Sanofi India IAR 2022

Committed to
a Healthier India
We chase the miracles of science
to improve people’s lives
Sanofi India Limited

Integrated Annual Report 2022
Our approach to reporting Contents
Introduction to the Report in the industry, geographical market

conditions, government regulations,
Alignment with nationally
and internationally agreed
02-31 32-39
We are proud to present our first
laws, and other incidental factors.
Integrated Annual Report for FY 2022,
Consequently, no forward-looking
standards Corporate overview Value creation approach
which showcases our efforts towards
statement can be guaranteed, and The non-financial performance has 32 Value creation model
creating long-term value for our 04 Who we are
actual results may vary, causing a been reported in accordance with
stakeholders. This Report covers our 34 Stakeholder engagement
material impact on the Company’s the Value Reporting Foundation’s 06 Committed to a healthier India
performance, related to Environment,
operations and performance. Integrated Reporting Framework. It is through our growth pillars 38 Materiality assessment
Social, and Governance parameters in
also aligned with the leading national
our operations. This Report is based 07 Committed to a healthier India
and global frameworks, such as Global
Reporting period
40-69
on the Value Reporting Foundation’s with our customers
Reporting Initiatives (GRI) Standards
Integrated Reporting Framework. The
This Report covers disclosures for the 2021, Business Responsibility
Value Reporting Foundation is a global
reporting period from 1st January and Sustainability Report (BRSR),
non-profit organisation comprising
2022 to 31st December 2022 Sustainability Accounting Standards
Our capitals
the International Integrated Reporting
(FY 2022). Board (SASB), as well as the United 40 Financial capital
Council (IIRC) and Sustainability
Nations Sustainable Development
Accounting Standards Board (SASB). 44 Manufactured capital
Goals (UN SDGs).
Reporting boundary 46 Intellectual capital
The financial and statutory details
Statement of responsibility This Report covers the financial and
disclosed in this Report are as per 50 Natural capital
non-financial performance of Sanofi
The Board believes that Sanofi India the requirements of the Companies
India Limited. This includes our India 56 Human capital
Limited’s Integrated Annual Report Act, 2013 (including the rules made
operations at the Goa factory, Mumbai
FY 2022 addresses all material thereunder); Indian Accounting 64 Social and Relationship capital
corporate office, and other branch
topics relevant to the Company and Standards; the Securities and
offices in India.
provides insights into its approach Exchange Board of India (Listing
and processes. This is being done with
a view to address the needs of our Defining report content and
Obligations and Disclosure
Requirements) Regulations, 2015; and
08 Committed to a healthier India 70
by curbing the diabetes epidemic
stakeholders, while creating long-term topic boundaries the Secretarial Standards issued by
value. The Board acknowledges the the Institute of Company Secretaries 10 Committed to a healthier India
Awards and recognition
contents of this Report, which have Our approach to sustainability of India. through consumer healthcare 70 Awards and recognition
been developed under the guidance of reporting involves giving attention
12 Committed to a healthier India
Sanofi India’s senior management. to material issues and activities,
Contact point for questions
72-151
by leveraging digital innovation
in line with stakeholder concerns
and relevance to our business and We value your feedback, which
Forward-looking will allow us to disclose pertinent
society in terms of framework,
statements’ disclosure information most effectively and
Statutory reports
comprehensiveness, and balance.
Material topics have been identified transparently. This feedback allows us 72 Notice
This Report contains a few forward-
based on our interaction with our to recognise evolving risks, in addition
looking statements that reflect Sanofi 83 Report of the Directors
internal and external stakeholders as to addressing stakeholder concerns
India Limited’s views concerning
well as suggestions from our senior and improving our response time. If 88 Annexures
future events and performance. These
management. This entire process you have any queries or suggestions
statements are based on reasonable 97 Management Discussion
has facilitated the disclosures on about our performance or this Report,
assumptions and past performance, and Analysis
you may write to us at IGRC.SIL@
and involve a variety of risks and key material topics. We believe
sanofi.com or contact us on 104 Business Responsibility &
uncertainties. These statements that this Report addresses all the
(91-22) 28032000. Sustainability Report
include all the statements other topics that are material to our
than historical facts, performance stakeholders. This Report for FY 2022 134 Report on Corporate Governance
highlights, objectives, approaches, does not feature any restatements
14 Committed to a healthier India
and mitigation plans. They are subject for information about previous
152-216
through social impact
to change considering developments financial years.
16 Product portfolio
20 Chairman’s message Financial statements

22 Managing Director’s message
24 Governance at Sanofi India

02 03
Sanofi India Limited Corporate overview Value creation approach Our capitals Statutory Reports Financial Statements
We chase the miracles

of science to improve
people’s lives Committed to a healthier India
Scientific discoveries do not happen 2022 was a year of transformation.
overnight or without hard work. But We examined what today’s India
our determination to find answers needs, and in turn our product
for patients motivates us to develop portfolio, structure, processes, and
breakthrough medicines. ways of working. We are now on an
exciting journey of pursuing strategic
And to never settle. innovations and delivering sustainable
solutions that facilitate well-being and
We are driven by a unifying purpose
wellness. We are chasing ways in which
and ambition. Guided by our purpose
we can deliver our miracles of science
– chasing the miracles of science
to benefit patients and create value for
to improve people’s lives – we are
society, thus contributing to making a
redefining who we are and why we
healthier India.
exist, with greater clarity for our
people, partners, patients, and
healthcare professionals.
Case in point
One in seven people with diabetes is our comprehensive range of diabetes
an Indian. Of epidemic proportions, management solutions (orals and
diabetes poses a substantial economic injectables) and complementing it
burden on the country and its with education about the disease,
healthcare system, as well as people its causes, and preventive measures,
with the disease, and their families. we are making significant progress in
addressing this health issue.
Diabetes though is often just the
starting point for other related Likewise, we are equally committed
problems like retinopathy, heart to the other areas of therapy that
disorders, nerve damage and kidney we have expertise in. Across India,
diseases, among others. What people’s needs vary from well-being
makes the situation even more (consumer healthcare) to diseases
challenging is the lack of awareness, of epidemic proportion (allergy and
diagnosis and access to treatment, cardiology) or maligned with stigma
social barriers, and adherence to (epilepsy). We bring them quality
recommended guidelines. products, devices, services, and
access to information that empowers
Therefore, we have prioritised
them to manage their condition and
diabetes management as a core area
lead healthier lives.
of focus at Sanofi India. By bringing
04 05
Sanofi India Limited Corporate overview Value creation approach Our capitals Statutory reports Financial statements
Who we are
In India for India

Superior quality and compliance track record backed by robust
distribution presence across India Sanofi Global
As an inventive healthcare
enterprise, our ultimate goal
1 ~5 bn+ tablets is to enhance the well-being
GMP compliant Production volume
of individuals by pursuing
manufacturing site
scientific breakthroughs. With
a workforce spanning over 100
Sanofi India is a five-time ‘Top Employer’ and has 12 nations, we strive to revolutionise
products that are present in one out of three Indian Indian CMOs medical practices by aiming
to achieve what was once
households. Our priority is to lead with innovation considered unattainable.
and bring transformative therapies to patients, while Our mission involves offering
accelerating operational efficiency and reinventing treatment options that could
significantly improve lives and
our ways of working. provide vaccines, that can
potentially save lives of countless
people worldwide. Furthermore,
we prioritise sustainability and
social responsibility as essential
components of our aspirations.
We have a well-established
Sanofi HQ, Mumbai
100 countries
large-scale manufacturing presence
with a site in Goa and 12 Contract
Manufacturing Organisations (CMOs)
in different parts of India. Our Manufacturing unit, Goa Presence
corporate office is headquartered in Development centre, Goa
Mumbai, Maharashtra. We produce
~100,000
pharmaceutical formulations, dosage
Number of distributors
forms and offer an extensive range
of innovative medicines across vital <10 10-100
therapeutic areas. 100-200 > 200 Total employees
Our brands are leaders in their
respective categories and are a
testament to our long history of
superior quality, consistent supply, and
demonstrated scientific competence.
Our social impact initiatives are in
partnership with state governments
Bombay Stock Exchange (BSE) and
National Stock Exchange (NSE). We
~70
Manufacturing units
Our endeavour is to align ourselves and NGOs to improve access to are a public-private limited company
with India’s healthcare needs by healthcare in diabetes and other non- having 60.4% promoter holding and
building expertise, capability, communicable diseases. the balance held by foreign, domestic
and capacity, through continued
investments, strategic partnerships,
and a shared commitment towards the
We export our wide range of finished
formulation dosages and medical
and retail investors. In FY 2022, the
number of shareholders increased by
50% since the previous year.
~20
devices to 60+ developed, as well as R&D sites
well-being of patients.
developing countries. We are listed on
Manufacturing site, Goa
To know more about Sanofi,
Among please visit
Top 4 3 D127 billion ~100,000 ~3,000 https://www.sanofi.com/en
Brands within the top 100 Market capitalisation as on 24th Total pharmacies reached Total distributors across India
Multinational pharma pharma brands February 2023 across India
companies in India
06 07
Committed to a healthier India Committed to a healthier India
through our growth with our customers

pillars
The healthcare ecosystem is evolving with science becoming
more complex and the use of digital tools expanding. As a
result, the exchange between the physician, patient and the
pharma industry are transforming.
In this fast-paced world, we are

introducing hybrid customer
experiences that quicken
knowledge transfer and support
individualised treatment and
disease management.
Our customers are mainly healthcare

professionals or consultants,
pharmaceutical retailers and
distributors, e-pharmacies and
e-commerce companies.
Diabetes Consumer Innovation Go-To-Market (GTM)

− Strengthening position Healthcare (CHC) − Leveraging global and − Customer-centric and
local innovation hybrid models
− Expanding spectrum − Doubling down on our
of offerings winning brand - Allegra® − Exploring − Trade organisations
supply localisation (retail and non-retail)
− Stronger disease − Deepening
awareness initiatives consumer understanding − Forging partnerships for − Piloting
reach expansion transformative models
− Expanding range
08 09
Committed to a healthier India
by curbing the Hybrid HCP engagements Patient Support

Programme
Insulin delivery simplified
diabetes epidemic
The iCON program is designed as Toustar® is India’s first reusable
an integrated customer journey of insulin pen with a dedicated cartridge.
Saath7 is Sanofi’s unique and longest
4 months hosted on an in-house Most patients living with diabetes
running Patient Support Programme
developed app - Sanofi Knowledge find disposable insulin pens prone to
(PSP) that helps lakhs of people
Academy (SKA). error and too cumbersome to keep
living with diabetes, manage their
changing. We launched the TouStar®
During this programme, multiple condition better. Our stellar team of
reusable pen in India, adding another
touch-points are planned with HCPs, professionally trained counsellors from
device to the versatile, multi-award
including various in-person and across 45 cities provide educational
winning AllStar platform. The TouStar®
digital meetings, along with a rich and counselling support to patients
pen contains 50% more insulin than
repository of virtual resources and from across India, who are enrolled in
a regular cartridge, making it more
digital engagements. our programme by over 5,000 doctors.
convenient and long-lasting. The new
Since the launch of the iCON initiative dedicated cartridge system is intended
in Q4 FY 2019, >6,000 HCPs have Comprehensive product to simplify the cartridge exchange
been engaged in unique capability- portfolio process and help prevent insulin
building initiatives. mix-ups, by preventing users from
We offer a balanced portfolio of orals accidentally attaching an incompatible
and injectables for different stages of insulin cartridge.
diabetes, in different types of patients
for optimal management.
Numbers speak volumes Clearly, there is an urgent need to

detect diabetes early and initiate
1 out of 7 ~77 million

treatment for better disease
management.
At Sanofi India, we believe that the only

Indians accounting for all adults Indian adults (20-79 years)
way of transforming the management
with diabetes globally with diabetes in 2021
of chronic diseases like diabetes is to
reverse the course of the epidemic.
~40 million 230,000

We do not just stop at creating a
diversified portfolio of products, but
go the extra mile to deepen disease
Indian adults (20-79 years) India now has the highest and therapy awareness.
with undiagnosed diabetes estimated number of prevalent
We do not just interact with our
in 2021 type 1 diabetes cases in
customers, but strive to create an
people under 20 years of age
ecosystem that provides all the
relevant information pertaining
Ref: IDF Diabetes Atlas 2021 – 10th edition.
Available from https://diabetesatlas.org/atlas/tenth-edition/
to diabetes. Mrs. Usha Thorat, Independent Director at the mobile medical van-NCD screening, Mudshingi, Kolhapur
10 11
through consumer People’s lifestyle and the environment

are causing several ailments like
dietary factors, and pollution
hampering the penetration of
healthcare allergies and pain, which are common

and everyday occurrences. Vitamin
D deficiency (VDD) and insufficiency
ultraviolet rays.
Over the course of the pandemic, the

world has witnessed a sea-change in
is found in 76% Indians. This high
awareness and willingness amongst
prevalence of VDD in a sun-rich
many people to take a proactive role in
country like India has been reported
managing their own health and
due to several reasons that include
well-being.
inadequate exposure to sunlight,
If this pandemic has taught us something, it is that health
is no longer a set of symptoms to be treated in isolation.
Health is inextricably linked to the world around us.
Allergies Vitamin D deficiency or

The prevalence of allergies in India has insufficiency
doubled over the past decade. While
Post-covid, the awareness and
our direct physical reach is to ~8,000
importance of immunity has gone up
physicians, we have increased our
significantly. We have leveraged this to
reach to 1 lakh physicians across India
drive growth for our wellness portfolio
by adopting an omni-channel strategy.
with DePura Kids by highlighting how
We continue to strengthen our Nasal
optimal Vitamin D levels help maintain
Allergy portfolio with innovative and
good bone health and immunity.
patient-centric solutions since ~70%
allergic rhinitis patients exhibit nasal
congestion as a bothersome symptom.
Pollution is a key aggravator to allergic

rhinitis and India is home to 9 out
of the 10 most polluted cities in the
world. Despite such high occurrences,
awareness about allergic rhinitis Pain management
remains low, causing aggravated
Pain is one of the most common health
symptoms. Sanofi India has taken a
issues today. For over 30 years, people
lead in creating awareness on the
across India have trusted and relied
impact of pollution on allergies in India.
on Combiflam®, one of our flagship
prescription brands.
12 13
by leveraging
digital innovation
Sanofi Campus India Elite Academy Social media and radio
Our branded knowledge platform Tailored to drive insulin adoption for campaigns
that provides HCPs with relevant better diabetes management, Elite
Digital campaign – Since 2020,
Achieving an ambition to serve people across the length medical content. Through Sanofi Academy was highly successful, as
Jonty Rhodes, an international
Campus, we significantly drive local ~60% of our HCPs treating diabetes
and breadth of the nation, can only be achieved efficiently HCP engagement. participated in at least three in a
cricketer living with epilepsy, has
partnered Sanofi in our crusade
and effectively through digital innovations. series, of four live sessions with subject
to normalise living with this
matter experts.
condition and eradicating taboos
Our initiatives are tailored to engage Healthcare and stigmas around it. In 2022, we
Professionals (HCPs) and create digital platforms for them

to exchange and learn, which in turn, benefits the people
~50% ~60% partnered the widely watched TV
news channel ‘Times Now’ as well
as their social media platforms to
of overall traffic on Sanofi attended ≥ three of four
host a panel discussion and several
they treat. Campus comes organically live sessions
influencer videos.
Since there is a need to educate

people about epilepsy, we are
reaching out to people through
media, several times a year. Doctors
shared their messages through Radio
Mirchi covering 26 cities in 19 states.
~1.8 crores
Total listeners of the radio
campaign
Podcasts Basal Café
We created an eight-part podcast A digital platform created to increase
>50 lakhs
series on Venous Thromboembolism awareness and preference for basal
(VTE), which was consumed across insulin. 1,350 HCPs experienced
110 hours by 1,000+ doctors. an integrated customer journey of
4 eCMEs (e-Continuing Medical Total views of the digital
Education) over four months. The campaign
basal café model is a mentor-mentee
cohort model where 1 mentor is
assigned to 15 mentees. The feedback
for this initiative has been exceptional.
1,000+ 1,350
Doctors through a HCPs interacted with
podcast series mentors
14 15
Committed to a healthier India 2 Instilling educational and

behavioural change
through social impact − Entered a Public Private Partnership (PPP)

in Goa to sensitise children, teachers, and
parents about Type 1 diabetes and to mitigate
the issue of obesity
− Conducted school outreach programmes in

467 secondary schools and educated ~1,900
teachers and ~1,50,000 children since 2019
To reverse the course of the diabetes epidemic in India, − Launched two programmes to foster healthier
our people must be aware and seek diagnosis and living: ‘Sakhar Free Shukrawar’ inculcates
healthy food choices, and ‘STEP’ inculcates a
treatment. Specifically for children with Type 1 diabetes, daily walking habit
there is a need for many more doctors, educators and
counsellors with required training.
1 3 Early diagnosis for the

underprivileged
− Introduced free medical check-ups and follow-
up consultations for non-communicable
diseases (NCDs) in 10 districts across
Maharashtra: Pune, Jalgaon, Parbhani, Satara,
Dhule, Sindhudurg, Ratnagiri, Kolhapur, Thane
and Mumbai
4 All-India Type 1 (T1) diabetes

access programme
− Focused on capacity and capability building
for Healthcare Professionals (HCPs) and
diabetes educators to ensure timely diagnosis
and efficient Type 1 diabetes management
− Offered free insulin and related consumables

for 1,200+ underprivileged children across
the country
1. The Rosary High School, Bambolim, Goa

2. STEP-UP Saturday in Mhapusa market, Goa
3. Mobile medical van-NCD screening, Mumbai
4. D
istribution of treatment products at AIIMS, Bhatinda
(In frame- Harsimran Kaur with her parents)
16 17
Product portfolio
An array of offerings
Diabetes by us. This has augmented the current
insulin portfolio, offering an advanced
of diabetes management. Some of
our diabetes-driven campaigns were
With our wide range of quality standard of care for patients. targeted at improving the capabilities
medicines and patient support of healthcare professionals. We
We are producing an oral drug
We have been at the forefront of supplying innovative programmes, we are committed
named Amaryl MV, which belongs to
are learning the new hybrid way of
to improving the lives of people working and are actively leveraging
and affordable medicines to patients in India for the last with diabetes. We have medicines
a category of medicines known as
digital mediums to stay engaged and
anti-diabetic drugs. It is a combination
seven decades. We have earned the trust of our customers and medical devices for diabetes
of medicines used to treat Type 2
connected with key stakeholders for
treatment. Our insulin portfolio, under diabetes awareness and management.
and stakeholders for our commitment towards promoting the brand name of Lantus®, is very
diabetes mellitus in adults. It helps
control blood sugar levels in people
healthcare. While pursuing our purpose of chasing the miracles effective for controlling high blood
with diabetes.
sugar in adults and children with
of science to improve people’s lives, we engage across the entire diabetes mellitus. We are creating awareness amongst
health spectrum from the prevention of various diseases and In 2021, we launched a unique
our customers through our initiative
‘INTOLIFE’ (www.intolife.in) by means
vitamin deficiencies to wellness, treatment, patient support and Toustar® pen, along with dedicated
of social media campaigns. Under
ToujeoTM cartridges, addressing the
capacity-building. need for a reusable delivery device.
the aegis of ‘INTOLIFE,’ we have
activated a series of programmes to
The concept of a dedicated cartridge
educate people about various aspects
is unique and was pioneered in India
We offer a wide range of medicines

for the treatment of diabetes through
both insulins and oral medicines.
We offer medicines for cardiological
issues, thrombosis, epilepsy, allergies,
and infections, in addition to providing
supplements for vitamin deficiencies.
At Sanofi India Limited, we focus
on affordable medicines for all.
Pain care
We undertake localised low-cost Combiflam is one of the most widely
manufacturing, leading to more than prescribed pain killers by healthcare
21% of the portfolio in value terms professionals (HCPs) to reduce pain
with a price of less than C5 per tablet. and inflammation in conditions like
Our product portfolio mainly focuses headache, muscle & joint pain, sprains
on five therapeutic areas: & strains, period pain & toothache. It
also reduces fever.
Diabetes
Ibuprofen + Paracetamol
Pain care
Cardiology
Allergy
Epilepsy
18 19
Product portfolio
Cardiology Allergy Epilepsy

The flagship brand in cardiology, Our flagship brands Allegra and Avil Frisium® is one of our brands
Cardace® group, is an Angiotensin (in the allergy category) are used for developed to treat epilepsy, which
Converting Enzymes (ACE) inhibitor treatment of allergic conditions like is essentially clobazam, which is a
prescribed by cardiologists, allergic rhinitis, chronic idiopathic 1,5-benzodiazepine with anxiolytic
diabetologists and consulting urticaria, hay fever, allergic and anti-convulsant properties and
physicians alike for controlling high conjunctivitis, etc. Allegra is also can be used as an add-on therapy
blood pressure. This drug reduces available as Nasal Spray, named in patients with epilepsy. Due to its
stress on the heart, relaxes the blood Allegra Nasal Duo, a unique offering unique properties, it is less sedative
vessels and widens them, making it apart from tablets and its liquid form. and has a lower potential of developing
easier for the heart to pump blood In keeping with our philosophy of tolerance as compared to other
around your body, thereby lowering partnering with HCPs to deliver better benzodiazepines is suitable for an
your blood pressure. We are focused care, Allegra played a leadership add-on ASM.
on going beyond blood pressure (BP) role and was instrumental in driving
control for better cardiovascular continued medical education during
outcomes, coupled with addressing the COVID-19 lockdown, particularly
under-utilisation of ACE inhibitors in establishing the role of fexofenadine
post Myocardial Infarction patients. and montelukast in managing allergies.
Fexofenadine Hydrochloride
Thrombosis Antibiotics Nutritional health

In the anti-coagulant space, Clexane®, In the resistant Gram+ segment, our Vitamin D deficiency continues to
a renowned Sanofi brand, is used anti-infective brand, Targocid®, is plague almost every person in India,
to stop unwanted blood clots from backed by real life experience of over across strata and geographies. With
forming and can stop pre-formed 20 years. It is used to kill bacteria almost every Indian being Vitamin
blood clots from growing bigger. The responsible for infections, which can D3 deficient, health related concerns
impactful work done towards raising occur in your blood, bones or joints. could range from mild to grave.
awareness for the risk of Venous Targocid® is generally used when
Under the brand name DePura Kids,
Thromboembolism (VTE) led to a the bacteria causing the infection are
we have developed tablets and a
significant uptake in VTE prophylaxis not satisfactorily eliminated by other
syrup, which help in boosting immunity
rates among hospitalised patients. antibiotics or when patients may be
and promote bone-building, keeping
Our effort is focused on improving VTE allergic to other antibiotics.
them strong. This drug can be an
management practices and protocols
essential supplement for patients
in hospitals, to help improve outcomes
with diabetic complications or
for patients.
cardiovascular diseases.

20 21
Chairman’s message
Shaping the future of healthcare Sanofi India is well positioned to capitalise

on the opportunities while staying true to its
in India commitment for a healthier India.
Dear Shareholders,
It is indeed a privilege for me to purpose ‘To chase the miracles of led its transformation, starting from
present to you our first Integrated science to improve people’s lives’ setting up the business unit to helping
Annual Report for FY 2022. Given provides an impetus to us, as the it become a significant growth
the nature of our business and our Board, to have a stronger focus on contributor and a digital acceleration
close to seven decades of existence ESG (Environmental, Social, and benchmark within the Sanofi Group.
as a socially responsible and ethical Governance) matters.
organisation, your Company has With his leadership, your Company
earned both respect and trust of As you know, the DNA of your has already refreshed its strategy
doctors and people across India. Company is intrinsically ethical, with a renewed focus on growth and
Therefore, demonstrating the highest responsible and process-driven. improving operational efficiencies.
levels of corporate governance is a With increasing awareness about The entire team is motivated to
logical step towards further improving ESG, we are adopting newer ways to unleash the potential of your Company
transparency in our interactions have an integrated business strategy, for the next phase of its development.
with stakeholders. that generates long-term value for Your Company will mobilise energies,
our stakeholders. Our programmes increase agility and capitalise on the
While the world battles geo-political for planet mobilisation, diversity, emerging opportunities that lie ahead
tensions and economic stress caused equity & inclusion, social impact and to improve more lives across the
by untamed inflation and supply employee well-being, now include country, and simultaneously, minimise
disruptions, India continues to impact measurement so that we can the potential environmental impacts of
demonstrate admirable resilience and assess how well we are doing against our activities and products throughout
a growth-focused policy environment. these. Inspired by Sanofi’s global their life cycle.
The Covid-19 pandemic brought ESG strategy, Sanofi India undertook
about a tectonic shift in the way a materiality survey to establish a Before closing, I would like to record
people view health and overall well- baseline in our very first Integrated my gratitude to all our customers,
being. To bridge the gaps in health Annual Report for 2022 last year. employees, business partners,
infrastructure and make quality Along with the details of the financial regulatory agencies and all other
healthcare affordable to all, the out-turn, you will find comprehensive stakeholders for their contribution
Government of India has prioritised disclosures on various ESG topics in in our progress during 2022 and
its efforts towards strengthening the this report. seek their continued support in our
country’s healthcare ecosystem. This onward journey.
provides enormous opportunities As you will recall, in June 2022 your
to make a difference to more than Company had a change in leadership Also, my sincere thanks to each one of
a billion lives. Sanofi India is well with Rodolfo Hrosz taking over the you for your unstinted support in our
To bridge the gaps in health infrastructure and make quality positioned to capture some of these reins as the new Managing Director. progress so far and look forward to
healthcare affordable to all, the Government of India has opportunities while staying true to its Rodolfo brings with him a wealth of your continued endorsement for all we
commitment for a healthier India. experience spanning commercial, do in the times ahead.
rightly prioritised its efforts towards strengthening the marketing, and general management
country’s healthcare ecosystem. This provides enormous The focus on sustainability challenges roles across various multinational Best wishes,
continues unabated with climate companies. He joined Sanofi in 2017
opportunities to make a difference to more than a billion lives. change becoming a global and as General Manager of the consumer Aditya Narayan
national task at hand. At Sanofi, our healthcare business in Brazil and Chairman
22 23
Managing Director’s message
Serving a universe
called ‘India’ portfolio, Frisium® continued to be the
most prescribed brand across anti-
convulsants in India.
Professionals (HCPs) in the treatment
of patients.
products (Clexane®) for successful
surgical outcomes.
As part of the transformation, we Your Company will now also benefit

While your Company has been evolving changed our organisation structure from ESG (Environmental Social
and transforming over almost seven from eight Business Units (BUs) to Governance) reporting, including the
decades, in 2022, your leadership a focused group of three BUs: (i) ability to identify and manage risks and
team decided that your Company must Diabetes; (ii) Consumer Healthcare; opportunities related to environmental
refocus its strategy and execution, and (iii) Transplants & Cardiology. and social impact, and further build
in order to be fully geared to capture trust and transparency with investors
Fewer BUs with broader portfolios,
current key growth opportunities in and stakeholders.
allows our Company to better serve
the country.
the HCPs with a wider range of related We have in place a robust governance
By the end of 2022, our leadership products, while improving our reach structure, which I believe is essential
team devised our ‘India for India’ and presence. to drive a responsible and ethical
strategy, electing to focus on four main business culture that goes beyond
Your Company also deployed
growth pillars: regulatory compliance. The structure
dedicated resources to drive multiple
includes policies, procedures and
First, the diabetes segment innovation projects and a new trade
ongoing communication and trainings
continues to be our biggest driver organisation within the Company
that set clear expectations on ethical
of growth. Today in India, Sanofi has to improve and fully develop our
behaviour and accountability in our
the most comprehensive portfolio commercial network and partnerships.
employees, leadership, and partners.
in this segment. With the changing
We have also taken steps to simplify We also excel in our people practices.
trends in treatment, we will further
processes and ways of working, so I am particularly proud to share that
strengthen our diabetes portfolio, and
that we can become more agile and for the fifth-year in a row (since 2019),
increase our engagement activities to
empower our teams. Sanofi India has been recognised as a
multiply awareness.
‘Top® Employer’.
What has not changed though is
Second, the consumer healthcare
that patients continue to be at the As we stand here today, I take this
business led by big brands including
core of Sanofi India. This has always opportunity to thank all the employees
Allegra®, Avil ®, Combiflam®, will be
been our strength and continues to associated with Sanofi, present and
another major growth driver. We will
be the lighthouse for us all. I am so past. The fact that Sanofi India has
continue to deepen our understanding
proud of every member at Sanofi been able to fortify its position as one
of the consumer healthcare
India, from manufacturing and of the leading pharma companies in
business and focus on expanding
supply, to regulatory, to the medical the country, boils down to the sheer
our portfolio by leveraging the wide
team, other support functions, and grit and determination demonstrated
array of products available in our
most importantly, of our front-line every single day.
global portfolio.
sales force who never waiver from
On behalf of the Board of Directors,
Third, we will significantly step up our being attentive to what is best for
I thank all our stakeholders for
focus on increasing our market share the patient.
Dear Shareholders, through a combination of product
their continued support. I am very
Accordingly, we maintain high optimistic of the times that lie ahead
1.4 billion people across India are pandemic world, healthcare is progress on different fronts by the innovation (both globally and locally
ethical values and single-minded of us and we look forward to creating
bound together in a shared pride of expected to continue experiencing Company. Toujeo®, our U300 insulin, developed), supply localisation and
focus on delivering high quality a long-lasting impact on the lives of
being part of a young nation that is a significant growth, as health and doubled its sales post the launch of strategic partnerships.
medicines to anyone in India who millions across the country.
rising superpower. wellness become a greater priority for Toujeo® cartridges. In the consumer
Fourth, our go-to-market strategy suffers from diseases like diabetes
individuals and governments. healthcare business, our flagship Best wishes,
The country’s rich diversity makes has a large role to play. In line with (Lantus® and our entire range of
brands like Allegra® and Avil® have
chasing the miracles of science to It is my privilege to assume the emerging market trends, your orals and injectables), struggles with Rodolfo Hrosz
registered a high double-digit growth
improve people’s lives in India not office of the Managing Director of Company is now structured to be respiratory allergies (Allegra®) or Managing Director
rate during the year. DePura Kids is a
just challenging, but also promising. Sanofi India Limited, when India is more customer-centric and has a pain management (Combiflam®),
Nano Vitamin D brand with published
In the vastly transformed post- prioritising health and wellness. In hybrid model to optimally capture the has vitamin D deficiency (DePura®)
evidence, which has helped gain the
this context, the year 2022 showed demand generated by Healthcare and relies on quality intensive care
trust of paediatricians. In our epilepsy
24 25
Governance
Upholding the
The Handbook also outlines five Responsibilities of the terms of reference, which speak of its
specific responsibilities for managers, Board roles and responsibilities, composition
along with tips and practical resources and scope of authority.
highest standards
that would help in: The Board oversees the functioning of
We have the following
the Company and provides guidance
− Communicating team expectations; Board Committees:
to the operations along with reviewing
− Conducting effective and approving policies, assessing their
team meetings; effectiveness and taking care of the
long-term interests of stakeholders A Audit Committee
− Supporting ethics and business
and the organisation.
integrity initiatives;
N Nomination and
We are led by a strong team of experts with diverse industry − Receiving and escalating
Board Committees
Remuneration Committee
concerns; and
experience and skillsets. With a focus on meritocracy and The Board has delegated its authority S Stakeholders
− Taking disciplinary actions
empowerment, our leadership provides a strategic direction to various Committees. These Relationship Committee
Committees review the activities with
to our organisation through a decentralised decision-making the mandate to deal with governance CS Corporate Social
process. Our corporate governance practices continue to issues and report to the Board on
Responsibility Committee
their activities on periodic basis. Each
exemplify trust, transparency and integrity, and we hold Committee operates under specific R Risk Management Committee
ourselves and our business partners to the highest level of
integrity and accountability.
Board composition Board age profile Gender diversity

Governance structure values and principles and provides elaborate governance systems and
Our Board of Directors represents a

a guide for ethical conduct to all rules, which are strictly enforced in 3 2 2 4 2 6
employees, senior management, third accordance with the legal framework Executive Non-Executive 30-55 Years 56-70 Years Female Male
mix of professionalism, qualification,
parties and contractors that work we operate in. We prevent violations of Directors Directors
knowledge, skillsets, integrity,
on behalf of Sanofi. Each individual internal rules by implementing a strong
expertise, and diversity of experience.
The Board understands the dynamics
must comply with the Code, adhere to internal control framework, which is 3 2
the highest ethical standards, report defined in our ‘Leading with Integrity Independent > 70 Years
of our operations and provides
concerns as soon as they are observed Handbook.’ This document helps us to Directors
guidance in making efficacious
and behave with honesty, fairness, and create an open, values-based culture,
decisions to propel our organisation
integrity, according to the guidelines where employees understand the
towards growth, while safeguarding
stakeholder interests. The Board
set out therein. importance of compliance and ethics Membership of associations − Indo French Chamber of Commerce In our advocacy efforts through the
and feel free to discuss and proactively and Industry (IFCCI) industry associations, we participate in
always acts in good faith, with due We are working with trade associations
address concerns. policy discussions that have an impact
diligence and care, keeping in mind Accountability and for matters related to public health, − The Associated Chambers of
on the regulatory environment and
the best interests of the shareholders. transparency The Handbook prescribes e.g., support for improving access Commerce & Industry of India
the Company.
The Board provides oversight on all competencies to be inculcated and to affordable healthcare through (ASSOCHAM)
economic, environmental and social We believe in maintaining open and demonstrated by individuals in their sustainable business practices, pricing We engage in sustainable interactions
− US India Strategic Partnership
aspects and reviews our strategy on an transparent communication with all managerial roles to enable them to policy, development of an eco-system with governments and other
Forum (USISPF) g) EBG Federation
annual basis. our stakeholders. We endeavour to become good leaders. The Handbook that supports innovation and ethics, stakeholders to work toward the
Mumbai (EBG)
provide comprehensive disclosures contains clear guidance and tips that etc. We are members of the following joint objective of enhancing the
regarding our financial and non- managers can use to: trade associations: accessibility for the greatest number
Ethics and compliance financial aspects of business on an
− Enhance employee interactions and − Organisation of Pharmaceuticals
Public policy advocacy of patients to the best medications
At Sanofi India, our comprehensive ongoing basis. and healthcare products. We have not
drive productivity; Producers of India (OPPI) The pharmaceutical industry is
Code of Conduct defines the made any contributions to political
We also maintain close communication highly regulated, with government
standards of conduct. Corporate − Reinforce corporate commitment − Federation of Indian Chambers of organisations, lobbyists, or other tax-
with our stakeholders through and administrative bodies setting
values, dealing with corruption, insider to integrity; Commerce and Industry (FICCI) exempt groups, during the reporting
various channels accompanied by the standards for research,
trading and conflicts of interest period. Any such donations, if carried
a robust feedback mechanism. To − Embed integrity into daily − Confederation of Indian Industry intellectual property protection,
are important components of this out, are in compliance with regulatory
hold ourselves responsible towards operations; and (CII) payment practices, and marketing
document, which we consider our governing requirements and are
our commitment, we have set up authorisation procedures.
constitution. The Code highlights our − Build the desired corporate culture disclosed as part of our Annual Report.
26 27
Governance
Our Board of Directors
Mr. Aditya Narayan Mrs. Usha Thorat Mr. Marc-Antoine Lucchini Mr. Vaibhav Karandikar
Chairman Independent Director Non-Executive Director Whole-time Director
and Chief Financial Officer
A CS N N
S R
Mr. Rodolfo Hrosz Mr. Rahul Bhatnagar Ms. Annapurna Das Mr. Mathew Cherian
Managing Director Independent Director Non-Executive Director Whole-time Director
S CS R A N S CS R A R
A Audit Committee CS Corporate Social Responsibility Committee
N Nomination and Remuneration Committee R Risk Management Committee
S Stakeholders Relationship Committee Chairman Member

28 29
Governance
Our leadership team
Top row (left to right)

Mr. Gaurav Bahadur
Senior Director - HR India and South Asia
Mr. Bratin Bag

Senior Director – Ethics & Business Integrity,
South Asia
Mr. Vaibhav Karandikar

Whole-time Director and Chief Financial Officer
Middle row (left to right)

Mr. Cherian Mathew
Whole-time Director
Ms. Vinita Korti Patil

Senior Legal Director - South Asia
Dr. Shalini Menon

General Medicines Medical Head - India,
India Medical Lead
Mr. Linumon Thomas

Digital Leader - India
Bottom row (left to right)

Ms. Yasmin Shenoy
Senior Director - Regulatory Affairs
Ms. Aparna Thomas

Senior Director –
Corporate Communications and CSR,
India and South Asia
Mr. Rodolfo Hrosz

Managing Director
Ms. Radhika Shah

Company Secretary and
Compliance Officer
Mr. Nakul Verma

Senior Director - Public Affairs
30 31
Governance
Mitigating risks, amplifying efficiency

We are functioning in an information with internal and external manage the Risk Management Policy, Risk management process Risks identified are assessed on the identifying the most appropriate
ever-changing, uncertain and complex stakeholders, while supporting direct implementation, and track basis of the risk rating criteria. Risk strategies to manage risks and
Risk identification is an ongoing
environment. In keeping with it, decision-making processes fully and assess its effectiveness. The rating criteria is used for evaluation reduce them to an acceptable level.
process. The Risk Register is collated
and with a view to create long-term aligned with risk exposure. It also lays Risk Management Committee has and prioritisation of identified risks. The response planning for each
containing potential risks across each
stakeholder value, foster continuous down activities for risk identification, detailed a stage-wise approach for Risk rating involves analysing and risk balances efforts and benefits
of the business units and functions.
improvement and innovate and monitoring, review, control and risk risk identification. Each business head evaluating the probable impact and for the Company, maintaining its
Each identified risk is assigned to a risk
protect Company’s assets, we have prioritisation, along with development is responsible for identifying risks, likelihood of risk occurrence. The compliance to legal, regulatory and
owner, which is decided on the basis
set up a risk management framework. of a risk response plan. The Risk basis which, risk owners are identified Company has developed impact scales other requirements.
of the nature of the risk, the potential
This framework is in compliance with Management Policy is reviewed to analyse the key contributors to for rating the degree of consequences
impact, and the people responsible for The risk owners review the risks
regulations and industry periodically, at least once in a year. the risks, and subsequently design to the organisation, should the
acting on the mitigation plans. periodically, in line with changes in the
best-practices. appropriate risk mitigation plans. event occur.
internal and external environment in
The process enables identification
The purpose of our risk management Risk management of potential future events that could
We acknowledge that risk which we operate.
framework is to ensure accountability governance management is a dynamic and
affect assets critical to the execution
and competence for managing ever-evolving concept. Hence, it
risks across the organisation. The
of business model of the Company,
is important to revisit the policies,
Risk culture
The Risk Management Committee
business units, and enabling functions.
framework strives to ensure effective, is a Board-constituted committee, framework and practices periodically We have attempted to consolidate all
The identified risks are categorised
relevant, and timely exchange of which works with the Board to to ensure that they remain relevant risks so that the management/Board of
under the following categories:
and adequate. Directors have full visibility on the risk
events including business, financial,
At Sanofi India, we review the risk
Periodic Residual Risk operational, sectoral, sustainability
framework regularly to align with the
Assessment (particularly, ESG-related),
changing regulatory requirements and
Financial information, cybersecurity or any other
to increase maturity and resilience
risk, as may be determined by the Risk
of the Company’s risk response
Management Committee.
mechanism. Risk response planning
Risk Review,
Risk Risk Risk Risk is an important step that involves
Reporting
Identification Assessment Prioritisation Response Plan Operational
and Monitoring
Reputational
The Risk Management Committee

meets on a quarterly basis to Board of
Regulatory
effectively manage identified risks. Directors
To oversee, assess, monitor, and
control risks in an efficient manner,
we have established specific roles Audit Risk Management Extended enterprise
and responsibilities. Committee Committee
India Country
Risk Management Strategic
Council (ICC)
Secretariat
Internal Business Unit & Site ESG

Control Leadership Team
Function
Technological
Risk Owners
32 33
Value creation model
Creating shared value for all

Our established Value creation model revolves around our purpose of ‘Chasing the miracles of science to improve people's lives’,
which is central to our functioning.
Keeping in mind our values and the strategic action areas concerning our business, the value creation model aptly takes into
account numerous internal and external factors impacting our business activities and operations. In doing so, the business model
aids us in enhancing our positive impacts, while minimising the negative impacts, thereby resulting in the creation of long-
term value.
Approach Input Output Outcome and linkage to SDGs
Financial capital Strategic priorities: Financial capital − Strong cash flow generation
− C12,758 mn capital employed
− C27,701 mn revenue from operations − Healthy Balance Sheet and stable capital allocation
Prudent use of financial − C3,987 mn operating cash flow − C6,206 mn PAT
resources to harness
Renewed focus on Launch global brands − C9,079 mn EBITDA
opportunities for sustainable
growth with local in related therapy areas − 35.45% Return on equity
economic growth
innovation initiatives − C13,128 mn dividend payout
− 12 contract manufacturing
facilities across India
− Best-in-class global
Manufactured capital − Access to responsible quality products
manufacturing site at Goa (India
Manufactured capital Purpose: − Exports to more than 60+ countries, mainly to − Robust systems and processed for higher productivity
and export volumes total up to
Providing effective accessible approx 5 Bn tablets/capsules We continuously regulated markets and efficiency at manufacturing facilities
and safe products through annually) chase the miracles of − Goa manufacturing site - 60% volume produced for export
strategic innovation and science to improve − Local manufacturing (including CMOs)- 67 % of sales
− Robust supply of world-
sustainable solutions people’s lives − 5 therapeutic areas
class products from Sanofi
Global Group − 32 brands
Accelerate Reinventing the
− Localised low-cost manufacturing leading to more than 21%
efficiency way we work
of the portfolio with a price of less than C5 per tablet
− Drive local innovation with

Intellectual capital Sanofi’s Global R&D team − Intensive approach towards invention
Building strong brands with − C47 mn spent on clinical trials Intellectual capital
− Responsible assessment of products through
world-class products well and pharmacovigilance − 6 original papers in national/ international journals and 13
clinical trials
entrenched in the minds scientific abstracts presented as poster or oral presentations
− Minimise pharmaceuticals in environment
of stakeholders Business Drivers: at national or international congresses
through innovation
− 7 legacy brands in top-200 brands with Lantus® as the 5th
− C13.5 mn spent on top-most brand in the Indian pharmaceutical market
environmental initiatives − TouStar® – first re-usable insulin pen in India, which provides
Patient- Macroeconomic Organised
− C32 mn spent on renewable healthcare 50% more insulin, and convenience of use
Natural capital energy installation through centricity landscape
system
Responsible use of natural leased Solar Plant for Goa
Natural capital
resources and contribute to − 78,220 Gj total − Minimise environmental impact
− 40% of the total energy consumed from renewable
combating climate change energy consumption − Reduction in consumption of natural resources
Low cost Digitised go-to- energy sources
− 1,02,752 Kl water withdrawn − Transform to sustainable, circular and Net Carbon Zero
manufacturing market strategy − >99% of hazardous waste and non-hazardous waste diverted
material business
from disposal
− ~2,800 workforce (including − 12.78% reduction in total Scope 1 and Scope 2 emissions
contractual employees and − No discharge of water at our Goa facility
workers for FY 2022) − Runner up award in energy management category
Human capital
− 147 new recruits onboarded
Fostering employees’ skillsets ESG objectives:
− C87 mn spent on health, safety Human capital
and competencies while − Build a nurturing and inclusive workplace
and well-being of the workforce − 100% employees trained for health, safety and environment
consistently ensuring their − Ensure employee well-being and access to healthcare
safety and well-being − 12,000+ training related matters for all
hours conducted − 25% of women representation on the Board − Increase in productivity of the workforce by building
Environmental: Social: Governance: − Zero fatalities their skillsets and technical knowledge
− 100% renewable − Improve access − Robust governance − 12.33% attrition rate
energy by 2030 to healthcare structure to drive
education for − Top employer award – 5 years in a row
− Net zero by 2045 responsible and
Social and relationship capital our communities ethical business − 30% of women in leadership
− 2,079 supplier base − Adopt a circular
Strengthening stakeholder approach to limit − Ensuring a safe, culture − Improvement in gender balance over a period of 3 years
relationships through − C143 mn CSR expenditure our environmental inclusive, and beyond compliance
continuous engagement footprint nurturing workspace − Consistent efforts − Empowering underserved communities through various
− 5,700 hours volunteering hours Social and relationship capital
for our employees to maintain high CSR initiatives
Focusing on healthcare contributed by employees − 13.75% of value chain partners assessed on health and
− Zero tolerance quality of products − Improving accessibility and affordability of healthcare
awareness & education and to breach of and transparency safety parameters facilities for vulnerable communities
disaster relief to empower Code of Conduct in disclosures − ~2.4 crores total beneficiaries for CSR initiatives
our communities to differentiate
34 35
Stakeholder engagement
Prioritising
Stakeholder interest and effective or influence that the stakeholders in diverse stakeholder group allows
engagement with them are of question can have on our business us to gain holistic insights of their
paramount importance to us at Sanofi operations, in addition to looking at expectations, thus helping us align our
stakeholder interests
India. We are committed to building the impact our Company might have business objectives and goals to meet
strong and long-lasting relationships on them. Our key stakeholders include their needs.
with our stakeholders. While doing patients, healthcare professionals, Engaging with our stakeholders
so, we strive to foster a healthy local communities/NGOs, suppliers, help us prioritise our resources for
dialogue with them to understand employees, shareholders, trade sustainability issues that matter the
their needs and expectations. We associations and trade partners. most to our business. Stakeholder
have adopted a systematic approach
To promote value-enriching communication and involvement
towards identifying our key internal
are crucial for us to comprehend
and external stakeholders. This has partnerships with stakeholders, we
and include their perspectives in
been achieved through peer reviews have deployed open, ongoing, and
determining our material issues.
and analysis of stakeholder groups. We methodical processes with varied
have examined the potential impact channels of communication. Our
Trade partners
Trade
Associations Patients
Healthcare
Shareholders professionals
Employees Suppliers
Local communities/ NGOs

36 37
Stakeholder engagement
Healthcare Local communities/ Trade

Patients professionals (HCPs) Suppliers NGOs Employees Shareholders associations Trade partners
Significance
The centre of our business The connecting bridge between Providers of goods and services Help us create societal value Backbone of the organisation Fund allocators Works with regulators and Provide reach to the patients
mission and purpose. End users us and patients that contributes to value government bodies for policy Provide access to medicines
of our products and services creation changes and industry issues
Frequency of engagement
Continuous Continuous Continuous Continuous Continuous Periodically/Need basis Need basis Periodically / Need basis
Medium of engagement
− Market research surveys − Regular business interactions − Emails and meetings − Need assessment surveys − Townhall meeting − Annual General Meeting − Emails and letters − Emails and
− Grievance − Customer − Training workshops − Regular meetings − Training programmes − Quarterly investor reports − Regular meetings meetings, newsletters
redressal mechanism satisfaction surveys and seminars − Trainings and workshops − Employee − Annual Reports − Policy updates
− Workshops and − Feedback system − Supplier assessment − Emails and engagement surveys − Newsletters Communication with
conferences with patient − Grievance and review telephonic conversations − Employee − One-on-one interactions regulatory bodies
advocacy groups redressal mechanism − Supplier − CSR reports engagement programmes − Formal dialogues,
− Patient support/ − Workshops and conferences grievance mechanism − Performance conferences and
assistance programmes − Educational programmes appraisal reviews industry forums
− Grievance
redressal mechanism
− Emails and meetings
Key expectations1
− Gather insights and − Address queries/ − Value creation − Access to healthcare − Career growth − Profitable growth − Responsible − Ensure market fulfilment
address patient queries and unmet needs − Long-term business relation including the right − Training and development − Consistent return business practices − Meet the demand and ensure
unmet needs − Share information on quality − Pricing and negotiation information, health − Employee engagement and on investments supplies with right inventory
of products, scientific data screening management well-being − Continuous management
and services and treatment − Updates and information operational performance
− Access to quality and − Improving quality of life
affordable healthcare
− Ensure safety and efficacy
of medicine
Our approach
− Insights on strengthening − Information in and around − Supplier development − Increasing awareness and − Employee health, safety and − Enhancing enterprise value − Industry issues − Constant evaluation
R&D and improving the product and therapy area − Promoting local suppliers understanding of diseases well-being initiatives − Strengthening R&D and − Improve the GTM models
product quality − Insights on strengthening − Supplier assessments − Providing access to − Providing e-learning and improving product quality healthcare ecosystem − Ensure availability
− Responding to queries R&D and improving − Promoting shared growth affordable healthcare development platforms − Improve profitability of products
and complaints product quality − CSR activities for behavioural and − Transparency in disclosure − Exploring emerging channels
− Frequent engagement and skill development of trade
understanding of HCPs and − Employee engagement
patient needs and satisfaction
− Responding to queries − Updates and communication
and complaints on policies, processes,
and systems
− Initiatives on culture
1GRI 102-44: Key topics and concerns raised
38 39
Materiality assessment
Focusing on issues that matter Our material topics

Through our materiality assessment, we have identified 10 key topics as mentioned below:
Our materiality assessment was

done in alignment with the Sanofi
were relevant to Sanofi India were
chosen considering our operating
stakeholder groups. The materiality
assessment exercise was conducted
Environment
global materiality assessment environment. With the objective of based on Global Reporting Initiative
framework. Globally, Sanofi has integrating a sustainability-focused (GRI) standards. A structured process
identified its material topics basis approach in our business strategy, was followed to determine our material
their relevance and impact on the we have identified our key material topics as mentioned:
business as well as its stakeholders. topics through consultation with our Resource Consumption GHG emissions
Out of these focus areas, topics which senior management and identified Preserving resources by using them Running our operations in a way that GHG
efficiently and promoting circular practices. emissions are minimised in the entire value
chain (scope 1, 2 and 3)
Social
Stakeholder
engagement Health system strengthening Local community engagement Talent development
Identification
Contributing to improving healthcare Engaging with local communities to Providing training & development
Engage with identified key infrastructure, healthcare access, and health understand their needs and desires and opportunities for all employees
Identify the key focus
stakeholders and our senior education (e.g. health literacy, disease take those into consideration (e.g. local
areas that are relevant for
management in order to rate prevention awareness) employment, community partnerships)
our business operations
the focus areas on a scale
of low to high importance
to the business through a
structured questionnaire
Employee health, safety, well-being Safe and qualitative treatments Diverse and inclusive workforce
and working conditions for patients and clinical trial Offering an inclusive, fair and supportive
Providing a safe & healthy (both physical and participants work environment for all employees
mental) work environment for all employees Ensuring the safety of our patients and
Finalisation and ensuring fair employment practices (e.g.,
Prioritisation upholding labour rights)
clinical trial participants by providing high
quality, safe and effective medicines and
Prepare a materiality matrix
Prioritise the material topics recording and communicating
representing the significance of
based on the ratings by
material topics to stakeholders
the stakeholders
and business aspects
Governance
Responsible governance practices Ethical business practices

Governing our business in a responsible way Running our daily activities in an ethical way
by considering ESG factors in our operational (e.g., ethical marketing, lobbying,
and strategic business decisions (e.g., anti-bribery measures etc.)
remuneration, providing transparency to
stakeholders, capital allocation etc.)
40 41
Financial capital
Revenue from operations# Domestic sales performance:

(C in mn) retained business (C in mn)
30,706
7.2%
2,110
27,701
29,566
2,157
29,019
27,708
5-year
1,903
1,781
CAGR
1,606
FY 2018
FY 2020
FY 2018
FY 2020
FY 2022
FY 2021
FY 2022
FY 2021
FY 2019
FY 2019
Maximising returns
EBITDA* performance Profit after tax (PAT)**
through the cycle (C in mn) (C in mn)
2% 13%
8,369
9,444
7,759
8,029
5-year 5-year
7,594
At Sanofi India, we strive to make a positive impact on the lives of CAGR CAGR
7,132
6,206
millions of people. Our operations are backed by rational capital
allocation, a dedicated workforce, world-class medicines and
4,776
4,142
3,806
strong corporate governance. We always aim to ensure strong
cash flow generation and consistent returns for our shareholders,
while ensuring the safety and well-being of our stakeholders and
creating value for all.
FY 2018
FY 2018
FY 2020
FY 2020
FY 2022
FY 2021
FY 2022
FY 2021
FY 2019
FY 2019
SDG Linkages
* EBITDA - Earnings before exceptional item

** Includes impact of exceptional items
# evenue and profit are not comparable due to the divestment
R
and exceptional items involved between the period
42 43
Financial capital
Net worth Return on equity** Dividend per share Sales mix

(C in mn) (%) (in C) (C in mn)
27,701
24,423
28,427
43.47
570#
27,772
27,225
22,256
25,940
21,190
22,192
35.45
490#
12,758
365#
349#
20.94
17.93
17.77
70
70
79
Exports (%)
85
84
87
Domestic (%)
30
30
21
13
15
FY 2018
FY 2018
FY 2018
FY 2020
FY 2020
FY 2020
FY 2018
FY 2020
FY 2022
FY 2022
FY 2022
FY 2021
FY 2022
FY 2021
FY 2021
FY 2021
FY 2019
FY 2019
FY 2019
FY 2019
Return on capital employed Earnings per share (EPS)** FY 2022 revenue distribution
(%) (in C) (C in mn)
419
13 % 2,437
410.06
67.8
5-year
CAGR Materials
56.59
269.47
4,719 Staff cost

11,896
207.38
General
179.85
32.04
165.48
27.51
Corporate taxes
24.58
Depreciation
4,059
FY 2018
FY 2020
FY 2018
FY 2020
FY 2022
FY 2021
FY 2022
FY 2021
FY 2019
FY 2019
** Includes impact of exceptional items

# Includes special dividend
44 45
Manufactured capital
Therapeutic areas these medicines. Catering to this spread across the country (as on
need, we have mastered the art December 31, 2022) . We continuously
We constantly work towards
of manufacturing medicines with consolidate the network of CMOs
meeting the needs of community by
demand for low humidity. for better cost efficiency and
manufacturing and distributing wide
management of third-party sites. Our
range of innovative and affordable We have a state-of-art production
medicines are exported to countries
medicines across key therapeutic facility in Goa in India. We ensure
across the world. During the reporting
areas. These include diabetes, that the manufacturing processes at
period, 60% volume of production at
epilepsy, cardiology, allergy and pain. our plant comply with current Good
Goa was exported.
Depending on the therapeutic effect Manufacturing Practices. The Goa
required, dosage and its concentration manufacturing site is a strategic
form a critical part of medication. sourcing site for the Sanofi group
By leveraging the best in science, and is constantly evaluated for newer
We have supplied
we offer a variety of dose forms like sourcing opportunities in the area
Sodium Valproate to
tablets, capsules (hard and soft), eye/ of tablet formulations. In addition to
South Africa, a life-
ear drops, ampoules, vials, creams, and these facilities, we have 12 Contract
saving medicine that
ointments, among others. Manufacturing Organisations (CMO)
prevents epileptic
Tablets and capsules are the most seizures. Our medicine
12
widely utilised dosage forms in was approved by South
pharmaceuticals. During the Africa Regulatory
manufacturing process, exposure Agency for usage.
Improving lives
to high levels of humidity can Contract Manufacturing
increase the degradation rate of Organisations (CMO)
with innovation Diabetes and cardiovascular diseases

are major contributors to the global
challenge of chronic diseases. With
Our products are
Government of Goa, export products
Manufacturing license issued under
Drugs and Cosmetics Act 1940, issued
approved by the following
a view to modernise technology and by the State Licensing Authority
international regulatory
make therapeutic options accessible, among many others.
agencies:
we have enhanced our capacity for
Besides our own manufacturing
continuous production of Ramipril PC − Ministry of Industry
plant, we ensure that our third-
granules, a medication intended to & Trade of Russian
party manufacturers also meet our
lower blood pressure. This is done by Federation, Russia
standards for safety, quality control,
installation of a new fluid bed drier at
− Therapeutic Goods and customer service.
our facility.
Administration (TGA,
We follow a patient-focused quality
A special spray coating technique has Australia)
management culture through a robust
been developed in order to improve
Our purpose is to transform the practice of medicine by the stability and extend the shelf-life
− EU GMP certification based quality check system, while adhering
on Regierungspräsidium to high-quality benchmarks for all our
chasing the miracles of science and we take great pride in of Ramipril PC granules. We have also
Darmstadt (Germany) products and services. Our state-of-
initiated the process of supplying
our efforts to prevent and help fight serious health issues validation quantity of Ramipril PC − MHRA, UK
the-art manufacturing and quality
practices are looked after by the
at every step of a patient’s health journey. granules to 15 countries.
− Taiwan FDA after the manufacturing and supply function.
In addition to international regulations, PMF review A structured and standardised
approvals as per Indian legislation approach is followed at our
− COBEL DAROU - Sanofi
also endorse the quality and safety of manufacturing site, and this is
MAH - On behalf of Iran
the medicines manufactured at our ensured through our stringent SOP
MOH, Iran
sites. some of the Indian regulatory management, internal audits, along
approvals include: Certificates − National Medicines with employee skill development
SDG Linkages issued by the State Licensing Regulatory Authority trainings. In line with the guidelines
Authority Directorate of food and (NMRA), Sri Lanka on Good Pharmacovigilance Practices
Drugs Administration – Government (GVP), we have a stringent Risk
of Goa e.g., Good Laboratory Minimisation Measures system that
practices (GLP) – Schedule M – Good ensures the safe and effective use of
Manufacturing Practices (GMP) product) assessed jointly by the products and services throughout
WHO-GMP certification in form of CDSCO under the Central Union their life cycles.
COPP (Certificate of Pharmaceutical Ministry of Health & The State DFDA of
46 47
Intellectual capital
We believe that innovation is not Pharmacovigilance team conducts regular trainings for all
just an option, but a necessity to Sanofi employees, vendors, business
We are committed to ensuring
make a real difference in the lives partners and any individuals involved
the drug safety and impact of our
of millions that we touch. With in the production, transport and
products on the consumers. We not
the help of our global world-class use of our products on safety data
only carry out safety monitoring
laboratories equipped with state-of- vigilance reporting.
during clinical trials, but also after
the-art equipment, we continuously
access to the market. We are Among the mandatory PV data to be
strengthen our research capabilities
committed towards ensuring patient reported by all Sanofi employees, the
and offer our consumers tested and
and consumer safety. Our dedicated most common is the ‘Adverse Event’
proven therapeutic products. Our
pharmacovigilance (PV) team monitors data. Other important recorded PV
parent Company, Sanofi Global, leads
safety and impact of our products data are incidents, product complaint
our research and development (R&D)
throughout their lifecycle. Our PV and death
capabilities, and our sister companies
across the globe work together to
provide affordable, high-quality
e
products to our valued customers. vers M i su s
Ad vent e
E
Our global R&D capabilities help us to
Dr
not only develop quality products but on ug
ro i
Leveraging
also help us reduce our environmental
Er icat
r
Ab
and social impacts through continual
us
Me
improvements. We have stringent
e
pre reast feeding
E x p n a n cy / w h i l s t
and rigorous testing and clinal trial
our competencies
an Infectiou f
o
b
processes to ensure that our products
g
d
osure
Transmission
Suspecte
are safe and effective. Our deep
Agent
expertise in disease pathways helps
d u ri ng
us take aim at smart targets, while our
unique technologies empower us to
develop drugs, biologics, and genomic
medicines with the potential to
B ene
U na n cia l E
transform the practice of medicine.
f i c of
fi
a cy
tici ff ec
ck
pa
La
Ef
te ts
d
O
ve na
l
rd a tio re
In Sanofi, at the core of our operations lie the pillars of o se p
c u su
Oc x po
research, innovation, and development. Our unwavering goal O ff label E
Use
is to prioritise the well-being and safety of our people, while
ensuring the production of the highest quality products.
Product complaint Incident Death
− Anyone who thinks the Company − Anyone who thinks the Company − Company also needs to know about
product they are using has a product they are using has deaths associated with the use of
technical defect should contact a technical defect should company products, whether or not
the Company to report it contact the Company to report considered related to the product
− E.g.: Patient informed that when he it E.g.: Malfunctioning of the as this could be an important
SDG Linkages opened the company’s medicine Company’s device safety concern
pack, he found 3 pills missing
− This data needs to be reported to
Country Quality Team
− Even though this is not Safety
Vigilance Data, but rather a 'Quality
Information' Company needs to
know about it
48 49
Intellectual capital
Digital innovation form of a mentor-mentee cohort progression of the disease, its control
Four essential Elements of Safety Vigilance (PV) Data model of 1 mentor:15 mentees. We and treatment, and complications
Digital innovation is an integral part
leveraged another digital engagement over time.
1 2 3 4 of our operations. We have been
platform called Elite Academy to drive
successfully able to navigate the There is a belief that diabetes in our
An identifiable An identifiable A suspect drug: ADR: changing landscape of working in
Insulin adoption.
country is different from the western
patient: reporter: the past few years with the help of We adopted various digital campaigns population – in terms of progression,
Which drugs were What event modern technology and digitisation to enhance our presence across social management, complications and
Who has Who has reported involved? has the patient across our business functions. We media platforms to communicate this study will help us all generate
experienced the the event? experienced? successfully onboarded over 10,000 our initiatives and spread awareness hard evidence to support/ disprove
event? healthcare professionals (HCPs) regarding healthcare to our this theory.
through innovative strategies such stakeholders. Our digital initiatives
We have several epidemiological data
as our Tele-engagement Model have collectively garnered over
on diabetes in our country, but they
supported by Omnichannel and our 50 lakhs views in FY 2022. Our
Reporting our research findings developed automated tools to monitor Technology platforms Triple Partnership model. Over 75% radio campaign, held in 7 different
are mostly cross-sectional studies
transparently is crucial, and we the latest developments, patient / regional. There is there is a lack of
Our global drug development process of the HCPs who were onboarded languages, reached nearly 1.8 crores
must comply with global regulatory programs, contracts, PV databases, data on diabetes and its progression
is firmly backed by industry-leading belong to the highly engaged cohorts. listeners, including 120 doctors across
requirements, such as Food and signalling risk management, literature on a country-wide level over a period
technology platforms. Our global We adopted Sanofi Campus India, 22 cities were engaged by creating
Drug Administration (FDA), Central search, and deviation management of time. Through this longitudinal
R&D teams use world-class tools a global platform to drive local HCP their radio bytes and broadcast on
Drug Standard Control Organisation system. Our facilities follow standard prospective study over 3 years , we
and equipment to target the root engagement. This platform helped radio. As an innovative approach to
(CDSCO), Medicines and Healthcare operating procedures, which are hope to generate long- term data on
causes of disease with more precise to the management of 50% of the engage with our HCPs, we also created
Products Regulatory Agency (MHRA), accessible globally, and we conduct diabetes care in our country.
medicines and stay updated with the overall traffic. To drive preference for podcasts - 15 episodes in 5 series and
Therapeutic Goods Administration frequent audits and inspections to
changing technological landscape basal insulin, we engaged with over received a great response from the
(TGA), European Medicines Agency meet regulatory criteria. A Quality
in the medicine and pharmaceutical 1350 HCPs through Basal Café, a target audience.
(EMA), and Pharmaceuticals and Management System is established in
sectors. We use the most advanced digital engagement platform to create
Medical Agency (PMDA Japan). To PV for all activities. LANDMARC is a large, real world, long
technology platforms to pioneer new, a customer journey of 4 electronic
manage PV effectively, we have term prospective study of a pan-india
innovative approaches for preventing Continuing Medical Education (eCME)
cohort of type 2 diabetes patients
diseases and ensuring the well-being programmes over a span of 4 months.
- to capture and understand the
of patients. These eCMEs were developed in the
Our technology toolkit relies on four key technologies
Revolutionary Novel antibody Protein Genomic medicine

chemistry technologies therapeutics − Gene editing
− Small molecules − Monoclonal antibodies − Enzymes − Gene therapy
− Tailored covalency − Multi-specific antibodies − Fusion protein − Messenger RNA (mRNA)
− Antibody drug conjugates − Peptides − siRNA conjugates
− NANOBODY technology − Synthetic biology

50 51
Natural capital
We have established and aligned and Safety Management Systems (ISO system assesses and manages the
our Health, Safety and Environment, 45001:2018). Our HSE Management environmental aspects and impacts
Management (HSEM) system to System is based on the 'Plan – Operate on our operations. This system
our Sanofi group’s objectives and – Monitor – Improve' structure. This comprises a management plan as well
targets in an effective manner to is equivalent to the management as Standard Operating Procedures
safeguard natural resources. We stand approach known as Plan-Do-Check- (SOPs) defined by Sanofi Global to
by our HSE management system Act or PDCA cycle. Our HSE policy identify and mitigate environmental
which enables us to work towards is part of engagement to carry out risks. We periodically review the HSE
nurturing our natural capital. With the our activities in conformity with our management plan and policies to
support of Sanofi group guidelines values. Policy establishes a dynamic ensure responsiveness to the changing
and the Country HSE Committee, framework for HSE management on environmental and social risks
there are further sub committees continual improvement and protection and demands.
who support in deployment of of environment and our employees
We carry out internal as well as
entire HSE management system, and relevant stakeholders. Our
external audits to monitor our HSE
policies, decision and action plans. policy’s main areas include preventing
performance and compliance as
We follow industry best practices pollution, protecting natural resources,
per regulatory requirements. We
and undertake initiatives to further and reducing energy usage. Effective
also carry out periodical internal
improve operational efficiencies. management of resources like raw
as well as external audits of HSE
Led by the Managing Director, this material, water, waste management,
management system.
Embedding sustainability
Committee helps us keep track of our and energy conservation are material
performance through periodic reviews. to us, and we are working towards We have developed processes to
The Committee also emphasises on their efficient use. Our commitment ensure that employees are properly
into operations
the alignment of focus areas as per towards fight against climate change trained on environmental topics
the global context, evolving statutory reflects in all our strategic decisions and specific missions. Our parent
frameworks and the local risks. and actions. Our HSE management Company, Sanofi, has a Health, Safety
and Environment (HSE) training
academy which aims at developing
HSE management system
1,683
core expertise and competencies in
As part of management systems, relation to applicable regulations,
we have implemented Environment scientific and technological advances
Management Systems Employees who were provided in the framework of HSE missions.
(ISO 14001:2015), Energy training on environmental
Management Systems (ISO aspects across Goa and Mumbai
We strive to achieve environmental stewardship by developing 50001:2018) and Occupational Health offices in FY 2022
cutting-edge, environment-friendly products, while also putting

a strong emphasis on sustainable resource management. In our
endeavour to build sustainable value for our stakeholders, our
Precautionary approach Climate change
natural capital has proven to be a strong pillar. Our key focus Sanofi has joined the ‘Race
We follow a precautionary approach Climate change is undoubtedly one
areas have been defined to contribute towards minimising our towards minimising our operational of the greatest global concerns.
to Zero’ initiative, a global
commitment to Net Zero carbon
environmental impacts and bringing about a positive change, not impact on the environment. We Going beyond healthcare, we
emissions by 2014. We are
have applied robust best-in-class care for the planet by reducing
only in our operations, but also across our value chain. technology for the manufacturing the environmental impacts of
working towards three goals set
by Sanofi Global:
of medicines and vaccines to limit our products and activities, while
our environmental and ecological strengthening our resilience in the − Build the road to carbon
footprint. At our Goa site, we have face of climate change. This risk neutrality by 2030 and Net
SDG Linkages implemented Health Safety and related to climate change poses Zero by 2045
Environment (HSE) Management severe challenges to business and
− Limit our environmental
systems to monitor and address any the economy. Currently, climate
footprint and adopt
concerns that arise or may arise as a change is a major element in defining
circular solutions
result of our operations. our environment-related decisions
and prompting us to focus on − Improve the environmental
promoting cleaner technologies profile of our products
and innovations.
52 53
Natural capital
Energy management improve our energy efficiency and are Our energy consumption needs are
continuously upgrading our energy mostly met through the electricity
Case study
Energy management is one of our
management systems. To promote grid and renewable energy sources.
key business imperatives. Energy
consumption is a major source of
this, we strive to make optimum We used 39.7% of renewable energy Renewable solar energy project, Mumbai
use of existing energy-consuming in FY 2022 through solar power
greenhouse gas emissions, while We have installed a photovoltaic cell-based solar power
assets, espouse energy management generation and biomass utilisation.
energy costs have a direct impact plant at Sanofi India’s corporate office in Mumbai. The
best practices, and prioritise We are using 51.9% of energy from the
on the cost of operations. We initiative was spearheaded considering our move towards
the implementation of energy- purchased electricity grid and 6.9%
are cognizant of the necessity to the use of green energy and mitigation of our carbon
efficient technology. from renewable solar energy.
footprint. The system capacity is of 104.16 kWp, which
helps us to reduce power cost by approximately 10-12%
due to a reduction in electricity bills.
Our energy consumption details:
Category Unit FY 2022 FY 2021 FY 2020
Electricity purchased from the grid: Non-renewable sources GJ 40,605.14 46,081.03 47,394.76
Direct energy - Fuel consumption GJ 6,576.12 6,540.64 5,455.31
Electricity purchased from the grid - Renewable energy (Solar) GJ 3,494.88 - -
Our electricity purchased from the grid
Renewable energy solar generation within the organisation GJ 1,895.66 - - Emissions has decreased as compared to the past
Environmental compliance
Renewable energy - Biomass consumption GJ 25,648.00 24,615.00 28,083.60 The use of fossil fuels and grid year due to installed solar energy units We are committed to abiding by all
Total energy consumption GJ 78,219.80 77,236.67 80,933.67 electricity contributes significantly to at the Goa factory and Mumbai office. environmental norms and regulations
our Scope 1 and Scope 2 emissions. at all our manufacturing operations
We have set yearly targets, and also and corporate office as set forth by
efficient monitoring methods to installed the required pollution control
Air emissions the relevant regulatory authorities.
Energy conservation
We place high importance on resource
record energy usage throughout our
organisation. At our Mumbai office,
D3.2 cr machinery to track and monitor
emissions periodically. Our aim is to
We regularly measure our stack
emissions for SOx, NOx and particulate
To guarantee and adhere to the legal
and regulatory framework, each
conservation while formulating energy is completely obtained from Amount invested in energy minimise GHG emissions and increase matter (PM) at our Goa site, and unit competent HSE teams, who
operating strategies. Considering renewable energy sources and for Goa management projects in FY 2022 the proportion of renewable energy in Mumbai office. As per the regulatory are managing these compliance. All
the finite nature of non-renewable operations, we have installed a solar the total energy mix of our operations. requirements, we monitor these enquiries related to environmental
energy resources, we are in the panel project of 1,809 kWp to fulfil We are also consciously trying to emissions for DG set and boiler compliance are resolved on a timely
1,809 kWp
process of increasing the use of our energy requirement for FY 2022. mitigate emissions by adoption stacks and submit it to the respective basis. During FY 2022, we did not incur
renewable energy resources wherever We have put together concerted of energy-saving programmes State Pollution Control Board. To any fines or penalties with regard to
possible throughout our business efforts to raise awareness on energy and the installation of energy- ensure ambient air quality across our any environmental violations.
and manufacturing operations. We conservation through trainings Installed capacity of the solar power efficient equipment. operations, we abide by the National
are committed to lowering the total and awareness programs. We have project in Goa Ambient Air Quality Standards
energy usage by enhancing energy installed energy-efficient motors and (NAAQS) 2009.
efficiency and incorporating alternate Variable Frequency Drives (VFDs) to
energy sources. We have implemented increase energy efficiency.
Summary of Scope 1 and Scope 2 emissions

Category Unit FY 2022 FY 2021 FY 2020
Direct GHG (Scope 1) emission tCO2e 486.63 484.01 403.69
Case study Indirect GHG (Scope 2) emission tCO2e 9,136.16 10,368.23 10,663.82
Total absolute GHG emissions tCO2e 9,622.79 10,852.24 11,067.51
(Scope 1 + 2) tCO2e/ MT turnover 0.347 0.367 0.381
The BOOT project, Goa
Total GHG emission intensity
Our Goa site procured electricity from the Goa
Electricity Department, using coal as a primary fuel
source in India. We utilised 12 million units of power
Air emissions
purchased through the grid in FY 2021. With an aim to
adopt a sustainable approach and reduce environmental Particulars Unit FY 2022 FY 2021 FY 2020
impacts at our site, we have installed a solar panel with NOx MT 0.053 0.010 0.004
a capacity of 1,809 KWP in September 2022. This Sox MT 3.610 3.463 4.508
project, called BOOT (build, own, operate, transfer), is a
Particulate matter (PM) MT 2.093 2.485 2.130
funding model, based on a third party arrangement.
Non-methyl hydrocarbon (NMHC) MT 0.012 0.015 0.023
54 55
Natural capital
Water management Effluent management At Mumbai, more than 65% of water disposal by handing it over to State disposed through a deep burry pit ‘planet care’ roadmap, addressing
is recycled and the remaining water Pollution Control Board approved constructed on site. At our Mumbai environmental challenges, such as
We acknowledge the crucial role of We have installed an Effluent
is discharged to municipal water third-party vendors for recycling. The office, biomedical waste are sent climate change, waste management,
water as a basic and irreplaceable Treatment Plant at our Goa site to
drain as per consent received from food waste generated is converted for incineration. pharmaceuticals in the environment
natural resource. Our operations effectively treat the effluent generated
the Maharashtra Pollution Control into manure at the internal plant for in- and water stewardship, among others.
are dependent on water and we from manufacturing operations. At
Board (MPCB). At our Goa operations, house gardening. E-waste generated
are cognizant of the impact of our Mumbai office, we treat wastewater
we treat all the wastewater generated from our manufacturing sites and
Biodiversity Apart from this, at the Mumbai office,
operations. We are committed through a Sewage Treatment Plant. our premises are covered with gardens.
on site. Currently, treated water offices are disposed off periodically Biodiversity management is one of our
to focusing on efficient water The treated wastewater is tested to We are not using any pesticides
is used for horticulture purposes through the pollution control board main focus areas, directed towards
management across our operations. meet the stipulated discharge limit as or insecticides at the office and
and in restrooms. There is no approved vendor. responsible business practices. We
per regulatory requirements. have also constructed bird nests to
disposal of wastewater outside the strive to ensure that our operations
Hazardous waste generated in our support biodiversity.
plant boundaries. have the least impact on biodiversity.
operations are disposed off as per
We have aligned our biodiversity
environmental guidelines to cement
management with Sanofi Global’s
Water management industries for co-processing. There is
biodiversity commitment. Sanofi India
zero waste sent to landfill. Hazardous
Water withdrawal by source Unit FY 2022 FY 2021 FY 2020 manages the biodiversity around
wastes like batteries are given for
Groundwater Kl 12,785 39,657 1,25,033 its sites through its environmental
recycling, while ETP sludge is sent
Third-party water Kl 89,967 52,783 38,620
sustainability programme called
for coprocessing. Biomedical wastes
‘Planet Care.’ We actively contribute
Total volume of water withdrawal Kl 1,02,752 92,440 1,63,653 like syringes and other medical
to protect biodiversity through our
waste generated at Goa site OHC are
Conserving water resources identifying the operations, where Waste management

water requirements can be minimised, Waste management
We, at Sanofi, always strive to work We are committed to minimising our
water can be recycled or rainwater
and contribute for a sustainable world. environmental footprint through Particulars Unit FY 2022 FY 2021 FY 2020
harvesting can be adopted. To reduce
We have taken series of actions to reducing waste generation and Total hazardous waste generated MT 92.75 153.54 135.93
our fresh water intake, we are focusing
optimise the uses of natural resources promoting reuse or recycling Total non-hazardous waste generated MT 382.83 368.77 385.00
on developing infrastructure for
and reduce our environmental impacts. of the same. Proper resource
rainwater harvesting at our site and Total waste generated MT 475.58 522.31 520.93
utilisation and conservation with
On water sustainability, we have office. At the Goa site, we have set Total hazardous waste disposed MT 0.01 0.00 0.01
good waste reduction practices
worked and identified areas of action up a rainwater collection tank inside Total non-hazardous waste disposed MT 0 0 0
are the key concerns of being a
to reduce our water consumption. As our premises. During this reporting
responsible business. Total waste disposed MT 0.01 0.00 0.01
part of long-term actions, we have year, we have increased the size of
Total hazardous waste diverted from disposal MT 92.74 153.54 135.92
gradually reduced our dependency on the rainwater collection tank from We integrated best industry
groundwater and switched to surface 300 Kl to 700 Kl. This rainwater is practices and adhered to the Total non-hazardous waste diverted from disposal MT 382.83 368.77 385.00
water supplied by Goa Industrial filtered and used in cooling towers waste management standards Total waste diverted from disposal MT 475.57 522.31 520.92
Development Corporation. and utilities purpose. By this initiative, that meet our applicable legal
we are able to reduce our freshwater requirements. We have complied
Our sustainable approach limits
intake of approx. 2000 Kl. In our with all applicable Health Safety and Case study
our water footprint and ensures
manufacturing process, we have Environment (HSE) requirements
no negative impact on any water
optimised the requirement of rinse to ensure environmentally sound
source due to our operations. We
water from 15 minutes to 5 minutes disposal practices.
have taken series of actions for
during every rinse cycle, achieving
Butterfly garden at Sanofi’s Goa site
creating awareness amongst our Hazardous as well as non-hazardous
water savings of 2.3 million litres per As a part of our commitment to fostering biodiversity at
employees towards conservation of waste is generated at our Goa site
year. While making these process our site, we have taken an initiative for maintaining the
water, arresting leakages, optimising and Mumbai office. Non-hazardous
changes & optimisations, its made sure ecosystem by developing a butterfly garden. Butterflies
processes and innovative initiatives. waste includes paper, glass, etc. These
that it passes through strict validation play a significant role as indicators of a healthy
We have defined our approach to generated waste are diverted from
process. environment, as plant pollinators and are also a source
of food for other organisms. This garden was developed
with the help of Goa Biodiversity Board, a government
700 Kl 2.3 mn litres Zero

organisation that has guided us in selecting species of
plants that would attract butterflies. Needless to say, the
beautiful sight of different species of butterflies in the
Size of the rainwater harvesting Water saved by optimising the Waste landfill site garden is a stress-buster for all the employees. This site
tank at Goa in FY 2022 (300Kl requirement of rinse water from 15 is maintained by the Sanofi team under guidance of Goa
in the previous year) minutes to 5 minutes during every Biodiversity Board.
rinse cycle per year
56 57
Human capital
Trends in our workforce Total number of Total number of

permanent employees permanent employees
We follow Sanofi Global’s Human
segregated as per gender segregated age-wise
Rights policy, which is applicable to
all our employees including workmen
2,600
and have set commitments with
3,150
2,338
respect to Human Rights at our
2,565
2,102
organisation. Our strong Human Rights
2,275
policy plays a pivotal role in tracking,
monitoring and fulfilling the Human
Rights commitments. The status
report emerging from the findings of
the same is submitted to our Sanofi
631
global headquarters.
354
316
380
376
299
358
231
233
During this financial year, the adjacent
trends were observed in the terms of
gender and age, employee turnover FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022
rates, and new employee

Female Male < 30 years 30-50 years
hires-related information:
Our most
> 50 years
valuable assets Workforce separation age-wise Workforce separation by gender
Permanent employees Permanent workers
388 417 325 258 3 2
360
368
258
347
336
261
224
Our human capital plays a crucial role in the functioning
201
of our business. Striving to cultivate a thriving
work environment by building a diverse workforce,
85
64
55
54
48
49
41
investing in enhancing the workforce’s skills and career
30
2
0
0
development pathways, and ensuring the workforce’s FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022
well-being is imperative to our success at Sanofi.
< 30 years 30-50 years Female Male Female Male
> 50 years
SDG Linkages
58 59
Human capital
Gender-wise breakdown of Age-wise breakdown of In the event, that operational changes Likewise, in areas of PRIDE and During the year, there were no When we started on this journey
new hires new hires are introduced in the organisation, disability, we are at the nascent stages complaints made by employees on several years ago, we realised that
we ensure to conduct meetings with and have charted a roadmap that working conditions, health and safety, there were a number of quick, yet
representatives of the recognised will enable us to be an organisation, child labour, forced/involuntary labour, important wins in making Sanofi more
union and work towards entering where people from all walks of life wages and other human rights-related inclusive, especially from the gender
into an agreement regarding the feel included. In order to make our issues. There was only one complaint balance perspective. We were one
82
91
78
implementation of the operational office premises more accessible to received under the Prevention of of the first organisations to change
69
75
changes. We also make sure to our differently-abled employees, Sexual Harassment Policy and law, our maternity leave from 3 months
hold consultations and carry out workers and visitors, we have made which was addressed in accordance to 6 months, two years prior to the
56
negotiations during regular meetings the necessary infrastructural with the policy. official government mandate. We
scheduled with the elected body of arrangements by establishing a also provided a number of enablers in
40
33
Additionally, in our efforts to uphold

30
the unions. dedicated parking lot, washrooms, the form of self-defense workshops,
human rights and the highest ethical
26
22 providing security support, creating enhanced hotel and travel coverage
18
values, we provide training sessions

adequate space for wheelchair and security helpline numbers,
Diversity at workplace movement, putting in place visual
on human rights issues and policies
among others, to ensure our women
0
0
0
established for our workforce.
Diversity, equity and inclusion are and audio alarms, an emergency employees felt safe and fully-equipped
FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022
critical enablers of how we operate at evac chair, ramps in the basement We ensure that all our employees are to make meaningful contributions
Female Male < 30 years 30-50 years Sanofi. It is fully integrated with our for ease of wheelchair movements paid more than minimum wages. We at work.
> 50 years people strategy and our commitment at the entry, and making braille provide health insurance benefits to all
Furthermore, we ran sensitisation
to society. Our strategy has been additions as required in all the lifts. It permanent employees and workers.
workshops from the top-most leaders
co-created with a cross-section of is our endeavour to constantly work
right down to the first line managers,
employees around the world and towards identifying the need of our
Advancing diversity, equity to ensure they understood what biases
Gender-wise separation of Age-wise separation of likewise, in India, we aim to ensure differently-abled employees and
and inclusion at Sanofi are, how each one of us has them and
new hires new hires that every employee feels like they proactively update our facilities to
how they can negatively impact the
can bring their full selves to work, meet their needs. India Limited person experiencing them. This, in
every day.
We are pleased to note that in this The efforts taken by Sanofi India in the turn, helped create a culture where
For us, diversity means taking financial year, the percentage of space of Diversity, Equity & Inclusion employees and managers were more
31
25
competitive advantage of our women represented in the Board of are under the global banner of ‘All In’. sensitive to the needs of others.
collective difference. Equity is about Director’s body stands at 25%, whilst We want to reflect on the diversity of We also instituted development
providing customised resources that the percentage of women represented our communities, unleash our best programmes for women employees
different groups need, to be successful in the key management team stands selves every day to transform the to help them overcome their own
at work and inclusion means feeling at 25%. Additionally, the percentage practice of medicine. We truly believe barriers and fulfil their own potential
10
that you belong, are respected and of women in the total workforce is that diverse teams lead to better to take on the next level roles. In
9
always valued. 17% and similarly, the percentage of outcomes and thus, we are working 2022, we introduced Gender Neutral
6
5
external women hired has increased towards building a company that is parental leave giving men 14 weeks
4
Promoting diversity across all levels

2
to 48%. paternity leave which 66 men availed

1
representative of the society – in other

1
0
of the workforce is well-valued and

words, of the people and patients we in 2022. Also, we introduced Employee
FY 2020 FY 2021 FY 2022 FY 2020 FY 2021 FY 2022 imbibed across every level in Sanofi. The remuneration structure at Sanofi
serve. We aim to create a culture that Assistance programme to support
We embarked on this journey a few India is solely based on the employee’s
allows people to unleash the very best mental well-being and Inclusive job
Female Male < 30 years 30-50 years years ago and we have undertaken role and not their gender. The range of
> 50 years version of themselves, every day. templates to ensure we remove hidden
numerous initiatives across various remuneration is competitive in nature
biases when advertising roles.
pillars like talent and hiring, culture and is derived based on a market study − Under the ‘Reflect’ pillar we aim to
building, enablers, development considering a group of our peers. This build a representative leadership, Today, we see sponsorship for
and governance to ensure we are study is conducted by an external which clearly reflect the diverse diversity, equity and inclusion from
Furthermore, we recognise the Membership of employees and
consistently fostering diversity and entity. We are happy to note that this nature of the communities we serve. the top business leaders and have
freedom of association and in this workers in association(s) or
inclusion within and throughout our year, there have been no delays in the instituted Employee Resource Groups,
financial year, several of our employees union(s) − Through the ‘Unleash’ pillar we hope
organisation. In our approach to payment of wages to our employees. which provide a platform for all
hold memberships in association(s) to create a thriving environment for
Category FY 2022 FY 2021 enabling a diverse and inclusive work employees to make their voices heard
or union(s). The below table provides This financial year, there were no our workforce to enable each one
Total permanent 165 246 environment, the key impact areas we and contribute meaningfully to the
further details of the same: employees
complaints pertaining to child labour, of them to bring their full and best
closely look into are gender, PRIDE (i.e., initiatives introduced under these.
Male 159 236 forced labour, or involuntary labour. selves at work.
the LGBTQ+ community) and ability. One of the achievements we are
Female 6 10 No employee or worker under the age
Total permanent workers 142 70 We have focused on improving the − Under the ‘Transform’ pillar, we very proud of is compelling the Goa
of 18 was recruited at Sanofi India.
Male 142 70 gender balance over a number of years are looking to impact society in a government to allow us to increase the
We are consistently ensuring that we
Female 0 0 and have taken significant strides in positive manner by advocating for shift timings for women employees so
associate ourselves with suppliers, who
this direction. our diverse set of communities. they can contribute fully during the
hold zero-tolerance for forced labour.
evening shift.
60 61
Human capital
Our achievements in 2022 As for the provision of OHS trainings Employee well-being Product stewardship: An international
for employees, certain trainings are team responsible for the hazard
The health of the workers has
mandatory for all the employees, assessment of chemicals and their
several determinants, including risk
and particular operations-specific regulatory management (e.g. Safety
factors at the workplace leading to
trainings are provided with reaching Data Sheets).
accidents, musculoskeletal diseases,
an intended target of 100% employee
and other types of disorders and Occupational hygiene: A generalist
Reflect Unleash Transform and contractor coverage. We provide
occupational diseases involved to manage risks by assessing
trainings on health and safety
Launch and adoption of Launch of and controlling exposure on
17% measures to all our employees and Sanofi has taken a multi-disciplinary
hazards in the workplace that could
Women at Sanofi India Gender-neutral volunteering leave workers each year. approach for management of
cause disease.
empowering employees for their occupational health and ensuring
25% parental leave, contribution to society
Internal and external HSE audits are
compliance with safe working Occupational health: A specialised
conducted periodically. In addition
Women at senior leadership EAP & inclusive job Extension in to these audits, the site teams also
practices, and maintaining the health staff in charge of the medical
(CXO) level and well-being at work. surveillance of the employees, based
templates shift work hours undergo an internal review to examine
on the preventive medicine in order
their performance. During this financial Suitable measures implemented for
48% 100% for
year, our Goa plant was assessed prevention of workers from exposure
to promote and maintain physical and
External women hires mental health at the workplace.
People Managers covered through women employees at for health and safety practices, and to hazardous environment. It includes
Creation of employee resources CYB in 2021-22 working conditions adopted and the development of comprehensive The prioritisation of our employees’
for 3 workstreams -
Goa factory present at Sanofi India. Mumbai office programs that maintain and enhance well-being needs is well ensured, and
Focus on
Partnerships with and Sales operation were audited by employee health, that improve safety we are consistently working to create a
sensitisation towards start-ups Sanofi group HSE auditing team. and will increase productivity in conducive work environment, one that
the workplace. places great emphasis on each and
PRIDE and Ability and focus on Furthermore, all of the safety-related
every employees’ long-term
communities incidents along with the near-misses Health programmes cover prevention
procurement from are thoroughly investigated as per against chemical, biological, radiation,
well-being.
MSMEs our HSE management system. Upon physical and psychological hazards. It In order to consistently promote the
the completion of the investigations, involves also wellness. well-being of both our employees
all the identified Corrective and and workers, the provision of health
Within Sanofi, this multi-disciplinary
Preventive Action (CAPA) are defined insurance, accident insurance,
approach of occupational
Employee health, safety of the HSE policy. This system is safety processes and policies. Our Goa and implemented horizontally across
health includes:
maternity benefits, paternity benefits
and well-being designed according to the ‘Plan- plant is ISO 14001, ISO 50001 and ISO our operations to ensure that the as well as day care facilities, are
Do-Check-Act’ cycle of continual 45001 certified. reoccurrence of the same type of Wellness: Programmes for all ensured. Our permanent employees
improvement. This approach includes incidents can be prevented. The employees to develop a healthy and workers are covered 100% for
Occupation health and safety We conduct a quarterly review of our
the undertaking of assessments of safety-related incidents occurring individual behavior for managing non health and accident insurance. All
(OHS) HSE performance and the findings
various risks, such as: workplace risks, at our operational site are reviewed communicable disease. female employees and workers are
from this review are discussed during
We have established a well-defined fire risks, process safety, ergonomics on a periodic basis to check the covered for maternity benefits.
the country HSE committee meeting Biosafety & Biosecurity: The
HSE policy and HSE management machinery risk, occupational health implementation and effectiveness of
under the able leadership of our MD discipline that addresses the safe Paying equal attention to
system with a robust monitoring plan, and chemical risks and so on. We also both the HSE management and the
and other senior leadership of Sanofi handling and containment of developments occurring in our
operating with a multi-year approach, have institutionalised an HSE system, CAPA systems.
India Limited. infectious micro-organisms and employees’ lives, we also provide
to ensure the effective implementation which is adopted from the global
hazardous biological materials. parental leaves.
Details about safety-related incidents, which have or have not occurred at Sanofi India
Category Type FY 2022 FY 2021
Lost Time Injury Frequency Rate (LTIFR) Employees 2.20 0.66

(per one million-person hours worked) Workers 0.00 1.51
Employees 12 4
Total recordable work-related injuries
Workers 0 1
Employees 0 0
No. of fatalities
Workers 0 0
Employees 0 0
High consequence work-related injury or ill-health (excluding fatalities)
Workers 0 0
Road safety coach certification program

62 63
Human capital
Learning and development learning apps, digital learning institute with a 4-point rating scale. At Sanofi
curriculum, e-learning modules, India, we are also working towards
Contributing to the holistic
training on omni-channel and multi- advancing the growth and career
development of our employee’s
channel engagement, trainings in the development of our women employees
functional, technical skillsets and
form of coaching for line managers and have launched the ‘Horizons’
competencies is imperative to
and so on and so forth. programme, which provides access
us. To this end, we have closely
to a networking programme, and a
looked into numerous activities, Furthermore, we also ventured into
mentoring programme, and also aids
such as transversal learning the digital learning areas for our
with effective career management.
solutions, managerial capability employees. The campaigns from our
building programmes, capacity digital learning institute - Discover Committed to providing required
building interventions helping Digital, have helped enhance the guidance to our employees and
strengthen the learning culture, and digital learning experience for all workers regarding their performance
digital campaigns. our employees. During this calendar and career development trajectories
year, 12,000 plus hours of trainings at Sanofi India Limited, we ensure to
We have a learning experience
were provided to all our permanent conduct complete performance and
platform, Learning Hub, which
employees and workers. career development reviews. 100%
comprises a learning management
of all our employees and workers are
system and also provides access We also have a corporate university
appraised year-on-year basis.
to multiple learning libraries. The structure in place, which provides
provisions made for learning activities access to multiple learning institutes. To help understand our employees’
and programmes, are guided by Each of these institutes focuses on viewpoints and concerns, we conduct
the global learning standards, the provision of developmental inputs employee engagement surveys
while also being adapted for the linked to a specific skills portfolio. In annually. The surveys, provided in an
Indian market context. At the the programmes provided, there has online mode, make use of the external
beginning of this calendar year, we been a 10-20% of participation from platform Peakon. The employees’
Celebrating team success
introduced the People Development the People Development Learning responses are received on a scale
Learning Institute (PDLI) portfolio, Institute per annum. The quantitative of 0 (not at all) to 10 (absolutely),
which is made accessible to all our impact for all sales skill development and they also have an option to
Details of parental leaves provided and availed employees and is aimed at cultivating programmes provided are tracked provide a comment, if needed.
both transversal skills and career through the NPS scores, whilst the One of our employee engagement
Number of employees, who returned
Number of employees entitled Number of employees who took to work after parental leave ended management and other competencies. behavioural change is tracked with surveys, titled ‘Your Voice’ looks into
to parental leave parental leaves and who were still working at Sanofi On the other hand, several types the help of the field coaching report, several parameters, such as culture,
India Limited
of trainings are provided to our knowledge scores and certifications engagement, diversity and inclusion,
Female Male Female Male Female Male employees, and these include the and assessments. Moreover, individual and health and well-being. The results
FY 2022 376 2,275 10 66 10 66 following: induction training, cross performance appraisal is applicable to of all the surveys undertaken are
FY 2021 358 2,565 8 60 8 60 over training, sales training and all employees at Sanofi India and this is communicated to the Board.
FY 2020 380 3,150 16 69 16 69 learning institute curriculum, micro- conducted via a global tool operating
Keeping in mind our workforce’s body.’ The pillars of this programme − Improving quality of sleep and
retirement plans, we have ensured to engage with four initiatives to prevent managing stress
cover 100% of all our employees with non-communicable diseases and
To enable our workforces across
several types of retirement benefits, decrease absenteeism. The four
all categories of employees and
such as Provident Fund, Gratuity, initiatives include:
workers, we have in place necessary
Employees' State Insurance
− Encouraging consumption of a mechanisms to receive and redress
Scheme, etc.
balanced and varied diet grievances raised by all the employees
Furthermore, for the well-being of and workers.
− Promoting regular physical activity
our workforce, we have launched an
initiative called ‘all well,’ which focuses − Supporting smoking cessation and
on the ‘healthy mind’ and ‘healthy preventing diseases
64 65
Social and relationship capital
Customer relationship management

Concerns and queries raised by queries and concerns, which are not for the purpose of investigating the
customers are addressed in a timely explitictly answered via the frequently complaint further. Post the completion
and efficient manner. The majority asked questions. We ensure to address of investigation, the complaint is
of the queries are regarding medical queries within 24 hours. declared as closed. If requested, a
information, whilst the remaining response regarding the investigation
As for the processes established to
set of queries are about general of the particular complaint is
manage product technical complaints,
administrative matters, technical sent to the complainant. Laslty,
a series of steps are followed to
aspects of the products, and adverse corrective actions may be undertaken
ensure that each and every received
events. Queries concerning medical wherever needed.
complaint is resolved effectively.
information are regarding product
Upon receiving a product complaint, Furthermore, we also conduct
usage (in cases of pediatric, geriatric,
it is logged in the local tracker and various outreach educational
pregnancy, and breast feeding),
an acknowledgment is sent to the programmes to educate doctors,
dosing, concomitant medication, food
complainant through e-mail or an SMS. nurses, pharmacists and distributors
interaction, shelf-life and availability
The complaint is then registered on on a regular basis which aids in
of products.
COMET, a global tool, and is assigned fostering a sustained relationship with
healthcare professionals.
Investing in people
While standard response documents to the relevant manufacturing site.
are put in place to address frequently Complaint sample availability is
asked questions, we also have in place checked from the complainant, and it
pathways to faciliate escalation of is sent across to the manufacturing site
and relationships
Supply chain management
At Sanofi, we understand the The implementation of various
importance of maintaining a measures to maintain and manage Furthermore, in line with Sanofi
supply chain that is both secure our supply chain in a sustainable Global’s Sustainable Procurement
and sustainable for years to come. manner has been initiated. To help Policy, our supplier risk assessment
Our dynamic supply chain enables reduce emissions, we have taken into takes into account all categories
At Sanofi, we understand the importance of valuing our social us to continously enhance our considertaion setting up a solar plant of procurement and also considers
efforts in accelerating innovation, in Goa. Secondly, 13.75% of our value the following risk areas ,thereby
and relationship capital. We continue to invest in building strong and achieving excellence across chain partners were assessed against positioning us to assess our
relationships with all our stakeholders, prioritising their needs our product portfolio. We are health and safety practices, working suppliers at a holistic level:
committed to constantly improving conditions, and human rights issues
and concerns. This focus on relationship building has helped the adaptability and efficiency of our which include sexual harassment,
− Macro risks: geopoltical,
economic, technological, legal
us foster long-term partnerships, enhance our reputation, and supply chain to support our long-term discrimination at the workplace, child
and natural disasters
goals and objectives. labour, forced labour/involuntary
drive sustainable growth. We remain committed to valuing and labour, wages and other issues. − Operational risks: supply (single
nurturing our relationship capital to ensure mutual success and source, dependency), financial,
strategic business issues
shared value creation.
− Compliance risks: fraud and
business ethics issues
2,079 13.75%
− Sustainability risks:
SDG Linkages environmental, social and
governance issues
Supplier base value chain partners assessed
against health and safety
practices, working conditions,
and human rights
66 67
We also carry out supply chain due selection, evaluation and onboarding aluminium, glass, etc. We have also support rather than discrimination. with an aim to improve the health
diligence of our critical suppliers to stages is managed through undertaken initiatives to change the This can be a demanding and status (mortality and morbidity) of
help identify the presence of risks in EcoVadis ratings. packaging format of some of our expensive condition for both, the T1D care and support programme by
our supply chain. This process serves products, to further help reduce the affected child and their family to initiating ‘Education of Healthcare
Moreover, given that waste produced
as a check-and-balance system environmental impacts associated with manage. Additionally, optimal T1D Professionals (HCPs)’ to ensure
in the supply chain due to packaging is
to address significant concerns the disposal of packaging materials. As management requires significant correct diagnosis and management.
the major source of waste as observed
regarding the health and safety for the hazardous waste materials, they resources and can be costly. This will lead to the reduction in the
at the sites, we have worked towards
practices, environment, and working are either incinerated or co-processed occurrences of chronic complications.
recycling packaging waste materials. There is currently no cure for T1D, and
conditions of our value chain partners. at our Goa site as well as the head We aim to create a network of T1D
These include Polyvinyl Chloride if it is not properly managed, it can
The assessment of our suppliers on office location. educators and provide them with
(PVC) and other plastic PPE, paper, reduce an individual’s productivity and
sustainability metrics during the trainings to improve both, their care
Government High School, Fatorpa-Quepem, Goa
life expectancy. Access to affordable
and management skills. Furthermore,
insulin and other necessary medical
through the programme, we are
Social impact programme supplies, as well as the availability of
ensuring that individuals diagnosed
for Type 1 diabetes knowledgeable medical personnel,
Corporate Social Responsibility (CSR)

with T1D along with their respective
are major issues in the management
care givers, are being educated about
Type 1 Diabetes Mellitus (T1D) is of T1D. Adding to the complexities of
the best practices of managing Type 1
on the rise in India, with an annual T1D are challenges, such as the lack of
Diabetes. Lastly, free treatment, which
Impacting lives The responsibility of the CSR increase of 3-5%. There are 2.3 diagnosis, social stigma surrounding
includes provision of insulin, syringes,
Committee, includes but is not Key CSR focus areas lakhs individuals under the age of T1D, lack of refrigeration for the
lancets, and glucose strips, is provided
We are committed to enhance
limited to, formulating a CSR policy, 20 with T1D. T1D requires a lifetime storage of insulin, and lack of patient
access to quality healthcare to for the underprivileged patients.
providing strategic direction for CSR of specialised care, including education. It is also observed that T1D
improve the lives of people across − Promotion of healthcare RSSDI (Research Society for Study
initiatives, selecting the CSR projects diabetes education, multiple insulin results in social isolation, particularly
communities. While doing so, we including preventive healthcare of Diabetes in India), PPHF (People
to be introduced, and monitoring injections per day, daily blood glucose for girls.
are driven to promote the welfare solutions, which are majorly to People Health Foundation) and
the implementation of both the CSR monitoring, ongoing screening for and
of the underprivileged segments of concerned with non- We introduced a social impact Diabeties Foundation are our partners
policy as well as the CSR projects. management of chronic complications,
our societies. communicable diseases programme for Type 1 Diabetes, for this programme.
The established CSR governance psychological support, and societal
To carry out our CSR objectives and structure aids us in carrying out a − Promotion of education
vision, we pay attention to those focus variety of initiatives, thus allowing us initiatives related to healthcare Source: https://diabetesatlas.org/idfawp/resource-iles/2021/07/IDF_Atlas_10th_Edition_2021.pd
areas wherein we are able to contribute to deliver valuable, lasting outcomes services or systems
the most to the societies’ well-being. for our society.
must be addressed for those facing
Our CSR strategy is in alignment with
challenges with gaining access to
the United Nations third sustainable
quality healthcare, given that early
development goal ‘Good Health
screening services for NCDs are
and Well-Being’. Further, our CSR
often lacking.
commitments are fulfilled keeping
in mind our purpose of improving Taking this into consideration, the
people’s life, to enable them to lead social impact initiative of establishing
healthier lives by tackling primary mobile medical units in Maharashtra
healthcare issues of accessibility, for non-communicable diseases
awareness and affordability. (NCDs) screening and awareness,
was introduced. We have been able
To help govern as well as streamline
to successfully deploy the mobile
the delivery of all the CSR initiatives
medical units in a total of 10 districts
and programmes, we have established
in Maharashtra. This initiative, carried
a CSR Committee of the Board.
out in partnership with Piramal
Swasthya Foundation, can potentially
Mobile medical van-NCD screening, Mumbai benefit close to 1,50,000 individuals
Mobile medical van-NCD screening, Jalgaon
each year.
healthcare condition reveals the
Establishing mobile extent to which the primary healthcare
medical units for non- in rural areas and urban slums in
communicable diseases India remains underdeveloped and
screening in Maharashtra faces challenges including shortage
of personnel, inadequate resources,
Rural parts of India and the urban and poor infrastructure. The primary
slums lack basic amenities and have healthcare needs, especially regarding
poor health indicators. This poor non-communicable diseases (NCDs),
68 69
Government High School, Fatorpa-Quepem, Goa
Social impact programme Keeping this in mind, the objective of Additionally, the programme has
for diabetes and a healthy this social impact programme was to helped build a healthier lifestyle for
raise awareness on and strengthen the general public through mass
lifestyle in Goa knowledge of diabetes prevention, media campaigns and events, such
Americares India Foundation, Assam Employee volunteering, supporting local communities
According to a survey conducted in enabling behaviour change for as ‘Sakhar Free Shukrawar’ and the
2019 involving 14,957 students in the attaining a healthier lifestyle. The ‘STEP challenge,’ which encouraged
In solidarity with the Encouraging our employees 912 employees also accompanied
people of Assam to create impact through by their family members successfully
age bracket of 5-15 years, in the states programme aims to do so by building students to lead a healthy life by
participated in numerous virtual
of Haryana, Goa, Gujarat, and Manipur, the capacities of doctors to improve incorporating walking into their volunteering and on-ground volunteering
In association with Americares India
two out of every 10 school-going NCD management, engaging with routine and covering 10,000 steps
Foundation, we initiated a programme During the year 2022, in partnership activities focused on social causes.
children suffer from hypertension, education systems, principles, daily for three months, in collaboration
to help the survivors of the Assam with Project Heena, employee Approximately 5,700 volunteering
indicating that the set of risk factors teachers and children of secondary with Conexus Social Responsibility
floods to return to their normal lives by volunteering programmes were hours were contributed by
affecting non-communicable diseases schools through the Kids and Diabetes Foundation and Departments of Heath
providing the necessary relief support. implemented to support communities the employees.
(NCDs) is high.1 in Schools (KiDS) programme. and Education, Goa.
under the Health, Education,
1Source:
Environment, and Capacity
https://timesofindia.indiatimes.com/city/delhi/2-in-every-10-schoolkids-suffer-from-hypertension/articleshow/67507403.cms
Building categories.
interventions introduced. Doing so

Supporting NCDs through will improve access to healthcare
The table below summarises the number of individuals positively impacted through the CSR programmes as well as the
other programmes finances allocated for these programmes:
services, increase the primary care
worker’s competence levels, establish
1) Supporting NCD awareness and referral mechanisms, and empower CSR programme Finances Allocated (in J) Beneficiaries
screening in Hyderabad communities and individuals for self- Social impact programme for Type 1 47,633,264 Raised awareness for 1,236 patients and their caregivers;
care and treatment adherence. diabetes: Initiated capacity building for 310 doctors and 270 educators;
To contribute to the national goal Improved access to treatments for 1,236 patients enrolled
of both reducing mortality as well Establishing mobile medical units for 56,941,629 Raised awareness for 1,45,400 individuals; close to 25,000
2) Building awareness on cervical
morbidity rates occurring due to non-communicable diseases screening in individuals were diagnosed with diabetes and were referred to the
and oral cancers Maharashtra nearest public health centre for further treatments and management
the NCDs, we supported PPHF to
NCD screening, Hyderabad
implement the NCD awareness and Cervical and oral cancers account for Social impact programme for diabetes and 10,503,512 Currently conducting behaviour change programmes, where close
screening programme in Hyderabad. 20% of the cancers that are diagnosed healthy lifestyle in Goa to 57,000 children as well as 4,30,000 community members are
participating
in India. In keeping with this, we have
We aim to contribute to the national Supporting NCDs through other
introduced a programme for creating
goal by enhancing the level of programmes:
awareness about the existence of
awareness about timely screening, 1) Supporting NCD awareness and 10,000,000 Mobilised 5,73,000 as well as screened 3,40,000 individuals;
these cancers and nudging at-risk
prevention and management of NCDs screening in Hyderabad 73,000 individuals were enrolled for different NCD treatment at
households/individuals to undergo government facilities
amongst communities by improving
regular screenings and check-ups and
the healthcare personnel’s capacities. 2) Building awareness on cervical and oral 8,000,000 22,500,000 reached out through media campaigns for oral &
treatment, counseling for patients with cancers and supporting treatments cervical cancers awareness and prevention
This will help in identifying diabetes,
head & neck cancers.This programme
hypertension, and cancers in a timely Assam flood support 2,000,000 Positively impacted 1,000 families
was initiated in Maharashtra,
manner, and will aid in recording Encouraging our employees to create 702,554 912 employees participated through 5,700 volunteering hours.
West Bengal and Telangana in Training of frontline workers at the
the learnings achieved through impact through volunteering
2021, in collaboration with Indian Primary Health Center - Narapally,
this programme to help extend the
Cancer Society. Medchal-Malkajigiri District, Telangana
70
Awards and recognition
Sanofi India won the

prestigious ACEF
For the use of registered medical practitioner, hospital or laboratory only

Statutory reports &
Asian Leader Gold PEN
has made a record by
Award - for ICON WINNING 3 AWARDS
GOOD GREEN
- for innovative DESIGN GOOD
DESIGN
Financial statements
content marketing
The most prestigious
world design award 2021
The Global Sustainability
MAT-IN-2201363-1.0 05/2022
The ECO-DESIGN Award 2022
Award 2022
in the 'pharma
From the makers of
industry' category. References:

https://www.good-designawards.com/award-details.html?award=42227; accessed on 21/01/2022
https://www.pharmapackeurope.com/en/innovation/awards-winners.html.html;
https://www.good-designawards.com/green-good-design-award-category-page.html?cat=42778&page=3
For full prescribing information of Toujeo®, please visit- http://dap-health.com/htmls//short_shared/Emailer/Toujeo_API/Toujeo_API.pdf
Sanofi India Ltd., Sanofi House, CT Survey No 117-B, L&T Business Park, Saki Vihar Road, Powai, Mumbai 400072
Toustar® insulin pen has won

the Pharmapack Award 2022
in the Eco-design category! The
In picture: Sanofi wins st the ACEF Asian Leaders Awards 2022
revolutionary insulin pen also
won an award for Excellence in
Engineering at the 71st Good 72-151
Design awards.
Statutory reports
72 Notice
83 Report of the Directors
88 Annexures
Top Employer 2023 by the Top
97 Management Discussion
Employers Institute for the 5th
and Analysis
consecutive time.
104 Business Responsibility &
Sustainability Report
134 Report on Corporate Governance
It's a Hat-trick!
Sanofi Social Impact - 3 awards in 2022 for the Goa program
152-216
Our Social Impact program KiDS Sanofi was declared ‘Winner’ in the Sanofi’s KiDS also won a gold and
(Kids & Diabetes in Schools) and the
initiatives Sakhar Free Shukrawar
Healthcare (small) category at the
CSR Box Awards 2022.
a bronze recognition at the CSR
Journal Excellence Award and
Financial statements
& STEP have received 3 coveted the IHW CSR Health Impact
awards in 2022. Award, respectively.
Sanofi India’s CSR & Comms’ team receiving the CSR Box 2022 Sanofi India’s CSR team receiving the IHW CSR Health Impact award
award from Major Gen. Amit Loomba, Indian Army from Hon'ble Minister Shri Ramdas Athawale
72 73
Notice of the Annual General Meeting Notes: being sent to all the Members whose e-mail addresses
are registered with the Company / Depository
1. The Explanatory Statement pursuant to Section 102(1)
Participant(s) for communication purposes.
of the Companies Act, 2013 ("the Act") with respect to
Item nos. 4 and 5 of the Notice is annexed hereto and In case any Member is desirous of obtaining hard
NOTICE IS HEREBY GIVEN THAT THE SIXTY-SEVENTH 5. pproval of overall limits of remuneration
A
forms part of this Notice. The Board of Directors has copy of the Annual Report for the Financial Year 2022
ANNUAL GENERAL MEETING (AGM / 67th AGM) of the payable to Non-Executive Director(s):
considered and decided to include Item Nos. 4 and 5 as and Notice of the 67th AGM of the Company, may
Members of SANOFI INDIA LIMITED (“the Company”) will
To consider and, if thought fit, to pass, the following given above as Special Business in the forthcoming AGM send request to the Company’s e-mail address at
be held on THURSDAY, MAY 11, 2023 at 3:00 p.m. (IST),
resolution as an Ordinary Resolution as they are unavoidable in nature. The relevant details [email protected] mentioning Folio No./DP ID and
through Video Conferencing / Other Audio - Visual Means
as set out under Item No. 3 of the Notice pursuant Client ID
("VC /OAVM") facility, to transact the following business: “RESOLVED THAT in supersession of the resolutions
to Regulation 36(3) of the SEBI (Listing Obligations
passed at the earlier meetings of Members and Members who have questions or seeking clarifications
and Disclosure Requirements) Regulations, 2015
Ordinary Business pursuant to the provisions of Sections 197, 198
("Listing Regulations") and Secretarial Standard - 2 on
on the Annual Report or on the proposals as
and other applicable provisions, if any, of the contained in this Notice are requested to send email
1. To receive, consider and adopt the Annual Audited General Meetings issued by the Institute of Company
Companies Act, 2013 (“the Act”) and Rules made to the Company on [email protected] on or before
Financial Statements of the Company for the year Secretaries of India ("ICSI") in respect of the Director
thereunder (including any statutory modification(s) 5:00 p.m. on Thursday, May 4, 2023. This would
ended December 31, 2022 including the Balance seeking re-appointment at this AGM are also annexed to
or re-enactment thereof, for the time being in force) enable the Company to compile the information and
Sheet as on December 31, 2022, the Statement of this Notice.
and the Articles of Association, the Company be and provide the replies at the meeting. The Company will
Profit and Loss and the Cash Flow Statement for the
is hereby authorised to pay its Non-Executive 2. In view of the COVID-19 pandemic, the Ministry of be able to answer only those questions at the meeting
Financial Year ended on that date and Reports of
Directors, other than the Managing Director or Corporate Affairs, Government of India ("MCA") issued which are received in advance as per the above
Board of Directors and Auditors thereon.
Whole-time Director(s) or Director(s) who are General Circular Nos. 14/2020, 17/2020, 20/2020, process. The Company will allot time for members
2. a. To confirm the payment of Interim Dividend for employees of Sanofi or companies of the Sanofi 02/2021, 19/2021, 21/2021, 2/2022 and 10/2022 to express their views or give comments during the
the Financial Year ended December 31, 2022. group, in addition to sitting fees paid to them for dated April 8, 2020, April 13, 2020, May 5, 2020, meeting. The Members who wish to speak at the
attending the meetings of the Board of Directors or its January 13, 2021, December 8, 2021, December meeting need to register themselves as a speaker
b. To declare a final dividend of C 194 per equity
Committees, such sum by way of commission, every 14, 2021, May 5, 2022 and December 28, 2022, by sending an e-mail from their registered e-mail ID
share and a second special dividend of C 183
year for a period of five financial years commencing respectively, ("MCA Circulars") allowing, inter-alia, mentioning their name, DP ID and Client ID / Folio
per equity share for the Financial Year ended
from January 1, 2024, as the Board may determine conducting of AGMs through Video Conferencing / number and mobile number, on e-mail ID, igrc.sil@
December 31, 2022.
from time to time, but not exceeding 1% (one percent) Other Audio-Visual Means ("VC / OAVM") facility on or sanofi.com on or before 5:00 p.m. on Thursday, May
3. To re-appoint Mr. Marc-Antoine Lucchini or such other percentage of the Net Profits of the before September 30, 2023, in accordance with the 4, 2023. Depending on the availability of time, the
(DIN 08812302), who retires by rotation and Company in any financial year as may be specified requirements provided in paragraphs 3 and 4 of the Company reserves the right to restrict the number of
being eligible, offers himself for re-appointment. under the Act and computed in the manner provided MCA General Circular No. 20/2020. The Securities speakers at the meeting
under Section 198 of the Act. and Exchange Board of India (“SEBI”) also vide its
4. Pursuant to Section 113 of the Act, institutional /
Special Business RESOLVED FURTHER THAT the Board of Directors

Circular No. SEBI/HO/CFD/CMD1/CIR/P/2020/79
corporate members are requested to send a duly
dated May 12, 2020; Circular No. SEBI/HO/CFD/
4. R atification of remuneration to Cost Auditors: be and is hereby authorised to take such steps and certified copy of the Board Resolution authorizing their
CMD2/CIR/P/2022/62 dated May 13, 2022; and
do all such acts, deeds, matters and things as may be representative to attend and vote at the AGM, before
To consider and, if thought fit, to pass, the following Circular No. SEBI/HO/CFD/PoD-2/P/CIR/2023/4
considered necessary, proper and expedient to give e-voting / attending AGM, to [email protected].
resolution as an Ordinary Resolution dated January 5, 2023 (“SEBI Circulars”) has provided
effect to the aforesaid Resolution.”
certain relaxations from compliance with certain 5. Pursuant to the provisions of Section 108 of the Act
“RESOLVED THAT pursuant to Section 148 and all
provisions of the SEBI (Listing Obligations and read with Rule 20 of the Companies (Management and
other applicable provisions of the Companies Act, By Order of the Board of Directors
Disclosure Requirements) Regulations, 2015 (“Listing Administration) Rules, 2014 (as amended), Secretarial
2013 read with the Companies (Audit and Auditors)
Regulations”) due to the COVID-19 pandemic. In Standard on General Meetings (SS-2) issued by the
Rules, 2014 (including any statutory modification(s) Radhika Shah
compliance with these Circulars, provisions of the Institute of the Company Secretaries of India ("ICSI"),
or re-enactment thereof, for the time being in Company Secretary
Act and Listing Regulations, the 67th AGM of the Regulation 44 of Listing Regulations 2015, and the
force), the Cost Auditors appointed by the Board of Membership No: A19308
Company is being conducted through VC / OAVM Circulars issued by the MCA dated April 8, 2020, April
Directors of the Company, M/s. Kirit Mehta & Co.,
Registered Office: facility, without the physical presence of Members at a 13, 2020 and May 5, 2020 the Company is providing
Cost Accountants, to conduct the audit of the cost
Sanofi House, common venue. The deemed venue for the 67th AGM facility of remote e-voting to its Members in respect
accounting records maintained by the Company for
CTS No. 117-B, L&T Business Park, shall be the Registered Office of the Company. of the business to be transacted at the 67th AGM to
the financial year ending December 31, 2023, be
Saki Vihar Road, Powai, those Members participating in the 67th AGM to cast
paid remuneration of C 460,000, plus applicable As the AGM shall be conducted through VC / OAVM,
Mumbai – 400072. vote through e-voting system during the AGM. For this
Goods and Services Tax and out of pocket expenses, the facility for appointment of Proxy by the Members
CIN: L24239MH1956PLC009794 purpose, the Company has entered into an agreement
in performance of their duties. is not available for this AGM and hence the Proxy Form
E-mail: [email protected] with National Securities Depository Limited ("NSDL")
and Attendance Slip including Route Map are not
RESOLVED FURTHER THAT the Board of Directors
February 23, 2023 for facilitating voting through electronic means, as
annexed to this Notice.
be and is hereby authorised to take such steps and the authorised agency. The facility of casting votes
do all such acts, deeds, matters and things as may be 3. In compliance with the aforementioned provisions by a member using remote e-voting system as well
considered necessary, proper and expedient to give of the Act and Listing Regulations, electronic copy as e-voting on the date of the AGM will be provided
effect to this Resolution." of the Annual Report for the Financial Year 2022 is by NSDL.
74 75
6. The Board of Directors of the Company has dividend payout. Sufficient time had been provided Members who have not claimed their dividend for last Members are requested to note that the unclaimed
appointed Ms. Deepti Kulkarni (Certificate of for submitting the documents / declarations by the seven years are requested to write to the Company’s dividends will be transferred to the IEPF after the
Practice No. 22502), or failing her, Mr. Omkar Members who are desiring to claim beneficial tax Registrar and Share Transfer Agents and claim their below mentioned last date of claim which has been
Dindorkar (Certificate of Practice No. 24580) treatment. The intimation will also be uploaded on the dividends. The total amount of unclaimed dividend calculated by adding 37 days and 7 years in the date
Designated Partners of M/s. MMJB & Associates LLP, website of the Company at www.sanofiindialtd.com. has been disclosed in the financial statements. of declaration:
Practicing Company Secretaries as Scrutinizer for
11. Members holding shares in electronic form are advised Dividend and Year Dividend per Share (D) Date of Declaration Last Date for Claim
conducting the voting process of remote e-voting
to keep the bank details updated with the respective Final Dividend 2015 47 29-04-2016 05-06-2023
and e-voting during AGM in a fair and transparent
Depositories, viz., NSDL and CDSL. Member holding
manner. The Scrutinizer shall submit his / her report, Interim Dividend 2016 18 22-07-2016 28-08-2023
shares in physical form are requested to update
to the Chairman or any person authorized by him, Final Dividend 2016 50 05-05-2017 11-06-2024
bank details with the Company’s Registrar and Share
on the voting in favour or against, if any, within two Interim Dividend 2017 18 19-07-2017 25-08-2024
Transfer Agents.
working days from the conclusion of the Meeting.
Final Dividend 2017 53 08-05-2018 14-06-2025
The results declared along with the consolidated 12. Pursuant to the provisions of the Act and the Investor
Interim Dividend 2018 18 25-07-2018 31-08-2025
Scrutinizer’s Report and the recorded transcript of Education and Protection Fund Authority (Accounting,
the meeting shall be placed on the website of the Audit, Transfer and Refund) Rules, 2016 and Final Dividend 2018 66 07-05-2019 13-06-2026
Company at https://www.sanofiindialtd.com/en/ Amendment Rules 2017 notified by the Ministry of Final and One Time Special Dividend 2019 349 07-07-2020 13-08-2027
investors/agm/2023. The results shall simultaneously Corporate Affairs, the Company is required to transfer Final and One Time Special Dividend 2020 365 27-04-2021 03-06-2028
be communicated to the Stock Exchanges. all shares in respect of which dividend has not been Final and One Time Special Dividend 2021 490 26-04-2022 02-06-2029
paid or claimed by the Members for seven consecutive Interim Dividend 2022 193 26-07-2022 01-09-2029
7. The Register of Directors and Key Managerial
years or more in the name of Investor Education and
Personnel (KMP) and their shareholding maintained
Protection Fund (IEPF) Suspense Account. Adhering to
under Section 170 of the Act, the Register of 13. Pursuant to Regulation 39 and Schedule V and VI of the Listing Regulations the Company has transferred unclaimed
various requirements set out in the Rules, the Company
Contracts or Arrangements in which the Directors are shares in its Unclaimed Suspense Account details of which are given below:
has taken appropriate action for transferring the
interested under Section 189 of the Act and all other
shares to the Demat Account opened by the No. of No of No. of Equity
documents referred to in the Notice can be inspected Particulars
Records shareholders Shares
IEPF Authority. The Company has also uploaded
in electronic mode by sending a request on email to
details of such Members whose shares are transferred Aggregate number of shareholders/records and the outstanding shares in the
219 204 10,950
[email protected]. Unclaimed Suspense Account
to IEPF Suspense Account on its website at
8. The Register of Members of the Company shall remain https://www.sanofiindialtd.com/en/investors/transfer- Number of shareholders who approached the Company for transfer of shares
5 5 250
closed from Saturday, April 29, 2023 to Thursday, May of-shares-to-iepf. and shares transferred from suspense account during the year
11, 2023 (both days inclusive). Number of shareholders/records whose shares were transferred from
The shares transferred to IEPF Suspense Account suspense account to the demat account of Investor Education and Protection 10 10 700
9. Payment of dividend as recommended by the Board of including all benefits accruing on such shares, if any, Fund under the provisions of Section 124(6) of the Companies Act, 2013
Directors, if approved at the meeting, will be made on can be claimed by the Members from IEPF Authority, Number of shareholders/records and aggregate number of shares transferred
- - -
or after May 22, 2023, to those members whose names after following the procedure prescribed under to the Unclaimed Suspense Account during the year
are on the Company’s Register of Members on April the Rules. Aggregate number of shareholders and outstanding shares in the Unclaimed
204 189 10,000
28, 2023 and those whose names appear as Beneficial Suspense Account lying as on December 31, 2022
Pursuant to the provisions of Sections 124 and
Owners as at the close of the business hours on April
125 of the Act, dividends which remain unpaid or
28, 2023 as per the details to be furnished by the All Corporate benefits on such shares including mandates, nominations, power of attorney, change
unclaimed for a period of seven years from the date of
Depositories, viz. NSDL and CDSL for this purpose. dividend shall be credited to the account of the IEPF of address, change of name, e-mail address, contact
transfer to the unpaid dividend account are required
Authority. The voting rights on shares lying in the numbers, specimen signature (as applicable) etc., to
10. In accordance with the provisions of the Income Tax to be transferred to IEPF established by the Central
Unclaimed Suspense Account shall remain frozen till their Depository Particpant ("DP") in case of holding
Act, 1961 as amended by and read with the provisions Government. The details of unpaid dividend are
the rightful owner of such shares establishes his / her in dematerialised form or to Company’s Registrar and
of the Finance Act, 2020, with effect from April 1, uploaded on the website of the Company at
title of ownership to claim the shares. Share Transfer Agents through Form ISR-1, Form ISR-2
2020, dividend declared and paid by the Company is https://www.sanofiindialtd.com/en/investors/
and Form ISR-3 (as applicable) available at https://
taxable in the hands of its Members and the Company unclaimed-dividends. 14. SEBI has mandated that securities of listed companies
www.sanofiindialtd.com/en/investors/shareholder-
is required to deduct tax at source (TDS) from dividend can be transferred only in dematerialised form.
During the year 2022, the Company transferred corner in case of holdings in physical form.
paid to the Members at the applicable rates. A separate In view of the above and to avail various benefits
unclaimed dividend amounts of C 2,637,180 and
email had been sent at the registered email ID of the of dematerialisation, Members are advised to 16. As per the provisions of the Act and applicable SEBI
C 1,502,856 pertaining to the Final Dividend for the
members describing about the detailed process to dematerialise shares held by them in physical form, Circular, Members holding shares in physical form may
year 2014 and Interim Dividend for the year 2015
submit the documents / declarations along with the for ease in portfolio management. file nomination in the prescribed Form SH- 13 with
respectively, to the IEPF.
formats in respect of deduction of tax at source on the Registrar and Share Transfer Agents or make changes
15. SEBI has mandated the updation of PAN, contact, Bank
to their nomination details through Form SH-14 and
account, specimen signature and nomination details,
Form ISR-3. In respect of shares held in dematerialised
against folio / demat account. PAN is also required to
form, the nomination form may be filed with the
be updated for participating in the securities market,
respective DP. For relevant forms, please visit the
deletion of name of deceased holder and transmission
Company’s website at https://www.sanofiindialtd.com/
/ transposition of shares. As per applicable SEBI
en/investors/shareholder-corner
Circular, PAN details are to be compulsorily linked to
Aadhar details by the date specified by Central Board 17. Members may please note that SEBI vide its Circular
of Direct Taxes. Members are requested to submit PAN, No. SEBI/HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/8
or intimate all changes pertaining to their bank details, dated January 25, 2022 has mandated the listed
76 77
companies to issue securities in dematerialized form VC facility, then the votes casted by such
only while processing service requests, viz. Issue of Member shall be considered invalid.
Instructions for Members for Remote e-voting and Joining General Meeting are as
duplicate securities certificate; renewal/ exchange
Under:
− The Members can join the AGM in the VC / OAVM
of securities certificate; endorsement; sub-division/ The remote e-voting period begins on Monday, May 8, 2023 at 9:00 a.m. and will end on Wednesday, May 10, 2023 at
mode 15 minutes before and after the scheduled
splitting of securities certificate; consolidation 5:00 p.m. The remote e-voting module shall be disabled by NSDL for voting thereafter. The Members, whose names
time of the commencement of the Meeting by
of securities certificates/folios; transmission and appear in the Register of Members / Beneficial Owners as on the record date (cut-off date) i.e., May 4, 2023, may cast
following the procedure mentioned in the Notice.
transposition. Further SEBI vide its circular No. SEBI/ their vote electronically. The voting right of shareholders shall be in proportion to their share in the paid-up equity
The facility of participation at the AGM through
HO/MIRSD/MIRSD_RTAMB/P/CIR/2022/65 dated share capital of the Company as on the cut-off date, being May 4, 2023.
VC / OAVM will be made available for 1,000
May 18, 2022 has simplified the procedure and
members on first come first served basis. This
standardized the format of documents for transmission How do I vote electronically using NSDL e-voting system?
will not include large Shareholders (Shareholders
of securities. Accordingly, Members are requested to
holding 2% or more shareholding), Promoters, The way to vote electronically on NSDL e-voting system consists of “Two Steps” which are mentioned below:
make service requests by submitting a duly filled and
Institutional Investors, Directors, Key Managerial
signed Form ISR-4 & ISR-5, as the case may be. Step 1: Access to NSDL e-voting system
Personnel, the Chairpersons of the Audit
The said forms can be downloaded from the
Committee, Nomination and Remuneration A. Login method for e-voting for Individual Shareholders holding securities in demat mode
Company's website at https://www.sanofiindialtd.com/
Committee and Stakeholders Relationship
en/investors/shareholder-corner. In terms of SEBI circular dated December 9, 2020 on e-voting facility provided by Listed Companies, Individual
Committee, Auditors etc. who are allowed to attend
Shareholders holding securities in demat mode are allowed to vote through their demat account maintained with
18. Members holding shares in physical form, in identical the AGM without restriction on account of first
Depositories and Depository Participants. Shareholders are advised to update their mobile number and email ID
order of names, in more than one folio are requested come first served basis.
in their demat accounts in order to access e-voting facility.
to send to the Company’s Registrar and Share Transfer
− The attendance of the Members attending the AGM
Agents, the details of such folios together with Login method for Individual Shareholders holding securities in demat mode is given below:
through VC / OAVM will be counted for the purpose
the share certificates along with the requisite KYC
of reckoning the quorum under Section 103 of the Type of shareholders Login Method
documents for consolidating their holdings in one folio.
Companies Act, 2013. Individual 1. Existing IDeAS user can visit the e-Services website of NSDL Viz. https://eservices.nsdl.com either on
Requests for consolidation of share certificates shall
Shareholders holding a Personal Computer or on a mobile. On the e-Services home page click on the “Beneficial Owner”
be processed in dematerialized form. − P
ursuant to the provisions of Section 108 of the securities in demat icon under “Login” which is available under ‘IDeAS’ section, this will prompt you to enter your existing
Companies Act, 2013 read with Rule 20 of the mode with NSDL User ID and Password. After successful authentication, you will be able to see e-voting services under
E-voting facility: Companies (Management and Administration) Value added services. Click on “Access to e-voting” under e-voting services and you will be able to
Rules, 2014 (as amended), Secretarial Standard see e-voting page. Click on company name or e-voting service provider i.e., NSDL and you will be
− The remote e-voting period will begin on re-directed to e-voting website of NSDL for casting your vote during the remote e-voting period.
on General Meetings (SS-2) issued by the Institute
Monday, May 8, 2023 at 9:00 a.m. and will end on 2. If you are not registered for IDeAS e-Services, option to register is available at https://eservices.nsdl.
of the Company Secretaries of India ("ICSI"),
Wednesday, May 10, 2023 at 5:00 p.m. During this com. Select “Register Online for IDeAS Portal” or click at https://eservices.nsdl.com/SecureWeb/
Regulation 44 of SEBI (Listing Obligations & IdeasDirectReg.jsp
period members of the Company holding shares
Disclosure Requirements) Regulations 2015
either in physical form or dematerialised form as on 3. Visit the e-voting website of NSDL. Open web browser by typing the following URL: https://www.
(as amended), and the Circulars issued by the evoting.nsdl.com/ either on a personal computer or on a mobile. Once the home page of e-voting
cut-off date, i.e., May 4, 2023 may exercise their
Ministry of Corporate Affairs dated April 8, 2020, system is launched, click on the icon “Login” which is available under ‘Shareholder / Member’ section.
vote electronically. The e-voting module shall be A new screen will open. You will have to enter your User ID (i.e. your sixteen digit demat account
April 13, 2020 and May 5, 2020 the Company is
disabled by NSDL for voting thereafter. number hold with NSDL), Password / OTP and a Verification Code as shown on the screen. After
providing facility of remote e-voting to its Members
successful authentication, you will be redirected to NSDL Depository site wherein you can see
− A person whose name is recorded in the register of in respect of the business to be transacted at the e-voting page. Click on company name or e-voting service provider i.e., NSDL and you will be
members or in the beneficial owners maintained 67th AGM to those Members participating in the redirected to e-voting website of NSDL for casting your vote during the remote e-voting period.
by depositories as on the cut-off date i.e., May 67th AGM to cast vote through e-voting system 4. Shareholders / Members can also download NSDL Mobile App “NSDL Speede” facility by scanning the
4, 2023 shall be entitled to avail the facility of during the AGM. For this purpose, the Company has QR code mentioned below for seamless voting experience.
remote e-voting as well as e-voting system during entered into an agreement with National Securities
the AGM. Voting rights shall be reckoned on the Depository Limited (NSDL) for facilitating voting
paid-up value of shares registered in the name of through electronic means, as the authorised
the member / beneficial owner (in case of shares agency. The facility of casting votes by a member
held in dematerialised form) as on the cut-off using remote e-voting system as well as e-voting
Individual 1. Users who have opted for CDSL Easi / Easiest facility, can login through their existing user ID and
date i.e., May 4, 2023. on the date of the AGM will be provided by NSDL. Shareholders password. Option will be made available to reach e-voting page without any further authentication.
holding securities The users to login Easi / Easiest are requested to visit CDSL website www.cdslindia.com and click on
− A person who is not a member as on the cut-off − In line with the Ministry of Corporate Affairs Circular
in demat mode login icon & New System Myeasi Tab and then use your existing my easi username & password.
date should treat this Notice for information No. 17/2020 dated April 13, 2020, the Notice with CDSL 2. After successful login of Easi / Easiest the user will be also able to see the E-Voting Menu. The Menu
purposes only. calling the AGM has been uploaded on the website will have links of e-voting service provider i.e. NSDL. Click on NSDL to cast your vote.
of the Company at www.sanofiindialtd.com. The
− The voting during the AGM will begin on May 11, 3. If the user is not registered for Easi / Easiest, option to register is available at CDSL website
Notice can also be accessed from the websites of www.cdslindia.com and click on login & New System Myeasi Tab and then click on registration option.
2023 at 3:00 p.m. and will end on completion of
the Stock Exchanges i.e., BSE Limited and National
30 minutes from the time of the conclusion of 4. Alternatively, the user can directly access e-voting page by providing Demat Account Number and
Stock Exchange of India Limited at www.bseindia. PAN No. from a e-voting link available on www.cdslindia.com home page. The system will authenticate
the AGM. Within this period, all Members who are
com and www.nseindia.com respectively and the the user by sending OTP on registered Mobile & Email as recorded in the Demat Account. After
present at the AGM through VC facility and who successful authentication, user will be provided links for the respective ESP i.e., NSDL where the
AGM Notice is also available on the website of NSDL
have not yet exercised their vote through remote e-voting is in progress.
(agency for providing the Remote e-voting facility)
e-voting, can exercise their vote electronically. Individual You can also login using the login credentials of your demat account through your Depository Participant
i.e., www.evoting.nsdl.com.
Shareholders registered with NSDL / CDSL for e-voting facility. Upon logging in, you will be able to see e-voting
− The facility for e-voting during the meeting is (holding securities option. Click on e-voting option, you will be redirected to NSDL / CDSL Depository site after successful
available only to those Members participating in in demat mode) authentication, wherein you can see e-voting feature. Click on company name or e-voting service
the meeting through VC facility. If a Member has login through provider i.e., NSDL and you will be redirected to e-voting website of NSDL for casting your vote during the
exercised his / her vote during the AGM through their depository remote e-voting period or joining virtual meeting & voting during the meeting.
participants
e-voting but not attended the AGM through
78 79
Important note: Members who are unable to iv. Your User ID details are given below: shares held in physical form. B. Select “EVEN” of company for which you wish to
retrieve User ID / Password are advised to use The .pdf file contains your ‘User ID’ cast your vote during the remote e-voting period
Manner of holding
Forget User ID and Forget Password option shares i.e., Demat
and your ‘initial password’. and casting your vote during the General Meeting.
Your User ID is:
available at abovementioned website. (NSDL or CDSL) or For joining virtual meeting, you need to click on
Physical ii) If your email ID is not registered,
“VC / OAVM” link placed under “Join General
a) For Members who 8 Character DP ID followed by
please follow steps mentioned
Helpdesk for Individual Shareholders Meeting”.
hold shares in 8 Digit Client ID below in process for those
holding securities in demat mode for any
demat account For example, if your DP ID Shareholders whose email IDs C. Now you are ready for e-voting as the Voting
technical issues related to login through with NSDL is IN300*** and Client ID is are not registered. page opens.
Depository i.e., NSDL and CDSL. 12****** then your user ID is
IN300***12****** vi. If you are unable to retrieve or have not D. Cast your vote by selecting appropriate options
Login type Helpdesk details
b) For Members who 16 Digit Beneficiary ID received the “Initial password” or have i.e. assent or dissent, verify / modify the number
Individual Members facing any technical issue hold shares in forgotten your password: of shares for which you wish to cast your vote
Shareholders in login can contact NSDL helpdesk For example, if your Beneficiary
demat account ID is 12************** then your and click on “Submit” and also “Confirm”
holding securities by sending a request at evoting@ with CDSL Click on “Forgot User Details /
a)
in demat mode nsdl.co.in or call at Toll free no.: 1800 user ID is 12************** when prompted.
Password?” (If you are holding shares in
with NSDL 1020 990 and 1800 224 430 c) For Members EVEN Number followed by Folio
holding shares in Number registered with the
your demat account with NSDL or CDSL) E. Upon confirmation, the message “Vote cast
Individual Members facing any technical issue
Physical Form company option available on www.evoting.nsdl. successfully” will be displayed.
Shareholders in login can contact CDSL helpdesk
holding securities by sending a request at helpdesk. For example, if folio number is com.
F. You can also take the printout of the votes cast
in demat mode [email protected] or contact at 001*** and EVEN is 101456
with CDSL toll free no. 1800 225 533 then user ID is 101456001*** b) hysical User Reset Password?” (If you
P by you by clicking on the print option on the
are holding shares in physical mode) confirmation page.
option available on www.evoting.nsdl.
v. Password details for Shareholders other than G. Once you confirm your vote on the resolution, you
B. Login Method for e-voting and joining com.
Individual shareholders are given below: will not be allowed to modify your vote.
virtual meeting for Shareholders other than
c) If you are still unable to get the
Individual Shareholders holding securities a) If you are already registered for
password by aforesaid two options, you General Guidelines for Shareholders
in demat mode and Shareholders holding e-voting, then you can use your existing
can send a request at evoting@nsdl.
securities in physical mode. password to login and cast your vote. 1. Institutional shareholders (i.e. other than
co.in mentioning your demat account
individuals, HUF, NRI etc.) are required to
How to Log-in to NSDL e-voting website? b) If you are using NSDL e-voting system number/folio number, your PAN, your
send scanned copy (PDF / JPG Format) of
for the first time, you will need to name, and your registered address etc.
i. Visit the e-voting website of NSDL. Open the relevant Board Resolution / Authority
retrieve the ‘initial password’ which was
web browser by typing the following URL: d) Members can also use the OTP (One letter etc., with attested specimen signature
communicated to you. Once you retrieve
https://www.evoting.nsdl.com/ either on a Time Password) based login for casting of the duly authorized signatory(ies) who
your ‘initial password’, you need to enter
personal computer or on a mobile. the votes on the e-voting system are authorized to vote, to the Scrutinizer by
the ‘initial password’ and the system will
of NSDL. e-mail to [email protected] with a copy
ii. Once the home page of e-voting system force you to change your password.
marked to [email protected].
is launched, click on the icon “Login” vii. After entering your password, tick on Agree
c) How to retrieve your ‘initial password’?
which is available under ‘Shareholder / to “Terms and Conditions” by selecting on 2. It is strongly recommended not to share
Member’ section. i) If your email ID is registered in the check box. your password with any other person and
your demat account or with the take utmost care to keep your password
iii. A new screen will open. You will have to enter viii. Now, you will have to click on “Login” button.
company, your ‘initial password’ is confidential. Login to the e-voting website
your User ID, your Password / OTP and a
communicated to you on your email ix. After you click on the “Login” button, Home will be disabled upon five unsuccessful
Verification Code as shown on the screen.
ID. Trace the email sent to you from page of e-voting will open. attempts to key in the correct password.

Alternatively, if you are registered for NSDL NSDL from your mailbox. Open the In such an event, you will need to go through
eservices i.e., IDEAS, you can log-in at email and open the attachment Step 2: Cast your vote electronically and join General the “Forgot User Details / Password?” or
https://eservices.nsdl.com/ with your existing i.e. a (".pdf file.") Open the .pdf file. Meeting on NSDL e-voting system. “Physical User Reset Password?” option
IDEAS login. Once you log-in to NSDL The password to open the .pdf file available on www.evoting.nsdl.com to reset
How to cast your vote electronically on NSDL
eservices after using your log-in credentials, is your 8 digit client ID for NSDL the password.
e-voting system?
click on e-voting and you can proceed to account, last 8 digits of client ID for
3. In case of any queries, you may refer to
Step 2 i.e., Cast your vote electronically. CDSL account or folio number for A. After successful login at Step 1, you will be able
the Frequently Asked Questions (FAQs) for
to see all the companies ‘EVEN’ in which you
Shareholders and e-voting user manual for
are holding shares and whose voting cycle and
Shareholders available at the download
General Meeting is in active status.
80 81
section of www.evoting.nsdl.com or call on 2. Only those Members / Shareholders, who will be 19. As required by Regulation 36(3) of the Listing Regulations and the Secretarial Standards on General Meetings (SS-2)
toll free no.: 1800 1020 990 and 1800 224 present in the AGM through VC / OAVM facility as laid down by The Institute of Company Secretaries of India, additional information relating to the particulars of
430 or send a request to Ms. Pallavi Mhatre, and have not casted their vote on the Resolutions Director who is proposed to be re-appointed are given below:
Senior Manager - NSDL or Mr. Amit Vishal, through remote e-voting and are otherwise not
Agenda Item No. 3
Assistant Vice President - NSDL at evoting@ barred from doing so, shall be eligible to vote
nsdl.co.in. through e-voting system in the AGM. Name Mr. Marc-Antoine Lucchini
Age 58
3. Members who have voted through remote
Process for those Shareholders whose email Qualifications Graduation (Bio Chemistry Professional)
e-voting will be eligible to attend the AGM.
IDs are not registered with the depositories for Brief profile including expertise and experience Mr. Marc-Antoine Lucchini is a French national who has over 30 years of experience
However, they will not be eligible to vote at
procuring user ID and password and registration in the pharmaceutical industry. During his career, he has been successfully
the AGM. operating in many different environments in Pharma Operations in France
of e-mail IDs for e-voting for the resolutions set
first, and then in the United States in more strategic roles in the company’s
out in this notice: 4. The details of the person who may be contacted
headquarter. Through the different acquisitions or mergers of the company, he
for any grievances connected with the facility for had the opportunity to work in Spain as the General Manager for Iberia, in Egypt
A. In case shares are held in physical mode please
e-voting on the day of the AGM shall be the same and then in France since 2014 to lead the French affiliate, one of the biggest and
provide Folio No., Name of shareholder, scanned most complex ones for a French Pharma group. In 2016 he moved to a Regional
person mentioned for remote e-voting
copy of the share certificate (front and back), Role as Head of the European Region for the Primary Care Business Unit in which
PAN (self-attested scanned copy of PAN card), he has been driving an important transformation of the European organization
Instructions for Members for attending the and footprint. In 2020, he was appointed Head of the International Region,
AADHAR (self-attested scanned copy of Aadhar
AGM through VC / OAVM are as under: representing 68 countries with a direct reporting of 10 high potential countries
Card) by email to evoting.investors@linkintime. of the region amongst which India is a key one. Marc-Antoine has been appointed
co.in. 1. Member will be provided with a facility to attend Head of Foundation General Medicines since February 2021 managing a large
the AGM through VC / OAVM through the NSDL legacy business with diverse portfolio and strong brands all over the world.
B. In case shares are held in demat mode, please
e-voting system. Members may access by His initial training is in Biochemistry, and he speaks French, Spanish and English
provide DPID-CLID (16 digit DPID + CLID or 16
following the steps mentioned above for Access fluently.
digit beneficiary ID), Name, client master or copy
to NSDL e-voting system. After successful login, Directorships in other companies in India None
of Consolidated Account statement, PAN (self-
you can see link of “VC / OAVM link” placed under Committee Memberships and Chairmanships He is a member of Nomination & Remuneration Committee of Sanofi India Limited.
attested scanned copy of PAN card), AADHAR
“Join General meeting” menu against company
(self-attested scanned copy of Aadhar Card) to Number of Board meetings attended during the In the year 2022, Mr. Marc-Antoine Lucchini attended 5 out of 8 Board meeting
name. You are requested to click on VC / OAVM year held during the year
[email protected]. If you are an
link placed under Join General Meeting menu.
Individual shareholder holding securities in demat Remuneration last drawn for the financial year None
The link for VC / OAVM will be available in 2022
mode, you are requested to refer to the login
Shareholder / Member login where the EVEN Remuneration sought to be paid N.A.
method explained at Step 1(A) i.e., Login method
of Company will be displayed. Please note that
for e-voting for Individual shareholders holding Terms and conditions of appointment N.A.
the Members who do not have the User ID and
securities in demat mode. Relationship with other Directors and KMP None
Password for e-voting or have forgotten the
C. Alternatively, shareholder may send a request User ID and Password may retrieve the same Date of first appointment on the Board July 29, 2020
to [email protected] for procuring user ID by following the remote e-voting instructions Shareholding in Sanofi India Limited Nil
and password for e-voting by providing above mentioned in the notice to avoid last minute rush.
mentioned documents.
2. Members are encouraged to join the Meeting
D. In terms of SEBI circular dated December 9, 2020 through Laptops for better experience.
on e-voting facility provided by Listed Companies,
3. Further Members will be required to allow Camera
Individual shareholders holding securities in
and use Internet with a good speed to avoid any
demat mode are allowed to vote through their
disturbance during the meeting.
demat account maintained with Depositories
and Depository Participants. Shareholders are 4. Please note that participants connecting from
required to update their mobile number and email Mobile Devices or Tablets or through Laptop
ID correctly in their demat account in order to connecting via Mobile Hotspot may experience
access e-voting facility Audio / Video loss due to fluctuation in their
respective network. It is therefore recommended
The instructions for members for e-voting on the to use stable Wi-Fi or LAN connection to mitigate
day of the AGM are as under:- any kind of aforesaid glitches.
1. The procedure for e-voting on the day of the AGM

is same as the instructions mentioned above for
remote e-voting.
82 83
Report of the Directors
Explanatory Statement The Company had earlier sought approval of the Members To the Members of the Company
for paying commission as approved by the Board, not
Explanatory Statement relating to the business mentioned Your Directors have the pleasure of presenting their report and the Audited Accounts of your Company for the Financial
exceeding 1% (one percent) of the profits of the Company
in Item Nos. 4 & 5 in the accompanying Notice of the Annual Year ended December 31, 2022.
to the Non-Executive Directors, other than the Managing
General Meeting (AGM) is given below: C in Million
Director or Whole-time Director(s) or Director(s) who are
employees of Sanofi or companies of the Sanofi Group, Financial Results 2022 2021
Item No. 4 in addition to sitting fees paid to them for attending the Revenue from operations 27,701 29,566
The Board of Directors, on the recommendation of the Meetings of the Board of Directors or its Committees, for Other income 715 744
Audit Committee, has approved the appointment of a period of five financial years from January 1, 2019 to Total income 28,416 30,310
M/s. Kirit Mehta & Co., Cost Accountants, as Cost Auditors December 31, 2023. Profit before exceptional items and tax 7,323 7,684
to conduct the audit of the cost accounts maintained
It is now proposed to extend the time period for payment of Profit before tax 8,643 12,576
by the Company for the financial year ending December
Commission without any change in the maximum limit of 1% Tax expense 2,437 3,132
31, 2023.
(one percent) of the profits of the Company payable to the Profit for the year 6,206 9,444
In accordance with the provisions of Section 148 of the Non-Executive Directors for a further period of five years
Other comprehensive income (Net of tax) 5 (33)
Act, read with the Companies (Audit and Auditors) Rules, starting from January 1, 2024 to December 31, 2028.
Total comprehensive income for the year 6,211 9,411
2014, the remuneration payable to the Cost Auditors must
Accordingly, the Board recommends the resolution at
be ratified by the members of the Company. Accordingly,
Item no. 5 of the Notice for approval by the members.
consent of the members is sought for approval of the The financial results for the year ended December 31, 2022 requirements of the Company. The dividend is subject to
The Non-Executive Directors, other than the Managing
remuneration payable to the Cost Auditors for the financial are not comparable with that of year ended December 31, approval of members at the ensuing Sixty-Seventh Annual
Director, Whole-time Directors and Directors who are
year ending December 31, 2023. 2021 due to the following: General Meeting (AGM) of the Company.
employees of Sanofi or companies of the Sanofi group,
The Board recommends the approval of the remuneration are interested in matter to the extent of the remuneration 1. During the previous financial year 2021, the Board The dividend, if approved by the Members at the AGM
payable to M/s. Kirit Mehta & Co., Cost Accountants for proposed for them. of Directors of the Company approved a transaction scheduled on May 11, 2023, will result in cash outflow
conducting the cost audit and passing of the Ordinary for the slump sale and transfer of the Company’s of C 8,683 million.
Resolution set out at Item no. 4 of the Notice. None of the other Directors or Key Managerial Personnel Nutraceuticals business, on a going concern basis
During the year under review, the Board of Directors
of the Company and their relatives are concerned or to Universal Nutriscience Private Limited for the
None of the Directors or Key Managerial Personnel of the approved and paid a one-time special Interim Dividend
interested, financially or otherwise, in this Resolution. consideration of C 5,860 million (after working capital
Company and their relatives are concerned or interested, of C 193 per equity share of C 10 each for the year ending
adjustments).
financially or otherwise, in this Resolution. December 31, 2022, which was paid on August 22, 2022.
By Order of the Board of Directors
2. The Board of Directors of the Company at its meeting
The total dividend for the Financial Year 2022, including
Item No. 5 Radhika Shah
held on November 25, 2021, approved the transfer of
the proposed final dividend and second special dividend,
certain assets namely marketing intangibles, customer
The Non-Executive / Independent Directors of your Company Secretary amounts to C 570 per equity share of C 10 each. The normal
lists / database, trade channel knowledge / wholesaler
Company bring with them significant professional expertise Membership No: A19308 divided without exceptional and special dividend results in a
lists, vendor / supplier database, pharmacovigilance /
and rich experience across a wide spectrum of business, payout of 85% of the profits of the Company.
Registered Office: medical database that are related to the distribution
technology, strategy, policy matters and corporate
Sanofi House, business of Soframycin and Sofradex conducted by the In view of the changes made under the Income-tax
governance. In line with the Company’s Nomination and
CTS No. 117-B, L&T Business Park, Company and product inventory to Encube Ethicals Act, 1961, by the Finance Act, 2020, dividends paid or
Remuneration Policy, it is proposed to pay commission to
Saki Vihar Road, Powai, Private Limited. The transaction concluded during distributed by the Company shall be taxable in the hands
the Non-Executive Directors commensurate with their roles
Mumbai – 400072. the year on January 31, 2022 after fulfillment of the of the Members. The Company shall, accordingly, make the
and responsibilities. As per the Policy the Non-Executive
CIN: L24239MH1956PLC009794 underlying conditions and the Company received the payment of the dividend after deduction of tax at source.
Directors are entitled to pay commission as a percentage
E-mail: [email protected] full consideration of C 1,369 million including working
to profit and the sitting fees for attending the meeting(s) of Pursuant to the requirements of Regulation 43A of the
February 23, 2023 capital adjustments and consequently, during the
the Board / Committees of the Board. Securities and Exchange Board of India (Listing Obligations
quarter ended March 31, 2022.
and Disclosure Requirements) Regulations, 2015 (‘Listing
Regulations’), the Dividend Distribution Policy of the
Transfer to Reserves Company is available on the Company’s website at https://
Your Company does not propose to transfer any amount to www.sanofiindialtd.com/en/investors/corporate-policies
the general reserves of the Company.
Unpaid / Unclaimed Dividend
Dividend In terms of the provisions of Investor Education and
Your Directors at their meeting held on February 23, 2023 Protection Fund (Accounting, Audit, Transfer and Refund)
have recommended payment of final dividend of C 194 Rules, 2016 (including amendments and modifications,
per equity share of C 10 each and a second special dividend thereof), C 4.14 million of unpaid / unclaimed dividends
of C 183 per equity share of C 10 each for the year ended were transferred during the year 2022 to the Investor
December 31, 2022, considering the business and cash Education and Protection Fund.
84 85
Directors and Key Managerial Personnel Sanofi Vaccines, India, since Nov 2019. She has over 23 Report on Corporate Governance Nomination and Remuneration Policy
(KMP) years of experience and a successful career with major & Remuneration of Directors, Key
As required under Regulation 34 of the Listing Regulations,
pharmaceutical organisations in India holding roles across Managerial Personnel and Senior
During the year under review, Mr. Rajaram Narayanan a Report on Corporate Governance along with a Certificate
(DIN: 02977405) stepped down as the Managing Director
sales, marketing, and strategy and business development.
of Compliance from the Statutory Auditors is part of
Management
The Members approved appointment of Ms. Annapurna Das
of the Company with effect from close of business hours this Report. During the year under review, the Board of Directors
as the Non-Executive Directors, of the Company through
on April 10, 2022. The Board places on record its immense approved the revised Nomination and Remuneration
Postal Ballot on December 28, 2022, with requisite majority.
appreciation for his contribution to the Company. Conservation of Energy, Technology Policy of the Company which now captures the Company’s
The Board of Directors of the Company at its meeting held
As on the date of this Report, Mr. Rodolfo Hrosz, Managing Absorption and Foreign Exchange Leadership Framework for its employees and explains
on April 18, 2022, based on the recommendation of the
Director; Mr. Cherian Mathew, Whole-time Director; Earnings and Outgo the principles of the overall remuneration including
Mr. Vaibhav Karandikar, Whole-time Director and Chief short-term incentive and the long-term incentive payable
Nomination and Remuneration Committee approved the Information on Conservation of Energy, Technology
Financial Officer and Ms. Radhika Shah, Company Secretary to the Executive Directors, Key Managerial Personnel,
appointment of Mr. Rodolfo Hrosz (DIN: 09609832) as the absorption and Foreign Exchange earnings and outgo
& Compliance Officer are the Key Managerial Persons of Senior Management, and other employees of the Company.
Managing Director of the Company with effect from June pursuant to Section 134(3)(m) of the Act, read with Rule
the Company. The Policy also provides guidance on selection and
1, 2022. 8(3) of the Companies (Accounts) Rules, 2014 is given in
nomination of Directors to the Board of the Company
Mr. Aditya Narayan, Chairman, Mrs. Usha Thorat, Annexure - A to this Report.
Mr. Rodolfo Hrosz joined Sanofi Group as General Manager and appointment of the Senior Management Personnel
Chairperson of the Audit Committee and Nomination
of the Consumer Healthcare business in Brazil in 2017 of the Company. The remuneration paid to the Executive
and has successfully led the organisation through
and Remuneration Committee and Mr. Rahul Bhatnagar, Subsidiaries, Associate Companies and Directors, Key Managerial Personnel and Senior
several transformative stages, right from its inception
Chairman of Stakeholder Relationship Committee, Joint Ventures Management is in accordance with the Nomination and
Corporate Social Responsibility Committee and Risk
to it becoming a top growth contributor and a digital- Your Company does not have any subsidiaries, associate Remuneration Policy formulated in accordance with
Management Committee are the Independent Directors of
acceleration reference point within the Sanofi Group. companies or joint ventures. Section 178 of the Act and the Listing Regulations. Further
the Company.
details form part of the Report on Corporate Governance
He has wealth of rich experience from commercial,
marketing, and general management roles across several
The Company has received declarations from all Meetings of the Board and a Statement of Disclosure of Remuneration pursuant to
Independent Directors that they meet the criteria of Section 197 of the Act read with Rule 5(1) of the Companies
multinational companies. Prior to joining Sanofi, he has During the year under review, Nine (9) meetings of the
independence as laid down under Section 149(6) of the (Appointment and Remuneration of Managerial Personnel)
worked with Pfizer, LVMH, Heineken and Procter & Gamble Board were held. The dates, attendance of the Directors
Act and the Listing Regulations and they have registered Rules, 2014, is provided as Annexure - B to this Report.
in USA and in Brazil. and other details of the meetings are given in the Report on
themselves with the Independent Director’s Database
Corporate Governance. The maximum interval between any The statement showing particulars of employees pursuant
The shareholders approved the appointment of Mr. Rodolfo maintained by the IICA (The Indian Institute of Corporate
two meetings did not exceed 120 days, as prescribed by to Section 197 of the Act read with Rule 5(2) and 5(3) of the
Hrosz, as the Managing Director through Postal Ballot Affairs). In the opinion of the Board, the Independent
the Act and Listing Regulations. Companies (Appointment and Remuneration of Managerial
conducted in accordance with Section 108 and Section Directors fulfill the conditions specified in these regulations
Personnel) Rules, 2014, is not being sent to the Members
110 and other applicable provisions of the Companies and are independent of the Management.
Act, 2013 (hereinafter referred to as “the Act”) read
Familiarization Program for Independent along with this Annual Report in accordance with the
with the applicable Rules, Secretarial Standards and the

Mr. Marc-Antoine Lucchini, Non-Executive Director Directors provision of Section 136 of the Act. Any person interested
(DIN: 08812302) is liable to retire by rotation at the ensuing in receiving the said statement may write to the Company
Listing Regulations on June 22, 2022, with requisite The Independent Directors are regularly informed during
Sixty-Seventh Annual General Meeting and being eligible Secretary stating their Folio No./ DPID & Client ID.
majority. The Company has made an application to meetings of the Board and Committees on the business
offers himself for re-appointment. The Board of Directors
the Central Government pursuant to the provisions of strategy, business activities, manufacturing operations,
Sections 196, 197, 203 and other applicable provisions,
recommend his re-appointment to the Members.
updates on the pharmaceutical industry and regulatory
Audit Committee
read with Schedule V of the Act and Rules framed updates. The Directors when they are appointed are given Details pertaining to composition and re-constitution of the
thereunder to obtain approval for his appointment, and is
Cash Flow and Consolidated Financial a detailed orientation on the Company, pharmaceuticals Audit Committee are included in the Report on Corporate
awaiting approval.
Statements industry, Sanofi Global strategy, policies and Code of Governance. All the recommendations made by the Audit
As required under Regulation 34 of the Listing Regulations, Conduct, regulatory matters, business, financial matters, Committee were accepted by the Board.
Further, Mr. Charles Billard (DIN: 08173583) informed
a Cash Flow Statement is part of the Annual Report. The human resource matters and Corporate social responsibility
the Board vide his letter dated October 26, 2022 that he
would like to resign as the Non-Executive Director of the
Company does not have any subsidiaries and hence not initiatives of the Company. The details of familiarisation Vigil Mechanism
required to publish Consolidated Financial Statements. programs provided to the Directors of the Company are
Company, with effect from November 3, 2022, as he was As per the provision of Section 177(9) of the Act and
mentioned in the Report on Corporate Governance and on
pursuing other opportunities within Sanofi Group. The Regulation 22 of the Listing Regulations, the Company is
Board noted and accepted his resignation at its meeting
Management Discussion and Analysis the Company’s website at https://www.sanofiindialtd.com/
required to establish a Vigil Mechanism. The Company’s
en/investors/corporate-policies.
held on November 3, 2022. The Board places on record its As required by Regulation 34(2) of the Listing Regulations, Code of Conduct, Whistle blower and other Governance
immense appreciation for his contribution during his tenure a Management Discussion and Analysis Report forms part Policies lays out the principles of highest ethical standards.
as a Non-Executive Director of the Company. of this Report.
Performance Evaluation of the Board The details of the Whistle blower Policy are provided in
During the year under review, the performance evaluation the Report on Corporate Governance forming part of
At the same Board Meeting, based on the recommendation The state of the affairs of the business along with the
of the Board, Committees and Directors was conducted this Report.
of the Nomination and Remuneration Committee, the Board financial and operational developments has been discussed
based on the criteria, framework and questionnaires
of Directors of the Company approved the appointment of in detail in the Management Discussion and Analysis Report.
Ms. Annapurna Das (DlN: 08634664) as a Non-Executive
approved by the Nomination and Remuneration Committee Related Party Transactions
and the Board. The details of the performance evaluation
Non-Independent Director of the Company with effect from Business Responsibility and Sustainability exercise conducted by the Company are set out in the
All related party transactions, which were entered into
November 3, 2022. Ms. Annapurna Das, currently is the Head Report Report on Corporate Governance.
during the year under review were on arm’s length basis and
of Asia, Sanofi Vaccines since June 2022 with responsibility in the ordinary course of business. There were no materially
The Business Responsibility and Sustainability Report
for commercial operations for countries across Asia
for the year ended December 31, 2022, forms part of
including India. Prior to this, she was the General Manager,
this Report.
86 87
significant related party transactions by the Company with Loans, Guarantees or Investments of the Directors, considering the limited scope of audit, the The Secretarial Auditors have issued an unqualified
the Promoters, Directors and Key Managerial Personnel proposed remuneration payable to the Cost Auditors would audit report for the year ended December 31, 2022.
The Company has not granted any loan or provided any
which may have a potential conflict with the interests of the be reasonable and fair and commensurate with the scope of The comments made by the Secretarial Auditors are
guarantees to or invested in securities of any other body
Company at large. work carried out by them. self-explanatory. Their report is annexed herewith as
corporate during the year. The Company had extended a
Annexure – E to this Report.
The Company adopted the revised Policy on Materiality loan of C 4,450 million to Sanofi Healthcare India Private
of Related Party Transactions and also on Dealing with Limited which has been fully repaid in the month of
Auditors
Related Party Transactions in line with the amended Listing July 2022.
Secretarial Standards
Previous year, M/s. Price Waterhouse & Co. Chartered
Regulations. The policy is available on the Company’s Accountants LLP (Firm Registration Number 304026E / The Company has complied with all applicable Secretarial
website at https://www.sanofiindialtd.com/en/investors/ Directors’ Responsibility Statement E-300009) were re-appointed as Statutory Auditors of your Standards issued by the Institute of Company Secretaries of
corporate-policies. The Form AOC – 2 envisages disclosure Company for a further period of Five (5) years, to hold office India and adopted under the Act.
As required by Section 134(3) of the Act, your Directors, to
of material contracts or arrangements or transactions at from the conclusion of the Sixty-sixth AGM held in the year
the best of their knowledge and belief, confirm that:
arm’s length basis. The details of the material related party 2022, until the conclusion of the Seventy-first AGM to be Annual Return
transactions for the Financial Year ended December 31, 1. in the preparation of the annexed accounts for the held in the year 2027.
As required under Section 92(3) of the Act, Annual Return
2022, as per the Policy on dealing with related parties Financial Year ended December 31, 2022 all the
The Statutory Auditors have issued an unqualified audit is hosted on the website of the Company at https://www.
adopted by the Company are disclosed in Annexure – C to applicable accounting standards have been followed
report on the annual accounts of the Company for the year sanofiindialtd.com/en/investors/annual-return.
this Report. The Company had extended a loan of C 4,450 along with proper explanation relating to material
ended December 31, 2022.
million to Sanofi Healthcare India Private Limited which has departures, if any;
been fully repaid in the month of July 2022. Accordingly,
Material Changes and Commitments After
the said material related party transaction stands closed.
2. your Directors have selected such accounting policies Reporting of Fraud by Auditors the Financial Year
and applied them consistently and made judgments
During the year under review, the Statutory Auditors, No material changes and commitments have occurred after
The Company has entered into material related party and estimates that are reasonable and prudent so as
Cost Auditors and Secretarial Auditors have not reported the closure of the Financial Year ended December 31, 2022
transactions with Sanofi-Aventis Singapore Pte. Ltd., and to give a true and fair view of the state of affairs of the
any instances of frauds committed in the Company by till the date of this Report, which would affect the financial
Sanofi Healthcare India Private Limited for purchase and Company at the end of the Financial Year, 2022 and of
its Officers or Employees to the Audit Committee under position of your Company.
sale of products and services. These transactions were in the profit of the Company for that year;
section 143(12) of the Act, details of which needs to be
the ordinary course of business and at arm’s length duly There has been no change in the nature of business of
3. your Directors have taken proper and sufficient mentioned in this Report.
certified by third-party experts. The transactions were your Company.
care for the maintenance of adequate accounting
within the limits approved by the Members.
records in accordance with the provisions of the Act Prevention of Sexual Harassment Policy
for safeguarding the assets of the Company and for
Significant and Material Orders passed by
Corporate Social Responsibility preventing and detecting fraud and other irregularities;
The Company has in place a Prevention of Sexual the Regulators / Courts / Tribunals
Harassment Policy in line with the requirements of the
The Board has constituted a Corporate Social Responsibility No significant or material orders were passed by the
4. the said accounts have been prepared on a going Sexual Harassment of Women at Workplace (Prevention,
(CSR) Committee to monitor the implementation of CSR Regulators or Courts or Tribunals which impacts the going
concern basis; Prohibition and Redressal) Act, 2013. An Internal
activities of your Company. The details of the composition concern status and Company’s operations in future.
Committee has been set up to redress complaints received
of the CSR Committee, CSR policy, CSR initiatives and 5. internal financial controls to be followed by the
regarding sexual harassment. All employees (permanent,
activities undertaken during the year are given in the Company have been laid down and that internal
contractual, temporary, trainees) are covered under
Acknowledgements
Annual Report on CSR activities in Annexure – D to controls are adequate and were operating
this policy. Your Directors place on record their deep appreciation
this Report. effectively; and
to employees at all levels for their hard work, dedication
During the year 2022, the Company did not receive any
6. proper systems to ensure compliance with and commitment. The Board also places on record its
Risk Management the provisions of all applicable laws have been
complaint of alleged sexual harassment. As on December
appreciation for the support and co-operation that your
31, 2022 no complaints related to sexual harassment are
Your Company has implemented a mechanism for risk devised and that such systems are adequate and Company has been receiving from the medical fraternity,
pending for disposal.
management and formulated a Risk Management Policy. operating effectively. suppliers, distributors, retailers, business partners,
The policy provides for the creation of a risk register, government departments both at Central & State level and
Secretarial Audit
identification of risks and formulating mitigation plans. Cost Audit all other stakeholders.
Your Company has also constituted a Risk Management Pursuant to the provisions of Section 204 of the Act
Pursuant to Section 148 of the Act read with the
Committee, details of which are disclosed in the Corporate and the Companies (Appointment and Remuneration of On behalf of the Board of Directors
Companies (Cost Records and Audit) Rules, 2014, the
Governance Report. As per the governance process Managerial Personnel) Rules, 2014, your Directors had
Company is required to maintain cost records. The accounts
described in the Policy, the Risk Management Committee appointed M/s. Makarand M. Joshi & Co., a firm of Company Aditya Narayan
and records are made and maintained by the Company
reviews the risk identification, risk assessment and Secretaries in Practice, to undertake the Secretarial Audit of Chairman
and are required to be audited. Your Directors have, on
minimisation procedures on quarterly basis and updates the your Company for the year ended December 31, 2022. February 23, 2023 DIN: 00012084
the recommendation of the Audit Committee, appointed
Audit Committee and the Board periodically.
M/s. Kirit Mehta & Co., Cost Accountants to audit the cost
The key risks impacting the Company are discussed in the accounts maintained by the Company for the financial year
Management Discussion and Analysis section forming part ending December 31, 2023.
of this Report.
As required by the Act, the remuneration payable to the
Cost Auditor is required to be placed before the members
Deposits from Public in General Meeting for their ratification. Accordingly,
Your Company has not accepted any deposits from the a resolution seeking ratification of the remuneration
public and as such no amount of principal or interest on payable to M/s. Kirit Mehta & Co. as approved by the Audit
deposits from the public was outstanding as on the date Committee and Board is included in the Notice convening
of the Balance Sheet. the Annual General Meeting of the Company. In the opinion
88 89
Annexure – A to the Report of the Directors initiatives, switching off lights during lunch break, c. Whether the technology has been fully
efficient use of diesel generator sets, managing and absorbed: Not applicable
Conservation of Energy, Technology Absorption and Foreign Exchange monitoring equipment efficiency etc.
d. If not fully absorbed, areas where absorption
Earnings and Outgo B. Technology Absorption:
has not taken place and reasons thereof:
Not applicable
Statement containing particulars pursuant to Section 134(3)(m) of the Act read with Rule 8(3) of the Companies Research and Development (R & D):
As mentioned in (1) we continue to receive
(Accounts) Rules, 2014 and forming part of the Report of the Directors for the year ended December 31, 2022.
1. Efforts in brief made towards technology technology, process know-how and technical
absorption: assistance from time to time from the
A. Conservation of Energy − 1.8 MW Solar power system installed under Opex
The Company on an on-going basis takes
Parent Company.
model, this will reduce 22% CO2 emission for Goa Site
Aligned to Sanofi group’s commitment towards steps to enhance its technical expertise for
and will generate annual savings of C 4.4 Million for 4. Expenditure on Research and Development
mitigating climate change, to the trajectory of pharmaceutical formulations. The Company puts
next 15 years.
limiting global warming by 1.5 °C, we have targeted emphasis on innovation in its operations. a) Capital C Nil
to achieving carbon neutrality by 2030 and Net Zero − In 2022 a multi-site ISO 50001 certification b) Revenue C Nil
by 2050. Thus, energy Management becomes one was launched. Such certification attests 2. Benefits derived as a result of the above efforts:
c) Total C Nil
of our key requirements for running and governing to the effectiveness of our sites’ energy
The Company has benefited substantially as a d) otal R&D expenditure as a Not applicable
T
our business. Energy consumption is one of the management systems.
result of the emphasis on innovation. Developing percentage of total turnover:
major sources of greenhouse gas emissions, while
− In Financial Year 2022 we have increased our overall product line extensions, improvement in
energy costs have a direct impact on the cost of
load (corporate offices and manufacturing site) on product quality, operational excellence projects, Foreign Exchange Earnings and Outgo
operations. We are increasingly cognizant of the
renewable sources by 5%. Which means 39.7% of technology transfer of products and reduction
necessity to improve our energy efficiency and are a) Total Foreign Exchange used C 4,036.77 Million
total energy consumed are green energy. in energy consumption are some of the benefits
continuously upgrading our energy management
derived as a result of above efforts carried out b) Total Foreign Exchange C 3,904.02 Million
systems. To promote this, we strive to make optimum − Biomass used for Steam Generation is helping to
during the year under review. earned
use of existing energy-consuming assets, promote reduced dependency on fossil fuel
energy management best practices, help prioritize the The Site further adopted automated technology
− Upgradation of the existing facility of Solid oral line On behalf of the Board of Directors
implementation of energy-efficient technology. Energy and installed new equipment which met Sanofi
to meet the state of art technology.
consumption includes energy consumption at our Quality and HSE standards. Aditya Narayan
operations, buildings, and offices. − White Color sheets for lesser heating for technical Chairman
areas 3. Imported technology (imported during the last February 23, 2023 DIN: 00012084
Our energy consumption needs are mostly met
3 years reckoned from the beginning of the
through the electricity grid and renewable energy − Deployed robust mechanism by using automation
financial year):
sources. We used 39.7% of renewable energy in and digital tools to collect equipment wise
Financial Year 2022 through solar power generation Equipment efficiency data, to ensure our a. The details of technology imported: Nil
and biomass utilization. We are using 51.9% of energy equipment’s are used efficiently with less wastage.
b. The year of import: Not applicable
from the purchased electricity grid and 6.9% from For blister packaging line 10, already completed for
renewable solar energy. However, 8.4% of energy is other lines work is in progress.
consumed using fossil fuel sources.
Mumbai Office
Energy Conservation measures undertaken in − At our Mumbai office 100% of energy procured is
2022: green energy.
Goa factory − Solar power plant installed at roof top of Mumbai

− HVAC energy optimization project for production -2 office with capacity of 104.16 KWP.
building completed. For production -1 building, work
− As Mumbai office is already LEED Platinum certified,
is in progress and is expected to be completed by
energy efficient design aspects are already built
2024. Once the project is executed, this will generate
in. Operational aspects optimized for energy
good savings.
conservation, including managing settings of HVAC
systems, automation, LED lightings, awareness
90 91
Annexure – B to the Report of the Directors Annexure – C to the Report of the Directors
Statement of Disclosure of Remuneration Form No. AOC-2: Material Related Party Transactions
[Pursuant to clause (h) of sub-section (3) of Section 134 of the Act and Rule 8(2) of the
Information pursuant to Section 134(3)(q) and Section 197 (12) of the Act read with Rule 5(1) of the Companies
Companies (Accounts) Rules, 2014]
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 for the year ended December 31, 2022 and
forming part of the Directors' Report for the said year.
Form for disclosure of particulars of contracts / arrangements entered into by the Company with related parties referred to
A. Ratio of the remuneration of each Executive Director to the Median remuneration of the Employees of in sub-section (1) of Section 188 of the Act including certain arm’s length transactions under third proviso thereto.
the Company:
A. Details of contracts or arrangements or transactions not at arm’s length basis
Ratio of remuneration of each Executive
Name of the Director Designation Director to median of remuneration during the year ended December 31, 2022:
of Employees
Nil
Mr. Rodolfo Hrosz Managing Director 24:1
Mr. Cherian Mathew Whole-time Director 27:1
B. Details of material contracts or arrangements or transactions at arm’s length basis
Mr. Vaibhav Karandikar Whole-time Director and Chief Financial Officer 20:1
during the year ended December 31, 2022:
Percentage increase in remuneration of each Executive Director, Chief Financial Officer (CFO), Chief Executive Sr. No. Particulars Details of Transaction – 1 Details of Transaction – 2 Details of Transaction – 3
Officer and Company Secretary: 1. Name(s) of the Sanofi-Aventis Singapore Sanofi Healthcare India Private Limited (formerly Sanofi Healthcare India Private
related party Pte. Ltd. known as Shantha Biotechnics Private Limited) Limited (formerly known as
Percentage increase in (SHIPL) Shantha Biotechnics Private
Name of the Director and KMP Designation
remuneration (%) Limited) (SHIPL)
Mr. Rodolfo Hrosz* Managing Director Not Comparable 2. Nature of Related Party in Sanofi Group Related Party in Sanofi Group where Common Related Party in Sanofi Group
relationship where Common control control exists where Common control exists
Mr. Cherian Mathew Whole-time Director 5.1
exists
Mr. Vaibhav Karandikar Whole-time Director and Chief Financial Officer 5.5 3. Nature of Purchase, sale, transfer or Loan up to C 4,450 million* Purchase, sale, transfer or
Ms. Radhika Shah# Company Secretary Not Comparable contracts / receipt of products, goods, receipt of products, goods,
arrangements / active pharmaceutical active pharmaceutical
* Details not given as he was Managing Director for part of the Financial Year 2022 transactions ingredients, materials, ingredients, materials, services
# Details not given as she was Company Secretary for part of the financial year 2021 services or other obligations, or other obligations, if any, for
if any, for an amount not an amount not exceeding in
Notes: exceeding in aggregate aggregate C 10,000 million in
C 20,000 million in each each financial year.
1. he Independent Directors of the Company are entitled to Sitting Fees and Commission as per the statutory
T financial year.
provisions. The details of remuneration of Non-Executive Directors are provided in the Corporate Governance 4. Duration of Ongoing Up to April 15, 2023 For period of five years
Report. Sitting fees is paid based on the number of meetings attended by an Independent Director and hence the contracts / commencing from Financial
arrangements / Year 2022 to Financial Year
the % increase is not comparable. transactions 2026
2. Non-Executive Directors who are employees of Sanofi group do not receive do not receive any Sitting Fees 5. Salient terms of On arm’s length basis and Loan given to SHIPL was at interest rate of 9.5% On arm’s length basis and
the contracts or in the ordinary course of (till April 14, 2020, 7.5% from April 15, 2020, in the ordinary course of
or Commission. arrangements business. The total value 5.5% from April 15, 2021 & 5.55% from October business. The total value of the
or transaction of the transactions in the 15, 2021) per annum payable quarterly or at such transactions in the Financial
3. Director / KMP who resigned during the year have not been included in the above statement. including the financial year was C 6,459 rate of interest as may be mutually decided by the Year was C 4,910 million
value, if any million Board of Directors (on the approval of the Audit
B. The percentage increase in the median remuneration of employees in the financial year: 6.82% Committee) and SHIPL, but not lower than the
prevailing yield of Government security closest to
C. The number of permanent employees on the rolls of the Company as on December 31, 2022: 2,651 the tenure of the loan.
The total value of the transactions in the Financial
D. Average percentile increase already made in the salaries of the employees other than the managerial Year in terms of interest income was C 137 million
personnel in last financial year and comparison with percentile increase in the managerial remuneration 6. Date of approval February 27, 2017 May 5, 2017, October 31, 2018, November 12, February 14, 2022**
and justification thereof: by the Board 2019, February 25, 2020, October 27, 2020,
February 23, 2021 and October 26, 2021
The average percentile increase in salaries of the employees other than managerial personnel was 7% and for 7. Amount paid as None None None
advances, if any
managerial remuneration it was 5.3%.
*During the year SHIPL had repaid the loan of C 4,450 million to the Company and thus there was no amount outstanding as on December
The increases are a function of the Company’s market competitiveness within its comparator group as ascertained 31, 2022. Accordingly, the said material related party transaction stands closed.
through the detailed salary benchmarking survey the Company undertakes annually and reflects the Company’s
**The transaction was approved by the Board through a circular resolution dated February 14, 2022 and subsequently noted at the meeting
reward philosophy along with creating differentiation based on Performance impact levels. of the Board held on February 23, 2022.
E. Affirmation that the remuneration is as per Remuneration Policy of the Company: The aforesaid transactions have been approved by the Audit Committee and shareholders with requisite majority.
They are in the ordinary course of business and at arms’ length.
It is hereby affirmed that the remuneration paid to the Directors and Employees is as per the Remuneration Policy of
the Company. On behalf of the Board of Directors
On behalf of the Board of Directors
Aditya Narayan
Chairman
Aditya Narayan
February 23, 2023 DIN: 00012084
Chairman
February 23, 2023 DIN: 00012084
92 93
Annexure – D to the Report of the Directors (e) CSR amount spent or unspent for the Financial Year:
Annual Report on Corporate Social Responsibility Activities Total Amount Spent

Amount Unspent (in D)
Total Amount transferred to Unspent CSR Amount transferred to any fund specified under Schedule
for the Financial Year
Account as per sub-section (6) of section 135 VII as per second proviso to sub-section (5) of section 135
1. Brief outline on CSR Policy of the Company: (in D)
Amount Date of transfer Name of the Fund Amount Date of transfer
The Company’s approach towards Corporate Social Responsibility (CSR) is to focus in areas where it can make a 142.9 million Nil NA NA NA NA
difference and have the most impact. The Company will leverage its expertise and resources to improve access to
quality healthcare for people.
(f) Excess amount for set off, if any:
The Company aims to partner projects in Diabetes, Hypertension, Cardiovascular Disease and Cancer by sharing
Sr. No. Particular Amount (in D)
its expertise and experience. The Company believes that to make a meaningful impact, it needs to partner with the
(i) Two percent of average net profit of the company as per sub-section (5) of section 135 142.9 million
Government and like-minded organizations. Accordingly, it engages in Public-Private Partnership (PPP) projects
(ii) Total amount spent for the Financial Year 142.9 million
aimed at effectively and transparently implementing healthcare programs for marginalized communities.
(iii) Excess amount spent for the Financial Year [(ii)-(i)] -
(iv) Surplus arising out of the CSR projects or programmes or activities of the previous financial years, if any -
2. Composition of CSR Committee:
(v) Amount available for set off in succeeding financial years [(iii)-(iv)] -
Number of meetings of Number of meetings of
Sr.
Name of the Director Designation / Nature of Directorship CSR Committee held CSR Committee attended
No.
during the year during the year 7. Details of Unspent Corporate Social Responsibility amount for the preceding three Financial Years:
1. Mr. Rahul Bhatnagar Chairman, Independent Director 3 3
1 2 3 4 5 6 7 8
2. Mrs. Usha Thorat Member, Independent Director 3 3
Balance Amount transferred to a Fund
3. Mr. Rajaram Narayanan* Member, Managing Director 3 1 as specified under Schedule Amount
Amount in
Amount transferred to Amount VII as per second proviso to remaining to
Unspent CSR
4. Mr. Rodolfo Hrosz** Member, Managing Director 3 2 Sr. Preceding Unspent CSR Account Spent in the subsection (5) of section 135, be spent in Deficiency,
Account under
No. Financial Year(s) under subsection (6) of Financial if any succeeding if any
Note: * Resigned as Managing Director w.e.f. April 10, 2022 and accordingly ceased to be a Member of CSR Committee as on said date. subsection (6)
section 135 (in `) Year (in `) Financial Years
of section 135 Amount Date of
** Appointed as Managing Director and Member of CSR Committee w.e.f. June 1, 2022. (in `)
(in `) (in `) Transfer
1. 2021 37 Million 37 Million 37 Million - - Nil -
3. Provide the web-link(s) where Composition of CSR committee, CSR Policy and CSR projects approved by
the board are disclosed on the website of the company:
8. Whether any capital assets have been created or acquired through Corporate Social Responsibility
The web-links are as follows: amount spent in the Financial Year:
Composition of CSR Committee: https://www.sanofiindialtd.com/en/investors/board-of-directors-and-board- Yes No
commitees
9. Specify the reason(s), if the company has failed to spend two per cent of the average net profit as per
CSR Policy: https://www.sanofiindialtd.com/en/investors/corporate-policies.com
sub-section (5) of section 135: Not Applicable
CSR projects: https://www.sanofiindialtd.com/en/investors/disclosures/other-disclosures
On behalf of the Board of Directors
4. Provide the executive summary along with the web-link(s) of Impact assessment of CSR projects carried
out in pursuance of sub-rule (3) of rule 8 of the Companies (Corporate Social responsibility Policy) Rules, Rahul Bhatnagar Mr. Rodolfo Hrosz
2014, if applicable: There are no projects completed during the Financial Year 2022 for which impact assessment Chairman CSR Committee Managing Director
is applicable. DIN:07268064 DIN: 09609832
5. (a) Average net profit of the company as per sub-section (5) of section 135: 7,144 million
(b) Two percent of average net profit of the company as per sub-section (5) of section 135: 142.9 million
(c) Surplus arising out of the CSR projects or programmes or activities of the previous Financial
Years: Nil
(d) Amount required to be set off for the Financial Year, if any: Nil
(e) Total CSR obligation for the Financial Year [5(b)+5(c)-5(d)]: 142.9 million
6. (a) Amount spent on CSR Projects (both Ongoing Project and other than Ongoing Project): C 135,781,059
(b) Amount spent in Administrative Overheads: C 7,145,000
(c) Amount spent on Impact Assessment, if applicable: NA
(d) Total amount spent for the Financial Year [6(a)+6(b)+6(c)]: C 142,926,059
94 95
Annexure – E to the Report of the Directors (g) The Securities and Exchange Board of India Directors, and Independent Directors. The changes in
(Delisting of Equity Shares) Regulations, 2021; the composition of the Board of Directors that took place
FORM NO. MR. 3 (Not Applicable to the Company during the during the audit period were carried out in compliance with
SECRETARIAL AUDIT REPORT Audit Period) and the provisions of the Act and Listing Regulations.
For the Financial Year Ended December 31, 2022
(h) The Securities and Exchange Board of India Adequate notice is given to all directors to schedule the
[Pursuant to Section 204(1) of the Companies Act, 2013 and Rule No. 9 of the Companies
(Buy-back of Securities) Regulations, 2018. Board Meetings, agenda and detailed notes on agenda were
(Appointment and Remuneration of Managerial Personnel) Rules, 2014]
(Not Applicable to the Company during the sent at least seven days in advance (except few meetings
Audit Period) were convened at a shorter notice for which necessary
approvals obtained as per applicable provisions), and a
We have also examined compliance with the applicable
To, We have examined the books, papers, minute books, forms system exists for seeking and obtaining further information
clauses of the following:
The Members, and returns filed and other records maintained by the and clarifications on the agenda items before the meeting
Sanofi India Limited Company for the Financial Year ended on December 31, (i) Secretarial Standards issued by The Institute of and for meaningful participation at the meeting.
Sanofi House, 2022 according to the provisions of: Company Secretaries of India.
All decisions at Board Meetings and Committee Meetings
CTS. No.117-B, L&T Business Park,
(i) The Companies Act, 2013 (‘the Act’) and the rules (ii) The Securities and Exchange Board of India (Listing are carried out unanimously as recorded in the minutes of
Saki Vihar Road, Powai,
made there under; Obligations and Disclosure Requirements) Regulations, the meetings of the Board of Directors or Committee of the
Mumbai - 400072
2015 and amendments made thereunder. (‘Listing Board, as the case may be.
(ii) The Securities Contracts (Regulation) Act, 1956
Regulations')
We have conducted the secretarial audit of the compliance (‘SCRA’) and the rules made there under; We further report that there are adequate systems and
of applicable statutory provisions and the adherence We further report that, having regard to the compliance processes in the Company commensurate with the size
(iii) The Depositories Act, 1996 and the Regulations and
to good corporate practices by Sanofi India Limited system prevailing in the Company and on the examination and operations of the Company to monitor and ensure
Bye-laws framed there under;
(hereinafter called the Company). Secretarial Audit was of the relevant documents and records in pursuance compliance with applicable laws, rules, regulations,
conducted in a manner that provided us a reasonable (iv) Foreign Exchange Management Act, 1999 and the thereof, on test-check basis, the Company has generally and guidelines.
basis for evaluating the corporate conducts / statutory rules and regulations made thereunder to the extent complied with the following law applicable specifically to
We further report that during the audit period, the
compliances and expressing our opinion thereon. of Foreign Direct Investment (External Commercial the Company:
company has completed its divestment in Soframycin and
Borrowings and Overseas Direct Investment are not
− Drugs and Cosmetics Act, 1940 & Rules thereto Sofradex businesses.
Auditor’s Responsibility: Applicable to the Company during the Audit Period);
− Drugs Price (Control) Order, 2013 Further, we have relied upon independent third-party
Our responsibility is to express an opinion on the (v) The following Regulations and Guidelines prescribed
opinion obtained by the Company w.r.t maintenance
compliance of the applicable laws and maintenance of under the Securities and Exchange Board of India Act, − Drugs and Magic Remedies (Objectionable
of structured digital database under Regulation 3(5) of
records based on audit. We have conducted the audit 1992 (‘SEBI Act’):- Advertisement) Act, 1954
PIT Regulations.
in accordance with the applicable Auditing Standards
(a) The Securities and Exchange Board of India − Narcotic Drugs and Psychotropic Substances Act, 1985
issued by The Institute of Company Secretaries of India.
(Substantial Acquisition of Shares and Takeovers) For Makarand M. Joshi & Co.
The Auditing Standards requires that the Auditor shall − Food Safety and Standards Act, 2006
Regulations, 2011; Company Secretaries
comply with statutory and regulatory requirements and
− Legal Metrology Packaged Commodities Act.
plan and perform the audit to obtain reasonable assurance (b) The Securities and Exchange Board of India
Makarand M. Joshi
about compliance with applicable laws and maintenance (Prohibition of Insider Trading) Regulations, 2015; During the period under review the Company has complied
Partner
of records. (‘PIT Regulations’) with the provisions of the Act, Rules, Regulations,
FCS: 5533
Guidelines and Standards etc. made there under. Further,
Due to the inherent limitations of audit including (c) The Securities and Exchange Board of India CP: 3662
Company has delayed in two instances for annual routine
internal, financial, and operating controls, there is an (Issue of Capital and Disclosure Requirements) Date: February 23, 2023 PR: 640/2019
submissions to Stock Exchange.
unavoidable risk that some material misstatements or Regulations, 2018; (Not Applicable to the Place: Mumbai UDIN: F005533D003192519
material non-compliances may not be detected, even Company during the Audit Period)
We further report that
though the audit is properly planned and performed in This report is to be read with our letter of even date which
(d) The Securities and Exchange Board of India
accordance with the Standards. The Board of Directors of the Company is duly constituted is annexed as Annexure A and forms an integral part of
(Share Based Employee Benefits and Sweat
with proper balance of Executive Directors, Non-Executive this report.
Based on our verification of the Company’s books, Equity) Regulations, 2021; (Not Applicable to the
papers, minute books, forms and returns filed and Company during the Audit Period)
other records maintained by the Company and also the
(e) The Securities and Exchange Board of India
information provided by the Company, its officers, agents
(Issue and Listing of Non-Convertible Securities)
and authorized representatives during the conduct of
Regulations, 2021; (Not Applicable to the
secretarial audit, we hereby report that in our opinion, the
Company during the Audit Period)
Company has, during the audit period covering the financial
year ended on December 31, 2022 (hereinafter called (f) The Securities and Exchange Board of India
the ‘Audit Period’) complied with the statutory provisions (Registrars to an Issue and Share Transfer Agents)
listed hereunder and also that the Company has proper Regulations, 1993 regarding the Companies Act
Board processes and compliance mechanism in place to and dealing with client;
the extent, in the manner and subject to the reporting
made hereinafter:
96 97
‘Annexure A’
Management Discussion and Analysis Report
To,
The Members, Economic outlook of the e-pharmacy sector, expansion of co-marketing
Sanofi India Limited agreements, coupled with the introduction of new OTC
India’s economy has now become the fifth-largest in the
Sanofi House, regulations will also be a growth driver till 2026.
world on nominal GDP (US dollars) and is set to become the
CTS. No.117-B, L&T Business Park,
second-fastest growing economy in FY 2023, despite the
~H 3,000 billion
slower global demand and tightening of monetary policy to
Mumbai - 400072
manage inflationary pressures.
Our report of even date is to be read along with this letter. The Indian economy is projected to record a relatively Projected size of Indian Pharmaceutical
healthy Gross Domestic Product (GDP) growth of Market by 2026
1. Maintenance of secretarial record is the responsibility of the management of the company. Our responsibility is to
6.1% (Source: IMF) in FY 2023 and is showing signs
express an opinion on these secretarial records based on our audit.
of moderation. India advantages
2. We have followed the audit practices and processes as were appropriate to obtain reasonable assurance about
GDP growth is expected to decline to 5.7% in FY 2024, as Growth in partnerships and co-marketing
the correctness of the contents of the Secretarial records. The verification was done on test basis to ensure that
exports and domestic demand growth moderate. Inflation agreements: Partnerships and co-marketing agreements
correct facts are reflected in secretarial records. We believe that the processes and practices, we followed provide a
will slow private consumption but moderate along with between Indian and foreign companies are expected to
reasonable basis for our opinion.
improved global conditions, to accelerate growth to 6.9% increase, reflecting benefits for both originators and local
3. We have not verified the correctness and appropriateness of financial records and Books of Accounts of the company. in FY 2025. The key drivers for medium-term growth are partners. Such alliances will drive rapid and broader market
increasing public sector expenditure on infrastructure, penetration for new brands while increasing sales for more
4. Wherever required, we have obtained the Management representation about the compliance of laws, rules and
supply-side and financial reforms (GST and better tax established products.
regulations and happening of events etc.
compliance, bankruptcy court, bad bank, etc.), India’s
Expansion of e-pharmacy and chain businesses:
5. The compliance of the provisions of Corporate and other applicable laws, rules, regulations, standards is the digital architecture that includes the universal payment
E-pharmacy sales, which were already rising rapidly, saw
responsibility of management. Our examination was limited to the verification of procedures on test basis. systems, nationwide identification framework, distribution
a strong surge in demand during the second wave of the
of welfare schemes, healthcare official data stack intended
6. The Secretarial Audit report is neither an assurance as to the future viability of the company nor of the efficacy or pandemic, registering more than 25% growth in 2021. The
to solve social, inclusion needs, and logistics and favourable
effectiveness with which the management has conducted the affairs of the company. rapid growth of the sector is encouraging investments
demographics are expected to set the economy on the path
from large businesses, and consolidation of smaller players;
of recovery.
For Makarand M. Joshi & Co. however, it will lead to increased competition and pressure
Company Secretaries Retail inflation prints peaked in September 2022 and have on drug prices.
since begun to ease, helped by favourable base effects.
Increase in health insurance coverage: The central
Makarand M. Joshi Inflation is expected to remain sticky in the coming months
government’s Ayushman Bharat – Pradhan Mantri Jan
Partner before gradually rolling off in 2023-24 as growth slows
Arogya Yojana (ABPMJAY) health insurance scheme will
FCS: 5533 and input price pressure abates. The USD/C s expected to
drive healthcare access, affordability and improve health
CP: 3662 consolidate between 80 and 84 over the next two years.
outcomes over the forecast period. The ‘Aap Ke Dwar
Date: February 23, 2023 PR: 640/2019
Ayushman’ campaign, to facilitate door-to-door beneficiary
Place: Mumbai UDIN: F005533D003192519 Industry update mobilisation, identified over 40 million people under
The Indian pharmaceutical industry has been growing at the scheme.
an average of ~10% over the past five years. The industry
Low cost of production: The presence of various generic
growth was severely impacted in 2020 owing to the
drug companies is a major factor for India to establish a
COVID-19 pandemic. In 2021, however, the growth reached
leadership position in the global pharmaceutical sector.
spiked to 18%, with higher sales in acute care therapies
Furthermore, India provided for ~40% of the generic
and COVID-related medicines. In 2022, the industry grew
demand in the United States and 25% of all medicine in
by 6.5%, adding nearly C 12,000 crores of incremental
the United Kingdom. India is the world's largest supplier of
sales. The demand for acute therapies increased, while
generic medications, accounting for ~20% of the worldwide
most chronic therapies like diabetes and cardiovascular
supply by volume and supplying about half of the global
treatments remained relatively steady.
vaccination demand. This is based on India Brand Equity
The IQVIA Prognosis Report (2022) projects that the Indian Foundation’s Pharmaceutical Industry Report published in
pharmaceuticals market is expected to grow at a CAGR March, 2022.
~9.2% (+/-2%) between 2021-26 and reach a market size
~50%
of C 2,951 billion by 2026. Acute therapies will continue
to drive growth, along with an increase in the incidence of
non-communicable diseases (NCDs). Improvements in the
drug registration process will make India more attractive for Global vaccine demand
the early launch of innovative drugs. The rapid expansion fulfilled by India
98 99
Company performance excellence and aims to improve the physician capability in external partners, reaches out to 10,000 doctors not met to fulfil demand and continue its position as the preferred
managing complex diabetes situations. by our field force and shown initial success programme. choice in pain management. Nearly 3000 wholesalers were
We are multinational healthcare organisation with the
Dedicated efforts were undertaken towards conducting engaged during the year to drive this business with various
purpose of “Chasing the miracles of science to improve Our commitment to patients is underlined by our longest
medico-marketing initiatives. trade marketing campaigns. Various initiatives were also
people’s lives”. In India, we have been at the forefront patient support programme: Saath 7. It touches the
undertaken to enhance our indirect distribution coverage
of providing patients with cutting-edge, cost-effective lives of more than 100,000 patients each year, in every
medications for the past 75 years. Our portfolio includes major city of India, by educating and hand-holding
Consumer healthcare portfolio throughout the year.
a wide range of medications and dietary supplements them though their insulin journey. Through this process, Allergy
for the treatment of heart disease, thrombosis, epilepsy,
allergies, infections, and diabetes (both insulins and oral
medications).
they are provided with solutions, better education and
increased medical adherence to help them achieve better
therapeutic outcomes.
Allegra® and Avil®, our flagship brands, are the leaders
in the allergy category. With a high double-digit growth
3,000+
rate, they account for 8% share of the market. Allegra® Wholesalers engaged for driving volumes
Through our customer-awareness initiative ‘INTOLIFE’ Nasal portfolio presents major growth opportunities and
Insulin for diabetes (www.intolife.in), we activated a series of social media is driven by Allegra® M, Allegra® Nasal Spray and Allegra® Central Nervous System (CNS)
Diabetes portfolio programmes to educate people about various aspects of Duo Spray.
Our epilepsy portfolio recorded good growth during the
diabetes management. Our Sanofi Campus programme
India is referred to as the diabetes capital of the world. The burden of allergies in India has doubled in the year, with Frisium® registering a double-digit growth.
keeps physicians updated on the latest trends in diabetes
However, Sanofi, with its 70 years of legacy, is committed to past decade and pollution has been identified as a key Frisium® continues to be the most prescribed brand
management and is gaining traction towards being the
make a change and treat people with diabetes by providing aggravator. Allegra® played a leadership role in driving across all anti-convulsants in India. The CNS portfolio
go-to place for diabetes clinical information.
high-quality medicines and services. Our differentiated awareness in this area with the HCPs, basis the available maintained its market share in epilepsy, through regular
offerings give us a unique position as the only company *More details of the success of this initiative are available on evidence linking pollution with allergies. We are on the way digital customer connects, market-shaping activities and
(www.intolife.in)
with a substantial presence in oral anti-diabetes drugs of enhancing awareness in this area by engaging with local academic engagements. A world-class HCP education and
and insulin. and internal experts in various scientific forums. certification programme was developed in collaboration
The likely price rationalisation of our flagship brand Lantus®

Digitalisation Apart from this, Allegra® also has developed a strong
with Boston University School of Medicine. Despite being
the 2nd most common neurological condition and India
would make this world-class insulin more affordable for Digitalisation is an acknowledged change in the way we Physician outreach initiative by deploying a robust
being home to 1 out of 6 people suffering from epilepsy
people with diabetes in the extra rural segments as well. all live and interact with each other. Thus, we leverage our omnichannel activation. This has helped us garnering
worldwide, epilepsy awareness in India is limited. Keeping
Our increased footprint in the market followed through digital experience by unobtrusively increasing reach and considerable brand visibility amongst ~100,000 Consulting
this in mind, we launched a mega public awareness
with our renewed marketing strategies, would ensure that intensity with doctors and patients alike, enabling them to Physicians across India.
initiative: DARE (Drive for Awareness & Right information
we further cement our leadership position in the diabetes consume information at their convenience and in formats
on Epilepsy), coinciding with ‘National Epilepsy Awareness
100,000
segment in India. of their choice.
Month’ (November 2022). We further partnered with
To secure our future leadership in the coming years, we Digitalisation and evolution of market economies have leading neurologists and the cricket legend, Jonty Rhodes
would continue to enhance our product portfolio. In 2022, resulted in a large imprint of e-commerce and modern to spread awareness about the ailment via digital and
Physicians reached for Allegra® through
we received approvals and positive comments for three trade in our distribution pipelines, and we now do 20% radio channels. We are planning to strengthen epilepsy
the omni-channel approach
new products, which we would launch over the foreseeable of our business with these emerging stakeholders. management in the paediatric age group with the launch
future and make our offerings more comprehensive for We shall continue to partner with them to get insights of of a new SKU in 2023. In 2022, Sanofi published the first
clinicians. In line with our India for India strategy, we have the market and patient purchasing patterns and behaviours
Nutritional Health Indian data on clobazam usage in epilepsy management
researched and developed insulin injection devices like the which would allow us to fine tune our approach as we move DePura Kids outperformed the market growth in 2022 with to strengthen our commitment towards patient benefits.
TouStar® pen, with a dedicated cartridge that is available forward. In 2022, we collaborated with one of the leading a strong double-digit growth and became the #1 brand It was then presented in the National Conference
only in our country. e-pharmacy players to jointly run a programme for making in vitamin D kids category. DePura Kids is a Nano Vitamin of Neurologists.
our insulin administration pen device accessible free of cost D brand with published evidence which have helped gain
We would continue to invest in science through clinical
Frisium®
to patients newly initiated on our Insulin. the trust of paediatricians. On World Vitamin D Day, Sanofi
studies and research to get a higher level of understanding
conducted various activities to spread awareness on
of the diabetes paradigms in our country. Our recently The year 2022 also saw us getting regulatory approvals and
the importance of optimal vitamin D levels for a healthy
concluded longitudinal RWE (Landmarc) data saw multiple positive regulatory comments for the future launches in the
lifestyle. Apart from this, D3 Expert Cross Talks were Most prescribed brand in India in
publications in Indian and international scientific meetings diabetes segment which shall augment our current portfolio
conducted across India to drive advocacy for Nano Vit-D anti-convulsion segment
on diabetes and is a reference document on diabetes in 2023. Our longitudinal RWE (Landmarc) data saw
and DePura Kids at key specialties including Pediatricians,
epidemiology and management. multiple publications in Indian and international scientific
meetings on diabetes. We also participated in ‘World
Neonatologist and Endocrinologists. On DePura Kids GEMS portfolio
60K, there were HCP engagement initiatives for Orthos
Diabetes Day 2022’ - a campaign targeted towards access Thrombosis
Toujeo®, our U300 insulin, doubled its sales in and Gynecologists driving the benefits of our Nano
to diabetes care.
2022, in the first full year post the launch of Toujeo® Vit-D formulation. In the anti-coagulant space, Clexane is the standard of care
cartridges. for more than 25 years. Clexane® continued to strengthen
Oral diabetes
#1
its leadership position led via the vision of ‘VTE free India’.
The oral anti-diabetes drug portfolio maintained its We stand committed to raising awareness for the risk
Patient support programmes competitive position at #5 in an extremely fragmented of Venous Thromboembolism (VTE) among hospitalised
market. The newest line extension, Amaryl MV recorded Brand in vitamin D kids category patients. The brand focused on providing trusted solutions
As leaders in this segment, we recognise how capability
market-beating growth and has consolidated its rank in the to HCPs in thrombosis care among medical and surgical
and capacity building among our stakeholders is crucial
to reduce the burden of diabetes in our country. Thus, it
represented category. An innovative content strategy of Pain care settings by collaborating with International scientific
unbranded digital connect allowed our teams to break the associations like Royal College of Surgeons and American
is incumbent on us to shape the diabetes ecosystem and Combiflam®, our heritage brand in Pain Care continued its
cluster and engage in insightful discussions with our HCPs. College of Chest Physicians. Several first-of-its-kind
manage it sustainably. Our flagship doctor education growth journey and achieved the milestone of C 200 crores
Our digital outreach initiative - Sanofi connect - with our initiatives like podcasts titled ‘VTE Unplugged’ were rolled
programs like ICON and B-School are led by centres of in 2022. Multi-layered channel engagement campaigns led
100 101
out throughout the year which drove significant traction due to the divestment and exceptional items involve The Goa site has an in-house effluent treatment plant, Along with a strong focus on internal controls, efforts have
among HCPs. The brand also took another giant leap between the period. wherein the effluent generated by the process is treated been directed towards automating monitoring controls of
towards driving patient education around VTE risk factors inhouse and used for landscaping. There is ZERO discharge the business by using automation tools which has unlocked
Details of changes in key financial ratios are explained in the
on World Thrombosis Day by driving a well-orchestrated of our treated effluent outside the site. huge amount of employee productivity by automation of
table below:
omnichannel experience through different channels. repetitive and manual tasks, which can now be redirected
The site has a system for periodic medical check-ups to
Particulars 2022 2021 for achieving our strategic goals. We continue to expand
ensure employee wellness. Voluntary stress tests has been
Cardiology Operating profit margin (%) 24.37 23.92 initiated for employees above 40 years post COVID. There
the scope of automated controls monitoring to bring more
simplification and standardisation in operations to continue
Cardace®, the flagship brand in cardiology with more than Net profit margin (%) 21.84 31.16 are bimonthly health awareness programmes conducted at
to generate operational efficiency.
28 years of Indian clinical experience, continues to be the Debtors’ turnover ratio 20.37 20.33 site by the internal or external faculty.
leading Angiotensin Converting Enzymes (ACE) inhibitor Current ratio 2.17 2.85 The Audit Committee of the Board of Directors reviews
All activities are assessed for operational safety risks,
brand. The brand is working towards strengthening the Post Inventory turnover ratio 2.97 3.44
quarterly audit findings identified by the Internal Audit
and actions are outlined to mitigate any risk identified.
MI Protection Space for better cardiovascular outcomes department and the audit program which encompasses
Interest coverage ratio NA NA Internal audits and external agency audits are conducted
and addressing underutilisation of ACE inhibitors among all risks including operational, financial, strategic,
Debt equity ratio NA NA to ensure HSE standards are met. Employees are trained
these patients. A focused omnichannel approach was put technological etc.
Return on Net Worth (%) 67.88 56.59 on operational safety, site leadership team and managers
in place which helped improve brand preference for the
conduct managerial safety visits to ensure safe working As a way of reinforcing its Internal Controls & Compliance
Cardace® group in the post MI space.
practices and employees are encouraged to proactively culture, your Company has identified colleagues
Manufacturing operations identify workplace weak signals. as “Compliance / Control Champions” who act as
Leading Angiotensin Converting Enzymes The manufacturing facility in Goa has prioritised safer, ambassadors for the Internal Controls and Compliance
(ACE) for 28 Years healthier, and environment-friendly working practices with Human resources teams to spread message to different areas peer-to-peer
strong quality systems. The manufacturing operations and in a common language.
The Company had 2,651 employees as on December
are heavily regulated by governmental health authorities
31 2022.
Antibiotics around the world, including Regierungspräsidium ESG including Environment, Health
Darmstadt – Germany, USFDA, Australia - TGA, WHO, The overall industrial relations atmosphere continued to be and Safety, and Corporate Social
Targocid® is backed by real-life experience of over 20 years
and continues to commit towards superior patient safety
Health Canada, NMRA – Sri Lanka and by many cordial. Further details on the Human resources forms part Responsibility
regulatory approvals as per the Indian legislations. These of Human Capital of the Integrated Report
outcomes. In the resistant Gram+ segment, Targocid® is a We have a detailed Health, Safety and Environment policy
regulations endorse the quality and safety of the products
preferred anti-MRSA agent in critically ill patients amongst that is applicable to our employees’ and external partners.
all stakeholders and continues to lead this space.
manufactured. We incorporate various digital capabilities Internal control systems and adequacy
for data integrity through automation of the manufacturing The Management proactively runs programmes to build
The internal control systems of the Company which
Targocid®’s performance was negatively impacted in 2022 process, removal of physical leaflets and implementation of awareness and adoption of practices in this area. We have
are configured in the ERP (SAP) are adequate and
due to a long period of non-availability and supply issues. the QR Code. a dedicated programme called ‘Planet Mobilisation,’ which
commensurate with the size of operations and are well
Moving ahead, the priority for Targocid® will be to focus focuses on key environmental risks, and provides a suitable
The manufacturing operations at the Goa site are done in fortified with a combination of standard operating
upon early initiation of antibiotics to reduce mortality framework to manage risks and opportunities.
compliance with local and global regulatory norms, and procedures, delegation of authority for approval and
among hospitalised patients.
the limits of any environmental exposures are in line with segregation of duties in critical activities. These controls We also have a well-defined framework to guide our
these standards. The waste generated from manufacturing are regularly reviewed as per Audit Plan approved by Audit Corporate Social Responsibility (CSR) programmes.
20 years operations are disposed as per the local regulations /

Sanofi guidelines.
Committee, the recommendations of which are presented
to the Audit Committee and are followed up regularly with
respect to implementation for necessary remediation.
We are committed to working in collaboration with relevant
stakeholders to increase access to healthcare and quality
medicines, designed to improve people’s health within
Targocid®‘s commitment towards superior Our customer service level has been >98% in 2022 and
an economically sustainable framework that supports
patient safety outcomes we plan to maintain the same. The manufacturing process In addition, quarterly testing of key mandatory controls is
innovation. The details of our initiatives in ESG forms part
is done basis market demand to ensure Sanofi products undertaken which includes the financial control framework
of the Integrated Report.
Financial review are not out of stock. The Goa site has state-of-the-art (FCF).
automation systems for the manufacturing process,
During the year ended December 31 2022, the Company
which ensures closed loop operations with minimum
These controls ensure that transactions are authorised, Medical affairs
registered Revenue from Operations of ` 27,701 million as recorded, and reported on time. They ensure that assets are
manual material handling. The automation is further Two all India multicentric real-world evidence studies of
against ` 29,566 million in the previous year, representing safe guarded and protected against loss or unauthorised
being enhanced to adhere to DIRA (Data Integrity Risk more than 6,300 people with diabetes and more than
de-growth by 6%. disposal. The Internal Audit department has adapted to
Assessment) compliance and reduction of manual errors. 400 people with epilepsy, were presented at National /
hybrid way of auditing (physical or remote) depending upon
Net revenue from India, which constituted 84.11% of Net The site at Goa is a strategic sourcing site for the Sanofi International congresses. About four posters and two oral
business dynamics / external context to provide assurance
Revenue from Operations, decreased from ` 25,535 million Group and is continuously assessed for newer sourcing presentations were made at the Indian National RSSDI
to Management that all key controls were operating in line
in 2021 to ` 23,421 million in 2022, reflecting a de-growth opportunities in the area of tablet formulations. congress 2022 and five posters at the American Diabetes
with our guidelines.
of 8.76%.
We continue to consolidate the network of CMOs (Contract
The Profit before Tax decreased from ` 12,576 million Manufacturing Organisations) for better cost efficiency
to ` 8,643 million, representing a de- growth of 31.27% and management of third-party sites. These third-party
for the year ended December 31 2022. The Profit after manufacturers are qualified at the same level as the
Tax decreased from ` 9,444 million to ` 6,206 million, owned sites of the Company, in terms of customer service,
representing a de-growth of 34.28% for the year ended quality systems and safety. They are regularly audited and
December 31 2022. Revenue and Profit are not comparable supported by a team of specialists.
102 103
Association were made on ‘The need for timely initiation Opportunities and risks Focus on growth Accelerate efficiency
and intensification in people with diabetes, to improve
We believe that the Indian pharmaceutical market Grow the businesses in line with the strategy, leverage − Continue to simplify the business while
sugar control and outcomes.’ In the area of neurology, the
would continue to grow due to factors such as improved trade organisation to capture demand and drive growth, maximising profitability.
team had a panel discussion on results of the study for
healthcare access, awareness and diagnosis around and broad public national disease and therapy awareness
Frisium® at IANCON 2022. − Advance localisation plans to improve margins and
non-communicable diseases, and government campaigns on core assets.
supply reliability.
Six papers were published in scientific journals in areas interventions to expand healthcare infrastructure.
of Diabetes, Anti-infectives, Neurology and Thrombosis
Digital health will emerge as a key enabler of demand and
Lead with innovation − Improve supply of products and leverage it for
which included a scientific review on 20 years of insulin performance tracking.
delivery. There is a large opportunity to have more efficient Deliver the product innovation plans. Generate localised
glargine-100 in the Diabetes Therapy journal.
supply chain operations, after the implementation of GST. scientific content. The pharma industry drives 40% of
The published content is further being shared with
We are working on harnessing efficiencies in this area. the growth from New Introductions. Thus, innovation will
Reinvent work
physicians through meetings and via omnichannel
play a strong role as we drive our India for India strategy − Strengthen our capability building, talent management,
communication. Our business is also exposed to few risks. Some of the key
on the same lines. Your Company is taking a multipronged and Play to Win culture.
risks are listed below:
Mentor-mentee education programmes, co-created approach involving global launches, exploring local
− Achieve greater heights in Corporate Social
with the Royal College of Physicians, were conducted − In past few years, the Government of India has made sourcing and leveraging existing brand equities through
Responsibility and ESG.
through virtual fora, upskilling more than 2,000 Health frequent changes in regulations covering drug pricing, line extensions. Strategic partnerships will pave the way
Care Professionals on insulin initiation and titration. Online trade margins and other laws which impact us. Any to have Sanofi present in those geographies where Sanofi
newsletters and podcasts were created and disseminated adverse changes in government policies with respect has limited or no presence. The last year has seen some
Cautionary statement
to physicians to increase awareness on recent updates in to pricing or trade margins with respect to our products supply issues from Sanofi global plants, and the India team Certain statements in the above Report may be forward-
management of Venous Thromboembolism, in addition to may impact our performance. is working on exploring localisation of some formulations to looking and are stated as required by the legislations in
international speaker meets and webinars. avoid supply disruptions. force. The actual results may be affected by many factors
− We are present in therapy areas such as Diabetes,
that may be different from what is envisaged in terms of
Pause Atopic March programmes, conducted by the Cardiology, Thrombosis, Anti-infectives, Central
future performance and the outlook presented above.
Allegra® Medical Team in association with 'Association of Nervous System and Allergy and Vitamins, Minerals
Physicians of India', was to equip pulmonologists, ENTs, & Supplements. We depend on the research and
paediatricians, dermatologists, CPs & GPs to be able to development conducted by the Sanofi Group for new
manage their patients better by helping them identify the product commercialisation. The future research and
markers of atopy and halt the Atopic March at the correct product pipeline strategy of the Sanofi Group may not
stage. International speaker programmes on vitamin D always be in these therapy areas. This may impact our
were conducted by the DePura Kids medical team, with the growth in the long-term.
National webinar received a high Net promoter score of 76.
− The prices of active pharmaceutical ingredients and
The flagship programme on Sulphonylureas namely
intermediates fluctuate based on the market demand
‘Safe and Smart’ summit involving experts was conducted
and supply conditions. We may not be able to pass
and the programme for critical care specialists on
on any sharp increases in the prices of raw material to
anti-infectives ‘Ideas Evolve’ was cascaded to
consumers, resulting in margin contraction.
physicians across India.
− We are also exposed to risks like falling interest rates,
Teams gather customer insights from interaction with
cyber security failures, adverse social media, counterfeit
physicians. Advisory boards and consultations were
drugs, adverse orders passed by courts in pricing, tax
conducted through office based medical as also expert
and other litigations, among others.
group meetings and >8000 one-to-one hybrid interactions
were achieved through field-based medical teams. However, we continue to take steps to mitigate the above
risks by:
With a patient-centric purpose, disease awareness aimed
to remove myths related to epilepsy were conducted
during World Epilepsy Month, reaching more than 21 lakh
Outlook – Renewed strategy and focus on
viewers through a talk on Facebook and more than 1.64
growth
crore viewers through radio programmes with expert We are moving towards ensuring greater access to
physicians across the country. On World Diabetes Day, quality healthcare products for the Indian population.
the diabetes medical team reached out through national We lay emphasis on innovating new products as well as
and regional newspapers to a wide group of readers with accelerating efficiency for a sustainable growth. Some of
an aim to increase awareness on managing diabetes in a our priorities going forward will:
timely manner.
104 105
Business Responsibility & Sustainability Report b. What is the contribution of exports as a percentage of the total turnover of the Company?
Our contribution of export is 15% of our total turnover during the Financial Year 2022.
c. A brief on types of customers

Section A: General Disclosures
Customers are important stakeholders in our business. Our Company’s customer base includes stockists, Health Care
I. Details of the Company
Professional (HCPs) and Government Institutions to whom our Company sells its products.
1. Corporate Identity Number (CIN) of the Company L24239MH1956PLC009794
IV. Employees
2. Name of the Company Sanofi India Limited
3. Year of incorporation 1956 18. Details as at the end of Financial Year:
Sanofi House, CTS No. 117-B, L&T Business Park, Saki Vihar Road, Powai, a. Employees and workers (including differently abled):
4. Registered office address
Mumbai – 400072
Sanofi House, CTS No. 117-B, L&T Business Park, Saki Vihar Road, Powai, Sr. Male Female
5. Corporate address No.
Particulars Total (A)
Mumbai – 400072 No. (B) % (B / A) No. (C) % (C / A)
6. E-mail [email protected] EMPLOYEES
7. Telephone (022) 28032000 1. Permanent (D) 2445 2075 85% 370 15%
8. Website www.sanofiindialtd.com 2. Other than Permanent (E) 64 20 31% 44 69%
9. Financial year for which reporting is being done January 1, 2022 to December 31, 2022 3. Total employees (D + E) 2509 2095 83% 414 17%
10. Name of the Stock Exchange(s) where shares are listed BSE Ltd and National Stock Exchange Limited WORKERS
11. Paid-up Capital 230.3 million 4. Permanent (F) 206 200 97% 6 3%
Ms. Radhika Shah, Company Secretary 5. Other than Permanent (G)* 0 0 0 0 0
Name and contact details (telephone, email address) of the Address: Sanofi House, CTS No. 117-B, L&T Business Park, Saki Vihar
6. Total workers (F + G) 206 200 97% 6 3%
12. person who may be contacted in case of any queries on the Road, Powai, Mumbai – 400072, India.
BRSR report Tel. No.: (022) 28032000
E-mail: [email protected] b. Differently abled Employees and workers:
13. Reporting boundary The disclosures made in this report are on a standalone basis
Sr. Male Female
Particulars Total (A)
No. No. (B) % (B / A) No. (C) % (C / A)
II. Products / services DIFFERENTLY ABLED EMPLOYEES
14. Details of business activities (accounting for 90% of the turnover): 1. Permanent (D) 1 0 0% 1 100%
2. Other than Permanent (E) 0 0 0% 0 0%
Sr.
Description of Main Activity Description of Business Activity % of Turnover of the Company
No. 3. Total differently abled employees (D + E) 1 0 0% 1 100%
1. Manufacture and sale of pharmaceutical products Drugs and Pharmaceuticals 100% DIFFERENTLY ABLED WORKERS
4. Permanent (F) 0 0 0% 0 0%
15. Products / Services sold by the Company (accounting for 90% of the Company’s Turnover): 5. Other than permanent (G) 0 0 0% 0 0%
6. Total differently abled workers (F + G) 0 0 0% 0 0%
Sr.
Product / Service NIC Code % of total Turnover contributed *S
anofi India has always been an equal opportunity employer that looks at getting diverse talent into the organization. Our appointments
No.
have always been based on merit, with an aim to minimize biases. We have recently begun our journey of expanding our scope of diversity
1. Drugs and Pharmaceuticals 21002 100% to include disability and have also started hiring employees who have physical disabilities. At Sanofi India, we will be focusing on this in the
future and will put in place the measures to track and measure this going ahead.
III. Operations
19. Participation / Inclusion / Representation of women:
16. Number of locations where plants and / or operations / offices of the Company are situated:
No. and percentage of Females
Location Number of Plants Number of Offices Total Total (A)
No. (B) % (B / A)
National 1 3 4
Board of Directors 8 2 25%
International 0 0 0
Key Management Personnel* 1 1 100%
*Key Management Personnel other than Board of Directors
17. Markets served by the Company:
a. Number of locations
Locations Number
National (No. of States) Pan India
International (No. of Countries) 28*
*The number of international countries served by Sanofi India is for products exported to its affiliates in the respective countries.
106 107
20. Turnover rate for permanent employees and workers: 24. Overview of the Company’s material responsible business conduct issues:
FY 2022 FY 2021 FY 2020 Please indicate material responsible business conduct and sustainability issues pertaining to environmental and social
Male Female Total Male Female Total Male Female Total matters that present a risk or an opportunity to your business, rationale for identifying the same, approach to adapt or
Permanent Employees 12.6% 17.3% 13.3% 15.6% 13.9% 15.4% 12.9% 11% 12.7% mitigate the risk along-with its financial implications, as per the following format
Permanent Workers 1% 0% 1% 1.5% 0% 1.5% 56% 0% 55.2% Indicate
Rationale for Financial implications of the risk
Sr. Material issue whether risk In case of risk, approach to
identifying the risk / or opportunity (Indicate positive
No. identified or opportunity adapt or mitigate
V. Holding, Subsidiary and Associate Companies (including joint ventures) (R / O)
opportunity or negative implications)
Running our daily i. Development of Code of Any instances of unethical

21. Names of holding / subsidiary / associate companies / joint ventures: activities in an ethical Conduct practices have the risk of
Ethical business way (e.g., ethical ii. Development of policies, tarnishing our reputation and
Indicate whether holding / Does the Company indicated at Column A, 1. Risk
Sr. Name of the holding / subsidiary / % of shares practices marketing, lobbying, programs and mechanisms attracting fine / penalty /
subsidiary / associate / joint participate in the Business Responsibility anti-bribery measures for avoiding unethical lawsuits which can in turn affect
No. associate companies / joint ventures (A) held
venture initiatives of the Company
etc.) practices business continuity
1. Hoechst GmbH Holding company 60.37% No
We believe that it is our
Ensuring the safety
2. Sanofi S.A. Ultimate holding company 0.02% No responsibility to provide our Any health and safety incident
of our patients
consumers with safe products can lead to decreased trust
Safe and and clinical trial
The Company does not have any subsidiary companies or associate companies or joint ventures. that positively impact health amongst our customers and
qualitative participants by
outcomes for the society. Our adversely impact the demand of
treatments for Risk and providing high
2. Quality and Pharmacovigilance products. Moreover, instances of
VI. CSR Details patients and Opportunity quality, safe and
teams proactively tracks non-compliance with product
clinical trial effective medicines
regulatory and non-regulatory marketing and labeling can
participants and recording and
22. (i) Whether CSR is applicable as per section 135 of Companies Act, 2013: Yes complaints and grievances and lead to legal implications and
communicating on any
works towards redressing them in reputation damage.
safety or quality issues
(ii) Turnover (in D): 27,701 Million a timely and effective manner.
i. Implementation of a
(iii) Net worth (in D): 12,758 Million
Providing a safe Company-wide robust HSE
A detailed report on CSR projects undertaken during the Financial Year 2022 has been provided in 'Annexure - D' to & healthy (both management system
The nature of operations
physical and mental) ii. Ensuring periodic internal
the report of the Directors. Employee
work environment and external audits
exposes Sanofi India's employees
health, safety, and contractors to a wide
Risk and for all employees iii. Training all employees and
3. wellbeing range of occupational health
VII. Transparency and Disclosures Compliances and working
Opportunity and ensuring fair workers on safe working
hazards as well as safety risks
employment practices practices
condition due to complexity of operational
(e.g., upholding labor iv. Investigation of each
23. Complaints / Grievances on any of the principles (Principles 1 to 9) under the National Guidelines on Responsible rights, freedom of reported case and taking
requirements
Business Conduct: association) corrective actions to avoid
reoccurence
FY 2022 FY 2021
Governing our business
Stakeholder Number of Number of
group from
Grievance Redressal Mechanism in in a responsible
Place (Yes / No) (If Yes, then provide Number of complaints Number of complaints Leadership oversight on the
whom way by considering
web-link for grievance redress complaints pending complaints pending ESG strategy, action plan and
complaint is filed during resolution at
Remarks
filed during resolution at
Remarks ESG factors in our
policy) performance promote the
received the year close of the the year close of the Responsible operational and
Sanofi India’s positive impact on
year year 4. governance Opportunity strategic business -
environment and community.
practices decisions (e.g.,
Yes, we have a mechanism in place It also enables us to further
remuneration,
Local to receive and redress stakeholder embed robust ESG mechanisms
Nil Nil - Nil Nil - providing transparency
Communities complaints. (web link https://www. across our business operations.
to stakeholders, capital
sanofi.in/)
allocation etc.)
Yes, we have a mechanism in place
We strive to improve the
to receive and redress stakeholder
healthcare system across
Shareholders complaints. (web link https://www. 28 - - 15 - - Contributing to
our markets and understand
sanofiindialtd.com/en/investors/ improving healthcare
the importance of being a
contact-us) infrastructure,
Health system responsible organization.
5. Opportunity healthcare access, and -
Yes, we have a mechanism in place Includes Includes strengthening We endeavor to solve the
Employees health education (e.g.
to receive and redress stakeholder 23 9 anonymous 20 3 anonymous problems of lack of product
and workers health literacy, disease
complains complaints complaints availability and pricing and work
prevention awareness)
Yes, we have a mechanism in place Product Product towards business growth in the
to receive and redress stakeholder quality / quality / long term.
Customers 791* 47 687* 68
complains. (web link https://www. technical technical
sanofi.in/) complaints complaints
* Complaints are received from different stakeholders like Patients, Distributors, Pharmacists, HCPs via Phone, Email, Website & Social
media. For Customer complaints we have only enlisted product technical complaints in the table given above. These include all received,
including those that may later not be classified as a quality complaint (e.g.: lack of understanding on how to use the device) and are
addressed with relevant response to the customer.
108 109
Section B: Management and Process Disclosures Governance, leadership and oversight strength lies in our efficient workforce and we give due
importance to the well-being of our employees across
The National Guidelines for Responsible Business Conduct (NGRBC) as prescribed by the Ministry of Corporate Affairs 7. Statement by director responsible for the business
our business operations. We believe in cultivating a
advocates nine principles referred as P1-P9 as given below: responsibility report, highlighting ESG related
nurturing workplace and encourage gender diversity
challenges, targets and achievements:
Principle 1: Businesses should conduct and govern themselves with integrity in a manner that is ethical, transparent and inclusion, non-discrimination policies, and
and accountable We have embarked on the journey of disclosing work-life balance and further encourage employee
our sustainability performance through the BRSR wellbeing and safety. It is our constant endeavor to
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
for FY 2022. As an organisation we are committed deliver products and services of the highest quality
Principle 3: Businesses should respect and promote the well-being of all employees, including those in their value chains. to integrating ESG into our organisational culture, to our customers while ensuring minimal harm to the
business conduct, as well as across our value chain. environment and society. Our robust business model,
Principle 4: Businesses should respect the interests of and be responsive towards all its stakeholders
In our endeavour to adopt and implement robust ESG adoption of emerging technology and automation,
Principle 5: Businesses should respect and promote human rights structures and systems, we strive to align with our brand strength, and customer-centric approach back
Global ESG practices so as to meet the industry best our robust economic performance. We aim to continue
Principle 6: Businesses should respect, protect, and make efforts to restore the environment
practices. To this end, we aim to reach 100% adoption strengthening our ESG efforts to accelerate the
Principle 7: Businesses when engaging in influencing public and regulatory policy, should do so in a manner that is of renewable energy by the year 2030, attain net- embedding of ESG in our business ecosystem to place
responsible and transparent zero emission by 2045. We have adopted a circular Sanofi on a positive trajectory with regard to achieving
approach to minimize our environmental footprint sustainability across our operations as we chase the
Principle 8: Businesses should promote inclusive growth and equitable development
and developing a holistic vision. We believe our miracles of science to improve people’s lives.
Principle 9: Businesses should engage with and provide value to their consumers in a responsible manner.
Details of the highest authority responsible for Mr. Rodolfo Hrosz, Managing Director, reports to Board periodically
This section is aimed at helping businesses demonstrate the structures, policies and processes put in place towards
8. implementation and oversight of the Business on progress made on the ESG agenda of the Company.
adopting the NGRBC Principles and Core Elements.
Responsibility policy (ies):
Disclosure Questions P1 P2 P3 P4 P5 P6 P7 P8 P9 Mr. Rodolfo Hrosz, Managing Director
Does the Company have a specified Committee
Policy and Management Processes There is a Management level ESG Committee comprising Managing
of the Board / Director responsible for decision Director, Chief Financial Officer, Company Secretary, HR representative,
a. Whether your Company’s policy / policies cover each principle 9.
Y Y Y Y Y Y Y Y Y making on sustainability related issues? (Yes / No). Head of Health, Safety and Environment, Head - Ethics and Business
and its core elements of the NGRBCs. (Yes / No)
If yes, provide details: integrity, Manufacturing Site Director, Head – Communication and CSR.
1. b. Has the policy been approved by the Board? (Yes / No) Y Y Y Y Y Y Y Y Y The Committee meets periodically to review progress on ESG.
Policies are uploaded on the website of the Company at
c. Web Link of the Policies, if available:
www.sanofiindialtd.com and on the Company’s intranet portal.
Whether the Company has translated the policy into procedures 10. Details of Review of NGRBCs by the Company:
2. Y Y Y Y Y Y Y Y Y
(Yes / No)
Indicate whether review was undertaken by
Do the enlisted policies extend to your value chain partners? Frequency (Annually / Half yearly / Quarterly /
3. Y Y Y Y Y Y Y Y Y Director / Committee of the Board / Any other
Any other – please specify)
(Yes/No) Subject for Review Committee
Yes. Policies have been developed considering relevant P1 P2 P3 P4 P5 P6 P7 P8 P9 P1 P2 P3 P4 P5 P6 P7 P8 P9
national standards acts like Factories Act,1948, Companies
Name of the national and international codes / certifications / Performance against above
Act, 2013, the Listing Regulations, and various other Y Y Y Y Y Y Y Y Y The policies are reviewed on an annual basis
labels / standards (e.g., Forest Stewardship Council, Fairtrade, policies and follow up action
4. Statutes. Also, the Policies are compiled based on different
Rainforest Alliance, Trustee) standards (e.g., SA 8000, OHSAS,
global standards including that of the United Nations and Compliance with statutory
ISO, BIS) adopted by your Company and mapped to each principle:
International Labour Organisation and various ISO standards. requirements of relevance to the
Sanofi is a signatory to the UN Global Compact. Y Y Y Y Y Y Y Y Y Annual basis
principles, and rectification of any
Globally, Sanofi is working to minimize the impact of its non-compliances
activities on the environment by committing: Note: In line with Sanofi Code of Conduct, all Board level meetings and business meetings are led by the Managing Director for sustainability
− 1
00% Renewable Energy by 2030 across all global and business responsibility discussions on continual basis. The Directors and Senior Management members affirm compliance with the Code
Specific commitments, goals and targets set by the Company operations and; of Conduct on annual basis.
5.
with defined timelines, if any:
− Net Zero emissions by 2045 The Company publishes the Business Responsibility Report in its Annual Report. The Corporate Social Responsibility (CSR) Committee of
As part of the global commitment, Sanofi India will also the Company is responsible for formulating, implementing and monitoring the CSR Policy of the Company under the guidance of the Board.
accelerate its sustainability journey. Managing Director is a member of this Committee. The Committee meets at least twice a year to review progress on various CSR initiatives.
The CSR Committee also approves Annual CSR Report as per the provisions of the Act. CSR Report is part of the Directors’ Report. The HSE
Sanofi India has set up solar energy project at Mumbai office Committee meets regularly to assess the heath and sustainability aspects.
and Goa site in FY 2022 as per our alignment with Sanofi
Global commitment towards renewable energy and emission
reduction. We are recycling and reusing all wastewater P1 P2 P3 P4 P5 P6 P7 P8 P9
Has the Company carried out independent
Performance of the Company against the specific commitments, generated at our manufacturing plant within the premises Most of our policies are internal and some of them are Sanofi Global
6. assessment / evaluation of the working of its
goals, and targets along-with reasons in case the same are not met: for gardening and flushing purpose. We have implemented a 11. policies which are adopted by the Company. They are reviewed internally
comprehensive program for the management of solid waste policies by an external agency? (Yes / No). If yes, on a periodic basis. No review is conducted through external partners.
generated from our operations. We achieved zero waste to provide name of the agency:
landfill by adopting 3R approach (Reduce, Reuse, Recycle) at
our office and manufacturing plants.
The Company has taken many initiatives towards the aforesaid commitments which are explained in the Integrated Report
110 111
If answer to question (1) above is “No” i.e. not all Principles are covered by a policy, reasons to be stated: 2. Details of fines / penalties / punishment / award / compounding fees / settlement amount paid in proceedings
(by the Company or by Directors / KMPs) with regulators / law enforcement agencies / judicial institutions, in
Questions P1 P2 P3 P4 P5 P6 P7 P8 P9
the financial year:
The Company does not consider the Principles material to its business (Yes / No)
During the Financial Year 2022, no fines / penalties / award / compounding fees / settlement amount was paid in
The Company is not at a stage where it is in a position to formulate and
implement the policies on specified principles (Yes / No) No
proceedings by the Company or by its Directors / KMPs as per the materiality policy and SEBI Regulations.
t Ap
The Company does not have the financial or / human and technical resources plic
abl
available for the task (Yes / No) e Monetary
It is planned to be done in the next financial year (Yes / No) Name of the
Any other reason (please specify) regulatory /
Has an appeal been
NGRBC Principle enforcement Amount (In D) Brief of the Case
preferred? (Yes / No)
agencies / judicial
institutions
Section C: Principle wise Performance Disclosure
Penalty / Fine
This section is aimed at helping companies demonstrate their performance in integrating the Principles and Core Elements Settlement Nil
with key processes and decisions. The information sought is categorized as “Essential” and “Leadership”. While the Compounding Fee
essential indicators are expected to be disclosed by every Company that is mandated to file this report, the leadership
indicators may be voluntarily disclosed by entities which aspire to progress to a higher level in their quest to be socially,
Non-Monetary
environmentally and ethically responsible.
Name of the
regulatory /
Principle 1: Businesses should conduct and govern themselves with integrity, and in a manner that is Ethical, NGRBC Principle enforcement Amount (In D) Brief of the Case
Has an appeal been
preferred? (Yes / No)
Transparent and Accountable agencies / judicial
institutions
Essential Indicators Imprisonment
Nil
1. Percentage coverage by training and awareness programmes on any of the Principles during the Financial Punishment
Year 2022:
Our employees have lived up to the highest standard of business integrity, transparency, ethics and compliance. 3. Of the instances disclosed in Question 2 above, details of the Appeal / Revision preferred in cases where
Our values are aligned with Sanofi Global's principles and guide our Company culture and operations. To further monetary or non-monetary action has been appealed:
enhance this and ensure that the competency of our workforce is at par with the best industry practices, we provide
Not Applicable
online as well as offline training programmes and capacity building workshop to our entire workforce covering all
various principles given by NGRBC. The coverage of our training programmes can be understood as follows.
4. Does the Company have an anti-corruption or anti-bribery policy? If yes, provide details in brief and if
Total number % age of persons in available, provide a web-link to the policy:
of training respective category
Segment Topics / principles covered under the training and its impact
and awareness covered by the Yes, Sanofi India has adopted the Global Code of Ethics (http://www.codeofethics.sanofi/) applicable worldwide
programmes held awareness programmes
which lays out the defining principles that guide each employee of the Company and its contractors on conducting
Board of As a part of Agenda of Board / Committee Meetings presentations
3 100% business in line with the highest ethical standards.
Directors are regularly made to the Independent Directors on various matters
inter-alia covering the Company’s strategy, Business, operations, Sanofi also has a standalone Anti-Bribery Policy (Anti-bribery Policy). This Policy is global in scope and applies to
markets, performance, organization structure, product brands, finance,
risk management framework, quarterly and annual financial results, Sanofi worldwide, all Sanofi Employees and Third Parties engaged in activities with Sanofi.
human resources, technology, health safety & environment, regulatory
Sanofi has zero-tolerance for bribery. Sanofi has been engaged for many years in fostering relationships not only
updates and future outlook. We also provide trainings and updates as
follows, throughout its organization, but also in its relationships with external stakeholders, an ethical culture aiming at
Key Managerial
− Internal Controls and Compliances update reaching the highest standards in terms of responsibility and business integrity.
4 − HR Related – Policies, Compensation & benefits, Talent 100%
Personnel*
management and the Succession Planning programmes Cyber
The purpose of this policy is to establish guidance for Sanofi’s Employees and Third Parties interacting with Sanofi to
Security and Internal controls on Cyber security Risk Management comply with applicable anti-corruption and anti-bribery laws and regulations, as well as to promote a culture of ethics
Strategy and Framework. and integrity. This policy also aims at protecting Sanofi and Sanofi Employees’ reputation and at avoiding potential
For further updates kindly refer to the weblink https://www.sanofiindialtd. civil and criminal fines.
com/dam/jcr:be06094a-ec56-46f8-9468-93350ec224e0/
Familirization-programme-for-Independent-Director-2022-n.pdf Note: The Code of Ethics is now replaced by the Code of Conduct which will be implemented by first quarter of 2023.
Employees Curated training programs covering wide gamut spread across all
other than BoD 24 principles including topics such as (but not limited to) Code of Conduct, 100% 5. Number of Directors / KMPs / employees / workers against whom disciplinary action was taken by any law
and KMPs PoSH, skill upgradation, health safety and environment etc. enforcement agency for the charges of bribery / corruption:
In addition to trainings on health and safety and skill upgradation, we
provide training to our workers on various topics such as, FY 2022 FY 2021
− Current Good Management Practices (cGMP and Mixup) Directors
Workers 680 100%
− Data Integrity
KMPs
− Manufacturing related Standard Operating Nil
Procedures (SOPs). Employees
Workers
*3 out of 4 KMPs are also Board Members.
112 113
6. Details of complaints with regard to conflict of interest: 3. Describe the processes in place to safely reclaim accordance with Plastic waste management rules.
your products for reusing, recycling and disposing Sanofi India is registered with Central Pollution Control
During the Financial Year 2022, no complaints were recorded with regard to conflict of interest.
at the end of life, for (a) Plastics (including Board (CPCB) as a Brand Owner. We submit our EPR
FY 2022 FY 2021 packaging) (b) E-waste (c) Hazardous waste and (d) plan to CPCB and collect multi layered plastic wastes
Number Remarks Number Remarks other waste: through waste management agencies and sent for
Number of complaints received in
recycling, co-processing or energy recovery as per
Structured waste management program is
relation to issues of Conflict of Interest Nil Not Applicable Nil Not Applicable guidelines issued by CPCB.
implemented across manufacturing site and offices.
of the Directors
All waste materials are segregated at the point of
Number of complaints received in Leadership Indicators
generation, collected and managed as per the nature
relation to issues of Conflict of Interest Nil Not Applicable Nil Not Applicable
of the KMPs of waste material. All onsite generated non-hazardous 1. Has the Company conducted Life Cycle Perspective
waste materials like plastic, paper, wood, metal, glass / Assessments (LCA) for any of its products:
etc. are given to authorized recyclers. All the e-waste
7. Provide details of any corrective action taken or underway on issues related to fines / penalties / action taken by To better understand the environmental impact of
generated is given to Pollution Control Board approved
regulators / law enforcement agencies / judicial institutions, on cases of corruption and conflicts of interest: medicines, Sanofi conducts life cycle assessments
recyclers. All the pharmaceutical waste and ETP sludge
on key products, develops tools and performance
Not Applicable are sent to cement plants for co-processing. Used
indicators. This approach allows us to be more efficient
oil generated is also sent to Pollution Control Board
on action plans. Sanofi group has been implementing
Leadership Indicators approved agencies for refining. We have successfully
an eco-packaging project which applies an eco-
implemented the program and achieved zero landfill
1. Awareness programmes conducted for value chain partners on any of the Principles during the financial year: design to packaging. This approach starts by carrying
from our operations. Plastic waste generated in
out a life cycle assessment (LCA) to quantify the
%age of value chain partners covered (by value the market from product packaging is managed in
Total number of awareness Topics / principles covered
of business done with such partners) under the
environmental profile of products, with a focus on the
programmes held under the training accordance with Plastic Waste Management Rules.
awareness programmes packaging across the entire value chain. This method
Nil Nil Nil is scientifically recognized and standardized and allows
4. Whether Extended Producer Responsibility (EPR)
comparisons to be made. It is therefore possible to
is applicable to the Company’s activities (Yes / No).
check whether the technical modification options on
The Company's value partners / suppliers follow the interest and specifies actions to prevent any conflicts If yes, whether the waste collection plan is in line
a package are beneficial for several environmental
Sanofi Supplier's Code of Ethics which is sent to them along with actions to be taken in case any conflict of with the Extended Producer Responsibility (EPR)
indicators. In 2021, a digital tool dedicated to
while onboarding them as suppliers and vendors. interest arises. plan submitted to Pollution Control Boards? If not,
eco-packaging was deployed, which enables us to
The Company is in process of setting up training for provide steps taken to address the same:
At every Board meeting, the Board Members are complete a LCA on existing packaging and compare it
its value chain partners going forward.
requested to disclose on any conflicts in case of all Yes, EPR is applicable to us. Plastic waste generated with potential improvements.
Board matters discussed. Further, there is a policy in the market from product packaging is managed in
2. Does the Company have processes in place to avoid
on related party transactions. In case of conflict of
/ manage conflict of interests involving members
interests the respective board member abstains from % of total Boundary for which the Whether conducted by Results communicated in
of the Board? (Yes / No) If Yes, provide details of the NIC Code Name of Product Turnover Life cycle Perspective / independent external agency public domain (Yes / No) If
voting on the particular topic.
same: contributed Assessment was conducted (Yes / No) yes, provide the web-link.
For further details, refer to the web link: Cradle to Grave – Which
Yes, the Company has put in place Code of Conduct
Code of Conduct for the Board TOUSTAR –
includes all steps of the
for the Board. This document defines conflicts of 21002 0.04% life cycle (Raw materials, Yes No
For India Market
Manufacturing, Packaging,
Distribution, Use, End of life)
Principle 2: Businesses should provide goods and services in a manner that is sustainable and safe
Essential Indicators
2. If there are any significant social or environmental concerns and / or risks arising from production or disposal
1. Percentage of R&D and capital expenditure (capex) investments in specific technologies to improve the of your products, as identified in the Life Cycle Perspective / Assessments (LCA) or through any other means,
environmental and social impacts of product and processes to total R&D and capex investments made by the briefly describe the same along-with action taken to mitigate the same:
Company, respectively:
Name of Product Description of the risk / concern Actions Taken
FY 2022 FY 2021 Details of improvements in environmental and social impacts TouStar Toujeo® as first-in-class reusable pen won the Eco-Design award
R&D 0 0 Not Applicable at Pharmapack as well as the Good Design award 2022. TouStar is the first
reusable injection pen for a concentrated insulin, designed with a dedicated
Installation of solar plant at Sanofi House and Goa site and upgradation of replaceable cartridge system
Capex* 7.11% 16.28%
rainwater harvesting tank and Sewage treatment plant.
TouStar as a 3 years reusable device performs better than SoloStar in Indian
* The details are provided as part of the Integrated Report. market. The potential environmental reduction is of:
Weight of plastic, use of natural
TOUSTAR resources, Emissions generated − 57% for Climate change
2. a. Does the Company have procedures in place b. If yes, what percentage of inputs were sourced at different stages − 74% for Water use
for sustainable sourcing? (Yes/No) sustainably? − 58% for Fossil resource depletion
Yes, we are following the global supplier code of We are currently developing a mechanism to track These results are to the plastics saved & reused in a closed loop over 3 years.
TouStar has further helped by avoiding Airfreight while importing components
conduct laid down by Sanofi Global for sustainable and monitor the percentage of input materials to India, optimizing the device packaging, having a recyclable / takeback device
procurement. We aim to minimize our risk through that are sourced sustainably. Our practices are etc.
a risk-based approach to create stable, long-term aligned with the global Supplier Code of Conduct
business relationships with selected partners. laid down by Sanofi Global. Link https://www. Eco-design approach being applied to the new devices which are in development to reduce the weight, assembly
codeofconduct.sanofi/ complexity, and the number of materials which in aggregate result in a significant reduction in the overall
environmental impact.
114 115
Sanofi group has adopted eco-design approach that Ecosystems, Resources, Water, Human health); and Principle 3: Businesses should respect and promote the well-being of all employees, including those in their
aims to improve the environmental performance of a reduction of the environmental impacts in a global value chains
product or service at the design stages throughout perspective. Sanofi believes that implementing
its whole life cycle. It is based on a holistic approach projects to promote eco-design principles can
which considers: all steps of the life cycle (Raw foster innovation, reduce costs, and decrease the 1. a. Details of measures for the well-being of employees:
materials, Manufacturing, Packaging, Distribution, Use, environmental impact of its activities while developing
% of employees covered by
End of life); multi-criteria indicators (Climate change, the social dimension of its projects
Health insurance Accident insurance Maternity Benefits Paternity Benefits Day Care facilities
Category
Total (A) Number Number Number Number Number
3. Percentage of recycled or reused input material to total material (by value) used in production (for % (B/A) % (C/A) % (D/A) % (E/A) % (F/A)
(B) (C) (D) (E) (F)
manufacturing industry) or providing services (for service industry):
Permanent Employees
Being a pharmaceutical products manufacturer, we cannot utilize reused or recycled input material in production. Male 2,075 2,075 100% 2,075 100% 0 0% 2,075 100% 2,075 100%
Based on the product's nature, its cruciality from the perspective of patients’ health, safety, compliance with relevant
Female 370 370 100% 370 100% 370 100% 0 0% 370 100%
regulations and clinical trials, there is no scope of reusing or recycling any input material directly associated with
Total 2,445 2,445 100% 2,445 100% 370 15% 2,075 85% 2,445 100%
the products.
Other than Permanent Employees
Recycled or reused input material Male 20 20 100% 20 100% 0 0% 20 100% 0 0%
Indicate input material to total material
Female 44 44 100% 44 100% 44 100% 0 0% 0 0%
FY 2022 FY 2021
Total 64 64 100% 64 100% 44 69% 20 31% 0 0%
Not Applicable - -
Note:
4. Of the products and packaging reclaimed at end of Sanofi India has a process in place for reclaiming the
− All permanent employees are covered by well-being measures such as life insurance, health insurance, accident
life of products, amount (in metric tonnes) reused, expired medicine stock from the direct distribution
insurance, maternity benefits, paternity benefits and day care facilities (if applicable).
recycled, and safely disposed: network. In 2022 total 56.4 MT of expired medicine
stocks were collected back and then disposed in a safe − Other than permanent employees are also covered by well being measures, except the day care facilities.
The packaging of the Company’s products plays
manner, as per the regulatory guidelines.
an important role in delivering safe, stable and
b. Details of measures for the well-being of workers:
trusted medicines. However, the plastic used in
Sanofi also has a process to safely reclaim products
product packaging has an impact on the environment. % of employees covered by
for reusing, recycling and disposing of the end-of-
In alignment with our commitment to environmental Health insurance Accident insurance Maternity Benefits Paternity Benefits Day Care facilities
life e-waste, hazardous waste and other waste are in Category
sustainability, we comply with our Extended Producer Total (A) Number Number Number Number Number
alignment with the waste handling Rules of the Central % (B / A) % (C / A) % (D / A) % (E / A) % (F / A)
Responsibility (EPR) obligation and collected back the (B) (C) (D) (E) (F)
Pollution Control Board and other applicable local laws
total 877 MT of post-consumer plastic waste from the Permanent Workers
and regulations.
market and safely recycled and recovered it through Male 200 200 100% 200 100% 0 0% 200 100% 200 100%
authorized third parties in line with the guidelines
Female 6 6 100% 6 100% 6 100% 0 0% 6 100%
issued by Central Pollution Control Board.
Total 206 206 100% 206 100% 6 3% 200 97% 206 100%
Other than Permanent Workers
FY 2022 FY 2021
Male - - - - - - - - - - -
Safely Safely
Reused Recycled Reused Recycled
Disposed Disposed Female - - - - - - - - - - -
Plastics (including packaging) Nil 877 Nil Nil 1,478 Nil Total - - - - - - - - - - -
E-waste Nil Nil Nil Nil Nil Nil
Hazardous waste Nil Nil Nil Nil Nil Nil
Note: All permanent workers are covered by well-being measures such as life insurance health insurance, accident
insurance, maternity benefits paternity benefits day care facilities (if applicable).
Other waste- Expired Pharmaceutical
Nil Nil 56.4 Nil Nil 66.4
products waste
2. Details of retirement benefits, for current financial year and previous financial year:
FY 2022 FY 2021
5. Reclaimed products and their packaging materials (as percentage of products sold) for each product category:
No. of No. of
Deducted and Deducted and
Reclaimed products and their packaging materials as % of total products sold in Benefits employees No. of workers employees No. of workers
Indicate product category deposited with deposited with
respective category covered as covered as a % covered as covered as a %
the authority the authority
a % of total of total workers a % of total of total workers
(Y / N / N.A.) (Y / N / N.A.)
Plastic packaging material as per EPR 70% employees employees
PF 100% 100% Y 100% 100% Y
Gratuity 100% 100% Y 100% 100% Y
ESI 100% 100% Y 100% 100% Y
116 117
3. Accessibility of workplaces: that is representative of the society, in other words, 6. Is there a mechanism available to receive and redress grievances for the following categories of employees and
of the people and patients we serve. We aim to create worker? If yes, give details of the mechanism in brief:
Are the premises / offices of the Company accessible
a culture that allows people to unleash the very best
to differently abled employees and workers, as per the Yes / No (If Yes, then give details of the mechanism in brief)
version of themselves, every day.
requirements of the Rights of Persons with Disabilities Permanent Workers Yes
Act, 2016? Under the ‘Reflect’ pillar we aim to build a
Other than Permanent Workers Yes
representative leadership which clearly reflect the
Yes. We have required arrangements for the differently Permanent Employees Yes
diverse nature of the communities we serve, whilst
abled employees like: Other than Permanent Employees Yes
through the ‘Unleash’ pillar we hope to create a thriving
− Dedicated Parking environment for our workforce to enable each one of
− Security Support them to work to their fullest potential. Lastly, under the Yes, Sanofi India has adopted the Global Code of in the law, in a just and fair manner, eg, any verbal
‘Transform’ pillar, we are looking to positively impact Ethics (http://www.codeofethics.sanofi/) applicable complaints. (f) It will proactively work towards fostering
− Washrooms
the society in a positive manner by advocating for our worldwide which lays out the defining principles a culture of mutual respect, dignity and equality. (g)
− Adequate space for Wheelchair movement diverse set of communities. that guide each employee of the Company and its It will act promptly and intervene appropriately in any
− Visual and Audio alarms contractors on conducting business in line with the situation that demands intervention to prevent and
When we started on this journey several years ago,
− Emergency Evacuation Chair highest ethical standards. Sanofi has a policy on redress sexual harassment.
we realized that there were a number of quick yet
Prevention of Sexual Harassment of employees.
− Ramps in the basement at entry points important wins in making Sanofi more inclusive, The Company also has Vigil Mechanism / Whistle
This Policy applies to all employees, both female and
especially from the Gender Balance perspective. Blower policy under the Company’s Code of conduct
− Braille in Lifts etc. male, of Sanofi in India and will be deemed to form part
We were one of the first organizations to change which can ben used by employees to raise any
of their conditions of employment. Sanofi believes
We are constantly working towards identifying the our maternity leave from 3 months to 6 months, concerns or alerts.
and commits as follows: (a) All employees have the
need of differently abled employees and proactively two years prior to the official government mandate.
right to be treated with dignity. (b) Sexual harassment
supporting them on the same. We are also working on We also provided a number of enablers in the form of 7. Membership of employees and worker in
in the workplace will not be permitted or condoned.
the overall Accessibility of our office premises to meet self-defense workshops, enhanced hotel and travel association(s) or Unions recognized by the
(c) Persons who have been subjected to sexual
the highest standards possible. coverage security helpline numbers etc. to ensure our Company:
harassment in the workplace have a right to raise a
women employees felt safe and fully equipped to make
grievance about it and to expect that the Company will Our Company believes that all employees are
4. Does the Company have an equal opportunity meaningful contributions while at work. Furthermore,
take appropriate action as per legal provisions. important stakeholders and it is imperative to build a
policy as per the Rights of Persons with Disabilities we ran sensitization workshops from the topmost
(d) Sanofi will ensure providing of adequate training to culture of mutual trust and respect, interdependence,
Act, 2016? If so, provide a web-link to the policy? leader right down to the first line manager, to make
all employees of the organization. It will act promptly and meaningful engagement. This approach helps in
sure they understood what biases are, how each one of
Yes. At Sanofi, we want to reflect the diversity of and intervene appropriately whenever it observes building, strengthening and sustaining harmonious
us has them and how they can negatively impact the
our communities, unleashing our bestselves every any sign or communication of sexual harassment, employee relations across the organization.
person experiencing them. This in turn helped to create
day to transform healthcare practices. Sanofi India whether formal or informal, written or verbal, during Your Company believes that in respecting the dignity
a culture where employees and managers were more
is committed to bringing value through equality the employment or after the cessation of employment of the individual and the freedom of employees to
sensitive to the needs of others. We also instituted
and to foster and promote human diversity across and will take necessary steps to arrest its potential lawfully organize themselves into interest groups,
development programs for women employees to help
our operations. We encourage an inclusive work escalation. (e) It will sincerely attempt fair treatment independent of supervision by the management.
them overcome their own barriers so as to prepare
philosophy of creating a supportive professional to all stakeholders irrespective of gender within the It is ensured that employees are not discriminated
them they were capable of and to take on the next
atmosphere that promotes trust, compassion, and provisions of law. It will also deal with all situations of against for exercising this freedom in a lawful manner
level roles.
mutual respect. Our policy on Code of Ethics has been sexual harassment which do not find specific mention and consistent with the Company’s core values.
developed in line with our commitment. Refer to the Today, we see sponsorship for DE&I from across the
web link – Code of Conduct. top business leaders and have instituted Employee FY 2022 FY 2021
Resource Groups which provide a platform for all No. of employees No. of employees
The efforts taken by Sanofi India in the space of
employees to make their voice heard and contribute Total employees
/ workers in Total employees / workers in
Diversity, Equity & Inclusion are under the global Category respective / workers in respective
meaningfully to the initiatives introduced under DE&I. / workers in
category, who % (B / A) respective category, who
% (D / C)
banner of ‘All In’. We want to reflect the diversity of respective
One of the achievements we are very proud of is are part of category (C ) are part of
our communities, and unleash our best selves every category (A)
association(s) or association(s) or
compelling the Goa government to allow us to increase
day to transform the practice of medicine. We truly Union (B) Union (D)
the shift timings for women employees so they can
believe that Diverse Teams lead to better outcomes Total Permanent Employees 2,445 165 7% 2,715 246 9%
contribute fully during the evening shift.
and thus, we are working towards building a company Male 2,075 159 8% 2,363 236 10%
Female 370 6 2% 352 10 3%
5. Return to work and Retention rates of permanent employees and workers that took parental leave:
Total Permanent Workers 206 142 69% 208 70 34%
Permanent employees Permanent workers Male 200 142 71% 202 70 35%
No. of No. of Female 6 0 0% 6 0 0%
Gender employees Return to employees Return to
Retention rate Retention rate
who availed of work rate who availed of work rate
parental leave parental leave
Male 66 100% 100% 22 100% 100%
Female 10 100% 100% 1 100% 100%
Total 76 100% 100% 23 100% 100%
118 119
8. Details of training given to employees and workers: c. Whether you have processes for workers to report the work related hazards and to remove themselves
from such risks. (Y / N)
FY 2022 FY 2021
On Health and On Skills On Health and On Skills Yes, Sanofi India has a process in place where safety related incidents are reported and these include but are not
Category
Total (A) Safety Measures upgradation Total (D) Safety Measures upgradation limited to injury related incidents, near misses, road accidents, etc. These cases get reported and are investigated
No. (B) % (B / A) No. (C) % (C / A) No. (E) % (E / D) No. (F) % (F / D) as per our HSE management system framework in a time bound manner.
Employees
We have life-saving rules which empower everyone to stop any unsafe actions and conditions. These life saving
Male 2,075 2,075 100% 405 20% 2,363 2,363 100% 578 24% rules are minimum expected behavior to be followed by all Sanofi employees. The training on these rules are
Female 370 370 100% 110 30% 352 352 100% 149 42% mandatory for all employees and workers on a periodic basis.
Total 2,445 2,445 100% 515 21% 2,715 2,715 100% 727 27%
Workers d. Do the employees / worker of the Company have access to non-occupational medical and healthcare
Male 200 200 100% 0 0% 202 202 100% 0 0%
services? (Yes / No)
Female 6 6 100% 0 0% 6 6 100% 0 0% Yes, the employees and other than permanent employees have access to non-occupational medical and
Total 206 206 100% 0 0% 208 208 100% 0 0% healthcare services and are provided medical insurance facilities in case of hospitalization. We have occupational
health centers set up at the Goa site as well as the Corporate office in Mumbai which are attended by
Note: Further details on the training are provided in Integrated Report. visiting physicians.
For wellbeing of our workforce, we have launched a program, wellbeing program called ‘all well’ which focuses
9. Details of performance and career development reviews of employees and worker:
on the ‘healthy mind’ and ‘healthy body’. All Well program deployed by engaging with four initiatives to prevent
FY 2022 FY 2021 non-communicable diseases and decrease absenteeism. The four initiatives include: a) encourage consumption
Category
Total (A) No. (B) % (B / A) No. (C) Total (D) % (C / A) of a balanced and varied diet, b) promote regular physical activity, c) support smoking cessation and prevent
Employees
diseases, and d) improve quality of sleep and manage stress.
Male 2,075 2,075 100% 2,363 2,363 100%

11. Details of safety related incidents:
Female 370 370 100% 352 352 100%
Total 2,445 2,445 100% 2,715 2,715 100% Safety Incident / Number Category FY 2022 FY 2021
Lost Time Injury Frequency Rate (LTIFR) (per one Employees 2.20 0.66
Workers
million-person hours worked) Workers 0 1.51
Male 200 200 100% 202 202 100%
Employees 12 4
Female 6 6 100% 6 6 100% Total recordable work-related injuries
Workers 0 1
Total 206 206 100% 208 208 100% Employees 0 0
No. of fatalities
Workers 0 0
Committed to providing required guidance to our our Mumbai office and Goa site. We further take High consequence work-related injury or ill-health Employees 0 0
employees and workers regarding their performance measures to prevent work related injury and ill (excluding fatalities) Workers 0 0
and career development trajectories at Sanofi India, we health, minimize risks and continuously improve
ensure to conduct complete performance and career safety performance. Sanofi India’s Goa site is 12. Describe the measures taken by the Company to − Established HSE policy, targets and HSE
development reviews. 100% of all our employees and certified with ISO 45001 and ISO 14001. ensure a safe and healthy workplace: management system
workers are appraised year-on-year basis.
We have established a well-defined HSE policy − Driving safety initiatives through safety champions
b. What are the processes used to identify
To help understand our employees’ viewpoints and and HSE management system with a robust and site level safety committee members
work-related hazards and assess risks on
concerns, we conduct employee engagement surveys monitoring plan, operating with a multi-year approach,
a routine and non-routine basis by the − Robust audit mechanism through safety governance
annually. The surveys, provided in an online mode, to ensure the effective implementation of the HSE
Company? for performance monitoring and measurement of
make use of the external platform Peakon. policy. This system is designed according to the
safety activities
The employees’ responses are received on a scale Health Safety and Environment (HSE) Strategy Plan-Do-Check-Act cycle of continual improvement.
of 0 (not at all) to 10 (absolutely), and they also have is monitored at Sanofi global as well as Sanofi This approach includes the undertaking of − Identifying the hazards, risks and control measures
an option to provide a comment, if needed. One India level operations. High-level strategies are assessments of various risks such as: workplace through Hazard Identification and Risk Assessment
of our employee engagement surveys, titled ‘Your decided by global teams to which countries risks, fire risk, process safety, ergonomics machinery (HIRA) and allocating required resource to eliminate
Voice’ looks into several parameters, such as culture, later develop their own specific strategies. risk, occupational health and chemical risks and so the risks while performing activities
engagement, diversity and inclusion, and health and We have prepared Environment, Health and on and so forth. We also have institutionalized an
− Investigation of all incidents and ensuring
wellbeing. The results of all the surveys undertaken are Safety (HSE) manuals, SOPs and conducted HSE system which is adopted from the global safety
implementation of identified corrective and
communicated to the Board. comprehensive Risk assessment to manage HSE processes and policies. Our plant and offices are ISO
preventive action plan to stop the reoccurrence
risks effectively. We regularly conduct audit and 14001, ISO 50001 and ISO 45001 certified.
of similar incidents
10. Health and safety management system: inspections of our occupational health and safety
We conduct quarterly review of our HSE performance
management systems. The team at the site has − The necessary safety competence which
a. Whether an occupational health and safety and the findings from this review are discussed during
individually set an internal review mechanism to includes education, work experience and training
management system has been implemented by the country HSE committee meeting under the able
check performance. requirements, and arrangements established
the Company? (Yes / No). If yes, the coverage of leadership of our Managing Director and other
and maintained to ensure that all persons have
such system? The HSE management system gets audited Senior Leadership of Sanofi India.
been trained and are competent to carry out
time to time. Leadership reviews are conducted
Yes. Sanofi India has adopted and implemented Following steps are undertaken in Sanofi India the safety and health aspects of their duties
on a quarterly basis. Injuries and HSE-related
the ISO 45001 by integrating all critical business business to ensure safe and healthy workplace: and responsibilities
parameters are calculated as per Sanofi
activities and applying principles and processes
Global standards.
in order to provide safe and healthy workplaces at
120 121
13. Number of Complaints on the following made by employees and workers: 5. Details on assessment of value chain partners:
FY 2022 FY 2021 % of value chain partners (by value of business done with such partners) that were assessed
Pending Pending
Filed during Filed during Health and safety practices 13.75%
resolution at the Remarks resolution at the Remarks
the year the year
end of year end of year Working Conditions 13.75%
Health and safety practices 0 0 - 0 0 -
Working Conditions 0 0 - 0 0 -
6. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
from assessments of health and safety practices and working conditions of value chain partners:
14. Assessments for the year:
No significant risks were observed through assessments conducted on health and safety practices and working
% of your plants and offices that were assessed (by Company or statutory
authorities or third parties)
condition of our supply chain.
Health and safety practices 100% We carry out supply chain due diligence to identify risks across our supply chain. Our Active Pharmaceutical
Working Conditions 100% Ingredient (API) suppliers and third-party logistic partners are assessed by third party auditors to ensure compliance.
Principle 4: Businesses should respect the interests of and be responsive to all its stakeholders
15. Provide details of any corrective action taken or underway to address safety-related incidents (if any) and on
significant risks / concerns arising from assessments of health & safety practices and working condition: Essential Indicators
All the safety related incidents and near misses are investigated as per our HSE management system. All the identified 1. Describe the processes for identifying key stakeholder groups of the Company:
Corrective and Preventive Action (CAPA) are defined and implemented horizontally across our operations to stop
We have identified our key internal and external stakeholders through peer review and analysis of stakeholder groups
reoccurrence of similar incident. We track all our safety related incidents and is reviewed on a periodic basis to check
that could have potential
the implementation and effectiveness.
impact or influence on our business operations as
well as the impact our Company might have on them. We commit to actively engage with our stakeholders to
Leadership Indicators
understand their key expectations and develop strategies to address them.
1. Does the Company extend any life insurance or any compensatory package in the event of death of (A)
Employees (Y / N) (B) Workers (Y / N) 2. List stakeholder groups identified as key for your Company and the frequency of engagement with each
stakeholder group:
Yes, Sanofi India extends compensatory packages to employees as well as workers in the event of death.
Whether
2. Provide the measures undertaken by the Company to ensure that statutory dues have been deducted and identified as Channels of communication (Emails, Frequency of
Purpose and scope of engagement
Stakeholder Vulnerable & SMS, Newspapers, Pamphlets, engagement (Annually /
deposited by the value chain partners: Group Marginalized Advertisement, Community meetings, Half yearly / Quarterly /
including key topics and concerns raised
during such engagements
Group (Yes / Notices Board, Website others) others - Please specify)
We ensure that all statutory dues as applicable to the transactions are deducted and deposited in accordance with No)
applicable regulations. This activity is also reviewed as part of our internal and statutory audit. We expect our value − Market research surveys
chain partners to uphold business responsibility principles and value transparency and accountability. − Grievance redressal mechanism − Insights on strengthening R&D and
Continuous improving product quality
Patients No − Workshops and conferences with (but limited and
3. Provide the number of employees / workers having suffered high consequence work- related injury / ill-health patient advocacy group − Responding to queries
on need basis)
/ fatalities (as reported in Q11 of Essential Indicators above), who have been rehabilitated and placed in − Patient support / and complaints
suitable employment or whose family members have been placed in suitable employment: assistance programs
− Information in and around the
No. of employees / workers that are rehabilitated
− Regular business interactions product and therapy area
and placed in suitable employment or whose
Total no. of affected employees / workers
family members have been placed in suitable − Customer satisfaction surveys − Insights on strengthening R&D and
employment improving product quality
Healthcare − Feedback system
FY 2022 FY 2021 FY 2022 FY 2021 No Continuous − Frequent engagement and
Professionals − Grievance redressal mechanism
Employees 0 0 0 0 understanding HCP and
− Workshops and conferences patient needs
Workers 0 0 0 0 − Educational programs − Responding to queries
and complains
4. Does the Company provide transition assistance programs to facilitate continued employability and the − Need assessment surveys
− Increasing awareness and
management of career endings resulting from retirement or termination of employment? (Yes/ No) − Regular meeting
Local understanding of disease
− Trainings and workshops
Yes, we provide transition assistance on termination of employment. Communities / Yes Continuous − Providing access to
NGOs − Emails and telephonic affordable healthcare
conversations
− CSR Activities
− CSR reports
− Emails and meetings − Supplier development
− Training workshops and seminars − Promoting local suppliers
Suppliers No Continuous
− Supplier assessment and review − Supplier assessments
− Supplier grievance mechanism − Promoting shared growth
122 123
Whether Principle 5: Businesses should respect and promote human rights

identified as Channels of communication (Emails, Frequency of
Purpose and scope of engagement
Stakeholder Vulnerable & SMS, Newspapers, Pamphlets, engagement (Annually / Essential Indicators
including key topics and concerns raised
Group Marginalized Advertisement, Community meetings, Half yearly / Quarterly /
during such engagements
Group (Yes / Notices Board, Website others) others - Please specify)
No)
1. Employees and workers who have been provided training on human rights issues and policy(ies) of the
Company:
− Employee health, safety and well-
− Townhall meeting
being initiatives FY 2022 FY 2021
− Training programmes
− Providing E-learning and Category No. employees / No. employees /
− Employee engagement surveys development platforms for Total (A) % (B / A) Total (C) % (D / C)
workers covered (B) workers covered (D)
Employees No − Employee engagement programs Continuous behavioral and skill development
Employees
− Performance appraisal reviews − Employee engagement
and satisfaction Permanent 2,445 1,449 59% 2,715 514 19%
− Grievance redressal mechanism
− Updates and communication on Other than permanent 64 0 0 75 0 0
− Emails and meetings
policies, processes, systems Total Employees 2,509 1,449 58% 2,790 514 18%
− Annual General Meeting − Enhancing enterprise value Workers
− Quarterly investor reports − Performance and finance results,
Permanent 206 109 53% 208 NA* NA
Shareholders / Annually / Quarterly / strategy, and business operations
No − Annual Reports of company Other than permanent 0 0 0 0 NA* NA
Investors Frequently
− Newsletter − Corporate governance Total Workers 206 109 53% 208 NA NA
− One-on-one interaction − Transparency in disclosure
*No training was provided to workers in FY 2021.
− Constant evaluation of GTM models
− Emails and Meetings Periodically / Need Note: Sanofi is an equal opportunity employer and we have established systems and processes around the topic of
Trade Partners No − Ensure availability of products
− Newsletter basis
− Explain emerging channels of trade Human Rights. Employees are periodically trained on the subject. With respect to other than permanent employees,
these are not directly hired by Sanofi. They are provided by agencies with whom Sanofi has a contract and thus their
respective employers are responsible for providing these trainings. Going forward, Sanofi will guide the agencies to
Leadership Indicators
conduct such trainings periodically.
1. Provide the processes for consultation between stakeholders and the Board on economic, environmental, and
2. Details of minimum wages paid to employees and workers:
social topics or if consultation is delegated, how is feedback from such consultations provided to the Board:
FY 2022 FY 2021
As a business practice, departmental heads interact with their internal and external stakeholders on regular intervals
Equal to More than Equal to More than
and stakeholder insights are shared with top management and subsequently with Board Members to take appropriate Category
Total (A) Minimum Wage Minimum Wage Total (D) Minimum Wage Minimum Wage
steps and actions as required.
No. (B) % (B / A) No (C) % (C /A) No. (E) % (E / D) No. (F) % (F / D)
We have a Stakeholder Relationship Committee to discuss shareholders and investors matter. The compliance report Employees
of our code of conduct is reviewed by our audit committee on a periodic basis. We also have a quarterly meeting Permanent 2,445 - - 2,445 100% 2,715 - - 2,715 100%
with our Board members to review ESG and safety related aspects such as MIS, injuries, safety issues, environmental
Male 2,075 - - 2,075 100% 2,363 - - 2,363 100%
performance, etc. at our site and company-wide safety practices.
Female 370 - - 370 100% 352 - - 352 100%
The CSR Committee communicates closely with the local communities to understand their concerns and issues and Other than Permanent 64 64 100% 75 75 100%
redress any issues. The CSR committee meets with the Board on a quarterly basis and appraises the Board regarding Male 20 - - 20 100% 27 - - 27 100%
any updates regarding CSR.
Female 44 - - 44 100% 48 - - 48 100%
Workers
2. Whether stakeholder consultation is used to support the identification and management of environmental,
and social topics (Yes / No). If so, provide details of instances as to how the inputs received from stakeholders Permanent 206 - - 206 100% 208 - - 208 100%
on these topics were incorporated into policies and activities of the Company: Male 200 - - 200 100% 202 - - 202 100%
Female 6 - - 6 100% 6 - - 6 100%
Our Materiality Assessment was conducted in consultation with our key identified stakeholder groups. We engaged
with our stakeholder groups (both internal and external stakeholders) through one-on-one interaction and gathered Other than Permanent
Not Applic
their inputs to determine and prioritize the sustainability issues that matters most to our business operations. Male able
Female
3. Provide details of instances of engagement with, and actions taken to, address the concerns of vulnerable /
marginalized stakeholder groups:
3. Details of remuneration / salary /wages:
We have implemented several CSR programmes in FY 2022 under the focus areas:
Please refer to “Annexure B – Statement of Disclosure of Remuneration” of Director’s report in the Integrated Annual
a. Promotion of healthcare including preventive healthcare solutions which are majorly concerned with non- Report for FY 2022.
communicable diseases, and
4. Do you have a focal point (Individual / Committee) responsible for addressing human rights impacts or issues
b. Promotion of education initiatives related to healthcare services or systems. Through these programmes, we are
caused or contributed to by the business? (Yes / No)
committed to working towards enhancing the access to quality healthcare to improve the lives of people across
communities and promote the welfare of the underprivileged segments of our societies. Yes. There is Human Right policy in place at global level. For Sanofi India, Mr. Pankaj Khanna, Associate Director,
HR Sales, is the focal point responsible for human right related aspects.
124 125
5. Describe the internal mechanisms in place to with the field colleagues of their respective circles. 2. Details of the scope and coverage of any Human rights due-diligence conducted:
redress grievances related to human rights issues. For each circle a senior leader is assigned as a mentor
All on roll employees and workers are covered as part of human rights due diligence. This includes assessment on
so that any concern / grievance can be immediately
There is a structured platform called “SAY” that is Freedom of Association, Prohibition of Forced Labour, Prohibition of Child Labour, POSH policy, etc.
shared by the SAY champion to the corporate team
institutionalized at Sanofi India. On this platform,
through this mentor. Additionally, there are regular SAY
Sanofi India’s complete field organization is divided 3. Is the premise / office of the Company accessible to differently abled visitors, as per the requirements of the
champion connects with regional leadership team to
in 19 circles and for each circle there are 5-7 SAY Rights of Persons with Disabilities Act, 2016?
discuss and resolve local concerns.
champions appointed, who constantly stay in touch
Yes. We have required arrangements for the differently abled visitors like:
6. Number of Complaints on the following made by employees and workers: − Dedicated Parking
− Security Support
FY 2022 FY 2021
− Washrooms
Pending Pending
Category Filed during Filed during − Adequate space for Wheelchair movement
resolution at the Remarks resolution at the Remarks
the year the year − Visual and Audio alarms
end of the year end of the year
Sexual Harassment Nil Nil NA Nil Nil NA − Emergency Evacuation Chair
− Ramps in the basement at entry points
Discrimination at workplace Nil Nil NA Nil Nil NA
− Braille in Lifts etc.
Child Labour Nil Nil NA Nil Nil NA
Forced Labour / Involuntary We are constantly working towards identifying the need of such visitors and proactively supporting on the same. We
Nil Nil NA Nil Nil NA
Labour are also working on the overall Accessibility of our office premises to meet the highest standards possible.
Wages Nil Nil NA Nil Nil NA
Other human rights related 4. Details on assessment of value chain partners:
Nil Nil NA Nil Nil NA
issues
% of value chain partners (by value of business done with such partners) that were assessed
Sexual Harassment 13.75%
7. Mechanisms to prevent adverse consequences to 8. Do human rights requirements form part of your
Discrimination at workplace 13.75%
the complainant in discrimination and harassment business agreements and contracts? (Yes / No)
Child Labour 13.75%
cases:
Yes, due diligence is conducted for the human rights Forced Labour / Involuntary Labour 13.75%
The details of the complainant are kept confidential compliance. It is ensured that the human rights Wages 13.75%
and the authenticity of the complainant’s report is framework is actively communicated internally and
Others – please specify 13.75%
investigated by the assigned committee. The details externally through agreements and contracts and
regarding the investigation are also limited to the further substantiated through Code of Conduct.
committee and kept confidential. The complainant is 5. Provide details of any corrective actions taken or underway to address significant risks / concerns arising
protected from any discrimination and harassment till from the assessments at Question 4 above:
the issue is resolved.
We carry out supply chain due diligence to identify Human Rights related concerns and risks across our supply chain.
No significant risks and concerns were identified from Human Rights assessments of value chain partners through
9. Assessments for the year:
these assessments. However, we carry out stringent vendor and distributor assessment through elaborate procedures
% of your plants and offices that were assessed (by Company or statutory authorities to ensure that they adhere to all the relevant Human Rights laws and regulations.
or third parties)
Sexual harassment 100% Principle 6: Businesses should respect and make efforts to protect and restore the environment
Discrimination at workplace 100%
Child labour 100%
1. Details of total energy consumption (in Joules or multiples) and energy intensity, in the following format:
Forced / involuntary labour 100%
Wages 100% Parameter FY 2022 FY 2021
Total electricity consumption (A) 45,995.68 46,081.03
10. Provide details of any corrective actions taken or Leadership Indicators Total fuel consumption (B) 32,224.12 31,155.64
underway to address significant risks / concerns Energy consumption through other sources (C) 0 0
1. Details of a business process being modified /
arising from the assessments at Question 9 above: Total energy consumption (A+B+C) 78,219.80 77,236.67
introduced as a result of addressing human rights
Sanofi India conducts reviews on an annual basis and grievances / complaints: Energy intensity per rupee of turnover (Total energy consumption / turnover in rupees) 2.82 2.61
collects declaration from all employees and workers.
Nil. We did not receive any grievances / complaints Note: No external assurance was carried out on environmental parameters for FY 2022
The declarations are recorded and shared with global
regarding Human Rights principles and guidelines.
team. Additionally, awareness programs on the
Maintaining a proactive approach, we have introduced 2. Does the Company have any sites / facilities identified as designated consumers (DCs) under the Performance,
global disciplinary frameworks are conducted for all
paternity leave policy and travel guidelines for our Achieve and Trade (PAT) Scheme of the Government of India? (Y/N) If yes, disclose whether targets set under
employees and workers.
women colleagues ensuring their safety at the the PAT scheme have been achieved. In case targets have not been achieved, provide the remedial action
workplace as well as travelling to and from work. taken, if any:
Sanofi India does not have sites / facilities identified as designated consumer under PAT.
126 127
3. Provide details of the following disclosures related to water: 8. Provide details related to waste management by the Company:
Parameter FY 2022 FY 2021 Parameter FY 2022 FY 2021

Water withdrawal by source (in kilolitres) Total Waste generated (in metric tonnes)
(i) Surface water 0 0 E-Waste (A) 1.30 0.00
(ii) Ground water 12,785 39,657 Bio-medical Waste (B) 0.01 0.00
(iii) Third party water 89,967 52,783 Battery Waste (C) 3.21 0.00
(iv) Seawater / desalinated water 0 0 Used oil 13.21 1.47
(v) Others 0 0 Miscellaneous Hazardous Waste (Process Waste, ETP sludge, etc.) (D) 75.02 152.07
Total volume of water withdrawal (in kilolitres) (i + ii + iii + iv + v) 102,752 92,440 Paper and Cardboard Waste (E) 92.04 73.34
Total volume of water consumption (in kilolitres) 75,437 62,866 Plastic Waste (F) 40.38 36.84
Water intensity per rupee of turnover (Water consumed / turnover) 2.72 2.12 Metal Scrap (G) 157.22 174.94
Glass Waste (H) 2.07 2.12
Note: No external assurance was carried out on environmental parameters for FY 2022
Wood Waste (I) 44.32 38.82
4. Has the Company implemented a mechanism for Zero Liquid Discharge? If yes, provide details of its coverage Miscellaneous Non-Hazardous Waste (J) 46.79 42.71
and implementation: Total (A + B + C + D + E + F + G + H + I + J) 475.58 522.31
For each category of waste generated, total waste recovered through recycling,
At Goa manufacturing site, we have installed effluent treatment plant to treat the wastewater generated from
re-using or other recovery operations (in metric tonnes)
production processes. We are using this treated effluent for gardening purpose post treatment. For Mumbai office
Category of waste
location, we have installed sewage treatment plant to treat domestic sewage and it is then further reused for toilet
flushing and gardening. Excess quantity at Mumbai office is discharged to the Municipal Corporation of Greater (i) Recycled 400.55 370.24
Mumbai (MCGM) drain as per the norms given by the Pollution Control Board. (ii) Re-used 0.00 0.00
(iii) Co-processing 75.02 152.07
5. Please provide details of air emissions (other than GHG emissions) by the Company: Total 475.57 522.31
Parameter Unit FY 2022 FY 2021 For each category of waste generated, total waste disposed by nature of disposal method (in metric tonnes)
NOx MT 0.053 0.010 Category of waste
SOx MT 3.610 3.463 (i) Incineration 0.01 0.00
Particulate matter (PM) MT 2.093 2.485 (ii) Landfilling 0 0
Non Methyl Hydrocarbon (NMHC) MT 0.012 0.015 (iii) Other disposal operations 0 0
Total 0.01 0.00
6. Provide details of greenhouse gas emissions (Scope 1 and Scope 2 emissions) & its intensity:
Parameter Unit FY 2022 FY 2021 9. Briefly describe the waste management practices sludge, e-waste, used oil, batteries, biomedical waste,
Total Scope 1 emissions (Break-up of the GHG into CO2, Metric tonnes of 486.63 484.01 adopted in your establishments. Describe the etc. are sent for co-processing, recycling, refining or
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent strategy adopted by your company to reduce usage incineration depending on the category of waste. We
Total Scope 2 emissions (Break-up of the GHG into CO2, Metric tonnes of 9,136.16 10,368.23 of hazardous and toxic chemicals in your products have successfully eliminated landfilling of hazardous
CH4, N2O, HFCs, PFCs, SF6, NF3, if available) CO2 equivalent and processes and the practices adopted to manage waste from our operations. All non-hazardous waste
Total Scope 1 and Scope 2 emissions per rupee of 0.35 0.37 such waste: like plastic, paper, wood, glass, metal etc. is sent
turnover for recycling.
Sanofi India has implemented a comprehensive
Note: No external assurance was carried out on environmental parameters for FY 2022 program for the management of waste generated from Sanofi India adheres to the mandates of Extended
our operations. All the waste streams are identified Producer Responsibility (EPR), by way of collection
7. Does the Company have any project related to reducing Green House Gas emission? If Yes, then provide and segregated at source. We have adopted the 3R of end-use plastic and dispose of by the methods
details: approach (Reduce, Reuse and Recycle), which helped approved by Central Pollution Control Board. All the
immensely in reduction of waste generation and non-saleable pharmaceutical products at distributor
In FY 2022, Sanofi India installed solar plants at the Mumbai office and Goa site which are active since May 2022 and
promote recycle and reuse across our operations. locations are collected back and sent for incineration.
September 2022 respectively. This has helped us reduce our dependency on the grid for consumption of purchased
We are committed to use environmentally sound
electricity. Further, we started procuring green energy at Sanofi House (Mumbai office) in FY 2022, which is sourced
methods of the waste disposal. As a part of our 10. If the Company has operations / offices in / around
from renewable sources (Tata Green power). 100% of our energy requirements at the Mumbai office are met via green
resource optimization and waste minimization process, ecologically sensitive areas (such as national parks,
energy procurement.
we have implemented a series of initiatives to minimize wildlife sanctuaries, biosphere reserves, wetlands,
generation of waste in our manufacturing processes. biodiversity hotspots, forests, coastal regulation
At the Mumbai office, processes are identified zones etc.) where environmental approvals /
to eliminate the use of paper by adopting digital clearances are required, please specify details:
alternatives, such as use of e-guides in place of paper
Sanofi India's manufacturing facility and offices do not
based medical guides, e-transactions and billing,
fall in or around ecologically sensitive areas.
etc. All hazardous waste generated onsite like ETP
128 129
11. Details of environmental impact assessments of projects undertaken by the Company based on applicable 4. Please provide details of total Scope 3 emissions & its intensity:
laws, in the current financial year:
Sanofi India’s Scope 3 emissions tracking mechanism is aligned with Sanofi Global’s practices. We are currently in the
During the reporting period, Sanofi India has not conducted any environment impact assessment. process of quantifying our scope 3 emissions and will disclose it in the upcoming years.
12. Is the Company compliant with the applicable environmental law / regulations / guidelines in India; such 5. With respect to the ecologically sensitive areas reported at Question 10 of Essential Indicators above, provide
as the Water (Prevention and Control of Pollution) Act, Air (Prevention and Control of Pollution) Act, details of significant direct & indirect impact of the Company on biodiversity in such areas along-with
Environment protection Act and rules thereunder (Y / N). If not, provide details of all such non-compliances: prevention and remediation activities:
During the reporting period, there were no cases of non-compliance to applicable laws, regulations, guidelines in Sanofi India's manufacturing facilities does not fall in or around ecologically sensitive areas.
India. Our Goa Site has got Valid Consent to Operate, issued by Goa state Pollution Control Board.
6. If the Company has undertaken any specific initiatives or used innovative technology or solutions to improve
Leadership Indicators resource efficiency, or reduce impact due to emissions / effluent discharge / waste generated, please provide
details of the same as well as outcome of such initiatives:
1. Provide break-up of the total energy consumed (in Joules or multiples) from renewable and non-renewable
sources: Sr. Details of the initiative (Web-link, if any, may be provided
Initiative undertaken Outcome of the initiative
No along-with summary)
Parameter FY 2022 FY 2021
The following was achieved: water
From renewable sources (in GJ) LEED Platinum Certification was received. Through this conservation, water recycling, water reuse,
1. LEED platinum certification, Sanofi House becomes one of the first 100 indoor air quality, noise protection, energy
Total electricity consumption (A) 5,391 0
environment-friendly buildings in India. efficiency, ground water recharge, and
Total fuel consumption (B) 25,648 24,615 chemical use.
Energy consumption through other sources (C) 0 0 A solar panel project of 1800 KWH installed at our Goa
Total energy consumed from renewable sources (A+B+C) 31,039 24,615 site. This Project follows a BOOT (build, own, operate,
transfer) funding model based on a financial agreement
From non-renewable sources (in GJ) 2. Solar Energy between a Fourth partner and Sanofi for fifteen years. We will generate 1900 Kwh energy from
Total electricity consumption (D) 40,605 46,081 installed solar panels and this will help us
Solar power plant of installed at roof top of Mumbai office
to reduce 9713 tons of CO2 emissions per
Total fuel consumption (E) 6,576 6,541 is having capacity of 104.16 KWP
year, along with total savings of more than
Energy consumption through other sources (F) 0 0 Our Mumbai office, energy is completely obtained from 950 K Euros in 15 Years.
renewable energy sources and for Goa operations, we have
Total energy consumed from non-renewable sources (D+E+F) 47,181 52,622 3. Green Energy
installed a solar panel project of 1800 KWH to fulfil our
*At our Goa plant, we use biomass as a renewable energy source for energy generation. energy requirement partially in this FY 2022
Note: No external assurance was carried out on environmental parameters for FY 2022 As part of our Planet Mobilization program laid down by
Sanofi Global, we aim to nurture
bio-diversity spaces at all our sites through dedicated The butterfly arden was developed with
2. Provide the following details related to water discharged: initiatives by 2030. the help of Goa Bio-diversity Board a
4. Bio-diversity park government organization that has guided
Parameter FY 2022 FY 2021 As a part of our commitment to fostering us in selecting species of plants that would
bio-diversity at our site, we have taken initiative for attract butterflies.
Water discharge by destination and level of treatment (in kilolitres)
maintaining the ecosystem by developing a butterfly
(i) To Surface water - - garden at our Goa site.
No treatment
With treatment – please specify level of treatment
7. Does the Company have a business continuity and cyberattack, customer service, revenue / cash flow,
(ii) To Ground water - -
disaster management plan? Give details in 100 public image, regulatory, product development, etc.
No treatment words / web link:
With treatment – please specify level of treatment 8. Disclose any significant adverse impact to the
Yes, we have a comprehensive business continuity
(iii) To Seawater - - environment, arising from the value chain of the
and disaster management plan developed and
No treatment Company. What mitigation or adaptation measures
deployed to manage any emergency, disaster, crisis
have been taken by the Company in this regard:
With treatment – please specify level of treatment and business interruption scenario. Emergency
(iv) Sent to third-parties - - Response Plan has been systematically identified for We carry out supply chain due diligence to
No treatment all the HSE-related emergency situations and suitable identify environmental risks across our supply chain.
With treatment – please specify level of treatment handling mechanism has been defined. A line of No significant risks and concerns were identified
command and procedure to be followed is established. from Human Rights assessments of value chain
(v) Others - -
A global business continuity and Impact assessment is partners through these assessments. Our HSE team
No treatment
carried out for all functions and operations. Business has a forward-looking approach and ensures that any
With treatment – Tertiary Treatment 27,315 29,080 Continuity and Impact Assessment is carried out potential risks identified across the operations as well
Total water discharged (in kilolitres) 27,315 29,080 globally for all functions and operations, basis which as value chain are addressed immediately.
business continuity and disaster recovery plans are
Note:
formulated. The assessed operational impacts include
− Treated water is not discharged outside the premises. It is used for gardening and other utility purposes.
those related to life safety, health, product crisis,
− No external assurance was carried out on environmental parameters for FY 2022
3. Water withdrawal, consumption and discharge in areas of water stress (in kilolitres):
None of our offices and manufacturing plant fall under areas of water stress.
130 131
9. Percentage of value chain partners (by value of business done with such partners) that were assessed for Leadership Indicators
environmental impacts:
1. Provide details of actions taken to mitigate any negative social impacts identified in the Social Impact
Sanofi India has not monitored data on percentage of value chain partners assessed during year. However, we have Assessments (Reference: Question 1 of Essential Indicators above):
adopted the Global Supplier Code of Conduct laid down by Sanofi Global through which we are following Supplier
Not Applicable
Code of Conduct. This document has laid few guidelines on environmental aspects. We are in the process of
developing assessment in coming years at India level.
2. Provide the following information on CSR projects undertaken by your Company in designated aspirational
districts as identified by government bodies:
Principle 7: Businesses, when engaging in influencing public and regulatory policy, should do so in a manner
Sr. no State Aspirational District Amount spent (in D)
that is responsible and transparent
1 Maharashtra Jalgaon 52,55,469
1. a. Number of affiliations with trade and industry chambers / associations: 3. a. Do you have a preferential procurement policy where you give preference to purchase from suppliers
comprising marginalized / vulnerable groups? (Yes / No)
Sanofi India is member of the six trade associations.
No
b. List the top 10 trade and industry chambers / associations (determined based on the total members of
such body) the Company is a member of / affiliated to: b. From which marginalized / vulnerable groups do you procure?
Sr. Reach of trade and industry chambers / associations Not Applicable

Name of the trade and industry chambers / associations
No (State / National)
1. Organisation of Pharmaceuticals Producers of India (OPPI) National c. What percentage of total procurement (by value) does it constitute?
2. Federation of Indian Chambers of Commerce and Industry (FICCI) National
Not Applicable
3. Confederation of Indian Industry (CII) National
4. Indo French Chamber of Commerce and Industry (IFCCI) National 4. Details of the benefits derived and shared from the intellectual properties owned or acquired by your
The Associated Chambers of Commerce & Industry of India Company (in the current financial year), based on traditional knowledge:
5. National and International
(ASSOCHAM)
Sr. Intellectual Property based on Owned/Acquired Benefit shared Basis of calculating
6. US India Strategic Partnership Forum (USISPF) National and International No traditional knowledge (Yes/No) (Yes/No) benefit share
Nil - - -
2. Provide details of corrective action taken or 2. Provide information on project(s) for which
underway on any issues related to anti-competitive ongoing Rehabilitation and Resettlement (R&R) is 5. Details of corrective actions taken or underway, based on any adverse order in intellectual property related
conduct by the Company, based on adverse orders being undertaken by your Company: disputes wherein usage of traditional knowledge is involved:
from regulatory authorities:
We do not have any projects for which ongoing We did not have any case of intellectual property related disputes in FY 2022.
Not Applicable since there were no cases of Rehabilitation and Resettlement (R&R) is being
anti-competitive conduct by Sanofi India in FY 2022. undertaken by Sanofi India Limited 6. Details of beneficiaries of CSR Projects:
% of beneficiaries
Leadership Indicators 3. Describe the mechanisms to receive and redress Sr.
CSR Project No. of persons benefited from CSR Projects from vulnerable and
No
grievances of the community: marginalized groups
1. Details of public policy positions advocated by
1. Type 1 program 1,236 100%
the Company: Communities and NGOs can reach to us through
2. KiDS program in Goa Approx 500,000 -
emails and corporate inbox [email protected] 3. Mobile Medial units in Maharashtra 145,400 -
We work closely with various trade and industry
for any grievances. The grievances are responded by 4. NCD awareness and screening in Hyderabad Awareness for 573,000 and screening of approx. -
associations including industry representations to
the CSR team or directed to the relevant department 340,000 individuals
the government and regulators. We ensure that
for resolution. 5. Support patients with Head & Neck cancers 100 patients 100%
policy advocacy is carried out in a transparent and
6. Awareness on Cervical and oral cancers 22,500,000 reached out through media campaigns for -
responsible manner taking into account our as well as
4. Percentage of input material (inputs to total inputs oral & cervical cancers awareness and prevention
the larger national interest.
by value) sourced from suppliers: 7. Assam floods support Golpara district. 1000 families 100%
8. Employee volunteering More than 30,000 -
Principle 8: Businesses should promote inclusive FY 2022 FY 2021
growth and equitable development Directly sourced from MSMEs /
Nil Nil
small producers
Sourced directly from within
1. Details of Social Impact Assessments (SIA) of the district and neighbouring Nil Nil
projects undertaken by the Company based on districts
applicable laws, in the current financial year.
We currently do not track input material sourced
Social impact assessments have not been currently from MSMEs / small producers, the Company will take
conducted, but Sanofi plans on conducting them in appropriate steps to do so in future.
the future once the projects reach an appropriate
maturity level.
132 133
− Complaint is registered in the global tool, COMET

Principle 9: Businesses should engage with and 5. Does the Company have a framework / policy on 3. Mechanisms in place to inform consumers of any
and assigned to the manufacturing site
provide value to their consumers in a responsible cyber security and risks related to data privacy? risk of disruption / discontinuation of essential
− Complaint sample availability is checked from (Yes / No) If available, provide a web-link of the services:
Essential Indicators complainant and the same is forwarded to the policy.
manufacturing site for further investigation As per the guidelines of National Pharmaceutical
1. Describe the mechanisms in place to receive and
Yes. We are aligned with Sanofi Global's policy related Pricing Authority, we disclose discontinuation of any
respond to consumer complaints and feedback: − Case is closed after the completion of investigation
to data privacy. Link of website is given herewith scheduled formulation by issuing a public notice for
from the manufacturing site
We have a comprehensive process of Product https://www.sanofi.com/en/our-responsibility/sanofi- relevant stakeholders in addition to informing the
Technical Complaint (PTC) Management to facilitate − Response to the complainant is provided global-privacy-policy Government at least six months prior to the intended
timely redressal of the consumer complaints received. if requested date of discontinuation.
The process is initiated once a product quality − Corrective actions may be taken depending on the 6. Provide details of any corrective actions taken
compliant is received and logged with the Company’s issue and the decision taken by the manufacturing or underway on issues relating to advertising, 4. Does the Company display product information
system. Some of the salient features of put PTC site / Business unit and delivery of essential services; cyber security on the product over and above what is mandated
management system can be enlisted as follows: − Example: Improving strength of AllStar pen cap to and data privacy of customers; re-occurrence of as per local laws? (Yes / No / Not Applicable) If
avoid breakage instances of product recalls; penalty / action taken yes, provide details in brief. Did your Company
− On receipt of the product complaint, the complaint
by regulatory authorities on safety of products / carry out any survey with regard to consumer
is logged in local tracker and acknowledgement is
− Analysis done on Number of PTC received and any services: satisfaction relating to the major products /
sent to the complainant though email / SMS
adverse trend services of the Company, significant locations of
For FY 2022, there were no complaints received for
operation of the Company or the Company as a
issues pertaining to delivery of essential services,
2. Turnover of products and / services as a percentage of turnover from all products / service that carry whole? (Yes / No)
advertising, action taken by regulatory authorities on
information about:
safety of products / services. Yes, we regularly carry our such surveys with doctors.
As a percentage to total turnover This is used for assessment and improvement of
Environmental and social parameters relevant Nil Leadership Indicators processes internally. In case of any disruption /
to the product discontinuation of essential services like supply of
1. Channels / platforms where information on
Safe and responsible usage 100% of our products carry information about its responsible and safe usage. We medicine, we get the status of the product in the
products and services of the Company can be
display relevant information on the product labels as per the requirement of national market from supply chain team and respond to
and international regulatory bodies guidelines for responsible and safe consumption of accessed (provide web link, if available):
our customers.
medicines.
Information related to our products and services can
Recycling and/or safe disposal Nil When we get queries about product shortage, either
be found on our website: www.sanofi.in
our Supply chain customer relations team to the
customer or we get the status of the product in the
3. Number of consumer complaints in respect of the following: 2. Steps taken to inform and educate consumers
market from supply chain team and respond to the
about safe and responsible usage of products and /
FY 2022 FY 2021 customer accordingly.
or services:
Pending Pending
Received during Received during
the year
resolution at end Remarks
the year
resolution at end Remarks We adhere to relevant regulatory requirements 5. Provide the following information relating to data
of year of year
by disclosing information to our stakeholders breaches:
Data privacy Nil Nil Nil Nil on the safe and responsible usage of products.
a. Number of instances of data breaches along-
Advertising Nil Nil Nil Nil The packaging or information label attached to
with impact
Cyber-security Nil Nil Nil Nil each product informs the consumers about
Delivery of essential Nil Nil Nil Nil instructions for safe use, composition, effects, and No data breaches were recorded in FY 2022.
Services Nil Nil Nil Nil guidance on appropriate storage conditions, among
b. Percentage of data breaches involving personally
others. We also provide QR codes which opens a link
Restrictive Trade Practices Nil Nil Nil Nil identifiable information of customers
that carries in-depth information related to product
Unfair Trade Practices Nil Nil Nil Nil
safety and proper usage. We empower our patients No data breaches were recorded in FY 2022.
Other Nil Nil Nil Nil towards self-management of their conditions through
education, support, technology and training that play
In the regular course of business, we receive and resolve all our consumer queries in a timely manner. Currently, there
a critical role in preventing acute complications and
are no litigations in the respect of the enlisted matters.
reducing long-term health risks.
4. Details of instances of product recalls on account of safety issues:

Number Reasons for recall
Voluntary recalls Nil Nil

Forced recalls Nil Nil
134 135
Report on Corporate Governance Composition and Directorship(s) / Committee Membership(s) / Chairmanship(s) and number of other Board and
Committees as on December 31, 2022 are given below:
No. of Directorships / Committee Memberships / Chairmanships

(Including Sanofi India Limited) as on December 31, 2022
Company’s philosophy on Code of Social Responsibility Committee, Stakeholders Relationship
Directorships(1) under
Governance Committee and the Risk Management Committee of the Name of the Director Category Section 165
Committee Committee
Board. Mr. Marc-Antoine Lucchini and Ms. Annapurna Public Companies Memberships (2) Chairmanships (2)
Sanofi India Limited ("the Company") believes that good
Das are the Non-Executive Directors of the Company.
Corporate Governance fosters long-term corporate goals Listed Unlisted
Mr. Rodolfo Hrosz is the Managing Director, Mr. Cherian
and enhances stakeholders’ value. Every day at Sanofi, Mr. Aditya Narayan Non-Executive Independent Director and Chairman 1 - - -
Mathew is the Whole-time Director and Mr. Vaibhav
we chase the miracles of science to improve people’s lives. Mrs. Usha Thorat Non-Executive Independent Director 1 - 1 1
Karandikar is the Chief Financial Officer and the
This means being exemplary in how we do business and
Whole-time Director of the Company. Mr. Rahul Bhatnagar(3) Non-Executive Independent Director 3 1 4 3
unlock our innovation potential because when it comes
to building trust, the actions we take and decisions we Mr. Marc-Antoine Lucchini Non-Executive Director 1 - - -
make speak louder than words. Our Code of Conduct
Changes in Directorate: Ms. Annapurna Das(4) Non-Executive Director 1 - 1 -
is our constitution, supporting each of us to maximize During the year under review, Mr. Rajaram Narayanan, Mr. Rodolfo Hrosz(5) Managing Director 1 1 1 -
opportunities while minimizing risks; to make bold and resigned as the Managing Director of the Company and Mr. Cherian Mathew Whole-time Director 1 - - -
ethical decisions that activate our purpose; and to keep the Board accepted his resignation at the Board meeting Mr. Vaibhav Karandikar Whole-time Director and Chief Financial Officer 1 - 1 -
our patients and customers at the heart of all we do. held on January 13, 2022. Accordingly, Mr. Rajaram
Notes:
Narayanan ceased to be the Managing Director effective
We implement policies and guidelines, communicate and 1. Excluding Private Limited Companies, Foreign Companies, Section 8 Companies and Alternate Directorships.
close of business hours on April 10, 2022, to pursue an
train all stakeholders to develop a culture of compliance at
opportunity outside of Sanofi. Mr. Charles Billard resigned 2. Membership or Chairmanship in Audit Committee and Stakeholder Relationship Committee of all public limited companies as on December
every level of the organization. With more than 67 years of
as the Non-Executive Director of the Company, with effect 31, 2022, whether listed or not, including Sanofi India Limited.
presence in India and building a legacy of heritage brands
from November 3, 2022. The Board places on record 3. As on December 31, 2022, no Director, other than Mr. Rahul Bhatnagar holds position of an Independent Director in any other listed
and best-in-class medicines for the people, the Company’s
its appreciation for their contribution to the Company. company. Mr. Rahul Bhatnagar is also an Independent Director of Rossell India Limited and Whirlpool of India Limited.
governance framework has evolved over decades fueled
Mr. Rodolfo Hrosz, was appointed as the Managing Director 4. Ms. Annapurna Das was appointed as a Non-Executive Non Independent Director w.e.f. November 3, 2022.
by its purpose. Conducting the operations with ethics and
of the Company with effect from June 1, 2022.
integrity, is fundamental to the Company’s philosophy 5. Mr. Rodolfo Hrosz was appointed as Managing Director w.e.f. June 1, 2022.
Further, Ms. Annapurna Das was appointed as
and business ambitions. The Company will continue to
Non-Executive Director of the Company with effect 6. The number of Directorship(s), Committee Membership(s) / Chairmanship(s) of all Directors is within respective limits prescribed under the
foster responsible growth, creating long-term value for our Act and Listing Regulations as amended from time to time.
from November 3, 2022.
stakeholders and business partners.
The Directors take active part in the deliberations at the
The Company continues to be in compliance with the
Board and Committee Meetings by providing valuable
Board Meetings
provisions of Corporate Governance as set out in SEBI
guidance and advice to the Management on various aspects During the year ended December 31, 2022, 9 (Nine) Board Meetings were held on the following dates through video-
(Listing Obligations and Disclosure Requirements)
of business, policy direction, governance, compliance, etc. conferencing / other Audio-visual means:
Regulations, 2015.
and play a critical role on strategic issues and add value in
January 13, 2022, February 23, 2022, March 3, 2022, April 18, 2022, April 26, 2022, April 27, 2022, July 26, 2022,
the decision-making process of the Board of Directors.
Board of Directors November 1, 2022 and November 3, 2022.
The maximum tenure of Independent Directors is in
The Board is at the helm of the governance structure at the Attendance details of each Director at the Board Meetings held during the Financial Year ended December 31, 2022 and
compliance with the Act and the Listing Regulations. All the
Company. The Board has a good, diverse, and optimum mix the last Annual General Meeting are given below:
Independent Directors have confirmed that they meet the
of Executive and Non-Executive Directors. With the number
criteria as mentioned in Regulation 16(1)(b) of the Listing No. of Board Meetings Attendance at last
of Non-Executive and Independent Directors more than Name of the Director held during the tenure
No. of Board Meetings
AGM held on
Regulations and section 149(6) of the Act. The Independent attended
one-half of the total number of Directors, the composition of the Director April 26, 2022
Directors provide an annual confirmation that they meet
is in line with the applicable provisions of Companies Mr. Aditya Narayan 9 9 Yes
the criteria of Independence. Based on the confirmations/
Act, 2013 ("the Act") and Securities and Exchange Mrs. Usha Thorat 9 9 Yes
disclosures received from the Independent Directors, the
Board of India (SEBI) (Listing Obligations and Disclosure
Board is of the opinion that the Independent Directors fulfil Mr. Rahul Bhatnagar 9 9 Yes
Requirements) Regulations, 2015 ("Listing Regulations").
the conditions specified in the Listing Regulations and are Mr. Marc-Antoine Lucchini 9 7 Yes
As on date of this Report, the Board consists of eight
Independent of the Management. There are no inter-se Mr. Charles Billard* 9 7 Yes
Directors comprising three Executive Directors, two
relationships between the Directors of the Company.
Non-Executive Directors and three Independent Directors Ms. Annapurna Das** - - No
with the Chairman of the Board being an Independent As of December 31, 2022, none of the Directors of the Mr. Rajaram Narayanan*** 3 3 No
Director. The composition of the Board represents Company hold shares or convertible instruments in Mr. Rodolfo Hrosz# 3 3 #Yes
optimum combination of the knowledge, experience and the Company. Mr. Cherian Mathew 9 8 Yes
skills which are required by the Board to discharge its
The Company has obtained a certificate from M/s. MMJB & Mr. Vaibhav Karandikar 9 9 Yes
responsibilities effectively.
Associates LLP, Company Secretaries, confirming that none * Resigned as Non-Executive Non Independent Director w.e.f. the close of business hours on November 3, 2022.
As on the date of this report, Mr. Aditya Narayan, of the Directors on Board of the Company are debarred or ** Ms. Annapurna Das was appointed as a Non-Executive Non Independent Director w.e.f. November 3, 2022.
Independent Director is the Chairman of the Board, disqualified from being appointed or continuing as Director *** Resigned as Managing Director w.e.f. April 10, 2022.
# Mr. Rodolfo Hrosz was appointed as Managing Director w.e.f. June 1, 2022 and had attended the last AGM as an Invitee.
Mrs. Usha Thorat, Independent Director is the Chairperson of the Company by the Securities and Exchange Board of
of the Audit Committee and Nomination and Remuneration India (SEBI) and Ministry of Corporate Affairs or any such
The Chairpersons of the Audit Committee, Stakeholders Relationship Committee and Nomination and Remuneration
Committee of the Board and Mr. Rahul Bhatnagar, authority. The certificate forms part of this Report.
Committee were present at the last Annual General Meeting.
Independent Director is the Chairman of the Corporate
136 137
Board processes: to the Chairpersons and Members for their comments The terms of reference of the Audit Committee are wide The constitution of the Audit Committee and attendance
in accordance with the Secretarial Standards. and cover all the matters specified for Audit Committee details during the Financial Year ended December 31,
1. A detailed agenda, setting out the business to be
The Company adheres to the provisions of the Act, under Regulation 18 read with Part C of Schedule II to the 2022, are given below:
transacted at the meeting(s), supported by detailed
Secretarial Standards and Listing Regulations with Listing Regulations and the Act.
notes and presentations, if any, is sent to each Director No. of Committee
respect to convening and holding the meetings of the Name of the Meetings held
No. of Committee
at least seven days before the date of the Board The terms of reference of the Audit Committee include Category Meetings
Board of Directors, its Committees and the General Director during the tenure
Meeting(s) and of the Committee meeting(s) except inter-alia, overseeing the Company’s financial reporting of the Director
attended
Meetings of the members of the Company.
where meetings have been convened at a shorter process and disclosure of financial information to ensure Chairperson of
notice to transact urgent business. that the financial statements are correct, sufficient and Mrs. Usha the Committee,
Meeting of the Independent Directors: credible; reviewing and examining with management the Thorat Independent
6 6
2. The Directors are provided with the VC facility Director
The Independent Directors of the Company meet quarterly and annual financial results and the auditors’
to participate in the meetings of the Board and
without the presence of the Executive Directors and report thereon before submission to the Board for approval; Member,
of Committees. The Directors participated in the Mr. Rahul
other Non-Executive Director or any other Management reviewing management discussion and analysis of financial Independent 6 6
Bhatnagar
Meeting of the Board and Committees through VC Director
Personnel. These Meetings are conducted to enable the condition and results of operations; reviewing, approving
facility / physically. Member,
Independent Directors to, inter-alia, discuss matters or subsequently modifying any related party transactions Mr. Charles
Non-Executive 6 4
3. All material information is circulated to the Directors pertaining to review of performance of Executive and in accordance with the Company’s policy on Related Billard*
Director
before the meeting, including minimum information Non-Independent Directors and the Board of Directors as Party Transaction; recommending the appointment,
Member,
required to be made available to the Board as a whole, assess the quality, quantity, and timeliness of flow remuneration and terms of appointment of Statutory Ms. Annapurna
Non-Executive 1 1
Das**
prescribed under Part A of Schedule II of the Listing of information between the Company Management and Auditors of the Company and approval for payment of Director
Regulations. The Board also, inter-alia, periodically the Board that is necessary for the Board to perform their any other services; reviewing and monitoring the auditor’s * Resigned as Non-Executive Non Independent Director w.e.f. the
reviews strategy and business plans, annual operating duties effectively. During the year ended December 31, independence and performance and effectiveness of audit close of business hours on November 3, 2022 and accordingly
and capital expenditure budget(s), investment(s), 2022, the Independent Directors met once on February 22, process; reviewing management letters / letters of internal ceased to be a Member as on said date.
compliance reports of applicable laws, as well as steps 2022. Mr. Aditya Narayanan Chaired the meeting. control weaknesses issued by the Statutory Auditors; ** M
s. Annapurna Das was appointed as a Non-Executive Non
Independent Director and a Member w.e.f. November 3, 2022
taken by your Company to rectify instances of non- reviewing with management, Statutory Auditors and
compliances, if any, minutes of the Committees of Familiarization Programme for Directors: Internal Auditor, the adequacy of internal control systems; The Company Secretary acts as Secretary to
the Board, approval of quarterly / half-yearly / annual reviewing the adequacy of internal audit function and the Committee.
Familiarization Programmes are conducted for Independent
results, updates on labour issues, safety and risk discussing with Internal Auditor any significant finding and
Directors to enable them to understand their roles,
management, transactions pertaining to purchase / reviewing the progress of corrective actions on such issues; Nomination and Remuneration Committee
rights and responsibilities. Presentations are also made
disposal of property(ies), divestments, etc. evaluating internal financial controls and risk management
at the Board meetings which facilitates them to clearly The Nomination & Remuneration Committee comprises of
systems; reviewing the functioning of the Code of the
4. The Company has well-established framework for understand the business of the Company and the three Directors of which, two Independent Directors and
Company and Whistle-Blowing Mechanism; and review
the meetings of the Board and its Committees to environment in which the Company operates. Regulatory one Non-Executive / Non-Independent Director, with the
of internal controls pertaining to compliances under the
enable decision making process at the meetings in updates are provided with necessary documents required Chairperson being an Independent Director.
Insider Trading Regulations.
an informed and efficient manner. The Directors have for them to have a good understanding of Company’s
The terms of reference of the Committee are in line with the
unrestricted access to all the information pertaining to operations, businesses and the industry as a whole. In addition to quarterly meetings for consideration of
requirements of Regulation 19 read with Part D of Schedule
the Company. Further, they are periodically updated on material changes financial results, special meetings of the Audit Committee
II to the Listing Regulations and the which Act include:
in regulatory framework and its impact on the Company. are convened for approving related party transactions,
5. The Board has constituted Audit Committee,
When a Director is inducted on the Board, a detailed valuation reports of assets/ businesses, risk assessment, 1. Formulate and recommend Nomination and
Nomination and Remuneration Committee,
induction program is conducted including organization controls and internal audit and control reports pertaining to Remuneration Policy to the Board
Corporate Social Responsibility Committee,
structure, ethics and compliance practices, key therapies the Company.
Stakeholders Relationship Committee and the Risk 2. For every appointment of an Independent Director,
and products in which the Company operates, human
Management Committee. Each of the Committees The meetings of the Audit Committee are also attended the Committee shall evaluate the balance of skills,
resources overview like talent acquisition initiatives,
deal with matters as mandated by the statutory by the Head of Accounts, the Statutory Auditors, the knowledge and experience on the Board and on the
performance management, succession planning, Company
regulations and play a very crucial role in the overall Internal Auditors and the Company Secretary. The Audit basis of such evaluation, prepare a description of
policies, etc.
governance structure. All the Committees have Committee meets the Statutory Auditors in absence of the role and capabilities required of an Independent
specific terms of reference approved by the Board The details of such familiarization programmes for the Management. Director. The person recommended to the Board for
which outlines the composition, scope, powers & Independent Director(s) are put up on the website of the appointment as an Independent Director shall have
During the year, the Audit Committee was re-constituted
duties and responsibilities. At each Board meeting, Company and can be accessed through the following link: the capabilities identified in such description.
due to resignation of Mr. Charles Billard and appointment
the Chairperson of respective Committees briefs the https://www.sanofiindialtd.com/en/investors/corporate- For the purpose of identifying suitable candidates,
Ms. Annapurna Das, as a Member with effect from
Board on matters discussed by the Committee at their policies. the Committee may:
November 3, 2022.
respective meetings. The minutes of the meeting
a) use the services of an external agencies,
of all Committees are placed before the Board for Committees of the Board: During the year ended December 31, 2022, 6 (Six) if required;
review. During the year, all recommendations of the
Audit Committee Audit Committee meetings were held on February 1,
Committees of the Board which were mandatorily b) consider candidates from a wide range of
2022, February 22, 2022, April 25, 2022, July 25, 2022,
required have been accepted by the Board. The Audit Committee comprises of three Directors of backgrounds, having due regard to diversity; and
November 2, 2022 and December 15, 2022.
which, two Independent Directors and one Non-Executive
6. The Company Secretary attends the meetings of the c) consider the time commitments of the candidates
/ Non-Independent Director, with the Chairperson
Board and its Committees and is, inter-alia, responsible
being an Independent Director. All the members of the
for recording the minutes of such meetings. The draft
Committee have relevant accounting or related financial
minutes of the Board and its Committees are sent
management expertise.
138 139
3. Identify the candidates who are qualified to employees, recognize their achievements, and promote In terms of requirement of Listing Regulations, the Board has identified the following skills / expertise / competencies of
become Directors excellence in performance. the Directors as given below:
4. Identify the persons who are qualified to become During the year under review, the Board amended the
Senior Management as per the Nomination and Nomination and Remuneration Policy to include the
Remuneration Policy Company’s Leadership Competency Framework. The policy Skills & Description
was also revised to explain the variable pay including the
5. Recommend to the Board the appointment and
Long-term incentive and the Short-term Incentive Policy of
removal of the Directors and Senior Management
the Company. Overall the policy provides guidance on:
6. Review and approve the remuneration policies and
(1) Selection and nomination of Directors to the Board of
annual payments to Directors; make sure that the
the Company; Strategy Development Business Leadership and Pharma Business:
remuneration to Senior Management and other
and Insight: management: Expertise on pharma business
employees are as per the remuneration policy (2) Appointment of the Senior Management Personnel of
Developing long-term strategies Leading complex organizations matters including unmet medical
the Company; and
7. Recommend to the Board, all remuneration, in to sustainably grow business, with understanding of changes needs of patients / healthcare
whatever form, payable to Senior Management (3) Remuneration of Directors, Key Management profitably and competitively, in external environment, business systems / healthcare professionals,
Personnel and other employees. in a highly regulated and fast development and competitive competitive landscape in pharma
8. Lay down the process for evaluation of the
changing environment. landscape. All Directors have business, pharma regulations,
performance of Board, its Committees and individual The Policy is available on Company’s website at https://
these competencies. emerging business opportunities
Director and review its implementation and compliance www.sanofiindialtd.com/en/investors/corporate-policies
and risks.
9. Devise and review Board Diversity Policy
Board Selection Criteria / list of core skills
10. Review the succession policies and plans for Directors / expertise / competencies identified in the
and Senior Management context of the business:
11. Decide whether to extend or continue the term of The Nomination and Remuneration Committee has Finance and Accounts: Governance, Risk and Compliance:
appointment of the Independent Director, on the approved the Nomination and Remuneration Policy which Understanding of accounting and Understanding of the governance principles, Board accountability,
basis of the report of performance evaluation of sets out criteria for inducting Board members: financial statements. internal control and regulatory environment, risk management in a
Independent Directors. large complex organization and emerging local and global trends.
− The candidate shall have appropriate skills and
During the year ended December 31, 2022, 5 (Five) experience in one or more fields of management,
Nomination and Remuneration Committee Meetings sales, marketing, medical, finance, HR, law, public Mr. Aditya Narayan Mrs. Usha Thorat Mr. Rahul Bhatnagar Mr. Marc-Antoine Lucchini
were held on January 13, 2022, February 23, 2023, administrative services, research, corporate governance,
March 3, 2022, April 18, 2022 and November 3, 2022. technical operations or any other disciplines related to
the Company’s business.
The constitution of the Nomination and Remuneration
− The Committee shall keep Board diversity policy in Ms. Annapurna Das Mr. Rodolfo Hrosz Mr. Cherian Mathew Mr. Vaibhav Karandikar
Committee and attendance details during the financial year
mind while recommending a candidate for appointment
ended December 31, 2022, are given below:
as Director
No. of Committee
Meetings held
No. of − The number of companies in which the candidate holds
Name of the Committee
Director
Category during the
Meetings
directorship should not exceed the number prescribed
tenure of the
Director
attended under Companies Act, 2013 or under the Listing Remuneration to Executive Directors
Regulations requirement
Chairperson of The Nomination and Remuneration Committee recommends to the Board the remuneration payable to the Managing
Mrs. Usha the Committee, − The candidate should not hold Directorship in any of the Director, Whole-time Directors and the Key Managerial Personnel. The elements of remuneration package include
5 5
Thorat Independent
competitor companies and should not have any conflict salary, benefits, retirals, performance linked incentives, etc. and is decided based on the performance, Company policy
Director
of interest with the Company. and benchmarks.
Member,
Mr. Rahul
Independent 5 5 − The candidate proposed to be appointed as Independent Annual increments are recommended by the Nomination and Remuneration Committee to the Board for approval within
Bhatnagar
Director Director, should not have any direct or indirect material the salary range approved by the Shareholders and in line with the Nomination and Remuneration Policy. The Executive
Member, pecuniary relationship with the Company and must Directors are entitled to Performance Linked Incentives with target payouts fixed and payout ranges of 0% to 200% of the
Mr. Marc-Antoine
Non-Executive 5 4
Lucchini satisfy the requirements imposed under Act or under the target amounts to be paid at the end of the financial year as may be determined by the Board and are based on certain
Director
Listing Regulations requirement. pre-agreed performance parameters.
The Company Secretary acts as Secretary to − The candidate should also have the ability to exercise
the Committee. sound business judgment, demonstrate leadership or
prominence in a specified field, willingness to devote the
Nomination and Remuneration Policy required time and possess integrity and moral reputation
The Nomination and Remuneration Policy of the Company

is performance driven and is designed to motivate
140 141
The details of remuneration paid to the Managing Director and the Whole-time Directors during the Financial Year ended of the Independent Directors is also evaluated taking warrants / annual reports / statutory notices by the
December 31, 2022 are given below: into account the time devoted, strategic guidance to the shareholders of the Company.
Company, advice given for determining important policies,
Perquisites and During the year ended December 31, 2022, 2 (Two)
Salary and Allowances
Company’s Performance external expertise provided and independent judgment that
Name of the Executive contribution Linked Total Stakeholders Relationship Committee Meeting were held
Allowances as per Income Contract Period contributes objectively to the Board’s deliberation.
Director
(D million) Tax Rules
to the Funds Incentive (D million) on July 5, 2022 and November 2, 2022. The composition of
(D million)
(D million) The performance evaluation of the Board is carried out the Committee was also changed twice when Mr. Rajaram
Not Applicable as ceased taking into account the various parameters like composition Narayan ceased to be the Managing Director and Member.
Mr. Rajaram Narayanan* 17.34 1.31 0.96 13.17 32.78
to be a Director of Board, process of appointment to the Board, common Mr. Mathew Cherian, Whole-time Director was appointed as
Mr. Rodolfo Hrosz** 12.82 4.19 0.84 ** 17.85 3 years w.e.f June 1, 2022 understanding amongst Directors of their role and a Member of the Committee for the period April 10, 2022 to
Mr. Cherian Mathew 18.93 0.24 1.86 5.49 26.52 5 years w.e.f July 29, 2019 responsibilities, timelines and content of Board papers, June 1, 2022. At the Board meeting held on April 18, 2022,
Mr. Vaibhav Karandikar 12.35 0.47 2.22 4.92 19.96 5 years w.e.f February 23, 2021 strategic directions, advice and decision making, etc. Mr. Rodolfo Hrosz, Managing Director was appointed as a
The Board also notes the actions undertaken, pursuant Member of the Stakeholders Relationship Committee with
* Mr. Rajaram Narayanan ceased to be the Managing Director with effect from close of business hours of April 10, 2022.
to the outcome of previous evaluation exercises. Each effect from June 1, 2022.
** M
r. Rodolfo Hrosz was appointed as Managing Director w.e.f. June 1, 2022, Performance Linked Incentive not applicable as he was managing
Committee's self-assessment is carried out based on the
Director for part of the Financial Year 2022. Constitution of the Stakeholders Relationship Committee
degree of fulfillment of the key responsibilities as outlined
Notes: and attendance details during the Financial Year ended
by its terms of reference.
1. Except for Mr. Rajaram Narayanan, the above excludes provision for leave encashment, gratuity, long service award and pension which are December 31, 2022, are given below:
determined on the basis of actuarial valuation done on an overall basis for the Company. For the year ended December 31, 2022, evaluation forms
No. of Committee
2. Notice period applicable to each of the Whole-time Directors is three months. The Whole-time Directors are not entitled to any severance were circulated to the Board Members. Each Director Meetings held
No. of
pay on termination of their respective contract. completes the evaluation form and shares feedback. Director
Category during the
Meetings
tenure of the
The feedback scores as well as qualitative comments Director
attended
are then shared with the Nomination and Remuneration Chairman of the
The Company does not have a scheme for grant of The Sitting fees paid and Commission payable to such
Committee and presented by the Chairman to the Board. Mr. Rahul Committee,
stock options. However, the Managing Director and the Directors for the Financial Year ended December 31, 2022 2 2
The feedback on Committee Evaluation is shared by the Bhatnagar Independent
Whole-time Directors and few Senior Executives of the is given below: Director
Committee Chairperson with the Committee Members.
Company are granted stock options / performance shares Mr. Rajaram Member,
Commission Nomination and Remuneration Committee is convened to Nil Nil
of the ultimate holding company, Sanofi. Name of the Sitting Fees paid
Payable
Total Narayanan* Managing Director
Director (D million) (D million) discuss the outcome of Performance evaluation exercise.
(D million) Member,
The amounts accrued in the financial statements for the year The Chairman of the Board and the Chairperson of the Mr. Mathew
Whole-time Nil Nil
Mr. Aditya Narayan Cherian**
ended December 31, 2022 for stock options / performance 0.95 2.34 3.29 Nomination and Remuneration Committee briefs the Board Director
(Chairman)
shares granted to Mr. Rodolfo Hrosz, Mr. Cherian Mathew on the overall outcome. Mr. Rodolfo Member,
Mrs. Usha Thorat 1.81 1.20 3.01 2 2
and Mr. Vaibhav Karandikar are C 6 Million, C 6 Million and Hrosz*** Managing Director
Mr. Rahul Bhatnagar 2.05 1.20 3.25 The evaluation of individual Directors is on parameters such Member,
C 4 Million respectively. Mr. Vaibhav
as attendance, contribution and independent judgement. Whole-time 2 2
Karandikar
Director
Remuneration to Non-Executive Directors Performance Evaluation of the Board / During the year, Board evaluation exercise was completed
The Non-Executive Directors are paid remuneration in the

Committees / Directors: by the Company internally which included the evaluation * Mr. Rajaram Narayanan ceased to be the Managing Director
with effect from close of business hours of April 10, 2022 and
of the Board as a whole, Board Committees and Peer accordingly ceased to be a Member as on said date.
form of Sitting fees and Commission. During the year, there The Company follows a structured assessment process
evaluation of the Directors. The outcome and action points
were no pecuniary relationships or transactions between for evaluation of performance of the Board, Committees ** From April 10, 2022 to June 1, 2022.
were discussed by the Board in February 2023. The Board
the Company and any of its Non-Executive Directors apart of the Board and individual performance of each Director *** Mr. Rodolfo Hrosz was appointed as Managing Director and Member
agreed to focus on areas of succession planning for key
from Sitting fees and Commission. including the Chairman based on the criteria approved w.e.f. June 1, 2022.
roles and implementation of strategic initiatives as part of
by the Nomination and Remuneration Committee.
Non-Executive Directors who are employees of Sanofi the outcome of Board evaluation for the year 2022.
The Chairman of the Board leads the exercise of the Ms. Radhika Shah, Company Secretary of the Company acts
group do not receive any Sitting fees or Commission from
Performance Evaluation with the Company Secretary, as the Secretary and Compliance Officer to the meetings of
the Company. Independent Directors are paid Sitting fees
assisting him.
Stakeholders Relationship Committee the Stakeholders Relationship Committee.
for attending Board and Committee Meetings.
The role of the Stakeholders Relationship Committee
The evaluation is based on parameters like level of During the Financial Year, 28 (Twenty-Eight) complaints
Pursuant to the approval of the Members at the Annual includes:
participation of the Directors, understanding of the were received from Shareholders. All these were attended
General Meeting of the Company held on May 7, 2019, the
roles and responsibilities of Directors, understanding of 1. Resolving the grievances of security holders of / resolved and there were no pending complaints from
Independent Directors also receive Commission on the net
the business and competitive environment in which the the Company. Shareholders as on December 31, 2022.
profits of the Company, as may be determined by the Board
Company operates, understanding of the strategic issues
from time to time, subject to a ceiling of one per cent of the 2. Reviewing the measures taken for effective exercise of
net profits of the Company.
and challenges for the Company, etc. The performance
voting rights by shareholders.
Corporate Social Responsibility (CSR)
Committee
3. Reviewing of adherence to the service standards
The CSR Committee provides guidance on various CSR
adopted by the Company in respect of various services
activities to be undertaken by the Company and monitors
being rendered by the Registrar & Share Transfer
its progress.
Agent (RTA).
The terms of reference for the CSR Committee include:
4. Reviewing various measures and initiatives taken by
the Company for reducing the quantum of unclaimed 1. Formulate, review, amend and recommend CSR Policy
dividends and ensuring timely receipt of dividend to the Board for approval
142 143
2. Review the Annual CSR action plan and the CSR Risk Management Committee The constitution of the Risk Management Committee As required under Listing Regulations, the Company has
budget and give recommendations to the Board for and attendance details during the Financial Year ended a Whistle Blower Policy which has been displayed on its
The role of Risk Management Committee includes the
its approvals December 31, 2022 are given below: website at https://www.sanofiindialtd.com/en/investors/
implementation of Risk Management Systems and
corporate-policies.
3. Monitor the CSR programs from time to time as per Framework, review the Company’s financial and risk No. of Committee
No. of
CSR Policy, provide update to the Board to help Board management policies, assess risk and procedures to Meetings held No personnel have been denied access to the
Category during the
in monitoring the implementation of CSR programs minimize the same. Director
tenure of the
Meetings Audit Committee.
attended
Director
4. Review the impact assessments on CSR programs and The terms of reference of the Risk Management Committee
provide update to the Board as part of the CSR Report. are in line with the requirements of Regulation 21(4) read
Chairman of Code of Conduct for Prevention of Insider
with Part D of Schedule II to the Listing Regulations and the
Mr. Rahul the Committee,
3 3 Trading
Bhatnagar Independent
During the year ended December 31, 2022, 3 (Three) CSR
Act which include: Director As required by the provisions of the SEBI (Prohibition
Committee Meetings were held on February 8, 2022, July
Mr. Rajaram Member, Managing of Insider Trading) Regulations, 2015, the Company
25, 2022 and November 3, 2022. The composition of the 1. Formulate a detailed risk management policy which 1 1
Narayanan* Director has adopted Sanofi India Limited - Code of Conduct
Committee was also changed twice when Mr. Rajaram shall include:
Mr. Rodolfo Member, Managing to Regulate, Monitor and Report Trading by Insiders.
Narayan ceased to be the Managing Director and Member. Hrosz** Director
2 2
a) A framework for identification of internal The Company Secretary acts as the Compliance Officer.
Mr. Mathew Cherian, Whole-time Director was appointed as
and external risks specifically faced by the Mr. Cherian Member,
a Member of the Committee for the period April 10, 2022 to 3 3 The Code of Conduct is applicable to all Directors and
Company, in particular including financial, Mathew Whole-time Director
June 1, 2022. At the Board meeting held on April 18, 2022, designated persons of the Company who are expected
operational, sectoral, sustainability (particularly, Member,
Mr. Rodolfo Hrosz, Managing Director was appointed as a Mr. Vaibhav Whole-time Director to have access to unpublished price sensitive information
ESG related risks), information, cyber security 3 3
Member of the Corporate Social Responsibility Committee Karandikar and Chief Financial relating to the Company. The Code of Conduct lays
risks or any other risk as may be determined by Officer
with effect from June 1, 2022. down guidelines, which advises them on procedures to
the Committee.
* Mr. Rajaram Narayanan ceased to be the Managing Director be followed and disclosures to be made, while dealing
The constitution of the CSR Committee and attendance
b) Measures for risk mitigation including systems and with effect from close of business hours of April 10, 2022 and with securities of the Company and cautions them of the
details during the Financial Year ended December 31, 2022 accordingly ceased to be a Member as on said date.
processes for internal control of identified risks. consequences of violations.
are given below:
** Mr. Rodolfo Hrosz was appointed as Managing Director and Member
c) Business continuity plan.
No. of Committee
No. of
w.e.f. June 1, 2022. Related Party Transactions
Meetings held 2. Ensure that appropriate methodology, processes and
Category during the During the year under review, there were no material
Director
tenure of the
Meetings
attended
systems are in place to monitor and evaluate risks Code of Conduct and Business Ethics transactions or arrangements entered into between the
Director associated with the business of the Company;
Chairman of The Company has adopted a Code of Conduct and Company and its Promoters, Directors or their Relatives or
Mr. Rahul the Committee, 3. Monitor and oversee implementation of the risk Business Ethics for Directors and Senior Management the Management, Subsidiaries, etc. that may have potential
3 3
Bhatnagar Independent management policy, including evaluating the of the Company, as required under Regulation 17(5)(a) conflict with the interests of the Company at large.
Director adequacy of risk management systems; of the Listing Regulations. The Company has received
Member, All the Related Party Transactions were in the ordinary
Mrs. Usha confirmations from the Directors and Senior Management
Independent 3 3 4. Periodically review the risk management policy, at course of business and at arm’s length, approved by the
Thorat regarding compliance with the Code for the year ended
Director least once in two years, including by considering the Audit Committee and Board in line with the Company’s
Mr. Rajaram Member, December 31, 2022.
1 1 changing industry dynamics and evolving complexity; policy on Related Party Transactions. Policy on transactions
Narayanan* Managing Director
A certificate from the Managing Director to this effect is with related parties has been displayed on the Company’s
Member, 5. Keep the Board of Directors informed about the nature
Mr. Vaibhav Whole-time
attached to this Report. website at https://www.sanofiindialtd.com/en/investors/
Nil Nil and content of its discussions, recommendations and
Karandikar ** Director and Chief corporate-policies. The Audit Committee has granted
actions to be taken; The Code has been displayed on the Company’s website at
Financial Officer omnibus approval for related party transactions in the
https://www.sanofiindialtd.com/en/investors/corporate-
Mr. Rodolfo Member,
2 2 6. Review appointment, removal and terms of ordinary course of business. The same are reviewed on
Hrosz*** Managing Director policies.
remuneration of the Chief Risk Officer (if any). a quarterly basis by the Audit Committee. Transactions
* Mr. Rajaram Narayanan ceased to be the Managing Director with related parties, including the promoter / promoter
with effect from close of business hours of April 10, 2022 and During the year ended December 31, 2022, 3 (Three) Whistle Blower Policy group which hold(s) more than 10% shareholding in the
accordingly ceased to be a Member as on said date. Risk Management Committee Meetings were held on
The Vigil Mechanism as envisaged in the Act and the Rules Company, have been disclosed in the Annual Accounts.
** From April 10, 2022 to June 1, 2022.
February 8, 2022, July 5, 2022 and November 2, 2022.
prescribed thereunder and the Listing Regulations is All Material Related Party Transactions defined as per the
The Risk Management policy was amended during the
*** Mr. Rodolfo Hrosz was appointed as Managing Director and implemented through the Code of Conduct, Whistleblower Listing Regulations were approved by the shareholders of
year to include the revised governance and focus on
Member w.e.f. June 1, 2022. and other Governance Policies of the Company. Sanofi’s the Company.
Risk management in the Company. The details of the
Code of Conduct (Code of Conduct | Sanofi) lays out the
The Company Secretary acts as Secretary to governance and process followed is covered in the The details of related party transactions are presented in
defining principles of highest ethical standards. Sanofi
the Committee. Governance chapter of the Integrated Annual Report. Note No. 40 to Annual Accounts in the Annual Report.
employees are trained to use the Code of Conduct as a
Details on the CSR activities forms part of the The composition of the Committee was changed when part of their day-to-day functional responsibilities. The In addition, as per the Listing Regulations, your Company
Directors’ Report. Mr. Rajaram Narayan ceased to be the Managing Director Company has established a 24x7 Compliance Helpline has also submitted within 15 days from the date of
and Member. Mr. Rodolfo Hrosz, Managing Director was which can be accessed through Toll Free Number publication of financial results for the half year, disclosures
appointed as a Member of the Committee with effect from 0008004401286, or through webpage: EthicsPoint of related party transactions, in the format specified in the
June 1, 2022. - Sanofi-Aventis Group where employees can report relevant accounting standards for annual results and same
incidents with complete anonymity. is also available on the website of the Company at https://
www.sanofiindialtd.com/en/investors/disclosures/other-
Besides this, the Company’s Whistleblower policy also
disclosures
provides option to employees to raise concerns directly
to Chairperson of Audit Committee via email to chairman.
[email protected].
144 145
General Body Meetings General Shareholder Information

The last three Annual General Meetings were held as under: AGM Date, Time and Venue: hursday, May 11, 2023 at 3:00 p.m. through Video Conferencing facility
T
Financial Year: January to December
Financial Year Date Time Location
First Quarter Results: 1st Fortnight of May, 2023
January – December 2019 July 7, 2020 3:00 p.m. At Registered Office - through Video Conferencing facility Half Yearly Results: 1st Fortnight of August, 2023
January – December 2020 April 27, 2021 3:00 p.m. At Registered Office - through Video Conferencing facility Third Quarter Results: 1st Fortnight of November, 2023
January – December 2021 April 26, 2022 3:00 p.m. At Registered Office - through Video Conferencing facility Fourth Quarter and Annual Results: 2nd Fortnight of February, 2024
Dates of Book Closure: Saturday, April 29, 2023 to Thursday, May 11, 2023 (both days inclusive)
Dividend payment date: On or after May 22, 2023, if declared at ensuing Annual General Meeting scheduled on
All the resolutions set out in the respective Notices were The Postal Ballots were conducted in compliance with Thursday, May 11, 2023.
passed by the Shareholders. Section 108 and 110 of the Act, read with Rule 20 and Listing on Stock Exchanges: The Company’s Shares are listed on the Stock Exchanges mentioned below and accordingly
the Company has paid the Listing Fees to them for the Financial Year 2022.
22 of the Companies (Management and Administration)
During the previous three Annual General Meetings, BSE Limited (BSE)
Rules, 2014 and Regulation 44 of the Listing Regulations
following resolutions were passed as Special Resolutions: Phiroze Jeejeebhoy Towers,
and in accordance with the guidelines prescribed by
Dalal Street, Mumbai - 400 001.
AGM Date Special Resolutions the Ministry of Corporate Affairs for holding General
Meetings / conducting Postal Ballot process, vide National Stock Exchange of India (NSE)
July 7, 2020 None C-1, Block G, Exchange Plaza, Bandra-Kurla Complex,
General Circulars Nos. 14/2020 dated April 8, 2020, Bandra (East), Mumbai - 400 051.
April 27, 2021 Re-appointment of Mr. Aditya Narayan as
Independent Director for a second term of five 17/2020 dated April 13, 2020, 22/2020 dated June 15, Stock Code: 500674 on BSE and SANOFI on NSE
consecutive years from April 30, 2021 to April 2020, 33/2020 dated September 28, 2020, 39/2020 ISIN Number for NSDL & CDSL: INE058A01010
29, 2026. dated December 31, 2020, 10/2021 dated June 23,
Re-appointment of Ms. Usha Thorat as
2021, 20/2021 dated December 8, 2021 and 3/2022
Independent Director for a second term of five
consecutive years from April 30, 2021 to April dated May 5, 2022. Market Price Data
29, 2026.
The consolidated results of the voting by Postal Ballots and High / Low during each month in the Financial Year 2022. Share Price on BSE and NSE (Face Value C 10 each)
April 26, 2022 None
e-voting along with the Scrutinizer’s Report was intimated
BSE NSE
to BSE Limited and National Stock Exchange of India Months
Limited where the Equity Shares of the Company are listed. High D Low D High D Low D
Postal Ballot Additionally, the results were uploaded on the Company’s Jan-22 7,897.10 6,949.35 7,899.00 6,945.00
During the Financial Year 2022, the following Ordinary website and on the website of National Securities Feb-22 7,670.00 7,074.50 7,599.95 7,068.70
Resolutions were passed by the Company through Postal Depository Limited. Mar-22 7,726.50 7,010.00 7,725.00 7,003.10
Ballot by way of remote of e-voting: Apr-22 7,938.90 6,950.00 7,929.45 6,951.00
No Special Resolution is proposed to be conducted
Votes in Votes against through Postal Ballot as on the date of this Integrated May-22 7,018.40 6,320.70 7,010.00 6,351.00
Sr.
Resolution favour of the the resolution Annual Report.
No. Jun-22 7,020.00 6,351.00 7,035.95 6,352.00
resolution (%) (%)
Jul-22 6,900.00 6,328.00 6,889.95 6,328.00
Approval for Material Related
1. Party Transaction(s) with Sanofi 99.99 0.01
Means of Communication Aug-22 6,645.35 6,130.00 6,633.00 6,130.00
Healthcare India Private Limited Quarterly, Half-Yearly and Annual Results of the Company Sep-22 6,196.15 5,751.05 6,198.70 5,757.85
Appointment of Mr. Rodolfo Hrosz are published in newspapers, Business Standard and Oct-22 6,051.25 5,520.00 6,050.00 5,520.00
2. 98.79 1.21
(DIN : 09609832) as Director Sakal. These results are promptly submitted to the Stock Nov-22 5,734.00 5,454.10 5,735.00 5,454.00
Appointment of Mr. Rodolfo Hrosz Exchanges facilitating them to display the same on
3. (DIN : 09609832) as Managing 91.05 8.95 Dec-22 5,995.00 5,656.55 5,947.80 5,652.00
their website.
Director
(Source: Websites of BSE and NSE)
Appointment of Ms. Annapurna The Company’s results and press releases are available on
4.
Das (DIN: 08634664) as a
99.13 0.87 the Company’s website at https://www.sanofiindialtd.com/ Stock Performance in comparison to BSE Sensex
Non-Executive (Non- en/investors/financial-results/financial-results-2022
Independent) Director
During the year, the Company held an Investor Call on
BSE Sensex
March 2, 2022 to discuss the performance of the Company
Procedure for Postal ballot
for the financial year 2021. 140
The Company had issued Postal Ballot Notice dated
Management Discussion and Analysis Report forms part of 120
February 14, 2022, April 26, 2022 and November 3, 2022
this Annual Report.
to the Members, seeking their consent with respect to the 100
aforesaid resolutions.
80
60
40
20
0
Jan-22 Feb-22 Mar-22 Apr-22 May-22 Jun-22 Jul-22 Aug-22 Sep-22 Oct-22 Nov-22 Dec-22
Note: The monthly closing prices of the BSE Sensex and Sanofi equity shares have been indexed to 100 as on January 1, 2022.
146 147
Registrar and Share Transfer Agents notified by the Ministry of Corporate Affairs, the Company Transfer of shares to Unclaimed Suspense Account
is required to transfer all shares in respect of which
Link Intime India Pvt. Ltd., Pursuant to Regulation 39 and Schedule V and VI of the SEBI (Listing Obligations and Disclosure Requirements)
dividend has not been paid or claimed by the Members for
C-101, 247 Park, L. B. S. Marg, Regulations, 2015 ("Listing Regulations") the Company has transferred unclaimed shares in its Unclaimed Suspense
seven consecutive years or more in the name of Investor
Vikhroli West, Mumbai 400083. Account details of which are given below:
Education and Protection Fund (IEPF) Suspense Account.
Contact person: Ms. Sujata Poojary
Adhering to various requirements set out in the Rules, the Particulars No. of Records No of shareholders No. of Equity Shares
Telephone No.: 810 811 6767
Company has taken appropriate action for transferring the Aggregate number of shareholders/records and the outstanding
Fax No.: (022) 49186060 219 204 10,950
shares to the Demat Account opened by the IEPF Authority. shares in the Unclaimed Suspense Account
Email: [email protected]
The Company has also uploaded details of such Members Number of shareholders who approached the Company for transfer
whose shares are transferred to IEPF Suspense Account on of shares and shares transferred from suspense account during the 5 5 250
Share Transfer System year
its website at https://www.sanofiindialtd.com/en/investors/
The Board has delegated the authority for approving transfer-of-shares-to-iepf. Number of shareholders/records whose shares were transferred
transfer, transmission, issue of duplicate shares, name from suspense account to the demat account of Investor Education
10 10 700
The shares transferred to IEPF Suspense Account including and Protection Fund under the provisions of Section 124(6) of the
deletion and such other related matters to the Share Companies Act, 2013
all benefits accruing on such shares, if any, can be claimed
Transfer Committee.
by the Members from IEPF Authority, after following the Number of shareholders/records and aggregate number of shares
- - -
During the year, all share transmission, issue of duplicate procedure prescribed under the Rules. transferred to the Unclaimed Suspense Account during the year
shares, name deletion and such other related matters Aggregate number of shareholders and outstanding shares in the
204 189 10,000
Pursuant to the provisions of Sections 124 and 125 of Unclaimed Suspense Account lying as on December 31, 2022
were approved by the Share Transfer Committee within
the Act, dividends which remain unpaid or unclaimed for
prescribed timelines. There is no set frequency of the
a period of seven years from the date of transfer to the All Corporate benefits on such shares i.e., bonus shares, split shares etc., including dividend shall be credited to the
Share Transfer Committee meetings and transactions are
unpaid dividend account are required to be transferred to account of the IEPF Authority. The voting rights on shares lying in the Unclaimed Suspense Account shall remain frozen till
approved as and when received.
IEPF established by the Central Government. The details the rightful owner of such shares establishes his/her title of ownership to claim the shares.
A summary of transactions so approved by the Committee of unpaid dividend are uploaded on the website of the
is placed at the Board Meeting held quarterly. The Company Company at https://www.sanofiindialtd.com/en/investors/ Distribution of Shareholding as on December 31, 2022
obtains a certificate from Practicing Company Secretaries unclaimed-dividends
Sr. No Range of the number of shares No. of Shareholders % of Shareholders No. of shares held % of shareholding
as per the requirement of Regulation 40(9) of Listing
Regulations and same is filed with the Stock Exchanges. Members who have not claimed their dividend for last seven 1. 1 to 500 76,442 99.29 1,911,021 8.30
years are requested to write to the Company’s Registrar 2. 501 to 1,000 270 0.35 196,226 0.85
Transfer of shares to Ministry of Corporate Affairs and Share Transfer Agents and claim their dividends. The 3. 1,001 to 5,000 175 0.23 388,422 1.69
Investor Education and Protection Fund (‘IEPF’) total amount of unclaimed dividend has been disclosed in 4. 5,001 to 10,000 26 0.03 181,208 0.79
Account the financial statements. Members are requested to note 5. 10,001 & Above 77 0.10 20,353,745 88.38
that the unclaimed dividends will be transferred to the IEPF
Pursuant to the provisions of the Investor Education and Total 76,990 100.00 23,030,622 100.00
after the below mentioned last date of claim which has
Protection Fund Authority (Accounting, Audit, Transfer
been calculated by adding 37 days and 7 years in the date
and Refund) Rules, 2016 and Amendment Rules 2017
of declaration: Shareholding Pattern as on December 31, 2022
Dividend and Year Dividend per Share (D) Date of Declaration Last Date for Claim No. of % of
shares held shares held
Final Dividend 2015 47 29-04-2016 05-06-2023 0.35% 9.13%
0.00% 1.10% Promoters 13,909,587 60.40
Interim Dividend 2016 18 22-07-2016 28-08-2023 0.00%
0.01%
0.04% Mutual Funds 2,164,004 9.40
Final Dividend 2016 50 05-05-2017 11-06-2024 0.01%
0.18%
0.00%
Interim Dividend 2017 18 19-07-2017 25-08-2024 Financial Institutions / Banks 202 0.00
0.02%
Final Dividend 2017 53 08-05-2018 14-06-2025 2.56% Insurance Companies 2,260,465 9.81
Interim Dividend 2018 18 25-07-2018 31-08-2025 Foreign Institutional Investors 1,610,640 6.99
6.99%
Final Dividend 2018 66 07-05-2019 13-06-2026 Bodies Corporate 589,169 2.56
Final and One Time Special Dividend 2019 349 07-07-2020 13-08-2027 Body Corporate - Ltd Liability
5,694 0.02
Final and One Time Special Dividend 2020 365 27-04-2021 03-06-2028 Partnership
9.81%
Final and One Time Special Dividend 2021 490 26-04-2022 02-06-2029 Overseas Corporate Bodies 500 0.00
0.00%
Interim Dividend 2022 193 26-07-2022 01-09-2029 Trusts 1,384 0.01
Clearing Members 2,617 0.01
9.40%
NBFCs registered with RBI 500 0.00
60.40%
Hindu Undivided Family 80,743 0.35
Resident Individuals 2,101,772 9.13
Non-Resident Indians 252,249 1.10
Foreign Nationals 50 0.00
Unclaimed Suspense Account 10,000 0.04
IEPF 41,046 0.18
Total 23,030,622 100
148 149
Dematerialization of shares and liquidity Shareholders holding shares in dematerialized form should k) The Company has complied with all the requirements Modified opinion(s) in audit report: The Company
address all their correspondence (including change of as specified in the Regulation 17 to 27 and clauses has adopted a discretionary requirement of the Listing
As on December 31, 2022, 99.59% of the paid-up share
address, nominations, ECS mandates, bank details to be (b) to (i) of sub-regulation (2) of Regulation 46 of the Regulations and confirm that the Financial Statements of
capital had been dematerialized.
incorporated on dividend warrants, powers of attorney, Listing Regulations. the Company are unqualified.;
etc.) to their Depository Participant.
Outstanding GDRs / ADRs / warrants or any Separate posts of Chairperson and the Managing
Convertible instruments, Conversion date and likely
Non-Mandatory Requirements: Director: Mr. Aditya Narayan, Non-Executive Independent
impact on equity
Other Disclosures and Affirmations: The Board: The Chairman of the Board does not maintain a Director is the Chairman and Mr. Rodolfo Hrosz is the
a) As required by Regulation 17(8) of the Listing Chairman‘s office at the Company’s expense.; Managing Director of the Company.;
There are no outstanding GDRs / ADRs / warrants or any
Regulations, the Managing Director and the Chief
convertible instruments as at December 31, 2022. Shareholders’ Rights: The quarterly and half-yearly Reporting of Internal Auditor: The Internal Auditor
Financial Officer have submitted a Certificate to the
financial results are submitted to Stock Exchanges and presents the Internal Audit and Remediation Status
Board in the prescribed format for the Financial Year
Commodity price risk or foreign exchange risk and published in the newspapers as mentioned above and report on a quarterly basis to the Audit Committee and
ended December 31, 2022. The Certificate has been
hedging activities are also uploaded under the “Investor” section on the satisfactorily addresses the queries/ clarifications sought
reviewed by the Audit Committee and taken on record
Company’s website at https://www.sanofiindialtd.com/. by the Committee.
The Company classifies this risk as market risk. This risk by the Board.
Therefore, the results were not separately circulated to all
comprises three types of risks namely interest rate risk,
b) The Company has not obtained any credit rating for shareholders.;
currency risk and other price risk, such as commodity
the Financial Year ended December 31, 2022.
risk. The Company is not exposed to interest rate risk and
commodity price risk. c) There were no instances of non-compliance nor
have any penalties, strictures been imposed by Stock
Currency risk is the risk that the fair value or future cash
Exchanges or SEBI or any other statutory authority
flows of an exposure will fluctuate because of changes
during the last three years on any matter related to the
in foreign exchange rates and arises where transactions
are done in foreign currencies. It arises mainly where
capital markets. Compliance with Code of Business Conduct and Ethics
receivables and payables exist due to transactions entered d) The Company does not have any subsidiaries,
in foreign currencies. The Company evaluates exchange associate companies or joint ventures. The Company In accordance with Regulation 17(5)(a) of the Securities and Exchange Board of India (Listing Obligations and Disclosure
rate exposure arising from foreign currency transactions has in place the Policy on Material Subsidiary and Requirements) Regulations, 2015, the Board Members and Senior Management Personnel of the Company have confirmed
and follows established risk management policies including same is available on the website at https://www. compliance with the Code of Business Conduct and Ethics for the financial year ended December 31, 2022.
use of derivatives like foreign exchange forward contracts sanofiindialtd.com/en/investors/corporate-policies
to hedge foreign currency risk. For Sanofi India Limited
e) The Company has not raised any funds through
The exposure to currency risk is explained in detail in the preferential allotment or QIP in the Financial Year
Rodolfo Hrosz
notes to the financial statements. ended December 31, 2022.
Managing Director
f) The Company has obtained a certificate from February 23, 2023 DIN: 09609832
Plant location
M/s. MMJB & Associates LLP, Company Secretaries, as
GIDC, Plot No. L - 121, Phase III, Verna Industrial Estate, required under SEBI (Listing Obligations and Disclosure
Verna, Goa - 403722 Requirements) Regulations, 2015 confirming that
none of the Directors on Board of the Company have
Address for correspondence been debarred or disqualified from being appointed or
continuing as directors of companies by SEBI / Ministry
Shareholders correspondence should be addressed to the
of Corporate Affairs or any such statutory authority,
Company's Registrar and Share Transfer Agent or contact
which forms part of this Report.
the Company Secretary and Compliance Officer at the
addresses mentioned below. g) The Company has paid ` 4.74 million as total fees for
all services provided by M/s. Price Waterhouse & Co.,
Link Intime India Pvt. Ltd.,
Chartered Accountants LLP and all entities in the
C-101, 247 Park, L. B. S. Marg,
network firm in the Financial Year ended December
Vikhroli West, Mumbai 400083.
31, 2022.
Contact person: Ms. Sujata Poojary
Telephone No.: 810 811 6767 h) During the year 2022, the Company did not receive
Fax No.: (022) 49186060 any complaint of alleged sexual harassment. As on
Email: [email protected] December 31, 2022 no complaints related to sexual
harassment are pending for disposal.
Radhika Shah
Company Secretary and Compliance Officer i) During the year, the Company has not provided any
Sanofi House, loans and advances in the nature of loans to firms /
CTS No.117-B, L&T Business Park, companies in which directors are interested.
j) The Company has complied with the requirements as
Mumbai – 400072.
mentioned in Schedule V, Para C, sub-paras (2) to (10)
Telephone No.: (022) 28032000;
of the Listing Regulations.
Fax No.: (022) 28032939
E-mail: [email protected]
150 151
Auditors’ Certificate regarding compliance of Certificate of Non-Disqualification of Directors

conditions of Corporate Governance [Pursuant to Regulation 34(3) and Schedule V Para C clause (10)(i) of the SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015]
To the Members of Sanofi India limited To,

The Members
We have examined the compliance of conditions of Corporate Governance by Sanofi India Limited, for the year ended 31 Sanofi India Limited
December 31, 2022 as stipulated in Regulations [17, 17A, 18, 19, 20, 21, 22, 23, 24A, 25, 26, 27 and clauses (b) to (i) and
(t) of sub-regulation (2) of regulation 46 and para C , D and E of Schedule V] of the Securities and Exchange Board of India We have examined the relevant disclosures provided by the Directors (as enlisted in Table A) to Sanofi India Limited having
(Listing Obligations and Disclosure Requirements) Regulations, 2015 (as amended) (collectively referred to as “SEBI Listing CIN L24239MH1956PLC009794 and having registered office at Sanofi House, CTS No. 117-B, L&T Business Park, Saki
Regulations, 2015”). Vihar Road, Powai, Mumbai 400072 (hereinafter referred to as ‘the Company’) for the purpose of issuing this Certificate,
in accordance with Regulation 34(3) read with Schedule V Para C clause 10(i) of the Securities and Exchange Board of
The compliance of conditions of Corporate Governance is the responsibility of the Company’s management. India (Listing Obligations and Disclosure Requirements) Regulations, 2015.
Our examination was carried out in accordance with the Guidance Note on Certification of Corporate Governance, issued
In our opinion and to the best of our information, based on (i) Documents available on the website of the Ministry of
by the Institute of Chartered Accountants of India and was limited to procedures and implementation thereof, adopted
Corporate Affairs (MCA) (ii) Verification of Directors Identification Number (DIN) status on the website of the MCA, and
by the Company for ensuring the compliance of the conditions of Corporate Governance. It is neither an audit nor an
(iii) disclosures provided by the Directors to the Company, we hereby certify that none of the Directors on the Board
expression of opinion on the financial statements of the Company.
of the Company (as enlisted in Table A) have been debarred or disqualified from being appointed or continuing as
Directors of the Companies by the Securities and Exchange Board of India, MCA or any such other statutory authority
In our opinion and to the best of our information and according to the explanations given to us,
as on December 31, 2022.
We certify that the Company has complied with the conditions of Corporate Governance as stipulated in the SEBI Listing
Regulations, 2015. Table A
Sr.
We state that such compliance is neither an assurance as to the future viability of the Company nor the efficiency or No.
Name of the Directors Director Identification Number Date of appointment in Company
effectiveness with which the management has conducted the affairs of the Company.
1. Mr. Aditya Narayan 00012084 April 30, 2016
2. Mrs. Usha Thorat 00542778 April 30, 2016
For and on behalf of Price Waterhouse & Co Chartered Accountants LLP 3. Mr. Rahul Bhatnagar 07268064 July 29, 2020
Firm Registration Number: 304026E/E-300009
4. Mr. Marc-Antoine Lucchini 08812302 July 29, 2020
5. Ms. Annapurna Das 08634664 November 3, 2022
UDIN: 23112433BGYMKT4508 Arun Kumar Ramdas
Place: Mumbai Partner 6. Mr. Rodolfo Hrosz 09609832 June 1, 2022
Date: February 23, 2023 Membership No: 112433 7. Mr. Cherian Mathew 08522813 July 29, 2019
8. Mr. Vaibhav Karandikar 09049375 February 23, 2021
General Disclaimer: Our Analysis for this certificate does not covers the verification of criteria pertaining to appointment
as Independent Director under Section 149 and criteria pertaining to appointment as Managing Director under section
196 and Schedule V of the Companies Act, 2013.
For MMJB & Associates LLP

Company Secretaries
Saurabh Agrawal
Designated Partner
FCS No. F9290
CP No. 20907
Place: Mumbai PR: 904/2020
Date: February 23, 2023 UDIN: F009290D003191293
152 153
Independent Auditor’s Report
To the Members of Sanofi India Limited Basis for Opinion Other Information matters related to going concern and using the going
concern basis of accounting unless management
Report on the Audit of the Financial Statements 3. We conducted our audit in accordance with the 5. The Company’s Board of Directors is responsible for
either intends to liquidate the Company or to cease
Standards on Auditing (SA) specified under Section the other information. The other information comprises
operations, or has no realistic alternative but to do
Opinion 143(10) of the Act. Our responsibilities under those the information included in the Annual report, but does
so. Those Board of Directors are also responsible for
Standards are further described in the “Auditor’s not include the financial statements and our auditor’s
1. We have audited the accompanying financial overseeing the Company’s financial reporting process.
Responsibilities for the Audit of the Financial report thereon.
statements of Sanofi India Limited (“the Company”),
Statements” section of our report. We are independent
which comprise the Balance Sheet as at December 31,
of the Company in accordance with the Code of Ethics
Our opinion on the financial statements does not cover Auditor’s responsibilities for the audit of
2022, and the Statement of Profit and Loss (including
issued by the Institute of Chartered Accountants of
the other information and we do not express any form the financial statements
Other Comprehensive Income), the Statement of of assurance conclusion thereon.
India together with the ethical requirements that are 8. Our objectives are to obtain reasonable assurance
Changes in Equity and the Statement of Cash Flows
relevant to our audit of the financial statements under In connection with our audit of the financial about whether the financial statements as a whole
for the year then ended, and notes to the financial
the provisions of the Act and the Rules thereunder, statements, our responsibility is to read the other are free from material misstatement, whether due to
statements, including a summary of significant
and we have fulfilled our other ethical responsibilities information and, in doing so, consider whether the fraud or error, and to issue an auditor’s report that
accounting policies and other explanatory information.
in accordance with these requirements and the Code other information is materially inconsistent with the includes our opinion. Reasonable assurance is a high
2. In our opinion and to the best of our information and of Ethics. We believe that the audit evidence we have financial statements or our knowledge obtained in the level of assurance but is not a guarantee that an audit
according to the explanations given to us, the aforesaid obtained is sufficient and appropriate to provide a audit or otherwise appears to be materially misstated. conducted in accordance with SAs will always detect
financial statements give the information required by basis for our opinion. If, based on the work we have performed, we conclude a material misstatement when it exists. Misstatements
the Companies Act, 2013 (“the Act") in the manner that there is a material misstatement of this other can arise from fraud or error and are considered
so required and give a true and fair view in conformity Key audit matters information, we are required to report that fact. material if, individually or in the aggregate, they could
with the accounting principles generally accepted reasonably be expected to influence the economic
4. Key audit matters are those matters that, in our We have nothing to report in this regard.
in India, of the state of affairs of the Company as decisions of users taken on the basis of these
professional judgment, were of most significance in
at December 31, 2022, and total comprehensive financial statements.
income (comprising of profit and other comprehensive
our audit of the financial statements of the current Responsibilities of management and those
income), changes in equity and its cash flows for the
year. These matters were addressed in the context of charged with governance for the financial 9. As part of an audit in accordance with SAs, we exercise
year then ended.
our audit of the financial statements as a whole and in statements professional judgment and maintain professional
forming our opinion thereon, and we do not provide a scepticism throughout the audit. We also:
6. The Company’s Board of Directors is responsible
separate opinion on these matters.
for the matters stated in Section 134(5) of the Act − Identify and assess the risks of material
Key audit matter How our audit addressed the key audit matter
with respect to the preparation of these financial misstatement of the financial statements, whether
statements that give a true and fair view of the due to fraud or error, design and perform audit
Tax litigations and contingencies. Our audit procedures included the following:
financial position, financial performance, changes in procedures responsive to those risks, and obtain
(Refer Note 9(a), 9(b), 39(a), 39(b) and 43 to the financial − nderstanding and evaluation of the design and testing the
U
statements) operating effectiveness of controls in respect of assessment of
equity and cash flows of the Company in accordance audit evidence that is sufficient and appropriate
tax, its accounting and disclosures in the financial statements; with the accounting principles generally accepted in to provide a basis for our opinion. The risk of not
As at December 31, 2022, several litigations under direct and
indirect tax laws are pending for decision at various authority − btaining a complete list of litigation matters and reading the
O India, including the Accounting Standards specified detecting a material misstatement resulting from
levels, in respect of which, the Company has disclosed underlying orders and other communications received from tax under Section 133 of the Act. This responsibility fraud is higher than for one resulting from error,
contingent liabilities of C 2,694 million. authorities and management’s responses thereto, to assess the also includes maintenance of adequate accounting as fraud may involve collusion, forgery, intentional
The management’s assessment with regard to the tax matters status of the litigations;
records in accordance with the provisions of the omissions, misrepresentations, or the override of
is supported by advice from independent consultants. − valuating the independence, objectivity and competence of
E
Act for safeguarding of the assets of the Company internal control.
We considered this as a key audit matter, as evaluation of management’s experts involved;
and for preventing and detecting frauds and other
these matters requires significant management judgement − Reading the management’s experts advice, as applicable; − Obtain an understanding of internal control relevant
and estimation, interpretation of laws and regulations and irregularities; selection and application of appropriate
− valuating the management’s assessment on the probability of
E to the audit in order to design audit procedures that
application of relevant judicial precedents to determine the outcome and the magnitude of potential outflow of economic
accounting policies; making judgments and estimates
are appropriate in the circumstances. Under Section
probability of outflow of economic resources for recognising resources in respect of tax matters including involvement of our that are reasonable and prudent; and design,
provisions and making related disclosures in the financial 143(3)(i) of the Act, we are also responsible for
tax experts for assessing complex tax matters, based on recent implementation and maintenance of adequate internal
statements. The application of accounting principles as rulings and latest developments in case laws; expressing our opinion on whether the Company has
given under Ind AS 37, Provisions, Contingent Liabilities and financial controls, that were operating effectively
− valuating appropriateness of the Company’s disclosures in the
E adequate internal financial controls with reference
Contingent Assets, in order to determine the amount to be for ensuring the accuracy and completeness of the
financial statements. to financial statements in place and the operating
recognised as a provision, or to be disclosed as a contingent accounting records, relevant to the preparation
liability, needs careful evaluation and judgement to be applied Based on the audit procedures performed, we did not identify any effectiveness of such controls.
and presentation of the financial statements that
by the management. significant exceptions relating to the provisions recognised and
disclosures made in the financial statements in respect of the tax give a true and fair view and are free from material − Evaluate the appropriateness of accounting
matters. misstatement, whether due to fraud or error. policies used and the reasonableness of
accounting estimates and related disclosures made
7. In preparing the financial statements, management
by management.
is responsible for assessing the Company’s ability to
continue as a going concern, disclosing, as applicable,
154 155
− Conclude on the appropriateness of management’s 14. As required by Section 143(3) of the Act, we iv. (a) The management has represented that, identified in any manner whatsoever
use of the going concern basis of accounting and, report that: to the best of its knowledge and belief, by or on behalf of the Funding Party
based on the audit evidence obtained, whether no funds have been advanced or loaned (“Ultimate Beneficiaries”) or provide any
(a) We have sought and obtained all the information
a material uncertainty exists related to events or or invested either from borrowed funds guarantee, security or the like on behalf
and explanations which to the best of our
conditions that may cast significant doubt on the or share premium or any other sources of the Ultimate Beneficiaries (Refer Note
knowledge and belief were necessary for the
Company’s ability to continue as a going concern. If or kind of funds by the Company to or in 53 to the financial statements); and
purposes of our audit.
we conclude that a material uncertainty exists, we any other persons or entities, including
(c) Based on such audit procedures that we
are required to draw attention in our auditor’s report (b) In our opinion, proper books of account as foreign entities (“Intermediaries”),
considered reasonable and appropriate
to the related disclosures in the financial statements required by law have been kept by the Company with the understanding, whether
in the circumstances, nothing has
or, if such disclosures are inadequate, to modify our so far as it appears from our examination of recorded in writing or otherwise, that
come to our notice that has caused
opinion. Our conclusions are based on the audit those books the Intermediary shall, whether, directly
us to believe that the representations
evidence obtained up to the date of our auditor’s or indirectly, lend or invest in other
(c) The Balance Sheet, the Statement of Profit and under sub-clause (a) and (b) contain any
report. However, future events or conditions may persons or entities identified in any
Loss (including other comprehensive income), material misstatement.
cause the Company to cease to continue as a manner whatsoever by or on behalf of
the Statement of Changes in Equity and the
going concern. the Company (“Ultimate Beneficiaries”) v. The dividend declared and paid during the
Statement of Cash Flows dealt with by this Report
or provide any guarantee, security year by the Company is in compliance with
− Evaluate the overall presentation, structure and are in agreement with the books of account.
or the like on behalf of the Ultimate Section 123 of the Act.
content of the financial statements, including the
(d) In our opinion, the aforesaid financial statements Beneficiaries (Refer Note 53 to the
disclosures, and whether the financial statements 15. The Company has paid/ provided for managerial
comply with the Accounting Standards specified financial statements);
represent the underlying transactions and events in remuneration in accordance with the requisite approvals
under Section 133 of the Act.
a manner that achieves fair presentation. (b) The management has represented that, mandated by the provisions of Section 197 read with
(e) On the basis of the written representations to the best of its knowledge and belief, Schedule V to the Act.
10. We communicate with those charged with governance
received from the directors as on December 31, no funds have been received by the
regarding, among other matters, the planned scope
2022, taken on record by the Board of Directors, Company from any persons or entities,
and timing of the audit and significant audit findings, For Price Waterhouse & Co Chartered Accountants LLP
none of the directors is disqualified as on including foreign entities (“Funding
including any significant deficiencies in internal control Firm Registration Number: 304026E/ E-300009
December 31, 2022, from being appointed as a Parties”), with the understanding,
that we identify during our audit.
director in terms of Section 164(2) of the Act. whether recorded in writing or
Arunkumar Ramdas
11. We also provide those charged with governance with otherwise, that the Company shall,
(f) With respect to the adequacy of the internal Partner
a statement that we have complied with relevant whether, directly or indirectly, lend
financial controls with reference to financial Place: Mumbai Membership Number: 112433
ethical requirements regarding independence, and or invest in other persons or entities
statements of the Company and the operating Date: February 23, 2023 UDIN: 23112433BGYMKU4843
to communicate with them all relationships and
effectiveness of such controls, refer to our
other matters that may reasonably be thought to
separate Report in “Annexure A”.
bear on our independence, and where applicable,
related safeguards. (g) With respect to the other matters to be included
in the Auditor’s Report in accordance with Rule
12. From the matters communicated with those charged
11 of the Companies (Audit and Auditors) Rules,
with governance, we determine those matters that
2014 (as amended), in our opinion and to the
were of most significance in the audit of the financial
best of our information and according to the
statements of the current year and are therefore the
explanations given to us:
key audit matters. We describe these matters in our
auditor’s report unless law or regulation precludes i. The Company has disclosed the impact of
public disclosure about the matter or when, in pending litigations on its financial position in
extremely rare circumstances, we determine that a its financial statements – Refer Notes 23, 39,
matter should not be communicated in our report 43 and 45 to the financial statements;
because the adverse consequences of doing so would
ii. The Company was not required to recognise
reasonably be expected to outweigh the public interest
a provision as at December 31, 2022, under
benefits of such communication.
the applicable law or accounting standards,
as it does not have any material foreseeable
Report on other legal and regulatory losses on long-term contract. The Company
requirements did not have any derivative contracts as at
13. As required by the Companies (Auditor’s Report) Order, December 31, 2022.
2020 (“the Order”), issued by the Central Government
iii. There has been no delay in transferring
of India in terms of sub-section (11) of Section 143 of
amounts, required to be transferred, to the
the Act, we give in the Annexure B a statement on the
Investor Education and Protection Fund by
matters specified in paragraphs 3 and 4 of the Order,
the Company during the year.
to the extent applicable.
156 157
Annexure A to Independent Auditor’s Report

Referred to in paragraph 14(f) of the Independent Auditor’s Report of even date to the members of Sanofi India Limited on
the financial statements for the year ended December 31, 2022.
Inherent Limitations of Internal Financial Opinion
Controls with reference to financial 8. In our opinion, the Company has, in all material
statements respects, an adequate internal financial controls
Report on the Internal Financial Controls statements was established and maintained and if such 7. Because of the inherent limitations of internal system with reference to financial statements and
with reference to Financial Statements controls operated effectively in all material respects. financial controls with reference to financial such internal financial controls with reference to
under clause (i) of sub-section 3 of Section 4. Our audit involves performing procedures to obtain
statements, including the possibility of collusion or financial statements were operating effectively as at
143 of the Act audit evidence about the adequacy of the internal
improper management override of controls, material December 31, 2022, based on the internal control over
misstatements due to error or fraud may occur and not financial reporting criteria established by the Company
1. We have audited the internal financial controls with financial controls system with reference to financial
be detected. Also, projections of any evaluation of the considering the essential components of internal
reference to financial statements of Sanofi India statements and their operating effectiveness. Our
internal financial controls with reference to financial control stated in the Guidance Note issued by ICAI.
Limited (“the Company”) as of December 31, 2022 in audit of internal financial controls with reference
statements to future periods are subject to the risk
conjunction with our audit of the financial statements to financial statements included obtaining an
that the internal financial controls with reference
of the Company for the year ended on that date. understanding of internal financial controls with For Price Waterhouse & Co Chartered Accountants LLP
to financial statements may become inadequate
reference to financial statements, assessing the Firm Registration Number: 304026E/ E-300009
because of changes in conditions, or that the degree
Management’s Responsibility for Internal risk that a material weakness exists, and testing and
of compliance with the policies or procedures
Financial Controls evaluating the design and operating effectiveness
may deteriorate.
Arunkumar Ramdas
of internal control based on the assessed risk. Partner
2. The Company’s management is responsible for
The procedures selected depend on the auditor’s Place: Mumbai Membership Number: 112433
establishing and maintaining internal financial controls
judgement, including the assessment of the risks of Date: February 23, 2023 UDIN: 23112433BGYMKU4843
based on the internal control over financial reporting
material misstatement of the financial statements,
criteria established by the Company considering the
whether due to fraud or error.
essential components of internal control stated in the
Guidance Note on Audit of Internal Financial Controls 5. We believe that the audit evidence we have obtained
Over Financial Reporting (“the Guidance Note”) issued is sufficient and appropriate to provide a basis for
by the Institute of Chartered Accountants of India our audit opinion on the Company’s internal financial
(“ICAI”). These responsibilities include the design, controls system with reference to financial statements.
implementation and maintenance of adequate internal
financial controls that were operating effectively Meaning of Internal Financial Controls
for ensuring the orderly and efficient conduct of its with reference to financial statements
business, including adherence to company’s policies,
6. A company's internal financial controls with reference
the safeguarding of its assets, the prevention and
to financial statements is a process designed to
detection of frauds and errors, the accuracy and
provide reasonable assurance regarding the reliability
completeness of the accounting records, and the
of financial reporting and the preparation of financial
timely preparation of reliable financial information, as
statements for external purposes in accordance
required under the Act.
with generally accepted accounting principles. A
company's internal financial controls with reference
Auditor’s Responsibility to financial statements includes those policies and
3. Our responsibility is to express an opinion on the procedures that (1) pertain to the maintenance of
Company's internal financial controls with reference to records that, in reasonable detail, accurately and fairly
financial statements based on our audit. We conducted reflect the transactions and dispositions of the assets
our audit in accordance with the Guidance Note and of the company; (2) provide reasonable assurance
the Standards on Auditing deemed to be prescribed that transactions are recorded as necessary to permit
under Section 143(10) of the Act to the extent preparation of financial statements in accordance
applicable to an audit of internal financial controls, with generally accepted accounting principles, and
both applicable to an audit of internal financial controls that receipts and expenditures of the company are
and both issued by the ICAI. Those Standards and the being made only in accordance with authorisations of
Guidance Note require that we comply with ethical management and directors of the company; and (3)
requirements and plan and perform the audit to provide reasonable assurance regarding prevention or
obtain reasonable assurance about whether adequate timely detection of unauthorised acquisition, use, or
internal financial controls with reference to financial disposition of the company's assets that could have a
material effect on the financial statements.
158 159
Annexure B to Independent Auditor's Report

Referred to in paragraph 13 of the Independent Auditor's Report of even date to the members of Sanofi India Limited on
free. In respect of loan to a related entity, the v. The Company has not accepted any deposits or
the financial statements as of and for the year ended December 31, 2022
schedule of repayment of principal and payment amounts which are deemed to be deposits within the
of interest has been stipulated; however, the meaning of Sections 73, 74, 75 and 76 of the Act and
entity has prepaid the loan amount and also the the Rules framed there under to the extent notified.
i. (a) (A) The Company is maintaining proper the coverage and procedure of such verification
entity was regular in payment of interest.
records showing full particulars, including by Management is appropriate. The discrepancies vi. Pursuant to the rules made by the Central Government
quantitative details and situation, of noticed on physical verification of inventory as (d) In respect of the loans, there is no amount which is of India, the Company is required to maintain cost
Property, Plant and Equipment. compared to book records were not 10% or more overdue for more than ninety days. records as specified under Section 148(1) of the Act
in aggregate for each class of inventory. in respect of its products. We have broadly reviewed
(B) The Company is maintaining proper records (e) There were no loans which fell due during the year
the same and are of the opinion that, prima facie, the
showing full particulars of Intangible Assets. (b) During the year, the Company has not been and were renewed/extended. Further, no fresh
prescribed accounts and records have been made and
sanctioned working capital limits in excess of loans were granted to same parties to settle the
(b) The Property, Plant and Equipment are physically maintained. We have not, however, made a detailed
C 5 crores, in aggregate from banks and financial existing overdue loans.
verified by the Management according to examination of the records with a view to determine
institutions on the basis of security of current
a phased programme designed to cover all (f) The loans granted during the year, including to a whether they are accurate or complete.
assets and accordingly, the question of our
the items over a period of two years which, director had stipulated the scheduled repayment
commenting on whether the quarterly returns or vii. (a) According to the information and explanations
in our opinion, is reasonable having regard to of principal and the same were not repayable on
statements are in agreement with the unaudited given to us and the records of the Company
the size of the Company and the nature of its demand. As per the Company’s policy these loans
books of account of the Company does not arise. examined by us, in our opinion, the Company is
assets. Pursuant to the programme, a portion are interest-free.
generally regular in depositing the undisputed
of the Property, Plant and Equipment has been iii. (a) The Company has, during the year, not made
iv. In our opinion, and according to the information and statutory dues in respect of goods and services
physically verified by the Management during investments in companies, firms, Limited Liability
explanations given to us, the Company has complied tax, though there has been a slight delay in few
the year and no material discrepancies have been Partnerships. The Company has, during the year,
with the provisions of Sections 186 of the Companies cases, and is regular in depositing undisputed
noticed on such verification. not granted secured/unsecured loans/advances
Act, 2013 in respect of the loans provided by it. The statutory dues, including provident fund,
in nature of loans to companies, firms, Limited
(c) The title deeds of all the immovable properties Company has not granted any loans to the parties employees’ state insurance, income tax, duty of
Liability Partnerships and other parties other
(other than properties where the Company is covered under Sections 185 of the Companies Act, customs, cess and other material statutory dues,
than loans to 520 employees, including one of
the lessee and the lease agreements are duly 2013. The Company has not made any investments as applicable, with the appropriate authorities.
the directors. The Company, during the year,
executed in favour of the lessee), as disclosed or provided any guarantees or security to the Sales tax, service tax, duty of excise and value
did not stand guarantee, or provided security to
in Note 5(a) Property, Plant and Equipment and parties covered under Sections 185 and 186 of the added tax are not applicable to the Company.
companies, firms, Limited Liability Partnerships
Note 18 on assets classified as held for sale to Companies Act, 2013. Also, refer note 39(d) to the financial statements
and other parties. The aggregate amount during
the financial statements, are held in the name of regarding management's assessment on certain
the year, and balance outstanding at the balance
the Company. matters relating to provident fund.
sheet date with respect to such loans are as per
(d) The Company has chosen cost model for its the table given below:
(b) According to the information and explanations given to us and the records of the Company examined by us, there
Property, Plant and Equipment (including Right of
Loan Amount are no statutory dues of provident fund, employees’ state insurance, duty of customs, cess, goods and service
Use assets) and intangible assets. Consequently, (D in million) tax, service tax and value added tax which have not been deposited on account of any dispute. The particulars
the question of our commenting on whether
Aggregate amount granted during of other statutory dues referred to in sub-clause (a) as at December 31, 2022 which have not been deposited on
the revaluation is based on the valuation by a the year account of a dispute, are as follows:
Registered Valuer, or specifying the amount
- Employees 36
of change, if the change is 10% or more in the Amount (D in Period to which the amount Forum where the dispute is
- Director * Name of the statute Nature of dues
aggregate of the net carrying value of each class million) ^ relates pending
of Property, Plant and Equipment (including Right Balance outstanding as at the balance The Income-tax Income-tax including tax 51 Assessment Year 2011-2012 Income Tax Appellate Tribunal
sheet date in respect of the above Act, 1961 deducted at source and 1,029 Assessment Years Upto Commissioner's level
of Use assets) or intangible assets does not arise. interest as applicable
- Employees 20 2008 - 2009,
(e) Based on the information and explanations 2011 - 2012 to
- Director *
2019 - 2020
furnished to us, no proceedings have been
(* denotes figures less than a million) The Central Sales Sales tax 2 1999-2000 Sales Tax Appellate Tribunal
initiated on the Company for holding benami
(Also refer note 15 to the financial statements) Tax Act, 1956 and 10 1998 - 1999, Upto Commissioner's level
property under the Prohibition of Benami Local Sales Tax Acts 2008 – 2009,
Property Transactions Act, 1988 (as amended 2012 – 2013,
(b) In respect of the loans, the terms and conditions
in 2016) (formerly the Benami Transactions 2015 - 2016
under which such loans were granted are not
(Prohibition) Act, 1988 (45 of 1988)) and Rules The Central Excise Disallowance of MODVAT 39 2007 - 2008 to Appellate Tribunal
prejudicial to the Company’s interest. Act, 1944 2011 - 2012
made thereunder, and therefore the question of
our commenting on whether the Company has (c) In respect of the loan to employees including Excise Duty including 23 1993 – 1997, Assistant Commissioner and
interest and penalty, as 2005 – 2007, Commissioner of Central Excise,
appropriately disclosed the details in its financial loan to a director, the schedule of repayment of applicable 2015 - 2016 Service Tax and Customs
statements does not arise. principal has been stipulated, and the employees Medicinal and Toilet Dispute whether Central 23 January 1990 to Central Board of Excise and
including director are repaying the principal Preparation (Levy or State Excise Duty August 1997 Customs
ii. (a) The physical verification of inventory has been
amounts, as stipulated given in the earlier year. As of Excise Duty) 13 1996 - 1997 to Commissioner of State Excise
conducted at reasonable intervals by the Act,1955
per the Company’s policy these loans are interest- 1998 - 1999 Duty, Maharashtra
Management during the year and, in our opinion,
^ Net of amount paid under protest.
160 161
viii. According to the information and explanations given by the Company or on the Company, noticed with the provisions of Section 192 of the Act refer Note 55 to the financial statements), ageing
to us and the records of the Company examined by us, or reported during the year, nor have we been under clause 3(xv) of the Order is not applicable to and expected dates of realisation of financial assets
there are no transactions in the books of account that informed of any such case by the Management. the Company. and payment of financial liabilities, other information
has been surrendered or disclosed as income during accompanying the financial statements, our
(b) During the course of our examination of the xvi. (a) The Company is not required to be registered
the year in the tax assessments under the Income Tax knowledge of the Board of Directors and management
books and records of the Company, carried under Section 45-IA of the Reserve Bank of India
Act, 1961, that has not been recorded in the books plans and based on our examination of the evidence
out in accordance with the generally accepted Act, 1934. Accordingly, the reporting under
of account. supporting the assumptions, nothing has come to our
auditing practices in India, and according to the clause 3(xvi)(a) of the Order is not applicable to
attention, which causes us to believe that any material
ix. (a) As the Company did not have any loans or other information and explanations given to us, a report the Company.
uncertainty exists as on the date of the audit report
borrowings from any lender during the year, the under Section 143(12) of the Act, in Form ADT-4,
(b) The Company has not conducted non-banking that Company is not capable of meeting its liabilities
reporting under clause 3(ix)(a) of the Order is not as prescribed under rule 13 of Companies (Audit
financial or housing finance activities during existing at the date of balance sheet as and when they
applicable to the Company. and Auditors) Rules, 2014 was not required to be
the year. Accordingly, the reporting under fall due within a period of one year from the balance
filed with the Central Government. Accordingly,
(b) According to the information and explanations clause 3(xvi)(b) of the Order is not applicable to sheet date. We, however, state that this is not an
the reporting under clause 3(xi)(b) of the Order is
given to us and on the basis of our audit the Company. assurance as to the future viability of the Company.
not applicable to the Company.
procedures, we report that the Company has We further state that our reporting is based on the
(c) The Company is not a Core Investment Company
not been declared Wilful Defaulter by any bank (c) During the course of our examination of the facts up to the date of the audit report and we neither
(CIC) as defined in the regulations made by
or financial institution or government or any books and records of the Company carried out give any guarantee nor any assurance that all liabilities
the Reserve Bank of India. Accordingly, the
government authority. in accordance with the generally accepted falling due within a period of one year from the balance
reporting under clause 3(xvi)(c) of the Order is not
auditing practices in India, and according to sheet date will get discharged by the Company as and
(c) According to the records of the Company applicable to the Company.
the information and explanations given to us, when they fall due.
examined by us and the information and
the Company has received whistle-blower (d) Based on the information and explanations
explanations given to us, the Company has not xx. As at balance sheet date, the Company does not have
complaints during the year, which have been provided by the management of the Company,
obtained any term loans. any amount remaining unspent under Section 135(5)
considered by us for any bearing on our audit and the Group does not have any CICs, which are part
of the Act. Accordingly, reporting under clause 3(xx) of
(d) According to the information and explanations reporting under this clause. In respect of certain of the Group. We have not, however, separately
the Order is not applicable.
given to us, and the procedures performed by complaints, for which preliminary findings of evaluated whether the information provided
us, and on an overall examination of the financial the investigations have been provided to us by by the management is accurate and complete. xxi. The reporting under clause 3(xxi) of the Order is not
statements of the Company, the Company has not management, our consideration of the complaints Accordingly, the reporting under clause 3(xvi)(d) applicable in respect of audit of Standalone Financial
raised funds on short term basis. having any bearing on our audit is limited to such of the Order is not applicable to the Company. Statements. Accordingly, no comment in respect of the
preliminary findings. said clause has been included in this report.
(e) According to the information and explanations xvii. The Company has not incurred any cash losses in
given to us and procedures performed by us, xii. As the Company is not a Nidhi Company and the Nidhi the financial year or in the immediately preceding
we report that the Company did not have any Rules, 2014 are not applicable to it, the reporting financial year. For Price Waterhouse & Co Chartered Accountants LLP
subsidiaries, joint ventures or associate companies under clause 3(xii) of the Order is not applicable to Firm Registration Number: 304026E/ E-300009
xviii. There has been no resignation of the statutory auditors
during the year. the Company.
during the year and accordingly the reporting under
Arunkumar Ramdas
x. (a) The Company has not raised any money by way of xiii. The Company has entered into transactions with clause (xviii) is not applicable.
Partner
initial public offer or further public offer (including related parties in compliance with the provisions of
xix. According to the information and explanations given Place: Mumbai Membership Number: 112433
debt instruments) during the year. Accordingly, Sections 177 and 188 of the Act. The details of related
to us and on the basis of the financial ratios (Also Date: February 23, 2023 UDIN: 23112433BGYMKU4843
the reporting under clause 3(x)(a) of the Order is party transactions have been disclosed in the financial
not applicable to the Company. statements as required under Indian Accounting
Standard 24 Related Party Disclosures specified under
(b) The Company has not made any preferential
Section 133 of the Act.
allotment or private placement of shares or fully
or partially or optionally convertible debentures xiv. (a) In our opinion and according to the information
during the year. Accordingly, the reporting under and explanation given to us, the Company has an
clause 3(x)(b) of the Order is not applicable to internal audit system commensurate with the size
the Company. and nature of its business.
xi. (a) During the course of our examination of the (b) The reports of the Internal Auditor for the period
books and records of the Company, carried under audit have been considered by us.
out in accordance with the generally accepted
xv. The Company has not entered into any non-cash
auditing practices in India, and according to the
transactions with its directors or persons connected
information and explanations given to us, we have
with him. Accordingly, the reporting on compliance
neither come across any instance of material fraud
162 163
Balance Sheet Balance Sheet

as at December 31, 2022 as at December 31, 2022
(C in Million) (C in Million)
As at As at As at As at
Particulars Notes Particulars Notes
December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
ASSETS LIABILITIES
Non-current assets Non-current liabilities
Property, plant and equipment 5 (a) 2,463 2,724 Financial liabilities
Capital work-in-progress 5 (b) 188 89 Lease liabilities 5 (c) 149 176
Right-of-use assets 5 (c) 589 604 Employee benefit obligations 20 355 619
Intangible assets 6 (a) 3 13 Deferred tax liabilities (net) 35 (d) 49 63
Intangible assets under development 6 (b) 48 39 Total non-current liabilities 553 858
Financial assets Current liabilities
i. Loans 7 - 4,450 Financial liabilities
ii. Other financial assets 8 147 156 i. Lease liabilities 5 (c) 87 70
Income tax assets (net) 9 (a) 1,099 1,111 ii. Trade payables
Other non-current assets 10 77 45 (a) Total outstanding dues of micro enterprises and small enterprises 21 198 285
Total non-current assets 4,614 9,231 (b) Total outstanding dues of creditors other than micro enterprises and small 21 3,366 3,482
Current assets enterprises
Inventories 11 4,080 3,924 iii. Other financial liabilities 22 113 82
Financial assets Provisions 23 1,427 1,300
i. Trade receivables 12 1,291 1,429 Employee benefit obligations 24 1,130 1,064
ii. Cash and cash equivalents 13 10,049 15,380 Current tax liabilities (net) 9 (b) 900 1,067
iii. Bank balances other than (ii) above 14 120 123 Other current liabilities 25 176 137
iv. Loans 15 20 27 7,397 7,487
v. Other financial assets 16 70 18 Liabilities directly associated with assets classified as held for sale 26 9 9
Other current assets 17 463 439 Total current liabilities 7,406 7,496
16,093 21,340 Total liabilities 7,959 8,354
Assets classified as held for sale 18 10 39 TOTAL EQUITY AND LIABILITIES 20,717 30,610
Total current assets 16,103 21,379

The above balance sheet should be read in conjunction with the accompanying notes.
TOTAL ASSETS 20,717 30,610 This is the balance sheet referred to in our report of even date
EQUITY AND LIABILITIES
Equity For Price Waterhouse & Co Chartered Accountants LLP For and on behalf of the Board of Directors
Equity share capital 19 (a) 230 230 Firm Registration No. : 304026E/E-300009
Other equity
Arunkumar Ramdas Rodolfo Hrosz Usha Thorat
Reserves and surplus 19 (b) 12,528 22,026
Partner Managing Director Director
Total equity 12,758 22,256 Membership No: 112433 DIN: 09609832 DIN: 00542778
Place: Mumbai Place: Mumbai Place: Kolhapur
Date: February 23, 2023 Date: February 23, 2023 Date: February 23, 2023
Vaibhav Karandikar Radhika Shah

Whole Time Director & CFO Company Secretary
DIN: 09049375 Membership No: A19308
Place: Mumbai Place: Mumbai
Date: February 23, 2023 Date: February 23, 2023
164 165
Statement of Profit and Loss Statement of Cash Flows

for the year ended December 31, 2022 for the year ended December 31, 2022
(C in Million) (C in Million)
Year ended Year ended Year ended Year ended
Particulars Notes Particulars
Revenue from operations 27 27,701 29,566 Cash flow From operating activities
Other income 28 715 744 Profit before tax 8,643 12,576
Total income 28,416 30,310 Adjustment for:
Expenses Depreciation and amortization expenses 419 667
Cost of materials consumed 29 5,497 5,551 Unrealised exchange Loss (net) 23 7
Purchases of stock-in-trade 6,510 7,086 Loss of sale of property, plant and equipment (net) / (Gain) on sale of asset held for sale 2 (66)
Changes in Inventories of work-in-progress, stock-in-trade and finished goods 30 (111) 431 Impairment on assets classified as held for sale 29 -
Employee benefits expense 31 4,059 4,339 Gain from transfer of Nutraceuticals business (net of incidental expenses) (Refer note 49) - (4,892)
Finance costs 32 17 18 Gain on transfer of distribution business of Soframycin and Sofradex (net of incidental (1,181) -
expenses) (Refer note 48 a)
Depreciation and amortisation expense 33 419 667
Gain on sale of Property (net of incidental expenses) (Disclosed under Exceptional items) (320) -
Other expenses 34 (a) 4,702 4,534
(Refer note 48 b)
Total expenses 21,093 22,626
Finance costs 17 18
Profit before exceptional item and tax 7,323 7,684
Interest income (589) (631)
Exceptional items (Net) 48 and 49 1,320 4,892
Share based payment 21 61
Profit before tax 8,643 12,576
Provision for bad and doubtful debts (net) (15) 18
Tax expense
Provision for doubtful advances and deposits (net) 1 (2)
- Current tax 35 (a) 2,452 3,360
Operating profit before working capital changes 7,050 7,756
- Deferred tax 35 (a) (15) (228)
Adjustments for (increase) / decrease in operating assets
Total tax expense 2,437 3,132
Non-current financial assets 10 1
Profit for the Year 6,206 9,444
Other non-current assets - 1
Other comprehensive income
Inventories (314) (336)
Items that will not be reclassified to the statement of profit and loss
Trade receivables 206 12
- Remeasurements of post-employment benefit obligations 42 (v) 6 (44)
Current financial assets (43) 9
- Income Tax impact relating to these items 35 (b) (1) 11
Other current assets (24) 265
Other comprehensive income for the year, net of tax 5 (33)
Adjustments for increase / (decrease) in operating liabilities
Total comprehensive income for the year 6,211 9,411
Employee benefit obligations (192) 98
Earnings per Share – Basic and Diluted (Refer note 38) 269.47 410.06
Trade payables (280) 671
[per Equity Share of C 10 each]
Current financial liabilities 15 26
The above statement of profit and loss should be read in conjunction with the accompanying notes. Other current liabilities & provisions 166 (66)
This is the statement of profit and loss referred to in our report of even date Cash generated from operations 6,594 8,437
Taxes paid (net of refunds) (2,607) (2,849)
For Price Waterhouse & Co Chartered Accountants LLP For and on behalf of the Board of Directors
Net Cash inflow from operating activities (A) 3,987 5,588
Firm Registration No. : 304026E/E-300009
Cash flow from Investing activities
Arunkumar Ramdas Rodolfo Hrosz Usha Thorat Sale proceeds of property, plant and equipment and assets held for sale 33 105
Partner Managing Director Director Sale proceeds of Ankleshwar manufacturing unit (net of incidental expenses) - 273
Membership No: 112433 DIN: 09609832 DIN: 00542778 Sale proceeds of Nutraceuticals business (net of incidental expenses) (Refer note 49) - 5,529
Sale proceeds of distribution business of Soframycin and Sofradex (net of incidental 1,339 -
Date: February 23, 2023 Date: February 23, 2023 Date: February 23, 2023 expenses) (Refer note 48 a)
Gain on sale of Property (net of incidental expenses) (Disclosed under Exceptional items) 320 -
Vaibhav Karandikar Radhika Shah (Refer note 48 b)
Whole Time Director & CFO Company Secretary Interest received 589 631
Loan given - (50)
Date: February 23, 2023 Date: February 23, 2023 Repayment of loan 4,450 50
Purchase of property, plant and equipment and Intangible assets (222) (230)
Net cash inflow from investing activities (B) 6,509 6,308
166 167
Statement of Cash Flows Statement of changes in equity

for the year ended December 31, 2022 for the year ended December 31, 2022
(C in Million) A. Equity share capital

Year ended Year ended (C in Million)
Particulars
December 31, 2022 December 31, 2021
Particulars Amount
Cash flow from financing activities
As at January 1, 2021 230
Principal elements of lease payments (80) (66)
Changes in equity share capital -
Interest paid (17) (18)
As at December 31, 2021 230
Dividend paid (15,730) (8,406)
Changes in equity share capital -
Net cash outflow from financing activities (C) (15,827) (8,490)
Net (decrease) /increase in cash and cash equivalents (A+B+C) (5,331) 3,406
Effect of Exchange differences on cash and cash equivalents held in foreign currency * *
Cash and Cash Equivalents at the beginning of the year 15,380 11,974 B. Other equity [Refer note 19 (b)]
Cash and Cash Equivalents at the end of the year 10,049 15,380 (C in Million)
Non- cash financing and investing activities (D) Attributable to owners of the Company
Acquisition of Right-of-use assets 78 94 Reserves and surplus
Particulars
Components of Cash and Cash Equivalents Share options Securities Retained General Total
outstanding account premium earnings reserve
Cash and Cash Equivalents (as per Note 13) 10,049 15,380
As at January 1, 2021 540 20 16,946 3,454 20,960
* denotes figure less than a million.
Profit for the year - - 9,444 - 9,444
Notes: Other comprehensive income - - (33) - (33)
1. Previous year comparative figures have been regrouped wherever necessary. Total comprehensive income for the year - - 9,411 - 9,411
2. The above Cash Flow Statement has been prepared under the ‘Indirect Method’ as set out in the Indian Accounting Standard (Ind AS) 7 Transactions with owners in their capacity as owners:
Statement of Cash Flows.
Dividend paid - - (8,406) - (8,406)
The above statement of cash flows should be read in conjunction with the accompanying notes. Employee stock options expense (Refer note 41) 61 - - - 61
This is the statement of cash flows referred to in our report of even date
As at December 31, 2021 601 20 17,951 3,454 22,026
Profit for the year - - 6,206 - 6,206
Firm Registration No.: 304026E/E-300009 Other comprehensive income - - 5 - 5
Total comprehensive income for the year - - 6,211 - 6,211
Arunkumar Ramdas Rodolfo Hrosz Usha Thorat Transactions with owners in their capacity as owners:
Partner Managing Director Director Dividend paid - - (15,730) - (15,730)
Membership No: 112433 DIN: 09609832 DIN: 00542778
Employee stock options expense (Refer note 41) 21 - - - 21
As at December 31, 2022 622 20 8,432 3,454 12,528
The above statement of changes in equity should be read in conjunction with the accompanying notes.
This is the statement of changes in equity referred to in our report of even date
Firm Registration No.: 304026E/E-300009
Arunkumar Ramdas Rodolfo Hrosz Usha Thorat


168 169
Notes forming part of financial statements Notes forming part of financial statements
as at and for the year ended December 31, 2022 as at and for the year ended December 31, 2022
1. Corporate Information 2.2 (a) New and amended standards adopted by the A liability is current when: Where required/appropriate, external valuers
Company are involved.
Sanofi India Limited (‘the company’) is a public − It is expected to be settled in normal
The Company has applied the following standards
limited company listed on Bombay Stock Exchange operating cycle; All assets and liabilities for which fair value is
and amendments for the first time for their annual
and National Stock Exchange, incorporated and measured or disclosed in the financial statements
reporting period commencing January 1, 2022: − It is held primarily for the purpose of trading;
domiciled in India and has its registered office at are categorised within the fair value hierarchy,
Sanofi House, CTS No. 117-B, L&T Business Park, 1) On March 24, 2021, the Ministry of − It is due to be settled within twelve months described as follows, based on the lowest
Saki Vihar Road, Powai, Mumbai – 400072, India. It is Corporate Affairs ("MCA") through a after the reporting period, or level input that is significant to the fair value
primarily engaged in the business of manufacturing notification, amended Schedule III of the measurement as a whole:
− There is no unconditional right to defer the
and trading of drugs and pharmaceuticals. The Companies Act, 2013. The amendments
settlement of the liability for at least twelve − Level 1 — Quoted (unadjusted) prices in active
Company has its own manufacturing facility at Goa. revise Division I, II and III of Schedule III. Key
months after the reporting period. market for identical assets or liabilities.
The Company has various independent contract / amendments relating to Division II relate to
third party manufacturers based across the country. companies whose financial statements are All other liabilities are classified as non–current. − Level 2 (if level 1 feed is not available/
The Company sells its products through independent required to comply with Companies (Indian appropriate) — Valuation techniques for
Deferred tax assets and liabilities are classified as
distributors primarily in India. Accounting Standards) Rules. (Refer Note 53) which the lowest level input that is significant
non-current assets and liabilities.
to the fair value measurement is directly or
These financial statements were authorised for issue 2) The Ministry of Corporate Affairs (MCA)
Based on the nature of products and the time indirectly observable.
by the Board of Directors on February 23, 2023. notified the Companies (Indian Accounting
between the acquisition of assets for processing
Standards) Amendment Rules, 2021 − Level 3 (if level 1 and 2 feed is not available/
and their realisation in cash and cash equivalents,
2. Summary of Significant Accounting (the 'Rules') on June 18, 2021. Key
the Company has ascertained its operating cycle
appropriate) — Valuation techniques for which
Policies amendments are:
as 12 months for the purpose of current/non-
the lowest level input that is significant to the
fair value measurement is unobservable.
2.1 Basis of preparation COVID-19 related concessions - amendments to current classification of assets and liabilities.
Ind AS 116 For financial assets and liabilities maturing within
The financial statements are prepared on the accrual
ii. Fair value measurement one year from the Balance Sheet date and which
basis of accounting and in accordance with the Indian Interest Rate Benchmark Reform - amendments
Fair value is the price that would be received to are not carried at fair value, the carrying amount
Accounting Standards (hereinafter referred to as to Ind AS 109 and Ind AS 107
sell an asset or paid to transfer a liability in an approximates fair value due to the short maturity
the Ind AS) as prescribed under Section 133 of the
The amendments listed above did not have a orderly transaction between market participants of these instruments.
Companies Act, 2013 (the Act) (as amended) and
material impact on the company. at the measurement date. The fair value
other relevant provisions of the Act. The Company recognizes transfers between levels
measurement is based on the presumption that
of fair value hierarchy at the end of reporting
2.3 Summary of significant accounting policies the transaction to sell the asset or transfer the
2.2 Historical cost convention period during which the change has occurred.
liability takes place either:
i. Current and non-current classification
The financial statements have been prepared on a
The assets and liabilities reported in the balance − In the principal market for the asset or iii. Segment reporting
historical cost basis, except for the following:
sheet are classified on a “current / non-current liability, or Operating segments are reported in a manner
− certain financial assets and liabilities are measured basis”. consistent with the internal reporting provided
− In the absence of a principal market, in the
at fair value; to the chief operating decision-maker. The Chief
An asset is treated as current when it is: most advantageous market for the asset
Operating decision-maker is responsible for
− assets held for sale – measured at fair value less cost or liability.
− Expected to be realised or intended to be sold allocating resources and assessing performance
to sell;
or consumed in normal operating cycle; The principal or the most advantageous market of the operating segments and makes
− share based payments; and must be accessible by the Company. The fair strategic decisions. Refer Note 36 for segment
− Held primarily for the purpose of trading;
value of an asset or a liability is measured using information presented.
− defined benefit plans - plan assets measured at
− Expected to be realised within twelve months the assumptions that market participants would
fair value
after the reporting date, or use when pricing the asset or liability, assuming iv. Foreign currency translation
The accounting policies adopted are consistent the market participants act in their economic Functional and presentation currency
− Cash or cash equivalent unless restricted
with those of the previous financial years and best interest. Items included in the financial statements are
from being exchanged or used to settle a
corresponding reporting year. measured using the currency of the primary
liability for at least twelve months after the The fair value measurement of a non-financial
economic environment in which the Company
The financial statements are presented in C million reporting period. asset takes into account, market participant’s
operates (‘the functional currency’). The financial
and all values are rounded to the nearest million (C ability to generate economic benefits by using
All other assets are classified as non-current. statements are presented in Indian C (INR),
000,000), except when otherwise indicated. the asset in its highest and best use or by selling it
which is Sanofi India Limited’s functional and
to another market participant that would use the
presentation currency.
asset in its highest and best use.
The Company uses valuation techniques that are Transactions and balances
appropriate in the circumstances and for which Foreign currency transactions are translated into
sufficient data is available to measure fair value, the functional currency using the exchange rates
maximising the use of relevant observable inputs at the dates of the transactions. Foreign exchange
and minimising the use of unobservable inputs. gains and losses resulting from the settlement
170 171
of such transactions and from the translation of satisfies a performance obligation in accordance Current tax assets and current tax liabilities are Assets and liabilities arising from a lease are
monetary assets and liabilities denominated in with the provisions of contract with customer. offset where the entity has a legally enforceable initially measured on a present value basis. Lease
foreign currencies at year end exchange rates are This is achieved when control of the product right to offset and intends either to settle on a liabilities include the net present value of the
generally recognized in the Statement of Profit has been transferred to the customer, which is net basis, or to realize the asset and settle the following lease payments:
and Loss. generally determined when title, ownership, risk liability simultaneously.
− Fixed payments, less any lease
of obsolescence and loss pass to the customer
Non-monetary items that are measured incentives receivable
and the Company has present right to payment. Deferred tax
at historical cost in foreign currency are
Revenue is measured at the fair value of the Deferred tax is recognised using the liability − Variable lease payments
not retranslated.
consideration received or receivable, net of method, on temporary differences at the
− Amount expected to be payable by the lessee
All non-monetary items denominated in foreign returns and allowances, trade discount and reporting date arising between the tax bases of
under residual value guarantee
currency are carried at historical cost or other volume rebates, and goods and service tax. assets and liabilities and their carrying amounts
similar valuation and are reported using the for the financial reporting purpose at the Right-of-use assets are measured at cost
Provision is made for the non-saleable return of
exchange rate that existed when the values reporting date. comprising the following:
goods from the customers estimated on the basis
were determined.
of historical data of sales return trends. Such Deferred tax assets are recognized to the extent − The amount of the initial measurement of
provision for non-saleable sales returns is reduced that it is probable that future taxable income lease liability
v. Revenue recognition
from sale of products for the year. will be available against which the deductible
According to Ind AS 115, revenue is measured − Any lease payments made at or before
temporary differences, unused tax losses,
at the amount of consideration the Company the commencement date less any lease
Sale of services depreciation carry-forward and unused tax
expects to receive in exchange for the goods incentives received
Revenue is recognized from rendering of services credits could be utilized.
or services when control of the goods or
when the performance obligation is satisfied, − Any initial direct cost and restoration costs
services and the benefits obtainable from them The carrying amount of deferred tax assets is
and the services are rendered in accordance
are transferred to the customer. Revenue is reviewed at each reporting date and reduced Right-of-use assets are generally depreciated
with the terms of customer contracts. Revenue is
recognised using the following five step model to the extent that it is no longer probable that over the shorter of the asset's useful life and the
measured based on the transaction price, which
specified in Ind AS 115: sufficient taxable profit will be available to allow lease term on a straight-line basis.
is the consideration, as specified in the contract
all or part of the deferred tax asset to be utilized.
Step 1: Identify contracts with customers with the customer. Revenue also excludes taxes Payments associated with short-term leases and
Unrecognised deferred tax assets are re-assessed
collected from customers. all leases of low-value assets are recognized on a
Step 2: Identify performance obligations at each reporting date and are recognised to the
straight-line basis as an expense in profit or loss.
contained in the contracts extent that it has become probable that future
vi. Export Incentives Short-term leases are leases with a lease term of
taxable profit will allow the deferred tax assets to
Step 3: Determine the transaction price Export benefits available under prevalent 12 months or less.
be recovered.
schemes are accrued in the year in which the
Step 4: Allocate the transaction price to the
goods are exported and there is no uncertainty in Deferred tax assets and liabilities are measured ix. Impairment of non-financial assets
performance obligations
receiving the same. based on the tax rates that are expected to apply At the end of each reporting period, the Company
Step 5: Recognize revenue when the performance in the period when the asset is realized or the reviews the carrying amounts of non-financial
obligation is satisfied. vii. Income tax liability is settled, based on tax rates and tax laws assets except inventories to ascertain whether
The income tax expense or credit for the period that have been enacted or substantively enacted there is any indication that those assets have
Revenue towards satisfaction of a performance
is the tax payable on the current period’s taxable by the reporting date. suffered an impairment loss. If any such indication
obligation is measured at the amount of
income based on the applicable income tax rate exists, the recoverable amount of the asset is
transaction price (net of variable consideration) Deferred tax assets and liabilities are offset
adjusted by changes in deferred tax assets and estimated in order to determine the extent of
allocated to that performance obligation. The when there is a legally enforceable right to
liabilities attributable to temporary differences. impairment loss (if any). When it is not possible to
transaction price of goods sold, and services offset current tax assets and liabilities and when
estimate the recoverable amount of an individual
rendered is net of variable consideration on the deferred tax balances relate to the same
Current income tax asset, the Company estimates the recoverable
account of various discounts and schemes offered taxation authority.
The current income tax charge is calculated based amount of the cash-generating unit to which the
by the Company as part of the contract. This
on the Indian Tax Laws enacted or substantively Current and deferred tax is recognised in the asset belongs. When a reasonable and consistent
variable consideration is estimated based on
enacted at the end of the reporting period. The Statement of Profit and Loss, except to the basis of allocation can be identified, corporate
the expected value of outflow. Revenue (net of
provision for current tax is made at the rate of tax extent that it relates to items recognised in assets are also allocated to individual cash-
variable consideration) is recognized only to the
as applicable for the income of the previous year other comprehensive income or directly in generating units, or otherwise they are allocated
extent that it is highly probable that the amount
as defined under the Income tax Act, 1961. equity. In this case, the tax is also recognised to the smallest group of cash-generating units for
will not be subject to significant reversal when
in other comprehensive income or directly in which a reasonable and consistent allocation basis
uncertainty relating to its recognition is resolved. Management periodically evaluates positions
equity, respectively. can be identified.
taken in tax returns with respect to situations
Sale of goods in which applicable tax regulation is subject to Intangible assets excluding goodwill with
viii. Leases
The Company derives revenue principally from interpretation. It establishes provision where indefinite useful lives are tested for impairment at
Leases are recognized as a right-of-use asset and
sales of pharma products. Revenue from sale appropriate on the basis of amounts expected to least annually, and whenever there is an indication
a corresponding liability at the date at which the
of products is recognized when the Company be paid to the tax authorities. that the asset may be impaired.
leased asset is available for use by the company.
172 173
Recoverable amount is the higher of fair value less finished goods includes other costs incurred in Subsequent measurement included in other income using the effective
costs of disposal and value in use. In assessing bringing the inventories to their present location After initial recognition, financial assets are interest rate method.
value in use, the estimated future cash flows are and condition. measured at:
discounted to their present value using a pre- (c) Fair value through profit or loss (FVTPL):
Cost of stock-in-trade includes cost of − fair value (either through other comprehensive
tax discount rate that reflects current market Assets that do not meet the criteria for
purchase and other costs incurred in bringing income or through Profit and Loss), or
assessments of the time value of money and the amortised cost or FVTOCI are measured at
the inventories to their present location
risks specific to the asset for which the estimates − amortized cost. FVTPL. A gain or loss on a debt investment
and condition.
of future cash flows have not been adjusted. that is subsequently measured at FVTPL
Net realizable value is the estimated selling price Debt instruments is recognised in the Statement of Profit
If the recoverable amount of an asset (or cash-
in the ordinary course of business, less estimated Debt instruments are subsequently measured and Loss in the period in which it arises.
generating unit) is estimated to be less than its
costs of completion and estimated costs at amortized cost, fair value through other Interest income from these financial assets
carrying amount, the carrying amount of the
necessary to make the sale. However, materials comprehensive income (‘FVTOCI’) or fair is recognised in the Statement of Profit
asset (or cash-generating unit) is reduced to
and other items held for use in the production of value through Profit and Loss (‘FVTPL’) till de- and Loss.
its recoverable amount. An impairment loss is
inventories are not written down below cost if the recognition on the basis of (i) the entity’s business
recognized in the Statement of Profit and Loss.
finished products in which they will be used are model for managing the financial assets and (ii) Equity instruments
When an impairment loss subsequently reverses, expected to be sold at or above cost. the contractual cash flow characteristics of the All equity investments in scope of Ind AS 109 are
the carrying amount of the asset (or cash- financial asset. measured at fair value. Equity instruments which
generating unit) is increased to the revised xii. Financial instruments are held for trading are classified as at FVTPL.
There are three measurement categories
estimate of its recoverable amount, but only to A financial instrument is any contract that For all other equity instruments, the Company
into which the Company classifies its
the extent that the increased carrying amount gives rise to a financial asset for one entity decides to classify the same either as at FVTOCI
debt instruments.
of the asset does not exceed the carrying and a financial liability or equity instrument for or FVTPL.
amount that would have been determined had no another entity.
(a) Amortised cost: The Company makes such election on an
impairment loss been recognised for the asset (or
Financial assets and liabilities are recognised Assets that are held for collection of instrument-by-instrument basis. The classification
cash-generating unit) in prior years. A reversal of
when the Company becomes a party to the contractual cash flows where those cash is made on initial recognition and is irrevocable.
an impairment loss is recognised immediately in
contractual provisions of the instrument. flows represent solely payments of principal
the Statement of Profit and Loss. If the Company decides to classify an equity
and interest are measured at amortised
instrument as at FVTOCI, then all fair value
Financial assets: cost. A gain or loss on a debt investment
x. Cash and cash equivalents changes on the instrument, excluding dividends,
Classification that is subsequently measured at amortised
For the purpose of presentation in the Statement are recognized in Other Comprehensive Income
The Company classifies its financial assets in the cost is recognised in the Statement of Profit
of Cash Flows, Cash and Cash Equivalents (OCI). There is no recycling of the amounts from
following measurement categories: and Loss when the asset is derecognised
includes balance with banks and demand deposits OCI to Statement of Profit and Loss, even on sale
or impaired. Interest income from these
with banks with original maturities of three − those to be measured subsequently at fair of such investments.
financial assets is included in other income
months or less and other short term highly liquid value (either through other comprehensive
using the effective interest rate method. Equity instruments included within the FVTPL
investments that are readily convertible into cash income, or through the Statement of Profit and
category are measured at fair value with all
and which are subject to an insignificant risk of Loss), and
(b) Fair value through other comprehensive changes recognized in the Statement of Profit
changes in value.
− those measured at amortized cost. income (FVTOCI): and Loss.
Assets that are held for collection of
xi. Inventories The classification depends on the entity’s
contractual cash flows and for selling the Impairment of financial assets
Inventories consist of raw materials, packing business model for managing the financial assets
financial assets, where the assets’ cash The Company applies Expected Credit Loss
materials, work-in-progress, stock-in-trade and and the contractual terms of the cash flows.
flows represent solely payments of principal (ECL) model for measurement and recognition of
finished goods. Inventories are valued at lower
and interest, are measured at FVTOCI. impairment loss on the following financial assets
of cost and net realizable value (NRV). Cost is Initial recognition and measurement
Movements in the carrying amount are taken and credit risk exposure:
determined on weighted average basis. Financial assets are recognized when the
through OCI, except for the recognition of
Company becomes a party to the contractual − financial assets that are debt instruments, and
Cost of raw materials and packing materials impairment gains or losses, interest revenue
provisions of the instrument. Financial assets are measured at amortised cost e.g., loans,
includes cost of purchases and other costs and foreign exchange gains and losses
are recognized initially at fair value plus, in the deposits, and bank balance.
incurred in bringing the inventories to their which are recognised in the Statement of
case of financial assets not recorded at fair value
present location and condition. Profit and Loss. When the financial asset is − trade receivables.
through Profit and Loss, transaction costs that
derecognised, the cumulative gain or loss
Cost of work-in-progress and finished goods are attributable to the acquisition of the financial The Company follows ‘simplified approach’ for
previously recognised in OCI is reclassified
includes direct materials, labour and proportion asset. Transaction costs of financial assets carried recognition of impairment loss allowance on trade
from equity to the Statement of Profit and
of manufacturing overheads based on the normal at fair value through Profit and Loss are expensed receivables which do not contain a significant
Loss and recognised in other gains/ (losses).
operating capacity, wherever applicable. Cost of in the Statement of Profit and Loss. financing component.
Interest income from these financial assets is
174 175
The application of simplified approach does trading, or it is a derivative or it is designated as depreciation, and impairment loss, if any. The Asset Category Useful Lives (in Years)
not require the Company to track changes in such on initial recognition. Financial liabilities historical cost of Property, plant and equipment Buildings - Factory 30
credit risk. Rather, it recognises impairment at FVTPL are measured at fair value and net comprises of its purchase price, borrowing Buildings – Non-Factory* 30
loss allowance based on lifetime ECLs at each gains and losses, including any interest expense, costs and adjustment arising for exchange rate Plant and Machinery* 10
reporting date, right from its initial recognition. are recognized in the Statement of Profit and variations attributable to the assets, including any Furniture and Fixtures 10
Loss. Other financial liabilities are subsequently cost directly attributable to bringing the assets to
Office equipment 10/5
Derecognition of financial assets measured at amortized cost using the effective their working condition for their intended use.
Computers 3
A financial asset is derecognized only when: interest method. Interest expense and foreign
Capital Work-in-Progress represents Property, Laptops 3
exchange gains and losses are recognized in
− the Company has transferred the rights to plant and equipment that are not ready for their
Statement of Profit and Loss. Any gain or loss on Motor vehicles 8
receive cash flows from the financial asset or intended use as at the reporting date.
derecognition is also recognized in the Statement Leasehold improvements Amortised over the
− retains the contractual rights to receive of Profit and Loss. Subsequent costs are included in the asset’s lease period
the cash flows from the financial asset, but carrying amount or recognised as a separate
*In respect of these assets, management
assumes a contractual obligation to pay the Derecognition asset, as appropriate, only when it is probable that
estimates different useful life than prescribed
cash flows to one or more recipients. A financial liability is derecognized when the future economic benefits associated with the item
under part C of Schedule II based on
obligation specified in the contract is discharged, will flow to the Company and the cost of the item
Where the entity has transferred an asset, the internal assessment and independent
cancelled or expires. can be measured reliably.
Company evaluates whether it has transferred technical evaluation.
substantially all risks and rewards of ownership The Company identifies and determines cost of
Derivative financial instruments Estimated useful lives, residual values and
of the financial asset. In such cases, the financial each component/part of the plant and equipment
The Company uses derivative financial depreciation methods are reviewed annually,
asset is derecognized. Where the entity has not separately, if the component/part has a cost
instruments, such as foreign exchange forward considering into account of commercial and
transferred substantially all risks and rewards of which is significant to the total cost of the
contracts to manage its exposure to interest technological obsolescence as well as normal
ownership of the financial asset, the financial plant and equipment and has useful lives that is
rate and foreign exchange risks. Such derivative wear and tear and adjusted prospectively,
asset is not derecognized. materially different from that of the remaining
financial instruments are initially recognised at fair if appropriate.
plant and equipment.
Where the entity has neither transferred a value on the date on which a derivative contract is
Advances paid towards the acquisition of PPE
financial asset nor retains substantially all entered into and are subsequently re-measured at The carrying amount of any component
outstanding at each Balance Sheet date is
risks and rewards of ownership of the financial fair value. accounted for as a separate asset is derecognised
classified as capital advances under ‘Other non-
asset, the financial asset is derecognized if the when replaced. All other repairs and maintenance
Derivatives are carried as financial assets when current assets’ and cost of assets not put to use
Company has not retained control of the financial are charged to the Statement of Profit and Loss
the fair value is positive and as financial liabilities before such date are disclosed under ‘Capital
asset. Where the Company retains control during the year in which they are incurred.
when the fair value is negative. work-in-progress’.
of the financial asset, the asset is continued
Gains and losses arising from derecognition of
to be recognized to the extent of continuing The Company enters into derivative contracts
PPE are measured as the difference between the xiv. Intangible assets
involvement in the financial asset. to hedge risks which are not designated in any
net disposal proceeds and the carrying amount of Intangible assets are stated at cost of
hedging relationship i.e. hedge accounting is
the asset and are recognised in the Statement of acquisition less accumulated amortization /
Income recognition not followed. Such contracts are accounted for
Profit and Loss when the asset is derecognized. impairment losses.
Interest income at FVTPL.
Interest income from debt instruments is
Depreciation methods, estimated useful lives Acquired intangible assets
recognized using the effective interest rate Offsetting financial instruments
and residual values Separately acquired intangible assets are shown
method. The effective interest rate is the rate that Financial assets and liabilities are off-set and
Depreciation is provided, pro-rata for the period at historical cost. They have a finite useful life and
exactly discounts estimated future cash receipts the net amount is reported in the Balance Sheet
in use, on the straight-line method based on the are subsequently carried at cost less accumulated
through the expected life of the financial asset to where there is a legally enforceable right to
respective estimate of useful lives given below. amortisation and impairment losses, if any.
the gross carrying amount of a financial asset. offset the recognized amounts and there is an
Estimated useful lives of assets are determined
intention to settle on a net basis or realize the The Company amortizes intangible assets with
based on technical parameters/assessments.
Financial liabilities: asset and settle the liability simultaneously. The a finite useful life using the straight-line method
Initial recognition and measurement legally enforceable right must not be contingent The management believes that useful lives over the estimated useful lives. The estimated
Financial liabilities are initially measured at its on future events and must be enforceable in the currently used, which is prescribed under Part C useful lives of assets are as follows:
fair value plus or minus, in the case of a financial normal course of business and in the event of of Schedule II to the Companies Act, 2013, fairly
Asset Category Useful Lives (in Years)
liability not at FVTPL, transaction costs that are default, insolvency or bankruptcy of the Company reflects its estimate of the useful lives and residual
directly attributable to the issue/origination of the or the counterparty. values of PPE, though these lives in certain Brand 10
financial liability. cases are different from lives prescribed under Software 3
xiii. Property, Plant and Equipment (PPE) Schedule II. Technical know- how 5
Subsequent measurement Items of Property, plant and equipment acquired
Financial liabilities are classified as measured at or constructed are initially recognized at
amortized cost or FVTPL. A financial liability is historical cost net of recoverable taxes, duties,
classified as FVTPL if it is classified as held‑ for‑ trade discounts and rebates, less accumulated
176 177
In respect of the above assets, management’s estimated useful life. Amortization is recognized as per the policy of the Company. Liabilities Fund which is administered through trustees
estimate is based on internal assessment and in the Statement of Profit and Loss. During the for such benefits are provided on the basis (treated as a defined benefit plan on account
independent technical evaluations. period of development, the asset is tested for of actuarial valuation, as at the reporting of guaranteed interest benefit). Further,
impairment annually. date, carried out by an independent actuary. the Company has defined benefit plan
The amortisation period and the amortisation
The actuarial valuation method used by for post-retirement benefit in the form of
method for intangible assets are reviewed at the
xv. Provisions and contingent liabilities an independent actuary for measuring the Gratuity which is administered through LIC
end of each reporting period. The amortisation
Provisions liability is the Projected Unit Credit method. for all its employees and pension plan for
expense on intangible assets is recognised in the
Provisions are recognized when there is a present certain employees.
Statement of Profit and Loss.
legal or constructive obligation as a result of III. Post-employment benefit obligations
Provident Fund and Gratuity fund are
Losses arising from retirement and gains or a past events, it is probable that an outflow of The company operates the following post-
recognised by the Income-tax authorities
losses arising from disposal of Intangible assets resources embodying economic benefits will be employment schemes:
and administered through trustees and/
are determined by comparing sale proceeds required to settle the obligation and there is a
a) defined contribution plans such as or LIC. Liability for Defined Benefit Plans
with carrying amount and are disclosed in the reliable estimate of the amount of the obligation.
superannuation fund and provident fund is provided on the basis of valuations, as at
Statement of Profit and Loss.
If the effect of the time value of money is material, for Nepal and the Balance Sheet date, carried out by an
provisions are determined by discounting the independent actuary.
Research and development expenditure b) defined benefit plans such as gratuity,
expected future cash flows at a pre-tax rate
Revenue expenditure pertaining to research pension plan and provident fund (other The defined benefit obligation is calculated
that reflects current market assessments of the
is charged to the Statement of Profit and than Nepal) annually by independent actuaries using the
time value of money and the risks specific to the
Loss. Development costs of products are also Projected Unit Credit Method. The present
liability. Where discounting is used, the increase
charged to the Statement of Profit and Loss Defined contribution plans value of the defined benefit obligation is
in the provision due to the passage of time is
unless a product's technical feasibility has been The Company has defined contribution plans determined by discounting the estimated
recognized as a finance cost.
established, in which case such expenditure for post-employment benefits in the form of future cash outflows using interest rates
is capitalised. Superannuation Fund which is recognised by of government bond that have terms to
Contingencies
the Income-tax authorities and administered maturity approximating to the terms of the
Development expenditure on an individual project Contingent liabilities are disclosed in the Notes to
through trustees and/or Life Insurance related gratuity, pension plan and provident
are recognised as an intangible asset when the the financial statements. Contingent liabilities are
Corporation of India (LIC). Further, the fund liabilities.
Company can demonstrate: disclosed for
Company also has a defined contribution
Remeasurement gains and losses arising
− The technical feasibility of completing the − when there is a possible obligation arising plan in the form of a provident fund scheme
from experience adjustments and changes in
intangible asset so that the asset will be from past events, the existence of which will for its staff and workmen at Nepal and
actuarial assumptions are recognised in the
available for use or sale. be confirmed only by the occurrence or non- pension scheme under the Employee's
period in which they occur, directly in other
occurrence of one or more uncertain future Pension Scheme 1995 for its all employees,
− Its intention to complete and its ability and comprehensive income. They are included
events not wholly within the control of the which are administered by the Provident
intention to use or sell the asset. in retained earnings in the statement of
Company, or Fund Commissioner.
changes in equity and in the Balance Sheet.
− How the asset will generate future
− a present obligation that arises from past All the above-mentioned schemes are
economic benefits.
events where it is either not probable that an classified as defined contribution plans as the xvii.Share based payments
− The availability of resources to complete outflow of resources will be required to settle Company has no further obligation beyond Sanofi S.A. France, being the Ultimate Holding
the asset. the obligation, or a reliable estimate of the making the contributions. The Company's Company has given restricted stock option plan to
amount cannot be made. contributions to defined contribution plans certain employees of the Company.
− The ability to measure reliably the expenditure
are charged to the Statement of Profit
during development. Pursuant to Ind AS 102 ‘Share-based Payment’,
xvi. Employee benefits and Loss, when an employee renders the
the Company recognizes an expense based on
The amount capitalised comprise of expenditure I. Short term benefits related service.
the fair value of the stock options as at grant date.
that can be directly attributed or allocated on All employee benefits payable wholly within
The expenses are amortised over the vesting
a reasonable and consistent basis for creating, twelve months of rendering the service are Defined benefit plans
period which is conditional on the provision of
producing and making the asset ready for its classified as short term employee benefits. The company has defined benefit plans for
services by the plan participant during the vesting
intended use. Benefits such as salaries, wages, bonus, post-employment benefits in the form of
period. The corresponding credit is given to
short term compensated absences and the Provident Fund (treated as a defined benefit
Following the initial recognition of the equity because the award represents in substance
expected cost of ex-gratia is recognized in plan on account of guaranteed interest
development expenditure as an asset, the cost equity contribution by the Parent Company. The
the period in which the employee renders the benefit), Gratuity and Pension Plan (treated
model is applied requiring the asset to be carried cumulative expense recognised for stock options
related service. as a defined benefit plan on account of
at cost less any accumulated amortization and at each reporting date until the vesting date
guaranteed pension).
accumulated impairment losses. Amortization of reflects the extent to which the vesting period
II. Other long-term employee benefits
the asset begins when development is complete, The Company has for all employees other has expired and the Company’s best estimate
The Company has for all employees’ other
and the asset is available for use. It is amortized on than Nepal, defined benefit plans for post- of the number of equity instruments that will
long-term benefits in the form of Long
a straight-line basis over the period of expected employment benefits in the form of Provident ultimately vest.
Service Award and Compensated Absences
future benefit from the related project, i.e., the
178 179
xviii.Exceptional Items xxiii.Non-current assets held for sale could result in outcomes that require a material and assumptions about future developments, however,
When items of income or expense are of such Non-current assets are classified as held for adjustment to the carrying amount of assets or may change due to market changes or circumstances
nature, size and incidence that their disclosure sale if their carrying amount will be recovered liabilities affected in future periods. The estimates arising that are beyond the control of the Company.
is necessary to explain the performance of the principally through a sale transaction rather than and associated assumptions are based on historical Such changes are reflected in the assumptions when
Company for the year, the company makes a through continuing use and a sale is considered experience and various other factors that are believed they occur.
disclosure of the nature and amount of such items highly probable. They are measured at the lower to be reasonable under the circumstances existing
The areas involving critical estimates and
separately under the head “exceptional items.” of their carrying amount and fair value less cost when financial statements were prepared. These
judgements are:
to sell. Non-current assets are not depreciated or estimates and underlying assumptions are reviewed
xix. Contributed equity amortised while they are classified as held for sale. on an ongoing basis. Revision to accounting estimates − Useful lives of Property, plant and equipment and
Equity shares are classified as equity. Non-current assets classified as held for sale are is recognised in the year in which the estimates are intangibles [Refer Note 2.3 (xiii) and (xiv)]
Incremental costs directly attributable to the presented separately from the other assets in the revised and in any future year affected.
− Measurement of defined benefit obligations (Refer
issue of new shares or options are shown in equity balance sheet. The liabilities of a disposal group
Note 42)
as a deduction, net of tax, from the proceeds. classified as held for sale are presented separately Estimates and Assumptions
from other liabilities in the balance sheet. − Provision for inventories (Refer Note 11)
The key assumptions concerning the future and
xx. Dividends distribution to equity holders
other key sources of estimation at the reporting date, − Measurement and likelihood of occurrence of
Provision is made for amount of any dividend 3. Recent Accounting Pronouncements which may cause material adjustment to the carrying provisions and contingencies (Refer Notes 23, 39,
declared, being appropriately authorised and no
The Ministry of Corporate Affairs ("MCA") has vide amounts of assets and liabilities within the next 43 and 45)
longer at the discretion of the Company, on or
notification dated March 23, 2022 notified Companies financial year. The Company based its assumptions and
before the end of the reporting period but not − Impairment of trade receivables (Refer Note 12)
(Indian Accounting Standards) Amendment Rules, estimates on parameters available when the financial
distributed at the end of the reporting period.
2022 which amends certain accounting standards, statements were prepared. Existing circumstances
and are applicable to Sanofi India Limited from January
xxi. Earnings per Share
1, 2023. Below is a summary of such amendments:
Basic earnings per share is calculated by dividing
the net profit after tax for the period attributable − Ind As 37, Provisions, Contingent liabilities and
to equity shareholders by the weighted average contingent assets Onerous contracts – Cost of
number of equity shares outstanding during the fulfilling a contract
period. The weighted average number of equity
− Ind AS 103 Business Combination - Reference to
shares outstanding during the period and for all
conceptual framework
periods presented is adjusted for events, such
as bonus shares, other than the conversion of − Ind AS 109 Financial Instruments – Fees included in
potential equity shares that have changed the test for derecognition of financial assets
number of equity shares outstanding, without a
− Ind AS 101 First time adoption - Subsidiary as a first
corresponding change in resources.
time adopter
For the purpose of calculating diluted earnings
− Ind AS 41, Agriculture – Tax on fair
per share, the net profit for the period attributable
value measurements
to equity shareholders and the weighted average
number of shares outstanding during the period − Ind AS 16, Property, Plant and Equipment –
is adjusted for the effects of all dilutive potential Proceeds before intended use of property, plant
equity shares. and equipment
These amendments listed above is not expected to

xxii. Cash flow statement
have any material impact on the Company.
Cash flows are reported using the Indirect
Method, as set out in Ind AS 7 ‘Statement of Cash
Flow’, whereby profit for the year is adjusted for
4. Significant Judgements and Estimates
the effects of transaction of non-cash nature, any The preparation of the Company’s financial statements
deferrals or accruals of past or future operating in conformity with Ind AS requires management to
cash receipts or payments and item of income or make judgements, estimates and assumptions that
expenses associated with investing or financing affect the reported amount of assets, liabilities,
cash flows. The cash flows from operating, revenue, expenses, and the accompanying disclosures
investing and financing activities of the Company and the disclosures of contingent liabilities.
are segregated. Uncertainty about these assumptions and estimates
180 181
5. (a) Property, plant and equipment (b) Completion schedule for Capital work-in-progress whose completion has exceeded compared to its
original plan:
Buildings Leasehold Plant and Furniture Office Computers Motor Total
Particulars
Improvements Equipments and Fixtures Equipments Vehicles To be Completed In
Capital work-in-progress Total
Year ended December, 2021 Less than 1 year 1-2 years 2-3 years More than 3 years
Gross Carrying Amount (i) Projects in progress - - - - -
As at December 31, 2020 2,284 27 1,579 289 72 364 18 4,633 (ii) Projects temporarily suspended - - - - -
Additions 19 1 78 2 6 16 - 122 Total - - - - -
Disposals (2) - (46) (8) (9) (21) (2) (88)
Closing Gross Carrying Amount 2,301 28 1,611 283 69 359 16 4,667 (c) Ageing of Capital work-in-progress:
Accumulated Depreciation As on December 31, 2021
As at December 31, 2020 428 15 716 160 47 285 9 1,660
Amount for Capital work-in-progress
Depreciation charge during the year 90 3 167 33 6 49 3 351 Capital work-in-progress Total
Less than 1 year 1-2 years 2-3 years More than 3 years
Disposals (2) - (32) (6) (8) (18) (2) (68) (i) Projects in progress 55 34 - - 89
Closing Accumulated Depreciation 516 18 851 187 45 316 10 1,943 (ii) Projects temporarily suspended - - - - -
Net Carrying Amount as at December 31, 2021 1,785 10 760 96 24 43 6 2,724 Total 55 34 - - 89
Year ended December 31, 2022
Gross Carrying Amount
(d) Completion schedule for Capital work-in-progress whose completion has exceeded compared to its
As at December 31, 2021 2,301 28 1,611 283 69 359 16 4,667
original plan:
Additions 3 1 74 2 9 9 - 98
Disposals (112) (6) (46) (11) (3) (59) - (237) To be Completed In
Closing Gross Carrying Amount 2,192 23 1,639 274 75 309 16 4,528 Less than 1 year 1-2 years 2-3 years More than 3 years
Accumulated Depreciation (i) Projects in progress - - - - -
As at December 31, 2021 516 18 851 187 45 316 10 1,943 (ii) Projects temporarily suspended - - - - -
Depreciation charge during the year 90 3 157 32 6 34 2 324 Total - - - - -
Disposals (90) (6) (36) (8) (2) (60) - (202)

Closing Accumulated Depreciation 516 15 972 211 49 290 12 2,065 5. (c) Leases
Net Carrying Amount as at December 31, 2022 1,676 8 667 63 26 19 4 2,463 i) Amounts recognised in balance sheet
The balance sheet shows the following amounts relating to leases of warehouse premises, factory land and office land.
5. (b) Capital work-in-progress

a) Right-of-use assets
Capital work-in-progress of C 188 million (December 31, 2021: C 89 million) mainly comprises of plant and equipment and The changes in the carrying value of Right-of-use assets for the year ended are as follows:
building being constructed in India.
Particulars December 31, 2022 December 31, 2021
(a) Ageing of Capital work-in-progress: Office premises 210 225

As on December 31, 2022 Land 379 379
Amount for Capital work-in-progress

589 604
(i) Projects in progress 160 28 - - 188 Amounts recognised in balance sheet
(ii) Projects temporarily suspended - - - - - Right-of-use assets:
Total 160 28 - - 188 Particulars December 31, 2022 December 31, 2021
Opening balance 604 593
Add: Additions during the year 78 94
Less: Termination of leases during the year (8) (8)
Less: Depreciation during the year (85) (75)
Closing balance 589 604
182 183
b) Lease liabilities 6. (a) Intangible assets

Set out below are the carrying amounts of lease liabilities and the movements during the year:
Brand Technical Goodwill
Particulars Software Total
Refer note 49 know-how Refer note 49
Opening balance 246 226 Year ended December, 2021
Add: Additions during the year 78 94 Gross Carrying Amount
Add: Interest for the year 17 18 As at December 31, 2020 2,375 90 95 2,560 731
Less: Lease payments made during the year (97) (84) Additions - 7 3 10 -
Less: Termination of leases during the year (8) (8) Disposals (2,375) - (3) (2,378) (731)
Closing balance 236 246 Closing Gross Carrying Amount - 97 95 192 -

Accumulated amortisation
As at December 31, 2020 2,054 75 87 2,216 -
Below represents net debt reconciliation as per requirements of Ind-AS 7 - Statement of Cash Flows:
Amortisation charge during the year 223 14 4 241 -
Cash and Cash Disposals (2,277) - (1) (2,278) -
Particulars Lease Liabilities (Net debt)
Equivalents
Closing Accumulated Depreciation - 89 90 179 -
Cash balance / (Net Debt) as at December 31, 2020 11,974 (226) 11,748
Net Carrying Amount as at December 31, 2021 - 8 5 13 -
Cash flows 3,406 - 3,406
Year ended December 31, 2022
Movement in lease liabilities (Refer table above) - (20) (20)
Gross Carrying Amount
As at December 31, 2021 - 97 95 192 -
Cash flows (5,331) - (5,331)
Additions - - - - -
Movement in lease liabilities (Refer table above) - 10 10
Disposals - - - - -
Closing Gross Carrying Amount - 97 95 192 -
Accumulated amortisation
The following is the break-up of current and non-current lease liabilities for the year ended: As at December 31, 2021 - 89 90 179 -
Particulars December 31, 2022 December 31, 2021 Amortisation charge during the year - 8 2 10 -
Current lease liabilities 87 70 Disposals - - - - -
Non-current lease liabilities 149 176 Closing Accumulated Depreciation - 97 92 189 -
Total 236 246 Net Carrying Amount as at December 31, 2022 - - 3 3 -
ii) Amounts recognised in the statement of Profit & Loss

6. (b) Intangible assets under development
Intangible assets under development of C 48 million (December 31, 2021: C 39 million) mainly comprises of
product development.
Depreciation charge on right-of-use assets (Refer Note 33) 85 75
Interest expense (Refer Note 32) 17 18 (a) Ageing of Intangible Assets Under Development:
Expenses relating to short term and low value leases [Refer Note 34 (a)] 17 36 As on December 31, 2022
(Gain) on termination of leases (*) (*)
Amounts in Intangible Assets under Development for
119 129 Intangible Assets Under Development Total
* denotes figure less than a million (i) Projects in progress 9 10 13 16 48

(ii) Projects temporarily suspended - - - - -
Total 9 10 13 16 48
184 185
(b) Completion schedule for intangible assets under development whose completion has exceeded compared 9. (a) Income tax assets (net)
to its original plan:
As on December 31, 2022
Advance income tax (net of provision of C 7,534 million; December 31, 2021: C 9,531 million) 1,099 1,111
To be Completed In
Intangible Assets Under Development Total Total 1,099 1,111
(i) Projects in progress - - - - -
(ii) Projects temporarily suspended - - - - -
9. (b) Current tax liabilities (net)
Total - - - - - Particulars December 31, 2022 December 31, 2021
Income Tax provision (net of advance tax C 20,028 million; December 31, 2021: C 15,412 900 1,067
million)
(c) Ageing of Intangible Assets Under Development: Total 900 1,067
As on December 31, 2021
Intangible Assets Under Development

Amounts in Intangible Assets under Development for
Total 10. Other non-current assets
(i) Projects in progress 10 13 - 16 39 Particulars December 31, 2022 December 31, 2021
(ii) Projects temporarily suspended - - - - - Capital advances 41 9
Total 10 13 - 16 39 Prepaid rentals 36 36

Total 77 45
(d) Completion schedule for intangible assets under development whose completion has exceeded compared
to its original plan: 11. Inventories
To be Completed In Particulars December 31, 2022 December 31, 2021
Intangible Assets Under Development Total
Less than 1 year 1-2 years 2-3 years More than 3 years Raw materials and packing materials 2,151 2,106
(i) Projects in progress - - - - - (Including in transit C 230 million; December 31, 2021: C 125 million)
(ii) Projects temporarily suspended - - - - - Work-in-progress 57 11
Total - - - - - Finished goods 600 549
Stock-in-trade 1,272 1,258
(Including in transit C 131 million; December 31, 2021: C 207 million)
7. Non current financial assets-Loans
Total 4,080 3,924
Unsecured, considered good The Company has created provision amounting to C 66 million (December 31, 2021: C 71 million) which is mainly on
account of inventory which is expired, near expiry, damaged etc.
Loan to Fellow Subsidiary [Given against corporate guarantee by Sanofi S.A France (ultimate - 4,450
holding company)] (Refer note 40)
Unsecured, considered doubtful 12. Trade receivables
Loans to employees - 2
Less: Loss allowance - (2)
Trade receivables from contract with Customers 472 564
Total - 4,450
Trade receivables from contract with Customers - related parties (Refer note 40) 872 933
Less: Loss allowance (53) (68)
8. Non current financial assets-Other financial assets Total 1,291 1,429

Unsecured, considered good Breakup up of security details
Margin money deposits (Refer note 14) 23 3 Particulars December 31, 2022 December 31, 2021
Other receivables 44 43 Trade receivables considered good - secured - -
Other deposits 15 13 Trade receivables considered good - unsecured 1,344 1,497
Security deposits 65 97 Trade receivables considered good Which have significant increase in credit risk - -
Trade receivables - Credit impaired - -
Unsecured, considered doubtful
Total 1,344 1,497
Security deposits 21 20
Less: Loss allowance (53) (68)
Less: Loss allowance (21) (20) Total 1,291 1,429
Total 147 156
186 187
Ageing schedule for Trade receivables 14. Other bank balances

As at December 31, 2022
Outstanding for the following periods from due date Margin money deposits (Refer note below) 42 67
Particulars Less than 6 6 months-1 More than 3 Total
Unbilled Not Due 1-2 years 2-3 years Unpaid dividend accounts 78 56
months year years
Total 120 123
Undisputed Trade Receivables
Considered good - 1,240 46 6 10 12 30 1,344
Which have significant increase - - - - - - - -
Margin money deposits given as security
in credit risk
Margin money deposits with carrying amount of C 65 million (December 31, 2021: C 70 million) are subject to first charge
Less: Loss allowance - - (1) - (10) (12) (30) (53) to secure bank guarantees issued by banks on behalf of the Company.
Disputed Trade Receivables
Considered good - - - - - - - -
15. Current loans
in credit risk Particulars December 31, 2022 December 31, 2021
Credit Impaired - - - - - - - - Unsecured, considered good
Total - 1,240 45 6 - - - 1,291 Loans to employees 20 27
Total 20 27
As at December 31, 2021 Loan to employees includes amount due from directors / KMP amounting to C * (PY: C*) (Refer note 40)
Outstanding for following periods from due date * denotes figure less than a million
Particulars Less than 6 6 months-1 More than 3 Total
Unbilled Not Due 1-2 years 2-3 years
months year years
Undisputed Trade Receivables 16. Other current financial assets
Considered good - 1,317 79 24 31 23 23 1,497
Security deposits 10 1
in credit risk
Other receivables 60 17
Less: Loss allowance - - - - (22) (23) (23) (68)
Total 70 18
Disputed Trade Receivables
Considered good - - - - - - - -
Which have significant increase - - - - - - - - 17. Other current assets
in credit risk
Credit Impaired - - - - - - - - Particulars December 31, 2022 December 31, 2021
Total - 1,317 79 24 9 - - 1,429 Advance payments to suppliers 55 39

Export benefits receivable 1 64
1. Refer note 51(a) for credit risk on trade receivables.
Balance with government authorities 308 250
2. There are no outstanding receivables due from directors or other officers of the Company as at year end. Prepaid expenses 81 51
3. No element of financing is deemed present and sales are generally made with a credit period as specified by the Other Advances 1 1
Company's policy which is consistent with the market practice. The Company does not have any contracts where Others 17 34
the period between transfer of the promised goods and services to the customer and the payment by the customer Total 463 439
exceeds 1 year. As a consequence, the Company does not adjust any transaction prices for the time value of money.
13. Cash and cash equivalents

Balances with banks
-in current accounts 326 350
-in EEFC accounts 52 9
Deposits with banks with original maturity of less than 3 months 9,671 15,021
Total 10,049 15,380
There are no repatriation restrictions with regard to cash and cash equivalents as at the end of the current and
previous year.
188 189
18. Assets classified as held for sale (v) Details of shareholders holding more than 5% shares in the Company
Particulars December 31, 2022 December 31, 2021 Particulars December 31, 2022 December 31, 2021
Pertaining to Mumbai - Mulund # Equity shares of C 10 each fully paid
Buildings 3 3 Hoechst GmbH, Germany
Freehold land 7 36 - No of shares 13,904,722 13,904,722
Plant and equipment * * - % of holding 60.37% 60.37%
Net Carrying Value (a) 10 39 Life Insurance Corporation of India
Pertaining to Mumbai - Pedder Road - No of shares 1,369,833 1,368,608
Building * * - % of holding 5.95% 5.94%
Furniture and Fixtures * *
Office Equipment * *
(vi) Details of Promoters shareholding
Plant and Equipment * *
Net Carrying Value (b) * * Percentage of Total
No. of Shares as on Percentage Change
Name of Promoters Shares on December
Total asset held for sale (a) + (b) 10 39 December 31, 2022 during the year
31, 2022
# Movement on account of impairment Hoechst GmbH, Germany 13,904,722 60.37% 0.0%

* denotes figure less than a million
Sanofi S.A. 4,865 0.02% 0.0%
19. Share capital and other equity 19 (b) Other equity - Reserves and surplus
19 (a) Equity share capital
(i) Authorised share capital Securities premium 20 20
Particulars Number of shares Amount Retained earnings 8,432 17,951
As at January 1, 2021 23,500,000 235 General reserve 3,454 3,454
Increase during the year - - Share options outstanding account 622 601
As at December 31, 2021 23,500,000 235 Total 12,528 22,026
Increase during the year - -

As at December 31, 2022 23,500,000 235 (i) Securities premium

Issued, Subscribed and Paid up: Opening balance 20 20
(ii) Movements in equity share capital Movement during the year - -
Closing balance 20 20
Particulars Number of shares Amount
As at January 1, 2021 23,030,622 230
Issued during the year - - (ii) Retained earnings
As at December 31, 2021 23,030,622 230
Issued during the year - -
Opening balance 17,951 16,946
As at December 31, 2022 23,030,622 230
Profit for the year 6,206 9,444
Items of Other Comprehensive Income recognised directly into retained earnings
(iii) Terms and rights attached to equity shares proportion to the number of equity shares held by
the shareholder. - Remeasurement of Post employee benefit obligaiton,net of tax 5 (33)
The Company has only one class of equity shares Dividend paid [Refer note 52 (b)] (15,730) (8,406)
having a face value of C 10 per share. Each holder
(iv) Shares held by holding and ultimate holding Closing balance 8,432 17,951
of equity shares is entitled to one vote per share.
Company
The dividend proposed by the Board of Directors is
13,904,722 (December 31, 2021: 13,904,722) equity
subject to the approval of the shareholders in the (iii) General reserve
shares of C 10 each fully paid are held by Hoechst
ensuing Annual General Meeting, except in case of
GmbH, Germany, holding Company and 4,865 Particulars December 31, 2022 December 31, 2021
interim dividend.
(December 31, 2021: 4,865) equity shares of C 10 Opening balance 3,454 3,454
In the event of liquidation of the Company, the holders each fully paid are held by Sanofi S.A., France ultimate
Movement during the year - -
of equity shares will be entitled to receive remaining holding Company.
Closing balance 3,454 3,454
assets of the Company. The distribution will be in
190 191
(iv) Share options outstanding account Outstanding for following periods from due date of payment
December 31, 2021 Less than More than Total
Particulars December 31, 2022 December 31, 2021 1 year 3 years
Opening balance 601 540 Undisputed trade payables

Employee stock option expense (Refer note 41) 21 61 Micro enterprises and small enterprises - 268 - - - 17 285
Closing balance 622 601 Others 595 2,108 754 24 1 - 3,482
Disputed trade payables
Nature and purpose of reserves: Micro enterprises and small enterprises - - - - - - -

Others - - - - - - -
1) Securities premium
Total 595 2,376 754 24 1 17 3,767
Securities premium is created when shares are issued at premium. This is utilised in accordance with the provisions of
the Companies Act, 2013.
22. Other current financial liabilities

2) General reserve
General reserve is created out of profits of the Company. The reserve is utilised in accordance with the provisions of Particulars December 31, 2022 December 31, 2021
Companies Act, 2013. Other payables to related party (Refer note 40) 7 14
Unclaimed dividend # 78 56
3) Share options outstanding account
Liability for capital goods 28 12
The share options outstanding account is used to recognise the fair value of restricted stock units as at grant date
issued by the Ultimate holding Company, Sanofi S.A to the Company's eligible employees. Total 113 82
# There are no amounts due for payment to the Investor Education and Protection Fund (IEPF) under Section 125 of the Companies Act, 2013 as
at the year end.
20. Non-current employee benefit obligations
23. Current provisions
Pension (Refer note 42) - *
Compensated absences (Refer note 42) 320 343 Particulars December 31, 2022 December 31, 2021
Long service awards (Refer note 42) 18 20 Provision for sales return (Refer note 43) 728 552
Gratuity (Refer note 42) 17 256 Provision for indirect tax (Refer note 43) 330 341
Total 355 619 Others (Refer note 43) 369 407

Total 1,427 1,300
21. Trade payables 24. Current employee benefit obligations

Trade Payables: micro and small enterprises (Refer note 46) 198 285 Employee related liabilities # 984 908
Trade Payables: Other than micro and small enterprises Pension (Refer note 42) - *
- Related parties (Refer note 40) 1,569 1,662 Compensated absences (Refer note 42) 44 50
- Others 1,797 1,820 Long service awards (Refer note 42) 3 3
Total 3,564 3,767 Gratuity (Refer note 42) 99 103
Total 1,130 1,064
Ageing Schedule for Trade Payable * denotes figure less than a million
# includes salaries, wages and bonus payable to employees
Outstanding for following periods from due date of payment
December 31, 2022 Less than More than Total
1 year 3 years 25. Other current liabilities
Undisputed trade payables
Micro enterprises and small enterprises - 181 - - - 17 198
Contract liabilities 47 43
Others 597 2,328 435 6 - - 3,366
Statutory liabilities 129 94
Disputed trade payables
Total 176 137
Micro enterprises and small enterprises - - - - - - -
Others - - - - - - -
Total 597 2,509 435 6 - 17 3,564
192 193
Revenue recognised in relation to Contract liabilities 28. Other income

Revenue recognised that was included in the contract liability at the beginning of the period 43 72 Interest
Total 43 72 Bank deposits 452 360
Loan given to fellow subsidiary (Refer note 40) 137 271
26. Liabilities directly associated with assets classified as held for sale Rental income (Refer note 40) 2 1
Exchange differences (net) 2 5
Gain on sale of asset held for sale, plant and equipment (net) - 66
Other payables (Refer note 18) 9 9
Gain on termination of leases * *
Total 9 9
Miscellaneous Income 122 41
Total 715 744
27. Revenue from operations * denotes figure less than a million

Revenue from contract with customers: 29. Cost of materials consumed
Sale of products 25,774 27,772
Sale of services 1,498 1,461
Inventory at the beginning of the year 2,106 1,431
27,272 29,233
Add: Purchases 5,542 6,226
Other operating income:
Less: Inventory at the end of the year 2,151 2,106
Scrap sale 9 7
Total 5,497 5,551
Indirect taxes refunds 19 13
Export incentives 37 98
Others # 364 215 30. Changes in Inventories of work-in-progress, stock-in-trade and finished goods
429 333
Total 27,701 29,566
Inventory at the end of the year
# Includes recovery of freight
Finished goods 600 549
Stock-in-trade 1,272 1,258
Disaggregation of revenue from contract with customers Work-in-progress 57 11
The Company has determined the categories of disaggregation of revenue considering the types/nature of contracts. The 1,929 1,818
Company derives revenue from the transfer of goods and services.
Inventory at the beginning of the year
Particulars December 31, 2022 December 31, 2021 Finished goods 549 727
Revenue by location of customers Stock-in-trade 1,258 1,422
- India 23,421 25,535 Work-in-progress 11 100
- Outside India 4,280 4,031 1,818 2,249
27,701 29,566 Total (111) 431
Timing of revenue recognition
- At a point in time 27,701 29,566
31. Employee benefits expense
- Over a period of time - -
Total revenue from contract with customers 27,701 29,566 Particulars December 31, 2022 December 31, 2021
Reconciliation of revenue recognised in the statement of profit and loss with Salaries, wages and bonus 3,692 3,915
contracted price Contribution to provident fund and other funds 178 187
- Contract price 29,180 31,170 Gratuity (Refer note 42) 81 84
- Less: Volume discount/Cash discount (1,479) (1,604) Staff welfare expenses 87 92
Total revenue from contract with customers 27,701 29,566 Employee share based payment expense (Refer note 41) 21 61
Total 4,059 4,339
194 195
32. Finance costs 34. (b) Auditors remuneration

Other interest (Refer note 46) * * Payment to Auditors:
Interest on lease liabilities 17 18 As auditor:
Total 17 18 Audit fees 5 5
* denotes figure less than a million Certificates * *
Reimbursement of Expenses * *
Total Payments to Auditors 5 5
33. Depreciation and amortisation expense
Depreciation of property, plant and equipment [Refer note 5 (a)] 324 351
Depreciation of right-of-use assets [Refer note 5 (c)] 85 75
35. Income Tax
Amortisation of intangible assets [Refer note 6 (a)] 10 241 35 (a) Income tax expense
Total 419 667
Current tax
34. (a) Other expenses Current tax on profits for the year 2,452 3,360
Total current tax expense 2,452 3,360
Deferred tax
Advertisement and sales promotion 338 461
Decrease/(Increase) in deferred tax assets 37 (5)
Auxiliary and other materials 83 91
(Decrease) in deferred tax liabilities (52) (223)
Auditors remuneration [(Refer note 34 (b)] 5 5
Total deferred tax (credit) (15) (228)
Expenditure towards Corporate Social Responsibility (CSR) activities (Refer note 47) 143 133
Income tax expense 2,437 3,132
Insurance 114 113
Legal and professional fees 630 686
35 (b) For the year ended December 31, 2022, the company has reversed Deferred tax assets of C 1 million in other
Service charges 43 38
comprehensive income whereas the company had recognised Deferred tax assets of C 11 million for the year ended
Power and fuel 143 139 December 31, 2021 on account of actuarial remeasurements of defined benefit plan.
Provision for bad and doubtful debts (net) (15) 18
No aggregate amounts of current and deferred tax have arisen in the reporting periods which have not been recognised in
Provision for doubtful advances and deposits 1 (2)
net profit or loss or other comprehensive income but directly debited/ (credited) to equity.
Rates and taxes 113 147
Rent 17 36 35 (c) Reconciliation of tax expense and the accounting profit multiplied by tax rate:
Repairs and maintenance- buildings 34 13
Repairs and maintenance - others 94 94
Profit before tax 8,643 12,576
Repairs and maintenance - plant and machinery 29 60
At statutory income tax rate of 25.168% (December 31, 2021: 25.168%) 2,175 3,165
Selling and distribution expenses 1,344 1,136
Expenses not deductible for tax purposes 306 218
Stores and spares 2 15
Non taxable income under Income Tax Act, 1961 (13) -
Toll manufacturing charges 541 555
Difference on account of different tax rate for long term capital gains (31) (112)
Trainings and meetings 60 83
Tax on long term capital gain adjusted with long term capital loss (Refer note below) - (139)
Travelling and conveyance 536 364
Effective income tax 2,437 3,132
Impairment on Assets held for sale 29 -
Loss on sale/Write-off of property, plant and equipment (net) 2 -
During the previous year, long-term capital gain was set-off against the long-term capital loss, however in the previous
Miscellaneous expenses 416 349
years no Deferred Tax Assets was recognised for those long term capital losses as the probability of future taxable long-
Total 4,702 4,534
term capital gain against which such long-term capital loss can be set off was considered low.
196 197
35 (d) Deferred tax liabilities (net) 36. Operating Segment

Particulars December 31, 2022 December 31, 2021 The operations of the Company are limited to one segment viz. Pharmaceutical products.
The balance comprises temporary differences attributable to: Operating segments are defined as components of an company for which discrete financial information is available
Provision for doubtful debts and advances (18) (22) that is evaluated regularly by Chief Operating Decision Maker (CODM), in deciding how to allocate resources and
Disallowance under Section 43B and 40(a)(ia) of the Income Tax Act, 1961 (124) (122) assessing performance.
Employee retirement and other long term benefits (206) (240) Geographical revenues are allocated based on the location of the customers. Information regarding geographical revenue
Lease liabilities (60) (62) is as follows:
Total deferred tax assets (408) (446)
Depreciation and amortisation 404 453 Revenue from operations
Right-of-Use Assets 53 56
Total deferred tax liabilities 457 509
India 23,421 25,535
Deferred tax liability (net) 49 63
Singapore 3,985 3,879
Others 295 152
Note: Deferred tax assets and deferred tax liabilities have been offset as they relate to the same governing taxation laws.
Total 27,701 29,566
35 (e) Movement in deferred tax assets/liabilities

Information about major customers
(i) Deferred Tax Assets/Liabilities in relation to the year ended December 31, 2022
One single external customer (entities under common control) represented 10% or more of the Company's total revenue
December 31, 2021 Charged/ (Credited) Charged/ (Credited) December 31, 2022
to Statement of to Other
during the year ended December 31, 2022 amounting to C 5,619 million (December 31, 2021: C 5,457 million) (Refer note
Particulars
Profit and Loss Comprehensive 40).
Income
Deferred Tax Liability 37. Capital Commitments:
Depreciation and amortisation 453 (49) - 404
Estimated amount of contracts remaining to be executed on capital account and not provided for (net of advances) is
Right-of-Use Assets 56 (3) - 53
C 194 Million (December 31, 2021: C 53 Million).
Total Deferred Tax Liability 509 (52) - 457
Less: Deferred Tax Assets
38. Earnings per share:
Provision for doubtful debts and advances (22) 4 - (18)
Disallowance under Section 43B and 40(a)(ia) of the (122) (2) - (124) Particulars December 31, 2022 December 31, 2021
Income Tax Act, 1961 Profit for the year (C in Million) 6,206 9,444
Employee retirement and other long term benefits (240) 33 1 (206)
Weighted average number of shares 23,030,622 23,030,622
Lease liabilities (62) 2 - (60)
Nominal value per share (C) 10 10
Total Deferred Tax Assets (446) 37 1 (408)
Basic and diluted earnings per share (C) 269.47 410.06
Net Deferred Tax Liabilities 63 (15) 1 49
39. Contingent Liabilities

(ii) Deferred Tax Assets/Liabilities in relation to the year ended December 31, 2021
December 31, 2020 Charged/ (Credited) Charged/ (Credited) December 31, 2021
a) Particulars December 31, 2022 December 31, 2021
Particulars
to Statement of to Other Income Tax demands in respect of which
Profit and Loss Comprehensive
Income Tax authorities have appealed against Income tax orders which were ruled in favour of 797 876
the Company
Deferred Tax Liability
Company's appeals are pending before appropriate authorities/the Company is in 1,897 1,905
Depreciation and amortisation 647 (194) - 453
process of filing an appeal with appropriate authorities
Reversal of goodwill amortisation 31 (31) - -
Right-of-Use Assets 54 2 - 56
b) There are certain matters relating to Indirect tax Hon’ble Supreme Court, is not determinable at present
Total Deferred Tax Liability 732 (223) - 509
litigations which are pending for decision at various for the period prior to March 2019, due to uncertainty
Less: Deferred Tax Assets
authority levels. Based on management's assessment, of the impact of the judgement in the absence of
Provision for doubtful debts and advances (18) (4) - (22) these would have a remote chance of cash outflow. further clarification relating to applicability. The
Disallowance under Section 43B and 40(a)(ia) of the (115) (7) - (122) Company has paid Provident Fund to employees as
Income Tax Act, 1961 c) There are other legal cases filed against the Company,
applicable with effect from March 2019. The Company
Employee retirement and other long term benefits (240) 11 (11) (240) based on the management assessement the likelihood
will continue to assess any further developments in this
Lease liabilities (57) (5) - (62) of cash outflow is considered to be remote.
matter for its implication on the financial statements,
Total Deferred Tax Assets (430) (5) (11) (446) d) Contingent liability relating to determination of if any.
Net Deferred Tax Liabilities 302 (228) (11) 63 provident fund liability, based on judgement from
198 199
40. Related Party Disclosures vi. Transactions during the year

i. Parties where control exists: Particulars December 31, 2022 December 31, 2021
a) Sanofi S.A. France, ultimate holding Company Ultimate Holding Company

Dividend paid 3 2
b) Hoechst GmbH, Germany, holding Company
Expenses recharged by (22) 117
ii. Other related parties in Sanofi Group where common control exists and with whom transactions Total (19) 119
have taken place during the reporting year. Holding Company
Dividend paid 9,497 5,075
Sanofi-Aventis Singapore Pte. Limited
Other related Parties
Francopia S.A.R.L.
Sale of Products and Other Operating Income
Sanofi-Aventis Deutschland GmbH
Sanofi-Aventis Singapore Pte. Limited 3,938 3,794
Sanofi-Aventis Groupe Others 183 207
Sanofi Lanka Limited* Total 4,121 4,001
Sanofi Chimie S.A * Purchase of Raw Materials and Stock- in- trade
Sanofi-aventis Philipins Inc.* Sanofi-Aventis Singapore Pte. Limited 2,474 4,052
Sanofi Healthcare India Private Limited Francopia S.A.R.L. 1,106 1,145
Sanofi Winthrop Industrie S.A. Sanofi Healthcare India Private Limited 3,220 2,765
Sanofi US Services Inc. Others * *

Total 6,800 7,962
Aventis Pharma UK Investments Ltd. *
Expenses recharged to other companies
Sanofi Vietnam Shareholding Company
Sanofi-Aventis Groupe S.A. 2 *
Sanofi-Aventis Gestion S.A.
Sanofi Healthcare India Private Limited 6 8
Sanofi-aventis Healthcare Pty Ltd *
Sanofi-Aventis Gestion S.A. 4 -
Euro API Germany GMBH Others * *
Sanofi Industries South Africa (PTY) Ltd. Total 12 9
SSP Co. Ltd Sale of Services
Sanofi India Limited Provident Fund Sanofi Healthcare India Private Limited 1,431 1,355
* No transactions during the year Sanofi-Aventis Singapore Pte. Limited 47 85
Others 20 16
iii. Key management personnel of the Company for the year Total 1,498 1,456
Mr. Rodolfo Hrosz - Managing Director (w.e.f June 1, 2022) Purchase of Tangible Asset
Mr. Rajaram Narayanan - Managing Director (till the closure of business hours of April 10, 2022) Sanofi-Aventis Deutschland GmbH 20 -
Total 20 -
Mr. Cherian Mathew - Whole Time Director
Payment towards Intangibles under development
Mr. Vaibhav Karandikar - Chief Financial officer and Whole time director (w.e.f February 23, 2021)
Mr. Girish Tekchandani - Company Secretary (till the closure of business hours of August 31, 2021)
Total 8 24
Ms. Radhika Shah - Company Secretary (w.e.f November 1, 2021)
Rent Income
iv. Non-Executive Directors
Total 2 1
Mr. Cyril Grandchamp-Desraux - (till the closure of business of November 24, 2021) Rent Paid
Mr. Marc-Antoine Lucchini Sanofi Healthcare India Private Limited 1 1
Mr. Charles Billard - (till the closure of business hours of November 3, 2022) Total 1 1
Ms. Annapurna Das - (w.e.f November 3, 2022) Loan given
Sanofi Healthcare India Private Limited - 50
v. Independent Directors Total - 50
Loan repaid
Mr. Aditya Narayan
Sanofi Healthcare India Private Limited 4,450 50
Mrs. Usha Thorat
Total 4,450 50
Mr. Rahul Bhatnagar
200 201
Particulars December 31, 2022 December 31, 2021 Terms and conditions of transactions with related any impairment of receivables relating to amounts
Interest income on loan parties owed by related parties (December 31, 2021: Nil). This
Sanofi Healthcare India Private Limited 137 271 The sales, services and purchases from related parties assessment is undertaken each financial year through
Total 137 271 are made on terms equivalent to those that prevail examining the financial position of the related party
Expenses recharged by other companies
in arm’s length transactions. For the year ended and the market in which the related party operates.
December 31, 2022, the Company has not recorded
Sanofi Winthrop Industrie S.A. - 9
vii. Outstanding as at December 31, 2022
Sanofi Lanka Limited - 26
Sanofi-Aventis Groupe 20 7
Trade Receivables
Others * 1
Sanofi-Aventis Singapore Pte. Limited 736 596
Total 80 99
Contribution to In-house Trust for Post
Others 8 5
Employment Benefits - Provident Fund
Total 872 933
Sanofi India Limited Provident Fund (Including contribution by employees) 323 355
Trade Payables
Sanofi-Aventis Singapore Pte. Limited 533 475
Sanofi Winthrop Industrie S.A. - 11
Key Management Personnel Remuneration # # Francopia S.A.R.L. 789 534
Remuneration Sanofi Healthcare India Private Limited 224 610
Mr. Rodolfo Hrosz 18 - Others 23 32
Mr. Rajaram Narayanan 33 42 Total 1,569 1,662
Mr. Vaibhav Karandikar 20 18 Other Financial Liabilities
Mr. Cherian Mathew 26 26 Sanofi Healthcare India Private Limited 7 14
Mr. Girish Tekchandani - 7 Loan receivable
Ms. Radhika Shah 10 2 Sanofi Healthcare India Private Limited (Refer Note 1 below) - 4,450
Total 107 95 Key Management Personnel
Share based benefit Loan receivable
Mr. Rodolfo Hrosz 6 - Mr. Vaibhav Karandikar (Refer Note 2 below) * *
Mr. Rajaram Narayanan - 11 * denotes figure less than a million
Mr. Vaibhav Karandikar 4 2

Mr. Cherian Mathew 6 4 1) Loan given to Sanofi Healthcare India Private and was fully recovered during the current
Total 16 17 Limited. The rate of interest was 7.5% till April year. The Maturity date of the loan was April
14, 2021 and 5.5% from April 15, 2021 to 15, 2023.
Loan given
April 14, 2022, and then 5.55% till July 25,
Mr. Vaibhav Karandikar (Refer note 2 below) * * The Loan was given against corporate
2022. Maximum balance outstanding during
Loan repaid guarantee by Sanofi S.A. France. Guarantee is
the year C 4,450 Million (December 31, 2021:
valid till April 15, 2023.
Mr. Vaibhav Karandikar * * C 4,450 Million) from Sanofi Healthcare
# # Excludes Provision made on the basis of Actuarial valuation India Private Limited. The said loan has been 2) Given as per the Company's policies for
* denotes figure less than a million proposed to be utilized by Sanofi Healthcare employees. These are interest free loan and
India Private Limited for business purpose repayable in 12 month equal installments.
Sitting Fees to Non- Executive Directors
Mr. Aditya Narayan 1 1
Ms. Usha Thorat 2 1
Mr. Rahul Bhatnagar 2 1
Total 5 3
Commission to Non - Executive Directors
Mr. Aditya Narayan 2 2
Ms. Usha Thorat 1 1
Mr. Rahul Bhatnagar 1 1
Total 4 4
202 203
41. Share Based Payments Company. The terms of those plans make the award Defined Benefit Plans at the time of separation based on the last drawn
contingent on the attainment of certain performance I) Other long term employee benefits (Refer Note 2.3 base salary.
Restricted Stock Units (RSU's)
criteria which are considered to be defined grants. The (xvi)(II))
The Company does not provide any equity based vesting period of such plans is either three or four years. Compensated absences (included as a part of salaries B. Pension plan
compensation to its employees. However, the ultimate and wages in Note 31 - Employee benefits expense) Under the Company's Pension scheme, certain
The fair value of an equity instrument granted under a plan
holding company, Sanofi SA, France (“the grantor”) All eligible employees can carry forward and avail / executives are eligible for fixed pension for five years,
is the market price of the share at the grant date, adjusted
maintains equity incentive plans that provide for award encash leave as per Company’s rules. depending on their level at the time of retirement on
for expected dividends during the vesting period.
of restricted share plans to certain employees of the superannuation, death or early retirement with the
Long Service Award (included as a part of salaries and
consent of the Company.
wages in Note 31 - Employee benefits expense)
Under this scheme, long service benefits accrues to In above cases, the Company’s liability is actuarially
Weighted Average grant Weighted Average grant
Particulars the employees, while in service and is payable upon determined (using the Projected unit credit method)
date fair value Number of Units date fair value Number of Units
(in euro) (in euro) completion of stipulated services with the Company. at the end of each year. Remeasurement gains and
Units outstanding at the beginning of the year 79 34,742 75 39,308 losses arising from experience adjustments and
II) Post employment employee benefits plans (Refer changes in actuarial assumptions are recognized
Units granted during the year 101 7,795 86 12,322
Note 2.3 (xvi)(III)) in the period in which they occur, directly in other
Exercised during the year 68 (8,165) 66 (12,897)
A. Gratuity comprehensive income.
Forfeited/expired/lapsed during the year 85 (7,520) 73 (3,991) Gratuity is payable to all eligible employees of the
Units outstanding at the end of the year 90 26,852 79 34,742
Based on the actuarial valuation obtained in this
Company on superannuation, death and permanent
respect, the following table sets out the status of the
disablement in terms of provisions of the Payment
gratuity and Pension plan and the amounts recognised
of Gratuity Act or as per the Company's Scheme
Weighted average remaining contractual life of RSUs outstanding at the end of the year in the Company’s financial statements as at the
whichever is more beneficial. Benefit would be paid
Balance Sheet date:
Particulars Life in (years)
As at December 31, 2022 1 Actuarial Assumptions
Gratuity Pension Plan
Particulars
Expenses arising from share based payment transactions Discount Rate (per annum) 7.55.% 7.08% N/A 7.08%
Total expenses arising from share-based payment transactions recognised in profit or loss as part of employee benefit Expected Rate of Return on Plan Assets 7.55.% 7.08% N/A -
expense are as follows: Salary Escalation rate/Pension 6.8% p.a. for 1 7.00% p.a. for the next N/A N/A
escalation rate year,7.50% p.a. for 4 years, 6% p.a. for the
Particulars December 31, 2022 December 31, 2021 the next 3 years, years thereafter
Employee share based payment expense 21 61 6.5% p.a. for the years
thereafter
Total employee share based payment expense 21 61
Mortality Indian Assured Lives Indian Assured Lives N/A Indian Assured Lives
Mortality (2012-14) Mortality (2012-14) Mortality (2012-14)
Urban Urban Urban
42. Employee Benefits
Employees attrition rate For service 4 yrs & For service 4 yrs & N/A 1%
Defined Contribution Plans (Refer Note 2.3 (xvi)(III)) Below 8.00 % p.a. & Below 8.00 % p.a. &
For service 5 yrs and For service 5 yrs and
The Company makes contributions towards provident fund (Nepal), superannuation fund and pension scheme to a above 2.00 % p.a. above 2.00 % p.a.
defined contribution retirement benefit plan for qualifying employees. The superannuation fund is administered by the
Life Insurance Corporation of India (LIC). Under the plan, the Company is required to contribute a specified percentage of Notes:
payroll cost to the retirement benefit plan to fund the benefits.
1) The estimates of future salary increases, considered in actuarial valuation, take account of inflation, seniority,
The Company has recognised the following amounts in the statement of Profit and Loss for the year: promotion, and other relevant factors, such as supply and demand in the employment market.
Particulars December 31, 2022 December 31, 2021 2) The discount rate is based on the prevailing market yields of Indian Government securities as at the Balance
i) Contribution to Employees' Provident Fund (Nepal) 1 1 sheet date for the estimated term of the obligation.
ii) Contribution to Employees' Superannuation Fund 29 31
iii) Contribution to Employee's Pension Scheme, 1995 36 41
iv) Contribution to Employee's State Insurance Corporation * *
*denotes figure less than a million.
204 205
i) Reconciliation of present value of obligations (‘PVO’) – defined benefit obligation: v) Expenses Recognised in Other Comprehensive Income (OCI) for current year
Gratuity Pension Plan A) Gratuity Pension Plan

Particulars
December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Particulars December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
Liability at the beginning of the year 865 844 * 1 Actuarial changes arising from changes 3 (20) - *
in financial assumptions
Interest Cost 61 56 * *
Actuarial changes arising from changes - 5 - -
Current Service Cost 55 60 - -
in demographic assumptions
Benefits Paid (190) (49) (*) (*)
Actuarial changes arising from changes (5) 17 - (*)
Liability Transfer Out/Divestments - (48) - - in experience adjustments
Actuarial (gain)/loss on Financial 3 (20) - * Return on Plan Asset, Excluding Interest (10) 3 - -
Assumption Income
Actuarial (gain)/loss on Demographic - 5 - - OCI for the year (12) 5 - (*)
Assumption
Actuarial (gain)/loss on Experience (5) 17 - (*)
Liability at the end of the year 789 865 - *
B) Also refer note C below Provident Fund
*denotes figure less than a million. Particulars December 31, 2022 December 31, 2021
Re-measurement on account of Fair Value of Plan Assets - 12
ii) Fair value of Plan Assets Interest Short Fall 6 27
OCI for the year 6 39
Particulars Total OCI for the Year (A+B) (6) 44
Fair Value of Plan Assets at the 506 476 - -
beginning of the year
vi) Maturity profile of defined benefit obligations (undiscounted)
Expected Return on Plan Assets 35 32 - -
Projected Benefits Payable in Future
Employer's Contributions 265 40 - - Gratuity Pension Plan
Years From the Date of Reporting
Benefits Paid (143) (39) - - Particulars December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021
Return on plan Asset, Excluding Interest 10 (3) - - 1 year (within next 12 months) 69 98 - *
Fair Value of Plan Assets at the end of 673 506 - - 2 to 10 years 540 558 - 1
the year
Above 10 years 1,224 1,226 - -
iii) Amount Recognised in the Balance Sheet

Particulars vii) Sensitivity Analysis
Liability at the end of the year 789 865 - * Gratuity Pension Plan
Particulars
Fair Value of Plan Assets at the end of 673 506 - -
the year Benefit Obligation on Current 789 885 - *
Amount Recognised in the Balance 116 359 - * Assumptions
Sheet Effect of +0.5% Change in Rate of (33) (36) - (*)
Discounting
Effect of -0.5% Change in Rate of 36 39 - *
Discounting
iv) Expenses Recognised in the Income Statement Effect of +0.5% Change in Rate of 36 39 - -
Salary Increase
Particulars Effect of -0.5% Change in Rate of (34) (37) - -
December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Salary Increase
Current Service Cost 55 60 - - Effect of +0.5% Change in Rate of 3 3 - -
Interest Cost on benefit obligation (net) 26 24 * * Employee Turnover
Expenses Recognised 81 84 * * Effect of -0.5% Change in Rate of (3) (3) - -
Employee Turnover
206 207
viii) Risk exposure: offset by an increase in the value of the plans’ 43. Other provisions:
bond holdings.
Through its defined benefit plans, the Company is Movements in provisions:
exposed to a number of risks, the most significant of ongevity risk: If improvements in life expectancy
L
Class of provisions
which are detailed below: are greater than assumed, the cost of benefits will
Particulars Provision for Sales Provision for Total
increase because pensions are paid for longer period Indirect tax Others
Investment risk: If future investment returns on assets Returns DPCO matters
than expected. This will mean the funding level will be
are lower than assumed in valuation, the scheme’s Balance as at January 1, 2022 341 552 367 40 1,300
higher than expected.
assets will be lower and the funding level higher (346) (730) (367) (42) (1,485)
than expected. I nflation risk: If inflation is greater than assumed, the Amount provided during the year 10 555 - 2 567
cost of benefits will increase as pension increases and
Changes in bond yields: A decrease in yields will
(20) (681) (-) - (701)
deferred revaluations are linked to inflation.
increase plan liabilities, although this will be partially Amount written back/paid during the year 21 379 - 40 440
(25) (859) (-) (2) (886)
ix) Broad category of Plan assets relating to Gratuity
Balance as at December 31, 2022 330 728 367 2 1,427
Gratuity (341) (552) (367) (40) (1,300)
Particulars
Fund managed by Life Insurance Corporation of India (unquoted) 94% 93%
Note: Figures in brackets are for the previous year.
Special Deposit Fund 6% 7% 1. Provision for indirect taxes represents differential excise duty, GST, sales tax and service tax in respect of which the
claims are pending before various authorities for a considerable period of time and based on management’s estimate
Fund is Managed by LIC as per IRDA guidelines, category-wise composition of the plan assets is not available.
of claims provision is made on prudent basis that possible outflow of resources may arise in future.
C. Provident Fund (other than Nepal) contributions made by the Company to the schemes 2. Provision for sales returns are on account of expected date expiry and breakages returns based on historical trends.
The Company manages the provident fund through and also defines the investment strategy.
3. In respect of Provision for DPCO matters, based on the management assessment, the likelihood of any additional
a Provident Fund Trust for its employees (except
The Company has an obligation to service the shortfall outflow is considered as remote.
Staff and Workmen at Nepal unit) which are
on account of interest generated by the fund and on
permitted under The Employees' Provident Fund and 4. Other provisions on prudent basis are towards possible outflow of resources in respect of legal cases pending against
maturity of fund investments and hence the same has
Miscellaneous Provisions Act, 1952. Eligible employees the Company or in respect of contractual obligations of the Company.
been classified as Defined Benefit Plan in accordance
receive benefits from the said Provident Fund. Both
with Ind AS 19 “Employee Benefits”. As per the
the employees and the Company make monthly
Guidance Note from the Actuarial Society of India,
44. Derivative Instruments and Un-hedged Foreign Currency Exposure:
contributions to the Provident Fund Trust equal to
the Company has obtained the actuarial valuation of There are no derivative instrument as at Balance Sheet date
a specified percentage of the covered employee’s
principal loss and interest rate obligation in respect of
salary. The minimum interest rate payable by the Trust Particulars of un-hedged Foreign Currency exposure as at Balance sheet date
Provident Fund as at December 31, 2022 and based
to the beneficiaries every year is being notified by the
on the same Loss of C 6 million (Previous Year C 39 December 31, 2022 December 31, 2021
Government of India. The Company has an obligation
million) on account of re-measurement of fair value Particulars Foreign Currency Foreign Currency Foreign Currency
to make good the shortfall, if any, between the return D in Million D in Million
of plan assets and on account of interest shortfall is Value Value
from the investments of the Trust and the notified
recognised in Other Comprehensive Income. Trade Payables EUR 13,223,417 1,171 9,764,441 827
interest rate. The Board of Trustees administers the
USD 351,118 29 1,068,577 80
Key assumption used for actuarial valuation are as below: JPY 2,687,500 2 - -
Trade Receivables EUR 8,395,451 744 7,093,334 601
Provident Fund
Particulars USD 251,469 21 452,656 34
Cash and Bank Balances EUR 59,213 5 - -
Rate of Discounting 7.55% 7.08%
USD 562,503 47 116,069 9
Guaranteed rate of return 8.10% 8.50%
Weighted Average Yield 7.99% 8.00%
208 209
45. (a) Consequent upon the decision of the Supreme was not in a position to make an effectual 47. Disclosure on Corporate Social Responsibility as per the provisions of Section 135 of
Court in the matter of prices of certain bulk drugs presentation before the Committee. the Companies Act, 2013
fixed by the Government of India under the Drug
In January 1999, the Company filed an Year ended Year ended
(Prices Control) Order, 1979, the Company paid an Particulars
Application before the Bombay High Court
amount of C 31 Million in 1988 being the liability
seeking directions to the Government to furnish Amount required to be spent as per Section 135 of the Act 143 133
determined by the Special Team appointed by
the requisite data. The Application is pending. Amount spent during the year:
the Government. However, during 1990, fresh
In the meantime, the Committee has deferred i) Construction/acquisition of any asset - -
demands aggregating to C 781 Million alleged
further hearing of the Company’s case, until
to be payable into the Drug Prices Equalisation ii) On purpose other than (i) above:
the Application is heard and decided by the
Account (DPEA) were made by the Government a) Public Private Partnership with the Government of Goa 11 2
Bombay High Court. In any event, the Company is
on account of alleged unintended benefit enjoyed b) Non communicable CD program with the Health Department of the Govt. of 67 40
contesting the above demand.
by the Company. The Government has also Maharashtra & Telangana
made certain claims for applicable interest. On a (b) National Pharmaceutical Pricing Authority c) Towards Counselling patients to manage their diabetes and create awareness on 68 9
Writ Petition filed by the Company in 1991, the (NPPA) had raised demands on the Company for early detection
Bombay High Court passed an order whereby alleged overcharging of some of its products. The d) Allergy free program - -
the demands were to be treated as show cause Company had contested the demands by filing e) Towards Employee volunteering - Joy in Outreach 1 1
notices. The High Court directed the Company writ petitions in the Delhi High Court. The Hon’ble f) Towards Grants/Donation 2 35
and the Government to furnish relevant data to Delhi High Court vide order dated May 16, 2019,
g) Towards skill development of youth skilled Labour - -
each other based on which the Government was without expressing any opinion on the matter,
h) Cancer awareness programme 24 3
to rework the figures. The Government did not set aside the demands raised and the matter was
furnish the requisite data to the Company. In remanded back to NPPA for considering them i) Administrative overheads 7 6
1995, a further demand of C 80 Million was made afresh in accordance with law. Total (a) 180 96
by the Government. Excess / (Shortfall) 37 (37)
As a matter of abundant precaution, an amount
In the meantime, a Committee was constituted of C 162 million which had been provided in Less: Amount utilised from previous year - -
by the Government to determine the liabilities of the books of account in earlier years has been Amount to be spent (b) (Refer note below) - 37
the Drug Companies. The Company filed written retained. The Company will continue to assess any CSR expenses for the year (Refer note 34) 143 133
submissions with the Committee and contended further developments in this matter.
during the personal hearing that in the absence of
Based on the management assessment, the
the Government furnishing the requisite data as Details of ongoing CSR projects under Section 135(6) of the Act
likelihood of any additional outflow is considered
directed by the Bombay High Court, the Company
as remote in respect of above (a) and (b) matters. Balance as at January 1, 2022 Amount spent during the year Balance as at December 31, 2022
Amount required
In Separate CSR to be spent during From the company's From separate CSR In Separate CSR
46. Micro and Small Enterprises With the Company
unspent account the year bank account unspent account
With the Company
unspent account
The Micro, Small and Medium Enterprises has been determined to the extent such parties have been identified on the basis - 37 143 143 37 - -
of information available with the Company.
Particulars December 31, 2022 December 31, 2021 Details of CSR expenditure under Section 135(5) of the Act in respect of other than ongoing projects
Principal amount due to suppliers registered under the MSMED Act and remaining unpaid as 181 268
Amount deposited in the
at year end Balance unspent as at
specified fund of Schedule VII
Amount required to be Amount spent during Balance unspent as at
January 1, 2022 spent during the year the year December 31, 2022
Interest due to suppliers registered under the MSMED Act and remaining unpaid as at year 17 17 of the Act within 6 months
end - - - - -
Principal amounts paid to suppliers registered under the MSMED Act, beyond the appointed 65 39
day during the year
Interest paid, under Section 16 of MSMED Act, to suppliers registered under the MSMED Act, - - Details of excess CSR expenditure under Section 135(5) of the Act
beyond the appointed day during the year
Balance excess spent as at Amount required to be Amount spent during Balance excess spent as at
Interest paid, other than under Section 16 of MSMED Act, to suppliers registered under the - - January 1, 2022 spent during the year the year December 31, 2022
MSMED Act, beyond the appointed day during the year
- 143 143 -
Amount of interest due and payable for the period of delay in making payment (which have * *
been paid but beyond the appointed day during the year) but without adding the interest
specified under the MSMED Act
Interest accrued and remaining unpaid at the end of the accounting year * *
Amount of further interest remaining due and payable even in the succeeding years, until 17 17
such date when the interest dues above are actually paid to the small enterprise, for the
purpose of disallowance of a deductible expenditure under section 23 of the MSMED Act
210 211
48. a) The Board of Directors of the Company at its b) Exceptional Item for the current year also includes 51. Financial risk management based on expected credit loss model that represents
meeting held on November 25, 2021, approved profit on sale of a property amounting to C 320 its estimate of incurred losses in respect of trade and
The Company's activities expose it to variety of financial
the transfer of certain assets namely marketing Million and separation cost relating to the sales other receivables.
risks namely market risk, credit risk and liquidity risk. The
intangibles, customer lists/database, trade force management amounting to C 181 Million.
Company has various financial assets such as deposits,
channel knowledge/wholesaler lists, vendor/ (i) Trade and other receivables
trade and other receivables and cash and bank balances
supplier database, pharmacovigilance/medical 49. During the year ended December 31, 2021, the Board directly related to their business operations. The Company's
The maximum exposure to the credit risk at the
database that are related to the distribution of Directors of the Company at its meeting held on July reporting date is primarily from trade receivables
principal financial liabilities comprise of trade and other
business of Soframycin and Sofradex conducted 27, 2021 approved a transaction for the slump sale and amounting to C 1,291 million as at December 31,
payables. The Company's senior management's focus is to
by the Company and product inventory to Encube transfer of the Company’s Nutraceuticals business, on 2022 (December 31, 2021 - C 1,429 million). Trade
foresee the unpredictability and minimize potential adverse
Ethicals Private Limited. a going concern basis to Universal Nutriscience Private receivables are typically unsecured and are derived
effects on the Company's financial performance. The
Limited for a consideration of C 5,870 million including from revenue earned from customers located in India
Pursuant to the agreement dated December 1, Company's overall risk management procedures to minimise
debt like obligations, subject to customary working as well as outside India.
2021 with Encube Ethicals Private Limited, the the potential adverse effects of financial market on the
capital adjustments. The transaction was closed on
transaction concluded on January 31, 2022 Company's performance are as follows: The Company’s exposure to credit risk is influenced
September 30, 2021. Subsequent to the closing, the
after fulfillment of the underlying conditions and mainly by the individual characteristics of each
final consideration of C 5,860 million (after working The Company’s Board of Directors have overall
the Company has received the full consideration customer. The demographics of the customer,
capital adjustments) was received in full and during responsibility for the establishment and oversight of the
of C 1,369 million including working capital including the default risk of the industry, the country
the year ended December 31, 2021, the Company Company’s risk management framework.
adjustments and consequently, the Company had and the state in which the customer operates, also has
had accounted for gain of C 4,892 million (comprising
accounted for a gain of C 1,181 million from sale The Company’s risk management is carried out by the an influence on credit risk assessment. Credit quality
debt like obligation taken over by the purchaser C
of this business after working capital adjustment management in consultation with the Board of Directors. of a customer is assessed based on an extensive
196 million, intangible assets adjusted C 827 million
and transaction costs. This has been disclosed as The Board provides principles for overall risk management, credit rating scorecard and individual credit limits are
and transaction costs C 337 million), which has been
an exceptional item. as well as policies covering specific risk areas. defined in accordance with this assessment. Credit
disclosed as an exceptional item in the previous year.
risk is managed through credit approvals, establishing
This note explains the sources of risk which the entity is
50. Fair value measurements exposed to and how the entity manages the risk.
credit limits and continuously monitoring the
creditworthiness of customers to which the Company
Financial instruments by category
grants credit terms in the normal course of business.
(A) Management of Credit Risk
December 31, 2022 December 31, 2021 Further, significant sales of the Company are against
Particulars Amortised Amortised Credit risk is the risk of financial loss to the Company advance payment/collection on delivery terms.
FVTPL FVTOCI FVTPL FVTOCI
cost cost if a customer or counterparty to a financial instrument
The management continuously monitors the credit
Financial assets fails to meet its contractual obligations, and arises
exposure towards the customers outstanding at the
Loans - - 20 - - 4,477 principally from the Company’s receivables from
end of each reporting period to determine incurred
Trade receivables - - 1,291 - - 1,429
customers and from its financing activities including
and expected credit losses.
deposits with banks and other financial instruments.
Cash and cash equivalents - - 10,049 - - 15,380
The Company establishes an impairment allowance
Bank balances other than cash and cash - - 120 - - 123
equivalents
The movement in the allowance for credit loss in respect of trade receivables was as follows:
Other financial assets - - 217 - - 174
Total financial assets - - 11,697 - - 21,583 Particulars December 31, 2022 December 31, 2021
Financial liabilities Opening balance 68 50

Trade payables - - 3,564 - - 3,767 Changes in loss allowance (15) 18
Other financial liabilities - - 113 - - 82 Closing balance 53 68
Total financial liabilities - - 3,677 - - 3,849
The management believes that no further provision single customer has significant contribution to trade
is necessary in respect of trade receivables based on receivable balances.
Fair value of financial assets/liabilities measured at Level 2: The fair value of financial instruments that are
historical trends of these customers.
amortised cost not traded in an active market (for example, traded
(ii) Cash and cash equivalents and bank balances
bonds, over-the counter derivatives) is determined using Concentration of credit risk arises when counter
The carrying amounts of trade receivables, cash and cash The Company held cash and cash equivalents of
valuation techniques which maximise the use of observable parties are engaged in similar business activities or
equivalents, other bank balances, loans, other financial C 10,049 million as at December 31, 2022 (December
market data and rely as little as possible on entity-specific have similar economic features that would cause the
assets, trade payables, other financial liabilities are 31, 2021: C 15,380 million) and other bank balances
estimates. Considering that all significant inputs required ability to meet contractual obligations to be similarly
considered to be the same as their fair values, as they are of C 120 million (December 31, 2021: C 123 million).
to fair value such instruments are observable, these are affected by changes in economical, political or other
current in nature. Credit risk on cash and cash equivalents is limited
included in level 2. conditions. Concentration of credit risk indicate the
as these are generally held or invested in deposits
The categories used are as follows: relative sensitivity of the Company's performance
Level 3: If one or more of the significant inputs is not based with banks and financial institutions with good
to developments affecting a particular industry. The
Level 1: Level 1 hierarchy includes financial instruments on observable market data, the instrument is included in credit ratings.
Company's exposure to customers is diversified and no
measured using quoted prices. level 3.
212 213
(iii) Loans liquidity is to ensure that it will have sufficient funds Foreign currency risk
Outstanding loan given to its fellow subsidiary to meet its liabilities when due without incurring Foreign currency risk is the risk that the fair value or future cash flows of an exposure will fluctuate because of
amounting to C Nil as at December 31, 2022 unacceptable losses. In doing this, management changes in foreign exchange rates and arises where transactions are done in foreign currencies. It arises mainly where
(December 31, 2021: C 4,450 million). This loan has considers both normal and stressed conditions. receivables and payables exist due to transactions entered in foreign currencies. The Company evaluates exchange
been given against the corporate guarantee by group rate exposure arising from foreign currency transactions and follows established risk management policies. The
The Company maintained a cautious liquidity strategy,
Company i.e. Sanofi S.A. Company does not enter into financial instrument transactions for trading or speculative purposes. The Company's
with a positive cash balance throughout the year
exposure to foreign currency risk at the end of reporting periods in C as follows:
The Company's maximum exposure to credit risk as at ended December 31, 2022 and December 31, 2021.
December 31, 2022 and December 31, 2021 is the Cash Flow from operating activities provides the funds December 31, 2022
Particulars
carrying value of each class of Financial Assets. to service the financial liabilities on a day-to-day basis. EUR USD JPY
The following table shows the maturity analysis Trade receivables 744 21 -
(B) Liquidity Risk
of the Company’s all non- derivative, contractual Cash and cash equivalents 5 47 -
Liquidity risk is the risk that the Company will face in financial liabilities based on agreed undiscounted cash Trade payables (1,171) (29) (2)
meeting its obligations associated with its financial flows along with its carrying value as at the Balance Net exposure (422) 39 (2)
liabilities. The Company’s approach in managing Sheet date.
December 31, 2021

Undiscounted Amount Particulars
Particulars Carrying amount EUR USD
Payable within Payable more
Total
one year than one year Trade receivables 601 34
As at December 31, 2022 Cash and cash equivalents - 9
Lease liabilities 236 101 161 262 Trade payables (827) (80)
Trade Payables 3,564 3,564 - 3,564 Net exposure (226) (37)
Unclaimed dividend 78 78 - 78
Liability of Capital Goods 28 28 - 28
Sensitivity - Foreign Currency
Other Payables 7 7 - 7 The sensitivity of profit or loss to changes in the exchange rates is as follows:
Impact on profit after tax

Undiscounted Amount Particulars
Particulars Carrying amount Payable within Payable more
Total USD Sensitivity
one year than one year
As at December 31, 2021 INR/USD increase by 1% (December 31, 2021 - 1%) # * (*)
Lease liabilities 246 84 194 278 INR/USD decrease by 1% (December 31, 2021 - 1%) # (*) *
Trade Payables 3,767 3,767 - 3,767 EUR Sensitivity
Unclaimed dividend 56 56 - 56 INR/EUR increase by 1% (December 31, 2021 - 1%) # (3) (2)
Liability of Capital Goods 12 12 - 12 INR/EUR decrease by 1% (December 31, 2021 - 1%)# 3 2
Other Payables 14 14 - 14 JPY Sensitivity

INR/JPY increase by 1% (December 31, 2021 - 1%)# (*) -
INR/JPY decrease by 1% (December 31, 2021 - 1%)# * -
(C) Management of Market Risk
# Holding all other variables constant
Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes * denotes figure less than a million
in market prices. Market risk comprises three types of risks namely interest rate risk, currency risk and other price risk,
such as commodity risk. The Company is not exposed to interest rate risk and other price risk whereas the exposure to
currency risk is given below:
214 215
52. Capital management conditions, annual operating plans and long term and (v) Compliance with number of layers of companies (viii) Undisclosed income
other strategic investment plans. In order to maintain
(a) Risk management The Company has complied with the number of layers There is no income surrendered or disclosed as
or adjust the capital structure, the Company may
prescribed under the Companies Act, 2013. income during the current or previous year in the tax
For the purpose of the Company's capital adjust the amount of dividends paid to shareholders,
assessments under the Income Tax Act, 1961, that has
management, capital includes issued equity capital return capital to shareholders or issue new shares. The
(vi) Compliance with approved scheme(s) of not been recorded in the books of account.
and all other equity reserves attributable to the equity current capital structure of the Company is equity
arrangements
share holders of the Company. The primary objective based with no financing through borrowings. The
(ix) Details of crypto currency or virtual currency
of the Company's capital management is to safeguard Company is not subject to any externally imposed The Company has not entered into any scheme of
the Company's ability to remain as a going concern capital requirement. arrangement which has an accounting impact on The Company has not traded or invested in crypto
and maximise the shareholder value. current or previous financial year. currency or virtual currency during the current or
No changes were made in the objectives, policies or
previous year.
The Company manages its capital structure and processes for managing capital during the year ended
(vii) Utilisation of borrowed funds and share
makes adjustments in light of changes in economic December 31, 2022 and December 31, 2021.
premium (x) Valuation of PP&E, intangible asset and
investment property
(b) Dividend The Company has not advanced or loaned or
invested funds to any other person(s) or entity(ies), The Company has not revalued its property, plant and
including foreign entities (Intermediaries) with the equipment (including right-of-use assets) or intangible
(i) Equity shares understanding that the assets or both during the current or previous year.
Final dividend for the year ended December 31, 2021: C 490 (December 31, 2020: 11,285 8,406
C 365) per fully paid up share Intermediary shall:
Other Regulatory Information
4,445 -
a. directly or indirectly lend or invest in other
Interim dividend for the year ended December 31, 2022: C 193 (December 31, (i) Title deeds of immovable properties not held in
2021: Nil) per fully paid up share person(s) or entity(ies) identified in any manner
name of the Company
(ii) Dividends not recognised at the end of the reporting period
whatsoever by or on behalf of the Company
All the title deeds of immovable properties are held in
(Ultimate Beneficiaries) or
In addition to the above dividends, subsequent to the year end, the Board of 8,683 11,285 the name of Company .
Directors has recommended the payment of a final dividend of C 377 per fully paid b. provide any guarantee, security or the like on
equity shares (December 31 ,2021: C 490).This proposed dividend is subject to
behalf of the ultimate beneficiaries (ii) Registration of charges or satisfaction with
approval of shareholders in the ensuing annual general meeting.
Registrar of Companies
The Company has not received any fund from
There are no charges or satisfaction which are yet to
any person(s) or entity(ies), including foreign
53. Additional Regulatory Information (iii) Wilful defaulter
entities (Funding Party) with the understanding
be registered with the Registrar of Companies beyond
required by Schedule III (whether recorded in writing or otherwise) that the
the statutory period.
The Company has not been declared wilful defaulter by
(i) Details of benami property held any bank or financial institution or government or any Company shall:
(iii) Utilisation of borrowings availed from banks and
government authority.
No proceedings have been initiated on or are pending a. directly or indirectly lend or invest in other financials institutions
against the Company for holding benami property person(s) or entity(ies) identified in any manner The Company has no borrowings from banks and
(iv) Relationship with struck off companies
under the Benami Transactions (Prohibition) Act, 1988 whatsoever by or on behalf of the Funding Party financial institutions. Hence this disclosure clause is
(45 of 1988) and Rules made thereunder. The following table depicts the details of balances (Ultimate Beneficiaries) or not applicable
outstanding in respect of transactions undertaken
b. provide any guarantee, security or the like on
(ii) Borrowing secured against current assets with a company struck-off under section 248 of the
behalf of the ultimate beneficiaries
Companies Act, 2013.
The Company has no borrowings from banks and
financial insitutions on the basis of security of
current assets.
54. The Ministry of Corporate Affairs amended the Schedule III to the Companies Act, 2013 on March 24, 2021 to
increase the transparency and provide additional disclosures to users of financial statements. These amendments are
effective from April 1, 2021.
Nature of transactions
Balance as at Balance as at Relationship with the
Name of struck-off Company with struck-off Consequent to above, the Company has changed the classification/presentation of security deposits in the current year.
December 31, 2022 December 31, 2021 struck-off Company
Company
Piccadily Holiday Resort Ltd Receiving of Services * Nil Vendor The Company has reclassified comparative amounts to conform with current year presentation as per the requirements of
Radisson Blu Hotel Ahmedabad Receiving of Services * Nil Vendor Ind AS 1. The impact of such classifications is summarised below:
* denotes figure less than a million December 31, 2021 Increase/ December 31, 2021
Balance sheet (extract)
(Previously reported) (Decrease) (Restated)
Non-current assets
Loans 4574 (124) 4,450
Other Financial Assets 32 124 156
Current assets
Loans 45 (18) 27
Other Financial Assets - 18 18
216
Notes forming part of financial statements

as at and for the year ended December 31, 2022
55. Key Ratio

As at As at
% of
Particulars December 31, December 31, Reason for Variance
Variance
2022 2021
Current Assets
Current Ratio = 2.17 2.85 -23.76% -
Current Liabilities
Net Profit After Taxes
Return on Equity Ratio = Average Shareholder's 0.35 0.43 -18.45% -
Equity
Cost of Goods Sold
Inventory turnover Ratio = 2.97 3.44 -13.52% -
Average Inventory
Revenue from operations
Trade Receivables Turnover Ratio = 20.37 20.33 0.21% -
Average Trade Receivables
Total Purchases
Trade Payable Turnover Ratio = 3.29 3.83 -14.17% -
Average Trade Payables
Revenue from operations Mainly on account of decrease
Net Capital Turnover Ratio = Working Capital 3.18 2.13 49.55% in working capital due to
(Refer note 1 below) reduction in current assets
Net Profit After Taxes Mainly on account of higher
Net Profit ratio = 0.22 0.31 -29.90% exceptional item in the
Revenue from operations
previous year
EBIT (Refer note 2 below)
Return On Capital Employed = Capital Employed 0.68 0.57 19.96% -
(Net worth +Debt)
EBIT (Refer note 2 below)
Return On Investment = 0.42 0.41 1.60% -
Total Assets
Notes:
1. Working Capital= Current Asset-Current Liability
2. EBIT= Profit before Interest and tax
3. Debt to Equity ratio and Debt service coverage ratio is not applicable as there are no debts
4. Net Profit includes exceptional items and excludes Other Comprehensive Income.
56. Previous year comparative figures have been regrouped wherever necessary.
Signatures to Notes 1 to 56
Firm Registration No.: 304026E/E-300009 Responsibility is ingrained across every level of Sanofi.
We strive to undertake initiatives that leave a lasting
Arunkumar Ramdas Rodolfo Hrosz Usha Thorat impact in the lives of people.

www.youtube.com/watch?v=UWTfMHzKT10

CTS No. 117-B, L&T Business Park, Saki Vihar Road, Powai, Mumbai 400072

Sanofi India IAR 2022

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Committed to

Sanofi India Limited

Introduction to the Report in the industry, geographical market

20 Chairman’s message Financial statements

24 Governance at Sanofi India

We chase the miracles

In India for India

Top 4 3 D127 billion ~100,000 ~3,000 https://www.sanofi.com/en

Committed to a healthier India Committed to a healthier India

through our growth with our customers

In this fast-paced world, we are

Our customers are mainly healthcare

Diabetes Consumer Innovation Go-To-Market (GTM)

Committed to a healthier India

by curbing the Hybrid HCP engagements Patient Support

Numbers speak volumes Clearly, there is an urgent need to

1 out of 7 ~77 million

At Sanofi India, we believe that the only

~40 million 230,000

Committed to a healthier India

through consumer People’s lifestyle and the environment

healthcare allergies and pain, which are common

Over the course of the pandemic, the

Allergies Vitamin D deficiency or

Pollution is a key aggravator to allergic

Committed to a healthier India

Professionals (HCPs) and create digital platforms for them

Since there is a need to educate

Committed to a healthier India 2 Instilling educational and

through social impact − Entered a Public Private Partnership (PPP)

− Conducted school outreach programmes in

1 3 Early diagnosis for the

4 All-India Type 1 (T1) diabetes

− Offered free insulin and related consumables

1. The Rosary High School, Bambolim, Goa

We offer a wide range of medicines

Cardiology Allergy Epilepsy

Thrombosis Antibiotics Nutritional health

Manufacturing site, Goa

Shaping the future of healthcare Sanofi India is well positioned to capitalise

Managing Director’s message

As part of the transformation, we Your Company will now also benefit

Board composition Board age profile Gender diversity

Our Board of Directors represents a

Our Board of Directors

A Audit Committee CS Corporate Social Responsibility Committee

N Nomination and Remuneration Committee R Risk Management Committee

S Stakeholders Relationship Committee Chairman Member

Our leadership team

Top row (left to right)

Mr. Bratin Bag

Mr. Vaibhav Karandikar

Middle row (left to right)

Ms. Vinita Korti Patil

Dr. Shalini Menon

Mr. Linumon Thomas

Bottom row (left to right)

Ms. Aparna Thomas

Mr. Rodolfo Hrosz

Ms. Radhika Shah

1. The procedure for e-voting on the day of the AGM

c. A brief on types of customers

Running our daily i. Development of Code of Any instances of unethical