Dear Members,
Your Directors have pleasure in presenting the 30th Annual Report on
the business and operations of your Company along with the audited statement of accounts
for the financial year ended March 31, 2024.
FINANCIAL RESULTS
The Financial performance of your Company for the year ended March 31,
2024 is summarized below:
|
Consolidated |
Standalone |
| Particulars |
Year ended March 31, 2024 |
Year ended March 31, 2023 |
Year ended March 31, 2024 |
Year ended March 31, 2023 |
| Total Income |
22,958.06 |
20,586.01 |
20,268.64 |
18,156.30 |
| Total Expenses |
17,903.55 |
17,147.74 |
15,108.93 |
14,248.03 |
| Profit/(Loss) before Tax (PBT) |
5,054.51 |
3,438.27 |
5,159.71 |
3,908.27 |
| Profit/(Loss) after Tax (PAT) |
3,622.93 |
2,410.77 |
3,843.70 |
2,923.58 |
FINANCIAL PERFORMANCE
I. C onsolidated Performance
During the FY 2023-24, the Company reported a Consolidated Total Income
of H 22,958.06 Million compared to H 20,586.01 Million in the previous year.
The Consolidated Net Profit After Tax of the Company stood at H
3,622.93 Million compared to H 2,410.77 Million in the previous year.
II. Standalone Performance
During the FY 2023-24, the Company reported a Standalone Total Income
of H 20,268.64 Million compared to H 18,156.30 Million in the previous year.
The Standalone Net Profit After Tax of the Company stood at H 3,843.70
Million compared to H 2,923.58 Million in the previous year.
CONSOLIDATED ACCOUNTS
The consolidated financial statements of your Company for the Financial
Year 2023-24, are prepared in compliance with applicable provisions of the Companies Act,
2013 (‘the Act"), Indian Accounting Standards ("Ind-AS") and
Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements)
Regulations, 2015 ("Listing Regulations"). The consolidated financial statements
have been prepared on the basis of audited financial statements of the Company and its
Subsidiaries, as approved by their respective Board of Directors.
DIVIDEND
During the year under review, your Company paid dividends as under:
| Date of Declaration |
Dividend Type |
Financial Year |
Dividend Per Share (face value of J
10/- each) |
| July 27, 2023 |
1st Interim Dividend |
2023-24 |
Rs 6/- |
| September 12, 2023 |
Final Dividend |
2022-23 |
Rs 6/- |
| February 01, 2024 |
2nd Interim Dividend |
2023-24 |
Rs 12/- |
In addition to above, your Directors are pleased to recommend dividend
of H 6/- per equity share of face value of H 10/- each as Final Dividend for the Financial
Year 2023-24, for approval by the Members at the 30th Annual General Meeting
("AGM") of the Company.
The Dividend Distribution Policy of the Company is attached herewith as
Annexure-1 and forms an integral part of this Annual Report. The said policy is
also available on the website of the Company at:
https://uat-cdn.drlallab.com/2023-06/Dividend-Distribution-Policy.pdf
TRANSFER TO RESERVES
During the year under review, no amount has been transferred to the
General Reserve of the Company from current year profits.
CHANGE IN SHARE CAPITAL
Authorized Share Capital
During the year under review, there was no change in the authorized
share capital of the Company. As on March 31, 2024 the Authorised Share Capital of the
Company stood at H 1,07,96,00,000/- divided into 10,79,60,000 equity shares of H 10/-each.
Paid-up Share Capital
During the year under review, the paid-up equity share capital of the
Company has been increased from H 83,36,78,770/- divided into 8,33,67,877 equity
shares of H 10/- each to H 83,47,78,520/- divided into 8,34,77,852 equity shares of H 10/-
each pursuant to allotment of Equity Shares under the Employee Stock Option Plan (s) of
the Company as detailed below:
| S. No Date of Allotment |
Number of Equity Shares allotted |
| 1. April 12, 2023 |
16,000 |
| 2. May 19, 2023 |
25,000 |
| 3. July 13, 2023 |
6,000 |
| 4. July 28, 2023 |
49,975 |
| 5. August 31, 2023 |
5,000 |
| 6. November 17, 2023 |
8,000 |
| TOTAL |
1,09,975 |
Further, after closing of financial Year 2023-24, the Paid-up equity
share capital of the Company has been increased from H 83,47,78,520/- divided into
8,34,77,852 equity shares of H 10/- each to H 83,48,03,520/- divided into 8,34,80,352
equity shares of H 10/- each pursuant to allotment of 2,500 Equity Shares by the Board of
Directors on May 10, 2024 under Employee Stock Option Plan of the Company.
These Equity Shares rank pari-passu with the existing Equity Shares of
the Company in all respects.
During the year under review, your Company has not issued any Equity
Share with differential rights, Sweat Equity Shares or Bonus Shares.
EMPLOYEES STOCK OPTION PLAN / SCHEME
During the year under review, there has been no material change in the
existing ESOP Plans of the Company and the same have been implemented in compliance with
relevant/ applicable ESOP Regulations/ Guidelines. The disclosure(s) as required under the
SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021 are available on
the website of the Company at:
https://media.lalpathlabs.com/2024-06/Information-asper-SEBI-(SBEB)-Regulations-FY24.pdf
SUBSIDIARIES
A report on the performance and financial position of each of the
Subsidiaries and their contribution to the overall performance of the Company for the
financial year ended March 31, 2024 in Form AOC -1 as per the provisions of Companies Act,
2013 is attached herewith as Annexure-2 and forms an integral part of this Annual
Report.
The Annual Accounts of the each of the Subsidiaries shall also be made
available to the Members of the Company/ Subsidiary Companies seeking such information at
any point of time. The Annual Accounts of the Subsidiary Companies are also available
under investors section on the website of the Company at www.lalpathlabs.com.
The Company has formulated a policy for determining material
subsidiaries. The said policy is available on the website of the Company at:
https://uat-cdn. drlallab.com/2023-06/Policy-for-determining-Material-Subsidiaries.pdf
TRANSFER OF UN-CLAIMED DIVIDEND AND SHARES TO INVESTOR EDUCATION AND
PROTECTION FUND (IEPF)
During the year under review, pursuant to the provisions of Section 125
of the Companies Act, 2013 read with IEPF (Accounting, Audit, Transfer and Refund) Rules,
2016 ("IEPF Rules"), as amended from time to time, your Company has duly
transferred Un-claimed Dividends and Un-claimed Shares to IEPF Authority as detailed
below:
| S. No Particulars |
Un-claimed Dividend (In J) |
No. of Equity Shares |
| 1. Final Dividend FY 2015-16 |
19,424/- |
256 |
| 2. Interim Dividend FY 2016-17 |
14,840/- |
60* |
(*) Out of 60 Equity Shares, 40 Equity Shares transferred to the demat
account of IEPF Authority on April 03, 2024.
Further, dividend declared during the year pertaining to the equity
shares transferred to demat account of the IEPF Authority, was also credited to the IEPF
Account. The Claimant(s), whose un-claimed amount/ shares has been transferred by the
Company to IEPF Account may claim their amount/ shares by complying with the procedure
stipulated in the IEPF Rules.
MATERIAL CHANGES AND COMMITMENTS AFFECTING THE FINANCIAL POSITION
No material changes and commitments, other than disclosed as part of
this report, affecting the financial position of the Company have occurred between March
31, 2024 and the date of the report.
PUBLIC DEPOSITS
During the year under review, your Company has not accepted any deposit
within the meaning of Section 73 and 74 of the Companies Act, 2013 read with the Companies
(Acceptance of Deposits) Rules, 2014.
PARTICULARS OF EMPLOYEES AND RELATED DISCLOSURES
Disclosures pertaining to remuneration and other details as required
under Section 197(12) of the Companies Act, 2013 read with Rule 5(1) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 are provided in the
prescribed format and annexed herewith as Annexure-3 and forms an integral part of
this Annual Report.
Particulars of employee remuneration, as required under Section 197
(12) of the Companies Act, 2013 read with Rule 5 (2) and 5(3) of the Companies
(Appointment and Remuneration of Managerial Personnel) Rules, 2014 forms an integral part
of this Annual Report. In terms of the provisions of the first proviso to Section 136 (1)
of the Companies Act, 2013, the Annual Report is being sent to Members, excluding the
aforementioned information. Any Member interested in obtaining a copy of such statement
may write to the Company Secretary of the Company at cs@lalpathlabs.com
AUDIT COMMITTEE
The composition of Audit Committee has been detailed in the Corporate
Governance Report, forming part of this Annual Report. All recommendations made by the
Audit Committee have been accepted by the Board of Directors.
DIRECTORS
I. Retirement by rotation and subsequent reappointment
Dr. Om Prakash Manchanda (DIN: 02099404), Managing Director of the
Company is liable to retire by rotation at the ensuing Annual General Meeting
("AGM") pursuant to the provisions of Section 152 of the Companies Act, 2013
read with the Companies (Appointment and Qualification of Directors) Rules, 2014 and being
eligible offers himself for re-appointment. Appropriate resolution for his reappointment
is being placed for the approval by the Members of the Company at the ensuing AGM. A brief
profile of Dr. Om Prakash Manchanda and other related information is detailed in the
Notice convening the 30th AGM of your Company.
The Board considered the said re-appointment in the interest of the
Company and hence recommends the same to the Members for approval.
II. Appointment/ Re-appointment
During the year under review, the Board of Directors appointed, Mr.
Gurinder Singh Kalra (DIN: 10197218) and Mr. Rajit Mehta (DIN: 01604819) as Additional
Director(s) of the Company in the category of Independent Director(s), not liable to
retire by rotation for a term of three (3) consecutive years beginning from July 27, 2023.
Further, the Members of the Company in their 29th Annual General Meeting (AGM) on
September 12, 2023 approved their appointment as Independent Directors of the Company.
Further, the Members of the Company in their 26th AGM on July 30, 2020
re-appointed Dr. Vandana Lal (DIN: 00472955) as Whole - Time Director of the Company for a
period of five (5) years commencing from April 01, 2020 on such terms and conditions
including remuneration as mentioned in Notice of 26th AGM. The present tenure of Dr.
Vandana Lal as Whole - Time Director accordingly will expire on March 31, 2025.
Considering Dr. Vandana Lal's background, experience &
contribution made towards the growth/ success of the Company and basis the performance
evaluation exercise, the Board of Directors in their meeting on May 10, 2024 recommended
her re-appointment (including remuneration structure) effective from April 1, 2025
as Whole-Time Director of the Company for a further period of five (5) years to the
Members for approval.
III. C ompletion of Tenure
During the year under review, Mr. Sunil Varma (DIN: 01020611), Dr.
Saurabh Srivastava (DIN: 00380453), Mr. Anoop Mahendra Singh (DIN: 01963056) and Mr.
Harneet Singh Chandhoke (DIN: 02758084), ceased to be Non-Executive Independent Directors
of the Company upon completion of their second consecutive term w.e.f. August 20, 2023
(closing of business hours).
IV. Declaration of Independence from Independent Directors
Y our Company has received declarations from all the
Independent Directors confirming that they meet the criteria of
independence as prescribed under Section 149 of the Companies Act, 2013 and Rules made
thereunder read with Schedule IV as well as Regulation 25 of the SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
In the opinion of the Board, all the Independent Directors fulfil the
criteria of independence as specified in Companies Act, 2013 and Rules made thereunder
read with Schedule IV as well as Regulation 25 of the SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015 and they are independent from the Management.
Further, all the Directors including Independent Directors of the
Company possess appropriate skills, experience & knowledge in one or more fields viz.
Board & Governance, Finance, Accounting & Finance Reporting, Information
Technology and Specialized Industry & environmental knowledge or other disciplines
related to Company's business.
KEY MANAGERIAL PERSONNEL
In accordance with the provisions of Section 2(51) and 203 of the
Companies Act, 2013 read with Rules made thereunder, the following were the Key Managerial
Personnel (KMPs) of the Company as on March 31, 2024: i. (Hony) Brig. Dr. Arvind Lal
– Executive Chairman ii. Dr. Om Prakash Manchanda – Managing Director iii. Dr.
Vandana Lal – Whole Time Director iv. Mr. Bharath U – Chief Executive Officer v.
Mr. V ed Prakash Goel – Group Chief Financial vi. Mr. Vinay Gujral – Company
Secretary & Compliance Officer Mr. Bharath U, resigned as Chief Executive Officer
(KMP) of the Company w.e.f. May 9, 2024 (closing of business hours). Further, basis the
recommendation of Nomination
& Remuneration Committee, the Board of Directors re-designated Mr.
Shankha Banerjee by appointing him as Cheif Executive Officer (KMP) of the Company w.e.f
May 21, 2024.
ANNUAL EVALUATION OF BOARD'S PERFORMANCE
Pursuant to the provisions of the Companies Act, 2013 and SEBI (Listing
Obligations and Disclosure Requirements) Regulations, 2015, the Board have carried out
annual evaluation of (i) its own performance; (ii) Performance of Individual Directors;
(iii) Performance of Chairman of the Board; and (iv) Performance of all the Committees of
the Board for the Financial Year 2023-24.
A structured questionnaire was prepared covering various aspects of the
Board's functioning such as adequacy of the composition of the Board and its
Committees, Board culture, execution and performance of specific duties, obligations and
governance. A separate exercise was carried out to evaluate the performance of individual
Directors, who were evaluated on parameters such as level of engagement and contribution,
independence of judgment, safeguarding the interest of the Company and its minority
shareholders etc. The performance evaluation of the Independent Directors was carried out
by the entire Board. The performance evaluation of the Non-Independent Directors and
Chairman of the Board was carried out by the Independent Directors taking into account the
views of Executive Directors and Non-Executive Directors.
The Directors expressed their satisfaction with the evaluation process.
Further, the evaluation process confirms that the Board and its
Committees continue to operate effectively and the performance of the Directors and the
Chair is satisfactory.
NOMINATION & REMUNERATION POLICY
In compliance with the provisions of Section 178 of the Companies Act,
2013 and Rules made thereunder, the Board on the recommendation of the Nomination &
Remuneration Committee of the Company has framed a policy for selection and appointment of
Directors, Key Managerial Personnel, Senior Management Personnel and their remuneration.
The Nomination and Remuneration Policy as amended from time to time is attached herewith
as Annexure - 4 and forms an integral part of this Annual Report and the same can
also be accessed on the website of the Company Officerat:
https://uat-cdn.drlallab.com/2023-06/Nomination-and-Remuneration-Policy.pdf
NUMBER OF MEETINGS OF THE BOARD AND ITS COMMITTEES
The Board met Five (5) times during the Financial Year 2023-24. The
details of the meeting of the Board and its Committees thereof are given in the Corporate
Governance Report, which forms an integral part of this Annual Report.
DIRECTORS' RESPONSIBILITY STATEMENT
Pursuant to Section 134(3)(c) of the Companies Act, 2013, the Directors
confirm that: a) in the preparation of the annual accounts for the Financial Year ended
March 31, 2024, the applicable accounting standards and Schedule III of the Companies Act,
2013, have been followed and there are no material departures from the same; b) the
Directors have selected such accounting policies and applied them consistently and made
judgments and estimates that are reasonable and prudent so as to give a true and fair view
of the state of affairs of your Company as at March 31, 2024 and of the profit/ loss of
the Company for the Financial Year ended March 31, 2024; c) proper and sufficient care has
been taken by the Directors for the maintenance of adequate accounting records in
accordance with the provisions of the Companies Act, 2013 for safeguarding the assets of
the Company and for preventing and detecting fraud and other irregularities; d) the annual
accounts have been prepared on a ‘going concern' basis by the Directors; e)
proper internal financial controls laid down by the Directors were followed by the Company
and that such internal financial controls are adequate and were operating effectively; and
f) the Directors have devised proper systems to ensure compliance with the provisions of
all applicable laws and that such systems were adequate and operating effectively.
AUDITORS AND AUDITORS' REPORT
I. Statutory Auditors
T he Members of the Company in their th Annual28 General Meeting (AGM)
on June 30, 2022, reappointed M/s. Deloitte Haskins & Sells LLP, Chartered
Accountants, (Firm Registration No. 117366W/W100018) as the Statutory Auditors of the
Company to hold office for their second term of five (5) years i.e. from the conclusion of
28th AGM till the conclusion of 33rd AGM of the Company, to be held in calendar year 2027.
M/s. Deloitte Haskins & Sells LLP, Chartered Accountants, Statutory
Auditors have confirmed that they have not been disqualified to act as Statutory Auditors
of the Company and that their continuation is within the ceiling limit as prescribed under
section 141 of the Companies Act, 2013 and/ or other relevant statue.
Further, the Statutory Auditors of the Company have not reported any
fraud as specified under the second proviso of Section 143(12) of the Companies Act, 2013
(including any statutory modification(s) or re-enactment(s) for the time being in force).
The Auditors' Report for the Financial Year ended March 31, 2024,
does not contain any qualification or reservation.
The Auditors' Report being self-explanatory does not call for any
further comments from the Board of Directors.
II. C ost Auditors
In t erms of the Section 148 of the Companies 2013 read with Companies
(Cost Records and Audit) Rules, 2014, the Company is required to maintain cost accounting
records and get them audited every year. Accordingly, such accounts and records were made
and maintained for the Financial Year 2023-24. The Board of Directors on the
recommendation of the Audit Committee has re-appointed M/s A.G. Agarwal & Associates,
Cost and Management Accountants, as Cost Auditors of the Company for the Financial Year
2024-25 at a fee of H 1,10,000/- (Rupees One Lakh
Ten Thousand Only) plus applicable taxes and out of pocket expenses
subject to the ratification of the said fees by the Members at the ensuing AGM.
III. Secretarial Auditors
Pursuant to the provisions of Section 204 of the Companies Act, 2013
read with the Companies (Appointment and Remuneration of Managerial Personnel) Rules,
2014, your Company had appointed M/s Chandrasekaran Associates, Company Secretaries
("Secretarial Auditors") to conduct the Secretarial Audit of the Company for the
Financial Year 2023-24. The Secretarial Audit Report for the Financial
Year ended March 31, 2024 is attached herewith as Annexure-5 and
forms an integral part of this Annual Report. The Secretarial Audit Report is self
explanatory and does not contain any qualification, reservation or adverse remark.
ANNUAL RETURN
The draft of Annual Return of the Company in Form MGT- 7 in accordance
with Section 92(3) of the Companies Act, 2013 is available on the website of the Company
at https://media.lalpathlabs.com/2024-06/Draft-MGT-7-Annual-Return-2023-24.pdf
RELATED PARTY TRANSACTIONS
In compliance with the requirements of the Companies Act, 2013 and SEBI
(Listing Obligations and Disclosure Requirements) Regulations, 2015, your Company has
formulated a Policy on Related Party Transactions which is available on Company's
website at https://uat-cdn.drlallab. com/2023-06/Policy-on-Related-Party-Transactions.pdf
The Policy intends to ensure that proper reporting, approval and disclosure processes are
in place for all transactions between the Company and its Related Parties. All Related
Party Transactions are placed before the Audit Committee for review and approval. Prior
omnibus approval is obtained for Related Party Transactions, which are of repetitive
nature and / or entered in the Ordinary Course of Business and are at Arm's Length.
All related party transaction entered during the year were in Ordinary Course of the
Business and on Arm's Length basis. No Material Related Party Transaction as per the
limits specified under Companies Act, 2013 and/ orAct, SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, was entered during the year under review by
your Company. Accordingly, the disclosure of Related Party Transactions as required under
Section 134(3)(h) of the Companies Act, 2013 in Form AOC-2 is not applicable.
LOANS, GUARANTEES AND INVESTMENTS
In terms of the provisions of Section 186 of the Companies Act, 2013
read with Companies (Meeting of Board and its Powers) Rules, 2014 and Schedule V of the
SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, details of
Investments are set out at Note No. 6 to the Standalone Financial Statements of the
Company.
During the year under review, the Company has not given any loan or
provided any guarantees pursuant to Section 186 of the Companies Act, 2013.
RISK MANAGEMENT
Your Company recognizes that risk is an integral part of business and
is committed to manage the risks in a proactive and efficient manner. Your Company
periodically assesses risk elements in the internal and external environment and
incorporates risk treatment plans in its strategy, business and operational plans. Your
Company, through its Risk Management Policy, strives to contain impact and likelihood of
the risks within the risk appetite as agreed from time to time with the Board of
Directors. The Company has a Risk Management Committee to identify elements of risk in
different areas of operations; the details of the Risk Management Committee are given in
the Corporate Governance Report.
WHISTLE BLOWER MECHANISM
Your Company has a Whistle Blower Mechanism in place as required under
Section 177 of the Companies Act, 2013 and Regulation 22 of the SEBI (Listing Obligations
and DisclosureRequirements)Regulation,2015.Moredetailsin
thisregardhavebeenoutlinedintheCorporateGovernance Report annexed to this report and are
also available under Investors Section on the Company's website at:
www.lalpathlabs.com
CORPORATE SOCIAL RESPONSIBILITY
For your Company, Corporate Social Responsibility (CSR) means the
integration of social, environmental and economic concerns in its business operations. CSR
involves operating Company's business in a manner that meets or exceeds the ethical,
legal, commercial and public expectations. In alignment with vision of the Company,
through its CSR initiative, your Company will enhance value creation in the society
through its services, conduct and initiatives, so as to promote sustained growth for the
society.
The Board of Directors of your Company has formulated and adopted a
policy on CSR which can be accessed at:
https://uat-cdn.drlallab.com/2023-06/CSR-Policy.pdf The CSR Policy of your Company
outlines the Company's philosophy for undertaking socially useful programs through
the creation of a CSR Trust for welfare and sustainable development of the community at
large as part of its CSR Obligation.
The composition of CSR committee and the disclosures as per Rule 8 of
the Companies (Corporate Social Responsibility Policy) Rules, 2014 as amended are provided
in the "Annual Report on CSR Activities" attached herewith as Annexure-6
and forms an integral part of this Annual Report.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
The Management Discussion and Analysis (‘MDA') Report gives
details of the overall industry structure, developments, performance and state of affairs
of the Company's business and other material developments during the Financial Year.
The MDA report for the Financial Year 2023-24 is attached herewith as Annexure- 7
and forms an integral part of this Annual Report.
BUSINESS RESPONSIBILITY AND SUSTAINABILITY REPORT
In compliance with the provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, the Business Responsibility and Sustainability
Report (‘BRSR') for Financial Year 2023-24 is attached herewith as Annexure-8
and forms an integral part of this Annual Report.
CORPORATE GOVERNANCE REPORT
In compliance with the provisions of SEBI (Listing Obligations and
Disclosure Requirements) Regulations, 2015, a separate report on Corporate Governance for
the Financial Year 2023-24 along with a certificate from the Practicing Company Secretary
on its compliance, is attached herewith as Annexure-9 and forms an integral part of
this Annual Report.
DISCLOSURE UNDER THE SEXUAL HARASSMENT OF WOMEN AT WORKPLACE
(PREVENTION, PROHIBITION AND REDRESSAL) ACT, 2013
The Company has in place an Anti-Sexual Harassment Policy in compliance
with the requirements of the Sexual Harassment of Women at Workplace (Prevention,
Prohibition and Redressal) Act, 2013 ("the POSH Act"). The Company has complied
with the provisions relating to the constitution of Internal Complaints Committee (ICC) as
specified under the POSH Act.
The Company conducts sessions for employees to build awareness amongst
employees about the Policy and the provisions of the POSH Act.
Status of Complaints under the POSH Act during the Financial Year
2023-24 is detailed below:
| Particulars |
No. of Complaint* |
| Complaint pending at beginning of Financial Year |
0 |
| Complaint received during Financial Year |
3 |
| Complaint resolved during Financial Year |
2 |
| Complaint pending at end of Financial Year |
1 |
(*) Out of the 3 cases reported, in 2 cases no harassment proven and 1
case was under investigation as on March 31, 2024.
CONSERVATION OF ENERGY, TECHNOLOGY ABSORPTION AND FOREIGN EXCHANGE
EARNINGS AND OUTGO
The information on conservation of energy, technology absorption,
expenditure on R&D, and foreign exchange earnings and outgo as stipulated under
Section 134 of the Companies Act, 2013 read with the Companies (Accounts) Rules, 2014, is
set out hereunder:
(A) C ONSERVATION OF ENERGY
St eps taken or impact on conservation energy, Step taken by the
Company for utilising alternate source of energy and Capital Investment on energy
Conservation equipments:
I. Maintaining Power Factor (PF) upto 0.99 (unity). Maintaining upto-
0.9994 at majority of the locations where the consumption is high. II. Labs/ PSC locations
are equipped with LED Lights for saving energy in past years and all new labs are equipped
with LED only.
III. InstalledR32refrigerantoperatedairconditioning systems across the
operations of the Company, which helps in conserving Ozone layer.
IV. Automatic phase sequence corrector panel installed in all locations
for saving the Diesel consumption.
V. Current installed capacity of solar power Plant(s) is 162 KW.
VI. De-scaling of Chillers is being done semi-annual for better
efficiency & saving the energy VII. RO waste water recycling has helped in saving
approx. 26.3KL of water per day in FY 2023-24, VIII. ETP (Effluent Treatment Plant)
installed in all satellite labs for waste water treatment through out the year to treat
the liquid waste of labs, for of keeping the environment clean.
IX. Equipped all locations with Advance Autoclave by which Temp,
Pressure and time are recorded automatically in graph and data. It's as per BMW
guidelines.
X. E-bikes taken on rent for sample transportation during the FY
2023-24 for home collection and logistics. E-bikes offer a considerable opportunity to cut
travel emissions. XI. Commissioned Solar Power of 1.5MVA during April 2024 and another
1.5MVA to be commissioned in June, 2024 for Alternate Power in National Reference Lab
Rohini. XII. Introduced 24 New CPCB IV Compliant DG in Delhi/NCR and 750KVA X3 DG with
Duel Fuel Kit in National Reference Lab, Rohini.
(B) TECHNOLOGY ABSORPTION
(i) Imported Technologies:
| S. No. Processes / Technologies |
Description |
Date of Import |
Absorption |
Benefits |
| (i) NLP (Natural Language processing Software) |
Fully featured Voice to Text software, to transcribe notes
into the reports in Histopathology. The software was extensively validated to understand
the complex medical terminology using our own cases before being put in use for routine
transcription. |
April, 2023 |
Fully |
- Time Efficiency & Producitivty |
|
|
|
|
- Accuracy & Error Reduction |
|
|
|
|
- Improved turn around time |
| (ii) Digitization and AI for Hematology |
An in-vitro diagnostic device designed to automate manual
microscopy |
April, 2023 |
Fully |
The device can digitise and analyse hematology slides ,
remote review from anywhere / anytime , faster TAT , remote collaboration , reduce eye
strain / fatigue for pathologist |
| (iii) 12 colour and 13 colour Flow cytometry |
The tecnique has improved resolution and linearity for all
clinical specimens and Next-generation flow cytometer improved. Simplified system
settings, data acquisition, and result exporting functions enables automation to ease
workflow and improve productivity and standardization through consistent results and
unique assay portability capabilities. Less sample carryover and higher acquisition speed
is an advantage for MRD analysis. |
August, 2023 |
Fully |
- T and B cell FCXM, Leukemia/Lymphoma, MRD, Stem cell
enumeration, all tests pertaining to Lymphocyte subsets and PID are acquired and analyzed. |
|
|
|
|
- First in India to install BACKLinks LIST software for
Bi-directional LIS connectivity for Lymphocyte subset assays and Stem cell enumeration
assays. |
| (iv) Clinical Microbiology Reporting (CMR) reporting software |
The CMR (Clinical Microbiology Reporting) solution is an
information technology (IT) based healthcare solution which integrates with equipment used
for antibiotic senstivity such for positive cultures: - System uses Restful APIs with JSON
payload to give antibiotic specific BMQ Index (Breakpoint to MIC Quotient) for decision
making on choice of antibiotic for the patient |
September, 2023 |
Fully |
Empowering clinicians with informed decisions for optimal
antimicrobial therapy decisions: |
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- Intuitiv e MIC guiding |
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- Optimal medication dosage |
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- Minimiz e Antibiotic Resistance |
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- Antibiotic Policy with Antibiotic Tiers marked with color
codes. |
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- BMQ Index (Breakpoint to MIC Quotient) Among the same
antibiotic tier/ line, higher the BMQ better is the efficacy of the drug |
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- Intrinsic Resistance Guidance |
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- Report specific to culture sample and updated based on
latest guidelines for antibiotic usage |
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- Antibiotic Specific Comments |
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- Organism Specific Comments |
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- Multi Drug Resistance MDR/XDR/PDR labelling |
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- Guidance of additional testing for XDR Organisms |
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- Updated with latest guidelines such as CLSI, EUCAST |
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- Provision for antibiogram generation |
| (v) Component Resolved Diagnostics |
The Component Resolved Diagnostic based in vitro multiplex |
February, 2024 |
Partial* |
- Dif ferentiates between genuine & cross-reactive
sensitizations |
| (CRD) for Allergy testing |
allergy testing system simultaneously analyses total IgE and
specific IgE antibodies against nearly 300 allergens in a single sample run. The test
utilizes microarray & recombinant DNA technology, nanotechnology & Artificial
Intelligence in order to comprehensively analyze the allergic status based on specific
components of allergens. |
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- Analyzes molecular spreading to monitor disease progression
& guide timing of therapeutic intervention |
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- Ability to analyze the persistence or remission of food
allergy |
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- Protein family identification enables risk stratification |
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- Ability to provide prognostic information about
sensitization |
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- Individualized guidance for allergen avoidance |
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- Assists selection of patients for allergen immunotherapy |
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- Reduces the need for oral food challenges |
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- Effectively analyzes complex allergic syndromes (OAS,
Latex- fruit syndrome, Cat-pork syndrome, etc.) |
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- CCD inhibition to reduce false positives due to CCD binding |
*As on March 31, 2024, this technology was partially absorbed as the
test methodology was under validation and launch of this test would be in May 2024.
(ii) Other locally sourced Technologies:
Enhancing customer convenience – Test now pay later:
In its ongoing thrust to improve customer experience The Company has
added another important tool for its customers where we have provisioned payment through
EMI and Test Now Pay Later option for customers on our website and Point of Sale. The
program has been riding on the new age digital transactions and taking a cue from big
players of e-commerce & online payment platforms. The said program has a seamless
process integration with Company's ERP system. The initiative mainly revolves around
supporting high value tests in order to empower customers to access essential health
services without immediate financial strain. It promotes customer retention and long term
loyalty for the brand as it enables financial well-being along with their health needs
with accessible quality services.
ABDM Adoption:
One of the biggest healthcare initiatives taken by National Heath
Authority (NHA), an apex body directly reporting to Government of India (GoI) is Ayushman
Bharat Digital Mission (ABDM). ABDM is devised to improve the access, efficiency,
effectiveness & transparency of the healthcare delivery system in the country. The
Company has been at the forefront of partnering the said initiative with the NHA &
executing the same at Company. The program is divided into 3 Milestones: M1, M2 and M3.
The Company being one of the few institutions which are fully compliant with the ABDM
program & has received certification by NHA for accomplishment of all the 3
Milestones.
The ABDM platform is (first of its kind) is able to create a national
level Information exchange platform for all healthcare providers. The platform enables the
end customer to have real time & free access to his/her healthcare information across
all the healthcare providers thus creating a personal digital Electronic Medical record
(EMR).
Business insights over Tech:
Intoday'sdata-drivenworld,businessesrecognize the importance of
making informed decisions based on accurate and timely information. To achieve this,
organizations need powerful tools that can analyze and visualize data effectively. One
such decision was done by the Company to implement Power BI for creation of business
dashboards. In addition to the Power BI, there have been a substantial use of AI driven
Data Modelling to bring in flare of predictive analysis. The dashboards carry great
business insights & help business leaders to forecast & plan the strategies much
ahead in time. The Dashboards are created on the basis of real time information from the
business applications using seamless integration frameworks.
(C) Expenditure incurred on Research and Development: H 38.79
Million
(D) Foreign exchange earnings and outgo
| Particulars |
Amount |
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(In Rs Million) |
| Foreign Exchange Earnings |
258.93 |
| Foreign Exchange Outgo |
56.94 |
INTERNAL FINANCIAL CONTROLS
Your Company has in place an adequate internal financial control
framework with reference to financial and operating controls thereby ensuring orderly and
efficient conduct of its business, including adherence to the Company's policies,
safeguarding of its assets, prevention and detection of frauds and errors, accuracy and
completeness of accounting records, and timely preparation of reliable financial
information.
During Financial Year 2023-24, such controls were tested and no
reportable material weakness in the design or operation was observed.
The Directors have in the Directors Responsibility Statement confirmed
the same to this effect.
SIGNIFICANT/ MATERIAL ORDERS PASSED BY THE REGULATORS
There are no significant/ material orders passed by the Regulators or
Courts or Tribunals impacting the going
concernstatusofyourCompanyanditsoperationsinfuture.
CHANGE IN NATURE OF BUSINESS
There was no change in the nature of business of the Company during the
Financial Year 2023-24.
COMPLIANCE OF SECRETARIAL STANDARDS
The Company has duly complied with Secretarial Standards issued by the
Institute of Company Secretaries of India on Meetings of the Board of Directors (SS-1) and
Members (SS-2).
GENERAL DISCLOSURE
During the year under review, there is no application made and/ or
no proceeding pending under the Insolvency and Bankruptcy Code, 2016.
During the year under review, requirement of disclosing details of
difference between amount of the valuation done at the time of onetime settlement and the
valuation done while taking loan from the Banks or Financial Institutions along with the
reasons thereof is not applicable on the Company.
APPRECIATION
Your Directors wish to convey their gratitude and place on record their
appreciation for all the employees at all levels for their hard work, solidarity,
cooperation and dedication during the year. Your Directors sincerely convey their
appreciation to customers, shareholders, vendors, bankers, business associates, regulatory
and government authorities for their continued support.