is any
and commercially feasible, future economic benefits indication on impairment. If any such indication exists, then
are probable, and the company intends to and has the asset’s recoverable amount is estimated.
sufficient resources to complete development and to
use or sell the asset. The expenditures to be capitalized For impairment testing, assets that do not generate
include the cost of materials and other costs directly independent cash flows are grouped together into the
attributable to preparing the asset for its intended use. smallest group of assets that generates cash inflows from
Other development expenditures are recognized in continuing use that are largely independent of the cash
profit or loss as incurred. inflows of other assets or Cash Generating Units (‘CGUs’).
Subsequent to initial recognition, the assets are The recoverable amount of an asset or CGU is the greater
measured at cost, less accumulated amortisation and of its value in use and its fair value less costs to sell. Value in
accumulated impairment losses, if any. use is based on the estimated future cash flows, discounted
to their present value using a pre-tax discount rate that
Subsequent expenditures are capitalized only when reflects current market assessments of the time value of
they increase the future economic benefits embodied money and the risks specific to the asset or CGU.
in the specific asset to which they relate.
An impairment loss is recognised if the carrying amount
Internally generated Intangible assets which are not
of an asset or CGU exceeds its estimated recoverable
yet available for use are subject to impairment testing
amount. Impairment losses are recognised in the statement
at each reporting date. All other intangible assets are
of profit and loss.
tested for impairment when there are indications that the
carrying value may not be recoverable. All impairment In respect of assets for which impairment loss has been
losses are recognized immediately in profit or loss. recognised in prior periods, the company reviews at each

reporting date whether there is any indication that the loss Equity instruments are subsequently measured at fair
has decreased or no longer exists. An impairment loss is value. On initial recognition of an equity investment that
reversed if there has been a change in the estimates used is not held for trading, the Company may irrevocably
to determine the recoverable amount. Such a reversal is elect to present subsequent changes in the investment’s
made only to the extent that the asset’s carrying amount fair value in OCI (designated as FVOCI – equity
does not exceed the carrying amount that would have investment). This election is made on an investment by
been determined, net of depreciation or amortisation, if no investment basis. Fair value gains and losses recognised
impairment loss had been recognised. in OCI are not reclassified to profit and loss.
After impairment, depreciation is provided on the revised iii) Financial assets at fair value through profit or loss
carrying amount of the assets over its remaining useful
life. A financial asset which is not classified in any of the
above categories are subsequently fair valued
d) Financial instruments through profit or loss.
i) Initial recognition iv) Financial liabilities
The Company recognizes financial assets and
Financial liabilities are subsequently carried at
financial liabilities when it becomes a party to the
amortized cost using the effective interest method. For
contractual provisions of the instrument. All financial
trade and other payables maturing within one year
assets and liabilities are recognized at fair value on
from the Balance Sheet date, the carrying amounts
initial recognition, except for trade receivables which
approximate fair value due to the short maturity of
are initially measured at transaction price. Transaction
these instruments.
costs that are directly attributable to the acquisition or
issue of financial assets and financial liabilities, that are v) Investment in subsidiaries
not at fair value through profit or loss, are added to the
Investment in subsidiaries is carried at cost less
fair value on initial recognition.
impairment, if any, in the separate financial
ii) Subsequent measurement statements.
i) Financial assets carried at amortized cost iii) Impairment of financial assets

A financial asset is subsequently measured at The Company assesses on a forward looking basis
amortised cost if it is held within a business model the expected credit losses associated with its assets
whose objective is to hold the asset in order to collect carried at amortised cost and FVOCI debt instruments.
contractual cash flows and the contractual terms Except Trade receivables, expected credit losses
of the financial asset give rise on specified dates to are measured at an amount equal to the 12-month
cash flows that are solely payments of principal and Expected Credit Loss (ECL), unless there has been a
interest on the principal amount outstanding. When significant increase in credit risk from initial recognition,
the financial asset is derecognised or impaired, the in which case those are measured at lifetime ECL.
gain or loss is recognised in the statement of profit and
loss. With regard to trade receivable, the Company applies
the simplified approach (Refer Note No. 38(I)), which
ii) Financial assets at fair value through other requires expected lifetime losses to be recognised
comprehensive income (FVOCI) from the initial recognition of the trade receivables.
A financial asset is subsequently measured at fair value iv) Derecognition
through other comprehensive income if it is held within
a business model whose objective is achieved by both Financial Assets
collecting contractual cash flows and selling financial
The Company derecognises a financial asset when
assets and the contractual terms of the financial asset
the contractual rights to the cash flows from the
give rise on specified dates to cash flows that are solely
financial asset expire or it transfers the rights to receive
payments of principal and interest on the principal
the contractual cash flows in a transaction in which
amount outstanding. Movements in the carrying amount
substantially all of the risks and rewards of ownership
are taken through OCI, except for the recognition of
of the financial asset are transferred or in which the
impairment gains or losses, interest revenue and foreign
Company neither transfers nor retains substantially all
exchange gains and losses which are recognised in
of the risks and rewards of ownership and does not
profit and loss. When the financial asset is derecognised,
retain control of the financial asset.
the cumulative gain or loss previously recognised in OCI
is reclassified from equity to statement of profit and loss If the Company enters into transactions whereby it
and recognised in other income. transfers assets recognised on its balance sheet, but

retains either all or substantially all of the risks and hedged item and hedging instrument are expected
rewards of the transferred assets, the transferred assets to offset each other.
are not derecognised.
The Company makes an assessment, on an ongoing
Financial Liabilities basis, of whether the hedging instruments are expected
to be “highly effective” in offsetting the changes in the
The Company derecognises a financial liability when its
fair value or cash flows of the respective hedged items
contractual obligations are discharged or cancelled,
attributable to the hedged risk. For cash flow hedges
or expire.
to be “highly effective”, a forecast transaction that is
v) Reclassification of Financial Assets and Financial the subject of the hedge must be highly probable and
Liabilities must present an exposure to variations in cash flows
that could ultimately affect profit or loss.
The Company determines classification of financial
assets and liabilities on initial recognition. After If the hedging instrument no longer meets the criteria
initial recognition, no reclassification is made for for hedge accounting, expires or is sold, terminated
financial assets which are equity instruments and or exercised, then hedge accounting is discontinued
financial liabilities. For financial assets which are debt prospectively. The cumulative gain or loss previously
instruments, a reclassification is made only if there is recognized in other comprehensive income/ (loss),
a change in the business model for managing those remains there until the forecast transaction occurs.
assets. If the company reclassifies financial assets, If the forecast transaction is no longer expected to
it applies the reclassification prospectively from occur, then the balance in other comprehensive
the reclassification date which is the first day of the income/ (loss) is recognized immediately in the
immediately next reporting period following the statement of profit and loss.
change in business model.
vii) Offsetting
vi) Derivative financial instruments
Financial assets and financial liabilities are offset and
The Company is exposed to exchange rate risk the net amount presented in the balance sheet
which arises from its foreign exchange revenues. when, and only when, the company has a legally
The Company uses foreign exchange forward enforceable right to set off the amounts and it intends
contracts (derivative financial instruments), to hedge either to settle them on a net basis or to realise the
foreign currency risk associated with highly probable asset and settle the liability simultaneously.
forecasted transactions and classifies them as cash
e) Fair value measurement
flow hedges.
Fair value is the price that would be received to sell an
Derivatives are initially measured at fair value.
asset or paid to transfer a liability in an orderly transaction
Subsequent to initial recognition, derivatives are
between market participants at the measurement date,
measured at fair value, and changes therein are taken
regardless of whether that price is directly observable or
directly to profit and loss, except for the effective
estimated using other valuation technique. In estimating
portion of cash flow hedges, which is recorded in
the fair value of an asset or a liability, the Company takes
the Company’s hedging reserve as a component
into account the characteristics of the asset or liability
of equity through OCI and later reclassified to profit
if market participants would take those characteristics
and loss when the hedge item affects profit and loss
into account when pricing the asset or liability at the
or treated as basis adjustment if a hedged forecast
measurement date.
transaction subsequently results in the recognition
of a non-financial asset or non-financial liability. Fair values for measurement and/ or disclosure purposes
The ineffective portion of such cash flow hedges is are categorised into Level 1, 2, or 3 based on the degree
recorded in the statement of profit and loss. to which the inputs to the fair value measurements are
observable and the significance of the inputs to the fair
Derivatives are carried as financial assets when the fair
value measurement in its entirety, which are described as
value is positive and as financial liabilities when the fair
follows:
value is negative.
Level 1 - This includes financial instruments measured
At inception of designated hedging relationships, the
using quoted prices.
Company documents the risk management objective
and strategy for undertaking the hedge. The Company Level 2- The fair value of financial instruments that are not
also documents the economic relationship between traded in an active market is determined using valuation
the hedged item and the hedging instrument, techniques which maximise the use of observable market
including whether the changes in cash flows of the data and rely as little as possible on entity-specific estimates.

If all significant inputs required to fair value an instrument Contingent Liability is disclosed after careful evaluation
are observable, the instrument is included in level 2. Inputs of facts, uncertainties and possibility of reimbursement,
other than quoted prices included within Level 1 that are unless the possibility of an outflow of resources embodying
observable for the asset or liability, either directly (i.e. as economic benefits is remote. Contingent liabilities are
prices) or indirectly (i.e. derived from prices). not recognised but are disclosed in notes to the financial
statements.
Level 3 - If one or more of the significant inputs is not based
on observable market data, the instrument is included in Contingent assets are not disclosed in the financial
level 3. statements unless an inflow of economic benefits is
probable.
f) Inventories
h) Revenue Recognition
Inventories (including Stock-in-transit) of Finished Goods,
Stock in Trade, Work in progress, Raw materials, Packing i) Sale of goods
materials and Stores & Spares are stated at lower of cost
The Company manufactures and sells a range
and net realizable value. By-products are measured at
of products to various customers. Revenue is
estimated realisable value. However, materials and other
recognised over the period of time for contracts
items held for use in the production of inventories are not
wherein the Company's performance does
written down below cost if the finished products in which
not create an asset with alternative use to the
they will be incorporated are expected to be sold at or
Company and the entity has an enforceable right to
above cost.
payment for performance completed till date. For
Cost includes expenditure incurred in acquiring the remaining contracts, revenue is recognised when
inventories, production or conversion costs, and other costs the significant risk and rewards of ownership have
incurred in bringing them to their existing location and been transferred to the customer, recovery of the
condition. Net realizable value is the estimated selling price consideration is probable, the associated costs and
in the ordinary course of business, less estimated costs of possible return of goods can be estimated reliably,
completion and the estimated costs necessary to make there is no continuing management involvement
the sale. with the goods to the degree usually associated
with the ownership, and the amount of revenue
Cost of Raw Materials, Packing Materials, Stores and can be measured reliably, regardless of when the
Spares, Stock in Trade and other products are determined payment is being made.
on weighted average basis and are net of Cenvat / Goods
and service tax credit. Revenue is measured at the fair value of the
consideration received or receivable. Revenue
Cost of Work in progress and Finished Goods is determined recognised in relation to these contracts in excess
on weighted average basis considering direct material of billing is recognised as a Contract Asset.
cost and appropriate portion of manufacturing overheads Accumulated experience is used to estimate and
based on normal operating capacity. Cost of finished provide for the discounts and returns and revenue
goods includes excise duty until June 30, 2017. is only recognized to the extent that it is highly
probable that a significant reversal will not occur. A
Obsolete, slow moving and defective inventories are
refund liability (included in other current liabilities) is
identified as and when required, and where necessary,
recognized for expected returns from the customer.
the same are written off or provision is made for such
Liability (included in other financial liabilities) is
inventories.
recognized for expected volume discounts payable
g) Provisions, Contingent Liabilities and Contingent Assets to customers in relation to sales made until the end
of the reporting period
A provision is recognized if, as a result of a past event, the
Company has a present legal or constructive obligation Amounts disclosed as revenue are inclusive of excise
that can be estimated reliably, and it is probable that duty and net of returns, discounts, volume rebates and
an outflow of economic benefits will be required to settle net of goods and service tax.
the obligation. If the effect of the time value of money is
ii) Sale of services
material, provisions are determined by discounting the
expected future cash flows at a pre-tax rate that reflects Revenue from sale of services is recognised over the
current market assessments of the time value of money period of time as per the terms of the contract with
and the risks specific to the liability. Where discounting is customers based on the stage of completion when
used, the increase in the provision due to the passage of the outcome of the transactions involving rendering of
time is recognized as a finance cost. services can be estimated reliably.

iii) Export Incentives Company's net obligation in respect of defined

benefit plans is calculated by estimating the
Incentives on exports are recognised in books after
amount of future benefit that employees
due consideration of certainty of utilisation/ receipt of
have earned in the current and prior periods,
such incentives.
discounting that amount and deducting the fair
iv) Interest Income value of any plan assets.
Interest income is accrued on a time basis, by reference The company provides for its gratuity liability based
to the principal outstanding and at the effective on actuarial valuation of the gratuity liability as at
interest rate applicable, which is the rate that exactly the Balance Sheet date, based on Projected Unit
discounts estimated future cash receipts through the Credit Method, carried out by an actuary. The
expected life of the financial asset to the asset's net Company contributes to the gratuity fund, which
carrying amount on initial recognition. Interest income are recognized as plan assets. The defined benefit
is included in other income in the statement of profit obligation as reduced by fair value of plan assets
and loss. is recognized in the Balance Sheet.
v) Dividends When the calculation results in a potential asset

for the company, the recognised asset is limited to
Dividend income is recognized when the Company’s the present value of economic benefits available
right to receive dividend is established, and is included in the form of any future refunds from the plan or
in other income in the statement of profit and loss. reductions in future contributions to the plan. To
i) Employee Benefits calculate the present value of economic benefits,
consideration is given to any applicable minimum
i) Short term employee benefits funding requirements.
Short-term employee benefits are expensed Re-measurement of the net defined benefit
as the related service is provided. A liability is liability, which comprise actuarial gains and losses,
recognised for the amount expected to be paid if the return on plan assets (excluding interest) and
the Company has a present legal or constructive the effect of the asset ceiling (if any, excluding
obligation to pay this amount as a result of past interest), are recognized immediately in Other
service provided by the employee and the Comprehensive Income. Net interest expense
obligation can be estimated reliably. (income) on the net defined liability (assets) is
computed by applying the discount rate, used to
ii) Defined contribution plans
measure the net defined liability (asset), to the net
Employees benefits in the form of the Company’s defined liability (asset) at the start of the financial
contribution to Provident Fund, Pension scheme, year after taking into account any changes as a
Superannuation Fund and Employees State result of contribution and benefit payments during
Insurance are defined contribution schemes. The the year. Net interest expense and other expenses
Company recognizes contribution payable to related to defined benefit plans are recognised in
these schemes as an expense, when an employee statement of profit and loss.
renders the related service.
When the benefits of a plan are changed or when
If the contribution payable exceeds contribution a plan is curtailed, the resulting change in benefit
already paid, the deficit payable is recognised that relates to past service or the gain or loss on
as a liability (accrued expense), after deducting curtailment is recognised immediately in profit or
any contribution already paid. If the contribution loss. The Company recognises gains and losses on
already paid exceeds the contribution due for the settlement of a defined benefit plan when the
service before the end of the reporting period, settlement occurs.
The Company recognize that excess as an asset
iv) Other long-term employee benefits
(prepayments) to the extent that the prepayment
will lead to, for example, a reduction in future Employee benefits in the form of long term
payments or a cash refund. compensated absences are considered as long
term employee benefits. The Company’s net
iii) Defined benefit plans
obligation in respect of long-term employee
Retirement benefits in the form of gratuity benefits is the amount of future benefit that
are considered as defined benefit plans. The employees have earned in return for their service

in the current and prior periods. That benefit is to acquisition or construction of an asset which necessarily
discounted to determine its present value. Re- take a substantial period of time to get ready for their
measurements are recognised in profit or loss in intended use are capitalised as part of the cost of that
the period in which they arise. asset. Other borrowing costs are recognised as an expense
in the period in which they are incurred.
The liability for long term compensated absences
are provided based on actuarial valuation as at l) Income tax
the Balance Sheet date, based on Projected Unit
Income tax expense comprises current and deferred tax.
Credit Method, carried out by an actuary.
It is recognised in profit or loss except to the extent that
j) Foreign currency transactions it relates to items recognised directly in equity or in Other
Comprehensive Income.
Initial recognition
i) Current tax
Transactions in foreign currencies are translated into the
Company’s functional currency at the exchange rates at Current tax comprises the expected tax payable or
the dates of the transactions. receivable on the taxable income or loss for the year
after taking credit of the benefits available under
Conversion the Income Tax Act and any adjustment to the tax
Monetary assets and liabilities denominated in foreign payable or receivable in respect of previous years. It
currencies are translated into the functional currency at is measured using tax rates enacted or substantively
the exchange rate at the reporting date. Non-monetary enacted at the reporting date.
assets and liabilities that are measured at fair value in a Current tax assets and liabilities are offset only if, the
foreign currency are translated into the functional currency Company:
at the exchange rate when the fair value was determined.
Non-monetary assets and liabilities that are measured i)
has a legally enforceable right to set off the
based on historical cost in a foreign currency are translated recognized amounts; and
at the exchange rate at the date of the transaction.
ii) intends either to settle on a net basis, or to realize
Exchange difference the asset and settle the liability simultaneously.
Exchange differences are recognised in profit or loss, ii) Deferred tax

except exchange differences arising from the translation of
the following items which are recognised in OCI Deferred tax is recognized in respect of temporary
differences between the carrying amounts of assets
- equity investments at fair value through OCI (FVOCI); and liabilities for financial reporting purposes and the
corresponding tax bases used for taxation purposes.
- a financial liability designated as a hedge of the net Deferred tax is not recognized for:
investment in a foreign operation to the extent that
the hedge is effective; and - temporary differences on the initial recognition
of assets or liabilities in a transaction that is not
- qualifying cash flow hedges to the extent that the a business combination and that affects neither
hedges are effective accounting nor taxable profit or loss; and
In accordance with Ind-AS 101 ‘First Time Adoption of Indian - temporary differences related to investments in
Accounting Standards’, the Company has continued subsidiaries, associates and joint arrangements to
the policy of capitalisation of exchange differences on the extent that the Company is able to control the
foreign currency loans taken before the transition date. timing of the reversal of the temporary differences
Accordingly, exchange differences arising on translation and it is probable that they will not reverse in the
of long term foreign currency monetary items relating to foreseeable future.
acquisition of depreciable fixed assets taken before the
transition date are capitalized and depreciated over the A deferred income tax asset is recognised to the
remaining useful life of the asset. extent that it is probable that future taxable profits
will be available against which deductible temporary
k) Borrowing costs
differences and tax losses can be utilised. Deferred tax
Borrowing costs are interest and other costs (including assets are reviewed at each reporting date and are
exchange differences relating to foreign currency reduced to the extent that it is no longer probable that
borrowings to the extent that they are regarded as an the related tax benefit will be realised; such reductions
adjustment to interest costs) incurred in connection with are reversed when the probability of future taxable
the borrowing of funds. Borrowing costs directly attributable profits improves.

Unrecognised deferred tax assets are reassessed at three months or less that are readily convertible to known
each reporting date and recognised to the extent amounts of cash and which are subject to an insignificant
that it has become probable that future taxable profits risk of changes in value.
will be available against which they can be used.
o) Cash flow statement
Deferred tax is measured at the tax rates that
Cash flow statements are prepared in accordance with
are expected to be applied to temporary
"Indirect Method" as explained in the Accounting Standard
differences when they reverse, using tax rates
on Statement of Cash Flows (Ind AS - 7). The cash flows
enacted or substantively enacted at the reporting
from regular revenue generating, financing and investing
date. The measurement of deferred tax reflects the
activity of the Company are segregated.
tax consequences that would follow from the manner
in which the company expects, at the reporting date, p) Lease
to recover or settle the carrying amount of its assets
At inception of an arrangement, it is determined whether
and liabilities.
the arrangement is or contains a lease, based on the
For operations carried out in tax free units, deferred substance of the arrangement at the inception date,
tax assets or liabilities, if any, have been recognised for whether fulfilment of the arrangement is dependent on
the tax consequences of those temporary differences the use of a specific asset or assets or the arrangement
between the carrying values of assets and liabilities conveys a right to use the asset, even if that right is not
and their respective tax bases that reverse after the explicitly specified in an arrangement.
tax holiday ends.
Leases are classified as finance leases whenever the terms
Deferred tax assets and liabilities are offset only if: of the lease transfer substantially all the risks and rewards
of ownership to the lessee. All other leases are classified as
i) The entity has a legally enforceable right to set off operating leases.
current tax assets against current tax liabilities; and
Company as lessee under finance lease
ii) The deferred tax assets and the deferred tax
liabilities relate to income taxes levied by the same Assets held under finance lease are measured initially at an
taxation authority on the same taxable entity. amount equal to the lower of their fair value and the present
value of the minimum lease payments. Subsequent to initial
Deferred tax assets include Minimum Alternative Tax recognition, the assets are accounted for in accordance
(MAT) paid in accordance with the tax laws, which with the accounting policy applicable to similar owned
gives rise to future economic benefits in the form of assets. The corresponding liability to the lessor is included in
adjustment of future income tax liability, is considered the balance sheet as a finance lease obligation.
as an asset if there is probable evidence that the
Company will pay normal income tax in future. Lease payments are apportioned between the finance
Accordingly, MAT is recognised as deferred tax asset expenses and the reduction of the lease obligation so as
in the Balance Sheet when the asset can be measured to achieve a constant rate of interest on the remaining
reliably and it is probable that the future economic balance of the liability. The finance expenses are
benefit associated with the asset will be realised. recognised in the statement of profit and loss.
m) Segment Reporting Company as lessee under operating lease
An operating segment is defined as a component of the Payments made under operating leases are generally
entity that represents business activities from which it earns recognised in profit or loss on a straight- line basis over the term
revenues and incurs expenses and for which discrete of the lease unless such payments are structured to increase
financial information is available. The operating segments in line with expected general inflation to compensate for the
are based on the Company’s internal reporting structure lessor’s expected inflationary cost increases. In the event that
and the manner in which operating results are reviewed by lease incentives are received to enter into operating leases,
the Chief Operating Decision Maker (CODM). such incentives are recognised as an integral part of the total
lease expense over the term of the lease.
The Management Advisory Committee of the Company
q) Share-based payment transaction:
has been identified as the CODM by the Company. Refer
Note 34 for Segment disclosure. The grant date fair value of equity settled share-based
n) Cash and cash equivalents payment awards granted to employees is recognised as an
employee benefit expense, with a corresponding increase
Cash and cash equivalents comprise cash at bank and in equity. The total expense is recognised over the vesting
on hand and short-term deposits with original maturities of period, which is the period over which all of the specified

vesting conditions are to be satisfied and is adjusted to shares outstanding during the period. For the purpose of
reflect the actual number of share options that vest. calculating diluted Earning per Share, the net profit or
loss for the period attributable to Equity Shareholders and
The total amount to be expensed is determined by the weighted average number of shares outstanding
reference to the fair value of the options granted including during the period are adjusted for the effects of all dilutive
any market performance conditions and the impact of any potential equity shares.
non-vesting conditions and excluding the impact of any
service and non-market performance vesting conditions. s) Dividends
r) Earning per share: Provision is made for the amount of any dividend
declared, being appropriately authorised and no longer
Basic earnings per share is calculated by dividing the at the discretion of the entity, on or before the end of
net profit or loss for the period attributable to Equity the reporting period but not distributed at the end of the
Shareholders by the weighted average number of equity reporting period.
4 PROPERTY, PLANT AND EQUIPMENT
Leasehold Freehold Buildings Plant and Furniture Office Vehicles Total

land land machinery and fixtures equipments
Gross carrying amount
As at beginning of April 01, 2017 201 6 2,625 7,579 94 77 1 10,583
Additions - - 296 989 38 20 1 1,344
Disposals - - - (8) - (0) (0) (8)
As at March 31, 2018 201 6 2,921 8,560 132 97 2 11,919
Additions * 152 45 643 1,895 27 21 31 2,814
Disposals - - - (34) (0) - - (34)
As at March 31, 2019 353 51 3,564 10,421 159 118 33 14,699

Accumulated depreciation
As at beginning of April 01, 2017 4 - 138 1,053 12 22 1 1,230
Depreciation charge during the year 2 - 106 669 11 17 1 806

Disposals - - - (2) - (0) (1) (3)
As at March 31, 2018 6 - 244 1,720 23 39 1 2,033
Depreciation charge during the year 3 - 123 744 15 19 3 906
Disposals - - - (13) (0) 0 - (13)
As at March 31, 2019 9 - 367 2,451 37 58 4 2,926
Net carrying amount
As at March 31, 2018 195 6 2,677 6,840 109 58 1 9,886
Corporate Overview
As at March 31, 2019 344 51 3,197 7,970 122 60 29 11,773

* Addition in Leasehold land in the current year represents land which is pending registration in the name of the Company as at March 31, 2019. The same
has been subsequently registered on April 22, 2019.
a. Depreciation for the year includes depreciation amounting to 100 (March 31, 2018 90 ) on assets used for Research & Development. During the year,
The Company incurred 50 (March 31, 2018 167) towards capital expenditure for Research & Development (Refer Note 28).
b. Refer note 40 for information on property, plant and equipment pledged as security by the Company.
c. Refer note 32 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
Management Reports

113
5. OTHER INTANGIBLE ASSETS
Computer Product Total

Software Development
As at beginning of April 01, 2017 88 10 98
Additions 17 - 17
As at March 31, 2018 105 10 115
Additions 15 - 15
As at March 31, 2019 120 10 130
Accumulated amortisation
Amortisation charge during the year 18 2 20
As at March 31, 2018 38 6 44
As at March 31, 2019 56 8 64
Net Carrying Amount
As at March 31, 2018 67 4 71
As at March 31, 2019 64 2 66
6. INTANGIBLE ASSETS UNDER DEVELOPMENT
Total
As at beginning of April 01, 2017 190
Additions 49
Disposal (31)
As at March 31, 2018 208
Additions 76
As at March 31, 2019 284
The value-in-use of intangible assets under development is higher than the carrying amount.
7. FINANCIAL ASSETS
7(a) NON-CURRENT INVESTMENTS
As at As at
March 31, 2019 March 31, 2018
Investment in equity instruments (fully paid up)
Unquoted shares
Investment in equity instruments of wholly-owned subsidiary companies at Cost
a) PILL Finance & Investment Limited 4 4
3,60,000 (March 31, 2018 : 3,60,000) Equity Shares of 10 each fully paid
b) PI Life Science Research Limited 104 9
14,97,325 (March 31, 2018 : 9,45,000) Equity Shares of 10 each fully paid
c) PI Japan Company Limited 2 2
100 (March 31, 2018 : 100) Equity Shares of 18,600 each fully paid - (JPY 50,000 each)
TOTAL 110 15
Aggregate amount of un-quoted investments 110 15
Aggregate amount of impairment in the value of investments - -

7(b) CURRENT INVESTMENTS
As at As at
March 31, 2019 March 31, 2018
Investment in mutual funds at FVTPL
Quoted -
a) Reliance Liquid Fund-Treasury Plan-Growth Plan-Growth Option 325
Nil (March 31, 2018 : 77,036.308 ) Units -
b) SBI Premier Liquid Fund-Regular Plan-Growth 312
Nil (March 31, 2018 : 1,14,726.879 ) Units -
c) ICICI Prudential Liquid Plan-Growth 326
Nil (March 31, 2018 : 12,70,018.482) Units -
d) HDFC Liquid Fund-Regular Plan-Growth 321
Nil (March 31, 2018 : 94,323.052) Units -
e) Aditya Birla Sun Life Cash Plus-Growth-Direct Plan 311
Nil (March 31, 2018 : 1,113,090.088) Units
f) Reliance Liquid Fund - Direct Plan Growth Plan - Growth Option 220 -
48,256 (March 31, 2018 : Nil) Units
g) Aditya Birla Sun Life Liquid Fund-Growth-Direct Plan 196 -
6,53,069 (March 31, 2018 : Nil) Units
h) HDFC Liquid Fund-Regular Plan-Growth 257 -
70,151 (March 31, 2018 : Nil) Units
i) SBI Liquid Fund Direct Growth 446 -
1,52,342 (March 31, 2018 : Nil) Units
Quoted TOTAL 1,119 1,595
Aggregate amount of quoted investments and market value thereof 1,119 1,595
7(c)
LOANS
Non- Current Current

As at As at As at As at
March 31, 2019 March 31, 2018 March 31, 2019 March 31, 2018
Unsecured, considered good unless stated
otherwise
Security deposits* 39 38 7 3
Loans and advances to related parties 58 36 49 42
(Refer Note 35)
Other loans and advances
Employee advances
Considered good - - 5 3
Doubtful - - 2 1
Less: Allowance for doubtful employee - - (2) (1)
advances
Other miscellaneous advances - - 48 30
TOTAL 97 74 109 78
* Includes 0 (March 31, 2018 0) rent deposit to PILL Finance & Investment Limited.

7(d) TRADE RECEIVABLES
As at As at
March 31, 2019 March 31, 2018
Trade receivables 6,939 5,455
Receivables from related parties (Refer note 35) - 6
Less: Allowance for doubtful debts (321) (193)
TOTAL 6,618 5,268
Current portion 6,618 5,268
Non-current portion - -
Break up of security details
Trade receivables considered good- Secured - -
Trade receivables considered good- Unsecured 6,939 5,461
Trade receivables which have significant increase in credit risk - -
Trade receivables- credit impaired - -
6,939 5,461
TOTAL 6,618 5,268
Refer note 40 for information on trade receivables pledged as security by the Company.
7(e) CASH AND CASH EQUIVALENTS
As at As at
March 31, 2019 March 31, 2018
(i) Cash & Cash Equivalents
Balance with banks
In Current Accounts 65 131
In EEFC account 60 11
Cash on hand 1 1
Deposits with maturity of less than 3 months* 461 1,009
TOTAL 587 1,152
* Includes deposits amounting to ` Nil (March 31, 2018 : ` 207) held as margin money.
7(f) BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
As at As at
March 31, 2019 March 31, 2018
In deposit accounts held as margin money 31 46
Fixed deposits with bank 206 -
In unclaimed dividend accounts * 7 6
TOTAL 244 52
* Not available for use by the Company as they represent corresponding unclaimed dividend liabilities.
7(g) OTHERS FINANCIAL ASSETS

Considered good unless stated otherwise
Interest and other charges recoverable from
customers
-Considered good - - 94 88
-Doubtful - - 121 80
Less: Allowance for doubtful debts - - (121) (80)
Deposits lodged with Excise & Sales Tax 28 27 - -
department
Deposit accounts held as margin money 0 5 5 0
Derivative financial instruments - foreign 90 10 120 102
exchange forward contracts
TOTAL 118 42 219 190

7(h) CONTRACT ASSETS
Non-Current Current
As at As at
March 31, 2019 March 31, 2019
Contract assets - 520
TOTAL - 520
- Assets recognized from costs to fulfil a contract
There is no asset recognized from costs to obtain or fulfil a contract with a customer.
Revenue recognised that was included in the contract liability balance at the beginning of the period was 116
8. INVENTORIES
As at As at
March 31, 2019 March 31, 2018
Raw materials {includes stock-in-transit 1,048 (March 31, 2018 : 553)} 3,504 2,080
Work in progress 595 369
Finished goods *{includes stock-in-transit 183 (March 31, 2018 : 629)} 735 1,710
Stock in trade *{includes stock-in-transit Nil (March 31, 2018 : 22)} 292 150
Stores & spares {includes stock-in-transit 6 (March 31, 2018 : 6)} 231 211
TOTAL 5,357 4,520
* The cost of inventories recognised as an expense on account of provision of obsolete/ slow and non moving inventories
amounts to 68 (March 31, 2018: 49)
9. OTHERS FINANCIAL ASSETS

Capital advances
Considered good 383 325 - -
Doubtful 1 1 - -
Less: Allowance for doubtful advances (1) (1) - -
Advances to vendors
Doubtful - - 11 10
Less: Allowance for doubtful advances - - (11) (10)
Balance with Central Excise Authorities, Customs etc. - - 93 181
Prepayments 11 10 58 104
Other statutory advances 0 0 657 526
Export incentive receivables - - 559 427
Right to recover returned goods (Refer note 41) - - 107 -
Other miscellaneous advances* 60 55 - -
TOTAL 454 390 2,101 1,664
* Other miscellaneous advances includes amount of ` 55 (March 31, 2018 : ` 50) deposited Sale Tax Authorities under protest.
10. CURRENT TAX ASSETS
As at As at
March 31, 2019 March 31, 2018
Advance income tax (Net of provision for income tax 7,229 {March 31, 2018 5,963}) - 2
TOTAL - 2

11. EQUITY SHARE CAPITAL
As at As at
March 31, 2019 March 31, 2018
Authorised Shares
22,30,00,000 (March 31, 2018 : 22,30,00,000) Equity Shares of `1 each 223 223
(March 31, 2018 : ` 1 each)
50,00,000 (March 31, 2018 : 50,00,000) Preference Shares of `100 each 500 500
(March 31, 2018 : ` 100 each)
723 723
Issued Shares
(March 31, 2018 : ` 1 each)
138 138
Subscribed & Fully Paid up Shares
(March 31, 2018 : ` 1 each)
Total subscribed and fully paid up share capital 138 138
a. The difference between the issued and subscribed capital is on account of less number of shares allotted in right issue in
earlier years.
b. Terms/ rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of 1 per share (March 31, 2018 1 per share). Each
holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting except interim dividend. In the event of liquidation,
the Equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential
amounts, in proportion to their shareholding.
c. Issue of Shares under employee stock option (ESOP) Scheme
During the year ended March 31, 2019, the Company has issued 1,23,333 equity shares of 1 each (March 31, 2018: 3,20,694
equity shares of 1 each), as per exercise price to PII ESOP Trust, set up to administer Employee Stock Option Plan. Out of
total equity shares issued to the Trust 1,63,691 equity shares of face value of 1 each (March 31, 2018 2,33,496 equity shares
of face value of 1 each) have been allocated by the Trust to respective employees upon exercise of Stock Option from
time to time. As on March 31, 2019: 2,31,200 equity shares of face value of 1 per share (March 31, 2018: 2,66,748 of face
value of 1 each) are pending to be allocated to employees upon exercise of Stock Option. (Refer Note 31)
d. Reconciliation of shares outstanding at the beginning and at the end of the reporting period
Issued share capital
Equity Shares
Name of Shareholders Equity Share (No. of Shares) Value of Equity Shares

2018-19 2017-18 2018-19 2017-18
Share outstanding at beginning of period 138,083,893 137,763,199 138 138
Shares issued under employee stock option 123,333 320,694 0 0
scheme
Share outstanding at end of period 138,207,226 138,083,893 138 138
Equity Shares
Name of Shareholders Equity Share (No. of Shares) Value of Equity Shares

2018-19 2017-18 2018-19 2017-18
plan

e. Shares reserved for issue under option
Shares reserved for issue under employee stock option scheme is set out in Note 31
f. Details of shareholders holding more than 5% shares in the Company
Equity Shares
Name of Shareholders 2018-19 2017-18

No of Shares % of Holding No of Shares % of Holding
Mr. Salil Singhal 8,554,857 6.20 8,554,857 6.20
Ms. Madhu Singhal 21,560,500 15.62 21,560,500 15.63
Mr. Mayank Singhal 32,028,510 23.20 32,028,510 23.22
Ms. Pooja Singhal 8,665,550 6.28 8,665,550 6.28
ICICI Prudential Value Discovery Fund 6,073,466 4.40 7,345,756 5.33
12. OTHER EQUITY
Reserves & surplus As at As at

March 31, 2019 March 31, 2018
a. Capital reserve
Balance at the beginning of the financial year 15 15
Addition during the financial year - 15 - 15
Capital Reserve pertains to amount transferred from capital redemption
reserve which was created for redemption of preference share.
b. Securities premium reserve
Balance at the beginning of the financial year 2,053 1,909
Add: Premium on issue of equity shares through ESOP 116 2,169 144 2,053
Securities premium reserve is used to record the premium on issue of shares.
The reserve is utilised in accordance with the provisions of the Act.
c. Share option outstanding account
Less: Expense on employee stock option scheme 13 17
Less: Shares issued under employee stock option scheme (42) 73 (56) 102
The share options outstanding account is used to recognise the liability
arising out of options issued to employees under Employee stock option
scheme until the shares are issued (Refer Note 31).
d. General reserve
Add: Transferred during the financial year - 1,857 - 1,857
e. Surplus in statement of profit & loss
Addition during the financial year 4,077 3,666
Add: Change in accounting policy- Adjustment of Ind AS 115 (Refer note 41) 216 -
Add: Remeasurement gain / (loss) on defined benefit plans through OCI (1) 11
Less: Interim dividend (345) (206)
Less: Final dividend (345) (344)
Less: Dividend distribution tax on equity shares (142) 18,368 (112) 14,908
Items of other comprehensive income

f. Cash flow hedge reserve
Add: Other comprehensive income for the financial year 78 127 (86) 49
The company uses hedging instruments as part of its management of
foreign currency risk associated with its highly probable forecast sale. For
hedging foreign currency risk, the company uses foreign currency forward
contracts which is designated as cash flow hedges. To the extent these
hedges are effective; the change in fair value of the hedging instrument
is recognised in the cash flow hedging reserve. Amounts recognised in the
cash flow hedging reserve is reclassified to profit or loss when the hedged
item (sales) affects profit or loss.
Total 22,609 18,984

13. DISTRIBUTION MADE AND PROPOSED
As at As at
March 31, 2019 March 31, 2018
A Dividends declared and paid:
Final dividend (March 31, 2019 pertains to financial year 2017-18 and March 31, 345 344
2018 pertians to financial year 2016-17)
Interim dividend (March 31, 2019 pertains to financial year 2018-19 and March 31, 345 206
2018 pertians to financial year 2017-18)
Total dividends 690 550
The Company has paid tax on dividend amounting to 142 (March 31, 2018 112)
B Dividends not recognised at the end of the reporting period
In addition to the above dividends, subsequent to the year end the Board of 207 345
Directors have recommended a final dividend of
1.50 per fully paid equity share (March 31, 2018 2.50).
Tax on dividend 42 70
This proposed dividend is subject to the approval of shareholders in the ensuing
annual general meeting.
14. FINANCIAL LIABILITIES
14(a) BORROWINGS (NON-CURRENT)

maturities maturities
March March March March
31, 2019 31, 2018 31, 2019 31, 2018
Secured
Term Loans - From Banks and Financial Institutions
Foreign Currency Loans from Banks 99 463 395 373
Less: Interest accrued but not due on borrowings (included in Note 14(c)) - - 2 2
TOTAL 99 463 393 371
a. Foreign currency loans includes:
External commercial borrowings (ECB) from HSBC bank amounting to USD 7 Mn carrying interest rate of 3 months LIBOR plus
1.42% is outstanding as on March 31, 2019 and is repayable in balance 5 quarterly instalments of USD 1 Mn each. The loan is
secured by exclusive charge on movable plant and machinery relating to multi purpose plant (MPP) - 6 &7 of the Company
situated at SPM 28, Jambusar (Gujarat). Carrying value of assets pledged as securities is 1,805. Refer note 40.
b. As on the Balance sheet date there is no default in repayment of loans and interest.
c. Changes in liabilities arising from financing activities
As at As at
March 31, 2019 March 31, 2018
This section sets out changes in liabilities arising from financing activities pursuant to
requirements under Ind AS 7
Current portion of long term financial borrowings (393) (371)
Non-current portion of long term financial borrowings (99) (463)
Interest accrued but not due on borrowings (2) (2)
TOTAL (494) (836)

As at
March 31, 2019
Balance as at March 31, 2018 (836)
Foreign exchange adjustments (56)
Interest expense (29)
Interest paid 30
Amortisation of Prepaid Processing Charges on Term Loan (2)
Re-payments 399
14(b) TRADE PAYABLES
As at As at
March 31, 2019 March 31, 2018
Trade payables
-Due to micro and small enterprises (Refer Note 36) 48 47
-Other trade payables* 5,093 3,656
TOTAL 5,141 3,703
* Other trade payable includes amount due to related parties amounting to 14 (March 31, 2018 20)
14(c) OTHER FINANCIAL LIABILITIES

31, 2019 31, 2018 31, 2019 31, 2018
Employee payables * - - 523 485
Security deposits from dealers 189 181 - -
Security deposits from contractors 1 2 3 3
Current maturities of long-term borrowings (Refer Note 14 (a)) - - 393 371
Interest accrued but not due on borrowings - - 2 2
Unclaimed dividends - - 7 6
Creditors for capital purchases - - 371 239
Other payable ** - - 1,115 1,034
TOTAL 190 183 2,414 2,140
* This includes due to directors amounting to ` 93 (March 31, 2018 ` 68)
** This includes due to non-executive/ independent directors amounting to ` 17 (March 31, 2018 : ` 12)
15. PROVISIONS

31, 2019 31, 2018 31, 2019 31, 2018
Provision for employee benefits*
Long term compensated absences 111 97 8 6
Gratuity 178 136 - -
289 233 8 6
Provisions for legal claims - - 118 101
- - 118 101
TOTAL 289 233 126 107

(i) Information about provisions for legal claims
(a) An objection was raised by the custom department on classification of one of the imported raw materials resulting in
demand of differential custom duty. The Company filed an appeal against the order and is clearing the goods after
furnishing of bank guarantee for differential duty against each import of such raw material. As on March 31, 2019 total
differential custom duty demand is 114 (March 31, 2018: 97). Case is pending before Assistant Commissioner of Customs,
Mumbai.
(b) Government of Rajasthan issued a notification resulting into an excise liability of 4 (March 31, 2018: 4). The Company
has filed writ against the notification and has furnished fixed deposit against the said liability. The case is pending before
Honourable Rajasthan High Court.
(ii) Movement in other provisions
Legal claims
As at 1 April 2017 82
Provisions made during the year 19
As at 31 March 2018 101
As at March 31, 2019 118
16. DEFERRED TAX (ASSETS) / LIABILITIES
The balance comprises temporary differences attributable to: As at As at

March 31, 2019 March 31, 2018
Deferred tax liabilities
Property, plant and equipment 1,093 1,032
Intangible assets 14 16
Other comprehensive income items
- Remeasurements on defined benefit plans (17) (16)
- Effective portion on cash flow hedges 58 16
A 1,148 1,048
Deferred tax assets
Provision for employee benefits (42) (89)
Other provisions (17) (11)
Other financial liabilities (8) (5)
Trade receivables (155) (67)
Other financial assets - (28)
Others (5) (4)
Minimum alternate tax (MAT) credit entitlement (1,048) (1,096)
B (1,275) (1,300)
Net deferred tax (assets)/ liabilities TOTAL (127) (252)

Movement in deferred tax: As at March Recognized Recognized Other As at March

31, 2018 in P&L in OCI Adjustments* 31, 2019
Property, plant and equipment 1,032 61 - - 1,093
Intangible assets 16 (2) - - 14
- Remeasurements on defined benefit plans (16) - (1) - (17)
- Effective portion on cash flow hedges 16 - 42 - 58
Sub- Total (a) 1,048 59 41 - 1,148
Deferred tax assets
Provision for employee benefits 89 (47) - - 42
Other provisions 11 6 - 17
Other financial liabilities 5 3 - - 8
Trade receivables 67 88 - - 155
Other financial assets 28 (28) - - -
Others 4 1 - - 5
Minimum alternate tax (MAT) credit entitlement 1,096 (64) - 16 1,048
Sub- Total (b) 1,300 (41) - 16 1,275
Net deferred tax liability (a)-(b) (252) 100 41 (16) (127)
* Actualisation of MAT credit utilization for the FY 2017-18 on the basis of tax return filed.
Movement in deferred tax: As at March Recognized Recognized Other As at March

31, 2017 in P&L in OCI Adjustments* 31, 2018
Property, plant and equipment 945 87 - - 1,032
Intangible assets 14 2 - - 16
Other comprehensive income items -
- Remeasurements on defined benefit plans (22) - 6 - (16)
- Effective portion on cash flow hedges 61 - (45) - 16
Sub- Total (a) 998 89 (39) - 1,048
Deferred tax assets
Provision for employee benefits 58 31 - - 89
Other provisions - 11 - - 11
Other financial liabilities 13 (8) - - 5
Other financial assets 23 5 - - 28
Others 1 3 - - 4
Minimum alternate tax (MAT) credit entitlement 1,032 56 - 8 1,096
Sub- Total (b) 1,178 114 - 8 1,300
Net deferred tax liability (a)-(b) (180) (25) (39) (8) (252)
* Actualisation of MAT credit entitlement for the FY 2016-17 on the basis of tax return filed.

17. OTHER LIABILITIES

31, 2019 31, 2018 31, 2019 31, 2018
Advance from customers - - 125 116
Refund/ Return liabilities * - - 208 -
Statutory dues payable - - 102 83
TOTAL - - 435 199
The Company has a customary practice of accepting return and accordingly, the Company has recognised a refund liability
for the amount of consideration received for which the Company does not expect to be entitled amounting to 208 (March 31,
2018: Nil). The Company has also recognised a right to recover the returned goods 107 (March 31, 2018: Nil); see note 41. The
costs to recover the products are not material because the customers usually return the product in a saleable condition.
18. CURRENT TAX LIABILITIES
As at As at
March 31, 2019 March 31, 2018
Provision for Income Tax (Net of Advance Income Tax 7,223 {March 31, 2018 5,965}) 6 -
TOTAL 6 -
19. REVENUE FROM OPERATIONS
Year ended Year ended

March 31, 2019 March 31, 2018
Revenue from operations includes
a. Sale of products (including excise duty) 27,918 22,747
b. Sale of services; 2 15
c. Other operating revenues:
Scrap sales 18 14
Export incentives 471 311
Revenue From Operations (Net) 28,409 23,087
Goods and Service Tax (GST) has been effective from July 01, 2017. Consequently, excise duty, value added tax (VAT), Service
tax etc. have been replaced with GST. Until June 30, 2017, ‘Sale of products’ included the amount of excise duty recovered on
sales. With effect from July 01, 2017, ‘Sale of products’ excludes the amount of GST recovered. Accordingly, revenue from ‘Sale
of Products’ and ‘Revenue from operations’ for the year ended March 31, 2019 are not comparable with those of the previous
year.
See note 41 for details about restatements for change in accounting policies consequent to adoption of IND AS 115.
Reconciliation of revenue recognised with the contract price: Year ended

March 31, 2019
Contract Price 29,886
Adjustments for:
Refund liabilities (208)
Discount/Incentives (1,760)
Revenue from Operations 27,918

Critical judgements in recognising revenue :
The Company has recognised Provision for discounts and sales returns amounting to ` 474 from sale of products to various
customers during the year ended March 31, 2019. The provision has been determined by the management based on the current
and expected operating environment, sales returns variability, expected achievement of targets against various ongoing
schemes floated.
20. OTHER INCOME
The balance comprises temporary differences attributable to: Year ended Year ended
March 31, 2019 March 31, 2018
Interest Income from financial assets at amortised cost 193 262
Unwinding of discount on security deposits 10 2
Net gain on investments
'-Realized Gain 198 8
'-Unrealized Gain/ (Loss) (89) 71
Net foreign exchange differences * 240 235
Miscellaneous Income 48 22
TOTAL 600 600
* Net of amount of loss 55 (March 31, 2018 2) which has been transferred to Capital work in progress during the year.
21. CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND STOCK IN TRADE
Year ended March Year ended March

31, 2019 31, 2018
Closing balance
Finished Goods 735 1,710
Stock in trade 292 150
Work in Progress 595 369
Right to recover returned goods (Refer note 41) 107 1,729 - 2,229
Opening balance
Finished Goods 1,710 1,355
Work in Progress 369 2,229 761 2,306
TOTAL 500 77
22. EMPLOYEE BENEFIT EXPENSE

March 31, 2019 March 31, 2018
Salaries, wages and bonus 2,353 2,110
Contribution to provident & other funds 95 84
Gratuity (Refer Note 30) 38 90
Long term compensated absences 25 13
Employees Welfare Expenses 101 86
Expense on Employee Stock Option Scheme (Refer Note 31) 13 17
TOTAL* 2,625 2,400
* Net of amount of 169 (March 31, 2018 94) which has been transferred to Capital work in progress during the year.

23. OTHER EXPENSES

March 31, 2019 March 31, 2018
Power, fuel & water 912 751
Consumption of stores & spares 251 212
Repairs & maintenance
- Buildings 60 53
- Plant and machinery 216 154
- Others 129 103
Environment & pollution control expenses 454 350
Laboratory & testing charges 253 224
Freight & cartage 406 321
Advertisement & sales promotion 370 367
Travelling and conveyance # 427 378
Rental charges {Refer note 32(c)} 156 150
Rates and taxes 44 37
Insurance 42 44
Donation 59 34
Loss on Sale/Retirement of property, plant and equipment (Net) 13 5
Payment to auditors {Refer note 23 (a) below} 5 5
Telephone and communication charges 44 44
Provision for bad and doubtful debts & advances 179 69
Director sitting fees and commission 19 15
Legal & professional fees 194 172
Bank charges 21 20
Corporate social responsibility expenditure {Refer note 24 below} 93 86
Miscellaneous expenses 204 166
TOTAL 4,551 3,760
a. Auditors’ Remuneration

March 31, 2019 March 31, 2018
-Audit fees 3 3
- Limited review fees 1 1
-Certificates & other matters 1 0
-Reimbursement of expenses 0 1
TOTAL 5 5
* Net of amount of 55 (March 31, 2018 2) which has been transferred to Capital work in progress during the year.
# Includes lease rental for vehicles on operating lease amounting to 104 (March 31, 2018 93). Refer note 32 (c).
24. CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

March 31, 2019 March 31, 2018
Contribution to PI Foundation Trust for CSR activities 93 86
Amount required to be spent by the Company during the year as 93 86
per Section 135 of the Act
Amount spent during the year on :
(i) Construction/acquisition of an asset - -
(ii) On purpose other than (i) above 93 86

25. DEPRECIATION AND AMORTIZATION EXPENSES

March 31, 2019 March 31, 2018
Depreciation of Property, Plant and Equipment (Refer Note 4) 906 806
Amortization of Intangible Assets (Refer Note 5) 20 20
TOTAL 926 826
26. FINANCE COST

March 31, 2019 March 31, 2018
Interest on financial liabilities measured at amortised cost 56 56
Other borrowing costs 3 3
TOTAL 59 59
27. INCOME TAX EXPENSE
a. Income tax expense recognized in Profit and Loss

March 31, 2019 March 31, 2018
Current tax expense
Current tax on profits for the year 1,185 1,003
Adjustment of current tax for prior year periods (16) (8)
Total Current tax expense 1,169 995
Deferred tax expense
(Decrease) / Increase in Deferred tax liability 59 89
Decrease / (Increase) in Deferred tax assets 41 (114)
Net Deferred tax expense 100 (25)
Total Income tax expense 1,269 970
b. Income tax related to items recognised in Other comprehensive income during the year

March 31, 2019 March 31, 2018
Remeasurement of defined benefit plans (1) 6
Effective portion on cash flow hedges 42 (45)
Income tax charged to Other comprehensive income 41 (39)
c. Reconciliation of tax expense and the accounting profit multiplied by India’s tax rate

March 31, 2019 March 31, 2018
Accounting profit before tax 5,346 4,636
Tax at India's statutory income tax rate @ 34.944% (March 31, 2018: 34.608%) 1,868 1,604
Adjustment in respect of current income tax of previous years (16) (8)
Adjustment in respect of interest under 234A/B/C of Income Tax Act - 1
Effect of concessions (expenditure on research and development) (121) (121)
Effect of income that is exempt from taxation (operations in tax free zone) (486) (512)
Effect of change in tax rate 8 -
Effect of amounts which are not deductible in calculating taxable income 16 6
Income Tax Expense 1,269 970
The Company recognised current tax amounts directly in retained earnings as a result of the changes in accounting policies.
Refer note 41.

28. RESEARCH & DEVELOPMENT EXPENSES
Details of Expenditure on Research & Development Facilities/ division of the Company recognised by Department of Scientific &
Industrial Research
a. Revenue Expenditure

March 31, 2019 March 31, 2018
Other Income 0 2
TOTAL 0 2
Employee Benefit Expenses
Salaries, Wages & Bonus 290 231
Contributions to Provident & other funds 20 16
Employee Welfare Expenses 7 7
317 254
Raw & Packing Materials Consumed 109 98
Other Expenses
Laboratory & testing Material 58 56
Power, Fuel & Water 40 42
Testing &analysis 13 5
Travelling & conveyance 17 13
Rates and taxes 0 0
Printing & Stationery 0 0
Bank Charges 0 0
Miscellaneous Expenses 36 34
262 214
Depreciation
Depreciation 100 90
TOTAL 788 656
Total Expenditure 788 654
b. Capital Expenditure
Description Year ended Year ended

March 31, 2019 March 31, 2018
Buildings 0 26
Equipments & Others 50 141
TOTAL 50 167
29. EARNING PER SHARE (EPS)

March 31, 2019 March 31, 2018
a. Net Profit for Basic and Diluted EPS 4,077 3,666
b. Number of Equity Shares at the beginning of the year 137,907,318 137,586,624
Add: Issue of Shares under ESOP 123,333 320,694
Total Number of Shares outstanding at the end of the Period 138,030,651 137,907,318
Weighted Average number of Equity Shares outstanding during the period - Basic 137,947,190 137,705,237
Add: Weighted Average number of Equity Shares arising out of grant of Employee 91,382 374,621
Stock option
Weighted Average number of Equity Shares outstanding during the year - Diluted 138,038,572 138,079,858
Earning Per Share - Basic ( ) 29.56 26.62
Earning per share - Diluted ( ) 29.54 26.55
Face value per share ( ) 1.00 1.00

30. EMPLOYEE BENEFITS
The Company participates in defined contribution and benefit schemes, the assets of which are held (where funded) in
separately administered funds. For defined contribution schemes the amount charged to the statements of profit or loss is the
total of contributions payable in the year.
Provident fund
In accordance with the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF and MP Act), employees are
entitled to receive benefits under the Provident Fund. Employers and employees both contribute @12% of wages in contribution
accounts. Further, the employers also contribute towards administration of the benefits under the EPF and MP Act. All employees
have an option to make additional voluntary contributions as permissible under the Act. These contributions are made to the
fund administered and managed by the Employee Provident Fund organization. The Company has no further obligations under
the fund managed by the Employee Provident Fund Organization (EPFO) beyond its monthly contributions which are charged
to the statements of profit or loss in the period they are incurred. The benefits are paid to employees on their retirement or
resignation from the EPFO.
Gratuity Plan
In accordance with the Payment of Gratuity Act of 1972, PI Industries Limited has established a defined benefit plan (the “Gratuity
Plan”). The Gratuity Plan provides a lump sum payment to the employees at the time of retirement or resignation (after 5 years
of continued services of employment), being an amount based on the respective employee’s last drawn salary and the number
of years of employment with the Company. Based on actuarial valuations conducted as at year end, a provision is recognised
in full for the benefit obligation over and above the funds held in the Gratuity Plan. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in other comprehensive income.
Long term compensated absences
The liabilities for compensated absence namely earned and sick leave are not expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service. They are therefore measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. Remeasurements as a result of experience adjustments and changes in actuarial
assumptions are recognised in profit and loss.
a. Defined Contribution Plans:-
The Company has recognised an expense of 95 (Previous Year 84) towards the defined contribution plan.
b. Defined benefits plans - as per actuarial valuation
I. Change in present value of obligation during the year

March 31, 2019 March 31, 2018
Present value of obligation at the beginning of the year 223 161
Total amount included in profit and loss *:
- Current Service Cost 32 24
- Interest Cost 17 12
- Past Service Cost - 57
Total amount included in OCI:
Remeasurement related to gratuity:
Actuarial losses/(gains) arising from:
- Demographic Assumption 0 0
- Financial assumption 1 (4)
- Experience Judgement 2 (13)
Others
Benefits Paid (16) (14)
Present Value of obligation as at year-end 259 223
* Includes expenses reclassified to capital work in progress 4 (March 31, 2018 2 )

II. Change in Fair Value of Plan Assets during the year

March 31, 2019 March 31, 2018
Plan assets at the beginning of the year 88 30
Included in profit and loss:
Expected return on plan assets 7 2
Included in OCI:
Actuarial Gain/(Loss) on plan assets 2 (0)
Others:
Employer's contribution - 70
Benefits paid - (14)
Claim received during the year from fund manager (3) -
Pending claim with fund manager (13) -
Plan assets at the end of the year 81 87
The plan assets are managed by the Gratuity Trust formed by the Company. The management of 100% of the funds is entrusted
with the Life Insurance Corporation of India, HDFC Standard Life Insurance Company Ltd. and Kotak Mahindra Old Mutual Life
Insurance Ltd., whose pattern of investment is not available with the Company.
III. Reconciliation of Present value of Defined Benefit Obligation and Fair Value of Plan Assets

March 31, 2019 March 31, 2018
Gratuity Fund Gratuity Fund
1. Present Value of obligation as at year-end 259 223
2. Fair value of plan assets at year -end 81 88
3. Funded status {Surplus/(Deficit)} (178) (136)
Net Asset/(Liability) (178) (136)
IV. Bifurcation of PBO at the end of the year

March 31, 2019 March 31, 2018
1. Current Liability - -
2. Non-Current Liability 178 136
V. Actuarial Assumptions

March 31, 2019 March 31, 2018
1. Discount Rate 7.65% 7.71%

2. Expected rate of return on plan assets 7.50% 7.50%
3. Mortality Table IALM (2006-08) IALM (2006-08)
4. Salary Escalation 7.00% 7.00%
VI. The expected contribution for Defined Benefit Plan for the next financial year will be ` 53
VII. Sensitivity Analysis
Gratuity Year ended Year ended

March 31, 2019 March 31, 2018
Increase Increase
Discount rate (0.50 % movement) (11) (10)
Future salary growth (0.50 % movement) 12 10

VIII. Maturity Profile of Defined Benefit Obligation

March 31, 2019 March 31, 2018
Within the next 12 months 14 12
Between 2-5 years 41 42
Beyond 5 years 204 169
IX. Description of Risk Exposures:
Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such company is exposed to
various risks as follow -
A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate assumption in future
valuations will also increase the liability.
B) Investment Risk – If Plan is funded then the mismatch between assets and liabilities and actual return on assets being lower
than the discount rate assumed at the last valuation date can impact the liability.
C) Discount Rate : Reduction in discount rate in subsequent valuations can increase the plan’s liability.
D) Mortality & disability – Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact
the liabilities.
E) Withdrawals – Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at
subsequent valuations can impact Plan’s liability.
C) Long term compensated absences
The provision for long term compensated absences covers the Company’s liability for earned and sick leave, the amount of
provision recognised is 119 (March 31, 2018 103).
31 SHARE BASED PAYMENTS
Employee Stock Option Plan
The Company provides share-based payment schemes to its employees. The relevant details of the scheme are as follows:
In December 2010, the Board of Directors approved the PII ESOP 2010 Scheme in order to reward the employees for their
past association and performance as well as to motivate them to contribute to the growth and profitability of the Company
(including subsidiary companies) with an intent to attract and retain talent in the organization. The aforesaid scheme was duly
approved by shareholders in its EGM held on January 21, 2011 and is administered through independent trust. The Compensation
Committee of the Board has granted following options under PII ESOP 2010 Scheme to certain category of employees as per
criteria laid down by Compensation Committee of the Board.
Key terms of the scheme

Date of Shareholder’s Approval 21-Jan-11
Total Number of Options approved 62,62,090
Vesting Requirements Options shall vest after a lock in period of one year from the date of grant. Option
shall vest in four years as per the Group’s ESOP plan. (Refer vesting schedule below)
The Pricing Formula 10% discount to market price on National Stock Exchange a day prior to date of grant
Maximum term of Options granted (years) 10 years
Method of Settlement Shares
Source of shares Primary-Fresh equity allotment by Group to the Trust
Variation in terms of ESOP Nil
Vesting schedule Under the plan, participants are granted options which vests at 15%, 25%, 30%, 30%
respectively each year over a period of 4 years or as defined in Grant letter.
Exercisable period Once vested, the options remain excisable for a period of six years
Vesting condition Vesting shall be computed through performance evaluation method based on
conditions pre-communicated to employees.

I. Option Movement during the year ended Mar 2019
Particulars March 31, 2019 March 31, 2018

No. of Wt. avg No. of Wt. avg
Options exercise Options exercise
Price (in ) Price (in )
No. of Options Outstanding at the beginning of 6,87,924 492.55 13,60,078 447.36
the year
Options Granted during the year - NA - NA
Options Forfeited / Surrendered during the year 84,882 581.35 4,38,658 510.91
Total number of shares arising as a result of 1,63,691 177.59 2,33,496 194.84
exercise of options
Money realised by exercise of options ( lacs) 29 NA 45 NA
Number of options Outstanding at the end of the 4,39,351 592.87 6,87,924 492.55
year
Number of Options exercisable at the end of the 2,31,200 499.46 2,66,748 255.81
year
II. Weighted Average remaining contractual life
Range of Exercise Price March 31, 2019 March 31, 2018

No. of Options Weighted No. of Options Weighted
Outstanding average Outstanding average
contractual life contractual life
(years) (years)
25 to 75 - NA 72,454 1.66
75 to 150 54,716 4.11 108,893 5.22
150 to 450 45,958 5.34 91,839 6.21
450 to 750 3,38,677 5.55 414,738 6.62
III. Weighted average Fair Value of Options granted during the year
March 31, 2019 March 31, 2018

Exercise price is less than market price (in )* NA NA
IV. The weighted average market price of options exercised during the year ended March 31, 2019 is ` 84 (March 31, 2018 is ` 88 )
V. Method and Assumptions used to estimate the fair value of options granted during the year ended:
March 31, 2019 March 31, 2018

Variables Weighted Weighted
Average * Average
1. Risk Free Interest Rate NA NA
2. Expected Life(in years) NA NA
3. Expected Volatility NA NA
4. Dividend Yield NA NA
5. Exercise Price (in `) NA NA
6. Price of the underlying share in market at the time of the option grant.(in `) NA NA

VI. Particulars March 31, 2019 March 31, 2018

Employee Option plan expense 13 17
Total liability at the end of the period 73 102
32. CAPITAL & OTHER COMMITMENT
March 31, 2019 March 31, 2018

a. Estimated Amount of Contracts remaining to be executed on capital account and 1,461 162
not provided for {Net of advances ` 385 (March 31, 2018 : ` 326 )}
b. Export Commitment 5,202 3,404
c. Leases
Operating lease commitments - As lessee
Total of future minimum lease payments under non-cancellable operating leases for each of the following periods:
March 31, 2019 March 31, 2018

- Payable within one year 156 147
-Later than one year and not later than five years 172 185
-Later than five years 0 -
-Lease payments recognised in Statement of Profit and Loss (Refer note 23) 260 243
Finance lease commitments - As lessee
The Company has entered into finance leasees for land in Panoli and Jambusar (Gujarat). Future minimum lease payments
under finance leases for all the land is absolute ` 2, 20, 010 per annum. For land in Panoli, the Company has a renewal option for
further 2 periods with 100% increase in lease rentals and for land in Jambusar, the Company has a renewal option upon expiry
as may be agreed between the parties or as may be determined by Development Committee from time to time. The amount
of minimum lease payments and their present value is not material.
Amount "0" represents amount below rounding off norms
33. CONTINGENT LIABILITIES
March 31, 2019 March 31, 2018

a. Claims against the company not acknowledged as debt;*
- Sales Tax including Goods and Service Tax 48 49
- Excise Duty 21 26
- Income Tax 78 78
- ESI 1 1
- Other matters, including claims relating to customers, labor and third parties etc. 35 27
b. Guarantees excluding financial guarantees;
- Performance Bank Guarantees 259 212
c. Other money for which the Company is contingently liable
- Letter of Credit 1,427 984
* Pending resolution of the respective proceedings, it is not practicable for the Company to estimate the timings of the cash
outflows, if any, in respect of the above as it is determinable only on receipt of the judgements/ decisions pending with
various forums / authorities.
The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions
are required and disclosed as contingent liabilities where applicable, in its financial statements. The Company does not
expect the outcome of these proceedings to have a materially adverse effect on its financial position.

The Company is in the process of evaluating the impact of the recent Supreme Court Judgment in case of "Vivekananda
Vidyamandir And Others Vs The Regional Provident Fund Commissioner (II) West Bengal" and the related circular (Circular No.
C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident Fund Organisation
in relation to non-exclusion of certain allowances from the definition of "basic wages" of the relevant employees for the
purposes of determining contribution to provident fund under the Employees' Provident Funds & Miscellaneous Provisions
Act, 1952 and accordingly, no provision has been made in these Financial Statements.
34. OPERATING SEGMENT
An operating segment is defined as a component of the entity that represents business activities from which it earns revenues and
incurs expenses and for which discrete financial information is available. The operating segments are based on the Company’s
internal reporting structure and the manner in which operating results are reviewed by the Chief Operating Decision Maker
(CODM).
The Company has evaluated the applicability of segment reporting and has concluded that since the Company is operating
in the field of Agro Chemicals both in the domestic and export markets and the CODM reviews the overall performance of the
agro chemicals business, accordingly the Company has one reportable business segment viz. Agro Chemicals.
I Revenue:
A. Information about product revenues:
The Company is in the business of manufacturing and distribution of Agro Chemicals. The amount of its revenue from
external customers broken down by products is shown in the table below:
March 31, 2019 March 31, 2018

Active Ingredients and Intermediates 19,205 14,687
Formulations 9,030 8,286
Others 174 114
28,409 23,087
B. Geographical Areas
The Company is domiciled in India. The amount of its revenue from external customers broken down by location of the
customers is shown in the table below:

India 9,574 8,534
Asia (other than India) 3,893 8,683
North America 11,012 3,191
Europe 2,802 1,911
Rest of the World 1,128 768
28,409 23,087
II. The total of Non-current assets (other than financial instruments and deferred tax assets), broken down by location of the assets,
is shown in the table below:
March 31, 2019 March 31, 2018

India 14,118 11,243
Asia (other than India) 1 1
Europe 2 3
14,121 11,247

35. RELATED PARTY DISCLOSURES
Related party disclosure, as required by Indian Accounting Standard-24, is as below:
a) Nature of Related Party relationship
i Subsidiaries, Associates and Controlled Trust:
(a) PILL Finance and Investment Ltd. Subsidiary
(b) PI Life Science Research Ltd. Subsidiary
(c)
PI Japan Co.Ltd. Foreign Subsidiary
(d) Solinnos Agro Sciences Pvt. Ltd. Associate
(e)
PI Kumiai Pvt. Ltd. Joint Venture
(f) PII ESOP Trust Controlled Trust
ii Key Management Personnel (KMP) & their relatives with whom transactions have taken place:
(a)
Key Management Personnel
Mr. Mayank Singhal Managing Director & CEO
Mr. Rajnish Sarna Whole-Time Director
Mr. Narayan K. Seshadri Non-executive Director (Chairman)
Mr. Pravin K. Laheri Non-executive Director
Ms. Rai Nirula Non-executive Director
Mr. Ravi Narain Non-executive Director (Until May 1, 2019)
Mr. Arvind Singhal Non-executive Director
Dr. Tanjore Soundararajan Balganesh Non-executive Director (w.e.f. May 16, 2017)
(b) Relatives of Key Management Personnel
Mr. Salil Singhal Father of Mr. Mayank Singhal
Ms. Madhu Singhal Mother of Mr. Mayank Singhal
Ms. Pooja Singhal Sister of Mr. Mayank Singhal
iii Entities controlled by KMP with whom transactions have taken place:
(a) PI Foundation
(b) The following transactions were carried out with related parties in the ordinary course of business:
Nature of Transaction Type of 2018-19 2017-18

relation Transactions Balance Transactions Balance
during the outstanding during the outstanding
period Dr (Cr) period Dr (Cr)
Compensation to KMP
-Short term employee benefits 159 - 129 -
-Post employment benefits* a(ii)(a) 5 - 5 -
-Commission and other benefits to non-executive/ 19 - 13 -
independent directors
Total 183 (110) 147 (80)
Other Transactions
Purchase of services a(i)(b) 39 34 (11)
a(i)(c) 55 (10) 49 (9)
a(ii)(b) 14 (4) 13 -
Sales of services a(i)(d) 1 - 6 6
Rent and Power Cost received a(i)(b) 6 - 6 -

Nature of Transaction Type of 2018-19 2017-18

relation Transactions Balance Transactions Balance
during the outstanding during the outstanding
Rent and Power Cost received a(i)(d) 0 - 0 -
Rent and Power Cost received a(i)(e) 0 - - -
Rent and Power Cost paid a(i)(a) 0 - 0 -
Rent and Power Cost paid a(ii)(b) 2 - 2 -
Security Deposits a(i)(a) - 0 - 0
Loans Given a(i)(f) 72 107 90 91
Loans Received a(i)(f) 40 - 30 -
Travel & Other expenditure incurred a(ii)(a) 25 6 32 1
a(ii)(b) 3 - 3 0
Dividend Paid a(ii)(a) 164 - 49 -
a(ii)(b) 194 - 58 -
a(i)(f) 1 - 1 -
Salary a(ii)(b) - - 0 -
Recovery of Dues on account of expenses a(ii)(b) 0 - - -
incurred
Contribution towards CSR Activities a(iii) 93 - 86 -
Donation a(iii) 4 - 4 -
* The above post employment benefits excludes gratuity and compensated absences which cannot be separately
identified from the composite amount advised by the actuary.
c) Terms and conditions of transactions with related parties
The sales and purchases / services rendered to and from related parties are made on terms equivalent to those that prevail in
arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and settlement occurs in cash.
There have been no guarantees provided or received for any related party receivables or payables. For the year ended March
31, 2019, the Company has not recorded any impairment of receivables relating to amounts owed by related parties (March 31,
2018: ` Nil). This assessment is undertaken each financial year through examining the financial position of the related party and
the market in which the related party operates.
36 DISCLOSURES REQUIRED UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006
March 31, 2019 March 31, 2018

Principal Interest Principal Interest
Amount Amount Amount Amount
Principal amount and Interest due thereon remaining unpaid to 48 0 47 -
any supplier as on 31st March
Interest paid by the Company in terms of Section 16 of the MSMED 53 1 36 0
Act along with the amounts of the payment made to the supplier
beyond the appointed day during the accounting year
Interest due and payable for the period of delay in making - - - -
payment (which have been paid but beyond the appointed day
during the year) but without adding the interest specified under
MSMED Act.
Interest accrued and remaining unpaid at the end of the year - - - -
Further interest remaining due and payable in succeeding years, - - - -
until such date when the interest dues as above are actually
paid to the small enterprise for the purpose of disallowance as a
deductible expenditure under Section 23 of MSMED Act.

37 FINANCIAL INSTRUMENTS
1 Financial instruments – Fair values and risk management
A. Financial instruments by category
Notes March 31, 2019 March 31, 2018

FVTPL FVTOCI Amotised FVTPL FVTOCI Amotised
Cost Cost
Financial Assets
Non-current Assets*
Loans 7(c) - - 97 - - 74
Derivative financial instruments 7(g) - 90 - - 10 -
Other financial asset 7(g) - - 28 - - 32
Current Assets
Investments 7(b) 1,119 - - 1,595 - -
Trade receivables 7(d) - - 6,618 - - 5,268
Cash and cash equivalents 7(e) - - 587 - - 1,152
Bank balance other than cash and 7(f) - - 244 - - 52
cash equivalents
Loans and advances 7(c) - - 109 - - 78
Other financial assets 7(g) - - 99 - - 88
TOTAL 1,119 210 7,782 1,595 112 6,744
Financial Liabilities
Non-current Liabilities
Borrowings 14(a) - - 99 - - 463
Other financial liabilities 14(c) - - 190 - - 183
Current Liabilities
Trade payables 14(b) - - 5,141 - - 3,703
Other financial liabilities 14(c) - - 2,414 - - 2,140
TOTAL - - 7,844 - - 6,489
* Excluding Investment in subsidiaries measured at cost in accordance with Ind AS 27
B. Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in the
financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the company
has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of
each level follows underneath the table.
Financial assets and liabilities measured at fair value - recurring fair value measurements

Level 1 Level 2 Level 3 Level 1 Level 2 Level 3
Financial Assets
Investment in mutual funds 7(b) 1,119 - - 1,595 - -
TOTAL 1,119 210 - 1,595 112 -

Assets and liabilities which are measured at amortised cost for which fair values are disclosed

Financial assets
Security deposits 7(c) - - 23 - - 23
Loans and advances to related parties 7(c) - - 107 - - 78
(PII ESOP Trust)
TOTAL - - 130 - - 101
Security deposits from contractors 14(c) - - 4 - - 4
TOTAL - - 4 - - 4
The fair value of cash and cash equivalents, bank balances other than Cash and cash equivalents, trade receivables, short term
loans, current financial assets, trade payables, current financial liabilities and borrowings approximate their carrying amount,
largely due to the short-term nature of these instruments. Long-term debt has been contracted at floating rates of interest, which
are reset at short intervals. Accordingly, the carrying value of such long-term debt approximates fair value. Fair value for security
deposits (other than perpetual security deposits) has been presented in the above table. Fair value for all other non-current
assets and liabilities is equivalent to the amortised cost, interest rate on them is equivalent to the market rate of interest.
Fair value hierarchy
The table shown above analyses financial instruments carried at fair value, by valuation method. The different levels have been
defined below:
Level 1 - This includes financial instruments measured using quoted prices. The mutual funds are valued using closing net assets
value (NAV).
Level 2 – The fair value of financial instruments that are not traded in an active market is determined using valuation techniques
which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs
required to fair value an instrument are observable, the instrument is included in level 2. Inputs other than quoted prices included
within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices).
Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There are no transfers between level 1, level 2 and level 3 during the year.
Valuation technique used to determine fair value:
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices
- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance sheet date
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
The fair values for security deposits (assets & liabilities) were calculated based on present values of cash flows and the discount
rates used were adjusted for counterparty or own credit risk. They are classified as level 3 fair values in the fair value hierarchy
due to the inclusion of unobservable inputs including counterparty credit.
38 FINANCIAL RISK MANAGEMENT
Risk management framework
The Company is exposed to credit risk, liquidity risk and market risk. The Company's board of directors has the overall responsibility
for the management of these risks and is supported by Management Advisory Committee that advises on the appropriate
financial risk governance framework. The Company has the risk management policies and systems in place and are reviewed
regularly to reflect changes in market conditions and price risk along with Company's activities. The Company's audit committee
oversees how management monitors compliance with the financial risk management policies and procedures, and reviews the
adequacy of risk management framework in relation to the risks faced by the Company.

This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and impact of hedge
accounting in the financial statements.
i. Credit risk
Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its
contractual obligation, and arises from the operating activities primarily (trade receivables) and from its financing activities
including cash and cash equivalents, deposits with banks, derivatives and other financial instruments. The carrying amount
of financial assets represents the maximum credit exposure and is as follows:
Trade and other receivables
The Company’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default risk of
the industry and country in which customers operate.
The Company has established a credit policy under which each customer is analysed individually for creditworthiness
before the Company’s credit terms are offered. Credit risk is managed through credit approvals, establishing credit limits
and continuously monitoring the creditworthiness of customers to which the Company grants credit terms in the normal
course of business. Credit limits are established for each customer and reviewed periodically. Any sales order exceeding
those limits require approval from the appropriate authority.
The concentration of credit risk is limited in domestic market due to the fact that the customer base is large and unrelated.
The Company's exports are mainly carried out in countries which have stable economic conditions, where the concentration
is relatively higher, however the credit risk is low as the customers have good credit ratings.
The Company computes an allowance for impairment of trade receivables based on a simplified approach, that represents
its expected credit losses. The Company uses an allowance matrix to measure the expected credit loss of trade receivables.
Loss rates are based on actual credit loss experienced over the past 3 years. These loss rates are adjusted by considering
the available, reasonable and supportive forward looking information.
The following table provides information about the exposure to credit risk and expected credit loss:
Reconciliation of loss allowance provision – Trade receivables and Interest and Other charges recoverable from customers
March March
31, 2019 31, 2018
Opening balance 273 214
Changes in loss allowance 169 59
Closing balance 442 273
Cash and cash equivalents, deposits with banks, mutual funds and other financial instruments
Credit risk from balances with banks and other financial instruments is managed by Company in accordance with its
policy. Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the management, and may be updated throughout the year.
Company also invests in mutual funds based on the credit ratings, these are reviewed for safety, liquidity and yield on
regular basis.
Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the 12-month
expected credit loss basis and reflects the short maturities of the exposures. The Company considers that its cash and cash
equivalents have low credit risk based on external credit ratings of counterparties.
Based on the assessment there is no impairment in the above financial assets.
Derivatives
The derivatives are entered into with banks and financial institution counterparties which have low credit risk based on
external credit ratings of counterparties.

Exposure to credit risk:
The gross carrying amount of financial assets, net of impairment losses recognized represents the maximum credit exposure.
The maximum exposure to credit risk as at March 31, 2019 and March 31, 2018 was as follows:
March 31, 2019 March 31, 2018

Cash and cash equivalents 587 1,152
Bank balances other than above 244 52
Investments 1,119 1,595
Loans 206 152
Other financial assets 337 232
TOTAL 9,111 8,451
II. Liquidity risk
Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial
liabilities that are settled by delivering cash or another financial asset. The Company’s approach to managing liquidity is
to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal
and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. Due to
the dynamic nature of underlying businesses, the Company maintains flexibility in funding by maintaining availability under
committed credit lines.
Management monitors rolling forecast of Company's liquidity position (comprising the undrawn borrowing facilities below)
and cash and cash equivalents on the basis of expected cash flows. In addition, the company's liquidity management
policy involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these,
monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt
financing plans.
(a) Financing arrangements
The Company had access to the following undrawn borrowing facilities at the end of the reporting period:
March 31, 2019 March 31, 2018

Expiring within one year
- Fund based (Floating rate) 1,999 1,850
- Non fund based (Fixed rate) 1,164 854
(b) Maturities of financial liabilities
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.
March 31, 2019 Contractual cash flows

Total 3 months 3-12 1-2 years 2-5 years More than
or less months 5 years
Non-derivative financial liabilities
Term Loans from Banks 492 99 294 99 - -
Interest Accrued but not due on Borrowings 2 2 - - - -
Trade Payables (Due to micro and small enterprises) 48 48 - - - -
Trade Payables (Other Trade Payables) 5,093 4,812 281 - - -
Employee payables 523 180 343 - - -
Security Deposits from Dealers 189 - - - - 189
Security Deposits from Contractors 4 1 2 1 - -
Unclaimed Dividends 7 7 - - - -
Creditors for Capital Purchases 371 371 - - - -
Other Payable 1,115 282 833 - - -
TOTAL 7,844 5,802 1,753 100 - 189


Term Loans from Banks 834 90 279 372 93 -
Security Deposits from Contractors 5 1 2 1 - 1
Creditors for Capital Purchases 239 239 0 - - -
Other Payable 1,034 201 833 - - -
TOTAL 6,489 4,153 1,688 373 93 182
III. Market risk
Market risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will
affect the Company's income or the value of its holdings of financial instruments. The objective of market risk management
is to manage and control market risk exposures within acceptable parameters while optimising the return.
The Company is exposed to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and
market value of its investments. Thus the Company's exposure to market risk is a function of investing and borrowing activities
and revenue generating and operating activities in foreign currencies.
Foreign Currency risk
The company is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to
the US$ and JPY. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the Company's functional currency (`). The Company uses forward exchange
contracts to hedge its currency risk and are used exclusively for hedging purposes and not for trading and speculative
purposes. These forward exchange contracts, carried at fair value, may have varied maturities depending upon the primary
host contract requirement and risk management strategy of the Company. The objective of the hedges is to minimize the
volatility of the ` cash flows of highly probable forecast transactions.
The Company’s risk management policy is to hedge around 50% to 100% for first year and balance up to 70% of the net
exposure with forward exchange contracts. The remaining exposure is kept to an acceptable level by buying or selling
foreign currencies at spot rates when necessary to address short term requirements. Hedging decisions are based on rolling
forex cash flow statement prepared and reviewed on a monthly basis. Such contracts are designated as cash flow hedges.
The foreign exchange forward contracts are denominated in the same currency as the highly probable future sales
transaction, therefore the hedge ratio is 1:1. The Company's hedge policy allows for effective hedge relationships to be
established. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective
assessments to ensure that an economic relationship exists between the hedged item and the hedged instrument. The
Company enters into hedge instruments where the critical terms of hedging instrument are aligned with terms of the
hedged item.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the value of the hedging instruments
exceeds on an absolute basis the change in the value of the hedged item attributable to the hedged risk. Hedge
ineffectiveness may arise due to the following:
- the critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the forecast
transaction, interest resets changes from what was originally estimated), or
- differences arise between the credit risk inherent within the hedged item and the hedging instrument.
Foreign currency risk exposure -
The currency profile of financial assets and financial liabilities as at March 31, 2019 and March 31, 2018 expressed in Indian
Rupees (`) are as below:

Non derivative
Particulars March 31, 2019

USD EURO JPY GBP CHF AUD
Financial assets
Cash and cash equivalents (EEFC Account) 60 - - - - -
Trade receivables 3,180 146 - - - -
3,240 146 - - - -
Borrowings (Term Loan) 494 - - - - -
Trade payables 1,396 18 12 0 0 0
1,890 18 12 0 0 0
Financial assets
Trade receivables 2,928 112 25 - - -
2,939 112 25 - - -
Trade payables 745 - 9 0 - -
1,583 - 9 0 - -
The following significant exchange rates have been applied during the year.
Year-end spot
rate (`)
March 31, 2019 March 31, 2018
USD 69.16 65.18

EUR 77.67 80.81
JPY (100) 62.42 61.51
GBP 90.53 92.28
CHF 69.43 68.50
AUD 49.02 50.04
Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee at March 31 would have affected the measurement
of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of
forecast sales and purchases. Impact of hedging, if any has not been considered here. A 1% increase or decrease is used
when reporting foreign currency risk internally to key management personnel and represents management's assessment of
the reasonably possible change in foreign currency rate.
Profit or loss, Impact on other components

net of tax of equity, net of tax
Effect in ` Strengthening Weakening Strengthening Weakening
March 31, 2019
1% movement
USD 9 (9) - -
EUR 1 (1) - -
JPY (100) (2) 2 - -
GBP (0) 0
TOTAL 8 (8) - -

Profit or loss, Impact on other components

net of tax of equity, net of tax
March 31, 2019
1% movement
USD 9 (9) - -
EUR 1 (1) - -
JPY (100) 11 (11) - -
GBP (0) 0
TOTAL 21 (21) - -
Interest rate risk
The Company's main interest rate risk arises from long term foreign currency and working capital borrowings at variable
rates. Company's investments are primarily in fixed deposits which are short term in nature and do not expose it to interest
rate risk. The Company regularly evaluates the interest rate hedging requirement to align with interest rate views and
defined risk appetite, in order to ensure most cost effective interest rate risk management.
Exposure to interest rate risk
The interest rate profile of the Company’s interest-bearing financial instruments as reported to the management of the
Company is as follows.
March 31, 2019 March 31, 2018

Fixed-rate instruments
Financial assets 731 1,088
Variable-rate instruments
Financial liabilities 492 834
TOTAL 1,223 1,922
Fair value sensitivity analysis for fixed-rate instruments
The Company does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss.
Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable-rate instruments
A reasonably possible change of 50 bp in interest rates would have increased (decreased) equity and profit or loss by the
amounts shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain
constant.
Profit or loss Impact on other components of

equity, net of tax
50 bp increase 50 bp decrease 50 bp increase 50 bp decrease
March 31, 2019
Variable-rate instruments (1.61) 1.61 - -
Cash flow sensitivity (net) (1.61) 1.61 - -
March 31, 2018
IV. Price risk
The Company's exposure to price risk arises from investment in mutual funds and classified in the balance sheet as fair value
through profit and loss. Mutual fund investments are susceptible to market price risk, mainly arising from changes in the
interest rates or market yields which may impact the return and value of such investments. However, due to very short tenor
of the underlying portfolio in the liquid schemes, these do not pose any significant price risk. Company reviews these mutual
fund investments based on safety, liquidity and yield on regular basis.

V. Impact of Hedging activities
(a). Disclosure of hedge accounting on financial position
March 31, 2019

Type of hedge and risk No. of Nominal Carrying Maturity Hedge ratio Weighted
outstanding Value (`) value of date average
contracts hedging strike price/
instrument* rate
(`)
Foreign exchange forward 150 11,637 210 April 2019 1:1 US$1: ` 69.16
contracts –December
2021
March 31, 2018

Type of hedge and risk No. of Nominal Carrying Maturity Hedge ratio Weighted
outstanding Value (`) value of date average
instrument* rate
(`)
Foreign exchange forward 121 9,887 111 April 2017 - 1:1 US$1: ` 67.94
contracts March 2021
* Refer Note No. 7(g)
(b). Disclosure of effects of hedge accounting on financial performance
March 31, 2019

Type of hedge Change Hedge Amount Line item
in value of ineffectiveness reclassified affected in
hedging recognised in from statement
instrument profit and loss cash flow of profit and
recognised account hedging loss account
in other reserve to because of this
comprehensive profit and reclassification
income (loss)
Foreign exchange forward contracts (145) - (265) Revenue

March 31, 2018
Type of hedge Change Hedge Amount Line item
in value of ineffectiveness reclassified affected in
hedging recognised in from statement
instrument profit and loss cash flow of profit and
recognised account hedging loss account
in other reserve to because of this
comprehensive profit and reclassification
income (loss)
Foreign exchange forward contracts 242 - 373 Revenue
(c). Movement in the cash flow hedge reserve
Effective portion of Cash flow Hedges Amount

As at April 01, 2017 135
Add: Effective portion of gains/(losses) on cash flow hedges 242
Less: Amount reclassified to profit and loss account 373
Less :Deferred tax relating to above (45)
As at March 31, 2018 49
Add: Effective portion of gains/(losses) on cash flow hedges (145)
Less: Amount reclassified to profit and loss account (265)
Less: Deferred tax relating to above 42
As at March 31, 2019 127

(d). Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of foreign forward exchange contract designated as cash flow hedges and affected equity and profit or
loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant
and ignores any impact of forecast sales and purchases. A 1% increase or decrease is used when reporting foreign currency
risk internally to key management personnel and represents management's assessment of the reasonably possible change
in foreign currency rate.
Profit or loss, net of tax Impact on other components of

equity, net of tax
March 31, 2019
1% movement
USD - - 76 (76)
March 31, 2018
1% movement
USD - - 65 (65)
39. CAPITAL MANAGEMENT
The Company’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and
to sustain future development of the business. The primary objective of the Company's Capital management is to maximise
shareholder's value. The Company manages its capital and makes adjustment to it in light of the changes in economic and
market conditions.
The Company manages capital using gearing ratio, which is total debt divided by total equity. The gearing ratio at the end of
the reporting period was as follows:
As at As at
March 31, 2019 March 31, 2018
Borrowings (Non-current) 99 463
Borrowings (Current) 393 371
Total Debt A 492 834
Total Equity B 22,747 19,122
Debt to Equity ratio A/B 0.02 0.04
No changes were made in the objectives, policies or processes for managing capital of the Company during the current and
previous year.
Also Refer note 13 relating to details on dividend declared and distributed.
40 ASSETS PLEDGED AS SECURITY
The carrying amounts of assets pledged as security for borrowings are:
As at As at
March 31, 2019 March 31, 2018
Property, plant and equipment
First charge 1,805 1,825
Second charge 6,378 7,736
Floating charge on Other Assets 16,875 9,788
TOTAL 25,058 19,349

41. CHANGES IN ACCOUNTING POLICIES
Impact on the financial statements
The company applied IND AS 115 for the first time by using the modified retrospective method of adoption with the date of initial
application of 1 April, 2018. Under this method, the Company recognised the cumulative effect of initially applying IND AS 115 as
an adjustment to the opening balance of retained earnings as at 1 April, 2018. Comparative prior period has not been adjusted.
Entities applying the modified retrospective method can elect to apply the revenue standard only to contracts that are not
completed as at the date of initial application (that is, they would ignore the effects of applying the revenue standard to
contracts that were completed prior to the date of initial application). The Company elected to apply the standard only to
contracts that are not completed as at the date of initial application.
The impact on the company's retained earnings as at 1 April, 2018 is as follows:
Notes As on
April 1, 2018
Retained Earnings 14,908
Increase in Profit before tax from adoption of IND AS 115 (i) 297
Increase in Income tax liability (i) (81) 216
The following table presents the amounts by which each financial statement line item is affected in the current year ended
March 31, 2019 by the application of IND AS 115 as compared with the previous revenue recognition requirements. Line items
that were not affected by the changes have not been included. As a result, the sub-totals and totals disclosed cannot be
recalculated from the numbers provided. The adjustments are explained in more detail by standard below:
Balance Sheet (extract) Notes Increase/

(decrease)
Current assets
Inventories (1,265)
Trade Receivables 1,444
Contract assets 520
Other current assets (ii) 107
Current tax assets (138)
Total Current assets 668
Current liabilities
Other liabilities (ii) 208
Current tax liabilities 6
Total current liabilities 214
Other equity 454
Total equity 454
Statement of profit and loss (extract) for the year ended 31 March 2019
Revenue from operations 1,020
Total income 1,020
Expenses
Changes in inventories of finished goods, work in progress and stock in trade
Total expenses 719
Profit before tax 301
Current tax (63)
Total tax expense (63)
Profit for the year 238
Total comprehensive income for the year 238

(i) Increase in Profit before tax from adoption of IND AS 115
Application of IND AS 115 has resulted in change in recognition criteria of revenue from contracts wherein the Company's
performance does not create an asset with alternative use to the Company and the entity has an enforceable right to
payment for performance completed till date. This has resulted in recognition of revenue over the period of time rather than
at a point in time. Refer accounting policies for details. Management has determined that it is highly probable that there
will be no rescission of the contract and no significant reversal in the amount recognised in revenue will occur. Accordingly,
management has recognised revenue on these contracts over the period of time and not at a point in time as was done
during the earlier years.
(ii) Presentation of assets and liabilities related to contract with customers
With adoption of IND AS 115, the Company has changed the presentation of certain amounts to reflect the terminology of
IND AS 115:
Liabilities in relation to refund/ return liabilities for the expected returns were previously being presented as net off from Trade
Receivable are now included in other current liabilities as refund/ return liabilities. Further, the Company has right to recover
these return product from the customer and accordingly, an adjustment was earlier made in Inventories of finished goods.
However, these goods are not in control of the entity and accordingly, with adoption of IND AS 115, amount previously
presented as adjustment to Inventories will now be presented separately under Other Current Assets. The asset is measured
by reference to the former carrying amount of the product. The cost to recover the products are not material because the
customer usually returns the product in a saleable condition.
42. EVENTS AFTER REPORTING DATE
The Board of Directors in the meeting held on May 17, 2019 have recommended final dividend for the year ended March 31,
2019 which is subject to the approval of shareholders in the ensuing annual general meeting. Refer note 13(B) for details.
43. NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
In March 2019, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules, 2018,
notifying IND AS 116, ‘Leases’. The amendments are applicable to the Company from April 01, 2019. The Company is currently
evaluating the impact of the new standard on the Balance sheet. However, the impact on Statement of Profit & Loss is not
expected to be material.
This is the statement of profit and loss referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Ashok Narayanaswamy
Partner Sd/- Sd/-
Membership Number: 095665 Subhash Anand Naresh Kapoor
Chief Financial Officer Company Secretary
Place: Gurugram
Date: May 17, 2019

Independent Auditors’ Report
To the Members of PI Industries Limited Basis for Opinion
Report on the Audit of the Consolidated Financial Statements 3. We conducted our audit in accordance with the Standards
Opinion on Auditing (SAs) specified under section 143(10) of the
Act. Our responsibilities under those Standards are further
1. We have audited the accompanying consolidated financial described in the Auditor’s Responsibilities for the Audit
statements of PI Industries Limited (hereinafter referred to of the Consolidated Financial Statements section of our
as the ‘Holding Company”) and its subsidiaries (Holding report. We are independent of the Group, its associate
Company and its subsidiaries together referred to as “the and jointly controlled entity in accordance with the
Group”), its associate and jointly controlled entity (refer Note ethical requirements that are relevant to our audit of
3[t] to the attached consolidated financial statements),
the consolidated financial statements in India in terms
which comprise the consolidated Balance Sheet as at March
of the Code of Ethics issued by ICAI and the relevant
31, 2019, and the consolidated Statement of Profit and Loss
provisions of the Act, and we have fulfilled our other ethical
(including Other Comprehensive Income), the consolidated
statement of changes in equity and the consolidated cash responsibilities in accordance with these requirements.
flows Statement for the year then ended, and notes to the We believe that the audit evidence we have obtained
consolidated financial statements, including a summary and the audit evidence obtained by the other auditors in
of significant accounting policies and other explanatory terms of their reports referred to in sub-paragraph 16 of the
information prepared based on the relevant records. Other Matters paragraph below, other than the unaudited
(hereinafter referred to as “the consolidated financial financial statements as certified by the management
statements”). and referred to in sub-paragraph 17 of the Other Matters
paragraph below, is sufficient and appropriate to provide
2. In our opinion and to the best of our information and according
a basis for our opinion.
to the explanations given to us, the aforesaid consolidated
financial statements give the information required by Key Audit Matters
the Companies Act, 2013 (“the Act”) in the manner so
required and give a true and fair view in conformity with the 4. Key audit matters are those matters that, in our professional
accounting principles generally accepted in India, of the judgment, were of most significance in our audit of the
consolidated state of affairs of the Group, its associate and consolidated financial statements of the current period.
jointly controlled entity as at March 31, 2019, of consolidated These matters were addressed in the context of our audit
total comprehensive income (comprising of profit and other of the consolidated financial statements as a whole, and
comprehensive income), consolidated changes in equity in forming our opinion thereon, and we do not provide a
and its consolidated cash flows for the year then ended. separate opinion on these matters.
Key audit matter How our audit addressed the key audit matter
Estimation of provision for sales returns and discounts and
rebates on sales impacting revenue on sale of products
(Refer note 20 to the consolidated financial statements)
Revenue from sale of products is presented net of returns, In this regard, our audit procedures included:
discounts and volume rebates in the financial statements.
Understanding the policies and procedures applied to
The management determines provision for sales returns, estimate the sales returns, discounts and volume rebates
discounts and rebates on the basis of various factors such as including evaluation and testing of the design and operating
the current and expected operating environment, sales returns effectiveness of controls related to these estimates.
variability and expected achievement of targets against
Obtained management’s calculations for the respective
various ongoing schemes floated.
estimates and assessed the reasonableness of assumptions
We determined the estimates associated with sales returns, used by the management in determining the amount of
discounts and volume rebates on sale of products as a key provisions based on understanding of the market conditions.
audit matter in view of it having significant impact on the
Assessed the reasonableness of estimates made by the
recognised revenue and the involvement of management
management in the past by comparing the provisions
judgment in estimating the amounts at which these are
recognised in the earlier financial years with their subsequent
expected to be settled.
settlement, ratio analysis of discounts, volume rebates and
sales returns as a percentage of sale of last few years.
Verified, if any credit notes were issued and/or adjustments

made after the balance sheet date and their impact if any on
the reported amounts.
Based on the above procedures performed, the estimates

made by the management in respect of provision for sales
returns and discounts and rebates on sales were considered
to be reasonable.
Impact assessment of first-time adoption of Ind AS 115 -

Revenue from contracts with customers
(Refer note 43 in the financial statements)
The Ind AS 115 ‘Revenue from Contracts with Customers’ has We performed the following audit procedures:
become applicable to the Group with effect from April 1, 2018
and the Group has recognised cumulative effect of initial - Evaluated and tested the design and implementation of
application in the Opening Retained Earnings on that date. the processes and the operating effectiveness of internal
controls of the Company surrounding the implementation
The application of this accounting standard has resulted in and recording adjustments arising from the adoption of Ind
material financial impact on account of change in the timing AS 115;
of recognition of revenue. In respect of sale of goods, the
revenue is now required to be recognised “over the period - E
xamined management’s assessment of the financial
of time” instead of being recognised “at a point in time”. impact of change in timing of recognition of revenue on
The management has considered various factors such as adoption of Ind AS 115.
alternative usability of the products, contractual obligation
- V
erified the adjustments made in the opening balance of
under the agreement and the overall margin of the contracts
retained earnings as well as for the current year’s revenue,
while making such assessment.
for a sample of contracts.
We have determined this to be a key audit matter in view of
-
Evaluated reasonableness of the assumptions and the
exercise of management judgement and estimates and the
margins used for computing percentage of completion.
significance of the amounts involved.
- Assessed the appropriateness of disclosures made in the
financial statements.
Basis the procedures performed, we have not noted any

significant exceptions in the management assessment of
impact of first time adoption of Ind AS 115.
Other Information specified under section 133 of the Act. The respective Board
of Directors of the companies included in the Group and
5. The Holding Company’s Board of Directors is responsible
of its associate and jointly controlled entity are responsible
for the other information. The other information comprises
for maintenance of adequate accounting records in
the information included in the Board report, but does not
accordance with the provisions of the Act for safeguarding
include the consolidated financial statements and our
the assets of the Group and for preventing and detecting
auditor’s report thereon.
frauds and other irregularities; selection and application
6. Our opinion on the consolidated financial statements does of appropriate accounting policies; making judgments
not cover the other information and we do not express any and estimates that are reasonable and prudent; and the
form of assurance conclusion thereon. design, implementation and maintenance of adequate
internal financial controls, that were operating effectively
7. In connection with our audit of the consolidated financial
for ensuring accuracy and completeness of the accounting
statements, our responsibility is to read the other information
records, relevant to the preparation and presentation of the
and, in doing so, consider whether the other information
financial statements that give a true and fair view and are
is materially inconsistent with the consolidated financial
free from material misstatement, whether due to fraud or
statements or our knowledge obtained in the audit or
error, which have been used for the purpose of preparation
otherwise appears to be materially misstated. If, based on
of the consolidated financial statements by the Directors of
the work we have performed and the reports of the other
the Holding Company, as aforesaid.
auditors as furnished to us (Refer paragraph 16 below), we
conclude that there is a material misstatement of this other 9. In preparing the consolidated financial statements, the
information, we are required to report that fact. We have respective Board of Directors of the companies included in
nothing to report in this regard. the Group and of its associate and jointly controlled entity
Responsibilities of Management and Those Charged with are responsible for assessing the ability of the Group and
Governance for the Consolidated Financial Statements of its associate and jointly venture to continue as a going
concern, disclosing, as applicable, matters related to going
8. The Holding Company’s Board of Directors is responsible for concern and using the going concern basis of accounting
the preparation and presentation of these consolidated unless management either intends to liquidate the Group
financial statements in term of the requirements of the or to cease operations, or has no realistic alternative but to
Act that give a true and fair view of the consolidated do so.
financial position, consolidated financial performance and
consolidated cash flows, and changes in equity of the 10. The respective Board of Directors of the companies included
Group including its Associate and jointly controlled entity in the Group and of its associate and jointly controlled entity
in accordance with the accounting principles generally are responsible for overseeing the financial reporting process
accepted in India, including the Accounting Standards of the Group and of its associate and jointly controlled entity.

uditor’s Responsibilities for the Audit of the Consolidated
A statements represent the underlying transactions and
Financial Statements events in a manner that achieves fair presentation.
11. Our objectives are to obtain reasonable assurance about • Obtain sufficient appropriate audit evidence
whether the consolidated financial statements as a whole regarding the financial information of the entities or
are free from material misstatement, whether due to fraud business activities within the Group and its associate
or error, and to issue an auditor’s report that includes and jointly controlled entities to express an opinion
our opinion. Reasonable assurance is a high level of on the consolidated financial statements. We
assurance, but is not a guarantee that an audit conducted are responsible for the direction, supervision and
in accordance with SAs will always detect a material performance of the audit of the financial statements
misstatement when it exists. Misstatements can arise from of such entities included in the consolidated financial
fraud or error and are considered material if, individually statements of which we are the independent auditors.
or in the aggregate, they could reasonably be expected For the other entities included in the consolidated
to influence the economic decisions of users taken on the financial statements, which have been audited by
basis of these consolidated financial statements. other auditors, such other auditors remain responsible
for the direction, supervision and performance of
12. As part of an audit in accordance with SAs, we exercise the audits carried out by them. We remain solely
professional judgment and maintain professional skepticism responsible for our audit opinion.
throughout the audit. We also:
13. We communicate with those charged with governance
• Identify and assess the risks of material misstatement of the Holding Company and such other entities included
of the consolidated financial statements, whether due in the consolidated financial statements of which we are
to fraud or error, design and perform audit procedures the independent auditors regarding, among other matters,
responsive to those risks, and obtain audit evidence the planned scope and timing of the audit and significant
that is sufficient and appropriate to provide a basis audit findings, including any significant deficiencies in
for our opinion. The risk of not detecting a material internal control that we identify during our audit.
misstatement resulting from fraud is higher than for
one resulting from error, as fraud may involve collusion, 14. We also provide those charged with governance with
forgery, intentional omissions, misrepresentations, or a statement that we have complied with relevant
the override of internal control. ethical requirements regarding independence, and
to communicate with them all relationships and other
• Obtain an understanding of internal control relevant matters that may reasonably be thought to bear on our
to the audit in order to design audit procedures independence, and where applicable, related safeguards.
that are appropriate in the circumstances. Under
section 143(3)(i) of the Act, we are also responsible 15. From the matters communicated with those charged with
for expressing our opinion on whether the Holding governance, we determine those matters that were of
company has adequate internal financial controls most significance in the audit of the consolidated financial
with reference to financial statements in place and statements of the current period and are therefore the key
the operating effectiveness of such controls. audit matters. We describe these matters in our auditor’s
report unless law or regulation precludes public disclosure
• Evaluate the appropriateness of accounting policies about the matter or when, in extremely rare circumstances,
used and the reasonableness of accounting estimates we determine that a matter should not be communicated
and related disclosures made by management. in our report because the adverse consequences of doing
so would reasonably be expected to outweigh the public
• Conclude on the appropriateness of management’s
interest benefits of such communication.
use of the going concern basis of accounting and,
based on the audit evidence obtained, whether Other Matters
a material uncertainty exists related to events or
conditions that may cast significant doubt on the 16. We did not audit the financial statements of 2 subsidiaries
ability of the Group and its associate and jointly whose financial statements reflect total assets of ` 320
controlled entities to continue as a going concern. million and net assets of ` 210 million as at March 31,
If we conclude that a material uncertainty exists, we 2019, total revenue of ` Nil, total comprehensive income
are required to draw attention in our auditor’s report (comprising of profit and other comprehensive income) of
to the related disclosures in the consolidated financial ` 20 million and net cash flows amounting to ` 16 million
statements or, if such disclosures are inadequate, to for the year ended on that date, as considered in the
modify our opinion. Our conclusions are based on consolidated Ind AS financial statements. The consolidated
the audit evidence obtained up to the date of our Ind AS financial statements also include the Group’s share
auditor’s report. However, future events or conditions of total comprehensive income (comprising of profit and
may cause the Group and its associate and jointly other comprehensive income) of ` 0.30 Million and ` 0.14
controlled entities to cease to continue as a going Million for the year ended March 31, 2019 as considered
concern. in the consolidated Ind AS financial statements, in respect
of 1 associate company and 1 jointly controlled entity
• Evaluate the overall presentation, structure and content respectively, whose financial statements have not been
of the consolidated financial statements, including the audited by us. These financial statements have been
disclosures, and whether the consolidated financial audited by other auditors whose reports have been
furnished to us by the Management, and our opinion taken on record by the Board of Directors of the Holding
on the consolidated Ind AS financial statements insofar Company and the reports of the statutory auditors of its
as it relates to the amounts and disclosures included in subsidiary companies, associate company and jointly
respect of these subsidiaries, jointly controlled entity and controlled entity incorporated in India, none of the directors
associate company and our report in terms of sub-section
of the Group companies, its associate company and jointly
(3) of Section 143 of the Act including report on Other
controlled entity incorporated in India is disqualified as on
Information insofar as it relates to the aforesaid subsidiaries,
jointly controlled entity and associate, is based solely on March 31, 2019 from being appointed as a director in terms
the reports of the other auditors. of Section 164(2) of the Act.
17. We did not audit the financial statements of 1 subsidiary (f) With respect to the adequacy of internal financial controls
whose financial statements reflect total assets of ` 12 million with reference to financial statements of the Holding
and net assets of ` 14 million as at March 31, 2019, total Company and its subsidiary companies incorporated in
revenue of ` Nil, total comprehensive income (comprising of India and the operating effectiveness of such controls,
profit and other comprehensive income) of ` 2 million and refer to our separate report in Annexure A.
net cash flows amounting to ` 1 million for the year ended on
that date, as considered in the consolidated Ind AS financial With respect to the adequacy of internal financial controls
statements. These financial statements are unaudited and with reference to financial statements of an associate and
have been furnished to us by the Management, and our a jointly controlled entity incorporated in India and the
opinion on the consolidated Ind AS financial statements
operating effectiveness of such controls, reporting under
insofar as it relates to the amounts and disclosures included
clause (i) of sub section 3 of Section 143 of the Act is not
in respect of this subsidiary and our report in terms of sub-
applicable vide the reports dated April 24, 2019 of their
section (3) of Section 143 of the Act including report on Other
Information insofar as it relates to the aforesaid subsidiary, is respective statutory auditors.
based solely on such unaudited financial statements. In our
(g) With respect to the other matters to be included in
opinion and according to the information and explanations
the Auditor’s Report in accordance with Rule 11 of the
given to us by the Management, these financial statements
are not material to the Group. Companies (Audit and Auditor’s) Rules, 2014, in our opinion
and to the best of our information and according to the
ur opinion on the consolidated financial statements, and
O explanations given to us:
our report on Other Legal and Regulatory Requirements
below, is not modified in respect of the above matters with i. The consolidated financial statements disclose the
respect to our reliance on the work done and the reports impact, if any, of pending litigations on
of the other auditors and the financial statements certified
by the Management. the consolidated financial position of the Group, its
associate and jointly controlled entity – Refer Note 16
Report on Other Legal and Regulatory Requirements
and 34 to the consolidated financial statements.
18. As required by Section 143(3) of the Act, we report, to the
ii. The Group, its associate and jointly controlled entity
extent applicable, that:
had long-term contracts including derivative contracts
(a) We have sought and obtained all the information and as at March 31, 2019 for which there were no material
explanations which to the best of our knowledge and foreseeable losses.
belief were necessary for the purposes of our audit of the
aforesaid consolidated financial statements. iii. There has been no delay in transferring amounts,
required to be transferred, to the Investor Education
(b) In our opinion, proper books of account as required by
and Protection Fund by the Holding Company and its
law relating to preparation of the aforesaid consolidated
financial statements have been kept so far as it appears subsidiary companies, associate company and jointly
from our examination of those books and the reports of the controlled entity incorporated in India.
other auditors.
iv. The reporting on disclosures relating to Specified Bank
(c) The Consolidated Balance Sheet, the Consolidated Notes is not applicable to the Group for the year
Statement of Profit and Loss (including other comprehensive ended March 31, 2019
income), Consolidated Statement of Changes in Equity
and the Consolidated Cash Flow Statement dealt with
by this Report are in agreement with the relevant books For Price Waterhouse Chartered Accountants LLP
of account and records maintained for the purpose of Firm Registration Number: FRN012754/N500016
preparation of the consolidated financial statements.
(d) In our opinion, the aforesaid consolidated financial
statements comply with the Accounting Standards Sd/-
specified under Section 133 of the Act. Ashok Narayanaswamy
(e) On the basis of the written representations received from Place: Gurugram Partner
the directors of the Holding Company as on March 31, 2019 Date: May 17, 2019 Membership Number: 095665

Annexure A to Independent Auditors’ Report
Referred to in paragraph 18(f) of the Independent Auditors’ Report of even date to the members of PI Industries Limited on the
consolidated financial statements as of and for the year ended March 31, 2019
Report on the Internal Financial Controls under Clause (i) of Sub- established and maintained and if such controls operated
section 3 of Section 143 of the Act effectively in all material respects.
1. In conjunction with our audit of the consolidated financial 4. Our audit involves performing procedures to obtain audit
statements of the Company as of and for the year ended evidence about the adequacy of the internal financial
March 31, 2019, we have audited the internal financial controls system over financial reporting and their operating
controls over financial reporting of PI Industries Limited effectiveness. Our audit of internal financial controls over
(hereinafter referred to as “the Holding Company”) and its financial reporting included obtaining an understanding of
subsidiary companies which are companies incorporated internal financial controls over financial reporting, assessing
in India, as of that date. Reporting under clause (i) of the risk that a material weakness exists, and testing and
sub section 3 of Section 143 of the Act in respect of the evaluating the design and operating effectiveness of
adequacy of the internal financial controls over financial internal control based on the assessed risk. The procedures
reporting is not applicable to an associate and a joint selected depend on the auditor’s judgement, including
controlled entity incorporated in India namely Solinnos the assessment of the risks of material misstatement of the
Agro Sciences Private Limited and PI Kumiai Private Limited, financial statements, whether due to fraud or error.
pursuant to MCA notification GSR 583(E) dated 13 June
2017. 5. We believe that the audit evidence we have obtained and
the audit evidence obtained by the other auditors in terms
Management’s Responsibility for Internal Financial Controls of their reports referred to in the Other Matters paragraph
below, is sufficient and appropriate to provide a basis
2. The respective Board of Directors of the Holding company,
for our audit opinion on the Company’s internal financial
its subsidiary companies, to whom reporting under clause
controls system over financial reporting.
(i) of sub section 3 of Section 143 of the Act in respect
of the adequacy of the internal financial controls over Meaning of Internal Financial Controls Over Financial Reporting
financial reporting is applicable, which are companies
incorporated in India, are responsible for establishing and 6. A company’s internal financial control over financial
maintaining internal financial controls based on internal reporting is a process designed to provide reasonable
control over financial reporting criteria established by assurance regarding the reliability of financial reporting
the Company considering the essential components of and the preparation of financial statements for external
purposes in accordance with generally accepted
internal control stated in the Guidance Note on Audit of
accounting principles. A company’s internal financial
Internal Financial Controls Over Financial Reporting issued
control over financial reporting includes those policies
by the Institute of Chartered Accountants of India (ICAI).
and procedures that (1) pertain to the maintenance of
These responsibilities include the design, implementation
records that, in reasonable detail, accurately and fairly
and maintenance of adequate internal financial controls
reflect the transactions and dispositions of the assets
that were operating effectively for ensuring the orderly
of the company; (2) provide reasonable assurance
and efficient conduct of its business, including adherence
that transactions are recorded as necessary to permit
to the respective company’s policies, the safeguarding
preparation of financial statements in accordance
of its assets, the prevention and detection of frauds and
with generally accepted accounting principles, and
errors, the accuracy and completeness of the accounting that receipts and expenditures of the company are
records, and the timely preparation of reliable financial being made only in accordance with authorisations of
information, as required under the Act. management and directors of the company; and (3)
Auditor’s Responsibility provide reasonable assurance regarding prevention
or timely detection of unauthorised acquisition, use, or
3. Our responsibility is to express an opinion on the Company’s disposition of the company’s assets that could have a
internal financial controls over financial reporting based on material effect on the financial statements.
our audit. We conducted our audit in accordance with
Inherent Limitations of Internal Financial Controls Over Financial
the Guidance Note on Audit of Internal Financial Controls
Reporting
Over Financial Reporting (the “Guidance Note”) issued
by the ICAI and the Standards on Auditing deemed to 7. Because of the inherent limitations of internal financial
be prescribed under section 143(10) of the Companies controls over financial reporting, including the possibility
Act, 2013, to the extent applicable to an audit of internal of collusion or improper management override of controls,
financial controls, both applicable to an audit of internal material misstatements due to error or fraud may occur
financial controls and both issued by the ICAI. Those and not be detected. Also, projections of any evaluation
Standards and the Guidance Note require that we comply of the internal financial controls over financial reporting
with ethical requirements and plan and perform the audit to future periods are subject to the risk that the internal
to obtain reasonable assurance about whether adequate financial control over financial reporting may become
internal financial controls over financial reporting was inadequate because of changes in conditions, or that the
degree of compliance with the policies or procedures may Other Matters

deteriorate.
9. Our aforesaid reports under Section 143(3)(i) of the Act
Opinion on the adequacy and operating effectiveness of the
internal financial controls over financial reporting insofar as
8. In our opinion, the Holding Company, its subsidiary
it relates to 2 subsidiary companies, which are companies
companies which are companies incorporated in India,
incorporated in India, is based on the corresponding
have, in all material respects, an adequate internal
reports of the auditors of such companies incorporated in
financial controls system over financial reporting and
India. Our opinion is not qualified in respect of this matter.
such internal financial controls over financial reporting
were operating effectively as at March 31, 2019, based For Price Waterhouse Chartered Accountants LLP
on the internal control over financial reporting criteria Firm Registration Number: FRN012754/N500016
established by the Company considering the essential Chartered Accountants
components of internal control stated in the Guidance
Sd/-
Note on Audit of Internal Financial Controls Over
Ashk Narayanaswamy
Financial Reporting issued by the Institute of Chartered Place: Gurugram Partner
Accountants of India. Date: May 17, 2019 Membership Number: 095665

Consolidated Balance Sheet
as at March 31, 2019
Particulars Notes As at As at
March 31, 2019 March 31, 2018
ASSETS
Non-current assets
Property, plant and equipment 4 11,791 9,906
Capital work-in-progress 1,544 691
Other intangible assets 5 66 71
Intangible asset under development 6 284 208
Investments accounted for using the equity method 9 102 6
Financial assets
(i) Investments 7(a) 70 5
(ii) Loans 7(c) 41 39
(iii) Other financial assets 7(g) 149 63
Deferred tax assets 17 141 267
Other non-current assets 10 451 390
Total non-current assets 14,639 11,646
Current assets
Inventories 8 5,357 4,520
Financial assets
(i) Investments 7(b) 1,119 1,595
(ii) Trade receivables 7(d) 6,618 5,268
(iii) Cash and cash equivalents 7(e) 614 1,173
(iv) Bank balances other than (iii) above 7(f) 278 134
(v) Loans 7(c) 63 37
(vi) Other financial assets 7(g) 254 233
Contract assets 7(h) 520 -
Current tax assets 11 - 4
Other current assets 10 2,086 1,654
Total current assets 16,909 14,618
Total assets 31,548 26,264
EQUITY & LIABILITIES
Equity
Equity share capital 12 138 138
Other equity 13 22,716 19,110
Total equity 22,854 19,248
Liabilities
Non current liabilities
(i) Borrowings 15(a) 99 463
(ii) Other financial liabilities 15(c) 190 183
Total non current liabilities 579 879
Current Liabilities
(i) Trade payables 15(b)
a) total outstanding dues of micro enterprises and small enterprises 48 47
b) total outstanding dues of creditors other than micro enterprises and 5,082 3,640
small enterprises
(ii) Other financial liabilities 15(c) 2,419 2,144
Other current liabilities 18 435 199
Current tax liabilities 19 5 -
Total current liabilities 8,115 6,137
Total liabilities 8,694 7,016
Total equity and liabilities 31,548 26,264
This is the Consolidated Balance Sheet referred to our report of even date
DIN: 00053563 DIN: 00006651
Sd/-
Ashok Narayanaswamy
Partner Sd/- Sd/-
Place: Gurugram
Date: May 17, 2019
Statement of Consolidated Profit & Loss

Particulars Notes For the For the

March 31, 2019 March 31, 2018
Revenue from operations 20 28,409 23,087
Other income 21 595 602
Total income 29,004 23,689
Expenses:
Cost of materials consumed 13,728 10,837
Purchase of stock in trade 1,274 776
Changes in inventories of finished goods, work in progress and stock in trade 22 500 77
Excise duty on sale of goods - 316
Employee benefit expense 23 2,647 2,431
Finance cost 27 50 53
Depreciation and amortisation expense 26 930 830
Other expense 24 4,496 3,715
Total expenses 23,625 19,035
Share of profit and (loss) of associates & joint venture accounted for using the 0 1
equity method
Profit before tax 5,379 4,655
Income tax expense 28
Current tax (1,176) (1,001)
Deferred tax (101) 22
Total tax expense (1,277) (979)
Profit for the year 4,102 3,676
(i) Items that will not be reclassified to profit or loss
Remeasurements gains/(losses) on defined benefit plans (2) 17
Income tax relating to the above item 1 (6)
(ii) Items that will be reclassified to profit or loss
Effective portion of gains/(losses) on cash flow hedges 120 (131)
Exchange difference on translation of foreign operations 0 1
Income tax relating to the above item (42) 45
Total comprehensive income for the year 4,179 3,602
Earnings per equity share 30
1) Basic (in `) 29.74 26.72
2) Diluted (in `) 29.73 26.67
Face value per share (in `) 1.00 1.00
This is the Consolidated Statement of Profit and Loss referred to our report of even date
DIN: 00053563 DIN: 00006651
Sd/-
Ashok Narayanaswamy
Partner Sd/- Sd/-
Place: Gurugram
Date: May 17, 2019

Statement of Changes in Consolidated Equity
a. Equity share capital
Particulars Note As at March 31, 2019 As at March 31, 2018

No. of Shares Amount No. of Shares Amount
Balance at the beginning of the reporting period 12 137,907,318 138 137,586,624 138
Changes in equity share capital during the period 123,333 0 320,694 0
Balance at the end of the reporting period 138,030,651 138 137,907,318 138
b. Other equity
Particulars Note Reserves & Surplus Other Reserves Total other

Capital Capital Securities Share General Own shares Retained Effective Foreign equity
reserve Redemption premium option reserve held by Trust earnings portion of Currency
reserve reserve outstanding under ESOP cash flow Translation
account scheme hedges Reserve
Balance at April 1, 2017 15 4 1,909 141 1,857 - 12,072 135 1 16,134
Profit for the year - - - - - - 3,676 - - 3,676
Other comprehensive income - - - - - - 11 (86) 1 (74)
Total comprehensive income - - - - - - 3,687 (86) 1 3,602
for the year
Transactions with owners in
their capacity as owners:
Premium on issue of equity 13 c. - - 144 - - - - - - 144
shares through ESOP
Own shares held by ESOP Trust 12 c. - (114) (0) - (114)
Shares issued under ESOP 13 d. - 45 (56) - 0 - - (11)
scheme
Expense on Employee Stock 13 d. - - - 17 - - - - - 17
Option Scheme
Dividends paid 14 - - - - - - (550) - - (550)
Dividend Distribution Tax 14 - - - - - - (112) - - (112)
(DDT)
Balance at March 31, 2018 15 4 1,984 102 1,857 (0) 15,097 49 2 19,110
Profit for the year - - - - - - 4,102 - - 4,102
Change in accounting policy- 13 f. - - 216 - 216
Adjustment of Ind AS 115
Other comprehensive income 13 i, h - - - - - - (1) 78 0 77
Total comprehensive income - - - - - - 4,317 78 0 4,395
for the year
Transactions with owners in
their capacity as owners:
Premium on issue of Equity 13 c. - - 116 - - - - - - 116
Shares through ESOP
Own shares held by ESOP Trust 12 c. - - (74) - - (0) - - - (74)
Shares issued under ESOP 13 d. - - 29 (42) - 0 - - - (13)
scheme
Expense on Employee Stock 13 d. - - - 13 - - - - - 13
Option Scheme
Dividends paid 14 - - - - - - (689) - - (689)
Dividend Distribution Tax 14 - - - - - - (142) - - (142)
(DDT)
Balance at March 31, 2019 15 4 2,055 73 1,857 (0) 18,583 127 2 22,716
This is the Consolidated Statement of Changes in Equity referred to our report of even date
DIN: 00053563 DIN: 00006651
Sd/-
Ashok Narayanaswamy
Partner Sd/- Sd/-
Place: Gurugram
Date: May 17, 2019
Consolidated Statement of Cash Flows

PARTICULARS Year ended Year ended

March 31, 2019 March 31, 2018
A. CASH FLOW FROM OPERATING ACTIVITIES
Profit before Income Tax 5,379 4,655
Adjustments for :-
Depreciation and amortisation expense 930 830
Finance costs 50 53
Interest Income on Financial Assets at amortised cost (194) (266)
Unwinding of discount on Security Deposits (10) (2)
Dividend Income (0) (0)
Expense on Employee Stock Option Scheme 13 17
(Gain)/Loss on Sale/Retirement of property, plant & equipment (Net) 13 5
(Gain)/Loss on sale of Investments (Net) (198) (8)
(Gain)/Loss on financial assets measured at fair value through profit or loss (Net) 89 (71)
Share of (profit)/loss of associate and joint venture (0) (1)
Impact of Ind AS 115 adjustment taken to retained earnings 216 -
Unrealised (Gain)/Loss on foreign currency transactions (Net) 127 (79)
Operating Profit before Working Capital changes 6,594 5,202
(Increase) / Decrease in Trade Receivables (1,493) (905)
(Increase) / Decrease in Current financial assets - Loans (17) 55
(Increase) / Decrease in Current Contract Assets (520) -
(Increase) / Decrease in Non-current financial assets - Loans (2) (11)
(Increase) / Decrease in Other current financial assets (44) (73)
(Increase) / Decrease in Other non-current financial assets (82) (12)
(Increase) / Decrease in Other current assets (433) (728)
(Increase) / Decrease in Other non-current assets (3) 22
(Increase) / Decrease in other bank balances 10 64
(Increase)/Decrease in Inventories (837) (201)
Increase / (Decrease) in Current Provisions and Trade Payables 1,498 819
Increase / (Decrease) in Non-current Provisions 57 6
Increase / (Decrease) in Other current financial liabilities 119 29
Increase / (Decrease) in Other non-current financial liabilities 7 11
Increase / (Decrease) in Other current liabilities 237 (121)
Cash generated from Operations before tax 5,091 4,157
Income Taxes paid (Includes TDS) (1,183) (963)
Net cash inflow (outflow) from Operating Activities 3,908 3,194
B. CASH FLOW FROM INVESTING ACTIVITIES
Payments for purchase of property, plant & equipment including Capital (3,685) (1,697)
Work in Progress, Intangible Assets and Capital Advances
Proceeds from sale of property, plant & equipment 8 1
Purchase of Equity Investment (65) -
Investments in associates and joint venture (95) (0)
Purchase and Sale of Current Investments 427 (375)
Interest Received 194 266
Dividend Received 0 0
Net cash used in Investing Activities (3,216) (1,805)
Net cash inflow (outflow) from Operating and Investing Activities 692 1,389

Consolidated Statement of Cash Flow
PARTICULARS Year ended Year ended

March 31, 2019 March 31, 2018
C. CASH FLOW FROM FINANCING ACTIVITIES
Proceeds from issue of Equity Share Capital 0 0
Premium on issue of equity shares under ESOP scheme 29 19
Repayment of Borrowings - Term Loan (399) (365)
Interest paid (Net) (50) (53)
Dividends paid (including Tax) (831) (662)
Net Cash inflow (outflow) from Financing Activities (1,251) (1,061)
Net Cash inflow (outflow) from Operating, Investing & Financing Activities (559) 328
Effect of exchange differences on translation of foreign currency Cash & Cash (0) (0)
equivalents
Net increase (decrease) in Cash & Cash equivalents (559) 328
Opening balance of Cash & Cash equivalents 1,173 845
Closing balance of Cash & Cash equivalents 614 1,173
Note: Cash and cash equivalents included in the Cash Flow Statement comprise of the
following (Refer Note No. 7(e)):-
i) Cash on Hand 1 1
ii) Balance with Banks :
-In Current Accounts 150 148
-In Fixed Deposits 463 1,024
Total 614 1,173
The above Cash Flow Statement has been prepared under the Indirect method as set out in IND AS - 7.
Figures in brackets indicate cash outflows.
This is the Consolidated Statement of Cash Flow referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Ashok Narayanaswamy
Partner Sd/- Sd/-
Place: Gurugram
Date: May 17, 2019
Notes to Consolidated Financial Statements

1. Corporate Information • Amendment to IND AS 28, Investments in Associates

and Joint Ventures and IND AS 112, Disclosure of
PI Industries Limited (“PI” or “the Company”) is a public Interests in Other Entities
limited company domiciled in India and has its registered
office at Udaipur. The shares of the Company are listed on The Group had to change its accounting policies and make
National Stock Exchange and Bombay Stock Exchange. certain adjustments following the adoption of IND AS 115.
This is disclosed in Note 43. The other amendments listed
These consolidated financial statements comprise the above did not have any impact on the amount recognized
Company and its subsidiaries (referred to collectively as in prior periods and are not expected to significantly affect
“the Group”) and the Group’s interest in an associate current or future periods.
and a joint venture entity. PI is a leading player in the
agchem space having strong presence in both Domestic d) Functional and presentation currency
and Export markets. It has state-of-art facilities in Gujarat Items included in the consolidated financial statements of
having integrated process development teams with in- the Group are measured using the currency of the primary
house engineering capabilities. The Group maintains economic environment in which the Group operates
a strong research presence through its R&D facility at (“the functional currency”). The consolidated financial
Udaipur. The principal activities of the subsidiaries are statements are presented in Indian National Rupee (‘`’),
Research and Development, Market research and which is the Group’s functional and presentation currency.
Investment. All amounts disclosed in the financial statements and notes
2. Basis of preparation have been rounded off to the nearest millions as per the
requirement of Schedule III, unless otherwise stated. The
The Group has consistently applied the following sign ‘0’ in these consolidated financial statements indicates
accounting policies to all periods presented in the that the amounts involved are below ` five lacs and the
consolidated financial statements unless otherwise stated. sign ‘-’ indicates that amounts are nil.
a) Statement of compliance e) Current or Non current classification
These consolidated financial statements have been All Assets and Liabilities have been classified as current or
prepared in all material aspects, in accordance with non-current as per the Group’s normal operating cycle and
the recognition and measurement principles laid down other criteria set out in the Schedule III to the Companies
in Indian Accounting Standard (‘Ind AS’) as per the Act, 2013. Based on the nature of services provided and
Companies (Indian Accounting Standards) Rules, 2015 time between the rendering of services and their realisation
notified under Section 133 of the Companies Act, 2013 in cash and cash equivalents, the Group has ascertained
(‘the Act’) and other relevant provisions of the Act to the its operating cycle as 12 months for the purpose of current
extent applicable. and non-current classification of assets and liabilities.
These consolidated financial statements were authorised f) Use of judgements and estimates
for issue by the Board of Directors on May 17, 2019.
In preparing these consolidated financial statements,
b) Basis of measurement management has made judgements, estimates and
assumptions that affect the application of accounting
The financial statements have been prepared on an policies and the reported amounts of assets, liabilities, the
accrual basis and under the historical cost convention, disclosures of contingent liabilities and contingent assets at
except for the following: the date of consolidated financial statements, income and
expenses during the period. Actual results may differ from
- Certain financial assets and liabilities (including
these estimates. Estimates and underlying assumptions are
derivative instruments) and contingent considerations
reviewed on an ongoing basis. Revisions to estimates are
are measured at fair value;
recognized prospectively.
- Defined benefit plan assets measured at fair value; Application of accounting policies that require critical
- Share-based payments measured at fair value. accounting estimates and assumption judgements having
the most significant effect on the amounts recognised in
c) New and Amended standards adopted by the Group the consolidated financial statements are:
The Group has applied the following standards and - Measurement of defined benefit obligations;
amendments for the first time for their annual reporting
period commencing 1 April 2018: - Recognition of deferred tax assets & minimum
alternative tax credit entitlement;
• IND AS 115, Revenue from Contracts with Customers
- Useful life and residual value of Property, plant and
• Amendment to IND AS 12, Income Taxes equipment and intangible assets;

- Impairment test of financial and non-financial assets of property, plant and equipment. The cost of replacing
including recoverability of expenditure on internally- part of an item of property, plant and equipment or
generated intangible assets; major inspections performed, are recognized in the
carrying amount of the item if it is probable that the
- Measurement of fair value for share based payments;
future economic benefits embodied within the part
- Recognition and measurement of provisions and will flow to the Group and its cost can be measured
contingencies. reliably. The costs of all other repairs and maintenance
are recognized in the Statement of Profit & Loss as
g) The Group recognises revenue over the period of time incurred.
for contracts wherein the Group’s performance for the
products does not create an asset with alternative use to the Capital work-in-progress includes cost of property,
Group and the Group has an enforceable right to payment plant and equipment under installation / under
for performance completed till date. Management has development as at the balance sheet date. Advances
determined that it is highly probable that there will be no paid towards the acquisition of property, plant and
rescission of the contract and a significant reversal in the equipment outstanding at each balance sheet date
amount of revenue recognised will not occur. Accordingly, is classified as capital advances under other non-
revenue is recognised for these contracts based on Input current assets.
method wherein amount of revenue to be recognised is
An item of property, plant and equipment is
determined based on the actual cost incurred till date and
derecognised when no future economic benefit are
the estimated margin on the contract.
expected to arise from the continued use of the asset
The Group also recognises Provision for discounts and or upon disposal. Any gain or loss on disposal of an
sales returns based on the current and expected item of property, plant and equipment is recognised
operating environment, Sales returns variability, expected in profit or loss.
achievement of targets against various ongoing schemes
ii) Transition to Ind AS
floated.
3. Significant Accounting Policies On transition to Ind AS, the Group has elected to
continue with the carrying value of all its property,
a) Property, plant and equipment plant and equipment recognised as at April 1, 2015
measured as per the previous GAAP and use that
carrying value as the deemed cost of the property,
Items of property, plant and equipment are measured plant and equipment.
at cost, less accumulated depreciation and
iii) Depreciation
accumulated impairment losses, if any.
Depreciation is calculated on cost of items of property,
Cost of an item of property, plant and equipment
plant and equipment less their estimated residual
comprises its purchase price, including import duties
values, and is recognised in the statement of profit and
and non-refundable purchase taxes, after deducting
loss. Depreciation on property, plant and equipment is
trade discounts and rebates, any directly attributable
provided on the Straight Line Method based on the
cost of bringing the item to its working condition for its
useful life of assets estimated by the Management
intended use and estimated costs of dismantling and
which coincide with the life specified under Schedule
removing the item and restoring the site on which it is
II of the Companies Act, 2013, which are as follows:
located.
The cost of a self-constructed item of property, plant - Buildings including factory 3 - 60 years
and equipment comprises the cost of materials and buildings and Roads
direct labour, any other costs directly attributable to - General Plant and Equipment 15 years
bringing the item to working condition for its intended - Electrical Installations and 10 years
use, and estimated costs of dismantling and removing Equipments
the item and restoring the site on which it is located. - Furniture and Fixtures 10 years
- Office Equipments 5 years
Borrowing costs relating to acquisition of qualifying
fixed assets, if material, are also included in cost to - Vehicles 8 - 10 years
the extent they relate to the period till such assets are - Computer and Data Processing Units 3 - 6 years
ready to be put to use. - Laboratory Equipments 10 years
If significant parts of an item of property, plant and The Group has estimated the useful lives different from
equipment have different useful lives, then they are the lives prescribed in schedule II of Companies Act,
accounted for as separate items (major components) 2013, in the following cases:

- Plant and Equipment (Continuous 15 years An item of intangible asset is derecognised when no
Process Plant) future economic benefit are expected to arise from
the continued use of the asset or upon disposal. Any
- Special Plant and Equipment (used 15 years
in manufacture of chemicals) gain or loss on disposal of an item of intangible assets
is recognised in profit or loss.
Leasehold land and Cost of improvement on leasehold
building is being amortised over the lease period or ii) Transition to Ind AS
useful life, whichever is shorter.
On transition to Ind AS, Group has elected to continue
Based on assessment made by technical experts, the with the carrying value of all of its intangible assets
Management believes that the useful lives as given recognised as at April 1, 2015, measured as per the
above best represent the period over which it expects previous GAAP, and use that carrying value as the
to use these assets. deemed cost of such intangible assets.
Depreciation methods, useful lives and residual values iii) Amortisation

are reviewed at each financial year end and changes,
Amortisation is recognized in the income statement
if any, are accounted for prospectively. Depreciation
on a straight-line basis over the estimated useful lives
on additions to or on disposal of assets is calculated
of intangible assets or on any other basis that reflects
on pro-rata basis i.e. from (upto) the date on which
the pattern in which the asset’s future economic
the property, plant and equipment is available for use
benefits are expected to be consumed by the entity.
(disposed off).
Intangible assets that are not available for use are
b) Intangible assets amortized from the date they are available for use.
i) Recognition and measurement The estimated useful lives are as follows:
Intangible assets acquired separately Software 6 years
Intangible assets that are acquired by the Group are Product development 5 years
measured at cost, less accumulated amortisation and
accumulated impairment losses, if any. The amortisation period and the amortisation method
for intangible assets are reviewed at each reporting
Internally generated intangible assets - Research and date.
development
c) Impairment of non-financial assets
Research costs are expensed as incurred. Development
costs are capitalised only if the expenditure can be At each reporting date, the Group reviews the carrying
measured reliably, the product or process is technically amounts of its non-financial assets (other than inventories
and commercially feasible, future economic benefits and deferred tax assets) to determine whether there is any
are probable, and the Group intends to and has indication on impairment. If any such indication exists, then
sufficient resources to complete development and to the asset’s recoverable amount is estimated.
use or sell the asset. The expenditures to be capitalized
For impairment testing, assets that do not generate
include the cost of materials and other costs directly
independent cash flows are grouped together into the
attributable to preparing the asset for its intended use.
smallest group of assets that generates cash inflows from
Other development expenditures are recognized in
profit or loss as incurred. continuing use that are largely independent of the cash
inflows of other assets or Cash Generating Units (‘CGUs’).
Subsequent to initial recognition, the assets are
measured at cost, less accumulated amortisation and The recoverable amount of an asset or CGU is the greater
accumulated impairment losses, if any. of its value in use and its fair value less costs to sell. Value in
use is based on the estimated future cash flows, discounted
Subsequent expenditures are capitalized only when to their present value using a pre-tax discount rate that
they increase the future economic benefits embodied reflects current market assessments of the time value of
in the specific asset to which they relate. money and the risks specific to the asset or CGU.
Internally generated Intangible assets which are not An impairment loss is recognised if the carrying amount
yet available for use are subject to impairment testing of an asset or CGU exceeds its estimated recoverable
at each reporting date. All other intangible assets amount. Impairment losses are recognised in the statement
are tested for impairment when there are indications of profit and loss.
that the carrying value may not be recoverable. All
impairment losses are recognized immediately in profit In respect of assets for which impairment loss has been
or loss. recognised in prior periods, the Group reviews at each

reporting date whether there is any indication that the loss Equity instruments are subsequently measured at fair
has decreased or no longer exists. An impairment loss is value. On initial recognition of an equity investment
reversed if there has been a change in the estimates used that is not held for trading, the Group may irrevocably
to determine the recoverable amount. Such a reversal is elect to present subsequent changes in the
made only to the extent that the asset’s carrying amount investment’s fair value in OCI (designated as FVOCI
does not exceed the carrying amount that would have – equity investment). This election is made on an
been determined, net of depreciation or amortisation, if no investment by investment basis. Fair value gains and
impairment loss had been recognised. losses recognised in OCI are not reclassified to profit
and loss.
After impairment, depreciation is provided on the revised
carrying amount of the assets over its remaining useful life. iii) Financial assets at fair value through profit or loss
d) Financial instruments A financial asset which is not classified in any of the
above categories are subsequently fair valued
i) Initial recognition
through profit or loss.
The Group recognizes financial assets and financial
liabilities when it becomes a party to the contractual iv) Financial liabilities
provisions of the instrument. All financial assets Financial liabilities are subsequently carried at
and liabilities are recognized at fair value on initial amortized cost using the effective interest method. For
recognition, except for trade receivables which are trade and other payables maturing within one year
initially measured at transaction price. Transaction from the Balance Sheet date, the carrying amounts
costs that are directly attributable to the acquisition or approximate fair value due to the short maturity of
issue of financial assets and financial liabilities, that are these instruments.
not at fair value through profit or loss, are added to the
fair value on initial recognition. iii) Impairment of financial assets
ii) Subsequent measurement The Group assesses on a forward looking basis

the expected credit losses associated with its
i) Financial assets carried at amortised cost
assets carried at amortised cost and FVOCI debt
A financial asset is subsequently measured at instruments. Except Trade receivables, expected
amortised cost if it is held within a business model credit losses are measured at an amount equal to
whose objective is to hold the asset in order to collect the 12-month Expected Credit Loss (ECL), unless there
contractual cash flows and the contractual terms has been a significant increase in credit risk from
of the financial asset give rise on specified dates to initial recognition, in which case those are measured
cash flows that are solely payments of principal and at lifetime ECL.
interest on the principal amount outstanding. When
With regard to trade receivable, the Group applies
the financial asset is derecognised or impaired, the
the simplified approach (Refer Note No. 40 (I)), which
gain or loss is recognised in the statement of profit and
requires expected lifetime losses to be recognised
loss.
from the initial recognition of the trade receivables.
ii) Financial assets at fair value through other
iv) Derecognition
comprehensive income (FVOCI)
Financial Assets
A financial asset is subsequently measured at fair value
through other comprehensive income if it is held within The Group derecognises a financial asset when the
a business model whose objective is achieved by both contractual rights to the cash flows from the financial
collecting contractual cash flows and selling financial asset expire or it transfers the rights to receive the
assets and the contractual terms of the financial contractual cash flows in a transaction in which
asset give rise on specified dates to cash flows that substantially all of the risks and rewards of ownership
are solely payments of principal and interest on the of the financial asset are transferred or in which the
principal amount outstanding. Movements in the Group neither transfers nor retains substantially all of
carrying amount are taken through OCI, except for the risks and rewards of ownership and does not retain
the recognition of impairment gains or losses, interest control of the financial asset.
revenue and foreign exchange gains and losses which
are recognised in profit and loss. When the financial If the Group enters into transactions whereby it
asset is derecognised, the cumulative gain or loss transfers assets recognised on its balance sheet, but
previously recognised in OCI is reclassified from equity retains either all or substantially all of the risks and
to statement of profit and loss and recognised in other rewards of the transferred assets, the transferred assets
income. are not derecognised.

Financial Liabilities fair value or cash flows of the respective hedged items
attributable to the hedged risk. For cash flow hedges
The Group derecognises a financial liability when its
to be “highly effective”, a forecast transaction that is
contractual obligations are discharged or cancelled,
the subject of the hedge must be highly probable and
or expire.
must present an exposure to variations in cash flows
v) Reclassification of Financial Assets and Financial that could ultimately affect profit or loss.
Liabilities
If the hedging instrument no longer meets the criteria
The Group determines classification of financial for hedge accounting, expires or is sold, terminated
assets and liabilities on initial recognition. After initial or exercised, then hedge accounting is discontinued
recognition, no reclassification is made for financial prospectively. The cumulative gain or loss previously
assets which are equity instruments and financial recognized in other comprehensive income/ (loss),
liabilities. For financial assets which are debt instruments, remains there until the forecast transaction occurs.
a reclassification is made only if there is a change If the forecast transaction is no longer expected to
in the business model for managing those assets. If occur, then the balance in other comprehensive
the Group reclassifies financial assets, it applies the income/ (loss) is recognized immediately in the
reclassification prospectively from the reclassification statement of profit and loss.
date which is the first day of the immediately next
vii) Offsetting
reporting period following the change in business
model. Financial assets and financial liabilities are offset and
the net amount presented in the balance sheet when,
vi) Derivative financial instruments
and only when, the Group has a legally enforceable
The Group is exposed to exchange rate risk which right to set off the amounts and it intends either to
arises from its foreign exchange revenues. The Group settle them on a net basis or to realise the asset and
uses foreign exchange forward contracts (derivative settle the liability simultaneously.
financial instruments), to hedge foreign currency e) Fair value measurement
risk associated with highly probable forecasted
transactions and classifies them as cash flow hedges. Fair value is the price that would be received to sell an
asset or paid to transfer a liability in an orderly transaction
Derivatives are initially measured at fair value. between market participants at the measurement date,
Subsequent to initial recognition, derivatives are regardless of whether that price is directly observable or
measured at fair value, and changes therein are taken estimated using other valuation technique. In estimating
directly to profit and loss, except for the effective the fair value of an asset or a liability, the Group takes into
portion of cash flow hedges, which is recorded in the account the characteristics of the asset or liability if market
Group’s hedging reserve as a component of equity participants would take those characteristics into account
through OCI and later reclassified to profit and loss when pricing the asset or liability at the measurement date.
when the hedge item affects profit and loss or treated
as basis adjustment if a hedged forecast transaction Fair values for measurement and/ or disclosure purposes
subsequently results in the recognition of a non- are categorised into Level 1, 2, or 3 based on the degree
financial asset or non-financial liability. The ineffective to which the inputs to the fair value measurements are
portion of such cash flow hedges is recorded in the observable and the significance of the inputs to the fair value
statement of profit and loss. measurement in its entirety, which are described as follows:
Derivatives are carried as financial assets when the fair Level 1- This includes financial instruments measured using
value is positive and as financial liabilities when the fair quoted prices.
value is negative.
Level 2- The fair value of financial instruments that are not
At inception of designated hedging relationships, the traded in an active market is determined using valuation
Group documents the risk management objective and techniques which maximise the use of observable market
strategy for undertaking the hedge. The Group also data and rely as little as possible on entity-specific estimates.
documents the economic relationship between the If all significant inputs required to fair value an instrument
hedged item and the hedging instrument, including are observable, the instrument is included in level 2. Inputs
whether the changes in cash flows of the hedged item other than quoted prices included within Level 1 that are
and hedging instrument are expected to offset each observable for the asset or liability, either directly (i.e. as
other. prices) or indirectly (i.e. derived from prices).
The Group makes an assessment, on an ongoing basis, Level 3- If one or more of the significant inputs is not based
of whether the hedging instruments are expected to on observable market data, the instrument is included in
be “highly effective” in offsetting the changes in the level 3.

f) Inventories h) Revenue Recognition
Inventories (including Stock-in-transit) of Finished Goods, i) Sale of goods

Stock in Trade, Work in progress, Raw materials, Packing
The Group manufactures and sells a range of products
materials and Stores & Spares are stated at lower of cost
to various customers. Revenue is recognised over
and net realizable value. By-products are measured at
the period of time for contracts wherein the Group’s
estimated realisable value. However, materials and other
performance does not create an asset with alternative
items held for use in the production of inventories are not
use to the Group and the entity has an enforceable
written down below cost if the finished products in which
right to payment for performance completed till date.
they will be incorporated are expected to be sold at or
For remaining contracts, revenue is recognised when
above cost.
the significant risk and rewards of ownership have
Cost includes expenditure incurred in acquiring the been transferred to the customer, recovery of the
inventories, production or conversion costs, and other costs consideration is probable, the associated costs and
incurred in bringing them to their existing location and possible return of goods can be estimated reliably,
condition. Net realizable value is the estimated selling price there is no continuing management involvement
in the ordinary course of business, less estimated costs of with the goods to the degree usually associated with
completion and the estimated costs necessary to make the ownership, and the amount of revenue can be
the sale. measured reliably, regardless of when the payment is
being made.
Cost of Raw Materials, Packing Materials, Stores and
Spares, Stock in Trade and other products are determined Revenue is measured at the fair value of the
on weighted average basis and are net of Cenvat/Goods consideration received or receivable. Revenue
and service tax credit. recognised in relation to these contracts in excess of
billing is recognised as a Contract Asset. Accumulated
Cost of Work in progress and Finished Goods is determined experience is used to estimate and provide for the
on weighted average basis considering direct material discounts and returns and revenue is only recognized
cost and appropriate portion of manufacturing overheads to the extent that it is highly probable that a significant
based on normal operating capacity. Cost of finished reversal will not occur. A refund liability (included in
goods include excise duty until June 30, 2017. other current liabilities) is recognized for expected
returns from the customer. Liability (included in other
Obsolete, slow moving and defective inventories are financial liabilities) is recognized for expected volume
identified as and when required, and where necessary, discounts payable to customers in relation to sales
the same are written off or provision is made for such made until the end of the reporting period.
inventories.
Amounts disclosed as revenue are inclusive of excise
g) Provisions, Contingent Liabilities and Contingent Assets
duty and net of returns, discounts, volume rebates and
A provision is recognized if, as a result of a past event, net of goods and service tax.
the Group has a present legal or constructive obligation ii) Sale of services
that can be estimated reliably, and it is probable that an
outflow of economic benefits will be required to settle Revenue from sale of services is recognised over the
the obligation. If the effect of the time value of money period of time as per the terms of the contract with
is material, provisions are determined by discounting the customers based on the stage of completion when
expected future cash flows at a pre-tax rate that reflects the outcome of the transactions involving rendering of
current market assessments of the time value of money services can be estimated reliably.
and the risks specific to the liability. Where discounting is
iii) Export Incentives
used, the increase in the provision due to the passage of
time is recognized as a finance cost. Incentives on exports are recognised in books after
due consideration of certainty of utilisation/ receipt of
Contingent Liability is disclosed after careful evaluation
such incentives.
of facts, uncertainties and possibility of reimbursement,
unless the possibility of an outflow of resources embodying iv) Interest Income
economic benefits is remote. Contingent liabilities are not
recognised but are disclosed in notes to the consolidated Interest income is accrued on a time basis, by reference
financial statements. to the principal outstanding and at the effective
interest rate applicable, which is the rate that exactly
Contingent assets are not disclosed in the consolidated discounts estimated future cash receipts through the
financial statements unless an inflow of economic benefits expected life of the financial asset to the asset’s net
is probable. carrying amount on initial recognition. Interest income

is included in other income in the statement of profit value of economic benefits available in the form of
and loss. any future refunds from the plan or reductions in future
contributions to the plan. To calculate the present
v) Dividends
value of economic benefits, consideration is given to
Dividend income is recognized when the Group’s right any applicable minimum funding requirements.
to receive dividend is established, and is included in
Remeasurement of the net defined benefit liability,
other income in the statement of profit and loss.
which comprise actuarial gains and losses, the return
i) Employee Benefits on plan assets (excluding interest) and the effect of the
asset ceiling (if any, excluding interest), are recognised
i) Short term employee benefits immediately in Other Comprehensive Income. Net interest
S hort-term employee benefits are expensed as the expense (income) on the net defined liability (assets)
related service is provided. A liability is recognised for the is computed by applying the discount rate, used to
amount expected to be paid if the Group has a present measure the net defined liability (asset), to the net defined
legal or constructive obligation to pay this amount as a liability (asset) at the start of the financial year after taking
result of past service provided by the employee and the into account any changes as a result of contribution and
obligation can be estimated reliably. benefit payments during the year. Net interest expense
and other expenses related to defined benefit plans are
ii)
Defined contribution plans in respect of entities recognised in statement of profit and loss.
incorporated in India
When the benefits of a plan are changed or when a
mployees benefits in the form of the Group’s
E plan is curtailed, the resulting change in benefit that
contribution to Provident Fund, Pension scheme, relates to past service or the gain or loss on curtailment
Superannuation Fund and Employees State Insurance is recognised immediately in profit or loss. The Group
are defined contribution schemes. The Group recognises gains and losses on the settlement of a
recognizes contribution payable to these schemes as defined benefit plan when the settlement occurs.
an expense, when an employee renders the related
service. iv) Other long-term employee benefits
If the contribution payable exceeds contribution Employee benefits in the form of long term
already paid, the deficit payable is recognised as compensated absences are considered as long term
a liability (accrued expense), after deducting any employee benefits. The Group’s net obligation in
contribution already paid. If the contribution already respect of long-term employee benefits is the amount
paid exceeds the contribution due for service before of future benefit that employees have earned in return
the end of the reporting period, The Group recognize for their service in the current and prior periods. That
that excess as an asset (prepayments) to the extent benefit is discounted to determine its present value.
that the prepayment will lead to, for example, a Re-measurements are recognised in profit or loss in the
reduction in future payments or a cash refund. period in which they arise.
iii) Defined benefit plans The liability for long term compensated absences
are provided based on actuarial valuation as at the
etirement benefits in the form of gratuity are
R Balance Sheet date, based on Projected Unit Credit
considered as defined benefit plans. The Group’s
Method, carried out by an actuary. In respect of
net obligation in respect of defined benefit plans is
entities incorporated outside India, the Group does
calculated by estimating the amount of future benefit
not have any material employee benefit obligations.
that employees have earned in the current and prior
periods, discounting that amount and deducting the j) Foreign currency transactions
fair value of any plan assets.
Initial recognition:
The Group provides for its gratuity liability based on
Transactions in foreign currencies are translated into the
actuarial valuation of the gratuity liability as at the
Group’s functional currency at the exchange rates at the
Balance Sheet date, based on Projected Unit Credit
dates of the transactions.
Method, carried out by an actuary. The Group
contributes to the gratuity fund, which are recognized Conversion:
as plan assets. The defined benefit obligation as
Monetary assets and liabilities denominated in foreign
reduced by fair value of plan assets is recognized in
currencies are translated into the functional currency at
the Balance Sheet.
the exchange rate at the reporting date. Non-monetary
When the calculation results in a potential asset for the assets and liabilities that are measured at fair value in a
Group, the recognised asset is limited to the present foreign currency are translated into the functional currency

at the exchange rate when the fair value was determined. ii) Intends either to settle on a net basis, or to realise the
Non-monetary assets and liabilities that are measured asset and settle the liability simultaneously.
based on historical cost in a foreign currency are translated
ii) Deferred tax
at the exchange rate at the date of the transaction.
Deferred tax is recognised in respect of temporary
Exchange difference:
differences between the carrying amounts of assets
Exchange differences are recognised in profit or loss, and liabilities for financial reporting purposes and the
except exchange differences arising from the translation of corresponding tax bases used for taxation purposes.
the following items which are recognised in OCI Deferred tax is not recognised for:
- equity investments at fair value through OCI (FVOCI); - temporary differences on the initial recognition of
assets or liabilities in a transaction that is not a business
- a financial liability designated as a hedge of the net combination and that affects neither accounting nor
investment in a foreign operation to the extent that taxable profit or loss; and
the hedge is effective; and
- temporary differences related to investments in
- qualifying cash flow hedges to the extent that the subsidiaries, associates and joint arrangements to the
hedges are effective extent that the Group is able to control the timing of the
reversal of the temporary differences and it is probable
In accordance with Ind-AS 101 ‘First Time Adoption of
that they will not reverse in the foreseeable future.
Indian Accounting Standards’, the Group has continued
the policy of capitalisation of exchange differences on A deferred income tax asset is recognised to the extent
foreign currency loans taken before the transition date. that it is probable that future taxable profits will be available
Accordingly, exchange differences arising on translation against which deductible temporary differences and tax
of long term foreign currency monetary items relating to losses can be utilised. Deferred tax assets are reviewed at
acquisition of depreciable fixed assets taken before the each reporting date and are reduced to the extent that
transition date are capitalized and depreciated over the it is no longer probable that the related tax benefit will be
remaining useful life of the asset. realised; such reductions are reversed when the probability
k) Borrowing costs of future taxable profits improves.
Borrowing costs are interest and other costs (including Unrecognized deferred tax assets are reassessed at
exchange differences relating to foreign currency each reporting date and recognised to the extent that it
borrowings to the extent that they are regarded as an has become probable that future taxable profits will be
adjustment to interest costs) incurred in connection with available against which they can be used.
the borrowing of funds. Borrowing costs directly attributable
Deferred tax is measured at the tax rates that are expected
to acquisition or construction of an asset which necessarily
to be applied to temporary differences when they reverse,
take a substantial period of time to get ready for their
using tax rates enacted or substantively enacted at the
intended use are capitalised as part of the cost of that
reporting date. The measurement of deferred tax reflects
asset. Other borrowing costs are recognised as an expense
the tax consequences that would follow from the manner in
in the period in which they are incurred.
which the Group expects, at the reporting date, to recover
l) Income tax or settle the carrying amount of its assets and liabilities.
Income tax expense comprises current and deferred tax. For operations carried out in tax free units, deferred tax
It is recognised in profit or loss except to the extent that assets or liabilities, if any, have been recognised for the tax
it relates to items recognised directly in equity or in Other consequences of those temporary differences between the
Comprehensive Income carrying values of assets and liabilities and their respective
tax bases that reverse after the tax holiday ends.
i) Current tax
Deferred tax assets and liabilities are offset only if:
Current tax comprises the expected tax payable or
receivable on the taxable income or loss for the year after i) The entity has a legally enforceable right to set off
taking credit of the benefits available under the Income Tax current tax assets against current tax liabilities; and
Act and any adjustment to the tax payable or receivable
in respect of previous years. It is measured using tax rates ii) The deferred tax assets and the deferred tax liabilities
enacted or substantively enacted at the reporting date. relate to income taxes levied by the same taxation
authority on the same taxable entity.
Current tax assets and liabilities are offset only if, the Group:
In respect of entities incorporated in India deferred tax
i) Has a legally enforceable right to set off the recognised assets include Minimum Alternative Tax (MAT) paid in
amounts; and accordance with the tax laws, which gives rise to future

economic benefits in the form of adjustment of future Lease payments are apportioned between the finance
income tax liability, is considered as an asset if there expenses and the reduction of the lease obligation so as
is probable evidence that the Group will pay normal to achieve a constant rate of interest on the remaining
income tax in future. Accordingly, MAT is recognised as balance of the liability. The finance expenses are
deferred tax asset in the Balance Sheet when the asset recognised in the statement of profit and loss.
can be measured reliably and it is probable that the future
Group as lessee under operating lease
economic benefit associated with the asset will be realised.
Payments made under operating leases are generally
m) Segment Reporting
recognised in profit or loss on a straight- line basis over
An operating segment is defined as a component of the the term of the lease unless such payments are structured
entity that represents business activities from which it earns to increase in line with expected general inflation to
revenues and incurs expenses and for which discrete compensate for the lessor’s expected inflationary cost
financial information is available. The operating segments increases. In the event that lease incentives are received to
are based on the Group’s internal reporting structure and enter into operating leases, such incentives are recognised
the manner in which operating results are reviewed by the as an integral part of the total lease expense over the term
Chief Operating Decision Maker (CODM). of the lease.
The Management Advisory Committee of the Group has q) Share-based payment transactions
been identified as the CODM by the Group. Refer Note 35
The grant date fair value of equity settled share-based
for Segment disclosure. payment awards granted to employees is recognised as an
n) Cash and cash equivalents employee benefit expense, with a corresponding increase
in equity. The total expense is recognised over the vesting
Cash and cash equivalents comprise cash at bank and period, which is the period over which all of the specified
on hand and short-term deposits with original maturities of vesting conditions are to be satisfied and is adjusted to
three months or less that are readily convertible to known reflect the actual number of share options that vest.
amounts of cash and which are subject to an insignificant
risk of changes in value. The total amount to be expensed is determined by
reference to the fair value of the options granted including
o) Cash flow statement any market performance conditions and the impact of any
non-vesting conditions and excluding the impact of any
Cash flow statements are prepared in accordance with
service and non-market performance vesting conditions.
“Indirect Method” as explained in the Accounting Standard
on Statement of Cash Flows (Ind AS - 7). The cash flows r) Earning per share
from regular revenue generating, financing and investing
activity of the Group are segregated. Basic earnings per share is calculated by dividing the
net profit or loss for the period attributable to Equity
p) Lease Shareholders by the weighted average number of equity
shares outstanding during the period.
At inception of an arrangement, it is determined whether
the arrangement is or contains a lease, based on the For the purpose of calculating diluted Earning per Share,
substance of the arrangement at the inception date, the net profit or loss for the period attributable to Equity
whether fulfilment of the arrangement is dependent on Shareholders and the weighted average number of shares
the use of a specific asset or assets or the arrangement outstanding during the period are adjusted for the effects
conveys a right to use the asset, even if that right is not of all dilutive potential equity shares.
explicitly specified in an arrangement.
s) Dividends
Leases are classified as finance leases whenever the terms
Provision is made for the amount of any dividend
of the lease transfer substantially all the risks and rewards
declared, being appropriately authorised and no longer
of ownership to the lessee. All other leases are classified as
at the discretion of the entity, on or before the end of
operating leases.
the reporting period but not distributed at the end of the
Group as lessee under finance lease reporting period.
Assets held under finance lease are measured initially at an t) Basis of consolidation
amount equal to the lower of their fair value and the present
Subsidiaries
value of the minimum lease payments. Subsequent to initial
recognition, the assets are accounted for in accordance Subsidiaries are entities controlled by the Group. the Group
with the accounting policy applicable to similar owned controls an entity when it is exposed to, or has rights to,
assets. The corresponding liability to the lessor is included in variable returns from its involvement with the entity and has
the balance sheet as a finance lease obligation. the ability to affect those returns through its power over the

entity. The financial statements of subsidiaries are included in

Name of the Country of %voting power
the consolidated financial statements from the date on which
Company Incorporation held as at
control commences until the date on which control ceases.
March 31st,
The subsidiary companies considered in the consolidated 2019 (March
financial statements are: 31, 2018)
PI Kumiai Private India 50% (50%)
Name of the Country of %voting power Limited
Company Incorporation held as at Solinnos Agro Sciences India 49% (49%)
March 31st, Private Limited
2019 (March
31, 2018) Transactions eliminated on consolidation
PILL Finance & India 100% (100%) Intra -group balances and transactions, and any unrealised
Investment Limited income and expenses arising from intra-group transactions,
PI Life Science India 100% (100%) are eliminated. Unrealised gains arising from transactions
Research Limited with equity accounted investees are eliminated against
the investment to the extent of the Group ’s interest in the
PI Japan Co. Ltd. Japan 100% (100%)
investee. Unrealised losses are eliminated in the same way
Equity accounted investees as unrealised gains, but only to the extent that there is no
evidence of impairment.
An associate is an entity in which the Group has significant
influence, but not control or joint control, over the financial Foreign operation
and operating policies. A joint venture is an arrangement in
The assets and liabilities of foreign operations (subsidiaries,
which the Group has joint control and has rights to the net
associates, joint arrangements, branches) including
assets of the arrangement, rather than rights to its assets
goodwill and fair value adjustments arising on acquisition,
and obligations for its liabilities.
are translated into `, the functional currency of the Group
Interests in associates and joint ventures are accounted , at the exchange rates at the reporting date. The income
for using the equity method. They are initially recognised and expenses of foreign operations are translated into ` at
at cost which includes transaction costs. Subsequent to the exchange rates at the dates of the transactions or an
initial recognition, the consolidated financial statements average rate if the average rate approximates the actual
include the Group’s share of profit or loss and OCI of equity rate at the date of the transaction. The resulting exchange
accounted investees until the date on which significant difference arising on translations are recognised in OCI and
influence or joint control ceases. accumulated in other Equity, except to the extent that
they are allocated to Non Controlling Interest.
The joint venture and associate companies considered in
the consolidated financial statements are:
4 PROPERTY, PLANT AND EQUIPMENT
Leasehold Freehold Leasehold Buildings Plant and Furniture and Office Vehicles Total
land land improvement machinery fixtures equipments
As at beginning of April 01, 2017 201 7 1 2,625 7,608 94 78 1 10,615
Additions - - 0 296 989 39 21 1 1,346
Disposals - - - - (8) - (0) (0) (8)
As at March 31, 2018 201 7 1 2,921 8,589 133 99 2 11,953
Additions * 152 45 0 643 1,895 28 22 31 2,816
Disposals - - - - (34) (1) - - (35)
As at March 31, 2019 353 52 1 3,564 10,450 160 121 33 14,734
Accumulated depreciation
As at beginning of April 01, 2017 4 - (0) 138 1,062 12 23 1 1,240
Depreciation charge during the year 2 - (0) 106 673 11 17 0 809
Disposals - - - - (2) - (0) (0) (2)
As at March 31, 2018 6 - (0) 244 1,733 23 40 1 2,047

Depreciation charge during the year 3 - (0) 123 747 15 19 3 910
Disposals - - - - (13) (1) 0 - (14)
As at March 31, 2019 9 - (0) 367 2,467 37 59 4 2,943
Net carrying amount
As at March 31, 2018 195 7 1 2,677 6,856 110 59 1 9,906
As at March 31, 2019 344 52 1 3,197 7,983 123 62 29 11,791
* Addition in Leasehold land in the current year represents land which is pending registration in the name of the Group as at March 31, 2019. The same has
been subsequently registered on April 22, 2019.
Corporate Overview
a. Depreciation for the year includes depreciation amounting to ` 100 (March 31, 2018 ` 90) on assets used for Research & Development. During the year
Group incurred ` 50 (March 31, 2018 ` 167) towards capital expenditure for Research & Development (Refer Note 29).
b. Refer note 42 for information on property, plant and equipment pledged as security by the Group.
c. Refer note 33 for disclosure of contractual commitments for the acquisition of property, plant and equipment.
Management Reports

169
5. OTHER INTANGIBLE ASSETS
Computer Product Total

Software Development
Additions 17 - 17
As at March 31, 2018 105 10 115
Additions 15 - 15
As at March 31, 2019 120 10 130
Accumulated amortisation
As at March 31, 2018 38 6 44
As at March 31, 2019 56 8 64
Net Carrying Amount
As at March 31, 2018 67 4 71
As at March 31, 2019 64 2 66
6. INTANGIBLE ASSETS UNDER DEVELOPMENT
Intangible
Assets under
Development
As at beginning of April 01, 2017 190
Additions 49
Disposal (31)
As at March 31, 2018 208
Additions 76
As at March 31, 2019 284
The value-in-use of intangible assets under development is higher than the carrying amount.
7. FINANCIAL ASSETS
7(a) NON CURRENT INVESTMENTS
Investment in equity instruments (fully paid up) As at March 31, 2019 As at March 31, 2018
1) Quoted at FVTPL Face value No. of Amount Face No. of
(in ` ) Shares value Shares Amount
a) United Credit Limited 10 700 0 10 700 0
b) Summit Securities 10 12 0 10 12 0
c) Akzo Nobel India Limited 10 50 0 10 50 0
d) BASF India Limited 10 976 1 10 976 2
e) Sudershan Chemical Industries Limited 1 900 0 1 900 0
f) Rallis India Limited 1 2,070 1 1 2,070 0
g) Bayers Crop Science Limited 10 66 0 10 66 0
h) Punjab Chemicals & Crop Protection Limited 10 248 0 10 248 0
i) Pfizer Limited (Erstwhile Wyeth Limited) 10 29 0 10 29 0
j) Sanofi India Limited 10 100 1 10 100 1
k) L.M.L.Limited 10 150 0 10 150 0
l) United Sprit Limited 10 940 1 10 188 1
m) RPG Life Sciences Limited 10 360 0 10 360 0
n) Voltas Limited 1 100 0 1 100 0
o) ICICI Bank Limited 2 2,530 1 2 2,530 1
5 5

As at March 31, 2019 As at March 31, 2018

2) Unquoted Face value No. of Amount Face No. of
(in ` ) Shares value Shares Amount
a) Sygenta India Limited 10 160 0 10 160 0
b) Ciba CKD Biochem Limited 10 100 0 10 100 0
c) Collabo Tech Inc. 291,545 343 65 - - -
Less: Provision for diminution in value of investment (0) (0)
65 0
TOTAL 70 5
Aggregate amount of quoted investments and market 5 5
value thereof
Aggregate amount of un-quoted investments 65 0
Aggregate amount of impairment in the value of (0) (0)
investments
7(b) CURRENT INVESTMENTS
As at March 31, As at March 31,

2019 2018
Investment in mutual funds at FVTPL
Quoted
a) Reliance Liquid Fund-Treasury Plan-Growth Plan-Growth Option - 325
Nil (March 31, 2018 : 77,036.308 ) Units
b) SBI Premier Liquid Fund-Regular Plan-Growth - 312
Nil (March 31, 2018 : 1,14,726.879 ) Units
c) ICICI Prudential Liquid Plan-Growth - 326
Nil (March 31, 2018 : 12,70,018.482) Units
d) HDFC Liquid Fund-Regular Plan-Growth - 321
Nil (March 31, 2018 : 94,323.052) Units
e) Aditya Birla Sun Life Cash Plus-Growth-Direct Plan - 311
Nil (March 31, 2018 : 1,113,090.088) Units
f) Reliance Liquid Fund - Direct Plan Growth Plan - Growth Option -
48,256 (March 31, 2018 : Nil) Units 220
g) Aditya Birla Sun Life Liquid Fund-Growth-Direct Plan -
6,53,069 (March 31, 2018 : Nil) Units 196
h) HDFC Liquid Fund-Regular Plan-Growth -
70,151 (March 31, 2018 : Nil) Units 257
i) SBI Liquid Fund Direct Growth -
1,52,342 (March 31, 2018 : Nil) Units 446 1,119 1,595
Quoted TOTAL 1,119 1,595
Aggregate amount of quoted investments and market value thereof 1,119 1,595
7(c) LOANS

Unsecured, considered good unless stated otherwise
Security deposits 41 39 7 3
Loans and advances to related parties (Refer Note 36) - - 3 0
Other loans and advances
Employee advances
Doubtful - - 2 1
Less: Allowance for doubtful employee advances - - (2) (1)
Other miscellaneous advances - - 48 30
TOTAL 41 39 63 37

7(d) TRADE RECEIVABLES
As at As at
March 31, 2019 March 31, 2018
Receivables from related parties (Refer note 36) - 6
TOTAL 6,618 5,268
Current portion 6,618 5,268
Non-current portion - -
Break up of security details
Trade receivables considered good- Secured - -
Trade receivables considered good- Unsecured 6,939 5,461
Trade receivables which have significant increase in credit risk - -
Trade receivables- credit impaired - -
6,939 5,461
TOTAL 6,618 5,268
Refer note 42 for information on trade receivables pledged as security by the Group.
7(e) CASH AND CASH EQUIVALENTS
As at As at
March 31, 2019 March 31, 2018
i. Cash & Cash Equivalents
Balance with banks
In Current Accounts 90 137
In EEFC account 60 11
Cash on hand 1 1
Deposits with maturity of less than 3 months* 463 1,024
TOTAL 614 1,173
* Includes deposits amounting to ` Nil (March 31, 2018 : ` 207) held as margin money.
7(f) BANK BALANCES OTHER THAN CASH AND CASH EQUIVALENTS
As at As at
March 31, 2019 March 31, 2018
In deposit accounts held as margin money 31 46
Fixed deposits with bank 240 82
In unclaimed dividend accounts * 7 6
TOTAL 278 134
* Not available for use by the Group as they represent corresponding unclaimed dividend liabilities.
7(g) OTHERS FINANCIAL ASSETS

Interest and other charges recoverable from
customers
-Considered good - - 94 88
-Doubtful - - 121 80
Less: Allowance for doubtful debts - - (121) (80)
Deposits lodged with Excise & Sales Tax 28 27 - -
department
Deposit accounts held as margin money 31 26 40 43
Derivative financial instruments - foreign 90 10 120 102
exchange forward contracts
TOTAL 149 63 254 233

7(h) CONTRACT ASSETS

As at As at
March 31, 2019 March 31, 2019
Contract assets - 520
TOTAL - 520
- Assets recognized from costs to fulfil a contract
There is no asset recognized from costs to obtain or fulfil a contract with a customer.
Revenue recognised that was included in the contract liability balance at the beginning of the period was ` 116
8 INVENTORIES
As at As at
March 31, 2019 March 31, 2018
Raw materials {includes stock-in-transit ` 1048 (March 31, 2018 : ` 553)} 3,504 2,080
Work in progress 595 369
Finished goods *{includes stock-in-transit ` 183 (March 31, 2018 : ` 629)} 735 1,710
Stock in trade *{includes stock-in-transit ` Nil (March 31, 2018 : ` 22)} 292 150
Stores & spares {includes stock-in-transit ` 6 (March 31, 2018 : ` 6)} 231 211
TOTAL 5,357 4,520
* The cost of inventories recognised as an expense on account of provision of obsolete/ slow and non moving inventories
amounting to ` 68 (March 31, 2018: ` 49)
9 INVESTMENTS IN ASSOCIATE AND JOINT VENTURE
As at As at
March 31, 2019 March 31, 2018
Investment in Unquoted Equity Instruments
Solinnos Agro Sciences Private Limited (Associate)* 6 6
PI Kumiai Private Limited (Joint Venture)** 96 0
102 6
* The Group has a 49% interest in Solinnos Agro Sciences Private Limited, which is involved in the business of all types of agri
Inputs. The Group’s interest in Solinnos Agro Sciences Private Limited is at carrying amount determined using the equity method
of accounting. The country of business is India.
** The Group has a 50% interest in PI Kumiai Private Limited, which is involved in the business of are manufacturing and trading of
Agri Science Products. The Group’s interest in PI Kumiai Private Limited is at carrying amount determined using the equity method
of accounting. The country of business is India.
The Group has interest in Solinnos Agro Sciences Private Limited and PI Kumiai Private Limited that are accounted for using equity
method and are individually immaterial to the Group. Refer table below for details: -
As at As at
March 31, 2019 March 31, 2018
Aggregate carrying amount of individually immaterial associate and joint venture 102 6
Aggregate amounts of the group's share of:
Profit/(loss) from continuing operations 0 1
Post-tax profit or loss from discontinued operations - -
Other comprehensive income - -
Total comprehensive income 0 1

10 OTHER ASSETS

Capital advances
Considered good 383 325 - -
Doubtful 1 1 - -
Less: Allowance for doubtful advances (1) (1) - -
Advances to vendors
Doubtful - - 11 10
Less: Allowance for doubtful advances - - (11) (10)
Balance with Central Excise Authorities, Customs - - 93 181
etc.
Prepayments 9 10 40 90
Other statutory advances 0 0 660 530
Export incentive receivables - - 559 427
Right to recover returned goods (Refer note 43) - - 107 -
Other miscellaneous advances* 59 55 - -
TOTAL 451 390 2,086 1,654
* Other miscellaneous advances includes amount of ` 55 (March 31, 2018 ` 50) deposited with Sales Tax Authorities under
protest.
11 CURRENT TAX ASSETS
As at As at
March 31, 2019 March 31, 2018
Advance income tax (Net of provision for income tax ` 7,231 {March 31, 2018 ` 5,969}) - 4
TOTAL - 4
12 EQUITY SHARE CAPITAL
As at As at
March 31, 2019 March 31, 2018
Authorised Shares
22,30,00,000 (March 31, 2018 : 22,30,00,000) Equity Shares of `1 each (March 31, 2018 : 223 223
` 1 each)
50,00,000 (March 31, 2018 : 50,00,000) Preference Shares of `100 each (March 31, 2018 : 500 500
` 100 each)
723 723
Issued Shares
` 1 each)
138 138
Subscribed & Fully Paid up Shares
` 1 each)
Total subscribed and fully paid up share capital 138 138
a. The difference between the issued and subscribed capital is on account of less number of shares allotted in right issue in earlier
years.
b. Terms/ rights attached to Equity Shares
The Company has only one class of Equity Shares having a par value of `1 per share (March 31, 2018 ` 1 per share). Each
holder of Equity Shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting except interim dividend. In the event of liquidation, the
Equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.

c. Own shares held by ESOP Trust
In the earlier years, PII ESOP Trust was set up to administer the employee stock option plan. During the current year PII ESOP Trust
has been consolidated. Refer table below for movement of shares on account of consolidation: -
Particulars For the year ended For the year ended

March 31, 2019 March 31, 2018
No. of shares Amount No. of shares Amount
Opening balance 271,558 0 - -
Adjustment on consolidation of ESOP Trust during 123,333 0 505,054 0
the year
Exercised during the year 163,691 0 233,496 0
Closing balance 231,200 0 271,558 0
d. Issue of Shares under employee stock option (ESOP) Scheme
During the year ended March 31, 2019, the Company has issued 1,23,333 equity shares of ` 1 each (March 31, 2018: 3,20,694
equity shares of ` 1 each), as per exercise price to PII ESOP Trust, set up to administer Employee Stock Option Plan. Out of total
equity shares issued to the Trust 1,63,691 equity shares of face value of ` 1 each (March 31, 2018: 2,33,496 equity shares of face
value of ` 1 each) have been allocated by the Trust to respective employees upon exercise of Stock Option from time to time.
As on March 31, 2019: 2,31,200 equity shares of face value of ` 1 per share (March 31, 2018: 2,66,748 of face value of ` 1 each)
are pending to be allocated to employees upon exercise of Stock Option. (Refer Note 32)
e. Reconciliation of shares outstanding at the beginning and at the end of the reporting period
Issued share capital
Equity Shares
Particulars Equity Share (No. of Shares) Value of Equity Shares

2018-19 2017-18 2018-19 2017-18
scheme
Subscribed & paid up
Equity Shares
Particulars Equity Share (No. of Shares) Value of Equity Shares

2018-19 2017-18 2018-19 2017-18
Shares issued under employee stock option plan 123,333 320,694 0 0
f. Shares reserved for issue under option
Shares reserved for issue under employee stock option scheme is set out in Note 32
g. Details of shareholders holding more than 5% shares in the Company
Equity Shares
Name of Shareholders 2018-19 2017-18

No of Shares % of Holding No of Shares % of Holding
Mr. Salil Singhal 8,554,857 6.20 8,554,857 6.20
Ms. Madhu Singhal 21,560,500 15.62 21,560,500 15.63
Mr. Mayank Singhal 32,028,510 23.20 32,028,510 23.22
Ms. Pooja Singhal 8,665,550 6.28 8,665,550 6.28
ICICI Prudential Value Discovery Fund 6,073,466 4.40 7,345,756 5.33

13 OTHER EQUITY
Reserves & surplus As at As at

March 31, 2019 March 31, 2018
a. Capital reserve
Addition during the financial year - 15 - 15
Capital Reserve pertains to amount transferred from capital redemption reserve
which was created for redemption of preference share.
b. Capital redemption reserve
Addition during the Financial year - 4 - 4
Deduction during the financial year
c. Securities premium reserve
Add: Premium on issue of equity shares through ESOP 116 144
Add: Exercise of share options 29 45
Less: Own shares held by ESOP Trust (74) 2,055 (114) 1,984
Securities premium reserve is used to record the premium on issue of shares. The
reserve is utilised in accordance with the provisions of the Act.
d. Share option outstanding account
Less: Expense on employee stock option scheme 13 17
Less: Shares issued under employee stock option scheme (42) 73 (56) 102
The share options outstanding account is used to recognise the liability arising out of
options issued to employees under Employee stock option scheme until the shares
are issued (Refer Note 32).
e. General reserve
Add: Transferred during the financial year - 1,857 - 1,857
f. Surplus in statement of profit & loss
Addition during the financial year 4,102 3,676
Add: Change in accounting policy- Adjustment of Ind AS 115 (Refer note 43) 216
Add: Remeasurement gain / (loss) on defined benefit plans through OCI (1) 11
Less: Interim dividend (345) (206)
Less: Final dividend (344) (344)
Less: Dividend distribution tax on equity shares (142) 18,583 (112) 15,097
g. Own shares held by ESOP Trust
Balance at the beginning and end of the financial year (0) -
Add: Adjustment on consolidation of ESOP Trust during the year (0) (0)
Less: Exercise of share options 0 (0) 0 (0)
Items of other comprehensive income
h. Cash flow hedge reserve
Add: Other comprehensive income for the financial year 78 127 (86) 49
The company uses hedging instruments as part of its management of foreign currency
risk associated with its highly probable forecast sale. For hedging foreign currency
risk, the company uses foreign currency forward contracts which is designated as
cash flow hedges. To the extent these hedges are effective; the change in fair value
of the hedging instrument is recognised in the cash flow hedging reserve. Amounts
recognised in the cash flow hedging reserve is reclassified to profit or loss when the
hedged item (sales) affects profit or loss.
i. Foreign currency translation reserve
Balance at the beginning and end of the financial year 2 1
Other comprehensive income for the year 0 2 1 2
Total 22,716 19,110

14. DISTRIBUTION MADE AND PROPOSED
A Dividends declared and paid: As at As at

March 31, 2019 March 31, 2018
Final dividend 344 344
Interim dividend 345 206
Total dividends 689 550
The Company has paid tax on dividend amounting to ` 142 (March 31, 2018 ` 112)
B Dividends not recognised at the end of the reporting period As at As at

March 31, 2019 March 31, 2018
In addition to the above dividends, subsequent to the year end the Board of 207 345
Directors have recommended a final dividend of `1.50 per fully paid equity share
(March 31, 2018 ` 2.50).
Tax on dividend 42 70
This proposed dividend is subject to the approval of shareholders in the ensuing annual general meeting.
15. FINANCIAL LIABILITIES
15(a) BORROWINGS (NON-CURRENT)
Non- Current maturities Current maturities

Secured
Term Loans - From Banks and Financial Institutions
Foreign Currency Loans from Banks 99 463 395 373
Less: Interest accrued but not due on borrowings - - 2 2
(included in Note 15(c))
TOTAL 99 463 393 371
a. Foreign currency loans includes:
External commercial borrowings (ECB) from HSBC bank amounting to USD 7 Mn carrying interest rate of 3 months LIBOR plus
1.42% is outstanding as on March 31, 2019 and is repayable in balance 5 quarterly instalments of USD 1 Mn each. The loan is
secured by exclusive charge on movable plant and machinery relating to multi purpose plant (MPP) - 6 &7 of the Company
situated at SPM 28, Jambusar (Gujarat). Carrying value of assets pledged as securities is ` 1,805. Refer note 42.
b. As on the Balance sheet date there is no default in repayment of loans and interest.
c. Changes in liabilities arising from financing activities
As at As at
March 31, 2019 March 31, 2018
This section sets out changes in liabilities arising from financing activities pursuant to
requirements under Ind AS 7
Current portion of long term financial borrowings (393) (371)
Non-current portion of long term financial borrowings (99) (463)
Interest accrued but not due on borrowings (2) (2)
TOTAL (494) (836)
Amount
Foreign exchange adjustments (56)
Interest expense (29)
Interest paid 30
Amortisation of Prepaid Processing Charges on Term Loan (2)
Re-payments 399

15(b) TRADE PAYABLES
As at As at
March 31, 2019 March 31, 2018
Trade payables
- Due to micro and small enterprises (Refer Note 37) 48 47
- Other trade payables 5,082 3,640
TOTAL 5,130 3,687
15(c) OTHER FINANCIAL LIABILITIES

Employee payables* - - 523 486
Security deposits from dealers 189 181 - -
Security deposits from contractors 1 2 3 3
Current maturities of long-term borrowings (Refer - - 393 371
Note 15 (a))
Interest accrued but not due on borrowings - - 2 2
Unclaimed dividends - - 7 6
Creditors for capital purchases - - 371 239
Other payable ** - - 1,120 1,037
TOTAL 190 183 2,419 2,144
* This includes due to directors amounting to ` 93 (March 31, 2018 ` 68)
** This includes due to non-executive/ independent directors amounting to ` 17 (March 31, 2018 : ` 12)
16 PROVISIONS

Provision for employee benefits*
Long term compensated absences 111 97 8 6
Gratuity 179 136 - -
290 233 8 6
Provisions for legal claims - - 118 101
- - 118 101
TOTAL 290 233 126 107
(i) Information about provisions for legal claims
(a) A
n objection was raised by the custom department on classification of one of the imported raw materials resulting in
demand of differential custom duty. The Company filed an appeal against the order and is clearing the goods after
furnishing of bank guarantee for differential duty against each import of such raw material. As on March 31, 2019 total
differential custom duty demand is ` 114 (March 31, 2018 ` 97). Case is pending before Assistant Commissioner of Customs,
Mumbai.
(b) G
overnment of Rajasthan issued a notification resulting into an excise liability of ` 4 (March 31, 2018: ` 4). The Company
has filed writ against the notification and has furnished fixed deposit against the said liability. The case is pending before
Honorable Rajasthan High Court.
(ii) Movement in other provisions
Legal claims
As at 1 April 2017 82
As at 31 March 2018 101
As at March 31, 2019 118
* Refer note 31 for movement in “Provision for Employee Benefits”

17 DEFERRED TAX (ASSETS) / LIABILITIES
The balance comprises temporary differences attributable to: As at As at

March 31, 2019 March 31, 2018
Property, plant and equipment 1,093 1,033
Intangible assets 14 16
- Remeasurements on defined benefit plans (17) (16)
- Effective portion on cash flow hedges 58 16
- Exchange difference on translation of foreign operations 1 1
A 1,149 1,050
Deferred tax assets
Provision for employee benefits (42) (89)
Other provisions (17) -
Other financial liabilities (8) (5)
Trade receivables (155) (67)
Other financial assets - (28)
Others (5) (15)
Minimum alternate tax (MAT) credit entitlement (1,063) (1,113)
B (1,290) (1,317)
Net deferred tax (assets)/ liabilities TOTAL (141) (267)
Movement in deferred tax: As at Recognized Recognized Other As at

March 31, 2018 in P&L in OCI Adjustments* March 31, 2019
Property, plant and equipment 1,033 60 - - 1,093
Intangible assets 16 (2) - - 14
items
- Remeasurements on (16) - (1) - (17)
defined benefit plans
- Effective portion on cash 16 - 42 - 58
flow hedges
- Exchange difference 1 - - - 1
on translation of foreign
operations
Sub- Total (a) 1,050 58 41 - 1,149
Deferred tax assets
Provision for employee benefits 89 (47) - - 42
Other provisions - 17 - 17
Other financial liabilities 5 3 - - 8
Other financial assets 28 (28) - - -
Others 15 (10) - - 5
Minimum alternate tax (MAT) 1,113 (66) - 16 1,063
credit entitlement
Sub- Total (b) 1,317 (43) - 16 1,290
Net deferred tax liability (267) 101 41 (16) (141)
(a)-(b)
* Actualisation of MAT credit utilisation for the FY 2017-18 on the basis of tax return filed.

Movement in deferred tax: As at Recognized Recognized in Other As at March

March 31, 2017 in P&L OCI Adjustments* 31, 2018
Property, plant and equipment 947 86 - - 1,033
Intangible assets 14 2 - - 16
Other comprehensive income -
items
- Remeasurements on (22) - 6 - (16)
defined benefit plans
- Effective portion on cash 61 - (45) - 16
flow hedges
- Exchange difference 1 - 0 - 1
on translation of foreign
operations
Sub- Total (a) 1,001 88 (39) - 1,050
Deferred tax assets
Provision for employee benefits 58 31 - - 89
Other provisions - - - - -
Other financial liabilities 13 (8) - - 5
Other financial assets 23 5 - - 28
Others 1 14 - - 15
Minimum alternate tax (MAT) 1,053 52 - 8 1,113
credit entitlement
Sub- Total (b) 1,199 110 - 8 1,317
Net deferred tax liability (198) (22) (39) (8) (267)
(a)-(b)
* Actualisation of MAT credit entitlement for the FY 2016-17 on the basis of tax return filed.
18 OTHER LIABILITIES

Advance from customers - - 125 116
Refund/ Return liabilities - - 208 -
Statutory dues payable - - 102 83
TOTAL - - 435 199
The Group has a customary practice of accepting return and accordingly, the Group has recognised a refund liability for the
amount of consideration received for which the Group does not expect to be entitled amounting to ` 208. The Group has also
recognised a right to recover the returned goods ` 107; see note 43. The costs to recover the products are not material because
the customers usually return the product in a saleable condition.
19 CURRENT TAX LIABILITIES
As at As at
March 31, 2019 March 31, 2018
Provision for Income Tax (Net of Advance Income Tax ` 7,226 {March 31, 2018 ` 5,972}) 5 -
TOTAL 5 -
20 REVENUE FROM OPERATIONS

March 31, 2019 March 31, 2018
Revenue from operations includes
a) Sale of products (including excise duty) 27,918 22,747
b) Sale of services; 2 15
c) Other operating revenues:
Scrap sales 18 14
Export incentives 471 311
Revenue From Operations (Net) 28,409 23,087

Goods and Service Tax (GST) has been effective from July 01, 2017. Consequently, excise duty, value added tax (VAT), Service
tax etc. have been replaced with GST. Until June 30, 2017, ‘Sale of products’ included the amount of excise duty recovered on
sales. With effect from July 01, 2017, ‘Sale of products’ excludes the amount of GST recovered. Accordingly, revenue from ‘Sale of
Products’ and ‘Revenue from operations’ for the year ended March 31, 2019 are not comparable with those of the previous year.
See note 43 for details about restatements for change in accounting policies consequent to adoption of IND AS 115.
Reconciliation of revenue recognised with the contract price: Year ended

March 31, 2019
Contract Price 29,886
Adjustments for:
Refund liabilities (208)
Discount/Incentives (1,760)
Revenue from Operations 27,918
Critical judgements in recognising revenue :
The Group has recognised Provision for discounts and sales returns amounting to INR 474 from sale of products to various
customers during the year ended March 31, 2019. The provision has been determined by the management based on the
current and expected operating environment, Sales returns variability, expected achievement of targets against various
ongoing schemes floated.
21. OTHER INCOME

March 31, 2019 March 31, 2018
Interest Income from financial assets at amortised cost 194 266
Unwinding of discount on security deposits 10 2
Net gain on investments 80
-Realised Gain 198 -
-Unrealised Gain/ (Loss) (89) -
Net foreign exchange differences * 240 235
Dividend Income 0 0
Miscellaneous Income 42 19
TOTAL 595 602
* Net of amount of loss ` 55 (March 31, 2018 ` 2) which has been transferred to Capital work in progress during the year.
22 CHANGES IN INVENTORIES OF FINISHED GOODS, WORK IN PROGRESS AND STOCK IN TRADE

March 31, 2019 March 31, 2018
Closing balance
Finished Goods 735 1,710
Work in Progress 595 369
Right to recover returned goods (Refer note 43) 107 1,729 - 2,229
Opening balance
Finished Goods 1,710 1,355
Work in Progress 369 2,229 761 2,306
TOTAL 500 77
23 EMPLOYEE BENEFIT EXPENSE

March 31, 2019 March 31, 2018
Salaries, wages and bonus 2,372 2,139
Contribution to provident & other funds 96 83
Gratuity (Refer Note 31) 38 90
Long term compensated absences 25 13
Employees Welfare Expenses 103 89
Expense on Employee Stock Option Scheme (Refer Note 30) 13 17
TOTAL * 2,647 2,431
* Net of amount of ` 169 (March 31, 2018 ` 94) which has been transferred to Capital work in progress during the year.

24 OTHER EXPENSES

March 31, 2019 March 31, 2018
Repairs & Maintenance
- Buildings 60 53
- Plant and machinery 216 156
- Others 129 103
Environment & Pollution Control expenses 454 350
Laboratory & Testing Charges 214 190
Freight & Cartage 406 321
Advertisement & Sales Promotion 372 370
Travelling and conveyance # 431 382
Rental charges {Refer note 33 (c)} 159 152
Rates and taxes 45 37
Insurance 42 44
Donation 59 34
Loss on Sale/Retirement of property, plant and equipment (Net) 13 5
Payment to auditors {Refer note 24 (a) below} 5 5
Telephone and communication charges 46 45
Director sitting fees and commission 19 15
Bank charges 21 20
Corporate social responsibility expenditure {Refer note 25 below} 93 86
TOTAL * 4,496 3,715
a) Auditors’ Remuneration
March 31, 2019 March 31, 2018
-Audit Fees 3 3
- Limited Review Fees 1 1
-Certificates & other matters 1 1
-Reimbursement of expenses 0 0
TOTAL 5 5
* Net of amount of ` 55 (March 31, 2018 ` 2) which has been transferred to Capital work in progress during the year.
# Includes lease rental for vehicles on operating lease amounting to ` 104 (March 31, 2018 ` 93). Refer note 33 (c).
25 CORPORATE SOCIAL RESPONSIBILITY EXPENDITURE

March 31, 2019 March 31, 2018
Contribution to PI Foundation Trust for CSR activities 93 86
Amount required to be spent by the Company during the year as 93 86
per Section 135 of the Act
Amount spent during the year on :
(i) Construction/acquisition of an asset - -
(ii) On purpose other than (i) above 93 86
26 DEPRECIATION AND AMORTIZATION EXPENSES

March 31, 2019 March 31, 2018
Depreciation of Property, Plant and Equipment (Refer Note 4) 910 810
Amortization of Intangible Assets (Refer Note 5) 20 20
TOTAL 930 830

27 FINANCE COST

March 31, 2019 March 31, 2018
Interest on financial liabilities measured at amortised cost 47 50
Other borrowing costs 3 3
TOTAL 50 53
28 INCOME TAX EXPENSE
a) Income tax expense recognized in Profit and Loss

March 31, 2019 March 31, 2018
Current tax expense
Current tax on profits for the year 1,192 1,009
Adjustment of current tax for prior year periods (16) (8)
Total Current tax expense 1,176 1,001
Deferred tax expense
(Decrease) / Increase in Deferred tax liability 58 88
Decrease / (Increase) in Deferred tax assets 43 (110)
Net Deferred tax expense 101 (22)
Total Income tax expense 1,277 979
b) Income tax related to items recognised in Other comprehensive income during the year
March 31, 2019 March 31, 2018
Remeasurement of defined benefit plans (1) 6
Effective portion on cash flow hedges 42 (45)
Exchange difference on translation of foreign operation 0 0
Income tax charged to Other comprehensive income 41 (39)
c) Reconciliation of tax expense and the accounting profit multiplied by India’s tax rate

March 31, 2019 March 31, 2018
Accounting profit before tax 5,379 4,655
Tax at India's statutory income tax rate @ 34.944% (March 31, 2018: 34.608%) 1,880 1,611
Adjustment in respect of current income tax of previous years (16) (8)
Adjustment in respect of interest under 234A/B/C of Income Tax Act - 1
Effect of concessions (expenditure on research and development) (121) (121)
Effect of income that is exempt from taxation (operations in tax free zone) (486) (513)
Difference in overseas tax rate (0) (0)
Effect of lower income tax rate 1 1
Effect of change in tax rate 8 -
Effect of amounts which are not deductible in calculating taxable income 11 8
Income Tax Expense 1,277 979
The Group recognised current tax amounts directly in retained earnings as a result of the changes in accounting policies. Refer note 43.
d) Unrecognized temporary differences

March 31, 2019 March 31, 2018
Temporary difference relating to investments in subsidiaries for which deferred tax
liabilities have not been recognised:
Undistributed earnings 222 199
Unrecognised deferred tax liabilities relating to the above temporary differences @ 78 69
34.944% (March 31, 2018: 34.608%)
ertain subsidiaries of the Group have undistributed earnings which, if paid out as dividends, would be subject to tax in the
C
hands of the recipient. An assessable temporary difference exists, but no deferred tax liability has been recognised as the Group

is able to control the timing of distributions from the subsidiaries. These subsidiaries are not expected to distribute these profits in
foreseeable future.
29 RESEARCH & DEVELOPMENT EXPENSES
etails of Expenditure on Research & Development Facilities/ division of the Group recognised by Department of Scientific &
D
Industrial Research.
a) Revenue Expenditure

March 31, 2019 March 31, 2018
Other Income 0 2
TOTAL 0 2
Employee Benefit Expenses
Salaries, Wages & Bonus 290 231
Contributions to Provident & other funds 20 16
Employee Welfare Expenses 7 7
317 254
Raw & Packing Materials Consumed 109 98
Other Expenses
Laboratory & testing Material 58 56
Testing & analysis 13 5
Travelling & conveyance 17 13
Rates and taxes 0 0
Printing & Stationery 0 0
Bank Charges 0 0
262 214
Depreciation
Depreciation 100 90
TOTAL 788 656
Total Expenditure 788 654
b) Capital Expenditure

March 31, 2019 March 31, 2018
Buildings 0 26
Equipments & Others 50 141
TOTAL 50 167
30 EARNING PER SHARE (EPS)

March 31, 2019 March 31, 2018
a) Net Profit for Basic and Diluted EPS 4,102 3,676
b) Number of Equity Shares at the beginning of the year 137,907,318 137,586,624
Add: Issue of Shares under ESOP 123,333 320,694
Sub-total 138,030,651 137,907,318
Less: Adjustment of own shares held under ESOP Trust (231,200) (271,558)
Total Number of Shares outstanding at the end of the Period 137,799,451 137,635,760
Weighted Average number of Equity Shares outstanding during the period - Basic 137,947,190 137,571,318
Add: Weighted Average number of Equity Shares arising out of grant of Employee Stock 40,927 255,250
option
Weighted Average number of Equity Shares outstanding during the year - Diluted 137,988,117 137,826,568
Earning Per Share - Basic (`) 29.74 26.72
Earning per share - Diluted (`) 29.73 26.67
Face value per share (`) 1.00 1.00

31 EMPLOYEE BENEFITS
In respect of entities incorporated in India, the Group participates in defined contribution and benefit schemes, the assets of
which are held (where funded) in separately administered funds. For defined contribution schemes the amount charged to the
statements of profit or loss is the total of contributions payable in the year.
Provident Fund
In accordance with the Employees’ Provident Fund and Miscellaneous Provisions Act, 1952 (EPF and MP Act), employees are entitled
to receive benefits under the Provident Fund. Employers and employees both contribute @12% of wages in contribution accounts.
Further, the employers also contribute towards administration of the benefits under the EPF and MP Act. All employees have an option
to make additional voluntary contributions as permissible under the Act. These contributions are made to the fund administered
and managed by the Employee Provident Fund organization. The Group has no further obligations under the fund managed by the
Employee Provident Fund Organization (EPFO) beyond its monthly contributions which are charged to the statements of profit or loss
in the period they are incurred. The benefits are paid to employees on their retirement or resignation from the EPFO.
Gratuity Plan
In accordance with the Payment of Gratuity Act of 1972, PI Industries Limited has established a defined benefit plan (the “Gratuity
Plan”). The Gratuity Plan provides a lump sum payment to the employees at the time of retirement or resignation (after 5 years
of continued services of employment), being an amount based on the respective employee’s last drawn salary and the number
of years of employment with the Group. Based on actuarial valuations conducted as at year end, a provision is recognised in
full for the benefit obligation over and above the funds held in the Gratuity Plan. Remeasurements as a result of experience
adjustments and changes in actuarial assumptions are recognised in other comprehensive income.
Long term compensated absences
The liabilities for compensated absence namely earned and sick leave are not expected to be settled wholly within 12 months
after the end of the period in which the employees render the related service. They are therefore measured as the present
value of expected future payments to be made in respect of services provided by employees up to the end of the reporting
period using the projected unit credit method. Remeasurements as a result of experience adjustments and changes in actuarial
assumptions are recognised in profit and loss.
a) Defined Contribution Plans:-
The Group has recognised an expense of ` 96 (Previous Year ` 84) towards the defined contribution plan.
b) Defined benefits plans - as per actuarial valuation
I Change in present value of obligation during the year

March 31, 2019 March 31, 2018
Gratuity Gratuity
Funded Non- Funded Non-
funded funded
Present value of obligation at the beginning of the year 223 0 161 0
Total amount included in profit and loss*:
- Current Service Cost 32 1 24 0
- Interest Cost 17 0 12 0
- Past Service Cost - - 57 -
Total amount included in OCI:
Remeasurement related to gratuity:
Actuarial losses/(gains) arising from:
- Demographic Assumption 0 - 0 -
- Financial assumption 1 0 (4) (0)
- Experience Judgement 2 0 (13) (0)
Others
Benefits Paid (16) - (14) -
Present Value of obligation as at year-end 259 1 223 0
* Includes expenses reclassified to capital work in progress ` 4 (March 31, 2018 ` 2)

II Change in Fair Value of Plan Assets during the year

March 31, 2019 March 31, 2018
Plan assets at the beginning of the year 88 30
Included in profit and loss:
Expected return on plan assets 7 2
Included in OCI:
Actuarial Gain/(Loss) on plan assets 2 0
Others:
Employer's contribution - 70
Benefits paid - (14)
Claim received during the year from fund manager (3) -
Pending claim with fund manager (13)
Plan assets at the end of the year 81 87
The plan assets are managed by the Gratuity Trust formed by the Group. The management of 100% of the funds is entrusted
with the Life Insurance Corporation of India, HDFC Standard Life Insurance Company Ltd. and Kotak Mahindra Old Mutual Life
Insurance Ltd., whose pattern of investment is not available with the Group.
III Reconciliation of Present value of Defined Benefit Obligation and Fair Value of Plan Assets

March 31, 2019 March 31, 2018
Gratuity Gratuity
funded funded
Present Value of obligation as at year-end 259 1 223 0
Fair value of plan assets at year -end 81 - 87 -
Funded status {Surplus/(Deficit)} (178) (0) (136) (0)
Net Asset/(Liability) (178) (1) (136) (0)
IV Bifurcation of PBO at the end of the year

March 31, 2019 March 31, 2018
Gratuity Gratuity
funded funded
1 Current Liability - - - -
2 Non-Current Liability 178 1 136 0
V Actuarial Assumptions

March 31, 2019 March 31, 2018
Gratuity Gratuity
funded funded
1 Discount Rate 7.65% 7.65% 7.71% 7.71%
2 Expected rate of return on plan assets 7.50% NA 7.50% NA
3 Mortality Table IALM IALM IALM IALM
(2006- (2006- (2006- (2006-
08) 08) 08) 08)
4 Salary Escalation 7.00% 7.00% 7.00% 7.00%
VI The expected contribution for Defined Benefit Plan for the next financial year will be ` 53

VII Sensitivity Analysis

March 31, 2019 March 31, 2018
Increase Decrease Increase Decrease
Discount rate (0.50 % movement) (11) 11 (10) 10
Future salary growth ( 0.50 % movement) 12 (12) 10 (10)
VIII Maturity Profile of Defined Benefit Obligation

March 31, 2019 March 31, 2018
Gratuity Gratuity
funded funded
Within the next 12 months 14 0 12 0
Between 2-5 years 41 0 42 0
Beyond 5 years 204 0 169 0
IX Description of Risk Exposures:
Valuations are based on certain assumptions, which are dynamic in nature and vary over time. As such Group is exposed to
various risks as follow -
A) Salary Increases- Actual salary increases will increase the Plan’s liability. Increase in salary increase rate assumption in future
valuations will also increase the liability.
B) Investment Risk – If Plan is funded then the mismatch between assets and liabilities and actual return on assets being lower
than the discount rate assumed at the last valuation date can impact the liability.
C) Discount Rate: Reduction in discount rate in subsequent valuations can increase the plan’s liability.
D) Mortality & disability – Actual deaths & disability cases proving lower or higher than assumed in the valuation can impact
the liabilities.
E) Withdrawals – Actual withdrawals proving higher or lower than assumed withdrawals and change of withdrawal rates at
subsequent valuations can impact Plan’s liability.
C) Long term compensated absences
The provision for long term compensated absences covers the Group’s liability for earned and sick leave, the amount of provision
recognised is ` 119 (March 31, 2018 ` 103).
32 SHARE BASED PAYMENTS
Employee Stock Option Plan
The Group provides share-based payment schemes to its employees. The relevant details of the scheme are as follows:
In December 2010, the Board of Directors approved the PII ESOP 2010 Scheme in order to reward the employees for their past
association and performance as well as to motivate them to contribute to the growth and profitability of the Group (including
subsidiary companies) with an intent to attract and retain talent in the organization. The aforesaid scheme was duly approved by
shareholders in its EGM held on January 21, 2011 and is administered through independent trust. The Compensation Committee
of the Board has granted following options under PII ESOP 2010 Scheme to certain category of employees as per criteria laid
down by Compensation Committee of the Board.
Key terms of the scheme

Date of Shareholder’s Approval 21-Jan-11
Total Number of Options approved 62,62,090
Vesting Requirements Options shall vest after a lock in period of one year from the date of grant. Option
shall vest in four years as per the Group’s ESOP plan. (Refer vesting schedule below)
The Pricing Formula 10% discount to market price on National Stock Exchange a day prior to date of grant
Maximum term of Options granted (years) 10 years

Method of Settlement Shares

Source of shares Primary-Fresh equity allotment by Group to the Trust
Variation in terms of ESOP Nil
Vesting schedule Under the plan, participants are granted options which vests at 15%, 25%, 30%, 30%
respectively each year over a period of 4 years or as defined in Grant letter.
Exercisable period Once vested, the options remain excisable for a period of six years
Vesting condition Vesting shall be computed through performance evaluation method based on
conditions pre-communicated to employees.
I Option Movement during the year ended March 2019

No. of Wt. avg No. of Wt. avg

Options exercise Options exercise
Price Price
(in `) (in `)
No. of Options Outstanding at the beginning of the year 6,87,924 492.55 13,60,078 447.36
Options Granted during the year - NA - NA
Options Forfeited / Surrendered during the year 84,882 581.35 4,38,658 510.91
Total number of shares arising as a result of exercise of options 1,63,691 177.59 2,33,496 194.84
Money realised by exercise of options (` Mn) 29 NA 45 NA
Number of options Outstanding at the end of the year 4,39,351 592.87 6,87,924 492.55
Number of Options exercisable at the end of the year 2,31,200 499.46 2,66,748 255.81
II Weighted Average remaining contractual life
Range of Exercise Price March 31, 2019 March 31, 2018

No. of Weighted No. of Weighted
Options average Options average
Outstanding contractual Outstanding contractual
life (years) life (years)
25 to 75 - NA 72,454 1.66
75 to 150 54,716 4.11 1,08,893 5.22
150 to 450 45,958 5.34 91,839 6.21
450 to 750 3,38,677 5.55 4,14,738 6.62
III Weighted average Fair Value of Options granted during the year
March 31, 2019 March 31, 2018

Exercise price is less than market price (in `)* NA NA
IV The weighted average market price of options exercised during the year ended March 31, 2019 is ` 84 (March 31, 2018 is ` 88)
V Method and Assumptions used to estimate the fair value of options granted during the year ended:
Variables March 31, 2019 March 31, 2018

Weighted Weighted
Average * Average
1. Risk Free Interest Rate NA NA
2. Expected Life(in years) NA NA
3. Expected Volatility NA NA
4. Dividend Yield NA NA
5. Exercise Price (in `) NA NA
6. Price of the underlying share in market at the time of the option grant.(in `) NA NA
* No options granted during the year ended March 31, 2019 and March 31, 2018..

VI Particulars
March 31, 2019 March 31, 2018

Employee Option plan expense 13 17
Total liability at the end of the period 73 102
33 CAPITAL & OTHER COMMITMENT
March 31, 2019 March 31, 2018

a Estimated Amount of Contracts remaining to be executed on capital account and 1,461 162
not provided for {Net of advances ` 385 (March 31, 2018 : ` 326)
b Export Commitment 5,202 3,404
c Leases
Operating lease commitments - As lessee
Total of future minimum lease payments under non-cancellable operating leases for each of the following periods:
March 31, 2019 March 31, 2018

- Payable within one year 156 147
-Later than one year and not later than five years 172 185
-Later than five years 0 -
-Lease payments recognised in Statement of Profit and Loss (Refer note 24) 260 243
Finance lease commitments - As lessee
T he Group has entered into finance lease for land in Panoli and Jambusar (Gujarat). Future minimum lease payments under
finance leases for all the land is absolute ` 2,20,010 per annum. For land in Panoli Group has a renewal option for further 2
periods with 100% increase in lease rentals and for land in Jambusar Group has a renewal option upon expiry as may be agreed
between the parties or as may be determined by Development Committee from time to time. The amount of minimum lease
payments and their present value is not material.
34 CONTINGENT LIABILITIES
March 31, 2019 March 31, 2018

a. Claims against the Group not acknowledged as debt;*
- Sales Tax including Goods and Service Tax 48 49
- Excise Duty 21 26
- Income Tax 78 78
- ESI 1 1
- Other matters, including claims relating to customers, labour and third parties etc. 35 27
b. Guarantees excluding financial guarantees;
- Performance bank guarantees 259 212
c. Other money for which the Group is contingently liable
- Letter of Credit 1,427 984
* Pending resolution of the respective proceedings, it is not practicable for the Group to estimate the timings of the cash
outflows, if any, in respect of the above as it is determinable only on receipt of the judgements/ decisions pending with
various forums / authorities.
The Group has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are
required and disclosed as contingent liabilities where applicable, in its financial statements. The Group does not expect
the outcome of these proceedings to have a materially adverse effect on its financial position.
The Group is in the process of evaluating the impact of the recent Supreme Court Judgment in case of “Vivekananda
“
Vidyamandir And Others Vs The Regional Provident Fund Commissioner (II) West Bengal” and the related circular
(Circular No. C-I/1(33)2019/Vivekananda Vidya Mandir/284) dated March 20, 2019 issued by the Employees’ Provident
Fund Organisation in relation to non-exclusion of certain allowances from the definition of “basic wages” of the relevant
employees for the purposes of determining contribution to provident fund under the Employees’ Provident Funds &
Miscellaneous Provisions Act, 1952 and accordingly, no provision has been made in these Financial Statements”.

35 OPERATING SEGMENT
n operating segment is defined as a component of the entity that represents business activities from which it earns revenues and
A
incurs expenses and for which discrete financial information is available. The operating segments are based on the Group’s internal
reporting structure and the manner in which operating results are reviewed by the Chief Operating Decision Maker (CODM).
The Group has evaluated the applicability of segment reporting and has concluded that since the Group is operating in the
field of Agro Chemicals both in the domestic and export markets and the CODM reviews the overall performance of the agro
chemicals business, accordingly the Group has one reportable business segment viz. Agro Chemicals.
I Revenue:
A. Information about product revenues:
The Group is in the business of manufacturing and distribution of Agro Chemicals. The amount of its revenue from external
customers broken down by products is shown in the table below:
March 31, 2019 March 31, 2018

Active Ingredients and Intermediates 19,205 14,687
Formulations 9,030 8,286
Others 174 114
28,409 23,087
B. Geographical Areas
The Group is domiciled in India. The amount of its revenue from external customers broken down by location of the
customers is shown in the table below:

India 9,574 8,534
Asia (other than India) 3,893 8,683
North America 11,012 3,191
Europe 2,802 1,911
Rest of the World 1,128 768
28,409 23,087
II. The total of Non-current assets (other than financial instruments and deferred tax assets), broken down by location of the assets,
is shown in the table below:
March 31, 2019 March 31, 2018

India 14,131 11,260
Asia (other than India) 3 3
Europe 2 3
14,136 11,266
36 RELATED PARTY DISCLOSURES
Related party disclosure, as required by Indian Accounting Standard-24, is as below:
a) Nature of Related Party relationship
I - Joint Ventures, Associates and Controlled Trust:
(a) Solinnos Agro Sciences Private Limited. Associate
(b) PI Kumiai Private Limited. Joint Venture

II - Key Management Personnel (KMP) & their relatives with whom transactions have taken place:
(a) Key Management Personnel

Mr. Mayank Singhal Managing Director & CEO
Mr. Rajnish Sarna Whole-Time Director
Mr. Narayan K. Seshadri Non-executive Director (Chairman)
Mr. Pravin K. Laheri Non-executive Director
Ms. Ramni Nirula Non-executive Director
Mr. Ravi Narain Non-executive Director (Until May 1, 2019)
Mr. Arvind Singhal Non-executive Director
Dr. Tanjore Soundararajan Balganesh Non-executive Director (w.e.f. May 16, 2017)
(b) Relatives of Key Management Personnel

Mr. Salil Singhal Father of Mr. Mayank Singhal
Ms. Madhu Singhal Mother of Mr. Mayank Singhal
Ms. Pooja Singhal Sister of Mr. Mayank Singhal
III - Entities controlled by KMP with whom transactions have taken place:
(a)
PI Foundation
(b) The following transactions were carried out with related parties in the ordinary course of business:
2018-19 2017-18
Type of Transactions Balance Transactions Balance
Nature of Transaction
relation during the outstanding during the outstanding
Compensation to KMP
-Short term employee benefits 159 129
-Post employment benefits* 5 5
a(ii) (a)
-Commission and other benefits to non-executive/ 19 13
independent directors
Total 183 (110) 147 (80)
Other transactions
Purchase of services a(ii) (b) 14 (4) 13 -
Purchase of services a(i)(a) 1 - 5 3
Sales of services a(i)(a) 1 - 6 6
Rent Received a(i)(a),a(i)(b) 1 - 0 -
Rental expense a(ii)(b) 2 - 2 -
Recovery of Dues on account of expenses incurred a(ii)(b) 0 - - -
Donation a(iii) 4 - 4 -
Investment purchased a(i)(b) 95 - 1 -
Dividend paid a(ii)(a), a(ii)(b) 164 - 49 -
194 - 58 -
Salary a(ii)(b) - - 0 -
a(ii)(a) 25 6 32 1
Travel & Other expenditure incurred
a(ii)(b) 3 - 3 0
Contribution towards CSR Activities a(iii) 93 - 86 -
* T he above post employment benefits excludes gratuity and compensated absences which cannot be separately
identified from the composite amount advised by the actuary.

c) Terms and conditions of transactions with related parties
T he sales and purchases / services rendered to and from related parties are made on terms equivalent to those
that prevail in arm’s length transactions. Outstanding balances at the year-end are unsecured and interest free and
settlement occurs in cash. There have been no guarantees provided or received for any related party receivables or
payables. For the year ended March 31, 2019, the Group has not recorded any impairment of receivables relating to
amounts owed by related parties (March 31, 2018: ` Nil). This assessment is undertaken each financial year through
examining the financial position of the related party and the market in which the related party operates.
37 DISCLOSURES REQUIRED UNDER THE MICRO, SMALL AND MEDIUM ENTERPRISES DEVELOPMENT (MSMED) ACT, 2006
March 31, 2019 March 31, 2018

Principal Interest Principal Interest
Amount Amount Amount Amount
Principal amount and Interest due thereon remaining unpaid to any 48 0 47 -
supplier as on 31st March
Interest paid by the Group in terms of Section 16 of the MSMED Act 53 1 36 0
along with the amounts of the payment made to the supplier beyond
the appointed day during the accounting year
Interest due and payable for the period of delay in making payment - - - -
(which have been paid but beyond the appointed day during the
year) but without adding the interest specified under MSMED Act.
Interest accrued and remaining unpaid at the end of the year - - - -
Further interest remaining due and payable in succeeding years, - - - -
until such date when the interest dues as above are actually paid to
the small enterprise for the purpose of disallowance as a deductible
expenditure under Section 23 of MSMED Act.
38 ADDITIONAL INFORMATION REQUIRED UNDER SCHEDULE III TO COMPANIES ACT 2013, OF ENTITIES CONSOLIDATED AS SUBSIDIARIES,
ASSOCIATES, JOINT VENTURE AND OTHER CONTROLLED ENTITIES
March 31, 2019

Name of the Entity Net Assets, i.e., total Share in profit or loss Share in other Share in total
assets minus total comprehensive income comprehensive income
liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss profit or loss profit or loss
Parent
PI Industries Limited 98.56% 22,523 99.41% 4,078 99.75% 77 99.41% 4,155
Subsidiaries Indian
PI Life Science Limited 0.77% 177 0.46% 19 -0.02% (0) 0.46% 19
PILL finance and
investments Limited 0.18% 41 0.03% 1 0.00% - 0.03% 1
Subsidiaries Foreign
PI Japan Limited 0.07% 17 0.05% 2 0.27% 0 0.05% 2
Associates
Solinnos Agro Sciences
Private Limited 0.03% 6 0.01% 0 0.00% - 0.01% 0
Joint Venture
PI Kumiai Private Limited 0.42% 96 0.00% 0 0.00% - 0.00% 0
Controlled Trust
PI ESOP Trust -0.03% (6) 0.04% 2 0.00% - 0.04% 2
TOTAL 100% 22,854 100% 4,102 100% 77 100% 4,179

March 31, 2018

Name of the Entity Net Assets, i.e., total Share in profit or loss Share in other Share in total
assets minus total comprehensive income comprehensive income
liabilities
As % of Amount As % of Amount As % of Amount As % of Amount
consolidated consolidated consolidated consolidated
net assets profit or loss profit or loss profit or loss
Parent
PI Industries Limited 99.26% 19,105 99.71% 3,666 100.75% (74) 99.68% 3,592
Subsidiaries Indian
PI Life Science Limited 0.82% 158 0.37% 14 -0.01% 0 0.38% 14
PILL finance and
investments Limited 0.21% 40 0.07% 2 0.00% - 0.07% 2
Subsidiaries Foreign
PI Japan Limited 0.08% 16 0.05% 2 -0.74% 0 0.07% 2
Associates
Solinnos Agro Sciences
Private Limited 0.03% 6 0.04% 1 0.00% - 0.04% 1
Joint Venture
PI Kumiai Private Limited 0.00% 0 0.00% 0 0.00% - 0.00% 0
Controlled Trust
PI ESOP Trust -0.40% (77) -0.24% (9) 0.00% - -0.24% (9)
TOTAL 100% 19,248 100% 3,676 100% (74) 100% 3,602
39 FINANCIAL INSTRUMENTS
1 Financial instruments – Fair values and risk management
A. Financial instruments by category
Notes 31 March 2019 31 March 2018

FVTPL FVTOCI Amortised FVTPL FVTOCI Amortised
Cost Cost
Financial assets
Non-current assets
Investments 7(a) 70 - - 5 - -
Loans 7(c) - - 41 - - 39
Current assets
Investments 7(b) 1,119 - - 1,595 - -
Trade receivables 7(d) - - 6,618 - - 5,268
Cash and cash equivalents 7(e) - - 614 - - 1,173
Bank balances other than cash and cash 7(f) - - 278 - - 134
equivalents
Loans and advances 7(c) - - 63 - - 37
TOTAL 1,189 210 7,807 1,600 112 6,835
Non-current liabilities
Borrowings 15(a) - - 99 - - 463
Other financial liabilities 15(c) - - 190 - - 183
Current liabilities
Trade payables 15(b) - - 5,130 - - 3,687
Other financial liabilities 15(c) - - 2,419 - - 2,144
TOTAL - - 7,838 - - 6,477

B. Fair value hierarchy
This section explains the judgements and estimates made in determining the fair values of the financial instruments that are
(a) recognised and measured at fair value and (b) measured at amortised cost and for which fair values are disclosed in
the financial statements. To provide an indication about the reliability of the inputs used in determining fair value, the Group
has classified its financial instruments into the three levels prescribed under the accounting standard. An explanation of
each level follows underneath the table.
Financial assets and liabilities measured at fair value - recurring fair value measurements
Notes 31 March 2019 31 March 2018

Financial assets
Investment in equity instruments 7(a) 5 - 65 5 - 0
Investment in mutual funds 7(b) 1,119 - - 1,595 - -
1,124 210 65 1,600 112 0
Assets and liabilities which are measured at amortised cost for which fair values are disclosed
Notes 31 March 2019 March 31, 2018

Financial assets
Security deposits 7(c) - - 23 - - 23
Loans and advances to related parties 7(c) - - 3 - - 78
TOTAL - - 26 - - 101
Security deposits from contractors 15(c) - - 4 - - 5
TOTAL - - 4 - - 5
The fair value of cash and cash equivalents, bank balances other than Cash and cash equivalents, trade receivables, short
term loans, contract assets, current financial assets, trade payables, current financial liabilities and borrowings approximate
their carrying amount, largely due to the short-term nature of these instruments. Long-term debt has been contracted
at floating rates of interest, which are reset at short intervals. Accordingly, the carrying value of such long-term debt
approximates fair value. Fair value for security deposits (other than perpetual security deposits) has been presented in the
above table. Fair value for all other non-current assets and liabilities is equivalent to the amortised cost, interest rate on
them is equivalent to the market rate of interest.
Fair value hierarchy
The table shown above analyses financial instruments carried at fair value, by valuation method. The different levels have
been defined below:
Level 1 - This includes financial instruments measured using quoted prices. The mutual funds are valued using closing net
assets value (NAV).
Level 2 – The fair value of financial instruments that are not traded in an active market is determined using valuation
techniques which maximise the use of observable market data and rely as little as possible on entity-specific estimates. If all
significant inputs required to fair value an instrument are observable, the instrument is included in level 2. Inputs other than
quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly
(i.e. derived from prices).
Level 3 - If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3.
There are no transfers between level 1, level 2 and level 3 during the year.
Valuation technique used to determine fair value:
Specific valuation techniques used to value financial instruments include:
- the use of quoted market prices

- the fair value of forward foreign exchange contracts is determined using forward exchange rates at the balance
sheet date
- the fair value of the remaining financial instruments is determined using discounted cash flow analysis.
The fair values for security deposits (assets & liabilities) were calculated based on present values of cash flows and the
discount rates used were adjusted for counterparty or own credit risk. They are classified as level 3 fair values in the fair value
hierarchy due to the inclusion of unobservable inputs including counterparty credit.
40 FINANCIAL RISK MANAGEMENT
Risk management framework
The Group is exposed to credit risk, liquidity risk and market risk. The Group’s board of directors has the overall responsibility for
the management of these risks and is supported by Management Advisory Committee that advises on the appropriate financial
risk governance framework. The Group has risk management policies and systems in place which are reviewed regularly to
reflect changes in market conditions and price risk along with the Group’s activities. The Group’s audit committee oversees how
management monitors compliance with the financial risk management policies and procedures, and reviews the adequacy of
risk management framework in relation to the risks faced by the Group.
This note explains the sources of risk which the entity is exposed to and how the entity manages the risk and impact of hedge
accounting in the financial statements.
I. Credit Risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its
contractual obligation, and arises from the operating activities primarily (trade receivables) and from its financing activities
including cash and cash equivalents, deposits with banks, derivatives and other financial instruments. The carrying amount
of financial assets represents the maximum credit exposure and is as follows:
Trade and other receivables and contract assets
T he Group’s exposure to credit risk is influenced mainly by the individual characteristics of each customer. However,
management also considers the factors that may influence the credit risk of its customer base, including the default risk of
the industry and country in which customers operate.
The Group has established a credit policy under which each customer is analysed individually for creditworthiness before the
Group’s credit terms are offered. Credit risk is managed through credit approvals, establishing credit limits and continuously
monitoring the creditworthiness of customers to which the Group grants credit terms in the normal course of business. Credit
limits are established for each customer and reviewed periodically. Any sales order exceeding those limits require approval
from the appropriate authority.
The concentration of credit risk is limited in domestic market due to the fact that the customer base is large and unrelated.
The Group’s exports are mainly carried out in countries which have stable economic conditions, where the concentration
is relatively higher, however the credit risk is low as the customers have good credit ratings.
T he Group computes an allowance for impairment of trade receivables based on a simplified approach, that represents
its expected credit losses. The Group uses an allowance matrix to measure the expected credit loss of trade receivables.
Loss rates are based on actual credit loss experienced over the past 3 years. These loss rates are adjusted by considering
the available, reasonable and supportive forward looking information.
The following table provides information about the exposure to credit risk and expected credit loss:
Reconciliation of loss allowance provision – Trade receivables and Interest and Other charges recoverable from customer
March 31, 2019 March 31, 2018

Opening balance 273 214
Changes in loss allowance 169 59
Closing balance 442 273

Cash and cash equivalents, deposits with banks, mutual funds and other financial instruments
Credit risk from balances with banks and other financial instruments is managed by Group in accordance with its policy.
Investments of surplus funds are made only with approved counterparties and within credit limits assigned to each
counterparty. Counterparty credit limits are reviewed by the management, and may be updated throughout the year.
Group also invests in mutual funds based on the credit ratings, these are reviewed for safety, liquidity and yield on regular
basis.
Impairment on cash and cash equivalents, deposits and other financial instruments has been measured on the 12-month
expected credit loss basis and reflects the short maturities of the exposures. The Group considers that its cash and cash
equivalents have low credit risk based on external credit ratings of counterparties.
Based on the assessment there is no impairment in the above financial assets.
Derivatives
T he derivatives are entered into with banks and financial institution counterparties which have low credit risk based on
external credit ratings of counterparties.
Exposure to credit risk:
T he gross carrying amount of financial assets, net of impairment losses recognized represents the maximum credit exposure.
The maximum exposure to credit risk as at March 31, 2019 and March 31, 2018 was as follows:
March 31, 2019 March 31, 2018

Cash and cash equivalents 614 1,173
Bank balances other than above 278 134
Investments 1,119 1,595
Loans 104 76
Other financial assets 403 296
TOTAL 9,136 8,542
II. Liquidity risk
L iquidity risk is the risk that the Group will encounter difficulty in meeting the obligations associated with its financial liabilities
that are settled by delivering cash or another financial asset. The Group’s approach to managing liquidity is to ensure, as
far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed
conditions, without incurring unacceptable losses or risking damage to the Group’s reputation. Due to the dynamic nature
of underlying businesses, the Group maintains flexibility in funding by maintaining availability under committed credit lines.
Management monitors rolling forecast of Group’s liquidity position (comprising the undrawn borrowing facilities below)
and cash and cash equivalents on the basis of expected cash flows. In addition, the Group’s liquidity management policy
involves projecting cash flows in major currencies and considering the level of liquid assets necessary to meet these,
monitoring balance sheet liquidity ratios against internal and external regulatory requirements and maintaining debt
financing plans.
(a) Financing arrangements
The Group had access to the following undrawn borrowing facilities at the end of the reporting period:
March 31, 2019 March 31, 2018

Expiring within one year
- Fund based (Floating rate) 1,999 1,850
- Non fund based (Fixed rate) 1,164 854
(b) Maturities of financial liabilities
T he following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts are gross
and undiscounted, and include estimated interest payments and exclude the impact of netting agreements.


Term Loans from Banks 492 99 294 99 - -
Security Deposits from Contractors 4 1 2 1 - -
Creditors for Capital Purchases 371 371 - - - -
Other Payable 1,120 287 833 - - -
TOTAL 7,838 5,796 1,753 100 - 189

Term Loans from Banks 834 90 279 372 93 -
Security Deposits from Contractors 5 1 2 1 - 1
Creditors for Capital Purchases 239 239 0 - - -
Other Payable 1,037 204 833 - - -
TOTAL 6,477 4,141 1,688 373 93 182
III. Market risk
arket risk is the risk that changes in market prices - such as foreign exchange rates, interest rates and equity prices - will
M
affect the Group’s income or the value of its holdings of financial instruments. The objective of market risk management is
to manage and control market risk exposures within acceptable parameters while optimising the return.
T he Group is exposed to market risk primarily related to foreign exchange rate risk (currency risk), interest rate risk and
market value of its investments. Thus the Group’s exposure to market risk is a function of investing and borrowing activities
and revenue generating and operating activities in foreign currencies.
Foreign Currency risk
T he Group is exposed to foreign exchange risk arising from foreign currency transactions, primarily with respect to the
US$ and JPY. Foreign exchange risk arises from future commercial transactions and recognised assets and liabilities
denominated in a currency that is not the Group’s functional currency (`). The Group uses forward exchange contracts to
hedge its currency risk and are used exclusively for hedging purposes and not for trading and speculative purposes. These
forward exchange contracts, carried at fair value, may have varied maturities depending upon the primary host contract
requirement and risk management strategy of the Group. The objective of the hedges is to minimise the volatility of the `
cash flows of highly probable forecast transactions.
The Group’s risk management policy is to hedge around 50% to 100% of the net exposure with forward exchange contracts.
The remaining exposure is kept to an acceptable level by buying or selling foreign currencies at spot rates when necessary

to address short term requirements. Hedging decisions are based on rolling forex cash flow statement prepared and
reviewed on a monthly basis. Such contracts are designated as cash flow hedges.
T he foreign exchange forward contracts are denominated in the same currency as the highly probable future sales
transaction, therefore the hedge ratio is 1:1. The Group’s hedge policy allows for effective hedge relationships to be
established. Hedge effectiveness is determined at the inception of the hedge relationship, and through periodic prospective
assessments to ensure that an economic relationship exists between the hedged item and the hedged instrument. The
Group enters into hedge instruments where the critical terms of hedging instrument are aligned with terms of the hedged
item.
Ineffectiveness is recognised on a cash flow hedge where the cumulative change in the value of the hedging instruments
exceeds on an absolute basis the change in the value of the hedged item attributable to the hedged risk. Hedge
ineffectiveness may arise due to the following:
- the critical terms of the hedging instrument and the hedged item differ (i.e. nominal amounts, timing of the forecast
transaction, interest resets changes from what was originally estimated), or
- differences arise between the credit risk inherent within the hedged item and the hedging instrument.
Foreign currency risk exposure -
The currency profile of financial assets and financial liabilities as at March 31, 2019 and March 31, 2018 expressed in Indian
Rupees (`) are as below:
Non derivative

Financial assets
Trade receivables 3,180 146 - - - -
3,240 146 - - - -
Trade payables 1,396 18 2 0 0 0
1,890 18 2 0 0 0
Financial assets
Trade receivables 2,928 112 25 - - -
2,939 112 25 - - -
Trade payables 745 - 9 0 - -
1,583 - 9 0 - -
The following significant exchange rates have been applied during the year.
Year-end spot rate (`)

March 31, 2019 March 31, 2018
USD 69.16 65.18
EUR 77.67 80.81
JPY (100) 62.42 61.51
GBP 90.53 92.28
CHF 69.43 68.50
AUD 49.02 50.04

Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee at March 31 would have affected the measurement
of financial instruments denominated in foreign currencies and affected equity and profit or loss by the amounts shown
below. This analysis assumes that all other variables, in particular interest rates, remain constant and ignores any impact of
forecast sales and purchases. Impact of hedging, if any has not been considered here. A 1% increase or decrease is used
when reporting foreign currency risk internally to key management personnel and represents management’s assessment
of the reasonably possible change in foreign currency rate.

equity, net of tax
March 31, 2019
1% movement
USD 9 (9) - -
EUR 1 (1) - -
JPY (100) (2) 2 - -
GBP (0) 0 - -
8 (8) - -

equity, net of tax
March 31, 2018
1% movement
USD 9 (9) - -
EUR 1 (1) - -
JPY (100) 11 (11) - -
GBP (0) 0 -
21 (21) - -
Interest rate risk
The Group’s main interest rate risk arises from long term foreign currency and working capital borrowings at variable rates.
Group’s investments are primarily in fixed deposits which are short term in nature and do not expose it to interest rate
risk. The Group regularly evaluates the interest rate hedging requirement to align with interest rate views and defined risk
appetite, in order to ensure most cost effective interest rate risk management.
Exposure to interest rate risk
The interest rate profile of the Group’s interest-bearing financial instruments as reported to the management of the Group
is as follows.
March 31, 2019 March 31, 2018

Fixed-rate instruments
Financial assets 833 1,248
Variable-rate instruments
Financial liabilities 492 834
TOTAL 1,325 2,082
Fair value sensitivity analysis for fixed-rate instruments
T he Group does not account for any fixed-rate financial assets or financial liabilities at fair value through profit or loss.
Therefore, a change in interest rates at the reporting date would not affect profit or loss.
Cash flow sensitivity analysis for variable-rate instruments
reasonably possible change of 50 bp in interest rates would have increased (decreased) equity and profit or loss by the amounts
A
shown below. This analysis assumes that all other variables, in particular foreign currency exchange rates, remain constant.

Profit or loss Impact on other components of

equity, net of tax
50 bp increase 50 bp decrease 50 bp increase 50 bp decrease
March 31, 2019
March 31, 2018
IV. Price risk
T he Group’s exposure to price risk arises from investment in mutual funds and classified in the balance sheet as fair value
through profit and loss. Mutual fund investments are susceptible to market price risk, mainly arising from changes in the
interest rates or market yields which may impact the return and value of such investments. However, due to very short tenor
of the underlying portfolio in the liquid schemes, these do not pose any significant price risk. Group reviews these mutual
fund investments based on safety, liquidity and yield on regular basis.
V. Impact of Hedging activities
(a). Disclosure of hedge accounting on financial position
Type of hedge and risk March 31, 2019

No. of Nominal Carrying Maturity Hedge Weighted
outstanding Value value of date ratio average
instrument * rate
Foreign exchange forward contracts 150 11,637 210 April 2019 - 1:1 US$1: ` 69.16
December
2021
Type of hedge and risk March 31, 2018
No. of Nominal Carrying Maturity Hedge Weighted
outstanding Value value of date ratio average
instrument * rate
Foreign exchange forward contracts 121 9,887 111 April 2017 1:1 US$1: ` 67.94
- March
2021
* Refer Note No. 7(g)
(b). Disclosure of effects of hedge accounting on financial performance
Type of hedge March 31, 2019

Change in value of Hedge Amount Line item affected in
hedging instrument ineffectiveness reclassified from statement of profit
recognised in other recognised in cash flow hedging and loss account
comprehensive profit and loss reserve to profit because of this
income account and (loss) reclassification
Foreign exchange forward contracts (145) - (265) Revenue
Type of hedge March 31, 2018
Change in value of Hedge Amount Line item affected in
hedging instrument ineffectiveness reclassified from statement of profit
recognised in other recognised in cash flow hedging and loss account
comprehensive profit and loss reserve to profit because of this
income account and (loss) reclassification
Foreign exchange forward contracts 242 - 374 Revenue

(c). Movement in the cash flow hedge reserve
Effective portion of Cash flow Hedges Amount

As at April 01, 2017 135
Add: Effective portion of gains/(losses) on cash flow hedges 242
Less: Amount reclassified to profit and loss account 373
Less: Deferred tax relating to above (45)
As at March 31, 2018 49
Add: Effective portion of gains/(losses) on cash flow hedges (145)
Less: Amount reclassified to profit and loss account (265)
Less: Deferred tax relating to above 42
As at March 31, 2019 127
(d). Sensitivity analysis
A reasonably possible strengthening (weakening) of the Indian Rupee against US dollars at March 31 would have affected
the measurement of foreign forward exchange contract designated as cash flow hedges and affected equity and profit or
loss by the amounts shown below. This analysis assumes that all other variables, in particular interest rates, remain constant
and ignores any impact of forecast sales and purchases. A 1% increase or decrease is used when reporting foreign currency
risk internally to key management personnel and represents management’s assessment of the reasonably possible change
in foreign currency rate.
Effect in ` Profit or loss, net of tax Impact on other components of

equity, net of tax
Strengthening Weakening Strengthening Weakening
March 31, 2019
1% movement
USD - - 76 (76)
March 31, 2018
1% movement
USD - - 65 (65)
41 CAPITAL MANAGEMENT
T he Group’s policy is to maintain a strong capital base so as to maintain investor, creditor and market confidence and to sustain
future development of the business. The primary objective of the Group’s Capital management is to maximise shareholder’s
value. The Group manages its capital and makes adjustment to it in light of the changes in economic and market conditions.
The Group manages capital using gearing ratio, which is total debt divided by total equity. The gearing ratio at the end of the
reporting period was as follows:
As at As at
March 31, 2019 March 31, 2018
Borrowings (Non-current) 99 463
Borrowings (Current) 393 371
Total Debt A 492 834
Total Equity B 22,854 19,248
Debt to Equity ratio A/B 0.02 0.04
No changes were made in the objectives, policies or processes for managing capital of the Group during the current and
previous year.
Also refer note 14 relating to details on dividend declared and distributed.
42 ASSETS PLEDGED AS SECURITY
The carrying amounts of assets pledged as security for borrowings are:
As at As at March 31,
March 31, 2019 2018
Property, plant and equipment
First charge 1,805 1,825
Second charge 6,378 7,736
Floating charge 16,875 9,788
TOTAL 25,058 19,349

43 CHANGES IN ACCOUNTING POLICIES
Impact on the financial statements
The Group applied IND AS 115 for the first time by using the modified retrospective method of adoption with the date of initial
application of 1 April, 2018. Under this method, the Group recognised the cumulative effect of initially applying IND AS 115 as an
adjustment to the opening balance of retained earnings as at 1 April, 2018. Comparative prior period has not been adjusted.
Entities applying the modified retrospective method can elect to apply the revenue standard only to contracts that are not
completed as at the date of initial application (that is, they would ignore the effects of applying the revenue standard to
contracts that were completed prior to the date of initial application). The Group elected to apply the standard only to contracts
that are not completed as at the date of initial application.
The impact on the Group’s retained earnings as at 1 April, 2018 is as follows:
As on
Notes April 1, 2018
Increase in Profit before tax from adoption of IND AS 115 (i) 297
Increase in Income tax liability (i) (81) 216
The following table presents the amounts by which each financial statement line item is affected in the current year ended
March 31, 2019 by the application of IND AS 115 as compared with the previous revenue recognition requirements. Line items
that were not affected by the changes have not been included. As a result, the sub-totals and totals disclosed cannot be
recalculated from the numbers provided. The adjustments are explained in more detail by standard below:
Balance Sheet (extract) Notes Increase/

decrease
Current assets
Inventories (1,265)
Trade Receivables 1,444
Contract assets 520
Other current asset (ii) 107
Current tax assets (138)
Total Current assets 668
Current liabilities
Other liabilities (ii) 208
Current tax liabilities 6
Total current liabilities 214
Other equity 454
Total equity 454
Statement of profit and loss (extract) for the year ended 31 March 2019 Increase/
decrease
Revenue from operations 1,020
Total income 1,020
Expenses
Changes in inventories of finished goods, work in progress and stock in trade 719
Total expenses 719
Profit before tax 301
Current tax (63)
Total tax expense (63)
Profit for the year 238
Total comprehensive income for the year 238

(i) Increase in Profit before tax from adoption of IND AS 115
Application of IND AS 115 has resulted in change in recognition criteria of revenue from contracts wherein the Group’s
performance does not create an asset with alternative use to the Group and the entity has an enforceable right to payment
for performance completed till date. This has resulted in recognition of revenue over the period of time rather than at a
point in time. Refer accounting policies for details. Management has determined that it is highly probable that there will
be no rescission of the contract and no significant reversal in the amount recognised in revenue will occur. Accordingly,
management has recognised revenue on these contracts over the period of time and not at a point in time as was done
during the earlier years.
(ii) Presentation of assets and liabilities related to contract with customers
With adoption of IND AS 115, the Group has changed the presentation of certain amounts to reflect the terminology of IND
AS 115:
Liabilities in relation to refund/ return liabilities for the expected returns were previously being presented as net off from
Trade Receivable are now included in other current liabilities as refund/ return liabilities. Further, the Group has right to
recover these return product from the customer and accordingly, an adjustment was earlier made in Inventories of finished
goods. However, these goods are not in control of the entity and accordingly, with adoption of IND AS 115, amount
previously presented as adjustment to Inventories will now be presented separately under Other Current Assets. The asset
is measured by reference to the former carrying amount of the product. The cost to recover the products are not material
because the customer usually returns the product in a saleable condition.
44 EVENTS AFTER REPORTING DATE
T he Board of Directors in the meeting held on May 17, 2019 have recommended final dividend for the year ended March 31,
2019 which is subject to the approval of shareholders in the ensuing annual general meeting. Refer note 14(B) for details.
45 NEW STANDARDS AND INTERPRETATIONS NOT YET ADOPTED
In March 2019, the Ministry of Corporate Affairs issued the Companies (Indian Accounting Standards) (Amendments) Rules,
2018, notifying IND AS 116, ‘Leases’. The amendments are applicable to the Group from April 01, 2019. The Group is currently
evaluating the impact of the new standard on the Balance sheet. However, the impact on Statement of Profit & Loss is not
expected to be material.
This is the notes to the consolidated financial statements referred to our report of even date
Sd/- DIN: 00053563 DIN: 00006651
Ashok Narayanaswamy
Partner Sd/- Sd/-
Place: Gurugram
Date: May 17, 2019

Notes:
Registered Office : PI Industries Ltd.
Udaisagar Road Udaipur - 313001
Tel : +91 - 294 - 2492451 - 5, 661100, 2491477 Fax : +91 - 294 - 2491946
Corporate Office : PI Industries Ltd.

5th Floor, Vipul Square, B Block, Sushant Lok, Phase - 1, Gurugram -122009
Tel : -91 - 124 - 6790000 Fax : +91 - 124 - 4081247 Emaill : [email protected]
Website : www.piindustries.com
CIN : L24211RJ1946PLC000469

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PI Industries Ltd.

Annual Report 2018-19

Deepening Technological Capabilities.

Strong Business Foundation

72Yrs A rich business legacy of 72 years built on core values

Best in class accreditations

Presence across the agro-

Unique Business Model

Among top-5 agro-chemicals distribution

Best in class Research &

Centralised LIMS system

400% dividend Governance and

4-year CAGR (FY15-FY19) of ` 1000 invested on 01 April 2013

Deepening Technological Capabilities.

Disrupt or get disrupted!

These four words present the shortest summary of what

In our domain of complex, high end capabilities. As the run intensifies,

Annual Report 2018-19 3

Corporate Overview Cautionary Statement Regarding

The world of PI 6 Statement in this annual report describing

Corporate Governance Report &

Business Responsibility Report 82

Consolidated Financial Statement 148

Our Marquee Product Revenue EBITDA Profit After Tax (PAT)

Nominee Gold ` 28409 ` 5731 ` 4077

25+ Years Milestone Revenue

Annual Report 2018-19 5

With roots dating back to 1946, we chemistry solutions, resulting in some

TRUST. SPEED. ADAPTABILITY. INNOVATION.

Annual Report 2018-19 7

1961 1989 1993 2001

2007 2011 2014 2016 2018

Annual Report 2018-19 9

Lifetime Achievement Award To

In the last few docades, Rajasthan has transformed into one of

This year, we marked our entry

Annual Report 2018-19 11

These words by the famous Japanese author, Haruki

Silver Jubilee of Panoli Plant-

In a first for any of our manufacturing

Annual Report 2018-19 13

Balance Sheet Summary ` Million

PAT Margins EBITDA Margins DPS EPS

Revenue From Operations EBITDA

Net Profit Net Worth

Net Fixed Assets Cash Profit

Annual Report 2018-19 15

By understanding not only

Ever since the green revolution the

Annual Report 2018-19 17

A sharper focus will

Annual Report 2018-19 19

Annual Report 2018-19 21

Mr. Dushyant Sood Mr. Anand Kamat

Board of Directors Statutory Auditors Research & Manufacturing

Annual Report 2018-19 23

Annual Report 2018-19 25

Fire Service Day

11. AUDITORS During the year, company had transferred an amount of

Your Directors wish to express their grateful appreciation Sd/-