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Consolidated Independent Auditor's Report (IFRS)

To the Board of Directors of Glenmark Pharmaceuticals Limited

1. We have audited the accompanying consolidated financial statements of Glenmark Pharmaceuticals Limited, ("the Company") and its subsidiaries, (hereinafter collectively referred to as the "Group"), which comprise the Consolidated Statement of Financial Position as at 31 March 2018, and also the Consolidated Statement of Comprehensive Income, Consolidated Statement of Changes in Shareholder's Equity and the Consolidated Statement of Cash Flows for the year then ended, and a summary of significant accounting policies and other explanatory information.

Management's responslblllty for the consolidated financial statements

2. Management is responsible for the preparation of these consolidated financial statements that give a true and fair view of the consolidated financial position, consolidated financial performanc e and consolidated cash flows of the Group in accordance with requirements of International Financial Reporting Standard 10, 'Consolidated Financial Statements', issued by the International Accounting Standards Board ('IASB') as permitted by Securities and Exchange Board of India ('SEBI'). This responsibility includes the design, implementation and maintenance of internal control relevant to the preparation and presentation of the consolidated financial statements that give a true and fair view and are free from material misstatement, whether due to fraud or error.

Auditors' responsibility

3. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We conducted our audit in accordance with the Standards on Auditing issued by the Institute of Chartered Accountants of India. Those Standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from material misstatement.

4. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditors' judgment, including the assessment of the risks of material misstatement of the consolidated financial stateme nts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Company's preparation and presentation of the consolidated financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriate ness of accounting policies used and the reasonableness of the accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.

5.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.

Opinion

6. In our opinion and to the best of our information and according to the explanations given to us, the consolidated financial statements give a true and fair view in conformity w ith the International Financial Reporting Standards (IFRSs) issued by IASB, permitted by SEBI circular C IR/CF D/ DIL/1/2010 dated 5 April 2010 ("SEBI Circular"):

i) in the case of the Consolidated Statement of Financial Position, of the state of affairs of the Group as at 31 March 2018;

ii) in the case of the Consolidated Statement of Comprehensive Income, of the financial performance for the year ended on that date; and

iii) in the case of the Consolidated Cash Flow Statement, of the cash flows for the year ended on that date.

Other Matter

7. We did not audit the financial stateme nts of 39 subsidiaries included in the consolidated financial statements, whose financial statements reflect total assets of ₹ 58,366.98 million and net assets of ₹ 31,614.20 million as at 31 March 2018; total revenues of ₹ 34,834.90 million and net cash inflows aggregating to ₹ 2,518.25 million for the year ended 31 March 2018. These financial statements have been audited by other auditors whose audit reports has been furnished to us by the management, and our audit opinion on the consolidated financial statements of the Group for the year then ended to the extent they relate to the financial statements not audited by us as stated in this paragraph is based solely on the audit reports of the other auditors. Our opinion is not modified in respect of this matter.

8. The Group has prepared a separate set of consolidated financial statements for the year ended 31 March 2018 with the accounting principles generally accepted in India, including Indian Accounting Standards ('Ind AS') specified under sect ion 133 of the Companies Act, 2013 ('the Act') on w hich we have issued a separate auditor's report dated 29 May 2018. Our opinion is not modified in respect of this matter.

For Walker Chandiok & Co LLP
Chartered Accountants
Firm's Registration No.: 001076N/N500013

Ashish Gupta
Partner
Membership No.: 504662

Place: New Delhi Date: 29 May 2018