MANAGEMENT DISCUSSION & ANALYSIS INDUSTRY STRUCTURE AND DEVELOPMENTS Overview of Healthcare Services in India Despite significant progress in the socio-economic fronts, India has been unable to adequately meet the demands of its population in the healthcare segment. It compares poorly with countries in the West and in Asia on even basic healthcare indicators. Notable achievements through programmes introduced by the Government include improving trends for life expectancy at birth, maternal and infant mortality rates, polio eradication and reduction in HIV / AIDS. These wins remain largely insignificant when viewed against the backdrop of the country's healthcare needs. Historically, inadequate spending has characterized India's healthcare sector. The public healthcare system remains deficient both with regard to infrastructure as well as quality providers of healthcare services. Last mile reach of public healthcare services continues to be a challenge. Government expenditure on healthcare in India is a mere 31% as compared to the global average of 58%. Private sector spends in India is among the highest in healthcare spending amongst nations across the globe and not surprisingly, accounts for most of the total healthcare expenditure in India. The lack of a strong public healthcare delivery system and poor penetration of health insurance in the country, has led to considerable Out of Pocket (OOP) expenditure on healthcare. It is estimated that the out-of-pocket spend as a proportion of total healthcare spending continues to remain elevated at about 61% in 2015 as compared to the global average of 22%. There is urgent need for India to rapidly improve and widen access of its public healthcare delivery model so as to improve the country's Basic Healthcare Indicators. The challenges of chronic non-communicable and lifestyle diseases (physical and mental) continue to persist while new ones like those posed by the emergence of drug resistant forms of diseases, have emerged and need to be dealt with effectively. Higher healthcare spend by government; narrowing infrastructure gaps, workforce utilization and addressing the paucity of qualified doctors are critical. The Government and the private sector will need to collaborate in a close and transparent manner to deliver the health care system that India deserves. It must be recognized that healthcare initiatives have moved in the right direction and a reasonable foundation has been created from which the country should accelerate and progress towards the goal of universal healthcare for all. The Healthcare Services Delivery Landscape in India Persistent low public expenditure on healthcare is an important reason India ranks in the lowest quartile in global rankings for health outcomes. It is important to note that much of this public spending was for curative tertiary care with only a negligible amount being spent on brventive, primary and secondary care. There has been an increase of communicable and water borne diseases in India, largely due to the lack of access to clean drinking water and sanitation facilities, and the poor nutritional status of a large part of its population. The Government has undertaken initiatives to address the lacuna in Healthcare Accessibility and Human Development Measure but the results have been slow in coming. Private healthcare infrastructure has therefore tried to fill the gap and has proved to be more responsive to the needs of the people. Consequently, there was a substantial increase in scale and widening of private healthcare offerings and the continuous evolution allowed it to firmly entrench itself in the landscape. Attempts are being made by the government to leverage private sector efficiencies and capacities through Public Private Partnerships (PPPs). Despite all these measures, significant Infrastructural gaps persist in the industry. The bed availability in India stood at 9 per 10,000 in 2012, which was significantly lower than the WHO guideline of 30 beds per 10,000 population. Beds per 10,000 population — India lags behind other developed and emerging economies in healthcare infrastructure. According to CRISIL Research, in order to meet the Global median of 30 beds per 10,000 population, India will need to invest over Rs. 4 trillion. In terms of availability of medical staff, the number of doctors and nurses available for every 10,000 population was at 6.5 and 10.0 in India compared to the global average of 13.9 doctors and 29.0 nurses per 10,000 population. (Source: WHO World Health Statistics, 2013). India's share in global disease burden is 20%, while its share of healthcare infrastructure is much lower with only 6% of global beds and 8% share of doctors and nursing staff. While the public sector is vast, it is underfunded and not large enough to meet the growing needs of the country. The growth of the private sector is expected to continue. Private healthcare service providers are geographically pervasive and offer easier access. They possess technical and managerial skills often not found in public hospitals and adopt an innovative and flexible approach towards healthcare delivery, which marked by higher efficiency and enhanced quality of care giving. The macro-economic policies of the government recognizes the healthcare sector as an industry and provides stimuli like tax concessions. The private sector is therefore dominant in the field of medical education as well as manufacturing of medical equipment, pharmaceuticals and provision of diagnostic services. CRISIL Research expects the healthcare delivery market to grow at a CAGR of 12 per cent and reach Rs. 6.8 trillion by 2019-20 with marked increase in in-patient volumes as a result of changing age demographics, rising incomes, improvement in health awareness, increase in life-related ailments, rising penetration of health insurance and increasing opportunities from medical tourism. Alongside, the average cost for in-patient treatment is expected to increase at nearly 8 per cent CAGR. Demand for life style diseases-related healthcare services is expected to grow over the next 5 years in India. CRISIL Research believes that these illnesses exhibit a tendency to increase in tandem with rising income levels. With the share of households earning above Rs. 5 lakh per annum expected to go up to 20 per cent in 2017-18 from 13 per cent in 2013-14, the share of NCDs as a major cause of deaths in India is also simultaneously expected to rise. Consequently, demand for healthcare services associated with life-related diseases such as cardiac ailments, oncology, diabetes, etc. is also forecast to increase. Key Points The healthcare industry is expected to continue to expand rapidly in the near future due to changing growth drivers of the industry characterized by the following. Inadequate Public Infrastructure In several countries, especially those in the developed world, Healthcare delivery is a primary responsibility of the State and public healthcare systems are the primary choice for most people. However, in India, the public healthcare infrastructure is woefully inadequate. Most of the facilities that exist are poorly equipped, and understaffed, while those that are of a reasonable standard are overcrowded. This has facilitated the rise of the private sector, which for most citizens is the only realistic choice. Dual Burden of Disease India faces a dual burden of disease. While it has a reasonable track record in infectious diseases, many communicable diseases such as dengue, tuberculosis, malaria, and pneumonia, which were considered to be under control are recurring in drug-resistant forms. This is attributed to inferior quality housing, poor water supply, bad sewage and waste management, poor public infrastructure and weak public health systems. Alongside this, the burden of non-communicable diseases, which are caused by poor dietary patterns and a sedentary lifestyle, is reaching alarming proportions in India. Population growth, demographics & rising per capita income India is the second most populated country in the world and is expected to become the most populated by 2025. India has to not only correct brsent deficiencies in healthcare infrastructure, it has to plan for future demand. While it has the highest numbers of people below the age of 30, its middle age and geriatric population is also growing. This will lead to new demands in healthcare delivery - care for the elderly who studies show are troubled by chronic ailments like arthritis, hypertension, diabetes, asthma and heart diseases. About 8 per cent of the Indian population was above the age of 60 years in 2011; this proportion is expected to climb to 12.5 per cent by 2026. In terms of gender-based tendencies, while men are more likely to suffer from heart, renal and skin diseases, women showed higher tendencies for contracting arthritis, hypertension and osteoporosis. CRISIL Research, therefore, believes that with more and more people being added to this age group, the demand for healthcare infrastructure in India will only surge in the future. Rising per capita income has improved affordability of healthcare and significantly expanded the addressable market for private healthcare providers. The consumer is now more aware and more demanding; they are willing to pay for better infrastructure, improved diagnostic facilities, latest technology and best-in-class medical care. However for an estimated 59 per cent of households in India that had an annual income of less than Rs. 2 lakh in 2013-14, affordability of quality healthcare facilities, a non-discretionary expense, still remains a major constraint. Disposable income, is, therefore, critical to the overall growth in demand for healthcare delivery services. CRISIL Research believes there is immense opportunity because the share of households in the Rs. 2-5 lakh per annum income bracket is expected to go up to 38 per cent in 2017-18 from 28 per cent in 2013-14. Emergence of Medical Value Travel & Accreditation of facilities Increased globalization and faster flow of information has broken geographical borders and transformed the world into a one single marketplace. From the comfort of their own homes patients can now evaluate healthcare institutions across the globe by assessing clinical outcomes, evaluate physician success rates and compare healthcare costs. This has led to a sharp growth in the number of people traveling to undergo medical procedures. Healthcare service providers have alongside sought to adopt global accreditation standards, which helps to mark quality of care giving and improves the care provider's standing and profile in the global marketplace. Disparity in Health Infrastructure between urban and rural areas Much of the progress made by private healthcare service providers in the last few years has been in urban areas which are now home to a wide variety of facilities offering single specialty, multi-specialty, primary care, quaternary care as well as value added services and personalized offerings. These urban markets cater to local residents as well as international medical value travelers. But a disparity exists in offerings between the urban and the semi-urban and rural areas in the country. Health Insurance Low health insurance penetration is one of the major impediments to the growth of the healthcare delivery industry in India as affordability of quality healthcare facilities by the lower income groups continues to remain an issue. As per the Insurance Regulatory and Development Authority (IRDA), nearly 216 million people have health insurance coverage in India (as of 2013-14), accounting for only 17 per cent of the total population. Over 80% of health financing continues to be from private financing, much of which is out of pocket payments and employer funding. But despite the country's slowdown, the annual growth in brmiums of the non-life insurance sector was a healthy 9% for 2014-15. Health insurance's annual brmium collections were over Rs. 200 billion. (Source: data published by GI Council). While low penetration is still a key concern, it also brsents a huge opportunity for the growth of the healthcare delivery industry in India. Between 2011-12 and 2013-14, the total number of commercial health insurance policies in India increased at a CAGR of nearly 10 per cent while the brmiums increased at nearly 16 per cent. The industry has shown signs of maturity. Customers are more conscious of the benefits of insurance and its importance for a secure future. The introduction of health insurance portability has offered more convenience to customers while enhancing competition in the industry. With the health insurance coverage in India set to increase, hospitalization rates are likely to go up. In addition, health check-ups, which form a mandatory part of health insurance coverage, are also expected to increase, boosting the demand for a robust healthcare delivery platform. (Source: IRDA annual reports). Evolving Healthcare Ecosystem The Indian healthcare ecosystem is undergoing significant transformation, in line with global trends. While the traditional hospitalization model remains the dominant healthcare services delivery model in the ecosystem, there has been a proliferation of daycare and short stay centres, maternity centres and home healthcare offerings. New technology and improved processes are driving large volumes of basic treatments, corrective procedures and surgeries of low complexity outside the confines of the traditional hospital environment. The specialized and newer formats of healthcare delivery are also driven by demographical and lifestyle changes coupled with altering disease profiles. Patients brfer treatments that allow shorter hospital stays -larger volumes of elective or voluntary surgeries are being carried out; nuclear families have fewer support systems and are stressed personalized healthcare; new technologies such as Minimally Invasive Surgeries and Robotics have transformed the physical impact and tissue trauma of several procedures and shortened recovery times and hospital stays. These trends bode well for the healthcare ecosystem in India as it will widen and deepen offerings while enabling greater access to healthcare. A key challenge for these formats that essentially provide primary care will be the integration with the traditional formats of healthcare delivery to ensure that high complexity cases are addressed both in a timely and appropriate manner. SWOT ANALYSIS Strengths Brand Value: The "Apollo" Brand is recognized as a strong brand in the healthcare sector in India. The benefits of this recognition translate into making us the brferred choice of patients and medical professionals alike, giving us the ability to appropriately price healthcare services, sustain marketing benefits and increase footfalls. Integrated Healthcare Delivery Model: Through our brsence in various initiatives across the healthcare services delivery chain, we believe that we have a competitive advantage and are able to benefit from economies of scale and cost efficiencies. Focus on Clinical Excellence: Clinical excellence is of paramount importance to us. We have systems and procedures that frequently and routinely monitor key metrics and we enjoy high success rates and clinical outcomes especially for complex and high-end medical procedures. We are JCI accredited, an evidence of the strength and maturity of our business. TASCC — The Apollo Standards of Clinical Care — We benchmark our practices with the best hospitals in the world to ensure the highest quality clinical standards. Arrangements with Doctors/ Medical Personnel: We are able to attract senior medical professionals as we offer them a 'fee for service' arrangement, which provides them the professional comfort and freedom to deliver optimal performance. Many of our doctors are prominent within their chosen specializations. Our training establishments provide us with an abundant number of newly qualified medical personnel, which can otherwise be a serious constraint to growth and efficiency. Professional Management team with rich industry experience: Our management team comprises senior professionals with rich industry experience and a proven track record. The appropriate blend of doctors as well as qualified professionals for key functions has enabled the company to balance excellence with growth. Pioneer in leveraging Technology: We have been a pioneer in adopting cutting edge technology to elevate treatment quality and clinical standards in India. The PET suite in our brmises is one of a kind in India and we have systematically taken the lead in technology-based treatment in India in areas like Robotics and Minimally Invasive Surgery. This has been a key enabler for maintaining high clinical standards, helping to attract renowned doctors from India and abroad and in improving overall efficiency. Weaknesses Scarcity of Human Resources: The hospitals business is labour intensive and the quality of doctors and supporting healthcare professionals critical for the quality and efficiency of the business. Top quality doctors and medical personnel are a finite resource and these professionals enjoy abundant opportunities in the form of entrebrneurial ventures, independent practice as well as competing offers from other service providers in India and abroad. Our continued performance and growth substantially depends on our ability to attract and retain the best of medical professionals. Obsolescence of medical equipment: We use the latest treatment technologies in our hospitals to provide top quality healthcare services. Due to the extent of global research and development into healthcare and frequent product improvements and evolving technology, the rate of obsolescence of medical equipment is high. Opportunities Growing Population and changing demographics: India is expected to see continued growth in its population, which will increase absolute demand for healthcare. It will also be home to an increasing number of middle-aged and elderly people where the need for healthcare services is acute. Change in disease profile: India is on path to becoming the cancer, diabetes and heart disease capital in the world. The increasing incidence of NCDs is an outcome of changing dietary patterns and alterations in lifestyle caused by rising per capita income. This rising burden of non-communicable disease is a humongous challenge that Indian healthcare service providers will need to address. Increase in demand for elective surgeries: Given steady increases in disposable incomes and growing health awareness, there has been a manifold expansion in demand for elective or planned surgeries. Patients are now willing to undergo discretionary treatments and healthcare procedures where the goal is to enhance health and quality of life. These procedures are known as electives as patient can 'elect' to undergo these treatments. Medical Value Travel: Due to the escalating costs of healthcare services in developed countries and the emergence of high quality healthcare services in emerging regions there has been an increasing brvalence of medical value travel. In addition to regional peers like Singapore, Malaysia and Thailand, India is fast emerging as a brferred destination due to high clinical success rates, top quality medical professionals; rapid adoption of technology and increasing number of globally accredited facilities. However, the opportunity is large and the country will need to improve procedural efficiency and enhance marketing of services to garner a sizeable share. Threats Intense competition: The increasing propensity for entrebrneurs and business houses to enter into the healthcare business has led to a situation where a number of greenfield facilities have been set up apart from Joint Ventures and acquisitions in the healthcare space. There are even pockets of over-capacity in some cities. In order to make these ventures succeed, there is a possibility that some of these ventures may resort to unsustainable pricing to gain market share. Increasing cost of resources: The emergence of several domestic hospital chains combined with the entry of international players has led to an increasing number of competitors chasing finite resources. A failure to attract medical professionals at reasonable costs will impact the ability to suitably grow and expand our operations. Further, increases in operating costs can result in an undesirable impact on the Company's results of operations and financial condition. Industry Outlook / Prospects Looking ahead, the healthcare sector is expected to be at the core of the Indian economy with a meaningful contribution to GDP growth. The structural theme supporting the growth of healthcare remains intact with rising income levels, ageing population, growing health awareness and changing attitudes towards brventive healthcare. However, a number of challenges remain ahead. In addition to the shortage and the inequitable distribution of health infrastructure across the country, the sector will need to tackle the shortage of doctors as well as the growing burden of lifestyle diseases. Ensuring investments for introducing the latest medical technologies and a strong and supportive regulatory framework are other critical hurdles to be crossed. To improve the overall healthcare map of India, huge investments will be required. Mobilizing a capital spending of this order for capacity building is neither possible for the Government nor for the private sector if they work in isolation. Uniquely tailored solutions will be needed as current level of investments from the Government, Private sector or PPP model while helping the sector to progress will not serve the long-term requirements. COMPANY OVERVIEW Clinical Excellence Clinical Excellence is the edifice around which our healthcare operations are structured. We have set the highest standards of clinical outcomes in various specialties and we strive to meet or surpass these standards. In the process we have developed an enviable track record of clinical excellence. In order to ensure sustainable clinical outcomes the Company follows an internal quality management process known as the "Apollo Clinical Excellence" program which is referred to as "ACE @ 25" which assesses performance based on 25 clinical parameters which are critical to delivering the very best clinical outcomes. In order to further enhance standards, the Company has introduced the Rocket ACE program, which covers an additional 25 parameters leading to an advanced clinical performance assessment model for key focus areas. These parameters are frequently monitored and even minor deviations are addressed immediately. Due to this steadfast focus on Clinical Excellence, we have an impeccable track record and high success rates even in surgeries of high complexity such as transplants, cardiac care and oncology. This unwavering focus on clinical excellence enables us to continuously assess the quality of care we provide to patients and to objectively measure the consistency and success of our healthcare delivery. Accreditations Technology has removed traditional barriers to global trade and transformed the mindsets of consumers. Today, patients can evaluate healthcare facilities across the globe when selecting a service provider. These are evaluated on the basis of cost and value, patient centric approach and clinical success rates. Due to an increase in global evaluation and benchmarking, Healthcare Service Providers are increasingly opting for global accreditation to showcase the quality of care and to reassure patients that healthcare processes and protocols are in line with global best practices. We have received renewed accreditation from the Joint Commission International, USA ("JCI") for meeting international healthcare quality standards for patient care and management. JCI is the world's brmier accreditation body for evaluation of healthcare facilities. Strategy The Company remains focused on growth with the objective of simultaneously improving operating efficiencies and clinical outcomes. The Indian healthcare services market is of significant size and variety brsenting opportunities as well as challenges. Our focus remains on our "Centers of Excellence", like Cardiology, Oncology and Transplant Centre, where we believe we can optimize efforts and value to our patient. We aim to gain significant market share in each of the key specialties by setting benchmark standards in clinical outcomes, technology and practices in these centres. We have also invested significant resources to develop robotic surgery capabilities. We believe that it is crucial to treat higher volumes of high acuity cases at our facilities to maximize our productivity in the healthcare services market. Strong Doctor engagement and use of technology: Our Doctor engagement model and clinical focus has been our core. We continue to introduce cutting-edge technology in all our operations, we have been able to enhance clinical outcomes, reduce ALOS and optimize value while improving the patient care experience. In line with our innovation agenda we will continue to focus on initiatives such as Minimally Invasive Surgeries, Robotics and Proton Cancer Therapy amongst others. Medical Tourism We enjoy good patronage from international patients and have a track record of steadily increasing volumes of patients from international locations. These international patients select us from among many facilities in the country primarily due to the quality of care we provide and our success rates. We believe Indian doctors are highly regarded overseas and as a destination for medical tourism, India is being brferred for complex surgeries in the fields of cardiology, orthopedics, Oncology and neurology. A large numbers of patients come from neighbouring countries as well as from the Middle East and Africa. In addition, there are several patients from developed countries such as UK, USA for whom the cost value proposition is attractive. Financial Performance During the year under review, the total income of the Company increased to Rs. 714.36 Crores from Rs. 678.59 Crores in the brvious year. The profit before tax was Rs. 49.55 Crores as compared to Rs. 54.15 Crores in the brvious year. The profit after tax was Rs. 32.49 Crores as compared to Rs. 35.44 Crores in the brvious financial year. The operating expenses increased to Rs. 483.51 Crores from Rs. 435.69 Crores in the brvious year. Debrciation and amortization expenses increased to Rs. 28.18 Crores from Rs. 28.14 Crores from the brvious year. The provision for taxes during the year under review is Rs. 17.06 Crores as compared to Rs. 18.72 Crores in the brvious year. Risk Management & Internal Controls We follow several stringent risk mitigation measures and are working in close co-ordination with global consultants to elevate our practices and procedures into a combrhensive risk management system in line with international best practices. Risks can be segregated into various categories such as strategic, operational, financial, legal, etc. Strategic risks are overseen by the Senior Management team which reports to the Board of Directors periodically on the assessment and minimization of such risks. Operational risks are managed through close monitoring of various units on the basis of specific metrics such as patient volumes, patient occupancy levels, ARPOB or average Revenue per Occupied Bed, ALOS or Average Length of Stay, key consultant attrition levels and asset utilisation levels. The financial risks are managed through stringent internal financial controls and documentation of all processes. In addition, the accreditation by JCI has helped to broaden the scope of the risk management practices. The JCI procedures envisage implementation and documentation of 320 standards. Compliance with JCI standards is a highly intensive procedure and most risks are elaborately covered. The risks that may affect the functioning of the Company include, but are not limited to :- • Competitive intensity and new entrants to the market • Pace of obsolescence of technology and treatment methods utilized by us • Inflationary brssures and other factors affecting demand for our products • Increasing costs of materials, transport and storage • Labour shortages and attrition of key staff including medical professionals • Increased compliance and regulatory brssures including changes to tax laws • Complaints for medical negligence have been filed in the Consumer Courts against the hospital and the Consultant Doctors by patients or their relatives sometimes even when the negligence is not actual but only perceived. Although, the Hospital has insured itself with professional indemnity policy to cover the financial risk, exposure in media can impact the reputation of the hospitals and its stakeholders. • In a Public Interest Litigation (PIL) on free patient facility in the Hospital, the Hon'ble High Court of Delhi has held that free treatment provided by the Hospital as per the terms of the lease deed shall be inclusive of medicine and consumables. The Company has filed a Special Leave Petition (SLP) before the Hon'ble Subrme Court of India against the impugned judgment and order of the Hon'ble High Court of Delhi. In pursuance of an interim order dated 30th November 2009 by the Hon'ble Subrme Court, the company has been charging for medicines and consumables from patients referred by the Government of Delhi for free treatment. • In a matter before the Labour Court, which took place after the strike by a section of employees in the Hospital in September 1998, the Learned Presiding Officer has awarded 50 per cent back wages as part of relief along with an amount of Rs. 9,000/- as litigation expenses to each of the workmen. The Company has challenged the aforesaid award in an appeal before the Hon'ble High Court of Delhi and the Hon'ble High Court has stayed the operation and implementation of the award. However, in pursuance of the interim order by the Hon'ble High Court of Delhi in the matter, entire amount as awarded by the Learned Presiding Officer, around Rs. 1 Crore has been deposited with the Registrar General of Hon'ble High Court of Delhi. A group of employees has also challenged the said award before the Hon'ble High Court of Delhi seeking re-instatement and full back wages. Internal Control Systems and their Adequacy We have established a wide-ranging system of Internal Controls to ensure that all assets are safeguarded and protected. We have processes in place to ensure that all transactions are evaluated, authorized, recorded and reported accurately. This is augmented by an extensive programme of internal and external audits apart from periodic review by the management. Your Company has put in place a review mechanism whereby the management regularly reviews actual performance in comparisons to forecasts. Any significant deviation from forecasts is reviewed and assessed rapidly to identify any market trends or shortcomings in service offerings. The system is designed to adequately ensure that financial and other records are maintained in an optimum manner, are accurate and are reliable for brparing financial information and other data and for maintaining accountability of assets. The internal control procedures are augmented by an extensive programme of internal, external audits and periodic review by the management. Human Resources Human Capital is an integral element of our success story. People are the industry's most important asset as human interaction and connect are integral functions of the Healthcare Services business. There are multiple touch points for patients in the entire process from brventive to diagnostic to curative services. Thus, it goes without saying that the quality, sincerity and dedication of our personnel has a significant impact on the quality of our services. As your Company is increasingly treating patients from all over India, providing more services to international patients and veering towards medical tourism, we have been subscribing to global best practices in HRM. Your Company understands the value and effectiveness of diversity in culture, gender, language, religious beliefs, age and experience and has been a key advocate of the same. To enhance diversity at Apollo Hospital your Company recruits people from across the country with a special focus to encourage and empower female candidates. A structured and transparent compensation programme is followed across the organization. Combrhensive evaluations are conducted and employees are made aware of their performance ratings on Key Result Areas and Competencies. Your Company also tracks levels of satisfaction among employees as it believes that satisfied individuals contribute more. Your Company has also put in place procedures to identify and reward achievers to increase the efficiency and drive within the organization. These robust processes ensure that both existing and incremental manpower can appropriately develop to support the organization's patient care delivery process and fuel its growth objectives. The total number of employees in the Company as on 31st March, 2015, was 3221 as against 3105 employees in brvious year. The Company has also engaged contractors for various support services in the Hospital and they have deployed 1005 workers as against 971 workers in the brvious year. Besides the above, there are Consultant Doctors who work on a 'Fee for Service' basis. Cautionary Statement Some of the statements in this Management Discussion & Analysis, describing the Company's objectives, projections, estimates, expectations and brdictions may be 'forward looking statements' within the meaning of applicable laws and regulations. Actual results may differ from those exbrssed or implied. Important developments that could alter your Company's performance include increase in material costs, technology developments and significant changes in political and economic environment, tax laws and labour relations. For and on behalf of the Board Dr. Prathap C Reddy (DIN: 00003654) Vice Chairman Jaideep Gupta (DIN: 02647974) Managing Director Place: New Delhi Date : 7th August, 2015 |