Annual Report 2020 2021

annual report
2020
21
We are all trying to cope with challenging
circumstances for some time now. Many of
us and our loved ones have been physically
and mentally impacted. Despair and
anxiety are normal when faced with
such adversity.
Over generations, philosophers and poets

have pondered over such situations and
given wise advice on how to face such
circumstances with patience, fortitude
and courage. Messages given by some of
the well-respected poets through their
poems are captured in this Report.
These messages are intended to make us

better prepared to face these difficult
It is easy enough to be pleasant, circumstances. With determination we
can overcome these challenges and build
when life flows along like a song;
a better future for all of us.
But the man worth while

M. B. Parekh
is the one who will smile
when everything goes dead wrong
Ella Wheeler Wilcox

Invictus
Out of the night that covers me,

Black as the pit from pole to pole,
I thank whatever gods may be
For my unconquerable soul.
In the fell clutch of circumstance

I have not winced nor cried aloud.
Under the bludgeonings of chance
My head is bloody, but unbowed.
It matters not how strait the gate,

How charged with punishments the scroll,
I am the master of my fate,
I am the captain of my soul.
William Ernest Henley
I am master of my fate, I am captain of my soul

एक �नमर्ल स्रोत से तृ�ा बुझाना कब मना है? खड़ा �हमालय बता रहा है
है अ� धेरी रात पर दीपक जलाना कब मना है? डरो न आंधी पानी म�।
खड़े रहो तुम अ�वचल होकर
�कसी उजड़े हुए को �फर बसाना कब मना है? सब संकट तूफानी म�।
है अ� धेरी रात पर दीपक जलाना कब मना है?
अचल रहा जो अपने पथ पर
ह�रवंश राय ब�न लाख मुसीबत आने म�‚
�मली सफलता जग म� उस को
जीने म� मर जाने म�।
Achal: Unmoved
सोहनलाल �द्ववेदी
Standing tall, the Himalayas tell you

not to fear floods and gales.
Firm you stay, ever unmoved by the
Kab mana hai: Who could stop you Who could stop you from fury of barrages and hails.
quenching thirst in a crystal-clear brook?
Who could stop you from Steadily he who is walking on his way,
lighting a lamp in night’s darkest nook? in midst of million woes,
In life, in death, o doubtless, towards
All is perhaps razed to ground, triumph truly he goes.
who stops you from building anew?
Who could stop you from Sohanlal Dvivedi
lighting a lamp in night’s darkest nook?
Harivansh Rai Bachchan

गाणं जग�ाचं

मरण येणार �णून कोणी जगायचं थांबतं का?
जीव जडू न प्रेम कोणी करायचं थांबतं का?

कशासाठी भयाने
ग्रासून जायचं?
फुलाय�ा प्र�ेक �णी
नासून जायचं?

सुकून जाणार �णून फूल फुलायचं थांबतं का?
मरण येणार �णून कोणी जगायचं थांबतं का?
जीव जडू न प्रेम कोणी करायचं थांबतं का?
मंगेश पाडगावकर A song of living
Because death will come some day

Should we stop living now?
Should we stop loving with all our heart
Oh pray, do tell me how?
Why surround ourselves with fears

And dampen every smile with tears?
Because it will shrivel some day

Should the flower stop blooming now?
Because death will come some day
Should we stop living now?
Should we stop loving with all our heart

Oh pray, do tell me how?
Mangesh Padgaonkar
Gana Jaganyaacha: A song of living

company
information
board of
directors
M B Parekh Debabrata Gupta Vinod Dasari

table of contents Executive Chairman Whole Time Director Director
N K Parekh B S Mehta Piyush Pandey
09 10 16 20
Vice Chairman Director Director
Bharat Puri Sanjeev Aga Rajeev Vasudeva

Managing Director Director Director
Company Marketing Key Performance Management (w.e.f 10.09.2020)
Information Initiatives Indicators Discussion & A B Parekh Uday Khanna
Analysis Whole Time Director Director
A N Parekh Meera Shankar

Whole Time Director Director
28 32 42 58 corporate company solicitors &

10 Years' Financial Directors' Social & Annexures to
office secretary advocates
Performance Report Community Directors' Report
Ramkrishna Mandir Road Puneet Bansal Wadia Ghandy & Co
Service Initiatives
Off Mathuradas Vasanji Road
Andheri (E), Mumbai 400 059 chief financial bankers
officer Indian Overseas Bank
71 78 84 146
registered office Pradip Kumar Menon Corporation Bank
Regent Chambers ICICI Bank
7th Floor, Jamnalal Bajaj Marg internal auditors HDFC Bank
208, N
ariman Point Mahajan & Aibara Citibank N A
Business Auditor's Standalone Corporate Mumbai 400 021 Standard Chartered Bank PLC.
auditors
Responsibility Report Financial Governance Report
registrar & Deloitte Haskins & Sells LLP
Report Statements & Compliance
Certificates transfer agent
TSR Darashaw Consultants
Private Limited
C 101, 1st Floor, 247 Park,
157 160
L.B.S. Marg, Vikhroli (West)
Mumbai – 400 083
P i d i l i t e A n nu a l R e p o r t 2 0 2 0 - 2 1
Information for Consolidated
Shareholders Financial
Statements
9
marketing
advertising & communication
initiatives
A new television campaign
featuring Mr. Amitabh Bachchan
was aired to communicate the
importance of using Dr.Fixit URP
on Roof while constructing a
new home.
New campaigns were rolled out for

Dr. Fixit, Fevikwik and Fevicol that
carried on the task of developing
the categories and creating new
segments. In these challenging
times of pandemic, our digital
marketing initiatives, in the form
Another television campaign was
of videos and posts on social media, aired in Karnataka and Kerala to
communicate the advantages of
forged deeper emotional connect Dr.Fixit Roofseal Topcoat with
with both consumers and end-users. ‘nanofibre’ formulation, over
ordinary paints.
These digital and TV campaigns
won many prestigious awards for
Fevicol, Fevikwik and Roff across
many categories.
Fevicol launched a 360° campaign

‘Yakshagana’ in the markets of
Karnataka and Hyderabad.
The campaign, based on a local
art form of North Karnataka,
is a humorous take on how
using local glue is not the same
as using Fevicol.
11
digital communication new initiatives
& initiatives
Fevicol continued its efforts of Fevicryl planned a series

building brand love with younger of topical digital campaigns
consumers by engaging through like #ArtFromHome,
topical and quirky digital content, #MaskItWithStyle
throughout the year, on social #PourYourArtOut
media. Also, Fevicol used its #RangBharoTyoharoMein
digital content to educate masses for consumers and budding
on Covid appropriate behaviour hobbyists. Each of these
& social distancing in a typical campaigns was supported
Fevicol way. These creatives were by digital media, influencer
shared widely by people on social marketing, and contests. With
media and whatsapp. this series of topical initiatives, the
brand garnered a 10% engagement
rate on its social media handles.
Fevikwik through its quirky-

rhyming social media posts and an
Instagram meme campaign
created awareness around the
theme ‘Phenko Nahin, Jodo’. It
also conducted a unique online
contest called ‘Fevikwik Stars’
celebrating people who tend to
break things and then repair Fevicryl #MyHappyWall
them. Families were asked to campaign was launched in Cochin
share their stories about repairing and Tamil Nadu to motivate the
objects and nominate family consumers to paint their walls
members to be ‘Fevikwik Stars’. using the Fevicryl Colours and
bring cheer to their homes. This
Integrated Marketing Campaign
was promoted through print,
social media, website, trade
contest, on-ground activation, and
Fevicyl ‘Art Shaala’ online influencer marketing. In addition,
classrooms for art hobbyists and two unique digital assets were
professionals, with differentiated created – DIY e-Book – a step-by-
content, were organised through step guide providing hobbyists
its social media assets. With over with DIY tutorials on wall art and
20 masterclasses for advanced Wall Talk – a 3-minute talk show
hobbyists and 37 open workshops inviting Hobbyists to share their
for new hobbyists, these wall art.
workshops led to the increase of
Instagram page followers by 65%.
13
awards At the Kyoorius
Awards 2020,
Pidilite won a total
The year 2020-21 was an of 23 awards.
exceptional year for Pidilite, Some of notable ones were:
as many of its brands won 1. Fevicol Sofa Campaign

4 Blue Elephants and 6 Baby
multiple awards across

Elephants
2. Roff Television Campaign
various categories. 1 Blue Elephant and 3 Baby

Elephants
Buzzing Content Award

Fevicol won the best social
media content in FMCG &
retail category.
At exchange4media Indian
Content Marketing Awards,
#MyFevicolAd won the best
content marketing social media
and best crowdsourced award.
At Golden Globe Tigers Award,

Fevicol won the Campaign of the
Year for #MyFevicolAd and the
award for Social Media Marketing
category.
Fevikwik ‘Phenko Nahin, Jodo’ campaign won

various awards at the most coveted marketing awards
The EFFIE
1. Two Gold at the EFFIE, including the Best Use
of TV category
2. Two Silver at the EFFIE in Other Products and
Regional category
3. One Bronze EFFIE in Disruptive Differentiators
Award category
15
key performance indicators BALANCE SHEET METRICES
(standalone)
Net Current Assets (` in crores) Reserves (` in crores)
PROFIT & LOSS METRICES
542 | (70.7)% 5,510 | 24.8%
Net Sales (` in crores) EBITDA (` in crores)
6,187 | (1.6)% 1,550 | 4.3% FY 2020-21

542
FY 2020-21
5,510
1,847 4,414
FY 2019-20 FY 2019-20
1,960 4,136
FY 2018-19 FY 2018-19
6,187 1,550
FY 2020-21 FY 2020-21 1,775 3,513
FY 2017-18 FY 2017-18
6,290 1,485
FY 2019-20 FY 2019-20 1,880 3,348
FY 2016-17 FY 2016-17
6,047 1,298
FY 2018-19 FY 2018-19
5,309 1,294
FY 2017-18 FY 2017-18
4,837 1,229
FY 2016-17 FY 2016-17
Return on Return on Average Capital
Average Net Worth (%) Employed (%)
Profit After Tax (` in crores) Earnings Per Share (EPS) (`) 21.6 | (525 bps) 28.8 | (534 bps)
(excluding exceptional items) (excluding exceptional items)
1,082 | (6.8)% 21.3 | (6.8)% 21.6 28.8

FY 2020-21 FY 2020-21
26.8 34.2
FY 2019-20 FY 2019-20
25.3 34.7
1,082 21.3 FY 2018-19 FY 2018-19
FY 2020-21 FY 2020-21
27.4 37.4
1,161 22.8 FY 2017-18 FY 2017-18
FY 2019-20 FY 2019-20
28.7 41.1
979 19.3 FY 2016-17 FY 2016-17
FY 2018-19 FY 2018-19
955 18.8
FY 2017-18 FY 2017-18
868 16.9 Distribution
FY 2016-17 FY 2016-17 Material Cost 45.6%
of Revenue
2020-21
Operating Cost 16.8%
Book Value Per Share (`) Dividend Per Share (DPS) (`)
Employee Cost 12.7%
109.4 | 24.5% 8.50 | 21.4%
Interest &
109.4 8.50 Foreign Exchange
FY 2020-21 FY 2020-21 Fluctuation Expense 0.3%
87.9 7.00
FY 2019-20 FY 2019-20
2.4%
Depreciation
82.4 6.50
FY 2018-19 FY 2018-19
70.2 6.00
FY 2017-18 FY 2017-18 Income Tax 6.0%
66.3 4.75
FY 2016-17 FY 2016-17
Retained Earning 16.2%
Y-O-Y Growth/Degrowth
17
key performance indicators
(standalone)
Current Ratio Debt Equity Ratio Value Addition to Business
through Reserves
1.3
2,421
20-21
1,879 0.01 55 51
20-21 5,561 20-21 5,510
2.6
3,026
0 51
19-20 19-20 4,465 19-20 4,414
1,179
3.0
0 51
2,929 18-19 4,187 18-19 4,136
18-19
970
0 51
3.0 17-18 3,564 17-18 3,513
2,664
17-18 0 51
889 16-17 3,399 16-17 3,348
3.4
2,666
16-17
786
Net Worth(` in crores) Share Capital (` in crores)
( Equity + Reserves) Reserves (` in crores)
Total Debts (` in crores)
Current Assets (` in crores)
Debt Equity Ratio
Current Liabilities (` in crores)
Current Ratio
PBIT & Interest Cover PBT & PBT as % to Net Sales Growth in Market Capitalisation of Company
and BSE sensex since 31st March 2017
127.1 23.6
20-21 1,465 20-21 1,457
1.67 2.57
31-3-21
205.1 23.8
19-20 1,501 19-20 1,496
0.99 1.92
31-3-20
193.8 22.8
18-19 1,384 18-19 1,376
1.31 1.76
31-3-19
220.7 25.1
17-18 1,337 17-18 1,331
1.11 1.30
31-3-18
219.1 25.6
16-17 1,245 16-17 1,239
1.00 1.00
31-3-17
PBIT* (` in crores) PBT* (` in crores)

Interest Cover (Times) PBT as % to Net Sales BSE Sensex (Times)
Base Value : 31st March 2017 = 1

*PBIT excludes exceptional items. * PBT excludes exceptional items. Market Capitalisation of Company (Times)
19
management discussion new acquisition
and analysis
financial review During the year the
Consolidated Financials Standalone Financials
Company acquired
Consolidated Net Sales reported flat growth Company’s annual performance was impacted by
(Excluding Pidilite Adhesives Pvt Ltd (PAPL)
declined by 2.4%)
continued lockdowns due to the pandemic in the
month of April 2020 and partially in May 2020.
100% shares of
Therefore, annual net sales show a decline as
compared to previous year.
Huntsman Advanced
Materials Solutions
“EBITDA” (Earnings Before Interest, Taxes,
Depreciation, Exceptional items and foreign
exchange difference) before non-operating income, For the year, sales volume and mix declined by
grew by 2.6% and EBITDA, excluding non-operating income
improved by
Private Limited.
6.5% This company has
(Excluding PAPL grew by 2.7%) 4.3%
since been renamed
Profit Before Tax and Exceptional Items (PBT) grew
flat (Excluding PAPL declined by 3.8%)
Profit Before Tax and exceptional items (PBT)
declined by 2.6% as Pidilite Adhesives
Profit After Tax (PAT) grew flat (Excluding PAPL Profit After Tax (PAT) declined by 1.8%
Private Limited
declined by 3.6%)
(PAPL).
On a constant currency basis, the overseas
subsidiaries reported sales growth of PAPL is in the business of selling Adhesives, Sealants
and other products under well-known brands such as
8.2% Araldite, Araldite Karpenter and Araseal in India.
PAPL has a nation-wide distribution network and
EBITDA grew by
a strong presence in retail trade. In the calendar
196.4% year 2019, business revenue was approximately

` 400 crores. In addition to the Indian sub-continent
due to higher sales and better gross margins business, the acquisition includes a Trademark
licence for Middle East, Africa and Asian countries.
Domestic subsidiaries sales grew by Araldite will add to the very strong portfolio
7.6%
of Pidilite’s adhesive and sealant brands.
This acquisition is likely to create a significant
shareholder value through strong revenue and
(Excluding PAPL declined by 18.8%)
cost synergies.
EBITDA grew by
PAPL reported sales of ` 168 crores and EBITDA
3.8% of ` 60 crores from 4th November 2020 till
31st March 2021.
(Excluding PAPL declined by 101.5%) on account of
lower sales and hence higher absorption of fixed cost.
21
performance by The Company operates under Construction Chemicals (Projects),
industry segment two major business segments i.e. Organic Pigments, Pigment consumer & bazaar business to business others
(standalone) Branded Consumer & Bazaar and Preparations, etc. and caters to
Business to Business. various industries like packaging,
joineries, textiles, paints, printing Branded Consumer & Bazaar Business to Business segment The ‘Others’ segment largely
Products, such as Adhesives, segment contributed contributed comprises of manufacture and
inks, paper, leather, etc.
Sealants, Art & Craft Materials sale of Speciality Acetates, raw
and Others, Construction and
Paint Chemicals are covered
In both the above business
segments, there are a few medium
81.2% 18.0% materials etc.
under Branded Consumer & to large companies with national of the sales of the Company and of the sales of the Company and
Bazaar segment. These products presence and a large number declined by 0.3% with volume and declined by 5.5% with volume and
are widely used by carpenters, of small companies which are mix declining by 0.2% mix declining by 7.0%
painters, plumbers, mechanics, active regionally. Multinational
households, students, offices etc. companies are also present in
Adhesives & Sealants category Industrial Adhesives includes
many of the product categories in
Business to Business segment includes adhesives, sealants and adhesives used in packaging,
which the Company operates.
covers products, such as Industrial tapes. This category contributed footwear, cigarette, automotive
Adhesives, Industrial Resins, industry and joinery. This
54.2% category contributed
business segment/
of the sales of the Company and
grew by 5.7%
product category % of the sales of the Company and
6.4% 1.2% declined by 8.1%
5.7% industrial resins,

industrial construction Construction and Paint Chemicals Industrial Resins, Construction
adhesives Chemicals (Projects) etc.
chemicals (projects) contributed
etc. contributed
7.1% 19.9%
art & craft
5.9% of the sales of the Company 6.4%
materials etc. pigment & preparations and grew by of the sales of the Company and
declined by 3.1%
19.9% 1.7%
construction &
0.8% Pigments and Preparations
others
paint chemicals Art & Craft Materials etc. contributed
5.9%
contributed
7.1% of the sales of the Company and

of the sales of the Company and declined by 5.5%
declined by 14.1%
81.2%
54.2%
consumer & bazaar
products segment
adhesives & selants
18.0%
business to business
products segment
Standalone results - % of Total

0.8%
Sales from FY 2020-21 others
23
human resources
The year under In the last year, as the world dealt with the onslaught
of COVID-19, India too was impacted badly. Our
tool and having online events. The entire HAH
effort was expanded by the launch of HAH Cares, an
including the articulation of learnings from our
formative years in a booklet and launch of a unique
review witnessed efforts throughout the year have been to focus

on Employee Health and well-being, as well as
initiative that focused on providing our employees
access to Doctor-on-Call 24x7, 1 to 1 Counselling
group learning program. We launched this campaign
by a catchy internal communication campaign
significant progress supporting the business. A Covid taskforce was set up

comprising of managers from HR and other functions
service for mental and emotional wellbeing,
various fitness classes for maintaining health in
building up to our Founder’s Day, where we staged
an online play titled “Humari Neev”, narrating a
in people practices, who have been monitoring the external situation on

an ongoing basis and designing appropriate response
lockdown. We also continued to encourage employee collection of our own stories from the past that
embody the living of our values by our employees.
participation in our events resulting in participation
policies and to take care of safety and protection of our employees. levels of over 65% of our employees. On this occasion, employees who have consistently
processes, enabling
Training our Workforce to adopt the right kind of demonstrated living our values were awarded.
The Company was rated by Great Place to Work
behaviour that ensure personal safety and security
We bolstered our learning and development efforts
Institute as one among the top 30 manufacturing
the Company on its
was conducted, Safety kits were distributed, safety
by bringing in online Learning Management
kit allowances for all field personal was provided and sector companies in our very first year of
System and we are now covering all employees of
journey of ‘Growing regular sanitization drives were conducted on

our premises.
participation. Our Sustainable Engagement Survey
also witnessed an improvement in our eNPS score
the Company and its subsidiaries. Our signature
programs ‘ASCENT’ for first time managers and
to Greatness’. To uphold the spirit of our employees, Pidilite’s Happy
with us being close to the top quartile benchmark scores.
‘CAPSTONE’ for middle management were held, to
and Healthy (HAH) movement went fully digital in In our long term effort to deepen the understanding continue with our commitment to learn as we work.
light of most employees moving to work from home of our employees about Pilglobin (branding for our The total number of employees as on 31st March 2021
leveraging Workplace, our internal social networking Culture program), we launched a series of initiatives is 6,376.
Current Year Outlook programme is encouraging, it is evident that this to increase sales and market share in each of the Thus, slower growth of the Indian economy and
will take considerable time before business sentiment significant geographies. The business environment stress in sectors, such as construction, could impact
India has been impacted substantially by the second
is positively impacted. The Company has put in in these countries remains subdued as they all face the performance of the Company.
wave of the Covid 19 pandemic. There remains an
place a number of measures that impact both the the ongoing impact of the pandemic and consequent
uncertainty around the duration of the pandemic and Overseas subsidiaries, by virtue of their relatively
delivery as well as the development agenda so as to impact on business.
the resultant impact on consumer sentiment smaller size, remain vulnerable to the political and
remain resilient during these times. Our strategy is
and demand. economic uncertainties of their respective countries.
continuously evolving to address these challenges as Outlook on Opportunities, Threats, Risks
Input Inflation may continue during the current year well as adapt to market conditions. and Concerns Business disruptions as a result of the COVID-19
as well. The Company is taking necessary steps to pandemic may impact the performance of the
While major subsidiaries in India are taking The Indian economy provides a large opportunity
mitigate the impact of inflation through appropriate Company and its subsidiaries.
initiatives to improve margins and achieve consistent to the Company to market its differentiated
pricing and cost control measures. sales growth in their respective businesses, the
products. The home improvement area offers
impact of the pandemic on economic growth does
The uncertain demand scenario coupled with significant opportunities for growth given the
pose a short term risk to these plans.
significant inflation in input costs will call for active growth in affordable housing, new construction as
management of the rapidly evolving situation while The Company’s major international subsidiaries are well as renovation. Continued economic growth
maintaining employee and business eco system safety in Bangladesh, Sri Lanka, USA, Brazil, Thailand, offers significant opportunities in both the home
and security. While the rollout of the vaccination Egypt and Dubai. Various initiatives are being taken improvement as well as the industrial sector.
25
miscellaneous economic value added (EVA)
The Company’s Net Worth (Equity capital + Reserves)

has grown from
computation of eva
` 3,399 crores
EVA = Net Operating Profit After Tax (NOPAT) - Weighted average cost of capital employed.
as on 31st March 2017 to
` 5,561 crores NOPAT = Net profit after tax + post tax interest cost at actual.
as on 31 March 2021, giving a Compounded Annual

st
Growth Rate (CAGR) of 13.10%. Weighted average cost of = (Cost of equity x average shareholder funds) + (cost of debt x average debt).
capital employed
Cost of equity = Risk-free return equivalent to yield on long term Government of India (GOI) securities (taken @
The market capitalisation of the Company on 6.00%) + market risk premium (assumed @ 7.50%) x beta variant for the Company (taken at 0.76),
where the beta is a relative measure of risk associated with the Compnay’s shares as against the
31st March 2021 was
stock market as a whole.
` 91,973 crores
Cost of debt = Effective interest applicable to Pidilite based on an appropriate mix of short, medium and long term
and has grown at a CAGR of 30.48% debt, net of taxes.
since the IPO in 1993.
Item 2016-17 2017-18 2018-19 2019-20 2020-21
1. Risk Free Return on Long Term GOI Securities 6.5% 7.2% 7.3% 7.5% 6.0%
other matters
2. Cost of Equity 9.2% 11.4% 13.1% 12.0% 11.7%
The following matters are elaborated in 3. Cost of Debt (Post Tax) 0.0% 0.0% 0.0% 0.0% 3.4%
the Directors’ Report

4. Effective Weighted Average Cost of Capital 9.2% 11.4% 13.1% 12.0% 11.6%
Risks and concerns

Economic Value Added (` in crores)
Internal control systems and 5. Average Debt 1 0 0 0 55

their adequacy
6. Average Equity (Shareholder Funds) 3,025 3,482 3,875 4,326 5,013
7. Average Capital Employed (Debt + Equity) 3,026 3,482 3,875 4,326 5,068
8. Profit After Tax (as per P&L Statement) 868 #$ 955 $ 979 $ 1,161#$ 1,082#$
cautionary statement
9. Interest (as per P&L Statement, net of Income Tax) 4 4 5 10 13
Statements in this Management Discussion and 10. Net Operating Profit After Tax (NOPAT) 872 959 984 1,171 1,095
Analysis Report describing the Company’s objectives, 11. Weighted Average Cost of Capital (4x7) 278 397 509 521 588
projections, estimates and expectations may be
12. Economic Value Added (10-11) 594 563 475 650 506
‘forward looking statements’ within the meaning
13. EVA as a % of Average Capital Employed (12 ÷ 7) 19.6% 16.2% 12.3% 15.0% 10.0%
of applicable laws and regulations. Actual results
might differ. # Profit After Tax excludes exceptional items.
$ Profit is after tax but before Other Comprehensive Income.
27
10 years’ financial performance
(` in crores) (` in crores)
I GAAP IND AS I GAAP IND AS
Highlights 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21 CAGR % Highlights 2011-12 2012-13 2013-14 2014-15 2015-16 2016-17 2017-18 2018-19 2019-20 2020-21
Operating Results Funds Flow
Sales and Other Income 3,017 3,615 4,169 4,724 5,134 5,409 5,627 6,285*** 6,484 6,290 8.5% Sources
Manufacturing & Other Expenses 2,483 2,939 3,448 3,918 3,942 4,070 4,197 4,796 4,847 4,667 7.3% Internal Generation 400 < 511 < 546 638 886 967 1,066 1,091 1,259 1,235
Operating Profit 534 676 721 806 1,192 1,339 1,430 1,490 1,637 1,623 13.1% Increase in Capital & Reserve on 15 50 - - - - - - - -
conversion of FCCB
Interest (Net) 21 8 10 10 6 6 6 7 13 17 (2.4)%
Increase in Equity Share Capital - - - - - ~ - ~ - ~ - ~ - ~ ~
-
Depreciation 48 53 69 108 88 90 91 100 126 147 13.3%
Increase in Loans - - 8 - - - - - - 55
Profit from Ordinary Activities 465 615 642 688 1,098 1,243 1,333 1,383 1,498 1,459 13.5%
Decrease in Investment-Others 73 - 35 - - - 283 - 102 736
Exceptional Item 13 (6) 6 18 27 94 - - 59 - -
~ Decrease in Working Capital - 141 - 23 *** 329 - - - - 406
Foreign Exchange Difference -
8 1 5 2 1 4 2 6 2 2 (14.2)%
Expense/(Income) Total 488 702 589 661 *** 1,215 967 1,349 1,091 1,361 2,432
Profit-Before Tax 444 620 631 668 1,070 1,145 1,331 1,376 1,437 1,457 14.1%
Applications
Current Tax 105 156 160 156 299 363 403 438 369 375 15.2%
Repayment of Loans 23 204 60 2 5 1 - - - -
Deferred Tax 4 3 2 11 24 8 19 11 (33) - (33.1)%

~ Capital Expenditure (Net) > 141 128 169 353 134 88 125 159 393 322
Profit-After Tax for the year 335 461 469 501 747 774 909 927 1,102 1,081 13.9% Investments in
- Subsidiaries 19 26 62 26 82 90 151 61 146 2.110
Add: Prior Year's Tax Provision
- - - - - - 46 53 - - -
written back
- Others - 188 - 101 *** 590 695 - 255 - -
Profit-After Tax 335 461 469 501 747 $ 774 $ 955$ 979$ 1,102$ 1,081$ 13.9%
Buyback of Equity Shares - - - - - - 500 - - -
Dividend on Equity Shares 112 * 156 * 162 * 179 * 404 **** 31 **** 293**** 364**** 827**** - -
Dividend 112 * 156 * 162 * 179 * 404 **** 31 **** 293 **** 364 **** 827 **** -
Retained Earning 223 305 307 322 343 743 662 615 275 1,081 19.2%
Increase in Working Capital 193 - 136 - - 62 280 252 (5) -
Financial Position
Total 488 702 589 661 *** 1,215 967 1,349 1,091 1,361 2,432
Capital-Equity 51 51 51 51 51 51 51 51 51 51 0.0%
Ratios
Reserve (Less Revaluation Reserve & 1,327 1,682 1,988 2,298 2,599 3,348 3,513 4,136 4,414 5,510 17.1%
Misc. Expenditure) Return on Average Net Worth % (RONW) 27.6 29.3 25.2 23.7 31.0 28.7 27.4 25.3 26.8 21.6@
(PAT divided by Average Net Worth) ##
Net Worth 1,378 1,733 2,039 2,349 2,650 3,399 3,564 4,187 4,465 5,561 16.8% Return on Average Capital Employed % (ROCE) 31.2 36.2 33.7 31.6 44.0 41.1 37.4 34.7 34.2 28.8
(PBIT divided by Average
Borrowings 264 60 8 6 1 - - - - 55 (16.0)% Funds Employed**)##
Deferred Tax Liability (Net) 45 48 51 55 75 84 103 113 76 76 5.9% Long-term Debt/Cash Flow 0.6 0.1 - - - - - - - -
Funds Employed 1,687 1,841 2,098 2,410 2,726 3,483 3,667 4,300 4,541 5,692 14.5% Gross Gearing % 16.1 3.4 0.4 0.2 - - - - - 1.0
(Debt as a percentage of Debt plus Equity)
Fixed Assets **
Current Ratio 1.8 1.6 1.8 1.7 2.5 3.4 3.0 3.0 2.6 1.3
Gross Block 1,343 1,469 1,637 2,005 1,775 1,856 1,975 2,110 2,538 2,862 8.8%
Assets Turnover (times) 1.8 1.9 2.0 1.9 1.8 1.5 1.5 1.4 1.4 1.1
(Sales divided by Total Assets)
Depreciation 476 527 594 716 707 790 871 930 1,041 1,158 10.4%
Debtors Turnover 9.7 10.2 10.0 9.6 9.5 9.1 8.4 8.3 8.0 6.9
Net Block 867 942 1,043 1,288 1,068 1,066 1,104 1,180 1,497 1,704 7.8% (Sales divided by Debtors)
Investments in Inventory Turnover
- Subsidiaries 240 # 261 # 323 # 349 # 431 # 426 # 612# 673# 797# 3,148# 33.1% 4.2 4.3 4.5 4.7 4.4 4.3 4.3 4.5 4.0 3.3
(Cost of Goods Sold divided by Inventories)
- Others 93 286 251 352 *** 672 1,367 1,174 1,517 1,026 334 15.3%
Operating Profit Margin (%) ## 19.2 20.5 18.7 18.4 25.3 27.7 26.9 24.6 26.0 26.2
Net Other Assets 487 352 481 421 *** 555 624 777 930 1,220 506 0.4% Net Profit Margin (%) ## 16.3 18.5 16.5 15.7 23.3 25.6 25.1 22.8 23.8 23.6
Total Assets 1,687 1,841 2,098 2,410 2,726 3,483 3,667 4,300 4,541 5,692 14.5%
The Company transitioned into Ind AS from 1st April 2015 *** Previous years’ figures regrouped
The Company transitioned into Ind AS from 1st April 2015 > Includes Cost of Brands, Patents Trademarks and Businesses Acquired * Includes Tax on Dividend
* Includes Tax on Dividend
~ Less than ` 1 crore
** Excluding Deferred Tax Liability (Net)
*** Previous years’ figures regrouped @ As compared to FY 2019-20, FY 2020-21 RONW is lower by
** Including Capital Work-In-Progress and excluding Revalued Assets < Includes security premium received on FCCB conversion 19.6% mainly due to 15.9% growth in average net worth against
**** Paid dividend (including tax) as per IND AS 6.8% decline in PAT
and Depreciation thereon ## PAT, PBT and PBIT are excluding exceptional items
$ Profit is after tax but before Other Comprehensive Income **** Paid dividend (including tax) as per IND AS
# After deducting provision for diminution
~ Less than ` 1 crore
29
ேசார்வு ெகாள்ளாேத மனேம – உன்
ஆர்வெமல்லாம் ஒாுநாள் பூரணமாகும்!
காரிாுள் சூழ்ந்த நீளிரவின் பின்

காைல மலர்தல் கண்டைன அன்ேறா?
தாரணி உயிர்க்கும் தாமைர சிலிர்க்கும்
அளிகுலம் களிக்கும் அாுணனும் உதிப்பான்!
(ேசார்வு ெகாள்ளாேத)
அகத்திாுள் நீங்கவும் அாுெளாளி ஓங்கவும்

அன்பு தைழக்கவும் துன்பங்கள் தீர்க்கவும்
அம்பிைக பாலன் வள்ளி மணாளன்
அன்புடன் வாுவான் இன்னாுள் புரிவான்.
(ேசார்வு ெகாள்ளாேத)
கல்கி
Don’t be disheartened, oh mind!

Your ardour will one day find its fulfilment.
Haven’t you seen the dawn break

after the long, black-shrouded night?
The earth springs to life,

the lotus quivers as it blooms,
the bees rejoice,
the sun rises.
Muruga, the son of Ambikai,

will shower his grace
to dispel the darkness within,
radiate blessings, nourish love
and dismiss suffering.
Kalki
Agathirul Neengavum: Dispel the darkness within
31
directors’ report
To pbt, pat & (2.6)

growth (yoy) 1,457
The Members 20-21
1,082
Your Directors take pleasure in presenting the Fifty-Second Annual (6.8)
8.7
Report together with Audited Financial Statements for the year ended 1,496
31st March 2021. 19-20
1,161
18.5
Financial Results (Standalone) 3.4
1,376
(` in crores ) 18-19
979
2.5
2020-21 2019-20 7.4
1,331
Sales 6,186.67 6,290.43 17-18
955
Operating Profit 1,623.30 1,637.28 10.0
13.0
Finance Costs (16.99) (13.40) 1,239
16-17
Depreciation, Amortisation and Impairment Expense (147.10) (125.79) 868
12.2
Net Foreign Exchange Loss (2.13) (1.86)
Excludes exceptional item
Profit Before Exceptional Items and Tax 1,457.08 1,496.23
Exceptional Items (0.45) (59.28)

PBT (` in crores) PBT (Growth %)
Profit Before Tax 1,456.63 1,436.95
PAT (` in crores) PAT (Growth %)
Current Year’s Tax (375.05) (368.65)
Profit After Current Year’s Tax 1,081.58 1,068.30
Deferred Tax (0.12) 33.32 equity dividend payout 39.9

& % of standalone 8.50* 2.5 20-21 432
Financial Performance Profit After Tax 1,081.46 1,101.62 net profit (excluding
Profit Brought Forward 3,042.74 2,779.09
exceptional items) 36.9
Comments on Financial 7.00 2.7 19-20 429
Performance are included in Other Comprehensive Income Included in Retained
(0.71) (11.20)
Management Discussion and Earnings (Net of tax) 40.6
6.50 2.5 18-19 398
Analysis section. Profit Available for Appropriation 4,123.49 3,869.50
Dividend Appropriations
38.1
6.00 2.6 17-18 364
Your Directors recommend a
Dividend Paid - (330.18) #
dividend of ` 8.50 per equity 33.8
4.75 3.0 16-17 293
share of ` 1/- each (previous Interim Dividend Paid - (355.61)
year interim dividend considered
Tax on Dividend - (140.97)
as final dividend of ` 7/- per equity
share of ` 1/- each), out of the Total - (826.76) * Proposed dividend for 20-21
current year’s profit, on ` 50.82
Closing Balance of Retained Earnings 4,123.49 3,042.74
crores equity capital amounting to
Dividend per Share (`)
` 431.93 crores (previous year # Pertaining to dividend for FY 2018-19
` 355.61 crores on equity capital Dividend Cover (Times) Payout
of ` 50.81 crores). The dividend Dividend Payout (including tax on dividend till 19-20)
payout amount has grown at a The dividend payout is in accordance with the Dividend Distribution
(net of foreign tax credit) (` in crores)
CAGR of 15.40% during the Policy which is available on the website of the Company
last 5 years. www.pidilite.com. Dividend % to Net Profit
33
Transfer to Reserves During the year Performance of Major Domestic and Overseas Subsidiaries
(` in crores)
The Company does not propose to transfer amounts a. The Company acquired 100% share capital of Name of Subsidiary Sales Sales % Growth EBITDA EBITDA % Growth
to the general reserve. Huntsman Advanced Materials Solutions Pvt. 2020-21 2019-20 2020-21 2019-20
Term Finance Ltd. for cash consideration of ` 2,196.46 crores. Nina Percept Pvt Ltd 176.63 267.76 (34.0%) (26.93) 11.50 (333.9%)
The acquisiton process was completed on
The Company has no outstanding term loans ICA Pidilite Pvt Ltd 178.21 185.83 (4.1%) 25.19 24.13 4.5%
3rd November 2020. The name of the said
(previous year NIL).
subsidiary has been changed to Pidilite Adhesives CIPY Poly Urethanes Pvt Ltd 89.68 121.38 (26.1%) 1.63 15.38 (89.4%)
Capital Expenditure Pvt. Ltd. with effect from 13th January 2021. Pidilite Adhesives Pvt Ltd* 168.32 - - 60.32 - -
The total capital expenditure during the year was
b. The Company acquired the balance 30% stake in Pidilite Speciality Chemicals Bangladesh Pvt Ltd 111.10 124.50 (10.8%) 17.09 19.19 (11.0%)
` 336.69 crores (previous year ` 369.03 crores)
its subsidiary namely Cipy Poly Urethanes Pvt. Pidilite Lanka (Pvt) Ltd 45.43 41.34 9.9% 6.95 2.90 139.7%
primarily spent on fixed assets for various
Ltd. (CIPY), by purchasing 28,249 equity shares Pidilite USA Inc 140.70 119.14 18.1% 18.53 (0.45) 4,262.8%
manufacturing units, offices, laboratories,
from certain other shareholders of CIPY, for a
warehouses and on information technology. Pulvitec do Brasil Industria e Comercio de Colas e 103.84 70.14 48.0% 23.29 1.58 1,378.7%
cash consideration of ` 60.49 crores (excluding Adesivos Ltda
Deposits certain contingent payment). The acquisition
Pidilite Industries Egypt SAE includes PIL 36.73 37.93 (3.2%) (1.00) (0.08) (1,133.9%)
The Company has not accepted any deposits covered process was completed on 22nd April 2021.
Trading (Egypt) Company
under Chapter V of the Companies Act, 2013 during Consequent to this, CIPY became a wholly owned
Pidilite Bamco Ltd includes Bamco Supply and
the financial year 2020-21 (previous year NIL). subsidiary of the Company. 65.41 63.37 3.2% 9.18 5.38 70.8%
Services Ltd (Thailand)
Subsidiaries c. The Company has completed the acquisition Pidilite MEA Chemicals LLC (UAE) 109.81 114.69 (4.3%) (3.12) (4.33) 28.0%
Investment in Subsidiaries of the business of wholly owned entity Overseas subsidiaries figures are at constant currency.
M/s. Nitin Enterprise, (a partnership firm having * Figures are for the period from 4th November 2020 to 31st March 2021
During the year, investment of ` 2,333.82 crores
two partners, both of which are wholly owned
(previous year ` 146.18 crores) was made in
subsidiaries of the Company). Performance of domestic subsidiaries was impacted due Regulations, 2015 (hereinafter referred to as ‘Listing
subsidiaries. Of this, ` 2,323.04 crores (including
to nationwide lock-down in the country. Performance Regulations’) and applicable Accounting Standards,
contingent consideration) was invested in
improved during second half of the year with good sales the Audited Consolidated Financial Statements of
domestic subsidiaries and ` 10.78 crores in
achievement by ICA Pidilite and Pidilite Adhesives. the Company for the financial year 2020-21, together
overseas subsidiaries.
with the Auditor’s Report, forms part of this Annual
The investments in domestic subsidiaries were in Performance of subsidiaries in Bangladesh, Middle East
Report. A statement containing the salient features
Madhumala Ventures Pvt Ltd (` 10.51 crores), and Egypt was impacted due to lockdowns.
of the Company’s subsidiaries, associate and joint
Nina Percept Pvt Ltd (` 4.82 crores), Pidilite Litokol
Pidilite Lanka continues to perform well despite venture company in the prescribed Form AOC- 1,
Pvt Ltd (` 14.28 crores), Pidilite Grupo Puma
challenging business environment and posted a are set out in Note No. 59 to the Consolidated
Manufacturing Ltd (` 11.71 crores), Pidilite C-Techos
significant increase in EBITDA margin owing to lower Financial Statements.
Walling Ltd (` 0.60 crores) and in the newly acquired
material costs and local manufacturing.
subsidiaries Tenax Pidilite India Pvt Ltd (formerly The Consolidated Financial Statements have been
known as Tenax India Stone Products Pidilite USA sales and profit grew well due to higher prepared on the basis of audited financial statements
Pvt Ltd) (` 84.66 crores) and Pidilite Adhesives demand of hobby & craft products during the pandemic of the Company, its subsidiaries, associate Companies
Pvt Ltd (formerly known as Huntsman Advanced and increased focus on e-commerce. and joint venture, as approved by their respective
Materials Solutions Pvt. Ltd.) (` 2,196.46 crores). Board of Directors except Pulvitec Do Brazil
Pidilite Brazil reported good sales and profit growth
The investments in overseas subsidiaries were in Industria e Comercio de Colas e Adesivos Ltda which
due to operational improvements and higher economic
Pidilite Middle East Ltd (` 10.33 Crores) and Pidilite growth due to fiscal stimulus. has been approved by the local administrator and
Chemical PLC (` 0.45 crores). Plus Call Technical Services LLC, Dubai for which
The subsidiaries in Thailand reported marginal sales the financial statements has been approved by the
growth driven by project business. EBITDA improved management. The requisite applications have been
due to softer input costs and controlled spends. filed with Ministry of Corporate Affairs for striking
Consolidated Financial Statements off the names of Pidilite C-Techos Pvt. Ltd. and
Pidilite Grupo Puma Pvt. Ltd., in absence of any
In accordance with the provisions of Companies Act,
business, since their incorporation.
2013 (hereinafter referred to as ‘the Act’), Regulation
33 of the Securities and Exchange Board of India The accounts of the subsidiaries are also uploaded on
(Listing Obligations and Disclosure Requirements) the website of the Company, www.pidilite.com.
35
Directors and Key Managerial Personnel • they have prepared the annual accounts on a Corporate Governance employees.The said policy has been communicated
going concern basis; The Company is committed to good corporate to the Directors and employees of the Company
The Board of Directors, on the recommendation
• they have laid down internal financial controls governance practices. The Report on Corporate and is also posted on the website of the Company.
of Nomination and Remuneration Committee, has
to be followed by the Company and that such Governance, as stipulated under Listing Regulations, For further details, please refer to the Report on
recommended to the Members the re-appointment of
internal financial controls are adequate and are forms an integral part of this Annual Report. The Corporate Governance, which forms a part of this
Shri Vinod Dasari as an Independent Director of
operating effectively; and requisite certificate from M/s M. M. Sheth & Co., Annual Report.
the Company for a second consecutive term,
• they have devised proper systems to ensure Practising Company Secretaries, is attached to the
commencing from the conclusion of 52nd AGM Policy relating to Prevention of Sexual Harassment
compliance with the provisions of all applicable Report on Corporate Governance, which forms a part
upto 31st August, 2025. The Company has formulated a Prevention
laws and that such systems are adequate and of this Annual Report.
Shri Rajeev Vasudeva was appointed as an Additional operating effectively. of Sexual Harassment Policy and has formed
Management Discussion and Analysis Report
Director (Independent) of the Company by the Internal Complaints Committees, as per statutory
Annual Evaluation by the Board of its own The Management Discussion and Analysis Report for requirements. For further details, please refer to the
Board on the recommendation of Nomination
performance, its Committees and individual Directors the year under review, as stipulated under the Listing Report on Corporate Governance, which forms a part
and Remuneration Committee with effect from
The Board has put in place a mechanism for Regulations, is presented in a section forming part of this Annual Report.
10th September, 2020. Members’ approval is sought
evaluation of its own performance and performance of this Annual Report. For the sake of brevity the
for his appointment as an Independent Director of the Statutory Auditors
of its Committees and individual Directors. The items covered in this Report are not repeated in the
Company for a period of 5 consecutive years i.e upto
evaluation of the Board, Committees, Directors and Management Discussion and Analysis Report. In accordance with the provisions of the Act,
9th September 2025.
Chairman of the Board was conducted based on the M/s Deloitte Haskins & Sells LLP, Chartered
Committees of the Board
In accordance with the Act and the Articles of evaluation parameters, such as Board composition Accountants (Firm Registration No 117366W/
Association of the Company, Shri A N Parekh and and structure, effectiveness of the Board, participation The following are the statutory Committees W-100018) have been appointed as the Statutory
Shri Debabrata Gupta, Directors of the Company, at meetings, domain knowledge, awareness and constituted by the Board and they function according Auditors of the Company, for a period of five years
retire by rotation and being eligible, offers themselves observance of governance, etc. For further details, to their respective roles and defined scope: i.e. upto the conclusion of 54th AGM to be held for
for re-appointment. please refer to the Report on Corporate Governance, • Audit Committee the adoption of accounts for the year ending
which forms a part of this Annual Report. • Nomination and Remuneration Committee 31st March 2023. Auditors have confirmed that they
Policy on Directors’ Remuneration
are not disqualified from continuing as Auditors of
Familiarisation Programme • Corporate Social Responsibility Committee
The policy on Directors’ remuneration is available on the Company.
The Company has put in place an induction and • Stakeholders Relationship Committee
the website of the Company, www.pidilite.com. The There is no qualification or adverse remark in
familiarisation programme for all its Directors • Risk Management Committee
remuneration paid to the Directors is as per the terms Auditor’s Report. There is no incident of fraud
including the Independent Directors.
laid out in the said policy. Details of composition, terms of reference and requiring reporting by the Auditors under Section
The familiarisation programme for Independent
Directors’ Responsibility Statement number of meetings held for respective Committees 143(12) of the Act.
Directors in terms of provisions of Regulation 46(2)(i)
are given in the Report on Corporate Governance,
Your Directors confirm that: of the Listing Regulations is uploaded on the website Cost Auditor
which forms a part of this Annual Report. Further,
• in the preparation of the annual accounts, the of the Company.
during the year under review, all recommendations The Company has maintained cost records as
applicable accounting standards have been Number of Meetings of Board of Directors made by the Audit Committee have been accepted by specified by Central Government u/s 148(1) of the Act.
followed along with proper explanation relating Seven meetings of the Board of Directors of the the Board. M/s. V J Talati & Co., Cost Accountants, were
to material departures; Company were held during the financial year appointed as the Cost Auditor for the financial year
Corporate Social Responsibility (CSR) Report
2020-21. For further details, please refer to the 2020-21 to conduct the audit of the cost records of
• they have selected such accounting policies and and Policy
Report on Corporate Governance, which forms a the Company and they have been reappointed as
applied them consistently and made judgments
part of this Annual Report. The CSR Report as per Section 135 of the Act read the Cost Auditor for the financial year 2021-22. In
and estimates that are reasonable and prudent
with Companies (Corporate Social Responsibility terms of the provisions of Section 148(3) of the Act,
so as to give a true and fair view of the state of Statement of Declaration on Independence given by Policy) Rules, 2014 and amendments thereto, is read with the Companies (Audit and Auditors) Rules,
affairs of the Company at the end of the financial Independent Directors attached as Annexure 1 to this Report. The details 2014, as amended, the remuneration payable to the
year ended 31st March 2021 and of the profit of the
All the Independent Directors of the Company have of CSR Initiatives forms part of Social & Community Cost Auditor has to be ratified by the Members of
Company for that period;
given declarations that: Service Initiatives section of this Annual Report. the Company. Accordingly, at the ensuing AGM, the
• they have taken proper and sufficient care for the CSR Policy can be accessed on website of the Board seeks ratification of the remuneration payable
maintenance of adequate accounting records in a. they meet the criteria of independence as laid
Company www.pidilite.com. to the Cost Auditor for the financial year 2021-22.
accordance with the provisions of the Companies down under the Act and the Listing Regulations;
and Vigil Mechanism / Whistle Blower Policy Secretarial Auditor and Secretarial Audit Report
Act, 2013 for safeguarding the assets of the
Company and for preventing and detecting fraud b. they have registered their names in the The Company has established a Vigil Mechanism Pursuant to the provisions of Section 204 of the Act
and other irregularities; Independent Directors’ Databank. and Whistle Blower Policy for its Directors and and the Companies (Appointment and Remuneration
37
of Managerial Personnel) Rules, 2014, the Company could be considered as material in accordance with The Company has appointed Internal Auditors who General
has appointed M/s M. M. Sheth & Co., Practising the Policy of the Company on Materiality of Related periodically audit the adequacy and effectiveness of
The Company has neither issued equity shares with
Company Secretaries to undertake the Secretarial Party Transactions (RPT Policy) or which is required the internal controls laid down by the management
differential rights nor any sweat equity shares.
Audit of the Company for the financial year 2020-21. to be reported in Form No. AOC-2 in terms of Section and suggest improvements.
The Report of the Secretarial Auditor is attached as 134(3)(h) read with Section 188 of the Act and Rule There have been no material changes and
The Audit Committee of the Board of Directors
Annexure 2 to this Report. There is no qualification 8(2) of the Companies (Accounts) Rules, 2014. commitments affecting the financial position of the
approves the annual internal audit plan and
or adverse remark in their Report. Company between the end of financial year and the
The RPT Policy, as approved by the Board, is available periodically reviews the progress of audits as per
date of this Report.
Conservation of Energy, Technology Absorption and approved audit plans along with critical internal
on the Company’s website: www.pidilite.com.
Foreign Exchange Earnings and Outgo audit findings presented by internal auditors, status The Company has complied with Secretarial
The particulars under Section 134 of the Act, read Disclosure of related party transactions with the of implementation of audit recommendations, if any, Standards issued by the Institute of Company
with the Companies (Accounts) Rules, 2014 are promoter(s)/promoter(s) group which individually and adequacy of internal controls. Secretaries of India on Meetings of the Board of
attached as Annexure 3 to this Report. hold 10% or more shareholding of the Company, as per Directors and General Meetings.
Significant/Material Orders Passed by the Regulators
the Indian Accounting Standards, are set out in Note
Risk Management Appreciation
No. 44 of the Standalone Financial Statements of There are no significant/material orders passed by
In compliance with Regulation 21 of the Listing the Company. the Regulators or Courts or Tribunals impacting Your Directors wish to place on record their
Regulations, a Risk Management Committee has the going concern status of the Company and its appreciation of the contribution made by the
Particulars of Loans, Guarantees or Investments employees at all levels to the continued growth
been constituted by the Board. The Risk Management operations in future.
Committee, also known as Risk Management Details of loans, guarantees or investments covered and prosperity of your Company. Your Directors
Particulars of Employees and Related Disclosures
Oversight Committee, is entrusted with roles and under the provisions of Section 186 of the Act are also wish to place on record their appreciation to
powers which includes (a) Review and approval of given in the Notes to the Financial Statements. Disclosure pertaining to remuneration as per the shareholders, dealers, distributors, consumers,
risk management plan (b) Review progress on the Section 197(12) of the Act, read with Rule 5(1) of the banks and other financial institutions for their
risk management plan (c) Propose methodology on Employees Stock Option Scheme Companies (Appointment and Remuneration of continued support.
risk classification and measurement. The Employees Stock Option Scheme (Scheme) Managerial Personnel) Rules, 2014 is attached as
is in line with SEBI (Share Based Employee Annexure 5 to this Report.
The Company has laid out a risk management plan
Benefits) Regulations, 2014 (SBEB Regulations). FOR AND ON BEHALF OF THE BOARD
for identification and mitigation of risks. The Details of employee remuneration as required under
The certificate of Auditors regarding implementation
Company has also constituted a Management Risk provisions of Section 197 of the Act, and Rule 5(2)
of the Scheme is available for inspection of Members
Committee which is chaired by the Managing of Companies (Appointment and Remuneration of
in electronic mode.
Director and has Senior Leadership of the Company Managerial Personnel) Rules, 2014 (including any
as its members. The Management Risk Committee The applicable disclosure, as stipulated under the modifications, thereof) shall be made available to any Mumbai M B Parekh
identifies the key risks for the Company, develops SBEB Regulations, as on 31st March 2021 with regard shareholder, on request. Date : 12th May 2021 Executive Chairman
and implements the risk mitigation plan, reviews to Scheme, is provided in Annexure 4 to this Report.
and monitors the risks and corresponding mitigation
Extract of Annual Return
plans on a regular basis and prioritises the risks, if
required, depending upon the effect on the business/ Extract of Annual Return of the Company is
reputation. available on the website of the Company viz.
www.pidilite.com.
The other details in this regard are provided in the
Report on Corporate Governance, which forms a part Business Responsibility Report
of this Annual Report. A Business Responsibility Report as per Regulation
Contracts and Arrangements with Related Parties 34 of the Listing Regulations, detailing the
various initiatives taken by the Company on the
All contracts/arrangements entered into by the environmental, social and governance front, forms
Company during the financial year under review
an integral part of this Report.
with related parties (as defined in the Act and
Listing Regulations) were in the ordinary course of Internal Control Systems and their Adequacy
business and on an arm’s length basis. During the The Company has adequate internal financial control
year, the Company did not enter into any contract/ procedures commensurate with its size and nature
arrangement/transaction with related parties which of business.
39
�ે ગમે જગત�ુ� દ�વ જગદ�શને , તે તણો ખરખરો ફોક કરવો,
આપણો �ચત�યો અથ� કઇં નવ સર� , ઊગર� એક ઉ�ે ગ ધરવો.
હું ક�ં, હું ક�ં, એ જ અ�ાનતા, શકટનો ભાર �મ �ાન તાણે ,

�ૃ��ટમંડાણ છે સવ� એણી પેર�, �ગી �ગે�રા કોક �ણે .
નીપ�ે નરથી તો કોઈ નવ રહ� દુઃખી, શ�ુ માર�ને સહુ �મ� રાખે ,
રાય ને રં ક કોઈ ��ટ� આવે નહ�, ભવન પર ભવન પર છ� દાખે .
ઋ�ુ લતા પ� ફળ ફૂલ આપે યથા, માનવી �ૂખ� મન �યથ� શોચે ,

�ેહના ભા�યમ� �ે સમે �ે લ�ું, તેહને તે સમે તે જ પહ�ચે.
Lament not what He wished for thou,

Lord of Universe, Preceptor of the Worlds.
Things would not happen the way we wish,
Quiet, be spared the anguish and hurts.
“I the doer, I the mover”, says silly man,

like a dog walking under a wagon!
Only the Yogi and the Sage know the truth:
The worlds divers are founded finally in the One.
If Man has his say, no one would be pained,

All would kill the foes and keep friends.
No King nor Pauper would you find,
All would stay in palaces grand.
Ivies do bloom, but only at due time.

They then sprout flowers, fruits, foliage.
Man, the fool, may rave and rage,
But what is meant for whom, where and when,
He surely gets that, there and then.
Narasinh Maheta
Jagatguru: Lord of Universe
41
social & community agriculture & horticulture chemical fertilizer by 35%, another 950 farmers have
begun organic farming by widely using Jivamrut
service initiatives The Company has been supporting the partner
and Bijamrut.
organisations for agriculture activities and We have continued the fruit and vegetable initiative
horticulture crops through collaboration with subject- and have developed 36 wadis (one-acre orchard) along
matter experts and relevant national institutions. with shade nets for replication of vegetable and
During the year, the Company has assisted in fruit crops.
the formation of 132 new Farmer Clubs (covering We have initiated three new centres for expansion
additional 2,057 farmers) in Bhavnagar and Amreli of agriculture initiative at Maydhar and Sihor
District (for Cotton, Groundnut, Onion and other (Bhavnagar district) and Arnej (Gir Somnath District).
relevant crops). With these additions, now there are
580 Farmer Clubs, covering over 15,000 farmers.
Data of 15,000 farmers (4,500 farmers added during
Social & community service the year) have been geo-tagged with area mapping on
a digital portal. This helps in enhanced analysis for
initiatives are undertaken adoption of best practices, such as soil management,

intercropping, drip irrigation, etc. Geo-tagging has
directly by the Company and facilitated provision of specific initiatives for farmers
concerning improvement of yield and reduction in
through various organisations the cost of cultivation. About 69% of the farmers
actively used these recommendations which resulted
such as in a 10% decrease in the cost of cultivation for cotton

and groundnut crops. The knowledge series of
booklets on various crops and agricultural practices
continues to benefit our Farmer Clubs.
The major breakthrough has been shifting of farmers
from chemical fertilizer to bio-based fertilizer. While
6,100 farmers have significantly decreased usage of Horticulture wadi (orchard) at farmers place
Trivenikalyan Foundation (TKF)

Gram Nirman Samaj (GNS)

Shree Gramdaxinamurti - Manar

Hanumant Hospital (managed by Shree Hanumant Seva
Medicare Trust)
Shree Mahuva Education Trust

The Balvant Parekh Centre for General Semantics and
Other Human Sciences
Daxinamurti Vidhyarthi Mandir-Bhavnagar

Shri N N Mehta Memorial Education Trust

Lokbharti Gram Vidyapeeth Trust

Shri Mahuva Gaurakshak Sabha

Shri Balvant Parekh Science City
(Science City) and
Gram Seva Kendra Khadasli
As of now, most of these initiatives are centered in the villages of

Gujarat. However, seeing the encouraging impact of these initiatives, the
Company plans to conduct similar initiatives around its factories. De-topping of cotton crops
43
farmer producer organisation
The Company continues to support Farmer Producer
Organisation (FPO) for various activities.
The FPO has continued collective procurement of
various inputs, which is helping farmers fetch higher
prices than the local market.
The total turnover of the FPO was ` 3.70 crore for the
year 2020-21. The major part of margins has been
transferred to over 3,000 farmers.
The FPO has, in collaboration with Government
of Gujarat, through its Custom Hiring Center
(CHC) in Mota Khutavda village, continued to
support marginal farmers by providing agricultural
equipments at nominal rental rates for use in their
fields whenever needed.
For the next one year, FPO has an ambitious plan
for input procurement and various value addition
exercise of locally grown crops. Procurement meeting with farmers by FPO Meeting of the Farmer Producer Organisation
include citronella & lemon grass, used as a powerful

insect repellent & disinfectant; palmarosa &
vetiver, used in perfumery & cosmetics; senna, a
controlling laxative for constipation; shataveri, an
influential apoptogenic herb, used in the treatment
of antibacterial and anti-fungal infection & as
galactagogue; kalmegh, an influential herb used
for the treatment of various diseases; aloe vera,
used for digestive health & skincare; madhunashni,
a powerful anti-diabetic plant; French basil & tulsi,
an immunomodulator; and spices like coriander,
fennel (saunf), ajwain, dill and fenugreek.
Thousands of farmers in collaboration with An aerial view of Centre for Farmer training centre R & D, QC Laboratory and Pilot
Government departments from 35 adjoining Agriculture and Horticulture (Manar) Plant for post-harvest processing
villages have received training at our newly Development (Manar) and value addition
constructed farmer’s training centre.
An integrated portable low cost Gobar Urja developed through our R&D team will benefit the farmers of the live demonstration with the help
Cultivation of dragon fruits Recovery Unit (GURU) was established at the and is available to farmers at their region for affordable availability of of resource scientists from various
Centre in order to enable farmers to learn and doorstep through women self- planting material. parts of the country.
adopt this technology. This unit is integrated help groups (SHG) as an income A water resource conservation
centre for agriculture-horticulture A state-of-the-art Research &
with vermicomposting and vermiwash. The generation activity. initiative at the Centre covered Development Centre, Quality
development at gram daxinamurti,
biogas unit helps to reduce the emission of more than 75 acres with hundred Control Lab as well as Pilot Plant
manar An inter-cropping initiative has
methane thereby maintain the ecological balance. percent drip irrigation system. for post-harvest processing and
been expanded to cover more
Construction of this Centre was completed during value addition have been provided
The Centre has effectively demonstrated protected crops like coconut with turmeric, The Farmer’s Training Centre
the year providing various modern facilities, such as at the Centre. Soil and water
cultivation with micro-irrigation system for pomegranate with aloe vera, is capable of training more
Farmer’s Training Centre, Laboratory, Pilot Plant for testing facilities are provided
plant multiplication vis-a-vis prevention of pests etc. A joint collaborative project than 500 farmers at a time and
post-harvest processing etc. to the farmers along with
and diseases. Another major step forward is the on aromatic citronella crop supports many initiatives of
The Centre has developed and demonstrated development of valuable fruit fly trap - a non-chemical with the Government covering Gujarat Government as well as recommendation for improving
agro-techniques for new and high value medicinal approach to control mango fruit fly which is a approximately 100 acres has been of Central Government. It also soil health and increasing
and aromatic crops to farmers. New introductions major pest affecting mango productivity. It is being completed successfully. This carries out skill development and productivity.
45
seaweed
consortium -
indian centre
for climate and
societal impact
research
(iccsir)
Cattle treatment in villages
Seaweed development tank Cattle feed production unit
The Company has extended its support to ICCSIR, a non-profit organisation animal husbandry reasonable cost. This fodder was produced with raw
incorporated as per the provisions of Section 8 of the Companies Act, 2013. materials available in nearby villages. It is proposed
Under the umbrella of ICCSIR, a consortium has been formed by Excel Initiative of identifying and replicating best practices to scale up the production based on the results of this
Industries Ltd., the Company and Mamata group, with a unified interest to among farmers was continued and significant pilot experiment.
increase in yield of milk was noticed, with farmers
build a technology for the production, processing and value addition of selected Under the continuing project of “sexed semen”,
seaweeds, as seaweeds have the potential to reverse the greenhouse effect and who adapted such improved practices.
cumulatively 175 cattle have been given sexed
restore atmosphere. In order to deal with restriction in travel during semen and the conception of female calf is observed
The focus of the consortium is to tap the potential of blue economy i.e. pandemic period, “on-call” animal health advisory in most of the cases. In addition, normal “Artificial
sustainable use of ocean resources. A model is being developed to train service was provided to 850 farmers involving Insemination” service has continued with the
fishermen and SHG women in Mundra (Kutch district), for livelihood generation approximately 8,000 cattles. A pilot cattle feed unit objective of improving the breed of animals through
through seaweed cultivation and value addition at the coastal belt. was started at Kalsar to produce nutritious fodder at qualified workers.
47
training centre for
shg women
Training centre for SHG women New SHG units being constructed
A new Training and Quality Assessment Centre The Company has also collaborated in Public-Private
became functional at Kalsar during the year. This Partnership with the Government of Gujarat, Rurban
Centre focusses on developing Technical, Financial Mission for development of Infrastructure for SHGs
and Managerial skills of women to enable them to undertake livelihood generation activities in
to start and operate a business. 60 such Training Kikariya and Mota Khutavda villages.
sessions were conducted during the year.
initiatives
for women
The Company helped to form,

nurture and develop 130 new
self help groups (SHGs) - Mahila
Mandals in Bhavnagar, Talaja
and Amreli Districts. More than
1,500 additional women became
members of these SHGs. With
this, the total number of SHGs
has reached 570 with 6,400
members. Three additional village
organisations were created during
the year to support the SHGs.
Sanitizer unit run by SHG Felicitation of SHG women on Women’s day
During the year, SHGs sponsored by us at Biladi An exhibition was organised for all SHGs located
village started making sanitizers and variety of in Gujarat and in other States to showcase their
aloe-vera products. Other new SHG units initiated by products on the occasion of Women’s Day on
us started making khakhra, pickles, cotton mask at 8th March 2021. The SHG supported by us, Bapa Sita
Khadasali, Manar and Bagdana villages. Ram Water Shed unit located at Biladi Village of
Mahuva Taluka (Bhavnagar), won the Award as the
A new Logistics Warehouse has been made
“Best SHG” of Gujarat State. This SHG manufactures
operational in Mahuva to support and take care of
Sanitizers and aloe-vera products.
the needs of SHG businesses. Procurement, logistics
and marketing support was provided to various SHG
businesses making different products.
49
water resource Check dam
management
Cumulatively, 147 check dams, 76 pond deepening
The Company has continued and 589 farm ponds have been completed till date
its support for five watershed with the assistance of the Company.
centres in Bhavnagar and
The Company has also initiated the development of
Amreli districts to accomplish
66 water structures (51 check dam and 15 ponds) for
the task of creation of
the coming year and additional water structures are
watershed structures and
under discussion with the Government for next year.
also continued its support for
water management activities
(check dams, ponds, etc.) Tree plantation drive
with the Department of
Narmada, Water Resources,
Water Supply and Kalpsar tree plantation sanitation
Department of Government initiative
of Gujarat, in the PPP model.
In 2020-21, 59 check dams, 22 The Company has collaborated The Company provided support
ponds deepening and 220 farm with State Forest Department for building 2,360 new toilets
ponds were completed. and initiated a massive plantation (taking total to over 15,700 till
drive with the help of local date) in Mahuva Taluka. It has
community. A total of 1.59 lakh continued to work closely with the
trees were planted in the year Government and provides support
2020-21 through mobilization of to households to achieve the vision
Farmer Clubs, Schools and SHGs. of open defecation-free status for
Development of farm pond at farmers land the villages of Mahuva Taluka,
Gujarat.
‘Samman Patr’ for tree plantation drive
During the year, 1,200 hectares of additional
farmland were converted to micro irrigation and
more than 110 additional wells, spanning over 40
villages, were recharged, for improving the quality
of groundwater.
Cumulatively, it has translated into 4,000 hectares of
micro irrigation on farmland and 1,117 well recharges
in 100 villages.
51
education skill initiatives
ITI training sessions
The Company has continued its collaboration

with Directorate of Employment and Training
(under Labour and Employment Department),
Government of Gujarat for the seventh year,
to strengthen the skill eco-system in the State.
During the year, a total of 14,500 trainees from
around 194 ITIs benefitted through online
classes for carpentry, plumbing, electrical and
construction technician courses. Moreover, the
Company supported 4 ITIs for plumbing and
carpentry courses in Rajasthan.
The Company has been industry partner in 9 ITIs,
under PPP (Public-Private Partnership) scheme of
Beautification of school Masks provided to Covid warriors
Government of Gujarat, where efforts are focussed
on strengthening training delivery, both in scale
and quality.
The Company has supported rejuvenation and in number of students getting scholarship/prizes
The Company has continued its support as an
maintenance of 129 Government Schools in order is an indication of improvement in the standard
industry partner in Gujarat for World Skill
to improve the infrastructure and provide pleasant of education in the area.
Competition, 2021 in carpentry, joinery, plumbing
learning environment to children. The Company has continued its support to & heating trades.
Due to the Covid-19 pandemic, the normal working of Shri Balvant Parekh Science City (a modern science
The Company has continued its collaboration
WaGaLe (Wanchan-Ganan-Lekhan) was impacted. museum) in Bhavnagar. The centre enables children
with Kaushalya Vardhan Kendras (KVKs) for
However, the initiative was partially continued with to get familiar with various scientific subjects
providing skill training mainly in 10 sectors
700+ children. through interesting demonstration units. The
covering 78 courses. During the year, more than
centre also prepares students for various scholarship
The Company has continued its support to Shri N N 3,000 trainees availed online skill training.
programmes and National Olympiad Competitions
Mehta Memorial Education Trust which provided have also been undertaken. During the year, 90,915 1 lakh masks, which were produced in these ITIs
scholarships amounting to ` 42.57 lakh to 302 students benefitted through 14 online sessions and KVKs, were distributed to COVID warriors
deserving students for higher education. The increase conducted on various subjects. and other needy people.
53
health initiative The Company supported free vaccination for Hanumant Hospital conducted 193 free cataract
approximately 4,000 beneficiaries at Hanumant surgeries with Intraocular lenses (IOL) in
Hospital as well as other locations in Mahuva. collaboration with Vision Foundation, Mumbai.
The Company has continued its
support to Hanumant Hospital, The Company supported the Government Medical The Hospital is running many schemes which helped
which was the first hospital College (Bhavnagar) to bridge the gap in availability 7,552 beneficiaries by providing treatment through
in Bhavnagar District that of certain medical equipment required to treat IPD & OPD during the year. Hospital is having
started treatment of Covid-19 at corona patients. Arogya fund scheme to help the economically weaker
Taluka level. More than 10,000 class of patients for treatment through donors of the
During the year, Hanumant Hospital treated over
patients were screened for Covid scheme. This year 1,741 patients were provided help
43,698 outpatients, 8,952 indoor patients, performed
symptoms and 986 critical Covid amounting to ` 8.62 lakh.
over 3,167 surgeries and successfully handled
patients have been treated.
4,038 emergency cases. Four educational training
The Hospital ensured that all programmes were conducted for medical fraternity.
necessary equipment such as
Eight speciality medical camps were conducted
ventilators, oxygen concentrators,
(in-house as well as in surrounding villages) under
BiPAP monitors, etc. were made
the Doctor connect programme.
available in adequate numbers for
corona patients. Hanumant Hospital is enrolled under Ayushman
Bharat scheme of Government. Under this, the
Hospital provided cashless treatment to 745
beneficiaries this year.
Hanumant Hospital is the only hospital in Bhavnagar
District enrolled under Mukhyamantri Amrutum
Vaccination centre run by Hanumant Hospital (MA) Yojana. A total of 4,384 patients have received
cashless dialysis service under this scheme. Arial view of Hanumant Hospital
b k parekh parkinson’s
disease & movement
disorder society
(bkppdmds)
B. K. Parekh Parkinson’s Disease and Movement

Disorder Society works for rehabilitation of persons
with Parkinson’s disease to improve quality of their
life. The Society operates 9 Centres in Gujarat State
and 2 Centres in Pune. Due to Covid pandemic
conditions during the year, these Centres have used
online platforms for conducting various activities
relating to physiotherapy, speech therapy, occupational
therapy, psychological guidance, diet and nutrition
guidance, yoga, etc. Also, webinars by expert doctors
on various subjects were conducted with specialised
programmes for caregivers.
Rehabilitation of people with Parkinson’s
Sanjeevini Scheme certificate provided to Covid survivor

55
khadi initiative
The Company continued its association with the

Mahuva Khadi Bhandar. As a part of collaboration
with Khadi and Village Industries Board, 5 more
Khadi Bhandars of Mahuva, Samanvay, Savarkundla,
Vanda and Surendranagar were provided funds for
100 solar charkhas and 25 solar looms during the year
(cumulatively, 126 solar charkhas and 30 power looms
till date). This will be used by spinners and weavers
and provide self-employment opportunities.
Women working on the Solar Charkha
swachhta initiative balvant parekh centre for general

semantics and other human sciences,
The Company has continued its collaboration baroda
with Swachh Bharat Mission (Urban), Government
of Gujarat and Mahuva Nagarpalika for Cleanliness Although most of the academic and outreach
drive. programmes of the Centre were impacted due to the
During the year 2020-21, the focus of the pilot Covid pandemic, still during the year three issue of
initiative was twofold i.e. streamlining processes its international academic journal i.e. Anekaant:
of Mahuva Nagarpalika related to regular cleaning A Journal of Polysemic Thought, The Spring 2019-20
of roads, allocation of dustbins, training of Safai Special Issue titled "General Semantics and Indian
Karamcharis, provision of fogging machines, repair Philosophical Thought: A Comparative Approach,"
and renovation of community toilets. The Company the Autumn 2020-21 Special Issue titled "General
also worked on other challenges i.e. segregation of Semantics and Media Ecology," and a General Issue,
mixed waste, value addition of biodegradable and comprising essays on Indian and World literary
non-biodegradable waste and also recycling of the and cultural studies were published. The journal
plastic waste. Waste segregation unit at Nagarpalika continues to garner positive responses from readers.
To address the challenge of segregation at source,
the Company has operationalised a unit that
segregates 5 tonnes of solid mixed waste per day
into biodegradable and non-biodegradable waste.
The biodegradable waste is then converted into
compost with the help of bio-fertilisers. We have
made more than 1,500 kgs of compost out of waste
and this compost is being distributed to the farmers.
57
Annexure 1 to the Directors’ Report
ANNUAL REPORT ON CSR ACTIVITIES FOR FINANCIAL YEAR ENDED 31ST MARCH 2021
1. Brief outline on CSR Policy of the Company 8. (a) CSR amount spent or unspent for the financial year:
(a) Focus areas: Total Amount Spent for the

Amount Unspent (in `)
Financial Year 2020-21 (in )
The Company supports various bodies in carrying out activities in the areas of rural development, education,
Total Amount transferred to Amount transferred to any fund specified under Schedule VII
health care, general semantics etc. Unspent CSR Account as per as per second proviso to Section 135(5)
Section 135(6)
(b) CSR Objectives:
Amount Date of Name of the Amount Date of transfer
To attain its CSR objectives in a professional manner and integrated manner, the main objectives are: transfer Fund
27.70 Crores - - - - -
(1) To promote, carry out, support activities relating to: Education and Training including in Science and
Technology, Humanities etc; Healthcare; Welfare of Children, Women, Senior Citizens, and Differently (b) Details of CSR amount spent against ongoing projects for the financial year 2020-21:
Abled Persons; Employment enhancing Vocational skills; Sanitation; Water management; Agriculture; Sr. Name of the Item Local Location Project Amount Amount Amount Mode Mode of Implementation through
Horticulture; promotion of Culture: Art & Craft; Conservation of Natural Resources; Promotion and No. Project # from area of the project duration allocated spent transferred of implementing Agency
the (Yes/ (in for the in the to unspent impleme-
State District Name CSR
development of traditional Arts & Handicrafts; Employment Generation; Environment Sustainability; list of No) years)* project current CSR ntation
Registration No.
activities (` in Cr) financial Account Direct
Science & Technology; Rural Development; Animal Welfare; welfare and development measures towards in the year for the (Yes/
reducing inequalities faced by Socially and Economically Backward groups; and such activities may include Schedule (` in Cr) project No)
VII to the as per
establishing, supporting and / or granting aid to institutions engaged in any of the activities referred to above. Act Section
135 (6)
(2) To conduct and support studies & research; publish and support literature, publications & promotion material; (` in Cr)
conduct and support discussions, lectures, workshops & seminars in any of the areas covered above. 1 Agriculture iv, x No Gujarat Bhavnagar 3 9.72 9.72 - No Gram Nirman CSR00001111
& Samaj Gram
Horticulture Vikas Yojna
(3) To promote, carry out, support any activities covered in Schedule VII to the Companies Act, 2013, as amended
Triveni Kalyan CSR00000487
from time to time. Foundation
Gram CSR00000995
2. Composition of CSR Committee: Daxinamurti
Lokbharti CSR00001252
S. Name of Director Designation/Nature of Directorship Number of meetings Number of meetings Indian Centre CSR00000447
no. of CSR Committee of CSR Committee for Climate
held during the year attended during and Societal
the year Impacts
Research
1 Shri N. K. Parekh Vice Chairman - Non-Executive Director 2 2
2 Water iv, x No Gujarat Bhavnagar 3 1.80 1.80 - No Gram CSR00000995
collection and Daxinamurti
2 Shri Sanjeev Aga Independent Director 2 2 conservation Gram Nirman CSR00001111
3 Shri A. B. Parekh Whole Time Director 2 2 Samaj Gram
Vikas Yojna
4 Smt. Meera Shankar Independent Director 2 2 Lokbharti CSR00001252
3 Healthcare i, x No Gujarat Bhavnagar 3 3.07 3.07 - No Hanumant CSR00000914
5 Shri Debabrata Gupta Whole Time Director 2 2 Seva Medicare
Trust
B. K. Parekh CSR00000507
3. Provide the web-link where Composition of CSR committee, CSR Policy and CSR projects approved Parkinson’s
by the Board are disclosed on the website of the company. Disease &
Movement
Disorder
https://www.pidilite.com/investors/corporate-governance/
Society
4 Education ii, x No Gujarat Bhavnagar 3 7.86 7.86 - No Gram CSR00000995
4. Provide the details of Impact assessment of CSR projects carried out in pursuance of sub-rule (3) of rule 8 Daxinamurti
of the Companies (Corporate Social responsibility Policy) Rules, 2014, if applicable (attach the report). Gram Nirman CSR00001111
Samaj Gram
Not Applicable Vikas Yojna
Lokbharti CSR00001252
5. Details of the amount available for set off in pursuance of sub-rule (3) of Rule 7 of the Companies (Corporate Social
Mahuva CSR00001131
Responsibility Policy) Rules, 2014 and amount required for set off for the financial year, if any: Nil Education
Trust
6. Average net profit of the Company as per Section 135(5): ` 1,293.76 Crores Triveni Kalyan CSR00000916
Education
7. (a) Two percent of average net profit of the Company as per Section 135(5): ` 25.88 Crores Trust
Balwant CSR00001326
(b) Surplus arising out of the CSR projects or programmes or activities of the previous financial years: Nil Parekh Centre
For General
(c) Amount required to be set off for the financial year, if any: Nil Semantics
Monghiben CSR00001940
(d) Total CSR obligation for the financial year (7a+7b+7c). ` 25.88 Crores Balvihar Trust
59
Sr. Name of the Item Local Location Project Amount Amount Amount Mode Mode of Implementation through (c) Details of CSR amount spent against other than ongoing projects for the financial year 2020-21:
No. Project # from area of the project duration allocated spent transferred of implementing Agency
the (Yes/ (in for the in the to unspent impleme- Sr. Name of the Item from Local Location of the project Amount spent Mode of Mode of Implementation through implementing
State District Name CSR
list of No) years)* project current CSR ntation No. Project the list of area in the current impleme- Agency
Registration No.
activities (` in Cr) financial Account Direct activities (Yes/ financial year ntation
in the year for the (Yes/ State District Name CSR Registration
in the No) (` in Cr) Direct No. *
Schedule (` in Cr) project No)
Schedule (Yes/No)
VII to the as per
VII to the
Act Section
135 (6) Act
(` in Cr) 1 Disaster xii No Gujarat, Bhavnagar, 0.94 No Gram Nirman Samaj CSR00001111
5 Women Self iii, x No Gujarat Bhavnagar 3 1.15 1.15 - No Gram Nirman CSR00001111 Management# Maharashtra, Raigad, Gram Vikas Yojna
Help Group Samaj Gram Assam Guwahati
Ncovid Centre, Mahad -
Vikas Yojna
Triveni Kalyan CSR00000487 Shushrusha Citizens -
Foundation Co-op Hospital Ltd
6 Waste iv, x No Gujarat Bhavnagar 3 0.09 0.09 - No Gram Nirman CSR00001111 Allwin Life Care -
Management Samaj Gram
Shree Gohilwad Dasha -
& Recycling of Vikas Yojna
Shrimali Vanik Mandal
Plastics
7 Skill ii, x No Gujarat Bhavnagar 3 0.37 0.37 - No Gram Nirman CSR00001111 Midmark India Pvt. Ltd. -
Development Samaj Gram Assam Aaroygya -
Vikas Yojna Nidhi (Test)
Triveni Kalyan CSR00000487
District Disaster -
Foundation
Mitigation Fund
8 Animal iv, x No Gujarat Bhavnagar 3 0.16 0.16 - No Gram Nirman CSR00001111
Husbandry Samaj Gram District Disaster -
Vikas Yojna Response Fund
Shree Mahuva CSR00001471 Nisarg Cyclone Family, -
Gaurakshak Mahad
Sabha
Hastimal Manikchand -
9 Cleanliness iv, x No Gujarat Bhavnagar 3 0.03 0.03 - No Gram Nirman CSR00001111
Initiative Samaj Gram 2 Water iv, x No Gujarat Bhavnagar 0.08 No Sociation for Action on -
Vikas Yojna collection and Health, Education and
conservation Environment (SAHEE)
10 Khadi and v, x No Gujarat Bhavnagar 3 0.41 0.41 - No Gram Nirman CSR00001111
Handloom Samaj Gram Pure Technologies -
Vikas Yojna
3 Healthcare i, x No Gujarat, Vapi, 0.68 No Deenanath Mangeshkar CSR00001393
11 Science Centre ii, x No Gujarat Bhavnagar 3 0.25 0.25 - No Monghiben CSR00001940 Maharashtra Pune Hospital
Balvihar Trust
PNR Society CSR00001320
12 Sanitation i, x No Gujarat Bhavnagar 3 0.04 0.04 - No Gram Nirman CSR00001111
Samaj Gram Cancer Patients Aid CSR00000926
Vikas Yojna Association
Total 24.95 24.95 - Rotary Charitable Trust -

Helping Hand Charitable -
Notes:
Trust
a. # The details of the CSR Projects are given on the website of the Company at https://www.pidilite.com/investors/corporate-governance/
Lions Club of Vapi Udyog -
b. * Extendable at the option of the Board.
Nagar Charitable Trust
c. The Company takes cognizance of sub-rule (3) of Rule 8 of the Companies CSR Policy Rules, 2014 and shall initiate steps to conduct impact assessment of CSR
Projects through an independent agency from the financial year 2021-22, for the applicable projects. Shri Janseva Mandal -
4 Education ii, x No Gujarat, Bhavnagar. 0.71 No CII University -
Maharashtra Raigad
Dakshinamurti Vidyarthi -
Bhavan
Hirwal Education Trust -
Government Higher -
Secondary School, Vapi
Manav Chhaydo Trust -
Vapi
Shri Mahyavanshi -
Sikshan Pracharak Sangh
Vapi Nagar Panchayat -
Education Trust
5 Waste iv, x No Gujarat Bhavnagar 0.28 No Trashcon Labs Pvt Ltd -
Management
& Recycling of
Plastics
6 Skill ii, x No Gujarat Bhavnagar 0.06 No Shilpa Sharma Consulting -
Development
Total 2.75
# Includes spends towards Covid-19 and Cyclone - Relief and Rehabilitation activities.
* CSR Registration will be obtained within the prescribed timeline, wherever applicable as per CSR Amendment Rules. The requirement does not apply to CSR
projects or programs approved prior to 1st April 2021.
61
(d) Amount spent in Administrative Overhead: NIL SECRETARIAL AUDIT REPORT FOR THE FINANCIAL YEAR ENDED 31ST MARCH 2021
(e) Amount spent on Impact Assessment, if applicable: Not Applicable
(f) Total amount spent for the Financial Year (8b+8c+8d+8e): ` 27.70 Crores [Pursuant to Section 204(1) of the Companies Act, 2013 (c) The Securities and Exchange Board of India
(g) Excess amount for set off, if any: NIL and Rule No. 9 of the Companies (Appointment and (Issue of Capital and Disclosure Requirements)
Remuneration of Managerial Personnel) Rules, 2014] Regulations, 2018 (Not applicable to the Company
Sl. No Particular Amount (in ` ) during the Audit Period);
(i) Two percent of average net profit of the Company as per Section 135(5) 25.88 Crores To, (d) The Securities and Exchange Board of
India (Share Based Employee Benefits)
(ii) Total amount spent for the Financial Year 27.70 Crores The Members,
Regulations, 2014;
Pidilite Industries Limited,
(iii) Excess amount spent for the financial year [(ii)-(i)] 1.82 Crores
Regent Chambers, 7th Floor, (e) The Securities and Exchange Board of India
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, NIL 208, Nariman Point, (Issue and Listing of Debt Securities) Regulations,
if any Mumbai-400 021. 2008 (Not applicable to the Company during the
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] 1.82 Crores Audit Period);
I have conducted the secretarial audit of the compliance
of applicable statutory provisions and the adherence to (f) The Securities and Exchange Board of India
9. (a) Details of Unspent CSR amount for the preceding three financial years: Not Applicable
good corporate practices by Pidilite Industries Limited (Registrars to an Issue and Share Transfer
(b) Details of CSR amount spent in the financial year for ongoing projects of the preceding financial year(s):
(hereinafter called the Company). Secretarial Audit was Agents) Regulations, 1993 regarding the
Not Applicable. As Companies (Corporate Social Responsibility Policy) Amendment Rules, 2021 came into force conducted in a manner that provided me a reasonable basis Companies Act and dealing with client;
w.e.f. 22nd January 2021, details of CSR amount spent in the financial year for ongoing projects of the preceding financial for evaluating the corporate conducts/statutory compliances (g) The Securities and Exchange Board of India
and expressing my opinion thereon. (Delisting of Equity Shares) Regulations, 2009
year(s) shall be provided w.e.f. Financial Year 2021-22 onwards.
I have conducted online verification of records, as facilitated (Not applicable to the Company during the
10. In case of creation or acquisition of capital asset, furnish the details relating to the asset so created or acquired through by the Company, due to Covid-19 pandemic and subsequent Audit Period);
CSR spent in the financial year (Asset-wise details). lockdown situation for the purpose of issuing this Report. (h) The Securities and Exchange Board of India
(a) Date of creation or acquisition of the capital asset(s).: NA Based on my verification of the Company’s books, papers, (Buyback of Securities) Regulations, 2018
minute books, forms and returns filed and other records (Not applicable to the Company during the
(b) Amount of CSR spent for creation or acquisition of capital asset. NA maintained by the Company and also the information Audit Period); and
provided by the Company, its officers, agents and authorised (i) The Securities and Exchange Board of
(c) Details of the entity or public authority or beneficiary under whose name such capital asset is registered, their representatives during the conduct of secretarial audit India (Listing Obligations and Disclosure
address etc NA and considering practical difficulties caused by lockdown Requirements) Regulations, 2015.
imposed by state government due to Covid-19 pandemic,
(d) Provide details of the capital asset(s) created or acquired (including complete address and location of the capital (vi) I further report that, having regard to the compliance
I hereby report that in my opinion, the Company has during
asset). NA system prevailing in the Company and on
the audit period covering the financial year ended on
31st March 2021 (Audit Period) complied with the statutory examination of the relevant documents and records
11. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per Section 135(5):
provisions listed hereunder and also that the Company in pursuance thereof, on test check basis, the
Not Applicable Company has complied with the following laws
has proper Board-processes and compliance-mechanism
in place to the extent, in the manner and subject to the applicable specifically to the Company:
reporting made hereinafter: (a) The Environment (Protection) Act, 1986
I have examined the books, papers, minute books, forms and (b) Hazardous Waste (Management & Handling)
returns filed and other records maintained by the Company Rule, 1989
Place: Mumbai Bharat Puri Sanjeev Aga for the financial year ended on 31st March 2021 according to
(c) The Manufacture, Storage and Import of
Date: 12th May 2021 (Managing Director) (Chairman of CSR Committee) the provisions of: Hazardous Chemicals Rules, 1989
(i) The Companies Act, 2013 (‘the Act’) and the rules
I have also examined compliance with the applicable
made thereunder;
clauses of the following:
(ii) The Securities Contracts (Regulation) Act, 1956
(i) Secretarial Standards (i.e SS-1 relating to Board
(‘SCRA’) and the rules made thereunder;
Meetings & SS-2 relating to General Meetings)
(iii) The Depositories Act, 1996 and the Regulations and issued by the Institute of Company Secretaries of
Bye-laws framed thereunder; India.
(iv) Foreign Exchange Management Act, 1999 and the (ii) The Listing Agreements entered into by the
rules and regulations made thereunder to the extent Company with the Stock Exchanges.
of Overseas Direct Investment;
During the period under review, the Company has
(v) The following Regulations and Guidelines prescribed complied with the provisions of the Act, Rules, Regulations,
under the Securities and Exchange Board of India Guidelines, Standards, etc. mentioned above.
Act, 1992 (‘SEBI Act’):-
I further report that
(a) The Securities and Exchange Board of India
the Board of Directors of the Company is duly constituted
(Substantial Acquisition of Shares and Takeovers)
with proper balance of Executive Directors, Non-Executive
Regulations, 2011;
Directors and Independent Directors. The changes in the
(b) The Securities and Exchange Board of India composition of the Board of Directors that took place during
(Prohibition of Insider Trading) Regulations, the period under review were carried out in compliance
2015; with the provisions of the Act.
63
Annexure-A Statement containing particulars pursuant to Section 134(3)(m) of the Companies Act, 2013 read with Rule 8(3) of the
Companies (Accounts) Rules, 2014.
Adequate notice is given to all directors to schedule the The Members,
Board Meetings, agenda and detailed notes on agenda Pidilite Industries Limited, Your Company undertook various measures for conservation of energy and use of alternate sources of energy which resulted
were sent at least seven days in advance except when Regent Chambers, 7th Floor, in total savings of ` 17.18 crores during the year. Savings accrued during the last 3 years (2018-21) is ` 56.08 crores.
Board meetings were called by giving less than seven days 208, Nariman Point,
notice in accordance with the provisions of Section 173 Mumbai-400 021. A) CONSERVATION OF ENERGY/ALTERNATE SOURCE OF ENERGY
of the Act and a system exists for seeking and obtaining
Our report of even date is to be read along with this letter. 1. Steps taken or impact on conservation of energy:
further information and clarifications on the agenda items
before the meeting and for meaningful participation at 1) Maintenance of secretarial record is the
the meeting. responsibility of the management of the Company. The manufacturing units of the Company have continued their efforts to reduce energy consumption. Various steps
Our responsibility is to express an opinion on these taken by your Company are given below:
All decisions at board meetings and Committee meetings
were carried out unanimously as recorded in the minutes secretarial records based on our audit.
New measures:
of meetings of the Board of Directors or Committees of the 2) We have followed the audit practices and processes
Board, as the case may be. as were appropriate to obtain reasonable assurance 1. Cooling tower fan automation on temperature set point.
I further report that there are adequate systems and about the correctness of the contents of the Secretarial 2. Replacement of existing AC with energy efficient AC.
processes in the Company commensurate with the size records. The verification was done on test basis to
and operations of the Company to monitor and ensure ensure that correct facts are reflected in secretarial 3. Improved Pumping efficiency by providing high efficiency pumps and changes in electrical supply mode.
compliance with applicable laws, rules, regulations and records. We believe that the processes and practices,
guidelines. 4. Heat recovery from exothermic reaction for generation of hot water.
we followed provide a reasonable basis for our opinion.
I further report that during the audit period the Company 3) We have not verified the correctness and 5. Automation in Lighting control.
has following specific events/actions having a major bearing appropriateness of financial records and Books
on the Company’s affairs in pursuance of the above referred 6. Usage of high efficiency mixing technology.
of Accounts of the Company.
laws, rules, regulations, guidelines, standards, etc.
4) Where ever required, we have obtained the Earlier proven conservation projects replicated in 2020-21:
- Special Resolution passed by the Members at the
Management representation about the compliance 1. Condensate recovery for boiler feed.
51st AGM held on 10th September 2020 for
of laws, rules and regulations and happening of
re-appointment of Shri N. K. Parekh as 2. Thyrister based heater control.
Non-Executive Director as required under regulation events, etc.
17(1A) of LODR Regulations, 2015 5) The compliance of the provisions of Corporate and 3. Installation of LED lights.
- Special Resolution passed by the Members at the 51st other applicable laws, rules, regulations, standards is
the responsibility of management. Our examination 4. Installation of Variable frequency drives.
AGM held on 10th September 2020 for re-appointment
of Shri Sanjeev Aga as an Independent Director for a was limited to the verification of procedures on
2. Steps taken by the Company for utilizing alternate sources of energy:
second term upto 31st March 2025. test basis.
- The Company has acquired 100% stake in Huntsman 6) The Secretarial audit report is neither an assurance Various initiatives and steps taken by your Company are given below:
Advanced Materials Solutions Private Limited (name as to the future viability of the Company nor of the
a. Green Fuel:
changed to Pidilite Adhesives Private Limited) by efficacy or effectiveness with which the management
entering into definitive agreements with certain has conducted the affairs of the Company. Your company continues to evaluate and operate the usage of green fuel ( bio mass) which replace fossil fuels for
group of entities of Huntsman Corporation (USA). operation of our boilers. During the year, by use of green fuels, your Company has saved ` 13.6 crores and reduced
- The Company has completed acquisition 22,617 Tons of Eq. Co2 emission compared to use of conventional fuels.
of the business of wholly owned entity,
M/s. Nitin Enterprise, a partnership firm having b. Wind Energy:
two partners which are wholly owned subsidiaries Power generated from wind farm projects at Gujarat and Maharashtra continue to be utilized in the
of the Company. manufacturing units and corporate office in Mumbai. Power generated from windmills is 51 Lakh KWH while
- The Company’s shareholding in its subsidiary i.e. the consumption was limited to 21.8 Lakh KWH which has resulted in saving of ` 1.84 crores in the year.
M/s. Cipy Poly Urethanes Pvt. Ltd. (Cipy), has
increased from 70% to 100%, making Cipy now, a c. Solar Energy:
wholly owned subsidiary of the Company. During the year, your Company added new solar plants in 3 different units in addition to the existing 10 solar
power installations. These 13 installations resulted in savings of ` 1.37 crores for the year.
For M. M. SHETH & CO. For M. M. SHETH & CO. 3. The Capital Investment on Energy Conservation Equipment’s:
(Company Secretaries) (Company Secretaries)
M. M. SHETH Capital investment in energy conservation equipment was ` 0.2 crores during the year.
M. M. SHETH
(Prop.) (Prop.) B) TECHNOLOGY ABSORPTION
FCS No. 1455, CP No. 729 FCS No. 1455, CP No. 729
PR No. 1000/2020 PR No. 1000/2020 1. Efforts made towards technology absorption:
Place: Mumbai Place: Mumbai a. R&D continuously focus on upcoming technology trends and upgrade our technologies by advancing development
Date: 12th May 2021 Date: 12th May 2021 work on various types of products in adhesives, sealants, synthetic resins, pigments, pigment dispersions,
UDIN: F001455C000285992 UDIN: F001455C000285992 intermediates, thickeners, dispersants, coatings, waterproofing products and construction chemicals.
This report is to be read with our letter of even date which b. R&D partners with various technology experts and research institutes regularly, for developing new technologies.
is annexed as Annexure-A and forms an integral part of c. R&D reinforced the strategic initiative and action plan on safe and sustainable products and product systems.
this report.
65
2. Benefits derived like product improvement, cost reduction, product development or import substitution: Disclosure regarding Employee Stock Option of the Company for the year ended 31st March 2021
R&D innovations have contributed in improved sales, product performance efficiencies, process efficiencies, capacity A. Relevant disclosures in terms of the ‘Guidance note on accounting for employee share-based payments’ issued by
debottlenecking, addressing market needs for new applications, product cost reduction and improved environmental ICAI or any other relevant accounting standards as prescribed from time to time. Members may refer to the audited
compliance. financial statement prepared as per Indian Accounting Standard (Ind-AS) for the year 2020-21.
3. In case of imported technology (imported during the last 3 years reckoned from the beginning of the financial year): B. Diluted EPS on issue of shares pursuant to all the schemes covered under the regulations shall be disclosed in
accordance with ‘Accounting Standard 20 - Earnings Per Share’ issued by ICAI or any other relevant accounting
The details of technology imported, the year of import, whether the technology been fully absorbed, if not fully standards as prescribed from time to time. Diluted EPS for the year ended 31st March 2021 is 21.27 calculated in
absorbed, areas where absorption has not taken place, and the reasons thereof: accordance with Ind-AS 33 (Earnings per Share).
The technology for manufacture of Hot melt, received by the Company during the year 2018-19, is expected to be fully
C. Details related to Employees’ Stock option of the Company for the year ended 31st March 2021:
absorbed during the financial year 2021-22.
(i)
4. Expenditure incurred on Research and Development:
(` in crores) Sr. No. Particulars Employee Stock Option Scheme-2012 Employee Stock Option Plan-2016
Year ended Year ended (a) Date of shareholders’ 24.07.2012 02.04.2016

31st March 2021 31st March 2020 approval
(b) Total number of options 3,00,000 45,00,000
i) Capital 1.05 1.85
approved under ESOS
ii) Recurring 71.86 69.37
(c) Vesting requirements (a) On completion of 12 50% of the Options granted under the Plan shall vest
TOTAL 72.91 71.22 months from the date options not earlier than One year but not later than a
of Grant maximum of Six years from the date of grant of
C] FOREIGN EXCHANGE EARNINGS AND OUTGO (b) On completion of 24 Balance 50% of such Options.
months from the date the options
The foreign exchange earned in terms of actual inflows during the year and the foreign exchange outgo during the In the case of Eligible Employee who has not
of Grant
year in terms of actual outflows: completed 3 years of employment as on date of
In the case of employees who have not the grant of Options then the Options which
(` in crores) completed 3 years of employment as on date are due for Vesting before completion of 3 years
Year ended Year ended of the grant then all options which are due for as above, shall vest as on the completion of 3
31st March 2021 31st March 2020 Vesting shall vest as per (a) and (b) above OR years of employment in the Company by the
on the completion of 3 years of employment Employee concerned or as may be approved by the
i) Foreign exchange earned 579 601 in the Company by the employee concerned Compensation Committee.
ii) Foreign exchange used 886 911 whichever is later.
The Compensation Committee in its absolute

discretion shall have the right to pre-pone the
date of vesting. However the gap between the
date of Grant and date of Vesting shall not be
less than minimum period prescribed by the
Securities and Exchange Board of India.
(d) Exercise price or As approved by the Shareholders in the As approved by the Shareholders through Postal
pricing formula Annual General Meeting held on 24th July Ballot which was declared on 2nd April 2016, the
2012, the exercise price shall be ` 1/- per option. exercise price shall be ` 1/- per option.
The exercise price of the options granted till The exercise price of the options granted till date
date is ` 1/- per option. is ` 1/- per option.
For and on behalf of the Board of Directors (e) Maximum term of options All the options granted have been vested and Out of the options granted, the last date of vesting
granted have been exercised. No options have been is 17th November 2026. The vested options need to
granted in the year 2020-21. be exercised within a maximum period of three
Place: Mumbai M B Parekh years from the date of vesting of such options.
Date: 12th May 2021 Executive Chairman (f) Source of shares (primary, Primary Primary
secondary or combination)
(g) Variation in terms Not Applicable Not Applicable
of options
67
(vi) Options granted during the year (excluding lapsed options):
Sr. No. Particulars Employee Stock Option Scheme-2012 Employee Stock Option Plan-2016 a) Senior managerial personnel:
(ii) Method used to account Fair value method* Fair value method* Sr. Number of options
Name of Employee Designation
for ESOS No. granted in 2020-2021
(iii) (a) Difference between the N.A N.A 1. Shri Bharat Puri Managing Director 2,35,000
employee compensation
2. Shri Debabrata Sujit Gupta Director – Operations 420
cost computed as per
intrinsic value method 3. Shri Pradip Kumar Menon Chief Financial Officer 410
and the employee
4. Shri Puneet Bansal Senior Vice President - Legal & Company Secretary 530
compensation cost as
per the fair value of the 5. Shri Rahul Kumar Sinha Chief Human Resource Officer 760
options
6. Shri Anubhav Saxena President - R&D 910
(b) The impact of this N.A N.A
7. Shri Giridhar Ayanur Seetharam Chief Business Officer (Fevicol Division) 780
difference on profits and
on EPS of the Company 8. Shri Yogesh Anand Chief Business Officer (International Operations) 820
* NOTE : Under IND AS , Fair value method is used for accounting. 9. Shri Sanjay Bahadur Chief Strategy and Business Development Officer (CC Businesses) 1,320
10. Shri Himanshu Kapadia Chief Business Officer (Large User Business and Services) 10,000
(iv) Option movement during the year - Employee Stock Option Scheme-2012 (ESOS-2012) and Employee Stock Option Plan 2016
(ESOP – 2016) 11. Shri Pravin Digambar Chaudhari Chief Business Officer (Pigments) and IP Manufacturing Operations 1,240
Particulars ESOS – 2012 ESOP – 2016 12. Shri Shantanu Bhanja Chief Business Officer (Consumer Products Business) 1,110
13. Shri Nilesh Mazumdar Chief Business Officer (CC – Retail and Roff Businesses) 910
Number of options outstanding at the beginning of the period Nil 1,70,850
14. Shri Rajesh Balakrishnan Chief Business Officer, IP 890
Number of options granted during the year Nil 2,78,990
15. Shri Salil Nagesh Dalal Chief Business Officer (Emerging India) 760
Number of options forfeited / lapsed during the year Nil 700
b) any other employee who receives a grant in any one year of option amounting to 5% or more of option granted during the
Number of options vested during the year Nil 1,39,300 year 2020-21 -Nil
c) identified employees who were granted option, during any one year, equal to or exceeding 1% of the issued capital (excluding
Number of options exercised during the year Nil 29,600
outstanding warrants and conversions) of the Company at the time of grant-Nil
Number of shares arising as a result of exercise of options Nil 29,600 (vii) A description of the method and significant assumptions used during the year to estimate the fair value of options, the weighted-
average values of share price, the method used and the assumptions made to incorporate the effects of expected early exercise,
Money realized by exercise of options (INR) Nil 29,600 how expected volatility was determined, including an explanation of the extent to which expected volatility was based on
Loan repaid by the Trust during the year from exercise price received N.A. N.A. historical volatility; and whether and how any other features of the option grant were incorporated into the measurement of fair
value, such as a market condition.
Number of options outstanding as on 31st March 2021 Nil 4,19,540
The fair value of the option has been determined using the Binomial Model. The assumptions used in this model for calculating
Number of options exercisable as on 31st March 2021 Nil 1,20,050 fair value are as below:
Please refer to “Notes to the Financial Statements – Note 46”.
(v) Weighted-average exercise prices and weighted-average fair values of options
Particulars Weighted average exercise price Weighted average fair
per option (`) value per option (`)
Options granted on 27.07.2015 – ESOS 2012 1 521.11
Options granted on 29.01.2016 – ESOS 2012 1 532.20/525.01
Options granted on 29.07.2016 ESOS 2012 1 722.31
Options granted on 29.07.2016 ESOP 2016 1 730.61
Options granted on 09.11.2016– ESOS 2012 1 661.86
Options granted on 08.11.2017– ESOS 2016 1 734.15
Options granted on 11.04.2018 – ESOP 2016 1 976.94
Options granted on 30.10.2018 – ESOP 2016 1 931.19/924.50
Options granted on 23.01.2019 – ESOP 2016 1 1,112.48/1127.85
Options granted on 13.05.2019 – ESOP 2016 1 1,124.69
Options granted on 23.01.2020 – ESOP 2016 1 1,449.90/1,444.56/1,433.92
Options granted on 05.08.2020 – ESOP 2016 1 1,318.08/1,319.96
Options granted on 04.11.2020 – ESOP 2016 1 1,536.91
69
Annexure 5 to the Directors’ Report Business Responsibility Report
Information required under Section 197 of the Companies Act, 2013 read with Companies (Appointment and Remuneration Introduction
of Managerial Personnel) Rules, 2014 Inclusive and sustained growth has been a fundamental element of Pidilite’s strategy. In today’s changing business
dynamics, the long-term sustainability of an organisation depends on its ability to meet evolving stakeholders’ expectations
A. Ratio of remuneration paid to each Director to the median remuneration of the employees of the Company and
and create value. Stakeholders are more aware than ever and expect businesses to operate in a fair and equitable manner.
percentage increase in remuneration for the financial year 2020-21 is as follows:
Over the years, the Company has made progressive advancement across all three dimensions of sustainability. On the
Sr. Name of Director Designation Ratio of remuneration of % increase
No. Director to the Median economic front, through an appropriate product mix and a good understanding of customer requirements, the Company has
remuneration been consistently growing its market presence, revenues and profitability. On the environment front, initiatives are focused
1 Shri M B Parekh Executive Chairman 52.15 (24.64)% towards resource optimisation, reduction of waste, energy and emissions across operations. Across the social dimension,
2 Shri N K Parekh Vice Chairman 5.59 21.93% the Company undertakes CSR initiatives, under various thematic areas such as education, healthcare, agriculture and
horticulture, milk and animal health, women empowerment and rural development for local communities to name a few. In
3 Shri Bharat Puri Managing Director 227.50 (57.27)%
order to further enhance its sustainability performance, the Company endeavours to improve practices across its operations.
4 Shri A B Parekh Whole time Director 22.22 (80.01)%
5 Shri A N Parekh Whole time Director 93.01 (1.73)% The Company has initiated efforts towards development of a sustainability roadmap. This will drive integration of
sustainability considerations into core business systems and decision-making. The Company has published its second
6 Shri B S Mehta Director 4.71 18.20%
sustainability report in accordance with GRI Standards for Financial Year 2019-20.
7 Shri Sanjeev Aga Director 5.27 25.18%
8 Shri Uday Khanna Director 4.71 19.70%
This report conforms to the Business Responsibility Reporting (BRR) requirement of the Securities & Exchange Board
of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (‘SEBI LODR’) and the National Voluntary
9 Smt Meera Shankar Director 4.20 14.03%
Guidelines (NVG) on Social, Environmental and Economic Responsibilities of Business released by the Ministry of
10 Shri Vinod Kumar Dasari Director 4.51 22.17% Corporate Affairs, India.
11 Shri Piyush Pandey Director 4.09 12.39%
12 Shri Debabrata Gupta Whole time Director 34.96
A] GENERAL INFORMATION ABOUT THE COMPANY
*
13 Shri Rajeev Vasudeva Director 0.46 ** 1. Corporate Identity Number (CIN) of the Company: L24100MH1969PLC014336
2. Name of the Company: Pidilite Industries Limited
B. Percentage increase in remuneration of Chief Financial Officer and Company Secretary for the financial year 2020-21
is as follows: 3. Registered address: Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point,
Mumbai 400 021, Maharashtra
Sr. Name Designation % increase
No. 4. Website: www.pidilite.com
1 Shri Pradip Kumar Menon Chief Financial Officer # 5. E-mail Id: [email protected]
2 Shri Puneet Bansal Company Secretary 27.7%
6. Financial Year reported: 2020-21.
Notes:
7. Sector(s) that the Company is engaged in (industrial activity code-wise):
1. The aforesaid details are calculated on the basis of remuneration paid during the financial year 2020-21.
2. The remuneration to Non Executive Directors comprises of sitting fees and commission paid to them during the financial year 2020-21. Manufacture of Adhesives and Glues including Rubber based Glues and Adhesives (20295)
3. The median remuneration is ` 599,310/- for the financial year 2020-21.
8. List three key products/services that the Company manufactures/provides (as in balance sheet)
4. *w.e.f.
% increase in remuneration is not given as Shri Debabrata Gupta was appointed as the Whole Time Director of the Company
1 March 2020.
st
(i) Adhesives & Sealants
5.

** % increase in remuneration is not given as Shri Rajeev Vasudeva was appointed as an Additional Director (Independent)
of the Company w.e.f. 10th September 2020. (ii) Construction Chemicals/ Paint Chemicals
6. # % increase in remuneration is not given as the payment for financial year 2019-20 was only for part of the year.
(iii) Art & Craft Materials
7. The remuneration to Directors is within the overall limits approved by the shareholders.
For additional information on segment wise products/services, please refer to “Notes to the Financial Statements- Note
C. Percentage increase in the median remuneration of employee in the financial year 2020-21: 15.54%
42.
D. Number of permanent employees on the rolls of the Company as on 31st March 2021: 6,376. 9. Total number of locations where business activity is undertaken by the Company:
E. Average percentage increase already made in the salaries of employees other than the managerial personnel in the (a) Number of International Locations: 6 Branches and Representative offices (On Standalone basis)
last financial year and its comparison with the percentage increase in the managerial remuneration and justification
(b) Number of National Locations:
thereof and point out if there are any exceptional circumstances for increase in the managerial remuneration:
Increase in remuneration is based on remuneration policy of the Company. Manufacturing locations (States / Union Territories) 7
Average increase in salary of all employees in 2020-21 compared to 2019-20: 8.20% Regional offices 8
F. Affirmation:
10. Markets served by the Company – The Company’s products have a pan India presence and the products are also
Pursuant to Rule 5(1)(xii) of the Companies (Appointment and Remuneration of Managerial Personnel) Rules, 2014, marketed in several countries like UAE, USA, Nigeria, Bangladesh, Sri Lanka, Nepal, Singapore, China, Indonesia,
it is affirmed that the remuneration paid to the Directors, Key Managerial Personnel and Senior Management is as per Thailand, Egypt, Brazil, Bahrain, Qatar, Oman, Myanmar, Ethiopia, Kenya, France, Germany, Italy, Saudi Arabia,
the Remuneration Policy of the Company. Tanzania, Hongkong, UK, Kuwait, Australia, Cameroon, Yemen, Japan, Philippines, etc.
71
B] FINANCIAL DETAILS OF THE COMPANY Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout
their life cycle (P2).
(` in crores)
Principle 3: Businesses should promote the wellbeing of all employees (P3).
1. Paid up Capital : 50.82
Principle 4: Businesses should respect the interests of, and be responsive towards all stakeholders, especially those
2. Total Turnover : 6,186.67 who are disadvantaged, vulnerable and marginalized (P4).
3. Total profit after taxes : 1,081.46 Principle 5: Businesses should respect and promote human rights (P5).
4. Total spending on Corporate Social Responsibility (CSR) as percentage of profit after tax (%): Principle 6: Businesses should respect, protect and make efforts to restore the environment (P6).
CSR spending for the year is ` 27.70 crores, which is 2.56% of the average net profit for the last 3 financial years. Principle 7: Businesses, when engaged in influencing public and regulatory policy, should do so in a responsible
manner (P7).
5. Few activities in which expenditure in 4 above has been incurred
Principle 8: Businesses should support inclusive growth and equitable development (P8).
The Company has been supporting Education, Healthcare, Agriculture and Horticulture, Animal Husbandry
Initiative, Rural Development, Water Resources Management, Sanitation, Initiatives for Women, Farmer Producer
Principle 9: Businesses should engage with and provide value to their customers and consumers in a responsible
manner (P9).
Organisation, Skill Development, Swachhta Initiative, Khadi Initiative, etc.
(a) Details of compliance (Reply in Y/N)
For further details please refer to Social and Community Service Initiatives section of this Annual Report.
Sr. P P P P P P P P P
C] OTHER DETAILS Questions
No. 1 2 3 4 5 6 7 8 9
The Company has 35 subsidiaries, both direct and indirect, as on 31st March 2021. 15 of these subsidiaries are in India 1. Do you have a policy/policies for ……. Y Y Y Y Y Y Y Y Y
and 20 of them are located abroad.
2. Has the policy being formulated in consultation with Yes
the relevant stakeholders?
The Business Responsibility (BR) policies of the subsidiaries are in line with the local requirements. Currently,
the subsidiary companies and other entities (suppliers/ distributors, etc.) do not participate in BR initiatives of 3. Does the policy conform to any national/international Yes
the Company. standards? If yes, specify?
Policies confirm to applicable Statutory Requirements as well as
(50 words)
ISO 45001 and ISO 14001 Standards.
D] BR INFORMATION
4. Has the policy being approved by the Board? Yes
(1) Details of the Director/Directors responsible for BR The policies have been signed by Director- Operations of
If yes, has it been signed by MD/ owner/ CEO/
(a) Details of the Director/Directors responsible for implementation of the BR policy/policies: the Company.
appropriate Board Director?
5. Does the company have a specified committee The implementation and adherence to the Code of Conduct for
Sr.
Particulars Details of the Board/ Director/ Official to oversee the employees is overseen by the human resource department. The
No.
implementation of the policy? Corporate Social Responsibility Policy is administered by the CSR
Committee in line with requirements of the Companies Act, 2013.
1 DIN Number 00035317
The Director- Operations is responsible for the implementation of
Environment Health and Safety (EHS) policy/ies.
2 Name Shri A B Parekh
6. Indicate the link for the policy to be Policies which are internal to the Company are available on the
3 Designation Whole Time Director viewed online? intranet of the Company. Other policies are available on the website
of the Company: www.pidilite.com
(b) Details of the BR head: 7. Has the policy been formally communicated to all Yes
relevant internal and external stakeholders?
Sr.
Particulars Details 8. Does the company have in-house structure to Yes
No.
implement the policy/ policies?
1 DIN Number 01500784 9. Does the Company have a grievance redressal Yes
mechanism related to the policy/ policies to address
2 Name Shri Debabrata Gupta
stakeholders’ grievances related to the policy/ policies?
3 Designation Director – Operations 10. Has the company carried out independent audit/ External firms were engaged to review the systems, procedures and
evaluation of the working of this policy by an internal infrastructure related to safety and environment, and based on their
4 Telephone number 022- 2835 7313 or external agency? recommendations adequate steps are being taken.
5 e-mail id [email protected]
(3) Governance related to BR
(2) Principle-wise [as per National Voluntary Guidelines (NVGs)] BR Policy/policies: Business Responsibility performance is reviewed, at-least annually, by the Board. The BR Report is part
These Principles are as follows: of Annual Report and is published annually. The Annual Report is available on the Company’s website
www.pidilite.com.
Principle 1: Businesses should conduct and govern themselves with Ethics, Transparency and Accountability (P1).
73
(E] PRINCIPLE-WISE PERFORMANCE Sr. Category No. of complaints No. of complaints
No. filed during the pending as on end of the
Principle 1: Businesses should conduct and govern themselves with ethics, transparency and accountability:
financial year financial year
The Company is committed to adhere to the highest standards of ethical, moral and legal conduct of business
1. Child labour / forced labour / Nil Nil
operations both for internal and external stakeholders. The Company, in order to maintain these standards has involuntary labour
adopted the ‘Code of Conduct’, which lays down the principles and standards that should govern the actions of
the employees in the course of conduct of business of the Company. Any actual or potential violation of the Code, 2. Sexual harassment Nil Nil
howsoever insignificant or perceived as such, would be a matter of serious concern for the Company. There is a Code 3. Discriminatory employment Nil Nil
for each of our subsidiaries in line with the local requirements prevailing in the country of operation.
Safety and skill upgradation programmes are provided from time to time to the employees and over a period of time
The Company has a ‘Whistle Blower policy’ which covers serious concerns that could have impact on the operations
most of the employees are covered under such programmes. Employees are encouraged to participate in safety
and performance of the Company.
programmes and be acquainted with the safety measures.
There were no complaints from shareholders pending at the beginning of the year. The Company received 8
complaints from shareholders during the year which were resolved expeditiously. There were no pending complaints Principle 4: Businesses should respect the interests of, and be responsive towards all stakeholders, especially those
at the end of the year. who are disadvantaged, vulnerable and marginalized:
Principle 2: Businesses should provide goods and services that are safe and contribute to sustainability throughout The Company has identified its internal and external stakeholders and endeavours to maintain healthy engagement
their life cycle: with these stakeholders which allows active participation and collaboration wherever possible.
With an objective to be responsive towards stakeholders who are disadvantaged, vulnerable or marginalized, the
The products developed and provided in market are safe for use and meet the standards as per applicable statutory
Company continues to build on its unique initiative ‘WAGALE’ (Wanchan-Ganan-Lekhan) which has helped students
requirements. The products exported internationally are in compliance with applicable regulations of the relevant
with lesser learning abilities through online training sessions. The Company also facilitates scholarships to the
countries.
deserving and qualified students, having limited financial means for pursuing higher education.
Some of the products offered by us contribute to sustainability such as: - For further details please refer to Social and Community Service Initiatives report.
a. Waterproofing products which save structures from deterioration and improve the overall life of such structures. Principle 5: Businesses should respect and promote human rights:
b. We provide products for walls and roofs which improve thermal insulation and save energy. The Code of Conduct is applicable to all the employees of the Company and its subsidiaries, joint ventures and associate
c. We provide high quality adhesives for making furniture, footwear, etc. which prolong the life of such products. entities.
d. We provide repair and maintenance products which allows such articles to be repaired and reused rather than It is the Company’s policy to ensure that there is no discrimination based on caste, gender, religion etc. The Company
being thrown away. also takes care to ensure that no person below the age of 18 years is employed anywhere in the Company or in the units
undertaking job work activities for the Company. It is also the Company’s policy that key vendors supplying goods/
In addition to the above, the Company has mechanisms in place to recycle the following wastes:
services to the Company should not employ any child labour.
1. Waste generated out of packaging plastic is recycled through authorized recyclers.
There have been no complaints received in the year under review, relating to any human rights issue.
2. Ash generated from boilers is recycled.
Principle 6: Businesses should respect, protect and make efforts to restore the environment:
3. Most spent solvents are redistilled and recycled.
In Bhavnagar district, in cooperation with Gujarat Government, the Company has undertaken large scale watershed
4. Hazardous waste is co-processed and used as a fuel in the cement industry, wherever permitted by regulations. development work. This involves building of check dams, ponds, recharging of wells as well as desilting of existing
water structures. This has resulted in recharging of ground water in several parts of the district. Additionally, regular
5. Through authorised recyclers of Multi Layered Plastic (MLP) packing material used for our products, we recycled tree plantation drives have been undertaken through farmer clubs, schools and other local organisations.
back 100% of such MLP packing material.
Majority of the boilers are being operated with green fuel (Biomass) in place of fossil fuels. The Company generates
Principle 3: Businesses should promote the well being of all employees: renewable energy through windmill and solar power units. Additional solar power units are being installed at various
manufacturing unit locations.
The Company is focused towards building progressive and best-in-class people policies on work life balance, career
Over 80% of our 51 units have been converted into zero discharge to external environment and over a period of time,
progression, development and employee engagement. The Company’s “Happy and Healthy” (HAH) movement saw the Company intends to convert many more units into zero discharge, as well as increase the usage of renewable
great participation with over 65% of the employees engaging in HAH activities. sources of energy.
As on 31st March 2021, the total number of permanent employees on the payroll of the Company was 6,376 and the During the financial year 2020-21, the emissions/ waste generated by the Company were within the permissible limits
total number of employees hired on temporary /contractual/casual basis was 1,649. The permanent women employees prescribed by the State and Central Pollution Control Board. There were no pending show cause notices relating to
were 398 and permanent employees with disabilities were 16. There are no employee association that is recognized by environment issues as on 31st March 2021.
the management. The details of complaints filed during the financial year are as under:
75
Principle 7: Business when engaged in influencing Public and Regulatory Policy, should do so in a responsible
manner:
The Company has its representation in several business and industrial association and is a member of the following
trade / chamber / association:
• Federation of Indian Chambers of Commerce and Industry
• Indian Chemical Council
• Confederation of Indian Industry
• Economic Research India Pvt. Ltd.
The Company, through its employees and representatives, actively participates in the deliberations at these trade/
chamber/ associations relating to environment, sustainability, trade and economic reforms etc. and making
representations to the relevant regulatory bodies while framing of legislations/ guidelines/ policies.
Principle 8: Businesses should support inclusive growth and equitable development:
The Company has been actively supporting several initiatives including self-help groups of women aimed at improving
their economic standing and supporting farmers in ways to improve yield of the farm lands.
These initiatives are implemented by the Company mainly through the implementing agencies as given in the Social
and Community Service Initiatives section and Annexure 1 to the Directors’ Report.
Principle 9: Businesses should engage with and provide value to their customers and consumers in a responsible
Standalone
manner:
The Company provides all relevant information regarding a product for the user through product labelling, product
literature, our website and our apps. We take great care to connect with our users and provide them information about
how to use the products in a safe and effective manner. Financial
Our sales force remains in regular touch with the customers and collects relevant feedback from them relating to their
concerns, their expectations or complaints. Customer feedback or complaints received from all sources is adequately
Statements
addressed in a time bound manner. As at the end of financial year, there were 11 consumer cases pending which
majorly relate to perceived deficiency in waterproofing done by third party applicators.
We take care to ensure that our businesses do not indulge in any unfair trade practices or anti-competitive practices.
77
Independent Auditor’s Report
TO THE MEMBERS OF PIDILITE INDUSTRIES LIMITED

Information Other than the Financial Statements and Auditor’s Responsibility for the Audit of the Standalone
Auditor’s Report Thereon Financial Statements
Report on the Audit of the Standalone Financial Statements
Key Audit Matter Principal audit procedures
The Company’s Board of Directors is responsible for the Our objectives are to obtain reasonable assurance about
Opinion performed
other information. The other information comprises the whether the standalone financial statements as a whole
We have audited the accompanying standalone financial Impairment of Investment in To evaluate impairment information included in the Management Discussion are free from material misstatement, whether due to fraud
statements of Pidilite Industries Limited (“the Company”), certain subsidiaries (Refer Note of investment in these two and Analysis, Directors’ Report including Annexures or error, and to issue an auditor’s report that includes
which comprise the Balance Sheet as at 31st March 2021, 7 of the Standalone Financial subsidiaries, our procedures to Directors’ Report, Business Responsibility Report, our opinion. Reasonable assurance is a high level of
and the Statement of Profit and Loss (including Other Statements) included: Corporate Governance and Information for Shareholder, assurance, but is not a guarantee that an audit conducted
but does not include the consolidated financial statements, in accordance with SAs will always detect a material
Comprehensive Income), the Statement of Cash Flows and
The standalone financial a) Evaluated the design and standalone financial statements and our auditor’s report misstatement when it exists. Misstatements can arise from
the Statement of Changes in Equity for the year then ended, statements of the Company implementation of the thereon. fraud or error and are considered material if, individually
and a summary of significant accounting policies and other includes investment in two controls over identification
explanatory information. subsidiaries, located at Brazil of impairment indicators • Our opinion on the standalone financial statements does or in the aggregate, they could reasonably be expected to
and Middle East, aggregating and review of the not cover the other information and we do not express influence the economic decisions of users taken on the
In our opinion and to the best of our information and 148.95 crores (as at 31st March impairment assessment of any form of assurance conclusion thereon. basis of these standalone financial statements.
according to the explanations given to us, the aforesaid 2021) which is measured at cost investment in subsidiaries
standalone financial statements give the information • In connection with our audit of the standalone financial As part of an audit in accordance with SAs, we exercise
less impairment and is tested and tested the operating
required by the Companies Act, 2013 (“the Act”) in for impairment if there are any effectiveness of these statements, our responsibility is to read the other professional judgment and maintain professional
the manner so required and give a true and fair view indicators of impairment. controls. information and, in doing so, consider whether the skepticism throughout the audit. We also:
in conformity with the Indian Accounting Standards other information is materially inconsistent with the
b) Validating impairment • Identify and assess the risks of material misstatement
prescribed under section 133 of the Act read with the Due to material accumulated standalone financial statements or our knowledge
models through testing of the standalone financial statements, whether due
losses being incurred by these obtained during the course of our audit or otherwise
Companies (Indian Accounting Standards) Rules, 2015, of the mathematical to fraud or error, design and perform audit procedures
subsidiaries, the Company’s appears to be materially misstated.
as amended, (“Ind AS”) and other accounting principles management has tested these accuracy and verifying the responsive to those risks, and obtain audit evidence
generally accepted in India, of the state of affairs of investments for impairment application of the input • If, based on the work we have performed, we conclude that is sufficient and appropriate to provide a basis
the Company as at 31st March 2021, and its profit total in accordance with Ind AS assumptions. that there is a material misstatement of this other for our opinion. The risk of not detecting a material
comprehensive income, its cash flows and the changes in 36. For impairment testing, information, we are required to report that fact. We misstatement resulting from fraud is higher than for
c) Assessed the
equity for the year ended on that date. management determines have nothing to report in this regard. one resulting from error, as fraud may involve collusion,
appropriateness of the
recoverable amount, using forgery, intentional omissions, misrepresentations, or
Basis for Opinion forecast cash flows within Management’s Responsibility for the Standalone Financial
discounted cash flow projections, the override of internal control.
the budgeted period based Statements
which represent management’s
We conducted our audit of the standalone financial on the understanding of
best estimate about future The Company’s Board of Directors is responsible for the • Obtain an understanding of internal financial control
statements in accordance with the Standards on Auditing the business.
developments and takes into relevant to the audit in order to design audit procedures
specified under section 143(10) of the Act (SAs). Our matters stated in section 134(5) of the Act with respect to
account past experience. d) Considered historical that are appropriate in the circumstances. Under
responsibilities under those Standards are further the preparation of these standalone financial statements
forecasting accuracy, by that give a true and fair view of the financial position, section 143(3)(i) of the Act, we are also responsible for
described in the Auditor’s Responsibility for the Audit of Key assumptions on which comparing previously expressing our opinion on whether the Company has
management has based its financial performance including other comprehensive
the Standalone Financial Statements section of our report. forecasted cash flows to adequate internal financial controls system in place and
determination of recoverable income, cash flows and changes in equity of the Company
We are independent of the Company in accordance with actual results achieved.
the operating effectiveness of such controls.
amount include estimated long- in accordance with the Ind AS and other accounting
the Code of Ethics issued by the Institute of Chartered
term growth rates, discount rate, e) Compared the assumptions principles generally accepted in India. This responsibility
Accountants of India (ICAI) together with the ethical • Evaluate the appropriateness of accounting policies used
estimated sales growth rate and made by the management also includes maintenance of adequate accounting
requirements that are relevant to our audit of the standalone and the reasonableness of accounting estimates and
estimated operating margins. of the Company with records in accordance with the provisions of the Act for
financial statements under the provisions of the Act and Management has obtained related disclosures made by the management.
comparable benchmarks in safeguarding the assets of the Company and for preventing
the Rules made thereunder, and we have fulfilled our fair value of investments from relation to key inputs such and detecting frauds and other irregularities; selection • Conclude on the appropriateness of management’s use
other ethical responsibilities in accordance with these independent valuation experts as long-term growth rates and application of appropriate accounting policies; of the going concern basis of accounting and, based
requirements and the ICAI’s Code of Ethics. We believe for investments in the said two and discount rates with the making judgments and estimates that are reasonable and on the audit evidence obtained, whether a material
subsidiaries. assistance of our fair value
that the audit evidence obtained by us is sufficient and prudent; and design, implementation and maintenance of uncertainty exists related to events or conditions
specialists.
appropriate to provide a basis for our audit opinion on the adequate internal financial controls, that were operating that may cast significant doubt on the Company’s
We have identified this as a key
standalone financial statements. audit matter as determination f) Performed sensitivity effectively for ensuring the accuracy and completeness ability to continue as a going concern. If we conclude
of recoverable amount involves analysis on the key of the accounting records, relevant to the preparation that a material uncertainty exists, we are required to
Key Audit Matters
significant judgements, as assumptions such as long- and presentation of the standalone financial statement draw attention in our auditor’s report to the related
Key audit matters are those matters that, in our professional regards to reasonableness term growth rates and that give a true and fair view and are free from material disclosures in the standalone financial statements or, if
judgment, were of most significance in our audit of the of assumptions involved in discount rates, to ascertain misstatement, whether due to fraud or error. such disclosures are inadequate, to modify our opinion.
estimating future cash flows the extent of change in
standalone financial statements of the current period. In preparing the standalone financial statements, Our conclusions are based on the audit evidence
of these subsidiaries and in those assumptions that
These matters were addressed in the context of our audit management is responsible for assessing the Company’s obtained upto the date of our auditor’s report. However,
determining the discount rate would be required for
of the standalone financial statements as a whole, and to be used. Changes in these the investment in these ability to continue as a going concern, disclosing, as future events or conditions may cause the Company to
in forming our opinion thereon, and we do not provide a assumptions could impact subsidiaries to be impaired applicable, matters related to going concern and using the cease to continue as a going concern.
separate opinion on these matters. We have determined the the results of the impairment further. going concern basis of accounting unless management
• Evaluate the overall presentation, structure and content
matters described below to be the key audit matters to be assessment. either intends to liquidate the Company or to cease
of the standalone financial statements, including the
communicated in our report. operations, or has no realistic alternative but to do so.
disclosures, and whether the standalone financial
Those Board of Directors are also responsible for statements represent the underlying transactions and
overseeing the Company’s financial reporting process. events in a manner that achieves fair presentation.
79
Annexure “A” to the Independent Auditor’s Report
TO THE MEMBERS OF PIDILITE INDUSTRIES LIMITED FOR THE YEAR ENDED 31ST MARCH 2021
Materiality is the magnitude of misstatements in the f. With respect to the adequacy of the internal (Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)`
standalone financial statements that, individually or in financial controls over financial reporting of the
aggregate, makes it probable that the economic decisions Company and the operating effectiveness of such Report on the Internal Financial Controls Over Financial Meaning of Internal Financial Controls Over Financial
of a reasonably knowledgeable user of the standalone controls, refer to our separate Report in “Annexure Reporting under Clause (i) of Sub-section 3 of Section 143 of Reporting
financial statements may be influenced. We consider A”. Our report expresses an unmodified opinion the Companies Act, 2013 (“the Act”)
A company’s internal financial control over financial
quantitative materiality and qualitative factors in on the adequacy and operating effectiveness of We have audited the internal financial controls over reporting is a process designed to provide reasonable
(i) planning the scope of our audit work and in evaluating the Company’s internal financial controls over financial reporting of Pidilite Industries Limited (“the assurance regarding the reliability of financial reporting and
the results of our work; and (ii) to evaluate the effect financial reporting. Company”) as of 31st March 2021 in conjunction with our the preparation of financial statements for external purposes
of any identified misstatements in the standalone audit of the standalone Ind AS financial statements of the in accordance with generally accepted accounting principles.
financial statements. g. With respect to the other matters to be included Company for the year ended on that date. A company’s internal financial control over financial
in the Auditor’s Report in accordance with the reporting includes those policies and procedures that
We communicate with those charged with governance Management’s Responsibility for Internal Financial
requirements of section 197(16) of the Act, as
regarding, among other matters, the planned scope and Controls (1) pertain to the maintenance of records that, in reasonable
amended, In our opinion and to the best of our detail, accurately and fairly reflect the transactions and
timing of the audit and significant audit findings, including
information and according to the explanations The Company’s management is responsible for establishing dispositions of the assets of the company;
any significant deficiencies in internal control that we
given to us, the remuneration paid by the Company and maintaining internal financial controls based on the
identify during our audit. internal control over financial reporting criteria established (2) provide reasonable assurance that transactions
to its directors during the year is in accordance are recorded as necessary to permit preparation of
We also provide those charged with governance with with the provisions of section 197 of the Act. by the Company considering the essential components
of internal control stated in the Guidance Note on Audit financial statements in accordance with generally
a statement that we have complied with relevant
h. With respect to the other matters to be included of Internal Financial Controls Over Financial Reporting accepted accounting principles, and that receipts and
ethical requirements regarding independence, and to expenditures of the company are being made only in
communicate with them all relationships and other in the Auditor’s Report in accordance with Rule issued by the Institute of Chartered Accountants of India.
These responsibilities include the design, implementation accordance with authorisations of management and
matters that may reasonably be thought to bear on our 11 of the Companies (Audit and Auditors) Rules, directors of the company; and
2014, as amended in our opinion and to the best of and maintenance of adequate internal financial controls
independence, and where applicable, related safeguards.
that were operating effectively for ensuring the orderly (3) provide reasonable assurance regarding prevention or
our information and according to the explanations
From the matters communicated with those charged with and efficient conduct of its business, including adherence timely detection of unauthorised acquisition, use, or
given to us: disposition of the company’s assets that could have a
governance, we determine those matters that were of to company’s policies, the safeguarding of its assets, the
most significance in the audit of the standalone financial i. The Company has disclosed the impact of prevention and detection of frauds and errors, the accuracy material effect on the financial statements.
statements of the current period and are therefore the key pending litigations on its financial position in and completeness of the accounting records, and the timely
Inherent Limitations of Internal Financial Controls Over
audit matters. We describe these matters in our auditor’s its standalone financial statements. preparation of reliable financial information, as required
under the Companies Act, 2013. Financial Reporting
report unless law or regulation precludes public disclosure
about the matter or when, in extremely rare circumstances, ii. The Company did not have any long-term Because of the inherent limitations of internal financial
Auditor’s Responsibility
we determine that a matter should not be communicated contracts including derivative contracts for controls over financial reporting, including the possibility
in our report because the adverse consequences of doing which there were any material foreseeable Our responsibility is to express an opinion on the of collusion or improper management override of controls,
so would reasonably be expected to outweigh the public losses. Company’s internal financial controls over financial material misstatements due to error or fraud may occur and
reporting of the Company based on our audit. We conducted not be detected. Also, projections of any evaluation of the
interest benefits of such communication.
iii. There has been no delay in transferring our audit in accordance with the Guidance Note on Audit internal financial controls over financial reporting to future
Report on Other Legal and Regulatory Requirements amounts, required to be transferred, to the of Internal Financial Controls Over Financial Reporting periods are subject to the risk that the internal financial
Investor Education and Protection Fund by (the “Guidance Note”) issued by the Institute of Chartered control over financial reporting may become inadequate
1. As required by Section 143(3) of the Act, based on our Accountants of India and the Standards on Auditing
the Company. because of changes in conditions, or that the degree of
audit we report that: prescribed under Section 143(10) of the Companies Act, compliance with the policies or procedures may deteriorate.
2. As required by the Companies (Auditor’s Report) 2013, to the extent applicable to an audit of internal financial
a. We have sought and obtained all the information
Order, 2016 (“the Order”) issued by the Central controls. Those Standards and the Guidance Note require Opinion
and explanations which to the best of our
Government in terms of Section 143(11) of the Act, that we comply with ethical requirements and plan and
knowledge and belief were necessary for the In our opinion, to the best of our information and according
we give in “Annexure B” a statement on the matters perform the audit to obtain reasonable assurance about
purposes of our audit. to the explanations given to us, the Company has, in all
specified in paragraphs 3 and 4 of the Order. whether adequate internal financial controls over financial
reporting was established and maintained and if such material respects, an adequate internal financial controls
b. In our opinion, proper books of account as required
controls operated effectively in all material respects. system over financial reporting and such internal financial
by law have been kept by the Company so far as it
controls over financial reporting were operating effectively
appears from our examination of those books. For DELOITTE HASKINS & SELLS LLP Our audit involves performing procedures to obtain audit as at 31st March 2021, based on the criteria for internal
c. The Balance Sheet, the Statement of Profit and Chartered Accountants evidence about the adequacy of the internal financial financial control over financial reporting established by the
Loss including Other Comprehensive Income, the (Firm‘s Registration No.117366W/W-100018) controls system over financial reporting and their Company considering the essential components of internal
Statement of Cash Flows and Statement of Changes operating effectiveness. Our audit of internal financial control stated in the Guidance Note on Audit of Internal
N. K. Jain controls over financial reporting included obtaining an Financial Controls Over Financial Reporting issued by the
in Equity dealt with by this Report are in agreement
Partner understanding of internal financial controls over financial Institute of Chartered Accountants of India.
with the books of account.
(Membership No. 045474) reporting, assessing the risk that a material weakness
d. In our opinion, the aforesaid standalone financial UDIN: 21045474AAAABI3158 exists, and testing and evaluating the design and operating
statements comply with the Ind AS specified under effectiveness of internal control based on the assessed For DELOITTE HASKINS & SELLS LLP
Place: Mumbai risk. The procedures selected depend on the auditor’s Chartered Accountants
Section 133 of the Act.
Date: 12th May 2021 judgement, including the assessment of the risks of material (Firm‘s Registration No.117366W/W-100018)
e. On the basis of the written representations received misstatement of the financial statements, whether due to N. K. Jain
from the directors as on 31st March 2021 taken fraud or error. Partner
on record by the Board of Directors, none of the
We believe that the audit evidence we have obtained is (Membership No. 045474)
directors is disqualified as on 31st March 2021 from
sufficient and appropriate to provide a basis for our audit UDIN: 21045474AAAABI3158
being appointed as a director in terms of Section
opinion on the Company’s internal financial controls system
164(2) of the Act. Place: Mumbai
over financial reporting.
Date: 12th May 2021
81
Annexure “B” to the Independent Auditor’s Report
(Referred to in paragraph 2 under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount
( in crores)
i) a) The Company has maintained proper records Companies Act, 2013 in respect of grant of loans,
showing full particulars, including quantitative making investments and providing guarantees and Sales Tax Act Sales Tax in Assessing officer 1998-99, 2005-06, 2.31
details and situation of fixed assets. securities, as applicable. Various States 2008-09 to 2015-16
b) The fixed assets were physically verified during v) According to the information and explanations given Sales Tax in Commissioner of Sales Tax 2008-09 0.25
the year by the Management in accordance with to us, the Company has not accepted any deposit during Various States
a regular programme of verification which, in our the year. In respect of unclaimed deposits, the Company
opinion, provides for physical verification of all has complied with the provisions of Sections 73 to 76 Sales Tax in Additional Commissioner 2002-03, 2008-09 to 2017-18 17.79
the fixed assets at reasonable intervals. According or any other relevant provisions of the Companies Various States
to the information and explanation given to us, Act, 2013.
no material discrepancies were noticed on such Sales Tax in Deputy Commissioner of Sales 1994-95, 2005-06 to 2016-17 2.23
vi) The maintenance of cost records has been specified Various States Tax
verification.
by the Central Government under section 148(1) of the
c) According to the information and explanations Companies Act, 2013. We have broadly reviewed the Sales Tax in Joint Commissioner of 1998-99, 1999-00, 2002-03, 2004-05, 2008-09 74.84
given to us and the records examined by us and cost records maintained by the Company pursuant to Various States Sales Tax to 2017-18
based on the examination of the registered sale the Companies (Cost Records and Audit) Rules, 2014,
Sales Tax in West Revision Board 2004-05 0.59
deed/ transfer deed/ conveyance deed provided to as amended prescribed by the Central Government
Bengal
us, we report that, the title deeds, comprising all the under sub-section (1) of Section 148 of the Companies
immovable properties of land and buildings which Act, 2013, and are of the opinion that, prima facie, Sales Tax in Sales Tax Tribunal 1999-00, 2000-01, 2002-03, 30.9
are freehold, are held in the name of the Company the prescribed cost records have been made and Various States 2004-05 to 2016-17
as at the balance sheet date. In respect of immovable maintained We have, however, not made a detailed
properties of land and buildings that have been examination of the cost records with a view to Sales Tax in High Court 2003-04, 2013-14, 2014-15 2.76
taken on lease and disclosed as fixed asset in the determine whether they are accurate or complete. Various States
financial statements, the lease agreements are in the vii) According to the information and explanations given to Sales Tax Act – Total 131.67^
name of the Company, where the Company is the us, in respect of statutory dues:
lessee in the agreement. * Net of 29.87 crores paid under protest ^ Net of 30.51 crores paid under protest
a) The Company has generally been regular in @ Net of 0.33 crores paid under protest
ii) As explained to us, the inventories were physically depositing undisputed statutory dues, including
verified during the year by the Management at Provident Fund, Employees’ State Insurance, There are no dues of Customs Duty and Excise Duty which have not been deposited as on 31st March 2021 on account of disputes
reasonable intervals and no material discrepancies were Income-tax, Goods and Service Tax, Customs Duty,
noticed on physical verification. Cess and other material statutory dues applicable to viii) In our opinion and according to the information xiv) During the year the Company has not made any
iii) The Company has not granted any loans, secured it to the appropriate authorities. and explanations given to us, the Company has not preferential allotment or private placement of shares
or unsecured, to companies, firms, Limited Liability b) There were no undisputed amounts payable in defaulted in the repayment of loans or borrowings or fully or partly convertible debentures and hence
Partnerships or other parties covered in the register respect of Provident Fund, Employees’ State to banks. The Company has not taken any loans or reporting under clause (xiv) of CARO 2016 is not
maintained under section 189 of the Companies Insurance, Income-tax, Goods and Service Tax, borrowings from financial institutions and government applicable to the Company.
Act, 2013. Customs Duty, Cess and other material statutory and has not issued any debenture.
xv) In our opinion and according to the information and
iv) In our opinion and according to the information and dues in arrears as at 31st March 2021 for a period of ix) The Company has not raised moneys by way of initial explanations given to us, during the year the Company
explanations given to us, the Company has complied more than six months from the date they became public offer or further public offer (including debt has not entered into any non-cash transactions with
with the provisions of Sections 185 and 186 of the payable. instruments) or term loans and hence reporting under its directors or directors of its holding, subsidiary or
clause (ix) of the CARO 2016 Order is not applicable. associate company or persons connected with them and
hence provisions of section 192 of the Companies Act,
x) To the best of our knowledge and according to the 2013 are not applicable.
(c) Details of dues of Income-tax, Sales Tax, Service Tax, Customs Duty, Excise Duty, and Value Added Tax which have not
information and explanations given to us, no fraud by
been deposited as on 31st March 2021 on account of disputes are given below:
the Company and no material fraud on the Company by xvi) The Company is not required to be registered under
its officers or employees has been noticed or reported section 45-I of the Reserve Bank of India Act, 1934.
Name of Statute Nature of Dues Forum where Dispute is Pending Period to which the Amount Relates Amount during the year.
( in crores)
xi) In our opinion and according to the information and
Income Tax Act, 1961 Income Tax Commissioner (Appeals) AY 2007-08, AY 2010-11 to AY 2014-15 0.11 explanations given to us, the Company has paid/ For DELOITTE HASKINS & SELLS LLP
provided managerial remuneration in accordance with Chartered Accountants
Income Tax TDS Commissioner (Appeals) AY 2014-15 to 2019-20 37.00 the requisite approvals mandated by the provisions of (Firm’s Registration No. 117366W/W-100018)
section 197 read with Schedule V to the Companies N. K. Jain
Income Tax Act, 1961 - Total 37.11 *
Act, 2013.
Partner
Goods and Service Goods and Additional Commissioner 2017-18 0.05 xii) The Company is not a Nidhi Company and hence (Membership No. 045474)
tax Act, 2017 Service tax
reporting under clause (xii) of the CARO 2016 Order is UDIN: 21045474AAAABI3158
not applicable.
Goods and Service tax Act, 2017 - Total 0.05 Place: Mumbai
xiii) In our opinion and according to the information and Date: 12th May 2021
Finance Act, 1994 Service Tax The Customs, Excise & Service 2006-07 to 2011-12, 11.51 explanations given to us the Company is in compliance
Tax Appellate Tribunal 2013-14 to 2016-17 with Section 177 and 188 of the Companies Act, 2013,
(CESTAT)
where applicable, for all transactions with the related
Finance Act, 1994 – Total 11.51 @
parties and the details of related party transactions
have been disclosed in the financial statements etc. as
required by the applicable accounting standards.
83
Statement of Balance Sheet Statement of Profit and Loss
as at 31st March 2021 ( in crores) for the year ended 31st March 2021 ( in crores)
Particulars Note No. As at 31st March 2021 As at 31st March 2020 Particulars Note No. For the year ended For the year ended
ASSETS 31st March 2021 31st March 2020
1 Non-Current Assets
(a) Property, Plant and Equipment 4 1,023.38 861.24 INCOME
(b) Right of Use Assets 5 118.67 109.15
Revenue from Operations 30 6,216.33 6,332.59
(c) Capital Work-In-Progress 4 281.50 247.64
(d) Goodwill 6 86.34 86.11 Other Income 31 73.49 151.86
(e) Other Intangible Assets 6 194.17 192.99
(f) Financial Assets Total Income 6,289.82 6,484.45
(i) Investments 7 3,312.26 1,108.34
EXPENSES
(ii) Loans 10 4.82 4.04
(iii) Other Financial Assets 12 15.15 13.12 Cost of Materials Consumed 32 2,469.53 2,520.70
(g) Income Tax Assets (net) 16 86.98 105.80
(h) Other Non-Current Assets 17 79.37 64.57 Purchases of Stock-in-Trade 453.99 387.71
Total Non-Current Assets 5,202.64 2,793.00
Changes in inventories of Finished Goods, 33 (89.77) 27.98
2 Current Assets
Work-in-Progress and Stock-in-Trade
(a) Inventories 15 975.94 730.49
(b) Financial Assets Employee Benefits Expense 34 787.75 736.89
(i) Investments 8 169.35 715.18
(ii) Trade Receivables 9 999.09 806.63 Finance Costs 35 16.99 13.40
(iii) Cash and Cash Equivalents 14A 109.81 564.17
Depreciation, Amortisation and Impairment Expense 36 147.10 125.79
(iv) Bank balances other than (iii) above 14B 2.56 4.67
(v) Loans 11 16.25 25.38 Other Expenses 37 1,047.15 1,175.75
(vi) Other Financial Assets 13 7.34 8.23
(c) Other Current Assets 18 140.43 171.31 Total Expenses 4,832.74 4,988.22
Total Current Assets 2,420.77 3,026.06
Profit before Exceptional Items and Tax 1,457.08 1,496.23
TOTAL ASSETS 7,623.41 5,819.06
EQUITY AND LIABILITIES Exceptional Items 38 0.45 59.28
EQUITY
(a) Equity Share Capital 19 50.82 50.81 Profit before Tax 1,456.63 1,436.95
(b) Other Equity 20 5,510.40 4,414.01
Tax Expense
Total Equity 5,561.22 4,464.82
LIABILITIES Current Tax 48 375.05 368.65
1 Non-Current Liabilities
(a) Financial Liabilities Deferred Tax 48 0.12 (33.32)
(i) Lease Liabilities 48.79 51.30
(ii) Other Financial Liabilities 23 13.63 7.26 Net Tax Expense 375.17 335.33
(b) Provisions 25 45.02 40.89 Profit for the year 1,081.46 1,101.62
(c) Deferred Tax Liabilities (net) 27 75.86 75.97
Total Non-Current Liabilities 183.30 175.42 Other Comprehensive Income
2 Current Liabilities
(a) Financial Liabilities Items that will not be reclassified to profit or loss
(i) Borrowings 21 55.00 -
Remeasurement of Defined Benefit Plan 45 (0.95) (14.88)
(ii) Trade Payables 22
- Total Outstanding Dues of Micro Enterprises 67.04 9.30 Income tax relating to items that will not be 48 0.24 3.68
and Small Enterprises reclassified to profit or loss
- Total Outstanding Dues of Creditors other than 726.78 485.51
Micro Enterprises and Small Enterprises Total Other Comprehensive Loss (0.71) (11.20)
(iii) Lease Liabilities 18.54 22.04
(iv) Other Financial Liabilities 24 900.44 552.42 Total Comprehensive Income for the year 1,080.75 1,090.42
(b) Other Current Liabilities 28 72.66 90.03
Earnings Per Equity Share: 43
(c) Provisions 26 16.48 11.78
(d) Current Tax Liabilities (net) 29 21.95 7.74 Basic ( ) 21.28 21.69
Total Current Liabilities 1,878.89 1,178.82
TOTAL LIABILITIES 2,062.19 1,354.24 Diluted ( ) 21.27 21.68
TOTAL EQUITY AND LIABILITIES 7,623.41 5,819.06
See accompanying notes to the financial statements 1 to 57
See accompanying notes to the financial statements 1 to 57
In terms of our report attached In terms of our report attached
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Chartered Accountants Chartered Accountants
N. K. JAIN BHARAT PURI M B PAREKH N. K. JAIN BHARAT PURI M B PAREKH
Partner Managing Director Executive Chairman Partner Managing Director Executive Chairman
DIN: 02173566 DIN: 00180955 DIN: 02173566 DIN: 00180955
PRADIP KUMAR MENON PUNEET BANSAL PRADIP KUMAR MENON PUNEET BANSAL
Chief Financial Officer Company Secretary Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 12th May 2021 Date: 12th May 2021 Date: 12th May 2021 Date: 12th May 2021 85
Statement of Changes in Equity Statement of Cash Flows
for the year ended 31st March 2021 for the year ended 31st March 2021
( in crores) ( in crores)
a. Equity Share Capital For the year ended For the year ended
31st March 2021 31st March 2020
Amount
A Cash Flows From Operating Activities
Balance as at 1st April 2019 50.80
Profit before tax for the year 1,456.63 1,436.95
Changes in equity share capital during the year
Issue of equity shares under Employee Stock Option Plan 2016 (refer Note 46) 0.01 Adjustments for:
Balance as at 31st March 2020 50.81 Finance costs recognised in Statement of Profit and Loss 16.99 13.40
Changes in equity share capital during the year Interest income recognised in Statement of Profit and Loss (12.78) (5.93)
Issue of equity shares under Employee Stock Option Plan 2016 (refer Note 46) 0.01 Dividend income recognised in Statement of Profit and Loss (2.78) (13.38)
Balance as at 31st March 2021 50.82
Loss/ (Profit) on disposal of Property, Plant and Equipment 5.85 (2.67)
Net gain arising on financial assets designated at FVTPL (39.99) (110.39)

b. Other Equity
Allowance for Doubtful Debts 3.73 -
Reserves and Surplus TOTAL
Allowance for Doubtful Debts Written Back - (5.80)
Capital Securities Capital Cash Share General Retained
Reserve on Premium Redemption Subsidy Options Reserve Earnings Exceptional Item - Impairment in value of Assets and Investments 0.45 59.28
Business Reserve Reserve Outstanding
Combination Account Depreciation, Amortisation and Impairment Expense 147.10 125.79
Balance as at 1 April 2019
st
0.34 10.01 0.50 0.95 9.65 1,335.38 2,779.09 4,135.92
Unrealised foreign exchange gain (net) (1.88) (0.15)
Profit for the year - - - - - - 1,101.62 1,101.62
Provision for Employee Benefits 7.89 (11.36)
Other Comprehensive Income for the year, - - - - - - (11.20) (11.20)
net of income tax Expense recognised in respect of Equity-Settled Share-Based Payments 17.28 14.31
Payment of dividends - - - - - - (826.76) (826.76)
(including tax thereon) Operating profits before Working Capital changes 1,598.49 1,500.05
Recognition of share-based payments - 13.20 - - 1.24 - - 14.44 Movements in Working Capital:

(refer Note 46)
(Increase)/ Decrease in Operating Assets
Transferred to Securities Premium on - 13.20 - - (13.20) - - -
Options exercised during the year
Trade Receivables (200.06) (17.94)
Amortised during the year - - - - 14.84 - - 14.84
Inventories (240.47) 3.81
Lapsed during the year - - - - (0.40) - - (0.40)
Non-Current Loans (0.78) (1.10)
Balance as at 31st March 2020 0.34 23.21 0.50 0.95 10.89 1,335.38 3,042.74 4,414.01
Profit for the year - - - - - - 1,081.46 1,081.46 Current Loans (7.87) (10.00)
Other Comprehensive Income for the year, - - - - - - (0.71) (0.71) Other Non-Current Financial Assets 0.02 5.39
net of income tax
Other Current Financial Assets 0.89 1.02
Recognition of share-based payments - 2.83 - - 14.53 - - 17.36
(refer Note 46)
Other Non-Current Non Financial Assets (27.80) 2.83
Transferred to Securities Premium on - 2.83 - - (2.83) - - -
Options exercised during the year Other Current Non Financial Assets 13.39 (25.70)
Amortised and exercised during the year - - - - 17.40 - - 17.40 Increase/ (Decrease) in Operating Liabilities
Lapsed during the year - - - - (0.04) - - (0.04)
Trade Payables 296.34 37.89
Due to Business combination (refer Note 56) (1.72) - - - - - - (1.72)
Other Current Financial Liabilities 121.42 113.99
Balance as at 31st March 2021 (1.38) 26.04 0.50 0.95 25.42 1,335.38 4,123.49 5,510.40
Other Non-Current Financial Liabilities 6.37 (38.75)
In terms of our report attached
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS Other Current Non Financial Liabilities (17.40) 32.60
Chartered Accountants
Cash generated from Operations 1,542.54 1,604.09
N. K. JAIN BHARAT PURI M B PAREKH
Partner Managing Director Executive Chairman Taxes paid (net of refunds) (342.02) (375.92)
DIN: 02173566 DIN: 00180955
Net Cash generated from Operating Activities [A] 1,200.52 1,228.17
PRADIP KUMAR MENON PUNEET BANSAL
Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai
Date: 12th May 2021 Date: 12th May 2021
87
Statement of Cash Flows Notes forming part of the financial statements
for the year ended 31st March 2021
( in crores)
1 Corporate information
For the year ended For the year ended
31st March 2021 31st March 2020 Pidilite Industries Limited, together with its subsidiaries are pioneers in consumer and industrial speciality chemicals in
B Cash Flows from Investing Activities India. The equity shares of the Company are listed on BSE Ltd (BSE) and National Stock Exchange of India Ltd (NSE).
Payments for purchase of Property, Plant and Equipment, (323.97) (398.86) The address of its registered office is Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point,
Other Intangible Assets & Capital Work-In-Progress Mumbai 400 021. The address of principal place of business is Ramkrishna Mandir Road, Off Mathuradas Vasanji Road,
Andheri (E), Mumbai 400 059.
Proceeds from disposal of Property, Plant and Equipment & 1.76 5.03
Other Intangible Assets
2 Significant Accounting Policies
Net Cash outflow on acquisition/ Investment in Subsidiaries (2,109.95) (127.44)
2.1 Basis of accounting and preparation of financial statements
Payments to purchase Investments (2,898.47) (1,305.53)
The standalone financial statements of the Company have been prepared in accordance with the Indian
Proceeds on sale of Investments 3,634.27 1,907.30 Accounting Standards (“Ind AS”) prescribed under Section 133 of the Companies Act, 2013 (‘Act’) read with
Companies (Indian Accounting Standards) Rules, 2015, as amended.
Payment towards Share Application Money - (18.74)
The financial statements have been prepared under the historical cost convention except for the following items –
Decrease/ (Increase) in Bank Deposits 1.42 53.67
a. Certain Financial Assets/ Liabilities (including derivative instruments) – at Fair value
(Increase)/ Decrease in Other Bank Balances 0.69 (1.40) b. Employee Stock Options - at Fair value
Interest received 12.78 5.93 The financial statements are presented in Indian Rupees ( ) and all values are rounded to the nearest crores, except
otherwise indicated.
Dividend received 2.78 13.38
2.2 Business Combination
Net cash (used in)/ generated from Investing Activities [B] (1,678.69) 133.34
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in a
C Cash Flows from Financing Activities business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values
Net increase in Current Borrowings 55.00 - of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree
and the equity interest issued by the Company in exchange of control of acquiree. Acquisition-related costs are
Proceeds from issue of Equity shares of the Company 0.01 0.01 recognised in profit or loss as incurred.
Payment of Lease Liabilities (24.08) (25.05) When the consideration transferred by the Company in a business combination includes assets or liabilities
resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-
Dividends paid on Equity Shares (including tax thereon) (0.69) (825.36)
date fair value and included as a part of the consideration transferred in a business combination. Changes in
Interest paid (11.53) (7.32) the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted
retrospectively, with corresponding changes against goodwill or capital reserve, as the case maybe. Measurement
Net cash generated from/ (used in) Financing Activities [C] 18.71 (857.72) period adjustments are adjustments that arise from additional information obtained during the ‘measurement
Net increase/ (decrease) in Cash and Cash Equivalents [A+B+C] (459.46) 503.78 period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at
the acquisition date. Contingent consideration that is classified as an asset or a liability is subsequently (after
Cash and Cash Equivalents at the beginning of the year 564.17 60.24 the measurement period) remeasured at subsequent reporting dates with the corresponding gain or loss being
recognised in Statement of Profit and Loss.
Bank unrealised gain 0.18 0.33
In case of business combinations involving entities under common control, the above policy does not apply.
Cash and Cash Equivalents at the beginning of the year 564.35 60.57
Business combinations involving entities under common control are accounted for using the pooling of interests
Cash and Cash Equivalents at the end of the year (refer Note 14A) 109.81 564.17 method. The net assets of the transferor entity or business are accounted at their carrying amounts on the date
of the acquisition subject to necessary adjustments required to harmonise accounting policies. Retained earnings
Bank unrealised gain (0.05) 0.18 appearing in the financial statements of the transferor is aggregated with the corresponding balance appearing
Acquisition under Business Combination (refer Note 56) (4.87) - in the financial statements of the transferee. Identity of the reserves appearing in the financial statements of the
transferor is preserved and appears in the financial statements of the transferee in the same form. Any excess or
Cash and Cash Equivalents at the end of the year 104.89 564.35 shortfall of consideration paid over share capital and reserves of transferor entity is recognised as capital reserve
under equity.
Net (decrease)/ increase in Cash and Cash Equivalents (459.46) 503.78
2.3 Goodwill
Notes:
The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard (IND AS 7) - Goodwill is measured as the excess of the sum of the consideration transferred over the net of acquisition-date
Statement of Cash Flow. amounts of the identifiable assets acquired and the liabilities assumed. Goodwill arising on an acquisition of a
business is carried at cost as established at the date of acquisition of the business less accumulated impairment
In terms of our report attached losses, if any.
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS For the purposes of impairment testing, goodwill is allocated to each of the Company’s cash-generating units
Chartered Accountants (or groups of cash-generating units) that is expected to benefit from the synergies of the combination. A cash-
N. K. JAIN BHARAT PURI M B PAREKH
generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently when
Partner Managing Director Executive Chairman there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less
DIN: 02173566 DIN: 00180955 than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill
PRADIP KUMAR MENON PUNEET BANSAL allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each assets in
Chief Financial Officer Company Secretary the unit. Any impairment loss for goodwill is recognised directly in Statement of Profit and Loss. An impairment
loss recognised for goodwill is not reversed in subsequent periods.
Date: 12th May 2021 Date: 12th May 2021
89
Notes forming part of the financial statements Notes forming part of the financial statements
2.4 Revenue Recognition The lease liability is initially measured at amortised cost at the present value of the future lease payments. The
The Company recognises revenue from sale of goods, based on the terms of contract and as per the business lease payments are discount educing the interest rate implicit in the lease or, if not readily determinable, using
practise; the Company determines transaction price considering the amount it expects to be entitled in exchange the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with a
of transferring promised goods to the customer. Revenue is recognised when it is realized or is realizable and corresponding adjustment to the related right of use asset if the Company changes its assessment if whether it will
has been earned after the deduction of variable components such as discounts, rebates, incentives, promotional exercise an extension or a termination option.
couponing and schemes. The company estimates the amount of variable components based on historical, current Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been
and forecast information available and either expected value method or most likely method, as appropriate and classified as financing cash flows.
records a corresponding liability in other payables; the actual amounts may be different from such estimates. These
differences, which have historically not been significant, are recognised as a change in management estimate in a 2.5.2 Company as Lessor
subsequent period. Rental income from leases is recognised on a straight- line basis over the term of the relevant lease. Where the
2.4.1 Sale of Goods rentals are structured solely to increase in line with expected general inflation to compensate for the Company’s
Revenue is recognised when control of the products being sold has been transferred to a customer and when there expected inflationary cost increase, such increases are recognised in the year in which such benefits accrue.
are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but depending Amounts due from lessees under finance leases are recognised as receivables at the amount of the Company’s net
on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer acceptance. investment in the leases. Finance lease income is allocated to accounting periods so as to reflect constant periodic
This is considered the appropriate point where the performance obligations in our contracts are satisfied and the rate of return of the Company’s net investment outstanding in respect of the leases.
Company no longer has control over the inventory.
2.6 Foreign Currencies
Advance received from customer before transfer of control of goods to the customer is recognised as contract
liability. The functional currency of the Company is the Indian Rupee.
2.4.2 Dividend, Interest income and Royalty At the end of each reporting period, monetary items (including financial assets and liabilities) denominated in
foreign currencies are retranslated at the rates prevailing at that date. Non-monetary items that are measured in
Dividend income from investments is recognised when the Company’s right to receive dividend is established.
terms of historical cost in a foreign currency are not retranslated. Gains or losses arising from these translations
Interest income from a financial asset is recognised on a time basis, by reference to the principal outstanding using
the effective interest method provided it is probable that the economic benefits associated with the interest will are recognised in the Statement of Profit and Loss.
flow to the Company and the amount of interest can be measured reliably. The effective interest rate is the rate that In respect of the foreign offices/ branches, which are integral foreign operations, all revenues and expenses during
exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross carrying the month are reported at monthly average rates. Outstanding balances in respect of monetary assets and liabilities
amount of that financial asset. are restated at the year end exchange rates. Outstanding balances in respect of non-monetary assets and liabilities
Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement or are stated at the rates prevailing on the date of the transaction. Net gain/ loss on foreign currency translation are
underlying arrangement in case of sales provided that it is probable that the economic benefits associated with the recognised in the Statement of Profit and Loss.
royalty shall flow to the Company and the amount of royalty can be measured reliably.
2.7 Share-based payment transactions of the Company
Claims/ Insurance Claim etc. are accounted for when no significant uncertainties are attached to their eventual
Equity-settled share-based payments to employees providing similar services are measured at the fair value of the
receipt.
equity instruments at the grant date.
The Company’s policy for recognition of revenue (rental income) from operating leases is described in note 2.5.2.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-
2.5 Leasing line basis over the vesting period, based on the Company’s estimate of equity instruments that will eventually vest,
The company at the inception of a contract, assesses whether the contract is a lease or not lease. A contract is, or with a corresponding increase in equity.
contains, a lease if the contract conveys the right to control the use of an identified asset for a time in exchange for a 2.8 Taxation
consideration.
Income tax expense represents the sum of the tax currently payable and deferred tax.
2.5.1 Company as Lessee
2.8.1 Current Tax
The Company’s lease asset classes primarily consist of leases for land and buildings. The Company assesses whether
a contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as
right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether reported in the Statement of Profit and Loss because of items of income or expense that are taxable or deductible
a contract conveys the right to control the use of an identified asset, the Company assesses whether: (i) the contract in other years and items that are never taxable or deductible. The Company’s current tax is calculated using
involves the use of an identified asset (ii) the Company has substantially all of the economic benefits from use of the applicable tax rates that have been enacted or substantively enacted by the end of the reporting period and the
asset through the period of the lease and (iii) the Company has the right to direct the use of the asset. provisions of the Income Tax Act, 1961 and other tax laws, as applicable.
At the date of commencement of the lease, the Company recognises a right-of-use asset (“ROU”) and a 2.8.2 Deferred Tax
corresponding lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve
months or less (short-term leases) and low value leases. For these short-term and low value leases, the Company Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
recognises the lease payments as an operating expense on a straight-line basis over the term of the lease. the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred
tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally
Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term.
recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be
ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
available against which those deductible temporary differences can be utilised.
The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to
costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and
impairment losses. be recovered.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which
lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively
events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose of enacted by the end of the reporting period.
impairment testing, the recoverable amount (i.e. the higher of the fair value less cost to sell and the value-in-use) is
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the
determined on an individual asset basis unless the asset does not generate cashflows that are largely independent of
those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit (CGU) to manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount
which the asset belongs. of its assets and liabilities.
91
2.8.3 Current and Deferred Tax for the year 2.10.3 Internally generated Intangible Assets – Research and Development Expenditure
Current and deferred tax are recognised in Statement of Profit and Loss, except when they relate to items that are Expenditure on research activities is recognised in Statement of Profit and Loss in the period in which it
recognised in other Comprehensive Income or directly in equity, in which case, the current and deferred tax are is incurred.
also recognised in Other Comprehensive Income or directly in equity respectively.
An internally generated intangible asset arising from development is recognised if and only if it meets the
2.9 Property, Plant and Equipment recognition criteria of intangible assets. The amount initially recognised is the sum total of expenditure incurred
2.9.1 Property, Plant and Equipment acquired separately from the date when the intangible asset first meets the recognition criteria. Where no intangible asset can be
recognised, development expenditure is recognised in Statement of Profit and Loss in the period in which it
Freehold land is stated at cost and not depreciated. Buildings, plant and machinery, vehicles, furniture and office is incurred.
equipments are stated at cost less accumulated depreciation and accumulated impairment losses.
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated
An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are amortisation and accumulated impairment losses, on the same basis as intangible assets acquired separately.
expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an
item of Property, Plant and Equipment is determined as the difference between the sales proceeds and the carrying 2.10.4 Useful lives of Intangible Assets
amount of the asset and is recognised in Statement of Profit and Loss. Estimated useful lives of the Intangible Assets are as follows:
2.9.2 Capital Work-in-Progress
Type of Asset Useful Life
Properties in the course of construction for production, supply or administrative purposes are carried at cost,
less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs Computer Software 6 years
capitalised in accordance with the Company’s accounting policy. Such properties are classified and capitalised Technical Knowhow 10 years
to the appropriate categories of Property, Plant and Equipment when completed and ready for intended use.
Non-Compete Fees 7 - 10 years
Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready
for their intended use. Copyrights Indefinite Life
2.9.3 Depreciation Trademark Indefinite Life
Depreciation is recognised so as to write off the cost of assets (other than Freehold Land and Capital Work-in-
2.11 Impairment of Tangible and Intangible Assets other than Goodwill
Progress) less their residual values over their useful lives, using the straight-line method as per the useful life
prescribed in Schedule II to the Companies Act, 2013. At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any
For certain items of Property, Plant and Equipment, the Company depreciates over estimated useful life which
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
are different from the useful lives prescribed under Schedule II to the Companies Act, 2013 which is based upon
impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the
technical assessment made by technical expert and management estimate. The management believes that these
Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a
estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be
reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual
used. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting
cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a
period, with the effect of any changes in estimate accounted for on a prospective basis.
reasonable and consistent allocation basis can be identified.
The estimated useful lives are as mentioned below:
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for
Type of Asset Useful Life impairment at least annually, and whenever there is an indication that the asset may be impaired. Intangible assets
with indefinite useful lives are tested for impairment annually at the cash-generating unit level. The assessment
Buildings 30 - 60 years
of indefinite useful life is reviewed annually to determine whether the indefinite life continues to be supportable.
Plant and Machinery 6 - 25 years If not, the change in useful life from indefinite to finite is made on a prospective basis.
Vehicles 8 - 10 years Recoverable amount is the higher of fair value less costs of disposal and value in use. If the recoverable amount of
Furniture and Fixtures 10 years the asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset
(or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised in Statement of
Office Equipment 3 - 6 years Profit and Loss.
2.10 Intangible Assets 2.12 Inventories
2.10.1 Intangible assets acquired separately Inventories are valued at lower of cost and net realisable value. Cost of inventories is determined on weighted
average. Cost for this purpose includes cost of direct materials, direct labour, excise duty and appropriate share of
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated overheads. Net realisable value represents the estimated selling price in the ordinary course of business less all
amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis estimated costs of completion and estimated costs necessary to make the sale.
over their estimated useful lives. The estimated useful life and amortisation method are reviewed at the
end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Obsolete, defective, unserviceable and slow/ non-moving stocks are duly provided for and valued at net realisable
value.
Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated
impairment losses. 2.13 Provisions (other than Employee Benefits)
2.10.2 Intangible assets acquired in a business combination A provision is recognised when as a result of past event, the Company has a present legal or constructive obligation
which can be reliably estimated and it is probable that an outflow of economic benefit will be required to settle the
Intangible assets acquired in a business combination and recognised separately from goodwill are initially
obligation.
recognised at their fair value at the acquisition date (which is regarded as their cost).
Provisions (excluding retirement benefits) are determined based on the best estimate required to settle the
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation.
accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are
These are reviewed at each balance sheet date and adjusted to reflect the current best estimates.
acquired separately.
93
2.14 Financial Instruments 2.15 Cash Flow Statement

2.14.1 Initial Recognition and Measurement Cash flows are reported using the indirect method, whereby profit/ loss and tax for the period is adjusted for the
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or
provisions of the instruments. At initial recognition, financial assets and financial liabilities are initially measured payments. Cash Flows from operating, investing and financing activities of the Company are segregated.
at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and Cash and Cash Equivalents for the purpose of Cash Flow Statement comprise of cash at bank, cash in hand and
financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are added short- term deposits with an original maturity of three months or less, as reduced by bank overdrafts.
to or deducted from the value of the financial assets or financial liabilities, as appropriate, on initial recognition.
Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at Fair Value 2.16 Segment Reporting
Through Profit or Loss are recognised in the Statement of Profit and Loss. The Company identifies primary segments based on the dominant source, nature of risks and returns and the
2.14.2 Subsequent measurement of Financial Assets internal organisation and management structure. The operating segments are the segments for which separate
financial information is available and for which operating profit/ loss amounts are evaluated regularly by the Chief
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value, Operating Decision Maker (CODM) in deciding how to allocate resources and in assessing performance.
depending on the classification of the financial assets. Debt instruments that meet conditions based on purpose of
holding assets and contractual terms of instrument are subsequently measured at amortised cost using effective The accounting policies adopted for segment reporting are in line with the accounting policies of the Company.
interest method. Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on
the basis of their relationship to the operating activities of the segment. Inter-segment revenue is accounted on the
All other financial assets are measured at fair value.
basis of cost plus margins. Revenue, expenses, assets and liabilities which relate to the Company as a whole and are
Income is recognised on an effective interest basis for debt instruments other than those financial assets classified not allocable to segments on reasonable basis have been included under “unallocated revenue/ expenses/ assets/
as Fair Value Through Profit or Loss. Interest income is recognised in profit or loss and is included in the “Other liabilities” respectively.
income” line item.
2.17 Employee Benefits
2.14.3 Impairment of Financial Assets
Employee benefits include Provident Fund, Superannuation Fund, Employee State Insurance Scheme, Gratuity
The Company recognises loss allowance using expected credit loss model for financial assets which are not Fund, Compensated Absences, Anniversary Awards, Premature Death Pension Scheme and Total Disability
measured at Fair Value Through Profit or Loss. Expected credit losses are weighted average of credit losses with Pension Scheme.
the respective risks of default occurring as the weights. Credit loss is the difference between all contractual cash
flows that are due to the Company in accordance with the contract and all the cash flows that the Company expects 2.17.1 Defined Contribution Plans
to receive, discounted at original effective rate of interest. The Company’s contribution to Provident Fund, Superannuation Fund, National Pension Scheme and Employee
For Trade receivables, the Company measures loss allowance at an amount equal to lifetime expected credit losses. State Insurance Scheme are considered as defined contribution plans and are charged as an expense based on the
The Company computes expected credit loss allowance based on a provision matrix which takes into account amount of contribution required to be made and when services are rendered by the employees.
historical credit loss experience and adjusted for forward-looking information. 2.17.2 Defined Benefit Plans
2.14.4 Financial Liabilities and equity instruments For Defined Benefit Plans in the form of Gratuity Fund, the cost of providing benefits is determined using
2.14.4.1 Classification of debt or equity the Projected Unit Credit method, with actuarial valuations being carried out at each balance sheet date.
Debt or equity instruments issued by the Company are classified as either financial liabilities or as equity in Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding net interest) is
accordance with the substance of the contractual arrangements and the definitions of financial liability and equity reflected immediately in the Balance Sheet with a charge or credit recognised in Other Comprehensive Income
instrument. in the period in which they occur. Remeasurement recognised in Other Comprehensive Income is reflected
immediately in retained earnings and is not reclassified to profit or loss. Past service cost is recognised immediately
2.14.4.2 Equity Instruments for both vested and the non-vested portion. The retirement benefit obligation recognised in the Balance Sheet
An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all represents the present value of the defined benefit obligation, as reduced by the fair value of scheme assets. Any
of its liabilities. Equity instruments issued by the Company are recognised at the proceeds received, net of direct asset resulting from this calculation is limited taking into account the present value of available refunds and
issue costs. reductions in future contributions to the schemes.
2.14.4.3 Financial Liabilities 2.17.3 Short-Term and Other Long-Term Employee Benefits
All financial liabilities (other than derivative financial instruments) are measured at amortised cost using effective A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick
interest method at the end of reporting periods. leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in
2.14.5 Derecognition of Financial Assets and Liabilities exchange for that service.
The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the
expire, or when the Company transfers the contractual rights to receive the cash flows of the financial asset in benefits expected to be paid in exchange for the related service.
which substantially all the risks and rewards of ownership of the financial asset are transferred, or in which the Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the
Company neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset estimated future cash outflows expected to be made by the Company in respect of services provided by employees
and does not retain control of the financial asset.
upto the reporting date.
The Company derecognises a financial liability (or a part of financial liability) when the contractual obligation is
2.18 Earnings per share
discharged, cancelled or expired.
The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is
2.14.6 Derivative Financial Instruments
calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average
The Company holds derivative financial instruments such as foreign exchange forward contracts to manage its number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss
exposure to foreign currency exchange rate risks. Also, the Company has an option to purchase and the seller has attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of
an option to sell balance stake in equity share capital of certain partly owned subsidiary(ies). all dilutive potential ordinary shares, which includes all stock options granted to employees.
Derivatives are initially recognised at fair value at the date the contracts are entered into. Subsequent to initial The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods
recognition, these contracts are measured at fair value at the end of each reporting period and changes are presented for any share splits and bonus shares issues including for changes effected prior to the approval of the
recognised in Statement of Profit and Loss. financial statements by the Board of Directors.
95
2.19 Assets held for sale 3.1.4 Income taxes

Sale of business is classified as held for sale, if their carrying amount is intended to be recovered principally Significant judgements are involved in estimating budgeted profits for the calculation of advance tax and deferred
through sale rather than through continuing use. The condition for classification as held for sale is met when tax, and determining provision for income taxes and uncertain tax positions (disclosed in Note 48).
disposal business is available for immediate sale and the same is highly probable of being completed within one 3.1.5 Property, Plant and Equipment and Other Intangible Assets
year from the date of classification as held for sale.
The useful lives and residual values of Company’s assets are determined by the management at the time the asset is
2.20 Discontinued operations acquired. These estimates are reviewed annually by the management. The lives are based on historical experience
A discontinued operation is a component of the Company’s business that represents a separate line of business that with similar assets as well as anticipation of future events, which may impact their life, such as changes in technical
has been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification or commercial obsolescence arising from changes or improvements in production or from a change in market
as a discontinued operation occurs upon the earlier of disposal or when the operation meets the criteria to be demand of the product or service output of the asset.
classified as held for sale. 3.1.6 Leases
2.21 Non-current assets and disposal groups held for sale The Company evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116.
Assets of disposal groups that is available for immediate sale and where the sale is highly probable of being Identification of a lease requires significant judgment. The Company uses significant judgement in assessing the
completed within one year from the date of classification are considered and classified as assets held for sale. Non- lease term (including anticipated renewals) and the applicable discount rate.
current assets and disposal groups held for sale are measured at the lower of carrying amount and fair value less Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with
costs to sell. any option to extend or terminate the lease, if the use of such option is reasonably certain. The Company makes
3 Critical Accounting Judgements and key sources of Estimation Uncertainty an assessment on the expected lease term on a lease-by-lease basis and thereby assesses whether it is reasonably
certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the
The preparation of the Company’s financial statements requires management to make judgements, estimates and Company considers factors such as any significant leasehold improvements undertaken over the lease term, costs
assumptions that affect the application of accounting policies, reported amounts of assets, liabilities, income and relating to the termination of the lease and the importance of the underlying asset to operations taking into account
expenses, and accompanying disclosures, and the disclosure of contingent liabilities. The estimates and associated the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is
assumptions are based on historical experience and other factors that are considered to be relevant. Actual results reassessed to ensure that the lease term reflects the current economic circumstances.
may differ from these estimates.
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates portfolio of leases with similar characteristics.
are recognised in the period in which the estimate is revised if the revision affects only that period or in the period
of the revision and future periods if the revision affects both current and future periods.
3.1 Key accounting judgements, assumptions and estimates
The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below:
3.1.1 Impairment of investments in subsidiaries
Investment in subsidiaries is measured at cost and tested for impairment annually. For impairment testing,
management determines recoverable amount, using cash flow projections which take into account past experience
and represent management’s best estimate about future developments. Key assumptions on which management
has based its determination of recoverable amount include estimated long term growth rates, weighted average
cost of capital and estimated operating margins. Management obtains fair value of investments from independent
valuation experts.
3.1.2 Impairment of Goodwill and Other Intangible Assets
Goodwill and Other Intangible Assets (i.e. trademarks and copyrights) are tested for impairment on an annual
basis. Recoverable amount of cash-generating units is determined based on higher of value-in-use and fair value
less cost to sell. The impairment test is performed at the level of the cash-generating unit or groups of cash-
generating units which are benefitting from the synergies of the acquisition and which represents the lowest level
at which the intangibles are monitored for internal management purposes.
Market related information and estimates are used to determine the recoverable amount. Key assumptions on
which management has based its determination of recoverable amount include estimated long term growth rates,
weighted average cost of capital and estimated operating margins. Cash flow projections take into account past
experience and represent management’s best estimate about future developments.
3.1.3 Employee related provisions
The costs of long term and short term employee benefits are estimated using assumptions by the management.
These assumptions include rate of increase in compensation levels, discount rates, expected rate of return on assets
and attrition rates. (disclosed in Note 45)
97
( in crores)
Notes:
4 Property, Plant and Equipment and Capital Work-In-Progress ( in crores)
As at As at a) Assets given under lease included in Note 4 above are as under:
31st March 31st March
2021 2020 As at As at
Carrying Amounts 31st March 31st March
2021 2020
Freehold Land 89.94 84.40
Buildings 320.61 260.20 Carrying Amounts
Plant and Machinery 547.75 453.15 Freehold Land 17.00 13.79
Vehicles 4.93 5.06
Buildings 22.84 22.29
Furniture and Fixtures 25.03 26.42
Office Equipment 35.12 32.01 TOTAL 39.84 36.08
1,023.38 861.24
Capital Work-In-Progress* 281.50 247.64 Freehold Buildings TOTAL
TOTAL 1,304.88 1,108.88 Land
*Net of Impairment NIL ( 55.19 crores as at 31st March 2020) (refer Note 38) Gross Carrying Amount
Freehold Buildings Plant and Vehicles Furniture Office TOTAL Balance as at 1st April 2019 13.79 28.20 41.99
Land Machinery and Equipment
Fixtures Additions - 3.12 3.12
Gross Carrying Amount
Balance as at 31st March 2020 13.79 31.32 45.11
Balance as at 1st April 2019 53.30 261.88 1,013.84 18.68 74.59 110.96 1,533.25
Additions 3.21 1.71 4.92
Additions 31.10 88.40 152.46 0.66 5.21 12.82 290.65
Disposals/ Adjustments - (2.74) (13.96) (0.20) (0.09) (0.06) (17.05) Balance as at 31st March 2021 17.00 33.03 50.03
Balance as at 31 March 2020
st
84.40 347.54 1,152.34 19.14 79.71 123.72 1,806.85
Additions 6.97 70.88 175.20 1.13 3.11 14.58 271.87
Acquisition under Business - 2.81 11.60 - 0.08 0.02 14.51 Accumulated Depreciation and Impairment
Combination (refer Note 56)
Balance as at 1st April 2019 - (6.93) (6.93)
Disposals/ Adjustments (1.43) (0.04) (25.64) (4.26) (0.54) (8.51) (40.42)
Balance as at 31st March 2021 89.94 421.19 1,313.50 16.02 82.36 129.81 2,052.81 Depreciation expense - (2.10) (2.10)
Balance as at 31st March 2020 - (9.03) (9.03)

Accumulated Depreciation and Impairment
st
- (79.28) (642.43) (13.06) (49.15) (81.71) (865.63) Depreciation expense - (1.16) (1.16)
Eliminated on disposal of assets - 1.63 12.33 0.08 0.04 0.02 14.10
Depreciation expense - (9.69) (69.09) (1.10) (4.18) (10.02) (94.08)
Balance as at 31st March 2020 - (87.34) (699.19) (14.08) (53.29) (91.71) (945.61)
Acquisition under Business Net Carrying Amount
- (0.66) (2.27) - (0.04) (0.01) (2.98)
Eliminated on disposal of assets - - 20.20 4.08 0.45 8.08 32.81 Balance as at 1st April 2019 13.79 21.27 35.06
Depreciation expense - (12.58) (84.49) (1.08) (4.45) (11.05) (113.65) Additions - 3.12 3.12
Balance as at 31st March 2021 - (100.58) (765.75) (11.08) (57.33) (94.69) (1,029.43)
Depreciation expense - (2.10) (2.10)
Net Carrying Amount Balance as at 31st March 2020 13.79 22.29 36.08
Balance as at 1st April 2019 53.30 182.60 371.40 5.62 25.44 29.25 667.62
Additions 3.21 1.71 4.92
Additions 31.10 88.40 152.46 0.66 5.21 12.82 290.65
Disposals/ Adjustments - (2.74) (13.96) (0.20) (0.09) (0.06) (17.05) Depreciation expense - (1.16) (1.16)
Depreciation expense - (9.69) (69.09) (1.10) (4.18) (10.02) (94.08) Balance as at 31st March 2021 17.00 22.84 39.84
Depreciation Eliminated on - 1.63 12.33 0.08 0.04 0.02 14.10
disposal of assets b) Buildings includes shares of co-operative societies of 0.01 crores ( 0.01 crores as at 31st March 2020)
st
84.40 260.20 453.15 5.06 26.42 32.01 861.24
Additions 6.97 70.88 175.20 1.13 3.11 14.58 271.87
Acquisition under Business
- 2.15 9.33 - 0.04 0.01 11.53
Depreciation Eliminated on - - 20.20 4.08 0.45 8.08 32.81
disposal of assets
Balance as at 31st March 2021 89.94 320.61 547.75 4.93 25.03 35.12 1,023.38
99
5 Right of Use Assets 6 Goodwill and Other Intangible Assets

As at As at As at As at
31st March 31st March 31st March 31st March
2021 2020 2021 2020
Carrying Amounts
Carrying Amounts
Goodwill 86.34 86.11
Leasehold Land 61.80 39.65
Total Goodwill (A) 86.34 86.11
Leasehold Buildings 56.87 69.50 Other Intangible Assets
TOTAL 118.67 109.15 Trademark 157.67 157.67

Computer Software 16.98 12.84
Copyrights 4.48 4.48
Leasehold Leasehold TOTAL
Land Buildings Technical Knowhow Fees 14.87 17.63
Gross Carrying Amount Non Compete Fees 0.17 0.37

Total Other Intangible Assets (B) 194.17 192.99
Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 51) 41.03 69.85 110.88
Total Intangible Assets (A)+(B) 280.51 279.10
Additions - 22.46 22.46
Goodwill Trademark Computer Copyrights Technical Non TOTAL
st
41.03 92.31 133.34 Software Knowhow Compete
Fees Fees
Additions 23.01 20.03 43.04
Gross Carrying Amount
Acquisition under Business Combination (refer Note 56) 0.45 - 0.45
Deletions/ Adjustments - (7.42) (7.42) Additions - - 4.19 - - - 4.19
Balance as at 31st March 2021 64.49 104.92 169.41 Disposals/ Adjustments - (0.24) - (0.24) (0.76) (0.02) (1.26)
Balance as at 31st March 2020 86.11 157.67 57.29 4.48 40.36 4.54 350.45
Additions - - 8.08 - - - 8.08
Accumulated Depreciation
Acquisition under Business 0.23 - - - - - 0.23
Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 51) - - -
Depreciation expense (1.38) (22.81) (24.19)
Accumulated Amortisation and Impairment
Balance as at 31st March 2020 (1.38) (22.81) (24.19)
Balance as at 1st April 2019 - - (40.20) - (20.57) (3.71) (64.48)
Amortisation expense - - (4.20) - (2.84) (0.48) (7.52)
Balance as at 31st March 2021 (2.69) (48.05) (50.74)
Eliminated on disposal of assets - - (0.05) - 0.68 0.02 0.65
Balance as at 31st March 2020 - - (44.45) - (22.73) (4.17) (71.35)
Net Carrying Amount Amortisation expense - - (3.93) - (2.76) (0.20) (6.90)

Balance as at 31st March 2021 - - (48.38) - (25.49) (4.37) (78.25)
Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 51) 41.03 69.85 110.88
Additions - 22.46 22.46 Net Carrying Amount

Additions - - 4.19 - - - 4.19
Disposals/ Adjustments - (0.24) - (0.24) (0.76) (0.02) (1.26)
Additions 23.01 20.03 43.04
Acquisition under Business Combination (refer Note 56) 0.45 - 0.45 Amortisation Eliminated on - - (0.05) - 0.68 0.02 0.65
disposal of assets
Deletions/ Adjustments - (7.42) (7.42) Balance as at 31st March 2020 86.11 157.67 12.84 4.48 17.63 0.37 279.10
Depreciation expense (1.31) (25.24) (26.55) Additions - - 8.08 - - - 8.08
Acquisition under Business 0.23 - - - - - 0.23

The company has estimated the useful life for its copyrights and trademark as indefinite on the basis of renewal of legal rights and the
management’s intention to keep it perpetually. 101

Goodwill, Copyrights and Trademark 7 Investments - Non-Current

As at 31stMarch 2021 As at 31st March 2020
Goodwill, copyrights and trademark in the books of the Company pertain to Consumer and Bazaar business of the
Qty in crores Qty in crores
Company.
Non-Current Investments
At the end of each reporting period, the Company reviews carrying amount of goodwill, copyrights and trademark
A] Investment in Equity Instruments
to determine whether there is any indication that goodwill, copyrights and trademark has suffered any impairment
loss. Accordingly, recoverable amount of goodwill, copyrights and trademark is arrived basis projected cashflows from i) Quoted:
Consumer and Bazaar business. Investment in Associates (fully paid up) (at cost)
Equity Shares of 1 each of Vinyl Chemicals (India) Ltd 74,51,540 1.18 74,51,540 1.18
Recoverable amount of goodwill, copyrights and trademark exceeds the carrying amount of goodwill, copyrights and
trademark in the books as on 31st March 2021. Further there are no external indications of impairment of goodwill, TOTAL Quoted (i) 1.18 1.18
copyrights and trademark. As a result, no impairment loss on goodwill, copyrights and trademark is required to ii) Unquoted:
be recognised.
(a) Investment in Subsidiaries (fully paid up) (at cost unless
otherwise stated)
Projected cashflows from Consumer and Bazaar business Equity Shares of USD 1 each of Pidilite International Pte Ltd 2,59,83,766 133.84 2,35,92,766 115.81
Equity Shares of AED 1 each of Pidilite Middle East Ltd 9,61,63,000 150.03 9,11,63,000 139.70
The recoverable amount of this cash-generating unit is determined based on a value in use calculation which uses cash
[Impairment in value of investments 65.92 crores
flow projections based on financial budgets approved by the management for next year, estimates prepared for the next ( 65.92 crores as at 31st March 2020)]
4 years thereafter and a discount rate of 11.7% per annum (12.0% per annum as at 31st March 2020).
Equity Shares of BRL 1 each of Pulvitec do Brasil Industria e 7,43,02,867 175.04 7,43,02,867 175.04
Comercio de Colas e Adesivos Ltda
Cash flow projections during the budget period are based on the same expected gross margins and raw materials price [Impairment in value of investments 110.20 crores
inflation throughout the budget period. The cash flows beyond that five-year period have been extrapolated using a ( 110.20 crores as at 31st March 2020)]
steady 7% per annum (8% per annum as at 31st March 2020) growth rate. The management believes that any reasonably
Equity Shares of USD 1 each of Pidilite USA Inc 1,47,80,000 64.77 1,47,80,000 64.77
possible change in the key assumptions on which recoverable amount is based would not cause the aggregate carrying
amount to exceed the aggregate recoverable amount of the cash-generating unit. Equity Shares of EGP 100 each of Pidilite Industries Egypt SAE 7,396 0.54 7,396 0.54
Equity Shares of BIRR 100 each of Pidilite Chemical PLC 1,77,159 4.54 1,38,525 3.70
[refer Note 38] [Impairment in value of investments 4.54 crores
The key assumptions used in the value in use calculations for Consumer and Bazaar cash-generating unit are as follows: ( 3.70 crores as at 31st March 2020)]
Equity Shares of 10 each of Fevicol Company Ltd 2,69,260 2.24 2,69,260 2.24
Budgeted sales growth Sales growth is assumed at 10.8% (CAGR) (17.5% as at 31st March 2020) in line
with current year projections. The values assigned to the assumption reflect past Equity Shares of 10 each of Pagel Concrete Technologies Pvt Ltd 80,000 0.84 80,000 0.84
experience and current market scenario considering COVID-19 impact and are [Impairment in value of investments 0.84 crores ( 0.84 crores as at
31st March 2020)]
consistent with the managements’ plans for focusing operations in these markets.
The management believes that the planned sales growth per year for the next five Equity Shares of 10 each of Bhimad Commercial Company Pvt Ltd 10,000 0.02 10,000 0.02
years is reasonably achievable. Equity Shares of 10 each of Madhumala Ventures Pvt Ltd 1,75,045 137.00 1,62,395 126.49
(formerly known as Madhumala Traders Pvt Ltd)
[refer Note 53 (d)]
Raw materials price inflation Forecast for Material cost growth CAGR higher by 0.2% (0.2% as at 31st March 2020) vs. Equity Shares of 10 each of Building Envelope Systems India Ltd 50,10,000 8.88 50,10,000 8.88
sales growth, considering impact of commodity cost inflation.
Equity Shares of 10 each of Nina Percept Pvt Ltd 8,79,999 70.99 8,43,999 66.17
Equity Shares of 10 each of ICA Pidilite Pvt Ltd 28,33,964 125.96 28,33,964 125.96
Other budgeted costs Commercial spends (schemes and A&SP) have been continued at current year’s % to
Equity Shares of 10 each of Cipy Polyurethanes Pvt Ltd 65,816 139.01 65,816 139.01
sales. Other fixed costs are in line with the current year’s growth.
[refer Note 53 (c)]
Equity contribution towards 100% Membership Interest in Pidilite 1 7.41 1 7.41
Ventures LLC
Equity Shares of 10 each of Pidilite Litokol Pvt Ltd 11,25,000 14.88 6,00,000 0.60
[refer Note 53 (e)]
Equity Shares of 10 each of Pidilite Grupo Puma Manufacturing Ltd 4,55,000 11.71 5,000 0.01
[refer Note 53 (f)]
Equity Shares of 10 each of Pidilite C Techos Walling Ltd 6,06,000 0.61 - -
[refer Note 53 (g)]
Equity Shares of 100 each of Tenax Pidilite India Pvt Ltd 42,000 84.66 - -
(formerly known as Tenax India Stone Products Pvt Ltd)
[refer Note 53 (a)]
Equity Shares of 10 each of Pidilite Adhesives Pvt Ltd 2,74,85,797 2,196.46 - -
(formerly known as Huntsman Advanced Materials Solutions Private
Limited) [refer Note 53 (b)]
Less : Impairment in value of Investments (181.49) (180.66)
TOTAL (a) 3,147.94 796.53
103
As at 31st March 2021 As at 31st March 2020 8 Investments - Current

Qty in crores Qty in crores As at 31st March 2021 As at 31st March 2020
(b) Investment in other entity (fully paid up) (at FVTPL)
Equity Shares of 10 each of Pal Peugeot Ltd 1,21,300 0.12 1,21,300 0.12
Current Investments
Less : Impairment in value of Investment (0.12) (0.12)
A] Investment in Debentures, Bonds & Market Instruments (at FVTPL)
TOTAL (b) - - (Quoted)
TOTAL Unquoted [(a)+(b)] (ii) 3,147.94 796.53 Tax-free bonds of Housing and Urban Development Corporation Ltd - - 2,00,000 21.27
Total Investment in Equity Instruments [(i)+(ii)] [A] 3,149.12 797.71
Tax-free bonds of National Housing Bank - - 10,000 5.59
B] Investment in Preference Shares (at FVTPL) (Quoted)
Tax-free bonds of Indian Railway Finance Corporation 12 Feb 22 - - 70,000 7.57
Non-Cumulative Perpetual Preference shares of Kotak Mahindra 3,00,00,000 15.20 3,00,00,000 15.20
Bank Ltd Tax-free bonds of Indian Railway Finance Corporation 11 Jan 26 - - 1,000 10.40
Total [B] 15.20 15.20 TOTAL [A] - 44.83
C] Investment in Debentures, Bonds & Market Instruments (at FVTPL)
(Quoted) B] Investment in Mutual Funds (at FVTPL) (Unquoted)
Units of Bharat Bond ETFs 2,50,000 27.85 2,50,000 25.55 Units of Aditya Birla Sun Life FTP-Series PJ (1135 days) - Direct Growth 1,00,00,000 12.57 - -
Total [C] 27.85 25.55 Units of Aditya Birla Sun Life FTP-Series PK (1132 days) - Direct Growth 2,00,00,000 25.06 - -
D] Investment in Alternative Investment Fund (at FVTPL) (Unquoted) Units of DSP BlackRock FMP S223-39M - Direct Growth 1,50,00,000 18.95 - -
Units of Fireside Ventures Investment Fund II 50,000 3.49 50,000 4.13 Units of DSP BlackRock FMP S224-39M - Direct Growth 1,50,00,000 18.81 - -
Total [D] 3.49 4.13 Units of SBI FMP Series C33 (1216 days) - Direct Growth 2,00,00,000 24.73 - -
E] Investment in Mutual Funds (at FVTPL) (Unquoted) Units of Reliance FMP XXXVII Series 12 - Direct Growth 1,00,00,000 12.64 - -
Units of Kotak FMP Series 251 - 1265 days Direct Plan Growth 2,00,00,000 25.09 2,00,00,000 23.12
Units of HDFC FMP 1143D March 2018 (1) - Direct Growth - S39 1,00,00,000 12.56 - -
Units of SBI Debt Fund Series C49 1178 days - Direct Plan Growth 2,00,00,000 24.02 2,00,00,000 22.06
Units of IDFC FTP Series 140 Direct Plan - Growth (1145 days) 1,50,00,000 18.88 - -
Units of HDFC FMP 1182D Jan 2019 (1) - Direct Growth 2,00,00,000 24.57 2,00,00,000 22.57
Units of Kotak FMP Series 219 - Direct Growth 1,50,00,000 18.86 - -
Units of HDFC FMP 1126D Mar 2019 (1) - Direct Growth 2,00,00,000 24.17 2,00,00,000 22.21
Units of ICICI FMP Series 83 1105 D Plan F - Direct Growth 50,00,000 6.29 - -
Units of IDFC FTP Series 149 (1424 days) - Direct Growth 1,50,00,000 18.75 1,50,00,000 17.26
Units of HDFC Overnight Fund - Direct Growth - - 6,79,896 201.88
Units of Aditya Birla Sun Life FTP-Series PJ (1135 days) - Direct Growth - - 1,00,00,000 11.81
Units of SBI Overnight Fund - Direct Plan Growth - - 6,46,655 210.40
Units of Aditya Birla Sun Life FTP-Series PK (1132 days) - Direct Growth - - 2,00,00,000 23.55
Units of Aditya Birla Sun Life Overnight Fund - Direct Growth - - 9,22,816 99.70
Units of DSP BlackRock FMP S223-39M - Direct Growth - - 1,50,00,000 17.76
Units of ICICI Overnight Fund - Direct Growth - - 1,46,98,077 158.37
Units of DSP BlackRock FMP S224-39M - Direct Growth - - 1,50,00,000 17.67
Units of HDFC FMP 1143D March 2018 (1) - Direct Growth - S39 - - 1,00,00,000 11.81 TOTAL [B] 169.35 670.35
Units of IDFC FTP Series 140 Direct Plan - Growth (1145 days) - - 1,50,00,000 17.73 TOTAL [A]+[B] 169.35 715.18
Units of Kotak FMP Series 219 - Direct Growth - - 1,50,00,000 17.77 Aggregate carrying value of quoted investments - 44.83
Units of ICICI FMP Series 83 1105 D Plan F - Direct Growth - - 50,00,000 5.91 Aggregate market value of quoted investments - 44.83
Units of Reliance FMP XXXVII Series 12 - Direct Growth - - 1,00,00,000 11.83 Aggregate carrying value of unquoted investments 169.35 670.35
Units of SBI FMP Series C33 1216 days - Direct Growth - - 2,00,00,000 22.69
Total [E] 116.60 265.75
TOTAL [A+B+C+D+E] 3,312.26 1,108.34
Aggregate carrying value of quoted investments 44.23 41.93
Aggregate market value of quoted investments 86.44 71.90
Aggregate carrying value of unquoted investments 3,268.03 1,066.41
Aggregate amount of Impairment in value of investments 181.61 180.78
105
9 Trade Receivables 11 Loans - Current

2021 2020 2021 2020
Secured, Considered good 114.31 104.97 Loans and Advances to Related Parties* (refer Note 44)
Unsecured, Considered good 884.78 701.66 Unsecured, Considered good 1.91 9.31
Unsecured, Considered doubtful 34.75 31.02 Considered doubtful Considered doubtful 0.33 0.33
Unsecured which have Significant Increase in Credit Risk - - 2.24 9.64
Unsecured, Credit Impaired - - Less: Allowance for doubtful balances (0.33) (0.33)
1,033.84 837.65 1.91 9.31
Less: Allowance for expected credit loss (34.75) (31.02) Loans and Advances to Employees & Others* 14.34 16.07
TOTAL 999.09 806.63 TOTAL 16.25 25.38
The Company has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a *Loans given for business purpose.
provision matrix. The provision matrix takes into account historical credit loss experience and is adjusted for forward-looking
information. The expected credit loss allowance is based on the ageing of the receivable days and the rates as given in the provision
12 Other Financial Assets - Non-Current
matrix. The provision matrix at the end of the reporting period is as follows:
As at As at
Ageing Expected Credit Loss 31st March 31st March
2021 2020
As at As at
31st March 31st March Security Deposit 13.13 13.12
2021 2020
Fixed Deposits with Banks with original maturity of more than 12 months 2.02 -
Within the credit period (in days)
Other Receivables
01-90 0.8% 1.0%
Unsecured, Considered good - -
91-180 76.3% 73.2%
Considered doubtful 1.74 1.74
181-360 64.4% 60.3%
1.74 1.74
>360 84.3% 81.1%
Less: Allowance for doubtful balances (1.74) (1.74)
- -
Movement in expected credit loss allowance
For the year For the year TOTAL 15.15 13.12
ended ended
2021 2020 13 Other Financial Assets - Current
Balance at the beginning of the year 31.02 36.82 As at As at
Movement in expected credit loss allowance on trade receivables calculated at lifetime expected 3.73 (5.80)
2021 2020
credit losses
Security Deposit
Balance at the end of the year 34.75 31.02
Unsecured, Considered good 6.52 5.82
A formal credit policy has been framed and credit facilities are given to dealers within the framework of the credit policy. As per
credit risk management mechanism, a policy for doubtful debt has been formulated and risk exposure related to receivables are Considered doubtful 0.44 0.55
identified based on criteria mentioned in the policy and provided for credit loss allowance.
6.96 6.37
Trade receivables includes receivables from Companies/firms where directors are directors/ members/ partners (refer Note 44).
10 Loans - Non-Current 6.52 5.82
As at As at
Derivative assets towards Foreign Exchange Forward Contracts 0.09 1.70
2021 2020 Derivative Asset towards call option to buy subsidiary shares - 0.24
Unsecured, Considered good
Other Receivables* 0.73 0.47
Loans and Advances to Employees & Others* 4.82 4.04
TOTAL 7.34 8.23
TOTAL 4.82 4.04 *Includes Windmill income
*Loans given for business purpose.
107
14A Cash and Cash Equivalents 16 Income Tax Asset (net) - Non-Current
2021 2020 2021 2020
Cash and Cash Equivalents Advance Payment of Taxes (net of provisions 1,847.28 crores) 86.98 105.80
(net of provisions 1,881.72 crores as at 31st March 2020)
Cash on Hand 0.13 0.08
TOTAL 86.98 105.80
Cheques on Hand 55.50 0.85
Balance with banks
17 Other Non-Current Assets
In Current Account 35.96 52.12
As at As at
In EEFC Account 18.22 11.12 31st March 31st March
2021 2020
In Fixed Deposit Accounts with original maturity of 3 months or less - 500.00
TOTAL 109.81 564.17
Capital Advances 51.27 45.39
Cash and cash Equivalents (as per Statement of Cash Flows) 109.81 564.17
Prepaid Expenses 0.18 0.24
Balance with Government Authorities* 27.92 18.94
14B Bank Balances other than Cash and Cash Equivalents above
TOTAL 79.37 64.57
As at As at
31st March 31st March * Includes amounts paid under protest against Sales Tax claims disputed by the Company (shown under contingent liabilities), Excise Duty rebates,
2021 2020 GST receivable, etc.
Other Bank Balance 18 Other Current Assets

In Fixed Deposit Accounts with original maturity of more than 3 months but upto 12 months - 1.42 As at As at
(refer Note a) 31st March 31st March
Earmarked Account 2021 2020
Dividend Payment Bank Account 2.56 3.25 Export Benefits receivable

TOTAL 2.56 4.67
Considered doubtful - -
a. Includes Fixed Deposit under lien - 0.99
8.59 11.05
15 Inventories (at lower of cost and net realisable value) Less: Allowance for doubtful balances - -
As at As at 8.59 11.05
31st March 31st March Balances with Government Authorities*
2021 2020
Raw Material and Packing Material 469.05 315.89
Work-in-Progress 88.76 71.51
90.38 96.59
Finished Goods 314.75 269.00
Stock-in-Trade (acquired for trading) 94.74 67.91
90.29 96.51
Stores and Spares 8.64 6.18 Advances to vendors
TOTAL 975.94 730.49 Unsecured, Considered good 33.06 37.13
Goods-in-Transit included above Considered doubtful 0.01 0.01
Raw Material and Packing Material 47.18 32.94 33.07 37.14
Work-in-Progress 3.50 1.58 Less: Allowance for doubtful balances (0.01) (0.01)
Finished Goods 39.80 22.06 33.06 37.13
Stock-in-Trade (acquired for trading) 14.75 9.18 Prepaid Expenses 7.93 8.02
Others** 0.56 18.99
TOTAL 105.23 65.76
Less : Impairment in Share Application Money - Pidilite Chemical PLC (refer Note 38) - (0.39)
a. The cost of inventories recognised as an expense during the year in respect of continuing operations was 2,833.75 crores
( 2,936.39 crores for the year ended 31st March 2020) 0.56 18.60
b. The cost of inventories recognised as an expense includes 0.43 crores in respect of write-downs of inventory to net realisable TOTAL 140.43 171.31
value ( 0.37 crores for the year ended 31st March 2020)
* Includes input tax credit, VAT/ GST receivable, etc.
c. The mode of valuation of inventories has been stated in Note 2.12 ** Mainly consists of Share Application Money
109
( in crores)
19 Equity Share Capital d. Aggregate number of bonus shares issued, shares issued for consideration other than cash and shares bought back during the period
of five years, immediately preceding the reporting date:
As at As at
31st March 31st March As at As at
2021 2020 31st March 31st March
2021 2020
Authorised Capital:
Number of Number of
70,00,00,000 Equity Shares of 1 each 70.00 70.00
Shares Shares
(70,00,00,000 Equity Shares of 1 each as at 31st March 2020)
Equity Shares
TOTAL 70.00 70.00
Buy-back of Shares 50,00,000 50,00,000
Issued, Subscribed and Paid up Capital:
50,81,53,380 Equity Shares of 1 each, fully paid up 50.82 50.81
(50,81,23,780 Equity Shares of 1 each as at 31st March 2020) e. Equity Shares reserved for issuance under Employee Stock Option Scheme/ Plan:
TOTAL 50.82 50.81 As at As at

2021 2020
a. Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period Number of Number of
Shares Shares
Number of in crores
Shares Equity Shares of 1 each under Employee Stock Option Scheme - 2012 34,200 34,200
st
50,79,78,280 50.80
Equity Shares of 1 each under Employee Stock Option Plan - 2016 38,35,210 41,13,500
Shares issued during the year on exercise of options under Employee Stock Option Plan - 2016 1,45,500 0.01

Balance as at 31st March 2020 50,81,23,780 50.81
Shares issued during the year on exercise of options under Employee Stock Option Plan - 2016 29,600 0.01
Balance as at 31st March 2021 50,81,53,380 50.82
b. Terms/ Rights attached to equity shares
The Company has only one class of equity shares having a par value of 1 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
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 the proportion of their shareholding.
The Board of Directors at its meeting held on 12th May 2021 declared a final dividend of 8.50 per equity share of 1
each, subject to approval of the shareholders at the ensuing Annual General Meeting.
During the year ended 31st March 2020, the Company had paid Final Dividend of 6.50 per equity share of 1 each for
the financial year 2018-19 and Interim Dividend of 7.00 per equity share of 1 each for the financial year 2019-20.
c. Details of shareholders holding more than 5% shares in the Company:
As at As at
Number of % of Number of % of
Shares held Holding Shares held Holding
Shri Madhukar Balvantray Parekh 5,20,51,286 10.24 5,20,51,286 10.24
Shri Narendrakumar Kalyanji Parekh 5,42,73,688 10.68 5,42,73,688 10.68
Shri Ajay Balvantray Parekh 4,74,33,489 9.34 4,74,33,489 9.34
Shri Sushilkumar Kalyanji Parekh 4,13,97,646 8.15 4,13,97,646 8.15
Devkalyan Sales Pvt Ltd 2,62,24,280 5.16 2,62,24,280 5.16
111
20 Other Equity 20.4 Cash Subsidy Reserve
2021 2020 2021 2020
Capital Reserve on Business Combination (1.38) 0.34 Balance at the beginning and end of the year 0.95 0.95
Securities Premium 26.04 23.21 Cash Subsidy Reserve represents subsidies received from state government. It is not available for distribution as dividend to shareholders.
Capital Redemption Reserve 0.50 0.50 20.5 Share Options Outstanding Account
Cash Subsidy Reserve 0.95 0.95 As at As at

Share Options Outstanding Account 25.42 10.89 2021 2020
General Reserve 1,335.38 1,335.38 Employees Stock Options Outstanding Balance at the beginning the year 16.95 29.38
Retained Earnings 4,123.49 3,042.74 Add : Options granted during the year 42.59 1.72
Less : Transferred to Securities Premium on Options exercised during the year (2.83) (13.20)
TOTAL 5,510.40 4,414.01
Less : Lapsed during the year (0.06) (0.95)
Closing Balance (A) 56.65 16.95

20.1 Capital Reserve on Business Combination
Deferred Employees Stock Options Cost Balance at the beginning the year (6.06) (19.73)
As at As at
31st March 31st March Less : Options granted during the year (42.59) (1.72)
2021 2020
Add : Amortised and exercised during the year 17.40 14.84
Balance at the beginning of the year 0.34 0.34
Add : Lapsed during the year 0.02 0.55
Add/ (Less) : Additions/ (Deductions) during the year (refer Note 56) (1.72) -
Closing Balance (B) (31.23) (6.06)
Closing Balance (1.38) 0.34
Closing Balance (A+B) 25.42 10.89
Capital Reserve represents excess/short of net assets acquired in business combination. It is not available for the distribution to The above reserve relates to share options granted by the Company to its employees under its employee share option plan. Further information
shareholders as dividend. about share-based payments to employees is set out in Note 46.
20.6 General Reserve

20.2 Securities Premium
As at As at
As at As at 31st March 31st March
31st March 31st March 2021 2020
2021 2020
Balance at the beginning and end of the year 1,335.38 1,335.38
Balance at the beginning of the year 23.21 10.01 General Reserve is created by a transfer from one component of equity to another and is not an item of Other Comprehensive Income.
The same can be utilised by the Company in accordance with the provisions of the Companies Act, 2013.
Add : Premium on Shares issued against ESOP 2.83 13.20
Closing Balance 26.04 23.21 20.7 Retained Earnings
As at As at
Security Premium Account is created when shares are issued at premium. The Company may issue fully paid-up bonus shares to its
members out of the Securities Premium Account, and Company can use this reserve for buy-back of shares. This reserve is utilised in
2021 2020
accordance with the provisions of the Companies Act, 2013.
Balance at the beginning of the year 3,042.74 2,779.09
20.3 Capital Redemption Reserve Add : Profit for the year 1,081.46 1,101.62
As at As at Less : Payment of Final Dividend - (330.18)

Payment of Interim Dividend - (355.61)
2021 2020
Tax on Dividend paid - (140.97)
Balance at the beginning and end of the year 0.50 0.50
Other Comprehensive Income for the year, net of income tax (0.71) (11.20)
The Company has recognised Capital Redemption Reserve on buy-back of equity shares from its General Reserve. The amount in
Capital Redemption Reserve is equal to the nominal amount of equity shares bought back. The reserve can be utilised in accordance Closing Balance 4,123.49 3,042.74
with the provisions of the Companies Act, 2013.
This Reserve represents the cumulative profits of the Company and effects of remeasurement of defined benefit obligations. This Reserve can
be utilised in accordance with the provisions of the Companies Act, 2013.

113
21 Borrowings - Current 25 Provisions - Non-Current

2021 2020 2021 2020
Unsecured - at amortised cost Provision for Employee Benefits
Working Capital Demand Loan 55.00 - Compensated Absences 41.58 38.20
Anniversary Awards 1.25 0.82

TOTAL 55.00 -
Premature Death Pension Scheme 1.82 1.55
Unsecured working capital demand loan carries interest rate of 4.50% p.a.
Total Disability Pension Scheme 0.37 0.32
22 Trade Payables TOTAL 45.02 40.89
As at As at
31st March 31st March 26 Provisions - Current
2021 2020
As at As at
Trade Payables 31st March 31st March
2021 2020
Total outstanding dues of micro enterprises and small enterprises (refer Note 50) 67.04 9.30
Provision for Employee Benefits
Total outstanding dues of creditors other than micro enterprises and small enterprises 726.78 485.51
Gratuity (net) (refer Note 45) 3.11 1.83
TOTAL 793.82 494.81
Compensated Absences 13.09 9.73
23 Other Financial Liabilities - Non-Current Anniversary Awards 0.21 0.16
As at As at Premature Death Pension Scheme 0.01 0.01

2021 2020 Total Disability Pension Scheme 0.06 0.05
Employee related liabilities 0.30 0.47 TOTAL 16.48 11.78
Others* 13.33 6.79

27 Deferred Tax Liabilities (net)
TOTAL 13.63 7.26
As at As at
* Includes retention payable on capital goods 31st March 31st March
2021 2020
24 Other Financial Liabilities- Current Tax effect of items constituting Deferred Tax Assets (refer Note 48) (27.21) (38.60)
As at As at
Tax effect of items constituting Deferred Tax Liabilities (refer Note 48) 103.07 114.57
2021 2020 TOTAL 75.86 75.97
Unclaimed Dividend 2.56 3.25
28 Other Current Liabilities
Payables on purchase of assets 1.89 6.35
As at As at
Trade/ Security Deposit received 133.82 123.86 31st March 31st March
2021 2020
Liabilities for expenses 458.83 349.78
Statutory remittances 58.27 63.57
Liability for purchase of investment in subsidiary (refer Note 53 (a)/(b)/(c) and 56) 266.46 -
Advance from customers 12.44 24.64
Employee related liabilities 16.03 18.43
Other Liabilities 1.95 1.82
Derivative liabilities towards Foreign Exchange Forward Contracts 0.64 0.42
TOTAL 72.66 90.03
Derivative liability towards put option to buy subsidiary shares (refer Note 53 (c)) - 34.83
Others* 20.21 15.50 29 Current Tax Liabilities (net)
TOTAL 900.44 552.42 As at As at
* Includes retention payable on capital goods 2021 2020
Provision for Tax (net of Advance Tax 1,039.01 crores) 21.95 7.74
(net of Advance Tax 678.22 crores as at 31st March 2020)
TOTAL 21.95 7.74
115
30 Revenue from Operations 31 Other Income

For the For the For the For the
year ended year ended year ended year ended
31st March 2021 31st March 2020 31st March 2021 31st March 2020
Revenue From Operations* Interest on:
Sale of Products 6,186.67 6,290.43 Bank Deposit (at amortised cost) 3.99 2.48
TOTAL (A) 6,186.67 6,290.43 Overdue Trade Receivables 0.40 0.05
Other Operating Revenue Tax Free Bonds (at FVTPL) 8.29 3.26
Scrap Sales 11.14 11.37 Others 0.10 0.14
Export Incentives 9.29 19.07 Dividend on:
GST/ Excise Refund 3.47 3.40 Investments in Mutual Funds and Others (at FVTPL) 1.13 11.59
Others 5.76 8.32 Long-term Investments in Associate (at cost) 1.65 1.79
TOTAL (B) 29.66 42.16 Other Non-Operating Income:
TOTAL (A+B) 6,216.33 6,332.59 Windmill Income 1.35 3.21
* The Company disaggregated revenues from contracts with customers by customer type and by geography. The Company believes that this Profit on Sale/Transfer of Assets - 2.67
disaggregation best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by industry, market and
other economic factors. For geographywise and customerwise breakup of revenue, refer Note 42. Allowance for Doubtful Debts written back - 5.80
Further, the Company derives its revenue from the transfer of goods at a point in time for its major service lines. This is consistent with the Royalty & Technical Knowhow Income 4.15 4.17
revenue information that is disclosed for each reportable segment under Ind AS 108 ‘Operating Segment’.
Insurance claim received 7.47 0.46
Reconciliation of revenue recognised with the contracted price is as follows:
Liabilities no longer required written back 0.28 0.81
For the For the
year ended year ended Rental Income from Leases 2.18 1.38
Net gain arising on financial assets designated as at FVTPL 39.54 109.52
Contracted Price 6,779.32 6,893.41
Miscellaneous Income 2.96 4.53
Reduction towards variable consideration components* (592.65) (602.98)
TOTAL 73.49 151.86
Revenue Recognised 6,186.67 6,290.43
*The reduction towards variable consideration includes discounts, rebates, incentives, promotional couponing and schemes.
32 Cost of Materials Consumed
For the For the
year ended year ended
Inventory at the beginning of the year 315.89 292.03
Add : Purchases 2,617.77 2,544.56
Acquisition under Business Combination (refer Note 56) 4.92 -
2,938.58 2,836.59
Less : Inventory at the end of the year (469.05) (315.89)
TOTAL 2,469.53 2,520.70
117
33 Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade 37 Other Expenses

31st March 2021 31st March 2020 31 March 2021
st
31 March 2020
st
Consumption of Stores and Spares 31.53 35.45

Inventories at the end of the year
Clearing and Forwarding Charges 303.18 272.30
Stock-in-Trade 94.74 67.91
Power and Fuel 50.70 57.94
Contract Labour 85.20 81.21
Finished Goods 314.75 269.00 Water Charges 12.93 3.84
Total (A) 498.25 408.42 Rent (refer Note 51) 13.34 11.96
Acquisition under Business Combination (refer Note 56) Rates and Taxes 3.32 2.71
Insurance 9.30 7.42
Work-in-Progress 0.06 -
License fees 0.85 0.77
Total (B) 0.06 -
Repairs:
Inventories at the beginning of the year Buildings 9.91 8.90
Stock-in-Trade 67.91 70.70 Machinery 16.44 18.10
Work-in-Progress 71.51 78.20 Others 3.93 7.89
Finished Goods 269.00 287.50 30.28 34.89

Directors' Fees 0.61 0.27
Total (C) 408.42 436.40
Advertisement and Publicity 140.78 251.33
TOTAL (C+B-A) (89.77) 27.98
Legal, Professional and Consultancy fees 40.30 47.46
Communication Expenses 5.71 6.71
34 Employee Benefits Expense
Printing and Stationery 2.49 4.87
For the For the Travelling and Conveyance Expenses 51.81 105.25
Bad Debts 0.27 3.49
Allowance for Doubtful Debts 3.73 -
Salaries and Wages 714.40 667.83
Processing and Packing Charges 76.79 72.69
Contribution to Provident and Other Funds (refer Note 45) 41.26 36.85 Sales Commission 4.37 3.95
Share based payments to employees (net of recovery from subsidiaries) (refer Note 46) 17.28 14.31 Payments to Auditor (refer Note a) 1.29 1.35
Staff Welfare Expenses 14.81 17.90 Donations 5.00 0.11

Corporate Social Responsibility Expenses (refer Note 52) 27.70 26.30
TOTAL 787.75 736.89
Loss on disposal of Property, Plant and Equipment 5.85 -
Net Loss on Foreign Currency Transactions and Translation (refer Note 40) 2.13 1.86
35 Finance Costs
Miscellaneous Expenses 137.69 141.62
For the For the TOTAL 1,047.15 1,175.75
a. Details of Payments to Auditor (net of GST)
Interest expense on:
For the For the
Borrowings 4.41 - year ended year ended
31 March 2021
st
31 March 2020
st
Lease Liability (refer Note 51) 5.46 6.08
a) Auditors 1.04 1.04
Dealer Deposits & others 7.12 7.32
b) Tax Matters 0.21 0.19
TOTAL 16.99 13.40
c) Other Services 0.03 0.10
d) Reimbursement of Expenses 0.01 0.02
36 Depreciation, Amortisation and Impairment Expense
TOTAL 1.29 1.35
For the For the
38 Exceptional Items
For the For the
Depreciation on Property, Plant and Equipment (refer Note 4) 113.65 94.08 year ended year ended
Depreciation on Right of Use of Assets (refer Note 5 and Note 51) 26.55 24.19 31st March 2021 31st March 2020
Amortisation of Other Intangible Assets (refer Note 6) 6.90 7.52 Impairment in value of Asset Held for Sale [refer Note 53(h)] - 55.19
Impairment in value of Investment in a subsidiary [refer Note 7 (A)(ii) (a) and Note 18] 0.45 4.09
TOTAL 147.10 125.79
TOTAL 0.45 59.28
119
42 Segment information
( in crores)
Business Segment: The Company operates in two business segments namely Consumer & Bazaar (C&B) and Business to Business
39 Contingent Liabilities and Commitments (B2B). Consumer & Bazaar segment covers sale of products mainly to end consumers which are retail users such as carpenters,
painters, plumbers, mechanics, households, students, offices, etc. Sale consists of mainly adhesives, sealants, art and craft materials and
As at As at construction and paint chemicals. B2B covers sale of products to end customers which are mainly large business users. This includes
31st March 31st March Industrial Products (IP) such as adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects),
2021 2020 surfactants, etc. and caters to various industries like packaging, textiles, paints, joineries, printing inks, paper, leather, etc. Others
includes sale of speciality acetates, raw materials etc.
A) Contingent liabilities not provided for: Operating Segment disclosures are consistent with the information provided to and reviewed by the Managing Director (Chief
1. Operating Decision Maker).
Claims against the Company not acknowledged as debts comprise:
( in crores)
a) Income Tax demand against the Company not provided for and relating to issues of deduction and 58.72 58.50
Business Segments Year 2020-21 Year 2019-20
allowances in respect of which the Company is in appeal
Consumer Business Others Total Consumer Business Others Total
b) Excise Duty and Service Tax claims disputed by the Company relating to issues of classifications 21.08 22.13
& Bazaar to & Bazaar to
c) Sales Tax (VAT, CST, Entry Tax, LBT and GST) claims disputed by the Company relating to issues 156.85 165.92 Business Business
of declaration forms and classifications Revenue
d) Other Matters (relating to disputed Electricity Duty, Gram Panchayat Tax, 3.14 3.14 Segment Revenue 4,998.16 1,282.73 38.53 6,319.42 4,999.82 1,377.87 76.45 6,454.14
Open Access Charges, etc.)
Less : Inter Segment Revenue (4.10) (98.99) - (103.09) (7.05) (113.58) (0.92) (121.55)
2. a) Guarantees given by Banks on behalf of Government and others* 43.56 47.86 (at cost plus fixed margin)
b) Guarantees given by Company on behalf of the Subsidiaries to Banks* Net Revenue 4,994.06 1,183.74 38.53 6,216.33 4,992.77 1,264.29 75.53 6,332.59
Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda 15.44 25.64 Revenue based on geography
India 5,547.18 5,638.05
Pidilite Bamco Ltd 3.16 3.24
Outside India 669.15 694.54
Pidilite MEA Chemicals LLC (Previously known as Jupiter Chemicals LLC) 40.04 41.07
Segment Result 1,658.63 167.58 (1.84) 1,824.37 1,533.86 254.96 (4.55) 1,784.27
Pidilite Lanka Private Limited 32.32 33.15
Unallocable Expenses (410.81) (411.12)
Bamco Supply & Services Ltd 1.07 1.09
Unallocable Income 44.95 117.17
* Guarantees given are for business purpose. Operating Income 1,458.51 1,490.32
Note: The Company, being the holding/ultimate holding company, will extend financial support to its subsidiaries as and when required. Finance Cost (16.99) (13.40)
Interest/ Dividend Income 15.56 19.31
B) Commitments:
a) Estimated amount of contracts, net of advances, remaining to be executed for the acquisition of 177.93 204.00 Exceptional Items (0.45) (59.28)
Property, Plant and Equipment, investments and not provided for
b) For other commitments, refer Note 47(E)(ii) for financial instruments, Note 51 for leases and Note Tax Expense (375.17) (335.33)
54 (a) for committed investment in subsidiaries.
Profit for the year 1,081.46 1,101.62
The net amount of exchange differences debited to Statement of Profit and Loss is 2.13 crores ( 1.86 crores for the year ended Other Comprehensive Income (0.71) (11.20)
40 31st March 2020).
Total Comprehensive Income 1,080.75 1,090.42
41 Disclosure as per Regulation 34(3) read with Schedule 5 of Listing Regulations with the Stock Exchanges The above includes:
Depreciation, Amortisation and 64.92 30.03 0.97 95.92 49.52 23.62 3.87 77.01
a) Loans and Advances in the nature of loans given to subsidiaries, associates, firms/ companies in which directors are interested: Impairment (allocable)
Depreciation, Amortisation and 51.18 48.78
Name of the Company Relationship As at 31st March 2021 As at 31st March 2020 Impairment (unallocable)
Capital Expenditure (including Capital 181.49 68.81 - 250.30 215.24 100.25 6.14 321.63
Amount Maximum Amount Maximum Work-in-Progress) (allocable)
Outstanding Balance Outstanding Balance
Capital Expenditure (unallocable) 86.39 47.40
Outstanding Outstanding
during during There is no transaction with single external customer which amounts to 10% or more of the Company’s revenue
the year the year
Segment Assets & Liabilities 31st March 2021 31st March 2020
Pagel Concrete Technologies Pvt Ltd Subsidiary 0.33 0.33 0.33 0.33 Consumer Business Others Total Consumer Business Others Total
& Bazaar to & Bazaar to
Notes: Business Business
a) Loans and Advances shown above, fall under the category of ‘Loans & Advances’ in the nature of loans where there is no Segment Assets 2,724.66 979.15 20.53 3,724.34 2,256.02 786.05 76.36 3,118.43
repayment schedule and re-payable on demand. Unallocable Assets 3,899.07 2,700.63
Total Assets 7,623.41 5,819.06
b) Loans and Advances referred above are not bearing any interest and are fully provided.
Assets based on geography:
India 7,442.85 5,656.43
Segment Liabilities 1,208.22 395.70 1.74 1,605.66 905.78 289.00 4.77 1,199.55
Unallocable Liabilities 456.53 154.69
Total Liabilities 2,062.19 1,354.24
Other Information
Capital Employed 5,561.22 4,464.82
All the Non-Current Assets of the Company are located in India 121
44 Related Party Disclosures

43 Earnings Per Share (EPS) Related Party Disclosures as required by Ind-AS 24 ‘Related Party Disclosures’ are given below:
The following reflects the Profit and Share data used in the Basic and Diluted EPS computations: (i) Relationships:
a. Nitin Enterprises (refer Note 56) Subsidiary
For the year For the year
ended ended b. Fevicol Company Ltd Subsidiary
31st March 31st March c. Bhimad Commercial Company Pvt Ltd Subsidiary
2021 2020 d. Madhumala Ventures Pvt Ltd Subsidiary
(Formerly known as Madhumala Traders Pvt Ltd)
Basic:
e. Pagel Concrete Technologies Pvt Ltd Subsidiary
Profit for the year ( in crores) 1,081.46 1,101.62 f. Building Envelope Systems India Ltd Subsidiary
g. Nina Percept Private Limited Subsidiary
h. Hybrid Coatings Subsidiary
Weighted average number of equity shares in calculating basic EPS 50,81,35,294 50,79,93,224 i. Pidilite International Pte Ltd Subsidiary
j. Pidilite Middle East Ltd Subsidiary
Par value per share ( ) 1.00 1.00 k. Pidilite USA Inc Subsidiary
l. PIL Trading (Egypt) Company Subsidiary
Earning per share (Basic) ( ) 21.28 21.69
m. PT Pidilite Indonesia Subsidiary
n. Pidilite Speciality Chemicals Bangladesh Pvt Ltd Subsidiary
o. Pidilite Innovation Centre Pte Ltd Subsidiary
Diluted: p. Pidilite Industries Egypt - SAE Subsidiary
q. Pidilite Bamco Ltd Subsidiary
Profit for the year ( in crores) 1,081.46 1,101.62
r. Bamco Supply and Services Ltd Subsidiary
s. Pulvitec do Brasil Industria e Comercio de Colas e Adesivos Ltda Subsidiary
t. Pidilite MEA Chemicals LLC Subsidiary
Weighted average number of equity shares in calculating basic EPS 50,81,35,294 50,79,93,224 u. Pidilite Industries Trading (Shanghai) Co. Ltd Subsidiary
v. Pidilite Chemical PLC Subsidiary
Add: Effect of Employee Stock Options 4,19,540 1,70,850
w. Pidilite Lanka (Pvt) Ltd Subsidiary
Weighted average number of equity shares in calculating diluted EPS 50,85,54,834 50,81,64,074 x. ICA Pidilite Pvt Ltd Subsidiary
y. Nebula East Africa Pvt Ltd Subsidiary
z. Nina Lanka Construction Technologies (Pvt) Ltd Subsidiary
Par value per share ( ) 1.00 1.00 aa. Cipy Polyurethanes Pvt Ltd Subsidiary
ab. Pidilite Ventures LLC Subsidiary
Earning per share (Diluted) ( ) 21.27 21.68 ac. Pidilite East Africa Limited Subsidiary
ad. Pidilite Grupo Puma Pvt Ltd (w.e.f. 16th September 2019) Subsidiary
ae. Pidilite C-Techos Pvt Ltd (w.e.f. 18th September 2019) Subsidiary
af. Pidilite Litokol Pvt Ltd (w.e.f. 7th October 2019) Subsidiary
ag. Pidilite Grupo Puma Manufacturing Ltd (w.e.f. 13th January 2020) Subsidiary
ah. Nina Percept (Bangladesh) Pvt Ltd (w.e.f. 29th January 2020) Subsidiary
ai. Pidilite C-Techos Walling Ltd (w.e.f. 5th March 2020) Subsidiary
aj. Tenax Pidilite India Pvt Ltd (Formerly known as Tenax India Stone Subsidiary
Products Pvt Ltd) (w.e.f. 29th May 2020) [Refer Note 53 (a)]
ak. Pidilite Adhesives Pvt Ltd (Formerly known as Huntsman Advanced Subsidiary
Materials Solutions Pvt Ltd) (w.e.f. 4th November 2020)
[Refer Note 53 (b)]
al. Vinyl Chemicals (India) Ltd Associate
am. Aapkapainter Solutions Private Limited (w.e.f. 3rd November 2020) Associate
[Refer Note 53(d)(i)]
an. Plus Call Technical Services LLC Substantial Interest in Voting Power (Joint Venture)
ao. Parekh Marketing Ltd Significant Influence of KMP
ap. Pargro Investment Pvt Ltd Significant Influence of KMP
aq. Kalva Marketing and Services Ltd Significant Influence of KMP
(ii) Key Management Personnel (KMP):
a. Shri M B Parekh Executive Chairman
b. Shri Bharat Puri Managing Director
c. Shri A B Parekh Whole Time Director
d. Shri A N Parekh Whole Time Director
e. Shri Sabyasachi Patnaik (upto 29th February 2020) Whole Time Director
f. Shri Debabrata Gupta (w.e.f. 1st March 2020) Whole Time Director
(iii) Close member of Key Management Personnel:
a. Smt Mala M Parekh Wife of Executive Chairman 123
( in crores)
Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020
44 (iv) Transactions with Related Parties for the year ended 31st March 2021 are as follows:
Subsidiary Associate KMP/ Total Subsidiary Associate KMP/ Total
Significant Significant
( in crores)
Influence of Influence of
KMP/Close KMP/Close
Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020
member of member of
KMP KMP
Significant Significant c. Income from Services Rendered
Influence of Influence of Nina Percept Private Limited 2.34 - - 2.34 3.17 - - 3.17
KMP/Close KMP/Close
member of member of ICA Pidilite Pvt Ltd 0.16 - - 0.16 0.14 - - 0.14
KMP KMP Pidilite Lanka (Pvt) Ltd 0.24 - - 0.24 0.25 - - 0.25
Pidilite MEA Chemicals LLC 0.22 - - 0.22 0.23 - - 0.23
a. Sales and Related Income
Pidilite Speciality Chemicals 0.17 - - 0.17 0.32 - - 0.32
Parekh Marketing Ltd - - 50.82 50.82 - - 73.97 73.97 Bangladesh Pvt Ltd
Pidilite Bamco Ltd 0.15 - - 0.15 0.14 - - 0.14
Pidilite Industries Egypt - SAE 0.06 - - 0.06 0.07 - - 0.07
Nina Percept Private Limited 7.32 - - 7.32 13.36 - - 13.36 Hybrid Coatings 0.06 - - 0.06 0.06 - - 0.06
Pidilite Speciality Chemicals 30.23 - - 30.23 26.44 - - 26.44 Building Envelope Systems India Ltd 0.06 - - 0.06 0.06 - - 0.06
Bangladesh Pvt Ltd Pidilite Innovation Centre Pte Ltd 0.01 - - 0.01 0.02 - - 0.02
Pidilite East Africa Ltd. 0.07 - - 0.07 0.14 - - 0.14
Pidilite Lanka (Pvt) Ltd 10.07 - - 10.07 9.81 - - 9.81
Pulvitec Do Brasil Industria E Comercio 0.08 - - 0.08 - - - -
Pidilite Industries Egypt - SAE 3.85 - - 3.85 8.40 - - 8.40 De Colas E Adesivos Ltda
Cipy Polyurathanes Pvt Ltd 0.31 - - 0.31 - - - -
Pidilite USA Inc 6.07 - - 6.07 5.02 - - 5.02
Pidilite Adhesive Pvt Ltd 0.05 - - 0.05 - - - -
ICA Pidilite Pvt Ltd 0.34 - - 0.34 0.23 - - 0.23 (w.e.f. 4th November 2020)
Pidilite C-Techos Walling Ltd 0.01 - - 0.01 - - - -
Cipy Polyurathanes Pvt Ltd - - - - 0.05 - - 0.05
Pidilite Grupo Puma Mfg Ltd 0.10 - - 0.10 - - - -
PIL Trading (Egypt) Company 1.07 - - 1.07 0.66 - - 0.66 Pidilite Litokol Pvt Ltd 0.02 - - 0.02 - - - -
Tenax Pidilite India Pvt Ltd 0.11 - - 0.11 - - - -
Pidilite Bamco Ltd 0.24 - - 0.24 0.24 - - 0.24 (w.e.f. 29th May 2020)
Pidilite Innovation Centre Pte Ltd 0.15 - - 0.15 0.72 - - 0.72 Bamco Supply and Services Ltd* 0.00 - - 0.00 0.00 - - 0.00
Sub-Total (c) 4.22 - - 4.22 4.60 - - 4.60
Pulvitec Do Brasil Industria E Comercio 0.01 - - 0.01 - - - -
* Amount is 42,905 ( 41,485 for the year ended 31st March 2020)
De Colas E Adesivos Ltda
d. Dividend Received
(w.e.f. 4th November 2020) Vinyl Chemicals (India) Ltd - 1.65 - 1.65 - 1.79 - 1.79
Sub-Total (d) - 1.65 - 1.65 - 1.79 - 1.79
Pidilite East Africa Ltd 0.87 - - 0.87 - - - -
e. Purchase of Goods
Sub-Total (a) 107.37 - 50.82 158.19 120.28 - 73.97 194.25 Vinyl Chemicals (India) Ltd - 350.19 - 350.19 - 320.83 - 320.83
Nitin Enterprises 41.75 - - 41.75 39.51 - - 39.51
b. Royalty and Technical Knowhow Received
ICA Pidilite Pvt Ltd 57.31 - - 57.31 47.23 - - 47.23
Pidilite Speciality Chemicals 2.01 - - 2.01 2.21 - - 2.21 Cipy Polyurathanes Pvt Ltd 3.05 - - 3.05 3.22 - - 3.22
Bangladesh Pvt Ltd Hybrid Coatings 1.79 - - 1.79 2.72 - - 2.72
Building Envelope Systems India Ltd 3.26 - - 3.26 2.02 - - 2.02
Pidilite Industries Egypt - SAE 0.80 - - 0.80 0.75 - - 0.75 (w.e.f. 29th May 2020)
Pidilite Bamco Ltd 0.14 - - 0.14 0.17 - - 0.17 (w.e.f. 4th November 2020)
Sub-Total (e) 114.45 350.19 - 464.64 94.70 320.83 - 415.53
Bamco Supply and Services Ltd 0.10 - - 0.10 0.11 - - 0.11
f. Royalty Paid
Nebula East Africa Pvt Ltd 0.04 - - 0.04 0.05 - - 0.05 Pidilite Innovation Centre Pte Ltd - - - - 2.54 - - 2.54
Pidilite East Africa Ltd 0.02 - - 0.02 - - - - Sub-Total (f) - - - - 2.54 - - 2.54
g. Expense for services received
Pidilite Lanka (Pvt) Ltd 0.15 - - 0.15 - - - - Pidilite USA Inc 13.60 - - 13.60 14.28 - - 14.28
Sub-Total (b) 4.22 - - 4.22 4.17 - - 4.17 Pidilite Innovation Centre Pte Ltd 8.16 - - 8.16 3.92 - - 3.92
PT Pidilite Indonesia 0.71 - - 0.71 0.71 - - 0.71
Pidilite Industries Trading (Shanghai) 1.06 - - 1.06 0.72 - - 0.72
Co. Ltd
Pidilite Chemical PLC 0.02 - - 0.02 0.14 - - 0.14
Sub-Total (g) 23.55 - - 23.55 19.77 - - 19.77
125
Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020 Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020
Subsidiary Associate KMP/ Total Subsidiary Associate KMP/ Total Subsidiary Associate KMP/ Total Subsidiary Associate KMP/ Total
Significant Significant Significant Significant
Influence of Influence of Influence of Influence of
KMP/Close KMP/Close KMP/Close KMP/Close
member of member of member of member of
KMP KMP KMP KMP
h. Investment in Share Capital m. Compensation of Key Management Personnel of the Company:
Nina Percept Private Limited 4.82 - - 4.82 - - - - Remuneration/ Commission to Directors:
Pidilite Middle East Ltd 10.33 - - 10.33 - - - - i (Short Term Employee benefits)
Pidilite International Pte Ltd - - - - 18.03 - - 18.03 - Shri M B Parekh - - 3.13 3.13 - - 4.15 4.15
Madhumala Ventures Pvt Ltd 10.50 - - 10.50 126.49 - - 126.49 - Shri Bharat Puri - - 14.24 14.24 - - 13.96 13.96
- Shri A B Parekh - - 1.33 1.33 - - 1.80 1.80
Pidilite Litokol Pvt Ltd 4.08 - - 4.08 0.60 - - 0.60
- Shri A N Parekh - - 5.63 5.63 - - 5.84 5.84
Pidilite Industries Egypt - SAE - - - - 0.32 - - 0.32
Shri Sabyasachi Patnaik
Pidilite Grupo Puma Mfg Ltd 11.70 - - 11.70 0.01 - - 0.01 - - - - - - - 2.01 2.01
(Upto 29th February 2020)
Pidilite Chemical PLC 0.45 - - 0.45 0.74 - - 0.74 - Shri Debabrata Gupta - - 2.27 2.27 - - 0.29 0.29
Pidilite C-Techos Walling Ltd 0.61 - - 0.61 - - - - (w.e.f. 1st March 2020)
Sub-Total - - 26.60 26.60 - - 28.05 28.05
Sub-Total (h) 42.49 - - 42.49 146.19 - - 146.19
ii Share-based payments
i. Sale of Fixed Asset
- Shri Bharat Puri - - - - - - 16.65 16.65
Parekh Marketing Ltd - - - - - - 0.32 0.32
- Shri Sabyasachi Patnaik - - - - - - 0.40 0.40
Sub-Total (i) - - - - - - 0.32 0.32 (Upto 29th February 2020)
j. Rent Paid/ (Received) Sub-Total - - - - - - 17.05 17.05
Smt. Mala Parekh - - 0.58 0.58 - - 0.71 0.71 n. Dividend Paid - - - - - - 158.25 158.25
Parekh Marketing Ltd - - 0.07 0.07 - - 0.08 0.08
o. Outstanding Balances:
i Trade Receivables (net)
Pargro Investment Pvt Ltd - - (0.06) (0.06) - - (0.08) (0.08)
Parekh Marketing Ltd - - 19.53 19.53 - - 12.39 12.39
Sub-Total (j) 0.05 - 0.59 0.64 0.03 - 0.71 0.74
k. Reimbursement of expenses made
Nina Percept Private Limited 10.40 - - 10.40 24.76 - - 24.76
Pidilite Industries Egypt - SAE 3.17 - - 3.17 10.60 - - 10.60
Parekh Marketing Ltd - - 0.03 0.03 - - 0.03 0.03 Pidilite Speciality Chemicals 11.63 - - 11.63 2.85 - - 2.85
Pidilite Speciality Chemicals 0.32 - - 0.32 0.16 - - 0.16 Bangladesh Pvt Ltd
Bangladesh Pvt Ltd Pidilite USA Inc 1.89 - - 1.89 1.93 - - 1.93
PIL Trading (Egypt) Company 0.15 - - 0.15 0.09 - - 0.09 Pidilite Lanka (Pvt) Ltd 5.50 - - 5.50 3.23 - - 3.23
Pidilite Innovation Centre Pte Ltd 0.11 - - 0.11 0.10 - - 0.10 Pidilite Bamco Ltd 0.08 - - 0.08 - - - -
ICA Pidilite Pvt Ltd 0.06 - - 0.06 0.38 - - 0.38 Pidilite Innovation Centre Pte Ltd 0.15 - - 0.15 0.32 - - 0.32
Pidilite Lanka (Pvt) Ltd 0.18 - - 0.18 0.21 - - 0.21 PIL Trading (Egypt) Company 0.19 - - 0.19 0.44 - - 0.44
Nitin Enterprises 0.02 - - 0.02 - - - - Bamco Supply and Services Ltd 0.02 - - 0.02 - - - -
Pidilite Industries Egypt - SAE 0.11 - - 0.11 - - - - Pidilite East Africa Ltd 0.94 - - 0.94 - - - -
Sub-Total (k) 6.76 - 0.03 6.79 7.05 - 0.03 7.08 Pidilite Litokol Pvt Ltd 0.23 - - 0.23 - - - -
l. Reimbursement of expenses received Pidilite Grupo Puma Mfg Ltd 1.25 - - 1.25 - - - -
Pidilite C-Techos Walling Ltd 0.06 - - 0.06 - - - -
Cipy Polyurethanes Pvt Ltd 3.92 - - 3.92 - - - -
ICA Pidilite Pvt Ltd 0.05 - - 0.05 - - - -
Hybrid Coatings 0.03 - - 0.03 - - - -
Pidilite Litokol Pvt Ltd 0.20 - - 0.20 0.04 - - 0.04
Building Envelope Systems India Ltd 0.03 - - 0.03 - - - -
Pidilite Grupo Puma Mfg Ltd 1.08 - - 1.08 0.03 - - 0.03
Pidilite C-Techos Walling Ltd 0.06 - - 0.06 0.04 - - 0.04 (w.e.f. 4 th November 2020)
Cipy Polyurethanes Pvt Ltd 2.04 - - 2.04 1.07 - - 1.07 Tenax Pidilite India Pvt Ltd 1.33 - - 1.33 - - - -
(w.e.f. 29th May 2020)
(w.e.f. 4 th November 2020) Pulvitec Do Brasil Industria E 0.08 - - 0.08 - - - -
Comercio De Colas E Adesivos Ltda
(w.e.f. 29th May 2020) Nebula East Africa Pvt Ltd. 0.04 - - 0.04 - - - -
Nina Percept Private Limited 0.73 - - 0.73 - - - - Pargro Investment Pvt Ltd - - 0.01 0.01 - - - -
Sub-Total (l) 6.79 - - 6.79 1.67 - - 1.67 Sub-Total 60.19 - 19.54 79.73 66.76 - 12.39 79.15
127
( in crores)
Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020 45 Employee Benefits
Significant Significant The Company has classified various employee benefits as under:
Influence of Influence of
KMP/Close KMP/Close (A) Defined Contribution Plans
member of member of
KMP KMP (a) Provident Fund
ii Loans and advances
(b) Superannuation Fund
Pidilite Speciality Chemicals 0.26 - - 0.26 4.23 - - 4.23
Bangladesh Pvt Ltd (c) State Defined Contribution Plans
Pidilite Industries Egypt - SAE - - - - 0.45 - - 0.45 - Employers' Contribution to Employees' State Insurance
Pidilite Lanka (Pvt) Ltd - - - - 0.54 - - 0.54
- Employers' Contribution to Employees' Pension Scheme 1995
Pagel Concrete Technologies Pvt Ltd 0.33 - - 0.33 0.33 - - 0.33
ICA Pidilite Pvt Ltd 0.21 - - 0.21 0.56 - - 0.56 - Labour Welfare Fund
Pidilite Bamco Ltd - - - - 0.08 - - 0.08
(d) National Pension Scheme
Pidilite Innovation Centre Pte Ltd - - - - 0.01 - - 0.01
Nebula East Africa Pvt Ltd. - - - - 0.05 - - 0.05 The Provident Fund and the State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner,
the Superannuation Fund is administered by the LIC of India and National Pension Fund is administered by Pension Fund
Bamco Supply and Services Ltd - - - - 0.03 - - 0.03
Regulatory and Development Authority (PFRDA), as applicable, for all eligible employees. Under the schemes, the Company is
Pidilite East Africa Ltd - - - - 0.14 - - 0.14 required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds
Pidilite Litokol Pvt Ltd - - - - 0.04 - - 0.04 are recognised by the Income Tax Authorities.
Pidilite Grupo Puma Mfg Ltd 0.08 - - 0.08 0.03 - - 0.03
Pidilite C-Techos Walling Ltd - - - - 0.04 - - 0.04 The Company has recognised the following amounts in the Statement of Profit and Loss:
( in crores)
Cipy Polyurethanes Pvt Ltd - - - - 0.43 - - 0.43
For the For the
Pidilite Chemical PLC 0.01 - - 0.01 - - - - year ended year ended
Sub-Total 2.24 - - 2.24 9.64 - - 9.64 31st March 31st March
iii Trade Payables (net) 2021 2020
Vinyl Chemicals (India) Ltd - 93.75 - 93.75 - 23.07 - 23.07 (i) Contribution to Provident Fund 19.47 17.56
Nitin Enterprises - - - - 0.16 - - 0.16 (ii) Contribution to Employees’ Superannuation Fund 0.86 0.87
Pidilite Industries Trading 0.83 - - 0.83 0.72 - - 0.72 (iii) Contribution to Employees’ State Insurance Scheme 0.20 0.20
(Shanghai) Co Ltd
Pidilite MEA Chemicals LLC 0.05 - - 0.05 0.04 - - 0.04 (iv) Contribution to Employees’ Pension Scheme 1995 9.04 8.65
Pidilite USA Inc 0.58 - - 0.58 1.85 - - 1.85
Cipy Polyurethanes Pvt Ltd 0.54 - - 0.54 - - - - (v) Contribution to National Pension Scheme 3.61 2.80
Hybrid Coatings 0.74 - - 0.74 0.02 - - 0.02
TOTAL 33.18 30.08
Building Envelope Systems India Ltd 0.55 - - 0.55 0.49 - - 0.49
PIL Trading (Egypt) Company 0.19 - - 0.19 0.23 - - 0.23 (B) Defined Benefit Plans
PT Pidilite Indonesia 0.03 - - 0.03 0.07 - - 0.07
Gratuity
Pidilite Chemicals PLC - - - - 0.02 - - 0.02
Parekh Marketing Ltd - - - - - - 0.01 0.01 (C) Other Long-Term Benefits
Pidilite Innovation Centre Pte Ltd 0.84 - - 0.84 - - - -
Pidilite Adhesive Pvt Ltd 0.50 - - 0.50 - - - - (a) Compensated Absences
(w.e.f. 4 th November 2020)
(b) Anniversary Awards
(w.e.f. 29th May 2020)
(c) Premature Death Pension Scheme
Pidilite Lanka (Pvt) Ltd 0.04 - - 0.04 - - - -
Nina Percept Private Limited 0.77 - - 0.77 - - - - (d) Total Disability Pension Scheme
Pidilite East Africa Ltd 0.02 - - 0.02 - - - -
Pidilite Litokol Pvt Ltd 0.13 - - 0.13 - - - -
Sub-Total 18.41 93.75 - 112.16 7.17 23.07 0.01 30.25
p. Corporate guarantee given to bank on behalf of
Pulvitec do Brasil Industria e Comercio 15.44 - - 15.44 25.64 - - 25.64
de Colas e Adesivos Ltda
Pidilite Lanka Private Limited 32.32 - - 32.32 33.15 - - 33.15
Bamco Supply & Services Ltd 1.07 - - 1.07 1.09 - - 1.09
Sub-Total (p) 92.03 - - 92.03 104.19 - - 104.19
129
Valuations in respect of above have been carried out by independent actuary, as at the balance sheet date, based on the following assumptions: ( in crores)
Valuations as at 31 March 2021
st
31 March 2020
st

Gratuity Funded Gratuity Funded
(i) Discount Rate (per annum) 6.86% 6.65%
(iii) Net Benefit (Asset)/ Liability
(ii) Rate of increase in Compensation levels (per annum) 1st yr - 8.50%, 1st yr - 4%,
thereafter 6.50% thereafter 6.50% 1 Defined benefit obligation 101.16 87.57
(iii) Expected Rate of Return on Assets 6.86% 6.65%
2 Fair value of plan assets 98.05 85.74
(iv) Attrition Rate upto 5 yrs - 13%, upto 5 yrs - 13%,
3 Net Benefit (Asset)/ Liability (refer Note 26) 3.11 1.83
5 - 10 yrs - 5%, 5 - 10 yrs - 5%,
Above 10 yrs - 5% Above 10 yrs - 5% (iv) Expenses recognised in the Statement of Profit and Loss
(v) Retirement Age 60 years 60 years
1 Current Service Cost 8.43 6.98
(vi) The expected rate of return on plan assets is determined after considering several applicable factors such as the composition of
the plan assets, investment/ strategy, market scenario, etc. In order to protect the capital and optimise returns within acceptable 2 Interest cost on benefit obligation (net) (0.35) (0.21)
risk parameters, the plan assets are well diversified. 3 Total Expenses recognised in the Statement of Profit and Loss 8.08 6.77
(vii) The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the
estimated term of the obligations. (v) Remeasurement Effects Recognised in Other Comprehensive Income for the year
(viii) The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other 1 Actuarial (Gains)/ Loss arising from changes in
relevant factors.
- demographic assumption - (0.04)
Gratuity fund asset is managed by Life Insurance Corporation of India, there is no material risk that the Company would be
unable to meet its gratuity liability. Also as the fund is set up as a trust, the monies as a part of the trust will not flow back into - financial assumption 0.63 1.28
the Company until the last employee of the trust is paid.
- experience adjustment (0.67) 13.42
Note on other risks:
2 Return on plan asset 0.99 0.21
1 Investment Risk – The funds are invested by LIC and they provide returns basis the prevalent bond yields, LIC on an annual
3 Recognised in Other Comprehensive Income 0.95 14.88
basis requests for contributions to the fund, while the contribution requested may not be on the same interest rate as the bond
yields provided, basis the past experience it is low risk. (vi) Actual return on plan assets 4.71 4.96
2 Interest Risk – LIC does not provide market value of assets, rather maintains a running statement with interest rates declared
annually – The fall in interest rate is not therefore offset by increase in value of Bonds, hence may pose a risk.
(vii) Sensitivity Analysis
3 Longevity Risk – Since the gratuity payment happens at the retirement age of 60, longevity impact is very low at this age, hence
this is a non-risk.
Defined Benefit Obligation
4 Salary Risk – The liability is calculated taking into account the salary increase, basis past experience of the Company’s actual
salary increases with the assumptions used, they are in line, hence this risk is low risk. Discount Rate
( in crores) a Discount Rate - 100 basis points 108.00 93.28

31st March 2021 31st March 2020 b Discount Rate + 100 basis points 95.15 82.55
Gratuity Funded Gratuity Funded
Salary Increase Rate
(i) Changes in Present value of Obligation
1 Present value of defined benefit obligation at the beginning of the year 87.57 74.28 a Rate - 100 basis points 95.06 82.47
2 Previous period adjustments 5.69 - b Rate + 100 basis points 107.97 93.27
3 Current Service Cost 8.43 6.98 Note on Sensitivity Analysis
4 Interest Cost 5.35 4.97 1 Sensitivity analysis for each significant actuarial assumptions of the Company which are discount rate and salary assumptions
5 Actuarial (Gains)/Loss arising from changes in as of the end of the reporting period, showing how the defined benefit obligation would have been affected by changes is called
out in the table above.
- demographic assumption - (0.04)
2 The method used to calculate the liability in these scenarios is by keeping all the other parameters and the data same as in the
- financial assumption 0.63 1.28 base liability calculation except for the parameters to be stressed.
- experience adjustment (0.67) 13.42 3 There is no change in the method from the previous period and the points/percentage by which the assumptions are stressed
6 Benefits Paid (5.88) (13.32) are same to that in the previous year.
7 Acquisition under Business Combination (refer Note 56) 0.04 -
(viii) Expected Future Cashflows
8 Present value of defined benefit obligation at the end of the year 101.16 87.57
Year 1 17.74 13.89
(ii) Changes in Fair value of Plan Assets
1 Fair value of plan assets at the beginning of the year 85.74 69.89 Year 2 10.24 8.35
2 Expected Return on Plan Assets 5.70 5.17 Year 3 9.10 8.81
3 Actuarial Gain/(Loss) (0.99) (0.21) Year 4 8.43 7.91
4 Employer's Contributions 13.41 16.40
Year 5 8.41 7.05
5 Benefits Paid (5.88) (5.51)
Year 6 to 10 41.67 35.71
6 Acquisition under Business Combination (refer Note 56) 0.07 -
7 Fair value of plan assets at the end of the year 98.05 85.74 (ix) Average Expected Future Working Life (yrs) 11.15 11.09
131
46 Employee Stock Option Scheme b) Fair value of share options granted

The fair value of the stock options has been estimated using Black-Scholes model which takes into account as of grant date the
a) Details of Employee Share Options exercise price and expected life of the option, the current market price of underlying stock and its expected volatility, expected
dividends on stock and the risk free interest rate for the expected term of the option.
In the Annual General Meeting of the Company held on 24th July 2012, the shareholders approved the issue of 50,76,486 equity shares
under the Scheme titled “Employee Stock Option Scheme 2012” (ESOS 2012). The Board approved Employees Stock Option Scheme
Inputs into the model Granted Granted on Granted on Granted on 23rd January 2019-ESOP 2016
covering 3,00,000 Stock options, in terms of the regulations of the Securities and Exchange Board of India. on 8th 11th April 30th October
The ESOS 2012 allows the issue of options to Eligible employees of the Company. Each option comprises one underlying equity share. November 2018-ESOP 2018-ESOP
2017-ESOP 2016 2016
The exercise price of each option shall be 1/- per equity share. The options vest in the manner as specified in ESOS 2012. Options
2016
may be exercised within 5 years from the date of vesting.
Share price (on the date previous to 758.55 1,000.15 961.55 1,152.80 1,152.80 1,152.80
ESOP 2016 covering grant of 45,00,000 options (including 2,50,000 Options to be granted to Eligible Employees/ Directors of the grant date)
subsidiary Companies) was approved by the shareholders through Postal Ballot on 2nd April 2016. Each option comprises one
Exercise price 1.00 1.00 1.00 1.00 1.00 1.00
underlying equity share. The exercise price shall be 1/- per option or such other higher price as may be fixed by the Board or
Committee. Options to be granted under the Plan shall vest not earlier than one year but not later than a maximum of six years from Date of vesting (1) 08.11.2018 11.04.2019 30.10.2019 23.01.2022 29.01.2021 01.02.2021
the date of grant of such options. In the case of Eligible Employee who has not completed 3 years of employment as on date of the
Dividend yield (%) 0.85 0.62 2.54 0.84 0.84 0.84
grant of Options then the Options which are due for vesting before completion of 3 years as above, shall vest as on the completion of
3 years of employment in the Company by the Employee concerned or as may be approved by the Nomination and Remuneration Option life (no. of years) 2.50 2.50 2.50 6.00 5.02 5.02
Committee. Vested Options will have to be exercised within 3 years from the date of respective vesting.
Risk free interest rate (%) 6.69 7.09 8.01 7.56 7.49 7.49
The following share based payment arrangements were in existence during the current & prior years: Expected volatility (%) 22.12 21.65 23.20 24.34 23.87 23.86
Option Series Number Grant date Vesting date Exercise price Fair value at Date of vesting (2) 08.11.2019 11.04.2020 30.10.2020 23.01.2023 29.01.2022 01.02.2022
( ) grant date ( )
Dividend yield (%) 0.91 0.66 3.62 0.84 0.84 0.84
1 Granted on 8th November 2017-ESOP 2016 28,750 08.11.2017 08.11.2018 1.00 734.15
Option life (no. of years) 3.50 3.50 3.50 7.00 6.02 6.03
28,750 08.11.2017 08.11.2019 1.00 734.15
Risk free interest rate (%) 6.64 7.28 8.02 7.58 7.56 7.56
2 Granted on 11th April 2018-ESOP 2016 4,150 11.04.2018 11.04.2019 1.00 976.94
Expected volatility (%) 24.01 23.59 23.24 24.37 24.32 24.30
4,150 11.04.2018 11.04.2020 1.00 976.94
Date of vesting (3) - - 30.10.2021 23.01.2024 - -
3 Granted on 30th October 2018-ESOP 2016 1,33,200 30.10.2018 30.10.2019 1.00 931.19
Dividend yield (%) - - 4.82 0.84 - -
1,33,200 30.10.2018 30.10.2020 1.00 931.19
Option life (no. of years) - - 4.50 8.00 - -
1,500 30.10.2018 30.10.2019 1.00 924.50
1,500 30.10.2018 30.10.2020 1.00 924.50 Risk free interest rate (%) - - 8.15 7.65 - -
2,000 30.10.2018 30.10.2021 1.00 924.50 Expected volatility (%) - - 24.34 24.40 - -
4 Granted on 23rd January 2019-ESOP 2016 3,000 23.01.2019 23.01.2022 1.00 1,112.48
3,000 23.01.2019 23.01.2023 1.00 1,112.48 Inputs into the model Granted on Granted on 29th January Granted on 05th August Granted on
13th May 2020-ESOP 2016 2020-ESOP 2016 04th November
4,000 23.01.2019 23.01.2024 1.00 1,112.48 2019-ESOP 2020-ESOP
1,500 23.01.2019 29.01.2021 1.00 1,127.85 2016 2016
1,500 23.01.2019 29.01.2022 1.00 1,127.85 Share price (on the date 1,154.45 1,461.60 1,461.60 1,461.60 1,342.80 1,342.80 1,565.60
previous to grant date)
1,500 23.01.2019 01.02.2021 1.00 1,127.85
Exercise price 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1,500 23.01.2019 01.02.2022 1.00 1,127.85
Date of vesting (1) 13.05.2020 31.01.2021 18.11.2022 31.01.2021 05.08.2022 05.08.2021 04.11.2021
5 Granted on 13th May 2019-ESOP 2016 2,500 13.05.2019 13.05.2020 1.00 1,124.69
Dividend yield (%) 0.84 0.74 0.74 0.74 0.72 0.72 0.72
6 Granted on 29th January 2020-ESOP 2016 4,000 29.01.2020 31.01.2021 1.00 1,449.90
Option life (no. of years) 2.50 4.01 5.80 4.01 5.00 4.00 4.01
500 29.01.2020 31.01.2021 1.00 1,444.56
500 29.01.2020 31.01.2021 1.00 1,444.56 Risk free interest rate (%) 7.03 6.15 6.39 6.15 5.13 4.89 4.89
2,500 29.01.2020 18.11.2022 1.00 1,433.92 Expected volatility (%) 23.06 23.69 24.49 23.69 25.39 22.94 23.17
2,500 29.01.2020 18.11.2023 1.00 1,433.92 Date of vesting (2) - - 18.11.2023 31.01.2022 05.08.2023 05.08.2022 04.11.2022
7 Granted on 5th August 2020-ESOP 2016 5,000 05.08.2020 05.08.2022 1.00 1,318.08 Dividend yield (%) - - 0.74 0.74 0.72 0.72 0.72
5,000 05.08.2020 05.08.2023 1.00 1,318.08 Option life (no. of years) - - 6.80 5.01 6.00 5.00 5.01
1,400 05.08.2020 05.08.2021 1.00 1,319.96 Risk free interest rate (%) - - 6.43 6.39 5.62 5.13 5.13
1,050 05.08.2020 05.08.2022 1.00 1,319.96 Expected volatility (%) - - 24.56 23.76 25.95 25.39 25.73
1,050 05.08.2020 05.08.2023 1.00 1,319.96 Date of vesting (3) - - - - - 05.08.2023 -
8 Granted on 4th November 2020-ESOP 2016 15,245 04.11.2020 04.11.2021 1.00 1536.91
Dividend yield (%) - - - - - 0.72 -
15,245 04.11.2020 04.11.2022 1.00 1,536.91
Option life (no. of years) - - - - - 6.00 -
1,17,500 04.11.2020 04.11.2021 1.00 1,536.91
Risk free interest rate (%) - - - - - 5.62 -
1,17,500 04.11.2020 04.11.2022 1.00 1,536.91
Expected volatility (%) - - - - - 25.95 -
133
c) Movements in Share Options during the year 47 Financial Instruments

During the year ended During the year ended
31st March 2021 31st March 2020 (A) Capital Management
Options Weighted Options Weighted The Company manages its capital to ensure that entities in the Company will be able to continue as going concerns while maximising
(No.s) average (No.s) average the return to stakeholders through the optimum utilisation of the equity balance. The capital structure of the Company consists of
exercise exercise only equity of the Company. The Company is not subject to any externally imposed capital requirements.
price per price per
option option (B) Categories of financial instruments
( in crores)
Option outstanding at the beginning of the year
As at As at
- ESOP 2016 1,70,850 1 3,15,750 1 31st March 31st March
Granted during the year 2021 2020
Financial Assets
- ESOP 2016* 2,78,990 1 12,500 1
Measured at fair value through profit or loss (FVTPL)
Vested during the year - ESOP 2016** 1,39,300 1 1,55,850 1
Investments in Mutual funds, Preference Shares, Debentures and Bonds 332.49 1,025.81
Exercised during the year - ESOP 2016*** 29,600 1 1,45,500 1
Derivative assets towards Foreign Exchange Forward Contracts 0.09 1.70
Lapsed during the year****
Derivative Asset towards call option to buy subsidiary shares - 0.24
- ESOP 2016 (granted on 8th November 2017) - 1 2,400 1
Measured at amortised cost
- ESOP 2016 (granted on 30th October 2018) 700 1 9,500 1
Trade Receivables 999.09 806.63
Options outstanding at the end of the year
Cash and Cash Equivalents 109.81 564.17
- ESOP 2016 4,19,540 1 1,70,850 1
Other Bank balances 2.56 4.67
Options available for grant
Loans 21.07 29.42
- ESOS 2012 34,200 1 34,200 1
Other Financial Assets 22.40 19.41
- ESOP 2016 38,35,210 1 41,13,500 1
Total Financial Assets 1,487.51 2,452.05
The weighted average share price at the date of exercise for stock 1,820.83 1,331.62
options exercised during the year Financial Liabilities
Range of exercise price for options outstanding at the end of the year 1 1 Measured at fair value through profit or loss (FVTPL)
Derivative liabilities towards Foreign Exchange Forward Contracts 0.64 0.42

* Includes NIL options(Previous year 1,000) granted to Eligible Employees of the Subsidiary Companies
Derivative liability towards put option to buy subsidiary shares - 34.83
** Includes 400 options (Previous year 1,100) vested by Eligible Employees of the Subsidiary Companies
*** Includes 1,100 options (Previous year 400) exercised by Eligible Employees of the Subsidiary Companies Measured at amortised cost
**** Lapsed due to termination of employment with the Company Borrowings 55.00 -
Trade Payables 793.82 494.81
Lease Liabilities 67.33 73.34
Other Financial Liabilities 913.43 524.42
Total Financial Liabilities 1,830.22 1,127.82
(C) Financial risk management objectives

The Company’s Corporate Treasury function provides services to the business, co-ordinates access to domestic and international
financial markets, monitors and manages the financial risks relating to the operations of the Company through internal risk reports
which analyse exposures by degree and magnitude of risks. These risks include market risk, credit risk and liquidity risk. The
Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise.
Exchange rate exposures are managed within approved policy parameters utilising foreign exchange forward contracts. Compliance
with policies and exposure limits is a part of Internal Financial Controls. The Company does not enter into or trade in financial
instruments, including derivative financial instruments, for speculative purposes. The Corporate Treasury function reports quarterly
to the Company’s risk management committee, an independent body that monitors risks and policies implemented to mitigate
risk exposures.
(D) Market risk
The Company’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates (see note E below).
The Company enters into foreign exchange forward contracts to manage its exposure to foreign currency risk of net imports.
135
(E) Foreign currency risk management (ii) Foreign exchange forward contracts
The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities at the end of the
It is the policy of the Company to enter into foreign exchange forward contracts to cover foreign currency payments (net of
reporting period are as follows:
receipts) in USD and EUR. The Company enters into contracts with terms upto 90 days. The Company’s philosophy does not
Foreign Currency Exposure Foreign Currency Exposure permit any speculative calls on the currency. It is driven by conservatism which guides that we follow conventional wisdom by
(in FC) ( in crores) use of Forward contracts in respect of Trade transactions.
Regulatory Requirements: The Company does alter its hedge strategy in relation to the prevailing regulatory framework and
2021 2020 2021 2020
guidelines that may be issued by RBI, FEDAI or ISDA or other regulatory bodies from time to time.
Amounts recoverable/ (advance) in foreign currency on account of the following:
Mode of taking Cover: Based on the outstanding details of import payable and export receivable (in weekly baskets) the net trade
EUR 10,81,550.68 7,99,474.10 9.31 6.65 import exposure is arrived at (i.e. Imports – Exports = Net trade exposures). The net trade import exposure arrived at is netted off
USD 1,81,31,339.20 1,18,56,074.29 133.32 89.42 with the outstanding forward cover as on date and with the surplus foreign currency balance available in EEFC A/Cs. Forward
cover is obtained from bank for each of the aggregated exposures and the Trade deal is booked. The forward cover deals are all
AUD - 38,745.00 - 0.18 backed by actual trade underlines and settlement of these contracts on maturity are by actual delivery of the hedged currency for
GBP (9,350.00) - (0.09) - settling the underline hedged trade transaction.
Amounts (payable)/ advance in foreign currency on account of the following: The following table details the foreign exchange forward contracts outstanding at the end of the reporting period:
AED 2,09,539.00 2,36,491.04 0.42 0.49 Outstanding contracts Average exchange rates ( ) Foreign Currency
AUD 1,820.00 1,820.00 0.01 0.01 31 March
st
31 March
st
31 March
st
31st March
BDT* - 50,000.00 - 0.00 2021 2020 2021 2020
CHF (51,054.78) (5,212.31) (0.40) (0.04) USD - Buy 74.48 72.30 1,41,21,844.00 55,78,888.40
EUR (9,74,428.65) (2,86,454.95) (8.39) (2.38)
EUR - Buy - 80.43 - 72,00,000.00
GBP (9,79,835.82) (1,65,553.39) (9.89) (1.54)
( in crores)
JPY (1,00,47,800.00) (75,78,800.00) (0.67) (0.53)
SGD (1,54,359.69) - (0.84) - Outstanding contracts Nominal Amounts Fair value assets/ (liabilities)
USD (2,65,45,200.80) (1,42,44,907.61) (195.19) (107.34) 31st March 31st March 31st March 31st March
2021 2020 2021 2020
ZAR 64,255.58 64,255.58 0.03 0.03
USD - Buy 104.33 40.61 (0.55) 1.70
* BDT exposure is NIL as at 31 March 2021 ( 44,400 as at 31 March 2020).
st st
EUR - Buy - 60.22 - (0.42)

(i) Foreign currency sensitivity analysis
The Company is mainly exposed to the USD, EUR and JPY. The following table demonstrates the sensitivity to a 2% increase or TOTAL (0.55) 1.28
decrease in the USD, EUR and JPY against INR with all other variables held constant. The sensitivity analysis is prepared on the
net unhedged exposure of the Company as at the reporting date. 2% represents management assessment of reasonably possible The line-items in the financial statements that include the above hedging instruments are “Other Financial Assets” of 0.09 crores
changes in foreign exchange rates. ( 1.70 crores as at 31st March 2020) and “Other Financial Liabilities” of 0.64 crores ( 0.42 crores as at 31st March 2020) (refer Note:
13 and 24 respectively).
( in crores)
The aggregate amount of loss under foreign exchange forward contracts recognised in the Statement of Profit and Loss is 2.49
USD impact crores (profit of 2.42 crores as at 31st March 2020).
For the For the
year ended year ended (F) Credit risk management
Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Company.
Impact on profit or loss for the year (a) (1.24) (0.36) Credit risk arises primarily from financial assets such as trade receivables, investment in mutual funds, derivative financial
instruments, other balances with banks, loans and other receivables.
EUR impact The Company has adopted a policy of only dealing with counterparties that have sufficiently high credit rating. The Company’s
exposure and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably
For the For the spread amongst the counterparties.
Credit risk arising from investment in mutual funds, derivative financial instruments and other balances with banks is limited and
there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit
Impact on profit or loss for the year (b) 0.02 (0.09) ratings assigned by the international credit rating agencies.
(G) Liquidity risk management

JPY impact Liquidity risk is the risk that the Company will encounter difficulty in raising funds to meet commitments associated with financial
For the For the instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a financial
year ended year ended asset quickly at close to its fair value.
31 March 2021
st
31 March 2020
st
The Company has an established liquidity risk management framework for managing its short term, medium term and long term
funding and liquidity management requirements. The Company’s exposure to liquidity risk arises primarily from mismatches of the
Impact on profit or loss for the year (c) (0.01) (0.01) maturities of financial assets and liabilities. The Company manages the liquidity risk by maintaining adequate funds in Cash and
Cash Equivalents. The Company also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet
(a) This is mainly attributable to the exposure of outstanding USD receivables and payables at the end of the reporting period. all its normal operating commitments in a timely and cost-effective manner.
(b) This is mainly attributable to the exposure of outstanding EUR receivables and payables at the end of the reporting period. (i) Liquidity risk tables
(c) This is mainly attributable to the exposure of outstanding JPY payables at the end of the reporting period. The following tables detail the Company’s remaining contractual maturity for its non-derivative and derivative financial liabilities
with agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on
In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the exposure at the the earliest date on which the Company will be liable to pay.
end of the reporting period does not reflect the exposure during the year.
137
The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount is ( in crores)
derived from interest rate curves at the end of the reporting period.
( in crores) 48 Taxes
Less than 1 1-5 years More than 5 years Total Carrying Amount 1 Deferred Tax
year
As at 31st March 2021 As at As at
Interest bearing 2021 2020
- Borrowings 55.00 - - 55.00 55.00
Deferred Tax Assets (27.21) (38.60)
Non-interest bearing
Deferred Tax Liabilities 103.07 114.57
- Trade Payables 668.30 - - 668.30 668.30
- Other Financial Liabilities 706.14 8.98 - 715.12 715.12 TOTAL 75.86 75.97
1,374.44 8.98 - 1,383.42 1,383.42 a 2020- 2021

- Lease Liabilities (undiscounted) 23.80 49.30 11.86 84.96 67.33
Deferred Tax (Assets)/ Liabilities in relation to:
Fixed interest rate instruments
- Trade/ Security Deposit received 133.82 - - 133.82 133.82 Opening Recognised in Recognised Closing
Balance Profit or loss in Other balance
Derivative liabilities towards foreign 0.64 - - 0.64 0.64 Comprehensive
exchange forward contracts Income
Financial guarantee contracts 92.03 - - 92.03 -
Property, Plant and Equipment 18.08 8.71 - 26.79
As at 31st March 2020
Non-interest bearing Intangible Assets 73.07 (3.55) - 69.52
- Trade Payables 494.81 - - 494.81 494.81 FVTPL Financial Assets 4.23 2.52 - 6.75
- Other Financial Liabilities 393.31 7.26 - 400.57 400.57 Allowance for doubtful debts (7.81) (0.94) - (8.75)
888.12 7.26 - 895.38 895.38
Provision for Employee Benefits (12.33) (1.65) (0.24) (14.22)
- Lease Liabilities (undiscounted) 27.86 53.38 7.54 88.78 73.34
Fixed interest rate instruments Share issue and buy-back costs 1.48 (3.26) - (1.78)
Trade/ Security Deposit received 123.86 - - 123.86 123.86 Others (0.75) (1.71) - (2.45)
Derivative liabilities towards foreign 0.42 - - 0.42 0.42 TOTAL 75.97 0.12 (0.24) 75.86
exchange forward contracts
Derivative liability towards put option to 34.83 - - 34.83 34.83 b 2019- 2020
buy subsidiary shares
Deferred Tax (Assets)/ Liabilities in relation to:
Financial guarantee contracts 104.19 - - 104.19 -
Fair value measurements Property, Plant and Equipment 51.95 (33.87) - 18.08
(H)
This note provides information about how the Company determines fair values of various financial assets and financial liabilities. Intangible Assets 72.08 0.99 - 73.07
(i) Fair value of the Company’s financial assets and financial liabilities that are measured at fair value on a recurring basis FVTPL Financial Assets 17.07 (12.84) - 4.23
Some of the Company’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. Provisions for VRS 0.12 (0.12) - -
The following table gives information about how the fair values of these financial assets and financial liabilities are determined (in Allowance for doubtful debts (12.86) 5.05 - (7.81)
particular, the valuation technique(s) and inputs used).
Provision for Employee Benefits (14.99) 6.34 (3.68) (12.33)
Financial Assets/ Financial Liabilities Fair value Fair value Valuation
hierarchy technique(s) and Share issue and buy-back costs (0.40) 1.88 - 1.48
As at As at key input(s)
31st March 2021 31st March 2020 Others - (0.75) - (0.75)
1 Investment in Mutual/Alternate Various Various Level 1 Quoted bid prices TOTAL 112.97 (33.32) (3.68) 75.97
Investment Funds, Preference listed funds - listed funds - in active market
Shares, Debentures and Bonds aggregate fair aggregate fair 2 Income Taxes relating to continuing operations
value of value of
332.49 crores 1, 025.81 crores a Income Tax recognised in the Statement of Profit and Loss
2 Derivative assets and liabilities Assets - 0.09 Assets - 1.70 Level 2 Mark to market For the For the
towards foreign currency forward crores and crores and values acquired year ended year ended
contracts Liabilities - Liabilities - from banks, with 31st March 2021 31st March 2020
0.64 crores 0.42 crores whom the Com-
pany contracts. Current Tax
3 Derivative asset and liability towards Assets - NIL Assets - 0.24 Level 2 Fair values of In respect of the current year 375.05 368.65
call and put option to buy subsidiary and crores and options using black
TOTAL 375.05 368.65
shares Liabilities - Liabilities - scholes valuation
NIL 34.83 crores model based on Deferred Tax
Independent
Valuer's report In respect of the current year 0.12 (33.32)
(ii) Financial instruments measured at amortised cost TOTAL 0.12 (33.32)

The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a Income Tax expense recognised in the Statement of Profit and Loss relating to continuing 375.17 335.33
reasonable approximation of their fair values since the Company does not anticipate that the carrying amounts would be significantly operations
different from the values that would eventually be received or settled.
139

b The Income Tax expense for the year can be reconciled to the accounting profit as follows:
49 Research & Development Expenditure
For the For the

For the For the
2021 2020
Capital expenditure included in Property, Plant and Equipment 1.05 1.85
Income Tax Rate (%) 25.17 25.17
Revenue expenditure charged to Statement of Profit and Loss 71.86 69.37
Income Tax expense 366.60 361.65
TOTAL 72.91 71.22
Effect of income that is exempt from taxation (2.06) (4.19)
Effect of expenses that are not deductible in determining taxable profit 9.50 21.93
50 Disclosures required under Section 22 of Micro, Small and Medium Enterprises Development Act, 2006
Effect of concessions (research and development and backward area deductions) - (3.46)
For the For the
Effect of lower rate of tax - (48.22) year ended year ended
31 March
st
31 March
st
Others 1.13 7.62 2021 2020
Income tax expense recognised in the Statement of Profit and Loss 375.17 335.33 (i) Principal amount remaining unpaid to any SME supplier as at the end of the accounting 67.04 9.30
year
* The Tax rate used for the above reconciliation is the corporate tax rate of 25.168% (25.168% for the year ended 31st March 2020) payable by
corporate entities in India on taxable profits under Indian Tax Law. (ii) Interest due thereon remaining unpaid to any supplier as at the end of the accounting year - -
(iii) The amount of interest paid along with the amounts of the payment made to the supplier - -
beyond the appointed day
c Income Tax recognised in Other Comprehensive Income
(iv) The amount of interest due and payable for the year - -
For the For the
year ended year ended (v) The amount of interest accrued and remaining unpaid at the end of the - -
31st March 2021 31st March 2020 accounting year
Tax arising on income and expenses recognised in Other Comprehensive Income: (vi) The amount of further interest due and payable even in the succeeding year, until such date - -
when the interest dues as above are actually paid
Re-measurement of Defined Benefit Obligation 0.24 3.68
TOTAL 67.04 9.30
Income Tax recognised in Other Comprehensive Income 0.24 3.68
The above information regarding dues to Micro and Small Enterprises has been determined to the extent such parties have been identified on
the basis of information collected with the Company. This has been relied upon by the auditors.
141
51 Lease 53 Other Information

In previous year on transition, the adoption of the new standard resulted in recognition of ‘Right of Use’ asset of 110.88 crore and a) During the year, the Company has acquired 70% stake in equity shares of Tenax Pidilite India Pvt Ltd (“Tenax”)
a corresponding lease liability of 69.85 crores and transfer from asset amounting to 41.03 crores. The effect of this adoption is (formerly know as Tenax India Stone Products Pvt Ltd) from Tenax SPA Italy (Tenax Italy) thereby making
insignificant on the profit before tax, profit for the period and earnings per share. Ind AS 116 will result in an increase in cash inflows Tenax a subsidiary of the Company on 28th May 2020. Accordingly, a liability towards acquisition (refer Note
from operating activities and an increase in cash outflows from financing activities on account of lease payments. 24) has been recognised in this financial statement amounting to 15.94 crores which will be paid once the
preconditions mentioned in the agreement are met. Tenax Italy is the leading manufacturer of adhesives,
Refer note 47G(i) for contractual maturities of lease liabilities. coating, surface treatment chemicals and abrasives for the marble, granite and stone industry. Tenax is engaged
( in crores) in the sales and distribution of Tenax Italy products for the retail market in India.
Reconciliation of operating lease commitments as at 31 March 2019 with the lease liabilities recognised in the Balance Sheet
st b) During the year, the Company has acquired 100% stake in Pidilite Adhesive Private Limited (PAPL) (formerly
as at 1st April 2019: known as Huntsman Advanced Materials Solutions Private Limited) from Huntsman Group and thereby making
subsidiary of the company on 3rd November 2020. Huntsman Group is a leading global producer of differentiated
Operating lease commitments disclosed as at 31st March 2019 34.28 organic chemical products. PAPL manufactures and sells adhesives, sealants and other products under well-
Discounted using incremental borrowing rate of at 1st April 2019 46.51 known brands such as Araldite, Araldite Karpenter and Araseal. Huntsman group has been paid approximately
90% of the cash consideration at closing and balance approximately 10% under an earnout within 18 months if the
Add : finance lease liabilities recognised as at 31 March 2019
st
- business achieves sales revenue in-line with 2019. Accordingly, a liability towards acquisition (refer Note 24) has
(Less) : short-term leases not recognised as a liability (10.94)
been recognised in this financial statement amounting to 208.31 crores.
c) During the financial year 2017-18, 70% shareholding in CIPY Polyurethanes Pvt Ltd (CIPY) was acquired by
(Less) : low-value leases not recognised as a liability - entering into a share purchase agreement. Pursuant to share purchase agreement, the Company had an option
to purchase and the seller has an option to sell balance 30% of equity share capital of CIPY on or after expiry
Lease liability recognised as at 1st April 2019 69.85
of 3 years from acquisition date. Accordingly, an investment of 34.6 crores was accounted in the books with
Of which are: corresponding derivative liability (Net) in financial year 2017-18. During current year, seller has exercised the
option to sell the balance 30% stake on 6th January 2021. Additional investment of 48 crores to be recorded on
Current lease liabilities 16.49 transfer of balance shares. (refer Note 54)
Non-current lease liabilities 53.36 d) Madhumala Ventures Pvt Ltd (Formerly known as Madhumala Traders Pvt Ltd) (Madhumala), a wholly owned
subsidiary of the Company:
(i) invested an amount of 3.00 crores in current year ( 2.00 crores in previous year) in the Aapkapainter
Impact of adoption of Ind AS 116 on the Statement of Profit and Loss: Solutions Pvt Ltd (Aapkapainter). The company is engaged in providing painting and waterproofing
For the For the solutions to retail consumer.
year ended year ended (ii) Invested an amount of 19.15 crores in current year in the Homevista Interior Désigns E.Commerce Pvt
31st March 2021 31st March 2020 Ltd (Livspace) by subscription to Compulsory Convertible Non-Cumulative Preference Shares. Livspace is
Interest on lease liabilities (refer Note 35) 5.46 6.08 leading home design and renovation platform of India and Southeast Asia.
(iii) invested an amount of 71.48 crores in previous year in the Trendsutra Platform Services Pvt Ltd
Depreciation of Right of use assets (refer Note 36) 26.55 24.19
(Pepperfry) by subscription to Compulsory Convertible Non-Cumulative preference Shares. Pepperfry is an
Deferred tax (credit) (0.86) (0.97) online furniture chain in India.
(iv) invested an amount of 49.00 crores in previous year in the Homevista Décor & Furnishings Pvt Ltd
Impact on the Statement of Profit and Loss 31.15 29.30
(HomeLane) by subscription to Compulsory Convertible Cumulative preference Shares. HomeLane is a fast
growing home interiors company backed by strong tech-stack and presence in 7 cities with 16 experience
centers in India.
Expenses related to short term lease incurred during the year (refer Note 37) 13.34 11.96
e) During the previous year, the Company has incorporated a subsidiary in the name of ‘Pidilite Litokol Private
Limited’ (PLPL). This subsidiary is incorporated to carry on the business of chemicals epoxy grouts, chemical
52 Corporate Social Responsibility based products, etc. In terms of Shareholder’s agreement, the Company shall hold 60% of the paid-up share capital
and balance capital held by Litokol SPA, Italy.
As per Section 135 of the Companies Act, 2013, a Company, meeting the applicability threshold, needs to spend at least 2% of its
average net profit for the immediately preceding three financial years on corporate social responsibility (CSR) activities. The areas f) During the previous year, the Company has incorporated a subsidiary in the name of ‘Pidilite Grupo Puma
for CSR activities are eradication of hunger and malnutrition, promoting education, art and culture, healthcare, destitute care and Manufacturing Limited’ (PGPML) to carry on the business of manufacturing, processing, trading or dealing in
rehabilitation, environment sustainability, disaster relief and rural development projects. A CSR committee has been formed by the technical mortars, building materials, high quality C2 tile adhesives, other materials used in construction etc.
Company as per the Act. The funds were primarily allocated to a corpus and utilized through the year on these activities which are The Company shall hold 50% of the paid-up share capital and balance capital held by Corporacion Empresarial
specified in Schedule VII of the Companies Act, 2013. Grupo Puma S.L. (Grupo Puma).
(a) Gross amount required to be spent by the Company during the year is 25.88 crores ( 24.81 crores for the year ended g) During the previous year, the Company has incorporated a Subsidiary Company in the name of “Pidilite
31st March 2020) C-Techos Walling Limited” (PCWL) to carry on the business of construction of building works or any other
(b) Amount spent during the year on: structural or architectural work of any kind using C-Techos wall technology, manufacturing of ACC panels and
other ancillary products. The Company shall hold 60% of the paid-up share capital and balance capital held by
In cash Yet to be paid in TOTAL
Chetana Exponential Technologies Pvt Ltd.
cash
h) During previous year, the Company decided to sell plant and machinery pertaining to Synthetic Elastomer
(i) Construction/acquisition of any asset - - -
project located at Dahej having a carrying value of 60.52 crores as on 1st April 2019 (included in capital work in
(-) (-) (-) progress). Accordingly, reclassified these assets as “Assets held for sale” at fair market value of 38.28 crores and
an impairment loss amounting to 22.24 crores was provided in September 2019.
(ii) On purposes other than (i) above 27.70 - 27.70
The Company has undertaken its best efforts to find buyers for these assets. In absence of buyer, as at 31st March
(26.30) (-) (26.30) 2020, these assets were fair valued at estimated realizable scrap value in accordance with Ind AS 113 “Fair Value
Measurement”, being asset categorized as Level 3, whereby fair value is determined based on the inputs to the
Figures in brackets() represent previous year
valuation technique.
Out of these assets, Company had identified certain plant & machinery amounting to 5.33 crores for its internal
use and remaining plant & machinery amounting to 32.95 crores had been further impaired. Hence, an
impairment loss aggregating to 55.19 crores is disclosed as an exceptional item in the financial statements in
previous year. 143
( in crores)
i) During the previous year, the Company had paid Interim Dividend of 7.00 per equity share of 1 each for the 3 Identifiable assets acquired and liabilities assumed and capital reserve arising on date of acquisition
financial year 2019-20.
Property, Plant and Equipment 11.53
j) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions by
the company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released draft Capital Work-in-Progress 0.13
rules for the Code on Social Security, 2020 on 13th November 2020, and has invited suggestions from stakeholders
Intangible Assets
which are under active consideration by the Ministry. The Company will assess the impact and its evaluation
once the subject rules are notified and will give appropriate impact in its financial statements in the period in Goodwill 0.23
which, the Code becomes effective and the related rules to determine the financial impact are published.
Right of Use Assets 0.45
54 Events after reporting period Other Financial Assets - Non-Current 2.05
a) On 22nd April, 2021, the Company’s shareholding in its subsidiary namely M/s. Cipy Polyurethanes Pvt Ltd Other Non-Current Assets 4.17
(CIPY), has increased from 70% to 100%, pursuant to the acquisition of the balance 28,249 equity shares from
certain other shareholders, in accordance with the provisions of the shareholders agreement dated 5th January Inventories 4.98
2018. Consequent to this, CIPY is now a wholly owned subsidiary of the Company. The consideration of 60.49
crores (excluding certain contingent payment) has been paid in cash. Trade Receivables 0.91
b) Proposed dividend of 8.50 per Equity Share of 1 each recommended by the Board of Directors at its meeting Cash and Cash Equivalents 4.87
held on 12th May 2021. The proposed dividend is subject to approval at the ensuing Annual General Meeting of the
Other Current Assets 0.58
Company and hence is not recognised as a liability.
Total Assets Acquired (B) 29.90
55 In March 2020, the World Health Organisation declared COVID 19 to be a pandemic. As a result, the operations of
the Company were impacted in FY’21 with series of lockdowns announced by the government. Further disruptions Provisions - Non-Current 0.02
in operations also happened in between during the year with unexpected closure of sites due to detection of Covid
Trade Payables 8.14
patients. The situation gradually normalised from Q3’ FY’21 onward. However the Second wave of Covid again
disrupted operations in certain part of the country in April 2021. Other Financial Liabilities - Current 6.13
The Company has evaluated the impact of Covid 19 on the operations of the Company, order booking and revenue,
Other Current Liabilities 0.03
cash flow, assets and liabilities and factored in the impact of it upto the date of approval of these financial statements
on the carrying value of its assets and liabilities. Total Liabilities taken over (C) 14.32
Even though, it is very difficult to predict the duration of the disruption and severity of its impact, on the basis of Net Assets Acquired (D) = (B) - (C) 15.58
evaluation of overall economic environment, outstanding order book, liquidity position, debt status, recoverability of
receivables, the Company expects to recover the carrying amount of these assets and currently does not anticipate Capital Reserve (E) = (A) - (D) 1.72
any further impairment of it. In assessing the recoverability, the Company has considered internal and external
The gross contractual amounts and the fair value of trade and other receivables acquired is 0.91 crores. None
information upto the date of approval of these financial statements and has concluded that there are no material
impact on the operations and the financial position of the Company. of the trade and other receivables are credit impaired and it is expected that the full contractual amounts will be
recoverable.
Given the uncertainties, the impact of COVID-19 maybe different from that estimated as at the date of approval of
these financial statements, and the Company will continue to closely monitor the developments. Total Capital Reserve on acquisition was 1.72 crores. The Capital Reserve on acquisition can be attributable
to skilled employees, expected synergies from acquisition and other intangible assets that can not be identified
separately.
56 Business Combination
Nitin Enterprises contributed NIL towards revenue from operations and Company’s results. If the acquisition
1 Partnership Firm merged had occurred on 1st April 2020, revenue from operations would have been higher by 40.77 crores and profit would
Proportion of Consideration have been lower by 2.00 crores. In determining these amounts, it is assumed that the fair value adjustments, that
Date of arose on date of acquisition would have been same if the acquisition had occurred on 1st April 2020.
Financial Year Name of Firm Name of Firm voting equity transferred
acquisition
interests ( in crores)
acquired (%) 57 Approval of financial statement
During 2020-21 Nitin Enterprises Production of sealants 31st March 2021 100% 17.30
The financial statements are approved for issue by the Audit Committee and by the Board of Directors at their
( in crores) respective meetings held on 12th May 2021.

2 Consideration transferred
FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Cash 8.50
Consideration Payable 8.80

PUNEET BANSAL BHARAT PURI M B PAREKH
TOTAL (A) 17.30 Company Secretary Managing Director Executive Chairman
DIN: 02173566 DIN: 00180955
The Board of Directors at its meeting held on 29th January 2020 had approved a restructuring proposal whereby PRADIP KUMAR MENON Place: Mumbai
the Company shall, for operational convenience and synergies, acquire the business of wholly owned entity, Nitin Chief Financial Officer Date: 12th May 2021
Enterprises (a partnership firm having two partners which are wholly owned subsidiaries of the Company) on a
slump sale basis for a cash consideration. The Company has completed the acquisition of the business of wholly owned
entity, Nitin Enterprises on 31st March 2021. During previous year, the Company had made an advance payment of
8.5 crores to the seller and balance liability towards acquisition (refer Note 24) has been recognised in this financial
statement amounting to 8.8 crores.
145
Corporate Governance Report
In compliance with Regulation 34(3) and Schedule V of the Securities and Exchange Board of India (SEBI) *** Position in Audit Committee and Stakeholders Relationship Committee only (excluding private limited company, foreign company and
section 8 company) as provided in Regulation 26(1) of Listing Regulations.
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”) the Company submits the
following report: - ED– Executive Director, ED (P) – Executive Director, Promoter, NED (P) – Non-Executive Director, Promoter, NED (I) – Non-Executive
Director, Independent.
1. Company’s Philosophy on Code of Governance The Company provides teleconference/Video Conference facilities to Directors to participate in the meetings.
The Company is committed to complying with the best practices in Corporate Governance and aspires to reach higher Names of listed entity wherein Directors are holding position of Director & the category of Directorship as on
standards while emphasising on the principles of integrity, transparency, customer orientation thereby creating a 31st March 2021:
sustainable culture and long term value for all its stakeholders.
Name of Director Name of the other Listed company Category of Directorship
The Company has complied in all material respects with applicable mandatory requirements of the Listing Regulations.
2. Board Procedures Shri M B Parekh Vinyl Chemicals (India) Limited Managing Director and Chairperson
The Board / Statutory Committee meetings are pre-scheduled and a tentative annual calendar of the Board and Statutory Excel Industries Limited Non-Executive - Independent Director
Committee meetings is circulated to the Directors well in advance to facilitate them to plan their schedule and to ensure
meaningful participation in the meetings. However, in case of a special and urgent business need, the Board’s approval is Shri N K Parekh Vinyl Chemicals (India) Limited Non-Executive - Non Independent Director
taken by passing resolutions by circulation, as permitted by law, which are noted and confirmed in the subsequent Shri Bharat Puri Tata Consumer Products Limited Non-Executive - Independent Director
Board Meeting. (formerly known as Tata Global Beverages Ltd)
3. Board of Directors Shri A B Parekh Vinyl Chemicals (India) Limited Non-Executive - Non Independent Director
During the financial year 2020-21, seven Board Meetings were held on 9th April 2020, 17th June 2020, 6th August 2020,
10th September 2020, 28th October 2020, 4th November 2020 and 28th January 2021. Shri A N Parekh - -
The Directors of the Company, in their fiduciary position, are empowered to oversee the management functions with a view Shri B S Mehta Atul Limited Non-Executive - Independent Director
to ensuring its effectiveness and enhancement of shareholder value. The Board also reviews and approves management’s
Shri Sanjeev Aga UFO Moviez India Limited Non-Executive - Independent Director-Chairperson
strategic plan & business objectives and monitors the Company’s strategic direction.
The composition of the Board is in conformity with Regulation 17 of the Listing Regulations as well as the Companies Act, Mahindra Holidays & Resorts India Limited Non-Executive - Independent Director
2013 read with the Rules issued thereunder. The Independent Directors constitute more than 50% of the Board’s strength. Larsen & Toubro Infotech Limited Non-Executive - Independent Director
The details of composition of the Board, category, attendance of Directors at the Board Meetings and previous Annual
General Meeting (51stAGM), number of other Directorships and Committee positions as on 31st March 2021 are given below: Larsen & Toubro Limited Non-Executive - Independent Director
Sr. Name DIN Category No. of Attendance No. of No. of Committee Shri Uday Khanna Castrol India Limited Non-Executive - Independent Director
No. Board at 51st AGM Directorships positions held in
Meetings held in other other companies (***) Pfizer Limited Non-Executive - Independent Director
attended companies(**) Member Chairman-
@ Kotak Mahindra Bank Limited Non-Executive - Independent Director
-ships ships
1. Shri M B Parekh 00180955 ED (P) 7 Yes 10 1 - Smt Meera Shankar ITC Limited Non-Executive - Independent Director
(Executive Chairman)
Adani Transmission Limited Non-Executive - Independent Director
2. Shri N K Parekh 00111518 NED (P) 7 Yes 10 1 -
(Vice Chairman) JK Tyre & Industries Limited Non-Executive - Independent Director
3. Shri Bharat Puri 02173566 ED 7 Yes 5 1 -
Shri Vinod Kumar Dasari Eicher Motors Ltd Executive Director
(Managing Director)
4. Shri A B Parekh 00035317 ED (P) 7 Yes 14 - - Shri Piyush Pandey Zee Entertainment Enterprises Limited Non-Executive - Independent Director
(Whole Time Director)
Shri Debabrata Gupta - -
5. Shri A N Parekh 00111366 ED (P) 7 Yes 7 1 -
(Whole Time Director) Shri Rajeev Vasudeva - -
(w.e.f. 10th September 2020)
6. Shri Debabrata Gupta 01500784 ED 7 Yes - - -
(Whole Time Director)
Shri M B Parekh and Shri A B Parekh are related to each other. Shri A N Parekh and Shri N K Parekh are related to each
7. Shri B S Mehta 00035019 NED (I) 5 Yes 2 1 -
other. The Chairman is not related to the Managing Director, as per the definition of ‘relative’ defined under the Companies
8. Shri Sanjeev Aga 00022065 NED (I) 7 Yes 6 2 1 Act, 2013. The Chairman of the Company is a Promoter Director and has been serving as a Director of the Company since
9. Shri Uday Khanna 00079129 NED (I) 7 Yes 5 1 3 1972. He has guided the Company through decades of diversification and growth. He is primarily responsible for ensuring
10. Smt Meera Shankar 06374957 NED (I) 6 Yes 3 1 - that the Board provides effective governance to the Company.
11. Shri Vinod Kumar Dasari 00345657 NED (I) 6 Yes 5 - - The Managing Director of the Company is responsible for executing all corporate strategy and planning in consultation
12. Shri Piyush Pandey 00114673 NED (I) 6 Yes 5 1 - with the Board and other matters of the management.
13. Shri Rajeev Vasudeva* 02066480 NED (I) 3 - 3 - - The number of shares held by Non-Executive Directors as on 31st March 2021:
Notes: Shri B S Mehta – 24,716, Shri Sanjeev Aga – 798, Shri Uday Khanna – 5,000, Smt Meera Shankar – Nil; Shri Vinod Kumar
Dasari – Nil, Shri Piyush Pandey – Nil, Shri Rajeev Vasudeva – 670 and Shri N K Parekh (Promoter) – 5,42,73,688.
@ All the Board meetings were conducted through Video Conferencing.
* Appointed as an Additional Director (Non-Executive Independent) w.e.f. 10th September 2020. The familiarization programme for Independent Directors in terms of provisions of Listing Regulations is uploaded on the
** Including directorships held in private limited companies, Section 8 companies (as per Companies Act, 2013), Alternate directorships website of the Company: www.pidilite.com. The Independent Directors were updated with the strategic and operational
and directorships in entities incorporated outside India. details of the respective divisions of the Company.
147
Skills/ expertise/ competencies identified by the Board of Directors (as on 31st March 2021) Details of composition of the Audit Committee and attendance of the members at the meetings are given below:
The core skills/expertise/competencies available with the Board and taken into consideration while nominating any
Sr. No. Name Designation Category No. of Meetings attended
candidate to serve on the Board are:
Name of Directors Sales and Business Leadership & Legal & Finance, Relevant 1 Shri B S Mehta Chairman NED (I) 3
Marketing & Senior Governance Regulatory Accounts Technologies
Management Matters & Risk 2 Shri M B Parekh Member ED (P) 4
Management
3 Shri Uday Khanna Member NED (I) 4
Executive Directors
4 Shri Sanjeev Aga Member NED (I) 4
Shri M B Parekh √ √ √ √ √ √
Shri Bharat Puri, Managing Director is a permanent invitee, ex-officio.
Shri Bharat Puri √ √ √ √ √ √
The Company Secretary is the Secretary of the Audit Committee. The Chief Financial Officer, Vice President – Domestic
Shri A B Parekh √ √ √ √ √ √ Accounts, Chief - Internal Audit, Statutory Auditors and Internal Auditors are invited to attend the meetings. The Cost
Auditor is invited as and when required. The remuneration of Chief Internal Auditor is reviewed by the management.
Shri A N Parekh √ √ √ √ √ √
The Chairman of the Audit Committee was present at the 51st Annual General Meeting held on 10th September 2020.
Shri Debabrata Gupta √ √ √ √ 5. Nomination and Remuneration Committee (NRC)
Non-Executive Non-Independent Director NRC also functions as Compensation Committee as per SEBI (Share Based Employee Benefits) Regulations, 2014.
Shri N K Parekh √ √ √ √ √ √ The terms of reference of NRC consists of making recommendation to the Board for all remuneration payable to Directors
and Senior Management and making policy relating thereto, review of performance-based remuneration with reference to
Independent Director corporate goals and objectives, frame policy and review the process of succession planning at key levels in the Company and
other related matters.
Shri B S Mehta √ √ √ √
During the financial year 2020-21, seven meetings of the NRC were held on 17th June 2020, 5th August 2020,
Shri Sanjeev Aga √ √ √ √ √ 10th September 2020, 4th November 2020, 29th December 2020, 27th January 2021 and 11th March 2021.
Details of composition of the NRC and attendance of the members at the meetings are given below:
Shri Uday Khanna √ √ √ √ √
Sr. No. Name Designation Category No. of meetings attended

Smt Meera Shankar √ √ √
1 Shri B S Mehta Chairman NED (I) 5

Shri Vinod Dasari √ √ √ √ √
2 Shri N K Parekh Member NED (P) 7

Shri Piyush Pandey √ √ √ √ √

Shri Rajeev Vasudeva √ √ √ √
Independent Directors’ Meeting 4 Shri Vinod Dasari Member NED (I) 5
In accordance with the provisions of Schedule IV (Code for Independent Directors) of the Companies Act, 2013 and 5 Shri Rajeev Vasudeva* Member NED (I) 1
Regulation 25(3) of Listing Regulations, meeting of the Independent Directors of the Company was held on 8th March 2021.
*Shri Rajeev Vasudeva was appointed as member of NRC at the Board Meeting held on 28th January 2021 and as such he attended only one
Declarations NRC which was convened on 11th March 2021.
The Company has received declarations from the Independent Directors that they meet the criteria of independence laid Shri Rahul Kumar Sinha, Chief Human Resource Officer, acts as the Secretary of the NRC.
down under the Companies Act, 2013 and the Listing Regulations. The Board of Directors, based on the declaration(s)
received from the Independent Directors, have verified the veracity of such disclosures and confirm that the Independent The Committee’s constitution and terms of reference are in compliance with the provisions of Section 178 of the Companies
Directors fulfill the conditions of independence specified in the Listing Regulations and the Companies Act, 2013 and Act, 2013, Regulation 19 and Part D of Schedule II of Listing Regulations and SEBI (Share Based Employee Benefits)
are independent of the management of the Company. The Company has issued formal appointment letters to all the Regulations, 2014, as amended from time to time.
Independent Directors in accordance with the Companies Act, 2013 read with the Rules issued thereunder. The draft of the
The Committee has formulated Remuneration Policy for Directors, Key Managerial Personnel and Senior Management
letter of appointment/ re-appointment, containing the terms and conditions, issued to the Independent Directors, is posted
Personnel and is available on the Company’s website viz. www.pidilite.com. The Remuneration Policy is directed towards
on the Company’s website. Based on intimations/disclosures received from the Directors periodically, the Directors of the
time commitment and responsibilities of the Directors and senior management, desirability of performance-based
Company hold positions of, memberships/Chairmanships of the committees which are not more than the prescribed limits.
remuneration and salaries paid by comparable companies.
4. Audit Committee
The criteria for performance evaluation of Directors, Board etc. cover the areas relevant to the functioning of Independent
The composition of the Audit Committee, its powers and terms of reference are in alignment with provisions of Section Directors such as preparation, participation, conduct and effectiveness. The Board evaluation for financial year 2020-21 was
177 of the Companies Act, 2013 read with the Rules issued thereunder and Regulation 18 of the Listing Regulations. completed and summary of findings and recommendations were discussed by the Directors.
The members of the Audit Committee are financially literate and have experience in financial management. All the
recommendations made by the Audit Committee during the year under review were accepted by the Board.
During the financial year 2020-21, four meetings of the Audit Committee were held on 16th June 2020, 5th August 2020,
3rd November 2020 and 27th January 2021 (in respect of all the aforesaid meetings certain business items were transacted
and then meeting were adjourned to the next consecutive day for discussion on financial results and other related matters).
149
A. Remuneration of Executive Directors The Non-Executive Directors did not have pecuniary relationships or transactions vis-à-vis the Company. The Company
Details of Executive Directors’ remuneration for the financial year 2020-21 are given below: regularly obtains services from Ogilvy and Mather Pvt. Ltd., in which Shri Piyush Pandey, Independent Director of the
( in crores) Company, is a Whole-time Director. The Company has not granted any Stock option to any of its Non-Executive Directors.
Sr. Name Salary * Commission Variable Pay Perquisites Total Tenure In terms of Special Resolution passed by the Members at Annual General Meeting held on 30th August 2018, the aggregate
No. Payable (Provision) and other (No. of years) commission paid to the Non-Executive Directors does not exceed 1% per annum of the net profit of the Company computed
allowances in accordance with Section 198 of the Companies Act, 2013. The commission is determined by the Board of Directors
1 Shri M B Parekh 1.85 0 0 1.04 2.89 5 years from considering the time spent in attending Board meetings, Committee meetings and advice given to the Company as
(Executive Chairman) 01.08.2018 experienced/expert persons, whenever approached.
2 Shri Bharat Puri 5.74 3.66 1.93 2.08 13.41 5 years from 6. Stakeholders Relationship Committee
(Managing Director) 10.04.2020
The composition of the Stakeholders Relationship Committee is in compliance with the provisions of Section 178 of
3 Shri A B Parekh 0.79 0 0 0.42 1.21 5 years from
the Companies Act, 2013 read with the Rules issued thereunder and Regulation 20 of the Listing Regulations. During
(Whole Time Director) 01.08.2018
the financial year 2020-21, 13 meetings of the Share Transfer Committee were held and one meeting of Stakeholders
4 Shri A N Parekh 0.69 4.40 0 0.45 5.54 5 years from
Relationship Committee was held on 15th January 2021 which was attended by all the members of the Committee.
(Whole Time Director) 01.07.2020
Details of composition of the Stakeholders Relationship Committee are given below:
5 Shri Debabrata Gupta 1.08 0 0.27 0.81 2.16 3 years from
(Whole Time Director) 01.03.2020 Sr. Name Designation Category
No.
* Includes House Rent Allowance
1 Shri Sanjeev Aga Chairman NED (I)
The above figures are exclusive of Company’s contribution to Provident Fund, Superannuation, Gratuity and encashment of
leave at the end of tenure as per the rules of the Company. 2 Shri N K Parekh Member NED (P)
Details of Stock options: 3 Shri A B Parekh Member ED (P)
The Committee is empowered to look into redressal of shareholders’/investors’ grievance such as complaints relating to
Sr. Name of the Director Vesting date No. of options# Exercise period
No. transfer/transmission of shares, non-receipt of declared dividends, non-receipt of Annual Reports, effective exercise of
1 Shri Bharat Puri 30.10.2020 1,10,000* Within 3 years from
voting rights by shareholders, service standards for Registrar and Share Transfer Agent, reducing quantum of unclaimed
the date of vesting dividend, etc.
04.11.2021 1,17,500
The status of investor grievances and share transfers is reported to the Board on periodic basis.
04.11.2022 1,17,500 Shri Puneet Bansal, Company Secretary and Smt. Manisha Shetty, Additional Company Secretary, are the Compliance
2 Shri Debabrata Gupta 04.11.2021 210 Within 3 years from Officers for complying with the requirements of the Securities Laws and Listing Regulations.
the date of vesting Barring certain cases pending in Courts/Consumer Forums, mainly relating to disputes over the title to shares, in which
04.11.2022 210
the Company has been made a party, the Company and TSR Darashaw Consultants Pvt Ltd, have attended to all the
# The stock options are issued at the face value. shareholders’/investors’ grievances/correspondences generally within a period of 15 days from the date of receipt.
* Vested but not exercised.
The total number of letters received from the shareholders were 920 of which only 8 were in the nature of complaints. All
B. Service Contracts, notice period, severance fees the complaints were resolved to the satisfaction of shareholders. No request for transfer of shares was pending as on
Notice period for the Executive Directors is as applicable to the senior employees of the Company except for Shri Bharat 31st March 2021.
Puri where the notice period is of 365 days (as per agreement). No severance fee is payable to the Executive Directors on As per SEBI (Prohibition of Insider Trading) Regulations, 2015, (‘PIT Regulations’) the Company has adopted a Code of
termination of employment. Conduct for Prevention of Insider Trading (‘Code’). All the Directors, employees and other persons specified therein are
C. Details of sitting fees and commission to Non-Executive Directors governed by this Code.
The details of sitting fees paid for attending the Board/ Committee meetings and commission due to the Non-Executive The Company appointed Shri A N Parekh, Whole Time Director, Shri Puneet Bansal, Company Secretary and
Directors for the year ended 31st March 2021 are as under: Smt. Manisha Shetty, Additional Company Secretary as the Compliance Officers under PIT Regulations.
Sr. Name Sitting fees ( ) Commission Payable ( ) Total ( ) 7. Risk Management Committee
No.
The composition of Risk Management Committee is in compliance with the provisions of the Companies Act, 2013 and
1 Shri B S Mehta 8,25,000 25,00,000 33,25,000 Regulation 21 of Listing Regulations. During the year, two meetings of the Committee were held on 16thJune 2020 and
3rd November 2020.The constitution of the Risk Management Committee along with the details of the meetings attended
2 Shri Sanjeev Aga 11,57,000 25,00,000 36,57,000
during the financial year 2020-21 is detailed below:
3 Shri Uday Khanna 8,25,000 25,00,000 33,25,000
Sr. Name Designation Category No. of meetings
No. attended
4 Smt.Meera Shankar 5,20,000 25,00,000 30,20,000
1 Shri B S Mehta Chairman NED (I) 1
5 Shri Vinod Kumar Dasari 7,00,000 25,00,000 32,00,000 2 Shri Uday Khanna Member NED (I) 2
3 Shri A N Parekh Member ED (P) 2
6 Shri N K Parekh 13,53,000 25,00,000 38,53,000
4 Shri Debabrata Gupta Member ED 2
7 Shri Piyush Pandey 4,50,000 25,00,000 29,50,000
5 Shri A D Ubhaykar Member 2
8 Shri Rajeev Vasudeva* 2,75,000 13,83,562 16,58,562 6 Shri Sanjay Bahadur Member 2
* Appointed as Additional Director (Non-Executive Independent) w.e.f. 10 September 2020

th 7 Shri Pankaj Bhargava Member 2
151
The Company also has a Management Risk Committee, also known as the Risk Identification and Mitigation Committee 10. Means of Communication
(RIMC). 4 meetings of the RIMC were held during the financial year 2020-21. The terms of reference of the Committee is a. Publication of financial results:
mentioned in the Directors Report forming part of this Annual Report. The Chief Financial Officer or Chief - Internal Audit
The extract of standalone and consolidated results are normally published in The Economic Times and
acts as Secretary to the Committee. Maharashtra Times and are displayed on the website of the Company: www.pidilite.com
8. Corporate Social Responsibility (CSR) Committee
b. Websites and News Releases:
The composition of the CSR Committee is in alignment with provisions of Section 135 of the Companies Act, 2013. In compliance with Regulation 46 of the Listing Regulations, a separate dedicated section under ‘Investors’
The Committee met two times during the financial year 2020-21 i.e. on 17th June 2020 and 28th January 2021. on the Company’s website gives information on various announcements made by the Company, status of
The constitution of the CSR Committee along with the details of the meetings attended during the financial year 2020-21 is unclaimed dividend, Annual Report, Quarterly/Half yearly/ Nine-months and Annual financial results along
detailed below: with the applicable policies of the Company. The Company’s official news releases and presentations made to the
institutional investors and analysts are also available on the Company’s website (www.pidilite.com). Quarterly
Sr. Name Designation Category No. of meetings
Compliance Reports and other relevant information of interest to the Investors are also placed under the Investors
No. attended
Section on the Company’s website.
1 Shri N K Parekh Member NED (P) 2
c. Analysts presentations:
The presentations on performance of the Company are placed on the Company’s website for the benefit of the
3 Shri A B Parekh Member ED (P) 2 institutional investors, analysts and other shareholders immediately after the financial results are communicated
to the Stock Exchanges. The Company also conducts calls/meetings with investors immediately after declaration
4 Smt. Meera Shankar Member NED (I) 2
of financial results to brief them on the performance of the Company and a transcript of such calls/meeting are
5 Shri Debabrata Gupta Member ED 2 uploaded on the Company’s website and Stock Exchanges.
Members elect Chairperson of the Committee at each meeting. The Company Secretary acts as Secretary to the Committee. d. Stock Exchange:
The CSR Committee is empowered, pursuant to its terms of reference, inter alia, to: The Company makes timely disclosures of necessary information to BSE Limited (BSE) and the National Stock
a) Formulate and recommend to the Board a Corporate Social Responsibility Policy indicating the activities to be Exchange of India Limited (NSE) in terms of the Listing Regulations and other applicable rules and regulations
undertaken by the Company. issued by the SEBI.
e. Reminders to Investors:
b) Recommend the amount of expenditure to be incurred.
Reminders are, inter alia, sent to shareholders for registering their email ids, claiming returned undelivered share
c) Monitor the implementation of Corporate Social Responsibility Policy.
certificates and unclaimed dividend and transfer of shares thereto.
d) Recommend to the Board for apporval of Annual Action Plan for CSR Implementation f. The Annual Report with Audited Financial Statements of the Company and its subsidiaries are available in
The details of the CSR initiatives of the Company form part of the Social & Community Service Initiatives Report and Annexure downloadable formats on the website of the Company www.pidilite.com. The Annual Report and Audited
to the Directors’ Report. The Constitution of CSR Committee, the CSR Policy and details of CSR Projects are available on the Financial Statements of the Company are also available on the websites of the Stock Exchanges.
website of the Company:www.pidilite.com 11. General Information for Shareholders
9. General Body Meetings Detailed information in this regard is provided in the “Information for Shareholders” section, appearing in the
Details of location, date and time of the Annual General Meetings held during the last three years are given below: Annual Report.
Financial Venue Date & Time Details of special resolution passed at the AGM 12. Disclosures
Year
During the financial year 2020-21:
2019-20 Video Conferencing (“VC”)/Other 10th September 2020 • Re-appointment of Shri N K Parekh as Non-Executive
Audio Visual Means (“OAVM”) at 3.00 p.m. Director, who retired by rotation • There were no materially significant related party transactions which have potential conflict with the interest of
• Re-appointment of Shri Sanjeev Aga as an the Company at large. The details of related party transactions are set out in the Notes to Financial Statements
Independent Director for a second term of 5 forming part of this Annual Report.
consecutive years
• The Company has complied with all requirements of the Listing Regulations and guidelines of SEBI. Consequently,
2018-19 Kamalnayan Bajaj Hall, Bajaj 6th August 2019 • Re-appointment of Shri N K Parekh as a no penalties were imposed or strictures passed against the Company by SEBI, Stock Exchanges or any other
Bhavan, Jamnalal Bajaj Marg, at 3.00 p.m. Non-Executive Director, who retired by rotation.
Nariman Point, Mumbai-400 021.
statutory authority on any matter relating to capital markets during the last 3 years.
• Re-appointment of Shri B S Mehta as an Independent
Director for a second term of 5 consecutive years • The Company has complied with all the requirements of corporate governance as specified in Regulations 17 to 27
• Re-appointment of Shri Uday Khanna as an and clauses (b) to (i) of sub-regulation (2) of Regulation 46 of the Listing Regulations.
Independent Director for a second term of
5 consecutive years
• The Company has a Vigil Mechanism and Whistle Blower Policy for Directors and Employees to report violations
• Re-appointment of Smt. Meera Shankar as an of applicable laws and regulations and the Code of Conduct. During the year under review, no employee was denied
Independent Director for a second term of access to the Audit Committee Chairman.
5 consecutive years • The Company has no material subsidiary. Policy for determining ‘material’ subsidiary is uploaded on the website of
2017-18 Kamalnayan Bajaj Hall, Bajaj 30th August 2018 at • Re-appointment of Shri M B Parekh as the the Company: www.pidilite.com
Bhavan, Jamnalal Bajaj Marg, 11.00 a.m. Whole Time Director designated as
Nariman Point, Mumbai-400 021. Executive Chairman for a period of 5 years • Company’s Policy on Related Party Transactions is uploaded on the website of the Company: www.pidilite.com
• The Company has not made preferential allotment or qualified institutional placement.
The above mentioned Special Resolutions were passed with requisite majority.
• There were no instances, wherein the Board had not accepted recommendations made by any committee of
Postal Ballot the Board.
No postal ballot was conducted during the financial year 2020-21. There is no immediate proposal for passing any resolution
• Total fees of 1.50 crores for financial year 2020-21, for all services, was paid by the Company and its subsidiaries,
through postal ballot.
on a consolidated basis to the Statutory Auditors of the Company M/s. Deloitte Haskins & Sells LLP and all entities
in the network firm/network entity of which the Statutory Auditors is a part.
153
Corporate Governance Compliance Certificate
13. Equity shares in Unclaimed Suspense Account To

The details of Equity shares in Unclaimed Suspense Account under Regulation 39 and Schedule VI of Listing Regulations The Members of
are as follows: M/s. Pidilite Industries Limited
Description No. of Records No. of Equity Shares
of 1/- each We have examined relevant records of M/s Pidilite Industries Ltd. (the Company) for the purpose of certifying compliance of
No. of shareholders and outstanding shares at the beginning of the year 43 38786 the conditions of Corporate Governance for the financial year ended on 31st March 2021 as per the provisions of Regulations
17 to 27, clauses (b) to (i) of Regulation 46(2) and para C, D and E of Schedule V of Securities and Exchange Board of India
No. of shareholder’s request received for transfer of shares during the year 0 0 (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“Listing Regulations”). We have obtained all the
information and explanations which to the best of our knowledge and belief were necessary for the purpose of certification.
No. of shareholders to whom shares transferred during the year 0 0
No. of shareholders and shares transferred to IEPF A/C 43 38786 The compliance of the conditions of Corporate Governance is the responsibility of the Management of the Company. Our
examination was limited to the review of procedure and implementation thereof, as adopted by the Company for ensuring
No. of shareholders and outstanding shares at the end of the year 0 0 compliance with conditions of Corporate Governance. It is neither an audit nor an expression of opinion on the financial
The voting rights on the above shares shall remain frozen till the rightful owner of such shares claims the shares. statements of the Company.
14. Compliance of discretionary requirements under Regulation 27 of Listing Regulations We have conducted online verification of records, as facilitated by the Company, due to Covid-19 and subsequent lockdown
a. The Chairman of the Company, Shri M B Parekh, is the Executive Chairman. situation for the purpose of issuing this Certificate.
b. As the financial results are published in the newspapers and also posted on Company’s website, the same are not
being sent to the shareholders. On the basis of our examination of the records produced, explanations and information furnished and considering the
practical difficulties caused by lockdown imposed by the State Government due to Covid-19 pandemic, we certify that the
c. The Company’s financial statements for the financial year ended 31st March 2021 do not contain any modified audit
Company has complied with the conditions of Corporate Governance for the financial year ended on 31st March 2021 as
opinion.
stipulated in the Listing Regulations.
d. Shri Bharat Puri is the Managing Director and Chief Executive Officer of the Company. He is not related to any
Director, Key Managerial Personnel or their relatives of the Company. This certificate is neither an assurance as to the future viability of the Company nor the efficacy or effectiveness with which
e. The Internal Auditor makes quarterly presentation to the Audit Committee on their Reports. the Management has conducted the affairs of the Company.
15. Information relating to Directors
Information relating to Directors seeking appointment/reappointment as required under Regulation 36(3) of Listing
Regulations is given in the Notice of the ensuing 52nd Annual General Meeting. Place: Mumbai For M M SHETH & CO.
Date: 12th May 2021 (Company Secretaries)
16. Disclosures in relation to the Sexual Harassment of Women at Workplace (Prevention, Prohibition and Redressal)
Act, 2013 during the financial year 2020-21
a. Number of complaints filed during the financial year: Nil
b. Number of complaints disposed of during the financial year: 1 M M SHETH
(Prop)
c. Number of complaints pending as on end of the financial year: Nil
FCS No. 1455, CP No. 729
17. Certificate from Company Secretary in Practice: PR No. 1000/2020
A certificate from Shri M M Sheth of M/s. M M Sheth & Co., Company Secretaries in Practice is attached with this report UDIN: F001455C000286036
stating that none of the Directors on the Board of the Company have been debarred or disqualified from being appointed or
continuing as directors of companies by SEBI/Ministry of Corporate Affairs or any such statutory authority.
18. Governance of Subsidiary Companies:
The summary of the minutes of the Board Meetings of the subsidiary companies along with the details of significant
transactions and arrangements entered into by the subsidiary companies are shared with the Board of Directors on a
quarterly basis. The financial statements of the subsidiary companies are presented to the Audit Committee. The Company
does not have a material subsidiary as on the date of this Report. The information in respect of the loans and advances in
the nature of loans to subsidiaries pursuant to Regulation 34 read with Schedule V of the Listing Regulations is provided in
Notes to the standalone financial statements.
19. Declaration by Shri Bharat Puri, Managing Director under Schedule V (D) of Listing Regulations
‘Pursuant to Schedule V (D) of Listing Regulations, I hereby declare that all the Board Members and Senior Management
personnel of the Company have affirmed compliance with the Code of Conduct of Board of Directors and Senior
Management for the year ended 31st March 2021.’
155
Certificate of Non-Disqualification of Directors Information for Shareholders
[pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI Annual General Meeting
Month Share Price ( )
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
Day, Date and Time:
High Low
Wednesday, 11th August 2021 at 3.00 p.m.
To
December 2020 1,778.00 1,534.30
Venue:
The Members of
M/s. Pidilite Industries Limited, The Company is conducting AGM through Video January 2021 1,842.00 1,663.80
Regent Chambers, 7th Floor, Conferencing/Other Audio Visual Means as permitted
under the various circulars issued by Ministry of Corporate February 2021 1,808.90 1,665.00
208, Nariman Point, Mumbai – 400021.
Affairs.
March 2021 1,838.30 1,681.00
I have examined the relevant registers, records, forms, returns and disclosures received from the Directors Financial Year: 1st April 2020 to 31st March 2021 Share prices during the financial year 2020-21 at BSE for
of Pidilite Industries Limited having CIN: L24100MH1969PLC014336 and having registered office at
Date of Book Closure: one equity share of 1/- each were as under:
Regent Chambers, 7th Floor, 208, Nariman Point, Mumbai – 400021, Maharashtra, India (hereinafter referred to as ‘the
Company’), produced before me by the Company for the purpose of issuing this Certificate, in accordance with Regulation Thursday, 29th July 2021 to Wednesday, 11th August 2021
Month Share Price ( )
34(3) read with Schedule V Para-C Sub clause 10(i) of the Securities Exchange Board of India (Listing Obligations and (both days inclusive).
Disclosure Requirements) Regulations, 2015. High Low
Dividend Payment:
I have conducted online verification of records, as facilitated by the Company, due to Covid-19 pandemic and subsequent
Credit/dispatch of dividend warrants will commence April 2020 1,583.00 1,197.10
lockdown situation for the purpose of issuing this Certificate.
from 13th August 2021 subject to the approval of payment
In my opinion and to the best of my information and according to the verifications (including Directors Identification May 2020 1,520.00 1,331.10
of dividend by the shareholders at the Annual General
Number (DIN) status at the portal www.mca.gov.in) as considered necessary and explanations furnished to me by the Meeting. June 2020 1,532.25 1,366.95
Company & its officers, I hereby certify that none of the Directors on the Board of the Company as stated below for the
Financial Year ending on 31st March 2021 have been debarred or disqualified from being appointed or continuing as Listing of Shares on Stock Exchanges: July 2020 1,454.20 1,340.00
Directors of companies by the Securities and Exchange Board of India, Ministry of Corporate Affairs or any such other The equity shares of the Company are listed on BSE
Statutory Authority. August 2020 1,501.00 1,307.05
Limited (BSE) and National Stock Exchange of India
Sr. No. Name of Director DIN Original Date of Limited (NSE).The Annual Listing fee for the financial year September 2020 1,516.45 1,390.60
Appointment in Company 2020-21 has been paid to BSE and NSE.
October 2020 1,599.80 1,435.00
1 Narendrakumar Kalyanji Parekh 00111518 28/07/1969 Stock Codes
November 2020 1,620.00 1,501.60
2 Madhukar Balvantray Parekh 00180955 31/08/1972
Name and address of the Stock Exchange Stock Code
3 Ajay Balvantray Parekh 00035317 26/06/1985 December 2020 1,778.85 1,535.00
4 Bansidhar Sunderlal Mehta 00035019 25/07/2000 BSE Limited 500331 January 2021 1,849.90 1,662.95
Phiroze Jeejeebhoy Towers,
5 Apurva Narendrakumar Parekh 00111366 01/07/2005
Dalal Street, Mumbai - 400 001. February 2021 1,819.00 1,665.00
6 Bharat Tilakraj Puri 02173566 28/05/2008
National Stock Exchange of India Limited PIDILITIND March 2021 1,837.80 1,680.80
7 Uday Chander Khanna 00079129 03/04/2014 Exchange Plaza, C-1, Block G, Bandra Kurla
8 Meera Shankar 06374957 30/07/2014 Complex, Bandra (E), Mumbai - 400 051.
Stock Performance
9 Sanjeev Aga 00022065 29/07/2011 Market Price Data Base is considered to be 100 as on 1st April 2020 .
10 Vinod Kumar Dasari 00345657 01/09/2015
Share prices during the financial year 2020-21 at NSE for The performance of the Company’s shares in comparison to
11 Piyush Indernarayan Pandey 00114673 11/04/2018 one equity share of 1/- each were as under: BSE sensex is given in the chart below:
12 Debabrata Sujit Gupta 01500784 01/03/2020
Month Share Price ( ) 180
13 Rajeev Vasudeva 02066480 10/09/2020
170
Ensuring the eligibility for the appointment / continuity of every Director on the Board is the responsibility of the High Low
160
management of the Company. My responsibility is to express an opinion on these based on my verification. This certificate 150
April 2020 1,584.00 1,196.40
is neither an assurance as to the future viability of the Company nor of the efficiency or effectiveness with which the
140
management has conducted the affairs of the Company. May 2020 1,521.50 1,330.00
130
June 2020 1,532.95 1,366.25 120
Place: Mumbai For M M SHETH & CO.
110
Date: 12th May 2021 (Company Secretaries) July 2020 1,453.30 1,340.00
100
Percent
August 2020 1,504.30 1,306.95 90
80
M M SHETH September 2020 1,517.00 1,390.00
Jan-21
Feb-21
Mar-21
Apr-20
May-20
Jun-20
Jul-20
Aug-20
Sep-20
Oct-20
Nov-20
Dec-20
(Prop)
October 2020 1,600.00 1,434.00
FCS No. 1455, CP No. 729
PR No. 1000/2020 November 2020 1,620.00 1,500.60
UDIN: F001455C000286014 Pidilite (BSE) BSE Sensex
157
Registrar & Share Transfer Agent Services (India) Limited. The Company’s equity shares are given by CRISIL for short-term borrowings and long-term Address for Correspondence
required to be compulsorily traded in the dematerialised borrowings of the Company are A1+ and AAA respectively. Registered Office:
TSR Darashaw Consultants Private Limited
form. The shares are available for dematerialisation under There was no revision in the said ratings during the year
(formerly known as TSR Darashaw Limited) Regent Chambers, 7th Floor, Jamnalal Bajaj Marg,
ISIN - INE318A01026. under review.
Unit: Pidilite Industries Limited 208, Nariman Point, Mumbai - 400 021
C 101, 1st Floor, 247 Park, L. B. S. Marg, Vikhroli (West), Requests for dematerialisation of shares are processed and Commodity price risk / Foreign Exchange Risk and Tel No: 022-2282 2708
Mumbai - 400083 generally confirmed within 15 days of receipt. Hedging Activities CIN: L24100MH1969PLC014336
Tel : 022 - 66568484 Transfer of unclaimed dividend & shares to the Investor Certain key raw materials and packing materials used by Corporate Office:
Fax : 022 - 66568494 Education and Protection Fund the Company are derivatives of commodities such as crude
E-mail: [email protected] Ramkrishna Mandir Road,
Pursuant to applicable provisions of the Companies Act, oil, paper, aluminium etc. Any material price fluctuation in
Website: https://www.tcplindia.co.in Off. Mathuradas Vasanji Road,
2013 read with the Investor Education and Protection such commodities can impact the margins of the Company
Andheri (E), Mumbai - 400 059
Fund Authority (Accounting, Audit, Transfer and Refund) till the impact is appropriately factored in the pricing of
Share Transfer System Tel No : 022-28357000/7949
Rules, 2016 (Rules), all unpaid or unclaimed dividends and Company’s products. The Company does not undertake
Fax No : 022-28216007
The Company has delegated the authority to approve shares shares in respect of which dividend has not been paid or commodity hedging activities.
E-mail : [email protected]
received for transfer in physical form to TSR Darashaw claimed by the shareholders for seven consecutive years or The Company has managed the foreign exchange risk Website : www.pidilite.com
Consultants Private Limited, Registrar & Share Transfer more have been transferred by the Company to the Investor with appropriate hedging activities in accordance with the Corporate Secretarial/Investors’ Assistance Department
Agent and Share Transfer Committee comprising of the Education and Protection Fund (IEPF) Authority. The said policies of the Company.
Directors viz, Sarva Shri N K Parekh, A B Parekh and requirement does not apply to shares in respect of which The Company’s Secretarial Department headed by
A N Parekh. there is a specific Order of Court, Tribunal or Statutory Exposure to commodity and commodity risks faced by the Shri Puneet Bansal, Company Secretary, is situated at
Authority, restraining transfer of the shares. Company throughout the year is Nil the Corporate Office mentioned above. Shareholders/
Presently the share transfers documents are processed Investors may contact Shri. Puneet Bansal or
and the share certificates duly transferred are returned During the year under review, the Company had sent
Shareholding Pattern as on 31st March 2021 Smt. Manisha Shetty at the Corporate Office in Mumbai
generally within a period of 15 days from the date of receipt, individual notices through email and also advertised in
for any assistance they may need.
subject to the documents being valid and complete in the newspapers seeking action from the shareholders who
UTI, Mutual Funds, Banks,
have not claimed their dividends for seven consecutive Outstanding GDRs/ADRs/Warrants
all respects. Insurance Companies
years or more. Accordingly, the Company has transferred & AlternateInvestment The Company has no outstanding GDRs/ADRs/Warrants as
Distribution of Shareholding as on 31st March 2021 to IEPF following unpaid or unclaimed dividends and Funds 7.49 % on 31st March 2021.
No. of Equity No. of No. of
corresponding shares as under:
% % Employee Stock Options
Shares held Shareholders Shares Particulars Amount of No. of shares
The information with regard to the Employee Stock Options
dividend ( )
Upto 5000 2,83,387 99.13 2,70,20,654 5.32 FII’s & FPI’s are set out under Annexure to Directors’ Report.
Final Dividend for the 15,58,638 51,818 11.88 %
Financial Year 2012-13
5001 - 10000 1,485 0.52 1,10,30,107 2.17
The Company has uploaded the above mentioned details on Bodies
10001- 20000 414 0.14 58,96,991 1.16 its website: www.pidilite.com and also on the website of the Corporate & Indian
IEPF Authority (www.iepf.gov.in). Public 10.47 %
20001- 30000 122 0.04 30,05,649 0.59
The voting rights on the shares transferred to IEPF
30001- 40000 78 0.03 27,46,579 0.54 Authority shall remain frozen till the rightful owner claims
the shares from the IEPF Authority.
40001- 50000 49 0.02 21,75,924 0.43
Shareholders/claimants whose shares, unclaimed dividend, Promoters
50001- 100000 117 0.04 84,87,050 1.67 have been transferred to the IEPF Demat Account or 70.16 %
the Fund, as the case may be, need to apply to the IEPF
100001 and above 226 0.08 44,77,90,426 88.12 Authority by making an application in Form IEPF-5
(available on http:// www.iepf.gov.in). Company has
Total 2,85,878 100.00 50,81,53,380 100.00 appointed Shri Puneet Bansal as Nodal Officer and
No. of 835 0.29 13,30,204 0.26 Smt Manisha Shetty, as Deputy Nodal Officer.
Shareholders
& shares in Plant Locations
physical mode
Major Plant locations-Mahad, Taloja, Karad (Maharashtra);
No. of beneficial 2,85,043 99.71 50,68,23,176 99.74 Vapi, Surat, Dahej, Panoli (Gujarat); Daman (Union
owners & shares Territory of India); Kala Amb, Baddi, Nalagarh (Himachal
in electronic
Pradesh); Secunderabad (Telangana); Guwahati (Assam);
mode
Vizag (Andhra Pradesh).
Total 2,85,878 100.00 50,81,53,380 100.00
Credit Ratings
Dematerialisation of shares and liquidity
The Company has not issued any debt instruments and does
As on 31st March 2021, 99.74% of total equity shares of the not have any fixed deposit programme or any scheme or
Company were held in dematerialised form with National proposal involving mobilization of funds in India or abroad
Securities Depository Limited and Central Depository during the financial year ended 31st March 2021. The ratings
159
Independent Auditor’s Report
TO THE MEMBERS OF PIDILITE INDUSTRIES LIMITED

Report on the Audit of the Consolidated Financial Statements
Opinion These matters were addressed in the context of our audit Information Other than the Financial Statements and fair view and are free from material misstatement, whether
of the consolidated financial statements as a whole, and Auditor’s Report Thereon due to fraud or error, which have been used for the purpose
We have audited the accompanying consolidated financial of preparation of the consolidated financial statements by
in forming our opinion thereon, and we do not provide a • The Parent’s Board of Directors is responsible for the
statements of Pidilite Industries Limited (”the Parent”) and the Directors of the Parent Company, as aforesaid.
separate opinion on these matters. We have determined the other information. The other information comprises the
its subsidiaries, (the Parent and its subsidiaries together
matters described below to be the key audit matters to be information included in the Management Discussion In preparing the consolidated financial statements, the
referred to as “the Group”) which includes the Group’s
communicated in our report. and Analysis, Directors’ Report including Annexures respective Board of Directors of the companies included
share of profit in its associates and share of loss in its joint
venture, which comprise the Consolidated Balance Sheet as to Directors’ Report, Business Responsibility Report, in the Group and of its associates and joint venture are
Key Audit Matter Principal audit procedures Corporate Governance and Information for Shareholder, responsible for assessing the ability of the respective entities
at 31st March 2021, and the Consolidated Statement of Profit
performed: but does not include the consolidated financial to continue as a going concern, disclosing, as applicable,
and Loss (including Other Comprehensive Income), the
Consolidated Statement of Cash Flows and the Consolidated statements, standalone financial statements and our matters related to going concern and using the going
Acquisition accounting for Our procedures included but were
Statement of Changes in Equity for the year then ended, auditor’s report thereon. concern basis of accounting unless the respective Board of
Pidilite Adhesives Private not limited to:
and a summary of significant accounting policies and other Limited (Formerly known
Directors either intends to liquidate their respective entities
• Our opinion on the consolidated financial statements
explanatory information. as Huntsman Advanced or to cease operations, or has no realistic alternative but to
does not cover the other information and we do not
Materials Solutions Private do so.
In our opinion and to the best of our information and express any form of assurance conclusion thereon.
according to the explanations given to us, and based Limited) The respective Board of Directors of the companies included
In connection with our audit of the consolidated financial
on the consideration of reports of the other auditors on in the Group and of its associates and joint venture are also
The Parent company • Evaluated the design and tested statements, our responsibility is to read the other
separate financial statements/ financial information of completed the acquisition the operating effectiveness of
responsible for overseeing the financial reporting process of
information, compare with the financial statements
the subsidiaries and associates referred to in the Other of Pidilite Adhesives Private internal controls implemented the Group and of its associates and joint venture.
Matters section below, the aforesaid consolidated financial of the subsidiaries and associates audited by the other
Limited for 2,196.46 crores by the Parent Company over auditors, to the extent it relates to these entities and, in Auditor’s Responsibility for the Audit of the Consolidated
statements give the information required by the Companies on 3rd November 2020 as the purchase price allocation
Act, 2013 (“the Act”) in the manner so required and doing so, place reliance on the work of the other auditors Financial Statements
set out in Note 52B of the process. and consider whether the other information is materially
give a true and fair view in conformity with the Indian Consolidated Financial Our objectives are to obtain reasonable assurance about
Accounting Standards prescribed under section 133 of • We tested the completeness inconsistent with the consolidated financial statements
Statements. whether the consolidated financial statements as a whole
the Act read with the Companies (Indian Accounting of the identified assets or our knowledge obtained during the course of our audit
are free from material misstatement, whether due to fraud
Standards) Rules, 2015, as amended (‘Ind AS’), and other Accounting for the and liabilities acquired by or otherwise appears to be materially misstated. Other
or error and to issue an auditor’s report that includes our
accounting principles generally accepted in India, of the acquisition has involved comparison to the external information so far as it relates to the subsidiaries and
opinion. Reasonable assurance is a high level of assurance
consolidated state of affairs of the Group as at 31st March judgment in order to: valuer report through associates, is traced from their financial statements audited
discussions with the Parent
but is not a guarantee that an audit conducted in accordance
2021, and their consolidated profit, their consolidated total by the other auditors.
• determine the fair Company. with SAs will always detect a material misstatement when
comprehensive income, their consolidated cash flows and value of consideration If based on the work we have performed, we conclude that it exists. Misstatements can arise from fraud or error and
their consolidated changes in equity for the year ended on transferred; • We assessed the Company’s there is a material misstatement of this other information, are considered material if, individually or in the aggregate,
that date. determinations of fair values for we are required to report that fact. We have nothing to they could reasonably be expected to influence the economic
• identify and measure assets and liabilities acquired
Basis for Opinion report in this regard. decisions of users taken on the basis of these consolidated
the fair value of the and the methods
identifiable assets
financial statements.
We conducted our audit of the consolidated financial used to value the underlying Management’s Responsibility for the Consolidated
statements in accordance with the Standards on Auditing acquired and liabilities assets by: Financial Statements As part of an audit in accordance with SAs, we exercise
specified under section 143 (10) of the Act (SAs). Our assumed; professional judgment and maintain professional skepticism
- Reading the valuation report The Parent’s Company’s Board of Directors is responsible
responsibilities under those Standards are further • allocate the purchase throughout the audit. We also:
prepared by the appointed for the matters stated in section 134(5) of the Act with
described in the Auditor’s Responsibility for the Audit consideration between external valuation specialists. respect to the preparation of these consolidated financial • Identify and assess the risks of material misstatement
of the Consolidated Financial Statements section of our identifiable assets and
- Evaluating the competence
statements that give a true and fair view of the consolidated of the consolidated financial statements, whether due
report. We are independent of the Group, its associates and liabilities and goodwill;
and independence of the financial position, consolidated financial performance to fraud or error, design and perform audit procedures
joint venture in accordance with the Code of Ethics issued
This is a material appointed external valuation including other comprehensive income, consolidated cash responsive to those risks, and obtain audit evidence
by the Institute of Chartered Accountants of India (ICAI)
acquisitions for the Parent specialists. flows and consolidated changes in equity of the Group that is sufficient and appropriate to provide a basis
together with the ethical requirements that are relevant to
Company and given the including its Associates and joint venture in accordance for our opinion. The risk of not detecting a material
our audit of the consolidated financial statements under - Involving our internal
the provisions of the Act and the Rules made thereunder,
level of estimation and with the Ind AS and other accounting principles generally misstatement resulting from fraud is higher than for
judgement required, we valuation specialists in accepted in India. The respective Board of Directors of one resulting from error, as fraud may involve collusion,
and we have fulfilled our other ethical responsibilities in assessing the appropriateness
considered it to be a key the companies included in the Group and of its associates forgery, intentional omissions, misrepresentations, or the
accordance with these requirements and the ICAI’s Code of the methods used to
audit matter. The most and joint venture are responsible for maintenance of override of internal control.
of Ethics. We believe that the audit evidence obtained by significant judgements determine the fair values of
us and the audit evidence obtained by the other auditors adequate accounting records in accordance with the
relate to the identification the brands and distribution • Obtain an understanding of internal financial control
in terms of their reports referred to in the sub-paragraph provisions of the Act for safeguarding the assets of the
and valuation of intangible relationships and including relevant to the audit in order to design audit procedures
(a) of the Other Matters section below, is sufficient and assumptions such as the
Group and its associates and its joint venture and for
assets acquired. The that are appropriate in the circumstances. Under section
preventing and detecting frauds and other irregularities;
appropriate to provide a basis for our audit opinion on the identified intangible discount rates applied. 143(3)(i) of the Act, we are also responsible for expressing
consolidated financial statements. selection and application of appropriate accounting policies;
assets are the brands and • Evaluating appropriateness our opinion on whether the Parent has adequate internal
making judgments and estimates that are reasonable and
Key Audit Matters distribution relationships. of adequate disclosures in financial controls system in place and the operating
This includes complex
prudent; and design, implementation and maintenance of
accordance with the applicable effectiveness of such controls.
Key audit matters are those matters that, in our professional valuation considerations adequate internal financial controls, that were operating
accounting standards. effectively for ensuring the accuracy and completeness of
judgment, were of most significance in our audit of the and requires the use of • Evaluate the appropriateness of accounting policies used
consolidated financial statements of the current period. specialists. the accounting records, relevant to the preparation and and the reasonableness of accounting estimates and
presentation of the financial statements that give a true and related disclosures made by the management.
161
• Conclude on the appropriateness of management’s use From the matters communicated with those charged with Report on Other Legal and Regulatory Requirements h) With respect to the other matters to be included in
of the going concern basis of accounting and, based governance, we determine those matters that were of the Auditor’s Report in accordance with Rule 11 of the
most significance in the audit of the consolidated financial As required by Section 143(3) of the Act, based on our
on the audit evidence obtained, whether a material Companies (Audit and Auditors) Rules, 2014, as amended
statements of the current period and are therefore the key audit and on the consideration of the reports of the other
uncertainty exists related to events or conditions in our opinion and to the best of our information and
that may cast significant doubt on the ability of the audit matters. We describe these matters in our auditor’s auditors on the separate financial statements/ financial
according to the explanations given to us:
Group and its associates and joint venture to continue report unless law or regulation precludes public disclosure information of the subsidiaries and associates referred to
as a going concern. If we conclude that a material about the matter or when, in extremely rare circumstances, in the Other Matters section above we report, to the extent i. The consolidated financial statements disclose the
uncertainty exists, we are required to draw attention we determine that a matter should not be communicated applicable that: impact of pending litigations on the consolidated
in our auditor’s report to the related disclosures in the in our report because the adverse consequences of doing financial position of the Group and its associates.
a) We have sought and obtained all the information and
consolidated financial statements or, if such disclosures so would reasonably be expected to outweigh the public
explanations which to the best of our knowledge and ii) the Group and its associates did not have any material
are inadequate, to modify our opinion. Our conclusions interest benefits of such communication.
belief were necessary for the purposes of our audit of foreseeable losses on long-term contracts including
are based on the audit evidence obtained upto the date of Other Matters the aforesaid consolidated financial statements. derivative contracts.
our auditor’s report. However, future events or conditions
may cause the Group and its associates and joint venture (a) We did not audit the financial statements/ financial b) In our opinion, proper books of account as required iii) There has been no delay in transferring amounts,
to cease to continue as a going concern. information of 33 subsidiaries, whose financial by law relating to preparation of the aforesaid required to be transferred, to the Investor Education
statements/ financial information reflect total assets of consolidated financial statements have been kept so and Protection Fund by the Parent, its subsidiary
• Evaluate the overall presentation, structure and content 2,074.54 crores as at 31st March 2021, total revenues far as it appears from our examination of those books companies and associate companies incorporated
of the consolidated financial statements, including the of 1,149.72 crores and net cash inflows amounting and the reports of the other auditors. in India.
disclosures, and whether the consolidated financial to 123.24 crores for the year ended on that date, as
statements represent the underlying transactions and considered in the consolidated financial statements. c) The Consolidated Balance Sheet, the Consolidated
events in a manner that achieves fair presentation. The consolidated financial statements also include Statement of Profit and Loss including Other
For DELOITTE HASKINS & SELLS LLP
the Group’s share of net profit of 3.98 crores for Comprehensive Income, the Consolidated Statement
• Obtain sufficient appropriate audit evidence regarding Chartered Accountants
the year ended 31st March 2021, as considered in the of Cash Flows and the Consolidated Statement of
the financial information of the entities or business (Firm’s Registration No. 117366W/W-100018)
consolidated financial statements, in respect of 2 Changes in Equity dealt with by this Report are
activities within the Group and its associates and joint
associates, whose financial statements have not been in agreement with the relevant books of account N. K. Jain
venture to express an opinion on the consolidated
audited by us. These financial statements have been maintained for the purpose of preparation of the Partner
financial statements. We are responsible for the
audited by other auditors whose reports have been consolidated financial statements. (Membership No. 045474)
direction, supervision and performance of the audit of furnished to us by the Management and our opinion
the financial statements of such entities or business d) In our opinion, the aforesaid consolidated financial UDIN: 21045474AAAABH4498
on the consolidated financial statements, in so far as
activities included in the consolidated financial it relates to the amounts and disclosures included in statements comply with the Ind AS specified under Place: Mumbai
statements of which we are the independent auditors. respect of these subsidiaries and associates, and our Section 133 of the Act. Date: 12th May 2021
For the other entities or business activities included report in terms of subsection (3) of Section 143 of the
in the consolidated financial statements, which have e) On the basis of the written representations received
Act, in so far as it relates to the aforesaid subsidiaries
been audited by the other auditors, such other auditors from the directors of the Parent as on 31st March
and associates is based solely on the reports of the other
remain responsible for the direction, supervision and 2021 taken on record by the Board of Directors of the
auditors.
performance of the audits carried out by them. We Company and the reports of the statutory auditors
remain solely responsible for our audit opinion. (c) We did not audit the financial information of 2 of its subsidiary companies and associate companies
subsidiaries, whose financial information reflect total incorporated in India, none of the directors of
Materiality is the magnitude of misstatements in the assets of NIL as at 31st March 2021, total revenues of the Group companies and its associate companies
consolidated financial statements that, individually or in NIL and net cash inflows/ (outflows) amounting to incorporated in India is disqualified as on 31st March
aggregate, makes it probable that the economic decisions NIL for the year ended on that date, as considered in 2021 from being appointed as a director in terms of
of a reasonably knowledgeable user of the consolidated the consolidated financial statements. The consolidated Section 164 (2) of the Act.
financial statements may be influenced. We consider financial statements also include the Group’s share of
quantitative materiality and qualitative factors in (i) net loss of NIL for the year ended 31st March, 2021, as f) With respect to the adequacy of the internal financial
planning the scope of our audit work and in evaluating considered in the consolidated financial statements, in controls over financial reporting and the operating
the results of our work; and (ii) to evaluate the effect of respect of a joint venture, whose financial information effectiveness of such controls, refer to our separate
any identified misstatements in the consolidated financial have not been audited by us. These financial Report in “Annexure A” which is based on the
statements. information are unaudited and have been furnished auditors’ reports of the Parent, subsidiary companies
to us by the Management and our opinion on the and associate companies incorporated in India.
We communicate with those charged with governance consolidated financial statements, in so far as it relates
of the Parent and such other entities included in the Our report expresses an unmodified opinion on the
to the amounts and disclosures included in respect of adequacy and operating effectiveness of internal
consolidated financial statements of which we are the these subsidiaries and a joint venture, is based solely on
independent auditors regarding, among other matters, the financial controls over financial reporting of those
such unaudited financial information. In our opinion
planned scope and timing of the audit and significant audit companies.
and according to the information and explanations
findings, including any significant deficiencies in internal given to us by the Management, these financial g) With respect to the other matters to be included
control that we identify during our audit. information are not material to the Group. in the Auditor’s Report in accordance with the
We also provide those charged with governance with a Our opinion on the consolidated financial statements requirements of section 197(16) of the Act, as
statement that we have complied with relevant ethical above and our report on Other Legal and Regulatory amended, In our opinion and to the best of our
requirements regarding independence, and to communicate Requirements below, is not modified in respect of the information and according to the explanations given
with them all relationships and other matters that may above matters with respect to our reliance on the work to us, the remuneration paid by the Parent to its
reasonably be thought to bear on our independence, and done and the reports of the other auditors and the directors during the year is in accordance with the
where applicable, related safeguards. financial information certified by the Management. provisions of section 197 of the Act.
163
Annexure “A” to the Independent Auditor’s Report
(Referred to in paragraph 1(f) under ‘Report on Other Legal and Regulatory Requirements’ section of our report of even date)
Report on the Internal Financial Controls Over Financial controls over financial reporting included obtaining and not be detected. Also, projections of any evaluation
Reporting under Clause (i) of Sub-section 3 of Section 143 an understanding of internal financial controls over of the internal financial controls over financial reporting
of the Companies Act, 2013 (“the Act”) financial reporting, assessing the risk that a material to future periods are subject to the risk that the internal
weakness exists, and testing and evaluating the design financial control over financial reporting may become
In conjunction with our audit of the consolidated Ind AS inadequate because of changes in conditions, or that the
and operating effectiveness of internal control based on
financial statements of the Company as of and for the degree of compliance with the policies or procedures may
the assessed risk. The procedures selected depend on the
year ended 31st March 2021, we have audited the internal deteriorate.
auditor’s judgement, including the assessment of the risks
financial controls over financial reporting of Pidilite
of material misstatement of the financial statements, Opinion
Industries Limited (hereinafter referred to as “Parent” and
whether due to fraud or error.
its subsidiary companies, its associate companies, which In our opinion to the best of our information and
are companies incorporated in India, as of that date. We believe that the audit evidence we have obtained and according to the explanations given to us and based on the
the audit evidence obtained by the other auditors of the consideration of the reports of the other auditors referred
Management’s Responsibility for Internal Financial
subsidiary companies and associate companies, which to in the Other Matters paragraph below, the Parent, its
Controls
are companies incorporated in India, in terms of their subsidiary companies and its associate companies, which
The respective Board of Directors of the Parent, its reports referred to in the Other Matters paragraph below, are companies incorporated in India, have, in all material
subsidiary companies and its associate companies, which is sufficient and appropriate to provide a basis for our respects, an adequate internal financial controls system
are companies incorporated in India, are responsible audit opinion on the internal financial controls system over financial reporting and such internal financial controls
for establishing and maintaining internal financial over financial reporting of the Parent, its subsidiary over financial reporting were operating effectively as at
controls based on the internal control over financial companies and its associate companies, which are 31st March 2021, based on the criteria for internal financial
reporting criteria established by the respective Companies companies incorporated in India where such reporting control over financial reporting established by the respective
considering the essential components of internal under section 143(3) of the Companies Act, 2013 is companies considering the essential components of internal
control stated in the Guidance Note on Audit of Internal applicable. control stated in the Guidance Note on Audit of Internal
Financial Controls Over Financial Reporting issued by Financial Controls Over Financial Reporting issued by the
Meaning of Internal Financial Controls Over Financial
the Institute of Chartered Accountants of India (ICAI). Institute of Chartered Accountants of India.
Reporting
These responsibilities include the design, implementation
and maintenance of adequate internal financial controls Other Matters
A company’s internal financial control over financial
that were operating effectively for ensuring the orderly reporting is a process designed to provide reasonable Our aforesaid report under Section 143(3)(i) of the Act on
and efficient conduct of its business, including adherence assurance regarding the reliability of financial reporting the adequacy and operating effectiveness of the internal
to the respective company’s policies, the safeguarding and the preparation of financial statements for external financial controls over financial reporting insofar as
of its assets, the prevention and detection of frauds and purposes in accordance with generally accepted it relates to 12 subsidiary companies and 2 associate
errors, the accuracy and completeness of the accounting accounting principles. A company’s internal financial companies, which are companies incorporated in India, is
records, and the timely preparation of reliable financial control over financial reporting includes those policies based solely on the corresponding reports of the auditors of
information, as required under the Companies Act, 2013. and procedures that such companies incorporated in India.
Auditor’s Responsibility (1) pertain to the maintenance of records that, in Our opinion is not modified in respect of the above matters.
reasonable detail, accurately and fairly reflect the
Our responsibility is to express an opinion on the internal
transactions and dispositions of the assets of the
financial controls over financial reporting of the Parent,
company; For DELOITTE HASKINS & SELLS LLP
its subsidiary companies and its associate companies,
which are companies incorporated in India, based on our (2) provide reasonable assurance that transactions
(Firm‘s Registration No.117366W/W-100018)
audit. We conducted our audit in accordance with the are recorded as necessary to permit preparation of
Guidance Note on Audit of Internal Financial Controls financial statements in accordance with generally N. K. Jain
Over Financial Reporting (the “Guidance Note”) issued by accepted accounting principles, and that receipts and Partner
the Institute of Chartered Accountants of India and the expenditures of the company are being made only in (Membership No. 045474)
Standards on Auditing, prescribed under Section 143(10) accordance with authorisations of management and UDIN: 21045474AAAABH4498
of the Companies Act, 2013, to the extent applicable to an directors of the company; and
Place: Mumbai
audit of internal financial controls. Those Standards and (3) provide reasonable assurance regarding prevention Date: 12th May 2021
the Guidance Note require that we comply with ethical or timely detection of unauthorised acquisition, use,
requirements and plan and perform the audit to obtain or disposition of the company’s assets that could have
reasonable assurance about whether adequate internal a material effect on the financial statements.
financial controls over financial reporting was established
and maintained and if such controls operated effectively in Inherent Limitations of Internal Financial Controls Over
all material respects. Financial Reporting
Our audit involves performing procedures to obtain audit Because of the inherent limitations of internal financial
evidence about the adequacy of the internal financial controls over financial reporting, including the possibility
controls system over financial reporting and their of collusion or improper management override of controls,
operating effectiveness. Our audit of internal financial material misstatements due to error or fraud may occur
165
Consolidated Statement of Balance Sheet Consolidated Statement of Profit and Loss
as at 31st March 2021 ( in crores) for the year ended 31st March 2021 ( in crores)
Particulars Note No. As at 31st March 2021 As at 31st March 2020 Particulars Note No. For the year ended For the year ended
ASSETS 31st March 2021 31st March 2020
1 Non-Current Assets INCOME
(a) Property, Plant and Equipment 4 1,285.03 1,141.95
Revenue from Operations 33 7,292.71 7,294.47
(b) Right of Use Assets 5 157.81 147.00
(c) Capital Work-In-Progress 4 293.87 259.33 Other Income 34 79.40 149.43
(d) Goodwill 6 1,283.95 184.03 Total Income 7,372.11 7,443.90
(e) Other Intangible Assets 6 1,691.13 333.73
EXPENSES
(f) Investments accounted for using equity method 7 32.47 25.30
(g) Financial Assets Cost of Materials Consumed 35 3,017.82 2,997.71
(i) Investments 8 307.04 441.16 Purchases of Stock-in-Trade 477.17 383.57
(ii) Loans 11 4.85 4.09 Changes in inventories of Finished Goods, Work-in-Progress and 36 (118.32) 21.22
(iii) Other Financial Assets 13 51.06 42.85 Stock-in-Trade
(h) Income Tax Assets (net) 18 97.12 109.53
Employee Benefits Expense 37 980.86 927.22
(i) Deferred Tax Assets (net) 53 16.59 13.00
(j) Other Non-Current Assets 20 94.13 72.78 Finance Costs 38 37.23 33.60
Total Non-Current Assets 5,315.05 2,774.75 Depreciation, Amortisation and Impairment Expense 39 200.66 169.92
2 Current Assets Other Expenses 40 1,254.56 1,388.73
(a) Inventories 17 1,234.15 929.47
Total Expenses 5,849.98 5,921.97
(b) Financial Assets
(i) Investments 9 176.46 719.73 Profit before Share of profit/ (loss) of Associate and 1,522.13 1,521.93
(ii) Trade Receivables 10 1,321.02 1,088.50 Joint venture, Exceptional Items and Tax
(iii) Cash and Cash Equivalents 15 442.65 692.23 Share of Profit in Associate (net of tax) 42(a) 3.98 3.03
(iv) Bank balances other than (iii) above 16 8.81 11.02 Total Share of profit of Associate and Joint Venture 3.98 3.03
(v) Loans 12 16.89 17.38
(vi) Other Financial Assets 14 85.26 103.18
(c) Current Tax Assets (net) 19 3.13 1.93 Exceptional Items 41 3.62 55.19
(d) Other Current Assets 21 227.00 197.51 Profit before Tax 1,522.49 1,469.77
Total Current Assets 3,515.37 3,760.95
Tax Expense
TOTAL ASSETS 8,830.42 6,535.70
EQUITY AND LIABILITIES Current Tax 53 399.88 383.99
EQUITY Deferred Tax 53 (3.52) (36.27)
(a) Equity Share Capital 22 50.82 50.81 Net Tax Expense 396.36 347.72
(b) Other Equity 23 5,542.14 4,404.80
Equity attributable to owners of the Company 5,592.96 4,455.61 Profit for the year 1,126.13 1,122.05
Non-Controlling Interests 42(b) 240.04 215.65 Attributable to:
Total Equity 5,833.00 4,671.26 Shareholders of the Company 1,131.21 1,116.42
LIABILITIES
Non-Controlling Interest 42(b) (5.08) 5.63
1 Non-Current Liabilities
(a) Financial Liabilities Other Comprehensive Income
(i) Borrowings 24 12.39 25.13 Items that will not be reclassified to profit or loss
(ii) Lease Liabilities 80.68 83.08 Remeasurement of Defined Benefit Plan (0.99) (14.63)
(iii) Other Financial Liabilities 27 13.63 7.26
Income tax relating to items that will not be reclassified to 0.28 3.58
(b) Provisions 29 57.98 51.95
profit or loss
(c) Deferred Tax Liabilities (net) 53 398.03 82.29
Total Non-Current Liabilities 562.71 249.71 Items that will be reclassified to profit or loss
2 Current Liabilities Exchange difference on translation of foreign operation (10.15) (14.59)
(a) Financial Liabilities Total Other Comprehensive Income/ (Loss) (10.86) 3.54
(i) Borrowings 25 201.51 143.99
Attributable to:
(ii) Trade Payables 26
- Total Outstanding Dues of Micro Enterprises 86.03 23.13 Shareholders of the Company (11.22) 3.42
and Small Enterprises Non-Controlling Interest 42(b) 0.36 0.12
- Total Outstanding Dues of Creditors other than 920.71 597.88
Total Comprehensive Income for the year 1,115.27 1,125.59
Micro Enterprises and Small Enterprises
(iii) Lease Liabilities 27.71 28.39 Attributable to:
(iv) Other Financial Liabilities 28 1,034.04 668.74 Shareholders of the Company 1,119.99 1,119.84
(b) Other Current Liabilities 31 114.73 122.34
Non-Controlling Interest (4.72) 5.75
(c) Provisions 30 24.96 21.59
(d) Current Tax Liabilities (net) 32 25.02 8.67 Earnings Per Equity Share: 46
Total Current Liabilities 2,434.71 1,614.73 Basic ( ) 22.26 21.98
TOTAL LIABILITIES 2,997.42 1,864.44 Diluted ( ) 22.24 21.97
TOTAL EQUITY AND LIABILITIES 8,830.42 6,535.70
See accompanying notes to the consolidated financial statements 1 to 59
See accompanying notes to the consolidated financial statements 1 to 59
In terms of our report attached In terms of our report attached
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Chartered Accountants Chartered Accountants
N. K. JAIN BHARAT PURI M B PAREKH N. K. JAIN BHARAT PURI M B PAREKH
Partner Managing Director Executive Chairman Partner Managing Director Executive Chairman
DIN: 02173566 DIN: 00180955 DIN: 02173566 DIN: 00180955
PRADIP KUMAR MENON PUNEET BANSAL PRADIP KUMAR MENON PUNEET BANSAL
Chief Financial Officer Company Secretary Chief Financial Officer Company Secretary
Place: Mumbai Place: Mumbai Place: Mumbai Place: Mumbai
Date: 12th May 2021 Date: 12th May 2021 Date: 12th May 2021 Date: 12th May 2021 167
Consolidated Statement of Changes in Equity
for the year ended 31st March 2021
a. Equity Share Capital b. Other Equity
Amount Reserves and Surplus Equity at- Non- Total

tributable Control- Equity
Capital Securities Capital Cash Legal State Share Foreign General Retained to owners ling
Balance as at 1st April 2019 50.80
Reserve Premium Redem- Subsidy Reserve Invest- Options Currency Reserve Earnings of the interest
ption Reserve ment Out- Trans- Company
Changes in equity share capital during the year
Reserve Reserve standing lation
Issue of equity shares under Employee Stock Option Plan - 2016 (refer Note 49) 0.01 Account Reserve
Profit for the year - - - - - - - - - 1,131.21 1,131.21 (5.08) 1,126.13

Balance as at 31st March 2020 50.81
Addition during the - - - - 0.01 - - (10.51) - - (10.50) 0.36 (10.14)
Changes in equity share capital during the year year
Issue of equity shares under Employee Stock Option Plan - 2016 (refer Note 49) 0.01 Other Comprehensive - - - - - - - - - (0.71) (0.71) - (0.71)
Income for the year,
st
50.82 net of income tax
Payment of dividends - - - - - - - - - (0.02) (0.02) - (0.02)

(including tax thereon)
b. Other Equity
Reserves and Surplus Equity at- Non- Total Non-controlling - - - - - - - - - - - 34.29 34.29
tributable Control- Equity interest on acquisition
Capital Securities Capital Cash Legal State Share Foreign General Retained to owners ling of subsidiary/ Issue
Reserve Premium Redem- Subsidy Reserve Invest- Options Currency Reserve Earnings of the interest of share capital in
ption Reserve ment Out- Trans- Company subsidiaries
Reserve Reserve standing lation
Account Reserve Change in Group - - - - - - - - - - - (5.18) (5.18)
Interest
Balance as at 0.34 10.01 0.50 0.95 0.24 0.15 9.65 14.36 1,335.38 2,725.71 4,097.29 207.15 4,304.44
1st April 2019 Recognition of - 2.83 - - - - 14.53 - - - 17.36 - 17.36
share-based payments
Profit for the year - - - - - - - - - 1,116.42 1,116.42 5.63 1,122.05 (refer Note 49)
Addition during the - - - - 0.01 - - 14.47 - - 14.48 0.11 14.59
year Transferred to - 2.83 - - - - (2.83) - - - - - -
Securities Premium
Other Comprehensive - - - - - - - - - (11.06) (11.06) 0.01 (11.05) on Options exercised
Income for the year, during the year
net of income tax
Amortised and - - - - - - 17.40 - - - 17.40 - 17.40
Payment of dividends - - - - - - - - - (826.77) (826.77) - (826.77) Exercised during the
(including tax thereon) year
Payment of dividends - - - - - - - - - - - (0.39) (0.39)
to Non-Controlling Lapsed during the - - - - - - (0.04) - - - (0.04) - (0.04)
interest year
Non-controlling - - - - - - - - - - - 3.14 3.14 Balance as at 0.34 26.04 0.50 0.95 0.26 0.15 25.42 18.32 1,335.38 4,134.78 5,542.14 240.04 5,782.18
interest on acquisition 31st March 2021
of subsidiary/ Issue
of share capital in
In terms of our report attached
subsidiaries
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Recognition of - 13.20 - - - - 1.24 - - - 14.44 - 14.44 Chartered Accountants
share-based payments
(refer Note 49) N. K. JAIN BHARAT PURI M B PAREKH
Partner Managing Director Executive Chairman
Transferred to - 13.20 - - - - (13.20) - - - - - - DIN: 02173566 DIN: 00180955
Securities Premium
on Options exercised
Chief Financial Officer Company Secretary
during the year
Amortised and - - - - - - 14.84 - - - 14.84 - 14.84 Date: 12th May 2021 Date: 12th May 2021
Exercised during
the year
Lapsed during the - - - - - - (0.40) - - - (0.40) - (0.40)
year
Balance as at 0.34 23.21 0.50 0.95 0.25 0.15 10.89 28.83 1,335.38 3,004.30 4,404.80 215.65 4,620.45
31st March 2020
169
Consolidated Statement of Cash Flows Consolidated Statement of Cash Flows
for the year ended 31st March 2021 for the year ended 31st March 2021
For the year ended For the year ended For the year ended For the year ended
31st March 2021 31st March 2020 31st March 2021 31st March 2020
A Cash Flows from Operating Activities C Cash Flows from Financing Activities
Profit before tax 1,522.49 1,469.77 Proceeds from issue of Equity Instruments of the Company 0.01 0.01
Adjustments for: Payment of Lease Liabilities (33.93) (34.02)
Share of profit from Associate (3.98) (3.03) Net increase in Current Borrowings 27.93 10.77
Finance costs recognised in Consolidated Statement of Profit and Loss 37.23 33.60
Net (Decrease)/ Increase in Non-Current Borrowings (11.13) 22.03
Interest income recognised in Consolidated Statement of Profit and Loss (16.84) (12.46)
(Payment)/ Proceeds from Share Capital issued to Minority (net) (29.11) 2.75
Dividend income recognised in Consolidated Statement of Profit and Loss (1.13) (11.59)
Dividend paid on Equity Shares (including tax thereon) (0.69) (825.36)
Dividend from Associate 1.79 2.16
Interest paid (29.32) (25.39)
Exceptional Item - Impairment in value of Assets and Investments 3.62 55.19
Net cash used in Financing Activities [C] (76.24) (849.21)
Loss/ (Profit) on disposal of Property, Plant and Equipment 5.73 (2.67)
Net gain arising on financial assets designated at FVTPL (40.26) (109.79) Net (decrease)/ increase in Cash and Cash Equivalents [A+B+C] (372.00) 533.28
Allowance for Doubtful Debts 11.01 8.45 Cash and Cash Equivalents at the beginning of the year (refer Note 15) 606.37 72.94
Depreciation, Amortisation and Impairment Expense 200.66 169.92 Bank unrealised gain 0.18 0.33
Unrealised Foreign Exchange (Gain)/ Loss (Net) (9.01) 6.90 Cash and Cash Equivalents at the beginning of the year 606.55 73.27
Provision for Employee Benefits 8.09 (10.12) Cash and Cash Equivalents at the end of the year (refer Note 15) 327.20 606.37
Provision/ Write back of Warranties and Others (0.35) 5.31 Bank unrealised (Loss)/ Gain (0.05) 0.18
Expense recognised in respect of Equity-Settled Share-Based Payments 17.24 14.44
Acquisition under Business Combination (refer Note 52B) (92.60) -
Operating Profits before Working Capital changes 1,736.29 1,616.08
Cash and Cash Equivalents at the end of the year 234.55 606.55
Movements in Working Capital:
Net (Decrease)/ Increase in Cash and Cash Equivalents (372.00) 533.28
(Increase)/Decrease in Operating Assets
Notes:
Trade Receivables (175.88) (37.58)
a) The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard
Inventories (278.70) 0.02 (IND AS 7) - Statement of Cash Flows.
Non-Current Loans (0.76) (1.03) b) Reconciliation between the opening and closing balances in the Balance Sheet for liabilities arising from financing activities:
Current Loans 0.49 (5.26)
( in crores)
Non-Current Financial Assets (0.19) (1.34)
Particulars As at Cash Non-Cash As at
Other Current Financial Assets 17.94 (32.57)
31st March Flows Changes 31st March
Other Non-Current Non Financial Assets (4.20) 2.65 2020 2021
Current/
Other Current Non Financial Assets (29.20) (34.15) Non-Current
Increase/ (Decrease) in Operating Liabilities Classification
Trade Payables 354.61 41.70 Borrowings - Non-Current 25.13 (12.74) - 12.39

Other Current Financial Liabilities 147.68 166.92 (8.51) (16.62) (-) (25.13)
Other Non-Current Financial Liabilities 6.37 (75.61) Borrowings - Current 58.14 27.93 - 86.07
Other Current Non Financial Liabilities (11.41) 32.79 (47.37) (10.77) (-) (58.14)
Cash generated from Operations 1,763.04 1,672.62 Other Financial Liabilities
Taxes paid (net of refunds) (370.91) (393.07) - Current portion of Non-Current Borrowings 7.10 1.61 - 8.71
Net cash generated from Operating Activities [A] 1,392.13 1,279.55
(1.69) (5.41) (-) (7.10)
B Cash Flows from Investing Activities
Payments for purchase of Property, Plant and Equipment, (353.76) (467.13) In terms of our report attached
Other Intangible Assets & Capital Work-In-Progress
For DELOITTE HASKINS & SELLS LLP FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Proceeds from disposal of Property, Plant and Equipment & 1.76 23.20
Other Intangible Assets
Payments to purchase Investments (2,931.95) (1,438.73) N. K. JAIN BHARAT PURI M B PAREKH
Proceeds on sale of Investments 3,638.81 1,910.03 Partner Managing Director Executive Chairman
DIN: 02173566 DIN: 00180955
Payments for business acquisitions (refer Note 52B) (2,056.86) -
(Increase)/ Decrease in Bank Deposits (4.75) 53.03 Chief Financial Officer Company Secretary
Decrease/ (Increase) in Other Bank Balances 0.89 (1.51) Place: Mumbai Place: Mumbai
Interest received 16.84 12.46 Date: 12th May 2021 Date: 12th May 2021
Dividend received 1.13 11.59
Net cash (used in)/ generated from Investing Activities [B] (1,687.89) 102.94
171
Notes Forming Part of The Consolidated Financial Statements Notes forming part of the consolidated financial statements
The consolidated financial statements have been prepared on the following basis:
1 Corporate information
a) The financial statements of the Parent and its subsidiaries have been consolidated on a line-by-line basis
Pidilite Industries Limited (the Company/ Parent), together with its subsidiaries are pioneers in consumer and industrial by adding together like items of assets, liabilities, income and expenses after eliminating intra-group
speciality chemicals in India. The equity shares of the Company are listed on BSE Ltd. (BSE) and National Stock Exchange of
balances, intra-group transactions and resulting unrealised profits or losses in accordance with Ind AS 110
India Ltd. (NSE).
“Consolidated Financial Statements”. Further, the carrying amount of the Parent’s investments in each
The address of its registered office is Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai 400 021. subsidiary and the Parent’s portion of equity of each subsidiary are eliminated on consolidation.
The address of principal place of business is Ramkrishna Mandir Road, Off Mathuradas Vasanji Road, Andheri (E),
b) The consolidated financial statements include the share of profit/ loss of an Associate Companies and
Mumbai 400 059.
Joint Venture which have been accounted for using equity method as per Ind AS 28 “Investment in
Associates and Joint Ventures”. The investment is initially recognised at cost, and the carrying amount is
2 Significant Accounting Policies
increased or decreased to recognise the investor’s share of the profit or loss (the loss being restricted to the
2.1 Basis of accounting and preparation of financial statements cost of investment) of the investee after the acquisition date.
The consolidated financial statements of the Group have been prepared in accordance with the Indian Accounting c) Profit or loss and each component of Other Comprehensive Income (the ‘OCI’) are attributed to the equity
Standards (“Ind AS”) prescribed under Section 133 of the Companies Act, 2013 (‘Act’) read with Companies (Indian holders of the Group and to the non-controlling interests, even if this results in the non-controlling
Accounting Standards) Rules, 2015 as amended. interests having a deficit balance.
The financial statements have been prepared under the historical cost convention except for the d) The excess of cost to the Group of its investments in the subsidiary companies, Joint Venture and
following items – Associate Company over its share of equity of the subsidiary companies, at the dates on which the
a. Certain Financial Assets/ Liabilities (including derivative instruments) – at Fair value investments in the subsidiary companies were made, is recognised as ‘Goodwill’ being an asset in the
b. Employee Stock Options - at Fair value consolidated financial statements and is tested for impairment on annual basis. On the other hand, where
the share of equity in the subsidiaries, Joint Venture and Associate Company as on the date of investment
The financial statements are presented in Indian Rupees ( ) and all values are rounded to the nearest crores, except
is in excess of cost of investments of the Group, it is recognised as ‘Capital Reserve’ and shown under the
otherwise indicated.
head ‘Reserves & Surplus’, in the consolidated financial statements.
2.2 Basis of consolidation
e) Minority Interest in the net assets of the consolidated subsidiaries consist of the amount of equity
The consolidated financial statements comprise the financial statements of Pidilite Industries Limited (the “Parent”) attributable to the minority shareholders at the date on which investments in the subsidiary companies
and its subsidiaries (together referred to as “Group”) and Group’s share of profit/ loss in its Associates and Joint were made and further movements in their share in the equity, subsequent to the dates of investments.
Venture as at 31st March 2021. Control exists when the Group has: Net profit/ loss for the year and each component of Other Comprehensive Income of the subsidiaries
• power over the investee; attributable to minority interest is identified and adjusted against the profit after tax of the Group in order
• exposure or rights, to variable returns from its involvement with the investee; and to arrive at the income attributable to shareholders of the Company.
• ability to use its power over the investee to affect its returns. f) The difference between the cost of investments in the associate and the share of net assets at the time of
acquisition of shares in the associate is identified in the consolidated financial statements as Goodwill or
The Group reassesses whether or not it controls an investee if facts and circumstances indicate that there are Capital Reserve as the case may be.
changes to one or more of the three elements of control listed above.
g) Goodwill arising on consolidation is not amortised but tested for impairment.
Generally, there is a presumption that a majority of voting rights result in control. When the Group has less than a
majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give 2.3 Business Combination
it the practical ability to direct the relevant activities of the investee unilaterally. The Group considers all relevant
Acquisitions of businesses are accounted for using the acquisition method. The consideration transferred in
facts and circumstances in assessing whether or not the Group’s voting rights in an investee are sufficient to give it
a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair
power, including:
values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the
• the size of the Group’s holding of voting rights relative to the size and dispersion of holdings of the other vote acquiree and the equity interest issued by the Group in exchange of control of acquiree. Acquisition-related
holders; costs are recognised in Consolidated Statement of Profit and Loss as incurred.
• potential voting rights held by the Group, other vote holders or other parties; Where the consideration transferred by the Group in a business combination includes assets or liabilities
• rights arising from other contractual arrangements; and resulting from a contingent consideration arrangement, the contingent consideration is measured at its
• any additional facts and circumstances that indicate that the Group has, or does not have, the current ability to acquisition-date fair value and included as a part of the consideration transferred in a business combination.
direct the relevant activities at the time that decisions need to be made, including voting patterns at previous Changes in the fair value of the contingent consideration that qualify as measurement period adjustments
shareholders meetings. are adjusted retrospectively, with corresponding changes against goodwill or capital reserve, as the case
maybe. Measurement period adjustments are adjustments that arise from additional information obtained
Consolidation of a subsidiary begins when the Group obtains control over the subsidiary and ceases when the Group
during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and
loses control of the subsidiary. Specifically, income and expenses of a subsidiary acquired or disposed off during the
year are included in the Consolidated Statement of Profit and Loss from the date the Group gains control until the circumstances that existed at the acquisition date. Contingent consideration that is classified as an asset or a
date when the Group ceases to control the subsidiary. liability is subsequently (after the measurement period) remeasured at subsequent reporting dates with the
corresponding gain or loss being recognised in Consolidated Statement of Profit and Loss.
If the Group losses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities,
non-controlling interest and other components of equity. Any investment retained is measured at fair value. Any In case of business combinations involving entities under common control, the above policy does not apply.
resultant gain or loss is recognised in the Consolidated Statement of Profit and Loss. Business combinations involving entities under common control are accounted for using the pooling
of interests method. The net assets of the transferor entity or business are accounted at their carrying
A change in the ownership interest of a subsidiary, without a loss of control, is accounted for as an equity transaction.
amounts on the date of the acquisition subject to necessary adjustments required to harmonise accounting
The consolidated financial statements are prepared using uniform accounting policies for like transactions and other policies. Retained earnings appearing in the financial statements of the transferor is aggregated with the
events in similar circumstances. When necessary, adjustments are made to the financial statements of subsidiaries corresponding balance appearing in the financial statements of the transferee. Identity of the reserves
to bring their accounting policies in line with the Group’s accounting policies. appearing in the financial statements of the transferor is preserved and appears in the financial statements
The financial statements of all entities used for the purpose of consolidation are drawn upto same reporting date as of the transferee in the same form. Any excess or shortfall of the consideration paid over the share capital of
that of the Parent, i.e., year ended on 31st March 2021. transferor entity or business is recognised as capital reserve under equity.
173
Notes forming part of the consolidated financial statements Notes forming part of the consolidated financial statements
2.4 Goodwill 2.6.1.a Sale of goods

Goodwill is measured as the excess of the consideration transferred over the net of acquisition-date amounts of the Revenue is recognised when control of the products being sold has been transferred to a customer and when
identifiable assets acquired and the liabilities assumed. there are no longer any unfulfilled obligations to the customer. This is generally on delivery to the customer but
Goodwill arising on an acquisition of a business is carried at cost as established at the date of acquisition of the depending on individual customer terms, this can be at the time of dispatch, delivery or upon formal customer
business less accumulated impairment losses, if any. acceptance. This is considered the appropriate point where the performance obligations in our contracts are
For the purposes of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups satisfied and the Group no longer has control over the inventory.
of cash-generating units) that is expected to benefit from the synergies of the combination. Advance received from customer before transfer of control of goods to the customer is recognised as contract
A cash-generating unit to which goodwill has been allocated is tested for impairment annually, or more frequently liability.
when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is 2.6.1.b Sale of Services
less than its carrying amount, the impairment loss is allocated first to reduce the carrying amount of any goodwill
allocated to the unit and then to the other assets of the unit pro-rata based on the carrying amount of each assets in Revenue from sale of services includes fixed price contracts and time and material contracts and is recognised
the unit. Any impairment loss for goodwill is recognised directly in Consolidated Statement of Profit and Loss. An as sale, as and when the related services are performed and certified by the client. Services performed and not
impairment loss recognised for goodwill is not reversed in subsequent periods. certified by the client, are recognised as sales and are recorded as uncertified revenue and unbilled revenue.
The Group’s policy for goodwill arising on business combination or acquisition of an associate and a Joint Venture Incomplete services are recorded at cost as work-in-progress.
is described at Note 2.5. The Group accounts for provision of warranty in accordance with Ind AS 37 “Provisions, Contingent Liabilities
2.5 Investments in Associates and Joint Ventures and Contingent Assets”.
An associate is an entity over which the Group has significant influence. Significant influence is the power to 2.6.2 Dividend, Interest income and Royalty
participate in the financial and operating policy decisions of the investee but is not control or joint control over
those policies. Dividend income from investments is recognised when the Group’s right to receive dividend is established.
A Joint Venture is a joint arrangement whereby the parties that have joint control of the arrangement have Interest income from a financial asset is recognised on a time basis, by reference to the principal outstanding
rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an using the effective interest method provided it is probable that the economic benefits associated with the interest
arrangement, which exists only when decisions about the relevant activities require unanimous consent of the will flow to the Group and the amount of interest can be measured reliably. The effective interest rate is the rate
parties sharing control. that exactly discounts estimated future cash receipts through the expected life of the financial asset to the gross
An investment in an associate or a Joint Venture is accounted for using the equity method from the date on which carrying amount of that financial asset.
the investee becomes an associate or a Joint Venture. Royalty revenue is recognised on an accrual basis in accordance with the substance of the relevant agreement or
Under the equity method, an investment in an associate or a Joint Venture is initially recognised in the underlying arrangement in case of sales provided that it is probable that the economic benefits associated with
Consolidated Balance Sheet at cost and adjusted thereafter to recognise the Group’s share of the profit or loss the royalty shall flow to the Group and the amount of royalty can be measured reliably.
and Other Comprehensive Income of the associate or Joint Venture. Distributions received from an associate or
a Joint Venture reduce the carrying amount of the investment. When the Group’s share of losses of an associate Claims/ Insurance Claim etc. are accounted for when no significant uncertainties are attached to their eventual
or a Joint Venture exceeds the Group’s interest in that associate or Joint Venture (which includes any long-term receipt.
interests that, in substance, form part of the Group’s net investment in the associate or Joint Venture); the Group The Group’s policy for recognition of revenue (rental income) from leases is described in Note 2.7.1.
discontinues recognising its share of further losses. Additional losses are recognised only to the extent that the
Group has incurred legal or constructive obligations or made payments on behalf of the associate or Joint Venture. 2.7 Leasing
On acquisition of the investment in an associate or a Joint Venture, any excess of the cost of the investment over the The Group, at the inception of a contract, assesses whether the contract is a lease or not lease. A contract is, or
Group’s share of the net fair value of the identifiable assets and liabilities of the investee is recognised as goodwill, contains, a lease if the contract conveys the right to control the use of an identified asset for a time in exchange for
which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair a consideration.
value of the identifiable assets and liabilities over the cost of the investment, after reassessment, is recognised
directly in equity as capital reserve. 2.7.1 Group as Lessor
After application of the equity method of accounting, the Group determines whether there is any objective evidence Rental income from leases is recognised on a straight- line basis over the term of the relevant lease. Where the
of the impairment as a result of one or more events that occurred after the initial recognition of the net investment rentals are structured solely to increase in line with expected general inflation to compensate for the Group’s
in an associate or Joint Venture and that event (or events) has an impact on the estimated future cash flows from expected inflationary cost increase, such increases are recognised in the year in which such benefits accrue.
the net investment that can be reliably estimated. If there exists such an objective evidence of impairment, then it
is necessary to recognise impairment loss with respect to the Group’s investment in an associate or Joint Venture. Amounts due under finance leases are recognised as receivables at the amount of the Group’s net investment in
the leases.
When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in
accordance with Ind AS 36 Impairment of Assets as a single asset by comparing its recoverable amount (higher of Finance lease income is allocated over accounting periods so as to reflect constant periodic rate of return of the
value in use and fair value less costs of disposal) with its carrying amount. Any impairment loss recognised forms Group’s net investment outstanding in respect of the leases.
part of the carrying amount of the investment. Any reversal of that impairment loss is recognised in accordance
with Ind AS 36 to the extent that the recoverable amount of the investment subsequently increases. 2.7.2 Group as Lessee
When a group entity transacts with an associate or a Joint Venture of the Group, profits and losses resulting from The Group’s lease asset classes primarily consist of leases for land and buildings. The Group assesses whether a
the transactions with the associate or Joint Venture are recognised in the Group’s consolidated financial statements contract contains a lease, at inception of a contract. A contract is, or contains, a lease if the contract conveys the
only to the extent of interests in the associate or Joint Venture that are not related to the Group. right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether
2.6 Revenue Recognition a contract conveys the right to control the use of an identified asset, the Group assesses whether: (i) the contract
involves the use of an identified asset (ii) the Group has substantially all of the economic benefits from use of the
The Group recognises revenue from sale of goods and services, based on the terms of contract and as per the asset through the period of the lease and (iii) the Group has the right to direct the use of the asset.
business practise; the Group determines transaction price considering the amount it expects to be entitled in
exchange of transferring promised goods or services to the customer. Revenue is recognised when it is realized or At the date of commencement of the lease, the Group recognizes a right-of-use asset (“ROU”) and a corresponding
is realizable and has been earned after the deduction of variable components such as discounts, rebates, incentives, lease liability for all lease arrangements in which it is a lessee, except for leases with a term of twelve months or
promotional couponing and schemes. The Group estimates the amount of variable components based on historical, less (short - term leases) and low value leases. For these short-term and low value leases, the Group recognizes the
current and forecast information available and either expected value method or most likely method, as appropriate lease payments as an operating expense on a straight-line basis over the term of the lease.
and records a corresponding liability in other payables; the actual amounts may be different from such estimates.
These differences, which have historically not been significant, are recognised as a change in management Certain lease arrangements includes the options to extend or terminate the lease before the end of the lease term.
estimate in a subsequent period. ROU assets and lease liabilities includes these options when it is reasonably certain that they will be exercised.
175
The right-of-use assets are initially recognised at cost, which comprises the initial amount of the lease liability 2.10.3 Current and Deferred Tax for the year
adjusted for any lease payments made at or prior to the commencement date of the lease plus any initial direct
Current and deferred tax are recognised in the Consolidated Statement of Profit and Loss, except when they relate
costs less any lease incentives. They are subsequently measured at cost less accumulated depreciation and
to items that are recognised in Other Comprehensive Income or directly in equity, in which case, the current and
impairment losses.
deferred tax are also recognised in Other Comprehensive Income or directly in equity respectively.
Right-of-use assets are depreciated from the commencement date on a straight-line basis over the shorter of the
2.11 Property, Plant and Equipment
lease term and useful life of the underlying asset. Right of use assets are evaluated for recoverability whenever
events or changes in circumstances indicate that their carrying amounts may not be recoverable. For the purpose 2.11.1 Property, Plant and Equipment acquired separately
of impairment testing, the recoverable amount (i.e.the higher of the fair value less cost to sell and the value-in-use) Freehold Land is stated at cost and not depreciated.
is determined on an individual asset basis unless the asset does not generate cashflows that are largely independent
of those from other assets. In such cases, the recoverable amount is determined for the Cash Generating Unit Buildings, plant and machinery, vehicles, furniture and office equipments are stated at cost less accumulated
(CGU) to which the asset belongs. depreciation and accumulated impairment losses.
The lease liability is initially measured at amortized cost at the present value of the future lease payments. The An item of Property, Plant and Equipment is derecognised upon disposal or when no future economic benefits are
lease payments are discounted using the interest rate implicit in the lease or, if not readily determinable, using expected to arise from the continued use of the asset. Any gain or loss arising on the disposal or retirement of an
the incremental borrowing rates in the country of domicile of these leases. Lease liabilities are remeasured with item of Property, Plant and Equipment is determined as the difference between the sales proceeds and the carrying
a corresponding adjustment to the related right of use asset if the Group changes its assessment if whether it will amount of the asset and is recognised in Consolidated Statement of Profit and Loss.
exercise an extension or a termination option. 2.11.2 Capital Work-In-Progress
Lease liability and ROU asset have been separately presented in the Balance Sheet and lease payments have been Properties in the course of construction for production, supply or administrative purposes are carried at cost,
classified as financing cash flows.
less any recognised impairment loss. Cost includes professional fees and, for qualifying assets, borrowing costs
2.8 Foreign Currencies capitalised in accordance with the Group’s accounting policy. Such properties are classified and capitalised to
The functional currency of the Parent and its Indian Subsidiaries is the Indian Rupee, whereas the functional the appropriate categories of Property, Plant and Equipment when completed and ready for intended use.
currency of Foreign Subsidiaries is the currency of their countries of domicile. In preparing the financial Depreciation of these assets, on the same basis as other property assets, commences when the assets are ready
statements of each individual Group entity, transactions in currencies other than the entity’s functional currency for their intended use.
(foreign currencies) are recognised at the rates of exchange prevailing at the dates of the transactions. At the end of 2.11.3 Depreciation
each reporting period, monetary items (including financial assets and liabilities) denominated in foreign currencies
Depreciation is recognised so as to write off the cost of assets (other than Freehold Land and Capital Work-In-
are retranslated at the rates prevailing at that date. Non-monetary items carried at fair value that are denominated
in foreign currencies are retranslated at the rates prevailing at the date when the fair value was determined. Non- Progress) less their residual values over their useful lives, using the straight-line method as per the useful life
monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. Gains or prescribed in Schedule II to the Companies Act, 2013.
losses arising from these translations are recognised in the Consolidated Statement of Profit and Loss. For the For certain items of Property, Plant and Equipment, the Group depreciates over estimated useful life which are
purposes of presenting these consolidated financial statements, the assets and liabilities of the Group’s foreign different from the useful lives prescribed under Schedule II to the Companies Act, 2013 which is based upon
operations are translated into Indian Rupees using exchange rates prevailing at the end of each reporting period. technical assessment made by technical expert and management estimate. The management believes that these
Income and expense items are translated at the average exchange rates for the period. estimated useful lives are realistic and reflect fair approximation of the period over which the assets are likely to be
2.9 Share-based payment transactions of the Group used. The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting
period, with the effect of any changes in estimate accounted for on a prospective basis.
Equity-settled share-based payments to employees providing similar services are measured at the fair value of the
equity instruments at the grant date. Estimated useful lives of the assets are as follows:
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-
line basis over the vesting period, based on the Group’s estimate of equity instruments that will eventually vest,
with a corresponding increase in equity. Buildings 20-60 years
2.10 Taxation
Leasehold Improvements 5-20 years
Income tax expense represents the sum of the tax currently payable and deferred tax. .
2.10.1 Current Tax Plant and Machinery 1-30 years
The tax currently payable is based on taxable profit for the year. Taxable profit differs from ‘profit before tax’ as Vehicles 1-10 years
reported in the Consolidated Statement of Profit and Loss because of items of income or expense that are taxable or
deductible in other years and items that are never taxable or deductible. The Group’s current tax is calculated using Furniture and Fixtures 3-15 years
applicable tax rates that have been enacted or substantively enacted by the end of the reporting period and the
provisions of the Income Tax Act, 1961 and other tax laws, as applicable. Office Equipment 1-20 years
2.10.2 Deferred Tax
2.12 Intangible Assets
Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in
the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. 2.12.1 Intangible assets acquired separately
Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated
generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits amortisation and accumulated impairment losses. Amortisation is recognised on a straight-line basis over their
will be available against which those deductible temporary differences can be utilised. estimated useful lives. The estimated useful life and amortisation method are reviewed at the end of each reporting
The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the period, with the effect of any changes in estimate being accounted for on a prospective basis.
extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to Intangible assets with indefinite useful lives are carried at cost less accumulated impairment losses.
be recovered.
2.12.2 Intangible assets acquired in a business combination
Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which
the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively Intangible assets other than goodwill acquired in a business combination are initially recognised at their fair value
enacted by the end of the reporting period. at the acquisition date (which is regarded as their cost).
The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the Subsequent to initial recognition, such intangible assets acquired in a business combination are reported at cost
manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of less accumulated amortisation and accumulated impairment losses, on the same basis as intangible assets that are
its assets and liabilities. acquired separately.
177
2.12.3 Internally generated Intangible Assets – Research and Development Expenditure 2.16 Financial Instruments
Expenditure on research activities is recognised in Consolidated Statement of Profit and Loss in the period in 2.16.1 Initial Recognition and Measurement
which it is incurred. Financial assets and financial liabilities are recognised when a Group entity becomes a party to the contractual
An internally generated intangible asset arising from development is recognised if and only if it meets the provisions of the instruments.
recognition criteria of intangible assets. The amount initially recognised is the sum total of expenditure incurred At initial recognition, financial assets and financial liabilities are initially measured at fair value. Transaction costs
from the date when the intangible asset first meets the recognition criteria. Where no intangible asset can be that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial
recognised, development expenditure is recognised in Consolidated Statement of Profit and Loss in the period in assets and financial liabilities at Fair Value Through Profit and Loss) are added to or deducted from the value of the
which it is incurred. financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable
Subsequent to initial recognition, internally generated intangible assets are reported at cost less accumulated to the acquisition of financial assets or financial liabilities at Fair Value Through Profit and Loss are recognised in
amortization and accumulated impairment losses, on the same basis as intangible assets acquired separately. Consolidated Statement of Profit and Loss.
2.16.2 Subsequent measurement of Financial Assets
2.12.4 Useful lives of Intangible Assets
All recognised financial assets are subsequently measured in their entirety at either amortised cost or fair value,
Estimated useful lives of the Intangible Assets are as follows:
depending on the classification of the financial assets. Debt instruments that meet conditions based on purpose of
holding assets and contractual terms of instrument are subsequently measured at amortised cost using effective
interest method. All other financial assets are measured at fair value. Income is recognised on an effective interest
Computer Software 5-10 years basis for debt instruments other than those financial assets classified as at Fair Value Through Profit and Loss.
Interest income is recognised in Consolidated Statement of Profit and Loss and is included in the “Other income”
Technical Knowhow 10-15 years line item.
2.16.3
Impairment of Financial Assets
Non-Compete Fees 10-15 years
The Group recognises loss allowance using expected credit loss model financial assets which are not measured at
Distributor Relationship 15 years Fair Value Through Profit and Loss. Expected credit losses are weighted average of credit losses with the respective
risks of default occurring as the weights. Credit loss is the difference between all contractual cash flows that are due
Copyrights Indefinite Life to the Group in accordance with the contract and all the cash flows that the Group expects to receive, discounted at
Trademark 10 years-Indefinite Life original effective rate of interest.
For Trade receivables, the Group measures loss allowance at an amount equal to lifetime expected credit losses.
2.13 Impairment of Tangible and Intangible Assets other than Goodwill The Group computes expected credit loss allowance based on a provision matrix which takes into account historical
credit loss experience and adjusted for forward-looking information.
At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any
2.16.4 Financial Liabilities and Equity Instruments
such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the 2.16.4.1 Classification of debt or equity
impairment loss (if any). When it is not possible to estimate the recoverable amount of an individual asset, the Debt or equity instruments issued by the Group are classified as either financial liabilities or as equity in accordance
Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. When a reasonable with the substance of the contractual arrangements and the definitions of financial liability and equity instrument.
and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating
units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and 2.16.4.2
Equity Instruments
consistent allocation basis can be identified. An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of
its liabilities. Equity instruments issued by the Group are recognised at the proceeds, net of direct issue costs.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for
impairment at least annually, and whenever there is an indication that the asset may be impaired. Intangible assets 2.16.4.3 Financial Liabilities
with indefinite useful lives are tested for impairment annually at the cash-generating unit level. The assessment of All financial liabilities (other than derivative financial instruments) are measured at amortised cost using effective
indefinite useful life is reviewed annually to determine whether the indefinite life continues to be supportable. If interest method.
not, the change in useful life from indefinite to finite is made on a prospective basis.
2.16.5 Derecognition of Financial Assets and Liabilities
Recoverable amount is the higher of fair value less costs of disposal and value in use.
The Group derecognises a financial asset when the contractual rights to the cash flows from the financial asset
If the recoverable amount of the asset (or cash-generating unit) is estimated to be less than its carrying amount, the expire, or when the Group transfers the contractual rights to receive the cash flows of the financial asset in which
carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is substantially all the risks and rewards of ownership of the financial asset are transferred, or in which the Group
recognised in Consolidated Statement of Profit and Loss. neither transfers nor retains substantially all the risks and rewards of ownership of the financial asset and does not
retain control of the financial asset.
2.14 Inventories
The Group derecognises a financial liability (or a part of financial liability) when the contractual obligation is
Inventories are valued at lower of cost and net realisable value. discharged, cancelled or expires.
Cost of inventories is determined on weighted average. Cost for this purpose includes cost of direct materials, 2.16.6 Derivative Financial Instruments
direct labour and appropriate share of overheads. Net realisable value represents the estimated selling price in the
ordinary course of business less all estimated costs of completion and estimated costs necessary to make the sale. The Group holds derivative financial instruments such as foreign exchange forward contracts to hedge its exposure
to foreign currency exchange rate risks.
Obsolete, defective, unserviceable and slow/ non-moving stocks are duly provided for and valued at net realisable
value. Derivatives are initially recognised at fair value at the date the contracts are entered into. Subsequent to initial
recognition, these contracts are measured at their fair value and changes at the end of each reporting period. The
2.15 Provisions (other than Employee Benefits) resulting gain or loss is recognised in Consolidated Statement of Profit and Loss immediately.
A provision is recognised when as a result of past event, the Group has a present legal or constructive obligation 2.17 Cash Flow Statement
that can be reliably estimated, and, it is probable that an outflow of economic benefit will be required to settle the
Cash flows are reported using the indirect method, whereby profit / loss before tax for the period is adjusted for
obligation. the effects of transactions of non-cash nature, any deferrals or accruals of past or future operating cash receipts or
Provisions (excluding retirement benefits) are determined based on the best estimate required to settle the payments. Cash flows from operating, investing and financing activities of the Group are segregated.
obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Cash and Cash Equivalents for the purpose of cash flow statement comprise of cash at bank, cash in hand and
These are reviewed at each Balance Sheet date and adjusted to reflect the current best estimates. short-term deposits with an original maturity of three months or less, as reduced by bank overdrafts.
179
2.18 Segment Reporting 2.22 Discontinued operations

The Group identifies primary segments based on the dominant source, nature of risks and returns and the A discontinued operation is a component of the Group’s business that represents a separate line of business that has
internal organisation and management structure. The operating segments are the segments for which separate been disposed of or is held for sale, or is a subsidiary acquired exclusively with a view to resale. Classification as a
financial information is available and for which operating profit / loss amounts are evaluated regularly by the Chief discontinued operation occurs upon the earlier of disposal or when the operation meets the criteria to be classified
Operating Decision Maker (CODM) in deciding allocation of resources and in assessing performance. as held for sale.
The accounting policies adopted for segment reporting are in line with the accounting policies of the Group. 2.23 Non-current assets and disposal groups held for sale
Segment revenue, segment expenses, segment assets and segment liabilities have been identified to segments on
Assets of disposal groups that is available for immediate sale and where the sale is highly probable of being
the basis of their relationship to the operating activities of the segment.
completed within one year from the date of classification are considered and classified as assets held for sale. Non-
Inter-segment revenue is accounted on the basis of cost plus margins. Revenue, expenses, assets and liabilities current assets and disposal groups held for sale are measured at the lower of carrying amount and fair value less
which relate to the Group as a whole and are not allocable to segments on reasonable basis have been included costs to sell.
under “unallocated revenue/ expenses/ assets/ liabilities respectively”.
3. Critical Accounting Judgements and key sources of Estimation Uncertainty
2.19 Employee Benefits
The preparation of the Group’s financial statements requires management to make judgements, estimates and
Employee benefits include Provident Fund, Superannuation Fund, Employee State Insurance Scheme, Gratuity assumptions that affect the application of accounting policies, reported amounts of assets, liabilities, income and
Fund, Compensated Absences, Anniversary Awards, Premature Death Pension Scheme and Total Disability expenses, and accompanying disclosures, and the disclosure of contingent liabilities. The estimates and associated
Pension Scheme. assumptions are based on historical experience and other factors that are considered to be relevant. Actual results
2.19.1
Defined Contribution Plans may differ from these estimates.
The Group’s contribution to Provident Fund, Superannuation Fund, National Pension Scheme and Employee The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates
State Insurance Scheme are considered as defined contribution plans and are charged as an expense based on the are recognised in the period in which the estimate is revised if the revision affects only that period or in the period
amount of contribution required to be made and when services are rendered by the employees. of the revision and future periods if the revision affects both current and future periods.
2.19.2 Defined Benefit Plans 3.1 Critical Judgments

For defined benefit plans in the form of Gratuity Fund, the cost of providing benefits is determined using 3.1.1 Classification of Plus Call Technical Services LLC as a Joint Venture
the Projected Unit Credit method, with actuarial valuations being carried out at each Balance Sheet date. Plus Call Technical Services LLC is a limited liability company whose legal form confers separation between the
Remeasurement, comprising actuarial gains and losses and the return on plan assets (excluding net interest) is parties to the joint arrangement and the LLC itself. Furthermore, there is no contractual arrangement or any
reflected in the Consolidated Balance Sheet with a charge or credit recognised in Other Comprehensive Income other facts and circumstances that indicate that the parties to the joint arrangement have rights to the assets and
in the period in which they occur. Remeasurement recognised in Other Comprehensive Income is reflected in obligations for the liabilities of the joint arrangement. Accordingly, Plus Call Technical Services LLC is classified as
retained earnings and is not reclassified to profit or loss. Past service cost is recognised immediately for both Joint Venture of the Group.
vested and the non-vested portion. The retirement benefit obligation recognised in the Consolidated Balance
Sheet represents the present value of the defined benefit obligation, as reduced by the fair value of scheme assets. 3.1.2 Classification of entities as Subsidiaries wherein Group has ownership interest and voting rights of 50% or less
Any asset resulting from this calculation is limited taking into account the present value of available refunds and Pidilite MEA Chemicals LLC, Bamco Supply and Services Ltd, ICA Pidilite Pvt Ltd, Pidilite Grupo Puma Pvt
reductions in future contributions to the schemes. Ltd, Pidilite Grupo Puma Manufacturing Ltd are subsidiaries of the Group even though the Group has ownership
2.19.3 Short-Term and Other Long-Term Employee Benefits interest and voting rights of 50% or less in the subsidiaries respectively. However, based on the relevant facts and
circumstances, control and management of these entities lie with the Group. The Group has the power to direct the
A liability is recognised for benefits accruing to employees in respect of wages and salaries, annual leave and sick relevant activities of these entities and therefore controls these entities.
leave in the period the related service is rendered at the undiscounted amount of the benefits expected to be paid in
exchange for that service. 3.2 Key accounting, judgements, assumptions and estimates
Liabilities recognised in respect of short-term employee benefits are measured at the undiscounted amount of the The key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date,
benefits expected to be paid in exchange for the related service. that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within
the next financial year, are described below:
Liabilities recognised in respect of other long-term employee benefits are measured at the present value of the
estimated future cash outflows expected to be made by the Group in respect of services provided by employees upto 3.2.1 Impairment of Goodwill and Other Intangible Assets
the reporting date. Goodwill and Other Intangible Assets (i.e. trademark and copyrights) are tested for impairment on an annual basis.
2.20 Earnings per share Recoverable amount of cash- generating units is determined based on higher of value-in-use and fair value less
cost to sell. The impairment test is performed at the level of the cash-generating unit or groups of cash-generating
The Company presents basic and diluted earnings per share (“EPS”) data for its equity shares. Basic EPS is units which are benefitting from the synergies of the acquisition and which represents the lowest level at which the
calculated by dividing the profit or loss attributable to equity shareholders of the Company by the weighted average intangibles are monitored for internal management purposes.
number of equity shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss
attributable to equity shareholders and the weighted average number of equity shares outstanding for the effects of Market related information and estimates are used to determine the recoverable amount. Key assumptions on
all dilutive potential ordinary shares, which includes all stock options granted to employees. which management has based its determination of recoverable amount include estimated long term growth rates,
weighted average cost of capital and estimated operating margins. Cash flow projections take into account past
The number of equity shares and potentially dilutive equity shares are adjusted retrospectively for all periods
experience and represent management’s best estimate about future developments.
presented for any share splits and bonus shares issues including for changes effected prior to the approval of the
financial statements by the Board of Directors. 3.2.2 Business Combinations and Intangible Assets
2.21 Assets held for sale Business combinations are accounted for using Ind AS 103, ‘Business Combinations’. Ind AS 103 requires the
identifiable intangible assets and contingent consideration to be fair valued in order to ascertain the net fair value
Sale of business is classified as held for sale, if their carrying amount is intended to be recovered principally
of identifiable assets, liabilities and contingent liabilities of the acquiree. Significant estimates are required to be
through sale rather than through continuing use. The condition for classification as held for sale is met when
made in determining the value of contingent consideration and intangible assets. These valuations are conducted
disposal business is available for immediate sale and the same is highly probable of being completed within one
by independent valuation experts.
year from the date of classification as held for sale.
181
( in crores)
3.2.3
Employee related provisions 4 Property, Plant and Equipment and Capital Work-In-Progress
The costs of long-term and short-term employee benefits are estimated using assumptions by the management. As at As at
These assumptions include rate of increase in compensation levels, discount rates, expected rate of return on assets 2021 2020
and attrition rates (disclosed in Note 51). Carrying Amounts
3.2.4 Income taxes Freehold Land 130.00 123.33
Buildings 432.64 381.68
Significant judgements are involved in estimating budgeted profits for the calculation of advance tax and deferred
Plant and Machinery 637.07 552.22
tax, and determining provision for income taxes and uncertain tax positions (disclosed in Note 53).
Vehicles 7.03 7.17
3.2.5 Property, Plant and Equipment and Other Intangible Assets Furniture and Fixtures 32.97 34.54
The useful lives and residual values of Group’s assets are determined by the management at the time the asset is Office Equipment 45.32 43.01
acquired. These estimates are reviewed annually by the management. The lives are based on historical experience 1,285.03 1,141.95
with similar assets as well as anticipation of future events, which may impact their life, such as changes in Capital Work-In-Progress* 293.87 259.33
technical or commercial obsolescence arising from changes or improvements in production or from a change in TOTAL 1,578.90 1,401.28
market demand of the product or service output of the asset. * Net of Impairment NIL ( 55.19 crores as at 31st March 2020) (refer Note 41)
3.2.6
Leases Freehold Buildings Plant and Vehicles Furniture Office TOTAL
Land Machinery and Fixtures Equipment
The Group evaluates if an arrangement qualifies to be a lease as per the requirements of Ind AS 116 ‘Leases’. Gross Carrying Amount
Identification of a lease requires significant judgment. The Group uses significant judgement in assessing the lease Balance as at 1st April 2019 85.28 391.39 1,187.28 24.86 89.01 120.04 1,897.86
term (including anticipated renewals) and the applicable discount rate.
Additions 36.73 103.95 170.62 1.14 9.57 21.91 343.92
Ind AS 116 requires lessees to determine the lease term as the non-cancellable period of a lease adjusted with Disposals/ Adjustments - (3.39) (16.15) (0.41) (0.19) 0.64 (19.50)
any option to extend or terminate the lease, if the use of such option is reasonably certain. The Group makes an Foreign Currency Translation 1.32 6.86 4.01 0.29 1.05 0.43 13.96
assessment on the expected lease term on a lease-by-lease basis and there by assesses whether it is reasonably Balance as at 31st March 2020 123.33 498.81 1,345.76 25.88 99.44 143.02 2,236.24
certain that any options to extend or terminate the contract will be exercised. In evaluating the lease term, the Additions 8.41 72.30 187.55 2.06 4.98 16.24 291.54
Group considers factors such as any significant leasehold improvements undertaken over the lease term, costs Acquisition under Business - - 5.60 - 0.02 - 5.62
relating to the termination of the lease and the importance of the underlying asset to operations taking into account Combinations (refer Note 52B)
the location of the underlying asset and the availability of suitable alternatives. The lease term in future periods is Disposals/ Adjustments (1.43) (0.05) (25.69) (4.65) (0.60) (8.77) (41.19)
reassessed to ensure that the lease term reflects the current economic circumstances. Foreign Currency Translation (0.31) (3.20) (4.42) (0.05) (0.53) (0.46) (8.97)
Balance as at 31st March 2021 130.00 567.86 1,508.80 23.24 103.31 150.03 2,483.24
The discount rate is generally based on the incremental borrowing rate specific to the lease being evaluated or for a
Accumulated Depreciation and Impairment
portfolio of leases with similar characteristics.
Balance as at 1st April 2019 - (101.84) (720.27) (17.03) (57.30) (88.10) (984.54)
Eliminated on disposal of assets - 1.63 13.21 0.28 (1.09) (0.13) 13.90
Foreign Currency Translation - (1.89) (2.37) (0.21) (0.67) (0.05) (5.19)
Eliminated on disposal of assets - 0.04 20.38 4.46 0.46 8.33 33.67
Acquisition under Business - - (1.52) - (0.01) - (1.53)
Combinations (refer Note 52B)
Foreign Currency Translation - 0.56 2.99 0.02 0.34 0.17 4.08
Net Carrying Amount
Additions 36.73 103.95 170.62 1.14 9.57 21.91 343.92
Disposals/ Adjustments - (3.39) (16.15) (0.41) (0.19) 0.64 (19.50)
Depreciation Eliminated on disposal - 1.63 13.21 0.28 (1.09) (0.13) 13.90
of assets
Foreign Currency Translation 1.32 4.97 1.64 0.08 0.38 0.38 8.77
Balance as at 31st March 2020 123.33 381.68 552.22 7.17 34.54 43.01 1,141.95
Additions 8.41 72.30 187.55 2.06 4.98 16.24 291.54
Acquisition under Business - - 4.08 - 0.01 - 4.09
Combinations (refer Note 52B)
Depreciation Eliminated on disposal - 0.04 20.38 4.46 0.46 8.33 33.67
of assets
Foreign Currency Translation (0.31) (2.64) (1.43) (0.03) (0.19) (0.29) (4.89)
Balance as at 31st March 2021 130.00 432.64 637.07 7.03 32.97 45.32 1,285.03 183

Notes: ( in crores)
( in crores)
5 Right of Use Assets
a) Assets given under lease included in Note 4 above are as under:
As at As at
As at As at 31st March 31st March
31st March 31st March 2021 2020
2021 2020 Carrying Amounts
Carrying Amounts Leasehold Land 88.39 67.34
Freehold Land 17.00 13.79 Leasehold Buildings 69.14 79.25
Buildings 22.84 22.29 Plant and Machinery 0.28 0.41

TOTAL 157.81 147.00
TOTAL 39.84 36.08
Leasehold Leasehold Plant and TOTAL

Land Buildings Machinery
Freehold Buildings Total
Land Gross Carrying Amount
Gross Carrying Amount Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 54) 66.25 82.36 0.55 149.16
Additions 3.53 24.79 - 28.32
Balance as at 1st April 2019 13.79 28.20 41.99
Foreign Currency Translation 1.34 (0.50) - 0.84
Additions - 3.12 3.12
st
71.12 106.65 0.55 178.32
Additions 26.08 26.29 - 52.37
Additions 3.21 1.71 4.92 Acquisition under Business Combination (refer Note 52B) - 5.02 - 5.02

st
17.00 33.03 50.03 Disposals/ Adjustments (0.09) (7.75) - (7.84)
Foreign Currency Translation (1.62) (0.59) 0.01 (2.20)
Accumulated Depreciation and Impairment Balance as at 31 March 2021

st
95.49 129.62 0.56 225.67
Balance as at 1st April 2019 - (6.93) (6.93) Accumulated Depreciation and Impairment
Depreciation expense - (2.10) (2.10) Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 54) - - - -
Balance as at 31st March 2020 - (9.03) (9.03) Depreciation expense (3.66) (27.63) (0.14) (31.43)
Foreign Currency Translation (0.12) 0.23 - 0.11
st
(3.78) (27.40) (0.14) (31.32)
Disposals/ Adjustments - 0.21 - 0.21
Acquisition under Business Combination (refer Note 52B) - (2.03) - (2.03)
Net Carrying Amount
Depreciation expense (3.46) (31.51) (0.14) (35.11)
Balance as at 1st April 2019 13.79 21.27 35.06 Foreign Currency Translation 0.14 0.25 - 0.39
Additions - 3.12 3.12 Balance as at 31 March 2021
st
(7.10) (60.48) (0.28) (67.86)

Net Carrying Amount
Recognised on adoption of Ind AS 116 as at 1st April 2019 (refer Note 54) 66.25 82.36 0.55 149.16
Additions 3.21 1.71 4.92 Additions 3.53 24.79 - 28.32
Depreciation expense - (1.16) (1.16) Depreciation expense (3.66) (27.63) (0.14) (31.43)

st
17.00 22.84 39.84 Foreign Currency Translation 1.22 (0.27) - 0.95
Balance as at 31st March 2020 67.34 79.25 0.41 147.00
b) Buildings include shares of co-operative societies of 0.01 crores ( 0.01 crores as at 31st March 2020)
Additions 26.08 26.29 - 52.37
Acquisition under Business Combination (refer Note 52B) - 2.99 - 2.99
Disposals/ Adjustments (0.09) (7.54) - (7.63)
Depreciation expense (3.46) (31.51) (0.14) (35.11)
Foreign Currency Translation (1.48) (0.34) 0.01 (1.81)
Balance as at 31st March 2021 88.39 69.14 0.28 157.81

185
6 Goodwill and Other Intangible Assets Goodwill Trade- Computer Copy- Technical Commercial Non Distributor TOTAL
mark Software rights Knowhow Knowhow Compete Relation-
As at As at Fees Fees Fees ships
2021 2020 Gross Carrying Amount
Carrying Amounts Balance as at 1st April 2019 184.99 250.87 57.68 4.72 75.28 59.97 5.41 - 638.92
Additions - - 4.39 - - - - - 4.39
Goodwill on Consolidation 1,182.63 81.78
Disposals/ Adjustments - (0.24) 0.23 (0.24) (0.76) - (0.02) - (1.03)
Goodwill (acquired separately) 101.32 102.25
Foreign Currency Translation (0.96) 0.91 (0.10) - 0.06 - 0.03 - (0.06)
Total Goodwill (A) 1,283.95 184.03
Balance as at 31st March 2020 184.03 251.54 62.20 4.48 74.58 59.97 5.42 - 642.22
Other Intangible Assets Additions - 0.45 9.44 - - - - - 9.89
Trademark 1,395.83 240.59 Acquisition under Business 1,100.10 1,158.72 - - 0.82 - - 215.00 2,474.64
Combination (refer Note 52B)
Computer Software 20.03 15.24
Disposals/ Adjustments - (0.45) - - - - - - (0.45)
Copyrights 4.48 4.48 Foreign Currency Translation (0.19) (1.13) (0.09) - (0.23) - - - (1.64)
Technical Knowhow Fees 32.79 38.34 Balance as at 31 March 2021

st
1,283.94 1,409.13 71.55 4.48 75.17 59.97 5.42 215.00 3,124.66
Commercial Knowhow Fees 36.38 34.03

Accumulated Amortisation
Non Compete Fees 0.80 1.05 and Impairment
Balance as at 1st April 2019 - (8.21) (41.97) - (30.64) (19.95) (3.86) - (104.63)
Distribution Network 200.82 -
Eliminated on disposal - - (0.12) - 0.68 - 0.02 - 0.58
Total Other Intangible Assets (B) 1,691.13 333.73 of assets
Total Intangible Assets (A+B) 2,975.08 517.76 Amortisation expense - (2.45) (4.87) - (6.31) (5.99) (0.53) - (20.15)
Foreign Currency Translation - (0.29) - - 0.03 - - - (0.26)
Balance as at 31st March 2020 - (10.95) (46.96) - (36.24) (25.94) (4.37) - (124.46)
Acquisition under Business - - - - (0.02) - - - (0.02)
Amortisation expense - (2.44) (4.61) - (3.93) - (0.25) (14.18) (25.41)
Foreign Currency Translation - 0.10 0.05 - (2.19) 2.35 - - 0.31
Balance as at 31st March 2021 - (13.29) (51.52) - (42.38) (23.59) (4.62) (14.18) (149.58)
Net Carrying Amount

Balance as at 1st April 2019 184.99 242.66 15.71 4.72 44.64 40.02 1.55 - 534.29
Additions - - 4.39 - - - - - 4.39
Disposals/ Adjustments - (0.24) 0.23 (0.24) (0.76) - (0.02) - (1.03)
Amortisation expense - (2.45) (4.87) - (6.31) (5.99) (0.53) - (20.15)
Amortisation Eliminated on - - (0.12) - 0.68 - 0.02 - 0.58
disposal of assets
Foreign Currency Translation (0.96) 0.62 (0.10) - 0.09 - 0.03 - (0.32)

st
184.03 240.59 15.24 4.48 38.34 34.03 1.05 - 517.76
Additions - 0.45 9.44 - - - - - 9.89
Acquisition under Business 1,100.10 1,158.72 - - 0.80 - - 215.00 2,474.62
Disposals/ Adjustments - (0.45) - - - - - - (0.45)
Amortisation expense - (2.44) (4.61) - (3.93) - (0.25) (14.18) (25.41)
Foreign Currency Translation (0.19) (1.03) (0.04) - (2.42) 2.35 - - (1.33)
Balance as at 31st March 2021 1,283.94 1,395.84 20.03 4.48 32.79 36.38 0.80 200.82 2,975.08
The Group has estimated the useful life for some of its Copyrights & Trademark as indefinite on the basis of renewal of legal rights and the
management’s intention to keep it perpetually.

187
( in crores)
As at As at 7 Investments accounted for using equity method
As at 31stMarch 2021 As at 31stMarch 2020
Goodwill on Consolidation Qty in crores Qty in crores
Cipy Polyurethanes Pvt Ltd (CIPY) 57.62 57.62 Carrying amount determined using the Equity method of accounting
Pidilite Bamco Ltd (Bamco) 22.94 22.27 A] Investment in Associates (fully paid up)
Bhimad Commercial Co Pvt Ltd (Bhimad) 0.01 0.01 i] Investment in Equity Instruments (Quoted)
Madhumala Traders Pvt Ltd (Madhumala) 0.01 0.01 Equity Shares of 1 each of Vinyl Chemicals (India) Ltd 74,51,540 1.18 74,51,540 1.18
Pidilite Industries Egypt SAE (PIE) 1.95 1.87 Add: Share in accumulated Profits/Reserves 26.93 24.12
Tenax Pidilite India Pvt Ltd 59.21 - 28.11 25.30
(Formerly known as Tenax India Stone Products Pvt Ltd) (refer Note 52B) ii] Investments in Preference Shares (Unquoted) [refer Note 56 (a) (i)]
Pidilite Adhesives Pvt Ltd (Formerly known as Huntsman Advanced Materials Solutions 1,040.89 - Compulsory Convertible Cumulative Preference Shares of Aapkapainter 4,062 5.00 -
Pvt Ltd) (refer Note 52B) Solutions Pvt Ltd
Total (A) 1,182.63 81.78 Add: Share in accumulated Profits/Reserves (0.64) -
Goodwill acquired separately* 4.36 -
Pidilite Industries Limited 86.11 86.11 Total [A] 32.47 25.30
Nitin Enterprises (Nitin) 0.23 0.23 B] Investment in Joint Venture (fully paid up) (Unquoted)
Building Envelope Systems India Ltd (BESI) 0.55 0.55 Equity Shares of AED 1000 each of Plus Call Technical Services LLC 57 0.21 57 0.21
Nina Percept Private Limited (Nina Percept) 5.13 5.13 Add: Share in accumulated Profits/Reserves 1.56 1.56
ICA Pidilite Private Limited (ICA) 2.08 2.08 1.77 1.77

Pulvitec do Brasil Industria e Commercio de Colas e Adesivos Ltda (Pulvitec) 6.71 7.63
Total [B] - -
Pidilite USA Inc (PUSA) 0.51 0.52
TOTAL [(A)+(B)] 32.47 25.30
Total (B) 101.32 102.25
Aggregate carrying value of quoted investments 28.11 25.30
Total Goodwill (A+B) 1,283.95 184.03
Aggregate market value of quoted investments 86.44 31.15
*Goodwill acquired in business combination is allocated, at acquisition date, to the cash-generating units that are expected to benefit from that
Aggregate carrying value of unquoted investments 4.36 -
business combination.
Goodwill, Copyrights and Trademark
Goodwill, copyrights and trademark in the books of the Group pertains mainly to Consumer and Bazaar business 8 Investments - Non-Current
(majorly consists of Consumer and Bazaar business of Parent). At the end of each reporting period, the Group reviews As at 31stMarch 2021 As at 31stMarch 2020
carrying amount of goodwill, copyrights and trademark to determine whether there is any indication that goodwill,
copyrights and trademark has suffered any impairment loss. Accordingly, recoverable amount of goodwill, copyrights
and trademark is arrived basis projected cashflows from Consumer and Bazaar business. Recoverable amount of A] Investment in Equity Instruments (fully paid up) (at FVTPL) (Unquoted)
goodwill, copyrights and trademark exceeds the carrying amount of goodwill, copyrights and trademark in the books Equity Shares of 10 each of Pal Peugeot Ltd 1,21,300 0.12 1,21,300 0.12
as on 31st March 2021. Further there are no external indications of impairment of goodwill, copyrights and trademark. Less: Impairment in value of Investment (0.12) (0.12)
As a result, no impairment loss on goodwill, copyrights and trademark is required to be recognised. Total [A] - -
Projected cashflows from Consumer and Bazaar business (relates to Parent which represents significant B] Investments in Preference Shares (at FVTPL) (Quoted)
portion of goodwill) Non-Cumulative Perpetual Preference shares of Kotak Mahindra Bank Ltd 3,00,00,000 15.20 3,00,00,000 15.20
The recoverable amount of this cash-generating unit is determined based on a value in use calculation which uses Total [B] 15.20 15.20
cash flow projections based on financial budgets approved by the management for next year, estimates prepared for C] Investment in Debentures, Bonds & Market Instruments (at FVTPL) (Quoted)
the next 4 years thereafter and a discount rate of 11.7% per annum (12.0% per annum as at 31st March 2020). Units of Bharat Bond ETFs 2,50,000 27.85 2,50,000 25.55
Cash flow projections during the budget period are based on the same expected gross margins and raw materials price Total [C] 27.85 25.55
inflation throughout the budget period. The cash flows beyond that five-year period have been extrapolated using a D] Investment in Alternative Investment Fund (at FVTPL) (Unquoted)
steady 7% per annum (8% per annum as at 31st March 2020) growth rate. The management believes that any reasonably Units of Fireside Ventures Investment Fund II 50,000 3.49 50,000 4.13
possible change in the key assumptions on which recoverable amount is based would not cause the aggregate carrying
Total [D] 3.49 4.13
amount to exceed the aggregate recoverable amount of the cash-generating unit.
E] Investment in Promissory Note (at FVTPL) (Unquoted)
The key assumptions used in the value in use calculations for Consumer and Bazaar cash-generating unit are as follows: Convertible Promissory Note of Clare Inc 1 3.68 1 3.77
Budgeted sales growth Sales growth is assumed at 10.8% (CAGR) (17.5% as at 31st March 2020) in line Total [E] 3.68 3.77
with current year projections. The values assigned to the assumption reflect F] Investments in Preference Shares (at FVTPL) (Unquoted) [refer Note 56 (a)]
past experience and current market scenario considering COVID-19 impact Compulsory Convertible Cumulative Preference Shares of Homevista Décor 17,52,734 49.00 17,52,734 49.00
and are consistent with the managements’ plans for focusing operations in & Furnishings Pvt Ltd
these markets. The management believes that the planned sales growth per Compulsory Convertible Cumulative Preference Shares of Homevista 9,32,488 19.15 - -
year for the next five years is reasonably achievable. Interior Désigns E.Commerce Pvt Ltd
Raw materials price inflation Forecast for Material cost growth CAGR higher by 0.2% (0.2% as at 31st March Compulsory Convertible Cumulative Preference Shares of Trendsutra 1,47,80,200 71.48 1,47,80,200 71.48
PlatformServices Pvt Ltd
2020) vs. sales growth, considering impact of commodity cost inflation.
Compulsory Convertible Cumulative Preference Shares of Aapkapainter - - 1,625 2.00
Other budgeted costs Commercial spends (schemes and A&SP) have been continued at current year’s Solutions Pvt Ltd
% to sales. Other fixed costs are in line with the current year’s growth. Total [F] 139.63 122.48
189
As at 31stMarch 2021 As at 31stMarch 2020 9 Investments - Current

Qty in crores Qty in crores As at 31stMarch 2021 As at 31stMarch 2020
G] Investment in Promissory Note (at amortised cost) (Unquoted) Qty in crores Qty in crores
Convertible Promissory Note of Optmed Inc** 1 5.51 1 5.65 A] Investments in Debentures, Bonds & Market Instruments (at FVTPL)
(Quoted)
Tax-free bonds of Housing and Urban Development Corporation Ltd - - 2,00,000 21.27
Total [G] 0.55 4.24
Tax-free bonds of National Housing Bank - - 10,000 5.59
H] Investment in Mutual Funds (at FVTPL) (Unquoted)
Tax-free bonds of Indian Railway Finance Corporation 12 Feb 22 - - 70,000 7.57
Units of Kotak FMP Series 251 - 1265 days Direct Plan Growth 2,00,00,000 25.09 2,00,00,000 23.12
Tax-free bonds of Indian Railway Finance Corporation 11 Jan 26 - - 1,000 10.40
Units of SBI Debt Fund Series C49 1178 days - Direct Plan Growth 2,00,00,000 24.02 2,00,00,000 22.06
Total [A] - 44.83
Units of HDFC FMP 1182D Jan 2019 (1) - Direct Growth 2,00,00,000 24.57 2,00,00,000 22.57 B] Investment in Mutual Funds (at FVTPL) (Unquoted)
Units of HDFC FMP 1126D Mar 2019 (1) - Direct Growth 2,00,00,000 24.17 2,00,00,000 22.21 Units of Aditya Birla Sun Life FTP-Series PJ (1135 days) - Direct Growth 1,00,00,000 12.58 - -
Units of IDFC FTP Series 149 (1424 days) - Direct Plan Growth 1,50,00,000 18.75 1,50,00,000 17.26 Units of Aditya Birla Sun Life FTP-Series PK (1132 days) - Direct Growth 2,00,00,000 25.07 - -
Units of IDFC Money Manager Fund 9,191 0.04 9,191 0.04 Units of DSP BlackRock FMP S223-39M - Direct Growth 1,50,00,000 18.95 - -
Units of Aditya Birla Sun Life FTP-Series PJ (1135 days) - Direct Growth - - 1,00,00,000 11.81 Units of DSP BlackRock FMP S224-39M - Direct Growth 1,50,00,000 18.81 - -
Units of Aditya Birla Sun Life FTP-Series PK (1132 days) - Direct Growth - - 2,00,00,000 23.55 Units of SBI FMP Series C33 (1216 days) - Direct Growth 2,00,00,000 24.73 - -
Units of DSP BlackRock FMP S223-39M - Direct Growth - - 1,50,00,000 17.76 Units of Reliance FMP XXXVII Series 12 - Direct Growth 1,00,00,000 12.64 - -
Units of DSP BlackRock FMP S224-39M - Direct Growth - - 1,50,00,000 17.67 Units of HDFC FMP 1143D March 2018 (1) - Direct Growth - S39 1,00,00,000 12.56 - -
Units of IDFC FTP Series 140 Direct Plan - Growth (1145 days) 1,50,00,000 18.88 - -
Units of HDFC FMP 1143D March 2018 (1) - Direct Growth - S39 - - 1,00,00,000 11.81
Units of Kotak FMP Series 219 - Direct Growth 1,50,00,000 18.86 - -
Units of IDFC FTP Series 140 Direct Plan - Growth (1145 days) - - 1,50,00,000 17.73
Units of ICICI FMP Series 83 1105 D Plan F - Direct Growth 50,00,000 6.28 - -
Units of Kotak FMP Series 219 - Direct Growth - - 1,50,00,000 17.77
Units of ICICI Prudential Overnight Fund - Direct Growth 1,01,804 3.10 - -
Units of ICICI FMP Series 83 1105 D Plan F - Direct Growth - - 50,00,000 5.91
Units of ICICI Prudential Equity Arbritage Fund - Growth 3,56,760 1.00 - -
Units of Reliance FMP XXXVII Series 12 - Direct Growth - - 1,00,00,000 11.83
Units of HDFC Liquid Fund - Growth 1,856 0.75 - -
Units of SBI FMP Series C33 1216 days - Direct Growth - - 2,00,00,000 22.69
Units of IDFC Arbritage Fund - Growth 3,74,231 1.00 - -
Total [H] 116.64 265.79
Units of L&T Ultra Short Term Fund - Growth 1,42,467 0.50 - -
Total [A+B+C+D+E+F+G+H] 307.04 441.16 Units of SBI Liquid Fund - Growth 2,331 0.75
Aggregate carrying value of quoted investments 43.05 40.75 Units of HDFC Overnight Fund - Direct Growth - - 6,79,896 201.88
Aggregate market value of quoted investments 43.05 40.75 Units of SBI Overnight Fund - Direct Plan Growth - - 6,46,655 210.40
Aggregate carrying value of unquoted investments 263.99 400.41 Units of Aditya Birla Sun Life Overnight Fund - Direct Growth - - 9,22,816 99.70
Aggregate amount of Impairment in value of investments 5.08 1.53 Units of ICICI Overnight Fund - Direct Growth - - 1,51,16,609 162.92
Total [B] 176.46 674.90
**The Group invested in convertible promissory note of Optimed Inc., the conversion of which is subject to various covenants and an option
to convert at the sole discretion of the Group upon certain future event. Management has considered and valued this investment as a ‘debt C] Other Investments
instrument’ and believes that the valuation of the option can be done only after the occurrence of the specific future event. During the year,
Group has recognised impairment amounting to 3.62 crores ( Nil for the year ended 31st March 2020) (refer Note 41). Deposits (at amortised cost)
IL & FS Financial Services Limited 1.55 1.55
Infrastructure Leasing & Financial Services Limited 7.25 7.25
8.80 8.80
Total [C] - -
TOTAL [A+B+C] 176.46 719.73
Aggregate carrying value of quoted investments - 44.83
Aggregate market value of quoted investments - 44.83
Aggregate carrying value of unquoted investments 176.46 674.90
191
10 Trade Receivables 13 Other Financial Assets - Non-Current

2021 2020 2021 2020
Secured, Considered good 114.31 105.20 Security Deposit 17.69 19.52

Fixed Deposits with Banks with original maturity of more than 12 months 9.45 3.29
Unsecured, Considered good 1,206.71 983.30
Retention Money Receivable 23.82 19.99
Unsecured, Considered doubtful 88.53 77.52
Other Receivables
Unsecured which have Significant Increase in Credit Risk - - Unsecured, Considered good 0.10 0.05
Unsecured, Credit Impaired - - Considered doubtful 1.74 1.74
1,409.55 1,166.02 1.84 1.79
Less: Allowance for expected credit loss (88.53) (77.52)
0.10 0.05
TOTAL 1,321.02 1,088.50
TOTAL 51.06 42.85
The Group has used a practical expedient by computing the expected credit loss allowance for trade receivables based on a provision
matrix. The provision matrix takes into account historical credit loss experience and adjusted for forward-looking information. The
expected credit loss allowance is based on the ageing of the receivables days and the rates vary with the business of Parent and each 14 Other Financial Assets - Current
Subsidiary. As at As at
Trade receivables includes receivables from Companies/firms where directors are directors/members/partners (refer Note 47). 31st March 31st March
2021 2020
Movement in expected credit loss allowance Security Deposit
For the For the Unsecured, Considered good 9.13 8.51

year ended year ended Considered doubtful 0.44 0.55
2021 2020 9.57 9.06
9.13 8.51
Movement in expected credit loss allowance on trade receivables calculated at lifetime expected 11.01 9.08
credit losses Derivative assets towards foreign exchange forward contracts 0.18 1.81
Retention Money Receivable
Balance at the end of the year 88.53 77.52
A formal credit policy has been framed and credit facilities are given to dealers within framework of credit policy. As per credit risk
management mechanism, a policy for doubtful debt has been formulated and risk exposure related to receivable are identified based Considered doubtful 5.25 1.51
on criteria mentioned in policy and provided for credit loss allowance. 21.42 19.09
11 Loans - Non-Current
16.17 17.58
As at As at Uncertified Revenue from Works Contract 56.05 70.60
2021 2020 Other Receivables* 3.73 4.68
TOTAL 85.26 103.18
* Includes Windmill income and Insurance claim receivable
Loans and Advances to Employees & Others* 4.85 4.09
Loans to Joint Venture* 4.82 4.97 15 Cash and Cash Equivalents
- - As at As at
Less: Impairment in value of loan (4.82) (4.97) 2021 2020
TOTAL 4.85 4.09 Cash and Cash Equivalents
* Loans given for business purpose. Cash on Hand 2.25 0.39

Cheques on Hand 55.50 0.85
12 Loans - Current Balance with banks
As at As at In Current Account 178.07 169.22
31st March 31st March In EEFC Account 19.71 12.89
2021 2020
In Fixed Deposit Accounts with original maturity of 3 months or less 187.12 508.88
TOTAL 442.65 692.23
Loans and Advances to Employees & Others* 16.89 17.38 Cash and Cash Equivalents (as above) 442.65 692.23
TOTAL 16.89 17.38 Cash Credits and Bank Overdrafts (refer Note 25) (115.45) (85.86)
*Loans given for business purpose. Cash and Cash equivalents (as per Statement of Cash Flows) 327.20 606.37
193
16 Bank Balances other than Cash and Cash Equivalents above 19 Current Tax Assets (net)
2021 2020 2021 2020
Balance with banks Advance Payment of Taxes (net of provisions) 3.13 1.93
In Escrow Account 0.04 0.14 TOTAL 3.13 1.93
Other Bank Balance

20 Other Non-Current Assets
In Fixed Deposit Accounts with original maturity of more than 12 months (refer Note a) 2.84 -
As at As at
In Fixed Deposit Accounts with original maturity of more than 3 months but upto 12 months 3.37 7.62 31st March 31st March
(refer Note a) 2021 2020
Earmarked Account Unsecured, Considered good
Dividend Payment Bank Account 2.56 3.26 Capital Advances 64.65 47.50
TOTAL 8.81 11.02 Prepaid Expenses 0.16 0.27
a. Includes Fixed Deposit under lien - 0.99 Balance with Government Authorities* 29.32 25.01
TOTAL 94.13 72.78

17 Inventories (at lower of cost and net realisable value) * Includes amounts paid under protest against Sales Tax claims disputed by the Company (shown under contingent liabilities), Excise Duty rebates,
As at As at GST receivable, etc.
2021 2020 21 Other Current Assets
Raw Material and Packing Material 598.38 420.44 As at As at
2021 2020
Finished Goods 375.70 312.62 Export Benefits receivable
Stock-in-Trade (acquired for trading) 156.29 111.30 Unsecured, Considered good 8.79 11.14
Stores and Spares 8.80 6.36 Considered doubtful - -
TOTAL 1,234.15 929.47 8.79 11.14
Included above Goods-in-Transit Less: Allowance for doubtful balances - -
Raw Material and Packing Material 52.55 41.79 8.79 11.14
Work-in-Progress 3.50 1.87 Balance with Government Authorities*
Finished Goods 49.42 41.15 Unsecured, Considered good 141.35 126.88
Stock-in-Trade (acquired for trading) 16.64 8.69 Considered doubtful 0.09 0.08
TOTAL 122.11 93.50 141.44 126.96
a. The cost of inventories recognised as an expense during the year in respect of continuing operations was 3,376.67 crores Less: Allowance for doubtful balances (0.09) (0.08)
( 3,402.50 crores for the year ended 31st March 2020).
141.35 126.88
b. The cost of inventories recognised as an expense includes 0.43 crores in respect of write-downs of inventory to net realisable
value ( 0.37 crores for the year ended 31st March 2020). Advances to Vendors
c. The mode of valuation of inventories has been stated in Note 2.14. Unsecured, Considered good 62.73 45.16

18 Income Tax Assets (net) - Non-Current 62.74 45.17
As at As at
2021 2020 62.73 45.16
Advance Payment of Taxes (net of provisions) 97.12 109.53 Prepaid Expenses 14.13 14.33
TOTAL 97.12 109.53 TOTAL 227.00 197.51
* Includes input tax credit, VAT, Service Tax/ GST receivable,etc.
195
( in crores)
As at As at c. Details of shareholders holding more than 5% shares in the Company:

2021 2020 As at As at
22 Equity Share Capital
Number of % of Number of % of
Authorised Capital: Shares held Holding Shares held Holding
70,00,00,000 Equity Shares of 1 each 70.00 70.00 Shri Madhukar Balvantray Parekh 5,20,51,286 10.24 5,20,51,286 10.24
(70,00,00,000 Equity Shares of 1 each as at 31st March 2020) Shri Narendrakumar Kalyanji Parekh 5,42,73,688 10.68 5,42,73,688 10.68
TOTAL 70.00 70.00 Shri Ajay Balvantray Parekh 4,74,33,489 9.34 4,74,33,489 9.34
Issued, Subscribed and Paid-up Capital: Shri Sushilkumar Kalyanji Parekh 4,13,97,646 8.15 4,13,97,646 8.15
50,81,53,380 Equity Shares of 1 each, fully paid up 50.82 50.81 Devkalyan Sales Pvt Ltd 2,62,24,280 5.16 2,62,24,280 5.16
(50,81,23,780 Equity Shares of 1 each as at 31st March 2020)
TOTAL 50.82 50.81 d. Aggregate number of bonus shares issued, share issued for consideration other than cash and shares bought back during the period of
five years, immediately preceding the reporting date:
As at As at
a. Reconciliation of the number of shares and amount outstanding at the beginning and at the end of the reporting period 31st March 31st March
2021 2020
Number of in crores
Shares Number of Number of
Shares Shares
Balance as at 1st April 2019 50,79,78,280 50.80
Shares issued during the year on exercise of options under Employee Stock Option Plan - 2016 1,45,500 0.01 Equity Shares
Balance as at 31st March 2020 50,81,23,780 50.81 Buy-back of Shares 50,00,000 50,00,000
Shares issued during the year on exercise of options under Employee Stock Option Plan - 2016 29,600 0.01
Balance as at 31st March 2021 50,81,53,380 50.82 e. Equity Shares reserved for issuance under Employee Stock Option Scheme/Plan:
As at As at
b. Terms/ Rights attached to equity shares 2021 2020
The Company has only one class of equity shares having a par value of 1 per share. Each holder of equity shares is entitled to one Number of Number of
vote per share. The Company declares and pays dividend in Indian rupees. The final dividend proposed by the Board of Directors is Shares Shares
subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all Equity Shares of 1 each under Employee Stock Option Scheme-2012 34,200 34,200
preferential amounts, in the proportion of their shareholding.
The Board of Directors at its meeting held on 12th May 2021 declared a final dividend of 8.50 per equity share of 1 each, subject to Equity Shares of 1 each under Employee Stock Option Plan-2016 38,35,210 41,13,500
approval of the shareholders at the ensuing Annual General Meeting.
During the year ended 31st March 2020, the Company had paid Final Dividend of 6.50 per equity share of 1 each for the financial
year 2018-19 and Interim Dividend of 7.00 per equity share of 1 each for the financial year 2019-20.

197
23 Other Equity 23.4 Cash Subsidy Reserve
2021 2020 2021 2020
Capital Reserve 0.34 0.34 Balance at the beginning and end of the year 0.95 0.95
Securities Premium 26.04 23.21 Cash Subsidy Reserve represents subsidies received from state governments. It is not available for the distribution to shareholders as
dividend.
Capital Redemption Reserve 0.50 0.50
23.5 Legal Reserve
Cash Subsidy Reserve 0.95 0.95
As at As at
Legal Reserve 0.26 0.25
2021 2020
State Investment Reserve 0.15 0.15
Share Options Outstanding Account 25.42 10.89
Add : Additions during the year 0.01 0.01
Foreign Currency Translation Reserve 18.32 28.83
Closing Balance 0.26 0.25
General Reserve 1,335.38 1,335.38
According to Thai Civil and Commercial Code, the Company is required to set aside to a statutory reserve an amount equal to at least
Retained Earnings 4,134.78 3,004.30
five percent of its net profit each time the Company pays out a dividend, until such reserve reaches ten percent of its registered share
capital. The statutory reserve cannot be used for dividend payment. At present, the statutory reserve has fully been set aside.
TOTAL 5,542.14 4,404.80
23.6 State Investment Reserve
23.1 Capital Reserve As at As at

As at As at 2021 2020
2021 2020 Balance at the beginning and end of the year 0.15 0.15
Balance at the beginning and end of the year 0.34 0.34 State Investment Reserve represents subsidies received by Hybrid Coatings from state government for capital investment. It is not
available for the distribution to shareholders as dividend.
Capital Reserve represents excess of net assets acquired in past amalgamation. It is not available for the distribution to shareholders
as dividend. 23.7 Share Options Outstanding Account
23.2 Securities Premium As at As at

As at As at 2021 2020
2021 2020 Employees Stock Options Outstanding
Balance at the beginning of the year 23.21 10.01 Balance at the beginning of the year 16.95 29.38
Add : Premium on Shares issued against ESOP 2.83 13.20 Add : Options granted during the year 42.59 1.72
Closing Balance 26.04 23.21 Less : Transferred to Securities Premium on Options exercised during the year (2.83) (13.20)
Security Premium Account is created when shares are issued at premium. The Group may issue fully paid-up bonus shares to its Less : Lapsed during the year (0.06) (0.95)
members out of the Securities Premium Account, and Group can use this reserve for buy-back of shares.
Closing Balance (A) 56.65 16.95
23.3 Capital Redemption Reserve Deferred Employees Stock Options Cost
As at As at Balance at the beginning of the year (6.06) (19.73)

2021 2020 Less: Options granted during the year (42.59) (1.72)
Balance at the beginning and end of the year 0.50 0.50 Add: Amortised and exercised during the year 17.40 14.84
The Group has recognised Capital Redemption Reserve on buy-back of equity shares from its General Reserve. The amount in Add: Lapsed during the year 0.02 0.55
Capital Redemption Reserve is equal to the nominal amount of equity shares bought back. The reserve can be utilised in accordance
with the provisions of the Companies Act, 2013. Closing Balance (B) (31.23) (6.06)
Closing Balance (A+B) 25.42 10.89
The above reserve relates to share options granted by the Company to its employees under its employee share option plan.
Further information about share-based payments to employees is set out in Note 49.
199
23.8 Foreign Currency Translation Reserve 25 Borrowings - Current

2021 2020 2021 2020
Balance at the beginning of the year 28.83 14.36 Secured - at amortised cost
Add/ (Less) : Exchange difference arising on translatory foreign operations (10.51) 14.47 1) Loans repayable on demand from banks
Closing Balance 18.32 28.83 i) Working Capital Demand Loan 25.13 39.63
Foreign Currency Translation Reserve arises as a result of translating the financial statement items from the functional currency ii) Bank Overdraft 81.53 50.34
into the Group’s presentational currency i.e. Indian Rupee.
2) Amount due on Factoring 1.65 7.32
Unsecured - at amortised cost

23.9 General Reserve
Loans repayable on demand from banks
As at As at
31 March
st
31 March
st
i) Working Capital Demand Loan 59.28 11.18
2021 2020
Balance at the beginning and end of the year 1,335.38 1,335.38 ii) Bank Overdraft 33.92 35.52
General Reserve is created by a transfer from one component of equity to another and is not an item of Other Comprehensive Income. TOTAL 201.51 143.99
The same can be utilised by the Company in accordance with the provisions of the Companies Act, 2013.
Secured
1) i) Secured working capital demand loan for domestic subsidiaries carries interest rate of 8.0% p.a. (8.5% p.a as at 31st March 2020)
As at As at and for international subsidiaries at 5.48% to 9.92%, (11.50% - 12.43%, LIBOR + 2.7% p.a. as at 31st March 2020). The group working
31st March 31st March capital demand loan is secured by receivables, inventories, outstanding monies and other assets.
2021 2020
ii) Secured bank overdraft for domestic subsidiaries carries interest rate of 8.20% p.a. (8.9% p.a. as at 31st March 2020) and for
23.10 Retained Earnings international subsidiaries at T- Bill rate + 1.5% (AWPLR + 0.35% p.a. as at 31st March 2020). It is secured by way of charge to
receivables and inventory.
Balance at the beginning of the year 3,004.30 2,725.71
2) Secured amount due on factoring for domestic subsidiaries carries interest rate (including factoring cost) of 13.00% p.a. (11.00% to
Add : Profit for the year 1,131.21 1,116.42 11.75% p.a. as at 31st March 2020). It is secured by a charge against certain trade receivables.
Less : Payment of Final Dividend (0.02) (330.19) Unsecured
Payment of Interim Dividend - (355.61) 1) i) Unsecured working capital demand loan carries interest rate of 4.5% p.a. and for international subsidiaries at 3.3% (9.50% p.a. as
at 31st March 2020).
Tax on Dividend paid - (140.97)
ii) Unsecured bank overdraft for international subsidiaries carries interest rate of EIBOR + 1.5% p.a. and AWPLR + 0.35% p.a
(EIBOR+ 1.55% p.a. as at 31st March 2020).
Other Comprehensive Income for the year, net of income tax (0.71) (11.06)
Closing Balance 4,134.78 3,004.30 ( in crores)
The amount that can be distributed by the Company as dividends to its equity shareholders is determined based on the separate 26 Trade Payables
financial statements of the Company and also considering requirements of the Companies Act, 2013.
As at As at
2021 2020
24 Borrowings - Non-Current
Trade Payables
As at As at
31 March
st
31 March
st Total outstanding dues of micro enterprises and small enterprises 86.03 23.13
2021 2020
Total outstanding dues of creditors other than micro enterprises and small enterprises 920.71 597.88
Secured - Term Loan from Bank (refer Note i) 7.85 18.60
TOTAL 1,006.74 621.01
Unsecured - Term Loan from Bank (refer Note ii) 4.54 6.53
TOTAL 12.39 25.13

27 Other Financial Liabilities - Non-Current
i) Secured term loan for international subsidiaries at 5.25% p.a (9% - 11.97% as at 31st March 2020) is secured by hypothecation of plant
and machineries, land and building. As at As at
ii) Unsecured term loan from bank for an international subsidiary carries an interest rate of AWPLR - 0.50% p.a., 4.00% p.a 2021 2020
(AWPLR - 0.50% p.a. as at 31st March 2020). The maturity date for international subsidiaries varies from July 2022 to October 2024
which is repayable in monthly/ quarterly installments. Retention money payable 13.33 6.79
Employees related liabilities 0.30 0.47
TOTAL 13.63 7.26
201
28 Other Financial Liabilities - Current 31 Other Current Liabilities

2021 2020 2021 2020
Unclaimed Dividend 2.56 3.25 Statutory remittances 84.51 79.40

BTA payable (refer Note 45 a) 3.22 3.12 Advance from customers 28.29 41.10
Liability for purchase of investment [refer note 45 (b) and 52B)] 306.22 - Other liabilities 1.93 1.84
Payable on purchase of assets 2.40 7.39
TOTAL 114.73 122.34
Trade/ Security Deposit received 134.05 123.93
Liabilities for expenses 527.35 392.84 32 Current Tax Liabilities (net)

Gross obligation towards acquisition (refer Note 45 b) - 81.23 As at As at
Derivative liabilities towards foreign exchange forward contracts 0.66 0.42 2021 2020
Current portion of non-current borrowings (refer Note 24) 8.71 7.10 Provision for Tax (net of Advance Tax) 25.02 8.67
Retention money payable 22.15 17.14
TOTAL 25.02 8.67
Employees related liabilities 26.72 32.32
TOTAL 1,034.04 668.74 33 Revenue from Operations

For the For the
29 Provisions - Non-Current 31st March 31st March
As at As at 2021 2020
31st March 31st March Revenue from Operations*
2021 2020
Sale of Products 7,073.23 6,985.44
Provision for Employee Benefits
Gratuity (net) (refer Note 51) 5.23 4.21 Sale of Services 177.69 268.72
Compensated Absences 42.73 38.97 TOTAL (A) 7,250.92 7,254.16
Anniversary Awards 1.25 0.82 Other Operating Revenue
Premature Death Pension Scheme 1.82 1.55 Scrap Sales 12.49 12.18
Total Disability Pension Scheme 0.37 0.32 Export Incentives 9.33 19.11
Other Retirement Benefits 5.91 5.29 GST Refund 16.48 3.40
Others (refer Note 55) 0.67 0.79
Others 3.49 5.62
TOTAL 57.98 51.95
TOTAL (B) 41.79 40.31
TOTAL (A+B) 7,292.71 7,294.47

30 Provisions - Current
*The Group disaggregated revenues from contracts with customers by customer type and by geography. The Group believes that this
As at As at disaggregation best depicts how the nature, amount, timing and uncertainty of its revenues and cash flows are affected by industry, market and
31 March
st
31 March
st
other economic factors. For geographywise and customerwise breakup of revenue, refer Note 48.
2021 2020
Further, the Group derives its revenue from the transfer of goods at a point in time for its major service lines. This is consistent with the
Provision for Employee Benefits revenue information that is disclosed for each reportable segment under Ind AS 108 ‘Operating Segment’.
Gratuity (net) (refer Note 51) 3.66 2.50

Reconciliation of revenue recognised with the contracted price is as follows:
Compensated Absences 15.26 12.26
For the For the
Anniversary Awards 0.21 0.16 year ended year ended
Premature Death Pension Scheme 0.01 0.01 2021 2020
Total Disability Pension Scheme 0.06 0.05 Contracted Price 7,964.46 7,941.25
Other Retirement Benefits 2.74 1.85 Reduction towards variable consideration components* (713.54) (687.09)
Provision for warranty expenses (refer Note 55) 3.02 4.76 Revenue Recognised 7,250.92 7,254.16
TOTAL 24.96 21.59 *The reduction towards variable consideration includes discounts, rebates, incentives, promotional couponing and schemes.
203
34 Other Income 37 Employee Benefits Expense

2021 2020 2021 2020
Interest on:
Salaries and Wages 884.38 833.74
Bank Deposit (at amortised cost) 6.49 3.34
Overdue Trade Receivables 0.40 0.05 Contribution to Provident and Other Funds (refer Note 51) 55.28 50.83
Tax Free Bonds (at FVTPL) 8.29 3.26
Share-based Payments to Employees (refer Note 49) 17.24 14.44
Others 1.66 5.81
Staff Welfare Expenses 23.96 28.21
Dividend on:
Investments in Mutual Funds and Others (at FVTPL) 1.13 11.59 TOTAL 980.86 927.22
Other Non-Operating Income:
Windmill Income 1.35 3.21
Insurance claim received 7.47 0.46 38 Finance Costs
Liabilities no longer required written back 0.32 1.59 For the For the
Rental Income from Leases 2.18 1.38 31st March 31st March
Net gain arising on financial assets designated as at FVTPL 40.26 109.79 2021 2020
Profit on Sale of Assets (net) - 2.67 Interest expense on:
Miscellaneous Income 9.85 6.28
Borrowings 15.53 9.38
TOTAL 79.40 149.43
Lease Liability (refer Note 54) 7.91 8.21
35 Cost of Materials Consumed
Unwinding of Liabilities (refer Note 45) 6.29 8.26
For the For the
Dealer Deposits & others 7.50 7.75
2021 2020
TOTAL 37.23 33.60
Inventory at the beginning of the year 420.44 404.72
Add : Purchases 3,195.01 3,013.43
Add : Acquisition under Business Combination (refer Note 52B) 2.56 - 39 Depreciation, Amortisation and Impairment Expense
3,618.01 3,418.15 For the For the
Less : Inventory at the end of the year 600.19 420.44 year ended year ended
TOTAL 3,017.82 2,997.71
2021 2020
36 Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade Depreciation on Property, Plant and Equipment (refer Note 4) 140.14 118.46
For the For the Depreciation on Right of Use of Assets (refer Note 5 and Note 54) 35.11 31.31
31st March 31st March Amortisation of Other Intangible Assets (refer Note 6) 25.41 20.15
2021 2020
Inventories at the end of the year TOTAL 200.66 169.92
Total (A) 626.97 502.67
Acquisition under Business Combinations (refer Note 52B)
Stock-in-Trade 3.48 -
Finished Goods 2.50 -
Total (B) 5.98 -
Inventories at the beginning of the year
Total (C) 502.67 523.89
TOTAL (C+B-A) (118.32) 21.22
205
( in crores)
40 Other Expenses 42 a) Associates and Joint Ventures

For the For the A. (i) Details of Associate
31st March 31st March Name of Associate Principal Place of Proportion of ownership
2021 2020 activity incorporation interest/ voting rights held
and principal by the Group
Consumption of Stores and Spares 33.63 37.58
place of As at As at
Clearing, Forwarding and Octroi Duty 331.31 297.45 business 31st March 31st March
Power and Fuel 55.51 63.07 2021 2020
Contract Labour 96.11 75.47 Vinyl Chemicals (India) Ltd Trading in India 40.64% 40.64%
chemicals
Water Charges 13.15 4.12
Rent (refer Note 54) 21.67 20.35 ( in crores)
Rates and Taxes 4.76 4.80
Insurance 12.91 10.58 (ii) Financial information in respect of Associate
License Fees 1.07 1.12 Particulars For the For the

Repairs: 31st March 31st March
Buildings 10.54 9.63 2021 2020
Machinery 18.88 21.27 Group's share of profit 4.62 3.03

Others 5.29 9.32 Group's share of Other Comprehensive Income - -
34.71 40.22
Group's share of Total Comprehensive Income 4.62 3.03
Directors' Fees 1.05 0.44
Advertisement and Publicity 159.76 284.64
(iii) Reconciliation with carrying amount of investment
Legal, Professional and Consultancy Fees 52.49 57.27
Communication Expenses As at As at
8.42 9.84
Printing and Stationery 4.30 7.25 2021 2020
Travelling and Conveyance Expenses 62.43 122.13 Net assets excluding dividend adjustment 66.25 59.31
Bad Debts 7.08 3.88
Share in accumulated Profits/Reserves (%) 40.64 40.64
Provision for Doubtful Debts 11.01 8.45
Share in accumulated Profits/Reserves 26.93 24.12
Processing and Packing Charges 81.89 76.80
Sales Commission 12.99 10.34 Investment in Equity Share Capital 1.18 1.18
Payments to Auditor (refer Note a) 3.02 2.57 Total Investment 28.11 25.30
Donations 5.18 0.17
Corporate Social Responsibility Expenses 29.55 27.12
B. (i) Details of Associate
Loss on Fixed Assets Sold / Discarded (net) 5.73 -
Name of Associate Principal Place of Proportion of ownership
Net Loss on Foreign Currency Transactions and Translation 2.37 4.13 activity incorporation interest/ voting rights held
Miscellaneous Expenses 202.46 218.94 and principal by the Group
place of As at As at
TOTAL 1,254.56 1,388.73 business 31st March 31st March
a. Details of Payments to Auditors of Parent and Subsidiaries (net of taxes) 2021 2020
a) Auditor 2.20 2.01 Aapkapainter Solutions Private Limited Painting and India 28.89% -
Waterproofing
b) Tax Matters 0.38 0.21
Solutions
c) Other Services 0.42 0.33
d) Reimbursement of Expenses 0.02 0.02 ( in crores)
TOTAL 3.02 2.57
(ii) Financial information in respect of Associate
For the For the
41 Exceptional Items
For the For the 31st March 31st March
year ended year ended 2021 2020
31 March
st
31 March
st
2021 2020 Group's share of loss (0.64) -
Impairment in value of Asset held for Sale [refer Note 56(g)] - 55.19 Group's share of Other Comprehensive Income - -
Provision for Diminution/ Impairment in value of Investment[refer Note 8G)] 3.62 -
Group’s share of Total Comprehensive Income (0.64) -
TOTAL 3.62 55.19
207
( in crores)
(iii) Reconciliation with carrying amount of investment Non-wholly owned subsidiaries of the Group that have material non-controlling interests :
As at As at Name of subsidiaries Place of Proportion of
31st March 31st March incorporation ownership interests and
2021 2020 and principal voting rights held by
Net assets excluding dividend adjustment 3.38 - place of non-controlling interests
business As at As at
Share in accumulated Profits/Reserves (%) 28.89 -
Share in accumulated Profits/Reserves (0.64) -
2021 2020
Investment in Equity Share Capital 5.00 -
Nina Percept Pvt Ltd India 25% 28%
Total Investment 4.36 -
ICA Pidilite Pvt Ltd India 50% 50%
C. (i) Details of Joint Venture
Cipy Polyurethanes Pvt Ltd [refer Note 45 (b)] India 30% 30%
Name of Joint Venture Principal Place of Proportion of ownership
activity incorporation interest/ voting rights held Building Envelope Systems India Pvt Ltd India 40% 40%
and principal by the Group
place of As at As at Bamco Supply and Services Ltd Thailand 49% 49%
business 31st March 31st March
Pidilite Lanka (Pvt) Ltd Srilanka 24% 24%
2021 2020
Plus Call Technical Services LLC Flooring, United Arab 40.00% 40.00% Pidilite East Africa Ltd Kenya 45% 45%
(refer Note 7B) tiling, painting, Emirates
concrete work Pidilite Grupo Puma Manufacturing Ltd India 50% -
and related
contracting Pidilite Litokol Pvt Ltd India 40% 40%
activities
Tenax Pidilite India Pvt Ltd (Formerly known as Tenax India Stone India 70% -
( in crores) Products Pvt Ltd) (Refer Note 52B)
(ii) Financial information in respect of Joint Venture
For the For the
( in crores)
31st March 31st March Name of subsidiaries Profit/ (Loss) allocated to Other Comprehensive Accumulated
2021 2020 non-controlling interests Income non-controlling interest
Group's share of profit/ (loss) - -
For the For the For the For the As at As at
Group's share of Other Comprehensive Income - - year ended year ended year ended year ended 31st March 31st March
Group’s share of Total Comprehensive Income - - 31st March 31st March 31st March 31st March 2021 2020
2021 2020 2021 2020
42 b) Non-Controlling Interest Nina Percept Pvt Ltd (7.08) 0.86 0.10 0.03 30.56 42.03
As at As at ICA Pidilite Pvt Ltd 1.86 0.77 (0.03) 0.07 123.92 122.09
2021 2020 Cipy Polyurethanes Pvt Ltd 0.09 3.35 (0.05) (0.11) 28.03 27.99
Balance at the beginning of the year 215.65 207.15 [refer Note 45 (b)]
Share of Profit/ (Loss) for the year (5.08) 5.63 Building Envelope Systems India 0.03 0.84 - 0.01 9.54 9.51
Share of Other Comprehensive Income for the year 0.36 0.12 Pvt Ltd
Non-Controlling Interests arising on the acquisition of: Bamco Supply and Services Ltd 0.07 0.37 0.06 (0.17) 3.72 3.59
Pidilite East Africa Ltd - 2.11
Pidilite Litokol Pvt Ltd - 0.40 Pidilite Lanka (Pvt) Ltd 0.37 (0.29) 0.22 0.05 7.50 7.60
Nina Lanka Construction Technologies (Private) Limited - 0.18 Pidilite East Africa Ltd (0.75) - 0.06 - 1.06 -
Nina Percept (Bangladesh) Pvt Ltd - 0.10
Tenax Pidilite India Pvt Ltd (Formerly known as Tenax India Stone Products Pvt Ltd) 10.91 - Pidilite Grupo Puma Mfg Ltd (0.64) - - - 11.07 -
(Refer Note 52B)
Pidilite Litokol Pvt Ltd (0.02) - - - 9.50 -
Additional Non-Controlling interests arising on increase in capital of:
Pidilite Lanka (Pvt) Ltd - 0.35 Tenax Pidilite India Pvt Ltd 1.03 - - - 11.94 -
(Formerly known as Tenax India
Pidilite East Africa Ltd 1.75 -
Stone Products Pvt Ltd)
Pidilite Litokol Pvt Ltd 9.52 - (Refer Note 52B)
Pidilite Grupo Puma Manufacturing Ltd 11.71 -
Individually immaterial subsidiaries (0.04) (0.27) - 0.24 3.20 2.84
Pidilite C-Techos Walling Ltd 0.40 - with non-controlling interests
Change in Group Interest:
TOTAL (5.08) 5.63 0.36 0.12 240.04 215.65
Nina Percept Pvt Ltd (4.49) -
Pidilite Lanka (Pvt) Ltd (0.69) -
Dividend paid to Non-Controlling interests
Bamco Supply and Services Ltd - (0.39)
TOTAL 240.04 215.65
209
43 Contingent Liabilities and Commitments 46 Earnings Per Share (EPS)

As at As at The following reflects the Profit and Share data used in the Basic and Diluted EPS computations:
2021 2020 For the year For the year
ended ended
A) Contingent liabilities not provided for: 31st March 31st March
2021 2020
1. Claims against the Group not acknowledged as debts comprises of:
Basic:
a) Income Tax demand against the Group not provided for and relating to issues of deduction and 60.05 59.96
allowances in respect of which the Group is in appeal Profit attributable to shareholders of the Company ( in crores) 1,131.21 1,116.42
b) Excise Duty and Service Tax claims disputed by the Group relating to issues of classifications 49.69 51.12
c) Sales Tax (VAT, LBT, Entry Tax and GST) claims disputed by the Group relating to issues of 158.23 167.08 Weighted average number of equity shares in calculating basic EPS 50,81,35,294 50,79,93,224
declaration forms and classifications
Par value per share ( ) 1.00 1.00
d) Other Matters (relating to disputed Electricity Duty, Gram Panchayat Tax, open access charges, etc.) 19.73 6.64
Earning per share (Basic) ( ) 22.26 21.98
2. Guarantees given by Banks in favour of Government and others * 53.16 57.60
* Guarantees given are for business purpose.

Diluted:
B) Commitments:
Profit attributable to shareholders of the Company ( in crores) 1,131.21 1,116.42
a) Estimated amount of contracts, net of advances, remaining to be executed on Property, Plant and 180.42 206.10
Equipment, investments and not provided for
b) For other commitments, refer Note 50 (E) (ii) Financial instruments, Note 45 and Note 54 Leases. Weighted average number of equity shares in calculating basic EPS 50,81,35,294 50,79,93,224
Add: Effect of Employee Stock Option Scheme/ Plan 4,19,540 1,70,850
44 Research & Development Expenditure Weighted average number of equity shares in calculating diluted EPS 50,85,54,834 50,81,64,074

ended ended
Par value per share ( ) 1.00 1.00
2021 2020 Earning per share (Diluted) ( ) 22.24 21.97
Capital expenditure included in Property, Plant and Equipment 3.69 2.52
Revenue expenditure charged to Consolidated Statement of Profit and Loss 68.62 70.20 47 Related Party Disclosures
TOTAL 72.31 72.72 Related Party Disclosures as required by Ind-AS 24, ‘Related Party Disclosures’ are given below:
(i) Relationships:
45 (a) During the financial year 2015-16, pursuant to a Business Transfer Agreement (BTA) entered into by Nina Percept Pvt Ltd with
Nina Concrete Systems Private Limited (NCSPL), the Group acquired the waterproofing Business (the “Business”), including all a. Vinyl Chemicals (India) Ltd Associate
its assumed assets and assumed liabilities, of NCSPL, a private limited company based in India (the “Seller”), as a going concern Aapkapainter Solutions Private Limited
b. Associate
and on a slump sale basis for a lump-sum consideration, with effect from 17th April 2015. (from 3rd November 2020)
The terms and conditions of the BTA included a total purchase consideration of 82.02 crores, out of which 78.81 crores was c. Plus Call Technical Services LLC Joint Venture
settled by the Company to the Seller as of 31st March 2021. A balance amount of 3.22 crores including Holdback Amount is
payable by the Company to the Seller after settlement of the unrealised Net Working Capital. d. Parekh Marketing Ltd Significant Influence of KMP
An amount of the identified Net Working Capital, i.e. Receivables, Inventories, Retention Monies receivables, etc which was not e. Pargro Investment Pvt Ltd Significant Influence of KMP
fully realised by 15th April 2020, was to be deducted by the Company from the Holdback amount and the balance was to be paid
f. Kalva Marketing and Services Ltd Significant Influence of KMP
to the seller or recovered from the seller. The settlement of which was to be completed by 31st October 2020, post verification of
books of account. (ii) Key Management Personnel (KMP):
Due to pandemic, the verification of books by Independent Audit firm got delayed. The report is now submitted by the
a. Shri M B Parekh Executive Chairman
Independent auditors and is under discussion. The same will be finalised in the Financial Year 2021-22.
b. Shri Bharat Puri Managing Director
(b) During the financial year 2017-18, 70% shareholding in Cipy Polyurathanes Pvt Ltd (CIPY) was acquired by entering into a share
purchase agreement for cash consideration of 96.40 crores. c. Shri A B Parekh Whole Time Director
Pursuant to share purchase agreement, the Company has an option to purchase and the seller has an option to sell balance 30% of
d. Shri A N Parekh Whole Time Director
equity share capital of CIPY on or after expiry of 3 years from acquisition date. Accordingly, a gross liability towards acquisition
(refer Note 28) in previous year has been recognised in this financial statement. (refer Note 57 a) e. Shri Sabyasachi Patnaik (upto 29th February 2020) Whole Time Director
f. Shri Debabrata Gupta (from 1st March 2020) Whole Time Director
(iii) Close member of Key Management Personnel:
a. Smt Mala M Parekh Wife of Executive Chairman
211
( in crores)
47 (iv) Transactions with Related Parties for the year ended 31st March 2021 are as follows: 48 Segment information
The Group operates in two business segments namely Consumer & Bazaar (C&B) and Business to Business (B2B). C&B segment
Nature of Transaction For the year ended 31st March 2021 For the year ended 31st March 2020 covers sale of products mainly to end consumers which are retail users such as carpenters, painters, plumbers, mechanics, households,
students, offices, etc. Sale consists of mainly adhesives, sealants, art and craft materials and construction and paint chemicals. B2B
Associate KMP/ Significant Total Associate KMP/ Significant Total covers sale of products to end customers which are mainly large business users. This includes Industrial Products (IP) such as
and Joint Influence of KMP/ and Joint Influence of KMP/ adhesives, synthetic resins, organic pigments, pigment preparations, construction chemicals (projects), surfactants, etc. and caters to
Venture Close member of Venture Close member of various industries like packaging, textiles, paints, joineries, printing inks, paper, leather, etc. Others includes sale of speciality acetates,
KMP KMP raw materials etc. Operating Segment disclosures are consistent with the information provided to and reviewed by the Managing
Director (Chief Operating Decision Maker).
a. Sales and Related Income ( in crores)
.
Parekh Marketing Ltd - 50.82 50.82 - 73.97 73.97 Business Segments Year 2020-21 Year 2019-20
Sub-Total (a) - 50.82 50.82 - 73.97 73.97 Consumer Business to Others Total Consumer Business to Others Total
b. Dividend Received & Bazaar Business & Bazaar Business
Revenue
Vinyl Chemicals (India) Ltd 1.65 - 1.65 1.79 - 1.79
Segment Revenue 5,808.88 1,575.40 38.53 7,422.81 5,573.85 1,796.81 76.45 7,447.11
Sub-Total (b) 1.65 - 1.65 1.79 - 1.79 Less : Inter Segment Revenue (16.73) (113.37) - (130.10) (24.19) (127.53) (0.92) (152.64)
c. Purchase of Goods (at cost plus fixed margin)
Net Revenue 5,792.15 1,462.03 38.53 7,292.71 5,549.66 1,669.28 75.53 7,294.47
Vinyl Chemicals (India) Ltd 350.19 - 350.19 320.83 - 320.83
Revenue based on geography
Sub-Total (c) 350.19 - 350.19 320.83 - 320.83 India 6,086.10 6,132.03
d. Sale of Fixed Asset Outside India 1,206.61 1,162.44
Parekh Marketing Ltd - - - - 0.32 0.32 Segment Result 1,773.63 118.13 (1.84) 1,889.92 1,549.64 268.54 (4.55) 1,813.63
Sub-Total (d) - - - - 0.32 0.32 Unallocable Expenses (389.67) (396.10)
Unallocable Income 41.14 113.95
e. Rent Paid/ (Received)
Operating Income 1,541.39 1,531.48
Smt Mala Parekh - 0.58 0.58 - 0.71 0.71 Finance Cost (37.23) (33.60)
Parekh Marketing Ltd - 0.07 0.07 - 0.08 0.08 Interest/ Dividend Income 17.97 24.05
Pargro Investment Pvt Ltd - (0.06) (0.06) - (0.08) (0.08) Share of Profit of Associates/Joint Ventures 3.98 3.03
Sub-Total (e) - 0.59 0.59 - 0.71 0.71
Exceptional items (3.62) (55.19)
f. Reimbursement of expenses made
Parekh Marketing Ltd - 0.03 0.03 - 0.03 0.03 Tax Expense (396.36) (347.72)
Sub-Total (f) - 0.03 0.03 - 0.03 0.03 Profit for the year 1,126.13 1,122.05
g. Compensation of Key Management Personnel of the Company: Other Comprehensive Income (10.86) 3.54
Total Comprehensive Income 1,115.27 1,125.59
Remuneration/ Commission to Directors:
Share of Non-Controlling Interest - (Loss)/Profit (4.72) 5.75
i Short Term Employee benefits
Total Comprehensive Income attributable to 1,119.99 1,119.84
- Shri M B Parekh - 3.13 3.13 - 4.15 4.15 shareholders
- Shri Bharat Puri - 14.24 14.24 - 13.96 13.96 The above includes:
Depreciation, Amortisation and Impairment 108.73 39.78 0.97 149.48 84.02 33.26 3.86 121.14
- Shri A B Parekh - 1.33 1.33 - 1.80 1.80
(allocable)
- Shri A N Parekh - 5.63 5.63 - 5.84 5.84 Depreciation, Amortisation and Impairment 51.18 48.78
- Shri Sabyasachi Patnaik - - - - 2.01 2.01 (unallocable)
(Upto 29th Feb 2020) Capital Expenditure (including Capital Work-In- 173.38 76.17 - 249.55 250.43 115.78 6.14 372.35
Progress) (allocable)
- Shri Debabrata Gupta - 2.27 2.27 - 0.29 0.29
(w.e.f. 1st March 2020) Capital Expenditure (unallocable) 86.39 47.40
Capital Expenditure 335.94 419.75
Sub-Total - 26.60 26.60 - 28.05 28.05
India 325.63 388.08
ii Share-based payments
Shri Bharat Puri - - - - 16.65 16.65 There is no transactions with single external customer which amounts to 10% or more of the Group’s revenue
Shri Sabyasachi Patnaik - - - - 0.40 0.40 Segment Assets & Liabilities As at 31st March 2021 As at 31st March 2020
(Upto 29th Feb 2020) Consumer Business to Others Total Consumer Business to Others Total
Sub-Total - - - - 17.05 17.05 & Bazaar Business & Bazaar Business
h. Dividend Paid - - - - 158.25 158.25 Segment Assets 6,353.49 1,565.54 20.53 7,939.56 3,069.02 1,382.59 76.36 4,527.97
Unallocable Assets 890.86 2,007.73
i. Outstanding Balances:
Total Assets 8,830.42 6,535.70
i Trade Receivables (net) Assets based on geography:
Parekh Marketing Ltd - 19.53 19.53 - 12.39 12.39 India 8,175.79 5,871.94
Pargro Investment Pvt Ltd - 0.01 0.01 - - - Outside India 654.63 663.76
Segment Liabilities 1,653.18 837.44 1.74 2,492.36 962.11 696.40 4.77 1,663.28
Sub-Total - 19.54 19.54 - 12.39 12.39
Unallocable Liabilities 505.06 201.16
ii Trade Payables (net)
Total Liabilities 2,997.42 1,864.44
Vinyl Chemicals (India) Ltd 93.75 - 93.75 23.07 - 23.07 Other Information
Parekh Marketing Ltd - - - - 0.01 0.01 Capital Employed 5,833.00 4671.26
Sub-Total 93.75 - 93.75 23.07 0.01 23.08 Consequent to acquisition of Pidilite Adhesives Pvt Ltd, which has been included as a part of consumer and bazaar segment, hence figures for the
corresponding periods are not comparable. 213
49 Employee Stock Option Scheme b) Fair value of share options granted

The fair value of the stock options has been estimated using Black-Scholes model which takes into account as of grant date the
a) Details of Employee Share Options
exercise price and expected life of the option, the current market price of underlying stock and its expected volatility, expected
In the Annual General Meeting of the Company held on 24th July 2012, the shareholders approved the issue of 50,76,486 equity shares dividends on stock and the risk free interest rate for the expected term of the option.
under the Scheme titled “Employee Stock Option Scheme 2012” (ESOS 2012). The Board approved Employees Stock Option Scheme
covering 3,00,000 Stock options, in terms of the regulations of the Securities and Exchange Board of India. Inputs into the model Granted Granted on Granted on Granted on 23rd January
on 8th 11th April 30th October 2019-ESOP 2016
The ESOS 2012 allows the issue of options to Eligible employees of the Company. Each option comprises one underlying equity share. November 2018-ESOP 2018-ESOP
The exercise price of each option shall be 1/- per equity share. The options vest in the manner as specified in ESOS 2012. Options 2017-ESOP 2016 2016
may be exercised within 5 years from the date of vesting. 2016
ESOP 2016 covering grant of 45,00,000 options (including 2,50,000 Options to be granted to Eligible Employees/ Directors of the Share price 758.55 1,000.15 961.55 1,152.80 1,152.80 1,152.80
subsidiary Companies) was approved by the shareholders through Postal Ballot on 2nd April 2016. Each option comprises one (on the date previous to grant date)
underlying equity share. The exercise price shall be 1/- per option or such other higher price as may be fixed by the Board or Exercise price 1.00 1.00 1.00 1.00 1.00 1.00
Committee. Options to be granted under the Plan shall vest not earlier than one year but not later than a maximum of six years from
the date of grant of such options. In the case of Eligible Employee who has not completed 3 years of employment as on date of the Date of vesting (1) 08.11.2018 11.04.2019 30.10.2019 23.01.2022 29.01.2021 01.02.2021
grant of Options then the Options which are due for vesting before completion of 3 years as above, shall vest as on the completion of Dividend yield (%) 0.85 0.62 2.54 0.84 0.84 0.84
3 years of employment in the Company by the Employee concerned or as may be approved by the Nomination and Remuneration
Committee. Vested Options will have to be exercised within 3 years from the date of respective vesting. Option life (no. of years) 2.50 2.50 2.50 6.00 5.02 5.02
The following share based payment arrangements were in existence during the current & prior years: Risk free interest rate (%) 6.69 7.09 8.01 7.56 7.49 7.49
Expected volatility (%) 22.12 21.65 23.20 24.34 23.87 23.86
Option Series Number Grant date Vesting date Exercise Fair value at
price ( ) grant date ( ) Date of vesting (2) 08.11.2019 11.04.2020 30.10.2020 23.01.2023 29.01.2022 01.02.2022
1 Granted on 8th November 2017-ESOP 2016 28,750 08.11.2017 08.11.2018 1.00 734.15 Dividend yield (%) 0.91 0.66 3.62 0.84 0.84 0.84
28,750 08.11.2017 08.11.2019 1.00 734.15 Option life (no. of years) 3.50 3.50 3.50 7.00 6.02 6.03
2 Granted on 11 April 2018-ESOP 2016

th
4,150 11.04.2018 11.04.2019 1.00 976.94 Risk free interest rate (%) 6.64 7.28 8.02 7.58 7.56 7.56
4,150 11.04.2018 11.04.2020 1.00 976.94 Expected volatility (%) 24.01 23.59 23.24 24.37 24.32 24.30
3 Granted on 30 October 2018-ESOP 2016
th
1,33,200 30.10.2018 30.10.2019 1.00 931.19 Date of vesting (3) - - 30.10.2021 23.01.2024 - -
1,33,200 30.10.2018 30.10.2020 1.00 931.19 Dividend yield (%) - - 4.82 0.84 - -
1,500 30.10.2018 30.10.2019 1.00 924.50 Option life (no. of years) - - 4.50 8.00 - -
1,500 30.10.2018 30.10.2020 1.00 924.50 Risk free interest rate (%) - - 8.15 7.65 - -
2,000 30.10.2018 30.10.2021 1.00 924.50 Expected volatility (%) - - 24.34 24.40 - -
4 Granted on 23rd January 2019-ESOP 2016 3,000 23.01.2019 23.01.2022 1.00 1,112.48
3,000 23.01.2019 23.01.2023 1.00 1,112.48 Inputs into the model Granted on Granted on 29th January Granted on 05th August Granted on
13th May 2020-ESOP 2016 2020-ESOP 2016 04th November
4,000 23.01.2019 23.01.2024 1.00 1,112.48
2019-ESOP 2020-ESOP
1,500 23.01.2019 29.01.2021 1.00 1,127.85 2016 2016
1,500 23.01.2019 29.01.2022 1.00 1,127.85 Share price (on the date 1,154.45 1,461.60 1,461.60 1,461.60 1,342.80 1,342.80 1,565.60
previous to grant date)
1,500 23.01.2019 01.02.2021 1.00 1,127.85
Exercise price 1.00 1.00 1.00 1.00 1.00 1.00 1.00
1,500 23.01.2019 01.02.2022 1.00 1,127.85
Date of vesting (1) 13.05.2020 31.01.2021 18.11.2022 31.01.2021 05.08.2022 05.08.2021 04.11.2021
5 Granted on 13th May 2019-ESOP 2016 2,500 13.05.2019 13.05.2020 1.00 1,124.69
Dividend yield (%) 0.84 0.74 0.74 0.74 0.72 0.72 0.72
6 Granted on 29th January 2020-ESOP 2016 4,000 29.01.2020 31.01.2021 1.00 1,449.90
Option life (no. of years) 2.50 4.01 5.80 4.01 5.00 4.00 4.01
500 29.01.2020 31.01.2021 1.00 1,444.56
Risk free interest rate (%) 7.03 6.15 6.39 6.15 5.13 4.89 4.89
500 29.01.2020 31.01.2021 1.00 1,444.56
2,500 29.01.2020 18.11.2022 1.00 1,433.92 Expected volatility (%) 23.06 23.69 24.49 23.69 25.39 22.94 23.17
2,500 29.01.2020 18.11.2023 1.00 1,433.92 Date of vesting (2) - - 18.11.2023 31.01.2022 05.08.2023 05.08.2022 04.11.2022
7 Granted on 5 August 2020-ESOP 2016

th
5,000 05.08.2020 05.08.2022 1.00 1,318.08 Dividend yield (%) - - 0.74 0.74 0.72 0.72 0.72
5,000 05.08.2020 05.08.2023 1.00 1,318.08 Option life (no. of years) - - 6.80 5.01 6.00 5.00 5.01
1,400 05.08.2020 05.08.2021 1.00 1,319.96 Risk free interest rate (%) - - 6.43 6.39 5.62 5.13 5.13
1,050 05.08.2020 05.08.2022 1.00 1,319.96 Expected volatility (%) - - 24.56 23.76 25.95 25.39 25.73
1,050 05.08.2020 05.08.2023 1.00 1,319.96 Date of vesting (3) - - - - - 05.08.2023 -
8 Granted on 4 November 2020-ESOP 2016
th
15,245 04.11.2020 04.11.2021 1.00 1,536.91 Dividend yield (%) - - - - - 0.72 -
15,245 04.11.2020 04.11.2022 1.00 1,536.91 Option life (no. of years) - - - - - 6.00 -
1,17,500 04.11.2020 04.11.2021 1.00 1,536.91 Risk free interest rate (%) - - - - - 5.62 -
1,17,500 04.11.2020 04.11.2022 1.00 1,536.91 Expected volatility (%) - - - - - 25.95 -
215
c) Movements in Share Options during the year
During the year ended During the year ended 50 Financial Instruments
(A) Capital Management
Options Weighted Options Weighted The Group manages its capital to ensure that the Group will be able to continue as going concern while maximising the return
(No.s) average (No.s) average to stakeholders through the optimum utilisation of the equity balance. The capital structure of the Group consists of equity and
exercise price exercise price borrowings of the Group.
per option per option
(B) Categories of Financial Instruments
Option outstanding at the beginning of the year ( in crores)
- ESOP 2016 1,70,850 1 3,15,750 1 As at As at

Granted during the year 2021 2020
- ESOP 2016* 2,78,990 1 12,500 1 Financial Assets
Vested during the year - ESOP 2016** 1,39,300 1 1,55,850 1 Measured at fair value through profit or loss (FVTPL)
Exercised during the year - ESOP 2016*** 29,600 1 1,45,500 1 Investments in Mutual funds, Preference Shares, Debentures and Bonds 479.27 1,152.88
Derivative assets towards foreign exchange forward contracts 0.18 1.81

Lapsed during the year****
Investments in Promissory Notes 3.68 3.77
- ESOP 2016 (granted on 8th November 2017) - 1 2,400 1
- ESOP 2016 (granted on 30th October 2018) 700 1 9,500 1
Investments in Deposits & Promissory Notes 0.55 4.24
Options outstanding at the end of the year
Trade Receivables 1,321.02 1,088.50
- ESOP 2016 4,19,540 1 1,70,850 1
Cash and Cash Equivalents 442.65 692.23
Options available for grant
Other Bank balances 8.81 11.02
- ESOS 2012 34,200 1 34,200 1
Loans 21.74 21.47
- ESOP 2016 38,35,210 1 41,13,500 1
Other Financial Assets 136.14 144.22
The weighted average share price at the date of exercise for stock 1.820.83 1,331.62
options exercised during the year Total Financial Assets 2,414.04 3,120.14
Range of exercise price for options outstanding at the end of the year 1 1 Financial Liabilities
Measured at fair value through profit or loss (FVTPL)

* Includes NIL options (Previous year 1,000) granted to Eligible Employees of the Subsidiary Companies
Derivative liabilities towards foreign exchange forward contracts 0.66 0.42
** Includes 400 options (Previous year 1,100) vested by Eligible Employees of the Subsidiary Companies
*** Includes 1,100 options (Previous year 400) exercised by Eligible Employees of the Subsidiary Companies
Borrowings 222.61 176.22
**** Lapsed due to termination of employment with the Company
Trade Payables 1,006.74 621.01
Lease Liabilities 108.39 111.47
Gross obligation towards acquisition - 81.23
Other Financial liabilities 1,038.30 587.25
Total Financial Liabilities 2,376.70 1,577.60
(C) Financial risk management objectives

The Group’s Treasury functions provide services to the business, co-ordinates access to domestic and international financial
markets, monitors and manages the financial risks relating to the operations of the Group through internal risk reports which
analyse exposures by degree and magnitude of risks. These risks include market risk, credit risk and liquidity risk. The Group
undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. Exchange
rate exposures are managed within approved policy parameters utilising foreign exchange forward contracts. Compliance with
policies and exposure limits is a part of Internal Financial Controls. The Group does not enter into or trade in financial instruments,
including derivative financial instruments, for speculative purposes.
(D) Market risk

The Group’s activities expose it primarily to the financial risk of changes in foreign currency exchange rates (see Note E below).
The Group enters into foreign exchange forward contracts to manage its exposure to foreign currency risk of net imports.
217
(E) Foreign currency risk management ( in crores)

The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities at the end of the JPY impact
reporting period are as follows.
For the For the
Foreign Currency Exposure Foreign Currency Exposure year ended year ended
(in FC) ( in crores) 31st March 31st March
2021 2020
2021 2020 2021 2020 Impact on profit or loss for the year (c) (0.01) (0.01)
Amounts recoverable / (advance) in foreign currency on account of the following: (a) This is mainly attributable to the exposure of outstanding USD receivables and payables at the end of the reporting period.
EUR 24,72,137.16 7,99,474.10 21.28 6.65 (b) This is mainly attributable to the exposure of outstanding EUR receivables and payables at the end of the reporting period.
USD 1,38,65843.08 1,81,84,244.20 139.57 137.14 (c) This is mainly attributable to the exposure of outstanding JPY payables at the end of the reporting period.
AUD - 38,745.00 - 0.18 In management’s opinion, the sensitivity analysis is unrepresentative of the inherent foreign exchange risk because the
exposure at the end of the reporting period does not reflect the exposure during the year.
GBP (9,350.00) - (0.09) -
(ii) Foreign exchange forward contracts
SGD 21,052.00 - 0.11 -
It is the policy of the Group to enter into foreign exchange forward contracts to cover foreign currency payments (net of
Amounts (payable)/ advance in foreign currency on account of the following: receipts) in USD, EUR, GBP and AUD. The Group enters in to contracts with terms upto 90 days. The Group’s philosophy
does not permit any speculative calls on the currency. It is driven by conservatism which guides that we follow conventional
AED 2,09,539.00 2,36,491.04 0.42 0.49
wisdom by use of Forward contracts in respect of Trade transactions.
AUD 1,820.00 1,820.00 0.01 0.01
Regulatory Requirements: The Group will alter its hedge strategy in relation to the prevailing regulatory framework and
BDT - 50,000.00 - 0.00 guidelines that may be issued by RBI, FEDAI or ISDA or other regulatory bodies from time to time.
CHF (51,054.78) (5,212.31) (0.40) (0.04) Mode of taking Cover: Based on the outstanding details of import payable and exports receivable (in weekly baskets) the net
trade import exposure is arrived at (i.e. Imports – Exports = Net trade exposures). The Net trade import exposure arrived
EUR 8,28,706.20 17,44,843.41 7.13 14.51 at is netted off with the outstanding forward cover as on date and with the surplus foreign currency balance available in
EEFC A/Cs. Forward cover is obtained from bank for each of the aggregated exposures and the Trade deal is booked. The
GBP (9,69,635.82) (1,65,553.39) (9.79) (1.54) forward cover deals are all backed by actual trade underlines and settlement of these contracts on maturity are by actual
delivery of the hedged currency for settling the underline hedged trade transaction.
JPY (1,00,47,800.00) (75,78,800.00) (0.67) (0.53)
SGD (1,54,359.69) 1,628.00 (0.84) 0.01 The following table details the foreign exchange forward contracts outstanding at the end of the reporting period:
Outstanding contracts Average exchange rates ( ) Foreign Currency (Amount)
USD (2,21,04,483.46) (1,04,46,059.69) (162.51) (78.80)
31 March
st
31 March
st
THB 4,82,285.26 5,36,113.88 0.11 0.12
2021 2020 2021 2020
ZAR 64,255.58 64,255.58 0.03 0.03 USD - Buy 74.45 72.27 1,49,40,376.00 62,48,647.15
* BDT exposure is NIL as at 31st March 2021 ( 44,400 as at 31st March 2020). EUR - Buy - 80.43 - 77,48,100.00
(i) Foreign currency sensitivity analysis ( in crores)

The Group is mainly exposed to the USD, EUR and JPY. The following table demonstrates the sensitivity to a 2% increase or Outstanding contracts Nominal Amounts Fair value assets/ (liabilities)
decrease in the USD, EUR and JPY against INR with all other variables held constant. The sensitivity analysis is prepared on the
net unhedged exposure of the Group as at the reporting date. 2% represents management assessment of reasonably possible changes 31 March
st
31 March
st
in foreign exchange rates. 2021 2020 2021 2020
( in crores) USD - Buy 110.34 45.58 (0.48) 1.77
USD impact EUR - Buy - 64.82 - (0.44)
For the For the TOTAL (0.48) 1.33

31st March 31st March The line-items in the balance sheet that include the above hedging instruments are “Other financial assets” of 0.18 crores
2021 2020 ( 1.81 crores as at 31st March 2020) and “Other financial liabilities” 0.66 crores ( 0.42 crores as at 31st March 2020) (refer Note 14
and 28 respectively).
Impact on profit or loss for the year (a) (1.21) 1.17
The aggregate amount of gain under foreign exchange forward contracts recognised in the Consolidated Statement of Profit and
Loss is 2.30 crores (loss of 1.33 crores as at 31st March 2020).
( in crores)
(F) Credit risk management
EUR impact
Credit risk refers to risk that a counterparty will default on its contractual obligations resulting in financial loss to the Group. Credit
For the For the risk arises primarily from financial assets such as trade receivables, investment in mutual funds, derivative financial instruments,
year ended year ended other balances with banks, loans and other receivables.
The Group has adopted a policy of only dealing with counterparties that have sufficiently high credit rating. The Group’s exposure
2021 2020
and credit ratings of its counterparties are continuously monitored and the aggregate value of transactions is reasonably spread
Impact on profit or loss for the year (b) 0.57 0.42 amongst the counterparties.
Credit risk arising from investment in mutual funds, derivative financial instruments and other balances with banks is limited and
there is no collateral held against these because the counterparties are banks and recognised financial institutions with high credit
ratings assigned by the international credit rating agencies.
219
(G) Liquidity risk management (i) Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis.
Liquidity risk is the risk that the Group will encounter difficulty in raising funds to meet commitments associated with financial Some of the Group’s financial assets and financial liabilities are measured at fair value at the end of each reporting period. The
instruments that are settled by delivering cash or another financial asset. Liquidity risk may result from an inability to sell a following table gives information about how the fair values of these financial assets and financial liabilities are determined (in
financial asset quickly at close to its fair value. particular, the valuation technique(s) and inputs used).
The Group has an established liquidity risk management framework for managing its short term, medium term and long term
funding and liquidity management requirements. The Group’s exposure to liquidity risk arises primarily from mismatches of the Financial Assets/ Financial Liabilities Fair value Fair value Valuation
maturities of financial assets and liabilities. The Group manages the liquidity risk by maintaining adequate funds in cash and cash hierarchy Technique(s)
equivalents. The Group also has adequate credit facilities agreed with banks to ensure that there is sufficient cash to meet all its As at As at and key input(s)
normal operating commitments in a timely and cost-effective manner. 31st March 31st March
(i) Liquidity risk tables 2021 2020
The following tables detail the Group’s remaining contractual maturity for its derivative and non-derivative financial liabilities with 1 Investment in Mutual/Alternate Various listed Various listed Level 1 Quoted bid prices
agreed repayment periods. The tables have been drawn up based on the undiscounted cash flows of financial liabilities based on the
Investment Funds, Preference Shares, funds - funds - in active market
earliest date on which the group will be liable to pay.
Debentures and Bonds aggregate fair aggregate fair
The tables include both interest and principal cash flows. To the extent that interest flows are floating rate, the undiscounted amount value of value of
is derived from interest rate curves at the end of the reporting period. 343.13 crores 1,034.49
crores
( in crores)
Less than 1 1-5 years More than 5 Total Carrying 2 Derivative assets & liabilities towards Assets - 0.18 Assets - 1.81 Level 2 Mark to market
year years Amount foreign currency forward contracts crores and crores and values acquired
liabilities - liabilities - from banks, with
As at 31st March 2021
0.66 crores 0.42 crores whom the Group
Non-interest bearing contracts.
- Trade Payables 1,006.74 - - 1,006.74 1,006.74 3 Gross obligation towards acquisition Liabilities - Liabilities - Level 2 Fair values of op-
- Other Financial Liabilities 890.62 13.63 - 904.25 904.25 NIL 81.23 crores tions using black
scholes valuation
1,897.36 13.63 - 1,910.99 1,910.99
model based on
- Lease Liabilities (undiscounted) 34.95 65.20 48.47 148.62 108.39 Independent
valuer's report
- Trade/ Security Deposit received 134.05 - - 134.05 134.05 4 Investment in Preference Shares Aggregate fair Aggregate fair Level 3 Fair value is
value of value of derived consid-
Variable interest rate instruments 139.13 crores 122.48 crores ering recent
- Borrowings 201.51 12.39 - 213.90 213.90 financial rounds
of investment
- Current Maturity of Term Loan 8.71 - - 8.71 8.71
Derivative liabilities towards foreign 0.66 - - 0.66 0.66 5 Investment in Promissory Notes Aggregate fair Aggregate fair Level 3 Fair value is
exchange forward contracts value of 3.68 value of 3.77 derived consid-
crores crores ering recent
As at 31st March 2020 financial rounds
Non-interest bearing of investment
- Trade Payables 621.01 - - 621.01 621.01

(ii) Financial instruments measured at amortised cost
- Other Financial Liabilities 456.06 7.26 - 463.32 463.32
The carrying amount of financial assets and financial liabilities measured at amortised cost in the financial statements are a
1,077.07 7.26 - 1,084.33 1,084.33 reasonable approximation of their fair values since the Group does not anticipate that the carrying amounts would be significantly
- Lease Liabilities (undiscounted) 35.13 66.89 48.93 150.95 111.47 different from the values that would eventually be received or settled.

- Trade/ Security Deposit received 123.93 - - 123.93 123.93
Variable interest rate instruments
- Borrowings 143.99 25.13 - 169.12 169.12

- Current Maturity of Term Loan 7.10 - - 7.10 7.10
Derivative liabilities towards foreign 0.42 - - 0.42 0.42
exchange forward contracts
Gross obligation towards acquisition - 81.23 - 81.23 81.23
(H) Fair value measurements

This note provides information about how the Group determines fair values of various financial assets and financial liabilities.
221
51 Employee Benefits Note on other risks:
The Group has classified various employee benefits as under: 1 Investment Risk - The funds are invested by LIC and they provide returns basis the prevalent bond yields, LIC on an annual
(A) Defined Contribution Plans basis requests for contributions to the fund, while the contribution requested may not be on the same interest rate as the bond
yields provided, basis the past experience it is low risk.
(a) Provident Fund
2 Interest Risk – LIC does not provide market value of assets, rather maintains a running statement with interest rates declared
(b) Superannuation Fund
annually – The fall in interest rate is not therefore offset by increase in value of Bonds, hence may pose a risk.
(c) State Defined Contribution Plans
3 Longevity Risk – Since the gratuity payment happens at the retirement age of 58-60, longevity impact is very low at this age,
- Employers' Contribution to Employees' State Insurance hence this is a non-risk.
- Employers' Contribution to Employees' Pension Scheme 1995 4 Salary Risk - The liability is calculated taking into account the salary increases, basis past experience of the Company’s actual
- Labour Welfare Fund salary increases with the assumptions used, they are in line, hence this risk is low risk.
(d) National Pension Scheme
The Provident Fund and the State Defined Contribution Plans are operated by the Regional Provident Fund Commissioner, ( in crores)
the Superannuation Fund is administered by the LIC of India and National Pension Fund is administered by Pension Fund
Regulatory and Development Authority (PFRDA), as applicable, for all eligible employees. Under the schemes, the Group is 31st March 2021 31st March 2020
required to contribute a specified percentage of payroll cost to the retirement benefit schemes to fund the benefits. These funds
are recognised by the Income Tax Authorities. Gratuity Gratuity Gratuity Gratuity
Funded Unfunded Funded Unfunded
The Group has recognised the following amounts in the Consolidated Statement of Profit and Loss:
(i) Changes in Present value of Obligation
( in crores)
For the year ended For the year ended 1 Present value of defined benefit obligation at the beginning of the 92.47 4.57 78.40 3.36
31st March 2021 31st March 2020 year
(i) Contribution to Provident Fund 21.94 19.17 2 Previous period adjustments 5.69 - - -
(ii) Contribution to Employees' Superannuation Fund 0.86 0.87 3 Additions during the year - - - 0.26
(iii) Contribution to Employees' State Insurance Scheme & Labour Welfare Fund 0.29 0.27 4 Acquisition under Business Combination (refer Note 52B) - 0.61 - -
(iv) Contribution to Employees' Pension Scheme 1995 9.49 10.06
5 Current Service Cost 9.20 0.59 7.65 0.54
(v) Contribution to National Pension Scheme 3.61 2.80
6 Interest Cost 5.66 0.27 5.27 0.23
vi) Other Funds (International) 9.41 9.41
7 Actuarial (Gains)/Loss arising from changes in:
TOTAL 45.60 42.58
- demographic assumption (0.06) (0.03) 0.16 -
(B) Defined Benefit Plans
Gratuity - financial assumption 1.23 0.14 0.01 0.18
(C) Other Long-Term Benefits - experience adjustment (0.78) (0.58) 14.07 0.21
(a) Compensated Absences
8 Benefits Paid (6.58) (0.46) (13.34) (0.21)
(b) Anniversary Awards
9 Foreign Currency Translation (0.11) (0.05) 0.25 -
(c) Premature Death Pension Scheme
(d) Total Disability Pension Scheme 10 Present value of defined benefit obligation at the end of the year 106.72 5.06 92.47 4.57
Valuations in respect of above have been carried out by independent actuary, as at the balance sheet date, based on the following
assumptions: (ii) Changes in Fair value of Plan Assets
Valuations as at
1 Fair value of plan assets at the beginning of the year 90.33 - 73.27 -
2 Expected Return on Plan Assets 6.08 - 5.43 -
(i) Discount Rate (per annum) 6.06% - 7.23% 6.25% - 9.46%
(ii) Rate of increase in Compensation levels (per annum) 1st 2 yrs - 4 - 10%, 1st 2 yrs - 4 - 8.7%, 3 Actuarial Loss (1.07) - (0.01) -
thereafter 4 - 10% thereafter 5 - 10% 4 Employer's Contributions 14.27 - 16.94 -
(iii) Expected Rate of Return on Assets 6.06% - 7.23% 6.25% - 9.46%
5 Benefits Paid (6.64) - (5.53) -
(iv) Attrition Rate upto 5 yrs - 1% - 20%, upto 5 yrs - 2% - 25%,
5-10 yrs - 1% to 20%, 5-10 yrs -2% to 25%, 6 Foreign Currency Translation (0.08) - 0.23 -
Above 10 yrs - Above 10 yrs -
1% to 20% 2% to 25% 7 Fair value of plan assets at the end of the year 102.89 - 90.33 -
(v) Retirement Age 60 years 60 years
(vi) The expected rate of return on plan assets is determined after considering several applicable factors such as the composition of
(iii) Net Benefit (Asset)/ Liability
the plan assets, investment strategy, market scenario, etc. In order to protect the capital and optimise returns within acceptable
risk parameters, the plan assets are well diversified. 1 Defined benefit obligation 106.72 5.06 92.47 4.57
(vii) The discount rate is based on the prevailing market yields of Government of India securities as at the balance sheet date for the
estimated term of the obligations. 2 Fair value of plan assets 102.89 - 90.33 -
(viii) The estimate of future salary increases considered, takes into account the inflation, seniority, promotion, increments and other 3 Net Benefit (Asset)/ Liability 3.83 5.06 2.14 4.57
relevant factors.
223
( in crores)
31st March 2021 31st March 2020 52A Subsidiaries
Gratuity Gratuity Gratuity Gratuity Details of the Group’s subsidiaries at the end of the reporting period are as follows:
Funded Unfunded Funded Unfunded
Name of Subsidiary Place of Proportion of ownership
(iv) Expenses recognised in the Consolidated Statement of Profit and Loss incorporation and interest and voting rights
operation held by the Group
1 Current Service Cost 9.20 0.59 7.65 0.54
As at As at
2 Past Service Cost - (0.01) - - 31st March 2021 31st March 2020
3 Interest cost on benefit obligation (net) (0.37) 0.27 (0.17) 0.23 a. Fevicol Company Ltd (Fevicol) India 100.00% 100.00%
b. Bhimad Commercial Company Pvt Ltd (Bhimad) India 100.00% 100.00%
4 Total Expenses recognised in the Consolidated Statement of Profit 8.83 0.85 7.48 0.77
and Loss c. Madhumala Ventures Pvt Ltd (Formerly known as Madhumala India 100.00% 100.00%
Traders Pvt Ltd) (Madhumala)
d. Pagel Concrete Technologies Pvt Ltd (PCTPL) India 80.00% 80.00%
(v) Remeasurement Effects recognised in Other Comprehensive Income for the year e. Nitin Enterprises (Nitin) (refer Note 56 (e)) India 100.00% 100.00%
1 Actuarial (Gains)/Loss arising from changes in: f. Building Envelope Systems India Ltd (BESI) India 60.00% 60.00%
- demographic assumption (0.06) (0.03) 0.16 (0.04) g. Nina Percept Private Limited India 74.58% 71.53%
h. Hybrid Coatings (Hybrid) India 60.00% 60.00%
- financial assumption 1.23 0.14 0.01 0.18
i. Pidilite International Pte Ltd (PIPL) Singapore 100.00% 100.00%
- experience adjustment (0.78) (0.58) 14.07 0.21
j. Pidilite Middle East Ltd (PMEL) United Arab Emirates 100.00% 100.00%
2 Return on plan asset 1.07 - 0.04 - k. Pulvitec do Brasil Industria e Comercio de Colas e Brazil 100.00% 100.00%
Adesivos Ltda (Pulvitec)
3 Recognised in Other Comprehensive Income 1.46 (0.47) 14.28 0.35
l. Pidilite USA Inc (PUSA) USA 100.00% 100.00%
m. Pidilite MEA Chemicals LLC (Jupiter)* United Arab Emirates 49.00% 49.00%
(vi) Actual return on plan assets 4.78 - 5.26 - n. PT Pidilite Indonesia (PTPI) Indonesia 100.00% 100.00%
o. Pidilite Speciality Chemicals Bangladesh Pvt Ltd (PSCB) Bangladesh 100.00% 100.00%
(vii) Sensitivity Analysis p. Pidilite Innovation Centre Pte Ltd (PICPL) Singapore 100.00% 100.00%
Defined Benefit Obligation q. Pidilite Industries Egypt SAE (PIE) Egypt 100.00% 100.00%
r. Pidilite Bamco Ltd (Bamco) Thailand 100.00% 100.00%
Discount Rate
s. Pidilite Chemical PLC (PCPLC) Ethiopia 100.00% 100.00%
a Discount Rate - 100 basis points 114.04 5.09 98.66 4.86
t. PIL Trading (Egypt) Company (PTC) Egypt 100.00% 100.00%
b Discount Rate + 100 basis points 100.34 4.34 87.06 4.30 u. Pidilite Industries Trading (Shanghai) Co Ltd (Pidilite Shanghai) China 100.00% 100.00%
Salary Increase Rate v. Bamco Supply and Services Ltd (BSSL)* Thailand 49.00% 49.00%
a Rate - 100 basis points 100.25 4.34 86.98 4.30 w. ICA Pidilite Pvt Ltd (ICA)* India 50.00% 50.00%
x. Cipy Polyurethanes Pvt Ltd (refer Note 45 (b)) India 70.00% 70.00%
b Rate + 100 basis points 114.04 5.07 98.64 4.85
y. Pidilite Lanka (Pvt) Ltd (PLPL) Sri Lanka 76.00% 76.00%
Note on Sensitivity Analysis z. Nebula East Africa Pvt Ltd (Nebula) Kenya 100.00% 100.00%
1 Sensitivity analysis for each significant actuarial assumptions of the Group which are discount rate and salary assumptions as aa. Nina Lanka Construction Technologies (Pvt) Ltd (Nina Lanka)** Sri Lanka 72.70% 72.70%
of the end of the reporting period, showing how the defined benefit obligation would have been affected by changes is called out
in the table above. ab. Pidilite Ventures LLC USA 100.00% 100.00%
ac. Pidilite East Africa Limited Kenya 55.00% 55.00%
2 The method used to calculate the liability in these scenarios is by keeping all the other parameters and the data same as in the
base liability calculation except for the parameters to be stressed. ad. Pidilite Grupo Puma Pvt Ltd (PGPPL)* (w.e.f. 16th September 2019) India 50.00% 50.00%
3 There is no change in the method from the previous period and the points /percentage by which the assumptions are stressed ae. Pidilite C-Techos Pvt Ltd (w.e.f. 18 September, 2019)
th
India 60.00% 60.00%
are same to that in the previous year. af. Pidilite Litokol Pvt Ltd (w.e.f. 7th October 2019) [refer Note 56(c)] India 60.00% 60.00%
ag. Pidilite Grupo Puma Manufacturing Ltd (PGPML)* India 50.00% 50.00%
(viii) Expected Future Cashflows (w.e.f. 13th January 2020) [refer Note 56(d)]
Year 1 18.07 0.62 14.61 0.73 ah. Nina Percept (Bangladesh) Pvt Ltd*** (w.e.f. 29th January 2020) Bangladesh 71.81% 71.81%
[refer Note 56(b)]
Year 2 10.67 0.70 8.52 0.57
ai. Pidilite C-Techos Walling Ltd (w.e.f. 5th March 2020) India 60.00% 60.00%
Year 3 9.46 0.56 9.07 0.61 [refer Note 56(f)]
Year 4 8.77 0.55 8.11 0.49 aj. Tenax Pidilite India Pvt Ltd (Formerly known as Tenax India Stone India 70.00% -
Products Pvt Ltd) (w.e.f. 28th May 2020) (Refer note 52B)
Year 5 8.84 0.48 7.24 0.45 ak. Pidilite Adhesives Pvt Ltd (Formerly known as Huntsman Advanced India 100.00% -
Materials Solutions Pvt Ltd) (w.e.f. 4th November 2020) (Refer note 52B)
Year 6 to 10 44.11 2.21 37.76 1.79
* Pidilite MEA Chemicals LLC, BSSL, PGPPL, PGPML and ICA are subsidiaries of the Group even though the Group has 49%, 49%, 50%, 50%
and 50% ownership interest and voting rights in the subsidiaries respectively. However, based on the relevant facts and circumstances, control
(ix) Average Expected Future Working Life (yrs) 12.82 6.11 14.76 6.06 and management of these entities lie with the Group. The Group has the power to direct the relevant activities of these entities and therefore
controls these entities.
** Nina Lanka Construction Technologies (Pvt) Ltd (Nina Lanka) is a 100% subsidiary of Nina Percept Private Limited and Pidilite Lanka (Pvt) Ltd
*** Nina Percept (Bangladesh) Pvt Ltd (Nina Bangladesh) is a 100% subsidiary of Nina Percept Private Limited and Pidilite Speciality Chemicals
Bangladesh Pvt Ltd (PSCB). 225
( in crores)
52B Business Combination 2020-21 2020-21

Tenax Pidilite Pidilite Adhesives
1 Subsidiaries acquired
India Pvt Ltd Pvt Ltd
Financial Year Name of subsidiary Principal activity Date of Proportion of Consideration
Provisions - Non-Current - 0.47
acquired acquisition voting equity transferred
interests ( in crores) Deferred Tax Liability (net) 0.06 315.59
acquired (%)
Lease Liability - 3.02
During 2020-21 Tenax Pidilite India Pvt Sales and distribution 28th May 2020 70% 84.66
Ltd (formerly known of adhesives, coating, Trade Payables 0.19 24.69
as Tenax India Stone surface treatment
Products Pvt Ltd) chemicals and abrasives Other Current Liabilities 0.01 3.79
for the marble, granite Provisions - Current - 0.20
and stone industry
Current Tax Liabilities (net) - 2.13
During 2020-21 Pidilite Adhesives Pvt manufactures and sells 3rd November 100% 2,196.46
Ltd (Formerly known Adhesives, Sealants and 2020 Total Liabilities taken over (C) 0.26 349.89
as Huntsman Advanced other products under
Net Assets Acquired (D) = (B)-(C) 25.45 1,155.57
Materials Solutions well-known brands such
Private Limited) as Araldite, Araldite Goodwill (E) = (A) - (D) 59.21 1,040.89
Karpenter and Araseal
( in crores) Note A Tenax Pidilite India Pvt Ltd

2 Consideration transferred
The business acquisition was conducted by entering into a share purchase agreement for cash consideration of
2020-21 2020-21 84.66 crores. This acquisition will help the Group’s presence in the fast growing adhesives, coatings and surface
Tenax Pidilite Pidilite Adhesives treatment chemical market for the marble and stone industry.
The gross contractual amounts and the fair value of trade and other receivables acquired is 6.6 crores. None of
Cash 68.72 1,988.15 the trade and other receivables are credit impaired and it is expected that the full contractual amounts will be
Contingent consideration (i) 15.94 208.31 recoverable.
Total (A) 84.66 2,196.46 The transaction cost of 1.5 crores has been expensed in the Consolidated Statement of Profit and Loss.
(i) a As per the agreements, in case of Tenax Pidilite India Pvt Ltd, contingent consideration of 15.94 crores would be payable based After acquisition, assets and liabilities are fair valued and certain intangible assets are identified and fair
upon achievement of working capital requirement and settlement of old receivable and inventory balances. The fair value of the valued based on purchase price allocation report obtained from external valuer. Goodwill on acquisition was
total consideration is based on a valuation report obtained from an independent valuer.
59.21 crores. The Goodwill on acquisition can be attributable to Tenex Pidilite India Pvt Ltd skilled employees,
b As per the agreements, in case of Pidilite Adhesives Pvt Ltd, contingent consideration of 208.31 crores would be payable based expected synergies from acquisition and other intangible assets that can not be identified separately.
upon achievement of an earnout within 18 months if the business achieves sales revenue in-line with 2019. The fair value of the
total consideration is based on a valuation report obtained from an independent valuer. For the period 29th May to 31st March 2021, Tenax Pidilite India Pvt Ltd contributed revenue from operations
of 18.08 crores and 3.45 crores to the Group’s results. If the acquisition had occurred on 1st April 2020,
3 Identifiable assets acquired and liabilities assumed and goodwill arising on date of acquisition consolidated revenue from operations would have been higher by 6.32 crores and consolidated profit would
2020-21 2020-21
have been higher by 0.29 crores. In determining these amounts, it is assumed that the fair value adjustments,
that arose on date of acquisition would have been same if the acquisition had occurred on 1st April 2020.
Tenax Pidilite Pidilite Adhesives
Property, Plant and Equipment - 4.08
Note B Pidilite Adhesives Pvt Ltd
Right of use assets - 2.99 The business acquisition was conducted by entering into a share purchase agreement for cash consideration of
2,196.46 crores. This acquisition will add to the already very strong portfolio held by the Group of adhesive and
Intangible Assets
sealant brands and complement it’s retail portfolio.
Trade Mark 4.60 1,121.83
The gross contractual amounts and the fair value of trade and other receivables acquired is 38.84 crores. None
Technical Knowhow Fees 0.57 - of the trade and other receivables are credit impaired and it is expected that the full contractual amounts will be
Intellectual Property - 30.31 recoverable.
Distributor Relationships - 215.00 The transaction cost of 8.7 crores has been expensed in the Consolidated Statement of Profit and Loss.
Income Tax Asset (Net) - 3.37 After acquisition, assets and liabilities are fair valued and certain intangible assets are identified and fair valued
based on purchase price allocation report obtained from external valuer. Goodwill on acquisition was 1,040.89
Other Financial Assets - Non-Current 1.86 -
crores. The Goodwill on acquisition can be attributable to Pidilite Adhesives Pvt Ltd skilled employees, expected
Inventories 1.40 6.55 synergies from acquisition and other intangible assets that can not be identified separately.
Trade Receivables 6.60 38.84 For the period 4th November to 31st March 2021, Pidilite Adhesives Private Limited contributed revenue from
Cash and Cash Equivalents 7.20 82.32 operations of 168.32 crores and 44.57 crores to the Group’s results. If the acquisition had occurred on
1st April 2020, consolidated revenue from operations would have been higher by 124.59 crores and consolidated
Other bank balances 0.09 - profit would have been higher by 26.90 crores. In determining these amounts, it is assumed that the fair value
Other Financial Assets - Current 3.10 - adjustments, that arose on date of acquisition would have been same if the acquisition had occurred on
1st April 2020.
Current Tax Assets (net) 0.17 -
Other Current Assets 0.12 0.17 The financial statements for the year ended 31st March 2021 include the impact of above acquisitions and accordingly are
not comparable with previous year to that extent.
Total Assets Acquired (B) 25.71 1,505.46
227
53 Taxes 2. Income Taxes relating to Continuing Operations
1. Deferred Tax a Income Tax recognised in Consolidated Statement of Profit and Loss
As at As at For the For the

31st March 31st March year ended year ended
2021 2020 31st March 31st March
2021 2020
Deferred Tax Assets (net) (16.59) (13.00)
Current Tax
Deferred Tax Liabilities (net) 398.03 82.29
In respect of the current year 399.88 384.00
TOTAL 381.44 69.29
In respect of prior years - (0.01)
TOTAL 399.88 383.99

a 2020-21
Deferred Tax
Deferred tax (Assets)/ Liabilities in relation to:
In respect of the current year (3.52) (36.27)
Opening Acquisition Recognised Recognised Foreign Closing
Balance under Busi- in Profit or in Other Currency Balance Income tax expense recognised in the Consolidated Statement of Profit and Loss relating to 396.36 347.72
ness Combi- Loss Comprehensive Translation continuing operations
nation (refer Income
Note 52B)
b The Income Tax expense for the year can be reconciled to the accounting profit as follows:
Property, Plant and Equipment 38.92 0.21 8.47 - (0.19) 47.41 For the For the
Intangible Assets 84.65 4.40 (0.31) - (0.02) 88.72
DTL on Acquired Intangibles - 311.41 (1.50) - - 309.91 2021 2020
(refer Note 52B) Profit Before Tax 1,518.51 1,466.74
FVTPL financial assets 4.28 - 2.54 - - 6.82 Income Tax Rate (%) 25.17 25.17
Other Provisions (7.58) (0.06) (0.43) - 0.08 (7.99) Income Tax expense 382.18 369.15
Allowance for Doubtful Debts (16.87) (0.07) (3.22) - (0.02) (20.18) Effect of income that is exempt from taxation (6.40) (5.03)
Effect of expenses that are not deductible in determining taxable profit 12.35 22.55
Provision for Employee Benefits (14.08) (0.21) (1.76) (0.28) - (16.33)
Effect of concessions (research and development and backward area deductions) - (3.46)
Share issue and buy-back costs 1.48 - (3.26) - - (1.78)
Effect of lower rate of tax - (48.21)
Tax Losses (21.51) - (4.05) - 0.42 (25.14)
Effect of previously unrecognised and unused tax losses and deductible temporary differences 0.03 -
TOTAL 69.29 315.68 (3.52) (0.28) 0.27 381.44 now recognised as deferred tax assets
Effect of previously unrecognised and unused tax losses and deductible temporary differences 0.97 -
b 2019-20 now recognised as deferred tax liabilities
Effect of the subsidiary companies being taxed at lower tax rate (minimum alternate tax) as the (0.20) (0.17)
Deferred tax (Assets) / Liabilities in relation to: profits under tax laws are lower than the book profits
Opening Acquisition Recognised Recognised Foreign Closing Effect of subsidiary companies taxed at a different rate than the parent company 5.66 5.83
Balance under Busi- in Profit or in Other Currency Balance
ness Combi- Loss Comprehensive Translation Others 1.77 7.07
nation (refer Income
Note 52B) TOTAL 396.36 347.73
Adjustments recognised in the current year in relation to the current tax of prior years - (0.01)
Property, Plant and Equipment 67.78 - (29.26) - 0.40 38.92
Income tax expense recognised in Consolidated Statement of Profit and Loss (relating to 396.36 347.72
Intangible Assets 83.38 - 1.20 - 0.07 84.65 continuing operations)
FVTPL financial assets 17.12 - (12.84) - - 4.28

c Income Tax recognised in Other Comprehensive Income
Other Provisions (5.80) - (1.45) - (0.33) (7.58)
For the For the
Allowance for Doubtful Debts (18.74) - 2.06 - (0.19) (16.87) year ended year ended
31 March
st
31 March
st
Provision for Employee Benefits (16.72) - 6.23 (3.58) (0.01) (14.08) 2021 2020
Share issue and buy-back costs (0.40) - 1.88 - - 1.48 Tax arising on income and expenses recognised in Other Comprehensive Income:
Tax Losses (17.20) - (4.09) - (0.22) (21.51) Re-measurement of Defined Benefit Obligation 0.28 3.58
TOTAL 109.42 - (36.27) (3.58) (0.28) 69.29 Income Tax recognised in Other Comprehensive Income 0.28 3.58
229
54 Lease 56 Other Information

In previous year on transition, the adoption of the new standard resulted in recognition of ‘Right of Use’ asset of 152.46 crores a) Madhumala Ventures Pvt Ltd (Formerly known as Madhumala Traders Pvt Ltd) (Madhumala), a wholly owned
and a corresponding lease liability of 109.73 crores and balance on account of transfer from asset. The effect of this adoption is subsidiary of the Company:
insignificant on the profit before tax, profit for the period and earnings per share. Ind AS 116 will result in an increase in cash inflows
from operating activities and an increase in cash outflows from financing activities on account of lease payments. Refer Note 50G(i) (i) invested an amount of 3.00 crores in current year ( 2.00 crores in previous year) in the Aapkapainter
for contractual maturities of lease liabilities. Solutions Pvt Ltd (Aapkapainter). The company is engaged in providing painting and waterproofing solutions
(( in crores) to retail consumer.
Reconciliation of operating lease commitments as at 31 March 2019 with the lease liabilities recognised in the Balance Sheet as at
st
(ii) invested an amount of 19.15 crores in current year in the Homevista Interior Désigns E.Commerce Pvt Ltd
1st April 2019:
(Livspace) by subscription to Compulsory Convertible Non-Cumulative Preference Shares. Livspace is leading
Operating lease commitments disclosed as at 31 March 2019
st
48.95 home design and renovation platform of India and Southeast Asia.
Discounted using incremental borrowing rate of at 1st April 2019 75.71
(iii) invested an amount of 71.48 crores in previous year in the Trendsutra Platform Services Pvt Ltd (Pepperfry)
Add : finance lease liabilities recognised as at 31 March 2019
st
3.33
by subscription to Compulsory Convertible Non-Cumulative Preference Shares. Pepperfry is an online
(Less) : short-term leases not recognised as a liability (17.98) furniture chain in India.
(Less) : low-value leases not recognised as a liability -
(iv) invested an amount of 49.00 crores in previous year in the Homevista Décor & Furnishings Pvt Ltd
(Less) : translation Difference (0.28)
(HomeLane) by subscription to Compulsory Convertible Cumulative Preference Shares. HomeLane is a fast
Lease liability recognised as at 1st April 2019 109.73 growing home interiors company backed by strong tech-stack and presence in 7 cities with 16 experience
Of which are: centers in India.
Current lease liabilities 21.83 b) During the previous year, Nina Percept Private Limited (NPPL), subsidiary of the Company along with Pidilite
Non-current lease liabilities 87.90 Speciality Chemicals Pvt Ltd (PSCB), step-down subsidiary of the Company, has incorporated a subsidiary in
Bangladesh namely ‘Nina Percept (Bangladesh) Pvt Ltd’ to carry on the business of roofing and waterproofing
Impact of adoption of Ind AS 116 on the Consolidated Statement of Profit and Loss: services. NPPL shall hold 99% of the paid up share capital of Nina Percept (Bangladesh) Pvt Ltd and the balance 1%
shall be held by PSCB.
ended ended c) During the previous year, the Company has incorporated a subsidiary in the name of ‘Pidilite Litokol Private
2021 2020 Limited’ (PLPL). This subsidiary is incorporated to carry on the business of chemicals epoxy grouts, chemical based
products, etc. In terms of Shareholder’s agreement, the Company shall hold 60% of the paid-up share capital and
Interest on lease liabilities (refer Note 38) 7.91 8.21
balance capital held by Litokol SPA, Italy.
Depreciation of Right of use assets (refer Note 39) 35.11 31.31
d) During the previous year, the Company has incorporated a subsidiary in the name of ‘Pidilite Grupo Puma
Deferred tax (credit) (1.01) (1.08)
Manufacturing Limited’ (PGPML) to carry on the business of manufacturing, processing, trading or dealing in
Impact on the Consolidated Statement of Profit and Loss 42.01 38.44 technical mortars, building materials, high quality C2 tile adhesives, other materials used in construction etc. The
Company shall hold 50% of the paid-up share capital and balance capital held by Corporacion Empresarial Grupo
Puma S.L. (Grupo Puma).
Expenses related to short term lease incurred during the year (refer Note 40) 21.67 20.35
e) The Board of Directors at its meeting held on 29th January 2020 had approved a restructuring proposal whereby
55 Details of provisions the Company shall, for operational convenience and synergies, acquire the business of wholly owned entity, Nitin
Enterprises (a partnership firm having two partners which are wholly owned subsidiaries of the Company) on a
The Group has made provision for various contractual obligations and disputed liabilities based on its assessment of the amount it
slump sale basis for a cash consideration. The Company has completed the acquisition of the business of wholly
estimates to incur to meet such obligations, details of which are given below:
owned entity, Nitin Enterprises on 31st March 2021.
( in crores)
Particulars As at Additions Utilisation Foreign As at f) During the previous year, the Company has incorporated a Subsidiary Company in the name of “Pidilite C-Techos
1st April Currency 31st March Walling Limited” (PCWL) to carry on the business of construction of building works or any other structural
2020 Translation 2021 or architectural work of any kind using C-Techos wall technology, manufacturing of ACC panels and other
Provision for Employee related claims 0.12 0.05 (0.05) (0.01) 0.11 ancillary products. The Company shall hold 60% of the paid-up share capital and balance capital held by Chetana
Exponential Technologies Pvt Ltd.
(0.30) (-) ((0.15)) ((0.03)) (0.12)
Provision for other contingencies 0.67 - - (0.11) 0.56
g) During previous year, the Company decided to sell plant and machinery pertaining to Synthetic Elastomer
(regulatory tax related claims) project located at Dahej having a carrying value of 60.52 crores as on 1st April 2019 (included in capital work in
(0.67) (0.14) (-) ((0.14)) (0.67) progress). Accordingly, reclassified these assets as “Assets held for sale” at fair market value of 38.28 crores and an
Provision for Warranty Expenses 4.76 1.16 (2.70) (0.20) 3.02 impairment loss amounting to 22.24 crores was provided in September 2019.
(1.27) (4.10) ((0.07)) ((0.54)) (4.76) The Company has undertaken its best efforts to find buyers for these assets. In absence of buyer, as at 31st March
TOTAL 5.55 1.21 (2.75) (0.32) 3.69 2020, these assets were fair valued at estimated realizable scrap value in accordance with Ind AS 113 “Fair Value
Measurement”, being asset categorized as Level 3, whereby fair value is determined based on the inputs to the
(2.24) (4.24) ((0.22)) ((0.71)) (5.55)
valuation technique.
Figures in brackets () represents previous year
Out of these assets, Company has identified certain plant & machinery amounting to 5.33 crores for its internal
Of the above, the following amounts are expected to be incurred within a year:
use and remaining plant & machinery amounting to 32.95 crores have been further impaired. Hence, an
Particulars As at As at impairment loss aggregating to 55.19 crores is disclosed as an exceptional item in the financial statements.
2021 2020
Provision for Warranty Expenses 3.02 4.76
231
Additional information as required by Paragraph 2 of the General Instructions for Preparation of Consolidated Financial Statements to
59 Schedule III to the Companies Act, 2013
h) In March 2020, the World Health Organisation declared COVID 19 to be a pandemic. As a result, the operations of ( in crores)
the Group were impacted in FY’21 with series of lockdowns announced by the government. Further disruptions
Name of the entity Net assets, i.e., Total Share of Profit Share in Other Share in Total
in operations also happened in between during the year with unexpected closure of sites due to detection of Covid Assets - Liabilities and Loss Comprehensive Income Comprehensive Income
patients. The situation gradually normalised from Q3’ FY’21 onward. However the Second wave of Covid again As % of Amount As % of Amount As % of Amount As % of Amount
disrupted operations in certain part of the country in April 2021. consolidated consolidated consolidated consolidated
net assets Profit and Other total
The Group has evaluated the impact of Covid 19 on the operations, order booking and revenue, cash flow, assets and
Loss Comprehensive Comprehensive
liabilities and factored in the impact of it upto the date of approval of these financial statements on the carrying Income Income
value of its assets and liabilities. Pidilite Industries Limited 75.12 4,440.14 97.32 1,095.92 323.74 (35.16) 95.12 1,060.79
Even though, it is very difficult to predict the duration of the disruption and severity of its impact, on the basis of Indian Subsidiaries
evaluation of overall economic environment, outstanding order book, liquidity position, debt status, recoverability Bhimad Commercial Co Pvt Ltd 0.00 0.23 0.02 0.22 - - 0.02 0.22
of receivables, the Group expects to recover the carrying amount of these assets and currently does not anticipate Building Envelope Systems India Ltd 0.05 2.99 (0.76) (8.54) - - (0.77) (8.54)
any further impairment of it. In assessing the recoverability, the Group has considered internal and external Fevicol Company Ltd 0.00 0.04 - - 0.09 (0.01) (0.00) (0.01)
information upto the date of approval of these financial statements and has concluded that there are no material Hybrid Coatings 0.12 7.18 (0.37) (4.12) - - (0.37) (4.12)
impact on the operations and the financial position of the Group. Madhumala Ventures Pvt Ltd 2.40 139.79 0.02 0.26 - - 0.02 0.26
Given the uncertainties, the impact of COVID-19 maybe different from that estimated as at the date of approval of Nina Percept Private Limited 1.82 106.04 0.78 8.81 3.59 (0.39) 0.75 8.42
these financial statements, and the Group will continue to closely monitor the developments. Nitin Enterprises - - (3.86) (43.47) (0.28) 0.03 (3.90) (43.44)
Pagel Concrete Technologies Pvt Ltd 0.00 0.07 - - - - - -
i) During the previous year, the Company had paid Interim Dividend of 7.00 per equity share of 1 each for the
Cipy Polyurethanes Pvt Ltd 2.03 118.58 (1.07) (12.04) 1.66 (0.18) (1.10) (12.22)
financial year 2019-20.
ICA Pidilite Pvt Ltd 1.59 92.65 (4.61) (51.90) 0.55 (0.06) (4.66) (51.96)
j) The Indian Parliament has approved the Code on Social Security, 2020 which would impact the contributions Pidilite C-Techos Walling Ltd 0.01 0.60 (0.00) (0.04) - - (0.00) (0.04)
by the Company towards Provident Fund and Gratuity. The Ministry of Labour and Employment has released Pidilite Grupo Puma Manufacturing Ltd 0.21 12.37 (0.05) (0.54) - - (0.05) (0.54)
draft rules for the Code on Social Security, 2020 on 13th November 2020, and has invited suggestions from stake
Pidilite Litokol Pvt Ltd 0.26 14.92 (0.00) (0.01) - - (0.00) (0.01)
holders which are under active consideration by the Ministry. The Company and its Indian subsidiaries will assess
Pidilite C-Techos Pvt Ltd - - - - - - - -
the impact and its evaluation once the subject rules are notified and will give appropriate impact in its financial
Pidilite Grupo Puma Pvt Ltd - - - - - - - -
statements in the period in which, the Code becomes effective and the related rules to determine the financial
Pidilite Adhesives Pvt Ltd 2.98 173.70 3.53 39.79 0.09 (0.01) 3.57 39.78
impact are published.
Tenax Pidilite India Pvt Ltd 0.42 24.68 (0.47) (5.30) - - (0.48) (5.30)
Foreign Subsidiaries
57 Events after reporting period
Pidilite Bamco Ltd 1.01 58.78 0.32 3.61 (0.52) 0.06 0.33 3.67
a) On 22nd April 2021, the Company’s shareholding in its subsidiary namely M/s. Cipy Polyurethanes Pvt Ltd (CIPY), Bamco Supply and Services Ltd 0.07 3.92 0.28 3.19 0.78 (0.09) 0.28 3.10
has increased from 70% to 100%, pursuant to the acquisition of the balance 28,249 equity shares from certain other Pidilite MEA Chemicals LLC 0.68 39.90 3.38 38.11 (144.75) 15.72 4.83 53.83
shareholders, in accordance with the provisions of the shareholders agreement dated 5th January 2018. Consequent Pidilite Chemical PLC 0.02 0.92 (0.05) (0.56) (5.25) 0.57 0.00 0.02
to this, CIPY is now a wholly owned subsidiary of the Company. The consideration of 60.49 crores (excluding Pidilite Industries Egypt SAE 0.41 23.65 0.15 1.65 (6.81) 0.74 0.21 2.39
certain contingent payment) has been paid in cash. Pidilite Industries Trading (Shanghai) 0.01 0.45 (0.07) (0.79) - - (0.07) (0.79)
Co Ltd
b) Proposed dividend of 8.50 per Equity Share of 1 each recommended by the Board of Directors at its meeting
Pidilite Innovation Centre Pte Ltd 0.11 6.40 (0.51) (5.78) 0.37 (0.04) (0.52) (5.83)
held on 12th May 2021. The proposed dividend is subject to approval at the ensuing Annual General Meeting of the
Company and hence is not recognised as a liability. Pidilite International Pte Ltd 0.20 11.88 (0.04) (0.44) 83.05 (9.02) (0.85) (9.46)
Pidilite Lanka (Pvt) Ltd 0.46 26.83 1.04 11.75 (8.65) 0.94 1.14 12.69
Pidilite Middle East Ltd 0.00 0.29 (0.01) (0.11) (29.37) 3.19 0.28 3.08
58 Approval of financial statements
Pidilite Speciality Chemicals 1.56 90.71 3.39 38.21 8.04 (0.87) 3.35 37.34
The consolidated financial statements are approved for issue by the Audit Committee and by the Board of Directors at Bangladesh Pvt Ltd
their respective meetings held on 12th May 2021. Pidilite USA Inc 1.92 111.73 0.48 5.41 (12.98) 1.41 0.61 6.82
PIL Trading (Egypt) Company 0.04 2.23 0.14 1.60 (1.84) 0.20 0.16 1.79
PT Pidilite Indonesia 0.03 1.96 (0.06) (0.62) 2.49 (0.27) (0.08) (0.89)
Pulvitec do Brasil Industria e Commercio 0.57 32.97 1.09 12.28 (108.62) 11.80 2.16 24.08
de Colas e Adesivos Ltda
Nina Lanka Construction Technologies 0.00 0.24 0.01 0.09 (1.24) 0.14 0.02 0.23
(Pvt) Ltd
Nebula East Africa Pvt Ltd 0.01 0.67 0.01 0.09 0.18 (0.02) 0.01 0.07
Pidilite Ventures Ltd 0.14 8.31 0.02 0.28 0.09 (0.01) 0.02 0.27
Pidilite East Africa Limited 0.08 4.40 0.02 0.24 (1.10) 0.12 0.03 0.36
Nina Percept (Bangladesh) Pvt Ltd 0.00 0.26 (0.00) (0.02) - - (0.00) (0.02)
Non-Controlling Interest 4.12 240.04 (0.45) (5.08) (3.31) 0.36 (0.42) (4.72)
Aapkapainter Solutions Pvt Ltd 0.07 4.36 (0.06) (0.64) - - (0.06) (0.64)
(Associate)
Vinyl Chemicals (India) Ltd (Associate) 0.48 28.11 0.41 4.62 - - 0.41 4.62
Plus Call Technical Services LLC - - - - - - - -
(Joint Venture)
TOTAL 100.00 5,833.00 100.00 1,126.13 100.00 (10.86) 100.00 1,115.27
233
Information on Subsidiary Companies

(Pursuant to first proviso to sub-section (3) of section 129 read with rule 5 of Companies (Accounts) Rules, 2014) in Form AOC-1
Information on Associates
( in crores)
(Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Associate Companies)
Name of the entity
Date of
acquisition/
incorporation of
subsidiary
Reporting
period (FY)
Reporting
Currency
Exchange Rates
as at year end
Share Capital
(includes Share
application Money)
Reserves
& Surplus
Total
Assets
Total
Liabilities
Investments
(except in case of
subsidiaries)
Turnover
Profit/ (Loss)
Before Taxation
Provision
For Tax (including
Deferred Tax)
Profit/ (Loss)
After Taxation
Proposed
Dividend
% of shareholding*
( in crores)
Name of Associate Vinyl Aapkapainter

Chemicals Solutions Private
(India) Ltd Limited
1 Latest audited Balance Sheet Date 31st March 2021 31st March 2021
Pidilite International Pte 29.12.2004 31.03.2021 USD 73.52 198.96 1.17 200.33 0.20 - - (0.04) - (0.04) - 100.00%
Ltd
2 Share of Associate held by the Company at the year end
Pidilite Middle East Ltd 18.05.2005 31.03.2021 AED 19.92 191.58 (100.03) 91.61 0.05 - - (0.11) - (0.11) - 100.00%
Pidilite MEA Chemicals 28.06.2005 31.03.2021 AED 19.92 0.60 (159.44) 120.42 279.26 - 110.07 (10.37) - (10.37) - 49.00% Number 74,51,540 4,062
(LLC)
Pidilite Speciality 29.12.2005 31.03.2021 Taka 0.86 30.46 50.78 122.88 41.64 - 110.66 9.26 4.07 5.20 - 100.00% Amount of Investment in Associate 1.18 5.00
Chemicals Bangladesh
Pvt Ltd Extent of Holding % 40.64% 28.89%
Pidilite Bamco Ltd 27.02.2006 31.03.2021 Baht 2.34 8.19 27.63 43.75 7.93 - 54.92 7.64 1.31 6.33 - 100.00%
PT Pidilite Indonesia 01.03.2006 31.03.2021 IDR 0.01 5.79 (3.80) 2.20 0.21 - - 0.08 0.01 0.08 - 100.00% 3 Description of how there is significant influence Associate Associate
Pidilite USA Inc 12.05.2006 31.03.2021 USD 73.52 108.66 1.99 130.22 19.57 0.55 140.70 14.66 1.97 12.69 - 100.00% 4 Reason why Associate is not consolidated refer Note 2.5 refer Note 2.5
Pidilite Innovation Center 20.12.2006 31.03.2021 SGD 54.36 5.41 1.87 10.91 3.63 - 3.04 1.98 0.05 1.93 - 100.00%
Pte Ltd 5 Networth attributable to Shareholding as per latest audited Balance Sheet 27.67 3.43
Pidilite Industries Egypt 18.10.2007 31.03.2021 EGP 4.65 45.51 (17.92) 50.71 23.12 - 32.33 (0.84) 0.20 (1.04) - 100.00%
- SAE 6 Profit/ (Loss) for the year
Pulvitec do Brasil 10.05.2005 31.03.2021 BRL 12.76 94.85 (61.95) 64.83 31.93 - 102.70 18.30 6.12 12.18 - 100.00%
Industria e Comercio de (i) Considered in Consolidation 4.62 (0.64)
Colas e Adesivos Ltda
Bamco Supply and 22.04.2008 31.03.2021 Baht 2.34 0.23 7.74 8.68 0.70 - 10.78 0.23 0.09 0.14 - 49.00% (ii) Not Considered in Consolidation 6.73 (1.56)
Services Limited
PIL Trading (Egypt) LLC 27.07.2009 31.03.2021 EGP 4.65 2.53 (6.56) 5.22 9.25 - 6.90 (1.45) - (1.45) - 100.00%
Pidilite Industries Trading 22.11.2010 31.03.2021 RMB 11.17 1.07 0.21 1.32 0.04 - 1.03 0.28 - 0.28 - 100.00%
(Shanghai) Co Ltd
Pidilite Chemical PLC 10.12.2014 31.03.2021 Birr 1.76 3.15 (2.23) 3.28 2.36 - - (0.54) - (0.54) - 100.00%
Information on Joint Venture
Pidlite Ventures LLC 08.08.2018 31.03.2021 USD 73.52 7.72 0.59 8.32 0.01 3.68 - 0.28 0.28 - 100.00% (Statement pursuant to Section 129 (3) of the Companies Act, 2013 related to Joint Venture)
Nebula East Africa Ltd 09.09.2015 31.03.2021 KES 0.67 0.33 0.30 1.49 0.85 - 1.89 0.11 0.05 0.05 - 100.00%
Pidilite Lanka (Pvt) Ltd 07.08.2015 31.03.2021 LKR 0.37 32.18 (1.31) 53.96 23.10 - 45.51 2.60 1.07 1.52 - 76.00% ( in crores)
Nina Lanka Construction 20.02.2017 31.03.2021 LKR 0.37 0.58 (0.25) 0.73 0.40 - 0.38 (0.02) - (0.02) - 72.70%
Technologies (Pvt) Limited Name of Joint Venture Plus Call Technical Services LLC
Pidilite East Africa 12.02.2019 31.03.2021 KES 0.67 8.56 (2.10) 12.37 5.91 - 7.46 (2.30) (0.63) (1.67) - 55.00%
Limited 1 Latest unaudited Balance Sheet Date 31st March 2021
Nina Percept (Bangladesh) 29.01.2020 31.03.2021 Taka 0.86 0.38 (0.02) 0.37 - - - (0.02) - (0.02) - 71.81%
Pvt Ltd 2 Share of Joint Venture held by the Company at the year end
Fevicol Company Limited 28.07.1979 31.03.2021 INR - 0.27 1.96 2.23 - 0.04 - - - - - 100.00%
Number 57
Madhumala Ventures 01.06.1989 31.03.2021 INR - 0.18 144.60 144.80 0.02 144.13 - (0.74) 0.03 (0.76) - 100.00%
Pvt. Ltd Amount of Investment in Joint Venture 0.21
Bhimad Commercial 01.06.1989 31.03.2021 INR - 0.01 7.84 7.85 - - - (0.80) - (0.80) - 100.00%
Company Pvt Ltd Extent of Holding % 40.00%
Pagel Concrete 24.01.2007 31.03.2021 INR - 0.10 (0.43) - 0.33 - - - - - 80.00%
Technologies Pvt Ltd 3 Description of how there is significant influence Not Applicable
Building Envelope 07.09.2012 31.03.2021 INR - 8.35 14.37 23.41 0.61 - 9.54 0.41 0.33 0.09 - 60.00%
Systems India Ltd 4 Reason why Joint Venture is not consolidated refer Note 2.5
Nina Percept Private 30.03.2015 31.03.2021 INR - 1.18 116.70 306.23 188.34 - 176.63 (36.53) (8.67) (27.86) - 74.58%
Limited 5 Networth attributable to Shareholding as per latest unaudited Balance Sheet -
ICA Pidilite Pvt Ltd 20.11.2015 31.03.2021 INR - 7.31 240.52 302.24 54.42 - 178.01 5.05 1.33 3.72 - 50.00%
6 Profit/ (Loss) for the year
Cipy Polyurethanes Pvt 09.02.2018 31.03.2021 INR - 0.94 93.13 131.31 37.23 - 89.31 0.52 0.22 0.30 - 70.00%
Ltd (i) Considered in Consolidation -
Pidilite C-Techos Pvt Ltd 18.09.2019 31.03.2021 INR - - - - - - - - - - - 60.00%
Pidilite Grupo Puma Pvt 16.09.2019 31.03.2021 INR - 0.91 21.18 25.23 3.14 - - (1.29) - (1.29) - 100.00% (ii) Not Considered in Consolidation -
Ltd
Pidilite C-Techos Walling 05.03.2020 31.03.2021 INR - 1.01 (0.11) 0.96 0.07 - - (0.07) - (0.07) - 60.00%
Ltd
Pidilite Litokol Pvt Ltd 07.10.2019 31.03.2021 INR - 1.88 22.82 25.08 0.38 - - (0.05) - (0.05) - 60.00% FOR AND ON BEHALF OF THE BOARD OF DIRECTORS
Pidilite Grupo Puma 13.01.2020 31.03.2021 INR - 0.01 (0.04) 0.01 0.04 - - (0.04) - (0.04) - 50.00%
Manufacturing Ltd
PUNEET BANSAL BHARAT PURI M B PAREKH
Pidilite Adhesives Private 03.11.2020 31.03.2021 INR - 27.49 246.81 388.08 113.78 - 168.04 59.42 14.84 44.59 - 100.00%
Company Secretary Managing Director Executive Chairman
Limited
DIN: 02173566 DIN: 00180955
Tenax Pidilite India 28.05.2020 31.03.2021 INR - 0.60 39.21 50.85 11.04 - 18.08 4.69 1.24 3.45 - 70.00%
Private Limited PRADIP KUMAR MENON Place: Mumbai
Chief Financial Officer Date: 12th May 2021
* % of holding and voting power either directly or indirectly through subsidiary as at 31st March 2021.
Name of Subsidiaries which are yet to commence operations: Pidilite C-Techos Pvt Ltd and Pidilite Grupo Puma Pvt Ltd
Name of Subsidiaries which have been liquidated or sold during the year: Not Applicable 235
িবপেদ েমাের রক্ষা কেরা
এ নেহ েমার �াথৰ্ না,
িবপেদ আিম না েযন কির ভয়।
দুঃখতােপ ব্যিথত িচেত
নাই বা িদেল সা�না,
দুঃেখ েযন কিরেত পাির জয়।
সহায় েমার না যিদ জুেট

িনেজর বল না েযন ট� েট,
সংসােরেত ঘ�েল ক্ষিত,
লিভেল �ধু বঞ্চনা
িনেজর মেন না েযন মািন ক্ষয়।
রবী�নাথ ঠাকুর
It is not my prayer that you save me from all perils
I pray that I should not fear when faced with odds
Console me not when I am torn with misery

Grant me instead the will to win against grief
Obhoy: Fearless If no help comes forth, let my strength not crumble

When losses abound and I am deprived of everything
Let my heart not take this as defeat
Rabindranath Tagore
Calligraphy – English & Marthi: Shreyas Balsare, Gujarati: Kailash Malviya, Tamil: Tharique Azeez
Pidilite Industries Limited
REGISTERED OFFICE
Regent Chambers, 7th Floor
Jamnalal Bajaj Marg
208 Nariman Point
www.pidilite.com Mumbai 400 021
Pidilite Industries Limited
Registered Office: Regent Chambers, 7th Floor, Jamnalal Bajaj Marg, 208, Nariman Point, Mumbai 400 021.
Notice Notes:
NOTICE is hereby given that the 52nd ANNUAL 2013 (the Act) and the Companies (Appointment
1. In view of the continuing COVID-19 pandemic, the on the Company’s website www.pidilite.com, websites
GENERAL MEETING of the Members of the Company and Qualification of Directors) Rules, 2014 and the
Ministry of Corporate Affairs (the MCA) has, vide its of the Stock Exchanges i.e. BSE Limited and National
will be held on Wednesday, 11th August 2021 at 3.00 p.m. applicable provisions of the Securities and Exchange
IST through Video Conferencing (“VC”)/Other Audio Visual Board of India (Listing Obligations and Disclosure circular dated 13th January 2021 and Securities and Stock Exchange of India Limited at www.bseindia.com
Means (“OAVM”), to transact the following business: Requirements) Regulations, 2015 (including any Exchange Board of India (the SEBI) has, vide its circular and www.nseindia.com respectively and on the website
statutory modification(s), or re-enactment thereof dated 15th January 2021 permitted the holding of the of NSDL https://www.evoting.nsdl.com
ORDINARY BUSINESS: for the time being in force) and pursuant to the Annual General Meeting (AGM/Meeting) through 10. Members attending the AGM through VC/OAVM shall
1. To receive, consider and adopt: recommendation by Nomination and Remuneration Video Conferencing (“VC”) or other Audio Visual be counted for the purpose of reckoning the quorum
Committee, Shri Vinod Dasari (DIN: 00345657), who Means (“OAVM”), without the physical presence of the under Section 103 of the Act.
a. the audited standalone financial statements
of the Company for the financial year ended was appointed as an Independent Director of the Members at a common venue. In compliance with the
Company for five consecutive years from 47th Annual provisions of the Companies Act, 2013 (“Act”), SEBI 11. In accordance with the provisions of Regulation
31st March 2021 together with the reports of Board 36(3) of SEBI Listing Regulations and applicable
of Directors and the Auditors’ thereon; and General Meeting (AGM) upto the conclusion of (Listing Obligations and Disclosure Requirements)
52nd AGM and in respect of whom the Company has Regulations, 2015 (“SEBI Listing Regulations”) and provisions of Secretarial Standard- 2, a brief profile
b. the audited consolidated financial statements received a notice in writing under Section 160 of the MCA Circulars, the 52nd Annual General Meeting (the of Shri A N Parekh, Shri Debabrata Gupta,
of the Company for the financial year ended Act from a member proposing his candidature for Shri Rajeev Vasudeva and Shri Vinod Dasari, nature
AGM) of the Company is being held through VC/OAVM.
31st March 2021 together with the report of the office of a Director, and being eligible, be and is of their expertise in specific functional areas, names
The deemed venue for the AGM shall be the Registered
the Auditors’ thereon. hereby re-appointed as an Independent Director of the of companies in which they hold directorships and
Office of the Company.
2. To declare Dividend on equity shares. Company to hold office for a second term commencing memberships/ chairmanships of committees of
from the conclusion of 52nd AGM upto 31st August 2025 2. Since this AGM is being held pursuant to the MCA directors, their shareholding and relationships between
3. To appoint a Director in place of Shri A N Parekh Circulars through VC/OAVM, physical attendance of
and he shall not be liable to retire by rotation.” directors inter se and other information, is set out and
(DIN:00111366), who retires by rotation and being
Members has been dispensed with. Accordingly, the the same forms part of this Notice.
eligible, offers himself for re-appointment. “RESOLVED FURTHER THAT the Board of Directors
facility for appointment of proxies by the Members will
4. To appoint a Director in place of Shri Debabrata Gupta and/or the Company Secretary be and are hereby 12. The Register of Members and Share Transfer Books
not be available for the AGM and hence the Proxy Form
(DIN:01500784), who retires by rotation and being authorised to do all such acts, deeds and things as may of the Company will be closed from Thursday,
be necessary, expedient and desirable for the purpose and Attendance Slip are not annexed to this Notice. 29th July 2021 to Wednesday, 11th August 2021 (both
eligible, offers himself for re-appointment.
of giving effect to this resolution.” 3. Corporate members are requested to send to the days inclusive) for the purpose of payment of dividend
SPECIAL BUSINESS: Company a scanned copy (PDF/JPG Format) on equity shares and the AGM. The Record date will be
7. To consider and if thought fit, to pass, the following
5. To consider and, if thought fit, to pass the following resolution as an Ordinary Resolution: certified copy of the Board Resolution/Authorisation Wednesday, 28th July 2021 for determining entitlement
resolution as an Ordinary Resolution: authorizing their representative to attend and of members for payment of dividend for the financial
“RESOLVED THAT pursuant to the provisions of vote on their behalf through remote evoting at year ended 31st March 2021.
“RESOLVED THAT pursuant to the provisions of Section 148 and all other applicable provisions, if any,
Sections 149, 152 read with Schedule IV and all other [email protected]. The said Resolution/ 13. The Securities and Exchange Board of India (SEBI)
of the Companies Act, 2013 read with the Companies
applicable provisions, if any, of the Companies Act, Authorisation shall also be sent to the Scrutinizer has mandated the submission of Permanent Account
(Audit and Auditors) Rules, 2014 (including any
2013 (the Act) and the Companies (Appointment statutory modification(s) or re-enactment thereof, by email through its registered email address to Number (PAN) by every participant in securities
and Qualification of Directors) Rules, 2014 and the for the time being in force), the Cost Auditors [email protected] with a copy marked to market. Members holding shares in electronic form are
applicable provisions of the Securities and Exchange M/s. V J Talati & Co., Cost Accountants, (Registration [email protected] required to submit their PAN as well as bank details
Board of India (Listing Obligations and Disclosure No. 00213) appointed by the Board of Directors of 4. In case of joint holders attending the AGM, only such to their Depository Participants and Members holding
Requirements) Regulations, 2015 (including any the Company, on the recommendation of Audit joint holder who is higher in the order of names will be shares in physical form shall submit their PAN as
statutory modification(s) or re-enactment thereof Committee, to conduct the audit of the cost records entitled to vote. well as bank details to the Company/ TSR Darashaw
for the time being in force), and pursuant to the of the Company for the financial year ending Consultants Private Limited, the Company’s Registrar &
recommendation of the Nomination and Remuneration 31st March 2022, be paid the remuneration as set out 5. A statement pursuant to Section 102(1) of the Act, Share Transfer Agents (Company’s R & T Agents).
Committee, Shri Rajeev Vasudeva (DIN:02066480), in the explanatory statement annexed to the Notice setting out all material facts relating to item nos. 5 to 7
who was appointed as an Additional Director of the Notice is annexed herewith and the same should 14. As per Regulation 40 of the SEBI Listing Regulations,
convening this meeting and the same is hereby
(Independent) of the Company in terms of Section 161 be taken as part of this Notice. as amended, securities of listed companies can be
ratified and approved.”
of the Act by the Board of Directors with effect from transferred only in dematerialized form w.e.f
“RESOLVED FURTHER THAT the Board of Directors 6. Notes given in the Notice to the extent applicable also 1st April 2019, except in case of request received for
10th September 2020 and who holds office upto the date
of the Company be and is hereby authorised to do all forms part of the Explanatory Statement. transmission or transposition of securities. In view of
of this Annual General Meeting (AGM) and in respect
such acts, deeds, matters and things and take all such 7. Members seeking any information with regard to the this and to eliminate all risks associated with physical
of whom the Company has received a notice in writing
steps as may be necessary, proper or expedient to give accounts, inspection of documents or any matter to shares and for ease of portfolio management, members
from a member under Section 160 of the Act proposing
effect to this resolution.” holding shares in physical form are requested to
his candidature for the office of a Director, and being be placed at the AGM, are requested to write to the
eligible, be and is hereby appointed as an Independent Company on or before 31st July 2021 through email on consider converting their holdings to dematerialized
BY ORDER OF THE BOARD OF DIRECTORS form. Members can contact the Company or Company’s
Director of the Company to hold office for 5 consecutive [email protected]. The same will be
years upto 9th September 2025 and he shall not be liable replied by the Company suitably. R & T Agents for assistance in this regard.
Place : Mumbai PUNEET BANSAL
to retire by rotation.” Date : 12th May 2021 COMPANY SECRETARY 15. The Members are requested to inform of changes, if
8. Since the AGM will be held through VC/OAVM, the
“RESOLVED FURTHER THAT the Board of Directors Route Map of the venue of AGM is not annexed to any, pertaining to their name, postal address, email
and/or the Company Secretary be and are hereby Registered Office: address, telephone/ mobile numbers, PAN, mandates,
this Notice.
authorised to do all such acts, deeds and things as may Regent Chambers, 7th floor, nominations, power of attorney, bank details such as,
be necessary, expedient and desirable for the purpose of Jamnalal Bajaj Marg, 9. In compliance with the aforesaid MCA Circulars name of the bank and branch details, bank account
giving effect to this resolution.” 208, Nariman Point, and SEBI Circular dated 15th January 2021, Notice number, MICR code, IFSC, etc., immediately to:
Mumbai 400 021. of the AGM along with the Annual Report 2020-21
6 To consider and, if thought fit, to pass, the following Tel : 91 22 2835 7000 is being sent only through electronic mode to those (i) Company’s R & T Agents in case of shares held in
resolution as a Special Resolution: Fax : 91 22 2821 6007 Physical Form; or
Members whose email addresses are registered with
“RESOLVED THAT pursuant to the provisions of E-mail : [email protected] the Company/ Depositories. Members may note that the (ii) Depository Participants (DP) in case of shares held
Sections 149, 152 read with Schedule IV and all other Website : www.pidilite.com Notice and Annual Report 2020-21 will also be available in Electronic Form.
applicable provisions, if any, of the Companies Act, CIN : L24100MH1969PLC014336 2
16. To prevent fraudulent transactions, Members are •
Self declaration in Form 10F if all the details 20. A. Pursuant to Section 205A of the Companies G. The Company has uploaded the details of unpaid
advised to exercise due diligence and notify the required in this form are not mentioned in Act,1956 all unclaimed /unpaid dividend upto the and unclaimed amounts lying with the Company
Company of any change in address or demise of any the TRC. financial year ended 31st March 1994 have been as on 10th September 2020 (date of last AGM) on the
member as soon as possible. Periodic statement of transferred to the General Revenue Account of the website of the Company (www.pidilite.com) and
• Self-attested copy of the PAN Card allotted by the
holdings should be obtained from the concerned DP and also on the Ministry of Corporate Affairs website.
Indian Income Tax authorities. Central Government. Those Members who have so
holdings should be verified.
far not claimed their dividends for the said periods Members who have not yet encashed their Dividend
17. Members can avail nomination facility in terms of • Self-declaration certifying the following points:
may claim the same by submitting an application in Warrants for the years ended 31st March 2014 to
extant legal provisions in this regard. On request, i. Member is and will continue to remain a tax the prescribed form to the Registrar of Companies, 31st March 2020 are requested to contact the R & T
the necessary Form SH-13 can be obtained from the resident of the country of its residence during Maharashtra. Agents, M/s. TSR Darashaw Consultants Private Ltd.,
Company’s R & T Agents. the financial year 2021-22;
B. The Company has transferred unclaimed/unpaid Unit: Pidilite Industries Limited, C-101, 1st Floor,
18. To support the ‘Green Initiative’, Members who have ii. Member is eligible to claim the beneficial 247 Park, Lal Bahadur Shastri Marg, Vikhroli (West),
not yet registered their email addresses are requested to dividend (including the Interim Dividend declared
DTAA rate for the purposes of tax Mumbai 400 083.
register the same with their DPs in case the shares are during the Financial year 2001-2002) in respect
withholding on dividend declared by the
held by them in electronic form and with Company’s of Financial Years ended 31st March 1995 to 21. In March 2008, some of the members of Vinyl Chemicals
Company;
R & T Agents in case the shares are held by them in 31st March 2013 to the Investor Education and (India) Limited (VCIL) were allotted 6% Secured
physical form. iii. Member has no reason to believe that Protection Fund (IEPF). Redeemable Preference Shares of 10/- each (Preference
its claim for the benefits of the DTAA is Shares) by the Company pursuant to the Scheme of
19. Shareholders may note that the Income Tax Act, 1961, C. Sections 124 and 125 of the Act read with the
impaired in any manner; Demerger of VAM Manufacturing Unit of VCIL into the
as amended by the Finance Act, 2020, mandates that Investor Education and Protection Fund Authority
dividends paid or distributed by a Company after iv. Member is the ultimate beneficial owner Company. The said Preference Shares were redeemed
(Accounting, Audit, Transfer and Refund) Rules, on 5th September 2008 and the Company had despatched
1st April 2020 shall be taxable in the hands of the of its shareholding in the Company and
shareholders. The Company shall therefore be required 2016 (‘IEPF Rules’), both of which were made Preference Dividend-cum-Redemption Warrants to
Dividend receivable from the Company; and
to deduct Tax at Source (TDS) at the time of making applicable with effect from 7th September 2016, all Preference Shareholders without surrender of the
v. Member does not have a taxable presence or a also contain similar provisions for transfer of such
the final dividend. In order to enable us to determine Preference Share Certificates. The unclaimed preference
permanent establishment in India during the amounts to IEPF. Accordingly, all unclaimed/
the appropriate TDS rate as applicable, Members are shares redemption amount and the dividend pertaining
requested to submit the documents in accordance with financial year 2021-22.
unpaid dividend, as well as the principal redemption to the same have been transferred to IEPF and hence no
the provisions of the Income Tax Act, 1961. C) Please note that the Company is not obligated to amount of preference shares, as applicable, claim shall lie in respect thereof against the Company.
A) For Resident Shareholders, TDS shall be made apply the beneficial DTAA rates at the time of remaining unclaimed/unpaid for a period of seven
tax deduction/withholding on dividend amounts. 22. Voting through electronic means
under Section 194 of the Income Tax Act, 1961 years from the date they became due for payment,
at 10% (Ten percent) on the amount of Dividend Application of beneficial DTAA rate shall depend in relation to the Company, have been transferred to I. In compliance with provisions of Section 108 of the
declared and paid by the Company during financial upon the completeness and satisfactory review by the IEPF established by the Central Government. Act and Rules issued thereunder and Regulation 44
year 2021-22 provided PAN is registered by the the Company of the documents submitted by of SEBI Listing Regulations, Members are provided
No claim shall be entertained against the Company
Shareholder. If PAN is not registered, TDS would Non-Resident shareholder. with the facility to cast their vote by electronic
for the amounts so transferred.
be deducted @ 20% (Twenty percent) as per Section D) Accordingly, in order to enable us to determine the means through the remote e-voting platform as well
206AA of the Income Tax Act, 1961. However, no D. As per Section 124(6) of the Act read with the IEPF as e-voting on the date of AGM has been provided
appropriate TDS/withholding tax rate applicable, we
tax shall be deducted on the Dividend payable to Rules as amended, all the shares in respect of which by National Securities Depository Limited (NSDL)
request you to provide these details and documents
a Resident Individual if the total dividend to be dividend has remained unpaid/unclaimed for seven
as mentioned above before 25th July 2021. on all resolutions set out in this Notice. Resolutions
received by them during financial year 2021-22 does consecutive years or more as referred to in the said
E) Kindly note that the aforementioned documents are passed by the Members through e-voting is/are
not exceed 5,000/-. In cases where the shareholder section read with the relevant Rules, have been
provides Form 15G (applicable to any person other required to be submitted at https://tcpl.linkintime. deemed to have been passed, as if they have been
transferred to the IEPF Demat Account. passed at the AGM.
than a Company or a Firm or HUF)/Form 15H co.in/formsreg/submission-of-form-15g-15h.html
(applicable to an Individual above the age of 60 on or before 25th July 2021 in order to enable the E. The Company has sent notice to all the Members II. The Members who have casted their vote by
years), provided that the eligibility conditions are Company to determine and deduct appropriate whose dividends for the financial year ending remote e-voting prior to the AGM may also attend/
being met, no TDS shall be deducted. TDS/withholding tax rate. No communication 31st March 2014 are lying unpaid/unclaimed against participate in the AGM through VC/OAVM but shall
B) For Non-resident Shareholders, taxes are required on the tax determination/deduction shall be their name. Members are requested to claim the not be entitled to cast their vote again.
to be withheld in accordance with the provisions entertained post 25th July 2021. It may be further same. As mentioned in the said notice, in case
noted that in case the tax on said dividend is III. The details of the process and manner for remote
of Section 195 of the Income Tax Act, 1961 at the the dividends are not claimed by 30th July 2021,
rates in force. As per the relevant provisions of the deducted at a higher rate in absence of receipt of the e-voting are explained herein below:
necessary steps will be initiated by the Company
Income Tax Act, 1961, the withholding tax shall be aforementioned details/ documents from you, there Step 1: Access to NSDL e-voting
to transfer the shares and dividend held by the
at the rate of 20% (Twenty percent) (plus applicable would still be an option available with you to file the
concerned Members to IEPF, without further A. Login method for e-Voting and joining virtual
surcharge and cess) on the amount of Dividend return of income and claim an appropriate refund,
payable to them. However, as per Section 90 of the if eligible. notice. Please note that no claim shall lie against meeting for Individual shareholders holding
Income Tax Act, 1961, the non-resident shareholder the Company in respect of the shares so transferred securities in demat mode
F) The soft copy of TDS certificate shall be emailed to to IEPF.
has the option to be governed by the provisions of In terms of SEBI circular dated 9th December
you at your registered e-mail ID in accordance with
the Double Tax Avoidance Agreement (DTAA) F. In the event of transfer of shares and the unclaimed 2020 on e-Voting facility provided by Listed
between India and the country of tax residence the provisions of the Income Tax Act, 1961 after
filing of the quarterly TDS Returns of the Company, dividends to IEPF, Members are entitled to claim Companies, Individual shareholders holding
of the shareholder, if they are more beneficial to
them. For this purpose, i.e. to avail the Tax Treaty post payment of the said Dividend. the same from IEPF by submitting an online securities in demat mode are allowed to vote
benefits, the non-resident shareholder will have to application in the prescribed Form IEPF-5 available through their demat account maintained with
G) Separate email communication was sent to the
provide the following:. on the website www.iepf.gov.in and sending Depositories and Depository Participants.
shareholders on Thursday, 1st July 2021, informing
the said change in Income Tax Act, 1961 as a physical copy of the same duly signed to the Shareholders are advised to update their mobile
• Self-attested copy of Tax Residency Certificate
well as relevant procedure to be adopted by the Company along with the requisite documents number and email Id in their demat accounts in
(TRC) obtained from the tax authorities of the
shareholders for availing the applicable tax rate. enumerated in the Form IEPF-5. order to access e-Voting facility.
country of which the Shareholder is resident.
4
Login method for Individual shareholders holding securities in demat mode is given below B. Login Method for e-Voting and joining virtual meeting c) How to retrieve your ‘initial password’?
shareholders other than Individual shareholders
(i) If your email ID is registered in your demat
Type of shareholders Login Method holding securities in demat mode and shareholders
account or with the Company, your ‘initial
holding securities in physical mode.
Individual 1. Existing IDeAS user can visit the e-Services website of NSDL viz https://eservices.nsdl.com either on password’ is communicated to you on your
Shareholders holding a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner” How to Login to NSDL e-voting website? email ID. Trace the email sent to you from
securities in demat icon under “Login” which is available under ‘IDeAS’ section, this will prompt you to enter your NSDL from your mailbox. Open the email
i. Step 1 - Visit the e-Voting website of NSDL.
mode with NSDL existing User ID and Password. After successful authentication, you will be able to see e-Voting and open the attachment i.e. a .pdf file. Open
Open web browser by typing the following URL:
services under Value added services. Click on “Access to e-Voting” under e-Voting services and you the .pdf file. The password to open the .pdf
https://www.evoting.nsdl.com/ either on a
will be able to see e-Voting page. Click on company name or e-Voting service provider name and file is your 8 digit client ID for NSDL account,
Personal Computer or on a mobile.
you will be re-directed to e-Voting service provider website for casting your vote during the remote last 8 digits of client ID for CDSL account or
e-Voting period or joining virtual meeting & voting during the meeting. ii. Once the home page of e-Voting system is folio number for shares held in physical form.
launched, click on the icon “Login” which is The .pdf file contains your ‘User ID’ and your
2. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.
available under ‘Shareholder/ Member’ section. ‘initial password’.
com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/
IdeasDirectReg.jsp iii. A new screen will open. You will have to enter (ii) If your email ID is not registered, please
your User ID, your Password and a Verification follow instructions mentioned below in this
3. Visit the e-Voting website of NSDL. Open web browser by typing the following URL: https://www.
Code as shown on the screen. notice.
evoting.nsdl.com/ either on a Personal Computer or on a mobile. Once the home page of e-Voting
system is launched, click on the icon “Login” which is available under ‘Shareholder/Member’ Alternatively, if you are registered for NSDL vi. If you are unable to retrieve or have not received the
section. A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat eservices i.e. IDEAS, you can log-in at “initial password” or have forgotten your password:
account number held with NSDL), Password/OTP and a Verification Code as shown on the screen. https://eservices.nsdl.com/ with your existing
After successful authentication, you will be redirected to NSDL Depository site wherein you can see a) Click on “Forgot User Details/Password?”
IDEAS login. Once you log-in to NSDL eservices
e-Voting page. Click on company name or e-Voting service provider name and you will be redirected (If you are holding shares in your demat account
after using your log-in credentials, click on
to e-Voting service provider website for casting your vote during the remote e-Voting period or with NSDL or CDSL) option available on www.
e-Voting and you can proceed to Step 2 i.e. Cast
joining virtual meeting & voting during the meeting. evoting.nsdl.com.
your vote electronically.
b)
“Physical User Reset Password?” (If you are
4. Shareholders/Members can also download NSDL Mobile App “NSDL Speede” facility by scanning iv. Your User ID details are given below:
the QR code mentioned below for seamless voting experience.
holding shares in physical mode) option
available on www.evoting.nsdl.com.
Manner of holding Your User ID is:
NSDL Mobile App is available on
shares i.e. Demat c) If you are still unable to get the password by
(NSDL or CDSL) or aforesaid two options, you can send a request
Physical at [email protected] mentioning your demat
account number/folio number, your PAN, your
a. For Members 8 Character DP ID followed by name and your registered address.
who hold shares 8 Digit Client ID
in demat account d) Members can also use the one-time password
For example if your DP ID
with NSDL. is IN300*** and Client ID is (OTP) based login for casting the votes on the
12****** then your user ID is e-Voting system of NSDL.
Individual 1 Existing users who have opted for Easi/Easiest, can login through their user id and password. IN300***12****** vii. After entering your password, tick on Agree to
Shareholders holding Option will be made available to reach e-Voting page without any further authentication. The URL “Terms and Conditions” by selecting on the check
b. For Members 16 Digit Beneficiary ID box.
securities in demat for users to login to Easi/Easiest is https://web.cdslindia.com/myeasi/home/login or www.cdslindia.
who hold shares For example if your Beneficiary
mode with CDSL com and click on New System Myeasi.
in demat account ID is 12**************
viii. Now, you will have to click on “Login” button.
2. After successful login of Easi/Easiest the user will also be able to see the e-Voting Menu. The Menu with CDSL. then your user ID is ix. After you click on the “Login” button, Home page of
will have links of ESP i.e. NSDL portal. Click on NSDL to cast your vote. 12************** e-Voting will open.
3. If the user is not registered for Easi/Easiest, option to register is available at https://web.cdslindia. Step 2: Cast your vote electronically on NSDL e-Voting
com/myeasi/Registration/EasiRegistration. Alternatively, the user can directly access e-Voting page
c. For Members EVEN Number followed by
holding shares in Folio Number registered with system
by providing demat account number and PAN from a link in www.cdslindia.com home page. The
system will authenticate the user by sending OTP on registered Mobile and e-mail as recorded in Physical Form. the company i. After successful login at Step 1, you will be able to
the demat account. After successful authentication, user will be provided links for the respective For example if folio number see the Home page of e-Voting. Click on e-Voting.
ESP i.e. NSDL where the e-Voting is in progress. is 001*** and EVEN is 101456 Then, click on Active Voting Cycles.
then user ID is 101456001***
Individual 1. You can also login using the login credentials of your demat account through your Depository ii. After click on Active Voting Cycles, you will be able
Shareholders (holding Participant registered with NSDL for e-Voting facility. to see all the companies “EVEN” in which you are
v. Your password details are given below: holding shares and whose voting cycle is in active
securities in demat
mode) login through 2. Upon logging in, you will be able to see e-Voting option. Click on e-Voting option, you will be a) If you are already registered for e-Voting, then status.
their depository redirected to NSDL Depository site after successful authentication, wherein you can see e-Voting you can use your existing password to login and
feature. iii. Select “EVEN” of the Company.
participants cast your vote.
3. Click on company name or e-Voting service provider name and you will be redirected to e-Voting
iv. Now you are ready for e-Voting as the Voting page
b) If you are using NSDL e-Voting system for the opens.
service provider website for casting your vote during the remote e-Voting period or joining virtual
first time, you will need to retrieve the ‘initial
meeting & voting during the meeting. v. Cast your vote by selecting appropriate options
password’ which was communicated to you.
Once you retrieve your ‘initial password’, you i.e. assent or dissent, verify/modify the number of
Note: Members who are unable to retrieve User ID/Password are advised to use Forgot User ID and Forgot Password option shares for which you wish to cast your vote and click
available at respective websites need to enter the ‘initial password’ and the
system will force you to change your password. on “Submit” and also “Confirm” when prompted.
6
vi. Upon confirmation, the message “Vote cast 3. The details of the person who may be contacted for any vi. The voting rights of Shareholders shall be in 23. Shri M M Sheth, Practising Company Secretary
successfully” will be displayed. grievances connected with the facility for e-Voting on proportion to the share in the paid up equity share (Membership No. FCS 1455 CP No.729) or failing him,
vii. You can also take the printout of the votes cast the day of the AGM shall be the same person mentioned capital of the Company as on 4th August 2021, the cut Smt. Ami M Sheth (Membership No. ACS 24127 CP
by you by clicking on the print option on the for Remote e-voting. off date. Any person who is not a Member as on the No. 13976) have been appointed as the ‘Scrutinizer’ to
confirmation page. General Guidelines for shareholders cut-off date should treat this Notice for information scrutinize remote e-voting process and also e-voting
viii. Once you confirm your vote on the resolution, you purposes only. at the AGM in a fair and transparent manner.
i. Institutional shareholders (i.e. other than individuals,
will not be allowed to modify your vote. HUF, NRI etc.) are required to send scanned copy INSTRUCTIONS FOR MEMBERS FOR ATTENDING 24. The Scrutinizer shall immediately after the
Process for registration of email id for obtaining Annual (PDF/JPG Format) of the relevant Board Resolution/ THE AGM THROUGH VC / OAVM ARE AS UNDER: conclusion of voting at the AGM, first scrutinise the
Report and updation of bank account mandate for receipt of Authority letter etc. with attested specimen signature votes cast at the AGM, thereafter unlock the votes
A. Member will be provided with a facility to attend
dividend of the duly authorized signatory(ies) who are cast through remote e-voting and shall make not
the AGM through VC/OAVM through the NSDL
authorized to vote, to the Scrutinizer by e-mail to later than 48 hours of conclusion of the Meeting, a
[email protected] with a copy marked to e-Voting system. Members may access by following
Physical Holding Send a signed letter to the Company’s R consolidated Scrutiniser’s Report of the total votes
[email protected]. the steps mentioned above for Access to NSDL
& T Agents providing Folio No., name of cast in favour or against, if any, to the Chairman or
shareholder along with copy of PAN (self e-Voting system. After successful login, you can see
ii. It is strongly recommended not to share your password a person authorised by him in writing who shall
attested) and email-id details for registering link of “VC/OAVM link” placed under “Join General
with any other person and take utmost care to keep your countersign the same.
email address. meeting” menu against company name. You are
password confidential. Login to the e-voting website
requested to click on VC/OAVM link placed under 25. The Results alongwith the Scrutinizer’s Report
For updating bank account mandate, hard will be disabled upon five unsuccessful attempts to key
in the correct password. In such an event, you will need Join General Meeting menu. The link for VC/OAVM shall be placed on the Company’s website
copies of the following documents are to be
sent to R & T Agents: to go through the “Forgot User Details/Password?” or will be available in Shareholder/Member login where www.pidilite.com and on the website of NSDL
“Physical User Reset Password?” option available on the EVEN of Company will be displayed. Please note within 48 hours of conclusion of the 52nd AGM of the
a. Signed letter mentioning your Name, www.evoting.nsdl.com to reset the password. that the members who do not have the User ID and Company and communicated to BSE Limited and
Folio Number, complete address and Password for e-Voting or have forgotten the User ID National Stock Exchange of India Limited.
following details relating to Bank iii. In case of any queries, you may refer the Frequently
Asked Questions (FAQs) for Shareholders and e-voting and Password may retrieve the same by following the
Account in which the dividend is to be
user manual for Shareholders available at the download remote e-Voting instructions mentioned in the notice
received:
section of www.evoting.nsdl.com or call on toll free to avoid last minute rush.
i) Name and Branch of Bank and Bank no.: 1800 1020 990 /1800 224 430 or send a request at B. Members who do not have the User ID and Password
Account type; [email protected]. for e-voting or have forgotten the User ID and
ii) Bank Account Number allotted by iv. Any person, holding shares in physical form and Password may retrieve the same by following the
your Bank after implementation of non-individual shareholders who acquires shares of the remote e-voting instructions mentioned in the Notice.
Core Banking Solutions and; Company and becomes member of the Company after Further Members can also use the OTP based login for
dispatch of the notice and holding shares as of the cut- logging into the e-voting system of NSDL.
iii) 11 digit IFSC Code. off date i.e. 4th August 2021, may obtain the login ID and
password by sending a request at [email protected] C. Facility of joining the AGM through VC / OAVM shall
b. Cancelled cheque in original bearing the open 30 minutes before the time scheduled for the
or Issuer/RTA. However, if you are already registered
name of the Member or first holder, in
with NSDL for remote e-voting, then you can use your AGM and will be available for Members on first come
case shares are held jointly;
existing user ID and password for casting your vote. first served basis.
c. Self-attested copy of the PAN Card and; If you forgot your password, you can reset your D. Members are advised to join the Meeting using stable
password by using “Forgot User Details/Password”
d. Self-attested copy of any document (viz. Wi-Fi or LAN Connection to mitigate any kind of
or “Physical User Reset Password” option available
Aadhar Card, Driving License, Election aforesaid glitches and disturbance during the meeting.
on www.evoting.nsdl.com or call on toll free
Identity Card, Passport) for address no. 1800 1020 990 and 1800 22 44 30. In case of E. Members who need assistance before or during the
verification of the Member as registered Individual Shareholders holding securities in demat AGM, can contact NSDL on [email protected]/
with the Company/ R & T Agents.
mode who acquires shares of the Company and 1800 1020 990 /1800 224 430 or contact Mr. Amit
Demat Holding Please contact your Depository Participant becomes a Member of the Company after sending of Vishal, Senior Manager – NSDL or Ms. Soni Singh at
(DP) and register your email address and the Notice and holding shares as of the cut-off date [email protected] or call at 1800 1020 990 /
bank account details in your demat account, i.e. 4th August 2021 may follow steps mentioned in 1800 224 430
as per the process advised by your DP. the Notice of the AGM under “Access to NSDL
e-Voting system”. F. Members who would like to express their views or ask
THE INSTRUCTIONS FOR MEMBERS FOR e-VOTING questions during the AGM may register themselves
v. The remote e-voting period shall commence on Sunday,
ON THE DAY OF THE AGM ARE AS UNDER:- 8th August 2021 at 9.00 a.m. and would end on Tuesday, as a speaker by sending their request from their
1. The procedure for e-Voting on the day of the AGM 10th August 2021 at 5.00 p.m. During this period, registered email address mentioning their name, DP
remains same as the instructions mentioned above for shareholders of the Company, holding shares either ID and Client ID/folio number, PAN, mobile number
remote e-voting. in physical form or in dematerialized form as on at [email protected] from 5th August
2. Only those Members/ shareholders, who will be present 4th August 2021 (cut-off date) may cast their vote 2021 to 7th August 2021. Those Members who have
in the AGM through VC/OAVM facility and have not electronically. The remote e-voting module shall be registered themselves as a speaker will only be allowed
casted their vote on the Resolutions through remote disabled by NSDL for voting thereafter. Once the to express their views/ask questions during the AGM.
e-Voting and are otherwise not barred from doing so, vote on a resolution is casted by the Shareholder, the The Company reserves the right to restrict the number
shall be eligible to vote through e-Voting system in shareholder shall not be allowed to change/modify it of speakers and number of questions depending on the
the AGM. subsequently or cast the vote again. availability of time for the AGM.
8
Explanatory Statement
Pursuant to Section 102 of the Companies Act, 2013 (the ‘Act’)
Item No. 5 This statement may also be regarded as an appropriate Shri Dasari shall be paid remuneration by way of fee for
Pursuant to the provisions of Section 161(1) of the Act and disclosure under the Act and the Listing Regulations. attending meetings of the Board or Committees thereof or for
the Articles of Association of the Company, the Board of any other purpose whatsoever as may be decided by the Board,
The Board recommends the Ordinary Resolution, as
Directors (the Board) has appointed Shri Rajeev Vasudeva reimbursement of expenses for participating in the Board
set out in Item No.5 of the Notice, for approval by the
(DIN: 02066480) as an Additional Director (Independent) and other meetings and profit related commission within the
Members.
of the Company with effect from 10th September 2020 who limits stipulated under Section 197 of the Act. Copy of draft
holds office upto the date of the ensuing Annual General Item No. 6 letter of appointment of Shri Dasari setting out the terms and
conditions of appointment is available for inspection by the
Meeting. Shri Vinod Dasari (DIN: 00345657) was appointed as
Members through electronic mode, on the basis of request
Shri Vasudeva is not disqualified from being appointed as a an Independent Director of the Company and he holds being sent on [email protected].
Director in terms of Section 164 of the Act and has given his office as an Independent Director upto the conclusion of
52nd AGM. Except Shri Dasari, none of the other Directors, Key
consent to act as a Director.
Managerial Personnel of the Company and their relatives are,
The Nomination and Remuneration Committee has Shri Dasari has been associated with the Company since in any way, concerned or interested (financially or otherwise)
recommended the appointment of Shri Vasudeva as an 2015. Considering the expertise and rich experience in this resolution.
Independent Director for a period of five consecutive years. of Shri Dasari and his valuable contributions to the
Company, the Nomination and Remuneration Committee This statement may also be regarded as an appropriate
The Company has received a declaration from disclosure under the Act and the Listing Regulations.
and the Board, have recommended the re-appointment
Shri Vasudeva stating that he meets with the criteria
of Shri Vinod Dasari as an Independent Director for a The Board recommends the Special Resolution, as set out in
of independence as prescribed under sub-section (6)
second term from the conclusion of the 52nd AGM upto Item No. 6 of the Notice, for approval by the Members.
of Section 149 of the Act including under Rule 6(3) of
31st August 2025.
Companies (Appointment and Qualifications of Directors) Item No. 7
Rules, 2014 for inclusion of his name in Independent The Board, based on the performance evaluation and
The Board, on the recommendation of Audit Committee, has
Director’s Database and Securities and Exchange Board of as per the recommendation of the Nomination and
approved the appointment and remuneration of an amount
India (Listing Obligations and Disclosure Requirements) Remuneration Committee, considers that, given his
not exceeding 1,73,500/- (Rupees One Lakh Seventy Three
Regulations, 2015 (Listing Regulations). Shri Vasudeva is background, experience and contributions made by
Thousand Five Hundred Only), plus applicable taxes, for the
independent of the management and possesses appropriate him during his tenure, the continued association of
financial year ending 31St March 2022 payable to the Cost
skills, experience and knowledge, inter alia, in the field Shri Dasari would be beneficial to the Company and Auditor M/s. V J Talati & Co., Cost Accountants to conduct
of leadership and governance, business and senior it is desirable to continue to avail his services as an the audit of the cost records of the Company for the aforesaid
management, finance and accounts, legal and regulatory Independent Director. Accordingly, it is proposed to financial year. In accordance with the provisions of Section
framework. Brief profile of Shri Vasudeva as stipulated re-appoint Shri Vinod Dasari as an Independent Director 148 of the Act read with the Companies (Audit and Auditors)
under Regulation 36(3) of the Listing Regulations is given as of the Company, not liable to retire by rotation, for a Rules, 2014, the remuneration payable to the Cost Auditor, as
an annexure to this Notice. second term commencing from the conclusion of recommended by the Audit Committee and approved by the
In the opinion of the Board, Shri Vasudeva fulfills the 52nd AGM upto 31st August 2025. Board, has to be ratified by the Members of the Company.
conditions for his appointment as an Independent Director Shri Dasari is not disqualified from being appointed as a The Board recommends the Ordinary Resolution, as set out
as specified in the Act and the Listing Regulations. Director in terms of Section 164 of the Act and has given in Item No. 7 of the Notice, for approval by the Members.
Keeping in view his expertise and vast knowledge, it will be his consent to act as a Director. The Company has also
None of the Directors, Key Managerial Personnel of the
in the interest of the Company to appoint Shri Vasudeva as received declaration from Shri Dasari stating that he
Company and their relatives are in any way concerned or
an Independent Director, not liable to retire by rotation. meets the criteria of independence as prescribed under
interested (financially or otherwise) in this resolution.
Section 149(6) of the Act including under Rule 6(3) of
Shri Vasudeva shall be paid remuneration by way of fee for
Companies (Appointment and Qualifications of Directors)
attending meetings of the Board or Committees thereof or
Rules, 2014 for inclusion of his name in Independent BY ORDER OF THE BOARD OF DIRECTORS
for any other purpose whatsoever as may be decided by the
Director’s Database and the Listing Regulations.
Board, reimbursement of expenses for participating in the Place : Mumbai PUNEET BANSAL
Shri Dasari is independent of the management and
Board and other meetings and profit related commission Date : 12th May 2021 COMPANY SECRETARY
possesses appropriate skills, experience and knowledge,
within the limits stipulated under Section 197 of the Act.
inter alia, in the field of sales and marketing, business and
Copy of the draft letter of appointment of Shri Vasudeva Registered Office:
senior management, leadership and governance, finance
as an Independent Director setting out the terms and Regent Chambers, 7th floor,
and accounts, legal and regulatory framework. Brief
conditions is available for inspection by the Members Jamnalal Bajaj Marg,
profile of Shri Dasari as stipulated under Regulation 36(3)
through electronic mode, on the basis of request being sent 208, Nariman Point,
of the Listing Regulations is given as an annexure to
on [email protected]. Mumbai 400 021.
this Notice.
Except Shri Vasudeva, none of the other Directors, Key Tel : 91 22 2835 7000
Managerial Personnel of the Company and their relatives In the opinion of the Board, Shri Dasari fulfils the Fax : 91 22 2821 6007
are concerned or interested (financially or otherwise), in conditions for appointment as an Independent Director E-mail : [email protected]
this resolution. as specified in the Act and the Listing Regulations. Website : www.pidilite.com
CIN : L24100MH1969PLC014336
10
Additional information on Directors seeking election at the Annual General Meeting
[under Regulation 36(3) of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015]:
Resolution/Item No 3 4 5 6 Resolution/Item No 3 4 5 6
Name of Director Shri A N Parekh Shri Debabrata Gupta Shri Rajeev Vasudeva Shri Vinod Dasari Name of Director Shri A N Parekh Shri Debabrata Gupta Shri Rajeev Vasudeva Shri Vinod Dasari
Age 49 years 58 years 61 years 54 years Chairperson/ 1. Nina Percept Pvt None None None
Membership of Ltd
Date of first 1st July 2005 1st March 2020 10th September 2020 1st September 2015 the Committee(s) Member of
appointment of Other Boards Committees:
on the Board excluding Section
• Audit Committee
8 companies and
Qualification B. S. Chem. Engg. Alumni of IIT Chartered Accountant, Graduate Engineer from • Nomination &
Private Companies
(USA) Kharagpur LLB and MBA University of Louisville, USA, Remuneration
from University of Masters Degree in Business Committee
Michigan, Ann Arbo. Administration from J.L.
2. Pidilite Adhesives
Kellogg School of Management,
Pvt Ltd
USA and a Masters Degree
in Engineering Management Member of Committee:
from McCormick School of • Corporate Social
Engineering, USA Responsibility
Committee
Experience For details, please For details, please For details, For details, please refer to the
(including refer to the Corporate refer to the Corporate please refer to Explanatory statement to the Number of For details, please refer to the Corporate Governance Report.
expertise in specific Governance Report Governance Report the Explanatory AGM Notice. Meetings of the
functional area)/ statement to the Board attended
Brief Resume AGM Notice. during the year
Terms and Whole-time Director Whole-time Director Independent Independent Director Shareholding in the 30,76,918 NIL 670 NIL
Conditions of liable to retire by designated as Director for term of 5 for second term up to Company as on 31st Equity Shares Equity Shares
appointment/ rotation Director-Operations consecutive years up 31st August 2025 March 2021
re-appointment liable to retire by to 9th September 2025
rotation Relationship with Related to None None None
other Directors, Shri N K Parekh,
Remuneration last For details, please refer to the Corporate Governance Report Manager or Director of the
drawn Key Managerial Company
(FY 2020-21) Personnel, if any
Remuneration As approved by the As approved by the As per Remuneration As per Remuneration

proposed to be paid members at the members at the Policy Policy
Annual General Annual General
meeting held on meeting held on
10th September 2020 10th September 2020
Other Companies 1. Nina Percept Pvt. None 1. Centum Learning 1. Eicher Motors Limited
in which he Ltd. (Deemed Public Limited 2. Lynks Logistics Limited
is a Director Company)
excluding Section 2. Pidilite Adhesives
8 companies and Pvt Ltd
Private Companies (Deemed Public
Company)
Chairperson/ For details, please refer to the Corporate Governance Report

Membership of
the Statutory
Committee(s) of
Board of Directors
of the Company
12

Annual Report 2020 2021

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annual report

Over generations, philosophers and poets

These messages are intended to make us

But the man worth while

Ella Wheeler Wilcox

Out of the night that covers me,

In the fell clutch of circumstance

It matters not how strait the gate,

William Ernest Henley

I am master of my fate, I am captain of my soul

Standing tall, the Himalayas tell you

Harivansh Rai Bachchan

मंगेश पाडगावकर A song of living

Because death will come some day

Why surround ourselves with fears

Because it will shrivel some day

Should we stop loving with all our heart

Gana Jaganyaacha: A song of living

M B Parekh Debabrata Gupta Vinod Dasari

N K Parekh B S Mehta Piyush Pandey

Bharat Puri Sanjeev Aga Rajeev Vasudeva

A N Parekh Meera Shankar

28 32 42 58 corporate company solicitors &

New campaigns were rolled out for

Fevicol launched a 360° campaign

Fevicol continued its efforts of Fevicryl planned a series

Fevikwik through its quirky-

as many of its brands won 1. Fevicol Sofa Campaign

multiple awards across

various categories. 1 Blue Elephant and 3 Baby

Buzzing Content Award

At Golden Globe Tigers Award,

Fevikwik ‘Phenko Nahin, Jodo’ campaign won

6,187 | (1.6)% 1,550 | 4.3% FY 2020-21

1,082 | (6.8)% 21.3 | (6.8)% 21.6 28.8

PBIT* (` in crores) PBT* (` in crores)

Base Value : 31st March 2017 = 1

196.4% year 2019, business revenue was approximately

3.8% of ` 60 crores from 4th November 2020 till

6.4% 1.2% declined by 8.1%

5.7% industrial resins,

7.1% of the sales of the Company and

Standalone results - % of Total

review witnessed efforts throughout the year have been to focus

significant progress supporting the business. A Covid taskforce was set up

in people practices, who have been monitoring the external situation on

journey of ‘Growing regular sanitization drives were conducted on

The Company’s Net Worth (Equity capital + Reserves)

as on 31 March 2021, giving a Compounded Annual

Item 2016-17 2017-18 2018-19 2019-20 2020-21

the Directors’ Report

Risks and concerns

 Internal control systems and 5. Average Debt 1 0 0 0 55

I GAAP IND AS I GAAP IND AS

Operating Results Funds Flow

Deferred Tax 4 3 2 11 24 8 19 11 (33) - (33.1)%

காரிாுள் சூழ்ந்த நீளிரவின் பின்

அகத்திாுள் நீங்கவும் அாுெளாளி ஓங்கவும்

Don’t be disheartened, oh mind!

Internal control systems and 5. Average Debt 1 0 0 0 55

As at 31st March 2021 As at 31st March 2020 8 Investments - Current